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

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A gent o f the Un it e d S tates
T e n n e s s e e Va l l e y A u t h o r i t y

December 23, 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 $100 million
par value of 125 -day discount notes at an average price of 97*042,
which results in a rate of discount of 8.519 percent per annum on a
360-day basis.

The notes are dated December 26, 1969 and mature on

April 30, 1970.
Accepted bids ranged from a high price of 97*143 (8.228 percent
discount) to a low of 96.972 (8.721 percent discount).

Approximately

67 percent of the total amount bid for at the low price was accepted.
Total bids received were $260 million, of which $100 million were
accepted.




Alfred Hayes,
President