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

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FE D ER A L R ESERVE BANK
O F N E W YORK
F i s c a l A g e n t o f th e U n ite d S t a t e s
for th e T e n n e s s e e V a l l e y A u th o rity

S ep tem ber 2 5 , 1973

RESULTS OF BIDDING FOR TVA POWER NOTES

T o C ertain C om m ercial B an ks, Trust C om pan ies,
and D ea lers in In vestm en t S e c u r itie s :

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 T e n n e s s e e V a l l e y A u t h o r i t y s o l d a t a u c t i o n t o d a y $150 m i l ­
lio n

p a r v a lu e o f 126 - d a y d i s c o u n t n o t e s a t an a v e r a g e p r i c e o f

9 7 * 1 3 5 j "which r e s u l t s

i n a r a t e o f d i s c o u n t o f 8 .1 8 6 p e r c e n t p e r

annum on a 3 6 0 -d a y b a s i s .

The n o t e s a r e d a t e d S ep tem b er 2 7 , 1973

and m a tu re on J a n u a ry 3 1 , 197^*
A c c e p t e d b i d s r a n g e d fro m a h ig h p r i c e o f 9 7 * 1 ^
d is c o u n t)

to

a lo w o f 9 7 -1 3 5

( 8 .1 8 6 p e r c e n t d i s c o u n t ) .

(8 .l6 0 p e rce n t
A p p r o x im a t e ly

91 p e r c e n t o f t h e amount b i d f o r a t t h e lo w p r i c e was a c c e p t e d .
T o t a l b i d s r e c e i v e d w e re $638 m i l l i o n , o f w h ich $150 m i l l i o n w ere
a ccep ted .




Alfred Hayes,
President.