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FEDERAL RESERVE BANK OF DALLAS
F IS C A L A S E N T O F T H E U N ITE D ST A T E S

Dallas, Texas, January 30, 1964

PRELIMINARY ANNOUNCEMENT
EXCHANGE OFFERING

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 $8.4 Billion Refunding
The Treasury today announced the terms of its refunding offer to holders of $8.4 billion of
securities maturing February 15. Apart from its weekly and monthly offerings of Treasury bills, the
Treasury does not plan to borrow again until about the beginning of April, when there is a possibility
that $IV2 billion, or thereabouts, will be required. Holders of the certificates and bonds maturing
February 15 are being offered the opportunity to exchange them for either of the following securities:
A 3 % % Treasury Note to be dated February 15, 1964, and to mature August 13,
1965, at 99.875; or
An additional amount of 4 % Treasury Notes of Series A -1966, dated February 15,
1962, and maturing August 15, 1966, at par, of which $4,010 million are now
outstanding.
Cash subscriptions for the notes will not be received. The maturing issues eligible for exchange
are as follows:
$6,741 million of 3 V i% Treasury Certificates of Indebtedness of Series A-1964,
dated February 15, 1963, and
$1,634 million of 3 % Treasury Bonds of 1964, dated February 14, 1958.
Of the $8,375 million of maturing issues, $4,338 million is held by the public, the remaining
amount being held by the Federal Reserve Banks and Government Investment Accounts.
The subscription books will be open only on February 3 through February 5 for the receipt of
subscriptions. Subscriptions addressed to a Federal Reserve Bank or Branch, or to the Office of the
Treasurer of the United States, and placed in the mail before midnight, February 5, will be considered
as timely. The payment and delivery date for the notes will be Monday, February 17. The notes
will be made available in registered as well as bearer form. All subscribers requesting registered notes
will be required to furnish appropriate identifying numbers as required on tax returns and other
documents submitted to the Internal Revenue Service.
Interest on the 3V&% notes will be payable on a semiannual basis on August 15, 1964, and on
February 15 and August 13, 1965. Interest on the 4 % notes is payable on February 15 and August 15.
The official circulars and subscription forms for the two issues of Treasury notes will be mailed Friday,
January 31; however, if the forms are not received by Wednesday, February 5, subscriptions may be entered
by mail or telegram, subject to confirmation on official subscription blanks.
Yours very truly,
Watrous H. Irons
President

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


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