Full text of Federal Reserve Bank of New York Circulars : 8668. Treasury Announces November Quarterly Financing

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FED ER AL RESERVE BANK
OF NEW YORK
Fiscal Agent of the United States
P Circular

N o.

8668

[ _ O ctober 25, 1979

]

TREASURY ANNOUNCES NOVEMBER QUARTERLY FINANCING
To All Banking Institutions, and Others Concerned,
in the Second Federal Reserve District:

The following statement was issued yesterday by the Treasury Department:
The Treasury will raise about $1,400 million of new cash and refund $5,390 million of securities maturing
November 15, 1979, by issuing $2,750 million of 3‘/ 2 -year notes, $2,000 million of 10-year notes and $2,000
million of 30-year bonds.
The $5,390 million of maturing securities are those held by the public, including $759 million held, as of
today, 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 $1,831 million
of the maturing securities that may be refunded by issuing additional amounts of new securities. Additional
amounts of the new securities may also be issued to Federal Reserve Banks, as agents for foreign and interna
tional monetary authorities, to the extent that the aggregate amount of tenders for such accounts exceeds the
aggregate amount of maturing securities held by them.
Printed on the reverse side is a table summarizing the highlights o f the offerings. Copies o f the official
offering circulars will be furnished upon request directed to our Treasury and Agency Issues Division (Tel.
No. 212-791-6619). In addition, enclosed are copies o f the forms to be used in submitting tenders.
This Bank will receive tenders at the Securities Department o f its Head Office and at its Buffalo Branch
up to 1:30 p.m., Eastern Standard time, on the dates specified on the reverse side o f this circular as the
deadlines for receipt o f tenders. A ll co m p etitive tenders, whether transmitted by mail or by other means,
must reach this Bank or its Branch by that time on the specified dates. 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 for each offering provides that n on com p etitive tenders will be con
sidered timely received if they are mailed to this Bank or its Branch under a postmark no later than the date
preceding the date specified for receipt o f tenders.
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; ch ecks en d o rsed to this Bank will n ot b e 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.

THOMAS M. TIMLEN,
First Vice President.

(Over)

H IG H L IG H T S OF T R E A S U R Y
OFFERINGS T O T H E PU BLIC
N O V E M B E R 1979 F IN A N C IN G
T O BE ISSUED N O V E M B E R 15, 1979

3 Vi-Year Notes

10-Year Notes

30-Year Bonds

$ 2 ,7 5 0 million

$ 2 ,0 0 0 million

3 Vi-year notes

10-year notes

30-year bonds

Amount Offered:
T o the p u b lic ...............................................

Description of Security:
Term and type o f s e c u r ity ....................

Series G -1 9 8 3

Series B -1989

Bonds o f 2004-2009

(C U S IP N o . 912827 KB7)

(C U S IP N o . 912827 K C 5)

(C U S IP N o . 9 1 2810 C K 2)

M aturity d a t e ............................................

M ay 15, 1983

N ovem ber 15, 1989

N ovem ber 15, 2009

Call date........................................................

N o provision

N ovem ber 15, 2004

Interest coupon r a te ................................

T o be determined, based on the

average o f accepted bids

Investment y i e ld .......................................

T o be determined at auction

Premium or d isc o u n t..............................

T o be determined after auction

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

M ay 15 and N ovem ber 15

M inim um denomination available . .

$ 5 ,0 0 0

$ 1,000

M ethod o f s a l e ..........................................

Yield auction

Accrued interest payable by investor . .

None

Preferred a llo tm e n t ................................

Noncom petitive bid for

Series and C U S IP designation............

Terms of Sale:

$ 1 ,0 0 0 ,0 0 0 or less

Deposit requirement................................

$ 1 ,0 0 0 ,0 0 0 or less

5 % o f face am ount

Acceptable

Tuesday, October 30,1979,
by 1:30 p.m., EST

Wednesday, October 31,1979,
by 1:30 p.m., EST

Thursday, November 1, 1979,
by 1:30 p.m., EST

Thursday, Novem ber 15, 1979

Thursday, N ovem ber 15, 1979

Friday, Novem ber 9, 1979

Friday, N ovem ber 9, 1979

Friday, N ovem ber 9 , 1979

Thursday, N ovem ber 8, 1979

Thursday, November 15, 1979

Thursday, November 15,1979

Tuesday, November 20, 1979

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

Key Dates:
Deadline for receipt o f te n d e r s..........

Settlement date (final payment due)
a) cash or Federal f u n d s .................
b) check drawn on bank within
FRB district where submitted . . .
c) check drawn on bank outside
FRB district where submitted . . .
Delivery date for coupon securities . . .

FORM BY-1

IM P O R T A N T — Closing tim e fo r receipt o f this tender is 1 :3 0 p .m ., Thursday, Novem ber 1, 1 9 7 9

TENDER FOR 30-YEAR TREASURY BONDS OF 2004-2009

P R IV A C Y A C T S T A T E M E N T — The individually identifiable information required on this form is necessary to permit the subscription to be processed and the securities to be issued.
If registered securities are requested, the regulations governing United States securities (Department Circular No. 300) and the offering circular require submission of social securitv
numbers; the numbers and other information are used in inscribing the securities and establishing and servicing the ownership and interest records. The transaction will not be completed
unless all required data is furnished.

To F ederal R eserve B a n k of N ew Y ork
Fiscal Agent of the United States
New York, N.Y. 10045

Dated at
, 19.

The undersigned hereby offers to purchase the above-described securities 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

C O M P E T IT IV E T EN D ER

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

NONCOMPETITIVE TENDER

$............................................................. (maturity value)
(N ot to exceed $1,000,000 for one bidder through all sources)

at the average price of accepted competitive bids.

