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FEDERAL RESERVE BANK
OF NEW YORK
Fiscal Agent of the United States
C ircu la r N o .
9064
A p r il 30, 1981
TREASURY ANNOUNCES MAY 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 $2,100 million of new cash and refund $4,632 million of securities maturing
May 15, 1981, by issuing $3,000 million of 3-year notes, $1,750 million of 10-year notes, and $2,000 million of
30-year bonds.
The $4,632 million of maturing securities are those held by the public, including $842 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 $1,281 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 of the offerings. Copies of the official
offering circulars will be furnished upon request directed to our Government Bond Division (Tel. No.
212-791-6619). In addition, enclosed are copies of the forms to be used in submitting tenders.
This Bank will receive tenders at the Securities Department of its Head Office and at its Buffalo Branch
up to 1:30 p.m., Eastern Daylight Saving time, on the dates specified on the reverse side of this circular as
the deadlines for receipt of tenders. All competitive 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 noncompetitive 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 of 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 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 depository institution 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 these 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.
AN TH O N Y
M.
SOLOM ON ,
President.
(Over)
HIGHLIGHTS OF TREASURY
OFFERINGS TO THE PUBLIC
MAY 1981 FINANCING
SECURITIES TO BE ISSUED MAY 15, 1981
3-Year Notes
10-Year Notes
30-Year Bonds
$ 3 ,0 0 0 m illio n
$ 1 ,7 5 0 m illio n
$ 2 ,0 0 0 m illio n
T e rm a n d typ e o f s e c u r i t y ____
3 -y e a r n o te s
10 -year n o te s
3 0 -y e a r b o n d s
Series a n d C U S I P d e s ig n a tio n
Series K -1 9 8 4
(CUSIP No. 9 1 2 8 2 7
Amount Offered:
T o the p u b l i c ................................
Description of Security:
LV 2)
Series A - 1991
B o n d s o f 2006-2 011
(C U S I P N o . 9 1 2 8 2 7 I W 0 )
(C U S I P N o . 9 1 2 8 1 0 C V 8 )
M a tu rity d a t e ..............................
M a y 15, 1984
M a y 15, 1991
M a y 15, 2011
C a ll d a t e ..........................................
N o p r o v is io n
N o p r o v is io n
M a y 15, 2006
Interest c o u p o n r a t e .................
T o b e d e te r m in e d , b a se d o n the
T o b e d e te rm in e d , b a se d o n the
T o b e d e te rm in e d , b a se d o n the
a v era g e o f a c c e p te d b id s
a v e ra g e o f a c c e p te d b id s
In v estm en t y i e l d .........................
T o b e d e te rm in e d at a u ctio n
T o b e d e te rm in e d at a u ct io n
T o b e d e te rm in e d at a u ct io n
P re m iu m o r d i s c o u n t ...............
T o b e d e te rm in e d a fte r a u ctio n
T o b e d e te rm in e d a fte r a u ctio n
T o b e d e te rm in e d a fte r a u ct io n
In terest p a y m e n t d a t e s ............
N o v e m b e r 15 a n d M a y 15
N o v e m b e r 15 a n d M a y 15
N o v e m b e r 15 a n d M a y 15
$ 1,000
$ 1,000
M e t h o d o f s a l e ..........................................Y ie ld a u ct io n
Y ie ld a u ctio n
Y ie ld a u ctio n
A ccru e d interest payable by investor . . N o n e
N one
N one
P re fe rr e d a l l o t m e n t ................................N o n c o m p e t it iv e b id fo r
N o n c o m p e t it iv e b id f o r
N o n c o m p e t itiv e b id fo r
M in im u m d e n o m in a t io n a v a ila b le . . $ 5 ,0 0 0
a v era g e o f the a c c e p te d bid s
Terms of Sale:
$ 1 ,0 0 0 ,0 0 0 o r less
$ 1 ,0 0 0 ,0 0 0 o r less
$ 1 ,0 0 0 ,0 0 0 o r less
P a y m e n t b y n o n -in s titu tio n a l
Full payment to be submitted
with tender
Full payment to be submitted
with tender
Full payment to be submitted
with tender
A c c e p t a b le
A c c e p t a b le
A c c e p t a b le
Tuesday, May 5,1981,
by 1:30 p.m., EDST
Wednesday, May 6,1981,
by 1:30 p.m., EDST
Thursday, May 7, 1981,
by 1:30 p.m., EDST
a) ca sh o r F ed era l f u n d s ...............
F rid a y , M a y 15, 1981
F rid a y , M a y 15, 1981
F rid a y , M a y 15, 1981
b ) rea d ily c o lle c t ib le c h e c k ..........
W e d n e s d a y , M a y 13, 1981
W e d n e s d a y , M a y 13, 1981
W e d n e s d a y , M a y 13, 1981
Thursday, May 21, 1981
Friday, May 22, 1981
in v e s t o r s ...............................................
D e p o s it g u a ra n tee b y d esig n a ted
in s titu tio n s ..........................................
Key Dates:
D e a d lin e f o r receip t o f t e n d e r s ------
S ettlem en t d a te (fin a l p a y m en t d ue
fr o m in s titu tion s)
D e live ry date fo r coupon securities
. . . Wednesday, May 20,1981
1
FORM NY-5
IMPORTANT — Closing time for receipt of this tender is 1 :3 0 p.m ., Tuesday, May 5, 1981
TENDER FOR 3-YEAR TREASURY NOTES OF SERIES K -1984
P R I \ 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
num bers; 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 in accordance with the provisions of the official offering
circular.
Do not fill in both Competitive and
N oncompetitive tenders on one form
COMPETITIVE TENDER
NONCOMPETITIVE TENDER
$ ................................................................ (maturity value)
$........................ (maturity value)
or any lesser amount that may be awarded.
(Not to exceed $1,000,000 for one bidder through all sources)
at the average price of accepted competitive bids.
Yield:
(Y ie ld
m u s t b e e x p re s s e d w ith
n o t m o re
d e c im a l p la c e s , f o r e x a m p le ,
th a n
tw o
10.06)
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 complete schedule on reverse side):
Pieces
Denominations Maturity value
xxxxxx
XXX
$
XX
XX
XX
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 (fi)
□ Hold as collateral for Treasury
Tax and Loan Account* (?)
Payment will be made as follows:
□ By charge to our reserve account (D)
□ By cash or check in immediately
available funds ( f)
□ By surrender of maturing securities (£)
□ By charge to my correspondent
bank ...................................... (D)
(Name of bank)
□ Special instructions (3)
$1,000,000
□ Wire to ............................................................................................
