Full text of H.16 Capital Market Developments : May 20, 1963

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Not for Publication DECONTROLLED AFTER SIX MONTHS

May 20, 1963.
LIBRARY!
MAY 2 2 1963

[ CAPITAL MARKET DEVELOPMENTS
IN THE UNITED STATES

L nCSERVI BANK
Public security financing to obtain new capital was in moderate
- RICHMOND
volume las t week but is expected to be in somewhat more substantial volume
this week. During the week ending May 17, a $30 million corporate issue
and three large State and local government bond issues totaling $84 million
were offered. This week, ending May 24, two corporations are expected to
offer issues to obtain $78 million in new capital, four State and local
issues with par volume of $88 million are on the calendar and $15 million
in bonds of Copenhagen, Denmark are expected to reach the market.
Bond yields. Yields on most seasoned, long-term bonds declined
last week. Yields on Aaa-rated corporate bonds fell one basis point to
4.21 per cent, while U. S. Government bond yields also fell a basis point
to 3.96 per cent. Aaa- and Baa-rated State and local government bond
yields dropped four basis points each, to 2.97 and 3.52 per cent,
respectively; this brought Baa-rated municipals to their lowest level
since August 1956. Baa-rated corporate bond yields were stable.
Yields on new corporate bonds, adjusted to an Aaa basis,
averaged 4.27 per cent last week.
Short- and intermediate-term interest rates. Changes in rates
on Treasury bills and on 3-5 year U. S. Government obligations were mixed
but minor last week. Rates on 3-month bills fell a basis point, while
those on 6-month bills were stable; yields on intermediate-term Treasury
issues rose a basis point. The average rate of interest on directlyplaced finance company paper with 90-179 day maturity increased five
basis points to 3.19 per cent, as several more companies adopted the
3-1/4 per cent rate announced by one company the previous week. The
average effective Federal funds rate continued at 3.00 per cent. Other
rates were unchanged.
Housing starts. Private housing starts rose 7 per cent further
in April. The rise followed some upward revision in the already sharply
improved March figure, and, including farm starts, was to a seasonally
adjusted annual rate of 1,627 thousand. This was 2 per cent above the
recent high of November 1962 and 6 per cent above the advanced rate a
year earlier.
On a three-month moving average basis, the seasonally adjusted
annual rate of starts was 1,476 thousand in the February-April period,
4 per cent below the high average in the fourth quarter of 1962.
Building permits in permit-issuing areas dipped slightly
in April and, at an annual rate of 1,204 thousand, were 8 per cent below
their recent peak in December of 1962, although very near the advanced
year-earlier rate.




-2-

Government-underwritten starts accounted for 19 per cent of total
starts in April. The Government-underwritten share, which usually declines
at. this time, was somewhat greater than in March, but it compared with
23 per cent in April of 1961 and 1962 and with 30 per cent in April 1959.
Stock market credit. Customer credit in the stock market
increased $224 million further during April to a new record level of
$6.0 billion at the month-end. This was $1.1 billion higher than in July
1962 when margin requirements were lowered from 70 to 50 per cent and
$376 million above the December 1961 peak. Most of the April rise was
accounted for by an increase of $195 million in customers debit balances
(excluding those on U. S. Government securities) to a record level of
$4.5 million at the end of April. Bank loans to other than brokers or
dealers for purchasing or carrying securities (except U. S. Government
securities) -rose $29 million further.
Money borrowed by member firms of the New York Stock Exchange
(except on U. S. Government securities) rose $80 million in April, the
fifth consecutive month-to-month increase, while customers' credit balances
increased $26 million. More detailed information on stock market credit
in March and April are shown in the following table.

End of month
Apr. 1
Mar.
Customer credit
Excluding U. S. Government securities - total
Net debit balances
Bank loans to "others"
Net debit balances secured by U. S. Govt, securities
Bank loans to "others" for purchasing or carrying
U. S. Government securities
Broker and dealer credit
Money borrowed except on U. S. Govt, securities
On customer collateral
Money borrowed on U. S. Government securities
Customers' net free credit balances

Change

5 ,978
4 ,526
1 ,452
27

5 ,754
4,331
1 ,423
28

+224
+195
+29
-1

99

100

-1

3 ,272
2 ,889
33
1 ,201

3 ,192
2 ,754
63
1;,175

+80
+135
-30
+26

Stock prices. Stock prices, as measured by Standard and Poor's
composite index of 500 stocks, edged off slightly on balance last week
to close at 70.29 on May 17; this was the first Friday-to-Friday decline
since early March. Trading was very active, averaging 5.1 million shares
a day, 0.3 million shares more than the previous week.
More detailed information concerning recent capital market
developments is presented in the attached exhibits.

