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FEDERAL RESERVE BANK OF NEW YORK Fiscal Agent of the United States Circular No. 97S4 November 15, 1984 TREASURY TO AUCTION $9,000 MILLION OF 2-YEAR NOTES T o A l l B a n k in g In s titu tio n s , a n d O th e r s C o n c e rn e d , in th e S e c o n d F e d e ra l R e s e r v e D is tr ic t: T h e fo llo w in g sta tem en t w as issu ed b y th e T reasury D epartm ent: The Department of the Treasury will auction $9,000 million of 2-year notes to refund $7,023 million of 2-year notes maturing November 30, 1984, and to raise $1,975 million new cash. The $7,023 million of maturing 2-year notes are those held by the public, including $659 million currently held by Federal Reserve Banks as agents for foreign and international monetary authorities. The $9,000 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 price of accepted competitive tenders. In addition to the public holdings, Government accounts and Federal Reserve Banks, for their own accounts, hold $548 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. P rin ted o n th e reverse sid e is a tab le sum m arizing the h igh ligh ts o f the o ffe r in g . C op ies o f th e o ffic ia l o ffe r in g circular w ill b e fu rn ish ed u p o n request directed to our G overn m en t B o n d D iv isio n (T el. N o . 2 1 2 -7 9 1 -6 6 1 9 ). E n clo sed is a c o p y o f a stan dard fo rm for you r use in su b m ittin g tenders for this o fferin g . T h is B an k w ill receive ten ders prior to 1:00 p .m ., E astern Standard tim e, W ed n esd ay, N o v em b er 21, 1984, at th e Securities D ep a rtm en t o f its H ead O ffic e and at its B u ffa lo B ranch. A ll competitive tenders, w h eth er tran sm itted b y m ail or b y other m ean s, m u st reach this B ank or its B ranch by th at tim e. H o w ev er, for in vestors w h o w ish to su b m it n o n c o m p etitiv e ten ders and w h o fin d it m ore co n v en ien t to m ail their ten ders th a n to p resen t th em in p erso n , th e o ffic ia l o fferin g circular p rovid es that noncompetitive tenders w ill b e co n sid ered tim ely received if th ey are m ailed to this B ank or its B ranch under a p ostm ark no later than November 20. B idders su b m ittin g n o n c o m p e titiv e tenders sh ou ld realize th at it is p o ssib le that the average price m ay be a b o v e par, in w h ich case th ey w o u ld h ave to p ay m ore th an the fa ce valu e for th e secu rities. P a y m en t w ith a ten d er m a y b e m ad e in cash , b y ch eck , in Treasury securities m aturing o n or b efo re the issu e d ate o f th e secu rities b ein g p u rch ased , b y a charge to an in stitu tio n ’s reserve a cco u n t at this B an k , or, in th e case o f T reasury T ax an d L o a n N o te O p tio n D ep o sita ries, b y credit to a Treasury T ax and L o a n N o te A c c o u n t. P a y m en t b y ch eck m u st b e in th e form o f an o ffic ia l b ank ch eck , a F ederal fu n d s ch eck (a check draw n b y a d ep o sito r y in stitu tio n o n its F ederal R eserve a cco u n t), or a p erson al ch eck , w h ich need n o t be certified . A ll check s m u st b e draw n p ayab le to the Federal R eserve B ank o f N ew Y ork; checks endorsed to this Bank will not be accepted. R ecord ed m essages p ro v id e in fo r m a tio n a b ou t T reasury o fferin g s and a b o u t a u ctio n results: at the H ea d O ffic e — T el. N o . 212-791-7773 (o fferin g s) and T el. N o . 212-791-5823 (results); at the B u ffa lo B ranch — T el. N o . 7 1 6 -8 4 9 -5 0 4 6 . A d d itio n a l inquiries regarding this o ffe r in g m ay be m ade b y callin g, at th e H ea d O ffic e , T el. N o . 2 1 2 -7 9 1 -6 6 1 9 , or, at the B u ffa lo B ranch, T el. N o . 716-849-5016. A n th 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 NOVEMBER 30, 1984 Amount Offered: To the p u b lic.................................................................................................. . $9,000 million Description of Security: Term and type of security.............................................................................. . 2-year notes Series and CUSIP designation...................................................................... . Series AB-1986 (CUSIP No. 912827 RN4) Maturity date .................................................................................................. . November 30, 1986 Call date.......................................................................................................... . No provision Interest r a te ................................................................................................... . To be determined, based on the average of accepted bids Investment yield.............................................................................................. . To be determined at auction Premium or discount..................................................................................... . To be determined after auction Interest payment d a tes.................................................................................. . May 31 and November 30 Minimum denomination available................................................................ . $5,000 Terms of Sale: Method of sale............................................................................................... . Yield auction Competitive tenders ..................................................................................... . Must be expressed as an annual yield, with two decimals, e.g., 7.10V o Noncompetitive tenders............................................................................... . Accepted in full at the average price up to $1,000,000 Accrued interest payable by investor............................................................ . None Payment by non-institutional investors...................................................... . Full payment to be submitted with tender Payment through Treasury Tax and Loan (TT&L) Note Accounts........................................................................................... . Acceptable for TT&L Note Option Depositaries Deposit guarantee by designated institutions.............................................. . Acceptable Key Dates: Receipt of tenders......................................................................................... . Wednesday, November 21, 1984, prior to 1:00 p.m., EST Settlement (final payment due from institutions) a) cash or Federal funds............................................................................ . Friday, November 30, 1984 b) readily collectible check........................................................................ . Wednesday, November 28, 1984