Totals
(8)
(Exact Receiving Bank Wire Address/Account)
*T h e 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 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 payments required by 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
Insert this tender in
special envelope marked
“ Tender fo r Treasury
Notes or Bonds99
City
Phone (Include Area Code)
State
Zip Code
Signature of Subscriber or Authorized Signature
Title of Authorized Signer
(Institutions submitting tenders for customer account must list customers’ names on lines below or on an attached rider.)
(Name of customer)
(Name of customer)
IN S T R U C T IO N S :
1. No tender for less than $5,000 will be considered; and each tender must be for a multiple of $5,000 (maturity value).
2. Only banking institutions, and dealers who make primary markets in Government securities and report daily to this
Bank their positions with respect to Government securities and borrowings thereon, may submit tenders for customer account;
in doing so, they may consolidate competitive tenders at the same yield and may consolidate noncompetitive tenders, provided
a list is attached showing the name of each bidder and the amount bid for 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 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 Y o rk ; checks endorsed to this Bank will not 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 results 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.
(OVER)
SCHEDULE FOR ISSUE O F REGISTERED TREASURY SECURITIES
SUBSCRIPTION N O
SUBSCRIBER S NAME
ADDRESS __________
CITY ______________
STATE
DELIVERY INSTRUCTIONS
PAYMENT INSTRUCTIONS
□ DELIVER OVER THE COUNTER
□ SHIP TO SUBSCRIBER
□ OTHER INSTRUCTIONS:
□ BY CHARGE TO OUR
RESERVE ACCOUNT
□ BY CASH OR CHECK
IN IM M E D IA TE LY AVAILABLE FU N D S
□ BY SURRENDER OF
MATURING SECURITIES
□ BY CHARGE TO MY
CORRESPONDENT BANK
.ZIP
SIGNATURE
NO. OF
PIECES
REGISTRATION INSTRUCTIONS
NAME(S)
ID OR S.S. NO.
ADDRESS
CITY
STATE
ID OR S.S. NO.
ADDRESS
STATE
32
5,000
34
10,000
38
100,000
42
1,000,000
99
TOTAL
32
5,000
34
10,000
38
100,000
42
1,000,000
99
TOTAL
32
5,000
34
10,000
38
100,000
ID OR S.S. NO.
42
1,000,000
ADDRESS
99
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.
FO R M NY-1
IMPORTANT — Closing time for receipt of this tender is 1 :3 0 p.m ., Wednesday, May 6, 1981
TENDER FOR 10-YEAR TREASURY NOTES OF SERIES A-1991
v •*-«
3 pfa
in
m fj
1
Dated at
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
, 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 in accordance with the provisions of the official offering
circular.
£
D o n o t fill in b o th C o m p e t i t i v e and
N o n c o m p e t i t i v e te n d e r s o n o n e f o r m
COMPETITIVE TENDER
<L>.
dC
NONCOMPETITIVE TENDER
$ ................................................................ (maturity value)
$................................................................ (maturity value)
or anv lesser amount that may be awarded.
( N o t to e x c e e d $ 1 ,0 0 0 ,0 0 0 f o r o n e b id d e r th r o u g h all s o u r c e s )
at the average price of accepted competitive bids.
Yield:
( Y ie ld , m u s t b e e x p re s s e d w it h n o t m o r e t h a n
d e c im a l p la c e s , f o r e x a m p le , 10. 06)
tw o
Subject to allotment, please issue, deliver, and accept payment for the securities as indicated below and
on the reverse side (if registered securities are desired, please also complete schedule on reverse side):
Pieces
Denominations Maturity value
$
1,000
$
5,000
$
10,000
$
100,000
□
□
□
D eliver over the counter to the
undersigned O )
Ship to the undersigned (2)
H old in safekeeping (fo r member
bank on ly) in—
□ Investment A ccou nt (4)
□ General A ccou nt (5)
□ T rust A ccou nt
Payment w ill be made as fo llo w s :
□ B y charge to our reserve account (D)
□ B y cash or check in im m ediately
available funds ( f )
□ B y surrender o f maturing securities <®>
□ B y charge to m y correspondent
bank ________ _______ ______________ CD)
(Name of bank)
T a x and L oan A ccou nt* (7)
□
Special instructions <3)
$1,000,000
□
Totals
S
l- yg'
.2 E
Q--B
Wire t o ................................................................. ................. .............................
(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 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.
a-c ’S
STa §
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 payments required by the official offering
circular.
5£ c
gs s
Hc/i ^
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
Insert this tender in
special envelope marked
“ Tender for Treasury
Notes or Bonds ”
City
Phone (Include Area Code)
State
Zip Code
Signature of Subscriber or Authorized Signature
Title of Authorized Signer
(Institutions submitting tenders for customer account must list customers’ names on lines below or on an attached rider.)
(Name of customer)
(Name of customer)
IN S T R U C T IO N S :
1. 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 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 endorsed to this Bank will not 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 results 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 I reasury, is material,
the tender may be disregarded.
( over)
SU BSC R IPT IO N N O
SCHEDULE FOR ISSUE OF REGISTERED TREASURY SECURITIES
DELIVERY INSTRUCTIONS
SUBSCRIBER'S NAME
,
.
□ DELIVER OVER THE COUNTER
□ SHIP TO SUBSCRIBER
□ OTHER INSTRUCTIONS:
ADDRESS
C,TY ------------------------------------------------STATE---------------------------------Z,P -----------------------------------SIGNATURE
■
........
NO. OF
PIECES
REGISTRATION INSTRUCTIONS
NAME(S)
DENOM.
30
1,000
32
5,000
34
10,000
36
100,000
42
1,000,000
99
TOTAL
AMOUNT
SERIAL NOS.
(LEAVE BLANK)
PAYMENT INSTRUCTIONS
□ BY CHARGE TO OUR
RESERVE ACCOUNT
□„ BY cash or check
IN IM M ED IATELY AVAILABLE FUNDS
□ BY SURRENDER OF
MATURING SECURITIES
_
□ BY CHARGE TO MY
CORRESPONDENT BANK
FOR FRB USE ONLY
TRANS. ACCOUNTING DATE
ISSUE AGENT 12
•
11001
FOR FRB USE ONLY
ID OR S.S. NO.
ADDRESS
CITY
STATE
TR. CASE NO.
ZIP
NAME(S)
30
1,000
32
5,000
34
10,000
38
100,000
42
1,000,000
99
TOTAL
ID OR S.S. NO.
ADDRESS
CITY
STATE
TR. CASE NO.