Capital Markets Section,
Division of Research and Statistics,
the Federal Reserve System.


Board of Governors of


LONG-TERM

BOND

YIELDS, H I G H - G R A D E

S t A l t AMD 1 0 C A I G O V E R N M E N T A

L L L L L L 1 _L_LLLL1
1959

1-111 I I 1-U I I I H I I- I I I I I I I I I J-L

1960
Exhibit A

1961
- Part

II
State

Date

Corporate
Aaa

1/

U.S.

Govt,

long-term

2!

government
Aaa

(per
1958

- Low

3.55

(5/2)

and

local
3/

Spread
U.

S.

Corporate
Aaa

between

Govt,

and

State

3 . 0 7 (4/25)

2 . 6 4 (5/1)

.22

.34

1959-60

- High

4.61

(1/29/60)

4 . 4 2 (1/8/60)

3.65

(9/24/59)

.59

.92

1960-61

Low

4.21

(3/17/61)

3 . 7 0 (5/12/61)

2.99

(9/1/60)

.19

.46

1961

- High

4.46

(9/15)

4 . 0 7 (12/29)

1962

- Low

1963

- High

4.23
4.22

(12/28)
(5/10)

3 . 8 5 (12/28)
3.99 (4/19)

4.19

(3/29)

Low „
Apr.

19

Apr.

26

4.21

3.87
3.99

and

local Aaa

cent)

(1/18)

3 . 3 7 (7/6)
"

2.88

(11/8)

.57
.30

.80

3.02

(3/7)

.35

1.02

2.93

(3/28)

.76

.22

.90

2.99 .

.22

1.00

4.22

3.98

3.00

.24

May

3

.98

4.22

3.98

3.01

.24

May

10

.97

4.22

3.97

3.01

.25

May

1 7 ]>/

.96

4.21^

3.96

2.97

. .25

.99

P/ frelimlnary.
y
"eekly average of daily figures. Average t e n n of bonds inoluied is 22-24 years.
2 / rfeckly average of daily
. „ figures,- The aeries includes bonds due or callable in 10 years or irore„
Thursday figures. Only general obligation bonds are included| average term is 20 years,
Hot<
" o t e . — h i g h s and lows are f o r individual series and may be on different dates for different
series, for spreads, lii£h refers to w i d e s t , a n d low to narrowest.




2.5

. E X H I B I T B, P a r i I
LONG-TERM

BOND

YIELDS, L O W E R - G R A D E

0 R P 0 R A T E Boa

/X*\
i<y'
- V

/f
1
1
STATE AND 1 0 C A l G O V E R N M E N T l a c

\A.
II 1 II II 1

J-Uvl 1 1 1 II 1 1 M II M 1 M II

Exhibit B - Part II

Corporate
Baa 1/

State and
local govt.
Baa 3/

Spread between
Aaa and Baa
State and
Corporate
local govt.

(per cent)
1958 - Low
1959-60 - High
1960-61 Low
1961 - High
1962 - Low
1963 - High
Low
Apr. 19
Apr. 26
May 3
May 10
v/May 17 2./
Notes

4.92 (i?/2l)
4.93 (1/4)
4.86 (5/17)

3.64
4.46
3*93
4.16
3.52
3.57
3.52

4.87
4.87
4.87
4.86
4.86""

3.55
3.56
3.56
3.56
3.52

4 . 5 1 (7/11)

5.36 (2/12/60)
4 . 9 8 ( 9/9/60)
5.13

(10/27)

F o r footnotes see Exhibit A ,




(5/1)
(3/7/60)
(11/9/61)
(3/23)
(5/17)
(3/14)
(5/16)

.77
.84
.66
.81
.63
.71
.64

. 66
.65
.65
.64
.65

.93

1.08
.57
.93
.56
.63
.55
.56
.56
.55
.55
.55

IKHtfctt c. Pq.l I
R l N T E R M : * * A T * . t l W M I N T I M I T RATES, G O V E R N M I N T
"wvkiv

>• f C»M,

I • 5 T U I ISSUES

1111111 n 11

M 111111 III

1111111 n 11

1958

: 195J

11940

V

i III i m

1961.

Exhibit C
Discount
rate

11111111111

II n

1963

^ Part II

Yields
3-month
b i l l s 2/

11 M III I m

19*2

6-month
b i l l s 2/

Spread between yields on 3 . 3-5 year
i s s u e s 2/

m o n t h b i l l s and y i e l d s o n
6 - m o . b i l l s 13-5 v r . i s s u e s

(per cent)
#
#

1958 - Low
1959-60 High

I;

1960-61 Low

$

1961-62 High
1962 - Low
1963 - High

r

Low
A p r . 19
A p r . 26

1.75
4.00
3.00
3.00

2.97

3.00
3.00

l.ls

3.00

2.88

3.00
3.00

May 3
' M a y 10

3.00
3.00

!

