Full text of Federal Reserve Bank of New York Circulars : Results of Bidding for TVA Power Notes

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

T

Federal

R eserve
N ew

York,

Ba n k

of

N ew

i l

(^5

York

N. Y. 10045

A R E A CODE 212 7 3 2 -5 7 0 0

F

is c a l

fo r

the

A g e n t o f t h e Un i t e d S t a t e s
T e n n e s s e e Va l l e y A u t h o r i t y

October 27, 1970

Results of Bidding for TVA Power Notes
To Certain Commercial Banks, Trust Companies,
and Dealers in Investment Securities:
The following statement was authorized by the Tennessee Valley Authority
for issuance today, announcing the auction results of its recent offering of
Power Notes:
The Tennessee Valley Authority sold at auction today $70 million
par value of 119-day discount notes at an average price of 9 7 *922,
which results in a rate of discount of 6.286 percent per annum on a
360-day basis.

The notes are dated October 29, 1970 and mature on

February 25, 1971*
Accepted bids ranged from a high price of 97*936 (6.244 percent
discount) to a low of 97*916 (6.305 percent discount).

Eighty percent

of the total amount bid for at the low price was accepted.

Total bids

received were $466 million, of which $70 million were accepted.




Alfred Hayes,
President