Full text of H.16 Capital Market Developments : February 18, 1963
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Not for Publication DECONTROLLED AFTER SIX MOfflS
H
|
FEB 201963
I
f
*lfeRARX
'
February 18, 1963.
( CAPITAL MARKET DEVELOPMENTS
V
T W TUP-PTftTED STATES
PUtrric security financing to obtain new capital was in moderate
volume last week but is expected to be rather substantial this week.
During the week ending February 15, no large corporate security issues
were offered but two large State and local government bond issues totaling
$112 million were sold. This week, ending February 22, two corporate
issues amounting to $117 million and five State and local issues with
par value of $111 million are on the calendar. In addition, the Arkansas
Power and Light Company is planning to offer $15 million in bonds to
refund outstanding securities.
Bond yields. Yields on most seasoned long-term bonds were
unchanged last week. U. S. Government bond yields fell a basis point to
3.91 per cent, but yields on corporate and State and local government
bonds were stable.
Short- and intermediate-term interest rates. Rates on shortand intermediate-term Government obligations fell slightly last week.
Yields on 3-month and 6-month Treasury bills fell two and one basis
points, respectively, while yields on 3-5 year Treasury obligations edged
off a basis point. The average effective rate on Federal funds continued
at 3.00 per cent. Other rates were unchanged.
Mortgage yields. Secondary market yields on 25-year, 5-1/4
per cent FHA-insured mortgages declined one basis point in January to
5.52 per cent. Reflecting the gradual decline which began early in
1962, yields in January, were 20 basis points below the year-earlier level
and the lowest since the autumn of 1958.
Offering yields on new Aaa corporate bonds edged off two
basis points from December to January. Consequently, the spread between
mortgage and bond yields rose a basis point to 136.
New table on foreign government and corporate new security
offerings and placements in the United States. Beginning with this issue
a new table, Exhibit M, will be included in this report each week covering
foreign government and corporate security offerings and placements in
the United States. The first section of this table will show recent
public offerings (generally for the most recent three-month period) and
reported prospective offerings. The second section will list private
placements which have been publicly announced with as much detail as
is available. Whereas, the date shown for the public offerings will
relate to the actual sales date of the issue, the dating shown for
private placements will not necessarily relate to the actual takedown
of the issue; full or partial takedown may take place both prior—to
and/or subsequent to the date a placement is announced. When available,
information on actual timing of takedowns will be given.
Stock market credit. Customer credit in the stock market
rose $101 million further in January to total $5,595 million at month-end,
only $7 million less than the peak reached at the end of December 1961.
The most recent increase in customer credit brought the rise since
"margin requirements were reduced from 70 to 50 per cent last July
to $719 million, two-fifths of which occurred in the last two months.
The January increase in customer credit reflected a $83 million
increase in customers' debit balances, excluding those secured by
U. S. Government obligations, and a $18 million rise in bank loans
to other than brokers and dealers for purchasing and carrying securities
-except Governments. Customer debit balances at the end of January
were $51 million below their December 196] >e?h; bank loans, however, were
$44 million above their December 1961 level, but $25 million below
their peak which was not reached until April 1962.
Money borrowed by member firms of the New York Stock Exchange
(except on U. S. Government securities) rose $110 million in January.
Free credit balances, however, declined S17 million, These and other
data on stock market credit for December and January are shown in
the following table. (Note; these data were received too late to be
included in Exhibit E.)
End of month
Jan. I Dec.
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
r/
Change
5,595
4,208
1,387
28
5,494
4,125
1,369
24
+101
+83
+18
+4
95
97
-2
2,895 2,785
2,556r/2,434
32
35
1,199 1,216
+110
+122
-3
-17
Revised.
Stock prices. Common stock prices, as measured by Standard
and Poor's composite index of 500 stocks, edged up slightly on balance
last week to close at 66.41 on February 15. Trading volume averaged
4.5 million shares a day last week, 0.5 million shares above the
average for 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,
Board
of Governors of the Federal Reserve System.
FRASER
Digitized for
LONG-TERM BOND YIELDS, HIGH-GRADE
W
V'x,/
V
STATE AMD I 0 t * £
\
i»to
Exhibit A - Part II
Date
Corporate
Aaa 1/
U. 8. Govt,
long-term It
State and
local
government
Aaa 3/
Spread between
U. S. Govt, and
Corporate
State and
Aaa
local Aaa
(per cent)
1958 - L o w
1959-60 - High
1960-61 Low
1961 - High
1962 - Low
1963 - High
Low
Jan.
