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February cash and conversion loan



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TREASURER

EMBARGO NOT FOR RELEASE BEFORE 6.00 PM 7 FEBRUARY 1977

STATEMENT BY THE TREASURER, THE RT HON PHILLIP LYNCH, M,P.

FEBRUARY CASH AND CONVERSION LOAN .

The Treasurer, Mr Phillip Lynch, today announced terms for

a Commonwealth cash and conversion loan.

Mr Lynch said that the cash loan would open on Thursday

10 February and close not later than Thursday 17 February.

Four securities would be issued in the loan with the yields

qffered fully in line with those which had become well

established in the market following the adjustments in early

December.

The securities to be issued are:

- 9.8 per cent November 1978, at 99·90 per cent

10.2 per cent November 1981, at par

10.4 per cent February 19 8 7, at par

10.5 per cent October 1996, at par

The November 1978 stock will offer an investor holding to

maturity a yield of about 9·86 per cent.

2

A concurrent conversion offer will be made to holders of

Commonwealth securities which mature on 15 February; this

offer will close on Monday 28 February.

The issue which matures on 15 February is an 8.3 per cent

non-rebate security originally issued in August 1975·

Holders of the maturing security will also have the option

of converting into Australian Savings Bonds, Series 7» which

will remain on issue until further notice.

Terms and conditions of the securities to be offered in the

cash and conversion loan are set out fully in prospectuses

now being circulated to banks and brokers.

CANBERRA ACT 7 February 1977