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FEDERAL RESERVE BANK OF NEW YORK Fiscal Agent of the United States !" Circuiar No. 7818 1 L February 13, 1976 J AUCTION OF $2.5 BILLION OF TREASURY NOTES /n rAe Reserve D/y/WcC' The following statement was issued today by the Treasury Department: The Department o f the Treasury will auction $2.5 billion o f 21-month notes to raise new cash. Additional amounts o f the notes may be issued to Federal Reserve Banks as agents for foreign and international monetary authorities. The notes now being offered will be November 30, 1977 (C U SIP No. 912827 F J 1976, May 31, 1977, and November 30, denominations o f $5,000, $10,000, $100,000 form. Treasury Notes o f Series Q-1977 dated March 3, 1976, due 6), with interest payable on a semiannual basis on November 30, 1977. They will be issued in registered and bearer form in and $1,000,000, and they will be available for issue in book-entry Payment for the notes must be made on March 3, 1976. Payment may not be made through tax and loan accounts. Notes in bearer form will be delivered on March 3, 1976. Tenders will be received up to 1:30 p.m., Eastern Standard time, Friday, February 20, 1976, at any Federal Reserve Bank or Branch and at the Bureau o f the Public Debt, Washington, D. C. 20226; provided, however, that noncompetitive tenders will be considered timely received if they are mailed to any such agency under a postmark no later than Thursday, February 19. Each tender must be in the amount o f $5,000 or a multiple thereof, and all tenders must state the yield desired, if a competitive tender, or the term "noncompetitive", if a noncompetitive tender. Fractions may not be used in tenders. The notation "T E N D E R FO R T R E A SU R Y N O T E S" should be printed at the bottom o f envelopes in which tenders are submitted. Competitive tenders must be expressed in terms o f annual yield in two decimal places, e.g., 7.11, and not in terms o f a price. Tenders at the lowest yields, and noncompetitive tenders, will be accepted to the extent required to attain the amount offered. After a determination is made as to which tenders are accepted, a coupon yield will be determined to the nearest o f 1 percent necessary to make the average accepted price 100.000. That will be the rate o f interest that will be paid on all o f the notes. Based on such interest rate, the price on each competitive tender allotted will be determined and each successful competitive bidder will pay the price corresponding to the yield bid. Price calculations will be carried to three decimal places on the basis o f price per hundred, e.g., 99.923, and the determination o f the Secretary o f the Treasury shall be final. Tenders at a yield that will produce a price less than 99.751 will not be accepted. The Secretary o f 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 $500,000 or less will be accepted in full at the average price o f accepted competitive tenders, which price will be approximately 100.000. Commercial banks, which for this purpose are defined as banks accepting demand deposits, and dealers who make primary markets in Government securities and report daily to the Federal Reserve Bank o f New York their positions with respect to Government securities and borrowings thereon, may submit tenders for the account o f customers, provided the names o f 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 commercial and other banks for their own account, Federally-insured savings and loan associations, States, political subdivisions or instrumentalities thereof, public pension and retirement and other public funds, international organizations in which the United States holds membership, foreign central banks and foreign States, dealers who make primary markets in Government securities and report daily to the Federal Reserve Bank o f New York their positions with respect to Government securities and borrowings thereon, Federal Reserve Banks, and Government accounts. Tenders from others must be accompanied by payment of 5 percent of the face amount of notes applied for. However, bidders who submit checks in payment on tenders submitted directly to a Federal Reserve Bank or the Treasury may find it necessary to submit full payment for the notes with their tenders in order to meet the time limits pertaining to checks as hereinafter set forth. Allotment notices will not be sent to bidders who submit noncompetitive tenders. Payment for accepted tenders must be completed on or before Wednesday, March 3, 1976, at the Federal Reserve Bank or Branch or at the Bureau of the Public Debt in cash, in other funds immediately available to the Treasury by March 3, or by check drawn to the order of the Federal Reserve Bank to which the tender is submitted, or the United States