Jan.
Feb.
Feb.
y Feb.
18
25
1
8
15 j>/
3.55
4.61
4.21
4.46
4.23
4.22
4.19
(5/2)
(1/29/60)
(3/17/61)
(9/15)
(12/28)
(1/4)
(2/15)
4.20
4.21
4.21
4.19 /
4.19 t/
'
3.07
4.42
3.70
4.07
3.85
3.92
3.87
3.87
3.91
3.90
3.92
3.91
(4/25)
(1/8/60)
(5/12/61)
(12/29)
(12/28)
(2/8)
(1/18)
2.64
3.65
2.99
3.37
2.88
2.98
2.94
2.94
2.95
2.97
2.98
2.98
(5/1)
(9/24/59)
(9/3/60)
(7/6)
(13/8)
(2/14)
(1/17)
.22
.59
.19
.57
.30:
.35
.27
.34
.92
.46
.76
.80
.96
.93
.33
.30
.31
.27
:28
.93
.96
.93
.94
.93
.
d/ Preliminary •
y
Weekly average of daily figures. Average term of tends inoluded la 22-24 years,
2/ Weekly average of daily figures. The series includes bond a due or callable in 10 years or aore,
"V Thursday figures. Only general obligation bonds are included; average tern is 20 years.
Bote*—Highs and lows are for individual series and may be on different dates for different
series. For spreads, high refers to widest, and loir to narrowest*
EXHIBIT B, Pari I
LONG-TERM BOND YIELDS, LOWER-GRADE
y v
•fv.
v
V
/
-
V
V
X ,
'f
XAv.
STATE AMID 10CAI GOVEINMIEM! M7
1959
1960
Exhibit B - Part II
Corporate
Baa 1/
•State and
local govt.
Baa 3/
Spread between
Aaa and Baa
State and
Corporate
(per cent)
1958 - Low
1959-60 - High
1960-61 Low
1961 - High
1962 - Low
1963 - High
Low
Jan.
Jan.
Feb.
Feb .
/Feb.
Note*
13
25
1
8
15 £/
A. 51
5.36
4.98
•5.13
4.92
4.93
4.90
(7/11)
(2/12/60)
(9/9/60)
(10/27)
(iz/21)
(1/4)
(2/15)
4.91
4.91
4.90
4.90
4.90^
For footnotes see Exhibit A*
3.64(5/1)
4.46 (3/7/60)
3*93 (11/9/61)
4.16 (3/23)
3.52 (5/17)
3.57 (2/14)
3.55 (1/24)
.77
.84
.66
.81
.63
.71
.69
.93
1.08
.57
.93
.56
.63
.59
3.55
3.55
3.57
3.57
3.57
.71
.70
.69
.71
.71
.61
.60
.60
.59
.59
I
SHORT- AND INTERMEDIATE- TERM INTEREST RATES, GOVERNMENT
* . DISCOUNT IATE
J
LLLI I I I I I I
II II II M I I I
LI I I I I.I I I I I
Exhibit C
Discount
rate
1/
, 1958 - Low
1959-60 High
, 1960-61 Low
1961-62 High
;
1962 - Low
, 1963 - High
Low
Jan. E8
' Jan. 25
* Feb. 1
:< Feb. 8
/ F e b . 15 £/
1.75
3-month
bills 2/
3.00
3.00
3.00
3.00
3.00
.58
4.59
2.11
2.97
2.65
2.95
2.89
3.00
3.00
3.00
3.00
3.00
2.90
2.93
2.93
2.95 y
2.93 *
4.00.
(5/29)
(1/8/60)
(10/28/60)
(7/13/62 )
(6/8)
(2/8)
(1/4)
Yields
6-month
bills 2/
(per cent)
; MONTH I I U S
Ma rk *1 Y i e l d
II II II II
Mi
l
l
Part II
3-5 year
issues 2/
3.02
5.07
2.35
3.13
2.74
3.00
2.94
(12/26) 2.14
(1/8/60)5.00
(4/28/61)3.15
(7/20/62)3.88
(6/8)
3.41
(2/8) 3.50
(1/4) 3.44
2.95
2.99
2.99
3.00
2.99
3.44
3.50
3.50
3.47
3.46
Spread between yields on 3month bills and yields on
6-mo. bills 13-5 vr. Issues
(6/6)
(12/24/59)
(5/12/61)
(2/2/62)
(12/2Q) .
