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F E D E R A L R E S E R V E BAN K O F NEW YORK Fiscal Agent of the United States r Circular No. 5 7 4 4 "I L December 14, 1965 J RESULTS OF BIDDING F OR 91-DAY A N D 182-DAY TR E A S U R Y BILLS TO BE ISSUED D E C E M B E R 16, 1965 To All Incorporated Banks and Trust Companies, and Others Concerned, in the Second Federal Reserve District: At the time of printing our Circular No. 5743, dated December 13, 1965, announcing an offering of 91-day and 182-day Treasury bills, to be issued December 23, 1965, the results of bidding for the previous week’s offering of 91-day and 182-day Treasury bills,to be issued December 16, 1965, were not available. The results, now available, are: Range of Accepted Competitive Bids 91-Day Treasury Bills Maturing March 17,1966 Price High......... .......... Low ......... .......... Average...... .......... 98.898a 98.884 98.890 182-Day Treasury Bills Maturing June 16,1966 Approx. equiv. annual rate Approx. equiv. annual rate Price 4.360% 4.415% 4.391%1 97.716b 97.685 97.698 4.518% 4.579% 4.553%1 b Excepting three tenders totaling $3,350,000. a Excepting two tenders totaling $327,000. 1 On a coupon issue of the same length and for the same amount invested, the return on these bills would provide yields of 4.50 percent for the 91-day bills, and 4.72 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. (15 percent of the amount of 91-day bills bid for at the low price was accepted.) (30 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) 182-Day Treasury Bills Maturing June 16,1966 91-Day Treasury Bills Maturing March 17,1966 Applied for District Boston........... New York ....... Philadelphia ...... Cleveland ........ Richmond ........ Atlanta .......... Chicago.......... St. Louis......... Minneapolis ...... Kansas City...... Dallas ........... San Francisco ..... Total ..... .... $ 23,201,000 1,396,982,000 31.092.000 30.403.000 16.918.000 46.250.000 275.823.000 55.323.000 19.514.000 26.295.000 24.862.000 111.838.000 $2,058,501,000 Applied for Accepted $ 23,201,000 721.447.000 21.092.000 30.403.000 16.918.000 38.700.000 140.638.000 48.473.000 19.514.000 25.295.000 16.862.000 98,338,000 $1,200,88l,000c $ Accepted 20,041,000 1,227,527,000 20.034.000 53.953.000 5,159,000 32.229.000 248.112.000 28.041.000 11.676.000 15.385.000 12.716.000 109.680.000 $1,784,553,000 $ 20,041,000 623.527.000 14.034.000 48.953.000 5.159.000 32.029.000 113.112.000 25.541.000 11.676.000 15.185.000 9.716.000 81.180.000 $1,000,153,000d C Includes $279,614,000 noncompetitive tenders accepted at the average price o f 98.890. d Includes $132,161,000 noncompetitive tenders accepted at the average price o f 97.698. A lfred H ayes , President.
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