# 68 FR 74294: Sale and Issue of Marketable Book-Entry Treasury Bills, Notes, and Bonds-Plain Language Uniform Offering Circular

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URL: https://www.frixlaw.com/law-library/statutes/FR_PRORULE_03-31173

## Section

- **Citation:** 68 FR 74294
- **Heading:** Sale and Issue of Marketable Book-Entry Treasury Bills, Notes, and Bonds-Plain Language Uniform Offering Circular
- **Jurisdiction:** Federal
- **Kind:** Regulations
- **Status:** In force
- **Text as of:** August 14, 2026
- **Source:** Compiled text
- **Location:** Federal Register / Vol. 68 / 68 FR 74294

## Text

DEPARTMENT OF THE TREASURY Fiscal Service 31 CFR Part 356 Sale and Issue of Marketable Book-Entry Treasury Bills, Notes, and Bonds—Plain Language Uniform Offering Circular AGENCY:
Bureau of the Public Debt, Fiscal Service, Treasury.

ACTION:
Proposed Rule.

SUMMARY:
The Department of the Treasury (“Treasury,” “We,” or “Us”) proposes to amend 31 CFR Part 356 (Uniform Offering Circular for the Sale and Issue of Marketable Book-Entry Treasury Bills, Notes, and Bonds) by converting it to plain language. We are proposing this amendment to make our marketable securities auction rules easier to understand. This amendment would also make certain minor revisions to better make the auction rules conform to current practices.

DATES:
Send your comments to reach us on or before February 23, 2004.

ADDRESSES:
You may send comments to: Government Securities Regulations Staff, Bureau of the Public Debt, 999 E Street NW., Room 315, Washington, DC 20239-0001. You may also send us comments by e-mail at govsecreg@bpd.treas.gov. When sending comments by e-mail, please provide your full name and mailing address. You may download this proposed amendment, and review the comments we receive, from the Bureau of the Public Debt's Web site at http://www.publicdebt.treas.gov. The proposed amendment and comments will also be available for public inspection and copying at the Treasury Department Library, Room 1428, Main Treasury Building, 1500 Pennsylvania Avenue, NW., Washington, DC 20220. To visit the library, call (202) 622-0990 for an appointment.
FOR FURTHER INFORMATION CONTACT:
Lori Santamorena (Executive Director) or Chuck Andreatta (Associate Director), Bureau of the Public Debt, Government Securities Regulations Staff, (202) 691-3632 or e-mail us at govsecreg@bpd.treas.gov.

SUPPLEMENTARY INFORMATION:
Executive Order 12866 requires each agency to write regulations that are simple and easy to understand
90 for an appointment.
FOR FURTHER INFORMATION CONTACT:
Lori Santamorena (Executive Director) or Chuck Andreatta (Associate Director), Bureau of the Public Debt, Government Securities Regulations Staff, (202) 691-3632 or e-mail us at govsecreg@bpd.treas.gov.

SUPPLEMENTARY INFORMATION:
Executive Order 12866 requires each agency to write regulations that are simple and easy to understand. In addition to requiring us to write new regulations in plain language, a Presidential memorandum dated June 2, 1998, directs us to consider rewriting existing regulations in plain language. The Uniform Offering Circular (UOC), in conjunction with the announcement for each auction, provides the terms and conditions for the sale and issuance in an auction to the public of marketable Treasury bills, notes and bonds. 1 We have rewritten the UOC in plain language because the wide variety of bidders in our securities auctions—broker-dealers, depository institutions, non-financial firms, individuals, etc.—have widely different levels of experience in dealing with federal regulations in general and with securities-related concepts and regulations in particular. We also believe that better understanding of the auction rules may increase direct participation in our auctions and improve the auction process overall, resulting in lower borrowing costs.
1 The Uniform Offering Circular was published as a final rule on January 5, 1993 (58 FR 412). The circular, as amended, is codified at 31 CFR Part 356.
In addition to rewriting the existing regulations in plain language, we are proposing to make certain minor revisions to better make the auction rules conform to current auction practices. For example, we have eliminated references to multiple-price auctions since we now use single-price auctions for all marketable Treasury securities
2). The circular, as amended, is codified at 31 CFR Part 356.
In addition to rewriting the existing regulations in plain language, we are proposing to make certain minor revisions to better make the auction rules conform to current auction practices. For example, we have eliminated references to multiple-price auctions since we now use single-price auctions for all marketable Treasury securities. We also have renamed “inflation-indexed” securities as “inflation-protected” securities so that the resulting acronym, TIPS, conforms with the way these securities are commonly referred to by market participants and the press.
We also have made several organizational changes to streamline the regulations and to aid their readability. For example, in section 356.11, which addresses how bidders may submit bids, the current UOC is organized according to whether the bid is submitted on a paper tender form or by computer. In the plain-language version, the section is organized by whether we will be issuing awarded securities in the commercial book-entry system or in the TreasuryDirect book-entry system. This reorganization was done to make it easier for different types of bidders—firms and institutions versus individuals, for example—to find out their respective bidding requirements.
Appendix A, which describes different bidder categories, has also been reorganized in the way it describes the process for requesting separate-bidder status. The UOC currently describes this process separately for corporations and for partnerships. The plain-language version describes how to obtain separate-bidder recognition in a single location within Appendix A, thereby eliminating repetitive parallel language. Please note that Appendix A of the proposed rule adds a definition of “Foreign and International Monetary Authorities,” a category of bidder that was not previously described in the UOC.
Finally, we are proposing to eliminate the two exhibits at the end of the UOC. Exhibit A provides sample auction announcements
single location within Appendix A, thereby eliminating repetitive parallel language. Please note that Appendix A of the proposed rule adds a definition of “Foreign and International Monetary Authorities,” a category of bidder that was not previously described in the UOC.
Finally, we are proposing to eliminate the two exhibits at the end of the UOC. Exhibit A provides sample auction announcements. Exhibit B is a sample autocharge agreement. Both auction announcements and autocharge agreements are subject to more frequent revision than the UOC itself, and examples of both are readily available at the Bureau of the Public Debt's Web site at http://www.publicdebt.treas.gov.
We invite your comments on how to make these proposed regulations easier to understand, including answers to questions such as the following: (1) Are the requirements in the proposed regulations clearly stated? (2) Do the proposed regulations contain technical language or jargon that interferes with their clarity? (3) Does the format of the proposed regulations (grouping and order of sections, use of headings, paragraphing, etc.) aid or reduce their clarity? (4) Would the regulations be easier to understand if they were divided into more (but shorter) sections? (A section appears in bold type and is preceded by the section symbol and a numbered heading, for example, § 356.20 How does the Treasury determine auction awards? )
Procedural Requirements
It has been determined that this is not a significant regulatory action for purposes of Executive Order 12866. Although we are issuing this proposed rule in proposed form to benefit from public comment, the notice and public procedures requirements of the Administrative Procedure Act do not apply, under 5 U.S.C. 553(a)(2).
Since no notice of proposed rulemaking is required, the provisions of the Regulatory Flexibility Act (5 U.S.C. 601 et seq. ) do not apply
action for purposes of Executive Order 12866. Although we are issuing this proposed rule in proposed form to benefit from public comment, the notice and public procedures requirements of the Administrative Procedure Act do not apply, under 5 U.S.C. 553(a)(2).
Since no notice of proposed rulemaking is required, the provisions of the Regulatory Flexibility Act (5 U.S.C. 601 et seq. ) do not apply.
The Office of Management and Budget previously approved the collections of information in this proposed amendment in accordance with the Paperwork Reduction Act under control number 1535-0112. We are only rewriting the UOC in plain language and are not proposing substantive changes to these requirements that would impose additional burdens on auction bidders.
List of Subjects in 31 CFR Part 356
Bonds, Federal Reserve System, Government Securities, Securities.

For the reasons stated in the preamble, we propose to revise 31 CFR Part 356 to read as follows:
PART 356—SALE AND ISSUE OF MARKETABLE BOOK-ENTRY TREASURY BILLS, NOTES, AND BONDS (DEPARTMENT OF THE TREASURY CIRCULAR, PUBLIC DEBT SERIES NO. 1-93)
Subpart A—General Information
Sec. 356.0 What authority does the Treasury have to sell and issue securities? 356.1 To which securities does this circular apply? 356.2 What definitions do I need to know to understand this part? 356.3 What is the role of the Federal Reserve Banks in this process? 356.4 What are the book-entry systems in which auctioned Treasury securities may be issued? 356.5 What types of securities does the Treasury auction? Subpart B—Bidding, Certifications, and Payment
356.10 What is the purpose of an auction announcement? 356.11 How are bids submitted in an auction? 356.12 What are the different types of bids and do they have specific requirements or restrictions? 356.13 When must I report my net long position and how do I calculate it? 356.14 What are the requirements for submitting bids for customers? 356.15 What rules apply to bids submitted by investment advisers? 356.16 Do I have
e of an auction announcement? 356.11 How are bids submitted in an auction? 356.12 What are the different types of bids and do they have specific requirements or restrictions? 356.13 When must I report my net long position and how do I calculate it? 356.14 What are the requirements for submitting bids for customers? 356.15 What rules apply to bids submitted by investment advisers? 356.16 Do I have to make any certifications? 356.17 How and when do I pay for securities awarded in an auction? Subpart C—Determination of Auction Awards; Settlement
356.20 How does the Treasury determine auction awards? 356.21 How are awards at the high yield or discount rate calculated? 356.22 Does the Treasury have any limitations on auction awards? 356.23 How are the auction results announced? 356.24 Will I be notified directly of my awards and, if I am submitting bids for others, do I have to provide confirmations? 356.25 How does the settlement process work? Subpart D—Miscellaneous Provisions
356.30 When does the Treasury pay principal and interest on securities? 356.31 How does the STRIPS program work? 356.32 What tax rules apply? 356.33 Does the Treasury have any discretion in the auction process? 356.34 What could happen if someone does not fully comply with the auction rules or fails to pay for securities? 356.35 Who approved the information collections? Appendix A to Part 356—Bidder Categories
Appendix B to Part 356—Formulas and Tables
Appendix C to Part 356—Investment Considerations
Appendix D to Part 356—Description of the Consumer Price Index
Authority:
5 U.S.C. 301; 31 U.S.C. 3102, et seq. ; 12 U.S.C. 391.
Subpart A—General Information
§ 356.0 What authority does the Treasury have to sell and issue securities? Chapter 31 of Title 31 of the United States Code authorizes the Secretary of the Treasury to issue United States obligations, and to offer them for sale with the terms and conditions that the Secretary prescribes
e Index
Authority:
5 U.S.C. 301; 31 U.S.C. 3102, et seq. ; 12 U.S.C. 391.
Subpart A—General Information
§ 356.0 What authority does the Treasury have to sell and issue securities? Chapter 31 of Title 31 of the United States Code authorizes the Secretary of the Treasury to issue United States obligations, and to offer them for sale with the terms and conditions that the Secretary prescribes.

§ 356.1 To which securities does this circular apply? The provisions in this part, including the appendices, and each individual auction announcement govern the sale and issuance of marketable Treasury securities issued on or after March 1, 1993. This part also governs all securities eligible for the Separate Trading of Registered Interest and Principal of Securities (STRIPS) Program ( See §356.31). In addition, these provisions and the auction announcements govern any other types of securities we may issue under this part.