(2/1)
(1/18)
.26
.79
.12
.44
.02
.06
.05
.05
.06
.06
.05
.06
.04
1.81
.38
1.51
.52
.57
.52
.54
.57
.57
i 52 i
.53
1/ Weekly rate shown is that in effect at end of period at the Federal Reserve Bank of New York.
2/ Market yield; weekly average a oonputed from daily closing bid prices, Series of 3-5 year issues
consists of selected notes end bonds,
note.—Highs and lows are for individual series and may be on different dates for different series*
For spreads, high refers to widest, and low to narrowest.
S H O R T - A N D I N T E R M ED I AY E - T ER M INTEREST RATES,
B A N K S A N D OTHER P R I V A T E B O R R O W E R S
H.Y.DI5 COUNT!
E x h i b i t D - P a r t II
Date
Stock Exchange
call loan 1/
Prime
rate 1/
Finance company
p a p e r 2/
Federal
funds 3/
Spread between
3 - m o . b i l l s and
finance co. p a p e r
(per c e n t )
1958 - Low
1959-60 - High
1960-61 L o w
1961-62 - H i g h
1962 - L o w
1963 - H i g h
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
1.13
5.13
2.50
3.25
2.88
3.25
3.13
Jan.
Jan.
Feb.
.Feb.
Feb.
4.50
4.50
4.50
4.50
4.50
4.50
4.50
4.50
4.50
4.50
3.15
3.13
3.13
3.13
3.13
.18
25
1
8
15 j)/
(8/8)
(1/22/60)
(8/5/61)
(7/20/62)
(6/1)
(1/11)
(2/15)
.13
4.00
.43
3-00
1.30
3.00
2.70
2.98
3.00
2.98
3.00
3.00
(5/29)
(5/13/60)
(3/27/61)
(12/28/62)
(2/26)
(2/15)
(1/11)
-.35
1.02 '
.11
.56
•19
.
.36
.18
.25
.20
.20
.18
.20
Weekly r a t a shewn i s t h a t i n e f f e c t a t end of p e r i o d . Stock Exohange call loan rate is going rate
on oall l o a n s s e c u r e d by c u s t o m e r s ' s t o c k exchange c o l l a t e l a l a t New York City banks.. Prime rate
i s t h a t charged by l a r g e banks on s h o r t - t e r r a l o a n s t o h i s i ns s s b o r r o w e r s of the highest credit
standing.
.
2 / Average of d a i l y r a t e s p u b l i s h e d by f i n a n c e companies f o r d i r e c t l y p l a c e d paper for varying maturities
i n t h e 90-179 day r a n g e ,
3/ Weekly average of d a i l y e f f e c t i v e r a t e , w h i c h i s t h e r a t e f o r the h e a v i e s t volume of purchase and
s a l e t r a n s a c t i o n s as r e p o r t e d t o t h e F e d e r a l Reserve Bank o f New Y o r k .
N o t e . — H i g h s a n d lows are 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.
For spreads, h i g h r e f e r s t o w i d e s t * and losr t o n a r r o w e s t e
l7
EXHIBIT t, R o n I
STOCK MARKET
1941-43 A v . r o g ^ l O ,
5 5
'<<00
11
j
.11$ L
v
- — - —
1
,1**0
Exhibit E - Part II
Stock price
index 1/
Stock market customer credit
Common .
Trading
Customers 1
Bank
stock
volume 3/
yields 2/ (millions
Total debit bal- loans to
(per cent) of shares)
a n c e s ^ / "others" 5/
(In millions of dollars)
1961-62 - High
Low
1963 - High
Low
72.04(12/8/61)
52.68 (6/22/62)
66.41 (2/15)
64.13 (1/4)
2.82
3.96
3.23
3.34
10.1
2.4
4.8
4.0
December
January
Feb. 1
Feb. 8
Feb. 15 £/
62.64
65.06
66.31
66.17
66.41
3.40
3.31
3.23
3.25
3.24
4.0
4.6
4.3
4.0
4.5
5,602(12/61)4,259 (12/61) 1,377(8/30/61)
4,876(7/62) 3,562 (7/62) 1,269(9/26/62)
1,413 (1/2)
1,378 (1/23)
n.a.
n.a.
