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FEDERAL RESERVE BANK OF NEW YORK Fiscal Agent of the United States Circular No. 1©,©49 June 18, 1986 TREASURY AUCTION OF 4-YEAR AND 7=YEAR NOTES TOTALING $14,000 MILLION To All Banking Institutions, and Others Concerned, in the Second Federal Reserve District: The following statement has been issued by the Treasury Department: The Treasury will raise about $9,650 million of new cash by issuing $7,250 million of 4-year notes and $6,750 million of 7-year notes. This offering will also refund $4,346 million of 4-year notes maturing June 30, 1986. The $4,346 million of maturing 4-year notes are those held by the public, including $625 million currently held by Federal Reserve Banks as agents for foreign and international monetary authorities. In addition to the maturing 4-year notes, there are $9,033 million of maturing 2-year notes held by the public. The disposition of this latter amount was announced last week. Federal Reserve Banks, as agents for foreign and international monetary authorities, currently hold $1,426 million, and Government accounts and Federal Reserve Banks for their own accounts hold $1,313 million of maturing 2-year and 4-year notes. The maturing securities held by Federal Reserve Banks for their own account may be refunded by issuing additional amounts of the new 2-year and 4-year notes at the average prices of accepted competitive tenders. The $14,000 million is being offered to the public, and any amounts tendered by Federal Reserve Banks as agents for foreign and international monetary authorities will be added to that amount. Tenders for such accounts will be accepted at the average prices of accepted competitive tenders. Printed on the reverse side is a table summarizing the highlights o f the offerings. Copies o f the official offering circulars will be furnished upon request directed to our Government Bond Division (Tel. No. 212-791-6619). In addition, enclosed are copies o f the forms to be used in submitting tenders. This Bank will receive tenders at the Securities Department o f its Head Office and at its Buffalo Branch on the dates and times specified on the reverse side o f this circular as the deadlines for receipt o f tenders. A ll competitive tenders, whether transmitted by mail or by other means, must reach this Bank or its Branch by that time on the specified dates. However, for investors who wish to submit noncompetitive tenders and who find it more convenient to mail their tenders than to present them in person, the official offering circular for each offering provides that noncompetitive tenders will be considered timely received if they are mailed to this Bank or its Branch under a postmark no later than the date preceding the date specified for receipt o f tenders. Bidders submitting noncompetitive tenders should realize that it is possible that the average price may be above par, in which case they would have to pay more than the face value for the securities. Payment with a tender may be made in cash, by check, in Treasury securities maturing on or before the issue date o f the securities being purchased, by a charge to an institution’s reserve account at this Bank, or, in the case o f Treasury Tax and Loan Note Option Depositaries, by credit to a Treasury Tax and Loan Note A ccount. Payment by check must be in the form o f an official bank check, a Federal funds check (a check drawn by a depository institution on its Federal Reserve account), or a personal check, which need not be certified. All checks must be drawn payable to the Federal Reserve Bank o f New Y ork; checks endorsed to this Bank will not be accepted . Recorded messages provide inform ation about Treasury offerings and about auction results: at the Head O ffice — Tel. No. 212-791-7773 (offerings) and Tel. No. 212-791-5823 (results); at the Buffalo Branch — Tel. No. 716-849-5158 (offerings) and Tel. No. 716-849-5046 (results). Additional inquiries re garding this offering may be made by calling, at the Head O ffice, Tel. No. 212-791-6619, or, at the Buffalo Branch, Tel. No. 716-849-5016. E . G e r a l d C o r r ig a n , President. (Over) HIGHLIGHTS OF TREASURY OFFERINGS TO THE PUBLIC OF 4-YEAR AND 7-YEAR NOTES 4-Year Notes Amount O ffered: To the public...................................... $7,250 million 7-Year Notes $6,750 million D escription o f Security: Term and type of secu rity................ 4-year notes 7-year notes Series and CUSIP designation.......... Series P-1990 (CUSIP No. 912827 TU6) Series G-1993 (CUSIP No. 912827 TV4) Issue d ate............................................ June 30,1986 July 7, 1986 Maturity d a t e .................................... June 30,1990 July 15, 1993 Call date............................................. No provision No provision Interest ra te ........................................ To be determined, based on the average of accepted bids To be determined, based on the average of accepted bids Investment y ie ld ................................ To be determined at auction To be determined at auction Premium or d iscount........................ To be determined after auction To be determined after auction Interest payment dates...................... December 31 and June 30 January 15 and July 15 (first payment on January 15,1987) Minimum denomination available .. $ 1,000 $ 1,000 Terms of Sale: Method of s a l e .................................. Yield auction Yield auction Must be expressed as an annual Competitive tenders.......................... Must be expressed as an annual yield, with two decimals, e.g., 7.10% yield, with two decimals, e.g., 7.10% Noncompetitive tenders.................... Accepted in full at the average price up to $1,000,000 Accepted in full at the average price up to $1,000,000 Accrued interest payable by investor .. None None Payment through Treasury Tax and Loan (TT&L) Note Accounts___ Acceptable for TT&L Note Option Depositaries Acceptable for TT&L Note Option Depositaries Payment by non-institutional investors........................................ Full payment to be submitted with tender Full payment to be submitted with tender Deposit guarantee by designated institutions.................................... Acceptable Acceptable Key D ates: Receipt of tenders. . . ........................ Tuesday, June 24,1986, prior to 1:00 p.m., EDST Wednesday, June 25,1986, prior to 1:0®p.m., EDST Settlement (final payment due from institutions) a) cash or Federal fu n d s .............. Monday, June 30, 1986 b) readily collectible check Thursday, June 26, 1986 Monday, July 7, 1986 Wednesday, July 2, 1986 Form N/B-Y (Rev. 9/85) PRIVACY ACT STATEMENT — The individually identifiable information required on this form is necessary to permit the subscription to be processed and the securities to be issued. If registered securities are requested, the regulations governing United States securities (Department Circular No. 300) and the offering circular require submission of social security numbers; the numbers and other information are used in inscribing the securities and establishing and servicing the ownership and interest records. The transaction will not be completed unless all required data is furnished. IMPORTANT — This tender must be received prior to 1:©© p.m ., Tuesday, June 24, 1986 TENDER FOR 4-YEAR TREASURY NOTES OF SERIES P-199© TO FEDERAL RESERVE BANK OF NEW YORK Fiscal Agent of the United States New York, N.Y. 10045 Dated at 19 The undersigned hereby offers to purchase the above-described securities in the am ount indicated below, and agrees to make payment therefor at your Bank in accordance with the provisions o f the official offering circular. Do not fill in both Competitive and Noncompetitive tenders on one form COMPETITIVE TENDER $ .......................................................(maturity value) $ ...................................................................... (m aturity value) or any lesser am ount that may be awarded. Yield:................... (Yield must be expressed with two decimal places, fo r example, 7.10) NONCOMPETITIVE TENDER (N ot to exceed $1,000,000fo r one bidder through all sources) at the average price of accepted competitive bids. A noncompetitive bidder may not have entered into an agreement, or may not make an agreement with respect to the purchase or sale or other disposition o f any noncompetitive awards o f this issue in this auction prior to the designated closing time fo r receipt o f tenders. Certification by Competitive Bidders: The Bidder’s □ Customer’s □ net long position in these securities (including those acquired through “ when issued” trading, and futures and forward transactions, as well as holdings of outstanding securities of the same series as the new offering) as of 12:30 pm Eastern time on the day of this auction, was — □ Not in excess of $200 million. □ In excess of $200 million, amounting to $ ..................... million. Subject to allotment, please issue, deliver, and accept payment for the book-entry securities indicated below and/or the registered securities indicated on the reverse side (if only registered securities are desired, please only complete schedule on the reverse side): Safekeeping or Delivery Instructions (No changes will be accepted) Book-Entry— □ l.H old in safekeeping at FRBN Y in□ Investment Account (4) □ General Account (5) □ T ru st Account (6) □ 2 .Hold as collateral for Treasury Tax and Loan Note Account*(7) Payment Instructions for Institutions Payment will be made as follows: □ By charge to our reserve account □ By credit to the Treasury Tax and Loan Note Account □ By check in immediately available fu n d s □ By surrender of eligible maturing securities □ By charge to my correspondent bank □ 3.Wire t o ........................................................................................................ (8) (E x act Receiving B an k W ire A d d re ss/A cco u n t) (Nam e o f Correspondent) *The undersigned certifies that the allotted securities be owned solely by the undersigned. (If a commercial bank or dealer is subscribing for its own account or for account of customers, the following certifications are made a part of this tender.) W E H E R E B Y C E R T I F Y that we have received tenders from custom ers in the am ounts set forth opposite their names on the list which is m ade a p art o f this tender and that we have received and are holding for the T reasu ry, or th at we guarantee paym ent to the T reasu ry o f , the payments required by the official offering circular. W E F U R T H E R C E R T IF Y that tenders received by us, if any, from other com m ercial banks or prim ary dealers for their own a cco u n t, and for the accou n t o f their custom ers, have been entered with us under the sam e conditions, agreem ents, and certifications set fo rth in this form . Name of Subscriber (Please Print or Type) Address Insert this tender in envelope marked “Tender fo r Treasury Securities” State City Phone (Include Area Code) Zip Code Signature of Subscriber or Authorized Signature Title of Authorized Signer (Institutions submitting tenders for customer account must list customers’ names on lines below or on an attached rider) (Name o f customer) See Reverse Side For Further Instructions (Name o f customer) (OVER) SCHEDULE FOR ISSUE OF REGISTERED TREASURY SECURITIES SUBSCRIPTION NO. FOR FRB USE ONLY SUBSCRIBER’S NAME ADDRESS TRANS. ACCOUNTING DATE ISSUE AGENT 12 LOAN CODE CITY 110-01 STATE SIGNATURE D E L IV E R Y IN S T R U C T IO N S □ □ 7IP D ELIVER OVER THE COU NTER □ P A Y M E N T IN S T R U C T IO N S F O R IN S T IT U T IO N S OTH ER IN STRU C TIO N S: S H IP TO S U B S C R IB E R □ BY C H A R G E TO OUR RESERVE A C CO UNT □ B Y C R E D IT T O T H E TREASU RY T A X A N D LO AN NO TE A C C O U N T □ B Y C A S H O R C H E C K IN IM M E D IA T E L Y A V A IL A B L E F U N D S NO. O F P IE C E S REG ISTRA TIO N IN STRU C TIO N S NAME(S) DENOM. □ BY SURRENDER O F M A T U R IN G S E C U R IT IE S □ BY C H A R G E TO MY CORRESPONDENT BAN K AMOUNT S E R IA L N O S . (L E A V E B L A N K ) 1 ,0 0 0 5 ,0 0 0 1 0 ,0 0 0 ID O R S .S . NO. 1 0 0 ,0 0 0 A D D R E SS CITY 1 ,0 0 0 ,0 0 0 STA TE ZIP NAM E(S) TOTAL 1 ,0 0 0 5 ,0 0 0 1 0 ,0 0 0 ID O R S .S . NO. 1 0 0 ,0 0 0 1 ,0 0 0 ,0 0 0 A D D R E SS CITY STA TE ZIP NAM E(S) TOTAL 1:,000 5 ,0 0 0 1 0 ,0 0 0 ID OR S .S . NO. 1 0 0 ,0 0 0 A D D R E SS CITY 1 ,0 0 0 ,0 0 0 STA TE ZIP TOTAL INSTRUCTIONS 1. No tender for less than $1,000 will be considered; and each tender must be for a multiple of $1,000 (maturity value). 2. Only banking institutions, and dealers who make primary markets in Government securities and report daily to this Bank their positions with respect to Government securities and borrowings thereon, may submit tenders for customer account; in doing so, they may consolidate competitive tenders at the same yield or at the same price and may consolidate noncompetitive tenders, provided a list is attached showing the name of each bidder and the amount bid for his or her account. Others will not be permitted to submit tenders except for their own account. 3. Tenders will be received without deposit from commercial and other banks for their own account, federally insured savings and loan associations, States, political subdivisions or instrumentalities thereof, public pension and retirement and other public funds, international organizations in which the United States holds membership, foreign central banks and foreign states, dealers who make primary markets in Government securities and report daily to the Federal Reserve Bank of New York their positions with respect to Government securities and borrowings thereon, and Government accounts. Tenders from others must be accompanied by full payment of the face amount of the securities applied for. 4. Payment with a tender may be in the form of a personal check, which need not be certified, an official bank check, or a Federal funds check (a check drawn by a commercial bank on its Federal Reserve account). All checks must be drawn payable to the Federal Reserve Bank of New York; checks endorsed to this B ank will not be accepted. Payment may also be made in cash or Treasury securities maturing on or before the issue date of the securities being purchased. Treasury Tax and Loan Note Option Depositaries may make payment for Treasury securities by credit to their Treasury Tax and Loan Note Accounts. 