Yield :
(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 com plete schedule on reverse s id e ):
Pieces

D enom inations
$

1,000

5,000

10,000

M atu rity value

□
□
□

□
$

100,000

D eliver over the counter to the
undersigned 0 )
Ship to the undersigned (2)
H o ld in safekeeping (fo r m em ber
bank o n ly ) in—
□ Investm ent A cco u n t (*)
□ General A cco u n t U )
□ T r u s t A c c o u n t (6)
H o ld as collateral for T re a su ry
T ax and L o a n A c c o u n t* (?)

P aym ent w ill be made as fo llo w s ;
□ B y charge to our reserve account (D )
□ B y cash or check in immediately
available funds ( f )
□ B y surrender o f m aturing securities <E)
□ B y charge to m y correspondent
bank .................................................................

(Name of bank)
□

Special instructions

<3>

$1,000,000
□

W i r e t o ........................................................................................................................................................

T o ta ls

(Exact Receiving Bank Wire Address/Account)

♦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 the account of customers, the following
certifications are made a part of this tender.)

W e H ereby C ertify that we have not made and will not make any agreements for the sale or purchase

of any securities of this issue prior to the closing time for receipt of this tender.
W e F urther C ertify 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 urther C ertify 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

In sert this te n d e r in
sp ecia l e n v e lo p e m a r k e d

City

State

Zip Code

“ T e n d e r f o r T r e a su r y
ISotes o r B o n d s 99

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)

IN S T R U C T IO N S ;
1. No 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 the bidder s account. Others will not be permitted to
submit tenders except for their own accounts.
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 trom others must
be accompanied by payment of at least 5 percent of the face amount of the securities applied for.
4. 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
n o t 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 and received at this Bank on the payment date (which is generally three business days before the
issue date) shown in the circular providing the highlights of this offering. All checks must be drawn payable to the Federal
Reserve Bank of New Y ork ; 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) 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.
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.
(o v e r )

SCHEDULE FOR ISSUE OF REGISTERED TREASURY SECURITIES
SUBSCRIPTION NO
DELIVERY INSTRUCTIONS

PAYMENT INSTRUCTIONS

SUBSCRIBER’S NAME

□

DELIVER OVER THE COUNTER

□

BY CHARGE TO OUR
RESERVE ACCOUNT

ADDRESS _____________

□

SHIP TO SUBSCRIBER
□

□

OTHER INSTRUCTIONS:

BY CASH OR CHECK
IN IMMEDIATELY AVAILABLE FUNDS

□

BY SURRENDER OF
M A TU R IN G SECURITIES

□

BY CHARGE TO M Y
CORRESPONDENT BA N K

CITY

.STATE

ZIP

SIGNATURE

NO. OF
PIECES

REGISTRATION INSTRUCTIONS

OENOM.

NAME(S)

AMOUNT

SERIAL NOS.
(LEAVE BLANK)

FOR FRB USE ONLY
TRANS. ACCOUNTING DATE

ISSUE AGENT 12

11001

FOR FRB USE ONLY

1,000

5,000
10,000
100,000

ID OR S.S. NO.

1 000,000

ADDRESS
TOTAL
CITY

STATE

ZIP

NAME(S)

TR. CASE NO.
1,000

5.000

10,000
100,000

ID OR S.S. NO.

1,000,000

ADDRESS
TOTAL
CITY

STATE

ZIP

NAME(S)

TR. CASE NO.
1.000

5,000
10,000
100,000

ID OR S.S. NO.

1,000,000

ADDRESS
TOTAL
CITY

STATE

ZIP

LOAN CODE

TR. CASE NO.

FORM NY-1

IMPORTANT — Closing time for receipt of this tender is 1 :3 0 p.m ., Wednesday, October 3 1 , 1979

TENDER FOR 10-YEAR TREASURY NOTES OF SERIES B -1989
To

Dated a t ...........................................................

F ed er al R eserve B a n k of N e w Y o rk

Fiscal Agent of the United States
P R IV A C Y A C T S T A T E M E N T — The individually identifiable information required on this form is necessary to permit the subscription to be processed and the securities to be issued.
If registered securities are requested, the regulations governing United States securities (Department Circular No. 300) and the offering circular require submission of social security
numbers; the numbers and other information are used in inscribing the securities and establishing and servicing the ownership and interest records. The transaction will not be completed
unless all required data is furnished.

New York, N.Y. 10045

........................................................... , 19........

The undersigned hereby offers to purchase the above-described securities 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.
D o not fill in both Competitive and
N oncompetitive tenders on one form

COMPETITIVE TENDER

(maturity value)

$■

or any lesser amount that may be awarded.

NONCOMPETITIVE TENDER

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

Denominations
$

1,000

5,000

10,000

Maturity value

□
□
□

□
$

100,000

$1,000,000
□

Totals

D e live r over the counter to the
undersigned O )
Ship to the undersigned (2)
H o ld in safekeeping (fo r m em ber
bank o n ly ) in—
□ Investm ent A cco u n t (*)
□ G eneral A cco u n t (5)
□ T ru s t A c c o u n t ( 6>
H o ld as collateral for T re asu ry
A c c o u n t* (? )

Tax and Loan

P aym ent w ill be m ade as f o llo w s :
□ B y charge to our reserve account ( ° )
□ B y cash or check in immediately
available funds ( f )
□ B y surrender o f m aturing securities <E)
□ B y charge to m y correspondent
bank .................................................................( ° )

(Name of bank)
□

Special instructions

<3>

Wife to........................................................................................................

