FEDERAL RESERVE BANK OF NEW YORK Fiscal Agent of the United States 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 of the Treasury will auction $4,500 million of 2-year notes to refund $3,370 million of notes maturing October 31, 1980, and to raise $1,130 million new cash. The $3,370 million of maturing notes are those held by the public, including $822 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 $420 million of the maturing securities that may be refunded by issuing additional amounts of the new notes at the average price of accepted competitive tenders. Additional amounts of 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 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 offering. Copies of the official offering circular will be furnished upon request directed to our Government Bond Division (Tel. No. 212-791-6619). Enclosed is a copy of a standard form for your use in submitting tenders for this offering (or for any subsequent offering of 2-year notes). This Bank will receive tenders up to 1:30 p.m., Eastern Daylight Saving time, Wednesday, October 22, 1980, at the Securities Department of its Head Office and at its Buffalo Branch. All competitive tenders, whether transmitted by mail or by other means, must reach this Bank or its Branch by that time. However, for investors who wish to submit noncompetitive tenders and who find it more convenient to mail their tenders than to present them in person, the official offering circular provides that noncompetitive tenders will be considered timely received if they are mailed to this Bank or its Branch under a postmark no later than October 21. 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). Please note that the Treasury Department has now authorized us to accept checks or drafts drawn on money market or mutual funds. All checks must be drawn payable to the Federal Reserve Bank of New York; checks endorsed to this Bank will not be accepted. Payment may also be made in cash or in Treasury securities maturing on or before the issue date of the securities being purchased. Recorded messages provide information about Treasury offerings and about auction results: at the Head Office — Tel. No. 212-791-7773 (offerings) and Tel. No. 212-791-5823 (results); at the Buffalo Branch — Tel. No. 716-849-5046. Additional inquiries regarding this offering may be made by calling, at the Head Office, Tel. No. 212-791-6619, or, at the Buffalo Branch, Tel. No. 716-849-5016. ANTHONY M . SOLOMON, President. Circular No. 8934 October 15, 1980 (Over) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Transcript
FEDERAL RESERVE BANK OF NEW YORK
Fiscal Agent o f the United States
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 $3,370 million o f notes maturing October 31, 1980, and to raise $1,130 million new cash. The $3,370 million o f maturing notes are those held by the public, including $822 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 $420 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 of the offering. Copies of the official offering circular will be furnished upon request directed to our Government Bond Division (Tel. No. 212-791-6619).
Enclosed is a copy of a standard form for your use in submitting tenders for this offering (or for any subsequent offering of 2-year notes).
This Bank will receive tenders up to 1:30 p.m., Eastern Daylight Saving time, Wednesday, October 22, 1980, at the Securities Department of its Head Office and at its Buffalo Branch. A ll com petitive 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 O ctober 21.
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). Please note that the Treasury Department has now authorized us to accept checks or drafts drawn on money market or mutual funds. All checks must be drawn payable to the Federal Reserve Bank of New York; checks endorsed to this Bank will not be accepted. Payment may also be made in cash or in Treasury securities maturing on or before the issue date of the securities being purchased.
Recorded messages provide information about Treasury offerings and about auction results: at the Head Office — Tel. No. 212-791-7773 (offerings) and Tel. No. 212-791-5823 (results); at the Buffalo Branch — Tel. No. 716-849-5046. Additional inquiries regarding this offering may be made by calling, at the Head Office, Tel. No. 212-791-6619, or, at the Buffalo Branch, Tel. No. 716-849-5016.
ANTHONY M . SOLOMON, President.
Circular No. 8934October 15, 1980
(Over)
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HIGHLIGHTS OF TREASURY OFFERING TO THE PUBLIC
OF 2-YEAR NOTES TO BE ISSUED OCTOBER 31, 1980
(Delivery date fo r coupon securities is November 6,
Amount Offered:To the public.....................................................................
Description of Security:Term and type of security...............................................
Series and CUSIP designation.......................................
