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FEDERAL RESERVE BANK OF NEW YORK Fiscal Agent o f the United States C ir cu la r N o . 90 04 Ja n u a ry 15, 1981 TREASURY TO AUCTION $4,500 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 $4,500 million o f 2-year notes to refund $2,647 million o f notes maturing January 31, 1981, and to raise $1,853 million new cash. The $2,647 million o f maturing notes are those held by the public, including $455 million currently held by Federal Reserve Banks as agents for foreign and international monetary authorities. In addition to the public holdings, Government accounts and Federal Reserve Banks, for their own accounts, hold $499 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 security 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 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 o f the offering. Copies o f the official offering circular will be furnished upon request directed to our Government Bond Division (Tel. No. 212-791-6619). Enclosed is a copy o f a standard form for your use in submitting tenders for this offering (or for any subsequent offering o f 2-year notes). This Bank will receive tenders up to 1:30 p.m ., Eastern Standard time, Wednesday, January 21, 1981, at the Securities Department o f its Head O ffice and at its Buffalo Branch. A ll 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 noncom petitive tenders will be considered timely received if they are mailed to this Bank or its Branch under a postmark no later than January 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 with a tender may be in the form o f a personal check, which need not be certified, an official bank check, or a Federal funds check (a check drawn by a depository institution on its Federal Reserve account). All checks must be drawn payable to the Federal Reserve Bank o f 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 o f the securities being purchased. Recorded messages provide information about Treasury offerings and about auction results: at the Head O ffice — Tel. No. 212-791-7773 (offerings) and Tel. N o. 212-791-5823 (results); at the Buffalo Branch — Tel. N o. 716-849-5046. Additional inquiries regarding this offering may be made by calling, at the Head O ffice, Tel. N o. 212-791-6619, or, at the Buffalo Branch, Tel. N o. 716-849-5016. A nthony m . So l o m o n , President. (Over) HIGHLIGHTS OF TREASURY OFFERING TO THE PUBLIC OF 2 -YEAR NOTES TO BE ISSUED FEBRUARY 2 , 1981 (Delivery date f o r coupon securities is February 11, 1981) A m ount O ffered: T o the p u b l i c ..................................................................... $4,500 million Description o f Security: Term and type o f security............................................... 2-year notes Series and CUSIP d esign ation ....................................... Series M-1983 (CUSIP N o. 912827 LM2) Maturity d a te ..................................................................... January 31,1983 Call d a te ............................................................................. N o provision Interest cou p on r a t e ........................................................ T o be determined, based on the average o f accepted bids Investment yield................................................................ T o be determined at auction Premium or discount........................................................ T o be determined after auction Interest payment d a t e s .................................................... July 31 and January 31 Minimum denomination available................................ $5,000 Terms o f Sale: M ethod o f sa le................................................................... Yield auction Accrued interest payable by investor............................ None Preferred allotm ent.......................................................... . Noncompetitive bid for $1,000,000 or less Payment by non-institutional in v e s to rs ..................... . Full payment to be submitted with tender Deposit guarantee by designated institutions............. . 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 securities................................ Wednesday, January 21, 1981, by 1:30 p.m ., EST M onday, February 2, 1981 Friday, January 30, 1981 Wednesday, February 11, 1981 F o r m 2 N -n IM P O R TA N T—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 outstanding an invitation for tenders. T o Federal Reserve Bank of New Y ork Fiscal Agent o f the United States New Y ork, N .Y . 10045 Dated a t................................................................ ............................................................... 