3.00

May

17 £./

.58 (5/29)
3 . 02 (12/26) 2 . 1 4 (6/6)
4 . 5 9 (1/8/60)
5 . 0 7 (1/8/60) 5 . 0 0 (12/24/59)
2 . 1 1 (10/28/60) 2 . 3 5 (4/28/61)3.15 (5/12/61)
(7/13/62)

{%
(3/15)

2.90
2.89
2.90
2.91
2.90y

J/
2/

3.13
2.74
3.00
2.93

(7/20/62)3.88
(6/8)
3.41
(4/19) 3.59
(3/8)
3.44

(2/2/62)
(12/28)
(4/26)
(1/18)

.26
.79
.12
.44

.02

.10
.04

.04

1.81
.38
1.51
.52
.70
.52

3.00
2.98

3.59
3.59

2.99
2.99
2.99

3.56

.09

3.54
3.55

.08

.69
.70
.66
.63

.09

.65

.10
.09

Weekly rate ah own ia that in effect at end of period at the Federal Reserve Bank of New York.
Maricet yield) weekly averages oonputed from daily closing bid prices. Series of 3-5 year issues
consists of selected notes and bonds.
Hote.—flighs and lows are for individual series and may be on different dates for different series.
Tor spreads, high refers to widest, and low to narrowest.




EXHIBIT D, Port I
SHORT-

AND

BANKS AND

I N T E R M E D I A T E - T E R M I N T E R EST R AT ES,
OTHER

PRIVATE B O R R O W E R S

STOCK EXCHANGE
CAll 10AHS

CI C O M P A N Y P A P E R '

Irecll y Plated

I

J \

>

I

I A /i .
—1/ V
lvA

, X

1

f. u

I

I
. \nmn

F . I . DISCOUNT I A T I

I Hew York

w

v

y

Y

FEOEBAl FUNDS

1,58

r

H5»

I960

19*1

1911

19*3

Exhibit D - frart II
Date

Stock Exchange
call loan J L /

Prime
rate 1/

Finance company
paper 2/

1.13(8/0)
5.13 (3/22/60)
2.50 (8/5/61)
3.25 (7/20/62)
2.88 (6/1)
3.25 (4/5)
3.13 (5/3)

1958 - Low
1959-60 - High
1960-61 Low
1961-62 - High
1962 - Low
1963 - High
Low

3.50
5.50
4.50
4.50
4.50
4.50 '
4.50

3.50
5.00
4.50
4.50
4.50
4.50
4.50

Apr. 19
Apr. 26
May 3
May 10
May 17 jV

4.50
4.50
4.50
4.50
4.50

4.50
4.50
4.50
4.50
4.50

2/

3.13
3.13
3.13
r/3.14
3.19

Weekly rate shewn is that in affect at and of period.

&
3/

by

" ™ "

Federal
funds 3/

.13
4.00
.43
3-00
1.30
3.00
2.63
2.85
2.98
3.00
3.00
3.00

(5/29)
(5/13/60)
(3/27/61)
(12/28/62)
(3/26)
(5/17)
(4/5)

Spread between
3-mo. bills and
finance co. naoer

-.35
1.02
.11
.56
.19
.36
.18
.23
.24
.23
.23
.29

Stock Exchange c a l l loan rate in going rate

tor directly placed p w « r for VMyiag mturiti.t

Weekly average of d a i l y effective r a t e , w h i c h ia the rate for tie heaviest -relume of purchase and
sale transactions a s reported to the Federal Reserve Bank of N e w Y o r k .
N o t e . — H i g h s a n d lews a r e f o r individual series and m a y be on different dates f o r different series
For spreads, high refers to widest, and lor t o narrowest.




STOCK MARKET
19 4 1 - 4 3 o v e r a g e « 1 0 :

—

STOCK MARKET CREDIT

- I
=zrj
CHANGE IN S i m E 5.- j

401

$
'Ti
Tl
-AAL II II 1 1 1 1

I I I I I i-i—i M 1 1

Exhibit E

Stock price

Date

index V

- Part

II

Common .

