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FEDERAL RESERVE BANK OF NEW YORK Fiscal Agent of the United States Circular No. 8902 August 20, 1980 [ TREASURY TO AUCTION $3,000 MILLION OF 5-YEAR 2Vi-MONTH NOTES To A l l B ankin g In stitu tion s, a n d O th ers C oncerned, in the S eco n d F ederal R eserve D istrict: The following statement was issued yesterday by the Treasury Department: The Department o f the Treasury will auction $3,000 m illion o f 5-year 2Vi-m onth notes to raise new cash. A dditional am ounts o f the notes may be issued to Federal Reserve Banks as agents for foreign and international m onetary authorities at the average price o f accepted com petitive tenders. 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). In addition, enclosed is a copy of the form to be used in submitting tenders. This Bank will receive tenders up to 1:30 p.m., Eastern Daylight Saving time, Wednesday, August 27, 1980, at the Securities Department of its Head Office and at its Buffalo Branch. All competitive tenders, whether transmitted by mail or by other means, must reach this Bank or its Branch by that time. However, for investors who wish to submit noncompetitive tenders and who find it more convenient to mail their tenders than to present them in person, the official offering circular provides that noncompetitive tenders will be considered timely received if they are mailed to this Bank or its Branch under a postmark no later than August 26. 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 with a tender may be in the form of a personal check, which need not be certified, an official bank check, or a Federal funds check (a check drawn by a commercial bank on its Federal Reserve account). All checks must be drawn payable to the Federal Reserve Bank of New York; checks endorsed to this Bank will not be accepted. Payment may also be made in cash or in Treasury securities maturing on or before the issue date of the securities being purchased. Recorded messages provide information about Treasury offerings and about auction results: at the Head Office — Tel. No. 212-791-7773 (offerings) and Tel. No. 212-791-5823 (results); at the Buffalo Branch — Tel. No. 716-849-5046. 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. A n t h o n y m . So l o m o n , President. (Over) HIGHLIGHTS OF TREASURY OFFERING TO THE PUBLIC OF 5-YEAR 2V2-MONTH NOTES TO BE ISSUED SEPTEMBER 3, 1980 (Delivery date for coupon securities is September 12, 1980) Amount Offered: T o the p u b lic ................................................................................................................. $3,000 million Description of Security: Term and type o f security........................................................................................... 5-year 2 Vi-month notes Series and C U SIP d e sig n a tio n ................................................................................. Series F-1985 (CUSIP N o. 912827 LA8) Maturity d a t e ................................................................................................................. November 15, 1985 Call d a t e .......................................................................................................................... N o 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 d iscou n t.................................................................................................... To be determined after auction Interest payment d a t e s ............................................................................................... May 15 and November 15 (first payment on May 15, 1981) M inimum denom ination available........................................................................... $1,000 Terms of Sale: M ethod o f s a le ............................................................................................................... Yield auction Accrued interest payable by in vestor...................................................................... N one Preferred a llo tm en t...................................................................................................... N oncom petitive bid for $1,000,000 or less Paym ent by non-institutional in v e s to r s ............................................................... Full payment to be submitted with tender Deposit guarantee by designated in stitu tion s...................................................... Acceptable Key Dates: Deadline for receipt o f tenders................................................................................. Settlement date (final payment due from institutions) a) cash or Federal fu n d s........................................................................................ b) readily collectible ch eck .................................................................................... Delivery date for coupon secu rities........................................................................ W ednesday, August 27, 1980, by 1:30 p .m ., EDST W ednesday, September 3, 1980 Friday, August 29, 1980 Friday, September 12, 1980 Form NY-ln IM PO R TA N T — Closing lime for receipt o f this tender is 1:30 p .m ., W ednesday, August 27, 1980 Dated at FEDERAL RESERVE BANK OF NEW YORK Fiscal Agent of the United States New York, N.Y. 10045 The undersigned hereby offers to purchase the above-described securities in the am ount indicated below, and agrees to make payment therefor at your Bank in accordance with the provisions o f the official offering circular. Do not fill in both Competitive and Noncompetitive tenders on one form COMPETITIVE TENDER 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. 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 PRIVACY ACT STATEMENT — are requested, the regulations governing United States securities (Department Circular No. 300) and the offering circular require submission o f social security numbers; the numbers and other information are used T E N D E R F O R 5 - Y E A R 2 > /2 -M O N T H T R E A S U R Y N O T E S O F S E R I E S F -1 9 8 5 NONCOMPETITIVE TENDER $ ................................................................. (maturity value) or any lesser amount that may be awarded. $ ................................................................. (maturity value) Y ield :.................... at the average price o f accepted com petitive bids. (N o t to exceed $1,000,000 f o r on e b id d er through a ll sources) (Y ie ld m u st be expressed with n ot m ore than tw o d ecim al places, f o r exam ple, 10.06) Subject to allotm ent, 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 Denomination $ 1,000 $ 5,000 $ 10,000 $ 100,000 □ Deliver over the counter to the undersigned (1) □ 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) Maturity value Payment will be made as follows: [“] By charge to our reserve account (D) ['] By cash or check in im m ed ia tely available fu n d s (F) "] By surrender of maturing securities (E) [”] By charge to my correspondent bank................................................(D) _____________(Name of bank)______ □ Special instructions (3) $ 1,000,000 □ Wire to..................................................................................................... (8) ________________ (Exact Receiving Bank Wire Address/Account) Totals * The undersigned certifies that the allotted securities will be owned solely by the undersigned. (If a commercial bank or dealer is subscribing for its own account or for account o f customers, the following certifications are made a part o f this tender.) WE HEREBY CERTIFY that we have not made and will not make any agreements for the sale or purchase o f any securities o f this issue prior to the closing time for receipt o f this tender. WE FURTH ER CERTIFY that we have received tenders from customers in the amounts set forth opposite their names on the list which is made a part o f this tender and that we have received and are holding for the Treasury, or that we guarantee payment to the Treasury, o f the payments required by the official offering circular. WE FURTHER CERTIFY that tenders received by us, if any, from other commercial banks or primary dealers for their own account, and for the account o f their customers, have been entered with us under the same conditions, agreements, and certifications set forth in this form. na m e In s e rt this tender in sp ecial envelope m arked "Te n d e r f o r Tre a su ry N otes o r B o n d s” of s u b s c r ib e r (p l e a s e PHONE (IN CLU DE AREA CODE) p r in t OR T Y P E ) SIGNATURE OF S U B S C R I B E R OR A U T H O R I Z E D S I G N A T U R E T I T L E OF A U T H O R I Z E D S I G N E R (Institutions submitting tenders for customer account must list customers’ names on lines below or on an attached rider.) (Name of customer) (Name of customer) INSTRUCTIONS: 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 sam 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 his account. Others will not be permitted to submit tenders except for their own account. . .. 