<*>

(Exact Receiving Bank Wire Address/Account)

* 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 we have not made and will not make any agreements for the sale or purchase
of any securities of this issue prior to the closing time for receipt of this tender.
W e F u r t h e r C e r t i f y 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
circular.
W e F u r t h e r C e r t i f y 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

In se r t this te n d e r in
special e n v e lo p e m a rk e d

City

State

Zip Code

“ T e n d e r f o r T r e a su r y
N o tes o r B o n d s ”

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)

IN S T R U C T IO N S :
1. No 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 a t th e s a m e y i e l d and may consolidate noncompetitive tenders, provided
a list is attached showing the name of each bidder and the amount bid for the bidder’s account. Others will not be permitted to
submit tenders except for their own accounts.
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 accompanied by payment of at least 5 percent of the face amount of the securities applied for.
4. 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
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 and received at this Bank on the payment date (which is generally three business days before the
issue date) showm in the circular summarizing the highlights of this offering. All checks must be drawn payable to the Federal
Reserve Bank of New Y ork ; 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) 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.
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.
(OVIK)

SCHEDULE FOR ISSUE OF REGISTERED TREASURY SECURITIES

SUBSCRIPTION NO

SUBSCRIBER’S NAME
ADDRESS _____________

DELIVERY INSTRUCTIONS

PAYMENT INSTRUCTIONS

□

DELIVER OVER THE COUNTER

□

BY CHARGE TO OUR
RESERVE ACCO UNT

□

SHIP TO SUBSCRIBER
□

BY CASH OR CHECK
IN IMMEDIATELY AVAILABLE FUNDS

□

BY SURRENDER OF
M A TU R IN G SECURITIES

□

BY CHARGE TO M Y
CORRESPONDENT B AN K

□

CITY __________________

STATE

FOR FRB USE ONLY

OTHER INSTRUCTIONS:

ZIP

TRANS. ACCOUNTING DATE

ISSUE AGENT 12

LOAN CODE

SIGNATURE

NO. OF
PIECES

REGISTRATION INSTRUCTIONS
NAME(S)

DENOM.

1,000

5,000

10,000

100,000

1,000,000

TOTAL

AMOUNT

SERIAL NOS.
(LEAVE BLANK)

110 01

FOR FRB USE ONLY

ID OR S.S. NO.
ADDRESS
CITY

STATE

TR. CASE NO.

ZIP

NAME(S)

1,000

5,000

10,000

100,000

1,000,000

TOTAL

ID OR S.S. NO.
ADDRESS

CITY

STATE

TR. CASE NO.

ZIP

NAME(S)

1,000

5,000

10,000

100,000

1,000,000

TOTAL

ID OR S.S. NO.
ADDRESS
CITY

STATE

ZIP

TR. CASE NO.

♦
FORM NY-5
IM P O R T A N T — Closing time fo r receipt o f this tender is 1 :3 0 p .m ., Tuesday, October 3 0 , 1 9 7 9

TEN D ER FOR 3 ^ - Y E A R TREASURY NOTES OF SE R IE S G-1983

P R IV A C Y A C T S T A T E M E N T — The individually identifiable information required on this form is necessary to permit the subscription to be processed and the securities to be issued.
If registered securities are requested, the regulations governing United States securities (Department Circular No. 300) and the offering circular require submission of social security
numbers; the numbers and other information are used in inscribing the securities and establishing and servicing the ownership and interest records. The transaction will not be completed
unless all required data is furnished.

To F ederal R eserve B a n k of N ew Y ork
Fiscal Agent of the United States
New York, N.Y. 10045

Dated at
, 19.

C O M P E T IT IV E T EN D ER

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

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

$............................................................. (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:
(Yield, must be expressed with not more than two
decimal places, fo r example, 7.11)

Denominations Maturity value

XXX

xxxxxx
$

5,000

10,000

$ 100,000

□

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
Tax and Loan Account* (7)

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

Special instructions (3)

$1,000,000
□

Totals

Wire t o .........................................................................................

(8)

(Exact Receiving Bank Wire Address/Account)

W e H ereby C ertify that we have not made and will not make any agreements for the sale or purchase
of any securities of this issue prior to the closing time for receipt of this tender.
W e F urther C ertify 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
circular.
W e F urther C ertify 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

In sert this te n d e r in
sp ecia l e n v e lo p e m a rk e d

City

State

Zip Code

“ T e n d e r f o r T r e a su r y
ISotes o r B o n d s 99

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)

IN S T R U C T IO N S :
1.

No tender for less than $5,000 will be considered; and each tender must be for a multiple of $5,000 (maturity value).
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 th e s a m e y ie ld and may consolidate noncompetitive tenders, provided
a list is attached showing the name of each bidder and the amount bid for the bidder’s account. Others will not be permitted" to
submit tenders except for their own accounts.
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
lie accompanied by payment of at least 5 percent of the face amount of the securities applied for.
4. 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
n o t 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 and received at this Bank on the payment date (which is generally three business days before the
issue date) shown in the circular summarizing the highlights of this offering. All checks must be drawn payable to the Federal
Reserve Bank of New York ; c h e c k s e n d o r s e d to th is B a n k lo i ll n o t b e a c c e p te d . 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— I el. No. 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.
6. If the language of this tender is changed in any respect that, in the opinion of the Secretary of the T reasury, is material,
the tender may be disregarded.
2.

(

over

)

SCHEDULE FOR ISSUE OF REGISTERED TREASURY SECURITIES

SUBSCRIPTION NO.

SUBSCRIBER S NAME
ADDRESS

DELIVERY INSTRUCTIONS

PAYMENT INSTRUCTIONS

□

DELIVER OVER THE COUNTER

□

BY CHARGE TO OUR
RESERVE A C C O U N T

□

SHIP T O SUBSCRIBER
□

BY CASH O R CHECK
IN IMMEDIATELY AVAILABLE FUNDS

□

BY SURRENDER OF
M A TU R IN G SECURITIES

□

BY CHARGE TO M Y
CORRESPONDENT BA N K

□

CITY

OTHER INSTRUCTIONS:

ZIP

STATE

SIGNATURE

NO. OF
PIECES

REGISTRATION INSTRUCTIONS
NAME(S)

ID OR S.S. NO.
ADDRESS
CITY

STATE

ID OR S.S. NO.
ADDRESS
STATE

5,000

10,000

100,000

1,000,000

TOTAL

5,000

10,000

100,000

1,000,000

TOTAL

5,000

10,000

100,000

ID OR S.S. NO.

