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

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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 Au t h o r i t y

August 25, 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 $100 million
par value of 126 -day discount notes at an average price of 9 7 *650 , which
results in a rate of discount of 6.714 percent per annum on a 360-day basis.
The notes are dated August 27, 1970 and mature on December 31, 1970.
Accepted bids ranged from a high price of 97*669 (6.660 percent discount)
to a low of 97*630 (6.771 percent discount).
amount bid for at the low price was accepted.

One hundred percent of the total
Total bids received were

$395 million, of which $100 million were accepted.




A lfre d Hayes
P r e s id e n t