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

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

CM-

C u J i^ o

F E D E R A L R E S E R V E BANK
O F NEW YO R K
Fiscal Agent of the United States
for the Tennessee Valley Authority

M a r c h 2 6 , 197^

RESULTS OF BIDDING FOR TVA P O WER NOTES

T o Certain C om m ercial B anks, Trust C om panies,
and D ea lers in In vestm en t S e c u r ities:

The

following statement was

Tennessee Valley Authority
auction results

authorized by the

for issuance today,

a n n o u n c i n g the

of its r e c e n t o f f e r i n g of P o w e r Notes:

The T e n nessee Vall e y A u t h o r i t y sold at auction t o d a y $80 m i l ­
lion par v alue of 11 9 -day discount notes at an average p r i c e of

97*066 w h i c h results in a rate of discount of 8.876 percent per
a nnum on a 360-day "basis.

The notes are d ated Ma r c h 28, 197*+ and

mat u r e on J u l y 25 > 197^*
A c c e p t e d bids ranged from a hig h price of 97*076 (8.8^6 p e r ­
cent discount) to a l o w of 97*051 (8.921 percent discount).

F orty

percent of the total amount b i d for at the l o w price was accepted.
Total bids r e ceived w e r e $U53 million, of w h i c h $80 m i l l i o n we r e
accepted.




Alfred Hayes,
President.

(Or . 7 J>4