3. Tenders will be received without deposit from commercial and other banks for their own account, federally insured savings and loan associations, States, political subdivisions or instrumentalities thereof, public pension and retirement and other public funds, international organizations in which the United States holds membership, foreign central banks and foreign states, dealers who make primary markets in Government securities and report daily to the Federal Reserve Bank of New York their positions with respect to Government securities and borrowings thereon, and Government accounts. Tenders from others must be accompanied by full payment of the face amount of the securities applied for. 4. Payment with a tender may be in the form of a personal check, which need not be certified, an official bank check, or a Federal funds check (a check drawn by a commercial bank on its Federal Reserve account). All checks must be drawn payable to the Federal Reserve Bank of New York; checks en d o rsed to this B ank w ill n o t be accepted. Payment may also be made in cash or Treasury securities maturing on or before the issue date of the securities being purchased. 5. For information on currently available Treasury offerings, call our 24-hour recorded message at (212) 791-7773 at the Head Office or (716) 849-5046 at the Buffalo Branch. For resu lts of recent Treasury auctions, call (212) 791-5823 at the Head Office or (716) 849-5046 at the Buffalo Branch. For other information about Treasury securities, call (212) 791-6619 at the Head Office or (716) 849-5016 at the Buffalo Branch during normal business hours. 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 ) <• -*• ^ t& u - . W fifi^ ' *. fi* 2 Js» a - . - t. k ^ ~ k * * W ~ *a - m^ s j L X 4 ADDRESS - ■i v z - '- - as >- .v. " • i m w z> SCHEDULE FOR ISSUE OF REGISTERED TREASURY SECURITIES SUBSCR IBER'S *w? c NAME. ________________ DELIVERY INSTRUCTIONS PAYMENT INSTRUCTIONS n D E L IV E R O V E R T H E C O U N T E R □ B Y C H A R G E TO OUR RESERVE ACCOUNT □ S H IP T O S U B S C R IB E R □ B Y C A S H O R C H E C K IN □ O T H E R IN S T R U C T IO N S : □ BY SURRENDER OF M A T U R IN G S E C U R IT IE S n BY C HAR G E TO MY CORRESPONDENT BANK IM M E D IA T E L Y A V A I L A B L E FUNDS CITY ______________________ .S TA TE . ZIP SIGN ATURE. R EGISTRATIO N NO. OF PIECES IN STR UCTIO N S NAME(S) I D O R S. S. NO. ADDRESS CITY STATE I I D O R S. S. NO . ADDRESS STATE I D O R S.S. N O . ADDRESS STATE 1,000 32 5, 000 34 10,000 38 100,000 42 1, 000, 000 99 TOTAL ZIP AMOUNT SERIAL NOS. (LEAVE BLANK) FO R F R B U SE O N LY TRANS. A C C O U N T IN G D A T E ISSU E A G E N T 12 30 1,000 32 5, 000 34 10,000 38 100,000 42 1, 000, 000 99 TOTAL FOR F R B USE ONLY TR. CASE NO. 30 1,000 32 5, 000 34 10,000 38 100, 000 42 1 , 000, 000 99 TOTAL LO AN C O D E 110-01 TR. CASE NO. ZIP N A ME( S) CITY 30 ZIP NAME(S) CITY DENOM. S U B S C R IP T IO N NO. TR. CASE NO. U N I T E D STATES OF AM E R I C A T R E A S U R Y NOTES OF N O V E M B E R 15, 1985 SERIES F-1985 DEPARTMENT CIRCULAR Public Debt Series - No. 1. 1. of 1. The DEP A R T M E N T OF THE TREASURY, OFFICE OF THE SECRETARY, Wash i n g t o n , A u g u s t 20, 1980. 27-80 I NVITATION FOR TENDERS Sec r e t a r y of the Treasury, the Second Li b e r t y Bond Act, under as amended, invites a p p r o x i m a t e l y $ 3 , 0 0 0 , 0 0 0 , 0 0 0 of United States designated No. T r e a s u r y Notes of Nov e m b e r 15, 912827 LA 8). bidding rate on will of the s e c u rities and Series F-1985 (CUSIP Payment will be required in the m a n n e r described as agents tender. The at the price interest the price equ i v a l e n t of each accepted bid these s e c u rities m ay be Banks, for securities, 1985, the bid yield of each accepted be d e t e r m i n e d Reserve tenders The securities will be sold at auction with on the basis of yield. e q u i v a l e n t of the authority below. Add i t i o n a l issued at the average price for foreign and amounts to Federal i nternational mo n e t a r y authorities. 