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.

c p t- QuU aJL c^>
F E D E R A L R E S E R V E BANK
O F NEW YO R K
F i s c a l A g e n t o f th e U n ite d S t a te s
fo r th e T e n n e s s e e V a l l e y A u th o rity

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 C om m ercial B ank s, Trust C om panies,
and D e a le rs in In vestm en t S e c u r itie s :

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 state m e n t , 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
$230 mi l l i o n par value of 126 - day discount notes at an average
price of 96.^35, w hich results in a rate of discount of
10.186 percent p e r a n num on a 360-day basis.

The notes are

dated June 27, 197^ and mature on October 31, 197^ •
A c c e p t e d bids r a n g e d from a hi g h price of 96.570
(9.800 percent discount) to a low o f 96.^02 (10.280 percent
discount).

A p p r o x i m a t e l y 35 percent of the total amount

b i d for at the low p rice was accepted.

T otal bids received

w e r e $97^.1 million, of w h i c h $230 million were accepted.




Al f r e d Ha y e s ,
Pr e s i

den t.