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FEDERAL RESERVE BANK OF NEW YORK Fiscal A gent o f the U nited States Circular No. 9791 January 17, 1985 TR EA SU RY TO A U C T IO N §9,000 M IL L IO N O F 2-Y EA R N O TES To A ll Banking Institutions, and Others Concerned, in the Second Federal Reserve District: The following statement was issued by the Treasury Department: T he D ep artm en t o f the T reasury will auction $9,000 m illion o f 2-year notes to refu n d $7,673 m illion o f 2-year notes m atu rin g Ja n u a ry 31, 1985, an d to raise $1,325 m illion new cash. T he $7,673 m illion o f m aturing 2-year notes are those held by the public, including $611 m illion currently held by Federal Reserve B anks as agents fo r foreign an d in tern atio n al m o n etary authorities. T he $9,000 m illion is being offered to the public, and any am ounts tendered by F ederal Reserve Banks as agents fo r foreign and in tern atio n al m onetary authorities, will be added to th a t'a m o u n t. T enders for such accounts will be accepted at th e average price o f accepted com petitive tenders. In ad d itio n to th e public holdings, G overnm ent accounts and Federal Reserve B anks, fo r their own accounts, h old $625 m illion o f m aturing securities th a t m ay be refunded by issuing additio n al am ounts o f the new notes at the average price o f accepted com petitive 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 Standard time, Wednesday, January 23, 1985, at the Securities Department of its Head Office and at its Buffalo Branch. A ll competitive tenders, 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 noncompetitive tenders will be considered timely received if they are mailed to this Bank or its Branch under a postmark no later than January 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; 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. E . G e r a l d C o r r ig a n , President. (Over) H IG H L IG H T S OF TR EA SU R Y O F F E R IN G T O T H E P U B L IC O F 2-YEAR N O TES TO BE ISSU ED JA N U A R Y 31, 1985 Amount Offered: To the pu b lic......................................................... $9,000 m illion Description of Security: Term and type of security...................................... 2-year notes Series and CUSIP designation............................... Series R-1987 (C U SIP N o. 912827 RU8) Maturity d ate......................................................... Jan u ary 31,1987 Call d ate................................................................. N o provision Interest r a t e ........................................................... T o be determ ined, based on the average o f accepted bids Investment yield...................................................... To be determ ined at auction Premium or discount.............................................. T o be determ ined after auction Interest payment d a te s .......................................... July 31 an d Jan u a ry 31 Minimum denomination available......................... $5,000 Terms off Sale: Method of sale........................................................ Yield auction Competitive tenders .............................................. M ust be expressed as an annual yield, with tw o decim als, e.g., 7.10% Noncompetitive tenders........................................ A ccepted in full at the average price up to $1,000,000 Accrued interest payable by investor..................... N one Payment by non-institutional investors............... Full paym ent to be subm itted with tender Payment through Treasury Tax and Loan (TT&L) Note Accounts................................................... Deposit guarantee by designated institutions........ Rey Dates: Receipt of tenders.................................................. Settlement (final payment due from institutions) a) cash or Federal funds.................................. . b) readily collectible check................................ A cceptable for TT& L N ote O ption D epositaries A cceptable W ednesday, Jan u a ry 23, 1985, p rio r to 1:00 p .m ., EST T hursday, Jan u a ry 31, 1985 Tuesday, Jan u a ry 29, 1985
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