§ 356.2 What definitions do I need to know to understand this part? Accrued interest means an amount that bidders must pay to us for interest income as part of the settlement amount. Accrued interest compensates us up front for interest that bidders will be paid but did not earn because it is attributable to a period of time prior to the issue date. ( See Appendix B, section I, paragraph C for additional explanation and examples.)
Adjusted value means, for an interest component stripped from an inflation-protected security, an amount derived by:
(1) Multiplying the semiannual interest rate by the par amount, and then
nterest that bidders will be paid but did not earn because it is attributable to a period of time prior to the issue date. ( See Appendix B, section I, paragraph C for additional explanation and examples.)
Adjusted value means, for an interest component stripped from an inflation-protected security, an amount derived by:
(1) Multiplying the semiannual interest rate by the par amount, and then
(2) Multiplying this value by: 100 divided by the Reference CPI of the original issue date (or dated date, when the dated date is different from the original issue date). ( See Appendix B, section IV for an example of how to calculate the adjusted value.)
Auction means a bidding process by which we sell marketable Treasury securities to the public.
Autocharge agreement means an agreement in a format acceptable to Treasury between a submitter or clearing corporation and a depository institution that authorizes us to:
(1) Deliver awarded securities to either:
(i) The book-entry securities account of a designated depository institution in the commercial book-entry system, or
(ii) A TreasuryDirect account, and
(2) Charge a funds account of a designated depository institution for the settlement amount of the securities.
Bid means an offer to purchase a stated par amount of securities, either competitively or noncompetitively, in an auction.
Bid-to-cover ratio means the total par amount of securities bid for in an auction divided by the total par amount of securities awarded. It excludes bids by, and awards to, the Federal Reserve for its own account.
Bidder , as further defined in Appendix A, means a person or an entity that offers to purchase Treasury securities in an auction either directly or through a depository institution or dealer. We may consider two or more persons or entities to be one bidder based on their relationship or their actions in participating in an auction.
Bidder Identification Number means a number we assign to each institutional submitter and to certain other competitive bidders
n entity that offers to purchase Treasury securities in an auction either directly or through a depository institution or dealer. We may consider two or more persons or entities to be one bidder based on their relationship or their actions in participating in an auction.
Bidder Identification Number means a number we assign to each institutional submitter and to certain other competitive bidders. We assign such numbers either to identify certain bidders or to grant separate bidder status to different parts of the same corporate or partnership structure.
Book-entry security means a security that is issued and maintained as an accounting entry or electronic record in either the commercial book-entry system or in TreasuryDirect. ( See § 356.3)
Business day means any day on which the Federal Reserve Banks are open for business.
Call means the redemption of a security prior to maturity under the terms specified in its auction announcement.
Clearing corporation means a clearing agency as defined in section 3 of the Securities Exchange Act of 1934 (15 U.S.C. 78c(a)(23)). A clearing corporation must be registered with the Securities and Exchange Commission under section 17A of the Securities Exchange Act of 1934 and its rules.
Competitive bid means a bid to purchase a stated par amount of securities at a specified yield or discount rate.
Consumer Price Index (CPI) means the monthly non-seasonally adjusted U.S. City Average All Items Consumer Price Index for All Urban Consumers, published by the Bureau of Labor See Appendix D)
Corpus means the principal component of a security that has been stripped of its interest components.
CUSIP number means the unique identifying number assigned to each separate security issue and each separate STRIPS component. CUSIP numbers are provided by the CUSIP Service Bureau of Standard & Poor's Corporation. CUSIP is an acronym for Committee on Uniform Securities Identification Procedures
Corpus means the principal component of a security that has been stripped of its interest components.
CUSIP number means the unique identifying number assigned to each separate security issue and each separate STRIPS component. CUSIP numbers are provided by the CUSIP Service Bureau of Standard & Poor's Corporation. CUSIP is an acronym for Committee on Uniform Securities Identification Procedures.
Customer means a bidder that directs a depository institution or dealer to submit or forward a bid for a specific amount of securities in a specific auction on the bidder's behalf. Only depository institutions and dealers may submit bids for customers directly to us, or forward them to another depository institution or dealer.
Dated date means the date from which interest accrues for notes and bonds. The dated date and issue date are usually the same. In those cases where interest begins accruing prior to the issue date, however, the dated date will be prior to the issue date. An example is when the dated date is a Saturday and the issue date is the following Monday.
Dealer means an entity that is registered or has given notice of its status as a government securities broker or government securities dealer under Section 15C(a)(1) of the Securities Exchange Act of 1934.
Depository institution means:
(1) An entity described in Section 19(b)(1)(A), excluding subparagraph (vii), of the Federal Reserve Act (12 U.S.C. 461(b)(1)(A)).
e is the following Monday.
Dealer means an entity that is registered or has given notice of its status as a government securities broker or government securities dealer under Section 15C(a)(1) of the Securities Exchange Act of 1934.
Depository institution means:
(1) An entity described in Section 19(b)(1)(A), excluding subparagraph (vii), of the Federal Reserve Act (12 U.S.C. 461(b)(1)(A)).
(2) Any agency or branch of a foreign bank as defined by the International Banking Act of 1978, as amended (12 U.S.C. 3101).
Discount means the difference between par and the price of the security, when the price is less than par. ( See Appendix B for formulas and examples.)
Discount amount means the discount divided by 100 and multiplied by the par amount. ( See Appendix B for formulas and examples.)
Discount rate means a rate of return, on an annual basis, on bills held until they mature. The discount rate is expressed in percentage terms and based on a 360-day year. It is also referred to as the “bank discount rate.” ( See Appendix B for formulas and examples.)
Funds account means a cash account maintained by a depository institution at a Federal Reserve Bank.
Index means the Consumer Price Index.
Index ratio means, for an inflation-protected security, the Reference CPI of a particular date divided by the Reference CPI of the original issue date. (When the dated date is different from the original issue date, the denominator of the index ratio is the Reference CPI of the dated date rather than that of the original issue date.)
Inflation-adjusted principal means, for an inflation-protected security, the value of the security derived by multiplying the par amount by the applicable index ratio as described in Appendix B, section I, paragraph B.
Interest rate means the annual percentage rate of interest paid on the par amount (or the inflation-adjusted principal) of a specific issue of notes or bonds
iginal issue date.)
Inflation-adjusted principal means, for an inflation-protected security, the value of the security derived by multiplying the par amount by the applicable index ratio as described in Appendix B, section I, paragraph B.
Interest rate means the annual percentage rate of interest paid on the par amount (or the inflation-adjusted principal) of a specific issue of notes or bonds. ( See Appendix B for methods and examples of interest calculations on notes and bonds.)
Intermediary means a depository institution or dealer that forwards bids for customers to another depository institution or dealer. An intermediary does not submit bids directly to us.
Issue date means the date specified in the auction announcement on which we issue a security as an obligation of the United States. Interest normally begins to accrue on a security's issue date.
Marketable security means a security that may be bought, sold and transferred in the secondary market.
Maturity date means the date on which a security becomes due and payable, and ceases to earn interest. The maturity date is specified in the auction announcement.
Minimum to bid means the smallest amount of a security that may be bid for in an auction as stated in the auction announcement.
Multiple to bid means the smallest additional amount of a security that may be bid for in an auction as stated in the auction announcement.
Noncompetitive bid means a bid to purchase a stated par amount of securities at the yield or discount rate awarded to competitive bidders.
Offering amount means the par amount of securities we are offering to the public for purchase in an auction, as specified in the auction announcement.
Par means a price of 100. ( See Appendix B)
Par amount means the stated value of a security at original issuance.
Person means a natural person.
Premium means the difference between par and the price of the security, when the price is greater than par
mount means the par amount of securities we are offering to the public for purchase in an auction, as specified in the auction announcement.
Par means a price of 100. ( See Appendix B)
Par amount means the stated value of a security at original issuance.
Person means a natural person.
Premium means the difference between par and the price of the security, when the price is greater than par.
Premium amount means the premium divided by 100 and multiplied by the par amount.
Price means the price of a security as calculated using the formulas in Appendix B.
Real yield means, for an inflation-protected security, the yield based on the payment stream in constant dollars. In other words, the real yield is the yield in the absence of inflation.
Reference CPI (Ref CPI) means, for an inflation-protected security, the index number applicable to a given date. ( See Appendix B, section I, paragraph B)
Reopening means the auction of an additional amount of an outstanding security.
Security means a Treasury bill, note, or bond, each as described in this part. Security also means any other obligation we issue that is subject to this part according to its auction announcement. Security includes an interest or principal component under the STRIPS program.
Settlement means final and complete payment for securities awarded in an auction and delivery of those securities.
Settlement amount means the total of the par amount of securities awarded, less any discount amount or plus any premium amount, and plus any accrued interest. For inflation-protected securities, the settlement amount also includes any inflation adjustment when such securities are reopened or when the dated date is different from the issue date.
STRIPS (Separate Trading of Registered Interest and Principal of Securities) means our program under which eligible securities are authorized to be separated into principal and interest components, and transferred separately
protected securities, the settlement amount also includes any inflation adjustment when such securities are reopened or when the dated date is different from the issue date.
STRIPS (Separate Trading of Registered Interest and Principal of Securities) means our program under which eligible securities are authorized to be separated into principal and interest components, and transferred separately. These components are maintained and transferred in the commercial book-entry system.
Submitter means a person or entity submitting bids directly to us for its own account, for customer accounts, or both. Only depository institutions and dealers are permitted to submit bids for customer accounts. We permit investment advisers to submit bids on behalf of controlled accounts.
TINT means an interest component from a stripped security.
TreasuryDirect ® means the TreasuryDirect Book-Entry Securities System. ( See 31 CFR 357, subpart C)
We (or “us”) means the Secretary of the Treasury and his or her delegates, including the Department of the Treasury, Bureau of the Public Debt, and their representatives. The term also includes Federal Reserve Banks acting as fiscal agents of the United States.
Yield means the annualized rate of return to maturity on a fixed-principal security. Yield is expressed as a percentage. For an inflation-protected See Appendix B)
You means a prospective bidder in an auction.

§ 356.3 What is the role of the Federal Reserve Banks in this process? The Treasury Department authorizes Federal Reserve Banks, as fiscal agents of the United States, to perform all activities necessary to carry out the provisions of this part, any auction announcements, and applicable regulations.

§ 356.4 What are the book-entry systems in which auctioned Treasury securities may be issued? We issue Treasury marketable securities into either of two book-entry securities systems—the commercial book-entry system or TreasuryDirect
agents of the United States, to perform all activities necessary to carry out the provisions of this part, any auction announcements, and applicable regulations.

§ 356.4 What are the book-entry systems in which auctioned Treasury securities may be issued? We issue Treasury marketable securities into either of two book-entry securities systems—the commercial book-entry system or TreasuryDirect. We maintain and transfer securities in these two book-entry systems at their par amount. For example, par amounts of inflation-protected securities do not include adjustments for inflation. Securities may be transferred from one system to the other. See Department of the Treasury Circular, Public Debt Series No. 2-86, as amended (31 CFR Part 357).
(a) The commercial book-entry system . When depository institutions or dealers submit bids for Treasury securities in an auction, securities awarded as a result of those bids are generally held in the commercial book-entry system. Specifically, we maintain book-entry accounts in the National Book-Entry System® (“NBES”) for Federal Reserve Banks, depository institutions, and other authorized entities, such as government and international agencies and foreign central banks. In their accounts, depository institutions maintain securities held for their own account and for the accounts of others. The accounts held for others include those of other depository institutions and dealers, which may, in turn, maintain accounts for others.
ve Banks, depository institutions, and other authorized entities, such as government and international agencies and foreign central banks. In their accounts, depository institutions maintain securities held for their own account and for the accounts of others. The accounts held for others include those of other depository institutions and dealers, which may, in turn, maintain accounts for others.
(b) TreasuryDirect . In this system, we maintain the book-entry securities of account holders directly on the records of the Bureau of the Public Debt, Department of the Treasury. Bids for securities to be held in TreasuryDirect are generally submitted directly to us, although such bids may also be forwarded to us by a depository institution or dealer.