ZIP
NAME(S)
30
1,000
32
5,000
34
10,000
38
100,000
42
1,000,000
99
TOTAL
ID OR S.S. NO.
ADDRESS
CITY
STATE
ZIP
LOAN CODE
TR. CASE NO.
Form, BY-ln
IMPORTANT — Closing time for receipt of this tender is 1:30 p.m., Thursday, May 7, 1981
PRIVACY ACT STATEMENT — 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.
TENDER FOR 30-YEAR TREASURY BONDS OF 2006-2011
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 amount indicated below, and
agrees to make payment therefor at your Bank in accordance with the provisions of the official offering circular.
COMPETITIVE TENDER
Do not fill in both Competitive and
Noncompetitive tenders on one form
NONCOMPETITIVE TENDER
$ ........................ (maturity value)
or any lesser amount that may be awarded.
$ ........................ (maturity value)
Yield:.......
at the average price of accepted competitive bids.
(Not to exceed $1,000,000 for one bidder through all sources)
(Yield must be expressed with not more than two
decimal places, for example, 10.06)
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 complete schedule on reverse side):
Pieces
Denomination
Maturity value
□ Deliver over the counter to the
undersigned (1)
□
$
1,000
□
S h ip to the u n d e rsig n e d (2)
H o ld in s a fe k e e p in g (fo r m e m b e r
b a n k o n ly ) in —
$
5,000
$
10,000
$
100,000
□
□
Investm ent A c c o u n t (4)
□
G e n e ra l A c co u n t (5)
□
T ru st A c co u n t (6)
H o ld as co lla te ra l fo r T re a su ry T a x and
Payment will be made as follows:
H By charge to our reserve account (D)
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)
L o a n A c c o u n t * (7)
$ 1,000,000
□
Totals
Wire t o .........................................................
(Exact Receiving Bank Wire Address/Account)
( 8)
* 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 HEREBY CERTIFY 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 FURTHER CERTIFY that we have received tenders from customers in the amounts set forth opposite their
names on the listwhich ismade 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 payments required by the official offering circular.
W E FURTHER CERTIFY that tenders received by us, ifany, 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 conditions,
agreements, and certifications set forth in this form.
Insert this tender in
special envelope marked
“ Tender for Treasury
Notes or Bonds
(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 o f $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 o f 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 o f New York their positions with respect to Government securities and
borrowings thereon, and Government accounts. Tenders from others must be accompanied by full payment o f the face amount o f the
securities applied for.
4. 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 commercial bank 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 Treasury securities maturing on or before
the issue date o f 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 O ffice or
(716) 849-5046 at the Buffalo Branch. For results o f recent Treasury auctions, call (212) 791-5823 at the Head O ffice or (716) 849-5046 at the
Buffalo Branch. For other information about Treasury securities, call (212) 791-6619 at the Head O ffice or (716) 849-5016 at the Buffalo
Branch during normal business hours.
6. If the language o f this tender is changed in any respect that, in the opinion o f the Secretary o f the Treasury, is material, the tender may be
disregarded.
(OVER)
SUBSCRIPTION NO
SCHEDULE FOR ISSUE OF REGISTERED TREASURY SECURITIES
SUBSCRIBER'S
ADDRESS
CITY
N A M E _______________________________________________
DELIVERY INSTRUCTIONS
PAYMENT INSTRUCTIONS
□
□
DELIVER OVER THE COUNTER
□ SHIP TO SUBSCRIBER
____________________________________________________________
□
___________________________________ S T A T E ________________ Z I P
OTHER INSTRUCTIONS:
S I G N A T U R E _________________________________________________________
R E G IS T R A T IO N
NO. OF
PIECES
IN S T R U C T IO N S
N A M E (S )
I D O R S.S. N O .
ADDRESS
C IT Y
STATE
DENOM.
30
1, 0 0 0
32
5,0 0 0
34
10,000
38
100,000
42
1,000,000
99
TOTAL
ZIP
N A M E (S )
AMOUNT
SERIAL NOS.
(LEAVE BLANK)
FO R F R B USE O N LY
BY CHARGE TO OUR
RESERVE ACCOUNT
n BY CASH OR CHECK IN
IMMEDIATELY AVAILABLE FUNDS
□ BY SURRENDER OF
MATURING SECURITIES
□ BY CHARGE TO MY
FOR FRB
TRANS. A C C OU N TIN G DATE
I S S U E A G E N T 12
11 0 -0 1
USE O N LY
TR . CASE NO.
30
1,000
32
5,000
3 4-
10,000
38
100,000
42
1,000,000
99
TOTAL
I D O R S.S. N O .
ADDRESS
C IT Y
STATE
Z IP
N AME(S)
I D O R S.S. N O .
ADDRESS
C IT Y
STATE
Z IP
TR . CASE NO.
30
1, 000
32
5,000
34
10,000
38
100 ,000
42
1, 0 0 0 , 0 0 0
99
TOTAL
LOAN CODE
T R . CASE NO.
U N I T E D STATES OF A M E R I C A
T REASURY NOTES OF MAY *15, 1984
SERIES K-1984
D E PA RT ME NT CIRCULAR
Public Debt Series - No.
1.
1.
1.
D E PARTMENT OF THE TREASURY,
OFFICE OF THE SECRETARY,
W ashington, April 30, 1981.
12-81
INVIT A T I O N FOR TENDERS
The Secr e t a r y of the Treasury,
the S e c o n d Libe r t y Bond Act,
as amended,
under the a u t hority of
invites tenders for ap p r o x i
m a t e l y $3,0 0 0 , 0 0 0 , 00 0 of United States securities, designated T reasury
N o t es of May 15, 1984,
Series K -1984
(CUSIP No. 912827 LV 2).
The
s e curities will be sold at auction, with bidding on the basis of
yield .
Payment will be required at the price equiv a l e n t of the bid
yield of each accepted tender.
and
the price e q u i v a l e n t of each accepted bid will be d e termined in
the -anr.er d e scribed below.
may
The interest rate on the securities
oe
issued
A d d i t i o n a l amounts of these securities
to G o v e r n m e n t accounts and Federal Reserve Banks for
their own account in e xchange for m aturing T r e a s u r y securities.
A d d i t i o n a l amounts of the new securities ma y also be issued at the
a v e r a g e price to Federal Reser v e Banks,
i n tern a t i o n al m o n e t a r y authorities,
as agents for foreign and
to the extent that the agg r e
gate amount of tenders for such accounts exceeds the aggregate
amount
of m aturing securities held by them.
2.
1.
1.
