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FEDERAL RESERVE BANK OF NEW YORK
Fiscal Agent of the United States
[
C irc u ia rN o . 7 8 9 3
June 9, 1976
OFFERING OF TWO SERIES OF TREASURY BILLS
$2,100,000,000 of 91-Day Bills, Additional Amount, Series Dated March 18,1976, Due September 16,1976
(To Be Issued June 17, 1976)
$3,200,000,000 of 182-Day Bills, Dated June 17, 1976, Due December 16, 1976
To
FoaAj a?:d T?w; Cow^a7MC.y, and
CcMccrwczf, in ?A<?
Fc&raJ Rc-scrtv
Following is the text of a notice issued by the Treasury Department, released at 4 p.m. yesterday:
The Treasury Department, by this public notice, invites tenders
for two series of Treasury bills to the aggregate amount of
$5,300 million, or thereabouts, to be issued June 17, 1976, as follow s:
91-day bills (to maturity date) in the amount of
$2,100 million, or thereabouts, representing an additional
amount of bills dated March 18, 1976, and to mature
September 16, 1976 (C U S IP No. 912793 A 97), originally
issued in the amount of $3,103 million, the additional
and original bills to be freely interchangeable.
182-day bills for $3,200 million, or thereabouts, to be dated
June 17, 1976, and to mature December 16, 1976 (C U S IP
No. 912793 C61).
The bills will be issued for cash and in exchange for Treasury
bills maturing June 17, 1976, outstanding in the amount of
$7,606 million, of which Government accounts and Federal Reserve
Banks, for themselves and as agents of foreign and international
monetary authorities, presently hold $2,665 million. These accounts
may exchange bids they hold for the bills now being offered at the
average prices of accepted tenders.
The bills of both series will be issued on a discount basis under
competitive and noncompetitive bidding as hereinafter provided, and
at maturity their face amount will be payable without interest.
They will be issued in bearer form in denominations of $10,000,
$15,000, $50,000, $100,000, $500,000 and $1,000,000 (maturity value)
and in book-entry form to designated bidders.
Tenders will be received at Federal Reserve Banks and
Branches up to the closing hour, one-thirty p.m., Eastern Daylight
Saving time, Monday, June 14, 1976. Tenders will not be received
at the Treasury Department, Washington. Each tender must be
for a minimum of $10,000. Tenders over $10,000 must be in
multiples of $5,000. In the case of competitive tenders the price
offered must be expressed on the basis of 100, with not more than
three decimals, e.g., 99.925. Fractions may not be used. It is urged
that tenders be made on the printed forms and forwarded in the
special envelopes which will be supplied by Federal Reserve Banks
or Branches on application therefor.
Banking institutions and dealers who make primary markets
in Government securities and report daily to the Federal Reserve
Bank of New York their positions with respect to Government
securities and borrowings thereon may submit tenders for account
of customers, provided the names of the customers are set forth in
such tenders. Others will not be permitted to submit tenders except
for their own account. Tenders will be received without deposit
from incorporated banks and trust companies and from responsible
and recognized dealers in investment securities. Tenders from others
must be accompanied by payment of 2 percent of the face amount of
Treasury bills applied for, unless the tenders are accompanied by an
express guaranty of payment by an incorporated bank or trust
company.
Immediately after the closing hour, tenders will be opened at
the Federal Reserve Banks and Branches, following which public
announcement will be made by the Treasury Department of the
amount and price range of accepted bids. Only those submitting
competitive tenders will be advised of the acceptance or rejection
thereof. The Secretary of the Treasury expressly reserves the right
to accept or reject any or all tenders, in whole or in part, and
his action in any such respect shall be final. Subject to these
reservations, noncompetitive tenders for each issue for $500,000 or
less without stated price from any one bidder will be accepted in
full at the average price (in three decimals) of accepted competi
tive bids for the respective issues. Settlement for accepted tenders
in accordance with the bids must be made or completed at the
Federal Reserve Bank on June 17, 1976, in cash or other immediately
available funds or in a like face amount of Treasury bills
maturing June 17, 1976. Cash and exchange tenders will receive
equal treatment. Cash adjustments will be made for differences
between the par value of maturing bills accepted in exchange
and the issue price of the new bills.