2. 2. b ear 1. D E S C R I P T I O N OF SECURITIES The sec u r i t i e s will be dated S e p t e m b e r 3, interest from that date, payable on a semiannual 1980, basis on M ay 15, 1981, and each s u b s e q u e n t 6 months on N o v e m b e r 15 and May 15, until the pri n c i p a l becomes N o v e m b e r 15, prior and will to all 2. taxes The taxes, income derived imposed under securities e x cise whether thereof by any State, local the are subject to call from the s ecurities Internal Revenue to estate, for redemption taxing authority. gift or other but are e x e m p t imposed on the pri n c i p a l any p o s s e s s i o n of is subject Code of 1954. inheritance, Federal or State, taxat i o n now or h e r e a f t e r any not be subject The y will mature to maturity. 2. The 1985, payable. and will the United or from all interest States, or - 2 - 2. 3. The sec u r i t i e s will be a c c e ptable of p u b l i c monies. They will not be acceptable to secure d e p o s i t s in p a y m e n t of taxes. 2. and 4. B e arer secu r i t i e s with secu r i t i e s issued registered as to pri n c i p a l in d e n o m i n a t i o n s of $1,000, $ 1,000,000. bidders Book-entry interest c o u pons $5,000, in m u l t i p l e s of book-entry interest, $10,000, those amounts. securities, and the will be $100,000, s e c u rities will be a v a i l a b l e s e c u r i t i e s of d i f f e r e n t d e n o m i n a t i o n s and and attached, and to el i g i b l e I n t e rchanges of and of coupon, r egistered transfer of r e g i s t e r e d s e c u r i t i e s will be permitted. 2. 5. The D e p a r t m e n t of r e g u l a t i o n s g o v e rning s e c u r i t i e s o f fered include issued United the T r e a s u r y ' s States in this circular. those c u r r e n t l y in effect, 3. 1. D. up to 1:30 p.m., 20226, Wednesday, August b e l o w will be c o n s i d e r e d Tuesday, August 3. 2. for. 26, Each 1980. regulations those that ma y be decimals, Noncompetitive form R e s erve the Public Debt, Noncompetitive W a s h ington, tenders if p o s t m a r k e d Banks time, as defined no later than 1980. tender mus t expressed e.g., at Federal Eastern Da y l i g h t Saving timely state the face a m o u n t of is $1,000 and larger bids m u s t be of that amount. desired, tender 27, The m i n i m u m bid multiples more as well as Tenders will be received and at the Bureau of yield These general to the SALE P R O C EDURES and B r a n c h e s bid a p ply at a later date. 3. C. securities general 7.11%. Competitive securities tenders m u s t also show the in terms of an annual yield wit h Common two fractions m ay not be used. tenders m u s t show the term " n o n c o m petitive" in lieu of a s p e c ified yield. than one n o n c o m p e t i t i v e in tender and No b i d d e r ma y on the submit the a m o u n t ma y not exceed $ 1 ,000 ,000 . 3. will 3. All not make securities of Section 3.1. t e nders for bi d d e r s m u s t ce r t i f y any a g r e e m e n t s this they have not made and for the sale or p u r c h a s e of any issue prior for r e c e i p t of that to the deadline tenders. established Those a u t h o r i z e d the a c c o u n t of cus t o m e r s will be requi r e d in to submit to certify that such tenders ments, are submitted under the same conditions, and c e r t i f i c a t i o n s bidders as tenders agree submitted d i r e c t l y by for their own account. 3. 4. Commercial banks, which as banks accepting demand deposits, for this p u r pose are defined in G o v e r n m e n t and p r i m a r y dealers, w h ich s ecurities and report d a ily to the Federal Reserve m ay submit tenders names of the customers furnished. are de f i n e d as dealers who make p r i m a r y m a r k e t s Bank of New York their p o s i t i o n s securities, for this pu r p o s e Others and in and bor r o w i n g s on such for account of c u s t omers the amount are only p e r m itted if the for each c u s t o m e r are to submit tenders for their own account. 3. 