Full text of H.16 Capital Market Developments : October 31, 1957

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

///K

Not f o r P u b l i c a t i o n DECONTROLLED AFTER SIX MOlfTSS
H.lii

October ,31, 1957
CAPITAL MARKET DEVELOPMENTS

Large p u b l i c s e c u r i t y o f f e r i n g s f o r new c a p i t a l during t h e week,
ending October 25 t o t a l e d $75 m i l l i o n f o r c o r p o r a t i o n s and $91 m i l l i o n f o r
S t a t e and l o c a l governments. The c a l e n d a r f o r t h i s week c o n s i s t s of two
c o r p o r a t e i s s u e s t o t a l i n g $285 m i l l i o n , t h e AT&T debenture i s s u e of $250
m i l l i o n and e x p i r a t i o n of s u b s c r i p t i o n r i g h t s f o r a c o n v e r t i b l e debenture
i s s u e . S t a t e and l o c a l government o f f e r i n g s f o r $75 m i l l i o n a r e scheduled
for sale.
Bond y i e l d s - Changes i n bond y i e l d s were mixed again l a s t week.
Y i e l d s on c o r p o r a t e and B a a - r a t e d S t a t e and l o c a l government bonds i n c r e a s e d
while y i e l d s on A a a - r a t e d S t a t e and l o c a l and U. S. Government o b l i g a t i o n s
declined.
The AT&T i s s u e was o f f e r e d t o t h e p u b l i c t h i s week t o y i e l d
ii.90 p e r c e n t , 60 b a s i s p o i n t s above t h a t f o r a n o t h e r o f f e r i n g made by
t h i s company i n l a t e March. Y i e l d s on s i m i l a r o u t s t a n d i n g bonds have i n c r e a s e d 52 b a s i s p o i n t s during t h i s p e r i o d . I t should be noted t h a t t h e
new i s s u e c o n t a i n s a 5 - y e a r n o n r e f u n d a b l e p r o v i s i o n , whereas t h e i s s u e
l a s t s p r i n g had no such r e s t r i c t i o n , and had a s l i g h t l y s h o r t e r m a t u r i t y .
Amount
( m i l l i o n s of
dollars)
March 27, 1957
October 30, 1957

250.0
250.0

Maturity
1985
1983

Coupon^ New
rate issue
^ 3/8

1.30
k.90

Yield
Outstanding 1 /
3.80
h.3 2

1 / As measured by Moody's A a - r a t e d p u b l i c u t i l i t y . b o n d a v e r a g e .
Estimated November volume - Corporate s e c u r i t y i s s u e s f o r new
c a p i t a l during November a r e expected t o t p t a l $850 m i l l i o n , -15 p e r c e n t
l e s s t h a n t h e e s t i m a t e d October volume. This would be about 20 p e r c e n t
below t h e volume i n November of l a s t y e a r . I t should be n o t e d , however,
t h a t AT&T's f a l l f i n a n c i n g l a s t y e a r o c c u r r e d i n November (a #572 m i l l i o n
common stock i s s u e ) whereas t h i s y e a r t h e f i n a n c i n g f e l l i n O c t o b e r . Assuming a volume of $850 m i l l i o n n e x t month, t h e combined October-November
volume f o r b o t h y e a r s would be approximately t h e same. Large p u b l i c l y
o f f e r e d i s s u e s a r e expected t o t o t a l over # 0 0 m i l l i o n .




-

H.lU

— 2 —

S t a t e and l o c a l government i s s u e s f o r November a r e c u r r e n t l y
estimated a t
m i l l i o n , 15 p e r c e n t below t h e October volume b u t more
t h a n 50 p e r c e n t above t h e volume i n November 1956.
Stock p r i c e s - Stock p r i c e s , a s measured by S t a n d a r d and P o o r ' s
i n d e x of 500 common s t o c k s , f l u c t u a t e d w i d e l y l a s t week and c l o s e d a t
UO.59 on October 25. Trading volume was t h e h e a v i e s t i n two y e a r s —
a v e r a g i n g li.2 m i l l i o n s h a r e s a d a y . P r i c e s i n c r e a s e d on b a l a n c e f o r t h e
f i r s t t h r e e days of t h i s week, c l o s i n g a t I4I.O2 on Wednesday.
More d e t a i l e d i n f o r m a t i o n c o n c e r n i n g r e c e n t c a p i t a l m a r k e t
developments i s p r e s e n t e d i n t h e a t t a c h e d e x h i b i t s .