D ESCRIP T I O N OF SECURITIES
The securities will be dated May 15, 1981,
and will
b e a r interest from that date, payable on a semiannual basis on
N o v e m b e r 15,
1981, and each s u b s e q u e n t 6 months on May 15 and
N o v e m b e r 15, until the princ i p a l becomes payable.
May
1 5 , 1984,
to m a turity.
date
and will not be subject to call for redem p t i o n prior
In the event an interest payment date or the m aturity
is a Saturday,
or p rincipal
2.
2.
all taxes
Sunday, or oth e r n onbusiness day,
the interest
is payable on the nex t - s u c c e e di n g business day.
The income derived from the securities
is subject to
imposed under the Internal Revenue Code of 1954. The
s e c u r i t i e s are subject to estate,
excise
They will mature
inheritance, gift, or other
taxes, w h e t h e r Federal or State, but are e xempt from all
t a x a t i o n now or here a f t e r
imposed on the p r i n cipal or interest
2 .
t h e r e o f by any State,
any posses s i o n of ’the United States, or any
local taxing authority.
2.
The securities will be acceptable to secure deposits of
3.
public monies.
2.
4.
They will not be acceptable in payment of taxes.
Bearer securities with interest coupons attached, and
securities registered as to principal and interest, will be issued
in d e n ominations 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 d e n o m i n a
tions 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
g o verning United States securities apply to the securities offered
in this circular.
in effect,
These general regulations include those currently
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,
May
5,
up to 1:30 p ,m., Eastern Daylight Saving time, Tuesday,
1981.
Noncompetitiv e tenders as defined below will be
considered timely if postmarked no later than Monday, May 4, 1981.
3.
bid
2.
Each tender must state the face amount of securities
The minimum bid is $5,000 and larger bids must be in
for.
m u l t i p l e s of that amount.
y i e l d desired,
decimals,
expressed
e .g ., 7.11%.
Competitive tenders must also show the
in terms of an annual yield with two
Common fractions may not be used.
Non
competitive tenders must show the term "noncompetitive" on the tender
form in lieu of a specified yield.
No bidder may submit more than
one n oncompetitive 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
Section 3.1.
for receipt of tenders.
Those authorized to submit
tenders for the account of customers will be required to certify
th at such tenders are submitted under the same conditions,
ments,
and certifications as tenders submitted directly by
bidders
for their own account.
agree
3.
3.
4.
C o m m e r c i a l banks,
which
as bar. ks a c c e p t i n g d e m a n d d e p o s i t s ,
for this p u r p o s e are d e f i n e d
and p r i m a r y d e al er s,
which
this p u r p o s e are d e f i n e d as d e a l e r s who m a k e p r i m a r y m a r k e t s
Government
of N e w York
their p o s i t i o n s
are o n l y p e r m i t t e d
account
in and b o r r o w i n g s on such s e c u r i t i e s ,
for a c c o u n t of c u s t o m e r s
c u s t o m e r s and the a m o u n t
5.
in
s e c u r i t i e s and r e p o r t d a i l y to the Fe de ra l R e s e r v e 3 a n k
may submit tenders
3.
for
if the names of the
for e a ch c u s t o m e r are f u r n i s h e d .
Others
to s u b m i t t e n d e r s for th ei r own ac c o u n t .
T e n d e r s w i ll be r e c e i v e d w i t h o u t d e p o s i t for their own
from c o m m e r c i a l ba nk s and o t h e r b a n k i n g
p r i m a r y de a l e r s ,
as d e f i n e d above;
i n s t i t ut io ns ;
Federally-insured
l o an a s s o c i a t i o n s ;
States,
instrumentalities;
p u b l i c p e n s i o n and r e t i r e m e n t and o t h e r p u b l i c
funds;
international organizations
membership;
Ba nks;
and their p o l i t i c a l
sa v i n g s and
s u b d i v i s i o n s or
in w h i c h the U n it ed St at es ho ld s
f o r e i g n c e n t r a l ba nk s and f o r e i g n states;
and G o v e r n m e n t a c c o u n t s .
Tenders
from o t h e r s m u s t be a c c o m
p a n i e d by full p a y m e n t for the a m o u n t of s e c u r i t i e s
the
form of cash, m a t u r i n g T r e a s u r y s e c u r i t i e s ,
ible c h e c ks ),
op e n e d ,
6.
for,
I m m e d i a t e l y a f t e r the c l o s i n g hour,
fo l l o w e d
then c o m p e t i t i v e
te nd er s will
be a c c e p t e d
to a t t a i n the a m o u n t o f f e r e d .
tion is m a d e as to w h i c h
be e s t a b l i s h e d ,
in
and
st a r t i n g wi th those at
to the e x t e n t
T e n d e r s at the h i g h e s t
if n e c e s s a r y .
te nd er s are a c c e p t e d ,
A f t e r the d e t e r m i n a
a c o u p o n rate will
increment,
in an e q u i v a l e n t a v e r a g e a c c e p t e d p r i c e close to
and a l o w e s t a c c e p t e d p r i c e abov e
l i m i t of 99 .2 50 .
each competitive
T h a t rate of
Base d on such
the o r i g i n a l
issue
i n t e r e s t will be paid on
i n t e r e s t rate,
the pr ic e on
te nd er a l l o t t e d w i ll be d e t e r m i n e d and each
successful
c o m p e t i t i v e b i d d e r will be r e q u i r e d
equivalent
to the y i e l d bid.
accepted competitive
to pay the pr ic e
Those submitting noncompetitive
t e n d e r s wi ll p a y the p r i c e e q u i v a l e n t
in full,
on the basi s of a 1/8 of one p e r c e n t
all of the s e c u r i t i e s .
of
te nd er s will be
t h r o u g h s u c c e s s i v e l y h i g h e r y i el ds
a c c e p t e d yi el d w i l l be p r o r a t e d
discount
or r e a d i l y c o l l e c t
S u b j e c t to the r e s e r v a t i o n s e x p r e s s e d
te nd er s will be a c c e p t e d ,
the l o w e s t yi el ds ,
100.000
(in
by a p u b l i c a n n o u n c e m e n t of the a m o u n t and yi el d
S e c t i o n 4, n o n c o m p e t i t i v e
which results
for
from a c o m m e r c i a l b a n k or a p r i m a r y de al er .
rang e of a c c e p t e d bids.
required
ap pl ie d
or by a p a y m e n t g u a r a n t e e of 5 p e r c e n t of the face
a m o u n t ap p l i e d
3.
