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FEDERAL RESERVE BANK OF N EW YORK Fiscal Agent of the United States r Circular No. 5 7 2 8 “I L November 24, 1965 J Results of Treasury’s One-Year Bill Offering To A ll Incorporated Banks and Trust Companies, and Others Concerned, in the Second Federal R eserve D istrict: The following statement was issued by the Treasury Department and released at 6:30 p.m., yesterday: The Treasury Department announced today that the tenders for $1,000,000,000, or thereabouts, of 365-day Treasury bills to be dated November 30, 1965, and to mature November 30, 1966, which were offered on November 17, were opened at the Federal Reserve Banks on November 23. The details of this issue are as follows: Total applied for Total accepted . . $1,948,046,000 $1,000,121,000 (includes $45,550,000 entered on a non competitive basis and accepted in full at the average price shown below) Range of accepted competitive bids: High ........................ 95.681 L o w .......................... 95.652 Average ................. 95.664 Equivalent rate of discount approx. 4.260% per annum Equivalent rate of discount approx. 4.288% per annum Equivalent rate of discount approx. 4.276% per annum1 (25 percent of the amount bid for at the low price was accepted.) Federal R eserve D istrict Boston .......................................................... New Y o r k ................................................... Philadelphia............................................... Cleveland ................................................... Richmond ................................................... Atlanta ........................................................ Chicago ........................................................ St. L o u is ..................................................... Minneapolis ............................................... Kansas City ............................................... Dallas .......................................................... San Francisco ........................................... T o t a l ...................................................... Total applied f o r $ T otal accepted 25,700,000 1,386,330,000 23,896,000 41,362,000 12,208,000 22,017,000 227,504,000 17,990,000 7,278,000 4,095,000 32,331,000 147,335,000 $ $1,948,046,000 9,700,000 706,080,000 13,896,000 39,362,000 12,208,000 12,017,000 79,504,000 14,390,000 7,278,000 4,095,000 8,831,000 92,760,000 $1,000,121,000 l On a coupon issue of the same length and for the same amount invested, the return on these bills would provide a yield of 4.48 percent. 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. A lfred H ayes, President.
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