5. own account Tenders will be received w i t h o u t d e p o s i t from c ommercial p r i m a r y dealers, banks as defined and other banking above; institutions; Federally-insured and States, i n s t rumentalities; p u blic pension and r e t i rement and other public i n t e r n ational holds membership; Federal Reserve their political savings loan associations; funds; and for their organizations foreign central Banks; in w h ich banks and G o v e r n m e n t applied for (in the of 5 p e r c e n t of c o m m ercial 3. opened, accounts. 6. checks), bids. the closing hour, Subject noncompetitive e x t e n t required from a through to attain determination is made which to 100.000 issue d i s c o u n t results the amount on and yield in full, starting with the amount offered. be e x p ressed s u c c e s s i v e l y higher yields as to which rate will be established, tenders will tenders will be accepted h i g h e s t accepted yield will be p r o rated for, to the r e s e r v a t i o n s tenders will be accepted, lowest yields, close from or by a payment face amount applied Imme d i a t e l y after then comp e t i t i v e increment, Tenders for the amount of followed by a public a n n o u n c e m e n t of Section 4, states; bank or a p r i m a r y dealer. range of accepted the the foreign States form of cash, m a t u r i n g T r e a s u r y s e c u rities or r e a dily c o l l ectible guarantee the United and othe r s m u s t be a c c o m p a n i e d by full payment s e c u rities s u b d i v i s i o n s or in and those at to the Tenders if necessary. tenders are accepted, at the After the a coupon the basis of a 1/8 of one p e r c e n t in an e q u i v a l e n t average and a lowest accepted limit of 98.750. price That rate of above a c c epted price the or i g i n a l i n t erest will be -4paid on all of p r ice each on each the securities. comp e t i t i v e suc c e s s f u l price noncompetitive weighted bidder will to the yield bid. per hundred, competitive sufficient r e c eived e.g., tenders to p r o vide 99.923, tenders will only be notified r i ght 1. to the weighted Those 1, and than interest. average yield the a c c e ptance noncompetitive is not accepted in the T r e a s u r y ex p r e s s l y reserves tenders in whole or the amount of s ecurities to make d i f f e r e n t p e r c e n t a g e c l a s s e s of a p p l i c a n t s when public submitting if the tender to a c c e p t or reject any or all S e c tion Reserve Banks will RESERVATIONS The S e c r e t a r y of to allot more or less Tenders is over par. 4. 4. the yield. and Federal the in an amount bidders will be advised of their tenders. the price the tenders. Competitive or whe n Price If the amount of a fair d e t e r m i n a t i o n of competitive full, tenders. the d e t e r m i n a t i o n s of tenders will be accepted of or r e j e c t i o n of to the received would absorb all or mos t of at the price e q u i v a l e n t 7. and final. be ac c e p t e d 3. the to three decimal places on the basis from G o v e r n m e n t accounts accepted the submitting competitive the T r e a s u r y shall be noncompetitive o f f e ring, to pay tenders will pay the price e q u i v a l e n t c a l c u l a t i o n s will be carried S e c r e t a r y of be required Those average yield of accepted of price interest rate, tender allotted will be d e t e r m i n e d and competitive equivalent Based on such The S e c r e t a r y ' s action under in part, specified all o t m e n t s the S e c r e t a r y considers the in to various it in the this Section is f inal. 5. 5. the 1. Settlement Federal Debt, wherever securities w h ose R e s erve allot t e d tenders in S e c t i o n the P A Y MENT A ND DE L I V E R Y for allotted Bank or Branch or at the Bure a u of tender was 3, submitted by all o t h e r 1980. Pa y m e n t the Public S e t t lement on investors and to others by a p a y m e n t gua r a n t e e as provided in full m u s t a c c o m p a n y tenders investors. funds i m m e d i a t e l y ava i l a b l e notes or bonds Payment must be to the Treasury; (with all coupons detached) in cash; in other in T r e a s u r y bills, m a t u r i n g on or before s e t t l e m e n t date but w h i c h are not overdue at m u s t be made or c o m p l e t e d on or before W ednesday, September the submitted. to in s t i t u t i o n a l are a c c o m p a n i e d 3.5., securities m u s t be made as d e f ined in the -5 general d r awn regu l a t i o n s governing United to the o r der of the submitted, later w ith institution which m u s t be received than Friday, A u g u s t 29, the tender and sett l e m e n t s p e c ified in the preceding the will be remitted tender and documents social the 1980. securities are requested to the When p a y m e n t Internal Revenue is made the s e c u rities 5. 