Full text of H.16 Capital Market Developments : May 14, 1962

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Not f o r P u b l i c a t i o n

H.

LIT

DE60NTK0LLED AFTER SIX MONTHS

May l i t , 1962

LIBRARY

HAY 16

1962

FEDERAL RESERVE BANK

CAPITAL MARKET DEVELOPMENTS
IN HIE WttTED STATES

OF RICHMOND

The volume of public s e c u r i t y f i n a n c i n g t o o b t a i n new c a p i t a l
was r e l a t i v e l y l i g h t l a s t week but i s expected to be moderately l a r g e r
t h i s week. During t h e week ending May 11, one l a r g e corporate s e c u r i t y
i s s u e amounting t o $20 million was p u b l i c l y o f f e r e d ; f o u r S t a t e and
l o c a l government bond i s s u e s with p a r value of $66 million were s o l d ;
and the Government of New Zealand sold a $25 million bond i s s u e . This
week, ending May 18, t h r e e l a r g e corporate i s s u e s t o t a l i n g $56 m i l l i o n
a r e scheduled f o r public o f f e r i n g ; f i v e S t a t e and l o c a l i s s u e s amounting
t o $83 m i l l i o n a r e on t h e c a l e n d a r ; t h e Japan Development Bank i s expected
t o o f f e r a $15 m i l l i o n bond i s s u e ; and t h e European Coal and S t e e l Community
i s expected t o o f f e r a $25 m i l l i o n bond i s s u e .
Bond y i e l d s . Changes i n y i e l d s on seasoned, long-texm bonds
were mixed, l a s t week, with y i e l d s on c o r p o r a t e and Government bonds
d e c l i n i n g t o new lows f o r t h e y e a r . Aaa-rated c o r p o r a t e bond y i e l d s
declined another b a s i s p o i n t t o b.29 per cent and y i e l d s on Baa-rated
i s s u e s declined 2 b a s i s p o i n t s t o 5.00 p e r c e n t . Yields on long-term
U„ So Government bonds d e c l i n e d 2 b a s i s p o i n t s t o 3.85 per c e n t . Aaa-rated
S t a t e and l o c a l government bond y i e l d s increased a s i n g l e b a s i s p o i n t t o
2,93 p e r cent while y i e l d s on Baa-rated i s s u e s were unchanged a t 3®52
per c e n t .
Average y i e l d s on new c o r p o r a t e bonds, a d j u s t e d to an Aaa b a s i s ,
were it.21 p e r cent l a s t week, 7 b a s i s p o i n t s above t h e average f o r the
previous week. A p o r t i o n of t h i s i n c r e a s e , however, probably r e f l e c t e d
the s p e c i a l c h a r a c t e r i s t i c s of l a s t week's new i s s u e s .
S h o r t - and intermediate-term i n t e r e s t r a t e s . Yields on Treasury
b i l l s and 3-5 y e a r U. 5. Government o b l i g a t i o n s declined again l a s t week.
3-month and 6-month b i l l y i e l d s dropped 7 and 6 b a s i s p o i n t s , r e s p e c t i v e l y ,
to new lows f o r the year, while y i e l d s on intermediate-term Government
o b l i g a t i o n s declined 3 b a s i s p o i n t s . The average Federal f u n d s r a t e
declined 5 b a s i s p o i n t s t o 2.60 p e r c e n t . Other s h o r t - and i n t e n a e d i a t e - t e r m
i n t e r e s t r a t e s were unchanged.
Stock p r i c e s . Common stock p r i c e s dropped sharply l a s t week to
t h e lowest l e v e l since l a t e February 1961 in moderately a c t i v e t r a d i n g .
P r i c e s , a s measured lay Standard and P o o r ' s composite index of 500 s t o c k s ,
declined over 5 per c e n t , closing a t 62.65 on May 11. Trading averaged
3.7 million shares a day, 0.2 m i l l i o n shares l e s s than i n t h e previous week.
More d e t a i l e d information concerning recent c a p i t a l market
developments i s presented in the a t t a c h e d e x h i b i t s .
C a p i t a l Mazkets S e c t i o n ,
Division of Research and S t a t i s t i c s ,
Board of Governors of the Federal Reserve System.




3 -

EXHIBIT A, Port I
JLONG TERM

BOND

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

'/"U.S. C O V t l N M I N T

JJ .