Payment by non-institutional investors.....................
Deposit guarantee by designated institutions..............
Key Dates:Deadline for receipt of tenders.........................................
Settlement date (final payment due from institutions)a) cash or Federal funds...............................................
b) readily collectible check...........................................
Delivery date for coupon securities................................
1980)
$4,500 million
2-year notes
Series X-1982 (CUSIP No. 912827 LD2)
October 31, 1982
No provision
To be determined, based on the average o f accepted bids
To be determined at auction
To be determined after auction
April 30 and October 31
$5,000
Yield auction
None
Noncompetitive bid for $1,000,000 or less
Full payment to be submitted with tender
Acceptable
Wednesday, October 22, 1980, by 1:30 p.m ., EDST
Friday, October 31, 1980
Tuesday, October 28, 1980
Thursday, November 6,1980
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UNITED STATES OF AMERICA TREASURE NOTES CF OCTOBER 31, 1982
SERIES X—13824
DEPARTMENT CIRCULAR DEPARTMENT OF THE TREASURE,Public Debt Series - So. 31-80 OFFICE OF THE SECRETARY,
Washington, October 15, 13301. INVITATION FOR TENDERS
1. 1. The Secretary ef the Treasury, under the authority of the Second Liberty Bond Act, as amended, invites tenders for approximately $4,500,000,000 of United States securities, designated Treasury Notes of October 31, 1982, Series 1-1382 (CUSIP No* 912827 LD 2)* The securities will be sold at auction with bidding cn the basis of yield- Payment will be required at the price equivalent of the bid yield of each accepted tender*The interest rate cn the securities and the price equivalent of each accepted bid will be determined in the tanner described below- Additional amounts of these securities say 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 fay them.
.. 2. DESCRIPTION OF SECURITIES2* 1- The securities will be dated October 31, 1330, and
will bear interest-frost that date, payable cn a semiannual oasis on April 30, 1981, and each subsequent 6 months cn October 31 and April 30, until the principal becooes payable. They will mature October 31, 1932, 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 1354.The securities are subject to estate, inheritance, gait or other excise taxes, whether Federal or Stare, out are exempt from all taxation now or hereafter imposed on tne principal or interest
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tbe Dbited 3tatftS, or; th ereo f Sgf ‘'la y S ^ te * .«ayany local taxing asthosityv-- - -4— — f— ' •. !:7 '^IX' lje' iai^eptaiile to
of public acaiesi^Tbey ! a £ £ 2 3 ^ in payment ofe deposits
jtigfcswifch: i 'coupons afctadwd.andisecsri ties. Jto- priaczfpli aad interest, will "bei««ed:iflL cfeeacadjurtidw 4<6ri£$$«i09*.$1 , 0 0 0 , 5033- Eccicr-entry’ ac c a r ititiairaf i l l he a v a ila b le to e lig ib le ti^iVm Tfi Tfifltr n nf T*ini<n iiriinufrr 'TnTrr^TiTirjrrr nf 1 s e c u r itie s o£ d iffe r e n t7 dencai n ation s and- o f coopoii r ' re g iste re d
. and b co i-e a try aecur i t i e s * aad th e tr a ^ fe r : o f re g iste re d ’Laecarities; trill.' be p em i.feted-." :z r m :'r_r~ : "7 * ~ ~ — ; - - v *•
-- ..2*-. 5*. ~ Ytml Dcp m a ieut oC tbeTreasttry *s general -; retaliations gpeeraisig jani tadt Stated i*ecurities' apply to the securities, offered la tbinicirculat. "These general regulations include those, currently: in 'effect:#.'as'tell as those that' iaj be leaned at a later date- ■ : i ,-t. - ;. --
e» ™ = ;— PSOCSSBSSS- ?• '• r i :. - 4 f - 4 ■? 7-_ . ... 3i ;TZc. 5tenders.._wxll > • received atFederal H ' W vws Bants * and Branches and: at .ih«~Bwheie o£ the'Public Debt, ^eshingfeca,D« C- 2S22S# aap to IilOp-*-,. EasheraDHtyXIght Saving tine, i6edaesday*-Octoiaer-zi^ 33SS^~ -jfcncraepet^tiee headers as defined- below will be considered tijaely If postmarked no later'• than— • !?ae3day, October 21, 15SO-: 1- 2- 2ach tender sat'' state:'the faca^asnoGat of securitiesbid for-.;'The sintnan bid is:$5r88&'and larger bids imist be in sal titles .of that anonot- ~ Competitive tenders s a t also ti»w the yield desired, expressed in terns o£ an aanaal yield with two decinalsy e-g- 7-JLl%- _ Cannon- fractions say not be ased- Ncnconpetiti^e tenders- n a t d a w the tara "noncoapefeitivg^ on the tender ? m ia lieu of a specified yield! Hb: bidder say sateit aware one <~41 -i we t-onA**- and the anocnt say i ot exceed$1,888,368- ...... . . . .