19......... Pursuant to the provisions o f the public notice issued by the Treasury Department inviting tenders for the current offering o f 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 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 u sed in in s crib in g the se cu rities an d e sta b lish in g a n d se rv icin g the o w n e r s h ip a n d interest r e c o r d s . T h e tra n sa ctio n w ill n o t b e c o m p le t e d un less all re q u ire d d a ta is fu rn ish e d . P R I V A C Y A C T S T A T E M E N T — T h e in d iv id u a lly id e n t ifia b le in f o r m a t io n requ ired o n this fo r m is n e ce ssa ry to p e rm it the s u b s c r ip t io n to b e p ro c e s s e d a n d the securities t o b e issu ed . I f re g iste re d secu rities a re re q u e s te d , the r e g u la tio n s g o v e rn in g U n ite d States secu ritie s (D e p a r tm e n t C ir cu la r N o . 30 0 ) a n d the o ff e r i n g c irc u la r r e q u ire s u b m is s io n o f s o c ia l se cu rity n u m b e rs ; the n u m b e rs a n d o th e r in f o r m a t io n are TENDER FOR 2-YEAR TREASURY NOTES $ .............................................................. (maturity value) or any lesser amount that may be awarded. NONCOMPETITIVE TENDER $ ..............................................................(maturity value) (Not to exceed $1,000,000 for one bidder through all sources) at the average price o f accepted competitive bids. Y ie ld :................... (Yield must be expressed with not more than two decimal places, for example, 11.06) 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 side): □ P ieces D e n o m in a tio n XXX xxxxxx D e liv e r o v e r the c o u n te r t o the u n d e rsig n e d (1 ) M a tu rity valu e □ XXX XXX XXX S h ip t o the u n d e rsig n e d (2 ) □ H o ld in s a fe k e e p in g ( f o r m e m b e r b a n k o n ly ) in — $ 5 ,0 0 0 $ 1 0 0,00 0 $ □ Q □ B y ch a rg e t o o u r reserve a c c o u n t (D ) B y ca sh o r c h e c k in available funds □ □ G e n e ra l A c c o u n t (5) □ 10 ,000 In vestm en t A c c o u n t (4 ) □ $ □ P a y m e n t w ill b e m a d e as fo llo w s : immediately (F ) B y su rren d er o f m a tu rin g securities (E ) B y ch a rg e t o m y c o rr e s p o n d e n t T ru st A c c o u n t (6 ) H o ld as c o lla te ra l f o r T re a su ry T a x an d b a n k ............................................................ (D ) (N a m e o f b a n k ) □ S p e cia l in stru ctio n s (3 ) 1 ,0 0 0 ,0 0 0 L o a n A c c o u n t * (7 ) □ W ir e t o ............................................................................................................................(8 ) (E x a ct R e ce iv in g B an k W ir e A d d r e s s /A c c o u n t ) T o ta ls ♦The u n d ersig n ed certifies that the a llo tte d securities w ill b e o w n e d so le ly b y the u n d e rsig n e d . ( I f a c o m m e r c ia l b a n k o r d ealer is s u b scrib in g fo r its o w n a c c o u n t o r f o r a c c o u n t o f cu s to m e rs , the fo llo w in g c e rtific a tio n s are m a d e a p art o f this te n d e r.) W E HEREBY C E RTIFY 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. W E FU RTH ER C E RTIFY 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. Insert this tender in special envelope marked “ Tender f o r Treasury Notes or Bonds ” (In stitu tion s su b m ittin g ten d ers fo r c u s to m e r a c c o u n t m ust list c u s t o m e r s ’ n a m es o n lines b e lo w o r o n an a tta ch e d r id e r.) (Name of customer) (Name of customer) IN S T R U C T IO N S : 1. N o ten d er fo r less than $ 5 ,0 0 0 w ill b e c o n s id e r e d ; a n d e a ch tend er m ust b e fo r a m u ltip le o f $ 5 ,0 0 0 (m a tu rity v a lu e). 2. O n ly b a n k in g in stitu tion s, an d d ealers w h o m a k e p rim a ry m arkets in G o v e r n m e n t securities an d re p o rt d a ily t o this B an k their p o s itio n s w ith resp ect to G o v e r n m e n t securities a n d b o r r o w in g s th e re o n , m a y su b m it ten d ers fo r c u s to m e r a c c o u n t; in d o in g s o , they m ay c o n s o lid a t e c o m p e titiv e tend ers at the same yield a n d m ay c o n s o lid a t e n o n c o m p e titiv e ten d ers, p r o v id e d a list is a tta ch e d sh o w in g the n a m e o f e a ch b id d e r a n d the a m o u n t b id fo r his o r her a c c o u n t . O th ers w ill n o t b e p e rm itte d to su b m it tend ers e x ce p t f o r their o w n a c c o u n t. 3. T e n d e rs w ill b e receiv ed w ith o u t d e p o s it fr o m c o m m e r c ia l a n d o th e r b a n k s f o r their o w n a c c o u n t , fe d e ra lly insured savin gs a n d lo a n a s s o cia