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

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November 23, 1971

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 $170 million
par value of 125-day discount notes at an average price of 98*380,
which results in a rate of discount of 4.666 percent per annum on a
360-day basis.

The notes are dated November 26, 1971 and mature on

March 30, 1972.
Accepted bids ranged from a high price of 98.427 (4.530 percent
discount) to a low of 98.358 (4.729 percent discount).

Approximately

12 percent of the total amount bid for at the low price was accepted.
Total bids received were $545 million, of which $170 million were
accepted.




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