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FEDERAL RESERVE BANK OF NEW YORK F i s c a l Agent of the United States [c ir c u la r N o. 6723 231 April 28, 1 9 7 ' 1J To All Banking Institutions, and Others Concerned, in the Second Federal R eserv e D istrict: The following statement was made public today by the Treasury Department: TREASURY ANNOUNCES $8.4 BILLION REFUNDING The Treasury today announced that it is offering holders of $8.4 billion of the 5 -1 /4 % Treasury Notes of Series A-1971 and 8% Treasury Notes of Series E-1971 maturing May 15, 1971, the right to exchange their holdings for a 5% 15-month note or a 5 -3 /4 % 3 - 1 / 2 -year note. The public holds $5.8 billion of the securities eligible for exchange, and about $2.6 billion is held by Federal Reserve Banks and Government accounts. The notes being offered in exchange are: 5% Treasury Notes of Series E -1972, dated May 15, 1971, due August 15, 1972, at par; and An additional amount of the 5 -3 /4 % Treasury Notes of Series A -1 974, dated Novem ber 15, 1967, due November 15, 1974, at 99.60 (to yield about 5.88%); $4.0 billion of these notes are outstanding, $2.5 billion of which are held by the public. Cash subscriptions will not be received. Subscription books for the offering will be open until 6:00 p .m ., local time, Wednesday, May 5, 1971. To be timely subscriptions MUST BE RECEIVED by a Federal Reserve Bank or Branch or by the Office of the Treasurer of the United States by such time, except that subscriptions addressed to a Federal Reserve Bank or Branch or to the Office of the T re a s urer of the United States postmarked before midnight, Tuesday, May 4, 1971, will be deemed to be timely. The notes will be made available in registered as well as bearer form in denominations of $1,000, $5,000, $10,000, $100,000 and $1,000,000. All subscribers requesting registered notes will be required to furnish appropriate identifying numbers as required on tax returns and other documents submitted to the Internal Revenue Service. The payment and delivery date for the notes will be May 17. (Over) Coupons dated May 15, 1971, on notes tendered in exchange should be detached and cashed when due. The May 15, 1971 interest due on registered notes will be paid by issue of interest checks in regular course to holders of record on April 15, 1971, the date the transfer books closed. * * * As indicated in the above statement, the subscription books will be open until 6 p .m ., Wednesday, May 5, and to be timely subscriptions must be received by this Bank or its Branch or by the Office of the Treasurer of the United States by such time, except that sub scriptions postmarked before midnight, Tuesday, May 4, will be deemed timely. If there is any doubt that mail will not reach this Bank or its Branch as required above, subscribers should use other means of transmitting their subscriptions. The official offering circulars and subscription form s for this offering will be mailed to reach you by Monday, May 3. Alfred Hayes, President.
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