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FE D E R A L R ESER VE BANK O F N E W YORK Fiscal Agent of the United States [" C ircu la r N o . 7 9 4 4 1 [_ A u g u s t 2b, 14 7 b J TREASURY TO AUCTION 4-YEAR NOTES To All Banking Institutions, and Others Concerned, in the Second Federal Reserve District: The following statement was issued August 25 by the Treasury Department: T h e D e p a r t m e n t o f t h e T r e a s u r y w ill a u c t i o n $ 2 , 0 0 0 m i l l i o n o f 4 - y e a r n o t e s t o r a i s e n e w c a s h . A d d i t i o n a l amounts of t h e n o t e s may b e i s s u e d t o F e d e r a l R e s e r v e B a n k s a s a g e n t s o f f o r e i g n a n d i n t e r n a t i o n a l m o n e t a r y a u t h o r i t i e s a t t h e a v e r a g e p r i c e of a c c e p t e d t e n d e r s . Printed on the reverse side is a table summarizing the highlights of the offering. Copies of the official offering circular will be furnished upon request. Bidders submitting noncompetitive tenders for the notes 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 securities. _ If payment for the notes is made by check, the check should be a certified personal check or an official bank check, payable on its face to the Federal Reserve Bank of New York; checks endorsed to this Bank will not be accepted. — " Enclosed is a copy of the form to be used in submitting tenders. If there is any doubt that tenders sent by mail will reach this Bank or its Branch in time, bidders should use other means of transmitting their tenders. Telephone inquires regarding this offering may be made by calling Telephone No. 212-791-5823 212-791-6616, or 212-791-5465. PAUL A. VOLCKER, President. (Over) HIGHLIGHTS OF TREASURY OFFERING TO THE PUBLIC OF 4-YEAR NOTES (SERIES E-1980) Amount Offered: To the public Description of Security: Term and type of security..... Maturity date............. Call date ............. ... Interest coupon rate......... Investment yield........... Premium or discount........ Interest payment dates....... Minimum denomination available Terms of Sale: Method of s l .................... ae $2,000 million 4-year notes— S ries E-1980 e September 30 1980 , No provision To be determined, based on the average of accepted bids To be determined a auction t To be determined a t r auction fe March 31 and September 30 $ 1,000 Yield auction Accrued i t r s payable by investor..... neet None Preferred allotment ................ Noncompetitive bid f r $500,000 o or l s es Deposit requirement................ Deposit guarantee by designated i s i u i n ntttos Key Dates: 5% of face amount Acceptable Deadline f r receipt of tenders...................... o Tuesday, August 3 , 1976, 1 by 1:30 p.m., EDST Settlement date ( i a payment due) fnl a Cash or Federal funds.......................... ) Tuesday, September 1 , 1976 4 b Check drawn on bank within FRB d s r c where submitted ) itit Thursday, September 9 1976 , c Check drawn on bank outside FRB d s r c where submitted ) itit Tuesday, September 7 1976 , Delivery date f r coupon securities................... o Tuesday, September 1 , 1976 4 UNITED STATES OF AMERICA T R E A S U R Y N O TES O F SER IES E -1980 D ated and bearing interest from Septem ber 14, 1976 d e p a r t m e n t c ir c u l a r P u b lic D e b t S e rie s N o . 2 2 - 7 6 D ue Septem ber 30, 1980 DEPARTM ENT OF TH E TREASURY, Office of the Secretary, W ashin gton, A u g u s t 25, 1976. t o s and of coupon and registered n tes, and the in o transfer of registered notes w l be permitted. il 1 . The Secretary of the Treasury, pursuant t the o 5 . The notes w l be subject t the general regulations il o authority of the Second Liberty Bond Act, as amended, of the Department of the Treasury, now or hereafter i v t s tenders on a y e d basis f r $2,000,000,000, or nie il o prescribed, governing United States n t s oe. thereabouts, of notes of the United S a e , designated tts Treasury Notes of Series E-1980 (CUSIP No. 912827 FY 3 . The i t r s r t f r the notes w l be determined ) neet ae o il as s t forth i Section I I paragraph 3 hereof. e n I, , III. T E N D E R S A N D A LLO TM EN TS Additional amounts of these notes may be issued a the t 1 Tenders w l be received a Federal Reserve Banks . il t average price of accepted tenders to Government and Branches and a the Bureau of the Public Debt, t accounts and t Federal Reserve Banks f r themselves o o Washington, D.C. 20226, up t the closing hour, 1:30 o and as agents of foreign and international monetary p.m., Eastern Daylight Saving time, Tuesday, August a t o ities. Tenders w l be received up t 1:30 p.m., uhr il o 3 , 1976. Each tender must s a e the face amount of 1 tt Eastern Daylight Saving time, Tuesday, August 3 , 1 notes bid f r which must be $1,000 or a multiple t e o, h reof, 1976, under competitive and noncompetitive bidding a s and the y e d desired, except that i the case of il n s t forth i Section I I h reof. e n I e noncompetitive tenders the term “noncompetitive” should be used i l e of a y e d In the case of n iu il. competitive tenders, the y e d must be expressed i terms il n of an annual y e d with two decimals, e g , 7 1 . il, .. . 