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FEDERAL RESERVE BANK OF NEW YORK Fiscal Agent o f the United States Circular No. 8499 January 18, 1979 T R E A S U R Y TO A U C TIO N $2,700 M ILLIO N OF 2-Y E A R NOTES To All Banking Institutions, and Others Concerned, in the Second Federal Reserve District: The following statement was issued yesterday by the Treasury Department: The Department o f the Treasury will auction $2,700 million o f 2-year notes to refund approximately the same amount o f notes maturing January 31, 1979. The $2,704 million o f maturing notes are those held by the public, including $774 million currently held by Federal Reserve Banks as agents for foreign and international monetary authorities. In addition to the public holdings, Government accounts and Federal Reserve Banks, for their own accounts, hold $151 million o f the maturing securities that may be refunded by issuing additional amounts o f the new notes at the average price o f accepted competitive tenders. Additional amounts o f the new securities may also be issued at the average price, for new cash only, to Federal Reserve Banks as agents for foreign and international monetary authorities. 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 directed to our Government Bond Division (Tel. No. 212-791-6619). Enclosed is a copy of a standard form that can be used in submitting tenders for this offering (or for any subsequent offering of 2-year notes). This Bank will receive tenders up to 1:30 p.m., Eastern Standard time, Tuesday, January 23, 1979, at the Securities Department of its Head Office and at its Buffalo Branch. All competitive tenders, whether transmitted by mail or by other means, must reach this Bank or its Branch by that time. However, for investors who wish to submit noncompetitive tenders and who find it more convenient to mail their tenders than to present them in person, the official offering circular provides that noncompetitive tenders will be considered timely received if they are mailed to this Bank or its Branch under a postmark no later than January 22. 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 securities. Payment may be made by 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. A personal check sub mitted with the tender, either as a deposit or for the face amount of the securities, does not have to be certified. However, in cases where only a deposit is submitted with the tender, a personal check submitted for the final payment must be certified. As provided in the official offering circular, “ in every case where full payment is not completed on time, the deposit submitted with the tender, up to 5 percent of the face amount of securities allotted, shall, at the discretion of the Secretary o f the Treasury, be forfeited to the United States.” A recorded message (at the Head Office — Tel. No. 212-791-5823; at the Buffalo Branch — Tel. No. 716-849-5046) provides information about this and other Treasury offerings; additional inquiries regarding this offering may be made by calling, at the Head Office, Tel. No. 212-791-6619, or, at the Buffalo Branch, Tel. No. 716-849-5016. PAUL A. VOLCKER, President. (Over) HIGHLIGHTS OF T R E A SU R Y OFFERING TO THE PUBLIC OF 2-Y E A R NOTES TO BE ISSUED JAN U AR Y 31, 1979 (Delivery date fo r coupon securities is February 5 , 1979) Amount Offered: To the p u b lic.................................... $2,700 million Description of Security: Term and type o f secu rity ............. 2-year notes Series and CUSIP designation .. . Series P-1981 (CUSIP No. 912827 JJ2) Maturity d a t e .................................. January 31, 1981 Call date .......................................... No provision Interest coupon ra te ....................... To be determined, based on the average o f accepted bids Investment y ie ld .............................. To be determined at auction Premium or d is co u n t..................... To be determined after auction Interest payment dates................... July 31 and January 31 Minimum denomination available $5,000 Terms of Sale: Method o f sale ................................ Yield auction Accrued interest payable by in v estor........... None Preferred allotment ........................................ Noncompetitive bid for $1,000,000 or less Deposit requirement.......................................... 5% o f face amount Deposit guarantee by designated institutions Acceptable Key Dates: Deadline for receipt o f ten d ers.................................................................................Tuesday, January 23, 1979, by 1:30 p.m., EST Settlement date (final payment due) a) Cash or Federal fu n d s........................................................................................... Wednesday, January 31, 1979 b) Check drawn on bank within FRB district where su bm itted ....................... Monday, January 29, 1979 c) Check drawn on bank outside FRB district where s u b m itte d ..................... Friday, January 26, 1979 Delivery date for coupon securities...........................................................................Monday, February 5 ,1 9 7 9 w GB 325 (9/78) I M P O R T A N T — T h is is a stan dard fo r m . Its term s are su b ject to ch an ge at any tim e b y th e T r e a su r y . T h is ten d er w ill b e con stru ed as a b id to p u rch a se the 2 -y ea r n otes f o r w hich the T re a su ry h as o u t stan din g an invitation f o r ten ders on the date received b y th e F ed era l R ese rv e B a n k o f N ew Y o r k o r its B u ffa lo B ran ch . TENDER FOR 2-YEAR TREASURY NOTES To F ederal R eserve B a n k of N ew Y •d.& V’r ’S " 33 « £ 3*0, Wg jK_ 8 o.S v ~ 8 -a J "S Do not fill in both Competitive and Noncompetitive tenders on one form C O M P E T IT IV E T E N D E R «.s s •2-SS Cm2 ............................................................., 19. Pursuant to the provisions of the public notice issued by the Treasury Department inviting tenders for the current offering of 2-year Treasury notes, the undersigned hereby offers to purchase such currently offered Treasury notes 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. 