Fe de ra l R e s e r v e
t e n d er s.
to the w e i g h t e d
a v er ag e yiel d
Price c a l c u l a t i o n s wi ll be
4.
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 de t e r m i n a
tion 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 T r easury 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.
3.
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.
to institutional
Settlement on securities allotted
investors and to others whose tenders are accom
panied by a payment guarantee as provided
in Section 3.5., must be
made or completed on or before Friday, May 15, 1981.
Payment in full
must accompany tenders submitted by all other investors.
must be in cash;
Payment
in other funds immediately available to the Treasury;
in Treas u r y 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 from insti
tutional
investors no later than Wednesday, May 13, 1981.
When
5.
payment has been submitted with the tender and the purchase price
of
~'.'otted securities is over par,
settlement for the premium
must ue 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
i dentification 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.
on t i m e ,
In every case where full payment has not been completed
an amount of up to 5 p e r cent of the face amount of
securities
a l l o t t e d ,' s h a l l , at the discretion of the Secretary of
the T r e a s u r y ,
5.
3.
securities
be forfeited to the United States.
Registered securities
tendered in payment for allotted
are not required to be assigned if the new securities are
to be registered
in the same names and forms as appear in the r e gis
trations or assignments of the securities surrendered.
When the new
securities are to be registered in names and forms different from
those
the
in the inscriptions or assignments of the securities presented,
as si g n m e n t
(securities
should be to "The Secretary of the Treasury for
offered by this circular)
payer identifying number)."
desired,
in the name of (name and tax
If new securities in coupon form are
the assignment should be to "The Secretary of the Treasury
for coupon
(securities offered by this circular)
(name and address)."
to be delivered to
Specific instructions for the issuance and
d e livery of the new securities,
signed by the owner or authorized
representative, must accompany the securities presented.
tendered
Securities
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
c« >
6 •
5.
4.
settlem ent
If bearer securities are not ready for delivery on the
date,
purchasers may elect to receive interim certifi
These certificates shall be issued in bearer form and shall
cates.
be exchangeable
for definitive securities of this issue, when such
securities are available,
the Bureau of
at any Federal Reserve Bank or Branch or at
the Public Debt, Washington,
D. C» 20226.
The interim
c e r t i ficates 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.
Banks
1.
are
GENE R A L PROVISIONS
As fiscal agents of the United States,
Federal Reserve
authorized and requested to receive tenders,
ments as directed by the Secretary of the Treasury,
notices
as may be necessary,
6.
pending delivery of
2.
provided .
and to issue interim c e r t i f i
the definitive securities.
The Secretary of the Treasury may at any time issue
supplemental
offering.
to issue such
to receive payment for and make delivery
of securities on full-paid allotments,
cates
to make allot-;
or amendatory rules and regulations governing the
Public announcement of such changes will be promptly
, t.
Paul H. Taylor,
Fiscal Assistant Secretary.
U N I T E D STATES OF A M E R I C A
TREA S U R Y N O T E S OF MAY 15, 1991
SERIES A-1991
DEPARTMENT CIRCULAR
P u b l i c D e b t S e r i e s - No.
1.
1.
1.
D E P A R T M E N T OF T H E T R E A S U R Y ,
O F F I C E OF T H E S E C R E T A R Y ,
W a s h i n g t o n , A p r i l 30, 1981.
13-81
I N VI T A T I O N FOR TENDERS
T h e S e c r e t a r y of the T r e a s u r y ,
the S e c o n d L i b e r t y B o nd A c t,
as a m e n d e d ,
m a t e l y $ 1 , 7 5 0 , 0 0 0 , 0 0 0 of U n i t e d S t a t e s
N o t e s of M a y 15,
1991,
Series A-1991
s e c u r i t i e s w i l l be so ld at a u c t i o n ,
yield .
invites tenders
securities,
for a p p r o x i
designated Treasury
( C US IP No. 9 1 2 8 2 7 LW 0).
The
w i t h b i d d i n g on the b a s i s of
P a y m e n t w i l l be r e q u i r e d at the p r i c e e q u i v a l e n t of the bid
y i e l d of e a c h a c c e p t e d
and
u n d e r the a u t h o r i t y of
tender.
The
i n t e r e s t ra te on the s e c u r i t i e s
the p r i c e e q u i v a l e n t of e a c h a c c e p t e d bid w i l l be d e t e r m i n e d
the m a n n e r d e s c r i b e d b e l o w .
m a y be
issued
their own
A d d i t i o n a l a m o u n t s of thes e s e c u r i t i e s
to G o v e r n m e n t a c c o u n t s and F e d e r a l R e s e r v e B a n k s
account
in
in e x c h a n g e
for
for m a t u r i n g T r e a s u r y s e c u r i t i e s .
0f
Additional
a m o u n t s of
average price
the n e w s e c u r i t i e s m a y a l so be
to F e d e r a l R e s e r v e B a n k s ,
international monetary authorities,
gate
a m o u n t of
tenders
a m o u n t of m a t u r i n g
2.
bear
1.
the a g g r e g a t e
by them.
D E S C R I P T I O N OF S E C U R I T I E S
T h e s e c u r i t i e s w i l l be d a t e d
interest
for f o r e i g n and
to the e x t e n t that the a g g r e
for s u c h a c c o u n t s e x c e e d s
s e c u r i t i e s h e ld
2.
as a g e n t s
issued at the
f r o m th at da te ,
May 15,
1981,
and w i l l
p a y a b l e on a s e m i a n n u a l b a s i s on
N o v e m b e r 15,
1981,
and e a c h s u b s e q u e n t 6 m o n t h s on M a y 15 a n d
November
until
the p r i n c i p a l b e c o m e s p a y a b l e .
M a y 15,
15,
1991,
and w i l l n o t be s u b j e c t to ca ll
to m a t u r i t y .
date
2.
all
2.
taxes
securities
excise
Su n d a y ,
or o t h e r n o n b u s i n e s s day,
the
interest
is p a y a b l e on the n e x t - s u c c e e d i n g b u s i n e s s da y.
The
imposed
are
taxes,
for r e d e m p t i o n p r i o r
In the e v e n t an i n t e r e s t p a y m e n t d a t e or the m a t u r i t y
is a S a t u r d a y ,
or pr incipal
They will mature
i n co me d e r i v e d
f r o m the s e c u r i t i e s
is s u b j e c t to
u n d e r the I n t e r n a l R e v e n u e Co de of 1954. The
s u b j e c t to e s t a t e ,
inheritance,
w h e t h e r F e d e r a l o r St at e,
gift,
or o t h e r
b u t are e x e m p t fr om all
taxation n o w o r h e r e a f t e r i m p o s e d on the p r i n c i p a l or i n t e r e s t
et O
2 .
by any State,
thereof
any p o s s e s s i o n of the United States, or any
I:,- ' raring authority.
