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

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Federal R eserve
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Agent

of

the

T ennessee

Un i t e d

Va l l e y

St a t e s

Au t h o r i t y

September 25, 1972

Results of Bidding for TVA Power Notes
To Certain Commercial Banks, Trust Companies,
and Dealers in Investment Securities:
The following statement was authorized by the Tennessee Valley
Authority for issuance today, announcing the auction results of its recent
offering of Power Notes:
The Tennessee Valley Authority sold at auction today $160 million
par value of 119 -day discount notes at an average price of 98 .285 , which
results in a rate of discount of 5*188 percent per annum on a 360-day
basis.

The notes are dated September 28, 1972 and mature on January 25,

1973.
Accepted bids ranged from a high price of 98.295 (5*158 percent
discount) to a low of 98.282 (5*197 percent discount).

Sixty-two percent

of the total amount bid for at the low price was accepted.

Total bids

received were $835 million, of which $160 million were accepted.




A l f r e d Hayes,
President.