1 D . D E SC R IP T IO N O F N O T E S Fractions may not be used. Noncompetitive tenders from 1 The notes w l be dated September 1 , 1976, and . il 4 any one bidder may not exceed $500,000. w l bear i t r s from that date, payable on a semi il neet annual basis on March 31 and September 30 1977, and , 2 Commercial banks, which fo t i purpose are . r hs thereafter on March 3 and September 30 i each year 1 n defined as banks accepting demand deposits, and dealers u t l the principal amount becomes payable. They w l ni il who make primary markets i Government s c r t e n euiis mature September 3 , 1980, and w l not be subject t 0 il o and report daily t the Federal Reserve Bank of New o c l f r redemption prior t maturity. al o o York th i positions with respect t Government er o s c r t e and borrowings thereon, may submit tenders euiis 2 The income derived from the notes i subject to a l . s l f r account of customers provided the names of the o taxes imposed under the Internal Revenue Code of 1954. customers are s t forth i such tenders. Others w l not e n il The notes are subject t e t t , inheritance, g f or other o sae it be permitted to submit tenders except f r th i own o er excise t axes, whether Federal or S a e but are exempt tt, account. Tenders w l be received without deposit from il from a l taxation now or hereafter imposed on the l banking i s i u i n for th i own account. Federallyntttos er principal or i t r s thereof by any S a e or any of the neet tt, insured savings and loan associations, S a e , p l t c l tts oiia possessions of the United S a e , or by any l c l taxing tts oa subdivisions or instrumentalities t e h reof, public pension authority. and retirement and other public funds, international 3 The notes w l be acceptable t secure deposits of . il o organizations i which the United States holds member n public moneys. They w l not be acceptable i payment of il n s i , foreign central banks and foreign S a e , dealers hp tts ta e . xs who make primary markets i Government s c r t e n euiis and report daily t the Federal Reserve Bank of New o 4 Bearer notes with i t r s coupons attached, and . neet York t e r positions with respect t Government hi o notes registered as to principal and i t r s , w l be n e e t il s c r t e and borrowings thereon, and Government euiis issued i denominations of $1,000, $5,000, $10,000, n accounts. Tenders from others must be accompanied by $100,000 and $1,000,000. Book-entry notes w l be il payment of 5 percent of the face amount of notes applied available t e i i l bidders i multiples of those o lgbe n fr o. a m o u n ts. Interchanges of notes of different denomina I. IN V IT A T IO N FO R T E N D E R S (Over) 3. Im m ediately after the closing hour tenders will be opened, follow ing which public announcem ent will be m ade by the D epartm ent o f the Treasury o f the am ount and yield range o f accepted bids. Those subm itting com petitive tenders will be advised o f the acceptance or rejection thereof. In considering the acceptance ot tenders, those with the lowest yields will be accepted to the extent required to attain the am ount offered. T enders at the highest accepted yield will be prorated if necessary. After the determ ination is m ade as to which tenders are accepted, a coupon rate will be determ ined at a 1 /8 ot one percent increm ent that translates into an average accepted price close to 100.000 and a lowest accepted price above 99.000. T hat rate o f interest will be paid on all o f the notes. Based on such interest rate, the price on each com petitive tender allotted will be determ ined and each successful com petitive bidder will be required to pay the price corresponding to the yield bid. Price calcu lation s will be carried to three decim al places on the basis o f price per hundred, e.g., 99.9z3, and the determ inations o f the Secretary o f the Treasury shall be final. T he Secretary o f the Treasury expressly reserves the right to accept or reject any or all tenders, in whole or in part, including the right to accept tenders for more or less than the $2,000,000,000 o f notes offered, and his action in any such respect shall be final. Subject to these reservations, noncom petitive tenders for $500,000 or less w ithout stated yield from any one bidder will be accented in full at the average p rice1 (in three decim als) ot accepted com petitive tenders. IV . P A Y M E N T United States Treasury if the tender is subm itted to it. which must be received at such Bank or at the I reasury no later than: (1) Thursday. Septem ber 9. 1976, it the check is drawn on a bank in the Federal Reserve District o f the Bank to which the check is subm itted, or the Fifth Federal Reserve District in the case o f the Treasury, or (2) Tuesday. Septem ber 7, 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. Pay ment will not be deem ed to have been com pleted where registered notes are requested if the appropriate id en ti fying num ber as required on tax returns and other d o cu m ents subm itted to the Internal Revenue Service (an individual’s social security num ber or an em ployer identification num ber) is not furnished. In every case where full paym ent is not com pleted, the paym ent with the tender up to 5 percent o f the am ount o f notes allotted shall, upon declaration m ade by the Secretary ot the Treasury in his discretion, be forfeited to the United States. V . G E N E R A L P R O V IS IO N S 1. As fiscal agents o f the United States. Federal Reserve Banks are authorized and requested to receive tenders, to m ake such allotm ents as may be prescribed by the Secretary o f the Treasury, to issue such notices as may be necessary, to receive payment for and m ake delivery o f notes on full-paid tenders allotted, and they may issue interim receipts pending delivery ot the definitive notes. 