7/17/2019 nycirc_1979_08520.pdf http://slidepdf.com/reader/full/nycirc197908520pdf 1/10 Fiscal Agent of the United States FEDERAL RESERVE BANK OF NEW YORK [ Circular No. 8520~| February 14, 1979 _| TREASURY TO AUCTION $2,480 MILLION OF 2-YEAR NOTES T o A l l B a n k i n g I n s t it u t i on s , a n d O t h e r s Concerned, i n t h e S ec o n d F e d e r a l R e s er v e District: The following statement was issued yesterday by the Treasury Department: The Department o f the Treasury will auction $2,480 million o f 2-year notes to refund approximately the same amount o f notes maturing February 28, 1979. The $2,477 million of maturing notes are those held by the public, including $388 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 $368 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 securities may also be issued at the average price to Federal Reserve Banks, as agents for foreign and international mone tary authorities, to the extent that the aggregate amount o f tenders for such accounts exceeds the aggregate amount of maturing securities held by them. This procedural change will not affect the amount o f securities awarded to foreign and international monetary authorities, although, compared to the previous procedure, it could potentially reduce the amount of securities awarded competitively to private investors. 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 that can be used 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 Standard time, Wednesday, February 21, 1979, 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 in vestors 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 February 20. Bidders submitting noncompetitive tenders should realize that it is possible that the average price may be above par, in which case they would have to pay more than the face value for the securities. Payment may be made by personal check, or an official bank check, payable on its face to the Federal Reserve Bank of New York; checks endorsed to this Bank will not be accepted. A personal check submitted with the tender, either as a deposit or for the face amount of the securities, does not have to be certified. However, in cases where only a deposit is submitted with the tender, a personal check submitted for the final payment must be certified. As provided in the official offering circular, “ in every case where full payment is not completed on time, the deposit submitted with the tender, up to 5 percent o f the face amount o f securities allotted, shall, at the discretion o f the Secretary of the Treasury, be forfeited to the United States.” A recorded message (at the Head Office — Tel. No. 212-791-5823; at the Buffalo Branch — Tel. No. 716-849-5046) provides information about this and other Treasury offerings; 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. PAUL A. VOLCKER, President. (Over)
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TREASURY TO AUCTION $2,480 MILLION OF 2-YEAR NOTES
T o A l l B a n k i n g I n s t i t u t i on s , a n d O t h e r s C on c e r n e d ,
i n t h e S ec o n d F e d e r a l R e s er v e D i s t r i c t :
The following statement was issued yesterday by the Treasury Department:
The Department o f the Treasury will auction $2,480 million o f 2-year notes to refund approximately the
same amount o f notes maturing February 28, 1979. The $2,477 million o f maturing notes are those held by the
public, including $388 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 $368 million of the maturing securities that may be refunded by issuing additional amounts of
the new notes at the average price o f accepted com petitive tenders. Additiona l amounts o f 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 o f tenders fo r such accounts exceeds the aggregate
amount o f maturing securities held by them. This procedural change will not affect the amount o f securities
awarded to foreign and international monetary authorities, although, compared to the previous procedure, it
could potentially reduce the amount o f securities awarded competitively to private investors.
Printed on the reverse side is a table summarizing the highlights o f the offering. Copies o f the official
offering circular will be furnished upon request directed to our Government Bond Division (Tel. No.212-791-6619).
Enclosed is a copy of a standard form that can be used in submitting tenders for this offering (or forany subsequent offering of 2-year notes).
This Bank will receive tenders up to 1:30 p.m., Eastern Standard time, Wednesday, February 21, 1979,
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 in
vestors 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 February 20.
Bidders submitting noncompetitive tenders should realize that it is possible that the average price maybe above par, in which case they would have to pay more than the face value for the securities.