3. 3- All- bidders sost certify that they have riot aace andwill not aio» any agreements for the sale or purchase o± any securities of this issoe prior to the deadline
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f XSection 3il- for receipt of feeders* ./Those authorized to sufrmi t :
tellers for. tb^ accocnt,of customers w i n be required to certify that such tenders are submitted under the saae conditions, agreements, and certifi cations am tenders sofaaitted directly by bidders for their own account. ' ;/ ■ . - .
1 I /, Hi— i i T ill banks, which for this purpose are define as banlrs accepting ilreiml deposits, and7 primary dealers, wtrich for this purpose are defined as dealers who sake primary markets : in Government secsriti.es and report daily- to the; Federal Reserve-_ Bank of S w Tcndt Jfcheir:petitions in and borrowings on such ~ -"securities,, say sebeit; tenders for account of castosers if the names of the customersand the amount-for each- customer are furnishedi Others are only permitted to submit tenders for theirT own account* ; J / ’
3*. 5* Tenders will be received without deposit for theirown account from commercial and other banking institutions;primary dealers, as defined above? Federally-insured savings and loan associations; States, and their political subdivisions or iaatmwfntil ities;- public pension, and retirement and. other public funds;, international organisations in which the United States holds membership; foreign central hanks and foreign states; Federal Reserve Banks; and Government accounts. Tenders from others must be accompanied by full payment for the amount of securities applied for (in the fora 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 hank or . a primary dealer*
3. 6. Immediately after the closing hour,, tenders will beopened, followed by a public announcement of the amount and yield range of accepted bids. Subject to the reservations expressed in Section 4', noncompetitive tenders will be accepted in full, and then competitive tenders will be accepted, starting with those at the lowest yields, through successively higher yields to the extent required to attain the amount offered- Tenders at the highest accepted yield will be prorated if necessary. After the determination i3 made as to which tenders are accepted, a coupon rate will be established, on the basis of a 1/3 of cce percent
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iacrgjigo^ Which rctults in .an, equivalent avexagre accepted pci.ce close to 133.0€£ mad & lowest accepted price above the original issue disecant liaif of 95i5S0- That rate of interest will be paid. cmrities." Base^ on such interest rate, theprice on jMtoh .csca^etitive tender allotted will be determined and each sac<»saffial competitive bidder eill be required to pa; theprice equivalent to the yield bid* Those submitting J. -aoncca^etitive tenders' mill pa; the price equivalent to the weighted average ;ield af accepted Competitive- tenders. Price calculations mill be carried to three decimal places on jthe basis*;
.o f..price p e r . h u n d r e d . - 3 3 ~331^. and^the.r.de.teraissitions of: hta:^~ . Secretary of the Treasury shall be final. I f the amount, of noncompetitive tenders received mould absorb all or most of the offering,, competitive tenders mill be accepted in an amount sufficient, to. provide a' fair"'determination o f the yield. Tenders.-; received from Government accounts and Federal Reserve Banks, mill be accepted at the price ~equivalent to the weighted average yield of accepted cnmpiit 113 we tenders.
