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

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AREA CODE 212 7 3 ? - 5 7 0 0
F is c a l
f or

the

Agent of

the

T ennessee

Un i t e d

Va l l e y

St a t e s

Au t h o r i t y

February 23, 1971

Results of B i dding for T V A Power Notes

To Certain Commercial B a n k s , Trust Companies,
and Dealers in Investment Securities:

The following statement was authorized by the Tennessee Valley
A u t hority for issuance today, announcing the auction

results

of its recent

offering of Power Notes:
The Tennessee Val l e y Authority sold at auction today $130 m i l ­
lion par value of 11 9 -day discount notes at an average price of

98 .775 , which results in a rate of discount of 3*706 percent per
annum on a 360-day basis.

The notes are dated February 25, 1971

and mature on June 24, 1971*
Acce p t e d bids ranged from a high price of 98 .794 (3*648 p e r ­
cent discount) to a low of 98.767 (3*730 percent discount).
Sixty percent of the total amount bid for at the low price was
accepted.

T otal bids received were $860 million, of which

|130 million were accepted.




A l f r e d Hayes,
President