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FEDERAL RESERVE BANK OF NEW YORK Fiscal Agent of the United States I C ir c u la r N o . 9 6 8 1 [ M ay 17, 1984 J TREASURY TO AUCTION $8,2§0 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 Department: The Department of the Treasury will auction $8,250 million of 2-year notes to refund $5,568 million of 2-year notes maturing May 31, 1984, and to raise $2,675 million new cash. The $5,568 million of maturing 2-year notes are those held by the public, including $789 million currently held by Federal Reserve Banks as agents for foreign and international monetary authorities. The $8,250 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 price of accepted competitive tenders. In addition to the public holdings, Government accounts and Federal Reserve Banks, for their own accounts, hold $450 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 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. This Bank will receive tenders prior to 1:00 p.m., Eastern Daylight Saving time, Wednesday, May 23, 1984, at the Securities Department of its Head Office and at its Buffalo Branch. A l l c o m p e titiv e ten d ers, 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 n o n c o m p e titiv e tenders will be considered timely received if they are mailed to this Bank or its Branch under a postmark n o la te r th an M a y 22. 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 of the securities being purchased, by a charge to an institution’s reserve account at this Bank, or, in the case of Treasury Tax and Loan Note Option Depositaries, by credit to a Treasury Tax and Loan Note Account. Payment by check must be in the form of 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 of New York; c h e c k s e n d o r s e d to 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 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. Anthony m . So l o m o n , President. (Over) H IG H LIG H TS OF TREASURY OFFERING TO TH E PUBLIC OF 2-YEAR NOTES TO BE ISSUED MAY 31, 1984 A m ount Offered: To the public $8,250 million Description of Security: T erm an d type o f se c u rity ............................................ 2-year notes Series an d C U S IP d e s ig n a tio n .................................... Series U-1986 (CUSIP No. 912827 QV7) M atu rity d a t e .................................................................. May 31, 1986 C all d a t e ........................................................................... No provision In terest r a t e ..................................................................... To be determined, based on the average of accepted bids Investm ent y ield .............................................................. To be determined at auction P rem iu m o r d isc o u n t..................................................... To be determined after auction Interest p ay m en t d a t e s ................................................. November 30 and May 31 M inim um d en o m in atio n av ailab le............................. $5,000 Terms of Sale: M eth o d o f s a le ................................................................ Yield auction C om petitive tenders ..................................................... Must be expressed as an annual yield, with two decimals, e.g., 7.10Yo Noncompetitive tenders.......................................... Accepted in full at the average price up to $1,000,000 A ccrued interest payable by in v e sto r........................ None P ay m en t by n o n -in stitu tio n al i n v e s to r s .................. Full payment to be submitted with tender Payment through Treasury Tax and Loan (TT&L) Note Accounts. . . . . . . . . . . . . . . . . . . . . . . . . . . . D eposit g u aran tee by designated in s titu tio n s ......... Acceptable for TT&L Note Option Depositaries Acceptable Key Bates: R eceipt o f t e n d e r s .......................................................... Settlem ent (final paym ent due fro m institutions) a) cash or F ederal fu n d s .......................................... b) readily collectible check Wednesday, May 23, 1984, prior to 1:00 p.m ., EDST Thursday, May 31, 1984 Tuesday, May 29, 1984
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