Exhibit A - P a r t I I

Date

Corporate
Aaa 1 /

U. S. Govt.
long-term 2 /

S t a t e and .
local
government
Aaa 3 /

Spread between
U. S. Govt, and
S t a t e and
Corporate
Aaa
l o c a l Aaa

(per cent)
1957 - High
1958 - Low
1959-60 - High
1960-61 Low
1961 - High
1962 - High
Low
Apr. 13
Apr. 20
Apr. 27
Hay 4
z
May 11 2 /
Note:

4.l4
3.55
It.61
4.21
4.16
4.43
4.29

(9/27)
(5/2)
(3/29/60)
(3/17/61
(9/15)
(2/16)
(5/11)

,4.34
4.33
4.31
4.30
4.29 ^

•

3.76
3.07
4.42
3.70
4.07
4.12
3.85
3.89
3.88
3.90
3.87
3.85

For f o o t n o t e s see Exhibit B.




(10/18)
(4/25)
(1/8/60)
(5/12/61)
(12/29)
(2/23)
(5/11)

3.45(8/29)
2.64(5/1)
3 . 6 5 (9/24/59)
2.99 (9/1/60)
3.37(7/6)
3.26 ( 1 / 4 )
2.92 ( 5 / 3 )

.60
.22
.59
.19
.57
.47
.30

.50
.34
.92
.46
.76
1.04
.80

3.01
2.97
2.93
2.92
2.93

.45
.45
.41
.13
.44

.88
.91
,97
.95
.92

EXHIBIT S, PO" I
LONO-TERM

BOND

YIELDS,

LOWER-GRAPE

L y

\/"\
V-

1
l

v.
I

/-V X

x

r\ f
V

> / \ S'
V
If
STATE
V

V

f—

ANID LOCAL GOVEtHM

MSI

115$

I960

'mi

Exhibit B - Part I I

Date

Corporate
Baa 1 /

S t a t e and
local govt.
Baa 3 /

Spread between
Aaa and Baa
S t a t e and
Corporate
local govt;

(per cent)
1957 - High
1958 - Low
1959-60 - High
1960-61 Low
1961 - High
1962 - High
Low
Apr. 13
Apr. 20
Apr. 27
May k
May 11 2 /

5-10
li.51
5.36
U.98
5.13
5.11
5.00

(11/29)
(7/11)
(2/12/60)
(9/9/60)
(10/27)
(1/5)
(5/11)

5.02
5.01
5.01
5.02
5.00 y

L51
3.61
It. 1*6
3.93
U.16
U.oli
3*52
3.57
3.55
3.52
3.52
3.52

(8/29)
(5/1)
(2/7/60)
(31/9/61)
(3/23)
(1/11)
(5/10)

1.27
•77
.8ii
.66
.81
.72
.63

1.21
.93
1.08
.57
.93
.82
.56

.68
.68
.70
.72
.71

.56
.58
.59
.60
.59

p / Preliminary#
y Weekly average of daily figures. Average term of bonds included in 23-26 years.
2/ Weekly average of daily figures. The series includes bonds due or callable in 10 years or more.
figures. Only general obligation bonds are included; average t e m is 20 years.
Digitized3/forThursday
FRASER
Bote.—Highs and lows are f o r individual series and may be on different dates for different
series. For spreads, high refers to widest, and low to narrowest.
http://fraser.stlouisfed.org/

Federal Reserve Bank of St. Louis

EXHIBIT C, Par, I
SHORT-

AND

INTERMEDIATE,

TERM INTEREST

RATES, G O V E R N M E N T

w..hly

3 - $ Till ISSUES

F. I . D i s c o u n t IA I t

II

I I I I I I I I I I I I I LUJ
I

I I I

I I I I I I I I 1.1.J.. 1 LLI.I I I I I I.I J
If 12

Exhibit C - Part I I
Bate

1957 - High
1958 - Low
1959-60 - H
1960-61 Low
1961 - High
1962 - High
Low
Apr. 13
Apr. 20
Apr. 27
May 1*
, May 1 1 g /

Discount
rate

v

3-month
b i l l s 2/

3.50
1.75
Loo
3.00
3.00
3.00
3.00

3.61*
.58
1*.59
2.11
2.66
2.81
2.67

(10/18)
(5/29)
(1/8/60)
(10/28/60)
(12/29)
(2/16)
(5/H)

3.00
3.00
3.00
3.00
3.00

2.7l*
2.72
2.73
2.7U
2.6? Z

Yields
6-month
b i l l s 2/
(per cent)

3-:5 y e a r
issues 2/

3.02
5.07
2,35
2.90
3.02
2.77

U.OU (10/18)
2.Ill (6/6)
5.00(13/24/59)
3.15 (5/12/61)
3.86(8/11)
3.88 ( 2 / 2 )
3.1*3 ( V 6 )

.26
.79
.12
.1*1*
.21*
.09

.86
.01*
1.81
.38
1.51
1.19
.71

3.1*7
3.1*8
3.52
3.51
3.1*8

.10
.10
.10
.09
.10

.73
.76
.79
.77
.81

2.81
2.82
2.83
2.83
2.77

(12/26)
(1/8/60)
(4/28/61)
(12/29)
(1/12)
(5/11)

Spread between y i e l d s on 3 month b i l l s and y i e l d s on
6-nio. b i l l s 13-5 y r . i s s u e s "

y Weekly rate shown is that in effeot at end of period at the Federal Reserve Bank of New York.
2/ Market yield) weekly averages computed from daily 0losing bid pzioes. Series of 3-5 year issues
consists of selected notes and bonds.
Note.-—Highs and lows are f o r individual series and may be on different dates for different series.
Tor spreads, high refers to widest, and low to narrowest.




