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F E D E R A L R E S E R V E BA N K O F N E W YORK
Fiscal Agent of the United States
f* Circular No. 7804*1
L January 27, 1976 J
OFFERING OF TWO SERIES OF TREASURY BILLS
S3J()0,()()0T)0() of 91-Day Bills, Additional Amount, Series Dated November 6. 1975, Due May 6, 1976
(To Be Issued February 5, 1976)
$3,800,000,000 of 182-Day Bills. Dated February 5, 1976, Due August 5, 1976
7'o A// Incorporated T?anU and
CowpamA, and OfAer.y
Concerned, fn tAe Necond Fedora/ Fejerz'e D /j/rfct;
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
$6,900,000,000, or thereabouts, to be issued February 5, 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 November 6, 1975. and to mature
May 6, 1976 (C U SIP No. 912793 ZF6), originally
issued in the amount of $3,304,315,000, the additional
and original bills to be freely interchangeable.
182-day bills for $3,800,000,000, or thereabouts, to be dated
February 5, 1976, and to mature August 5, 1976 (C U SIP
No. 912793 A30).
The bills will be issued for cash and in exchange for Treasury
bills maturing February 5, 1976, outstanding in the amount of
$6,204,525,000, of which Government accounts and Federal Reserve
Banks, for themselves and as agents of foreign and international
monetary authorities, presently hold $2,918,130,000. 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, February 2, 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 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 February 5, 1976, in cash or other im
mediately available funds or in a like face amount of Treasury
bills maturing February 5, 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, February 2,
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. Payment Jor 7'rea^ary Af/P cannot Ac waefc Ay credit (AronyA
/Ac Praajary Fa.r awe? Loan Account. 5ett/e?nent w ajf Ac wade in ravA or otAer iwwcdiafciy a^adaNc jAudv or in
maturing 7 reajury Adp.
Results of the last weekly offering of Treasury bills (91-day bills to be issued January 29, 1976, representing
an additional amount of bills dated October 30, 1975, maturing April 29, 1976; and 182-day bills dated January 29, 1976,
maturing July 29, 1976) are shown on the reverse side of this circular.
r .
PAUL A . VOLCKER,
(OVER)
RESULTS OF LAST WEEKLY OFFERING OF TREASURY BILLS
(TWO SERIES TO BE ISSUED JANUARY 29, 1976)
Range of Accepted Competitive Bids
pz-Day TirayMry Pf/Ay
M*aAMzwp
^p, zpyd
High ............................ .................
Low ............................ .................
Average ..................... .................
98.807
98.791
98.796
DAfCOMM?
A?o^
4.720%
4.783%
4.763%
z&?-Day TVaa-yMfy
Afa^Mnwp /M/y ^p, zp/d
DAycoMwf
4.86%
4.92%
4.90%
97.459^
97.440
97.446
5.026%
5.064%
5.052%
5.24%
5.28%
5.27%
I Equivalent coupon issue yield,
a Excepting three tenders totaling $6,565,000.
(56 percent of the amount of 91-day bills
bid for at the low price was accepted.)
(61 percent of the amount of 182-day bills
bid for at the low price was accepted.)
Total Tenders Received and Accepted (By Federal Reserve District)
pz-Day TzMiazy A?i7Ay
Afa^Mzwp
pp, zpyd
Boston ........................ ............
New York .................. ............
Philadelphia ................ ............
Cleveland .................... ............
Richmond .................. ............
Atlanta ........................ ............
Chicago ...................... ............
St. Louis .................... ............
Minneapolis ................ ............
Kansas City ................ ............
Dallas ......................... ............
San Francisco ............. ............
TOTAL ................. ...........
$
25,240,000
3,983,870,000
30,140,000
29,280,000
21,810.000
25,210,000
289,160,000
52,960,000
9,465,000
27,810,000
24,120,000
254.980,000
$4,774,045,000
$
24,360,000
2,601,170,000
30,140,000
29,280,000
20,930,000
25,110,000
181,720,000
28,460,000
9,465,000
27,725,000
20,120,000
102,980,000
$3,101,460,000^
b Includes $347,155,000 noncompetitive tenders from the public,
c Includes $150,660,000 noncompetitive tenders from the public.
