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FEDERAL RESERVE BANK OF NEW YORK Fiscal Agent of the United States C ircu lar N o. 9677 M a y 3, 1984 TREASURY ANNOUNCES MAY QUARTERLY FINANCING To All Banking Institutions, and Others Concerned, in the Second Federal Reserve District: The following is quoted from a statement issued yesterday by the Treasury Department: The Treasury will raise about $7,175 million of new cash and refund $9,321 million of securities maturing May 15, 1984, by issuing $6,500 million of 3-year notes, $5,250 million of 10-year notes, and $4,750 million of 30-year bonds. The $9,321 million of maturing securities are those held by the public, including $1,374 million held, as of today, by Federal Reserve Banks as agents for foreign and international monetary authorities. The three issues totaling $16,500 million are 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. In addition to the public holdings, Government accounts and Federal Reserve Banks, for their own accounts, hold $1,357 million of the maturing securities that may be refunded by issuing additional amounts of the new securities at the average prices of accepted competitive tenders. Recently some dealers have purchased Treasury securities on a when-issued basis between the period of announcement and auction of the securities, with the intent of transforming their purchase into a zero-coupon security. Effective immediately, the total par amount of such when-issued purchases will be taken into account by Treasury when applying the 35% maximum award limitation. Bidders are required to report on the tender form the par amount of such when-issued positions. 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. A l l c o m p e t i t i v e t e n d e r s , 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 n o n c o m p e t i t i v e 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 made in cash, by check, in Treasury securities maturing on or before the issue date o f the securities being purchased, by a charge to an institution’s reserve account at this Bank, or, in the case o f Treasury Tax and Loan N ote Option Depositaries, by credit to a Treasury Tax and Loan Note Account. Payment by check must be in the form o f an official bank check, a Federal funds check (a check drawn by a depository institution on its Federal Reserve account), or a personal check, which need not be certified. All checks must be drawn payable to the Federal Reserve Bank o f New York; c h e c k s e n d o r s e d t o th is B a n k w ill n o t b e a c c e p te d . Recorded messages provide information about Treasury offerings and about auction results: at the Head O ffice — Tel. No. 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 Office, 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 , P resident. (Over) HIGHLIGHTS OF TREASURY OFFERINGS TO THE PUBLIC MAY 1984 FINANCING TO BE ISSUED MAY 15, 1984 10-Year Notes 30-Year Bonds $5,250 m illion $4,750 m illion Term and type o f s e c u r ity ................ . 3-year notes 10-year notes 30-year bonds Series and C U SIP d esign ation......... . Series N-1987 (C U SIP N o. 912827 QT2) Series A - 1994 (C U SIP N o. 912827 Q U9) Bonds o f 2009-2014 (C U SIP N o. 912810 DJ4) Maturity d ate......................................... .M a y 15, 1987 May 15, 1994 M ay 1 5,2014 Call d a te................................................... . N o provision N o provision May 15, 2009 Interest r a t e ............................................ . To be determ ined, based on the average o f accepted bids To be determ ined, based on the average o f accepted bids T o be determ ined, based on the average o f accepted bids Investment y i e l d .................................. . To be determined at auction To be determ ined at auction To be determ ined at auction Premium or d is c o u n t......................... . To be determined after auction To be determ ined after auction To be determ ined after auction Interest pavment d a te s ....................... . N ovem ber 15 and May 15 N ovem ber 15 and M ay 15 N ovem ber 15 and M ay 15 M inimum denom ination available . .$ 5 ,0 0 0 $1,000 $1,000 Yield auction Yield auction 3-Year Notes Amount Offered: To the p u b lic ......................................... . $6,500 m illion Description of Security: Terms of Sale: M ethod o f s a l e ..................................... . Yield auction Must be expressed as an annual C om petitive te n d e r s........................... . Must be expressed as an annual M ust be expressed as an annual yield (to maturity), with yield, with two decimals, e.g., 7.10% yield, with two decimals, e.g., 7.10% two decimals, e.g., 7.10% N oncom petitive ten d ers..................... . 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 A ccepted in full at the average price up to $1,000,000 Accrued interest payable by investor . . N one N one N one Paym ent through Treasury Tax and Loan (TT&L) N ote A c c o u n ts.. . . A cceptable for TT&L N ote O ption D epositaries A cceptable for TT&L N ote O ption D epositaries A cceptable for TT&L N ote O ption Depositaries Full payment to be submitted with tender Full payment to be submitted with tender A cceptable Acceptable Wednesday, May 9,1984, prior to 1:00 p.m ., EDST Thursday, May 10,1984, prior to 1:00 p.m ., EDST Tuesday, M ay 15, 1984 Tuesday, M ay 15, 1984 Friday, M ay 11, 1984 Friday, M ay 11, 1984 Paym ent by non-institutional investors............................................ . Full payment to be submitted with tender D eposit guarantee by designated in stitu tion s....................................... . Acceptable Key Dates: Receipt o f ten d ers................................ . Tuesday, May 8,1984, prior to 1:00 p.m ., EDST Settlem ent (final paym ent due from institutions) a) cash or Federal f u n d s .............. . Tuesday, May 15, 1984 b) readily collectible check Friday, May 11, 1984
@FedFRASER