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FEDERAL RESERVE BANK OF NEW YORK Fiscal Agent of the United States Circular No. 1§,®§8 October 15, 1986 OFFERING OF TWO SERIES OF TREASURY BILLS $7,500,000,000 of 91-Day Bills, To Be Issued October 23, 1986, Due January 22, 1987 $7,500,©00,00© off 182-Day Bills, To Be Issued October 23, 1986, Due April 23, 1987 To All Banking Institutions, and Others Concerned, in the Second Federal Reserve District: The following notice has been issued by the Treasury Department: The Department of the Treasury, by this public notice, invites tenders for two series of Treasury bills totaling approximately $15,000 million, to be issued October 23, 1986. This offering will result in a paydown for the Treasury of about $50 million, as the maturing bills are outstanding in the amount of $15,038 million. Tenders will be received at Federal Reserve Banks and Branches and at the Bureau off the Public Debt, Washington, D.C. 20239, prior to 1:00 p.m., Eastern Daylight Saving time, Monday, October 20, 1986. The two series offered are as follows: 91-day bills (to maturity date) for approximately $7,500 million, representing an addi tional amount of bills dated January 23, 1986, and to mature January 22, 1987 (CUSIP No. 912794 LT 9), currently outstanding in the amount of $16,861 million, the additional and original bills to be freely interchangeable. 182-day bills for approximately $7,500 million, to be dated October 23, 1986, and to mature April 23, 1987 (CUSIP No. 912794 MG 6). The amounts o f the bills are being reduced in order to ensure that the debt limit is not exceeded on October 23, 1986. The bills will be issued on a discount basis under competitive and noncompetitive bidding, and at maturity their par amount will be payable without interest. Both series of bills will be issued entirely in book-entry form in a minimum amount of $10,000 and in any higher $5,000 multiple, on the records either of the Federal Reserve Banks and Branches, or of the Depart ment of the Treasury. The bills will be issued for cash and in exchange for Treasury bills maturing October 23, 1986. Tenders from Federal Reserve Banks for their own account and as agents for foreign and international monetary authorities will be accepted at the weighted average bank discount rates of accepted competitive tenders. Also, due to Treasury’s need to plan for the debt level, the amounts of the bills issued to Federal Reserve Banks, as agents for foreign and international monetary authorities, may not exceed the aggregate amount of maturing bills held by them. Federal Reserve Banks currently hold $1,699 million as agents for foreign and international monetary authorities, and $3,686 million for their own account. Tenders for bills to be main tained on the book-entry records of the Department of the Treasury should be submitted on Form PD 4632-2 (for 26-week series) or Form PD 4632-3 (for 13-week series). This Bank will receive tenders at the time indicated in the above notice at the Securities Depart ment of its Head Office and at its Buffalo Branch. Tender forms for both series are enclosed. Please be sure to use them to submit tenders and return them in the enclosed envelope. Forms for submitting tenders directly to the Treasury are available from the Government Bond Division of this Bank. Tenders may not be submitted by telephone. Settlement must be made in cash or other immediately available funds or in maturing Treasury securities. Treasury Tax and Loan Note Option Depositaries may make payment for Treasury bills by credit to their Treasury Tax and Loan Note Accounts. A document containing the standard terms and conditions of Treasury bill offerings may be obtained from the Circulars Division of this Bank. Results of the previous weekly offering are shown on the reverse side of this circular. E. G e r a l d C o r r ig a n , President. (Over) RESULTS OF LAST WEEKLY OFFERING OF TREASURY BILLS (TWO SERIES TO BE ISSUED OCTOBER 16, 1986) iAKGE OF ACCENTED COMPETITIVE BIDS; featuring Discount Rflt® • I n v t e tmetit Rate 1/ 4 9 26-week bills ® * t a r i n g A p r i l 16, 1 9 8 7 8 Discount 9 198? Price t _ Ri t • Investment Rote 1 / Frie© .3.09* '5.14% 5,231 S * 28 % 98.713 98.701 l Mi$h & S.lKi/ 5,23% i„40% 5,45% 97.376 97,356 Average 1t \ n s.m 98,703 ! 5.22% 5.44% 97.361 hoy 4/ bill© J a n u a r y 15, 9 Excepting 1 tender of $3D000B000, Tend®?© et the high discount jratig for th« 13-wgik bill# were allotted li%0 Tender® ©t the high discount rat© foe fch® 26~week bills were allotted 44%, TENDERS RECEIVED AHP ACC1FTID (In Thou©ind©) Loca ti on Boston Vork Fh ilsd elp hi© Cleveland Richmond Atlanta Chicago § to Loui© Minneapolis Kansas City Dalla© San F r i f t c i i e o treasury TOTALS IZBS. Compe tit ive Honcospstitiva S u b t o t a l„ Publie (Federal Restrva Fore ign O f f i c i a l Institutions TOTALS Received $ 37,4 30 19^6199165 23,630 43,720 52,603 49,295 1,331,940 22,880 3 4 ,6 7 5 6 3 fli85 44,975 1,113,215 3 4 | 0605 Received Accepted $ 3 7 ,4 30 5,619,985 25,630 43,7 20 4 8 ,9 8 0 49,295 291,340 22,880 27,7 7S 63 P183 39,975 381 ,77 5 349,605 S 26,610 2 0 „ 9 7 3, § 3 0 23,§00 21,870 37,480 2 ? SB95 1,356,480 23,810 31,120 37,315 25,190 1, 1@3,?60 373,065 Accepted $ 26,680 5,940,910 23 $500 28,870 29,680 27,895 205,880 23,810 25,520 37,315 20,190 243,200 375,061 $22,871,320 $7 , 001,775 $24,150,995 $7,001,115 I l f , §14,60S i . 0 9 I ?985 $20,646,390 $3,677,860 1 ,0 9 1 ,9 1 5 $ 4 , 7 6 9 ,8 4 5 $3,529,090 7 9 1 s82S $ 4 , 3 2 0 09 l S 1,966,730 1 g96 50730 120.671,370 791,825 0 f $21,463,395 6 l 8700$000 26 6, 20 0 266,200 $22,878,320 $ 7 , 0 0 1 ,7 7 5 \J Equivalent coupon-issue yigjd. 00 B O 1 070 0 , 0 0 0 987,600 937,600 $24,150,995 $7,008,515
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