tio n s , States, p o litic a l s u b d iv is io n s o r instru m en ta lities th e r e o f, p u b lic p e n s io n a n d retirem en t an d o th e r p u b lic fu n d s , in te rn a tio n a l o r g a n iz a tio n s in w h ich the U n ited States h o ld s m e m b e r s h ip , fo r e ig n cen tra l b a n k s a n d fo r e ig n states, d ealers w h o m a k e p rim a ry m arkets in G o v e r n m e n t securities a n d r e p o rt d a ily to the F ed era l R eserv e B an k o f N e w Y o r k their p o s itio n s w ith resp ect to G o v e r n m e n t secu rities and b o r r o w in g s th e r e o n , a n d G o v e r n m e n t a c c o u n ts . T e n d e rs fr o m o th e rs m ust b e a c c o m p a n ie d b y fu ll p a y m e n t o f the fa c e a m o u n t o f the secu rities a p p lie d fo r . 4 . P a y m e n t w ith a ten d er m a y b e in the fo r m o f a p e rs o n a l c h e c k , w h ich need n o t b e c e rtifie d , an o f f ic ia l b a n k c h e c k , o r a F ederal fu n d s c h e c k (a c h e c k d ra w n b y a c o m m e r c ia l b a n k o n its F ed era l R eserv e a c c o u n t). A ll ch e c k s m ust b e d ra w n p a y a b le t o the F ed era l R eserv e B ank o f N ew Y o r k ; checks endorsed to this Bank will not be accepted. P a y m e n t m a y a ls o b e m a d e in ca sh o r T re a su ry securities m a tu rin g o n o r b e fo r e the issue d a te o f the secu rities b e in g p u rch a se d . 5. F o r in fo r m a t io n o n cu rren tly a v a ila b le T rea su ry offerings, call o u r 2 4 -h o u r r e co r d e d m essage at (2 1 2 ) 79 1 -7 7 7 3 at the H e a d O f f i c e o r (7 1 6 ) 8 4 9 -5 0 4 6 at the B u ffa lo B ra n ch . F o r results o f recen t T re a su ry a u ctio n s , call (2 1 2 ) 79 1 -5 8 2 3 at the H ea d O f f i c e o r (7 1 6 ) 84 9 -5 0 4 6 at the B u ffa lo B ra n ch . F o r o th e r in fo r m a t io n a b o u t T re a su ry secu rities, call (2 1 2 ) 7 9 1 -6 6 1 9 at the H ea d O f f i c e o r (7 1 6 ) 8 4 9 -5 0 1 6 at the B u f fa lo B ra n ch d u rin g n o rm a l bu sin ess h ou rs. 6. I f the la n gu a g e o f this ten d er is ch a n g e d in an y resp ect that, in the o p in io n o f the S e cre ta ry o f the T re a su ry , is m ateria l, the tend er m ay b e d isre g a rd e d . (OVER) SUBSCRIPTION NO SCHEDULE FOR ISSUE OF REGISTERED TREASURY SECURITIES DELIVERY INSTRUCTIONS PAYMENT INSTRUCTIONS S U B S C R I B E R ’ S N A M E ________________________________ _ _ _ _ _ ________________ □ DELIVER OVER THE COUNTER n ADDRESS □ SHIP TO SUBSCRIBER □ □ OTHER INSTRUCTIONS: Q C ITY _____________________________________________________ ____ _________________ I S I G N A T U R E ------------------------------------------------------------------------------------------------- — R E G I S T R A T I O N — ----------- NO . O F PIECES I N S T R U C T IO N S SERIAL DENOM. 32 ID OR S.S. F U N D S BY SURRENDER QF MATURING SECURITIES I BY CHARGE TO MY CORRESPONDENT BANK FOR FR B I S S U E A G E N T 12 USE O N LY TOTAL ADD RESS C IT Y S T A T E T R . C A S E NO. ZIP 32 1, 000,000 99 S.S. 100,000 42 OR 10,000 38 ID 5,000 34 N AME(S) TOTAL NO. AD D R ESS C IT Y S T A T E T R . C A S E NO. ZIP 32 1,000 ,00 0 99 S.S. 100,000 42 OR 10,000 38 ID 5,000 34 N AME(S) TOTAL NO. ADD RESS C IT Y . S T A T E ZIP LOAN CODE 110 -0 1 1,000,000 99 NO. NOS. BLANK) ONLY TRANS. A CCOUNTING DATE 100,000 42 (LEAVE USE 10,000 38 A M O U N T A V A I L A B L E FR B 5,000 34 NAME(S) BY CHARGE TO OUR RESERVE ACCOUNT BY CASH OR CHECK IN I M M E D I A T E L Y ____________________________________________ S T A T E ----------------------------------- Z I P FOR T R . C A S E NO. UNITED STATES OF AMERICA TREASURY NOTES OF JANUARY 31, SERIES M-1983 DEPARTM EN T C IR C U L A R DEPARTM ENT OF Public Debt Series - No. 1-81 1. 1. 1. 1983 THE TREASU RY, OFFICE OF THE SECRETARY, Washington, January 15, 1981. INVITATION FOR TENDERS The Secretary of the Treasury, under the authority of the Second Liberty Bond Act, as amended, invites tenders for a p prox i m a t e ly $4,500,000,000 of United States securities, designated T r easury Notes of January 31, 1983, Series M-1983 LM 2). (CUSIP No. 912827 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 d e termined 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 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. 1. DESCRIPTION OF SECURITIES The securities will be dated February 2, 1981, and will bear interest from that date, payable on a semiannual basis on July 31, 1981, and each subsequent 6 months on January 31 and J uly 31 until the principal becomes payable. They will mature J a n uary 31, 1983, and will not be subject to call for redemption prior to maturity. 