Trading

stock

volume

yields
(per

2/

Stock market
3/

customer

Customers
Total

(millions

cent) of

JU.I.l 1 I 1 1 1 w j

shares)

debit balances

(In m i l l i o n s
1961-62
1963

1

4/

credit
Bank

loans

to

" o t h e r s " 5/

of d o l l a r s )

- High

72.04(12/8/61)

2.82

10.1

5,602(12/61) 4,2.59 (12/61) 1 , 3 7 7 ( 8 / 3 0 / 6 1 )

Low

5 2 . 6 8 ( 6/22/62)
70.52 (5/10)

3.96
3.08

2.4

4 , 8 7 6 ( 7 / 6 2 ) 3 , 5 6 2 (7/62) 1 , 2 6 9 ( 9 / 2 6 / 6 2 )

5.5

5,978(4/63)4,526

(4/63)1,469

(5/8)

64.10

3.36

3.3

5,595(1/63)4,208

(1/63)1,378

(2/23)

3.28

3.6

5,754

4,331

5,978

4,526

- High
Low

April

(3/1)

65.67

1,423

March

68.76

3.15

5.1

May

3

70.03

3.09

4.6

1,459

May

10

70.52

3.08

4.8

1,469

May

17 £ /

70.29

3.14

5.1

1,452 .

n.a.—-Not available, j>/ Preliminary,
]/ Standard and Poor's composite index of 5 0 0 cpnmon stocks, weekly closing prices, 1941-43• 10.
Monthly d a t a are averages of daily figures rather than of Friday's only. Highs and lows are for
Friday's data only.
7 j Standard and Poor a composite stock yield based on Wednesday d a t a converted t o weekly closing
prices by Federal Reserve. Yields shown are for dates on which price index reached its high
Averages of daily trading volume on t h e N e w York Stock Exchange.
End of month figures for m e m b e r films of "the N e w York Stock Exchange which carry margin accounts;
excludes balances secured b y U . S. G o v e r m m n t obligations.
Wednesday figures for w e e k l y reporting m e m b e r banks. Excludes loans f o r purchasing or carrying
U. S. Government securities;. Prior to July 1, 1959, such loans, are excluded only at banks in
N e w York and Chicago. Weekly reporting banks account lor about 7 0 p e r cent of loans to others.
For further d e t a i l s e e Bulletin.




PRIVATE H O U S I N G STARTS AND PERMITS

S E A S O N A L L Y A D J U S T E D DATA

PER C E N T O F U N A D J U S T E D T O T A L S T A R T S

Exhibit F
Starts
Total
Date

Seasonally adjusted a n n u a l r a t e

- Part

II

1/

Building

Unadjusted
T y p e of financing T y p e of
Unadjusted

FHA

VA

Other

permits
houslne

1-2

Multi-

family

family

(seasonally
adjusted
annual
r a t e ) 2/

(Thousands of u n i t s )
1962

- April
May

147

25

8

114

106.4

1,579

154

26

8

120

112.3

41.9

1,425

136

24

7

105

99.8

36.3

7
8
6

103

99.4

110
87

105.1

40.9

79.9

33.7

1,174

104

94.9

38.6

1,170

96

82.0

38.3

1,261

July
Angus t

1,466
1,529

136

25

146

September

1,289

114

28
20

October

1,550

134

23

November

1,586

120

19

December
1963

1,542

- January
February
April

1,472

94

16

7
6
5

73

59.9

40.6

36.4

33.7

1,229
1,128
1,137
1,160
1,123

1,313

1,242

81

14

4

63

50.1

30.5

1,277

1,280

13

4
5

70

p/56.4

E/30.0

1,228

1,521

87
123

1,627

155

17
21

7

101
126

1,229
n-a.

n-a-

1,204

l/ Total starts are Census estimates including farm for both permit-issuing and non-issuing areas. A
Swelling unit is started when excavation begins; all units in an apartment structure are considered
started at that time. FHA and V A starts are units started under oenndtments by these agencies to insure
or guarantee the mortgages. As reported b y FHA and VA, a unit is started when a field office receives
the first compliance inspection report, which is made before footings are poured in some oases but
nonnally after the foundations have been eomplsted. Capehart military housing units are excluded*
Other starts are derived as a residual, although total and FHA and VA starts are not strictly comparable
in concept or timing! other starts include both units financed by conventional mortgages and units
without mortgagee.
2/ Building permits are Census estimates for all of the approximately. 10,000 areas in the United
States which wore identified a s having a local building permit system in 1959. Unlito starts,
seasonally adjusted building penults reflect a direct measure of the influence of changes in the
nnrr'T -n nf wr^kinrf days per month, along with other differs noes in timing and coverage.