1,000,000

ADDRESS

TOTAL

CITY

STATE

ZIP

SERIAL NOS.
(LEAVE BLANK)

ISSUE AGENT 12

LOAN CODE

110-01
FOR FRB USE ONLY

TR. CASE NO.

ZIP

NAME(S)

AMOUNT

TRANS. ACCOUNTING DATE

TR. CASE NO.

ZIP

NAME(S)

CITY

DENOM.

FOR FRB USE ONLY

TR. CASE NO.

UNITED STATES OF AMERICA
TREASURY NOTES OF MAY 15, 1983
SERIES G-1983
DEPARTMENT CIRCULAR
Public Debt Series - No. 25-79
1.
1.

DEPARTMENT OF THE TREASURY,
OFFICE OF THE SECRETARY,
Washington, October 25, 1979.

INVITATION FOR TENDERS

The Secretary of the Treasury, under the authority

of the Second Liberty Bond Act, as amended, invites tenders for’
approximately $2,750,000,000 of United States securities,
designated Treasury Notes of May 15, 1983, Series G-1983 (CUSIP
No. 912827 KB 7).

The securities will be sold at auction with

bidding on the basis of yield.

Payment will be required at the

price equivalent of the bid yield of each accepted tender. The
interest rate on the securities and the price equivalent of each
accepted bid will be determined in the manner described below.
Additional amounts of these securities may be issued to
Government accounts and Federal Reserve Banks for their own
account in exchange for maturing Treasury securities.

Additional

amounts of the new securities may also be issued at the average
price to Federal Reserve Banks, as agents for foreign and inter
national monetary authorities, to the extent that the aggregate
amount of tenders for such accounts exceeds the aggregate amount
of maturing securities held by them.
2.
2.

DESCRIPTION OF SECURITIES

The securities will be dated November 15, 1979, and

will bear interest from that date, payable on a semiannual basis
on May 15, 1980, and eagh subsequent

months on November 15 and

May 15, until the principal becomes payable.

They will mature

May 15, 1983, and will not be subject to call for redemption
prior to maturity.
2.

The income derived from the securities is subject

to all taxes imposed under the Internal Revenue Code of 1954.
The securities are subject to estate, inheritance, gift or other
excise taxes, whether Federal or State, but are exempt from all
taxation now or hereafter imposed on the principal or interest
thereof by any State, any possession of the United States, or
any local taxing authority.

- 2 -

The securities will be acceptable to secure deposits

of public monies.
taxes.
2.

They will not be acceptable in payment of

Bearer securities with interest coupons attached,

and securities registered as to principal and interest, will be
issued in denominations of $5,000, $10,000, $100,000, and
$1,000,000.

Book-entry securities will be available to eligible

bidders in multiples of those amounts.

Interchanges of

securities of different denominations and of coupon, registered
and book-entry securities, and the transfer of registered
securities will be permitted.
2. 5. The Department of the Treasury's general
regulations governing United States securities apply to the
securities offered in this circular.

These general regulations

include those currently in effect, as well as those that may be
issued at a later date.
3.
3.

SALE PROCEDURES

Tenders will be received at Federal Reserve Banks

and Branches and at the Bureau of the Public Debt, Washington,
D. C. 20226, up to 1:30 p.m., Eastern Standard time, Tuesday,
October 30, 1979.

Noncompetitive tenders as defined below will

be considered timely if postmarked no later than Monday,
October 29, 1979.
3. 2. Each tender must state the face amount of securities
bid for.

The minimum bid is $5,000 and larger bids must be in

multiples of that amount.

Competitive tenders must also show the

yield desired, expressed in terms of an annual yield with two
decimals, e.g., 7.11%.

Common fractions may not be used.

Noncompetitive tenders must show the term "noncompetitive" on the
tender form in lieu of a specified yield.

No bidder may submit

more than one noncompetitive tender and the amount may not exceed
$1,000,000 .

All bidders must certify that they have not made and

will not make any agreements for the sale or purchase of any
securities of this issue prior to the deadline established in
Section 3.1. for receipt of tenders.

Those authorized to submit

tenders for the account of customers will be required to certify

-3that such tenders are submitted under the same conditions, agree
ments, and certifications as tenders submitted directly by
bidders for their own account.
3.

Commercial banks, which for this purpose are defined

as banks accepting demand deposits, and primary dealers, which
for this purpose are defined as dealers who make primary markets
in Government securities and report daily to the Federal Reserve
Bank of New York their positions in and borrowings on such
securities, may submit tenders for account of customers if the
names of the customers and the amount for each customer are
furnished. Others are only permitted to submit tenders for their
own account.
3.

Tenders will be received without deposit for their

own account from commercial banks and other banking institutions;
primary dealers, as defined above; Federally-insured savings and
loan associations; States, and their political subdivisions or
instrumentalities; public pension and retirement and other public
funds; international organizations in which the United States
holds membership; foreign central banks and foreign states;
Federal Reserve Banks; and Government accounts.
others must be accompanied by a deposit of

Tenders from

% of the face amount

of securities applied for (in the form of cash, maturing Treasury
securities or readily collectible checks), or by a guarantee of
such deposit by a commercial bank or a primary dealer.
3.

Immediately after the closing hour, tenders will be

opened, followed by a public announcement of the amount and yield
range of accepted bids.

Subject to the reservations expressed in

Section 4, noncompetitive tenders will be accepted in full, and
then competitive tenders will be accepted, starting with those at
the lowest yields, through successively higher yields to the
extent required to attain the amount offered.

Tenders at the

highest accepted yield will be prorated if necessary.

