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F E D E R A L R E S E R V E B A NK O F N E W YORK Fiscal Agent of the United States r Circular X o . 4 T 3 T T L M ay 7, 1959 J TREASURY FINANCING New 4 % Certificates, at 99.95, Offered in Exchange for 1 * 4 % Certificates Maturing May 15, 1959 T o A ll Banking Institutions, and Others Concerned, in the Second Federal R eserve D istrict: The follow in g statement was made public tod a y: The Treasury Department announced today the complete details o f the offering o f a one-year certificate o f indebtedness in exchange fo r the $1.8 billion o f 1*4 percent certificates o f indebtedness m aturing M ay 15, concerning which a prelim inary announcement was made last Thursday, A pril 30. The Treasury will offer the holders o f the $1.8 billion o f 1*4 percent certifi cates o f indebtedness m aturing M ay 15, 1959, the opportunity to exchange their holdings fo r a new issue o f 4 percent certificates o f indebtedness to be dated M ay 15, 1959, and to mature M ay 15, 1960. The certificates will be issued at a price o f 99.95 percent o f face value, to yield about 4.05 percent. Cash subscrip tions will not be received. Interest will be payable on the new certificates semiannually on November 15, 1959, and M ay 15, 1960. A cash payment o f $0.50 per $1,000 face value o f the new certificates, repre senting the discount from the face value, will be paid to holders upon issuance o f the new certificates. The subscription books will be open only on M ay 11 and May 12 fo r the receipt o f subscriptions fo r this issue. A n y subscription fo r the new certificates addressed to a Federal Reserve Bank or Branch or to the Treasurer o f the United States and placed in the mail before midnight, May 12, will be considered as timely. Circulars and subscription form s fo r the exchange offerin g w ill be m ailed to reach you b y M onday, M ay 11. A l f r e d H a y e s , President.
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