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federal

Re se r v e b a n k o f Da l l a s

F IS C A L A G E N T O F T H E U N ITE D STATES
D ALLAS. TEXA S

75222

Circular No. 71-21
January 20, 1971
PRELIMINARY ANNOUNCEMENT
TREASURY FINANCING

To All Banking Institutions and Others Concerned
in the Eleventh Federal Reserve District:
There is quoted "below a press statement issued today by the Treasury
Department in regard to current financing:
TREASURY ANNOUNCES $2 9 .6 BILLION REFUNDING

The Treasury today announced that it is offering
holders of $2 9 .6 billion of notes and bonds maturing
February 15, March 15, and November 15, 1971, and Febru­
ary 1 5 , 1 9 7 2 , an opportunity to exchange their holdings
for a 6 -- $ 7-year note or a 5-7/8$
J
year note. The
public holds $1 9 .5 billion of the securities eligible
for exchange, and about $10.1 billion is held by Federal
Reserve and Government accounts. The securities eligible
for exchange are as follows:
5-3/8Jo Treasury NotesofSeries C-1971, maturing 2-15-71
7-3A $ Treasury NotesofSeries D-1971> maturing 2-15-71
2-l/2$ Treasury Bonds of 196 6 -7 1 , maturing 3-15-71
5-3/8$ Treasury NotesofSeries B-I9 7 1 , maturing 11-15-71
7-3A # Treasury NotesofSeries G-1971, maturing 11-15-71
3-7/8$ Treasury Bondsof1971, maturing 11-15-71
^-3A$ Treasury NotesofSeries A-1972, maturing 2-15-72
7-l/2$ Treasury NotesofSeries C-1972, maturing 2-15-72
4$ Treasury Bonds of 1972, maturing 2-15-72
Interest vill be adjusted as of February 15, 1971,
for the securities due March 15, 1971> November 15, 1971,
and February 15, 1972.
The notes being offered in exchange are:
6-1A $ Treasury Notes of Series A-I9 7 8 , dated February 15,
1971, due February 15, 1978, at par; and
5-7/8$ Treasury Notes of Series C-1975* dated February
15, 1971, due August 15, 1975, at par.

This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org)

Details showing cash and interest adjustments ap­
plying in exchanges of securities due March 15 and
November 15, 1971* and February 15, 1972, appear in the
table at the end of this release. Cash subscriptions
will not be received.
Subscriptions books for the offering will be open
until 8:00 p.m., local time, Wednesday, January 27, 1971*
To be timely subscriptions must be received by a Federal
Reserve Bank or Branch or by the Office of the Treasurer
of the United States by such time, except that subscrip­
tions addressed to a Federal Reserve Bank or Branch or to
the Office of the Treasurer of the United States post­
marked before midnight, Tuesday, January 26, 1971, will
be deemed to be timely.
The notes will be made available in registered as
well as bearer form in denominations of $1 ,000 , $5 ,0 00 ,
$10,000, $100,000 and $1,000,000. All subscribers re­
questing registered notes will be required to furnish
appropriate identifying numbers as required on tax re­
turns and other documents submitted to the Internal
Revenue Service. The payment and delivery date for the
notes will be February 1 6 . Any coupons dated February
1 5 , 19 7 1 j on notes and bonds tendered in exchange should
be detached and cashed when due. The February 15, 1971}
interest due on registered notes and bonds will be paid
by issue of interest checks in regular course to holders
of record on January 15, 1971, the date the transfer
books closed. Coupons dated March 15, May 15, August 15,
and November 1 5 , 1971> and February 15, 1972, must be
attached to the appropriate securities when they are
surrendered.
The official circulars and subscription forms for the two issues of
Treasury notes will be mailed in time to reach you by Monday, January 25;
however, should you not receive the forms by Tuesday, January 26 , subscrip­
tions may be entered by mail or telegram, subject to confirmation on official
subscription blanks.
Yours very truly,
P. E. Coldwell
President

TABLE OF PAYMENTS TO OR BY SUBSCRIBERS IN EXCHANGES
FOR THE 5 l / % NOTES AND THE 6 l/k % NOTES
(in Dollars Per $100 Face Value)

Payment to (+) or
by (-) Subscribers
to Adjust Exchange
Securities to be Exchanged ____ Values______

Payment to
Subscribers
for Accrued
Interest to
February 15s
1971
Exchanged
Securities

Net Amount to be Paid
by
to
Subscriber
Subscriber

2 1/2% Bond, 3/15/71

-.15

1.056630

.906630

5 3/8i Note, 11/15/71

+ .6 0

1 .36 6 0 2 2

1.9660 22

7 3M o Note, 11/15/71

+2.30

1.9696 13

b . 269613

3 7/ % Bond, 11/15/71

-.50

.98 U807

.1+84807

b 3/b% Note, 2/15/72

+.05

7 1 / 2 Note, 2/15/72

+2.65

b i Bond, 2/1 5 /7 2

-.50

.05000
2.6 5 0 0 0 0
.500000


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102