After the

determination is made as to which tenders are accepted, a coupon
rate will be established, on the basis of a

1/8

of one percent

increment, which results in an equivalent average accented price
close to

100.000

and a lowest accepted price above the original

issue discount limit of 99.250.

That rate of interest will be

-4-

paid on all of the securities.

Based on such interest rate, the

price on each competitive tender allotted will be determined and
each successful competitive bidder will be required to pay the
price equivalent to the yield bid.

Those submitting

noncompetitive tenders will pay the price equivalent to the
weighted average yield of accepted competitive tenders.

Price

calculations will be carried to three decimal places on the basis
of price per hundred, e.g., 99.923, and the determinations of the
Secretary of the Treasury shall be final.

If the amount of

noncompetitive tenders received would absorb all or most of the
offering, competitive tenders will be accepted in an amount
sufficient to provide a fair determination of the yield.

Tenders

received from Government accounts and Federal Reserve Banks will
be accepted at the price equivalent to the weighted average yield
of accepted competitive tenders.
3. 7. Competitive bidders will be advised of the acceptance
or rejection of their tenders.

Those submitting noncompetitive

tenders will only be notified if the tender is not accepted in
full, or when the price is over par.
4. RESERVATIONS
4.

The Secretary of the Treasury expressly reserves the

right to accept or reject any or all tenders in whole or in part,
to allot more or less than the amount of securities specified in
Section 1, and to make different percentage allotments to various
classes of applicants when the Secretary considers it in the
public interest.

The Secretary's action under this Section is

final.
5.

5. PAYMENT AND DELIVERY
Settlement for allotted securities must be made or

completed on or before Thursday, November 15, 1979, at the Federal
Reserve Bank or Branch or at the Bureau of the Public Debt,
wherever the tender was submitted.

Payment must be in cash; in

orher funds immediately available to the Treasury; in Treasury
bills, notes or bonds (with all coupons detached) maturing on or
before the settlement date but which are not overdue as defined
in the general regulations governing United States securities; or
tv check drawn to the order of the institution to which the

-5-

tender was submitted, which must be received at such institution no
later than:
(a) Friday, November 9, 1979, if the check is drawn on a
bank in the Federal Reserve District of the institution
to which the check is submitted (the Fifth Federal
Reserve District in case of the Bureau of the Public
Debt), or
(b) Thursday, November

, 1979, if the check is drawn on a

bank in another Federal Reserve District.
Checks received after the dates set forth in the preceding
sentence will not be accepted unless they are payable at the
applicable Federal Reserve Bank.

Payment will not be considered

When payment is made in securities, a

cash adjustment will be made to or required of the bidder for any
difference between the face amount of securities presented and
the amount payable on the securities allotted.
5.

In every case where full payment is not completed

Registered securities tendered as deposits and in

payment for allotted securities are not required to be assigned
if the new securities are to be registered in the same names and
forms as appear in the registrations or assignments of the
securities surrendered.

When the new securities are to be

registered in names and forms different from those in the
inscriptions or assignments of the securities presented, the
assignment should be to "The Secretary of the Treasury for
(securities offered by this circular) in the name of (name and
taxpayer identifying number)."

If new securities in coupon form

are desired, the assignment should be to "The Secretary of the
Treasury for coupon (securities offered by this circular) to be

- 6 -

delivered to (name and address).*'

Specific instructions for the

issuance and delivery of the new securities, signed by the owner
or authorized representative, must accompany the securities
presented.

Securities tendered in payment should be surrendered

to the Federal Reserve Bank or Branch or to the Bureau of the
Public Debt, Washington, D. C. 20226.

The securities must be

delivered at the expense and risk of the holder.
5 ,
4 .
if bearer securities are not ready for delivery on
the settlement date, purchasers may elect to receive interim
certificates.

These certificates shall be issued in bearer form

and shall be exchangeable for definitive securities of this
issue, when such securities are available, at any Federal
Reserve Bank or Branch or at the Bureau of the Public Debt,
Washington, D. C. 20226.

The interim certificates must be

returned at the risk and expense of the holder.
5. 5. Delivery of securities in registered form will be
made after the requested form of registration has been validated,
the registered interest account has been established, and the
securities have been inscribed.
6 . GENERAL PROVISIONS
6

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 Secretary of the Treasury may at any time issue

supplemental or amendatory rules and regulations governing the
offering.

Public announcement of such changes will be promptly

provided.

Paul H. Taylor,
Fiscal Assistant Secretary.

U N IT E D
TREASU RY

STATES

NOTES

S E R IE S

DEPARTMENT CIRCULAR
Public Debt Series - No. 26-79
1.
1.

A M E R IC A

N O VEM B ER

15, 1989

B-1989
DEPARTMENT OF THE TREASURY,
OFFICE OF THE SECRETARY,
Washington, October 25, 1979.

INVITATION FOR TENDERS

The Secretary of the Treasury, under the authority

of the Second Liberty Bond Act, as amended, invites tenders for
approximately $2,000,000,000 of United States securities,
designated Treasury Notes of November 15, 1989, Series B-1989
(CUSIP No. 912827 KC 5).

The securities will be sold at auction

with bidding on the basis of yield.

Payment will be required at

the price equivalent of the bid yield of each accepted tender.
The interest rate on the securities and the price equivalent of
each accepted bid will be determined in the manner described
below. Additional amounts of these securities may be issued to
Government accounts and Federal Reserve Banks for their own
account in exchange for maturing Treasury securities.

Additional

DESCRIPTION OF SECURITIES

The securities will be dated November 15, 1979, and

will bear interest from that date, payable on a semiannual basis
on May 15, 1980, and each subsequent

months on November 15 and

May 15, until the principal becomes payable.

They will mature

November 15, 1989, and will^ not be subject to call for redemption
prior to maturity.
2.

The income derived from the securities is subject

taxing authority.
t

-2 -

The securities will be acceptable to secure deposits

of public monies.
taxes.
2.