3 . 7 . Competitive bidders mill be advised of the acceptanceor rejection of their tenders. Those submitting noncompetitive tenders will only be notified if the tender is not accepted in full, or wben;_tije-^price is ortr par.
' 4.' SSSZS&XTIGSS
- 4. 1. The Secretary, of the Treasury expressly- reserves the .right to accept oc reject auj or all tenders in whole or ia part, to allot sore or less than the aomount of securities specified in _ Section Tj aid to safe different percentage allotments to various: classes of applicants when the Secretary considers it in the public.'iatexfe^.'.l.The' Secretary's action under this Section is final.- ‘
.. rassear. aro d e u v e h t5. 1. Settlement for allotted securities m s t be made at she
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. , m s t be raade or completed on or before Friday, October 31, 1950. Payment
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' ?>-•-' -y : *-• 5 f * T T " ; . 1- I-. -s •.# : „ ;.,:t -w: ;;~ - ntv - . M i . * • j S T v / ^ - S : .... .t 7L~; • " - %£‘. -- • t ..;- -
in full must accsa p m ^ tentea sniaitted by all other investors.Payment t Se in catah; in other funds iwmiyrtf ai:ely available to theTreasury; ia Treasury b i l lsmotes or bonds (with all coupons detached}' sataring on or before the settlesent date bat which are not overdue as defined in the general regulations governing United States ae<nirifciesy or by chieck drawn to the order Off .the Institution to “shied*"; tbcr“t»3tfer Iwa® submitted* stu.cSnpsf~be^S^ivedr Ttba* institutional investor* ao later than Tuesday, October ;.2S* 1330.When payment has "bees*submitted with the tender - aad - tfcm purchase ' price of allotted securities is over par, - settleaent for the premium most beg, cospletadl t i m e J y L ^ J aailiedlje ^l» preceding sentence.’! . -When payment has been submitted with the tender and the pcrchase ■ price is ander par, the discount will be remitted to; tl* bidder. Payment will apt: be considered complete where registered secrtrities are requested U T the appropriate identifying: number as required cn tax returns and .other documents submitted to the Internal 2evenne- Service (an individual's socrial security number or an employer identification number} is not furnished. Wb<a paym ent in made in 1 securities* aucasl»adjustmen t will be made to or;.required of the bidder fbr any difference between the. face, asoost of • securities presented and thee amnemt payable oaf the securities allotted._ _5^ everyf case^ where full; payment has net been completedon time, an amount of ap t& 5 percent of' the face mount of _ securities allotted, ^hall , at the discretion of the Secretary of the Treasury, be forfeited to the United States.
5. : 3.f'‘aegistexed «tcurisiies tendered’"in payment for allotted seccrxties^am^aot r t w g i i r e d L a s s i g a c d if: the new securities are to: be registered ih; the :s m e names and forms as appear in the . registrations or assignments of the securities surrendered. Sihen: the new secnri ties _ are. tojbe, regi atered: in names and forms different from those inftheJInscriptions or assignments of the securities presented, the assignment should be to ^The Secretary of the Treasury for (securities offered by this circular) in the name o f ; (name taxpayer identifying number) .* If new securities in coupon form are desired, the assignment should be to *The Secretary of the Treasury for coupon (securities offered by this circular) to be delivered to (name and address}.* Specific instructions for the issuance ami
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delivery of, the new securities, signed by the owner or authorized representative, msxstr 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, 3* C. 20226. The securities sust be delivered at the expense and risk of the holder. i i
5. 4, If bearer securities are not ready for^^livery^cn r~Tthe settlement data, purchasers say elect to receive interim certificates. These certificates aba 11 be issued in bearer fora and shall be exchangeable for definitive securities of 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 bolder.
5. 5* Delivery of securities in registered fora will beaade after the requested fort of registration has been validated, the registered interest account has been established, and the securities have been inscribed.
