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FEDERAL RESERVE BANK OF NEW YORK Fiscal Agent of the United States r Circular No. 5 6 9 7 ”1 U August 31, 1965 J R E S U L T S O F B ID D IN G F O R 91-DAY AND 182-DAY T R E A S U R Y B IL L S TO B E IS S U E D S E P T E M B E R 2, 1965 T o A ll Incorporated Banks and T rust Companies, and O thers Concerned, in the Second Federal R eserv e D istrict: At the time of printing our Circular No. 5696, dated August 30, 1965, announcing an offering of 91-day and 182-day Treasury bills, to be issued September 9, 1965, the results of bidding for the previous week’s offering of 91-day and 182-day Treasury bills, to be issued September 2, 1965, were not available. The results, now available, are: Range of Accepted Competitive Bids 91-Day Treasury Bills Maturing Decem ber 2,1965 H ig h ..................... ......................... Low ..................... ......................... A v e ra g e ............... ......................... P rice A p p rox. equiv. annual rate 99.022a 99.015 99.018 3.897% 3.886%1 182-Day Treasury Bills Maturing March 3,1966 A p p rox. equiv. annual rate P rice 3.869% 97.988b 97.978 97.983 3.980% 4.000% 3.991%! b Excepting one tender of $750,000. a Excepting one tender of $2,000,000. 1 On a coupon issue of the same length and for the same amount invested, the return on these bills would provide yields of 3.98 percent for the 91-day bills, and 4.13 percent for the 182-day bills. Interest rates on bills are quoted in terms of bank discount, with the return related to the face amount of the bills payable at maturity rather than the amount invested, and their length in actual number of days related to a 360-day year. In contrast, yields on certificates, notes, and bonds are computed in terms of interest on the amount invested, and relate the number of days remaining in an interest payment period to the actual number of days in the period, with semiannual compounding if more than one coupon period is involved. (4 percent of the amount of 91-day bills bid for at the low price was accepted.) (74 percent of the amount of 182-day bills bid for at the low price was accepted.) Total Tenders Applied for and Accepted (By Federal Reserve Districts) 91-Day Treasury Bills Maturing Decem ber 2,1965 District Applied for B o sto n ........................................ New York ................................ Philadelphia ............................. Cleveland .................................. Richmond .................................. Atlanta ...................................... C h icag o ...................................... St L o u is .................................... Minneapolis .............................. Kansas C i t y .............................. Dallas .................................. San Francisco ......................... Total ......................... $ 23,180,000 1,559,509,000 26,992,000 24,677,000 13,444,000 36,282,000 273,753,000 39,928,000 19,971,000 28,058,000 25,321,000 68,367,000 $2,139,482,000 182-Day Treasury Bills Maturing March 3,1966 Accepted $ 13,180,000 846,429,000 14,992,000 24,477,000 13,444,000 27,354,000 131,233,000 28,048,000 17,011,000 27,058,000 18,361,000 38,755,000 $1,200,342,000c Applied for $ Accepted 16,578,000 1,098,288,000 13,948,000 26,833,000 3,486,000 18,159,000 259,055,000 17,127,000 9,925,000 16,550,000 13,000,000 133,384,000 $1,626,333,000 $ 16,578,000 676,758,000 5,948,000 26,833,000 3,486,000 12,870,000 129,055,000 11,627,000 9,425,000 16,050,000 11,740,000 79,989,000 $l,000,359,000d c Includes $239,729,000 noncompetitive tenders accepted at the average price of 99.018. d Includes $95,403,000 noncompetitive tenders accepted at the average price of 97.983. A lfred H ayes, President.
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