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FEDERAL RESERVE BANK OF NEW YORK Fiscal Agent of the United States ’D Circular No. 9673 April 19, 1984 [ TREASURY TO A U C T IO N $8,2§0 M IL L IO N OF 2-YEAR NOTES To All Banking Institutions, and Others Concerned, in the Second Federal Reserve District: T h e fo llo w in g s ta te m e n t w a s issu e d b y th e T re a s u ry D e p a rtm e n t: T he D ep artm en t o f th e T reasury will au ction $8,250 m illion o f 2-year notes to refu n d $5,051 m illion o f 2-year notes m atu rin g A p ril 30, 1984, an d to raise $3,200 m illion new cash. T he $5,051 m illion o f m aturing 2-year notes are those held by the public, including $577 m illion currently held by Federal Reserve B anks as agents fo r foreign an d in tern a tio n al m o n etary authorities. T he $8,250 m illion is being o ffered to the public, and any am ounts tendered by F ederal Reserve B anks as agents fo r foreign an d in tern a tio n al m o netary authorities will be added to th a t am o u n t. Tenders fo r such accounts will be accepted at the average price o f accepted com petitive tenders. In ad d itio n to the public holdings, G overnm ent accounts an d F ederal Reserve B anks, for their own accounts, h old $826 m illion o f th e m atu rin g securities th a t m ay be refu n d ed by issuing additio n al am ounts o f the new notes at the average price o f accepted com petitive tenders. P r in te d o n th e re v e rse sid e is a ta b le s u m m a riz in g th e h ig h lig h ts o f th e o ff e rin g . C o p ie s o f th e o ffic ia l o ff e rin g c irc u la r w ill b e f u r n is h e d u p o n r e q u e s t d ire c te d to o u r G o v e rn m e n t B o n d D iv isio n (T el. N o . 212 -7 9 1 -6 6 1 9 ). E n c lo s e d is a c o p y o f a s ta n d a r d f o r m f o r y o u r u se in s u b m ittin g te n d e rs fo r th is o ffe rin g . T h is B a n k w ill re ceiv e te n d e r s p r io r to 1:00 p .m ., E a s te r n S ta n d a r d tim e , W e d n e s d a y , A p ril 25, 1984, a t th e S e c u ritie s D e p a r tm e n t o f its H e a d O ffic e a n d a t its B u ffa lo B ra n c h . A ll competitive tenders, w h e th e r tr a n s m itte d b y m a il o r b y o th e r m e a n s , m u s t re a c h th is B a n k o r its B ra n c h b y t h a t tim e . H o w e v e r, fo r in v e s to rs w h o w ish to s u b m it n o n c o m p e titiv e te n d e rs a n d w h o fin d it m o re c o n v e n ie n t to m a il th e ir te n d e rs th a n to p re s e n t th e m in p e r s o n , th e o ff ic ia l o ff e rin g c irc u la r p ro v id e s t h a t noncompetitive te n d e rs w ill b e c o n s id e r e d tim e ly re c e iv e d if th e y a re m a ile d to th is B a n k o r its B ra n c h u n d e r a p o s tm a r k no later than April 24. B id d e rs s u b m ittin g n o n c o m p e titiv e te n d e rs s h o u ld re a liz e t h a t it is p o s s ib le t h a t th e a v e ra g e p ric e m a y b e a b o v e p a r , in w h ic h c a se th e y w o u ld h a v e to p a y m o re t h a n th e fa c e v a lu e f o r th e se c u ritie s. P a y m e n t w ith a te n d e r m a y b e in th e f o r m o f a p e r s o n a l c h e c k , w h ic h n e e d n o t b e c e rtifie d , a n o ffic ia l b a n k c h e c k , o r a F e d e r a l fu n d s c h e c k (a c h e c k d ra w n b y a d e p o s ito ry in s titu tio n o n its F e d e ra l R eserv e a c c o u n t) . A ll c h e c k s m u s t b e d ra w n p a y a b le to th e F e d e ra l R eserv e B a n k o f N e w Y o rk ; checks endorsed to this Bank will not be accepted. P a y m e n t m a y a lso b e m a d e in c a sh o r in T re a s u ry sec u ritie s m a tu r in g o n o r b e f o r e th e issu e d a te o f th e se c u ritie s b e in g p u rc h a s e d . Treasury Tax and Loan Note Option Depositaries may make payment for Treasury securities by credit to their Treasury Tax and Loan Note Accounts . R e c o r d e d m essag e s p ro v id e in f o r m a tio n a b o u t T re a s u ry o ffe rin g s a n d a b o u t a u c tio n re su lts: a t th e H e a d O ffic e — T el. N o . 212-791-7773 (o ffe rin g s ) a n d T e l. N o . 212-791-5823 (re su lts); a t th e B u ffa lo B ra n c h — T e l. N o . 716 -8 4 9 -5 0 4 6 . A d d itio n a l in q u irie s re g a rd in g th is o ff e rin g m a y b e m a d e b y c a llin g , a t th e H e a d O ffic e , T el. N o . 2 1 2 -7 9 1 -6 6 1 9 , o r, a t th e B u ffa lo B ra n c h , T e l. N o . 7 16-849-5016. 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 APRIL 30, 1984 A m ount Offered: To the p u b lic ................................................................ $8,250 million Description off Security: Term and type of security....................... ................... 2-year notes Series and CUSIP d esignation ........ ......................... Series T-1986 (CUSIP No. 912827 QS4) M aturity d a te ............................................................... April 30, 1986 Call d a t e ........................................................................ No provision Interest r a t e ...................................... ........................... To be determined, based on the average of accepted bids Investm ent yield........................................................... To be determined at auction Prem ium or discount................................................... To be determined after auction Interest paym ent d a t e s ............................................... October 31 and April 30 M inimum denom ination available............................ $5,000 Terms off Sale: M ethod o f s a le ................. ............................................ Yield auction Competitive tenders ................................................... Must be expressed as an annual yield, with two decimals, e.g., 7.10% Noncompetitive te n d e r s ............................................. Accepted in full at the average price up to $ 1,000,000 Accrued interest payable by investor................. .. None Paym ent by non-institutional investors . . . . . . . . . Full paym ent to toe setomitted with tender Paym ent through Treasury Tax and Loan (TT&L) Note Accounts . . . . . . . . . . . . . . . . . . . . . . . . . . . . Deposit guarantee by designated institu tio n s......... Key Dates: Receipt of te n d e r s ....................................................... Settlement (final paym ent due from institutions) a) cash or Federal fu n d s........................................ b) readily collectible check.................................... Acceptable ffor YT&L Note Optiom Depositaries Acceptable Wednesday, April 25, 1984, prior to 1:00 p.m ., EST Monday, April 30, 1984 Thursday, April 26, 1984