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FEDERAL. RESERVE BANK OF DALLAS
FISCAL. A G E N T O F T H E U N IT E D S T A T E S

Dallas, Texas, April 29, 1964

PRELIMINARY ANNOUNCEMENT
EXCHANGE OFFERING

To All Banking Institutions and Others Concerned
in the Eleventh Federal Reserve District:

There is quoted below a press statem ent issued today by the Treasury D epartm ent in regard to current
financing:
Treasury Announces $10.6 Billion May 15 Refunding

T he Treasury today announced the term s of its refunding offer to holders of $10,614 million
of Treasury securities maturing M ay 15. Public holdings of these m aturities amount to $4,196 million;
the remaining $6,418 million is held by the Federal Reserve and Government Investm ent Accounts.
Holders of the m aturing certificates and notes are being offered the right to exchange them for either
of the following securities:
A 4% Treasury Note of Series E-1965, to be dated M ay 15, 1964, and to m ature
November 15, 1965, a t 99.875 (to yield about 4.09 percent); or
A 4V4% Treasury Bond of 1974, dated M ay 15, 1964, and m aturing M ay 15, 1974,
at par.
Cash subscriptions for the new securities will not be received. The m aturing issues eligible
for exchange are as follows:
$4,198 million of 3 % % Treasury Certificates of Indebtedness of Series B-1964, dated
M ay 15, 1963,
$4,400 million of 4 3 % Treasury Notes of Series A-1964, dated July 20, 1959, and
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$2,016 million of 3 % % Treasury Notes of Series D-1964, dated June 23, 1960.
Exchanges of the maturing 3Vi% certificates and the 4 % % and 3% % notes will be made
in a like face amount of the new securities as of M ay 15. Coupons dated M ay 15 on the maturing
certificates and notes should be detached and cashed when due.
The books will be open for three days only, on May 4 through May 6, for the receipt of subĀ­
scriptions. 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 M ay 6, will be considered
as timely. The paym ent and delivery date for the new securities will be M ay 15, 1964. The new notes
and bonds will be made available in registered as well as bearer form. All subscribers requesting
registered notes and bonds will be required to furnish appropriate identifying numbers as required
on tax returns and other documents submitted to the Internal Revenue Service.
The 4 X % bonds will be redeemable prior to m aturity at par in paym ent of Federal estate
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taxes if owned by the decedent at time of death.
Interest on the 4% notes will be payable on November 15, 1964, and M ay 15 and November 15,
1965. Interest on the 4 X % bonds will be payable on M ay 15 and November 15.
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The official circulars and subscription forms for the new issues of Treasury bonds and notes will be
mailed Thursday, April 30; however, if the forms are not received by Wednesday, M ay 6, subscriptions may
be entered by mail or telegram, subject to confirmation on official subscription blanks.
Y ours v ery truly,

W atrous H. Irons
President

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

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