§ 356.5 What types of securities does the Treasury auction? We offer securities under this part exclusively in book-entry form and as direct obligations of the United States issued under Chapter 31 of Title 31 of the United States Code. The securities are subject to the terms and conditions in this part, the regulations governing book-entry Treasury bills, notes, and bonds (31 CFR Part 357), and the auction announcements. When we issue additional securities with the same CUSIP number as outstanding securities, we consider them to be the same securities as the outstanding securities.
(a) Treasury bills .—(1) Are issued at a discount;
(2) Are redeemed at their par amount at maturity; and
(3) Have maturities of not more than one year.
(b) Treasury notes. —(1) Treasury fixed-principal 1 notes.
1 We use the term “fixed-principal” in this part to distinguish such securities from “inflation-protected” securities. We refer to fixed-principal notes and fixed-principal bonds as “notes” and “bonds” in official Treasury publications, such as auction announcements and auction results press releases, as well as in auction systems.
r.
(b) Treasury notes. —(1) Treasury fixed-principal 1 notes.
1 We use the term “fixed-principal” in this part to distinguish such securities from “inflation-protected” securities. We refer to fixed-principal notes and fixed-principal bonds as “notes” and “bonds” in official Treasury publications, such as auction announcements and auction results press releases, as well as in auction systems.
(i) Are issued with a stated rate of interest to be applied to the par amount;
(ii) Have interest payable semiannually;
(iii) Are redeemed at their par amount at maturity;
(iv) Are sold at discount, par, or premium, depending upon the auction results; and
(v) Have maturities of at least one year, but of not more than ten years.
(2) Treasury inflation-protected notes .—(i) Are issued with a stated rate of interest to be applied to the inflation-adjusted principal on each interest payment date;
(ii) Have interest payable semiannually;
(iii) Are redeemed at maturity at their inflation-adjusted principal, or at their par amount, whichever is greater;
(iv) Are sold at discount, par, or premium, depending on the auction results ( See Appendix B for price and interest payment calculations and Appendix C for Investment Considerations.); and
(v) Have maturities of at least one year, but not more than ten years.
(c) Treasury bonds —(1) Treasury fixed-principal bonds.
(i) Are issued with a stated rate of interest to be applied to the par amount;
(ii) Have interest payable semiannually;
(iii) Are redeemed at their par amount at maturity;
(iv) Are sold at discount, par, or premium, depending on the auction results; and
); and
(v) Have maturities of at least one year, but not more than ten years.
(c) Treasury bonds —(1) Treasury fixed-principal bonds.
(i) Are issued with a stated rate of interest to be applied to the par amount;
(ii) Have interest payable semiannually;
(iii) Are redeemed at their par amount at maturity;
(iv) Are sold at discount, par, or premium, depending on the auction results; and
(v) Have maturities of more than ten years.
(2) Treasury inflation-protected bonds .—(i) Are issued with a stated rate of interest to be applied to the inflation-adjusted principal on each interest payment date;
(ii) Have interest payable semiannually;
(iii) Are redeemed at maturity at their inflation-adjusted principal, or at their par amount, whichever is greater;
(iv) Are sold at discount, par, or premium, depending on the auction results; and
(v) Have maturities of more than ten years. ( See Appendix B for price and interest payment calculations and Appendix C for Investment Considerations.)

Subpart B—Bidding, Certifications, and Payment
§ 356.10 What is the purpose of an auction announcement? By issuing an auction announcement, we provide public notice of the sale of bills, notes, and bonds. The auction announcement lists the specifics of each auction, e.g. , offering amount, term and type of security, CUSIP number, and issue and maturity dates. The auction announcement and this part, including the Appendices, specify the terms and conditions of sale. If anything in the auction announcement differs from this part, the auction announcement will control. If you intend to bid, you should read the applicable auction announcement along with this part.

§ 356.11 How are bids submitted in an auction? (a) General . (1) Bids must be submitted using an approved method, which depends on whether you are requesting us to issue the awarded securities in the commercial book-entry system or in TreasuryDirect (See § 356.3)
e auction announcement will control. If you intend to bid, you should read the applicable auction announcement along with this part.

§ 356.11 How are bids submitted in an auction? (a) General . (1) Bids must be submitted using an approved method, which depends on whether you are requesting us to issue the awarded securities in the commercial book-entry system or in TreasuryDirect (See § 356.3). The approved submission methods for these respective systems are explained in this section. A bidder must provide its assigned bidder identification numbers if it has been assigned one. We have the option of accepting or rejecting incomplete bids.
(2) We must receive competitive and noncompetitive bids prior to their respective closing times, which are stated in the auction announcement. We will not include late bids in the auction. For bids other than those submitted on paper forms, our computer time stamp will establish the receipt time. You are bound by your bids after the closing time.
(3) We are not responsible for any delays, errors, or omissions. We are not responsible for any failures or disruptions of equipment or
(b) Commercial book-entry system . (1) If you are a submitter and the awarded securities are to be issued in the commercial book-entry system, you must submit bids using one of our approved electronic methods except for contingency situations.
(2) You must have an agreement on file with us under which you agree to our terms and conditions for access to our system for participating in our auctions.
(3) In contingency situations, such as a power outage, we may accept bids by telephone if you submit them prior to the relevant bidding deadline.
submit bids using one of our approved electronic methods except for contingency situations.
(2) You must have an agreement on file with us under which you agree to our terms and conditions for access to our system for participating in our auctions.
(3) In contingency situations, such as a power outage, we may accept bids by telephone if you submit them prior to the relevant bidding deadline.
(c) TreasuryDirect . (1) If you are a submitter and the awarded securities are to be issued in TreasuryDirect, you may submit bids by using one of our approved methods, e.g. , computer, automated telephone service, or paper forms. You may also reinvest the proceeds of maturing securities into new securities by completing the appropriate transaction request on time.
(2) If you are submitting bids by paper form, you must use forms authorized by the Bureau of the Public Debt and provide the requested information. We have the option of accepting or rejecting bids on any other form. You are responsible for ensuring that we receive bids in paper form on time. A competitive bid is on time if we receive it prior to the deadline for the receipt of competitive bids. A noncompetitive bid is on time if:
(i) We receive it on or before the issue date, and
(ii) The envelope it arrived in bears evidence, such as a U.S. Postal Service cancellation, that it was mailed prior to the auction date.
(3) If you are submitting a bid by computer or telephone you must be an established TreasuryDirect account holder with a Taxpayer Identification Number. You may not submit a competitive bid by computer or telephone.

§ 356.12 What are the different types of bids and do they have specific requirements or restrictions? (a) General . All bids must state the par amount of securities bid for and must equal or exceed the minimum to bid amount stated in the auction announcement. Bids in larger amounts must be in the multiple stated in the auction announcement.
t submit a competitive bid by computer or telephone.

§ 356.12 What are the different types of bids and do they have specific requirements or restrictions? (a) General . All bids must state the par amount of securities bid for and must equal or exceed the minimum to bid amount stated in the auction announcement. Bids in larger amounts must be in the multiple stated in the auction announcement.
(b) Noncompetitive bids .—(1) Maximum bid . You may not bid noncompetitively for more than $1 million in a bill auction or more than $5 million in a note or bond auction. The maximum bid limitation does not apply if you are bidding solely through a TreasuryDirect reinvestment request. A request for reinvestment of securities maturing in TreasuryDirect is a noncompetitive bid.
(2) Additional restrictions . You may not bid noncompetitively in an auction in which you are bidding competitively. You may not bid noncompetitively if, in the security being auctioned, you hold a position in when-issued trading or in futures or forward contracts at any time between the date of the auction announcement and the time we announce the auction results. During this same timeframe, a noncompetitive bidder may not enter into any agreement to purchase or sell or otherwise dispose of the securities it is acquiring in the auction. For this paragraph, futures contracts include those:
(i) That require delivery of the specific security being auctioned;
(ii) For which the security being auctioned is one of several securities that may be delivered; or
(iii) That are cash-settled.
oncompetitive bidder may not enter into any agreement to purchase or sell or otherwise dispose of the securities it is acquiring in the auction. For this paragraph, futures contracts include those:
(i) That require delivery of the specific security being auctioned;
(ii) For which the security being auctioned is one of several securities that may be delivered; or
(iii) That are cash-settled.
(c) Competitive bids .
(1) Bid format —(i) Treasury bills . A competitive bid must show the discount rate bid, expressed with three decimals in .005 percent increments. The third decimal must be either a zero or a five, for example, 5.320 or 5.325.
(ii) Treasury fixed-principal securities . A competitive bid must show the yield bid, expressed with three decimals, for example, 4.170.
(iii) Treasury inflation-protected securities . A competitive bid must show the real yield bid, expressed with three decimals, for example, 3.070.
(2) Maximum recognized bid . There is no limit on the maximum dollar amount that you may bid for competitively, either at a single yield or discount rate, or at different yields or discount rates. However, a competitive bid at a single yield or discount rate that exceeds 35 percent of the offering amount will be reduced to that amount. For example, if the offering amount is $10 billion, the maximum bid amount we will recognize at any one yield or discount rate from any bidder is $3.5 billion. ( See § 356.22 for award limitations.)
(3) Additional restriction . You may not bid competitively in an auction in which you are bidding noncompetitively.

§ 356.13 When must I report my net long position and how do I calculate it? (a) Net long position reporting threshold.
10 billion, the maximum bid amount we will recognize at any one yield or discount rate from any bidder is $3.5 billion. ( See § 356.22 for award limitations.)
(3) Additional restriction . You may not bid competitively in an auction in which you are bidding noncompetitively.

§ 356.13 When must I report my net long position and how do I calculate it? (a) Net long position reporting threshold.
(1) If you are bidding competitively in an auction, you must report your net long position when the total of your bids plus your net long position in the security being auctioned equals or exceeds the net long position reporting threshold ( See table). We will specify this threshold in the auction announcement for each security ( See § 356.10). The threshold is typically 35 percent of the offering amount, but we may state a different threshold in the auction announcement. To see whether you must report your net long position, follow this table:
If . . . And If. . . Then. . . (i) the total of your bids and your net long position in the security being auctioned equals or exceeds the reporting threshold you must report your net long position (which does not include your bids). (ii) the total of your bids in the auction equals or exceeds the reporting threshold you have no position or a net short position in the security being auctioned you must report a zero. (iii) the total of your bids and your net long position in the security being auctioned is less than the reporting threshold you may either report nothing (leave the field blank) or report your net long position. (2) Also, if you have more than one bid in an auction and you must report either your net long position or a zero, you must report that figure only once. Finally, if you are a customer and must report either your net long position or a zero, you must report that figure through only one depository institution or dealer. ( See § 356.14(d))
g (leave the field blank) or report your net long position. (2) Also, if you have more than one bid in an auction and you must report either your net long position or a zero, you must report that figure only once. Finally, if you are a customer and must report either your net long position or a zero, you must report that figure through only one depository institution or dealer. ( See § 356.14(d))
(b) “As of” time for calculating net long position. You must calculate your net long position as of one half-hour prior to the closing time for receipt of competitive bids.
(c) Components of the net long position. Except as modified in (d) of this section, your net long position is the sum total of the par amounts of:
(1) Your holdings of outstanding securities with the same CUSIP number as the security being auctioned;
(2) Your holdings of STRIPS principal components of the security being auctioned, and;
(3) Your positions, in the security being auctioned, in:
(i) When-issued trading, including when-issued trading positions of the STRIPS principal components;
(ii) Futures contracts that require delivery of the specific security being auctioned (but not futures contracts for which the security being auctioned is one of several securities that may be delivered, and not futures contracts that are cash-settled); and
(iii) Forward contracts that require delivery of the specific security being auctioned or of the STRIPS principal component of that security.
i) Futures contracts that require delivery of the specific security being auctioned (but not futures contracts for which the security being auctioned is one of several securities that may be delivered, and not futures contracts that are cash-settled); and
(iii) Forward contracts that require delivery of the specific security being auctioned or of the STRIPS principal component of that security.
(d) Calculating the net long position in a reopening. In a reopening (additional issue) of an outstanding security, you may subtract the exclusion amount stated in the auction announcement from:
(1) Your holdings of the outstanding securities (paragraph (c)(1) of this section) combined with
(2) Your holdings of STRIPS principal components of the security being auctioned (paragraph (c)(2) of this section). We will specify the amount of holdings that you may exclude from the net long position calculation in the auction announcement. You may not take the exclusion if your combined holdings are zero or less. The exclusion is optional, but if you take the exclusion, you must include any holdings that exceed the exclusion amount in calculating your net long position. If the exclusion amount is greater than your combined holdings (paragraphs (c)(1) and (2) of this section), you may calculate the combined holdings as zero, but they cannot be included in the calculation as a negative number.

