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.

Federal

R

eserve
N

e w

Ba n k

York, N.V.

of

N ew

Yo r k

10045

A R E A C O D E 212 7 3 2 - 5 7 0 0

F iscal
for

t he

Agent of

the

Un i t e d

T e n n e s s e e Va l l e y

States

Au t h o r i t y

January 2 5 , 1972

Results of Bidding for TVA Power Notes

To Certain Commercial Banks, Trust Companies,
and Dealers in Investment Securities:

The follow in g statement was authorized by the Tennessee V alley
Authority fo r issuance today, announcing the auction r e su lts o f i t s recent
o ffe r in g o f Power Notes:
The Tennessee V alley Authority sold at auction today $110 m illio n
par value o f 1 1 9 -day discount notes at an average price o f 9 8 . 7 6 1 ,
which r e s u lts in a rate o f discount of 3*748 percent per annum on a

360 -day b a s is .

The notes are dated January 2 7 , 1972 and mature on

May 2 5 , 1972.
Accepted bids ranged from a high price o f 9 8 .7 8 7 (3*670 percent
d iscoun t) to a low o f 98-753 (3*772 percent d isc o u n t).

S ix ty -fo u r

percent o f the t o t a l amount bid fo r at the low price was accepted.
T otal bids received were $726 m illio n , o f which $110 m illio n were
accepted.




Alfred Hayes,
President.