Full text of Federal Reserve Bank of New York Circulars : 8520. Treasury to Auction $2,480 Million of 2-Year Notes

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FED ER AL RESERVE BANK
O F NEW YORK
Fiscal Agent o f the United States
Circular No. 8520~|
February 14, 1979_|

[

TREASURY TO AU CTIO N $2,480 M ILLION OF 2-YE A R NOTES
T o A l l B a n k in g In stitu tio n s, a n d O th e r s C o n c e r n e d ,
in th e S e c o n d F e d era l R e s e r v e D istr ic t:

The following statement was issued yesterday by the Treasury Department:
The Department o f the Treasury will auction $2,480 million o f 2-year notes to refund approximately the
same amount o f notes maturing February 28, 1979. The $2,477 million o f maturing notes are those held by the
public, including $388 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 $368 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 to Federal Reserve Banks, as agents for foreign and international m one­
tary authorities, to the extent that the aggregate amount o f tenders for such accounts exceeds the aggregate
amount o f maturing securities held by them. This procedural change will not affect the amount o f securities
awarded to foreign and international monetary authorities, although, compared to the previous procedure, it
could potentially reduce the amount o f securities awarded competitively to private investors.

Printed on the reverse side is a table summarizing the highlights o f the offering. Copies o f the official
offering circular will be furnished upon request directed to our Government Bond Division (Tel. No.
212-791-6619).
Enclosed is a copy o f a standard form that can be used in submitting tenders for this offering (or for
any subsequent offering o f 2-year notes).
This Bank will receive tenders up to 1:30 p.m., Eastern Standard time, Wednesday, February 21, 1979,
at the Securities Department o f 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 in­
vestors 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

February 20.
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 o f New York; checks endorsed to this Bank will not be accepted. A personal check submitted
with the tender, either as a deposit or for the face amount o f 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 o f the face amount o f securities allotted, shall,
at the discretion o f 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 TREASURY
OFFERING TO THE PUBLIC
OF 2-YEAR NOTES
TO BE ISSUED FEBRUARY 28, 1979
(Delivery date f o r coupon securities is M arch 5, 1979)

Amount Offered:
T o the p u b l i c ............................

$2,480 million

Description of Security:
Term and type o f security

2-year notes

Series and CUSIP designation

Series Q-1981
(CUSIP N o. 912827 JL7)

Maturity d a te ............................

February 28,1981

Call d a t e .....................................

No provision

Interest cou p on r a t e ...............

T o be determined, based on the
average o f accepted bids

Investment yield........................

T o be determined at auction

Premium or discount...............

T o be determined after auction

Interest payment d a t e s ...........

August 31, 1979; February 29
and August 31, 1980; and
February 28,1981

Minimum denomination available

$5,000

Terms of Sale:
Method o f s a le .........................................................................................................

Yield auction

Accrued interest payable by investor..................................................................

None

Preferred allotm ent................................................................................................

Noncompetitive bid for
$1,000,000 or less

Deposit requirem ent..............................................................................................

5% o f face amount

Deposit guarantee by designated institutions...................................................

Acceptable

Key Dates:
Deadline for receipt o f tenders.............................................................................

Settlement date (final payment due)
a) cash or Federal fu n d s...................................................................................

Wednesday, February 21, 1979,
by 1:30 p.m ., EST

Wednesday, February 28, 1979

b) check drawn on bank within FRB district where s u b m itte d ...............

M onday, February 26,1979

c) check drawn on bank outside FRB district where subm itted...............

Friday, February 23, 1979

Delivery date for cou pon securities....................................................................




Monday, March 5, 1979

IM P OR TA N T^-— T h is is a standard 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 .
1 his ten der w ill b e con stru ed as a b id to p u rch ase the 2-y ea r n otes f o r w h ich the T re a su ry h as outstan 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 ra n ch .

TENDER FOR 2-YEAR TREASURY NOTES
To F ederal R eserve B a n k of N e w
Fiscal Agent of the United States
New York, N .Y. 10045
111
S3
V ac

ork

Dated at
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.