Under Sections 454(b) and 1221(5) of the Internal Revenue
Code of 1954, the amount of discount at which bills issued here
under are sold is considered to accrue when the bills are sold,
redeemed or otherwise disposed of, and the bills are excluded from
consideration as capital assets. Accordingly, the owner of Treasury
bills (other than life insurance companies) issued hereunder must
include in his income tax return, as ordinary gain or loss, the
difference between the price paid for the bills, whether on original
issue or on subsequent purchase, and the amount actually received
either upon sale or redemption at maturity during the taxable year
for which the return is made.
Treasury Department Circular No. 418 (current revision) and
this notice prescribe the terms of the Treasury bills and govern
the conditions of their issue. Copies of the circular may be obtained
from any Federal Reserve Bank or Branch.
This Bank will receive tenders for both series up to 1 :30 p.m., Eastern Daylight Saving time, Monday, June 14,
1976, at the Securities Department of its Head Office and at its Buffalo Branch. Tender forms for the respective
series are enclosed. Please use the appropriate forms to submit tenders and return them in the enclosed envelope marked
"Tender for Treasury Bills." Tenders not requiring a deposit may be submitted by telegraph, subject to written con
firmation; no tenders may be submitted by telephone. Paywcaf
Trcayary AzAy cawwo? Ac wade Ay crcch'f fAroa^A
fAc Trcajary Taw awof Loan AfrcoauL Ncff/caicaf
Ac a :aJo fa ca^A or o^Acr zzmacJaifcAy araJaA/o fa a Jj or fa
wafarzaz/ Trca^ary Az/T.
Results of the last weekly offering of Treasury bills (91-day bills to be issued June 10, 1976, representing an addi
tional amount of bills dated March 11, 1976, maturing September 9, 1976; and 182-day bills dated June 10, 1976, matur
ing December 9, 1976) are shown on the reverse side of this circular.
j-ggl
PAUL A .
VOLCKER,
(OVER)
R E S U L T S O F L A S T W E E K L Y O F F E R IN G O F T R E A S U R Y B I L L S
(T W O S E R I E S T O B E IS S U E D J U N E 10, 1 9 7 6 )
Range of Accepted Competitive Bids
pz-Day TTTtMMry ZMAy
Afniawip
p, zp/d
PWr^
98.624
98.618
98.620
High ..........................................
Low ............................................
Average ....................................
Pafc
5.444%
5.467%
5.459%
z&?-Day T^ajMry
AfaZaWMp
p, zp/d
Pafp!
5.60%
5.62%
5.61%
PfiCf
97.090
97.079
97.084
Paf2
5.756%
5.778%
5.768%
Paffl
6.01%
6.03%
6.02%
i Equivalent coupon-issue yield.
(77 percent of the amount of 182-day bills
bid for at the low price was accepted.)
(17 percent of the amount of 91-day bills
bid for at the low price was accepted.)
Total Tenders Received and Accepted (By Federal Reserve District)
pz-Day Tr<?ajMry Fi/Ay
Afatwfwp
p, zpyd
^4rented
District
Boston ......................... ............
New York ................... ............
Philadelphia ................. ............
Cleveland ..................... ............
Richm ond..................... ............
Atlanta ......................... ............
Chicago ....................... ............
St. Louis ..................... ............
Minneapolis ................. ............
Kansas City ................. ............
Dallas ........................... ............
San Francisco ............. ............
TOTALS
z&?-Day TmMwy
MnfMWwp Dcc^w&c^ p, zp/d
................ ............
$
43,925,000
4,079,635,000
30,440,000
71,030,000
26,780,000
34,760,000
320,780,000
53,265,000
53,305,000
41,850,000
29,330,000
723,635,000
$5,508,735,000
$
27,625,000
1,772,700,000
26,325,000
37,460,000
20,380,000
33,870,000
186,835,000
32,265,000
7,805,000
35,350,000
18,330,000
104,695,000
$2,303,640,000 *
^ Includes $440,320,000 noncompetitive tenders from the public,
b Includes $216,710,000 noncompetitive tenders from the public.