z&?-Day T ^ a ja ry A??7Ay
Afaftirmp /u/y <?p, zpyd
$
16,125,000
4,885,065,000
10,280,000
140,655,000
30,520,000
10,005,000
325,735,000
36,515,000
8,095,000
21,960,000
14,955,000
344,050,000
$5,843,960,000
$
16,125,000
2,974,115,000
10,280,000
100,655,000
9,520,000
9,905,000
181,735,000
12,515,000
8,095,000
20,460,000
9,955,000
148,050,000
$3,501,410,00C
(Closing date for receipt of this tender is Monday, February 2, 1976)
TENDER FOR 91-DAY TREASURY BILLS
Additiona! Amount, Series Dated November 6, 1975, Maturing May 6, 1976
(To Be Issued February 5, 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 no? jilt in &otA Uo?n/>c?ttwc and
AonCOfn/'Ctitit'C ?CndffJ on one /ornt
COMPETITIVE TENDER
$.......................................................... (maturity value)
or any lesser amount that may be awarded.
Price : ....................................................per 100.
('PWff WMJ? &C e ^ r e j j e d
HC? M!Of*e ?%an three
NONCOMPETITIVE TENDER
$.......................................................... (maturity value)
(Wo? ?o exceed #300,Odd for on? didder through a?? jonreej/
at the average price of accepted competitive bids.
deefwo? /dace.r, for e^raw/de, PP.P23)
Subject to allotment, please issue, deliver, and accept payment for the bills as indicated below:
Pieces
Denomination
$
Maturity value
10,000
15,000
D 1. Deliver over the counter to the
undersigned
Payment will be made as follows:
Q By charge to our reserve account
D 2. Ship to the undersigned
Q
D 3. Hold in safekeeping (for mem
ber bank only) in—
50,000
By cash or check in fmtMfdiaftfy
aradad/e /nndr on delivery
("Payment cannot de mad? throwph
Prea-fMry 7'a.r and Loan ^ffo n n t)
Q Investment Account
100,000
O 3- S p ecial in stru ction s:
FI General Account
500,000
D Trust Account
1,000,000
D 4. Allotment transfer (see list attached)
(Wo chanpej in deiirery in.f?rMCftcnr
wit? de accented)
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 tAfs tender
fn special envelope
mar Iced Tender /or
Treasury Bids"
( A d d r e s s — in c!. C ity a n d S t a t e )
( T e ! . N o .)
( S ig n a t u r e o f s u b s c r ib e r o r a u th o r iz e d s ig n a t u r e )
( T it 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 fines 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 )
INSTRUCTIONS:
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? the .ratne ^riee 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 o rk ; 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.
5 75
Digitized for Rev.
PFRASER
rts. 10/75
r
i
L6 J
(dosing date for receipt of this tender is Monday, February 2, [976)
TFAHFH FOR [82-DAY TREASURY B!FFS
f)ated bebruary 5, [976
Maturing August 5, [976
Dated a t ........................................................
T O FEDERAL RESERVE B A N K OF N E W YO RK ,
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 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:
CO M PETITIV E T EN D ER
Do no? /iff in &o?/t Com/'etitire and
JVoncom/'etitfre
on on? /orm
N O N CO M PETITIVE
TENDER
$.......................................................... (maturity value)
or any lesser amount that may be awarded.
$.......................................................... (maturity value)
Price : ............. ......................................per 100.
at the average price of accepted competitive bids,
(P rn e mnyt f?e e^/'rejjed udt/: no? more tAan t/moe
decimal /dace-f, /or e.ram/de, PP.923)
(/Vo? fo exceed # 3 0 0 , /or one bidder t/troMp/t off ^onrce^)
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
10,000
D 2. Ship to the undersigned
15,000
50,000
D 3. Hold in safekeeping (for mem
ber bank only) in—
Payment will be made as follows:
n By charge to our reserve account
Q By cash or check in tmtMfdtaftfy
arai/abie /nndi on delivery
(Payment cannot be made Mrowph
PreaiMry Pa^r and Loan z4ccoMMf)
D Investment Account
100,000
n General Account
500,000
1,000,000
Totals
D 5. Special instructions:
Q Trust Account
Q 4. Allotment transfer (see list attached)
(/Vo ebanpe-f in delivery injtrnctionr
w:'(/ be accented)
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 this tender
tn specia/ enue/ope
marked Tender /or
Treasury B id s"
( A d d r e s s — in c h C ity a n d S t a t e )
(T e t. N o .)
(Title of authorized signer)
(Banking institutions submitting tenders fur customer account must list customers names on lines below or on an attached rider)
........................................... (Name of customer).......................................
(H*"" 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 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
doingso, they may consolidate competitive tenders a? the ^ame /-rice and may consolidatenoncompetitive 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. 5/7 5
Prfs. 10/75
L6 J
@FedFRASER