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

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FE D E R A L RESERVE BANK
O F N E W YORK
F i s c a l Agent of the United States
for the T e n n e s s e e V alley Authority

March 27, 1973

RESULTS OF BIDDING FOR TVA POWER NOTES

T o Certain Com m ercial Banks, Trust C om panies,
and D ealers in Investm en t S ecu rities:

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 $l60 mil­
lion par value of 1 1 9 -day discount notes at an average price of
9 7 *795, which results in a rate of discount of 6 .6 7 1 percent per

annum on a 360-day basis.

The notes are dated March 29, 1973 and

mature on July 2 6 , 1973.
Accepted bids ranged from a high price of 97*812 (6.619 percent
discount) to a low of 97-778 (6.722 percent discount).

Approximately

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

Total bids received were $8i+8.5 million, of which $160 million were
accepted.




Alfred Hayes,
President.