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FEDERAL RESERVE BANK OF DALLAS FISCA L. A G E N T O F T H E U N IT E D S T A T E S Dallas, Texas, October 27,1960 A N N O U N C E M E N T C O N C E R N IN G E X C H A N G E O FFERIN G 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 regarding an exchange offering: “The Treasury will offer on October 31, holders of Treasury securities maturing November 15, 1960, the right to exchange them for either of the following new issues: 3V4 percent 15-month Treasury Notes to be dated November 15, 1960, and to mature February 15, 1962, at par; and 3% percent 5V^-year Treasury Bonds to be dated November 15, 1960, and to mature May 15, 1966, at par. “The issues maturing November 15, 1960 are: $7,037 million of 4% percent Treasury Certificates of Indebtedness of Series C-1960, dated November 15, 1959; and $3,806 million of 2 Vs percent Treasury Bonds, dated August 15, 1954. “Cash subscriptions will not be received. “Interest on the new 15-month Treasury note will be payable on a semiannual basis on February 15 and August 15, 1961, and on February 15, 1962. Interest on the new bonds will be payable on May 15 and November 15 of each year. “Exchanges of the maturing 4% percent Treasury certificates and the 2 Vs percent Treasury bonds will be made for a like face amount of the eligible securities as of November 15. Coupons dated November 15 on the maturing certificates and bonds should be detached by holders and cashed when due. “The subscription books will be open only on October 31 through November 2 for the receipt of subscriptions for these issues. Any subscription for either issue 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, November 2, will be considered as timely. The new securities will be delivered November 15. “The new notes and bonds will be made available in registered form, as well as bearer form.” Official circulars and subscription forms for the new exchange offering will be mailed as soon as possible. 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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