X 1/3 °
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N o n c o m p e titiv e ten d ers on o n e fo r m

C O M P E T IT IV E T E N D E R

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

•a *x ^

n s

N O N C O M P E T IT I V E T E N D E R

$ ........... ...................................
............................... (maturity value)
( N o t to e x c e e d $ 1 ,0 0 0 ,0 0 0 f o r o n e b id d e r th r o u g h a ll sources)

Yiel d: ................

at the average price of accepted competitive bids.

( Y i e l d m u s t b e e x p r e s s e d w i t h n o t m o r e than t w o
d ec im a l p la c e s , f o r e x a m p l e , 7 .1 1 )

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£38
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b*g.S
wy

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

$

Maturity value

5,000

l i l

$

10,000

‘L |
& S8

$

100,000

□

Deliver over the counter to the
undersigned (3)
□ Ship to the undersigned (2)
□ Hold in safekeeping (for member
bank only) in—
□ Investment Account (4)
□ General Account (5)
□ Trust Account (6)
□ Hold as collateral for Treasury
Tax and Loan Account* (7)

Payment will be made as follows:
□ By charge to our reserve account ( ° )
□ By cash or check in im m e d ia te ly
a v a ila b le fu n d s <F )

□ By surrender of maturing securities (■)
□ By charge to my correspondent
bank ............................. ..................... (D)
(Name of bank)

□ Special instructions (3)

$ 1,000,000

s ©*
* 12; ~
S *3 s

□

Totals

8
« |8* 8C
«o 0' £

Wire to............................................................................

_______________________ (Exact Receiving Bank Wire Address/Account)

* The undersigned certifies that the allotted securities will be owned solely by the undersigned.

**•2

(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.)

C C c

£

Y

a> ««

^ i.s

W e H ereby C er tify that we have not made and will not make any agreements for the sale or
ot any securities of this issue prior to the closing time for receipt of this tender.

51.1

cQ3
ow 5
(/}
TJ Wfl)

purchase

W e F urth 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-

v <y

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uu qi
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C u ic ir.

C
\£
O w r*
••B £ 3

W e F u r th er C er tify that tenders received by us, if any, from other commercial banks or primary dealers
tor 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.

c5 8
fctfs «
•8-oS
.S «■£
v c to
3 ° !
f i s
« £ C
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*8.E

Name of Subscriber (Please Print or Type)

Address

Insert this tender in
special envelope marked
“Tender for Treasury
Notes or Bonds”

rt *"t3

sgg

5 .8 3

ills
j h

City

State

Phone (Include Area Code)

Zip

Signature of Subscriber or Authorized Signature

Title of Authorized Signer

"ill
•0—'*3- **oS—
4

Sf?S

gl||

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

W <v ■£ i3
H u °«2
(Name of customer).......................................
....................................... (NamTofLmstom«)'.......................................
2 K5 .s
f c - § “ INSTRU C TIO N S:
£ ctt
1. No tender for less than $5,000 will be considered; and each tender must be for a multiple of $5,000 (maturity value).
& .S*3
E ”3

2. Only banking institutions, and dealers who make primary markets in Government securities and report daily to this

w
3 g Bank their positions with respect to Government securities and borrowings thereon, may submit tenders for customer account ;
« e .5
g
I* to
v
U,_ WO' m doing so, they may consolidate competitive tenders a t th e s a m e y i e l d and may consolidate noncompetitive tenders, provided

£> ^
2 -- £

g 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.

c^SfJSs
uE«

>«
S
>
—< C

=
3

t
,

^ l!1 ^ rece»ved without deposit from commercial and other banks for their own account, Federally-insured
° a? ass° ciatl.°ns, States, political subdivisions or instrumentalities thereof, public pension and retirement and other

ted with^htTtender CpeeCr^'or^l^ctKcksrs u ^ rittedClLri1
thethnV Ui 18 °'V jr brfore

be m cash or in other immediately available funds.

be

tenders, however, the Head Office number to call is 212-791-5461) '
the t L e 'r T ^ V K r ^ a r 'd e d " nd' r “ Chi“'g' d




“»* ^

any r' SpeC*

'

a ccep ted :

of the new securities may be submit-

Settlement on the issue date must

16~M9' 5016- <>f the inquiry relates to competitive

in ,he of,inion ° f « *

of the Treasury, is material,
(o

ver

)




UNITED
TREASURY

STATES

NOTES

OF

OF

FEBRUARY

SERIES

DEPARTMENT CIRCULAR
Public Debt Series -

No.

