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F E D E R A L R E S E R V E BANK O F N E W YORK
Fiscal Agent of the United States

[

Circular No. 7 9 1 6 t
July 14, 1976
J

OFFERING OF TWO SERIES OF TREASURY BILLS
$2,400,000,000 of 91-Day Bills, Additional Amount, Series Dated April 22, 1976, Due October 21, 1976
(To Be Issued July 22, 1976)
$3,500,000,000 of 182-Day Bills, Dated July 22, 1976, Due January 20, 1977
T o A l l In c o r p o r a te d B a n k s a n d T r u s t C o m p a n ie s, a n d O th e r s
C o n c ern ed , in th e S e c o n d F e d e ra l R e s e r v e D is tr ic t:

Following is the text of a notice issued by the Treasury Department, released yesterday:
The Treasury Department, by this public notice, invites tenders
for two series of Treasury bills to the aggregate amount of
$5,900 million, or thereabouts, to be issued July 22, 1976, as follows:
91-day bills (to maturity date) in the amount of
$2,400 million, or thereabouts, representing an additional
amount of bills dated April 22, 1976, and to mature
October 21, 1976 (C U SIP No. 912793 B62), originally
issued in the amount of $3,404 million, the additional
and original bills to be freely interchangeable.
182-day bills for $3,500 million, or thereabouts, to be dated
July 22, 1976, and to mature January 20, 1977 (C U SIP
No. 912793 E 28).
The bills will be issued for cash and in exchange for Treasury
bills maturing July 22, 1976, outstanding in the amount of
$5,899 million, of which Government accounts and Federal Reserve
Banks, for themselves and as agents of foreign and international
monetary authorities, presently hold $2,911 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, July 19, 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 Y ork their positions with respect to Government
securities and borrowings thereon may submit tenders for account
of custom ers, provided the nam es of the custom ers 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 trusf
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 July 22, 1976, in cash or other immediately
available funds or in a like face amount of Treasury bills
maturing July 22, 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 tip to 1 :30 p.m., Eastern Daylight Saving time, Monday, July 19,
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 Treasury bills cannot be made by credit through
the Treasury Tax and Loan Account. Settlement must be made in cash or other immediately available funds or in
maturing Treasury bills.
Results of the last weekly offering of Treasury bills (9l-day bills to be issued July 15, 1976, representing an addi­
tional amount of bills dated April 15, 1976, maturing October 14, 1976; and 182-day bills dated July 15, 1976, maturing
January 13, 1977) are shown on the reverse side of this circular.
■ I




P

aul

A. V

olcker,

President.
( over)

RESULTS OF LAST WEEKLY OFFERING OF TREASURY BILLS
(TWO SERIES TO BE ISSUED JULY 15. 1976)

Range of Accepted Competitive Bids
182 -Day Treasury Bills
Maturing January /?, 1977

91 -Day Treasury Bills
Maturing October 14 , 1976

P ric e

98.694
98.687
98.688

High ........................................
Low ..........................................
A v erag e

..........................................

D isc o u n t
R a te

In v e s tm e n t
R a te 1

5.167%
5.194%
5.190%

P ric e
97265a

5.31%
5.34%
5.33%

In v e s tm e n t
R a te l

D isc o u n t
R a te

97.248
97.255

5.410%
5.444%
5.430%

5.64%
5.68%
5.66%

a Excepting one tender of $890,000.

1 Equivalent coupon-issue yield.

(66 percent of the amount of 182-day bills
bid for at the low price was accepted.)

(54 percent of the amount of 91-day bills
bid for at the low price was accepted.)

Total Tenders Received and Accepted (By Federal Reserve District)
182 -Day Treasury Bills
Maturing January /.?, 1977

91 -Day Treasury Bills
Maturing October 14 , 1976

Boston .........
N ew Y o rk

....

Philadelphia ..
Cleveland .....
Richmond.....
Atlanta .........
Chicago .......
St. Louis ......
Minneapolis ..
Kansas City
Dallas ...........
San F ra n cisc o
T

otals

.

$

47,755,000
5,795,265,000
23,610,000
41,075.000
43,515,000
32,735.000
514,300.000
53,230,000
34,480,000
45.875,000
145,655.000
350,780,000

$7,128,275,000

$

20,465,000
2,076.935,000
21.645,000
35,570,000
21,815,000
28,335,000
189,205,000
23,805,000
7,480,000
41.540,000
15,655,000
25,850,000

$2,508,300,000b

1 Includes $400,480,000 noncompetitive tenders from the public,
)
c Includes $226,775,000 noncompetitive tenders from the public.




A c c e p te d

R ec eiv ed

A c c e p te d

R e c e iv e d

D is tr ic t

$

36,485.000
5,095,930,000
87,095,000
183,520,000
19,075,000
18,430,000
339.345,000
50,715,000
38,850,000
24,735,000
37,195,000
263.985.000

$6,195,360,000

$

16,485,000
2,949,900,000
85,095.000
33.220.000
18,075,000
18,430,000
142,845,000
35,035,000
14,850,000
23,785,000
24,195.000
138,645,000

$3,500,560,000°

(Closing date for receipt of this tender is Monday, July 19, 1976)

-

TENDER FOR 91-DAY TREASURY RILLS
Additional Amount, Series Dated April 22, 1976, Maturing October 21, 1976
(To Re Issued July 22, 1976)
Dated a t .......................................................

