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FED ER AL RESERVE BANK O F NEW YORK Fiscal Agent of the United States C ir cu la r N o . 61161 I F ebruary 9, 1 9 6 8 j y To All Banking Institutions, and Others Concerned, in the Second Federal Reserve District: The following statement was made public today by the Treasury Department: PRELIMINARY RESULTS OF TREASURY REFUNDING Preliminary figures show that $5,116 million, or 21.0%, of the $24,331 million securities of the five issues eligible for exchange have been exchanged for the new 7-year 5 -3 /4 % notes offered in the current refunding. This includes $3,836 million, or 31.8%, of the eligible securities held outside the Federal Reserve Banks and GovernĀ ment accounts. Of the total securities exchanged, $2,162 million, or 82.0%, were exchanged by holders of the $2,635 million of the notes maturing February 15, 1968, and $2,954 million, or 13.6%, were exchanged by holders of the $21,696 million note and bond issues maturĀ ing August 15 and November 15, 1968. Of the total securities held outside the Federal Reserve Banks and Government accounts $1,241 million, or 72.4% of an aggregate of $1,713 million, of February 15 maturities and $2,595 million, or 25.1% of an aggregate of $10,347 million, of August 15 and November 15 maturities were exchanged. Following is millions): a breakdown of the securities eligible to be exchanged (amounts in U n exch an ged D a te D u e Am ount T o ta l E xch a n ged 2 /1 5 /6 8 $ 2,635 $2,162 4 -1 /4 % Notes, C -1968 8 /1 5 /6 8 6,444 3 -3 /4 % Bonds, 1968 8 /1 5 /6 8 3,747 5 -1 /4 % Notes, D -1968 1 1 /1 5 /6 8 9,913 916 3 -7 /8 % Bonds, 1968 1 1 /1 5 /6 8 1,592 S e c u rities 5 - 5 /8 % Notes, A - 1968 Am ount $ P ercen t 473 18.0 487 5,957 92.4 1,117 2,630 70.2 8,997 90.8 434 1,158 72.7 $21,696 $2,954 $18,742 86.4 $24,331 $5,116 $19,215 79.0 P R E R E F V N D IN G Total prerefunding maturities Grand Totals Details by Federal Reserve District as to subscriptions will be announced later. A lfred H ayes, President.