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 2 - 5 7 0 0

F

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Tennessee

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August 24, 1971

Results of Bidding for T V A Power Notes

To Certain Commercial Banks, Trust Companies,
and Dealers in Investment Securities:

The following statement was authorized by the Tennessee Valley
A uthority for issuance today, announcing the auction results of its recent
offering of Power Notes:
The Tennessee Valley Authority sold at auction today $200 million
par value of 126 -day discount notes at an average price of 9 8 .210 ,
which results in a rate of discount of 5-114 percent per annum on a
360-day basis.

The notes are dated August 26, 1971 and mature on

December 30, 1971*
Accepted bids ranged from a high price of 98-271 (4-940 percent
discount) to a low of 98-184 ( 5*189 percent discount).

Approximately

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

Total bids received were $998 million, of which $200 million were
accepted.




A l f r e d Hayes,
P resid en t.