AMERICA
28,

1981

Q-1981

DEPARTMENT
OFFICE OF

4-79

OF THE T R E A S U R Y ,
THE S E C R E T A R Y ,

Washington,
1.
1.
of

1.

the

The

Second

Secretary

Liberty

approximately

Treasury

(CUSIP

912827

with

bidding

the

price

The

interest

each

on

Bond

JL

7).

the

basis

rate

of

on

bid

Additional

the

the

will

of

United

yield.
yield

amounts

of

these

Government

accounts

and

Federal

account

in

exchange

for

maturing

amounts

of

the

price

to

Federal

national
amount
of

new

Reserve

monetary

of

for

will
on
28,

1.

bear

to

2.
to
The

all

call

for

The

taxes

taxation
thereof

now
by

local




are

or

any

under

the

State,

to

any

OF
be

at

for

extent

equivalent

for

their

issued

at

to

own
Additional

the

foreign

the

of

described
be

that

at

tender.

may

issued

auction

required

securities.

average

and

the

inter­

aggregate

aggregate

amount

SECURITIES
dated

August

prior
from

28,
to
the

Internal
estate,
or

February

payable

and

imposed

on

on

a

31,

1981,

the
of

28,

1979,

semiannual
1980;
and

and

will

and

basis

February
not

be

maturity.
securities
Revenue

but

are

United

subject

of

gift

exempt

principal
the

is

Code

inheritance,

State,

possession

authority.

Banks

exceeds

February

Federal

hereafter

taxing

29

derived

subject

whether

manner

agents

date,

redemption

income

the

the

Q-1981

accepted

in

be

for

them.

will

that

mature

imposed

taxes,

by

February

will

as

DESCRIPTION

from

They

2.

held

be

price

also

to

will

securities

accounts

securities

1979;

securities

excise

any

31,

1981.

subject

The

interest

August

such

securities
2.

2.

Banks,

sold

each

Treasury

tenders

be

the

Reserve

may

authorities,

tenders

maturing

securities

will

of

authority

Series

and

determined

1979.

securities,

1981,

Payment

securities

be

28,

the

invites

States

securities

bid

under

amended,

February

The

14,

TENDERS

Treasury,

as

of

of

FOR

the

Act,

Notes

equivalent

accepted

below.

of

$2,480,000,000

designated
No.

INVITATION

February

or

1954.
or

other

from

all

interest

States,

or

-2 2.
of

3.

public

The

securities

monies.

They

will

be

acceptable

to

secure

not

be

acceptable

in

payment

will

deposits
of

taxes.
2.
and

4.

Bearer

securities

issued

in

in

of

securities
2.

5.

The

regulations
securities
include
issued

of

in

this
in

and
D.

1.

Tenders

Branches
C.

and

February

21,

2.

for.

$100,000,

be

will

to

Interchanges

of

and

of

coupon,

transfer

of

the

Treasury's

be

and

available

the

of

States

eligible

registered

registered

general

securities

circular.

These

effect,

well

as

SALE

apply

general
as

to

the

regulations

those

that

may

be

be

PROCEDURES

received

Bureau

p.m.,

of

at

the

Federal

Public

tenders

if p o s t m a r k e d

Reserve

Debt,

E a st e r n S t and ar d

Noncompetitive

timely

yield

Each

The

multiples

of

tender

minimum
that

desired,

decimals,

bid

is

amount.

expressed

e.g.,

must

Banks

Washington,

time,

Wednesday,

as defined

no later

b el ow will

than Tuesday,

Feb rua ry

7.11%.

in

must

tender

lieu

a

than

in

one

of

the

face

$5,000

and

larger

bids

must

be

tenders

must

also

show

terms

Common

tenders

form

state

Competitive

Noncompetitive

more

interest,

1979.
3.

bid

the

1979.

be c o n s i d e r e d
20,

at

will

up to 1 : 3 0

20226,

attached,

date.
3.