Pfcciwd
$
35,215,000
5,650,425,000
19,160,000
168,540,000
67,975,000
72,410,000
291,155,000
64,030,000
37,770,000
34,305,000
28,160,000
548,855,000
$7,018,000,000
$
11,715,000
3,183,385,000
8,345,000
17,040,000
14,475,000
24,310,000
34,435,000
29,570,000
4,770,000
24,145,000
12,160,000
36,055,000
$3,400,405,000 b
(Closing date for receipt of this tender is Monday, June 14, 1976)
TENDER EOR 91-DAY TREASURY RILLS
Additional Amount, Series Dated March 18, 1976, Maturing September 16, 1976
P R IV A C Y ACT S T A T E M E N T : The individual identifiable information required on this form is necessary to permit the tender to be processed and the bills to be
issued, in accordance with the General Regulations governing United States securities (Department Circular N o. 300) and the Regulations governing Treasury Bills
(Department Circular No. 418). The transaction will not be completed unless all required data is furnished.
(To Re Issued June 17, 1976)
To FEDERAL RESERVE BANK OF NEW YoRK,
Fiscal Agent of the United States
Dated a t ..................................
, 19_
Pursuant to the provisions of Treasury Department Circular No. 418 (current revision) and to the provi
sions of the public notice issued by the Treasury Department inviting tenders for the above-described
Treasury bills, the undersigned hereby offers to purchase such Treasury bills in the amount indicated below,
and agrees to make payment therefor at your Bank on or before the issue date at the price indicated below:
Do not /id in &oM GowMe/d/ve and
JVoncoM!/^titivf /ender^ on on? /orn:
C O M PETITIV E T EN D ER
$.......................................................... (maturity value)
or any lesser amount that may be awarded.
P rice: ....................................................per 100.
("Price w nj/ 0?
toiM not ?nore Man Mr??
decimal /dare.r, /or e-yctn/de, 9P.P23)
N O N CO M PETITIVE T E N D E R
$.......................................................... (maturity value)
(Wot to exceed #300,00(7 /or on? bidder MrontM alt yonrcey)
at the average price of accepted competitive bids.
Subject to allotment, please issue, deliver, and accept payment for the bills as indicated below:
Pieces
Denomination
$
Maturity value
10,000
D 1. Deliver over the counter to the
undersigned
Payment will be made as follow s:
D By charge to our reserve account
Q 2. Ship to the undersigned
D
By cash or check in immediately
available /nndr on delivery
15,000
D 3. Hold in safekeeping (for mem
ber bank only) in—
50,000
(Payw en/ cannot be mode MronpA
Trearnry Pay and Loan /IccoMHt)
n Investment Account
100,000
D 5. Special instructions:
f l General Account
500,000
D Trust Account
1,000,000
D 4. Allotment transfer (see list attached)
(Wo Manpej fn delivery inr/rnc/ionr
tod/ 0e acce/ded.)
Totals
The undersigned (member bank) hereby certifies that the Treasury bills which you are hereby instructed
to dispose of in the manner indicated in item 3 above are owned solely by the undersigned.
(N am e of subscriber— piesse print or type)
Insert this tender
fn special envelope
marked ' Tender /or
Treasury B ills"
(Address— inc!. City and State)
(Tel. N o.)
(Signature of subscriber or authorized signature)
(T itle of authorized signer)
(Banking institutions submitting tenders for customer account must list customers' names on lines below or on an attached rider)
(Nam e of customer)
(N am e of customer)
IN ST R U C T IO N S :
1. No tender for less than $10,000 will be considered, and each tender must be for a multiple of $5,000 (maturity value).
2. Only banking institutions, and dealers who make primary markets in Government securities and report daily to this Bank
their positions with respect to Government securities and borrowings thereon, may submit tenders for customer account; in
doing so, they may consolidate competitive tenders of Mr Mwe /rice and may consolidate noncompetitive tenders, provided a
list is attached showing the name of each bidder and the amount bid for his account. Others will not be permitted to submit
tenders except for their own account.
3. If the person making the tender is a corporation, the tender should be signed by an officer of the corporation
authorized to make the tender, and the signing of the tender by an ofhcer of the corporation will be construed as a
representation by him that he has been so authorized. If the tender is made by a partnership, it should be signed by a
member of the firm, who should sign in the form "....................................................................................................... , a copartnership, by
................................................................................................. a member of the firm."
4. Tenders will be received without deposit from incorporated banks and trust companies and from responsible
and recognized dealers in investment securities. Tenders from others must be accompanied by payment of 2 percent of
the face amount of Treasury bills applied for, unless the tenders are accompanied by an express guaranty of payment
by an incorporated bank or trust company. All checks must be drawn to the order of the Federal Reserve Bank of New
York; checks endorsed to this Bank will not be accepted.
