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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CODE

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10045

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A g e n t o f t h e Un i t e d S t a t e s
T e n n e s s e e V a l l e y Au t h o r i t y

October

2b,

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 $80 million
par value of

119-day

discount notes at an average price of 98.3^3, which

results in a rate of discount of 5-013 percent per annum on a
basis.

360-day

The notes are dated October 26, 1972 and mature on February 22,

1973.
Accepted bids ranged from a high price of 98.3^ (5.010 percent
discount) to a low of 98.3^1 (5*019 percent discount).

Approximately

l8 percent of the total amount bid for at the low price was accepted.
Total bids received were

$656

million, of which $80 million were

accepted.




Alfred Hayes,
President.

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