Treasury if the tender is submitted to it, which must be received at such Bank or at the Treasury no later than: (1) Thursday, February 26, 1976, if the check is drawn on a bank in the Federal Reserve District of the Bank to which the check is submitted, or the Fifth Federal Reserve District in case of the Treasury, or (2) Tuesday, February 24, 1976, if the check is drawn on a bank in another district. Checks received after the dates set forth in the preceding sentence will not be accepted unless they are payable at a Federal Reserve Bank. Where full payment is not completed on time, the allotment will be canceled and the deposit with the tender up to 5 percent of the amount of notes allotted will be subject to forfeiture to the United States. The term s o f the offering is set forth in T reasury D epartm ent Circular No. 6-76, Public D ebt Series, dated F ebruary 13, 1976, a copy o f which is printed on the following pages. If paym ent for the notes is m ade by check, the check should be a certified personal check or an official bank check, payable on its face to the F ederal Reserve Bank o f N ew York; r/t/j w;7/ HP/ 6^ T elephone inquiries regarding this offering m ay be m ade by calling T elephone No. 212-791-5823, 212791-6616, or 212-791-5465. PAUL A . VOLCKER, 2 FORM NA-t IMPORTANT—Closing time for receipt of this tender is 1:30 p.m., Friday, February 20, 1976. TENDER FOR TREASURY NOTES OF SERIES Q-1977 Dated March 3, 1976 FED ERA L RESERVE BA N K OF N E W Due November 30^ 1977 Dated a t........................................................... YORK, Fiscal Agent o f the United States, New York, N. Y. 10045 .................................................................. ) 9 _ Pursuant to the provisions o f Treasury Department Circular No. 6-76, Public Debt Series, dated February 13, 1976, the undersigned hereby oOers to purchase United States o f America Treasury Notes o f Series Q-1977 in the amount indicated below, and agrees to make payment therefor at your Bank on or before the issue date at the price awarded on this tender. D<? HO? / i / / /n Tto/A c o w p e ? :O v e o o J COMPETITIVE TENDER JVoncompoMvo NONCOMPETITIVE TENDER on one /orn? $ ............................................................. (maturity value) or any lesser amount that may be awarded. $ ............................................................. (maturity value) Yield: ......... at the average price o f accepted competitive bids. (Wo? ?o exceed #300,000 /o r one 7n4t7er /ArongA a// ^otrrce^) (% e/4 n?Mj? be ox^roijoj wOA no?wore /Aon /wo Jec/wo//y/ocoj, /o r ejrowp/e 7.77) Subject to allotment, please issue, deliver, and accept payment for the securities as indicated below and on the reverse side ( if securities are desired, please also complete schedule on reverse side): Pieces Denomination $ Maturity vatue 5,000 to.ooo too.ooo !.000,000 Totats D !. Detiver over the counter to the un dersigned D 2. Ship to the undersigned O 3. Hold in safekeeping (for member bank on!y) in — D Investment Account D Genera! Account O Trust Account O 4. Ho!d as cotiatera! for Treasury Tax and Loan Account* Payment wit! be made as fottows: O By charge to our reserve account Q By cash or check in onmerf/ore/y oro//o/?/e /bn<7\ D 3. Specia) instructions. (/Vo t/:on#e.t /n t7e/aerv /ns?rot?/o/!s tt/7/ Tie or r ep?et/) * The undersigned certifies that the allotted securities will be owned solely by the undersigned. (If a commercial bank or dealer is subscribing for its own account or for account of customers, the following certifications are made a part of this tender.) WE HEREBY CERTIFY that we have received tenders from our customers in the amounts set forth opposite the customers' names on the list which is made a part o f this tender, and that we have either received and are holding for the Treasury or we guarantee payment to the Treasury o f deposits stipulated in the official offering circular. WE FURTHER CERTIFY that tenders received by us, if any, from other commercial banks for their own account and for the account o f their customers have been entered with us under the same conditions, agreements, and certifications as set forth in this form. (N am e of subscriber i/y fc ta / fw vf/opp m a rk e r/ ptease print or type) (A d d ress-m d . City and State) (Tet. No.) "Tender /lor Treasury A o fe s " (Signature of subscriber or authorized signature) (Banking institutions submitting tenders for customer account must list customers' names on lines below or on an attached rider) INSTRUCTIONS: 1. No tender for less than $5,000 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/ ?7te ^a/neprice 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 commercial and other banks for their own account, federally-insured savings and loan associations, States, political subdivisions or instrumentalities thereof, public pension and retirement and other public funds, international organizations in which the United States holds membership, foreign central banks and foreign States, 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, and Government accounts. Tenders from others must be accompanied by payment of 5 percent of the face amount of the securities applied for. 