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FEDERAL RESERVE BANK OF NEW YORK Fiscal Agent of the United States Circular No. 9774 December 19, 1984 TREASURY TO AUCTION $6,200 MILLION OF 41-YEAR NOTES T o A l l B a n k in g I n s titu tio n s , a n d O th e r s C o n c e r n e d , in t h e S e c o n d F e d e r a l R e s e r v e D i s t r i c t : T h e fo llo w in g sta tem en t w as issu ed b y the T reasury D ep artm en t: The Department of the Treasury will auction $6,200 million of 4-year notes to be issued December 31, 1984. This issue will provide about $2,925 million new cash, as the maturing 4-year notes held by the public amount to $3,278 million, including $402 million currently held by Federal Reserve Banks as agents for foreign and inter national monetary authorities. In addition to the maturing 4-year notes, there are $7,385 million of maturing 2-year notes held by the public. The disposition of this latter amount was announced last week. Federal Reserve Banks, as agents for foreign and international monetary authorities, currently hold $800 million, and Government accounts and Federal Reserve Banks for their own accounts hold $966 million of maturing 2-year and 4-year notes. The maturing securities held by Federal Reserve Banks for their own account may be refunded by issuing additional amounts of the new 2-year and 4-year notes at the average prices of accepted competitive tenders. The $6,200 million is being offered to the public, and any amounts tendered by Federal Reserve Banks for their own account, or as agents for foreign and international monetary authorities, will be added to that amount. P rin ted o n th e reverse sid e is a table su m m arizing the h igh ligh ts o f th e o ffe r in g . C o p 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 ). In a d d itio n , e n clo sed is a co p y o f th e form to be used in su b m ittin g ten d ers. 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, D ecem b er 26, 1984, at th e S ecu rities D ep a rtm en t o f its H ea d 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 b y th at tim e. H o w ev er, fo r in v esto rs w h o w ish to su b m it n o n co m p etitiv e tenders 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 , the o ffic ia l o fferin g circular p rovid es that noncompetitive tenders w ill be co n sid ered tim ely received if th ey are m ailed to this B an k or its B ranch under a p ostm ark no later than December 25. B idders su b m ittin g n o n c o m p e titiv e ten ders sh o u ld realize that it is p o ssib le th at th e average price m ay b e a b o v e par, in w h ich case th ey w o u ld have to p ay m ore than th e fa ce valu e for th e secu rities. P a y m en t w ith a ten der m a y b e m ade in cash , b y ch eck , in T reasury securities m aturing o n or b efo re the issue d ate o f th e secu rities b ein g p u rch ased , by 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 T reasury 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 be in the fo rm o f an o ffic ia l b an k ch eck , a F ederal fu n d s ch eck (a ch eck draw n b y a d e p 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 c h eck , w h ich n eed n o t be certified . A ll ch eck s m u st b e d raw n p ayab le to th e Federal R eserve B an k o f N ew Y ork; checks endorsed to this Bank will not be accepted. R eco rd ed m essages p ro v id e in fo r m a tio n a b o u t Treasury 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 th ese o fferin g s m a y be m a d e 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. (O ver) HIGHLIGHTS OF TREASURY OFFERING TO THE PUBLIC OF 4-YEAR NOTES TO BE ISSUED DECEMBER 31, 1984 Amount Offered: To the pu b lic............................................................ $6,200 million Description of Security: Term and type of security........................................ 4-year notes Series and CUSIP designation................................ Series Q-1988 (CUSIP No. 912827 RS3) Maturity date............................................................ December 31, 1988 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 te s............................................ June 30 and December 31 Minimum denomination available.......................... $ 1,000 Terms of Sale: Method of sale.......................................................... Competitive tenders ................................................ 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 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...................................................... Deposit guarantee by designated institutions........ Key Dates: Receipt of tenders.................... ............................... Yield auction Settlement (final payment due from institutions) a) cash or Federal funds...................................... b) readily collectible check.................................. Acceptable for TT&L Note Option Depositaries Acceptable Wednesday, December 26, 1984, prior to 1:00 p.m., EST Monday, December 31, 1984 Thursday, December 27, 1984
@FedFRASER