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

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T e n n e s s e e Va l l e y

St a t e s

Au t h o r i t y

J a n u a r y 2 6 , 1971

Results of B i d ding for TVA Power Notes

To Certain Commercial Banks, Trust Companies,
a n d Dealers in Investment Securities:

The following statement was authorized b y the Tennessee V a l l e y Au t h o r i t y
for issuance today, announcing the auction results of its recent offering of
Power Notes:
The Tennessee V a l l e y A u t h o r i t y sold at auction today $150 million
par value of 119 -day discount notes at an average price of 98 .523 ?
which results in a rate of discount of 4.468 percent per annum on a
360-day basis.

The notes are dated Ja n u a r y 28, 1971 and mature on

Ma y 27, 1971*
Ac c e p t e d bids ranged from a high price of 98-539 (4.420 percent
discount) to a low of 98.519 (4.480 percent discount).

F ifty percent

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

Total

bids received were $846 million, of which $150 million were accepted.




Alfred Hayes,
President