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 thereof by any State, any possession of the United States, or any local taxing authority. [Ref. Cir. No. 9004] 2 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 $5,000, $10,000, $100,000, and $1,000,000. Book- e n t r y securities will be available to eligible bidders in multi p l e s of those amounts. Interchanges of securities of d i fferent 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 cur rently in effect, as well as those that may be issued at a later date. 3. 3. 1. 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, Wednesday, Janu a r y 21, 1981. Noncompetitive tenders as defined below will be considered timely if postmarked no later than Tuesday, January 20, 1981. 3. 2. bid for. Each tender must state the face amount of securities The minimum bid is $5,000 and larger bids must be in multiples of that amount. yield desired, decimals, e.g., Competitive tenders must also show the expressed in terms of an annual yield with two 7.11%. Common fractions may not be used. Noncom p e t i t iv e 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 . 3. 3. 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 3 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 G overn ment 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. 5. Tenders will be received without deposit for their own account from commercial banks and other banking institutions; p r imary dealers, as defined above; loan associations; Federally-insured savings and 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; Reserve Banks; and Governmen t accounts. Federal Tenders from others must be accompanied by full payment for the amount of securities applied for (in the form of cash, maturing Treasury securities, or readilycollectible c h e c k s ) , or by a payment guarantee of 5 percent of the face amount applied for, from a commercial bank or a primary dealer. 3. opened, 6. Immediately after the closing hour, tenders will be 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 c ompetitive tenders will be accepted, lowest yields, starting with those at the 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 - 4 - 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 99.750. paid on all of the securities. That rate of interest will be 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 equiv a l e n t 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. 4. 1. RESERVATIONS 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. 1. PAYMENT AND DELIVERY Settlement for allotted securities must be made at the Federal Reserve Bank or Branch or at the Bureau of the Public Debt, w herever the tender was submitted. Settlement on securities allotted to institutional investors and to others whose tenders are accompanied by a payment guarantee as provided in Section 3.5., must be made or completed on or before Monday, February 2, 1981. Payment - 5 - in full must accompany tenders submitted by all other investors. Payment must be in cash; the Treasury; in other funds immediately available to 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 institu tion to which the tender was submitted, which must be received from institutional investors no later than Friday, January 30, 1981. W h e n payment has been submitted with the tender and the purchase price of allotted securities is over par, settlement for the premium m u st be completed timely, as specified in the preceding sentence. W h en payment has been submitted with the tender and the purchase price is under par, the discount will be remitted to the bidder. 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) securities, is not furnished. When payment is made in 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. 2. In every case where full payment has not been completed on time, an amount of 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 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) (name and taxpayer identifying number)." coupon form are desired, If new securities in the assignment should be to "The Secretary of the Treasury for coupon (securities offered by this circular) be delivered to (name and address)." in the name of to Specific instructions for the 6 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 certifi cates. 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, registered interest account has been established, the and the' securities have been inscribed. 6. 6. 1. 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, such notices as may be necessary, to issue to receive payment for and make deliv e r y 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.
@FedFRASER