B u s i n e s s F i n a n c e and C a p i t a l Markets S e c t i o n ,
D i v i s i o n of R e s e a r c h and S t a t i s t i c s ,
Board of Governors of t h e F e d e r a l Reserve System.




EXHIBIT A

HIGH-GRADE BOND YIELDS

U.S. GOVERNMENT /» V

U. S . G o v t . , l o n g - t e r m i f
Corporate
Old s e r i e s

New s e r i e s

S t a t e and
l o c a l govt.
Aaaj/

Spread between
U. S . G o v t .
( o l d s e r i e s ) and

(Per cent)
3.U2
2.99
3.09
2.85
3.17
2.91
3.79
3-07
h.lii
3.66

(6/19)
(1/9)
(1/8)
(U/23)
(12/23)
(1/7) (12/28)
(3/2)
(9/27)
(k/12)

h.lli

1».12
U.09
L.07
lull

3.15
2.78
2.7U
2.Uli
2.9U

(6/6)
(12/26)
(1/9)
(6/7)
(8/5)

2.62 (1/7)

3.19 (12/21)
2.80 (2/l7)

n.a.
2.73
n.a.
1.98
n.a.
2.21
n.a.
1.90
3.03 (8/5) 2.3k
2.89 (6/10) 2.05
3.39 (12/28)3.05
2.92 (2/3) 2.17
3.66 (10/18)3.15

(6/25)
(1/8)
(6/10)
(9/2)
(9/8)
(5/26)
(12/27)
(2/23)
(8/29)

.81
.13
*3U

:S

3.75 (10AG)
3.22 (2/8) 2.76 (2/21)
3.15 (2/8)

•5U
.25

3.68
3.68
3.66

.L2

3.75
3.7l»

1 / Weekly a v e r a g e of d a i l y f i g u r e s .

3.61 -

3.60
3.61

3.66
3.6U

3.hi
3.38
3.29
3.29
.3.28

1
1
E
;
.29

.27

.32
.37

.30

Average t e r m of bonds i n c l u d e d i s 2 5 - 2 6

2 / Weekly a v e r a g e s of d a i l y f i g u r e s . The o l d s e r i e s i n c l u d e s f u l l y t a x a b l e ,
m a r k e t a b l e 2 1 / 2 p e r c e n t bonds due o r f i r s t c a l l a b l e a f t e r 12 y e a r s t h r o u g h
S e p t e m b e r 1 9 5 5 , and t h o s e due o r c a l l a b l e i n 1 0 - 1 2 y e a r s t h e r e a f t e r ; t h e a v e r a g e
t e r m t o f i r s t c a l l of t h e bonds i n c l u d e d d e c l i n e d f r o m lU y e a r s i n e a r l y 1953 t o
1 1 1 / 2 y e a r s i n e a r l y 1 9 5 6 . The new s e r i e s i s c o m p r i s e d of t h e 3 p e r c e n t bond
of 1995 and t h e 3 1/lt p e r c e n t bond of. 1 9 7 8 - 8 3 .
y T h u r s d a y f i g u r e s . Only g e n e r a l o b l i g a t i o n bonds a r e I n c l u d e d ; a v e r a g e
t e r m i s 20 y e a r s .
N o t e . — H i g h s a n d lows a r e f o r i n d i v i d u a l s e r i e s and may be on d i f f e r e n t d a t e s
for different series.