§ 356.14 What are the requirements for submitting bids for customers? (a) Institutions that may submit bids for customers. Only depository institutions or dealers may submit bids for customers, or for customers of intermediaries, under the requirements set out in this section. If a bid from a depository institution or a dealer fulfills a guarantee to a customer to sell a specified amount of securities at an agreed-upon price, or a price fixed in terms of an agreed-upon standard, then the bid is a bid of that depository institution or dealer. It is not a customer bid.
bids for customers, or for customers of intermediaries, under the requirements set out in this section. If a bid from a depository institution or a dealer fulfills a guarantee to a customer to sell a specified amount of securities at an agreed-upon price, or a price fixed in terms of an agreed-upon standard, then the bid is a bid of that depository institution or dealer. It is not a customer bid.
(b) Payment. Submitters must remit payment for bids they submit on behalf of customers, including customers of intermediaries, that result in awards of securities in the auction.
(c) Identifying customers. Submitters must provide the names of customers whenever they submit bids for them. Submitters must provide the names of their direct customers as well as customers of any intermediaries who are forwarding customer bids. For individuals, submitters must provide the customer's full name (first and last). For institutional customers, submitters must provide the name of the institution, and the bidder identification number if the customer provides it. For trusts or other fiduciary estates ( See Appendix A), submitters must provide on the customer list:
(1) The full name or title of the trustee or fiduciary;
(2) A reference to the document creating the trust or fiduciary estate with date of execution; and
(3) The employer identification number (not social security number) of the trust or fiduciary estate. We do not consider trusts to be a separate bidder that have not been assigned, or that do not provide, an employer identification number.
(1) The full name or title of the trustee or fiduciary;
(2) A reference to the document creating the trust or fiduciary estate with date of execution; and
(3) The employer identification number (not social security number) of the trust or fiduciary estate. We do not consider trusts to be a separate bidder that have not been assigned, or that do not provide, an employer identification number.
(d) Competitive customer bids. For each customer competitive bid, the submitter must provide the customer's name, the amount bid, and the yield or discount rate. The submitter or intermediary must also report the net long position amount if the customer provides it. The submitter must inform a customer of the net long position reporting requirement ( See § 356.13) if the customer is bidding for $100 million or more of securities. If the submitter's or intermediary's personnel know that the customer's position information is not correct, the submitter or intermediary may not submit the customer's bid.
(e) Noncompetitive customer bids. For each noncompetitive bid, the submitter must provide the customer's name and the amount bid. Submitters may either provide the customer's name with the bid or, if the list of customers is lengthy, the submitter may provide a summary bid amount covering all noncompetitive customers. If it provides a summary bid amount, the submitter must transmit the list of individual customers and their bid amounts by close of business on the auction day. However, the submitter must be able to provide the customer list details by the noncompetitive bidding deadline if requested.

§ 356.15 What rules apply to bids submitted by investment advisers? (a) General. The auction rules that apply to investment advisers are determined by the relationship between “investment advisers” and “controlled accounts.” An investment adviser means any person or entity that has investment discretion for the bids or positions of a different person or entity (a controlled account)
requested.

§ 356.15 What rules apply to bids submitted by investment advisers? (a) General. The auction rules that apply to investment advisers are determined by the relationship between “investment advisers” and “controlled accounts.” An investment adviser means any person or entity that has investment discretion for the bids or positions of a different person or entity (a controlled account). A person or entity has investment discretion if it determines what, when, and what quantity of securities will be purchased or sold on behalf of another person or entity. We consider a person that is employed or supervised by an investment adviser to be part of that investment adviser. We also consider the bids or positions of controlled accounts to be separate from the bids or positions of the person or entity with which they would otherwise be associated under the bidder categories in Appendix A of this part.
(b) Bidding options. —(1) An investment adviser has two options for whose name to use when bidding on behalf of controlled accounts.
An investment adviser may bid for a controlled account . . . In such cases, we consider the bidder to be . . . (i) in the investment adviser's own name the investment adviser. (ii) in the name of the controlled account the controlled account. (2) Using the first option (paragraph (b)(1)(i)), an investment advisor could bid noncompetitively up to the noncompetitive bidding limit only for itself, as a single bidder. Using the second option (paragraph (b)(1)(ii)), an investment adviser could bid noncompetitively for each separately named controlled account up to the noncompetitive bidding limit. The investment adviser could also bid noncompetitively in its own name in the same auction up to the noncompetitive bidding limit. An investment adviser may not bid for a controlled account both noncompetitively and competitively in the same auction. If an investment
investment adviser could bid noncompetitively for each separately named controlled account up to the noncompetitive bidding limit. The investment adviser could also bid noncompetitively in its own name in the same auction up to the noncompetitive bidding limit. An investment adviser may not bid for a controlled account both noncompetitively and competitively in the same auction. If an investment
(c) Reporting net long positions. If it is bidding competitively, an investment adviser must calculate the amount of its bids and positions for purposes of the net long position reporting requirement found in § 356.13(a). In addition to its own competitive bids and positions, the investment adviser must also include in the calculation all other competitive bids and positions that it controls. If the net long position is reportable, the investment adviser must report it as a total in connection with only one bid as stated in § 356.13(a). This requirement applies regardless of whether the investment adviser bids in its own name or in the name of its controlled accounts. The following table shows which positions an investment adviser must include to determine whether it meets the net long position reporting threshold in § 356.13(a). If an investment adviser does meet the reporting threshold, the table also shows which positions must be included in, and which may be excluded from, the net long position calculation.
If an investment adviser is bidding competitively, and . . . Then . . . (1) the investment adviser has a net long position for its own account that position must be included in the investment adviser's net long position calculation. (2) the investment adviser's competitive bid is for a controlled account any net long position of that account must be included in the investment adviser's net long position calculation. (3) the investment adviser is not bidding competitively for a controlled account and . .
long position for its own account that position must be included in the investment adviser's net long position calculation. (2) the investment adviser's competitive bid is for a controlled account any net long position of that account must be included in the investment adviser's net long position calculation. (3) the investment adviser is not bidding competitively for a controlled account and . . . (i) the controlled account has a net long position of $100 million or more that position must be included in the investment adviser's net long position calculation. (ii) the controlled account has a net long position that is less than $100 million that position may be excluded from the investment adviser's net long position calculation. (iii) any net long position is excluded under paragraph (b)(3)(ii) of this table all net short positions of controlled accounts under $100 million must also be excluded. (d) Certifications. When an investment adviser bids for a controlled account, we deem the investment adviser to have certified that it is complying with this part and the auction announcement for the security. Further, we deem the investment adviser to have certified that the information it provided about bids for controlled accounts is accurate and complete.
(e) Proration of awards. Investment advisers that submit competitive bids in the names of controlled accounts are responsible for prorating any awards at the highest accepted yield or discount rate using the same percentage that we announce. See § 356.21 for examples of how to prorate.

§ 356.16 Do I have to make any certifications? (a) Submitters. If you submit bids or other information in an auction, we deem you to have certified that:
(1) You are in compliance with this part and the auction announcement;
(2) The information provided with regard to any bids for your own account is accurate and complete; and
that we announce. See § 356.21 for examples of how to prorate.

§ 356.16 Do I have to make any certifications? (a) Submitters. If you submit bids or other information in an auction, we deem you to have certified that:
(1) You are in compliance with this part and the auction announcement;
(2) The information provided with regard to any bids for your own account is accurate and complete; and
(3) The information provided with regard to any bids for customers accurately and completely reflects information provided by your customers or intermediaries.
(4) If you submit bids by computer, you must have on file a written certification that, each time you submit such bids, you are in compliance with this part and the applicable auction announcement. An authorized person must sign and date the certification on behalf of the submitter, and it must be filed with us and renewed at least annually.
(b) Intermediaries. If you forward bids in an auction, we deem you to have certified that:
(1) You are in compliance with this part and the applicable auction announcement; and
(2) That the information you provided to a submitter or other intermediary with regard to bids for customers accurately and completely reflects information provided by those customers or intermediaries.
(c) Customers. By bidding for a security as a customer we deem you to have certified that:
(1) You are in compliance with this part and the auction announcement and;
(2) The information you provided to the submitter or intermediary in connection with the bid is accurate and complete.

§ 356.17 How and when do I pay for securities awarded in an auction? (a) General. By bidding in an auction, you agree to pay the settlement amount for any securities awarded to you. ( See § 356.25) For notes and bonds, the settlement amount may include a premium amount, accrued interest, and, for inflation-protected securities, an inflation adjustment.
n with the bid is accurate and complete.

§ 356.17 How and when do I pay for securities awarded in an auction? (a) General. By bidding in an auction, you agree to pay the settlement amount for any securities awarded to you. ( See § 356.25) For notes and bonds, the settlement amount may include a premium amount, accrued interest, and, for inflation-protected securities, an inflation adjustment.
(b) TreasuryDirect. Unless you make other provisions, you must submit payment with your bids or pay by debit entry to a deposit account. To pay by debit entry, you must first authorize us to make debit entries to your deposit account under 31 CFR part 370. Payment by debit entry occurs on the settlement date for the actual settlement amount due. ( See § 356.25) You may also pay for reinvestments with maturing securities, however, you must pay separately for any premium, accrued interest, or inflation adjustment as soon as you receive your Payment Due Notice.
(1) Bidding by computer or by telephone. If you are bidding by computer or by telephone, you must pay for any securities awarded to you by debit entry to a deposit account.
(2) Bidding by paper form. If you are mailing bids to us on a paper form, you may either enclose your payment with the form or pay for any securities awarded to you by debit entry to a deposit account.
(i) Payment with paper form. For bills, you may pay by depository institution (cashier's or teller's) check, certified check, or currently dated Treasury or fiscal agency check made payable to you. For notes or bonds, in addition to the payment options for bills, you may also pay by personal check. If you submit a personal check, make it payable to TreasuryDirect and mail it to the Federal Reserve Bank handling your account. In your payment amount you must include the par amount and any announced accrued interest and/or inflation adjustment.
(ii) Payment by debit entry to a deposit account. If a depository institution or dealer is submitting your bids for securities to be held in
l check. If you submit a personal check, make it payable to TreasuryDirect and mail it to the Federal Reserve Bank handling your account. In your payment amount you must include the par amount and any announced accrued interest and/or inflation adjustment.
(ii) Payment by debit entry to a deposit account. If a depository institution or dealer is submitting your bids for securities to be held in
(3) Payment by maturing securities. You may use maturing securities held in TreasuryDirect as payment for reinvestments into new securities that we are offering, as long as we receive the appropriate transaction request on time.
(c) Commercial book-entry system. For securities to be held in the commercial book-entry system, payment of the settlement amount must be by charge to the funds account of a depository institution at a Federal Reserve Bank.
(1) A submitter that does not have a funds account at a Federal Reserve Bank or that chooses not to pay by charge to its own funds account must have an approved autocharge agreement on file with us before submitting any bids. Any depository institution whose funds account will be charged under an autocharge agreement will receive advance notice from us of the total par amount of, and price to be charged for, securities awarded as a result of the submitter's bids.
(2) A submitter that is a member of a clearing corporation may instruct that delivery and payment be made through the clearing corporation for securities awarded to the submitter for its own account. To do this, the following requirements must be met prior to submitting any bids:
us of the total par amount of, and price to be charged for, securities awarded as a result of the submitter's bids.
(2) A submitter that is a member of a clearing corporation may instruct that delivery and payment be made through the clearing corporation for securities awarded to the submitter for its own account. To do this, the following requirements must be met prior to submitting any bids:
(i) We must have acknowledged and have on file an autocharge agreement between the clearing corporation and a depository institution. By entering into such an agreement, the clearing corporation authorizes us to provide aggregate par and price information to the depository institution whose funds account will be charged under the agreement. The clearing corporation is responsible for remitting payment for auction awards of the clearing corporation member.
(ii) We must have acknowledged and have on file a delivery and payment agreement between the submitter and the clearing corporation. By entering into such an agreement, the submitter authorizes us to provide award and payment information to the clearing corporation.

Subpart C—Determination of Auction Awards; Settlement
§ 356.20 How does the Treasury determine auction awards? (a) Determining the range and amount of accepted competitive bids.
(1) Accepting bids. First we accept in full all noncompetitive bids that were submitted by the noncompetitive bidding deadline. After the closing time for receipt of competitive bids we start accepting those at the lowest yields or discount rates through successively higher yields or discount rates, up to the amount required to meet the offering amount. When necessary, we prorate bids at the highest accepted yield or discount rate as described below. If the amount of noncompetitive bids would absorb most or all of the offering amount, we will accept competitive bids in an amount sufficient to provide a fair determination of the yield or discount rate for the securities we are auctioning.
es, up to the amount required to meet the offering amount. When necessary, we prorate bids at the highest accepted yield or discount rate as described below. If the amount of noncompetitive bids would absorb most or all of the offering amount, we will accept competitive bids in an amount sufficient to provide a fair determination of the yield or discount rate for the securities we are auctioning.
(2) Accepting bids at the high yield or discount rate. Generally, the total amount of bids at the highest accepted yield or discount rate exceeds the offering amount remaining after we accept the noncompetitive bids and the competitive bids at the lower yields or discount rates. In order to keep the total amount of awards as close as possible to the announced offering amount, we award a percentage of the bids at the highest accepted yield or discount rate. We derive the percentage by dividing the remaining par amount needed to fill the offering amount by the par amount of the bids at the high yield or discount rate and rounding up to the next hundredth of a whole percentage point, for example, 17.13%.
(b) Determining the interest rate for new note and bond issues. We set the interest rate at the 1/8 of one percent increment that produces the price closest to, but not above, par when evaluated at the yield of awards to successful competitive bidders.
(c) Determining purchase prices for awarded securities. For both noncompetitive bidders and competitive bidders, we convert the highest accepted discount rate or yield to a price expressed as a price per hundred. This price is rounded to three decimals, for example, 99.954. ( See Appendix B) For inflation-protected securities, the price for awarded securities is the price equivalent to the highest accepted real yield.

