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

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A R E A C O D E 212 7 3 2 - 5 7 0 0

F

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the

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Tennessee

the

Un

ited

Va l l e y

S

tates

Au t h o r it y

October 28, 1969

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 $80 million par
value of 1 1 9 -day discount notes at an average price of 97*498, which
results in a rate of discount of 7*569 percent per annum on a 360-day
basis.

The notes are dated October 30, 19&9 and mature on February 26,

1970.
Accepted bids ranged from a high price of 97*505 (7*548 percent dis­
count) to a low of 97*493 (7*584 percent discount).

Eighty percent of

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

Total bids

received were $411 million, of which $80 million were accepted.




Alfred Hayes,
President