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Federal R eserve
N

e w

Y

o r k

Ba n k
, N.Y.

of

N ew

York

/4tV " 7

o

10045

AREA CODE 21? / 3;

F

iscal

for

the

Agent

of

Tennessee

the :

Uni t e d

Va l l e y

States

Au t h o r i t y

December 26, 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 $180 million
par value of 1 1 9 -day discount notes at an average price of 9 8 . 23^, which
results in a rate of discount of 5.3^3 percent per annum on a 360-day
basis.

The notes are dated December 28, 1972 and mature on April 26, 1973.

Accepted bids ranged from a high price of 98.25^+ (5.282 percent
discount) to a low of 98.225 (5*370 percent discount).

Approximately

87 percent of the total amount bid for at the low price was accepted.
Total bids received were $786 million, of which $180 million were
accepted.




Alfred Hayes,
President.


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102