The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
FEDERAL RESERVE BANK
OF NEW YORK
Fiscal Agent of the United States
("Circular N o . 9657~|
_March 21, 1984_|
I
TREASURY ANNOUNCES NOTE A N D BOND OFFERINGS
TOTALING $15,000 MILLION
To All Banking Institutions, and Others Concerned,
in the Second Federal Reserve District:
The following is quoted from a statement issued by the Treasury Department:
The Treasury will raise about $12,775 million of new cash by issuing $6,000 million of 4-year notes, $5,250
million of 7-year notes, and $3,750 million of 20-year 1-month bonds. This offering will also refund $2,236
million of 4-year notes maturing March 31, 1984. The $2,236 million of maturing 4-year notes are those held by
the public, including $176 million currently held by Federal Reserve Banks as agents for foreign and inter
national monetary authorities.
In addition to the maturing 4-year notes, there are $5,500 million of maturing 2-year notes held by the
public. The disposition of this latter amount was announced last week. Federal Reserve Banks, as agents for
foreign and international monetary authorities, currently hold $843 million, and Government accounts and
Federal Reserve Banks for their own account hold $1,397 million of maturing 2-year and 4-year notes. The
maturing securities held by Government accounts and Federal Reserve Banks for their own account may be
refunded by issuing additional amounts of the new 2-year and 4-year notes at the average prices of accepted com
petitive tenders.
The $15,000 million is being offered to the public, and any amounts tendered by Federal Reserve Banks as
agents for foreign and international monetary authorities will be added to that amount. Tenders for such
accounts will be accepted at the average prices of accepted competitive tenders.
Printed on the reverse side is a table summarizing the highlights o f the offerings. Copies o f 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 o f the forms to be used in submitting tenders.
This Bank will receive tenders at the Securities Department o f its Head Office and at its Buffalo Branch
on the dates and times specified on the reverse side o f this circular as the deadlines for receipt o f 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 cir
cular for each offering provides that noncompetitive tenders will be considered 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 o f 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 o f 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 o f the securities being purchased.
Recorded messages provide information about Treasury offerings and about auction results: at the
Head Office — Tel. N o. 212-791-7773 (offerings) and Tel. N o. 212-791-5823 (results); at the Buffalo
Branch — Tel. N o. 716-849-5046. Additional inquiries regarding this offering may be made by calling, at
the Head O ffice, Tel. N o. 212-791-6619, or, at the Buffalo Branch, Tel. N o. 716-849-5016.
A n th o n y
m
. So l o m o n ,
President.
(Over)
H IG H L I G H T S O F T R E A S U R Y
O F F E R IN G S T O T H E P U B L IC
O F 4 -Y E A M N O T E S , 7 -Y E A R N O T E S , A N D 2 0 -Y E A R 1 -M O N T H B O N D S
4 -Y ea r N o te s
7 -Y e a r N o t e s
2 0 -Y e a r 1 - M o n t h B o n d s
$5,250 m illion
$3,750 m illion
Term and type o f s e c u r ity ................ . 4-year notes
7-year notes
20-year 1-m onth bonds
Series and C U SIP d esign ation ......... . Series L-1988
(C U SIP N o. 912827 QQ8)
Series E-1991
(C U SIP N o. 912827 QR6)
Bonds o f 2004
(C U SIP N o. 912810 D H 8)
Issue d a te ................................................ . April 2, 1984
April 4, 1984
April 5, 1984
M aturity d a t e ....................................... .M arch 31, 1988
April 15, 1991
May 15, 2004
Call d a te.................................................. . N o provision
N o provision
N o provision
Interest r a te ............................................ . To be determ ined, based on the
average o f accepted bids
To be determ ined, based on the
average o f accepted bids
To be determ ined, based on the
average o f accepted bids
Investment y i e l d .................................. . To be determined at auction
To be determined at auction
To be determ ined at auction
Prem ium or d is c o u n t ......................... . To be determined after auction
To be determined after auction
To be determ ined after auction
Interest payment d a te s ....................... . September 30 and March 31
October 15 and April 15
(first payment on O ctober 15, 1984)
Novem ber 15 and M ay 15
(first paym ent on N ovem ber 15, 1984)
M inimum denom ination available . .$ 1 ,0 0 0
$1,000
$1,000
Yield auction
Yield auction
A m o u n t O ff e r e d :
T o the p u b lic .......................................... . $6,000 million
D e s c r ip tio n o f S e c u r ity :
T e r m s o f S a le :
M ethod o f s a l e ..................................... . Yield auction
Com petitive te n d e r s........................... . Must be expressed as an annual
Must be expressed as an annual
Must be expressed as an annual
yield, with two decimals, e.g., 7.10%
yield, with two decimals, e.g., 7.10%
yield, with two decimals, e.g., 7.10%
N oncom petitive ten d ers..................... . Accepted in full at the average
price up to $ 1,000,000
A ccepted in full at the average
price up to $ 1,000,000
Accepted in full at the average
price up to $ 1,000,000
Accrued interest payable by investor . . N one
N one
N one
Paym ent by non-institutional
in vestors........................................... . F u ll p a y m e n t to b e s u b m it t e d
F u ll p a y m e n t to b e s u b m it t e d
F u ll p a y m e n t to b e s u b m it t e d
w ith te n d e r
D eposit guarantee by designated
in stitu tion s....................................... . Acceptable
w ith te n d e r
w ith te n d e r
Acceptable
Acceptable
W e d n e sd a y , M arch 2 8 ,1 9 8 4 ,
T h u rsd a y , M arch 2 9 , 1984
K e y D a te s :
Receipt o f ten d ers................................ . T u e s d a y , M a r c h 2 7 , 1 9 8 4 ,
p r io r t o 1 :0 0 p . m . , E S T
Settlem ent (final payment due
from institutions)
a) cash or Federal f u n d s .............. . M onday, April 2, 1984
b) readily collectible check
Thursday, March 29, 1984
p r io r t o 1 :0 0 p . m . , E S T
p r io r to 1 :0 0 p . m . , E S T
W ednesday, April 4, 1984
Thursday, April 5, 1984
M onday, April 2, 1984
Tuesday, April 3, 1984
/
March 21, 1984
TREASURY CHANGES CLOSING TIME FOR RECEIPT
OF TENDERS FOR SECURITY AUCTIONS
The following statement was issued by the Treasury
Department:
The Treasury announced that beginning with its
four-year note auction on Tuesday, March 27, the deadline
for receipt of tenders in all security auctions is being
changed from 1:30 p.m. EST to 1:00 p.m. EST0
This change will enable Treasury to make earlier
announcements of the results of its auctions. This is
expected to improve the reporting process, particularly
in the case of Thursday auctions, xvhen Treasury intends to
announce auction results prior to the release of Federal
Reserve Bank reserve and money supply data.
FEDERAL RESERVE BANK OF NEW YORK
Fiscal Agent of the United States
[Enc. Cir. No. 06571
@FedFRASER