5. For information on currently available Treasury offerings, call our 24-hour recorded message at (212) 791-7773 at the Head Office or (716) 849-5046 at the Buffalo Branch. For results of recent Treasury auctions, call (212) 791-5823 at the Head Office or (716) 849-5046 at the Buffalo Branch. For other information about Treasury securities, call (212) 791-6619 at the Head Office or (716) 849-5016 at the Buffalo Branch during normal business hours. 6. If the language of this tender is changed in any respect that, in the opinion of the Secretary of the Treasury, is material, the tender may be disregarded. Form N/B-Y (Rev. 9/85) PRIVACY ACT STATEMENT — The individually identifiable information required on this form is necessary to permit the subscription to be processed and the securities to be issued. If registered securities are requested, the regulations governing United States securities (Department Circular No. 300) and the offering circular require submission of social security numbers; the numbers and other information are used in inscribing the securities and establishing and servicing the ownership and interest records. The transaction will not be completed unless all required data is furnished. IMPORTANT — This tender must be received prior to 1:00 p.m., Wednesday, June 25, 1986 TENDER FOR 7-YEAR TREASURY NOTES OF SERIES G-1993 TO FEDERAL RESERVE BANK OF NEW YORK Fiscal Agent of the United States New York, N.Y. 10045 Dated at , 19 . . The undersigned hereby offers to purchase the above-described securities in the am ount indicated below, and agrees to make payment therefor at your Bank in accordance with the provisions o f the official offering circular. Do not fill in both Competitive and Noncompetitive tenders on one form COMPETITIVE TENDER $ .......................................................(maturity value) $ ......................................................................(m aturity value) or any lesser am ount that may be awarded. Y ie ld :...................... (Yield must be expressed with two decimal places, fo r example. 7.10) NONCOMPETITIVE TENDER (Not to exceed $1,000,000 fo r one bidder through all sources) at the average price of accepted competitive bids. A noncompetitive bidder may not have entered into an agreement, or may not make an agreement with respect to the purchase or sale or other disposition o f any noncompetitive awards o f this issue in this auction prior to the designated closing time fo r receipt o f tenders. Certification by Competitive Bidders: The Bidder’s □ Customer’s □ net long position in these securities (including those acquired through “ when issued” trading, and futures and forward transactions, as well as holdings of outstanding securities of the same series as the new offering) as of 12:30 pm Eastern time on the day of this auction, was — □ Not in excess of $200 million. □ In excess of $200 million, amounting to $ ..................... million. Subject to allotment, please issue, deliver, and accept payment for the book-entry securities indicated below and/or the registered securities indicated on the reverse side (if only registered securities are desired, please only complete schedule on the reverse side): Safekeeping or Delivery Instructions (No changes will be accepted) Book-Entry— □ l.H old in safekeeping at FRBN Y in□ Investment Account (4) □ General Account (5) □ Trust Account (6) □ 2 . Hold as collateral for Treasury Tax and Loan Note Account*(7) □ 3.Wire t o ................................. .......................................................................(8) Paym ent Instructions for Institutions Payment will be made as follows: □ By charge to our reserve account □ By credit to the Treasury Tax and Loan Note Account □ By check in immediately available fu n d s □ By surrender of eligible maturing securities □ By charge to my correspondent bank (Nam e o f Correspondent) (E x a ct Receiving B an k W ire Address / A ccoun t) *The undersigned certifies that the allotted securities be owned solely by the undersigned. (If a commercial bank or dealer is subscribing for its own account or for account of customers, the following certifications are made a part of this tender.) W E H E R E B Y C E R T I F Y that we have received tenders from custom ers in the am ounts set forth opposite their nam es on the list which is m ade a p art