3.
.The s e c u r i t i e s will be acceptable to secure deposits
of outlie m o n ies.
2.
4.
They will not be a c ceptable in payment of taxes.
B e a r e r securiti e s with interest coupons attached,
and
s e c u r i t i e s regi s t e r e d as to p r i n c i p a l and interest, will be issued
in d e n o m i n a t i o n s of $1,000,
$5,000,
$10,000,
$100,000, and $1,000,000.
B o o k - e n t r y s e c u r i t i e s will be a v a i l a b l e to eligible bidders in
m u l t i p l e s of those amounts.
I n terchanges of securities of different
d e n o m i n a t i o n s and of coupon,
registered,
and b o o k - e n t r y securities,
-
and the t r a n s f e r of regis t e r e d securities will be permitted.
2.
5.
The D e p a r t m e n t of the Treasury's general regulations
g o v e r n i n g United States secur i t i e s
in this circ u l a r .
in effect,
These general r e g u l a t i o n s
include those currently
as well as those that m a y be issued at a later date.
3.
3.
apply to the securities offered
1.
SALE P R OCEDURES
Tend e r s will be received at Federal Reserve Banks
and B r a n c h e s and at the B u re a u of the Public Debt, Washington,
D. C.-
20*226 , up to 1:30 p . m ., Eastern D a y l i g h t Saving time, Wednesday,
May
6,
1981.
N o n c o m p e t i t i v e tenders as defined below will be con
s i d e r e d timely if p o s t m a r k e d no later than Tuesday, May 5, 1981.
3.
bid
2.
for.
Each tender mus t state the face amount of securities
The m i n i m u m bid is $1,000 and larger bids must be in
r e l - : r l e s of that amount.
y i e _ d desired,
e . g ., 7.11%.
expressed
C o m p e t i t i v e tenders must also show the
in terms of an annual yield with two decimals,
C o m m o n fractions ma y not be used.
Nonc o m p e t i t iv e
t enders must show the term "noncomp e t i ti v e " on the tender form in
lieu of a s p ecified yield.
noncompetitive
3.
3.
No b idder may submit more than one
tender and the amount ma y not exceed $1,000,000.
All bidders mus t c e r tify that they have not made
and will not make any agree m e n t s for the sale or purchase of any
s e c u r i t i e s of this issue p r i o r to the d eadline established in
S e c t i o n 3.1. for rece i p t of tenders.
t enders
that
Those authorized to submit
for the a c c ount of c u s t o m e r s will be required to certify
such tenders are submit t e d under the same conditions,
m ents,
bidders
and c e r t i f i c a t i o n s as tenders submitted d irectly by
for their own account. .
agr e e
3.
3.
as
4
4.
Commercial
b a nk s,
w h i c h for this p u r p o s e are d e f i n e d
... - accepting d e m a n d d e p o s i t s ,
and p r i m a r y d e a l e r s ,
which
for on is purpose are d e f i n e d as d e a l e r s w h o m a k e p r i m a r y m a r k e t s in
G o v e r n m e n t s e c u r i t i e s and r e p o r t d a i l y to the F e d e r a l R e s e r v e B a n k
of New Y o r k
their positions
in and b o r r o w i n g s on such s e c u r i t i e s ,
ma y submit t e n d e r s for a c c o u n t of c u s t o m e r s if the n a m e s of the
c usto m e r s and the a m o u n t for e a c h c u s t o m e r are f u r n i s h e d .
are only p e r m i t t e d
3.
ow n
5.
Others
to s u b m i t t e n d e r s for t h e i r own a c c o u n t .
T e n d e r s w i l l be r e c e i v e d w i t h o u t d e p o s i t for th ei r
account
fr om c o m m e r c i a l b a n k s and o t h e r b a n k i n g i n s t i t u t i o n s ;
%
p r i m a r y d e a l e r s , as d e f i n e d above; F e d e r a l l y - i n s u r e d s a v i n g s and
loan a s s o c i a t i o n s ;
States,
instrumentalities;
p u b l i c p e n s i o n and r e t i r e m e n t and o t h e r p u b l i c
funds;
and t h e i r p o l i t i c a l
international organizations
m embership;
Banks;
s u b d i v i s i o n s or
in w h i c h the U n i t e d S t a t e s h o l d s
f o r e i g n c e n t r a l b a n k s and f o r e i g n states;
and G o v e r n m e n t a c c o u n t s .
Tenders
Federal Reserve
f r om o t h e r s m u s t be a c c o m
panied by full p a y m e n t for the a m o u n t of s e c u r i t i e s a p p l i e d for (in
the form of cash, m a t u r i n g T r e a s u r y s e c u r i t i e s , or r e a d i l y c o l l e c t 0
ibie c h e c k s ) , or by a p a y m e n t g u a r a n t e e of 5 p e r c e n t of the face
amount: a p p l i e d
3.
opened,
6.
for,
from a commercial
b a n k or a p r i m a r y d e a l e r .
I m m e d i a t e l y a f t e r the c l o s i n g hour,
t e n d e r s wi l l be
f o l l o w e d by a p u b l i c a n n o u n c e m e n t of the a m o u n t and yi el d
rar.:; of a c c e p t e d b i d s .
S u b j e c t to the r e s e r v a t i o n s e x p r e s s e d
Secc-tn 4, n o n c o m p e t i t i v e t e n d e r s w i l l be a c c e p t e d
-then competitive t e n d e r s w i l l be a c c e p t e d ,
the
lowest y i e l d s ,
starting with
through successively higher yields
r equired to a t t a i n the a m o u n t o f f e r e d .
a ccepted y i e l d w i l l be p r o r a t e d
results
if n e c e s s a r y .
average accepted
a lowest a c c e p t e d p r i c e a b o v e
97.500.
T h a t r a t e of
those at
to the e x t e n t
A f t e r the d e t e r m i n a
a c o u p o n ra te w i ll be
on the b a s i s 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
and
T e n d e r s at the h i g h e s t
tion is m a d e as to w h i c h t e n d e r s are a c c e p t e d ,
established,
in full,
in
the o r i g i n a l
incr em en t,
price close
which
to 1 0 0 . 0 0 0 and
issue d i s c o u n t l i m i t of
i n t e r e s t w i l l be p a i d on all of the s e c u r i t i e s .