They will not be acceptable in payment of

Bearer securities with interest coupons attached,

and securities registered as to principal and interest, will be
issued in denominations of $1,000, $5,000, $10,000, $100,000, and
$1,000,000.

Book-entry securities will be available to eligible

bidders in multiples of those amounts.

Interchanges of

securities of different denominations and of coupon, registered •
and book-entry securities, and the transfer of registered
securities will be permitted.
2. 5. The Department of the Treasury's general
regulations governing United States securities apply to the
securities offered in this circular.

These general regulations

include those currently in effect, as well as those that may be
issued at a later date.
3.

SA LE

PRO CEDURES

Tenders will be received at Federal Reserve Banks

and Branches and at the Bureau of the Public Debt, Washington,
D. C. 20226, up to 1:30 p.m., Eastern Standard time, Wednesday,
October 31, 1979.

Noncompetitive tenders as defined below will

be considered timely if postmarked no later than Tuesday,
October 30, 1979.
3. 2. Each tender must state the face amount of securities
bid for.

The minimum bid is $1,000 and larger bids must be in

multiples of that amount.

Competitive tenders must also show the

vleld desired, expressed in terms of an annual yield with two
decimals, e.c., 7.11%. Common fractions may not be used.
Noncompetitive tenders must show the term '‘noncompetitive" on the
tender form in lieu of a specified yield.

No bidder may submit

more than one noncompetitive tender and the amount may not exceed
$1,000,000 .

All bidders must certify that they have not made and

*.;ill not make any agreements for the sale or purchase or any
securities cf this issue prior to the deadline established in
Section 3.1. for receipt of tenders.

Those authorized to submit

renders for the account of customers will be required to cerrify

-3-

that such tenders are submitted under the same conditions, agree
ments, and certifications as tenders submitted directly by
bidders for their own account.
3. 4. Commercial banks, which for this purpose are defined
as banks accepting demand deposits, and primary dealers, which
for this purpose are defined as dealers who make primary markets
in Government securities and report daily to the Federal Reserve
3ank of New York their positions in and borrowings on such
securities, may submit tenders for account of customers if the
names of the customers and the amount for each customer are
furnished.

Others are only permitted to submit tenders for their

own account.
3. 5. Tenders will be received without deposit for their
own account from commercial banks and other banking institutions;
primary dealers, as defined above; Federally-insured savings and
loan associations; States, and their political subdivisions or
instrumentalities; public pension and retirement and other public
funds; international organizations in which the United States
holds membership; foreign central banks and foreign states;
Federal Reserve 3anks; and Government accounts.

Tenders from

others must be accompanied by a deposit of 5% of the face amount
of securities applied for (in the form of cash, maturing Treasury
securities or readily collectible checks), or by a guarantee of
such deposit by a commercial bank or a primary dealer.
3.

Immediately after the closing hour, tenders will be

opened, followed by a public announcement of the amount and yield
range of accepted bids.

Subject to the reservations expressed in

Tenders at the

highest accepted yield will be prorated if necessary.

After the

determination is made as to which tenders are accepted, a coupon
rate will be established, on the basis of a

1/8

of one percent

increment, 'which results in an equivalent average accepted price
close to

100.000

and a lowest accepted price above the original

issue discount limit of 97.500.

That rate of interest will be

-4-

paid on all of the securities.

Based on such interest rate, the

price on each competitive tender allotted will be determined and
each successful competitive bidder will be required to pay the
price equivalent to the yield bid.

Those submitting

noncompetitive tenders will pay the price equivalent to the
weighted average yield of accepted competitive tenders.

Price

calculations will be carried to three decimal places on the basis
of price per hundred, e.g., 99.923, and the determinations of the
Secretary of the Treasury shall be final.

If the amount of

noncompetitive tenders received would absorb all or most of the
offering, competitive tenders will be accepted in an amount
sufficient to provide a fair determination of the yield.

Tenders

received from Government accounts and Federal Reserve Banks will
be accepted at the price equivalent to the weighted averag-e yield
of accepted competitive tenders.
3. 7. Competitive bidders will be advised of the acceptance
or rejection of their tenders.

Those submitting noncompetitive

tenders will only be notified if the tender is not accepted in
full, or when the price is over par.
4. RESERVATIONS
4. 1. The Secretary of the Treasury expressly reserves the
right to accept or reject any or all tenders in whole or in part,
to allot more or less than the amount of securities specified in
Section 1, and to make different percentage allotments to various
classes of applicants when the Secretary considers it in the
public interest.

The Secretary’s action under this Section is

f inal.
5.

5. PAYMENT AND DELIVERY
Settlement for allotted securities must be made or

completed on or before Thursday, November 15, 1979, at the Federal
Reserve Bank or Branch or at the Bureau of the Public Debt,
wherever the tender was submitted.

Payment must be in cash; in

other funds immediately available to the Treasury; in Treasury
tills, notes or bonds (with all coupons detached) maturing on or
before the settlement date but which are not overcue as ^erined
ir chc ceneral regulations governing United States securities; or
tv check drawn to the order of the institution to wnich the

-5-

, 1979, if the check is drawn on a

bank in another Federal Reserve District.
Checks received after the dates set forth in the preceding
sentence will not be accepted unless they are payable at the
applicable Federal Reserve Bank.

Payment will not be considered

V7hen payment is made in securities, a

cash adjustment will be made to or required of the bidder for any
difference between the face amount of securities presented and
the amount payable on the securities allotted.
5.

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.
5. 3. Registered securities tendered as deposits and in
payment for allotted securities are not required to be assigned
if the new securities are to be registered in the same names and
forms as appear in the registrations or assignments of the
securities surrendered.

When the new securities are to be

registered in names and forms different from those in the
inscriptions or assignments of the securities presented, the

be to "The Secretary of
ed by this circular) in t!
inc number)." If new sec

name c: (nam

ass icnment should be to "
on (securi t ies offered by
v tnis cir

-6delivered to (name and address)." Specific instructions for the
issuance and delivery of the new securities, signed by the owner
or authorized representative, must accompany the securities
presented.

