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 RESER VE BANK
O F N E W YO R K
F isc a l Agent of the United States
for the T en n essee V alley Authority

August 28, 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 $60 mil­
lion par value of 119-day discount notes at an average price of
96.981, which results in a rate of discount of 9-133 percent per
annum on a 360-day basis.

The notes are dated August 30, 1973 and

mature on December 27, 1973.
Accepted bids ranged from a high price of 96.998 (9*082 percent
discount) to a low of 96.969 (9*169 percent discount).

Twenty

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

Total

bids received were $Ul9 million, of which $60 million were accepted.




Alfred Hayes,
P r e s id e n t.