Based on s u ch i n t e r e s t rate,
the p r i c e on e a ch c o m p e t i t i v e t e n d e r
allotted w i l l be d e t e r m i n e d and e a c h s u c c e s s f u l c o m p e t i t i v e b i d d e r
will
ce required to p a y the p r i c e e q u i v a l e n t to the y i e l d bid.
Those
submitting n o n c o m p e t i t i v e t e n d e r s w i l l p a y the p r i c e e q u i v a l e n t to
4.
the w e i g h t e d a v e r a g e y i e l d of a c c e p t e d c o m p e t i t i v e te nd er s.
Cc'. • :' -c i o n s w i l l
of
cnee
per h u n d r e d ,
S e c r e t a r y of
competitive
ing,
e ,g ., 9 9 . 9 2 3 ,
tenders received would
equivalent
competitive
3.
a b s o r b all or m o s t of the o f f e r - •
in an a m o u n t s u f f i c i e n t to'
7.
to the w e i g h t e d
Competitive
right
at
a v e r a g e y i e l d of a c c e p t e d
Those submitting noncompetitive
if the t e n d e r is not a c c e p t e d
in full,'-
is o v e r pa r .
4.
1.
fr om
b i d d e r s w i l l be a d v i s e d of the a c c e p t a n c e
their tenders.
the p r i c e
4.
Tenders received
tenders.
r e j e c t i o n of
part,
If the a m o u n t of n o n
F e d e r a l R e s e r v e B a n k s wi ll be a c c e p t e d
t e n d e r s w i l l o n l y be n o t i f i e d
th e
fi nal.
a f a i r d e t e r m i n a t i o n of the y i e l d .
the p r i c e
or when
and the d e t e r m i n a t i o n s of the
t e n d e r s w i l l be a c c e p t e d
G o v e r n m e n t a c c o u n t s and
or
to t h r e e d e c i m a l p l a c e s on the basis
the T r e a s u r y s h a l l be
competitive
provide
be c a r r i e d
Pr ic e
a
RESERVATIONS
T h e S e c r e t a r y of the T r e a s u r y e x p r e s s l y r e s e r v e s
to a c c e p t o r r e j e c t a n y or all
to a l l o t m o r e or l e s s
tenders
in w h o l e or
in
th an the a m o u n t of s e c u r i t i e s s p e c i f i e d
in S e c t i o n 1, and to m a k e d i f f e r e n t p e r c e n t a g e a l l o t m e n t s to v a r i o u s
c l a s s e s of a p p l i c a n t s w h e n
the S e c r e t a r y c o n s i d e r s
interest.
action
The Se c r e t a r y ' s
5.
5.
the
1.
re d e r a l
Debt,
Settlement
Reserve
wherever
allotted
to
accompanied
the
it in the p u b l i c
u n d e r this S e c t i o n
is final.
PAYMENT AND DELIVERY
for a l l o t t e d
--
s e c u r i t i e s m u s t be m a d e at
B a n k or B r a n c h or at the B u r e a u of the P u b l i c
tender was
institutional
submitted.
i n v e s t o r s and
by a p a y m e n t g u a r a n t e e
be m a d e o r c o m p l e t e d on or b e f o r e
S e t t l e m e n t on s e c u r i t i e s
to o t h e r s w h o s e
as p r o v i d e d
Fr id ay ,
te nd er s are
in S e c t i o n 3.5., m u s t
May 15, 1981.
Payment
full m u s t a c c o m p a n y t e n d e r s s u b m i t t e d by all o t h e r i n v e s t o r s .
must oe in cash ;
in o t h e r f u n d s
in T r e a s u r y b i l l s ,
notes,
m a t u r i n g on or b e f o r e
defined
immediately available
or bonds
in
Payment
to the T r e a s u r y ;
(with all c o u p o n s de ta ch ed )
the s e t t l e m e n t d a t e but w h i c h are not o v e r d u e as
in the g e n e r a l r e g u l a t i o n s g o v e r n i n g
o r by c h e c k d r a w n
;
to the o r d e r of
the
United States
i n s t i t u t i o n to w h i c h
securities;
the t e n d e r
-1
5.
was s-omitted, which must be received from institutional investors
r.c *.•
than Wednesday,
May 13, 1981.
When payment has been sub-
mi reed v;ith the tender and the purchase price of allotted securities
is over par,
specified
settlement for the p r e m i u m must be completed timely, as
in the preceding sentence.
W hen payment has been submitted
w ith the tender and the purch a s e price
will be remitted to the bidder.
is under par,
the discount
Payment will not be considered
cor.place where registered securities are requested
if the appropriate
i dentifying number as required on tax returns and other documents sub
mitted
to the Internal Revenue Service
number or an employer
payment
is made
(an i n d i v i d u a l ’s social security
identif i c a t io n number)
in securities,
is not furnished. When
a cash adjustment will be made to or
r equired of the bidder for any d i fference between the face amount of
securities presented and the a mount payable on the securities allotted.
S.
or. time,
2.
In every case w h e r e full payment has not been completed
an amount of up to 5 p e r c e n t of the face amount of securities
allotted,
shall,
at the d i s c r e t i o n of the Secretary of the Treasury,
be forfeited to the United States.
0
j. . 5.
3.
Registered securities tendered in payment for allotted
securities are not required to be assigned
to be registered
if the new securities are
in the same names and forms as appear in the r e g i s
trations or assignments of the securities surrendered.
securities are to be registe r e d
When the new
in names and forms different from those
in the inscriptions or assignments of the securities presented,
the
a s s i g n m e n t should be to "The S e c retary of the Treasury for (securities
o ffered by this circular)
n u m b e r ) ."
in the name of
If new securities
(name and taxpayer identifying
in coupon form are desired,
should be to "The Secretary of the T r e a s u r y for coupon
-offered by this circular)
Specific
the assignment
(securities
to be d e l i vered to (name and address) ."
instructions for the issuance and delivery of the new
securities,
signed by the o w n e r or authorized representative, must
c-a c c o m p a n y the securities presented.
Securities tendered in payment
..should be surrendered to the Federal Reserve Bank or Branch or to the
B ureau of the Public Debt, W a s h i n g t o n ,
D. C. 20226.
The securities
must be delivered at the expense and risk of the holder.
i
*
6.
5.
4.
