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FEDERAL RESERVE BANK OF N EW YORK Fiscal Agent of the United States r Circular No. 5 4 9 3 1 L May 8, 1964 J Preliminary Results of Treasury’s Current Exchange Offering To All Banlcing Institutions, and Others Concerned, in the Second Federal R eserve D istrict: The following statement was made public today by the Treasury Department: The Treasury today announced preliminary results on its refunding offer to holders of $10.6 billion Treasury certificates and notes maturing May 15, of which $4.2 billion were held by the public. Public holders exchanged for $1,464 million of the new 4^4 percent bonds of May 15, 1974 and $2,114 million o f new 4 percent notes due November 15, 1965. The Federal Reserve and Government investment accounts took $6,383 million of the 4 percent notes and $29 million of the 4*4 percent bonds. About $624 million, or 5.9 percent of the total maturities and 14.9 percent of publicly held maturities, will be redeemed in cash. This is closely in line with expectations in view of the excep tionally scattered ownership of the maturing securities. Details of the exchange are as follows (in millions) : E ligible f o r exchange Exchanged fo r A m ount Security 4 % N otes due 11/15/65 4V±°/c Bonds due 5/15/74 T otal Unexchanged amount 31/4% Certificates .......... 4 % % Notes .................... 3 % % Notes .................... $ 4,198 4,400 2,016 $3,817 3,438 1,242 $ 307 590 596 $4,124 4,028 1,838 $ 74 372 178 T o t a l ................................ $10,614 $8,497 $1,493 $9,990 $624 Federal Reserve Banks and Govt. Accounts . . . $6,383 $ 29 $6,412 All others ........................ 2,114 1,464 3,578 T o t a l ................................ $8,497 $1,493 $9,990 Subscribers Final figures regarding the exchange will be announced after final reports are received from the Federal Reserve Banks. 19 14 A lfred H ayes, President. FIFTIETH ANNIVERSARY 19 6 4
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