LOWER - GRADE BOND

YIELDS

Corporate
Baa 1 /

S t a t e and
l o c a l govt,
rev. y

S t a t e and
local govt.
Baa 2 /
(Per cent)

1953 - High
195U - High
1955 - High
1956 - High
1957 - High
September 27
October It
October 1 1
October 18
October 2 5

3.89
3.50
3.71*
3.1th
3.63
3.15
Lkl:
3.58
5.01
U.li2
It.96
U.97
It . 9 6
It . 9 8

5.01

(9/18)
(1/2)
(1/8)
(12/31)
(12/30)
(1/H*)
(12/28)
(3/9)
(10/25)
(h/12)

3.79 (6/25)
2.96 (1/8)
3.32 (1/7)
2.93(8/5)
3.26 (12/29)

3.02 (1/6)
It. 22
3.20
L.51
3.90
lt.lt7
lt.L6
It.36
h.33
It.36

(12/27)
(3/8)
(8/29)
(2/21)

3.27
2.71
3-00
2.72
2.99
2.76
3.98
2.89
3.98
3.70

(6/26)
(1/2)
(1/1)
(8/13)
(12/30)
(1/7)
(12/28)
(2/2It)
(l/U)
(2/22)

y

~~
1 / Weekly- a v e r a g e of d a i l y f i g u r e s . Average term of bonds
included i s 25-26 years.
2 / Thursday f i g u r e s . Only g e n e r a l o b l i g a t i o n bonds a r e i n c l u d e d ; a v e r a g e term i s 20 y e a r s .
3 / Friday figures. Average rating of bonds included is
between Baa and A; average term is 20 years.
h / S e r i e s d i s c o n t i n u e d , a s o f March 1 5 .
N o t e . — H i g h s and lows a r e f o r i n d i v i d u a l s e r i e s and may
be on d i f f e r e n t d a t e s f o r d i f f e r e n t s e r i e s .




STOCK MARKET

Stock price

Trading
Common
volume 2/
(millions yields y
of 3harea) (per cent)

Stock market customer c r e d i t
Customers1
debit b a l - loans t o
ances U/ "others" g /
(Millions of dollars)

1953 - High
1951* - High
1955 - High
Low
1956 - High
Low
1957 - High
Low
September
October 11
October 18
October 25

26.51*
22.95
35.98
21.93
1*5.89
35.28
U9.6U
43.22
1,9.08
10.33

(1/2)
(9A8)
(12/31)
(1/8)
(12/9)
(1/llt)
(8/3)
(1/20)
(7/12)
(10/18)

L5.8L

1*3.98
1*0.91*
1*0.33
1*0.59

2.5
0.9
3.7
1.1*
1*.6
1.5
3.1
1.5
1*.2
1.1*

6.25
5.38
5.82
1*.32
It. 1*2
3.61
1*.35
3.82
1*.69
3.91

2,1*55
2,055
3.1*36
2,1*05
It,030
3,537
It,01*7
3,9H*
1*,031
3,832

1,665
1,311*
2,388
1,653
2,805
2,517
2,823
2,71*0
2,887
1,713

780
66U
1,01*8
71*6
1,21*1
1,018
1,267
1,155
1,163
1,0814

1.9
1.8
3.1
2.6
1*.2

1*.15
1*-31*
U.63
1*.69
1*.67

3,929
3,882

2,833
2,789

1,096
1,093
1,086
1,081

n.a.—Not available.
1 / Standard and Poor's composite index of 500 common stocks, weekly closing
p r i c e s , 19L1-1*3"10. Monthly data are averages of d a i l y f i g u r e s r a t h e r than of
Fridays' only, highs and lows are f o r Friday's data only.
2/ Averages of daily trading volume on the New York Stock Exchange.
2 / Standard and Poor's composite stock yield based on Wednesday data converted to weekly closing prices by Federal Reserve.
) J End of month figures f o r member firms of the New York Stock Exchange which
carry margin accounts5 excludes balances secured by U.S. Government obligations.
5 / Wednesday f i g u r e s f o r weekly reporting member banks. Excludes loans f o r
purchasing or carrying U.S. Government s e c u r i t i e s a t banks in New York and
Chicago. Weekly reporting banks account f o r about 70 per cent of loans to others.
For f u r t h e r d e t a i l see Bulletin.
Note.—Highs and lows are f o r individual series and may be on d i f f e r e n t dates
for different series.




