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FEDERAL RESERVE BANK OF N E W YORK Fiscal Agent of the United States _ Circular No. 9746 October 31, 1984 OFFERING OF TWO SERIES OF TREASURY BILLS $6,800,000,000 off 91-Day Bills, To Be Issued November 8, 1984, Bee February 7, 1985 $6,800,000,000 off 182“Oay Bills, To Be Issued November 8, 1984, Due May 9, 1985 To A l l B a n k in g I n s titu tio n s , a n d O th e r s C o n c e rn e d , in th e S e c o n d F e d e ra l R e s e r v e D is tr ic t: Following is the text of a notice issued by the Treasury Department: The Department of the Treasury, by this public notice, invites tenders ment securities and report daily to the Federal Reserve Bank of New York for two series of Treasury bills totaling approximately $13,600 million, to their positions in and borrowings on such securities, when submitting be issued November 8, 1984. This offering will provide about $925 million tenders for customers, must submit a separate tender for each customer of new cash, as the maturing bills total $12,685 million (including the whose net long position in the bills being offered exceeds $200 million. 168-day cash management bills issued May 24, 1984, in the amount of A noncompetitive bidder may not have entered into an agreement, nor $2,005 million). make an agreement to purchase or sell or otherwise dispose of any non The $10,680 million of regular maturities includes $1,084 million cur competitive awards of this issue being auctioned prior to the designated rently held by Federal Reserve Banks as agents for foreign and international closing time for receipt of tenders. monetary authorities and $2,266 million currently held by Federal Reserve Payment for the full par amount of the bills applied for must accom Banks for their own account. The two series offered are as follows: pany all tenders submitted for bills to be maintained on the book-entry 91-day bills (to maturity date) for approximately $6,800 million, records of the Department of the Treasury. A cash adjustment will be representing an additional amount of bills dated August 9, made on all accepted tenders for the difference between the par payment 1984, and to mature February 7, 1985 (CUSIP No. 912794 submitted and the actual issue price as determined in the auction. GS7), currently outstanding in the amount of $6,665 million, No deposit need accompany tenders from incorporated banks and the additional and original bills to be freely interchangeable. companies and from responsible and recognized dealers in invest 182-day bills for approximately $6,800 million, to be dated trust ment securities for bills to be maintained on the book-entry records of November 8, 1984, and to mature May 9, 1985 (CUSIP No. Federal Reserve Banks and Branches. A deposit of 2 percent of the par 912794 HC1). of the bills applied for must accompany tenders for such bills Both series of bills will be issued for cash and in exchange for Treasury amount from others, unless an express guaranty of payment by an incorporated bills maturing November 8, 1984. Tenders from Federal Reserve Banks bank or trust company accompanies the tenders. for themselves and as agents for foreign and international monetary Public announcement will be made by the Department of the Treasury authorities will be accepted at the weighted average bank discount rates of of the amount and yield range of accepted bids. Competitive bidders will accepted competitive tenders. Additional amounts of the bills may be advised of the acceptance or rejection of their tenders. The Secretary issued to Federal Reserve Banks, as agents for foreign and international be of the Treasury expressly reserves the right to accept or reject any or all monetary authorities, to the extent that the aggregate amount of tenders for tenders, in whole or in part, and the Secretary’s action shall be final. Sub such accounts exceeds the aggregate amount of maturing bills held by them. ject to these noncompetitive tenders for each issue for The bills will be issufed on a discount basis under competitive and non $1,000,000 or reservations, less without stated yield from any one bidder will be ac competitive bidding, and at maturity their par amount will be payable without interest. Both series of bills will be issued entirely in