2. on time, 5. s e c u rities shall, be forfeited R e g i stered are in the presented, the a s s i g n m e n t of names and identifying to number)." and Specific the new securities, m u s t ac c o m p a n y the s e c u r i t i e s the in the name of to "The this signed by D. C. The expense risk of circular) the presented. to the Federal Debt, securities m ust be d e l i v e r e d the holder. for to the owner or the s e c u r i t i e s the Public in Secretary instructions should be s u r r endered Washington, When forms d i f f e r e n t If new s e c u r i t i e s should be are in the surrendered. (securities offered by in p a yment 20226. for allotted if the new s e c u r i t i e s in names to the B u reau of in p a y m e n t by this circular) the a s s i g n m e n t representative, tendered the S e c r e t a r y of forms as appear Reserve Bank or Branch or and on face a m o u n t of the s ecurities (name and address)." and d e l i v e r y of Securities adjustment should be to "The S e c r etary of the T r e a s u r y for coupon authorized is not States. to be assigned (securities offered form are desired, issuance a cash i nscriptions or a s s i g n m e n t s of taxpayer be d e l i v e r e d i n d i v idual's for any d i f f e r e n c e b e t w e e n tendered to be registered from those (name and (an and o t h e r full payment has not b e e n c o m p l e t e d securities in the same the new securities c o upon in securities, to the United r e g i s t r a t i o n s or assi g n m e n t s of for tax r e t u r n s at the d i s c r e t i o n of are not required to be registered Treasury the allotted. allotted, 3. the d i s c o u n t presented and the a m o u n t payable In every case where the Treasury, as been sub m i t t e d if Service an amount of up to 5 p e r c e n t of the sec u r i t i e s timely, i d entification number) to or required of the bidder face amount of securities is Payment will not be c o n s i d e r e d security number or an em p l o y e r be made securities is under par, no been s u b m i t t e d sentence. W hen p a y m e n t has to the bidder. submitted investors When p a y m e n t has the purch a s e price or by c h eck t e nder was from institutional identifying number as required on furnished. will to w h ich the for the pr e m i u m m u s t be c o m p l e t e d c o m plete where r e g i stered appropriate s ecurities; the pu r c h a s e price of allotted over par, with States at the -6 5. the 4. If bearer secu r i t i e s s e t t l e m e n t date, certificates. and shall issue, such returned 5. D. s e c u rities C. 20226. 6. m ake at any Federal the Public Debt, in r egistered the r e q u ested the r e g i s t e r e d 1. As Banks are allotments interest ac c o u n t has been e stablished, inscribed. G E N E R A L PROV I S I O N S agents of a uthorized as direc t e d such n o tices form will be form of r e g i s t r a t i o n has been have been fiscal in bearer for m interim c e r t i f i c a t e s m u s t be D e l ivery of securities 6. issue are available, The interim securities of this 5. the s e c u r i t i e s make for d e f i n i t i v e issued the holder. after Reserve shall be at the risk and expense of v a l i dated, and certificates to receive Bank or B r anch or at the Bureau of Washington, mad e p u r c h a s e r s ma y elect be e x c h a n g e a b l e when R e s erve These are not ready for deliv e r y on the United and r e q u ested States, Federal to receive tenders, by the S e c r e t a r y of the Treasury, as may be necessary, d e l i v e r y of sec u r i t i e s on i n t erim c e r t i f i c a t e s pending full-paid d e l i v e r y of to receive pa y m e n t allotments, and to to for and to issue the d efinitive securities. 6. 2. The supplemental offering. S e c r e t a r y of the T r e a s u r y may at any time or a m e n d a t o r y rules and Public a n n o u n c e m e n t of r e g u lations g o v erning issue the such changes will be pro m p t l y provided. Paul H. Taylor, Fiscal Assistant Secretary.
@FedFRASER