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FED ER AL R E SE R V E BANK O F N E W YORK Fiscal Agent of the United States r C ircular No. 7 8 4 41 L M arch 24, 1976 J OFFERING OF TWO SERIES OF TREASURY BILLS $2,600,000,000 of 91-Day Bills, Additional Amount, Series Dated January 2, 1976, Due July 1, 1976 (To Be Issued April 1, 1976) $3,400,000,000 of 182-Day Bills, Dated April 1, 1976, Due September 30, 1976 V'o in aw4 Tray: Cowi^awiry, aad OMffy Fr^rra/ Rry^rfr D/yfr/rf; 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 $6,000,000,000, or thereabouts, to be issued April 1, 1976, as fol lows : 91-day bills (to maturity date) in the amount of $2,600,000,000, or thereabouts, representing an additional amount of bills dated January 2, 1976, and to mature July 1, 1976 (C U S IP No. 912793 ZW 9), originally issued in the, amount of $3,301,200,000, the additional and original bills to be freely interchangeable. 182-day bills for $3,400,000,000, or thereabouts, to be dated April 1, 1976, and to mature September 30. 1976 (C U S IP No. 912793 B39). The bills will be issued for cash and in exchange for Treasury bills maturing April 1, 1976, outstanding in the amount of $6,004,085,000, of which Government accounts and Federal Reserve Banks, for themselves and as agents of foreign and international monetary authorities, presently hold $2,906,570,000. 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 29, 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 fo rth in such tenders. Others will not be permitted to submit tenders e x ce p 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 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 April 1, 1976, in cash or other im mediately available funds or in a like face amount of Treasury bills maturing April 1, 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 29, 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. Paymrwf _for Trrayary &f//y caMwof waGfr &y crcdif f/troMyA f/ic Trrayary Ta.v awJ Loan ^4rroawf. way? wacfa fa ray/: or of/ter fwwrdfatr/y avaf/aMr ^awcfy or fa laafarfagr Treasury &:7/y. Results of the last weekly offering of Treasury bills (91-day bills to be issued March 25, 1976, representing an ad ditional amount of bills dated December 26, 1975, maturing June 24, 1976; and 182-day bills dated March 25, 1976, maturing September 23, 1976) are shown on the reverse side of this circular. r , 4 *] P A U L A . VOLCKER, <OVER) RESULTS OF LAST WEEKLY OFFERING OF TREASURY BILLS (TWO SERIES TO BE ISSUED MARCH 25, 1976) Range of Accepted Competitive Bids pi-Day Dr^a^ary AfafMiwp High ............................................ L o w .............................................. Average ...................................... PWc^? 98.767 98.762 98.764 z&?-Day Traajary zpyd Patf 4.878% 4.898% 4.890% AfafMnwp Pa?D 5.01% 5.03% 5.02% I Equivalent coupon issue yield. PWr<? 97.338^ 97.321 97.329 zp/d Pat^ 5.265% 5.299% 5.283% /MwrfweMf Pof^l 5.48% 5.52% 5.50% a Excepting three tenders totaling $3,600,000. (65 percent of the amount of 91-day bills bid for at the low price was accepted.) percent of the amount of 182-day bills bid for at the low price was accepted.) (2 2 Totai Tenders Received and Accepted (By Federal Reserve District) pz-Day Drcanary Dt/D Afafanwp Boston ........................ ........... New York .................. ........... Philadelphia ................ ........... Cleveland .................... ........... Richmond.................... ........... Atlanta ........................ ........... Chicago ...................... ........... St. Louis .................... ........... Minneapolis ................. ........... Kansas City ................. ........... Dallas .......................... ........... San Francisco ........................ TOTAL ................ ........... $ <?.% , zp/d 79,045,000 5,072,775,000 25,865,000 108,775,000 29,225,000 27,500,000 367,065,000 59,485,000 33,250,000 37,360,000 21,410,000 366,820,000 $ 19,545,000 2,100,470,000 24,040,000 31,255,000 15,275,000 24,015,000 38,095,000 28,630,000 10,530,000 28,830,000 16,410,000 64,775,000 $ 71,800,000 3,924,930,000 129,835,000 69,485,000 39,480,000 34,280,000 319,430,000 49,630,000 34,205,000 22,080,000 18,000,000 274,275,000 $ 51,020,000 2,476,730,000 129,835,000 26,670,000 15,480,000 20,180,000 154,090,000 29,730,000 26,205,000 19,080,000 11,000,000 140,775,000 $6,228,575,000 $2,401,870,000^ $4,987,430,000 $3,100,795,000c b Includes $342,835,000 noncompetitive tenders from the public, c Includes $179,110,000 noncompetitive tenders from the public. z&?-Day Dreayary Df/D dfa^arfap Ya/'faw&ar pj, zpyd ((Hosing date for receipt of this tender is Monday, March 29, 1976) TENDER FOR 91-DAY TREASURY R!LLS Additiona! Amount, Series Dated January 2, 1976, Maturing July 1, 1976 (To He Issued April 1, 1976) i i : i he 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 R egulations governing United States securities (Departm ent Circular N o. 300) and the Regulations governing T reasury Bills (Departm ent Circular N o. 418). The transaction will not be completed unless all required data is furnished. To FED ER A L R ESER V E B A N K OF N E W Dated at YORK, 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 oUers 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 wot /ill in AotA Com/'etitive and JVc?Krc?H/)cf:h'tT tenderr on on? form COMPETITIVE TENDER $....................................................... (maturity value) or any lesser amount that may be awarded. Price : ..................................................per 100. f Price mnrt Ae e ^ r e r r e d witA not more tAan (Arc? decimal placer, /o r e^ram/le, 9P.P23) NONCOMPETITIVE TENDER $........................................................ (maturity value) (A c t to exceed /or one Aidder tArow^A all ranrcer) 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 $ M aturity value D 1. D eliver over the counter to the undersigned Payment will be made as fo llo w s: D By charge to our reserve account O 2. Ship to the undersigned Q By cash or check in iw viediaiely availaAle /nndr on delivery 10,000 15,000 D 3. H old in safekeeping (for mem ber bank only) in— 50,000 n 100,000 (P aym ent cannot Ae made tAronyA Drearnry Pa^r and Doan e/ccotatf) Investment Account O 5. Special in str u c tio n s: FI General Account 500,000 O Trust Account 1,000,000 D 4. Allotm ent transfer (see list attached) (N o cAanyer in delivery inrtrnctionr w ill Ae affected ) 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. /nser( this render in special envelope ntar/ced "Tender /or Treasury Rids" ( A d d r e s s — in c !. C it y a n d S t a t e ) ( T e l . N o .) (B anking institutions submitting tenders for customer account m ust list customers' names on lines below or on an attached rid er) ( 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. N o tender for less than $10,000 will be considered, and each tender must be for a multiple of $5,000 (m aturity valu e). 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 at (Ac ramc /v ice and may consolidate noncompetitive tenders, provided a list is attached showing the name of each bidder and the amount bid tor 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 w ill 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 ............................................................................................................... ^ n copartnership by ........................................................................................................ , a member of the firm." 4. le n d e r s 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 i reasury 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 ew 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 Qoinion of the Secretary of the T rea su ry is material, the tender may be disregarded. 3/76 ' [, 4 ] (Closing date for receipt of this tender is Monday, March 29, !976) TENDER FOR 182-DAY TREASURY R!EES Maturing September 30, 1976 P R IV A C Y A C T 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 l^ued, m accordance with the General R egulations governing United States securities (Departm ent Circular N o . 300) and the Regulations governing Treasury B ills (Departm ent Circular N o. 418). The transaction will not be completed unless all required data is furnished. Dated Aprii 1, 1976 TO F E D E R A L R E S E R V E B A N K O F N E W Y O R K , 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/ /i// :n Ao/A and .Vonrotu/'f/i/ti'c /euder.? on on? /arm COMPETITIVE TENDER S.......................................................... (maturity value) ur any lesser amount that may be awarded. Price : ................................................... per 100. (Prirt- ntnr/ Ac c ^ r c y jc d rri/A no/ more /Aon /Aree decimal /dacey, /or evam/de, 99.925) NONCOMPETITIVE TENDER $........................................................ (maturity value) (V o / /o f.rreod %5(A%W /o r one Aidder /Aron^A all ^onreei) 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 $ M aturity value O 1. Deliver over the counter to the undersigned Q By charge to our reserve account O 2. Ship to the undersigned Q By cash or check in iMitwedia/fly aradaAI? /unds on delivery 10,000 Payment will be made as fo llo w s: 15,000 Q 3. H old in safekeeping (for mem ber bank only) in— 50,000 (Paynit'H/ ranno/ Ae tnadf /A r o n ^ Trea-mry Ta^r and Loan ^4ccoMH?) D Investm ent Account 100,000 D (I General Account 500,000 5. S p ecial in stru ctio n s: D Trust Account 1,000,000 O 4. Allotm ent transfer (see list attached) (V o rAan^er in d f/tffr y in^/rnc/ionr w ifi Ae a fff/d fd ) 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 s u b s c r ib e r — p le a s e p r in t o r ty p e ) Insert this tender fn special envelope mar&ed "Tender /or Treasnry Bd/s" ( A d d r e s s — in c l. C ity a n d S t a t e ) ( T e l . 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 is e d s ig n a t u r e ) (B ank ing institutions submitting tenders for customer account m ust 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. N o tender for less than $10,000 will be considered, and each tender must be for a multiple of $5,000 (m aturity 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? .Mine /r ic e and may consolidate noncompetitive tenders, provided a list is attached show ing the name of each bidder and the am ount 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 w ill be construed as a representation by him that he has been so authorized. It the tender is made by a partnership, it should be signed by a member of the hrm, w ho 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. A ll checks must be drawn to the order of the Federal Reserve Bank of N ew 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 oi the Treasury, is material, the tender may be disregarded. RM.3/76 [ 14 J
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