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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 [ C ircular No. 7 8 6 7 M ay 5,1976 ] OFFERING OF TWO SERIES OF TREASURY BILLS $2,600,000,000 of 91-Day Bills, Additional Amount, Series Dated February 13,1976, Due August 12,1976 (To Be Issued May 13, 1976) $3,600,000,000 of 183-Day Bills, Dated May 13, 1976, Due November 12, 1976 T o A /J T w c o r^ o ro ffd a n d T r u y f C c w ^ a M ify , a n d OfApr-y CcMfPfMg'd, i?t f/:a .Second .Ffdfra/ R^^^rr^ Dfyfrfcf; 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 $6,200,000,000, or thereabouts, to be issued May 13, 1976, as fol lows : 91-day bills (to maturity date) in the amount of $2,600,000,000, or thereabouts, representing an additional x-, amount of bills dated February 13, 1976, and to mature A /A _ August 12, 1976 (C U S IP No. 912793CMB3, originally Issued in the amount of $3,901,620,00117 the additional and original bills to be freely interchangeable. 183-day bills for $3,600,000,000, or thereabouts, to be dated May 13, 1976, and to mature November 12, 1976 (C U S IP No. 912793 B96). _ The bills will be issued for cash and in exchange for Treasury bills maturing May 13, 1976, outstanding in the amount of $6,404,090,000, of which Government accounts and Federal Reserve Banks, for themselves and as agents of foreign and international monetary authorities, presently hold $3,234,590,000. 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 Daylight Saving time, Monday, May 10, 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 May 13, 1976, in cash or other im mediately available funds or in a like face amount of Treasury bills maturing May 13, 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 Daylight Saving time, Monday, May 10, 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 .for FraajMry AfPy caMwof Aa ma& Ay crocff; fAroM^A f/ip Fraajiiry Fa.i* a%f Loan AfccoMwf. Ae wada !*w ca^A or ofA^r wtw^&'afa/y avaiJoAf^ or w wafMrfwp PraajMry AfAy. Results of the last weekly offering of Treasury bills (91-day bills to be issued May 6, 1976, representing an additional amount of bills dated February 5, 1976, maturing August 5, 1976; and 182-day bills dated May 6, 1976, maturing November 4, 1976) are shown on the reverse side of this circular. r 1 P A U L A . VOLCKER, Please note that the Treasury bills maturing November 12, 1976 will be 183-day bills. t (O V E R ) RESULTS OF LAST WEEKLY OFFERING OF TREASURY BILLS (TWO SERIES TO BE ISSUED MAY 6, 1976) Range of Accepted Competitive Bids pz-Day Tra^jary P?7Ay Afaianap Aapt^'i zpyd High ............................................. Low ............................................... Average ....................................... Price 98.769 98.753 98.756 DAfCOMM? Pate 4.870% 4.933% 4.921% Z?We.yf?Me??f Pate^ 5.00% 5.06% 5.05% z&?-Day Treayary Fii/j dfaiarfap p, zpyd Price 97.321 97.297 97.301 DAyccMM? Pate 5.299% 5.347% 5.339% Paiet 5.52% 5.57% 5.56% i Equivalent coupon-issue yield. (84 percent of the amount of 182-day bills bid for at the low price was accepted.) (45 percent of the amount of 91-day bills bid for at the low price was accepted.) Totai Tenders Received and Accepted (By Federal Reserve District) pz-Day Trcajary Bi/Ay AfaiaWwp Aapaj^ zpyd Boston ........................ ............ New York .................. ............ Philadelphia ................ ............ Cleveland .................... ............ Richmond .................... ............ Atlanta ........................ ............ Chicago ...................... ............ St. Louis .................... Minneapolis ................ ............ Kansas City ................ Dallas ........................... ............ San Francisco ............. ............ TOTAL /4cce/ded /?eceifed $ 18,515,000 2,208,290,000 29,675,000 50,785,000 20,840,000 25,490,000 87,330,000 22,865,000 7,505,000 44,055,000 16,725,000 69,390,000 $ 14,230,000 6,439,105,000 45,505,000 114,950,000 77,750,000 37,715,000 479,880,000 58,330,000 51,355,000 23,765,000 25,505,000 333,660,000 $ $2,601,465,000^ $7,701,750,000 $3,600,225,000b Peceired Dij^ric^ ....................... ............ $ 41,165,000 4,622,975,000 32,815,000 53,860,000 23,260,000 35,345,000 283,155,000 62,125,000 28,505,000 50,175,000 41,725,000 280,300,000 $5,555,405,000 ^Includes $348,560,000 noncompetitive tenders from the public, h Includes $162,135,000 noncompetitive tenders from the public. z&?