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FEDERAL RESERVE BANK OF NEW YORK Fiscal Agent of the United States 78951 !* C ir c u la r N o J u n e 16, 1976 L J OFFERING OF TWO SERIES OF TREASURY BILLS $2,100,000,000 of 91-Day Bills, Additional Amount, Series Dated March 25,1976, Due September 23,1976 (To Be Issued June 24, 1976) $3,100,000,000 of 182-Day Bills, Dated June 24, 1976, Due December 23, 1976 To /Mccr^crafcd Z?an&.y and Trajf and OfAer^ CoticprMfd, in fA? -Second Ffdfrai RfMrpp District; 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 $5,200 million, or thereabouts, to be issued June 24, 1976, as follow s: 91-day bills (to maturity date) in the amount of $2,100 million, or thereabouts, representing an additional amount of bills dated March 25, 1976, and to mature September 23, 1976 (C U S IP No. 912793 B21), originally issued in the amount of $3,103 million, the additional and original bills to be freely interchangeable. 182-day bills for $3,100 million, or thereabouts, to be dated June 24, 1976, and to mature December 23, 1976 (C U S IP No. 912793 C79). The bills will be issued for cash and in exchange for Treasury bills maturing June 24, 1976, outstanding in the amount of $5,510 million, of which Government accounts and Federal Reserve Banks, for themselves and as agents of foreign and international monetary authorities, presently hold $2,841 million. 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, June 21, 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 multiples 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 June 24, 1976, in cash or other immediately available funds or in a like face amount of Treasury bills maturing June 24, 1976. Cash and exchange tenders will receive equal treatment. Cash adjustments will be made for differences 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, June 21, 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. Payw^wf Jor Proa^Mry MAf caMMOf &<? wad<? Ay fAroi^A (A^ Fr^ajMry Pajr awJ Loan ^IrcoaMf. Aa inaafa w ra^A or ofAer fwTMacffaiaJy atw/aA/a jMwoAy or fw 7MafMr!*M(7 Praa^ary AAAf. Results of the last weekly offering of Treasury bills (91-day bills to be issued June 17, 1976, representing an addi tional amount of bills dated March 18, 1976, maturing September 16, 1976; and 182-day bills dated June 17, 1976, matur ing December 16, 1976) are shown on the reverse side of this circular. [26] PAUL A . VOLCKER, PTTjicfgTtf. (OVER) RESULTS OF LAST WEEKLY OFFERING OF TREASURY BILLS (TWO SERIES TO BE ISSUED JUNE 17, 1976) Range of Accepted Competitive Bids pz-Day Tzaajwy Afa^Mzwp zd, zpyd PWfF 98.641 98.634 98.640 High Low ............................................... Average ....................................... DmroMttf Raf^ 5.376% 5.404% 5.380% Raf<?i 5.53% 5.55% 5.53% i Equivalent coupon-issue yield. z#^-Day T ^ a jw y Ff/Ay MafMrwp Dacaw&at* zd, zpyd RWce 97.131a 97.112 97.121 Raf? 5.675% 5.713% 5.695% /wrp-ytMtfMf Rate! 5.92% 5.96% 5.94% a Excepting one tender of $545,000. (68 percent of the amount of 91-day bills bid for at the low price was accepted.) (5 percent of the amount of 182-day bills bid for at the low price was accepted.) Total Tenders Received and Accepted (By Federai Reserve District) pz-Day Treasury Ff/Ay MafanMp zd, zpyd z&?-Day Tyra-yury Ff//j MaZarmp zd, zpyd R<?c?fwd Boston ........................ ............ New York .................. ............ Philadelphia ................ ............ Cleveland .................... ............ Richmond.................... ............ Atlanta ..................................... Chicago ...................... ............. St. Louis ..................... ............ Minneapolis ................. ............ Kansas City ................. ............ Dallas .................... ............ San Francisco ....... ............ TOTALS ............... ............ $ 62,465,000 3.008,635,000 23,685,000 56,030,000 26,805,000 30,230,000 174,185,000 50,690,000 40,385,000 58,400,000 33,660,000 791,940,000 $4,357,110,000 $ 23,315,000 1,283,920,000 22,185,000 41,885,000 21,130,000 27,615,000 39,560,000 29,690,000 8,385,000 55,735,000 15,850,000 530,940,000 $ 35,145,000 4,628,775,000 6,085,000 175,895,000 22,580,000 44,550,000 159,855,000 42,635,000 51,610,000 24,750,000 20,730,000 149,755,000 $ 21,145,000 2,780,025,000 6,075,000 135,895,000 12,580,000 35,350,000 68,355,000 23,635,000 31,610,000 24,750,000 16,230,000 44,755,000 $2,100,210,000b $5,362,365,000 $3,200,405,000 b Includes $433,575,000 noncompetitive tenders from the public, c Includes $171,200,000 noncompetitive tenders from the public. (( losing date for receipt of this tender is