Securities tendered in payment should be surrendered

to the Federal Reserve Bank or Branch or to the Bureau of the
Public Debt, Washington, D. C. 20226.

The securities must be

delivered at the expense and risk of the holder.
5 #
4 #
xf bearer securities are not ready for delivery on
the settlement date, purchasers may elect to receive interim
certificates.

These certificates shall be issued in bearer form

and shall be exchangeable for definitive securities of thxs
issue, when such securities are available, at any Federal
Reserve Bank or Branch or at the Bureau of the Public Debt,
Washington, D. C. 20226.

The interim certificates must be

returned at the risk and expense of the holder.
5, 5. Delivery of securities in registered form will be
made after the requested form of registration has been validated,
the registered interest account has been established, ana the
securities have been inscribed.
6 .
GENERAL PROVISIONS
6

As fiscal agents of the United States, rederal

Reserve Banks are authorized and requested to receive tenders, to
make allotments as directed by the Secretary of the Treasury, uo
issue such notices as may be necessary, to receive payment ior
and make delivery of securities on full-paid allotments, and to
issue interim certificates pending delivery of the definitive
securities .
6 .
2.

The Secretary of the Treasury may at any time issue

sucplenental or amendatory rules and regulations governing the
offering.

Public announcement of such changes will be prompt-1 y

oroviced.

Paul H . Taylor,
iscal Assistant Secretary.

UNITED STATES OF AMERICA
TREASURY BONDS OF 2004-2009
DEPARTMENT CIRCULAR
Public Debt Series - No. 27-79
1.
1.

DEPARTMENT OF THE TREASURY,
OFFICE OF THE SECRETARY,
Washington, October 25, 1979.

INVITATION FOR TENDERS

The Secretary of the Treasury, under the authority of

the Second Liberty Bond Act, as amended, invites tenders for
approximately $2,000,000,000 of United States securities,
designated Treasury Bonds of 2004-2009 (CUSIP No. 912810 CK 2). The
securities will be sold at auction with bidding on the basis of
yield.

Payment will be required at the price equivalent of the bid

yield of each accepted tender.

The interest rate on the securities

and the price equivalent of each accepted bid will be determined in
tne manner descriued uelcw.

Adoitional amounts of these securities

may be issued to Government accounts and Federal Reserve Banks for
their own account in exchange for maturing Treasury securities.
Additional amounts of the new securities may also be issued at the
average price to Federal Reserve Banks, as agents for foreign and
international monetary authorities,

to the extent that the

aggregate amount of tenders for such accounts exceeds the
aggregate amount of maturing securities held by them.
2.
2.

DESCRIPTION OF SECURITIES

The securities will be dated November 15, 1979, and

will bear interest from that date, payable on a semiannual basis on
Mav 15, 1980, and each subsequent

months on November 15 and May

15, until the principal becomes payable.

They will mature November

15, 2009, but may be redeemed at the option of the United States
on and after November 15, 2004, in whole or in part, at par and
accrued interest on any interest payment date or dates, on 4
months' notice of call given in such manner as the Secretary of the
Treasury shall prescribe.

In case of partial call, the securities

to be redeemed will be determined by such method as may be
prescribed by the Secretary of the Treasury.

.........:________

Interest on the

■ uaflnMttaafct

-In
s e c u r itie s

called for redemption shall cease on the date of

redemption specified in the notice or call.
2. 2. The income derived from the securities is subject to
all taxes imposed under the Internal Revenue Code of 1954. The
securities are subject to estate, inheritance, gift or other excise
taxes, whether Federal or State, but are exempt from all taxation
now or hereafter imposed on the principal or interest tnereof by
any State, any possession of the United States, or any local taxing
authority.
2. 3.

_•
The securities will be acceptable to secure deposits

of public monies. They will not be acceptable in payment of taxes.
2. 4. Bearer securities with interest coupons attached, and
securities registered as to principal and interest, will be issued
in denominations of $1,000, $5,000, $10,000, $100,000, and
$1,000,000.

Book-entry securities will be available to eligible

bidders in multiples of those amounts.

Interchanges of securities

of different denominations and of coupon, registered and book-entry
securities, and the transfer of registered securities will be
permitted.
2. 5.

The Department of the Treasury's general regulations

governing United States securities apply to the securities offered
in this circular.

These general regulations include those

currently in effect, as well as those that may be issued at a later
date .
3.
3.

SALE PROCEDURES

Tenders will be received at Federal Reserve Banks

and Branches and at the Bureau of the Public Debt, Washington,
D. C. 20226, up to 1:30 p.ra., Eastern Standard time, Thursday,
November 1, 1979.

Noncompetitive tenders as defined below wilx be

considered timely if postmarked no later than Wednesday, October 31,
1979 .
3. 2. Each tender must state the face amount of
securities bid for. The minimum bid is $1,000 and larger bias must
be in multiples of that amount.

Competitive tenders must also show

the yield desired, expressed in terms of an annual yield with two
0 ^
7 1 1 3 :,
Common fractions may not oe used.

-3-

Koncompetitive tenders must show the term "noncompetitive" on the
tender form in lieu of a specified yield.

No bidder may submit

more than one noncompetitive tender and the amount may not exceed
$ 1 ,000 ,000 .

All bidders must certify that they have not made and

will not make any agreements for the sale or purchase of any
securities of this issue prior to the deadline established in
Section 3.1. for receipt of tenders.

Those authorized to submit

tenders for the account of customers will be required to certify
that such tenders are submitted under the same conditions, agree
ments, and certifications as tenders submitted directly by bidders
for their own account.
3. 4. Commercial banks, which for this purpose are defined
as banks accepting demand deposits, and primary dealers, which for
this purpose are defined as dealers who make primary markets in
Government securities and report daily to the Federal Reserve Bank
of New York their positions in and borrowings on such securities,
may submit tenders for account of customers if the names of the
customers and the amount for each customer are furnished.