3.

will

coupons

and

$10,000,

amounts.

and

United

currently

later

principal

denominations

Department

offered

a

those

interest

permitted.

governing

those
at

be

to

$5,000,

securities,

will

with

securities

different

book-entry

as

of

Book-entry
multiples

securities
and

registered

denominations

$1,000,000.
bidders

securities

of

annual

fractions

show

the

specified

noncompetitive

an

may

term

and

of

yield

not

be

securities

with

No

the

the

used.

bidder

amount

in

two

"noncompetitive"

yield.

tender

amount

may

may

on

the

submit

not

exceed

$ 1 ,000 ,000 .
3.

will

All

3.

not make

securities

of

Section

3.1.

t en der s

for




b i d d er s must

any
this

agreements

c e rt i f y

not made

for the sale or p u rc h a s e

issue p ri or

for r e c e ip t of

that they have

to the d e ad l i n e

tenders.

Those

the a c c o un t of c u s t o me r s will

of any

e s ta b l i sh e d

au th or i ze d

be req ui red

and

in

to submit
to cer ti fy

-3 that

such

ments,

tenders

and
for

3.

4.

banks

for
in

their

purpose

Bank

of

New

securities,
names

of

the

furnished.
own

their

same

conditions,
directly

agree­

by

and

customers
are

for
and

and

tenders

for

and

amount

the

only

who

daily

in

dealers,

to

defined
which

primary

markets

the

Federal

Reserve

borrowings

for

are

make

to

account

permitted

purpose

primary

dealers

report

this

of

on

such

customers

each

if

the

customer

are

tenders

for

submit

their

account.
3.

own

5.

Tenders

account

primary
loan

from

dealers,

holds

above;

membership;

others

Reserve
must

be

securities

securities
such

States,

Banks;

collectible

extent

to

accepted

determination
will

be

increment,

is

made

as

which

to

100.000

issue

discount

results
and

limit

a
of

a

be

the

to

to

the

will

on
in

the
an

lowest

tenders

That

face

amount

of

rate

accepted,

average

of

above

be

yield

one

interest

at

the

at

the

After
a

the

coupon

percent

accepted
the

in

and

those

to

Tenders

of

and

with

yields

1/8

price

of

will

full,

necessary.

a

Treasury

expressed

in

starting

are

amount

guarantee

accepted

if

from

tenders

the

higher

equivalent

99.500.

of

public

dealer.

offered.

accepted

a

or

States

maturing

hour,

accepted,

basis

the

by

and

states;

reservations
be

prorated

which

of

or

other

Tenders

cash,

closing

amount

be

5%

savings

United

foreign

primary

successively

will

established,

close




will

attain

of

announcement

tenders

through

yield

the

Subject

tenders

of

checks),
or

the

and

their

institutions;

and

accounts.

form

bank

public

bids.

yields,

required

highest

a

banks

the

after

noncompetitive

competitive
lowest

(in

commercial

by

which

deposit

readily

accepted
4,

a

for

followed

of

by

applied

a

in

for

subdivisions

retirement

Government

accompanied

banking

political

and

central

and

other

deposit

Federally-insured

their

pension

foreign

Immediately

6.

and

without

and

organizations

3.

Section

rate

public

by

range

the

defined

deposit

opened,

then

or

received

as

international

Federal

be

banks

associations;

funds;

will

commercial

instrumentalities;

of

as

positions

submit

Others

the

submitted

which

deposits,

defined

securities

may

tenders

banks,

demand

are

York

as

under

account.

Commercial

Government

t

own

accepting

this

submitted

certifications

bidders

as

are

price

original
will

be

-4 paid

on

price
each

all

on

of

the

each

competitive

successful

price

noncompetitive

to

the

average

yield

calculations

will

of

hundred,

price

per

Secretary

of

the

noncompetitive
offering,

received

be

to

Treasury

tenders

a

accepted

at

of

accepted

competitive

or

7.

full,

of

will

or

price

their

only

when

be

the

right
to

1.

to

The

accept

allot

more

notified
is

reject

Section

1,

and

classes

of

applicants

public

to

interest.

decimal
the

places

If

the

of

the

Price

on

the

amount

all

or

in

of

of

the

the

amount

yield.