EXHIBIT G, P o r t 1
YIELDS O N

NEW AND

SEASONED

CORPORATE

BONDS

k i ^

Exhibit G
Yields

on New Corporate Bond

Number A m r t
of

of

included

Issues
(mil.

of dollars)

- Part II
Issues Adjusted

to an A a a basis
Number Am-t of

Average

of

yield

issues

(per cent)

Issues

included

(mil.

of dollars)

Average
yield
(per cent)

W e e k l y averages:
1962

7

3

87.0

4.24

14

1

. 45.0

4.25

- Dec.

Mar.

21
28
L963

- Jatw

Feb.

4

1

25.0

4.19

11

1

70.0

4.23

.

35.0

1
2

75.0

4.22

1

1

25.0

4.21

8

2

64.0

4

100.0

4.27*

15
22

1

12.0

4.14

2

55.0

4.25*

2

24.4

4.16

22

3

87.0

29

2

222.0

5

2

45.0

12

1

Apr.

May

6 . 0 ^

3

95.0

26

3

128.0

3

1

25.0

10

2

266.0

17

1

30.0

19

4.13

18
25

1
8
15

.

4.16
4.36*
4.23
4.18
4.28
4.30
4.22
4.31*
4.27

4.19

A by Moody's Investors Service (except serial and convertible iasuos, offerings of natural gas pipeline,
and foreign companies, and bonds guaranteed by tha Federal Go-remnant) -weighted by size of offering.
Before averaging, n e w offerings a r e adjusted to a composite Aaa basin by deducting from t h e actual
reofferlng yield tla excess of the w e e k l y average yield f o r seasoned lords of the appropriate industry-?
quality group over t h e oompooite average f o r seasocad Aatwrated bonis (Moody's), Averages considered
unrepresentative b e c a m e of o p e d a l characteristics of ihe offerings included are denoted by an asterisk^




H. 14

Exhibit H
Long-term Corporate and State and Local Government
Security Offerings and Placements
(In millions of dollars)
New ca pital
1963

Corporate 1/
1 1962
I

1961

1963

State and local 2/
1
1 1962

1961

January
February
March

613
595
1,144

592
859
807

580
667
562

2./731
2/719
2/954

876
1 ,133
628

711
689
764

April
May
June

e/850
e/650

1,113
760
1,132

2 ,118
1 ,259
1 ,318

e/850
e/850

873
912
786

722
640
1 ,034

582
749
579

1 ,028
762
647

612
544
427

486
604
734

835
703
1,103

1 ,090
948
1 ,000

650
578
550

679
789
610

2,258
3,005
1,910
2,641

1 ,809
4 ,695
2 ,437
3.,038

2.,637
2.,571
1.,582
1.,779

2 ,165
2.,396
1.,824
2.,078

5,264
7,173
9,814

6.,504
,941
8j
11,,979

,208
5j
6, 790
8, 568

4.,561
6,,385
8,,463

July
August
September
October
November
December
1st
2nd
3rd
4th

quarter
quarter
quarter
quarter

2,351

1st half
Three quarters
Year

2/2,405

Excluding finance companies 3/
1st
2nd
3rd
4th

quarter
quarter
quarter
quarter.

e/2,187

Year
e/
1/
2/
3/

2,199
2,919
1,775
2,410

1,554
4, 552
2, 337
2, 807

9,303

11, 253

£/ Preliminary.
Estimated by Federal Reserve.
Securities and Exchange Commission estimates of net proceeds.
Investment Bankers Association of America estimates of principal amounts.
Total new capital issues excluding offerings of sales and consumer finance
companies.




H. 14

Exhibit I
New Corporate Security Issues, Type of Issue and Issue/:
(In millions of dollars)
Gross proceeds for new
capital and refunding 1/
Common
Bonds
and
Publicly Privately
pfd.
offered offered
stock

Net proceeds for
new capital 1/ 2/

Quarter
or
month

Total

1960 - III
IV

2,520
2,832

1,336
1,462

754
955

429
416

38
17

562
625

652
696

317
381

896
997

1961 - I
II
III
IV

1,992
5,352
2,566
3,236

662
2,303
772
967

880
1,275
1,139
1,424

449
1,774
654
845

76
155
69
62

515
1,466
935
792

381
1,081
595
836

81
1,095
104
147

832
1,052
803
1,263

1962 - I
II
III
IV

2,378
3,250
2,184
2,957

1,155
1,389
853
1,089

716
1,222
1,024
1,568

507
639
307
300

68
257
56
179

655
996
601
769

430
983
375
568

456
231
275
321

717
794
659
986

1963 " I .
II

2,700

1,108

1,306

287

128

947

326

236

842

1961 - July
Aug.
Sept.
Oct.
Nov.
Dec.