5,494
4,125
n.a.
n.a.
1,369
1,387
1,387
1,400
n.a.
n.a.—Not available, p/ Preliminary.
l/ Standard and Poor's composite index of 500 ooranon stocks, weekly closing prices, 1941-43•10.
Monthly data are averages of daily figures rather than of Friday's only. Highs and lows are for
Friday's data only.
2/ Standard and Poor s composite stock yield based on Wednesday data converted to weekly closing
prices by Federal Reserve. Yields shown are for dates on which price index reached its higi
or low, .
Averages of daily trading volume on the New York Stock Exchange,
End of month figures for member fisris of -the New York Stock Exchange which carry margin accounts;
excludes balances secured by U. S, Government obligations,
y
Wednesday figures for weekly reporting member banks. Excludes loans for purchasing or carrying
U. S. Government securities. Prior to July 1, 1959, such loans are excluded only at banks in
New York and Chicago. Weekly reporting banks account ibr about 70 per cent of leans to others.
For further detail see Bulletin.
%
MORTGAGE AND BOND YIELDS
HOME MORTGAGES - FHA
J
1958
195? '
1960
Exhibit F - Part II
FHA
mortgages 2/
1959-61 - High
Low
1962
High
5.63
4.56
6.24
5.57
5.72
1962 - October
November
December
1963 - J a n u a r y
5.54
5.53
5.53
5.52
1953-58 - High
(U/57)
(2/55)
(1/60)
(3/59)
(1/62)
Spread between new
Aaa corporate
corporate bonds and
bonds 1/
New 3/
j Seasoned h/ FHA. mortgages 1 Seasoned bonds
4.81
2.74
5.29
4.26
4.50
4.23
4.05
r/4.18
4.16
(6/57)
(3/54)
(9/59)
(10/61)
(2/62)
4.12
2.85
4.61
4.12
4.42
4.28
4.25
4.24
4.21
(9/57)
(4/54)
(1/60)
(1/59)
(2/62)
1.96
.54
1.76
.65
1.53
1.31
1.48
r/ 1.35
1.36
.90
-.12
.77
~ -.16
.08
-.05
-.20
r / - • 06
-.05
S S r s S r S S S S S s '
periods of adjustment to changes in the contractual interest rate.
Data not yet revised to conform with new series shown in Exhibit G.
Moody's Investors Service. Monthly averages of daily data. See Exhibit B.
EXHIBIT O. Part I
YIELDS ON NEW AND SEASONED CORPORATE BONDS
NEW ISSUES
A d j u s t e d to Aaa 6
SEASONED A
Exhibit G - Part II
Yields on New Corporate Bond Issues Adjusted to an Aaa basis
Weekly averages;
1962
Sept. 7
14
21
38
Oct. 5
- 12
19
26
Nov. 2
9
16
23
30
Number A m r t of issues Average
of
included (mil.
yield
issues of dollars)
(per cent)
12.0
50.0
4.23
4.22
4.9
75.0
4.16
4.22
275.0
85.0
37.0
4.29
4.14
4.13
19.8
72.5
%Note*
4.00*
4.17
Number Am't of issues Average
of
included (mil,
yield
issues of dollars)
(per cent)
Dec. 7
14
21
28
Jan. 4
11
18
25
Feb. 1
8
15
22
1
1
. 1
2
1
2
87.0
45.0
4.24
4.25
25.0
70.0
35.0
75.0
25.0
4.19
4.23
4.13
4.22
4.21
4.27
64.0
Avenge s" of offerin^ yields on al^new issues of publioly offered oorp orate bonds rated Aaa, la and "
A by Moody*s Investor* Serrloe (exoept serial and convertible Issues, offerings of natural gas pipeline
and foreign companies, and bonds guaranteed by the Federal Go varment) weighted by else of offering. *
Before averaging, new offerings are adjusted to a composite Aaa basis by deducting from the actual
reoffaring yield tie excess of the weekly average yield for seasoned bonis of the appropriate industryquality group over the oonmoeite average for seasoned Aaa-rated boMs (body's). Average a considered
unrepresentative because of special oharaoteristios of tte offerings included a w denoted by an asterisk^
Exhibit H
Long-term Corporate and State and Local Government
Security Offerings and Placements
(In millions of dollars)
New caipital
1963
Corporate 1/
1
1962
1
1961
713
689
764
2,118
1,259
1,318
2/873
2/914
2/785
723
641
1,034
582
749
579
1,028
762
647
2/611
2/543
2/423
485
604
734
October
November
December
70;
1,103
1,090
948
1,000
2/627
e/550
e/500
678
789
606
1st
2nd
3rd
4th
2,258
3,005
1,910
2,64.