If b e a r e r s e c u r i t i e s are n o t ready for d e l i v e r y on the
. --rent date,
cates .
p u r c h a s e r s m a y elect to receive interim c e r t i f i
These c e r t i f i c a t e s s h a l l be i s s u e d in b e a r e r f o rm and shall
be e x c h a n g e a b l e for d e f i n i t i v e s e c u r i t i e s of this
securities are available,
issue, w h e n such
at an y F e d e r a l R e s e r v e B a n k or B r a n c h or at
the B u reau of the P u b l i c De bt , W a s h i n g t o n ,
D. C. 2 0 22 6.
The interim
c e r t i f i c a t e s m u s t be r e t u r n e d at the r i s k and e x p e n s e of the h o l d e r .
5.
5.
D e l i v e r y of s e c u r i t i e s
a f t e r the r e q u e s t e d
registered
have b e e n
form wi ll be m a d e
f o r m of r e g i s t r a t i o n has b e e n v a l i d a t e d ,
i n t e r e s t a c c o u n t has b e e n e s t a b l i s h e d ,
and
the
the s e c u r i t i e s
inscribed.
6.
6.
in r e g i s t e r e d
1.
As
GENERAL PROVISIONS
f i s c a l a g e n t s of the U n i t e d S t a t e s ,
Banks are a u t h o r i z e d
and r e q u e s t e d
to r e c e i v e
Federal Reserve
te nd er s,
to m a ke
a l l o t m e n t s as d i r e c t e d b y the S e c r e t a r y of the T r e a s u r y ,
such notices as m a y be n e c e s s a r y ,
to r e c e i v e p a y m e n t
d e l i v e r y of s e c u r i t i e s on f u l l - p a i d a l l o t m e n t s ,
and
to issue
for and m a ke
to issue
interim
c e r t i f i c a t e s p e n d i n g d e l i v e r y of the d e f i n i t i v e s e c u r i t i e s .
6.
2.
The S e c r e t a r y of the T r e a s u r y may at any time issue
s u e e l e m e n t a l or a m e n d a t o r y rules and regulations governing the
offering.
Public a n n o u n c e m e n t of such changes will be promptly
crevi ded .
http://fraser.stlouisfed.org/
Federal
Reserve Bank of St. Louis
.
P a ul H. Ta ylor,
Fiscal As sistant Secretary.
<
B
UNITED STATES OF AMERICA
TREASURY BONDS OF 2006-2011
DEPARTMENT CIRCULAR
Public Debt Series - No. 14-81
1.
1.
1.
DEPARTMENT OF THE TREASURY,
OFFICE OF THE SECRETARY,
Washington, April 30, 1981.
INVITATION FOR TENDERS
The Secretary of the Treasury, under the authority of
the Second Liberty Bond Act, as amended,
invites tenders for approxi
m a tely $2,000,000,000 of United States securities, designated Treasury
Bonds of 2006-2011
(CUSIP No. 912810 CV 8).
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.
A dditional 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 May 15, 1981, and will bear
interest from that date, payable on a semiannual basis on November 15,
1981, and each subsequent 6 months on May 15 and November 15, until the
principal becomes payable.
They will mature on May 15, 2011, but may
be redeemed at the option of the United States on and after May 15, 2006,
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 securities
called for redemption shall cease on the date of redemption specified
the notice of call.
In the event an interest payment date or the
m atur i t y date is a Saturday, Sunday, or other nonbusiness day,
the
interest or principal is payable on the next-succeeding business day.
in
2
2.
2.
The income derived from the securities is subject to all
imposed under the Internal Revenue Code of 1954 . The securities
ar e
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.
3.
The securities will be acceptable to secure deposits of
public monies.2.
4.
They will not be acceptable in payment of taxes.
Bearer securities with interest coupons attached, and
securities registered as to principal and interest, will be issued in
d e n o minations of $1,000,
$5,000, $10,000,
$100,000,
and $1,000,000.
B o o k - e n t r y securities will be available to eligible bidders in
m u ltiples of those amounts.
Interchanges of securities of different
deno m i n a t i o ns 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.
efrect,
These general regulations
include those currently in
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.
20225
, up to 1:30 p ,m., Eastern Daylight Saving time, Thursday,
Mav 7,
1981.
sidered
timely if postmarked no later than Wednesday, May 6, 1981.
3.
for.
Noncompetitive tenders as defined below will be con
2.
Each tender must state the face amount of securities bid
The minimum bid is $1,000 and larger bids must be in multiples
of that amount.
desired,
Competitive tenders must also show the yield
expressed
e .g ., 7.11%.
in terms of an annual yield with two decimals,
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
n o n c ompetitive 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
Section
3.1. for receipt of tenders.
tenders
for the account of customers will be required to certify
Those authorized to submit
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 Bank of New York
their positions in and borrowings on such securities, may submit
tenders for account of customers if the names of the customer's 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,
tions;
as defined above; Federally-insured savings and loan associa
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 Go v e r n
ment a c c o u n t s .
Tenders from others must be accompanied by full p a y
ment for the amount of securities applied for (in the form of cash,
maturing Treasury securities, or readily collectible checks), 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 competitive tenders will be accepted,
the lowest yields,
starting with those at
through successively higher yields to the
extent required to attain the amount offered.
Tenders at the
highest accepted yield will be prorated if necessary.
determination is made as to which tenders are accepted,
After the
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
4.
successful competitive bidder will be required to pay the price
equi v 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 determinat i on s of the Secretary of the Treasury
shall be final.
If the amount of noncompetitive tenders received
would absorb all or most of the offering,
be accepted
competitive tenders will
in an amount sufficient to provide a fair determination
of the yield.
Tenders received from G o vernment 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, wherever 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 Friday, May 15, 1981.
%
Payment in full must accompany tenders submitted by all other
investors.
Payment must be in cash;
available to the Treasury;
in other funds immediately
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
from institutional investors no later than Wednesday, May 13, 1981.
When payment has been submitted with the tender and the purchase
price of allotted securities is over par, settlement for the premium
must be completed timely, as specified in the preceding sentence.
When 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)
is not furnished.
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.
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)
taxpayer identifying number) ."
desired,
If new securities in coupon form are
the assignment should be to "The Secretary of the Treasury
for coupon
(securities offered by this circular)
(name and address) ."
in the name of (name and
to be delivered to
Specific instructions for the issuance and
6 .
d e l i v e r y of the new securities,
signed by the owner or authorized
representative, must accompany the securities presented.
tendered
Securities
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
e x c h a ngeable 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,
tered interest account has been established,
the regis
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 allot
ments as directed by the Secretary of the Treasury,
notices as may be necessary,
to issue such
to receive payment for and make delivery
of securities on full-paid allotments,
and to issue interim certifi
cates 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 offer
ing.
Public announcement of such changes will be promptly provided.
Paul H. Taylor,
Fiscal Assistant Secretary.
@FedFRASER