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FEDERAL RESERVE BANK OF NEW YORK Fiscal Agent of the United States Circular No. 9909 August 15, 1985 TR EA SU R Y TO A U C T IO N $9,25® M IL L IO N O F 2-Y EAR 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: The Department of the Treasury will auction $9,250 million of 2-year notes to refund $8,356 million of 2-year notes maturing August 31, 1985, and to raise about $900 million new cash. The $8,356 million of matur ing 2-year notes are those held by the public, including $787 million currently held by Federal Reserve Banks as agents for foreign and international monetary authorities. The $9,250 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 ac counts, hold $717 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, August 21, 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 August 20. 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. 716-849-5158 (offerings) and Tel. No. 716-849-5046 (results). 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. Ger a ld C o r r ig a n , President. (Over) HIGHLIGHTS OF TREASURY OFFERING TO THE PUBLIC OF 2-YEAR NOTES TO BE ISSUED SEPTEMBER 3, 1985 Amount Offered: To the public $9,250 million Description of Security: Term and type of security...................................... 2-year notes Series and CUSIP designation . ............................. Series Y-1987 (CUSIP No. 912827 SQ6) Maturity d ate......................................................... August 31, 1987 Call d a te ................................................................. No provision Interest r a t e ............................................................ 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 .......................................... February 28 and August 31 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., 7.10% Noncompetitive ten d ers........................................ 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..................... ........................... Settlement (final payment due from institutions) a) cash or Federal funds.................................... b) readily collectible check................................. Acceptable for TT&L Note Option Depositaries Acceptable Wednesday, August 21, 1985, prior to 1:00 p.m., EDST Tuesday, September 3, 1985 Thursday, August 29, 1985
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