-Day Traa-yary BiiAy Afata/dap zpyd ^cce^fed 7,230,000 3,014,030,000 19,805,000 74,750,000 30,250,000 28,465,000 218,920,000 29,210,000 10,915,000 18,565,000 10,505,000 137,580,000 ' (Ciosing date for receipt of this tender is Monday, May 10, 1976) TENDER FOR 91-DAY TREASURY R!LLS Additional Amount, Series Dated February 13, 1976, Maturing August 12, 1976 (To Be Issued May 13, 1976) Dated at TO FEDERAL RESERVE BANK OF NEW YORK, Fiscal Agent of the United States 19. o<9 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? iw AofA (Tow/'efMve and Nowrow/'eMive fenders ow owe form COMPETITIVE TENDER $.......................................................... (maturity value) or any lesser amount that may be awarded. P rice: ....................................................per 100. (Price war? be e^ rejred tot?A wot wore fAaw fAree decimal placer, for e^raw/dr, PP.P25J NONCOMPETITIVE TENDER $.......................................................... (maturity value) (Wof to earreed #500,000 for owe bidder fArowpA aM rowreer^ 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 Payment will be made as follows: D By charge to our reserve account D By cash or check in immediately avai/abie fwwdr on delivery (Paywen? cawwof be wade tArowyA Prea-rwry Paar awd Loan c^ccowwU D 1. Deliver over the counter to the undersigned D 2. Ship to the undersigned 15,000 D 3. Hold in safekeeping (for mem ber bank only) in— 50,000 D Investment Account 100,000 500,000 Q Trust Account 1,000,000 D 4. Allotment transfer (sec list attached) fNo cAawye^ iw delivery iwjfrwchowr wifi be accented) Totals HK D 5. Special instructions: n General Account 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 m b t e r ib e r — p le a z e p r in t o r t y p o ) Insert this tender in special envelope mar&eJ "Tender /or Treasury Riffs" (A d d r e M — in c !. C it y And S t a t e ) ( T e l . N o .) ( S ig n a t u r e o f s u b z e r ib e r o r a u th o r iz e d t ig n a t u r e ) ( T i t i 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 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 ) :g § IN ST R U C T IO N S: '*S^ 1. No tender for less than $10,000 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 at (Ae .yaw? /trice 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 Arm, 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 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. oc -5^ -S ^ T3 g, 3KQ <K Rw. 3/76 [ 20 ] ((Hosing date for receipt of this tender is Monday, May !0, !976) !MPORTANT— Because the usua! Thursday maturity date of 6-month Treasury bi)!s to be issued May !3, 1976 would fail on Veterans' Day, November 11, 1976, such bilts wi!! mature Friday, November 12, 1976, and therefore be 183-day bi!!s. TENDER FOR 183-DAY TREASURY BILLS Dated May 13, 1976 To Og) LS S Gb CC ?'E K^ 4) O O- C FE D E R A L R ESER V E B A N K Maturing November 12, 1976 OF N E W Dated a t ........................................................ YORK, Fiscal Agent of the United Stages ..........................................................., 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 Ho? /iff in AofA Uontpcfifirc and COMPETITIVE TENDER .VoHCOMi/'Cfiftt'C fcndczr $.......................................................... (maturity value) or any lesser amount that may be awarded. Price : ....................................................per 100. C„ --5 §o . sn (Price Mmj? Ae e^rerred roifA no? wore fAan fAree decimof /darer, /or e-raw/df, PP.923) OH OMf /or?H NONCOMPETITIVE TENDER $.....................................- ................... (maturity value) (Vo? fo e.v<rerd %300/W /or on? Aidder fAroM^A aff roMfrer) 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 O 1. Deliver over the counter to the undersigned Q 2. Ship to the undersigned 15,000 ^.3 E 50,000 '7 c -- 100,000 D 3. Hold in safekeeping (for mem ber bank only) m— Q Investment Account 1,000,000 Totals 3e 3^ 3 <3 gyi D 5. Special instruction*: f l General Account 500,000 §Y § Payment will be made as follows: D By charge to our reserve account D By cash or check in iwwediafe/y ataifaAfe /undr on delivery (Paywen? cannof Ae wade fAroapA Prearary Pasr and Loon ^dccoan?) D Trust Account O 4. Allotment transfer (see list attached) (Vo cAanyer in delivery twrfrMf flour toil? Ae occepfed) 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 m b s c r ib e r — p te a s e p r in t o r ty p e ) 5c E 3 M V ge 3: 3EcO Insert t/tM tender fn specMi/ enue/ope marked "Tender /or Treasury Bi/Is" ( A d d r e s s — in c ). C it y 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 or a u th o r iz e d s ig n a t u r e ) ( T it i e o f a u th o r iz e d s ig n e r ) 15 c 2-S .o (Banking institutions submitting tenders for customer account must list customers' names on fines befow or on an attached rider) 3*5 c3 3&S ^ j= J= -rf -C 'H s 3 *G-C EU c E INSTRUCTIONS: !. No tender for fess than $10,000 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? ?Ae rowe price 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 ofhcer of the corporation authorized to make the tender, and the signing of the tender by an ofhcer 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 Dy 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 Trtnury. is material, the tender may be disregarded. Rev. 3/76 [ 20 ]
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