----- ...

w iu i m e

— .----- .vM
»..vu wji u iu turm is necessary to permit the tender to be processed and the bills to be
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.

T o F ederal R eserve B a n k of N ew Y ork ,

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 fill in both C om petitive and
N on com petitive tenders on one form

COMPETITIVE TENDER

$........................................................ (maturity value)
or any lesser amount that may be awarded.
Price : ..................................................per 100.
(P rice m ust be expressed w ith not m ore than three

NONCOMPETITIVE TENDER

$....................................................... (maturity value)
(Not to exceed $500,000 for one bidder through all sources)

at the average price of accepted competitive bids.

decimal places, for example, 99.925)

Subject to allotment, please issue, deliver, and accept payment for the bills as indicated below:
Pieces

Denomination

Maturity value

□

1.

Deliver over the counter to the
u n d e r s ig n e d

$

□

15,000

Payment will be made as follows :
By c h a r g e to o u r r e s e r v e account

□

10,000
2. Ship to the undersigned

available funds o n delivery
cannot be made through
Treasury Tax and Loan Account)

□ 3. Hold in safekeeping (for mem­
ber b a n k o n ly ) in —

50,000

By cash or check in immediately

□

( Payment

□ Investment Account

100,000

□
□

500,000
1,000,000

□

General Account

5. Special instructions:

Trust Account

4. Allotment transfer (see list attached)
(No changes in delivery instructions
will be accepted)

□

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.
(Name of aubscriber—please print or type)

Insert this tender
(Address— incl. City and State)

in special en velo p e
marked “Tender for
Treasury Bills”

(Tel. No.)

(Signature of subscriber or authorized signature)
(Title of authorized signer)

(Banking institutions submitting tenders for customer account must list customers’ names on lines below or on an attached rider)
(Name of customer)

(Name of customer)

INSTRUCTIONS:
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 a t the sa m e 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 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 firm, who should sign in the form “.................................................................................................., a copartnership, by
............................................................................................. a member of the firm.”
4. Tenders will be received without deposit from incorporated bank.-, 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
Y ork; checks endorsed to this Bank will not be accepted.
5.

If the language of this ten d er is changed in any respect, which, in the opinion of the S ecretary of the Treasury,

is material, the tender may be disregarded.

r

i
1 30 j

Rev. 3/76




(Closing date for receipt of this tender is Monday, July 19, 1976)
TENDER FOR 182-DAY TREASURY BILLS
Dated July 22, 1976

Maturing January 20, 1977

To F ederal R eserve B a n k of N ew Y o rk ,
Fiscal Agent of the United States

Dated at

, 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 fill in both Competitive and
Noncompetitive tenders on one form

COMPETITIVE TENDER

NONCOMPETITIVE TENDER

$....................................................... (maturity value)
or any lesser amount that may be awarded.

$........................................................ (maturity value)

P ric e : ............................................................. p e r 100.
(Price must be expressed with not more than three
decimal places, for example, 99.925)

at the average price of accepted competitive bids.

(Not to exceed $500,000 for one bidder through all sources)

Subject to allotment, please issue, deliver, and accept payment for the bills as indicated below:
Pieces Denomination
$

Maturity value

1. Deliver over the counter to the

□

Payment will be made as follows :
□ By charge to our reserve account
□
By cash or check in immediately
available funds on delivery
( Payment cannot be made through
Treasury Tax and Loan Account)

undersigned

10,000

□ 2. Ship to the undersigned
15,000

3. Hold in safekeeping (for mem­

□

ber bank only) in—

50,000

□ Investment Account

100,000

□ 5. Special

I- ! G eneral A ccount

500,000

□

1,000,000

instructions:

Trust Account

□ 4. Allotment transfer (see list attached)

(N o changes in delivery instructions

Totals

will be accepted)

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«me of subscriber—please print or type)
Insert this tender
in special envelope
marked “ Tender for
Treasury Bills”

(Address—incl. City and State)
(Tel. No.)

(Signature of subscriber or authorized signature)
(Title of authorized signer)

(Banking institutions submitting tenders for customer account must list customers’ names on lines below or on an attached rider)

(Name of customer)

(Name of customer)

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).
.
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 the same price and may consolidate noncompetitive tenders, provided a
list is attached shovving 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.
o. 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 firm, who should sign in the form “................................................................................................... a copartnership, b y
........................................................................................... , 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 tace amount of 1 reasury bills applied for, unless the tenders are accomuanied by an express guaranty of payment
York'1;

ach 'C « d raUi' “
c D

is material,'the ten^r’may’^disregarded! Cha"Eed
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[ 30 1
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Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102