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FEDERAL RESERVE BANK OF NEW YORK Fiscal Agent of the United States [circular No. [October 17, 1986J Offering of $9,750,000,000 of 364-Day Treasury Bills Dated October 30,1986 Due October 29,1987 To A ll Banking Institutions, and Others Concerned, in the Second Federal Reserve District: The following is the text of a notice issued by the Treasury Department: The Department of the Treasury, by this public notice, invites tenders for approximately $9,750 million of 364-day Treasury bills to be dated October 30, 1986, and to mature October 29, 1987 (CUSIP No. 912794 NK6). This issue will provide about $1,425 million of new cash for the Treasury, as the maturing 52-week bill is outstanding in the amount of $8,316 million. Tenders will be received at Federal Reserve Banks and Branches and at the Bureau of the Public Debt, Washington, B.C. 20239, prior to 1:00 p.m., Eastern Daylight Saving time, Thsirsdlay, 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. This 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 30, 1986. In addition to the maturing 52-week bills, there are $15,100 million of maturing bills which were originally issued as 13-week and 26-weeks bills. The disposition of this latter amount will be announced next week. Federal Reserve Banks currently hold $2,857 million as agents for foreign and international monetary authorities, and $5,585 million for their own account.,These amounts represent the combined holdings of such accounts for the three issues of maturing bills. 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 rate of accepted competitive tenders. Additional amounts of the bills may be issued to Federal Reserve Banks, as agents for foreign and international monetary authorities, to the extent that the aggregate amount of tenders for such accounts exceeds the aggregate amount of maturing bills held by them. For purposes of determining such additional amounts, foreign and international monetary authorities are considered to hold $150 million of the original 52-week issue. Tenders for bills to be maintained on the book-entry records of the Department of the Treasury should be submitted on Form PD 4632-1. 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. A tender form is enclosed. Please be sure to use that form to submit the tender and return it 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 52-week bill offering are shown on the reverse side of this circular. E. Gerald Corrigan , President. (Over) RESULTS OF PREVIOUS 52-WEEK OFFERING OF TREASURY BILLS (ISSUED OCTOBER 2, 1986) RANGE OF ACCEPTED COMPETITIVE BIDS: Discount Hate Low 5 o 45% High Average - 5,47% 5.47% Investment Rate (Equivalent Coupon-Issue Yield) 5.77% 5.79% 5.79% Price 94.489 94.469 94 o4 69 Tenders at the high discount rate were allotted 43%. TENDERS RECEIVED AND ACCEPTED (In Thousands) Location Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco Treasury TOTALS Received Accepted 13,655 33,872,445 6,260 17,020 23,870 8,050 1,408,835 15,875 11,500 12,315 13,335 1,348,210 83,080 $36,834,450 $ 13,655 8,950,395 6,260 7,020 13,605 8,050 148,955 4,875 8,650 10,745 3,335 564,810 83,08© $9,823,435 $33,933,965 250,485 $34,184,450 $6,922,950 250,485 $7,173,435 2,500,000 2,500,000 150,000 150,000 $36,834,450 $9,823,435 $ Type Competitive Noncompetitive Subtotalo Public Federal Reserve Foreign Official Institutions TOTALS
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