Payment may be made by personal check, or an official bank check, payable on its face to the Federal
Reserve Bank of New York; checks endorsed to this Bank will not be accepted. A personal check submitted
with the tender, either as a deposit or for the face amount of the securities, does not have to be certified.However, in cases where only a deposit is submitted with the tender, a personal check submitted for thefinal payment must be certified.
As provided in the official offering circular, “ in every case where full payment is not completed on
time, the deposit submitted with the tender, up to 5 percent of the face amount o f securities allotted, shall,
at the discretion o f the Secretary of the Treasury, be forfeited to the United States.”
A recorded message (at the Head Office — Tel. No. 212-791-5823; at the Buffalo Branch — Tel. No.
716-849-5046) provides information about this and other Treasury offerings; additional inquiries regarding
this offering may be made by calling, at the Head Office, Tel. No. 212-791-6619, or, at the Buffalo BranchTel. No. 716-849-5016.
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IMPORTANT^-—T his is a standard fo rm . Its terms are subject to change at any time by the Treasu ry.
1his tender will be construed as a bid to purchase the 2-year notes for which the Treasury has out-
standing an invitation for tenders on the date received by the Federal Reserve Bank of New York or its Buffalo Branch.
TENDER FOR 2-YEAR TREASURY NOTES
Dated at
19.
To F e d e r a l R e s e r v e Ba n k o f N e w Y o r k
Fiscal Agent of the United States
New York, N.Y. 10045
Pursuant to the provisions of the public notice issued by the Treasury Department inviting tenders forthe current offering of 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 on orbefore.the issue date at the price awarded on this tender.
CO M PETITIVE TEN D ER D o n o t fi ll in b o th C om p et it iv e an d
N o n c om p et it iv e te nd er s on one fo rm
$............................................................ (maturity value)or any lesser amount that may be awarded.
( N o t t o e x c e e d $ 1 ,0 0 0,00 0 f o r one b i dde r t hr oug h a l l sour ces)
at the average price of accepted competitive bids. Yield: ................
( Y i e l d m u s t be ex p r e s se d w i t h n o t m o r e t h a n t w o
d e c i m a l p l a c e s, f o r e x a m p l e , 7 . 1 1 )
Subject to allotment, please issue, deliver, and accept payment for the securities as indicated below andon the reverse side (if registered securities are desired, please also complete schedule on reverse side):
Pieces Denominations
$ 5,000
$ 10,000
$ 100,000
$1,000,000
Totals
Maturity value Deliver over the counter to the undersigned (3)
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: By charge to our reserve account (°)
By cash or check in i mme di at e l y avai lable fun ds <F)
By surrender of maturing securities (■ ) By charge to my correspondent
bank ............................. .....................(D)(Name of bank)
Special instructions (3)
Wire to............................................................................_______________________ (Exact Receiving Bank Wire Address/Account)
* The undersigned certifies that the allotted securities will be owned solely by the undersigned.
(I f 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 e r e b y Ce r t i f y that we have not made and will not make any agreements for the sale or purchase
ot any securities of this issue prior to the closing time for receipt of this tender.W e F u r t h e r Ce r t i f y 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 deposits stipulated in the official, offering cir-C u i c i r .
W e F u r t h e r Ce r t i f y that tenders received by us, if any, from other commercial banks or primary dealers
tor 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.
I nser t th is tend er in
spec ia l en velope mar ked
“Tende r for T r easu r y N otes or Bon ds”
Name of Subscriber (Please Print or Type)
Address
City State Zip
Phone (Include Area 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)....................................... .......................................(NamTofLmstom«)'.......................................
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 ; m doing so, they may consolidate competitive tenders at the sam e y i e l d and may consolidate noncompetitive tenders, provided
a list is attached showing the name of each bidder and the amount bid for his account. Others will not be permitted to submit tenders except for their own account.
t ^ l!1 rece»ved without deposit from commercial and other banks for their own account, Federally-insured, °a? ass°ciatl.°ns, States, political subdivisions or instrumentalities thereof, public pension and retirement and other