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 Circular No 7 8 3 8 * ] March 17, 1976 L J OFFERING OF TWO SERIES OF TREASURY BILLS $2,400,000,000 of 91-Day Bills, Additional Amount, Series Dated December 26, 1975, Due June 24, 1976 (To Be Issued March 25, 1976) $3,100,000,000 of 182-Day Bills, Dated March 25, 1976, Due September 23, 1976 To /HCOfTorafcd FawAy and TrM jf Cow^awfM, and OfApr-f CcncfrMfd, in fAc -Second Ffdfra/ FoHowing 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 $5,500,000,000. or thereabouts, to be issued March 25, 1976, as follow s: 91-day bills (to maturity date) in the amount of $2,400,000,000, or thereabouts, representing an additional amount of bills dated December 26, 1975, and to mature June 24, 1976 (C U S IP No. 912793 Z N 9), originally issued in the amount of $3,107,050,000, the additional and original bills to be freely interchangeable. 182-day bills for $3,100,000,000, or thereabouts, to be dated March 25, 1976, and to mature September 23, 1976 (C U S IP No. 912793 B21). The bills will be issued for cash and in exchange for Treasury bills maturing March 25, 1976, outstanding in the amount of $5,513,750,000, of which Government accounts and Federal Reserve Banks, for themselves and as agents of foreign and international monetary authorities, presently hold $2,791,590,000. 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, March 22, 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 e x cep t 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 o f Treasury bills applied for, unless the tenders are accompanied by an express guaranty of payment by an incorporated bank or tru st 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 hnal. 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 March 25, 1976, in cash or other im mediately available funds or in a like face amount of Treasury bills maturing March 25, 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, March 22, 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. PayntowZ Jor Traayary Ai/As* raMMO? Ao iMacfo Ay crocfff fAroM^A ZAo Troa^ary Ta.tr aMcf Loan rlrooanA Soff/owiowf Ae wo Jo in ca^A or ofAor -fwwrdtafoZy avaf/aAZ^ ^nwcAy or in Troayury Ai/Ay. Results of the last weekly offering of Treasury bills (91-day bills to be issued March 18, 1976, representing an ad ditional amount of bills dated December 18, 1975, maturing June 17, 1976; and 182-day bills dated March 18, 1976, maturing September 16, 1976) are shown on the reverse side of this circular. PAUL A . VOLCKER, (O V E R ) RESULTS OF LAST WEEKLY OFFERING OF TREASURY BILLS (TWO SERIES TO BE ISSUED MARCH 18, 1976) Range of Accepted Competitive Bids pr-Day LTToyMry Pi/L 7/, zpyd High ............................ ................. Low .............................. ................. Average ...................... ................. PWr^ 98.753 98.738 98.741 Di-HrOMM? Pafc 4.933% 4.993% 4.981% 7&?-Day T^o^Mry zd, 7p/d Paf^i 5.06% 5.13% 5.11% PWc^ 97.251 97.234 97.240 Df-MTOMM? Pat^ 5.438% 5.471% 5.459% Pa^t 5.67% 5.70% 5.69% I Equivalent coupon issue yield. (80 percent of the amount of 91-day bills bid for at the low price was accepted.) (46 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) pr-Day FTTayMry Bi7/.y Ma7MriMp 7/, zpyd Boston ......................... ............ New York ................... ............ Philadelphia ................. ........... Cleveland ..................... ........... Richm ond..................... ........... Atlanta ......................... ........... Chicago ....................... ........... St. Louis ..................... ........... Minneapolis ................. ........... Kansas City ................. ........... Dallas ........................... ........... San Francisco ............. ........ TO TAL ................. ........... $ 56,695,000 3,055,310,000 24,860,000 54,785,000 37,355,000 34,715,000 221,885,000 63,325,000 39,445,000 52,385,000 23,675,000 259,825,000 $3,924,260,000 $ 40,295,000 2,068,390,000 24,860,000 54,785,000 34,940,000 32,895,000 85,350,000 39,325,000 21,445,000 50,385,000 19,475,000 33,325,000 $ 40,430,000 4,331,355,000 31,025,000 75,225,000 87,075,000 45,165,000 359,770,000 45,935,000 40,265,000 23,105,000 26,380,000 266,210,000 $ $2,505,470,000" $5,371,940,000 $3,101,705,000b ^ Includes $445,175,000 noncompetitive tenders from the public, b Includes $201,165,000 noncompetitive tenders from the public. z&p-Day F P ? 7 A MotMrmp zd, zpyd 12,430,000 2,777,115,000 6,025,000 15,225,000 33,975,000 31,915,000 89,945,000 19,435,000 28,265,000 20,105,000 18,380,000 48,890,000 (C!osing date for receipt of this tender is Monday, March 22, 1976) TENDER FOR 182-DAY TREASURY RILLS Dated March 25, 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 No. 300) and the Regulations governing Treasury Bills (Department Circular No. 418). The transaction will not be completed unless all required data is furnished." To Maturing September 23, 1976 Dated at FEDERAL RESERVE B A N K OF N E W Y O R K , 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: Do MO? /if/ !M bof/t UoMt^eiifive and CO M PETITIV E T EN D ER VoMratM/'cfifive feMder^ OM on? /o n n $.......................................................... (maturity value) or any lesser amount that may be awarded. Price : ................................................... per 100. (Price iMM.y? be e^resyed tt'd/t no? wore fboM Mr?? decimal placer, /or e^ram/de, PP.P23^ N O N CO M PETITIVE T EN D E R $.......................................................... (maturity value) (Wof ?c exceed %.