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

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FEDERAL RESERVE BANK
OF NEW YORK
F isca l Agent of the United States
for the T en n essee V alley Authority

July 2k, 1973

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 $50 mil­
lion par value of 126 -day discount notes at an average price of

96 .8^9, which results in a rate of discount of 9*003 percent per
annum on a 360-day basis.

The notes are dated July 26, 1973 and

mature on November 29, 1973.
Accepted bids ranged from a high price of 96.868 (8.9^9 percent
discount) to a low of 96.832 (9 .051 percent discount).

One hundred

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

Total

bids received were $335 million, of which $50 million were accepted.




Alfred Hayes,
President.