1 ° w § i£ “ •a _ ■5 E-2 Dated a t............................................. ork Fiscal Agent of the United States New York, N.Y. 10045 $ ..................................................................... (maturity value) or any lesser amount that may be awarded. $..................................................................... (maturity value) (N ot to exceed $1,000,000 for one bidder through all sources) at the average price of accepted competitive bids. Y ield : ................ S-a Kh |-S 3& *n <y N O N C O M P E T IT I V E T E N D E R (Yield must be expressed with not more than two decimal places, for example, 7.11) Subject to allotment, please issue, deliver, and accept payment for the securities as indicated below and on the reverse side (if registered securities are desired, please also complete schedule on reverse side): Pieces Denominations $ 5,000 $ 10,000 $ 100,000 Maturity value □ □ □ □ Deliver over the counter to the undersigned O ) Ship to the undersigned ( 2 ) Hold in safekeeping (for member bank only) in— □ Investment Account (4) □ General Account <s) □ Trust Account W Hold as collateral for Treasury T ax and Loan Account* (7) Payment will be made as follow s: □ By charge to our reserve account C°) □ By cash or check in immediately available funds (F) □ By surrender of maturing securities ( * ) □ B y charge to my correspondent bank ....................................................... ...(D) (Name of bank) □ Special instructions (3) $1,000,000 □ Totals W ire to............................................ (8) (Exact Receiving Bank Wire Address/Account) * The undersigned certifies that the allotted securities will be owned solely by the undersigned. ( I f a commercial bank or dealer is subscribing for its own account or for account of customers, the follow ing certifications are made a part of this tender.) W e H ereby C er tify that we have not made and will not make any agreements for the sale or of any securities of this issue prior to the closing time for receipt of this tender. purchase W e F u r th er C er tify that we have received tenders from customers in the amounts set forth opposite their names on the list which is made a part of this tender, and that we have received and are holding for the Treasury, or that we guarantee payment to the Treasury, of the deposits stipulated in the official offering cir cular. W e F u r th er C er tify that tenders received by us, if any, from other commercial banks or primary dealers for their own account, and for the account of their customers, have been entered with us under the same con ditions, agreements, and certifications set forth in this form. Name of Subscriber (Please Print or Type) Address Insert this tender in special envelope marked “ Tender for Treasury Notes or Bonds” City State Zip \ Phone (Include Area Code) 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 S T R U C T IO N S : 1. N o tender for less than $5,000 will be considered; and each tender must be for a multiple of $5,000 (maturity value). „ t?1^ ba-n?cing institutions, an(l dealers who make primary markets in Government securities and report daily to this ank 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 N ew Y ork their positions with respect to Government securities and borrowings thereon, and Government accounts. Tenders from others must be accompanied by payment of at least 5 percent of the face amount of the securities applied for. T A personal check, cash, or Treasury securities maturing on or before the issue date of the new securities may be submit ted with the tender. Personal checks submitted with the tender, either as a deposit or for the face amount of the securities, do nor have to be certified. However, in cases where only a deposit is submitted with the tender, a personal check submitted for the nnal payment must be certified and received at this Bank on the payment date (which is generally three business days before the issue date) shown on the “ Notice of Balance Due’’ that will be mailed to you. A ll checks must be payable on its face to the hederal Reserve Bank of New Y o r k ; checks endorsed to this Bank will not be acceptedi Settlement on the issue date must be in cash or in other immediately available funds. 5. A recorded message (at the Head Office— Tel. N o. 212-791-5823; at the Buffalo Branch— Tel. N o. 716-849-5046) pro vides information about Treasury offerings; additional inquiries regarding Treasury offerings may be made by calling, at the Head Office, Tel. No. 212-791-6619, or, at the Buffalo Branch, Tel. No. 716-849-5016. ( I f the inquiry relates to competitive tenders, however, the Head Office number to call is 212-791-5465.) ^ t*ie language of this tender is changed in any respect that, in the opinion of the Secretary of the Treasury, is material the tender m ay be disregarded. ’ ( over) SCHEDULE FOR ISSUE OF REGISTERED 2-YEAR TREASURY NOTES SUBSCRIPTION NO. DELIVERY INSTRUCTIONS PAYMENT INSTRUCTIONS SUBSCRIBER'S NAME □ DELIVER OVER THE COUNTER □ BY CHARGE TO OUR RESERVE ACCOUNT ADDRESS □ SHIP TO SUBSCRIBER □ BY CASH OR CHECK IN I M M E D I A T E L Y A V A I L A B L E □ BY SURRENDER OF MATURING SECURITIES □ BY CHARGE TO MY CORRESPONDENT BANK □ CITY STATE OTHER INSTRUCTIONS: ZIP SIGNATURE NO. OF P IE C E S R E G IS T R A T IO N IN S T R U C T IO N S N A M JE(S) ID O R S .S . N O . C IT Y STATE 5 ,0 0 0 34 1 0 ,0 0 0 38 1 0 0 ,0 0 0 42 1 ,0 0 0 ,0 0 0 ID O R S .S . N O . STATE S E R IA L N O S . (L E A V E B LA N K) FUNDS IS S U E A G E N T 12 INTEREST COMP. DATE FOR FRB USE ONLY TR. CASE NO. 32 5 ,0 0 0 34 1 0 ,0 0 0 38 1 0 0 ,0 0 0 42 1 ,0 0 0 ,0 0 0 99 AD D RESS AM OUNT TRANS. ACCOUNTING DATE TO TAL Z IP N A M E (S ) C IT Y 32 99 AD D RESS D EN O M . FOR FRB USE ONLY TO TAL TR. CASE NO. Z IP N A M E(S ) ID O R S .S . N O . AD D RESS C IT Y STATE Z IP 32 5 ,0 0 0 34 10 ,0 0 0 38 1 0 0 ,0 0 0 42 1 ,0 0 0 ,0 0 0 99 TO TAL TR. CASE NO. LOAN CODE 1 1 0 -0 1
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