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FEDERAL RESERVE BANK OF NEW YORK Fiscal Agent o f the United States Circular No. 8973 December 11, 1980 TREASURY TO AUCTION 2-YEAR AND 4-YEAR NOTES TOTALING $7,750 MILLION To All Banking Institutions, and Others Concerned, in the Second Federal Reserve District: The following statement was issued yesterday by the Treasury Department: The Department o f the Treasury will auction $4,500 million o f 2-year notes and $3,250 million o f 4-year notes to refund $5,661 million o f notes maturing December 31, 1980, and to raise $2,089 million new cash. The $5,661 million o f maturing notes are those held by the public, including $724 million o f maturing 2-year notes and $352 million o f maturing 4-year notes currently held by Federal Reserve Banks as agents for foreign and in ternational monetary authorities. In addition to the public holdings, Government accounts and Federal Reserve Banks, for their own accounts, hold $577 million o f the maturing notes that may be refunded by issuing additional amounts o f the new notes at the average prices o f accepted competitive tenders. Additional amounts o f the new securities may also be issued at the average prices to Federal Reserve Banks, as agents for foreign and international monetary authorities, to the extent that their aggregate tenders for each o f the new notes exceed their aggregate holdings o f each o f the maturing notes. Printed on the reverse side is a table summarizing the highlights of the offerings. Copies of the official offering circulars will be furnished upon request directed to our Government Bond Division (Tel. No. 212-791-6619). In addition, enclosed are copies of the forms to be used in submitting tenders. This Bank will receive tenders at the Securities Department of its Head Office and at its Buffalo Branch up to 1:30 p.m ., Eastern Standard time, on the dates specified on the reverse side of this circular as the deadlines for receipt of tenders. All competitive tenders, whether transmitted by mail or by other means, must reach this Bank or its Branch by that time on the specified dates. However, for investors who wish to submit noncompetitive tenders and who find it more convenient to mail their tenders than to present them in person, the official offering circular for each offering provides that noncompetitive tenders will be con sidered timely received if they are mailed to this Bank or its Branch under a postmark no later than the date preceding the date specified for receipt o f tenders. Bidders submitting noncompetitive tenders should realize that it is possible that the average price may be above par, in which case they would have to pay more than the face value for the securities. Payment with a tender may be in the form of a personal check, which need not be certified, an official bank check, or a Federal funds check (a check drawn by a depository institution on its Federal Reserve account). All checks must be drawn payable to the Federal Reserve Bank of New York; checks endorsed to this Bank will not be accepted. Payment may also be made in cash or in Treasury securities maturing on or before the issue date of the securities being purchased. Recorded messages provide information about Treasury offerings and about auction results: at the Head Office — Tel. No. 212-791-7773 (offerings) and Tel. No. 212-791-5823 (results); at the Buffalo Branch — Tel. No. 716-849-5046. Additional inquiries regarding this offering may be made by calling, at the Head Office, Tel. No. 212-791-6619, or, at the Buffalo Branch, Tel. No. 716-849-5016. A n t h o n y M . So l o m o n , President. (Over) HIGHLIGHTS OF TREASURY OFFERINGS TO THE PUBLIC OF 2-YEAR AND 4-YEAR NOTES TO BE ISSUED DECEMBER 31, 1980 Amount Offered: To the public..................................... 2-Year Notes 4-Year Notes $4,500 million $3,250 million Description of Security: Term and type of security................. 2-year notes 4-year notes Series and CUSIP designation........ Series Z-1982 (CUSIP No. 912827 LJ9) Series H-1984 (CUSIP No. 912827 LK6) Maturity date..................................... December 31, 1982 December 31, 1984 Call date.............................................. No provision No provision Interest coupon rate......................... To be determined, based on the average of accepted bids To be determined, based on the average of accepted bids Investment yield ............................... To be determined at auction To be determined at auction Premium or discount....................... To be determined after auction To be determined after auction Interest payment dates..................... June 30 and December 31 June 30 and December 31 Minimum denomination available . $5,000 $ 1,000 Yield auction Yield auction Accrued interest payable by investor, None None Preferred allotment............................. Noncompetitive bid for $1,000,000 or less Noncompetitive bid for $1,000,000 or less Full payment to be submitted with tender Full payment to be submitted with tender Acceptable Acceptable Tuesday, December 16, 1980, by 1:30 p.m., EST Thursday, December 18, 1980, by 1:30 p.m., EST Wednesday, December 31, 1980 Wednesday, December 31, 1980 Monday, December 29, 1980 Monday, December 29, 1980 Friday, January 9,1981 Tuesday,January 13, 1981 Terms of Sale: Method of sale................................... Payment by noninstitutional investors................... Deposit guarantee by designated institutions..................................... Key Dates: Deadline for receipt of tenders........... Settlement date (final payment due from institutions) a) cash or Federal funds............ b) readily collectible check........ Delivery date for coupon securities
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