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

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F E D E R A L R E S E R V E BANK
O F NEW YORK
F i s c a l Agent o f the U nited S ta tes
for the T e n n e s s e e V a lle y Authority

April 23, 197^

R E S U L T S OF B I D D I N G F O R T V A P O W E R NOTES

T o Certain C om m ercial B anks, Trust Com panies,
and D ea lers in Investm ent S e c u ritie s :

The f o l l o w i n g s t a t e m e n t was a u t h o r i z e d by 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 for i s s u a n c e today, a n n o u n c i n g the
a u c t i o n r e s u l t s of its r e c e n t o f f e r i n g of P o w e r Notes:
The Tennessee Valley Authority sold at auction today $50 mil­
lion par value of 126-day discount notes at an average price of
96.8^3, which results in a rate of discount of 9*020 percent per
annum on a 360-day basis.

The notes are dated April 25, 197^-

and mature on August 29, 197^ •
Accepted bids ranged from a high price of 96.853 (8.991 per­
cent discount) to a low of 96.833 (9*0^9 percent discount).
Approximately 80 percent of the total amount bid for at the low
price was accepted.

Total bids received were $21+2 million, of

which $50 million were accepted.




Alfred Hayes,
President.