%(?,0(70 /or one bidder tbroM^b oil jowreej/ 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 Q 1. Deliver over the counter to the undersigned Payment will be made as follow s: n By charge to our reserve account D 2. Ship to the undersigned D By cash or check in itMtMfdigffly available /andr on delivery 10,000 15,000 D 3. Hold in safekeeping (for mem ber bank only) in— 50,000 (PayweM? cannot be made tbroM/7 b Treasury 7'a.r and Loan HccoanD Q Investment Account 100,000 n 500,000 G eneral A ccou n t D 5. Special instructions: D Trust Account 1,000,000 D 4. Allotment transfer (see list attached) (N o eban^ej m delivery itt^irMciioMr will be 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. Insert this tender in special envelope mar Iced Tender /or Treasnry B ills" (Tef. No.) (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 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 doing so, they may consolidate competitive tenders a? (be saw? /'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 N e w 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, ts material, the tender may be disregarded. Rev. 2/76 Prh. 2/76 [o 1 (H osin g date for receipt of this tender is Monday, March 22, 1976) TENDER FOR 91-DAY TREASURY RILLS Additional Amount, Series Dated December 26, 1975, Maturing June 24, 1976 (To Re Issued March 25, 1976) To FEDERAL RESERVE B A N K OF N E W YORK, Dated at Fiscal Agent of the United States CM ^ C *S S gK M O ^ C 0.3 <o^ *G^ -- , 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: e Do Ho? /i// in bof/t Com/'ehfire and C O M PETITIV E T EN D ER /V o H C C M t/'r h 'h 't'e f e n d e r s OH O H ? / o f ? H $.......................................................... (maturity value) or any lesser amount that may be awarded. Price : ....................................................per 100. (Price 7HM.y? be ear^rejred zt'iib no? wore (ban three decimal /dace.y, /or e.ram/de, 99.923) NO NCO M PETITIVE T EN D ER $.......................................................... (maturity value) (Wo? to exceed #300,0(%? /or on? bidder fhroM^h a?/ ^onrcej) 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 vafue 10,000 15,000 D 1. Deliver over the counter to the undersigned Payment wiff be made as follow s: Q By charge to our reserve account Q 2. Ship to the undersigned D Q 3. Hold in safekeeping (for mem ber bank onfy) in— 50,000 By cash or check in immediately araiiab/e /tonD on delivery (Payment cannot be made throMph Prea-mry 7a.r and Loan ^cconnt) D Investment Account 100,000 Genera) Account 500,000 D 5. Special instructions: D Trust Account 1,000,000 D 4. AHotment transfer (see fist attached) (Wo chan^e-f t'n deitt'ery !H.rtrMC?ionj toff? be 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 this tender fn special envelope ntar&ed 'Tender /or Treasury B d ls" (Address— inc!. City and State) (Tel. No.) (Title of authorized signer) (Banking institutions submitting tenders for customer account must fist customers' names on fines befow or on an attached rider) (Name of customer) (Name of customer) IN ST R U C T IO N S : 1. No tender for fess than $f0,000 wiff be considered, and each tender must be for an even muftipfe of $5,000 (maturity vafue). 2. Onfy banking institutions, and deafers who make primary markets in Government securities and report daify to this Bank their positions with respect to Government securities and borrowings thereon, may submit tenders for customer account; in doing so, they may consofidate competitive tenders a? the jawe /<rice and may consofidate noncompetitive tenders, provided a fist is attached showing the name of each bidder and the amount bid for his account. Others Wiff not be permitted to submit tenders except for their own account. 3. If the person making the tender is a corporation, the tender shoufd 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 shoufd be signed by a member of the hrm, who shoufd sign in the form "......................................................................................................., a copartnership, by ................................................................................................ . a member of the firm." 4. Tenders wiff 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 biffs appfied for, unless the tenders are accompanied by an express guaranty of payment by an incorporated bank or trust company. AH checks must be drawn to the order of the Federaf Reserve Bank of New York; checks endorsed to this Bank wiff 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. 2/76 Prfs. 2/76 [l3 ]
@FedFRASER