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7~//£ H ^ June 23, 1982 TREASURY ANNOUNCES CHANGE IN FINANCING PLANS The following statement was issued yesterday by the Treasury Department: Since legislation to raise the temporary debt ceiling and to expand Treasury's authority to issue long-term bonds has not yet been enacted, the Treasury announced today: 1. The auction of $U.O billion of U-year notes originally scheduled for Wednesday, June 23, 1982, is rescheduled for Tuesday, June 29. The notes will be issued on Tuesday, July 6. 2. The 20-year bond normally announced at this time will not be sold. Treasury has exhausted its authority to issue bonds with coupons in excess of k-l/h%. 3. The offering of $U.O billion of 7-year notes maturing July 15, 1989, will be auctioned Thursday, July 1, and issued on Thursday, July 8, to raise new cash. The scheduling of this issue is being accelerated to meet cash needs that would normally be met by a 20-year issue. h. The offering of $9.0 billion of regular weekly bills will be auctioned Monday, June 28, and issued Thursday, July 1. The size of this offering has been reduced due to the debt ceiling limitation. Secretary of the Treasury Donald T. Regan urged Congress to act quickly to raise the debt ceiling and grant additional bond authority. "Prompt legislative action is urgently needed to avoid further disruption of the Government securities market and needless increases in the cost of financing the public debt," he said. FEDERAL RESERVE BANK OF NEW YORK Fiscal Agent of the United States [Enc. Cir. No. 93tf] FREASURY NEWS la r t m e n t o f t h e T r e a s u r y • W a s h in g to n , D.c. • T e le p h o n e 566*2041 AT<t3l+ Auction date: ;July 1, 1982 R E S U L T S OF A U C T I O N OF 7 - Y E A R NOTES The D e p a r t m e n t of the T r e a s u r y has accepted $4,000 m i ll i on of $ 6,584 m i l l i o n of tenders r e ce iv ed from the pu b li c for the 7 -y ea r notes, Serie s E-1989, a u cti on ed today. The notes will be issued J u l y 8, 1982, and m a t u r e J ul y 15, 1989. The in t er e st c o u p o n rate on the notes will be 14-1/2. Th e range of ac ce pt e d c o m p e t i t i v e bids, and the co rr e s po n d i ng p r i c e s at the 14 -1/ 2% co up on rate are as follows: L o w e s t y ie l d H i g h e s t yi eld A v e r a g e yi eld T en de rs at the h igh y iel d w er e T E N D ER S Loc a ti o n Bos ton N e w Y or k Philadelphia C l e v el a n d R ic hm on d Atlanta C h i c ag o St. Louis Minneapolis Kan s as C ity Dal las San F r a n ci sc o Treasury To t al s Prices 99.766 99.208 99.465 Bids 14.55 % 14.68% 14.62% allo tt ed 37%. R E C E I V E D AN D A C C E P T E D (In Thousands) Received $ 36,237 5 ,4 3 9 ,5 6 6 11,100 28,244 22,659 26,706 58 1,647 26,035 42,873 35,567 10,586 321,686 1,394 A c c e pt e d $ 31,237 3,444,991 11,100 26,994 22,659 26 ,705 21 5,397 ' 25,40 5 42,873 34,367 10 ,586 10 6,666 1,394 $ 6 ,5 84 , 3 0 0 $4,0 00 ,37 4 m i l l i o n of accepted tenders inc The $ 4, 000 m i l l i o n of co mpetim i l l i o n of n o n c o m p e t i t i v e tenders and $ 3,183 tive ten ders from p r i v a t e investors. In a d d i t i o n to the $ 4 , 000 m i l l i o n of tenders accepted in the au c ti on p ro ce ss, $710 m i l l i o n of tenders were acc ep ted at the a v er a ge pric e from Federal Reserve Banks as agents for foreign and i n t e r n a t i o n a l m o n e t a r y a u th o r i ti e s for new cash. Federal Reserve Bank of New York Cir. No. 9314] Digitized for[Ref. FRASER 7/7/82
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