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FEDERAL RESERVE BAWK OF NEW YORK Fiscal A g en t o f the U n ited States '] Circular No. 9738 October 5, 1984 TREASURY TO AUCTION $9,50® MILLION OF 7-YEAR NOTES AND 20-YEAR 1-MONTH BONDS 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 Department of the Treasury will auction $5,500 million of 7-year notes and $4,000 million of 20-year 1-month bonds to raise new cash. Additional amounts of the securities may be issued to Federal Reserve Banks as agents for foreign and international monetary authorities at the average price of accepted competitive tenders. Previously, Treasury announced its intention to test the market for a 5-year call feature on a 20-year bond. Current market conditions would not provide an appropriate test, and this issue will not be callable. The Treasury will pospone the auctions unless it has assurance o f Congressional action on legislation to raise the debt ceiling before the scheduled auction dates. Printed on the reverse side is a table summarizing the highlights of the offerings. Copies of 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 of the forms to be used in submitting tenders. This Bank will receive tenders at the Securities Department of its Head Office and at its Buffalo Branch on the dates and times specified on the reverse side of this circular as the deadlines for receipt of tenders. A ll 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 of 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 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; checks endorsed to this Bank will not be accepted. 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. A n t h o n y M. So l o m o n , President. (Over) HIGHLIGHTS OF TREASURY OFFERINGS TO THE PUBLIC OF 7-YEAR NOTES AND 20-YEAR 1-MONTH BONDS 7-Year Notes 20-Year 1-Month Bonds Amount Offered: To the public.................................. ...........$5,500 million $4,000 million Description of Security: Term and type of security.................. ...........7-year notes 20-year 1-month bonds Series and CUSIP designation............ .............Series G-1991 (CUSIP No. 912827 RG9) Bonds of 2004 (CUSIP No. 912810 DM7) Issue date...................................... .............October 17, 1984 October 18, 1984 Maturity date.................................. ...........October 15, 1991 November 15, 2004 Call date........................................ ...........No provision No provision Interest rate................................... ...........To be determined, based on the average of accepted bids To be determined, based on the average of accepted bids Investment yield............................. .............To be determined at auction To be determined at auction Premium or discount....................................To be determined after auction To be determined after auction Interest payment dates..................... .............April 15 and October 15 (first payment on April 15, 1985) May 15 and November 15 (first payment on May 15, 1985) Minimum denomination available..................$1,000 $1,000 Terms of Sale: Method of sale................................ ...........Yield auction Yield auction Competitive tenders........................ ...........Must be expressed as an annual yield, with two decimals, e.g., 7.10% Must be expressed as an annual yield, with two decimals, e.g., 7.10% Noncompetitive tenders..................... ............Accepted 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 byinvestor....... ............None None Payment through Treasury Tax and Loan (TT&L) Note Accounts......... .............Acceptable for TT&L Note Option Depositaries Acceptable for TT&L Note Option Depositaries Payment by non-institutional investors................................... ............Full payment to be submitted with tender Full payment to be submitted with tender Deposit guarantee by designated institutions................................ .............Acceptable Acceptable Key Dates: Receipt of tenders........................... .......... Wednesday, October 10,1984, prior to 1:00 p.m., EDST Settlement (final payment due from institutions) a) cash or Federal funds................. ...........Wednesday, October 17, 1984 b) readily collectible check M onday, O ctober 15, 1984 Thursday, October 11,1984, prior to 1:00 p.m., EDST Thursday, October 18, 1984 Tuesday, O ctober 16, 1984
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