§ 356.21 How are awards at the high yield or discount rate calculated? (a) Awards to submitters. We generally prorate bids at the highest accepted yield or discount rate under § 356.20(a)(2) of this part
unded to three decimals, for example, 99.954. ( See Appendix B) For inflation-protected securities, the price for awarded securities is the price equivalent to the highest accepted real yield.

§ 356.21 How are awards at the high yield or discount rate calculated? (a) Awards to submitters. We generally prorate bids at the highest accepted yield or discount rate under § 356.20(a)(2) of this part. For example, if 80.15% is the announced percentage at the highest yield or discount rate, we award 80.15% of the amount of each bid at that yield or rate. A bid for $100 million at the highest accepted yield or discount rate would be awarded $80,150,000 in this example. We always make awards for at least the minimum to bid, and above that amount we make awards in the appropriate multiple to bid. For example, Treasury bills may be issued with a minimum to bid of $1,000 and multiples to bid of $1,000. Say we accept an $18,000 bid at the high discount rate, and the percent awarded at the high discount rate is 88.27%. We would award $16,000 to that bidder, which is an upward adjustment from $15,888.60 ($18,000 × .8827) to the nearest multiple of $1,000. If we were to award 4.65% of bids at the highest accepted rate, for example, the award for a $10,000 bid at that rate would be $1,000, rather than $465, in order to meet the minimum to bid for a bill issue.
(b) Awards to customers. The same prorating rules apply to customers as apply to submitters. Depository institutions and dealers, whether submitters or intermediaries, are responsible for prorating awards for their customers at the same percentage that we announce. For example, if 80.15% is the announced percentage at the highest yield or discount rate, then each customer bid at that yield or rate must be awarded 80.15%.

§ 356.22 Does the Treasury have any limitations on auction awards? (a) Awards to noncompetitive bidders. The maximum award to any bidder is $1 million for bills and $5 million for notes and bonds
at the same percentage that we announce. For example, if 80.15% is the announced percentage at the highest yield or discount rate, then each customer bid at that yield or rate must be awarded 80.15%.

§ 356.22 Does the Treasury have any limitations on auction awards? (a) Awards to noncompetitive bidders. The maximum award to any bidder is $1 million for bills and $5 million for notes and bonds. This limit does not apply to bidders bidding solely through TreasuryDirect reinvestment requests.
(b) Awards to competitive bidders. The maximum award is 35 percent of the offering amount less the bidder's net long position as reportable under § 356.13. For example, in a note auction with a $10 billion offering amount, and therefore a maximum award of $3.5 billion, a bidder with a reported net long position of $1 billion could receive a maximum auction award of $2.5 billion. When the bids and net long positions of more than one person or entity must be combined, as is the case with investment advisers and controlled accounts ( See § 356.15(c)), we will use this combined amount for the purpose of this 35 percent award limit.

§ 356.23 How are the auction results announced? (a) After the conclusion of the auction, we will announce the auction results through a press release that is available on our Web site at http://www.publicdebt.treas.gov.
(b) The press release will include such information as:
(1) The amounts of bids we accepted and the amount of securities we awarded;
(2) The range of accepted yields or discount rates;
(3) The proration percentage;
(4) The interest rate for a note or bond;
(5) A breakdown of the amounts of noncompetitive and competitive bids we accepted from, and awarded to, the public;
(6) The amounts of bids tendered and accepted from the Federal Reserve Banks for their own accounts;
(7) The bid-to-cover ratio; and
es we awarded;
(2) The range of accepted yields or discount rates;
(3) The proration percentage;
(4) The interest rate for a note or bond;
(5) A breakdown of the amounts of noncompetitive and competitive bids we accepted from, and awarded to, the public;
(6) The amounts of bids tendered and accepted from the Federal Reserve Banks for their own accounts;
(7) The bid-to-cover ratio; and
(8) Other information that we may decide to include.

§ 356.24 Will I be notified directly of my awards and, if I am submitting bids for others, do I have to provide confirmations? (a) Notice of awards —(1) Notice to submitters. We will provide notice to all submitters letting them know whether their bids were successful or not.
(2) Notice to clearing corporations. If we are to deliver awarded securities under a delivery and payment agreement, we will provide notice of the awards to the clearing corporation that is a party to the agreement.
(b) Notification of awards to customers. If you are a submitter for customers, you are responsible for notifying them of their awards. You are also responsible for notifying any intermediaries that forwarded successful bids to you. Similarly, an intermediary is responsible for providing notification of any awards to its customers and any intermediaries from whom it received bids.
(c) Notification of awards and settlement amounts to a depository institution having an autocharge agreement with a submitter or a clearing corporation. We will notify each depository institution that has entered into an autocharge agreement with a submitter or a clearing corporation of the amount to be charged, on the issue date, to the institution's funds account at the Federal Reserve Bank servicing the institution. We will provide this notification no later than the day after the auction.
agreement with a submitter or a clearing corporation. We will notify each depository institution that has entered into an autocharge agreement with a submitter or a clearing corporation of the amount to be charged, on the issue date, to the institution's funds account at the Federal Reserve Bank servicing the institution. We will provide this notification no later than the day after the auction.
(d) Customer confirmation. Any customer awarded a par amount of $500 million or more in an auction must send us a confirmation containing the information in paragraphs (d)(1) and (2) of this section. The confirmation must be sent no later than 10:00 a.m. on the day following the auction. The confirmation must be signed by the customer or authorized representative. If signed by an authorized representative, the confirmation must include the capacity in which the representative is acting. A submitter or intermediary submitting or forwarding bids for a customer must notify the customer of this requirement if we award the customer $500 million or more as a result of those bids. The information the customer must provide in writing is:
(1) A confirmation of the awarded bid(s), including the name of the depository institution or dealer that submitted the bid(s) on the customer's behalf, and
(2) A statement indicating whether the customer had a reportable net long position as defined in § 356.13. If a position had to be reported, the statement must provide the amount of the position and the name of the depository institution or dealer that the customer requested to report the position.

§ 356.25 How does the settlement process work? Securities bought in the auction must be paid for by the issue date. The payment amount for awarded securities will be the settlement amount as defined in § 356.2. ( See formulas in Appendix B.) There are several ways to pay for securities:
on and the name of the depository institution or dealer that the customer requested to report the position.

§ 356.25 How does the settlement process work? Securities bought in the auction must be paid for by the issue date. The payment amount for awarded securities will be the settlement amount as defined in § 356.2. ( See formulas in Appendix B.) There are several ways to pay for securities:
(a) Payment by debit entry to a deposit account. If you are paying by debit entry to a deposit account as provided for in § 356.17 (b)(1) or (b)(2), we will charge the settlement amount to the specified account on the issue date.
(b) Payment by authorized charge to a funds account. Where the submitter's method of payment is an authorized charge to the funds account of a depository institution as provided for in § 356.17 (c)(1) and (c)(2), we will charge the settlement amount to the specified funds account on the issue date.
(c) Payment with bids. If you paid the par amount with your bids as provided for in § 356.17 (b)(2), you may have to pay an additional amount, or we may have to pay an amount to you, as follows:
(1) When we owe an amount to you. If the amount you paid is more than the settlement amount, we will refund the balance to you after the auction. This situation will generally be the case if you submit payment with your bids. A typical example would be an auction where the price is a discount from par and there is no accrued interest.
amount, or we may have to pay an amount to you, as follows:
(1) When we owe an amount to you. If the amount you paid is more than the settlement amount, we will refund the balance to you after the auction. This situation will generally be the case if you submit payment with your bids. A typical example would be an auction where the price is a discount from par and there is no accrued interest.
(2) When you must remit an additional amount. If the settlement amount is more than the amount you paid, we will notify you of the additional amount due, which you will be responsible for remitting immediately. You may owe us such an additional amount if the auction calculations result in a premium or if accrued interest or an inflation adjustment is due.

Subpart D—Miscellaneous Provisions
§ 356.30 When does the Treasury pay principal and interest on securities? (a) General. We will pay principal on bills, notes, and bonds on the maturity date as specified in the auction announcement. Interest on bills consists of the difference between the discounted amount paid by the investor at original issue and the par value we pay to the investor at maturity. Interest on notes and bonds accrues from the dated date. Interest is payable on a semiannual basis on the interest payment dates specified in the auction announcement through the maturity date. If any principal or interest payment date is a Saturday, Sunday, or other day on which the Federal Reserve System is not open for business, we will make the payment (without additional interest) on the next business day. If a bond is callable, we will pay the principal prior to maturity if we call it under its terms, which include providing appropriate public notice.
nt through the maturity date. If any principal or interest payment date is a Saturday, Sunday, or other day on which the Federal Reserve System is not open for business, we will make the payment (without additional interest) on the next business day. If a bond is callable, we will pay the principal prior to maturity if we call it under its terms, which include providing appropriate public notice.
(b) Treasury inflation-protected securities. (1) This table explains the amount that we will pay to holders of inflation-protected securities at maturity.
At maturity, if . . . Then . . . (i) the inflation-adjusted principal is equal to or more than the par amount of the security we will pay the inflation-adjusted principal. (ii) the inflation-adjusted principal is less than the par amount of the security, and the security has not been stripped we will pay an additional amount so that the additional amount plus the inflation-adjusted principal equals the par amount. (iii) the inflation-adjusted principal is less than the par amount of the security, and the security has been stripped to holders of principal components only we will pay an additional amount so that the additional amount plus the inflation-adjusted principal equals the par amount. (2) Regardless of whether or not we pay an additional amount, we will base the final interest payment on the inflation-adjusted principal at maturity.
(c) Discharge of payment obligations.
(1) The commercial book-entry system. We discharge our payment obligations when we credit payment to the account maintained at a Federal Reserve Bank for a depository institution or other authorized entity, or when we make payment according to the instructions of the person or entity maintaining the account. Further, we do not have any obligations to any person or entity that does not have an account with a Federal Reserve Bank. We also will not recognize the claims of any person or entity:
t to the account maintained at a Federal Reserve Bank for a depository institution or other authorized entity, or when we make payment according to the instructions of the person or entity maintaining the account. Further, we do not have any obligations to any person or entity that does not have an account with a Federal Reserve Bank. We also will not recognize the claims of any person or entity:
(i) That does not have an account at a Federal Reserve Bank, or
(ii) With respect to any accounts not maintained at a Federal Reserve Bank.
(2) TreasuryDirect. We discharge our payment obligations when we make payment to a depository institution for credit to the account specified by the owner of the security, or when we make payment according to the instructions of the security's owner or the owner's legal representative.