1 ,075
813
678
1 ,155
987
1 ,094

= 424
225
123
336
414
217

392
411
336
509
348
567

259
177
218
310
225
310

52
7
10
25
12
25

428
255
252
271
215
306

269
215
111
306
362
168

16
13
75
. 25
80
42

315
279
209
487
291
485

1962 - Jan.
Feb.
Mar.
Apr.
May

647
884
847
1.,217
801
1.,232
630
922
632
976
784
1,,197

273
497
386
654
247
488
200
477
176
539
286
264

232
232
253
227
420
575
366
363
295
314
446
808

143
155
209
336
134
169
67
82
161
123
52
125

3
12
54
10
147
100
13
43
46
34
99

205
131 318
384
270
342
217
218
166
153
271
345

89
148
193
377
196
410
118
110
148
141
175
252

73
362
21
88
64
79
88
120
67
260
4
57

225
218
275
264
229
301
159
301
199
282
253
451

695
1963 - Jan.i
642
Feb.
Mar. _ 1.,363
Apr*.
920
May
June

350
259
499
380

243
289
7.74
350

102
94
91
190

25
43
60
n. a.

13S>
220
592
200

114
115
97
320

125
68
43
60

238
191
412
270

July
Aug.
Sept.
Oct.
Nov.
Dec.

Memo:
foreign
issues
included

Mfg.

Public Communiutility cations

Other
issuers

e/ Estimated by Federal Reserve.
1/ Gross proceeds exceed
£/ Preliminary,
net proceeds by the cost of flotation.
2/ For total see Exhibit Hj other issuers
are extractive, railroad and other transportation, real estate and finance and
commercial and other. Source.--Securities and Exchange Commission.




, H. 14

Exhibit J
Other Security Offerings
(In millions of dollars)

Foreign government 2/
1963
1962
|
January
February
March
April
May
June
July
August
September
October
November
December

232
133
. 76
e/100

Year
Jan-Apr.

e/541

142
10
35
10
86
50
25
8
31
151
88
101

Gross long-term 1/
Federal agency 3/
1961
1963
|
1962
1
6
29
20
2
66
29
5
2

148

246
156

e/186

461

1961

252
100
149
278
250
193

150
175

43
34

225

--

--

--

737

236

1,188

1,448

197

57

e/334

353

863 .

Net short-term 4/
Federal agency 3/
State and local government 5/
January
February
March
April
May
June
July
August
September
October
November
December

-75
78
-367
E/414

18
466
-186
127
-84
-118
78
339
-406
71
234
-161

160
195
-8
-103
-42
-155
109
518
-86
-6
54
-116

378

520

2/200

425

244

Year
Jan.-Apr.

-106
-189
-482
jj/185

£/-592

247
-156
226
-364
82
284
261
227
-157
379
55
-80

-144
-162
-174
-79
-87
207
22
193
108
98
56
-114

1,004

-76

47

-559

Preliminary.
Estimated by Federal Relerve.
n.a.--Not available.
These data differ from those in Exhibit H in that refunding issues, as well as
new capital issues are included. Long-term securities are defined as those
maturing in more than one year.
1/ Includes securities offered in the United States by foreign governments and their
political subdivisions and international organizations. Source: Securities and
Exchange Commission.
3/ Issues not guaranteed by the U. S. Government. Source: long-term, Securities
and Exchange Commission; short-term, Treasury Department and Federal Reserve.
4/ These data differ from those in Exhibit H and above in that they represent new
offerings less retirements, whether from the proceeds of refunding issues or from
other funds. Data include only issues with original maturity of one year or less.
5/ Principally tax and bond anticipation notes, warrants or certificates and Public

Housing Authority notes. In some instances PHA notes included may have a somehttp://fraser.stlouisfed.org/
what longer maturity than one year. Source: Bond Buyer and Federal Reserve.

Federal Reserve Bank of St. Louis

Exhibit K

/3>

H.14

Large Long-term Public Security Issues for New Capital
(Other than U. S. Treasury) 1/

.

Proceeds of Large Issues Offered
(In millions of dollars)
)rate
Month

Total

1962 - April
May

(other than
convertibles)

648
200
472 ,
165
286
191
434
178
198
234
186
394
409

July
Augus t
September
October
November
December
1963 - January
February
March
April

State

Convertible

Other
2/

Stocks
government

430
170
387
135
226
100
398
178
178
215
125
372
263

51

167
30
85
30

60
91
36
20
35

55
88
30
20

423
373
266
321
272
153
320
217
193
344
367
570
431

19
26
22
146

194
25
75
48
63
134

Large Individual Issues Offered May 1 through 17

Issuer

Type 3/

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

Rating

CORPORATE
General Tel. Co. of Cal.
Alabama Pwr. Co.
Virginia Elec. & Pwr. Co.