2. The Secretary o f the Treasury may at any tim e, or 1. Settlem ent for accepted tenders in accordance with from tim e to tim e, prescribe supplem ental or am en d a the bids m ust be m ade or com pleted on or before tory rules and regulations governing the offering, which Septem ber 14, 1976, at the Federal Reserve Bank or will be com m unicated promptly to the Federal Reserve Branch or at the Bureau o f the Public D ebt, W ashington, Banks. D.C. 20226. Paym ent m ust be in cash, in other funds im m ediately available to the Treasury by Septem ber 14, E D W IN H . Y E O , III 1976, or by check drawn to the order o f the Federal Acting Secretary> the Treasury. oj Reserve Bank to which the tender is subm itted, or the 1A v e r a g e p r ic e m a y b e a t . o r m o r e o r le s s t h a n 1 0 0 , (XX). IMPORT ANT— Closing lim e for receipt of this tender is 1:30 p.m., Tuesday, August 31, 1976. ( TENDER FOR TREASURY NOTES OF SERIES E-1980 Dated September 14,1976 Due September 30,1980 F ederal R eserve B a n k of N ew Y ork, D ated at F iscal A g en t of the U n ited States, N e w Y ork, N . Y . 10045 •g * io T he undersigned hereby offers to purchase U nited States of A m erica Treasury N otes of Series E -1 9 8 0 in the am ount indicated below , and agrees to m ake paym ent therefor at your Bank on or before the issue date at the price aw arded on this tender. COMPETITIVE TENDER Do not fill in both Competitive and Noncompetitive tenders on one form $ .................................................................... (m aturity value) or any lesser am ount that m ay be awarded. Y ie ld : .................. (Yield must be expressed with not more than two decimal places, for example, 7.11) C NONCOMPETITIVE TENDER $ .................................................................... (m aturity value) ( N o t to e x c e e d $500,000 fo r one b id d e r throu gh a ll sou rces) at the average price of accepted com petitive bids. U Subject to allotm ent, please issue, deliver, and accept paym ent for the securities as indicated below and on the reverse side (if registered securities are desired, please also com plete schedule on reverse sid e) : Pieces Denominations $ Maturity value 1,000 5,000 □ 1. Deliver over the counter to the undersigned □ 2. Ship to the undersigned □ 3. Hold in safekeeping (for member bank only) in— LJ □ 100,000 1,000,000 □ General Account □ 10,000 x iiv c s u iie m n c c o u m Payment will be made as follow s : By charge to our reserve account By cash or check in immediately □ □ a vailable fu n d s D 5. Special instructions. Trust Account 4. Hold as collateral for Treasury Tax and Loan Account* (N o changes on d e liv e ry instructions m i l be accep ted) 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.) W e H e r e b y C e r t i f y that w e have received tenders from our custom ers in the am ounts set forth opposite the custom ers’ nam es on the list w hich is made a part of this tender, and that w e have either received and are holding for the T reasury or w e guarantee paym ent to th e T reasury of deposits stipulated in the official offering circular. W e F urther C ertify that tenders received by u s, if any, from other com m ercial banks for their own account and for the account of their custom ers have been entered w ith us under the same conditions, agree m ents, and certifications as set forth in this form . (Name of subscriber—please print or type) Insert this tender in special envelope marked “Tender for Treasury Notes or Bonds9 9 (Address—incl. City and State) (Tel. No.) (Signature of subscriber or authorized signature) (Title of authorized signer) (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. N o 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 at the same yield 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. 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. 4. Payment must be completed by September 14, 1976. If payment is by check drawn on a bank in this District, it must be received by September 9, 1976; checks drawn on a bank in another District must be received by September 7, 1976. 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 that, in the opinion of the Secretary of the Treasury, is material, the tender may be disregarded. ( over) [Enc. Cir. No. 7944] LO C D AN O E CM T “* H “ 2C Ul cs c Ul 3 00 C O z o H 0. A C O (A 0 3 (A o1 o < o &5 ^ a C L ’*o n *- J j - « U Hh QM . U inl - 1 3 u. aQ Q 3 SI S i g«Ss f £ &2 Soc 2 5 6^05 mac ffiZ □ □ <I £J □ □ □ $2 O 00 O' »" ■ I 5 8 III IO Ul «/> IO Ul ► - f t o z >■ 3 to < 06 & «/) 5 Ul 3 to to tt 2 Ul a W a U i 5 8 X i S 3 Ul <J to 8 8
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