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FEDERAL RESERVE BANK OF NEW YORK Fiscal Agent of the United States Circular No. 9324~] July 15, 1982 [ TREASURY TO AUCTION $6,000 MILLION OF 2-YEAR NOTES To A ll Banking Institutions, and Others Concerned, in the Second Federal Reserve District: The following statement was issued by the Treasury Department: The Department of the Treasury will auction $6,000 million of 2-year notes to refund $4,230 million of notes maturing July 31, 1982, and to raise $1,770 million new cash. The $4,230 million of maturing notes are those held by the public, including $886 million currently held by Federal Reserve Banks as agents for foreign and international monetary authorities. In addition to the public holdings, Government accounts and Federal Reserve Banks, for their own accounts, hold $1,107 million of the maturing securities that may be refunded by issuing additional amounts of the new notes at the average price of accepted competitive tenders. Additional amounts of the new security may also be issued at the average price to Federal Reserve Banks, as agents for foreign and international monetary authorities, to the extent that the aggregate amount of tenders for such accounts exceeds the aggregate amount of maturing securities held by them. Printed on the reverse side is a table summarizing the highlights of the offering. Copies of the official offering circular will be furnished upon request directed to our Government Bond Division (Tel. No. 212-791-6619). Enclosed is a copy of a standard form for your use in submitting tenders for this offering (or for any subsequent offering of 2-year notes). This Bank will receive tenders up to 1:30 p.m., Eastern Daylight Saving time, Wednesday, July 21, 1982, at the Securities Department of its Head Office and at its Buffalo Branch. A ll competitive tenders, whether transmitted by mail or by other means, must reach this Bank or its Branch by that time. 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 provides that noncom petitive tenders will be considered timely received if they are mailed to this Bank or its Branch under a postmark no later than July 20. 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 OFFERING TO THE PUBLIC OF 2-YEAR NOTES TO BE ISSUED AUGUST 2, 1982 (Delivery date fo r coupon securities is August 11, 1982) Amount Offered: To the p u b lic............................................................................................... . $6,000 million Description of Security: Term and type of security............................................................................ . 2-year notes Series and CUSIP designation.................................................................... . Series U-1984 (CUSIP No. 912827 NL2) Maturity d ate............................................................................................... . July 31,1984 Call d a te ....................................................................................................... . No provision Interest coupon r a t e ................................................................................... . To be determined, based on the average of accepted bids Investment yield........................................................................................... . To be determined at auction Premium or discount................................................................................... . To be determined after auction Interest payment d a te s ............................................................................... . January 31 and July 31 Minimum denomination available.............................................................. . $5,000 Terms of Sale: Method of sale............................................................................................. . Yield auction Accrued interest payable by investor.......................................................... . None Preferred allotment..................................................................................... . Noncompetitive bid for $1,000,000 or less Payment by non-institutional investors.................................................... . Full payment to be submitted with tender Deposit guarantee by designated institutions............................................ . Acceptable Key Dates: Deadline for receipt of tenders..................................................................... . Wednesday, July 21, 1982, by 1:30 p.m., EDST Settlement date (final payment due from institutions) a) cash or Federal funds........................................................................... Monday, August 2, 1982 b) readily collectible check....................................................................... Thursday, July 29, 1982 Delivery date for coupon securities.............................................................. Wednesday, August 11,1982
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