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 YO R K
Fiscal Agent of the United States
for the Tennessee Valley Authority

May 28, 1971*

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 N O T E S

T o Certain Com m ercial B ank s, Trust C om panies,
and D ea lers in In vestm en t S e cu r ities:

T h e T e n n e s s e e V a l l e y A u t h o r i t y has a u t h o r i z e d the
i s s u a n c e of t h e f o l l o w i n g statement, 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
$210 m i l l i o n par value of 119-day discount notes at an average
price of 96.907, "which results in a rate of discount of
9*357 percent per annum on a 360-day basis.

The notes are

dated May 30, 197*+ and mature on September 26, 197*+•
A c c e p t e d bids ranged from a high price of 96.991
(9*103 percent discount) to a low of 96.883 (9.*+30 percent
discount).

Approximately 30 percent of the total amount

b i d for at the low price was accepted.

Total bids r e ceived

were $875 million, of w hich $210 m i llion we r e accepted.




Alfred Hayes,
President.

fiJo.