6. GESKRAI. PROVISIONS5. 1. As fiscal agents of the United States, Federal
Reserve Bar.ks are authorized and requested to receive tenders, to sake allotments as directed by the Secretary of the Treasury, to issue such notices as nay be necessary, to receive payment for and take delivery of securities on full-paid allotments, and to issue interim certificates pending delivery of the definitive securities.
6. 2. The Secretary of the Treasury may at any time issuesupplemental or amendatory rules and regulationsr>governing the offering. Public announcement, of such changed will be promptly provided. ^
\ •
Fiscal Assistant Secretary..
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Form 2N-nIMPORTANT— 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.
TENDER FOR 2-YEAR TREASURY NOTES
To F e d e r a l R e s e r v e B a n k o f N e w Y o r k Fiscal Agent o f the United States
New York, N .Y. 10045
Dated at
, 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.
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.
Y ield:...................(Yield must be expressed with not more than two
decimal places, for example, 11.06)
$ ..............................................................(maturity value)(Not to exceed $1,000,000 for one bidder through all sources)
at the average price o f accepted competitive bids.
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
XXX
Denomination Maturity value
xxxxxx XXX XXX XXX
$ 5,000
$ 10,000
$ 100,000
$ 1,000,000
Totals
□ Deliver over the counter to the undersigned (1)
□ Ship to the undersigned (2)□ Hold in safekeeping (for member
bank only) in —□ Investment Account (4)□ General Account (5)□ Trust Account (6)
□ Hold as collateral for Treasury Tax and Loan Account* (7)
Payment will be made as follows:U] By charge to our reserve account (D) Q By cash or check in immediately
available funds (F)~f\ By surrender o f maturing securities (E)
Q By charge to my correspondentbank.................................................(D)
(Name of bank)
□ Special instructions (3)
□ Wire to ....................................................................................................(8)(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.)
WE HEREBY CERTIFY that we have not made and will not make any agreements for the sale or purchase o f any securities o f this issue prior to the closing time for receipt o f this tender.
WE FURTHER CERTIFY that we have received tenders from customers in the amounts set forth opposite their names on the list which is made a part o f this tender and that we have received and are holding for the Treasury, or that we guarantee payment to the Treasury o f , the payments required by the official offering circular.
WE FURTHER CERTIFY that tenders received by us, if any, from other commercial banks or primary dealers for their own account, and for the account o f their customers, have been entered with us under the same conditions, agreements, and certifications set forth in this form.
Insert this tender in special envelope marked
“ Tender for Treasury Notes or Bonds ”
N A M E OF S U B S C R I B E R ( P L E A S E P R I N T OR T Y P E )
P H O N E ( I N C L U D E A R E A C O D E ) S I G N A T U R E OF S U B S C R I B E R OR A U T H O R I Z E D S I G N A T U R E
T I T L E OF A U T H O R I Z E D S I G N E R
(Institutions submitting tenders for customer account must list customers’ names on lines below or on an attached rider.)
(Name o f customer) (Name of customer)
INSTRUCTIONS: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 his or her account. Others will not be permitted to submit tenders except for their own account.
3. Tenders will be received without deposit from commercial and other banks for their own account, federally insured savings and loan associations, States, political subdivisions or instrumentalities thereof, public pension and retirement and other public funds, international organizations in which the United States holds membership, foreign central banks and foreign states, dealers who make primary markets in Government securities and report daily to the Federal Reserve Bank of New York their positions with respect to Government securities and borrowings thereon, and Government accounts. Tenders from others must be accompanied by full payment of the face amount of the securities applied for.
4. Payment with a tender may be in the form of a personal check, which need not be certified, an official bank check, or a Federal funds check (a check drawn by a commercial bank on its Federal Reserve account). All checks must be drawn payable to the Federal Reserve Bank of New York; checks 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 o f the Treasury, is material, the tender may be disregarded.
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