The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
Federal R eserve N e w Ba n k of N.V. 10045 Y o rk , N ew Yo r k A R E A CODE 212 7 3 2 -5 7 0 0 F iscal for the Ag en t T of the ennessee Va Un ited lley Au St a t e s th o r ity J u l y 2 8 , 1 970 R e s u lts o f B i d d i n g f o r TVA P o w e r N o te s To Certain Commercial Banks, Trust Companies, and Dealers in Investment Securities: T h e f o l l o w i n g s t a t e m e n t w as a u t h o r i z e d b y t h e T e n n e s s e e V a l l e y A u t h o r i t y f o r i s s u a n c e t o d a y , a n n o u n c in g t h e a u c t i o n r e s u l t s of its re c e n t o ffe rin g o f Pow er N o te s : T h e T e n n e s s e e V a l l e y A u t h o r i t y s o l d a t a u c t i o n t o d a y $ 100 m i l l i o n p a r v a lu e o f 1 2 0 -d a y d is c o u n t n o te s a t an a v e ra g e p r i c e o f 9 7 * 6 4 3 , w h ic h r e s u l t s in a r a te 3 6 0 -d a y b a s i s . N o v em b er 27, o f d i s c o u n t o f 7 * 0 7 1 p e r c e n t p e r annum on a T h e n o t e s a r e d a t e d J u l y 3 0 , 1 9 7 0 a n d m a tu r e on 1970. A c c e p t e d b i d s r a n g e d fro m a h i g h p r i c e o f 9 7 * 6 8 3 ( 6 . 9 5 1 p e r c e n t d i s c o u n t ) t o a low o f 9 7 * 6 2 5 (7 * 1 2 5 p e r c e n t d i s c o u n t ) . p e r c e n t o f th e t o t a l am ount b i d F ifty -fiv e f o r a t t h e low p r i c e w as a c c e p t e d . T o t a l b i d s r e c e i v e d w e re $560 m i l l i o n , o f w h ic h $10 0 m i l l i o n w e re a c c e p te d . Alfred Hayes, President
@FedFRASER