Exhibit D
Corporate and S t a t e and l o c a l Government
S e c u r i t y Offering s and Placements
( I n m i l l i o n s of d o l l a r s )
Nt-w c:a p i t a l

January
February
arch

M

"April .
.May
June

|

S t a t e anu loc v l V
1956
|
.ivx>
1

Corporate
1956 . |

1955

19F7"

1,063
1,071
1,344

573
712
817

535
Lu?
1,223

742
573
506

l.vlj
6S-6
390

53h
312
>35

92k
771
1,489

818 .
1,11,6
81,1

1,78
8b6
68?

765
546
394

370
L9u
735

&

524
418

li06
206
357

1,70
21,9
Lu6

639
31,7
4o?

919
658
1,08

1957

1

.

1.27

July
August,
September

e/1,075
e/900
e/l,000

1,063
654.
838

597
61,L
670

October
November
December

e/1,000
e/850

7^3/
1,089^'
l,u88

1,162-^
632
90U

1st
2nd
3rd
lith

ouarter
Quarter
Quarter
ouarter

3,479
- 3,184
e/2,975

2,1U2
2,805 2,556
2,922

2,165
2,0^2
1,911
2,695

1,821
1,705
1,514

l,L90
1,6u3
971
1,395.

1,365
1,1,IB
1,121,
1,981,

1st half
Three Quarters
Year

6,663
e/9,638

4,9u7 7,1,63
10,384

4,216
6,127
8,821

3,526
5,040

3,i#3
L,u61i
5,459

2,8U2
3,927
5,911

Excluding f i n a n c e companies h/
1st
2nd
3rd
Lth

quarter
ouarter
Quarter
ouarter

3,268
2,924
e/2,675

Year
~~

1,61,7
2,541
2,2),6
2,826

1,727
1,870
l,44li
2,544

9,259"

7,595

e / Estimated.
~~
1 / Data through June 1956 a r e Bond Buyer d a t a c l a s s i f i e d as new c a p i t a l by
F e d e r a l F e s e r v e ; l a t e r d a t a a r e from the Investment Bankers A s s o c i a t i o n of America
arid are, somewhat more complete a s t o coverage than the e a r l i e r d a t a , p a r t i c u l a r l y
f o r F e d e r a l Government l o a n s .
2 / Includes #637.2 m i l l i o n AT&T c o n v e r t i b l e debenture i s s u e .
1 / I n c l u d e s $$71.5 m i l l i o n AT&T common stock i s s u e .
17/ T o t a l new c a p i t a l i s s u e s excluding o f f e r i n g s of s a l e s and consumer f i n a n c e
Digitizedcompanies.
for FRASER
N o t e . - - D e t a i l s may n o t add t o t o t a l s due t o rounding.



7

! •

\

H.lU

Exhibit E
Large Public Security Issues for New Capital
(Other tl.an U. S. Treasury) 1/
Proceeds of Large Issues Offered
(Millions of dollars)
State and
local government

Corporate

Month

1956 - September
October
November
December
1957 - January
February
March
April
May

558
386
701
k 30
567
671
788
U77
329
877
522
526
537

July
August
September

Other 2 /

18U
383
135
201
386
306
19k
h99
218
176
265
357
185

.

35
100
50
125
25
39
25

'

30

Large I n d i v i d u a l I s s u e s O f f e r e d October 1 through 25

Type y

Issuer

Coupon
Amount
Offering
(millions Maturity r a t e o r
yield
net i n t e r of
est cost
dollars)

Rating

CORPORATE

#



1

1

17.0
Gulf S t a t e s U t i l i t i e s Co. 1 s t m t g . b d s ,
100.0
Deb.
Southwestern B e l l T e l . Co.
1
6.0
P
f
d
.
s
t
k
.
Northern N a t u r a l Gas Co.
Conv.sub.deb. 1 7 . 5
Shamrock O i l & Gas Corp.
Deb.
25.0
Columbia Gas System I n c .
Cap. s t k .
Chem. C o m Exchange Bank
hS.h
Pfd. stk.
25.0
Commonwealth Edison Co.
>bds60.0
Consolidated Edison Co.
Conv. s u b . d e b . 15.0
Gen. P o r t l a n d Cement Co.