E X HI BIT D, Pail I
SHORT-

AND

BANKS AND

INTERMEDIATE-TERM
OTHER

Dinclly Ploc.d

_ J —

I

\ —

INTEREST RATES,

PRIVATE BORROWERS

|

I K

—JW

/'•»

f\J

^

' "W
N.t.blSCOUB!

I IDItAl IUNDS

I 1 I I I I 11 I I I
Exhibit D - Part I I
Date

Stock Exchange
c a l l loan 1 /

Prime
rate 1/

Finance company
paper 2 /

F e d e ra l
funds 3/

Spread between
3-mo. b i l l s and
f i n a n c e Co. paper

(per cent)
1957 - High
1958 - Low
1959-60 - High
1960-61 Low
1961 - High
1962 - High
Low

4.50
3.50
5.#
4.50
4.5o
4.50
4.50

4.50
3.50
5.00
4.50
4.50
4.50
4.50

3.88
1.13
5.13
2.50
3.00
3.13
3.00

Apr. 13
Apr.. 20
Apr. 27
May It
May 1 1 2 /

4.50
4.50
4.5o
U.5o
lt.50

4.50
4.50
4.50
4.50
4.50

3.13
3.08
3.06
3.00
3.00

y

(11/15)
(8/8)
(1/22/60)
(8/5/61)
(32/29)
(4/13)
(5/11)

3.50 (11/8)
.13(5/29)
4.00 (5/13/60)
.43 (1/27/61)
2.88(12/29)
2.95 (3/23)
1 . 3 0 (1/26)
2.90
2.85
2.85
2.65
2.60

.63
-•35
1.02
.11
.56
.41
.19
.36
•33
.26
.33

Weekly rate shown is that in effect at end of period. Stock Exchange call loan rate is going rate
on oall loans secured by customers* stook exchange collateral at New York City banks. Prime rate
is that charged by large banks on short-term loans to business borrowers of the highest credit
standing#
2/ Average of daily rates published by finance companies for directly placed paper for varying maturities
in the 90-179 day range.
„
3/ Weekly average of daily effective rate, which is the rate for the heaviest volume of purchase and
sale transactions as reported to the Federal Reserve Bank of New York,
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.




fXHIB.TJ^Por, I
STOCK MARKET
,9

>':"3 Av.rag,
JSL

VA'.i1

I V

J

J°-

* £H.ANOE IN SERIES

X

JLiil

Ll _ llil(iil|

1 1 1 M i^91 1 1 1
Exhibit E - Part I I

Bate

I 1960-61 - High
Low
1962 - High
Low

Stock p r i c e
index 1 /

72.01*
53.32
70.9k
62.65

(12/8/61)
(10/21/60)
(3/16)
(5/11)

Common
volume
stock
yields 2/ (millions
( p e r cent) of s h a r e s )
2.82
3.62
2.93
3.31

5.8
3.9
3.0

5,602 (12/61)1,259
k , l k 2 (5/60) 3,00ii
5,k6k (1) k , l l l
5,k26 (2) it,066

3.1
3.5
3.5
3.9
3.7

5,k57
n.a.
n.a.
n.a.
n.a.

March
April
Apr. 27
May U
May 1 1 2 /

70.29
68.05

2.95
3.05

66.2k
62.65

&
3.31

n.a.—Not available.

jyPreliminary.

66.30

Stock market customer c r e d i t
Bank
Customers
d e b i t b a l - loans t o
ances h / " o t h e r s " 5 /
( I n m i l l i o n s of d o l l a r s )

Total

2.2

(12/6I) 1,377
(7/60) 1,121
(1)
l,kl6
( 2)
l,3k8

(B/30/6I)
(5/25/60)
(5/2)
(l/2k)

n.a.
n.a.
n.a.

1,37k
l,kl2
l,kl2
1,106
n.a.

•

„„

4,083

3/ Averages of daily trading volume on the New York Stock Exchange.
,
i f ^ d of month figures for member firms of the Heir York Stook Exchange vhioh carry margin accounts|
*

For further detail see Bulletin.




