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FEDERAL RESE RVE BANK
OF NEW YORK
Fisca! Agent of the United States
f"C ircutar No. 7899
June 21. 1976
AUCTIO N OF $2.5 BILLION OF 5-YEAR TR EASURY NOTES
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The following statement was issued June 18 by the Treasury Department:
The Department of the Treasury will auction $2,500 million of 5-year notes to raise new cash. Additional
amounts of the notes may be issued to Federal Reserve Banks as agents of foreign and international monetary
authorities at the average price of accepted tenders.
The notes now being offered will be Treasury Notes of Series F-1981 dated July 9. 1976. due August 15,
1981 (CUS1P No. 912827 FT 4) with interest payable on February 15 and August 15, 1977, and thereafter on
February 15 and August 15.
The coupon rate will be determined after tenders are allotted. The notes will be issued in registered and
bearer form in denominations of $1,000, $5,000, $10,000, $100,000 and $1,000,000 and they will be available for
issue in book-entry form to designated bidders.
Payment for the notes must be made on July 9. 1976. Payment may not be made through tax and loan
accounts. Definitive notes in bearer form will not be available on July 9, but will be delivered on or about July
14. 1976. Purchasers of bearer notes may elect to receive interim certificates on July 9. 1976, which shall be
bearer securities exchangeable at face value for Treasury Notes of Series F-1981 when available.
Tenders will be received up to 1:30 p.m., Eastern Daylight Saving time, Tuesday, June 29. 1976. at any
Federal Reserve Bank or Branch and at the Bureau of 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 June 28. Tenders must be in the amount of $1,000 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 "TENDER FOR TREASURY NOTES" should be
printed at the bottom of envelopes in which tenders are submitted.
Competitive tenders must be expressed in terms of annual yield in two decimal places, e.g., 7.11. and not in
terms of 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
rate will be determined at a 1/8 of one percent increment that translates into an average accepted price close to
100.000 and a lowest accepted price above 98.750. That rate of interest 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 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. Noncompetitive bidders will be required to pay the average price of all accepted
competitive tenders. BIDDERS SUBMITTING NONCOMPETITIVE TENDERS SHOULD REALIZE THAT
IT IS POSSIBLE THAT THE AVERAGE PRICE MAY BE ABOVE PAR. IN WHICH CASE THEY WOULD
HAVE TO PAY MORE THAN THE FACE VALUE FOR THE NOTES.
(Over)
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 $500,000 or less, and all tenders from Government accounts and the Federal Reserve Banks for themselves
and as agents of foreign and international monetary authorities, will be accepted in full at the average price of
accepted competitive tenders.
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 of New York
their positions with respect to Government securities and borrowings thereon, may submit tenders for the
account of customers, provided the names of the customers are set forth therein. 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 of 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 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 Friday. July 9, 1976. Payment must be in cash,
in other funds immediately available to the Treasury by the payment date, 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) Friday, July 2, 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) Wednesday. June 30, 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 official term s of the offering are set forth in Treasury D epartm ent C ircular No. 16-76, Public
Debt Series, dated June 21, 1976, a copy of which will be furnished upon request.
If paym ent for the notes is m ade by check, the check should be a certified persona! check or an
official bank check, payable on its face to the Federal Reserve Bank of New York; c/tec^s endorse;/ to t/n'.s
Z?anA^ wd/ not Z?e accepted.
Telephone inquires regarding this offering may be m ade by calling Telephone No. 212-791-5823,
212-791-6616, or 212-791-5465.
PAUL A. VO LCK ER,
P rej/dent.
IMPORTANT— Closing time for receipt of this tender is 1:30 p.m., Tuesday, June 29, 1976.
TENDER FOR TREASURY NOTES OF SERIES F-1981
Dated July 9, 1976
Due August 15, 1981
Dated at.......................................................
FEDERAL RESERVE BANK O NEW YoRK,
F
Fiscal Agent of the United States,
New York, N. Y. 10045
......................................................... , 19____
The individually identifiable information required on this form is necessary to permit the subscription to be processed and the securities to be
issued. If registered securities are requested, the regulations governing United States securities (Department Circular No. 300) and the offering
circular require submission of social security numbers; the numbers and other information are used in inscribing the securities and establishing and
servicing the ownership and interest records. The transaction will not be completed unless all required data is furnished.
The undersigned hereby offers to purchase United States of America Treasury Notes of Series F-1981 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.
COMPETITIVE TENDER
Do no?
Ao(A
$.......................................................... (maturity value)
or any lesser amount that may be awarded.
Yield: ...............
f Kio/d
and
NoMcaw/'ofih'vc fenders on one form
NONCOMPETITIVE TENDER
$............................................................. (maturity value)
(Wo( to exceed
for one Udder (ArcMgA a// ^onree^)
at the average price of accepted competitive bids.
6e c-v/re-Med wf(A wo( wore (Aan (wo
deebnaf /dacM, for c-rm
w/do, 7.71)
Subject to allotment, please issue, deliver, and accept payment for the securities as indicated below and
on the reverse side (if rF^Afercd securities are desired, please also complete schedule on reverse side) :
Pieces Denominations
$
Maturity value
1,000
5,000
10,000
100,000
1,000,000
D 1. Deliver over the counter to the
undersigned
D 2. Ship to the undersigned
D 3. Hold in safekeeping (for member
bank only) in—
Payment will be made as follows :
n By charge to our reserve account
D By cash or check in !?M
??iod:a(H nrnt7y
aNc /aw
d-y
n
f
c'
. . .
D General Account
D Trust Account
D 4. Hold as collateral for Treasury
Tax and Loan Account*
("N oAon^M on doAYory A
o
:j(r::o(:ow^
w:7( A acco^(od)
c
Totals
*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.)
\VE 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 of this tender, and that we have either received and are
holding for the Treasury or we guarantee payment to the Treasury of 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 of their customers have been entered with us under the same conditions, agree
ments, and certifications as set forth in this form.
Insert this fender in
special envelope marked
"Tender /or Treasnry
Vofes or Bonds"
(A ddress—incl. City and State)
(T el. N o.)
(Signature of subscriber or authorized signature)
(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 $1,000 will be considered; and each tender must be for a multiple of $1,000 (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 of (A yawo yicM and may consolidate noncompetitive tenders, provided a list is
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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. 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 accom
panied 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.
4. 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.
[E nc. Cir. No. 7899]
(OVER)
http://fraser.stlouisfed.org/
]
Federal Reserve Bank of St. Louis
@FedFRASER