-

1987
1992

h 7/8
h 3/li

U.78 *
U.70

Aa
Aaa

1982
1982

5 l/U
5

5.25
5.00

Ba
A

1987
1977

5.00
5.00

5.oo

1.95

Aa
Baa

H.lli

E-2 .
Large I n d i v i d u a l I s s u e s O f f e r e d October 1 through 25 ( C o n t ' d )

Issuer

Type 3 /

Amount
Coupon
(millions Maturity rate or
Offering
of
net inter- yield
dollars)
est cost

Rating

STATE AND LOCAL GOVERNMENT
S t a t e of New York
. S t a t e of Oregon
C i t y & Co. of San F r a n c i s c o
Calif.
. S t a t e of Ohio '
C i n c i n n a t i ; Ohio
Chicago Park D i s t . , I l l
Mecklenberg Co., N. C.
L.A. Dept. of Wtr. & P w r . ,
Calif.
Dayton C i t y S . D., Ohio
San Diego U.S.D., C a l i f .
Commonwealth of Mass.
. P i t t s b u r g h , Penna.
Md. S t a t e Roads Comm.
Boston, Massachusetts
Milwaukee, Wisconsin
State of.California
Univ. S y s t . Bldg. Auth.Ga
OTHER
I n t ' l Bk. f o r Rec. & Dev.
~~

G.O.
G.O.

26.6

2li.O

1958-72
1960-71/67

2.90
3.21

G.O.
Hwy. r e v .
G.O.
G.O.
G.O.

28.9
31.0
5.3
6.0
5.0

1958-77
1958-72
" 1959-98
1959-77
1959-78

3.20

18.0
8.0

1958-87
1959-78 .
1960-79
1958-77
1958-77
1958-72/65
1958-77
1958-77

Rev.
G.O.
G.O.
G.O.
G.O.
G.O.
G.O.
G.O.

10.0

63.5

6.6

15.0

16.0
5-5
8

!".o

75.0

3.13
3.32

3.U5
3.37
3.52
3.22
3.53
3.L9
3.30

is
t i

I960

ii 3 A

2.25-2.90
2.70-3.25

Aaa
Aa

2.h0-3.20 Aa

2.20-3.30
2.L0-3.30
2.60-3.50
2.60-3 .W

Aa
Aaa
A
A

2.50-3.55
2.50-3.15
2.80-3.60
2.50-3.15
2.UO-3.30
2.60-3.15
2.50-3.60

Aa
Aa
A
Aa
A
Aa
A
Aaa
Aa

2.30-3.20

2.70-3.65

U.75

Aa

n.a.—Not available.
1 / I n c l u d e s c o r p o r a t e and o t h e r s e c u r i t y o f f e r i n g s of $15 m i l l i o n and o v e r ;
State™"and l o c a l government s e c u r i t y o f f e r i n g s of $5 m i l l i o n and o v e r .
2 / I n c l u d e s f o r e i g n government and I n t e r n a t i o n a l Bank f o r R e c o n s t r u c t i o n and
Development i s s u e s .
3 / In t h e case of S t a t e and l o c a l government s e c u r i t i e s , G.O. denotes g e n e r a l
o b l i g a t i o n ; R e v . , revenue bonds; G.R., g e n e r a l o b l i g a t i o n s a d d i t i o n a l l y secured by
f a c i l i t i e s r e v e n u e s ; L . L . , l i m i t e d l i a b i l i t y o b l i g a t i o n s secured by pledge of
designated revenues.