1,809
4,695
2,437
3,038
2/2,639
2/2,574
2/1,577
e/1,677
2,166
2,397
1,823
2,073
5,264
7,173
9, Si,
6,504
8,941
11,979
2/5,213
2/6,789
e/8,466
4,563
6,387
8,460
e/700
e/650
April
May
June
July
August
September
quarter
quarter
quarter
quarter
1st half
Three quarters
Year
580
667
562
1,113
760
1,132
State and local 2/
1
1962
1 1961
2/876
£/1,133
£/629
January
February
March
592
859
807
1963
e/700
e/900
Excluding finance companies 3/
1st
2nd
3rd
4th
quarter
quarter
quarter
quarter
Year
e/
1/
If
3/
2,199
2,919
1,775
e/2^1
1,554
4,552
2,337
2,807
e/9,134
11,253
Estimated by Federal Reserve.
jg/ Preliminary.
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.
.
.?
:
'(I
Exhibit I
New Corporate Security Issues, Type of Issue and Issuer
(In millions of dollars)
Quarter
or
month
Total
Gross proceeds for new
capital and refunding 1/
is
Common
and
Publicly Privately pfd.
offered offered
stock
1960 - II
III
IV
2,537
2,520
2,832
1,074
1,336
1,462
770
... 754
955
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
1962 - I
II
III
iv ;
2,378
3,250
2,184
2,957
1,155
1,389
853
1,039
716
1,222
1,024
1 >563
1963 - I
1961 - Apr.
May
July
Aug.
Sept.
Oct.
Nov.
Dec.
1962 - Jan.
Feb.
Mar,
Apr.
May
July
Aug.
Sept.
Oct.
Nov.
Dec.
1963 r Jan.e/
Feb.
Mar.
Net proceeds for
new capital 1/ 2/
Memo:
foreign
issues
included
Mfg.
Public Communiutility cations
Other
issuers
692
429
416
27
,38
17
511
562
625
808
652
696
149
317
381
913
896
997
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
68
257
56
179-
655
996
601
769
430
983
375
568
456
231
275
321
717
794
659
254
439
389
215
111
306
362
168
994
85
16
16
13
75
25
80
42
297
289
467
315
279;
209
487
291
485
73
362
21
88
64
79
88
120
67
250
4
5:
225
218
275
264
229
301
159
301
199
271
34.5
89
148
193
377
196
410
118
110
148
141
m
252
200
100
80
320
507 "
639
307
300
-
2,231
1,342
1,779
1,075 „
813
678
1,155
987
1,094
713
666
924
424
225
123
336
414
217
348
355
572
392
411
336
509
348
567
1,170
320
283
259
177
218
310
225
310
71
35
49
52
7
10
25
12
25
574
447
446
428
255
252
271
215
306
647
884
847
1,217
801
1,232
630
922
632
1,976
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
803
143
155
209
336
134
169
67
82
161
123
52
125
3
12
54
10
147
100
13
205
131
318
384
270
342
217
218
166
800
340
375
85
43
45
34
-99
n• &•
j)/ Preliminary.
e/ Estimated by Federal Reserve.
1/ Gross proceeds exceed
net proceeds by the cost of flotation.
2/ For total see Exhibit H; other issuers
are extractive, railroad and other transportation, real estate and finance and
commercial and other. Source.--Securities and Exchange Commission.
vExhibit J
.
H. 14
Other Security Offerings
(In millions of dollars)
j
Gross long-term 1/
Federal agency 3/
Foreign government 2/
1963
1
1962
1
1963
1
1962
|
1961
January
February
March
April
May
e/185
July
August
September
October
November
December
Year
142
10
35
10
86
50
25
8
31
151
88
101
6
29
20
2
- 66
29
5
2
737
236
e/--
July
August
September
October
November
December
Year
n.a.