book-entry cepted in full at the weighted average bank discount rate (in two decimals) form in a minimum amount of $10,000 and in any higher $5,000 multiple, of accepted competitive bids for the respective issues. The calculation of on the records either of the Federal Reserve Banks and Branches, or of purchase prices for accepted bids will be carried to three decimal places on the basis of price per hundred, e.g., 99.923, and the determinations of the the Department of the Treasury. Tenders will be received at Federal Reserve Banks and Branches and at Secretary of the Treasury shall be final. Settlement for accepted tenders for bills to be maintained on the bookthe Bureau of the Public Debt, Washington, D.C. 20239, prior to 1:00 p.m., Eastern Standard time, Monday, November 5, 1984. Form PD entry records of Federal Reserve Banks and Branches must be made or 4632-2 (for 26-week series) or Form PD 4632-3 (for 13-week series) should completed at the Federal Reserve Bank or Branch on November 8, 1984, be used to submit tenders for bills to be maintained on the book-entry in cash or other immediately-available funds or in Treasury bills maturing November 8, 1984. Cash adjustments will be made for differences be records of the Department of the Treasury. Each tender must state the par amount of bills bid for, which must be a tween the par value of the maturing bills accepted in exchange and the minimum of $10,000. Tenders over $10,000 must be in multiples of $5,000. issue price of the new bills. In addition, Treasury Tax and Loan Note Competitive tenders must also show the yield desired, expressed on a bank Option Depositaries may make payment for allotments of bills for their discount rate basis with two decimals, e.g., 7.15%. Fractions may not be own accounts and for account of customers by credit to their Treasury used. A single bidder, as defined in Treasury’s single bidder guidelines, shall Tax and Loan Note Accounts on the settlement date. In general, if a bill is purchased at issue after July 18, 1984, and held not submit noncompetitive tenders totaling more than $1,000,000. Banking institutions and dealers who make primary markets in Govern to maturity, the amount of discount is reportable as ordinary income in ment securities and report daily to the Federal Reserve Bank of New York the Federal income tax return of the owner at the time of redemption. their positions in and borrowings on such securities may submit tenders for Accrual-basis taxpayers, banks, and other persons designated in section account of customers, if the names of the customers and the amount for 1281 of the Internal Revenue Code must include in income the portion of each customer are furnished. Others are only permitted to submit tenders the discount for the period during the taxable year such holder held the for their own account. Each tender must state the amount of any net long bill. If the bill is sold or otherwise disposed of before maturity, the por position in the bills being offered if such position is in excess of $200 tion of the gain equal to the accrued discount will be treated as ordinary million. This information should reflect positions held as of 12:30 p.m., income. Any excess may be treated as capital gain. Department of the Treasury Circulars, Public Debt Series—Nos. 26-76 Eastern time, on the day of the auction. Such positions would include bills acquired through “when issued” trading, and futures and forward transac and 27-76, Treasury’s single bidder guidelines, and this notice, prescribe the tions as well as holdings of outstanding bills with the same maturity date as terms of these Treasury bills and govern the conditions of their issue. the new offering, e.g., bills with three months to maturity previously Copies of the circulars, guidelines, and tender forms may be obtained from offered as six-month bills. Dealers who make primary markets in Govern any Federal Reserve Bank or Branch, or from the Bureau of the Public Debt. This Bank will receive tenders for both series prior to 1:00 p.m., Eastern Standard time, Monday, November 5, 1984, at the Securities Department of its Head Office and at its Buffalo Branch. Tender forms for both series are enclosed. Please be sure to use them to submit tenders and return them in the enclosed envelope. Forms