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FEDERAL RESERVE BANK OF NEW YORK Fiscal Agent of the United States Circular No. 9438 January 13, 1983 TREASURY TO AUCTION $7,250 MILLION OF 2-YEAR NOTES To All Banking Institutions, and Others Concerned, in the Second Federal Reserve District: The following statement was issued by the Treasury Departm ent: The Department of the Treasury will auction $7,250 million of 2-year notes to refund $4,647 million of 2-year notes maturing January 31, 1983, and to raise $2,603 million new cash. The $4,647 million of maturing 2-year notes are those held by the public, including $677 million currently held by Federal Reserve Banks as agents for foreign and international monetary authorities. The $7,250 million is being offered to the public, and any amounts tendered by Federal Reserve Banks as agents for foreign and international monetary authorities (including the $677 million of maturing securities) will be added to that amount. In addition to the public holdings, Government accounts and Federal Reserve Banks, for their own accounts, hold $544 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. Printed on the reverse side is a table summarizing the highlights of the offering. Copies o f 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 Standard time, W ednesday, January 19, 1983, at the Securities Departm ent of its Head Office and at its Buffalo Branch. A ll competitive tenders, whether transm itted 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 postm ark no later than January 18. 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 m aturing on or before the issue date of the securities being purchased. Recorded messages provide inform ation 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 nthony m . Solomon, President. (Over) HIGHLIGHTS OF TREASURY OFFERING TO THE PUBLIC OF 2-YEAR NOTES TO BE ISSUED JANUARY 31, 1983 Amount Offered: To the p u b lic................................................................................................. $7,250 million Description of Security: Term and type of security............................................................................. 2-year notes Series and CUSIP designation...................................................................... Series Q-1985 (CUSIP No. 912827 PB2) Maturity d ate................................................................................................. January 31,1985 Call d a te ........................................................................................................ No provision Interest r a te ................................................................................................... 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 ................................................................................. July 31 and January 31 Minimum denomination available................................................................ $5,000 Terms of Sale: Method of sale............................................................................................... Yield auction Competitive tenders ..................................................................................... Must be expressed as an annual yield, with two decimals, e.g., 7.10% Noncompetitive ten d ers............................................................................... Accepted in full at the average price up to $1,000,000 Accrued interest payable by investor............................................................ None 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, January 19, 1983, by 1:30 p.m., EST Settlement date (final payment due from institutions) a) cash or Federal funds........................................................................... Monday, January 31, 1983 b) readily collectible check........................................................................ Thursday, January 27, 1983