160
195
-8
-103
-42
-155
109
518
-86
-6
54
-116
2/370
520
£/
1/
250
193
43
34
18
466
-186
127
-84
-118
78
339
-406
71
2/233
2/-168
1961
252
100
149
278
150
175
225
1,188
Net shoirt-term 4/
State and local government 5/
J anuary
February
March
April
May
246
156
-461
2/-283
1,448
Federal agency 3/
247
-156
226
-364
82
284
261
227
-157
379
55
-80
1,004
,
-144
-162
-174
-79
-87
207
22
193
108
98
56
-114
-76
Preliminary.
e/ Estimated by Federal Reserve.
n . a . — N o t 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.
2/ Included 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 somewhat longer maturity than one year. Source: Bond Buyer and Federal Reserve.
H. 14
Exhibit K
Large Long-term Public Security Issues for New Capital
(Other than U. S. Treasury) JL/
Proceeds of Large Issues Offered
(In millions of dollars)
Month
Total
1962 - January
February
March
April
May
195
425
366
648
200
472
165
286
191
434
178
198
234
July
August
September
October
November
December
1963 - January
Coirporate
Bonds
Convertible
(other than
bonds
convertibles)
170
425
330
430
170
387
135
226
100
398
178
178
215
Stocks
State
and
local
government
25
561
662
259
423
-373
266
321
272
153
320
217
193
344
21
167
30
85
30
15
51
60
91
36
20
19
Other
2/
145
64
30
55
88
30
20
194
25
75
48
Large Individual Issues Offered February 1 through 15
Issuer
Type 3/
Coupon
Amount
rate or
Offering
(millions
Rating
Maturity
net inter- yield
of
est cost
dollars)
CORPORATE
Bell Tel. Co. of Pa.
Greatamerica Corp.
4-3/8
4.29
Deb.
Com. stk.
50.0
26.4
2003
Rev.-Rent.
G.O.
G.O.
89.1
11,0
12.4
1965-2006
1963-76
1964-91
3.59
2:40
2.93
1.90-3;70
1.50-2.65
1. 55-3.10
100.0
1970-85
3.39
2. 60-3.45
33.0
1978
Aaa
STATE AND LOCAL GOVERNMENT
N.Y. State Housing Fin.
Agency
Buffalo, New York
Monroe Co., New York
Triborough Bridge & Tunnel
Auth.
Rev.-Ut.
Aa
Aa
OTHER
Federal Land Banks
Bond,
4-1/8
4.13
--
K-2
Footnotes
H. 14
*—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.O. 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.
Exhibit L
H.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
Corporate local govt. Other 2/
Date of
computation
480
222
628
185
587
120
302
170
363
203
170
269
167
1962 - Jan, 31
Feb, 28
Mar. 30
Apr. 30
May 31
June 29
July 31
Aug. 31
Sept. 28
Oct. 31
Nov. 30
Dec. 28
1963 - Jan. 31
p-
465
153
453
333
184
202
273
61
187
96
194
177
376
64
95
55
175
75
25
Subsequent to
date shown
State and
Corporate
local govt. Other 2/
525
341
693
598
692
458
477
312
546
328
360
314
412
567
239
539
452
337
377
627
215
387
243
328
311
943
Issuer
Type
Amount
(millions
of dollars)
v
"175
75
25
33
1st mtg. bds.
Bds. & com. stko
Deb.
1st mtg. bds.
1st mtg. bds.
Com.stk.
Deb.
S.F. deb.
Deb.
Deb., bds. & com.
50.0
67.0
40.0
15.0
15.0
20.0
50.0
35.0
200.0
45.0
Approximate date
of offering
CORPORATE
{
;
;
95
55
25
Forthcoming Large Offerings, as of February 15
T -
1
64
Potomac Electric Power Co,
Ashland Oil & Refining Corp.
Northwestern Bell Tel. Co^Atlantic City Elec. Co.
Oklahoma Gas & Elec. Co,
Kansai Elec. & Pt '-vr Co, (foreign)
Pacific Norf.hwest Bell Tel. Co.
Consolidated Natural Gas Co=
Socony Mobil Oil Co,
Commerce Oil Refining Corp.
