Full text of Federal Reserve Bank of New York Circulars : 8538. Treasury to Auction $2,880 Million of 2-Year Notes

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FED ER A L RESERVE BANK
O F NEW YORK

Fiscal Agent of the United States
Circular No. 8538
March 15, 1979

TREASURY TO AU CTIO N $2,880 MILLION OF 2-YEAR 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 $2,880 million o f 2-year notes to refund approximately the
same amount o f notes maturing March 31, 1979. The $2,879 million o f maturing notes are those held by the
public, including $743 million currently held by Federal Reserve Banks as agents for foreign and international
monetary authorities.
W ithout assurance, before the auction date o f March 21, o f Congressional action on legislation to raise the
temporary debt ceiling, the Treasury will postpone this auction.
In addition to the public holdings, Government accounts and Federal Reserve Banks, for their own
accounts, hold $640 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.

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, Wednesday, March 21, 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 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
March 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 of 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 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 of 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 APRIL 2, 1979

Amount Offered:

T o the public

$2,880 million

Description of Security:

Term and type o f security............

2-year notes

Series and CUSIP designation . . .

Series R-1981
(CUSIP No. 912827 JN3)

Maturity date................................

March 31, 1981

Call d a te ........................................

No provision

Interest coupon r a t e ....................

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

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

To be determined at auction

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

To be determined after auction

Interest payment d a te s ................

September 30 and March 31

Minimum denomination available

$5,000

Terms of Sale:

Method o f sale...................................................................................................

Yield auction

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

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 tenders........................................................................
Settlement date (final payment due)
a) cash or Federal funds..............................................................................

Wednesday, March 21, 1979
by 1:30 p.m., EST
Monday, April 2, 1979

b) check drawn on bank within FRB district where subm itted..............

Thursday, March 29, 1979

c) check drawn on bank outside FRB district where submitted..............

Wednesday, March 28, 1979

Delivery date for coupon securities................................................................




Monday, April 2, 1979

March 15, 1979

TREASURY WOULD POSTPONE AUCTION
OF TWO YEAR NOTE OFFERING IF CONGRESSIONAL ACTION
TO INCREASE THE DEBT CEILING HAS NOT BEEN ASSURED

The following statement was issued yesterday hy the Treasury
Department:
The present temporary debt ceiling of $798 billion expires on
March 31, 1979, at which time the debt limit will revert to the permanent
ceiling of $1+00 billion.

Without new legislation, the Treasury would be

unable to assure delivery on April 2 of notes awarded in the auction scheduled
for March 21.

Therefore, unless there is assurance of Congressional action

on legislation to raise the temporary debt limit to allow delivery of the
new two year notes, the auction of these notes would have to be postponed.

FEDERAL RESERVE BANK OF NEW YORK
Fiscal Agent of the United States

[Enc. Cir. No. 8538]




U N I T E D S T A T E S OF A M E R I C A
T R E A S U R Y N O T E S OF M A R C H

31,

1981

S E RIES R-1981

DEPARTMENT CIRCULAR
P u b l i c D e b t S e r i e s - No.
1.
1.
of

1.

I N V I T A T I O N F OR T E N D E R S

The S e c r e t a r y of

the T r e a sury,

the S e c o n d L i b e r t y Bond Act,

approximately
>

D E P A R T M E N T OF THE TREASURY,
O F F I C E OF THE SECRETARY,
W a s h i n g t o n , M a r c h 15, 1979.

6-79

$2,880,000,000

designated

Treasury

No.

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-3
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defined

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as

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instrumentalities;

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as

positions

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Government

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accepting

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as

are

price

original
will

be

-4
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under

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final.
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completed
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other

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for

or

before

Monday,

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general

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DELIVERY

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date

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to

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1979,
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Payment

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Bureau

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inscribed.

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must

securities

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date,

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shall

the

Washington,

certificates.
and

of

Securities

Debt,

5.

address)."

representative,

Federal

delivered

and

delivery

authorized

presented.
to

(name

GENERAL PROVISIONS

As fiscal agents of the United States, Federal

Reserve Banks are authorized and requested to receive tenders, to
make allotments as directed by the Secretary of the Treasury, to
issue such notices as may be necessary, to receive payment for
and make delivery of securities on full-paid allotments, and to
issue interim certificates pending delivery of the definitive
securities.
6.

