Treasury certificates


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Related to Treasury certificates: Treasury bill, certificate of deposit, Treasury bonds

Treasury certificates

From 1963 to 1975, the Treasury issued something called a "Treasury Certificates". It was a nonmarketable, public issue with a short maturity, usually three months and never more than a one year. They were issued once or twice every month with odd interest rates (such as 5.471% and 6.053%) and sold at par.

Treasury Certificate

A debt security issued by the U.S. Treasury with a short maturity, usually only a few months, and a rather unusual interest rate, such as 4.586%. They are no longer issued to the public and are only issued at all when the Treasury seeks to borrow from the Federal Reserve. In that situation, the Treasury issues Treasury certificates to the New York Federal Reserve Bank; this can only occur with the approval of the Fed's Board of Governors.
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With the Treasury's endorsement, the Federal Reserve stopped pegging the yield on Treasury bills in July 1947 and ended its ceiling on Treasury certificates a month later.
The Treasury allowed the yields on Treasury certificates and bills to rise further but in return asked the Federal Reserve to reaffirm its commitment to a 2.
The regression results above, shows that a positive relationship exists between money supply and Treasury Bills (TB), Treasury Certificates (TC), Certificates of Deposit (CD), and Bankers' Acceptances (BA) as explanatory variables.
The dominant elements are such low-risk instruments as bonds and treasury certificates.
However, trading in gilt-edged instruments such as treasury bills (TBs), treasury certificates (TCs), stocks and bonds gained prominence as well, while commercial papers (CPs), bank acceptances (BAs), and other corporate money market instruments remained relatively obscure (Ezema, 1993).
Just before the declaration of war, Secretary of the Treasury McAdoo charged the System, which in 1915 had been made a receiver and distributor of government funds, with a new fiscal-agency function: that of issuing and redeeming shortterm Treasury certificates to prepare for the floating of the $2 billion Liberty Loan of 1917.
The Bank of Italy is set to auction EUR6bn worth of treasury certificates and bonds this week, reports Thomson Financial.
Banxico policies to contain inflation have thus far proven effective, and overall inflation forecasts are down, while the interest rate on 28-day Treasury certificates (Cetes) has fallen to its lowest level since 1994, at 8.
A start was made in 1996 to refunding the large accumulation of outstanding tax credits due to banks in Italy, but the refunds are being paid in instalments in the form of Treasury certificates, and only in part.
ACCI's certificates priced at 62 basis points above comparable Treasury certificates.
Despite the difficulties experienced by some issuers in recent months, ACCI's certificates priced at 65 basis points above comparable Treasury certificates.
With a maturity date of June 27, 1997 the CCPCs will generate gross annual returns on their par values, payable quarterly, which will be calculated by adding three points to the highest annual rate of return of the Federal Treasury Certificates (CETES) and one point to the highest annual rate of return of the Average Interbanking Interest Rate (TIIP) in the absence of the former.

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