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F E D E R A L R E S E R V E BA N K O F N EW Y O R K Fiscal Agent of the United States r Circular No. 5 7 7 3 T I. February 4, 1966 J Preliminary Results of Treasury Refunding To A ll Banking Institutions, and Others Concerned, in the Second Federal Reserve D istric t: The following statement was made public today by the Treasury Department: Prelim inary figures show that $9,732 million, or 33.8 percent, o f the $28,758 million o f securities o f the seven issues eligible for exchange have been exchanged for the two new notes included in the current refunding offer. A bou t $4,938 million, or 90.3 percent o f the $5,467 million outstanding, were exchanged by holders o f notes m aturing February 15 and A p ril 1, and $4,794 million, or 20.6 percent o f the $23,291 m illion outstanding, were exchanged by holders o f the notes and bonds that will mature M ay 15 and August 15. Subscriptions total $2,110 m illion for the 4 % percent notes o f Series E-1967 and $7,622 million fo r the 5 percent notes o f Series A-1970, of which $860 million for the 4 % percent notes and $6,501 m illion fo r the 5 percent notes were received from the public. O f the eligible securities held outside the Federal Reserve Banks and Government Accounts, $2,667 million, or 83.6 percent o f an aggregate o f $3,190 m illion o f February 15 and A p ril 1 maturities, and $4,694 million, or 44.8 percent o f an aggregate o f $10,488 million o f May 15 and August 15 maturities, were exchanged. Follow ing is a breakdown o f securities to be exchanged for the new notes (amounts in millions) : E ligible fo r exchange Date Due Securities 3 % % Notes, B-1966. . . . 3 % % Notes, C -1 9 6 6 .. . . i y 2 % Notes, E A -1 9 6 6 .. . 2 /1 5 /6 6 2 /1 5 /6 6 4 / 1/66 Total Feb. & A pr. Maturities ............. Securities to be issued JJnexchanged Am ount 4 V s% N otes E -1967 5% N otes A -19 7 0 $ 2,195 2,597 675 $ 507 1,450 153 $1,447 1,013 368 $1,954 2,463 521 $ 241 134 154 11.0 5.2 22.8 $ 5,467 $2,110 $2,828 $4,938 $ 529 9.7 — $1,231 654 2,587 322 $ 8,288 1,034 8,473 702 87.1 61.3 76.6 68.6 Am ount Total Percent P r e r e f u n d in g 4 % Notes, D -1966........... 3 % % Bonds, 1966......... 4 % Notes, A -1966 ........... 3% Bonds, 1966............... Total P rerefunding Maturities ............. G rand T otals .. 5 /1 5 /6 6 5 /1 5 /6 6 8 /1 5 /6 6 8 /1 5 /6 6 $ 9,519 1,688 11,060 1,024 — $1,231 654 2,587 322 $23,291 — $4,794 $4,794 $18,497 79.4 $7,622 $9,732 $19,026 66.2 $28,758 — — $2,110 Details b y Federal Reserve Districts as to subscriptions will be announced later. A lfred H ayes, President.
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