for submitting tenders directly to the Treasury are available from the Government Bond Division of this Bank. Tenders not requiring a deposit may be submitted by telegraph, subject to written confirmation; no tenders may be submitted by telephone. Settlement must be made in cash or other immediately available funds or in Treasury securities maturing on or before the issue date. Treasury Tax and Loan Note Option Depositaries may make payment for Treasury bills by credit to their Treasury Tax and Loan Note Accounts. Results of the last weekly offering of Treasury bills are shown on the reverse side of this circular. A n t h o n y M. So l o m o n , President (OVER) RESULTS OF LAST WEEKLY OFFERING OF TREASURY RILLS (TWO SERIES TO BE ISSUED NOVEMBER 1, 1984) Mange of Accepted Competitive Bids 91-Day Treasury Bills Maturing January 31, 1985 D is c o u n t R a te Low rate.......................... ............ High r a te ........................ ............ Average rate ................... ............ 9.37%a 9.39% 9.38% 182-Day Treasury Bills Maturing May 2, 1985 I n v e s tm e n t 1 9.73% 9.75% 9.74% R a te D is c o u n t I n v e s tm e n t R a te P r ic e 9.58% 9.60% 9.59% 97.631 97.626 97.629 R a te 1 P r ic e 10.21% 10.23% 10.22% 95.157 95.147 95.152 ‘Equivalent coupon-issue yield. Excepting one tender of $55,000. (5 percent of the amount of 91-day bills bid for at the high discount rate was accepted.) (89 percent of the amount of 182-day bills bid for at the high discount rate was accepted.) Total Tenders Received and Accepted 91-Day Treasury Bills Maturing January 31, 1985 B y F .R . D istric t (an d U.S. Treasury) Boston...................................... New Y o rk ................................ Philadelphia............................ Cleveland................................ Richmond................................ A tlan ta.................................... Chicago.................................... St. L o u is.................................. M inneapolis............................ Kansas City.............................. Dallas ...................................... San Francisco.......................... R eceived $ 4 0 1 ,5 2 0 ,0 0 0 182-Day Treasury Bills Maturing May 2, 1985 A c c e p te d $ 4 9 ,6 1 5 ,0 0 0 R eceived $ 3 8 9 ,2 7 5 ,0 0 0 A c c e p te d $ 2 8 9 ,2 7 5 ,0 0 0 1 6 ,4 9 0 ,6 1 5 ,0 0 0 3 ,4 4 2 ,2 3 5 ,0 0 0 1 7 ,1 9 5 ,2 4 5 ,0 0 0 3 3 ,6 6 5 ,0 0 0 3 3 ,6 6 5 ,0 0 0 1 8 ,9 6 5 ,0 0 0 1 8 ,9 6 5 ,0 0 0 1 3 7 ,6 8 0 ,0 0 0 9 8 ,1 8 0 ,0 0 0 8 2 ,7 4 0 ,0 0 0 7 0 ,2 0 0 ,0 0 0 5 ,2 9 0 ,5 8 5 ,0 0 0 5 5 ,3 2 0 ,0 0 0 4 9 ,8 2 0 ,0 0 0 5 8 ,6 4 0 ,0 0 0 5 4 ,5 3 0 ,0 0 0 6 2 ,2 8 5 ,0 0 0 5 7 ,3 3 5 ,0 0 0 4 8 ,1 2 5 ,0 0 0 4 1 ,0 1 5 ,0 0 0 9 3 4 ,2 2 5 ,0 0 0 1 3 2 ,9 2 5 ,0 0 0 8 0 7 ,4 7 0 ,0 0 0 1 7 5 ,5 1 0 ,0 0 0 8 5 ,4 3 5 ,0 0 0 4 4 ,4 8 5 ,0 0 0 8 2 ,4 4 0 ,0 0 0 4 2 ,4 4 0 ,0 0 0 2 2 ,7 1 5 ,0 0 0 1 2 ,7 1 5 ,0 0 0 2 2 ,6 6 5 ,0 0 0 2 1 ,5 6 5 ,0 0 0 5 2 ,7 9 0 ,0 0 0 4 7 ,7 9 0 ,0 0 0 4 7 ,6 6 5 ,0 0 0 4 4 ,6 1 0 ,0 0 0 4 2 ,6 0 0 ,0 0 0 3 7 ,8 5 0 ,0 0 0 3 0 ,0 7 0 ,0 0 0 2 9 ,5 2 0 ,0 0 0 3 ,4 8 2 ,9 2 5 ,0 0 0 2 ,3 2 0 ,5 8 5 ,0 0 0 1 ,1 4 6 ,4 2 0 ,0 0 0 1 4 4 ,9 6 0 ,0 0 0 2 9 1 ,1 3 0 ,0 0 0 2 9 1 ,1 3 0 ,0 0 0 3 7 7 ,1 2 5 ,0 0 0 3 7 7 ,1 2 5 ,0 0 0 $ 2 2 ,0 9 2 ,9 0 5 ,0 0 0 $ 6 ,6 1 8 ,3 3 0 ,0 0 0 $ 2 0 ,3 0 6 ,8 4 5 ,0 0 0 $ 6 ,6 0 0 ,3 0 0 ,0 0 0 Public Com petitive.................... Noncompetitive.............. $ 1 9 ,7 9 6 ,8 2 0 ,0 0 0 $ 4 ,3 2 2 ,2 4 5 ,0 0 0 $ 1 7 ,5 6 8 ,1 4 5 ,0 0 0 $ 3 ,8 6 1 ,6 0 0 ,0 0 0 1 ,1 5 6 ,4 2 5 ,0 0 0 1 ,1 5 6 ,4 2 5 ,0 0 0 9 8 3 ,3 0 0 ,0 0 0 9 8 3 ,3 0 0 ,0 0 0 $ 4 ,8 4 4 ,9 0 0 ,0 0 0 U.S. Treasury.......................... T o t a l s ..................................... B y class o f b id d er S u b t o t a l s ............................. $ 2 0 ,9 5 3 ,2 4 5 ,0 0 0 $ 5 ,4 7 8 ,6 7 0 ,0 0 0 $ 1 8 ,5 5 1 ,4 4 5 ,0 0 0 Federal R eserve...................... Foreign Official Institutions .. 8 1 2 ,9 6 0 ,0 0 0 8 1 2 ,9 6 0 ,0 0 0 8 0 0 ,0 0 0 ,0 0 0 8 0 0 ,0 0 0 ,0 0 0 3 2 6 ,7 0 0 ,0 0 0 3 2 6 ,7 0 0 ,0 0 0 9 5 5 ,4 0 0 ,0 0 0 9 5 5 ,4 0 0 ,0 0 0 Totals......................... $ 2 2 ,0 9 2 ,9 0 5 ,0 0 0 $ 6 ,6 1 8 ,3 3 0 ,0 0 0 $ 2 0 ,3 0 6 ,8 4 5 ,0 0 0 $ 6 ,6 0 0 ,3 0 0 ,0 0 0
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