1st mtg. bds
1st mtg. bds
lst&ref.mtg.bds.

25.0
16.0
30.0

1993
1993
1993

4-3/8
4-3/8
4-3/8

4.39
4.37
4.34

A
A
Aa

STATE AND LOCAL GOVERNMENT
Placer Co. Wtr, Agency, Cal.
Maryland State Roads Comm.
Greenville Co., S. C.
Cincinnati, Ohio
Washington Public Pwr.
Supply System
Port of New York Auth.
State of New York
State of Hawaii

Rev.-Ut.
Rev.-S.T.
G.O.
G.O.

115.0
17.5
12.0
15.3

1968-2013
1964-78
1964-83
1964-96

3.57
2.92
2.88
2.89

2.30-3.584/ —
1.60-2.90 Aa
1.70-3.05 Aa
1.60-3.50

Rev.-Ut.
Rev.-Q.Ut.
G.O.
G.O.

122.0
25.0
48.8
10.0

1967-96 .
1994
1965-2013
1966-83

3.26
3.39
3.04
2.93

2.25-3.35 A
3.34
,A
2.20-3.20 Z/ Aaa
2.00-3.10 A •

OTHER
Govt, of Japan




Bonds

27.5

1980

5-1/2

5.71

V-X
K-2

H. 14

Footnotes

*--Rights offering.
1/ Includes corporate and other security offerings of $15 million and over;
State and local government security offerings of $10 million and over.
2/
Includes foreign government and International Bank for Reconstruction and
Development issues and non-guaranteed issues by Federal agencies.
3/
In the case of State and local government securities, G.0. denotes general
obligations; Rev.-Ut., revenue obligations secured only by income from
public utilities; Rev.-Q.Ut., revenue bonds secured only by revenue from
quasi-utilities; Rev.-S.T., revenue bonds secured by revenue from specific
taxes only; Rev.-Rent,, revenue bonds secured solely by lease payments.
4/ .3-3/4 per cent bonds due 2013 reoffered to yield 3.53 per cent.
5/ Bends due 1965-68 and 2004-13 not-publicly reoffered.




Exhibit L

K.14

Forthcoming Large Long-term Public Security Offerings for New Capital
(Other than U. S. Treasury) 1/
Expected Proceeds from Forthcoming Large Issues
During month following
date shown
State and
Other 2/
Corporate
local govt.

Date of
computation

1962 - Apr. 30
May 31
June 29
July 31
Aug. 31
Sept. 28
Oct. 31
Nov. 30
Dec. 28
1963 - Jan. 31
Feb. 28
Mar. 29
Apr, 30

185
587
120
302
170
363
203
170
269
167
142
376
149

95
55

333
184
202
273
61
187
96
194
177
376
458
381
447

75
25

45
40

Subsequent to
date shown
Corporate State and
local govt.
598
692
458
477
312
546
328
360
314
412
572
421
234

Other 2/

452
337
377
427
215
387
243
328
311
843
755
763
599

95
55
25

75
25
33
45
40

Forthcoming Large Offerings, as of May 17

Type

Amount
(millions
of dollars)

Approximate date
of offering

CORPORATE
Associates Investment Co.
Southern Cal. Edison Co.
^Indiana Bell Tel. Co.
Public Service. Elec. & Gas Co.
*Coastal States Gas Co.
Commerce Oil Refining Corp.

Deb.
1st mtg bds.
Deb.
1st & ref. mtg bds.
1st mtg. bds.
Deb. , bds. & com

50.0
27.6
20.0
40.0
50.0
45.0

May 22
May 23
June 12
June 19
June 18
Indefinite

25,,0
30,,0
10.,1
23.,3
10..5
10.,0
25.,0
15.,0
13,,2
57.,2
10.,0
10..9
15. 1

May 21
May 22
May 23
May 23
May 28
May 29
May 29
June 4
June 4
June 5
June 6
June 10
June 11

STATE AND LOCAL GOVERNMENT
State of Tennessee
Commonwealth of Fu^rtc Rico
*Ycr.kers, New York
Penna. State Pub. Sch. Bldg. Auth.
Southern 111. University
D.V:5
Tnd. Sc'r , "1st., Texas
-leu s ton, Texas
Louisiana State Bond & Bldg. Comm.
Cleveland 3 Ohio
Nevada Irrigation Dist., Cal.
Sacramento Mun. Util. Dist., Cal.
•: f Illinois
Oklahoma City, Okla.