H.llj

-

Exhibit F

Forthcoming Large Public S e c u r i t y O f f e r i n g s f o r New C a p i t a l
(Other than U.S. T r e a s u r y ; 1 /
Expected Proceeds from Forthcoming Large I s s u e s
Date of
computation
191)6 - S e p t . 28
Oct. 31
Nov. 30
Dec. 3
1957 - J a n . 31
F e b . 28
Mar. 29
Apr. 30
May 31
June 28
J u l y 31
Aug.30 .
S e p t . 30

Subsequent t o
During month f o l l o w i n g
d a t e shown
d a t e shown
S t a t e and Other 2j
Corporate S t a t e and
Other 2 / Corporate
local govt.
local govt.
315
663 •"
1.36
176
591
710 •
L61
187
525
370
526
578
576

359
162
1,8
280
153
153
290
179
97
172
#2.
2h 3
370

23
1UU
35
25
25
25
30

.

1,0U9
990
181
7#
#6
795
186
258
525
1.15
811
8L5
617

1,197
9#
979
763
618
631
062
#6
388
. 198
51b
h39
587

__

23
100
35
25
25
25
30
15

Forthcoming Large O f f e r i n g ' s , as of October 25
Type

Amount
Approximate d a t e
(millions
of o f f e r i n g
of d o l l a r s )

CORPORATE
American Telephone & Telegraph Co.
Consumers Power Co.
Merrimack Essex E l e c t r i c Co.
Dayton Power & L i g h t Co.
Southern New England T e l . Co.
B e n e f i c i a l Finance Co.
T r a n s c o n t i n e n t a l Gas Pipe Line Corp,
^ C a t e r p i l l a r T r a c t o r Co.
•ftTexas E a s t e r n Transmission Corp.
^Michigan B e l l Telephone Co.
^ F l o r i d a Power & i^ight Co. Idaho Power Co.
Ohio Power Co.
•^Houston L i g h t i n g & Power Co.
S t a n d a r d O i l Co. of New J e r s e y
Commercial C r e d i t Co.
N a t i o n a l C y l i n d e r Gas Co.




Deb.
Conv. deb.

250.0
35.2
20.0

1 s t mtg. b d s .
1 s t mtg. b d s .
Common s t k .

27.br

Deb.
S . F . deb.
S . F . deb.
Pfd. stk.
Deb.
Common s t k .
1 s t mtg. bds.
1 s t mtg. b d s .
1 s t mtg. b d s .
Common s t k .

50.0
20.0
65.0
20.0
liO.O
15.0
15.0
25.0
liO.O
250.0

Notes
Conv.sub.deb.

<17.5

25.0

50.0

Oct. 30
Nov. 1
( r i g h t s expire)
Nov. 7
Nov. 7
Nov. 8
( r i g h t s expire)
Nov. .8
Nov. 13
Nov. lit
Nov. lk
Nov. 19
Nov. 20
Nov. 20
Nov. 20
Nov. 21
Dec. 18
(rights expire)
1957
1957

11. lit

F-2
Forthcoming Large O f f e r i n g s , a s of October 25 ( C o n t ' d )
Issuer

Type

Amount
Approximate d a t e
(millions
of o f f e r i n g
of d o l l a r s )

STATE AND LOCAL GOVERNMENT
G.O.
S t a t e of Washington
G.O.
S t a t e of M i s s i s s i p p i
G.O.
Broward C o . S p e c . S c h . D i s t . N o . 1 , F l a .
G.O.
^ F a i r f a x County, V i r g i n i a
G.O.
^-Hamilton C i t y Sch. D i s t . , Ohio
U t i l i t i e s rev.
Jacksonville, Florida
Rev.
P o r t of New York Auth.
G.O.
- Cook County, 111.
G.O.
S t a t e of Kentucky
Los Angeles Co. Flood C o n t r o l D i s t . ,
Rev.
, Calif.
. G.O.
New York, New York
Water r e v .
S p r i n g f i e l d , Missouri
Water works r e v .
Chicago, I l l i n o i s
G.O.
^ L i n c o l n Park Sch. D i s t . , Mich.
Rev.
New York S t a t e . T h r u w a y Auth.
Thoroughfare rev .
S t a t e of Ohio
G.O.
T e r r i t o r y of Hawaii
Rev.
Washington T o l l B r i d g e Auth.
G.O.
*Los Angeles Sch. D i s t s . , C a l i f .
G.O.
Chicago Bd. of E d u c a t i o n , 111.
^ P e n n s y l v a n i a S t a t e Highway & Bridge
Rev.
Auth.
G.O.
S t a t e of M i s s o u r i
G.O.
S t a t e of Texas
Rev.
P e n n s y l v a n i a T u r n p i k e Commission
Rev.
I n t e r - A m e r i c a n Center A u t h . , F l a .

