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FEDERAL RESERVE BAN K OF NEW YORK Fiscal Agent of the United States Circular No. 10152 February 19, 1987 TREASURY AUCTION OF 2-YEAK ANB 5-YEAR 2-MONTH NOTES TOTALING $18,25© 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 $8,800 million of new cash by issuing $10,000 million of 2-year notes and $8,250 million of 5-year 2-month notes. This offering will also refund $9,440 million of 2-year notes maturing February 28, 1987. The $9,440 million of maturing 2-year notes are those held by the public, including $1,078 million currently held by Federal Reserve Banks as agents for foreign and international monetary authorities. The $18,250 million is being offered to the public, and any amounts tendered by Federal Reserve Banks as agents for foreign and international monetary authorities (including $1,078 million of maturing 2-year notes) will be added to that amount. Tenders for such accounts will be accepted at the average prices of accepted competitive tenders. In addition to the public holdings, Government accounts and Federal Reserve Banks, for their own accounts, hold $647 million of the maturing securities that may be refunded by issuing additional amounts of the new notes at the average prices of accepted competitive tenders. Printed on the reverse side is a table summarizing the highlights of the offerings. Copies of the official offering circulars will be furnished upon request directed to our Issues Division (Tel. No. 212-720-6621). In addition, enclosed are copies of the forms to be used in submitting tenders. This Bank will receive tenders at the Securities Department of its Head Office and at its Buffalo Branch on the dates and times specified on the reverse side of this circular as the deadlines for receipt of tenders. All 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 of 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 of the securities being purchased, by a charge to an institution’s reserve account at this Bank, or, in the case of Treasury Tax and Loan Note Option Depositaries, by credit to a Treasury Tax and Loan Note Account. Payment by check must be in the form of 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 of New York; checks endorsed to this Bank will not be accepted. Recorded messages provide information about Treasury offerings and about auction results: at the Head Office — Tel. No. 212-720-7773 (offerings) and Tel. No. 212-720-5823 (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 Office, Tel. No. 212-720-6621, or, at the Buffalo Branch, Tel. No. 716-849-5016. E. Gerald Corrigan, President. (Over) HIGHLIGHTS OF TREASURY OFFERINGS TO THE PUBLIC OF 2-YEAR AND 5-YEAR 2-MONTH NOTES 2-Year Notes 5-Year 2-Month Notes Amount Offered: To the public..................................... . $10,000 million $8,250 million Description of Security: Term and type of security.............. . 2-year notes 5-year 2-month notes Series and CUSIP designation........ . Series V-1989 (CUSIP No. 912827 UP5) Series J-1992 (CUSIP No. 912827 UQ3) Issue date........................................... . March 2, 1987 March 3, 1987 Maturity d a te ................................... . February 28, 1989 May 15, 1992 Call date............................................. . No provision No provision Interest rate....................................... . To be determined, based on the average of accepted bids To be determined, based on the average of accepted bids Investment yield.............................. . To be determined at auction To be determined at auction Premium or discount...................... . To be determined after auction To be determined after auction Interest payment dates.................... . August 31 and February 28 November 15 and May 15 (first payment on November 15, 1987) Minimum denomination available . .$5,000 $1,000 Terms of Sale: Method of s a le ................................ . 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 by non-institutional investors....................................... . Full Payment to be submitted with tender Full Payment to be submitted with tender Payment through Treasury Tax and Loan (TT&L) Note Accounts---- Acceptable for TT&L Note Option Depositaries Acceptable for TT&L Note Option Depositaries Deposit guarantee by designated institutions.................................. . Acceptable Acceptable Key Dates: Receipt of tenders............................ . Tuesday, February 24,1987, prior to 1:00 p.m., EST Wednesday, February 25,1987, prior to 1:00 p.m., EST Settlement (final payment due from institutions) a) cash or Federal funds.............. Monday, March 2, 1987 b) readily collectible check Thursday, February 26, 1987 Tuesday, March 3, 1987 Friday, February 27, 1987
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