The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
FEDERAL RESERVE BANK OF NEW YORK Fiscal Agent of the United States r L C ir c u la r N o . 7 8 0 0 1 J a n u a ry 20, 1976 J OFFERING OF TWO SERIES OF TREASURY BILLS $3,100,000,000 of 91-Day Bills, Additional Amount, Series Dated October 30, 1975, Due April 29, 1976 (To Be Issued January 29, 1976) $3,500,000,000 of 182-Day Bills, Dated January 29, 1976, Due July 29, 1976 To /w c o r/'c ra fp d FaM &y c a d Cawc^rn^d, in C ont^ow foy, a n d O fA o rJ -Second FoJorof Rojorvo DfyfrfcL Following is the text of a notice issued by the Treasury Department, released at 4 p.m. today: The Treasury Department, by this public notice, invites tenders for two series of Treasury bills to the aggregate amount of $6,600,000,000, or thereabouts, to be issued January 29, 1976, as follows: 91-day bills (to maturity date) in the amount of $3,100,000,000, or thereabouts, representing an additional amount of bills dated October 30, 1975, and to mature April 29, 1976 (C U SIP No. 912793 ZE9), originally issued in the amount of $3,203,555,000, the additional and original bills to be freely interchangeable. ! 82-day bills for $3,500,000,000, or thereabouts, to be dated January 29, 1976, and to mature July 29, 1976 (C U SIP No. 912793 A22). The bills will be issued for cash and in exchange for Treasury bills maturing January 29, 1976, outstanding in the amount of $5,901,370,000, of which Government accounts and Federal Reserve Banks, for themselves and as agents of foreign and international monetary authorities, presently hold $2,538,665,000. These accounts may exchange bills 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 Stand ard time, Monday, January 26, 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 mul tiples 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 Anal. 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 January 29, 1976, in cash or other im mediately available funds or in a like face amount of Treasury bills maturing January 29, 1976. Cash and exchange tenders will receive equal treatment. Cash adjustments will be made for differ ences 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 Standard time, Monday, January 26, 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. Poywoni Jor Lrooyzzry M L conno? &<? wo& &y cro^f? fAron^A M Lrco^ory Lo.v oM Loon Hcroont. .SeMowow? wnjf &<? wo jo fn roM or o?/;er M wM iaM y ovofML JnncL or in wofMrfn<7 Troojnry ML. Results of the last weekly offering of Treasury bills (91-day bills to be issued January 22, 1976, representing an additional amount of bills dated October 23, 1975, maturing April 22, 1976; and 182-day bills dated January 22, 1976, maturing July 22, 1976) are shown on the reverse side of this circular. [g] P A U L A . VOLCKER, P r^ f^ T tL RESULTS OF LAST WEEKLY OFFERING OF TREASURY BILLS (TWO SERIES TO BE ISSUED JANUARY 22, 1976) Range of Accepted Competitive Bids p z -D a y B ra a y a ry Bi/Ay AfaiM^wp z p /d Price 9 8 .8 0 D 98.787 98.791 H ig h L o w ...................................................... A v erag e ............................................... DAycoMMf Ba?e 4 .7 4 3 % 4 .7 9 9 % 4 .7 8 3 % z& ?-D ay P rc a y a ry Bi/Ay TAaianwp 7 td y zpyd Awe-aweM? Bafei 4 .8 8 % 4 .9 4 % 4 .9 2 % i Equivalent coupon issue yield, a Excepting one tender of $200,000. Price 97.461^ 97.441 97.449 DAfCCMM? Boie 5.022% 5.062% 5.046% BtreyfaieMf Baiel 5.24% 5.28% 5.26% b Excepting one tender of $420,000. (9 8 p e rc e n t of the a m o u n t of 91 -day bills bid fo r a t th e low p rice w as ac cep ted .) (81 p erc en t of th e am o u n t of 182-day bills bid fo r a t th e low p rice w as accep ted .) Total Tenders Received and Accepted (By Federal Reserve District) p z -D a y B ra a ^ a ry Bi/Ay M a ia n a p PF, z p /d DAyiric? Boston ........................ ............ New York .................. ............ Philadelphia ................ ............ Cleveland .................... ............ Richmond .................. ............ Atlanta ........................ ............ Chicago ...................... ............ St. Louis .................... ............ Minneapolis ................ ............ Kansas City ................ ............. Dallas ......................... ............ San Francisco ............. ............ TO T A L ......................... ........... $ Beceiped 21,085,000 3,709,470,000 31,510,000 62,570,000 34,265,000 35,785,000 315,905,000 52,315,000 35,725,000 33,545,000 52,950,000 202,200,000 $4,587,325,000 Beceired ^4cce/ded ^4cce/ded 21,085,000 2.424,395,000 31,510,000 32,570,000 29,245,000 34,775,000 204,335,000 28,315,000 35,465,000 33,545,000 27,950,000 96,980,000 $ 34,295,000 4,555,395,000 6,775,000 111,620,000 66,475,000 22,405,000 293,495,000 39,005,000 30,270,000 20,615,000 26,425,000 288,970,000 $ 7,295,000 2.905,065,000 6,775,000 46,620,000 34,905,000 19,740,000 178,595,000 16,505,000 26,270,000 20,615,000 13,425,000 125,020,000 $3,000,170,000^ $5,495,745,000 $3,400,830,0004 $ c Includes $374,530,000 noncompetitive tenders from the public, d Includes $175,695,000 noncompetitive tenders from the public. z& ?-D ay B ra a ^ a ry Bi/Ay A fa ia rfa p /a f y FF, z p /d (Closing date for receipt of this tender is Monday, January 26, 1976) TENDER FOR 91-DAY TREASURY RILLS Additiona! Amount, Series Dated October 30, 1975, Maturing April 29, 1976) (To Re Issued January 29, 1976) To FEDERAL RESERVE BANK OF NEW YORK, Dated at Fiscal Agent of the United States , 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 biils 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 HO? tH Ac?A Lom/'C?:'?:'rc and A^oncon^chhrc tenders on on? for?;: COMPETITIVE TENDER $.......................................................... (maturity value) or any lesser amount that may be awarded. Price : ..................... ..............................per 100. (Price mn.r? Ac e ^ re rre d to:?A no? more (Aon (Aree decimal /daces*, for e.rom/de, PP.923) NONCOMPETITIVE TENDER $............................ ............................. (maturity value) (Wo? ?o exceed #3(%?,0(%7 for one Aidder (Aron^A all sonrcer) 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 follows: D By charge to our reserve account n By cash or check in itnmfdioftfy araiiaAie /nnds on delivery (Daymen? canno? Ac made (ArcMpA Preornry 7a.v and Loan Hccownf) D 2. Ship to the undersigned 15,000 D 3. Hold in safekeeping (tor mem ber bank only) in— 50,000 Q Investment Account 100,000 D 5. Special instructions: 500,000 D Trust Account 1,000,000 D 4. Allotment transfer (see list attached) (Vo cAon^es in deiirery ins?rMC?:'ons anil Ac acceded) 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. Insert t/tfs tender in special envelope mar Iced "Tender /or Treasury Bdfs" ( T e l . N o .) (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 c u s to m e r ) ( N a m e o f c u s to m e r ) IN S T R U C T IO N S : 1. No tender for less than $10,000 will be considered, and each tender must be for an even 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? (Ac some />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 Y ork; 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. Rev. 5/75 Prfs. 10/75 [5 1 *^ (Closing date for receipt of this tender is Monday, January 26, 1976) TENDER FOR 182-DAY TREASURY RILLS Dated January 29, 1976 Maturing July 29, 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: COMPETITIVE TENDER Do MO? /ill !M&0?A CoM!/^?!?:'v<? OMd JVoMCOW^t!?!^ OMCM? /ofW $.......................................................... (maturity value) or any lesser amount that may be awarded. Price : ....................................................per 100. /P rtZ ? fM M jf f . r / T f . M P d MM?/t MO? tM O f? ?AoM ? A ? T f NONCOMPETITIVE TENDER $.......................................................... (maturity value) (Wo? ?o /or one bidder ?/troM^A ol? yoMrc^ at the average price of accepted competitive bids, /dacf-L for f jram/df, PP.P23,) Subject to allotment, please issue, deliver, and accept payment for the bills as indicated below: Pieces - Denomination $ Maturity value D 1. Deliver over the counter to the undersigned Payment will be made as follows: D 2. Ship to the undersigned Q 10,000 15,000 D D 3. Hold in safekeeping (for mem ber bank only) in— 50,000 By charge to our reserve account By cash or check in MMtMfdiaftfy aradaMc /Mndr on delivery (Pay?MfM? caMMo? 6? wed? ?ArcMpA 7ff(MMry T o* OMd Z.OOM D Investment Account 100,000 D 500,000 5. S p ecial in stru ctio n s: D Trust Account 1,000,000 D 4. Allotment transfer (see list attached) (No Totals tMdch&fry tM-f?rMftioM.f will 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. Ifnert t/tM tender in specia/ enue/ope fnar/ced "Tender /or Treasury B id s" (Banking institutions submitting tenders for customer account must list customers' names on lines below or on an attached rider) (Name of customer) (Name of customer) IN S T R U C T IO N S : 1. No tender for less than $10,000 will be considered, and each tender musl be for an even 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? (A? -raw? 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 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 andrecognized 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. *Rev. 5/75 L^ J Prf:. 10/75
@FedFRASER