Monday, June 21, 1976) TENDER FOR 91-DAY TREASURY RILLS Additional Amount, Series Dated March 25, 1976, Maturing September 23, 1976 (To Be Issued June 24, 1976) PRIVACY ACT STATEMENT: 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 Dated at FEDERAL RESERVE B A N K OF N E W 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 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 not in Ao?A C o n :^ tttfw and JVoMco?H^t!tirf tfndf7*.y on on? forn: COMPETITIVE TENDER $.......................................................... (maturity value) or any lesser amount that may be awarded. P rice: ....................................................per 100. (P ricf nmit Af toft A not wtor? tAan Mr?? decimal /darei, /or e-vam/de, 9P.P23) NONCOMPETITIVE TENDER $.......................................................... (maturity value) (Wot to exceed #5(70,0(X? /o r on? Aiddcr tAronyA atf JOMrcej) 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 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 Payment will be made as follows: D By charge to our reserve account D By cash or check in immediately arai/aAIe /MMdi on delivery (Payment cannot A? made tAroMpA Prea-mry Pa^r and Loan Hccownt) Q Investment Account 100,000 D 5. Special instruction!: General Account 500,000 D Trust Account 1,000,000 D 4. Allotment transfer (see list attached) ( Do cAanpe^ in drhtvry inr?rMch'oM.y tuM Ac 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. ( N a m e o f s u b s c r ib e r — pi e a s e p r in t o r t y p e ) Insert this tender in special envelope wtar&ed "Tender /or Treasury Biffs" ( A d d r e s s — in c i. C it y a n d S t a t e ) ( 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 e l . N o .) ( 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 lines below or on an attached rider) (N a m e o f cu sto m er) ( 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 (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 (Ac .fame /?rifc 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. It 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 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 of the Treasury is material, the tender may be disregarded. mv. 3/76 [ 26 ] (Ctosing date for receipt of this tender is Monday, June 2 i, 1976) TENDER FOR 182-DAY TREASURY R!LLS Dated June 24, 1976 To FED ER A L R ESER V E B A N K Maturing December 23, 1976 OF N E W Dated at YORK, Fiscal Agent of the United Stages om ., 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; rg 3 ^ S *c ^ a) 3 D j Hof /i// fa AofA COMPETITIVE TENDER gM $.......................................................... (maturity value) or any lesser amount that may be awarded. O. c Price : ....................................................per 100. (Price ?n:o; Ae e ^ r e iie d ttifA not wore /Aon ?Aree 3 awt/ NONCOMPETITIVE TENDER on on? /or?;: $.......................................................... (maturity value) (Wo? /o exceed %3M7,C#0 /o r one A/dder (Arcn^A a// -MMfffj/ at the average price of accepted competitive bids. derima/ /dacey, /or e^rawt/de, 99.923) Subject to allotment, please issue, deliver, and accept payment for the bills as indicated below: §3 -^s.3 °o ^ S3 &S Pieces Denomination $ Maturity value Payment will be made as follow s: D By charge to our reserve account D 2. Ship to the undersigned D By cash or check in immediately avai/aA/e /nndr on delivery 10,000 15,000 s Q 1. Deliver over the counter to the undersigned D J. Hold in safekeeping (for mem ber bank only) m— 50,000 (Payment cannot Ac made fArcMgrA TrcaJMry Ta^r and Loan ^rcownt) Q Investment Account 100,000 s S'" 500,000 Q Trust Account -S3 o .-o rS3? o ^Q.E S*^ 0^0*G 1,000,000 D 4. Allotment transfer (see list attached) (Wo cAanyee in de/ivery inytmctionj tot// Ae accented) Totals .E'E5 3 3 " S*S K e 53 c 3 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. '-5 f3 -o E-o 3 ; .S E § t)E-^ ^ '- See p*** 3 v C *o o 3c e -o.g o !> 3 '5 c& S ^*3 ^ H 3 ^ S o^ w °° ^ ^ 3 U .C E ^ 3 ^ >*5 g S ^o D 5. Special instructions: D General Account ( N a m e o f s u b s c r ib e r — p le a s e p r in t or t y p e ) Insert this tender in specicd envelope marked "Tender /or Treasury Bi/Zs" ( A d d r e s s — in c h 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 iz e d s ig n a t u r e ) (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 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 af (A? jawe />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 andrecognized 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 Treanu is material, the tender may be disregarded. Rtv. 3/76 [2 6 ]
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