Sale and Issue of Marketable Book-Entry Treasury Bills, Notes, and Bonds

The Department of the Treasury (``Treasury'' or ``Department'') is issuing in final form an amendment to 31 CFR Part 356 (Uniform Offering Circular for the Sale and Issue of Marketable Book-Entry Treasury Bills, Notes, and Bonds). This amendment incorporates certain changes in the Department's marketable securities auction program that have been made over the last several months. The amendment defines the term ``bid-to-cover ratio'' and adds the term to the listing of information that the Department provides in its official auction results announcements. The amendment also updates an example of the proration of auction awards and the sample offering announcements to reflect the change in minimum bid amounts to $1,000 for all marketable Treasury securities auctions. The amendment replaces the example of a 3-year note with a 5-year note in the sample highlights of the quarterly financing offering announcement. Further, the amendment makes various revisions to reflect the expansion of uniform or single-price auctions to all marketable Treasury securities. Finally, this amendment makes minor, unrelated technical corrections by restating terms in several equations in Appendix B.