Reserve

weighted

basis

of

most

an

the

Federal

to

the

tenders.

accepted

and

to

the

determinations

absorb

be

pay

Tenders

Banks

will

average

yield

will

if

the

be

advised

of

submitting
tender

is

the

acceptance

noncompetitive

not

accepted

in

par.

RESERVATIONS
of
any

the
or

the

Treasury
all

the

expressly

tenders

amount

different
when

The

to

equivalent

Those

over

than

make

and

price

determination

tenders.

less

determined

required

final.

will

the

submitting

would

bidders

Secretary

or

be

rate,

tenders.

price

or

will

be

and

equivalent

4.
4.

be

accounts

Competitive

rejection

tenders

fair

interest

Those

three

shall

such

competitive

99.923,

tenders

be

3.

to

received

Government
the

the

accepted

e.g.,

provide

from

of

will

bid.

pay

carried

competitive

sufficient

will

on

allotted

bidder

yield

tenders

Based

tender

competitive

equivalent

weighted

securities.

of

Secretary's

action

whole

securities

percentage

Secretary

in

reserves
or

under

part,

specified

allotments

considers

in

the

it

this

to
in

in

various
the

Section

is

f inal.
5.

5.

1.

completed
Federal

Settlement

on

or

before

Reserve

Bank

Debt,

wherever

the

cash;

in

funds

Treasury
on

or

ties;

other
bills,

before

defined
or




in
by

PAYM ENT

the

was

or

bonds

settlement

drawn

at

28,

but

all

made

1979,

at

the

of

to

are

the

the
must

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coupons

which

of

be

Payment

governing

order

must

Bureau

available

(with

date

the

the

submitted.

regulations
to

securities

February

or

immediately

general

check

Branch

tender

D E L IV E R Y

allotted

Wednesday,

or

notes

the

for

AND

Public
be

in

Treasury;
detached)

not

United

overdue
States

institution

or

to

in
maturing
as
securi­
which

the

-5 tender
later

was

submitted,

which

must

be

received

at

such

institution

than:
(a)

Monday,

February

bank

the

to

in

which

1979,

Federal

the

Reserve

26,

check

District

if

Reserve
is

in

the

District

submitted

case

check

of

of

(the

the

is

drawn

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a

institution

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Bureau

on

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of

the

Public

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(b)

Checks

Friday,

February

bank

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received

sentence

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complete

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where

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difference

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on

time,

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United

3.

payment

for

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considered

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taxpayer

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required

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forth

number

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States.

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if

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amount
of

to

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be

set

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number

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Bank.

security

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if

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adjustment

amount

dates

registered

documents

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1979,

Federal

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identifying

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cash

after

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appropriate
other

in

23,

of

circular)

and
form
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to

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no

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delivered

to

issuance
or

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delivery

authorized

presented.
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at

any

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bearer
of

form

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Federal

Public

certificates

in

has

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issued

of

the

owner

securities

receive

Debt,

must

be

holder.
registered

registration

GENERAL
agents

directed
as

of

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authorized

as

of

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been

validated,

established,

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inscribed.

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allotments

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and

1.

to

available,

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ready

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for

holder.

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elect

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6.
6.

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of

may

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and

or

definitive

at

20226.

requested

registered

securities

Branch
C.

the

20226.

certificates

Delivery

after

C.

These

or
D.

Branch

purchasers

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payment

or

risk

signed

accompany

in

date,

such

Washington,

must

for

instructions

securities,

securities

exchangeable

Bank

5.

expense

Specific

new

Bank

Washington,

certificates.
shall

the

tendered

Reserve

settlement

and

of

Securities

Debt,

delivered

address)."

representative,

Federal

Public

and

may

of

the

and
by

be

United

States,

requested

the

on

pending

to

Secretary

necessary,

securities

certificates

PROVISIONS

to

receive
of

the

receive

full-paid
delivery

Federal
tenders,

Treasury,
payment

allotments,
of

the

to
to

for

and

to

definitive

securities.
6.

2.

The

supplemental
offering.

or

Secretary
amendatory

Public

of

the

rules

announcement

Treasury
and

of

may

at

regulations

such

changes

any

time

governing

will

be

provided.




Paul
Fiscal

H.

Taylor,

Assistant

Secretary.

issue
the

promptly