§ 356.31 How does the STRIPS program work? (a) General. Notes or bonds may be “stripped”—divided into separate principal and interest components. These components must be maintained in the commercial book-entry system. Stripping is done at the option of the holder, and may occur at any time from issuance until maturity. We provide the CUSIP numbers and payment dates for the principal and interest components in auction announcements and on our Web site at http://www.publicdebt.treas.gov.
(b) Treasury fixed-principal securities (notes and bonds other than Treasury inflation-protected securities —(1) Minimum par amounts required for STRIPS. The minimum par amount of a fixed-principal security that may be stripped is $1,000. Any par amount to be stripped above $1,000 must be in a multiple of $1,000.
(2) Principal components. Principal components stripped from fixed-principal securities are maintained in accounts, and transferred, at their par amount. They have a CUSIP number that is different from the CUSIP number of the fully constituted (unstripped) security.
(3) Interest components. Interest components stripped from fixed-principal securities have the following features:
le of $1,000.
(2) Principal components. Principal components stripped from fixed-principal securities are maintained in accounts, and transferred, at their par amount. They have a CUSIP number that is different from the CUSIP number of the fully constituted (unstripped) security.
(3) Interest components. Interest components stripped from fixed-principal securities have the following features:
(i) They are maintained in accounts, and transferred, at their original payment value, which is derived by multiplying the semiannual interest rate and the par amount;
(ii) Their interest payment date becomes the maturity date for the component;
(iii) All interest components with the same maturity date have the same CUSIP number, regardless of the underlying security from which the interest payments were stripped, and therefore are fungible (interchangable).
(iv) The CUSIP numbers of interest components are different from the CUSIP numbers of principal components and fully constituted securities, even if they have the same maturity date, and therefore are not fungible.
(c) Treasury inflation-protected securities —(1) Minimum par amounts required for STRIPS. The minimum par amount of an inflation-protected security that may be stripped is $1,000. Any par amount to be stripped above $1,000 must be in a multiple of $1,000.
(2) Principal components. Principal components stripped from inflation-protected securities are maintained in accounts, and transferred, at their par amount. At maturity, the holder will receive the inflation-adjusted principal or the par amount, whichever is greater. ( See § 356.30) A principal component has a CUSIP number that is different from the CUSIP number of the fully constituted (unstripped) security.
components. Principal components stripped from inflation-protected securities are maintained in accounts, and transferred, at their par amount. At maturity, the holder will receive the inflation-adjusted principal or the par amount, whichever is greater. ( See § 356.30) A principal component has a CUSIP number that is different from the CUSIP number of the fully constituted (unstripped) security.
(3) Interest components. —(i) Adjusted value. Interest components stripped from inflation-protected securities are maintained in accounts, and transferred, at their adjusted value. This value is derived by multiplying the semiannual interest rate by the par amount and then multiplying this value by: 100 divided by the Reference CPI of the original issue date. (The dated date is used instead of the original issue date when the dates are different.) See Appendix B, Section IV of this part for an example of how to do this calculation.
(ii) CUSIP numbers. When an interest payment is stripped from an inflation-protected security, the interest payment date becomes the maturity date for the component. All interest components with the same maturity date have the same CUSIP number, regardless of the underlying security from which the interest payments were stripped. Such interest components are fungible (interchangeable). The CUSIP numbers of interest components are different from the CUSIP numbers of principal components and fully constituted securities, even if they have the same maturity date.
(iii) Payment at maturity. At maturity, the payment to the holder will be derived by multiplying the adjusted value of the interest component by the Reference CPI of the maturity date, divided by 100. See Appendix B, Section IV to this part for an example of how to do this calculation.
IP numbers of principal components and fully constituted securities, even if they have the same maturity date.
(iii) Payment at maturity. At maturity, the payment to the holder will be derived by multiplying the adjusted value of the interest component by the Reference CPI of the maturity date, divided by 100. See Appendix B, Section IV to this part for an example of how to do this calculation.
(iv) Rebasing of the CPI. If the CPI is rebased to a different time base reference period ( See Appendix D), the adjusted values of all outstanding inflation-protected interest components will be converted to adjusted values based on the new base reference period. At that time, we will publish information that describes how this conversion will occur. After rebasing, any interest components created from a security that was issued during a prior base reference period will be issued with adjusted values calculated using reference CPIs under the most-recent base reference period.
(d) Reconstituting a security. Stripped interest and principal components may be reconstituted, that is, put back together into their fully constituted form. A principal component and all related unmatured interest components, in the appropriate minimum or multiple amounts or adjusted values, must be submitted together for reconstitution. Because inflation-protected interest components are different from fixed-principal interest components, they are not interchangeable for reconstitution purposes.
, put back together into their fully constituted form. A principal component and all related unmatured interest components, in the appropriate minimum or multiple amounts or adjusted values, must be submitted together for reconstitution. Because inflation-protected interest components are different from fixed-principal interest components, they are not interchangeable for reconstitution purposes.
(e) Applicable regulations. Subparts A, B, and D of part 357 of this chapter govern notes and bonds stripped into their STRIPS components, unless we state differently in this part.

§ 356.32 What tax rules apply? (a) General. Securities issued under this part are subject to all applicable taxes imposed under the Internal Revenue Code of 1986, or its successor. Under section 3124 of title 31, United States Code, the securities are exempt from taxation by a State or political subdivision of a State, except for State estate or inheritance taxes and other exceptions as provided in that section.
(b) Treasury inflation-protected securities. Special federal income tax rules for inflation-protected securities, including stripped inflation-protected principal and interest components, are set forth in Internal Revenue Service regulations.

§ 356.33 Does the Treasury have any discretion in the auction process? (a) We have the discretion to:
(1) Accept, reject, or refuse to recognize any bids submitted in an auction;
(2) Award more or less than the amount of securities specified in the auction announcement;
(3) Waive any provision of this part for any bidder or submitter; and
(4) Change the terms and conditions of an auction.
(b) Our decisions under this part are final. We will provide a public notice if we change any auction provision, term, or condition.
o recognize any bids submitted in an auction;
(2) Award more or less than the amount of securities specified in the auction announcement;
(3) Waive any provision of this part for any bidder or submitter; and
(4) Change the terms and conditions of an auction.
(b) Our decisions under this part are final. We will provide a public notice if we change any auction provision, term, or condition.
(c) We reserve the right to modify the terms and conditions of new securities and to depart from the customary pattern of securities offerings at any time.

§ 356.34 What could happen if someone does not fully comply with the auction rules or fails to pay for securities? (a) General. If a person or entity fails to comply with any of the auction rules in this part, we will consider the circumstances and take what we deem to be appropriate action. This could include barring the person or entity from participating in future auctions under this part. We also may refer the matter to an appropriate regulatory agency.
(b) Liquidated damages. If you fail to pay for awarded securities in a timely manner, we may require you to pay liquidated damages of up to one percent of the par amount of securities we awarded to you. Our use of this liquidated damages remedy does not preclude us from using any other appropriate remedy.