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 that, in the opinion of the Secretary of the Treasury, is material, the tender may be disregarded. SCHEDULE FOR !SSUE OF REGtSTERED TREASURY NOTES OF SER!ES 0 -1 9 7 7 SUBSCR!PT!ON NO. DEUVERY tNSTRUCTtONS PAYMENT tNSTRUCTtONS SUBSCRtBER. Q DELtVER OVER THE COUNTER D StGNATURE_ Q SHtP TO SUBSCRtBER D OTHER tNSTRUCTtONS: ADDRESS___ BY CHARGE TO OUR RESERVE ACCOUNT F I BY CASH OR CHECK tN /A4MED/ATELV AVA/L4BLE FUNDS FOR FRB USE ONLY TRANS ACCOUNTtNG DATE !S$UE AGENT 12 March 3, 1976 ZtP NO OF PtECES REGtSTRATtON tNSTRUCTtONS DENOM. AMOUNT SERtAL NOS (LEAVE BLANK) LOAM CODE 110 - 0 ! FOR FRB USE ONLY NAME(S) 32 tD OR S.S. NO. ADDRESS ZtP 5 ,0 0 0 34 1 0 ,0 0 0 38 1 0 0 ,0 0 0 42 1 ,0 0 0 ,0 0 0 99 TOTAL TR. CASE NO. NAME(S) 32 !D OR S.S NO. 34 1 0 ,0 0 0 38 1 0 0 ,0 0 0 42 1 .0 0 0 ,0 0 0 ADDRESS ZtP 5 ,0 0 0 99 TOTAL TR CASE NO. NAME(S) tD OR S S NO. 32 5 ,0 0 0 34 1 0 ,0 0 0 38 1 0 0 ,0 0 0 42 1 ,0 0 0 ,0 0 0 99 TOTAL ADDRESS ZtP TR CASE NO. NAME(S) 32 34 tD OR S.S NO 38 ADDRESS 42 ZtP 99 5 ,0 0 0 1 0 ,0 0 0 1 0 0 ,0 0 0 1 ,0 0 0 ,0 0 0 TOTAL TR CASE NO. NAME(S) 32 34 tD OR S.S. NO 5 ,0 0 0 1 0 ,0 0 0 38 1 0 0 ,0 0 0 42 1 ,0 0 0 ,0 0 0 ADDRESS ZtP 99 TOTAL TR CASE NO. UNITED STATES OF AMERICA TREASURY NOTES OF SERIES 0-1977 Dated and bearing interest from March 3, 1976 Due November 30, 1977 DEPARTMENT CIRCULAR Pubtic Debt Series-No. 6-76 DEPARTMENT OF THE TREASURY, Office of the Secretary, lUa.s'/u/igfoTi, E INVITATION FOR TENDERS 1. The Secretary o f the Treasury, pursuant to the authority o f the Second Liberty Bond Act, as amended, invites tenders on a yield basis for $2,500,000,000, or thereabouts, o f notes o f the United States, designated Treasury Notes o f Series Q-1977. The interest rate for the notes will be determined as set forth in Section III, paragraph 3, hereof. Additional amounts o f these notes may be issued at the average price o f accepted tenders to Government accounts and to Federal Reserve Banks for themselves and as agents o f foreign and inter national monetary authorities. Tenders will be received up to 1:30 p.m., Eastern Standard time, Friday, Febru ary 20, 1976, under competitive and noncompetitive bidding, as set forth in Section III hereof. II. DESCRIPTION OF NOTES 1. The notes will be dated March 3, 1976, and will bear interest from that date, payable on a semiannual basis on November 30, 1976, May 31, 1977, and November 30, 1977. They will mature November 30, 1977, and will not be subject to call for redemption prior to maturity. 2. The income derived from the notes is subject to all taxes imposed under the Internal Revenue Code of 1954. The notes are subject to estate, inheritance, gift or other excise taxes, whether Federal or State, but are exempt from all taxation now or hereafter imposed on the principal or interest thereof by any State, or any of the possessions o f the United States, or by any local taxing authority. and $1,000,000. Book-entry notes will be available to eligible bidders in multiples o f those amounts. Inter changes o f notes o f different denominations and o f coupon and registered notes, and the transfer o f regis tered notes will be permitted. 5. The notes will be subject to the general regulations o f the Department o f the Treasury, now or hereafter prescribed, governing United States notes. III. TENDERS AND ALLOTMENTS 1. Tenders will be received at Federal Reserve Banks and Branches and at the Bureau o f the Public Debt, Washington, D. C. 20226, up to the closing hour, 1:30 p.m., Eastern Standard time, Friday, February 20, 1976. Each tender must state the face amount of notes bid for, which must be $5,000 or a multiple thereof, and the yield desired, except that in the case o f noncompeti tive tenders the term "noncompetitive" should be used in lieu o f a yield. In the case o f competitive tenders, the yield must be expressed in terms o f an annual yield, with two decimals, e.g., 7.11. Fractions may not be used. Noncompetitive tenders from any one bidder may not exceed $500,000. 