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FEDERAL RESERVE BANK
OF N EW YORK
Fiscal Agent of the United States

[C irc u la r N o. 6484
F e b ru a ry 6, 197o|

To A l l Bankin g In stitu tio n s , a n d O th e rs Concerned,
in the S e c o n d F e d er a l R e s e r v e D istric t:

The following statem ent was made public today by the T reasury Department:
PRELIMINARY RESULTS OF CURRENT EXCHANGE OFFERING
P relim in ary figures show that about $5,792 million of the $6,662 million of bonds m atur­
ing F ebruary 15 and March 15 have been exchanged for the three notes included in the c u r­
rent offering.
Of the eligible secu rities held by the public, $3,462 million of February 15 m aturities
and $1,293 million of March 15 m aturities w ere exchanged, leaving $533 million, or 13.3%,
and $330 million, or 20.3%, respectively, for redemption.
Subscriptions total $2,199 million for the 8-1/4% notes of Series F-1971, $1,771 million
for the 8-1/8% notes of Series B-1973, and $1,822 million for the 8% notes of Series A-1977,
of which $1,907 million, $1,484 million, and $1,364 million, respectively, w ere received from
the public.
Following is a breakdown of secu rities to be exchanged (amounts in millions):

ELIG IBLE FOR EXCHANGE

Description

4% bonds
2-1/2% bonds
T o ta ls

SECURITIES TO BE ISSUED

UNEXCHANGED
% of
% of
total
total
out­
Total
held by
amount standing public

Date
due

T otal
amount

8-1/4%
Notes
8/15/71

2 /1 5 /7 0

$4,382

$1,525

$1,206

$1,111

$3,842

$540

12.3

13.3

3 /1 5 /7 0

2,280

674

565

711

1,950

330

14.5

20.3

$6,662

$2,199

$1,771

$1,822

$5,792

$870

13.1

15.4

8-1/8%
Notes
8 /1 5 /7 3

8%
Notes
2/1 5 /7 7

Total
to be
issued

Details by Federal R eserve D istricts as to subscriptions will be announced later.




Alfred Hayes,
P resident.