§ 356.35 Who approved the information collections? The Office of Management and Budget approved the collections of information contained in §§ 356.11, 356.12, 356.13, 356.14, and 356.15 and in Appendix A of this part under control number 1535-0112.
Appendix A to Part 356—Bidder Categories
I. Categories of Eligible Bidders
We describe below various categories of bidders eligible to bid in Treasury auctions. You may use them to determine whether we consider you and other entities to be one bidder or more than one bidder for auction bidding and compliance purposes. For example, we use these definitions to apply the competitive and noncompetitive award limitations and for other requirements
gories of Eligible Bidders
We describe below various categories of bidders eligible to bid in Treasury auctions. You may use them to determine whether we consider you and other entities to be one bidder or more than one bidder for auction bidding and compliance purposes. For example, we use these definitions to apply the competitive and noncompetitive award limitations and for other requirements. Notwithstanding these definitions, we consider any persons or entities that intentionally act together with respect to bidding in a Treasury auction to collectively be one bidder. Even if an auction participant does not fall under any of the categories listed below, it is our intent that no auction participant receives a larger auction award by acquiring securities through others than it could have received had it been considered one of these types of bidders.
(a) Corporation —We consider a corporation to be one bidder. A corporation includes all of its affiliates, which may be persons, partnerships, or other entities. We use the term “corporate structure” to refer to the collection of affiliates that we consider collectively to be one bidder. An affiliate is any:
• entity that is more than 50% owned, directly or indirectly, by the corporation;
• entity that is more than 50% owned, directly or indirectly, by any other affiliate of the corporation;
• person or entity that owns, directly or indirectly, more than 50% of the corporation;
• person or entity that owns, directly or indirectly, more than 50% of any other affiliate of the corporation; or
• entity, a majority of whose board of directors or a majority of whose general partners are directors or officers of the corporation, or of any affiliate of the corporation.
We consider a business trust, such as a Massachusetts or Delaware business trust, to be a corporation.
;
• person or entity that owns, directly or indirectly, more than 50% of any other affiliate of the corporation; or
• entity, a majority of whose board of directors or a majority of whose general partners are directors or officers of the corporation, or of any affiliate of the corporation.
We consider a business trust, such as a Massachusetts or Delaware business trust, to be a corporation.
(b) Partnership —We consider a partnership to be one bidder if it is a partnership for which the Internal Revenue Service has assigned a tax-identification number. A partnership includes all of its affiliates, which may be persons, corporations, general partners acting on behalf of the partnership, or other entities. We use the term “partnership structure” to refer to the collection of affiliates that we consider collectively to be one bidder. We may consider a partnership structure that contains one or more corporations as a “partnership” or a “corporation,” but not both.
An affiliate is any:
• entity that is more than 50% owned, directly or indirectly, by the partnership;
• entity that is more than 50% owned, directly or indirectly, by any other affiliate of the partnership;
• person or entity that owns, directly or indirectly, more than 50% of the partnership;
• person or entity that owns, directly or indirectly, more than 50% of any other affiliate of the partnership; or
• entity, a majority of whose general partners or a majority of whose board of directors are general partners or directors of the partnership or of any affiliate of the partnership.
tnership;
• person or entity that owns, directly or indirectly, more than 50% of the partnership;
• person or entity that owns, directly or indirectly, more than 50% of any other affiliate of the partnership; or
• entity, a majority of whose general partners or a majority of whose board of directors are general partners or directors of the partnership or of any affiliate of the partnership.
(c) Government-related entity —We consider each of the following entities to be one bidder:
(1) a state government or the government of the District of Columbia.
(2) a unit of local government, including any county, city, municipality, or township, or other unit of general government as defined by the Bureau of the Census for statistical purposes.
(3) a commonwealth, territory, or possession of the United States.
(4) a governmental entity, body, or corporation established under Federal, State, or local law.
(5) a foreign central bank, the government of a foreign state, or an international organization in which the United States holds membership. This type of entity applies only when such entity is not using an account at the Federal Reserve Bank of New York ( See paragraph (f)).
We generally consider an investment, reserve, or other fund of one of the above government-related entities as part of that entity and not a separate bidder. We will consider a government-related entity's fund to be a separate bidder if it meets the definition of the “trust or other fiduciary estate” category, or if applicable law requires that the investments of such fund be made separately.
.
We generally consider an investment, reserve, or other fund of one of the above government-related entities as part of that entity and not a separate bidder. We will consider a government-related entity's fund to be a separate bidder if it meets the definition of the “trust or other fiduciary estate” category, or if applicable law requires that the investments of such fund be made separately.
(d) Trust or other fiduciary estate —We consider a legal entity created under a valid trust instrument, court order, or other legal authority that designates a trustee or fiduciary to act for the benefit of a named beneficiary to be one bidder. The following conditions must also be met for us to consider a trust entity to be one bidder:
• The legal entity must be able to be identified by:
1. the name or title of the trustee or fiduciary;
2. specific reference to the trust instrument, court order, or legal authority under which the trustee or fiduciary is acting; and
3. the unique IRS-assigned employer identification number (not social security number) for the entity.
• The trustee or fiduciary must make the decisions on participating in auctions on behalf of the trust or fiduciary estate.
(e) Individual —We consider a person to be one bidder, regardless of whether he or she is acting as an individual, a sole proprietor, or for any entity not otherwise defined as a bidder. If a person meets the definition of an affiliate within a corporate or partnership structure, we will consider him or her to be a bidder in this “individual” category if the corporation or partnership is not bidding in the same auction. We do not consider a person acting in an official capacity as an employee or other representative of a bidder defined in any other category to be an “individual” bidder. We consider a person, his or her spouse, and any children under the age of 21 having a common household to be one “individual” bidder.
is “individual” category if the corporation or partnership is not bidding in the same auction. We do not consider a person acting in an official capacity as an employee or other representative of a bidder defined in any other category to be an “individual” bidder. We consider a person, his or her spouse, and any children under the age of 21 having a common household to be one “individual” bidder.
(f) Foreign and International Monetary Authority (“FIMA”) —We consider one or more parties making up a foreign or international monetary organization that is not private in nature to be a bidder called a FIMA entity if at least one of the parties is a foreign or international entity that is (i) financial in nature, or (ii) not financial in nature but is authorized to open an account at the Federal Reserve Bank of New York. We consider each of the following entities to be a single FIMA entity:
(1) A foreign central bank or regional central bank.
(2) A foreign governmental monetary or finance entity.
(3) A non-governmental international financial organization that is not private in nature (for example, the International Monetary Fund, the World Bank, the Inter-American Development Bank, and the Asian Development Bank).
(4) A non-financial international organization that the United States participates in (for example, the United Nations).
(5) A multi-party arrangement of a governmental ministry and/or a foreign central bank or monetary authority with a United States Government Department and/or the Federal Reserve Bank of New York.
(6) A foreign or international monetary entity or an entity authorized by statute or by us to open accounts at the Federal Reserve Bank of New York.
articipates in (for example, the United Nations).
(5) A multi-party arrangement of a governmental ministry and/or a foreign central bank or monetary authority with a United States Government Department and/or the Federal Reserve Bank of New York.
(6) A foreign or international monetary entity or an entity authorized by statute or by us to open accounts at the Federal Reserve Bank of New York.
(g) Other Bidder —We do not consider a bidder defined by any of the above categories to be a bidder in this category. For purposes of this definition, “other bidder” means an institution or organization with a unique IRS-assigned employer identification number. This definition includes such entities as an association, church, university, union, or club. This category does not include any person or entity acting in a fiduciary or investment management capacity, a sole proprietorship, an investment account, an investment fund, a form of registration, or investment ownership designation.
II. How To Obtain Separate Bidder Recognition
Under certain circumstances, we may recognize a major organizational component ( e.g. , the parent or a subsidiary) in a corporate or partnership structure as a bidder separate from the larger corporate or partnership structure. We also may recognize two or more major organizational components collectively as one bidder. All of the following criteria must be met for such component(s) to qualify for recognition as a separate bidder:
(a) Such component(s) must be prohibited by law or regulation from exchanging, or must have established written internal procedures designed to prevent the exchange of, information related to bidding in Treasury auctions with any other component in the corporate or partnership structure;
(b) Such component(s) must not be created for the purpose of circumventing our bidding and award limitations;
a) Such component(s) must be prohibited by law or regulation from exchanging, or must have established written internal procedures designed to prevent the exchange of, information related to bidding in Treasury auctions with any other component in the corporate or partnership structure;
(b) Such component(s) must not be created for the purpose of circumventing our bidding and award limitations;
(c) Decisions related to purchasing Treasury securities at auction and participation in specific auctions must be made by employees of such component(s). Employees of such component(s) that make decisions to purchase or dispose of Treasury securities must not perform the same function for other components within the corporate or partnership structure; and
(d) The records of such component(s) related to the bidding for, acquisition of, and disposition of Treasury securities must be maintained by such component(s). Those records must be identifiable—separate and apart from similar records for other components within the corporate or partnership structure. To obtain recognition as a separate bidder, each component or group of components must request such recognition from us, provide a description of the component or group and its position within the corporate or partnership structure, and provide the following certification:
[Name of the bidder] hereby certifies that to the best of its knowledge and belief it meets the criteria for a separate bidder as described in Appendix A to 31 CFR Part 356. The above-named bidder also certifies that it has established written policies or procedures, including ongoing compliance monitoring processes, that are designed to prevent the component or group of components from:
ation:
[Name of the bidder] hereby certifies that to the best of its knowledge and belief it meets the criteria for a separate bidder as described in Appendix A to 31 CFR Part 356. The above-named bidder also certifies that it has established written policies or procedures, including ongoing compliance monitoring processes, that are designed to prevent the component or group of components from:
(1) Exchanging any of the following information with any other part of the corporate [partnership] structure: (a) Yields or rates at which it plans to bid; (b) amounts of securities for which it plans to bid; (c) positions that it holds or plans to acquire in a security being auctioned; and (d) investment strategies that it plans to follow regarding the security being auctioned, or
(2) In any way intentionally acting together with any other part of the corporate [partnership] structure with respect to formulating or entering bids in a Treasury auction.
The above-named bidder agrees that it will promptly notify the Department in writing when any of the information provided to obtain separate bidder status changes or when this certification is no longer valid.
Appendix B to Part 356—Formulas and Tables
I. Computation of Interest on Treasury Bonds and Notes.
II. Formulas for Conversion of Fixed-Principal Security Yields to Equivalent Prices.
III. Formulas for Conversion of Inflation-Protected Security Yields to Equivalent Prices.
IV. Computation of Adjusted Values and Payment Amounts for Stripped Inflation-Protected Interest Components.
V. Computation of Purchase Price, Discount Rate, and Investment Rate (Coupon-Equivalent Yield) for Treasury Bills.
The examples in this appendix are given for illustrative purposes only and are in no way a prediction of interest rates on any bills, notes, or bonds issued under this part.
In some of the following examples, we use intermediate rounding for ease in following the calculations
s.
V. Computation of Purchase Price, Discount Rate, and Investment Rate (Coupon-Equivalent Yield) for Treasury Bills.
The examples in this appendix are given for illustrative purposes only and are in no way a prediction of interest rates on any bills, notes, or bonds issued under this part.
In some of the following examples, we use intermediate rounding for ease in following the calculations. In actual practice, we generally do not round prior to determining the final result.
I. Computation of Interest on Treasury Bonds and Notes
A. Treasury Fixed-Principal Securities
1. Regular Half-Year Payment Period. We pay interest on marketable Treasury fixed-principal securities on a semiannual basis. The regular interest payment period is a full half-year of six calendar months. Examples of half-year periods are: (1) February 15 to August 15, (2) May 31 to November 30, and (3) February 29 to August 31 (in a leap year). Calculation of an interest payment for a fixed-principal note with a par amount of $1,000 and an interest rate of 8% is made in this manner: ($1,000 x .08) / 2 = $40. Specifically, a semiannual interest payment represents one half of one year's interest, and is computed on this basis regardless of the actual number of days in the half-year.
2. Daily Interest Decimal. We compute a daily interest decimal in cases where an interest payment period for a fixed-principal security is shorter or longer than six months or where accrued interest is payable by an investor. We base the daily interest decimal on the actual number of calendar days in the half-year or half-years involved. The number of days in any half-year period is shown in Table 1