STATE AND LOCAL GOVERNMENT
St. Louis, Mo,
State of New Jersey
City of Los Angeles, CalEl Paso Sch. Dist, No, 11, Colo,
Erie Co., New York
Prince George's Co., Md.
*State of Maryland
*State of Minnesota
*De Kalb Co. Ind. Sch. Dist. , Ga=
G.O.
G.O.
G.O.
G.O.
G.O.
G.O.
G.O.
G.O.
G.O.
14.8
58.0
1& 0
11.-5
12.9
12.8
30.5
29.4
12.0
Feb. 20
Feb. 20
March 6
March 7
March 13
April 2
April 24
April
Indefinite
Feb. 19
Feb. 19
Feb. 19
Feb. 20
Feb. 20
Feb. 26
Feb. 26
March 5
March 5
Forthcoming Large Offerings, as of February 15 (Cont'd)
Issuer
Type
Amount
(millions
of dollars)
Approximate date
of offering
STATE AND LOCAL GOVERNMENT (CONT'D)
Louisiana Fiscal Auth.
State of Illinois
City of Detroit, Mich.
Washington Public Power Supply
System
Washington Sub. San. Dist.
Pittsburgh, Pa.
Jefferson County, Colorado
Dade County, Florida
Jacksonville Expressway Auth., Fla.
Rev.-Q.Ut.
G.O.
G.O.
20c 0
150.0
18.5
March 6
March 12
April 16
Rev.-Ut.
G.O.
G.O.
G.O.
G.O.
Rev.-Ut^
130.0
14.0
35.0
12.9
46.0
40.0
April 17
April 22
Indefinite
Indefinite
Indefinite
Indefinite
OTHER
Kingdom of Denmark
Bonds
20.0
Feb. 26
Included in table for first time.
If 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: none.
Exhibit M
H. 14
Foreign Government and Corporate Security Offerings
and Placements in the United States
Part I:
Sale
Date
Amount
(millions
of dollars)
Issuer and Description of Issue
A.
12/5/62
12/11/62
10.9
75.0
12/12/62
20.0
1/14/63
25.0
1/29/63
1/30/63
6.7
22.5
20.0
20.0
6.0
Recent Sales
Industrial Development Bank of Israel, Ltd.--stock
Inter-American Development Bank—4-1/4% bonds, due
1982, reoffered at 4.24%
Tokyo Shibaura Electric Co., Ltd.—6-3/8% convertible
bonds, due 1978, reoffered at 6.38%
City of Montreal, Canada--5% bonds, due 1983 and
1988, reoffered at 4.90%
Nippon Electric Co., Ltd.—common stock
Japan Development Bank--6% bonds, due 1975, reoffered
at 6.37%
B.
2/28/63
3/63
4/63
Public Offerings
Prospective Offerings
Kingdom of Denmark
Kansai Electric Power Co.—common stock
Sony Corp.--common stock
Part II:
Date
reported
Amount
(millions
of dollars)
12/5/62
10,0
12/17/62
2.0
12/24/62
93.0
1/3/63
9.0
1/14/63
35.0
1/29/63
20.0
2/4/63
300.0
2/4/63
3.0
2/12/63
9-0
Private Placements—Recently Reported
Issuer and Description of Issue
Montreal Catholic School Commission—5-1/4% sinking
fund debentures, due 1992--no information available
on takedown
Amsterdam Overseas Corporation--junior subordinate
notes, due 1974--no information available on
takedown
Trans-Canada Pipe Line, Ltd.--5-3/4% first mortgage
bonds, due 1983, placed to yield 5.70%--to be
taken down in February
Republic of Panama--4-l/2% "bonds, due 2001--no
information available c-n takedown
Massey-Ferguson, Ltd.--Senior notes, due 1983--no
information available on takedown
Alberta Government Telephone Commission--4-7/8%
debentures, dua I988--no information available on
takedown
Quebec Hydro-Electric Commission--5% bonds, due
1988, placed to yield 5 13 %--$100 million to be
taken down in February with the remainder to be
taken down by die end of 1964
Government of Jamaica--7% sinking fund debentures-no information available on takedown
Federation Chemicals, Ltd.--subcr^ina-cd notes,
due 1977--^'million to be taken down in February
with the remainder to be taken down by the end
of January 1964
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
may take place both prior and subsequent to the date a placement
fortakedowns
FRASER
is reported.
Digitized
@FedFRASER