o f this tender and that we have received and are holding for the T reasu ry, or th at we guarantee paym ent to the T reasury o f, the payments required by the official offering circular. W E F U R T H E R C E R T IF Y that tenders received by us, if any, from other com m ercial banks or prim ary dealers for their own a cco u n t, and for the acco u n t o f their custom ers, have been entered with us under the same conditions, agreem ents, and certifications set forth in this form . Name of Subscriber (Please Print or Type) Address Insert this tender in envelope marked “Tender fo r Treasury Securities” State City Phone (Include Area Code) Zip Code Signature of Subscriber or Authorized Signature Title of Authorized Signer (Institutions submitting tenders for customer account must list customers’ names on lines below or on an attached rider) (Name of customer) See Reverse Side For Further Instructions (Name of customer) (OVER) SCHEDULE FOR ISSUE OF REGISTERED TREASURY SECURITIES SUBSCRIPTION WO. FOR FRB USE ONLY SUBSCRIBER’S NAME ADDRESS TRANS. ACCOUNTING DATE IS S U E A G E N T 12 LOAN CODE C IT Y STA TE SIGNATURE 11 0-0 1 P A Y M E N T IN S T R U C T IO N S F O R IN S T IT U T IO N S D E L IV E R Y IN S T R U C T IO N S □ □ Z IP D ELIV ER O V ER THE COU NTER □ O TH ER IN STRU C TIO N S: S H IP TO S U B S C R IB E R □ BY C H A R G E TO O UR RESERVE AC C O U N T □ B Y C R E D IT T O T H E TREASURY TA X A N D LO AN NO TE AC C O U N T □ B Y C A S H O R C H E C K IN IM M E D IA T E L Y A V A IL A B L E F U N D S NO. O F P IE C E S REG ISTRA TIO N IN STRU C TIO N S NAME(S) DENOM. □ BY SURRENDER O F M A T U R IN G S E C U R IT IE S □ BY C H A R G E TO M Y CORRESPONDENT BANK AMOUNT S E R IA L N O S . (L E A V E B L A N K ) 1 ,0 0 0 5 ,0 0 0 1 0 ,0 0 0 ID OR S .S . NO. 1 0 0 ,0 0 0 A D D R E SS CITY 1 ,0 0 0 ,0 0 0 STA TE ZIP TOTAL 1 ,0 0 0 NAME(S) 5 ,0 0 0 1 0 ,0 0 0 1 0 0 ,0 0 0 ID OR S .S . NO. 1 ,0 0 0 ,0 0 0 A D D R E SS CITY STA TE ZIP NAME(S) TOTAL 1 ,0 0 0 5 ,0 0 0 1 0 ,0 0 0 1 0 0 ,0 0 0 ID O R S .S . NO. A D D R E SS CITY 1 ,0 0 0 ,0 0 0 STA TE ZIP TOTAL INSTRUCTIONS 1. No tender for less than $1,000 will be considered; and each tender must be for a multiple of $1,000 (maturity value). 2. Only banking institutions, and dealers who make primary markets in Government securities and report daily to this Bank their positions with respect to Government securities and borrowings thereon, may submit tenders for customer account; in doing so, they may consolidate competitive tenders at the same yield or at the same price and may consolidate noncompetitive tenders, provided a list is attached showing the name of each bidder and the amount bid for his or her account. Others will not be permitted to submit tenders except for their own account. 3. Tenders will be received without deposit from commercial and other banks for their own account, federally insured savings and loan associations, States, political subdivisions or instrumentalities thereof, public pension and retirement and other public funds, international organizations in which the United States holds membership, foreign central banks and foreign states, dealers who make primary markets in Government securities and report daily to the Federal Reserve Bank of New York their positions with respect to Government securities and borrowings thereon, and Government accounts. Tenders from others must be accompanied by full payment of the face amount of the securities applied for. 4. Payment with a tender may be in the form of a personal check, which need not be certified, an official bank check, or a Federal funds check (a check drawn by a commercial bank on its Federal Reserve account). All checks must be drawn payable to the Federal Reserve Bank of New York; checks endorsed to this B ank will not be accepted. Payment may also be made in cash or Treasury securities maturing on or before the issue date of the securities being purchased. Treasury Tax and Loan Note Option Depositaries may make payment for Treasury securities by credit to their Treasury Tax and Loan Note Accounts. 5. For information on currently available Treasury offerings, call our 24-hour recorded message at (212) 791-7773 at the Head Office or (716) 849-5046 at the Buffalo Branch. For results of recent Treasury auctions, call (212) 791-5823 at the Head Office or (716) 849-5046 at the Buffalo Branch. For other information about Treasury securities, call (212) 791-6619 at the Head Office or (716) 849-5016 at the Buffalo Branch during normal business hours. 6. If the language of this tender is changed in any respect that, in the opinion of the Secretary of the Treasury, is material, the tender may be disregarded.
@FedFRASER