C-,,0.
G,.0.
G,,0,
Rev,,-Rent.
Rev.,-Rent.
G<,0.
C-,,0.
Rev.,-S.T.
G<,0c
Rev.,-ut.
Rev.,-"Jt.
Re v.,-Rent.
6. 0,

'

Ho 14

L-2
Forthcoming Large Offerings, as of May 17 (Cont'd)

Type

Amount
(millions
of dollars)

Approximate date
of offering

STATE AND LOCAL GOVERNMENT (CONT'D)
Pittsburgh, Pa.
Jefferson County, Colorado
Dade County, Florida
Jacksonville Expressway Auth., Fla.

G.O.
G. 0.
G.O.
Rev.-Ut.

35.0
12.9
46.0
40.0

Indefinite
Indefinite
Indefinite
Indefinite

15.0

May 22

OTHER
Copenhagen, Denmark

*--Included in table for first time.
1/ Includes corporate and other issues of $15 million and over; State and local
government issues of $10 million and over.
2/ Includes foreign government and International Bank for Reconstruction and
Development issues and non-guaranteed issues of Federal agencies.
Note=--Deletions for reasons other than sale of issue: Proceeds of $21.5 million bond
issue of State of Colorado previously listed for offering on May 21 will be
used to refund outstanding securities.




Exhibit M

H. 14

Foreign Government and Corporate Security Offerings
and Placements in the United States
Part I:

AmountJ
(millions |
of dollars)(

Issuer and Description of Issue

A.
3/13
3/13
4/2
4/9

12.5
21.8
5.2
15.0

4/10
4/24

30.0
10.0

4/24
4/25

1.8
25.0

5/1

27.5

15.0

Sold March 1 through May 17

Republic of Finland--6% bonds, due 1973, reoffered at 6.17%
Kansai Electric Power Co., Inc.--common stock
Sony Corp.—common stock
Copenhagen Tel. Co.—5-3/8% bonds, due 1978, reoffered at
5.57%
.
Govt, of Australia—5% bonds, due 1983, reoffered at 5.20%
Mitsui & Co.--6-3/8% convertible debentures, due 1978,
reoffered at 6.38%
Mitsui & Co.--common stock
Kingdom of Norway—5-1/4% bonds, due 1978, reoffered to
yield 5.42%
Government of Japan--5-l/2% bonds, due 1980--reoffered to
yield 5.71%

B.
5/22

Public Offerings

Prospective Offerings

Copenhagen, Denmark--bonds




M-2
Part II:
Date
reported
3/4

3.0

3/7

12.0

3/13

1.0

3/13

30.0

3/13

25.0

3/27.. „ „
3/28

Private Placements--Reported March 1 through May I '

Amount
(millions
of dollars)

^50,0
3.0

4/3

10.0

4/4

4.7

5/1

50.0

5/2

10.0

5/6

20,0

' i/14'

16.3

Issuer and Description of Issue
Protestant School Board of Greater Montreal--5-1/4%
bonds, due 1982--no information available on takedown
Government of Norway--bonds, due 1983--no information
available on takedown
City of Aalborg, Denmark--notes, due 1978--no information
available on takedown
Bayer Foreign Investments, Ltd.--5-1/2% promissory notes,
maturing 1983--no information available on takedown
Manitoba Hydro-Electric Board--4-7/8% sinking fund bonds,
maturing 1988--no information available on takedown
Bell Telephone Co. of Canada--4-7/8% first mortgage
bonds--no information available on takedown
Pacific Eastern Railway Co.--4-7/8% sinking fund debenture,
due 1988--no information available on takedown
Industrial Acceptance Corp., Ltd.--5-1/8% secured notes,
maturing 1988--no information available on takedown
City of Vancouver--4-3/8% & 5% serial debentures, maturing
1964-83--no information available on takedown
Bell Telephone Company of Canada--4-7/8% first mortgage
bonds, maturing 1988--no information available on
takedown
Laurentide Financial Corp. -~b% senior notes, ma v.] ring
19 78 - - no ,-iri£ orma t ion available on takedown
Province of 0ntario--4% debentures, maturing 1966-69-no information available on takedown
Delta Acceptance Corp. . Ltd..—notes* maturing 197.3--Tio
information available on takedown

Note: For retrospective data on aggregate foreign corporate and government
security offerings in the United States see Exhibits I and J. There is no simple
relationship between the data shown in this Exhibit and that shown in Exhibits I
and J because the latter includes privately placed securities in the period in
which funds are actually takendown but only in the amount of takedown, while the
placements shown in this exhibit are included when reported, frequently with
little or no information concerning timing of takedowns. Full or partial
takedowns may take place both prior and subsequent to the date a placement
Digitizedis
forreported.
FRASER *—Included in table for first time.