EMBARGOED UNTIL 12:00 NOON CONTACT: Office of Financing
April 20, 2000 202/691-3550
TREASURY OFFERS 13-WEEK AND 26-WEEK BILLS
The Treasury will auction two series of Treasury bills totaling
approximately $16,000 million to refund $55,695 million of publicly held
securities maturing April 27, 2000, and to pay down about $39,695 million.
The amount of maturing publicly held securities includes the 69-day cash
management bills issued February 18, 2000, in the amount of $30,006 million.
In addition to the public holdings, Federal Reserve Banks for their own
accounts hold $12,593 million of the maturing bills, which may be refunded at
the highest discount rate of accepted competitive tenders. Amounts issued to
these accounts will be in addition to the offering amount.
The maturing bills held by the public include $8,682 million held
by Federal Reserve Banks as agents for foreign and international monetary
authorities. Up to $3,000 million of these securities may be refunded within
the offering amount in each of the auctions of 13-week bills and 26-week
bills at the highest discount rate of accepted competitive tenders. Addi-
tional amounts may be issued in each auction for such accounts to the extent
that the amount of new bids exceeds $3,000 million.
TreasuryDirect customers requested that we reinvest their maturing hold-
ings of approximately $985 million into the 13-week bill and $1,237 million
into the 26-week bill.
This offering of Treasury securities is governed by the terms and con-
ditions set forth in the Uniform Offering Circular for the Sale and Issue of
Marketable Book-Entry Treasury Bills, Notes, and Bonds (31 CFR Part 356, as
amended).
Details about each of the new securities are given in the attached
offering highlights.
oOo
Attachment
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HIGHLIGHTS OF TREASURY OFFERINGS OF BILLS
TO BE ISSUED APRIL 27, 2000
April 20, 2000
Offering Amount ........................ $8,500 million $7,500 million
Description of Offering:
Term and type of security .............. 91-day bill 182-day bill
CUSIP number ........................... 912795 EU 1 912795 FE 6
Auction date ........................... April 24, 2000 April 24, 2000
Issue date ............................. April 27, 2000 April 27, 2000
Maturity date .......................... July 27, 2000 October 26, 2000
Original issue date .................... January 27, 2000 April 27, 2000
Currently outstanding .................. $9,696 million ---
Minimum bid amount and multiples ....... $1,000 $1,000
The following rules apply to all securities mentioned above:
Submission of Bids:
Noncompetitive bids ......... Accepted in full up to $1,000,000 at the highest discount rate of
accepted competitive bids.
Competitive bids ............ (1) Must be expressed as a discount rate with three decimals in
increments of .005%, e.g., 7.100%, 7.105%.
(2) Net long position for each bidder must be reported when the sum
of the total bid amount, at all discount rates, and the net long
position is $1 billion or greater.
(3) Net long position must be determined as of one half-hour prior
to the closing time for receipt of competitive tenders.
Maximum Recognized Bid
at a Single Rate ............ 35% of public offering
Maximum Award .................. 35% of public offering
Receipt of Tenders:
Noncompetitive tenders ...... Prior to 12:00 noon Eastern Daylight Saving time on auction day
Competitive tenders ......... Prior to 1:00 p.m. Eastern Daylight Saving time on auction day
Payment Terms: By charge to a funds account at a Federal Reserve Bank on issue date, or payment
of full par amount with tender. TreasuryDirect customers can use the Pay Direct feature which
authorizes a charge to their account of record at their financial institution on issue date.