52.0
10.0
12.5
5.5
5.5
30.0
30.0
20.0
35.0

Oct.
Oct.
Oct.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.

20.0
36.5
22.0
20.0
6.8
50.0
30.0
7.0
30.5
15.0
25.0

Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
• Nov.
Nov.
Nov.
Dec.
Dec.

•

29
30
31
6
7 •
7
7
7
12
12
13
13
13
13
19
19
19
20
3
17

20.0
30.0
12.5.
62.0
20.0

J a n . 17
Winter
Winter
Winter
Winter

15.0

1957

OTHER
Union of South A f r i c a

Ext. loan bds.

* — I n c l u d e d i n t a b l e f o r f i r s t time.1 / I n c l u d e s c o r p o r a t e and o t h e r i s s u e s of $15 m i l l i o n and o v e r ; S t a t e and
l o c a l government i s s u e s of $$ m i l l i o n and o v e r .
2 / I n c l u d e s f o r e i g n government and I n t e r n a t i o n a l Bank f o r R e c o n s t r u c t i o n
and Development i s s u e s .
' Note. — D e l e t i o n s f o r r e a s o n s o t h e r t h a n s a l e - of i s s u e : None.




H.lii
Y i e l d s on New and O u t s t a n d i n g
E l e c t r i c Power Bonds, Rated Aa and A 1 /
A-rated offering yields
Aa-rated o f f e r i n g y i e l d s
Amount above
Amount above
Actual
Actual
( p e r c e n t ) seasoned y i e l d s ( p e r c e n t ) seasoned y i e l d s
(basis points)
(basis points)

Date

1952 - 1956
High
Low

U.30(12/12/56)
2.93(3/31/51)

1957 - J a n u a r y
February
March
April 3
10
12
May 10
15
16
21
23
29
June 5
7
11
July 3
10
11
16
17
August lit
:September 5
6
25
October 1
15
11
24

4.44
4.25
None
4.29

57
44
50

. 4.50
4.38 2/

65
51

it-63
4.78

1.58(12/6/56)
3.00(3/17/51)

62
- 3

75
•

;

70
-15

4 . 62
None
4.50

64
45

4.60
4.50
1.53
4.53 2/
4.70

59
49
52
52
69

5.oo
5.25

98
123

5.10

106

87

1.57
4.77
4.65

48
68
56

5.00
4,80
4.85

75
51
56

1.78

L5

1.80 2 /
1.88 2/

64
74

1.90

71

5.10
i?.uc
k.95
5.30

.

51
39
34
67

Survey. E x c e p t where i n d i c a t e d , t h e a c t u a l y i e l d f i g u r e and t h e amount above
s e a s o n e d y i e l d s a r e a v e r a g e s of o f f e r i n g s d u r i n g t h e i n d i c a t e d p e r i o d and of t h e
d i f f e r e n c e s between t h e s e new o f f e r i n g y i e l d s and y i e l d s on seasoned i s s u e s of
s i m i l a r q u a l i t y f o r t h e same day. Average m a t u r i t y f o r t h e seasoned i s s u e s v a r i e s
f r o m 26 t o 28 y e a r s .
2 / P r o v i d e s f o r a 5 - y e a r p e r i o d d u r i n g which i s s u e may n o t be c a l l e d f o r
r e f u n d i n g a t a lower coupon r a t e . Other i s s u e s have, no such p r o v i s i o n .