Daily Interest Decimal. We compute a daily interest decimal in cases where an interest payment period for a fixed-principal security is shorter or longer than six months or where accrued interest is payable by an investor. We base the daily interest decimal on the actual number of calendar days in the half-year or half-years involved. The number of days in any half-year period is shown in Table 1.
TABLE 1 Interest period Beginning and ending days are 1st or 15th of the months listed under interest period (number of days) Regular year Leap year Beginning and ending days are the last days of the months listed under interest period (number of days) Regular year Leap year January to July 181 182 181 182 February to August 181 182 184 184 March to September 184 184 183 183 April to October 183 183 184 184 May to November 184 184 183 183 June to December 183 183 184 184 July to January 184 184 184 184 August to February 184 184 181 182 September to March 181 182 182 183 October to April 182 183 181 182 November to May 181 182 182 183 December to June 182 183 181 182 Table 2 below shows the daily interest decimals covering interest from 1/8 % to 20% on $1,000 for one day in increments of 1/8 of one percent. These decimals represent 1/181 , 1/182 , 1/183 , or 1/184 of a full semiannual interest payment, depending on which half-year is applicable.
Table 2.—Decimal for One Day's Interest on $1,000 at Various Rates of Interest, Payable Seminannually or on a Semiannual Basis, in Regular Years of 365 Days and in Years of 366 Days (To Determine Applicable Number of Days, See Table 1) Rate per annum (percent) Half-year of 184 days Half-year of 183 days Half-year of 182 days Half-year of 181 days 1/8 0.003396739 0.003415301 0.003434066 0.003453039 1/4 0.006793478 0.006830601 0.006868132 0.006906077 3/8 0.010190217 0.010245902 0.010302198 0.010359116 1/2 0.013586957 0.013661202 0.013736264 0.013812155 5/8 0.016983696 0.017076503 0.017170330 0.017265193 3/4 0.020380435 0.020491803 0.020604396 0.020718232 7/8 0.023777174 0.023
Half-year of 183 days Half-year of 182 days Half-year of 181 days 1/8 0.003396739 0.003415301 0.003434066 0.003453039 1/4 0.006793478 0.006830601 0.006868132 0.006906077 3/8 0.010190217 0.010245902 0.010302198 0.010359116 1/2 0.013586957 0.013661202 0.013736264 0.013812155 5/8 0.016983696 0.017076503 0.017170330 0.017265193 3/4 0.020380435 0.020491803 0.020604396 0.020718232 7/8 0.023777174 0.023907104 0.024038462 0.024171271 1 0.027173913 0.027322404 0.027472527 0.027624309 1 1/8 0.030570652 0.030737705 0.030906593 0.031077348 1 1/4 0.033967391 0.034153005 0.034340659 0.034530387 1 3/8 0.037364130 0.037568306 0.037774725 0.037983425 1 1/2 0.040760870 0.040983607 0.041208791 0.041436464 1 5/8 0.044157609 0.044398907 0.044642857 0.044889503 1 3/4 0.047554348 0.047814208 0.048076923 0.048342541 1 7/8 0.050951087 0.051229508 0.051510989 0.051795580 2 0.054347826 0.054644809 0.054945055 0.055248619 2 1/8 0.057744565 0.058060109 0.058379121 0.058701657 2 1/4 0.061141304 0.061475410 0.061813187 0.062154696 2 3/8 0.064538043 0.064890710 0.065247253 0.065607735 2 1/2 0.067934783 0.068306011 0.068681319 0.069060773 2 5/8 0.071331522 0.071721311 0.072115385 0.072513812 2 3/4 0.074728261 0.075136612 0.075549451 0.075966851 2 7/8 0.078125000 0.078551913 0.078983516 0.079419890 3 0.081521739 0.081967213 0.082417582 0.082872928 3 1/8 0.084918478 0.085382514 0.085851648 0.086325967 3 1/4 0.088315217 0.088797814 0.089285714 0.089779006 3 3/8 0.091711957 0.092213115 0.092719780 0.093232044 3 1/2 0.095108696 0.095628415 0.096153846 0.096685083 3 5/8 0.098505435 0.099043716 0.099587912 0.100138122 3 3/4 0.101902174 0.102459016 0.103021978 0.103591160 3 7/8 0.105298913 0.105874317 0.106456044 0.107044199 4 0.108695652 0.109289617 0.109890110 0.110497238 4 1/8 0.112092391 0.112704918 0.113324176 0.113950276 4 1/4 0.115489130 0.116120219 0.116758242 0.117403315 4 3/8 0.118885870 0.119535519 0.120192308 0.120856354 4 1/2 0.122282609 0.122950820 0.123626374 0.124309392 4 5/8 0.125679348 0.126366120 0.127060440 0.127762431 4 3/4 0.12907
0.103591160 3 7/8 0.105298913 0.105874317 0.106456044 0.107044199 4 0.108695652 0.109289617 0.109890110 0.110497238 4 1/8 0.112092391 0.112704918 0.113324176 0.113950276 4 1/4 0.115489130 0.116120219 0.116758242 0.117403315 4 3/8 0.118885870 0.119535519 0.120192308 0.120856354 4 1/2 0.122282609 0.122950820 0.123626374 0.124309392 4 5/8 0.125679348 0.126366120 0.127060440 0.127762431 4 3/4 0.129076087 0.129781421 0.130494505 0.131215470 4 7/8 0.132472826 0.133196721 0.133928571 0.134668508 5 0.135869565 0.136612022 0.137362637 0.138121547 5 1/8 0.139266304 0.140027322 0.140796703 0.141574586 5 1/4 0.142663043 0.143442623 0.144230769 0.145027624 5 3/8 0.146059783 0.146857923 0.147664835 0.148480663 5 1/2 0.149456522 0.150273224 0.151098901 0.151933702 5 5/8 0.152853261 0.153688525 0.154532967 0.155386740 5 3/4 0.156250000 0.157103825 0.157967033 0.158839779 5 7/8 0.159646739 0.160519126 0.161401099 0.162292818 6 0.163043478 0.163934426 0.164835165 0.165745856 6 1/8 0.166440217 0.167349727 0.168269231 0.169198895 6 1/4 0.169836957 0.170765027 0.171703297 0.172651934 6 3/8 0.173233696 0.174180328 0.175137363 0.176104972 6 1/2 0.176630435 0.177595628 0.178571429 0.179558011 6 5/8 0.180027174 0.181010929 0.182005495 0.183011050 6 3/4 0.183423913 0.184426230 0.185439560 0.186464088 6 7/8 0.186820652 0.187841530 0.188873626 0.189917127 7 0.190217391 0.191256831 0.192307692 0.193370166 7 1/8 0.193614130 0.194672131 0.195741758 0.196823204 7 1/4 0.197010870 0.198087432 0.199175824 0.200276243 7 3/8 0.200407609 0.201502732 0.202609890 0.203729282 7 1/2 0.203804348 0.204918033 0.206043956 0.207182320 7 5/8 0.207201087 0.208333333 0.209478022 0.210635359 7 3/4 0.210597826 0.211748634 0.212912088 0.214088398 7 7/8 0.213994565 0.215163934 0.216346154 0.217541436 8 0.217391304 0.218579235 0.219780220 0.220994475 8 1/8 0.220788043 0.221994536 0.223214286 0.224447514 8 1/4 0.224184783 0.225409836 0.226648352 0.227900552 8 3/8 0.227581522 0.228825137 0.230082418 0.231353591 8 1/2 0.230978261 0.232240437 0.233516484 0.234806630 8 5
.209478022 0.210635359 7 3/4 0.210597826 0.211748634 0.212912088 0.214088398 7 7/8 0.213994565 0.215163934 0.216346154 0.217541436 8 0.217391304 0.218579235 0.219780220 0.220994475 8 1/8 0.220788043 0.221994536 0.223214286 0.224447514 8 1/4 0.224184783 0.225409836 0.226648352 0.227900552 8 3/8 0.227581522 0.228825137 0.230082418 0.231353591 8 1/2 0.230978261 0.232240437 0.233516484 0.234806630 8 5/8 0.234375000 0.235655738 0.236950549 0.238259669 8 3/4 0.237771739 0.239071038 0.240384615 0.241712707 8 7/8 0.241168478 0.242486339 0.243818681 0.245165746 9 0.244565217 0.245901639 0.247252747 0.248618785 9 1/8 0.247961957 0.249316940 0.250686813 0.252071823 9 1/4 0.251358696 0.252732240 0.254120879 0.255524862 9 3/8 0.254755435 0.256147541 0.257554945 0.258977901 9 1/2 0.258152174 0.259562842 0.260989011 0.262430939 9 5/8 0.261548913 0.262978142 0.264423077 0.265883978 9 3/4 0.264945652 0.266393443 0.267857143 0.269337017 9 7/8 0.268342391 0.269808743 0.271291209 0.272790055 10 0.271739130 0.273224044 0.274725275 0.276243094 10 1/8 0.275135870 0.276639344 0.278159341 0.279696133 10 1/4 0.278532609 0.280054645 0.281593407 0.283149171 10 3/8 0.281929348 0.283469945 0.285027473 0.286602210 10 1/2 0.285326087 0.286885246 0.288461538 0.290055249 10 5/8 0.288722826 0.290300546 0.291895604 0.293508287 10 3/4 0.292119565 0.293715847 0.295329670 0.296961326 10 7/8 0.295516304 0.297131148 0.298763736 0.300414365 11 0.298913043 0.300546448 0.302197802 0.303867403 11 1/8 0.302309783 0.303961749 0.305631868 0.307320442 11 1/4 0.305706522 0.307377049 0.309065934 0.310773481 11 3/8 0.309103261 0.310792350 0.312500000 0.314226519 11 1/2 0.312500000 0.314207650 0.315934066 0.317679558 11 5/8 0.315896739 0.317622951 0.319368132 0.321132597 11 3/4 0.319293478 0.321038251 0.322802198 0.324585635 11 7/8 0.322690217 0.324453552 0.326236264 0.328038674 12 0.326086957 0.327868852 0.329670330 0.331491713 12 1/8 0.329483696 0.331284153 0.333104396 0.334944751 12 1/4 0.332880435 0.334699454 0.336538462 0.338397790 12 3/8 0.336277174 0.3381147
312500000 0.314207650 0.315934066 0.317679558 11 5/8 0.315896739 0.317622951 0.319368132 0.321132597 11 3/4 0.319293478 0.321038251 0.322802198 0.324585635 11 7/8 0.322690217 0.324453552 0.326236264 0.328038674 12 0.326086957 0.327868852 0.329670330 0.331491713 12 1/8 0.329483696 0.331284153 0.333104396 0.334944751 12 1/4 0.332880435 0.334699454 0.336538462 0.338397790 12 3/8 0.336277174 0.338114754 0.339972527 0.341850829 12 1/2 0.339673913 0.341530055 0.343406593 0.345303867 12 5/8 0.343070652 0.344945355 0.346840659 0.348756906 12 3/4 0.346467391 0.348360656 0.350274725 0.352209945 12 7/8 0.349864130 0.351775956 0.353708791 0.355662983 13 0.353260870 0.355191257 0.357142857 0.359116022 13 1/8 0.356657609 0.358606557 0.360576923 0.362569061 13 1/4 0.360054348 0.362021858 0.364010989 0.366022099 13 3/8 0.363451087 0.365437158 0.367445055 0.369475138 13 1/2 0.366847826 0.368852459 0.370879121 0.372928177 13 5/8 0.370244565 0.372267760 0.374313187 0.376381215 13 3/4 0.373641304 0.375683060 0.377747253 0.379834254 13 7/8 0.377038043 0.379098361 0.381181319 0.383287293 14 0.380434783 0.382513661 0.384615385 0.386740331 14 1/8 0.383831522 0.385928962 0.388049451 0.390193370 14 1/4 0.387228261 0.389344262 0.391483516 0.393646409 14 3/8 0.390625000 0.392759563 0.394917582 0.397099448 14 1/2 0.394021739 0.396174863 0.398351648 0.400552486 14 5/8 0.397418478 0.399590164 0.401785714 0.404005525 14 3/4 0.400815217 0.403005464 0.405219780 0.407458564 14 7/8 0.404211957 0.406420765 0.408653846 0.410911602 15 0.407608696 0.409836066 0.412087912 0.414364641 15 1/8 0.411005435 0.413251366 0.415521978 0.417817680 15 1/4 0.414402174 0.416666667 0.418956044 0.421270718 15 3/8 0.417798913 0.420081967 0.422390110 0.424723757 15 1/2 0.421195652 0.423497268 0.425824176 0.428176796 15 5/8 0.424592391 0.426912568 0.429258242 0.431629834 15 3/4 0.427989130 0.430327869 0.432692308 0.435082873 15 7/8 0.431385870 0.433743169 0.436126374 0.438535912 16 0.434782609 0.437158470 0.439560440 0.441988950 16 1/8 0.438179348 0.440573770 0.442994505
6666667 0.418956044 0.421270718 15 3/8 0.417798913 0.420081967 0.422390110 0.424723757 15 1/2 0.421195652 0.423497268 0.425824176 0.428176796 15 5/8 0.424592391 0.426912568 0.429258242 0.431629834 15 3/4 0.427989130 0.430327869 0.432692308 0.435082873 15 7/8 0.431385870 0.433743169 0.436126374 0.438535912 16 0.434782609 0.437158470 0.439560440 0.441988950 16 1/8 0.438179348 0.440573770 0.442994505 0.445441989 16 1/4 0.441576087 0.443989071 0.446428571 0.448895028 16 3/8 0.444972826 0.447404372 0.449862637 0.452348066 16 1/2 0.448369565 0.450819672 0.453296703 0.455801105 16 5/8 0.451766304 0.454234973 0.456730769 0.459254144 16 3/4 0.455163043 0.457650273 0.460164835 0.462707182 16 7/8 0.458559783 0.461065574 0.463598901 0.466160221 17 0.461956522 0.464480874 0.467032967 0.469613260 17 1/8 0.465353261 0.467896175 0.470467033 0.473066298 17 1/4 0.468750000 0.471311475 0.473901099 0.476519337 17 3/8 0.472146739 0.474726776 0.477335165 0.479972376 17 1/2 0.475543478 0.478142077 0.480769231 0.483425414 17 5/8 0.478940217 0.481557377 0.484203297 0.486878453 17 3/4 0.482336957 0.484972678 0.487637363 0.490331492 17 7/8 0.485733696 0.488387978 0.491071429 0.493784530 18 0.489130435 0.491803279 0.494505495 0.497237569 18 1/8 0.492527174 0.495218579 0.497939560 0.500690608 18 1/4 0.495923913 0.498633880 0.501373626 0.504143646 18 3/8 0.499320652 0.502049180 0.504807692 0.507596685 18 1/2 0.502717391 0.505464481 0.508241758 0.511049724 18 5/8 0.506114130 0.508879781 0.511675824 0.514502762 18 3/4 0.509510870 0.512295082 0.515109890 0.517955801 18 7/8 0.512907609 0.515710383 0.518543956 0.521408840 19 0.516304348 0.519125683 0.521978022 0.524861878 19 1/8 0.519701087 0.522540984 0.525412088 0.528314917 19 1/4 0.523097826 0.525956284 0.528846154 0.531767956 19 3/8 0.526494565 0.529371585 0.532280220 0.535220994 19 1/2 0.529891304 0.532786885 0.535714286 0.538674033 19 5/8 0.533288043 0.536202186 0.539148352 0.542127072 19 3/4 0.536684783 0.539617486 0.542582418 0.545580110 19 7/8 0.540081522 0.543032787 0.546016484 0.5490331
78022 0.524861878 19 1/8 0.519701087 0.522540984 0.525412088 0.528314917 19 1/4 0.523097826 0.525956284 0.528846154 0.531767956 19 3/8 0.526494565 0.529371585 0.532280220 0.535220994 19 1/2 0.529891304 0.532786885 0.535714286 0.538674033 19 5/8 0.533288043 0.536202186 0.539148352 0.542127072 19 3/4 0.536684783 0.539617486 0.542582418 0.545580110 19 7/8 0.540081522 0.543032787 0.546016484 0.549033149 20 0.543478261 0.546448087 0.549450549 0.552486188 3. Short First Payment Period. In cases where the first interest payment period for a Treasury fixed-principal security covers less than a full half-year period (a “short coupon”), we multiply the daily interest decimal by the number of days from, but not including, the issue date to, and including, the first interest payment date. This calculation results in the amount of the interest payable per $1,000 par amount. In cases where the par amount of securities is a multiple of $1,000, we multiply the appropriate multiple by the unrounded interest payment amount per $1,000 par amount.
Example
A 2-year note paying 8 3/8 % interest was issued on July 2, 1990, with the first interest payment on December 31, 1990. The number of days in the full half-year period of June 30 to December 31, 1990, was 184 ( See Table 1). The number of days for which interest actually accrued was 182 (not including July 2, but including December 31). The daily interest decimal, $0.227581522 ( See Table 2, line for 8 3/8 %, under the column for half-year of 184 days), was multiplied by 182, resulting in a payment of $41.419837004 per $1,000. For $20,000 of these notes, $41.419837004 would be multiplied by 20, resulting in a payment of $828.39674008 ($828.40).
4. Long First Payment Period
182 (not including July 2, but including December 31). The daily interest decimal, $0.227581522 ( See Table 2, line for 8 3/8 %, under the column for half-year of 184 days), was multiplied by 182, resulting in a payment of $41.419837004 per $1,000. For $20,000 of these notes, $41.419837004 would be multiplied by 20, resulting in a payment of $828.39674008 ($828.40).
4. Long First Payment Period. In cases where the first interest payment period for a bond or note covers more than a full half-year period (a “long coupon”), we multiply the daily interest decimal by the number of days from, but not including, the issue date to, and including, the last day of the fractional period that ends one full half-year before the interest payment date. We add that amount to the regular interest amount for the full half-year ending on the first interest payment date, resulting in the amount of interest payable for $1,000 par amount. In cases where the par amount of securities is a multiple of $1,000, the appropriate multiple should be applied to the unrounded interest payment amount per $1,000 par amount.
Example
A 5-year 2-month note paying 7 7/8 % interest was issued on December 3, 1990, with the first interest payment due on August 15, 1991. Interest for the regular half-year portion of the payment was computed to be $39.375 per $1,000 par amount. The fractional portion of the payment, from December 3 to February 15, fell in a 184-day half-year (August 15, 1990, to February 15, 1991). Accordingly, the daily interest decimal for 7 7/8 % was $0.213994565. This decimal, multiplied by 74 (the number of days from but not including December 3, 1990, to and including February 15), resulted in interest for the fractional portion of $15.835597810. When added to $39.375 (the normal interest payment portion ending on August 15, 1991), this produced a first interest payment of $55.210597810, or $55.21 per $1,000 par amount
cimal for 7 7/8 % was $0.213994565. This decimal, multiplied by 74 (the number of days from but not including December 3, 1990, to and including February 15), resulted in interest for the fractional portion of $15.835597810. When added to $39.375 (the normal interest payment portion ending on August 15, 1991), this produced a first interest payment of $55.210597810, or $55.2

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Source: Frix Law Library, https://www.frixlaw.com/law-library/statutes/FR_PRORULE_03-31173. Check the current official text before relying on it. Not legal advice.