2.

The

supplemental
offering.

or

Secretary
amendatory

Public

of

the

rules

announcement

of

Treasury
and

may

at

regulations

such

changes

any

governing

will

be

prov i d e d .




time

Paul H. Taylor,
Fiscal Assistant Secretary

issue
the

promptly

GB 3 2 5 ( 9 /7 8 )

IMPORTANT— This is a standard form. Its terms are subject to change at any time by the Treasury.
This tender will be construed as a bid to purchase the 2-year notes for which the Treasury has out­
standing an invitation for tenders on the date received by the Federal Reserve Bank of New York
or its Buffalo Branch.
TENDER FOR 2-YEAR TREASURY NOTES
To F ederal R eserve B a n k of N e w Y ork
Fiscal Agent of the United States
New York, N.Y. 10045

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.
Do not fill in both Competitive and
Noncompetitive tenders on one form

COMPETITIVE TENDER
■5 B’S

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

NONCOMPETITIVE TENDER

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

(Not to exceed $1,000,000 for one bidder through all sources)
at the average price of accepted competitive bids.

(Yield must be expressed with not more than two
decimal places, for example, 7.11)

2

w

0•n v

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 (5)
□ Trust Account <6)
Hold as collateral for Treasury
T a x and Loan Account* (?)

Payment will be made as follow s:
□ By charge to our reserve account CD)
□ By cash or check in immediately
available funds CF)
□ By surrender of maturing securities CD
□ B y charge to my correspondent
bank ................................. ........................(D)
(Name of bank)
□

Special instructions (3)

$1,000,000
□

Totals

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

(g)

(Exact Receiving Bank Wire Address/Account)

♦T h e 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 following
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 ur 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 Rave 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

City

State

Zip

“ Tender for Treasury
Notes or Bonds ”

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).
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
sayings 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 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.
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
iiG
iave to be certified. However, in cases where only a deposit is submitted with the tender, a personal check submitted for the
nal 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
rederal Reserve Bank of New Y o r k ; checks endorsed to this Bank will not be accepted. Settlement on the issue date must
be in cash or in other immediately available funds.
5. A recorded message (at the Head Office— Tel. No. 212-791-5823; at the Buffalo Branch— Tel. No. 716-849-5046) provides iniormation about Treasury offerings; additional inquiries regarding Treasury offerings may be made by calling, at the
ead Office, Tel. No. -12-791-6619, 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.)
6. 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.




SCHEDULE FOR ISSUE OF REGISTERED 2-YEAR TREASURY NOTES
SUBSCRIPTION N O
D E L IV E R Y IN S T R U C T IO N S
SUBSCRIBER’S NAME

□

ADDRESS

□ SHIP TO SUBSCRIBER
□

CITY

STATI

DELIVER OVER THE COUNTER

P A Y M E N T IN S T R U C T IO N S
□

□ BY CASH OR CHECK

OTHER INSTRUCTIONS:

ZIP

NO. OF
PIECES

NAME(S)

DENOM.

32

5,000

34

10,000

38

100,000

ID OR S.S. NO.

42

1,000,000

ADDRESS

99

TOTAL

CITY

STATE

ID OR S.S. NO.
ADDRESS
CITY

STATE

ID OR S.S. NO.
ADDRESS
CITY




STATE

32

5,000

34

10,000

38

100,000

42

1,000,000

9V

TOTAL

□

BY SURRENDER OF
MATURING SECURITIES

□

BY CHARGE TO MY
CORRESPONDENT BANK

ZIP

IS S U E A G E N T 12

INTEREST COMP. DATE

FAB FDR IK E n M IV

TR. CASE NO.

ZIP

NAME(S)

SERIAL NOS.
(LEAVE BLANK)

TRANS. ACCOUNTING DATE

TR. CASE NO.

ZIP

NAME(S)

AMOUNT

FOR FRB USE O N LY

IN IM M E D IA T E L Y A V A ILA B LE F U N D S

SIGNATURE

REGISTRATION INSTRUCTIONS

BY CHARGE TO OUR
RESERVE ACCOUNT

32

5,000

34

10,000

38

100,000

42

1,000,000

99

TOTAL
TR. CASE NO.

LOAN CODE

110 -01