2. Commercial banks, which for this purpose are defined as banks accepting demand deposits, and deal ers who make primary markets in Government secu rities 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 o f customers provided the names o f 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 banking institutions for their own account, Federallyinsured savings and loan associations, States, political subdivisions or instrumentalities thereof, public pension and retirement and other public funds, international organizations in which the United States holds 3. The notes will be acceptable to secure deposits of public moneys. They will not be acceptable in payment of taxes. 4. Bearer notes with interest coupons attached, and notes registered as to principal and interest, will be issued in denominations o f $5,000, $10,000, $100,000 / J , 7976. 3 membership, foreign centra! banks and foreign States, dealers who make primary markets in Government securities and report daify to the Federal Reserve Bank of New York their positions with respect to Government securities and borrowings thereon, and Government accounts. Tenders from others must be accompanied by payment of 5 percent of the face amount of notes applied for. 3. Immediately after the closing hour tenders will be opened, following which public announcement will be made by the Department of the Treasury of the amount and yield range of accepted bids. Those submitting competitive tenders will be advised of the acceptance or rejection thereof. In considering the acceptance of tenders, those with the lowest yields will be accepted to the extent required to attain the amount offered. Ten ders at the highest accepted yield will be prorated if necessary. After the determination is made as to which tenders are accepted, an interest rate will be established at the nearest 14 of one percent necessary to make the average accepted price approximately 100.000. That will be the rate of interest that will be paid on all of the notes. Based on such interest rate, the price on each competitive tender allotted will be determined and each successful competitive bidder will be required to pay the price corresponding to the yield bid. Price calculations will be carried to three decimal places on the basis of price per hundred, e g., 99.923, and the determinations of the Secretary of the Treasury shall be final. The Secretary of the Treasury expressly reserves the right to accept or reject any or all tenders, in whole or in part, including the right to accept tenders for more or less than the $2,500,000,000 of notes offered, and his action in any such respect shall be final. Subject to these reservations, noncompetitive tenders for $500,000 or less without stated yield from any one bidder will be accepted in full at the average price (in three decimals) of accepted competitive tenders. IV. PAYMENT 1. Settlement for accepted tenders in accordance with the bids must be made or completed on or before March 3, 1976, at the Federal Reserve Bank or Branch 4 or at the Bureau of the Public Debt, Washington, D. C. 20226. Payment must be in cash, in other funds immediately available to the Treasury by March 3, 1976, or by check drawn to the order of the Federal Reserve Bank to which the tender is submitted, or the United States Treasury if the tender is submitted to it, which must be received at such Bank or at the Treasury no later than: (1) Thursday, February 26, 1976, if the check is drawn on a bank in the Federal Reserve District of the Bank to which the check is submitted, or the Fifth Federal Reserve District in the case of the Treasury, or (2) Tuesday, February 24, 1976, if the check is drawn on a bank in another district. Checks received after the dates set forth in the preceding sentence will not be accepted unless they are payable at a Federal Reserve Bank. Payment will not be deemed to have been completed where registered notes are requested if the appropriate identifying number as required on tax returns and other documents submitted to the Internal Revenue Service (an individual's social security number or an employer identification number) is not furnished. In every case where full payment is not completed, the payment with the tender up to 5 percent of the amount of notes allotted shall, upon declaration made by the Secretary of the Treasury in his discretion, be forfeited to the United States. V. GENERAL PROVISIONS 1. As fiscal agents of the United States, Federal Reserve Banks are authorized and requested to receive tenders, to make such allotments as may be prescribed by the Secretary of the Treasury, to issue such notices as may be necessary, to receive payment for and make delivery of notes on full-paid tenders allotted, and they may issue interim receipts pending delivery of the definitive notes. 2. The Secretary of the Treasury may at any time, or from time to time, prescribe supplemental or amenda tory rules and regulations governing the offering, which will be communicated promptjy to the Federal Reserve Banks. STEPHEN S. GARDNER, /fc/in g q/* /Af 77r#.yM/y.
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