Others

are only permitted to submit tenders for their own account.
3.

Tenders will be received without deposit for their own

account from commercial banks and other banking institutions;
primary dealers, as defined above; Federally-insured savings and
loan associations; States, and their political subdivisions or
instrumentalities; public pension and retirement and other public
funds; international organizations in which the United States holds
membership; foreign central banks and foreign states; Federal
Reserve Banks; and Government accounts.

Tenders from others must

be accompanied by a deposit of 5% of the face amount of securities
applied for (in the form of cash, maturing Treasury securities or
readily collectible checks), or by a guarantee of such deposit by a
commercial bank or a primary dealer.
3. 6 . Immediately after the closing hour, tenders will be
opened, followed by a public announcement of the amount and yield
range of accepted bids.

Subject to the reservations expressed in

Section 4, noncompetitive tenders will be accepted in full, and
then competitive tenders will be accepted, starting with those at

-4-

the lowest yields, through successively higher yields to the extent
required to attain the amount offered.

Tenders at the highest

accented yield will be prorated if necessary.

After the

determination is made as to which tenders are accepted, a coupon
rate will be established, on the basis of a

1/8

of one percent

increment, which results in an equivalent average accepted price
close to

100.000

and a lowest accepted price above the.original

issue discount limit of 92.500.
on all of the securities.

That rate of interest will be paid

Based on such interest rate, the price

on each competitive tender allotted will be determined and each
successful competitive bidder will be required to pay the price
equivalent to the yield bid. Those submitting noncompetitive
tenders will pay the price equivalent to the weighted average yield
of accepted competitive tenders.

Price calculations will be

carried to three decimal places on the basis of price per hundred,
e.c., 59.923, and the determinations of the Secretary of the
Treasury shall be final. If the amount of noncompetitive tenders
received would absorb all or most of the offering, competitive
tenders will be accepted in an amount sufficient to provide a fair
determination of the yield. Tenders received from Government
accounts and Federal Reserve Banks will be accepted at the price
equivalent to the weighted average yield of accepted competitive
tenders.
3 . 7.

Competitive bidders will be advised of the acceptance
submitting noncompetitive
or rejection of their tenders. Those
tender is not accepted in full,
tenders will only be notified if the
or when the price is over par.
4. RESERVATIONS
4.

The Secretary of the Treasury expressly reserves

the right to accept or reject any or all tenders in whole or in
part, to allot more or less than the amount of securities
scarified in Section 1, and to make different percentage
-ilo — =--ts to various classes of applicants when the Secretary
The Secretary's action
•--'der "his Section is final.

cc"aiders it in the public interest.

-5 -

5. PAYMENT AND DELIVERY
Settlement for allotted securities must be made or

completed on or before Thursday, November 15, 1979, at the Federal
Reserve Bank or Branch or at the Bureau of the Public Debt,
wherever the tender was submitted.

Payment must be in cash; in

other funds immediately available to the Treasury; in Treasury
bills, notes or bonds (with all coupons detached) maturing on or
before the settlement date but which are not overdue as defined in
the general regulations governing United States securities; or by
check drawn to the order of the institution to which the
tender was submitted, which must be received at such institution
no later than:
(a) Friday, November 9, 1979, if the check is drawn on a
bank in the Federal Reserve District of the institution
to which the check is submitted (the Fifth Federal
Reserve District in case of the Bureau of the Public
Debt) , or
(b) Thursday, November
'

, 1979, if the check is drawn on

a bank in another Federal Reserve District.

Checks received after the dates set forth in the preceding
sentence will not be accepted unless they are payable at the
applicable Federal Reserve 3ank.

Payment will not be considered

complete where registered securities are requested if the
appropriate identifying number as required on tax returns and
other documents submitted to the Internal Revenue Service (an
individual's social security number or an employer
identification number) is not furnished. When payment is made
in securities, a cash adjustment will be made to or required oi
the bidder for any difference between the face amount of
securities presented and the amount payable on the securities
allotted.
5. 2.

In every case where full payment is not completed

^•n tire, the deocsit 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.

-6 -

Registered securities tendered as deposits and in

payment for allotted securities are not required to be assigned
if the new securities are to be registered in the same names and
forms as appear in the registration's or assignments of the
securities surrendered.

When the new securities are to be

If new securities in coupon form

are desired, the assignment should be to "The Secretary of the
Treasury for coupon (securities offered by this circular) to be
delivered to (name and address)."

Specific instructions for rhe

issuance and delivery of the new securities, signed by the owner
or authorized representative, must accompany the securities
oresented.
Securities tendered in payment should be surrendered to
the Federal Reserve Bank or Branch or to the Bureau of the Public
Debt, Washington, D. C. 20226.

The securities must be delivered at

the expense and risk of the holder.
5 #
4 #
jf bearer securities are not ready for delivery on
the settlement date, purchasers may elect to receive interim
certificates.

These certificates shall be issued in bearer form

The interim certificates must be

returned at the risk and expense of the holder.
5. 5. Delivery of securities in registered form will be
made after the requested form of registration has been
validated, the registered interest account has been estaolishea,
ana the securities have been inscribed.
6 . GENERAL PROVISIONS
6

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

-7payment for and make delivery of securities on full-paid
allotments, and to issue interim certificates pending delivery
of the definitive securities.
6 .
2. The Secretary of the Treasury may at any time issue
supplemental or amendatory rules and regulations governing the
offering.

Public announcement of such changes will be promptly

provided.

Paul H. Taylor,
Fiscal Assistant Secretary.

Full text of Federal Reserve Bank of New York Circulars : 8668. Treasury Announces November Quarterly Financing

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