5. If the language of this tender is changed in any respect, which, in the QDinion of the Secretary of the Treasury
is material, the tender may be disregarded.
Rev. 3/76
[2 5 ]
(C losing date for receipt of this tender is Monday, June 14, 1976)
TENDER FOR 182-DAY TREASURY RILLS
Dated June 17, 1976
To
Maturing December 16, 1976
Dated a t .......................................................
FEDERAL RESERVE BANK OF NEW YORK,
Fiscal Agent of the United Stages
..........................................................., 19—
Pursuant to the provisions of Treasury Department Circular No. 418 (current revision) and to the provi
sions of the public notice issued by the Treasury Department inviting tenders for the above-described
Treasury bills, the undersigned hereby offers to purchase such Treasury bills in the amount indicated below,
and agrees to make payment therefor at your Bank on or before the issue date at the price indicated below;
Do
COMPETITIVE TENDER
MO? /R ? i n & 0?A C o m p e t i t i v e OMd
NONCOMPETITIVE TENDER
VoMcowipetitive tenders' OMon? /orn:
$.......................................................... (maturity value)
or any lesser amount that may be awarded.
Price : ....................................................per 100.
(Price MtMjf &e e-rprerred toM no? more t^an tAree
decimal placer, /or fjratM/'/f, PP.P23)
$.......................................................... (maturity value)
(Wo? ?o exceed
/or oMe bidder tbroM^b off ronrcer)
at the average price of accepted competitive bids,
Subject to allotment, please issue, deliver, and accept payment for the bills as indicated below:
Pieces
Denomination
$
Maturity value
10,000
O 1. Deliver over the counter to the
undersigned
Payment will be made as follow s:
D By charge to our reserve account
D 2. Ship to the undersigned
Q
By cash or check in immediately
available /andr on delivery
15,000
D 3. Hold in safekeeping (for mem
ber bank only) m—
50,000
(Payment caMMo? be made tbroa^b
Prearary Ta^r aMd Loan /IccoMM?)
D Investment Account
100,000
D 5- Special instructions:
f"l General Account
500,000
D Trust Account
1,000,000
D 4. Allotment transfer (see list attached)
(Wo cbon^er !M delivery iMrtrMctioMr
will be accepted)
Totals
The undersigned (member bank) hereby certifies that the Treasury bills which you are hereby instructed
to dispose of in the manner indicated in item 3 above are owned solely by the undersigned.
( N a m e o f m b s c r ib e r — p le a s e p r in t or ty p e )
/mert this fender
in special enve/ope
mar&ed "Tender /or
Treasury Biffs"
(A d d r e s s — in c !. C ity a n d S t a t e )
( T e l . N o .)
( T i t l e o f a u th o r iz e d s ig n e r )
(Banking institutions submitting tenders for customer account must list customers' names on lines below or on an attached rider)
(N a m e o f cu sto m er)
( N a m e o f c u s to m e r )
INSTRUCTIONS:
1. No tender for less than $10,000 will be considered, and each tender must be for a multiple of $5,000 (maturity value).
2. Only banking institutions, and dealers who make primary markets in Government securities and report daily to this Bank
their positions with respect to Government securities and borrowings thereon, may submit tenders for customer account; in
doing so, they may consolidate competitive tenders a? fit? rame /rice and may consolidate noncompetitive tenders, provided a
list is attached showing the name of each bidder and the amount bid for his account. Others will not be permitted to submit
tenders except for their own account.
3. If the person making the tender is a corporation, the tender should be signed by an officer of the corporation
authorized to make the tender, and the signing of the tender by an officer of the corporation will be construed as a
representation by him that he has been so authorized. If the tender is made by a partnership, it should be signed by a
member of the hrm, who should sign in the form "......................................................................................................., a copartnership, by
................................................................................................., a member of the firm."
4. Tenders will be received without deposit from incorporated banks and trust companies and from responsible
and recognized dealers in investment securities. Tenders from others must be accompanied by payment of 2 percent of
the face amount of Treasury bills applied for, unless the tenders are accompanied by an express guaranty of payment
by an incorporated bank or trust company. All checks must be drawn to the order of the Federal Reserve Bank of New
York; checks endorsed to this Bank will not be accepted.
5. If the language of this tender is changed in any respect, which, in the opinion of the Secretary of the Treasury
is material, the tender may be disregarded.
Rtv. 3/76
[is]
@FedFRASER