M O R T G A G E A N D B O N D YIELDS ^

Exhibit F - Part I I
Date
1953-58 - High
Low
1959-60 - High
1960-61 - Low
1961 - December
1962 - January
FebruaryMarch
April

FHA
mortgages 2 /
а . 5 6 (2/55)
б.21* (1/60)
5.70 (7/61)
5.71
5.72
5.70

5.68

Spread between new
Aaa c o r p o r a t e
c o r p o r a t e bonds and
bonds 1 /
FHA
mortgages|Seasoned bonds
New 3 / | Seasoned h /
U.81
2.72*
5.29
a . 26
a.39
h.kS
a.50
ii.23
11.17

(6/57)
(3M)
(9/59)
(10/61)

lt.12
2.8k
U.61
k.22
li.la
L12
h.h 2
it. 39
li.33

(9/57)
ih/Sk)
(1/60)
(3/61)

1.96
.5U
1.76
1.08

.90
-.12
.77
-.16

1.32
1.27
1.20
1.1*5
n.a.

—.02
.03
.08
-.16
—.16

N e i t h e r mortgage n o r bond y i e l d s t a k e i n t o a c c o u n t s e r v i c i n g c o s t s which a r e much h i g h e r f o r
m o r t g a g e s t h a n b o n d s . G e n e r a l l y , bonds pay i n t e r e s t s e m i - a n n u a l l y ; m o r t g a g e s , monthly. Mortgage
y i e l d s , i f computed a s e q u i v a l e n t t o a semiannual i n t e r e s t i n v e s t m e n t , would be s l i g h t l y h i g h e r
than g i v e n in t h e t a b l e .
Based on FHA f i e l d - o f f i c e o p i n i o n s a b o u t average bid p r i c e s i n t h e p r i v a t e s e c o n d a r y market f o r
new—home mortgages f o r i n m e d i a t e d e l i v e r y .
S i n c e l a t e 1 9 5 5 , d a t a r e l a t e o n l y t o 2 5 - y e a r mortgages
w i t h downpayments of 10 p e r c e n t -or more, w e i g h t e d by p r o b a b l e volume o f t r a n s a c t i o n s . Y i e l d s
computed by FRB, assuming 2 5 - y e a r m o r t g a g e s a r e paid o f f i n 12 y e a r s . Dashed l i n e s i n d i c a t e
p e r i o d s of a d j u s t m e n t t o changes i n t h e c o n t r a c t u a l i n t e r e s t r a t e .
See n o t e f o r E x h i b i t G.
Moody's I n v e s t o r s S e r v i c e . Monthly a v e r a g e s o f d a i l y d a t a . See E x h i b i t B.




Lxhibit G

ii.14

Yields on New Corporate Bond Issues Adjusted t o an Aaa b a s i s
Number
of i s s u e s
included
Monthly averages:
1961 - July
August
September
October
November
December.
1962 - January
February
March
April
May
June
•Weekly averages:
19 61 - July 7
14
21
28
August 4
11
18
25
September 1
8
15
22
29
October 6
13
20
27
November 3
10
17
2k
December 1
8

Amount
Average
of i s s u e s
yield
included
(per
(millions
cent)
of d o l l a r s )
273.0
115.0
78.8
200.0
229.0
115.0
130.0
, 394.5
.21*0.0
299.0

h
4
2
7
9
3
4
5
6
7

1
1
2
2
1
1

8.0
200.0
65.0
55.0.
20.0
40.0
—
—

,
!
.

1

18.0

1
2

60.8
45.0

2
3
3

60.0
95.0
1*5.0

4
1
1
2

.

91.0
60.0
30.0
75.0

December 15
It. 62
22
29
4.59
it.38
4.26 I96I - high
Low'
4.32
4.39
4.45 1962
14.50 January 5
12
4.23
19
4.17
26
February 2
9
16
23
14.60 March 2
4.64
9
16
4.46
23
4.54
30
4.73*
1.60 April 6
——
13
20
27
4.46 hay 4
11
18
1.36
25
a. 25
June 1
8
4.21
15
4.28
22
. 4.21
29
4.29
^.35
4.40
4.29

Number
of i s s u e s
included
1

Amount
Average
of issues
yield
included
(per
(millions
cent)
of d o l l a r s )
• 40.0

4.55*

4.68 (6/16)
4.21 (11/3)

1

*

60.0

3

70.0

2
1
1
1
1
1
2
2
2
2
2

19.5
300.0
50.0
25.0
30.0
65.0
60.0
85.0
98.0
26.0
100.0

2
2

115.0
28.0

4.50
4.4o
4.4o
4.52*
4.50
4.37
4.29
4.23
4.21
4.22
4.21
4.12
4.17*
4.14
4.21*

and A by Moody's Investors Service (except s e r i a l , equipment t r u s t and convertible issues,
offerings of natural gas pipeline and foreign companies, and issues guaranteed by the
Federal Government) weighted by s i z e of issues. Yields on Aa- ana A-rated bonds are
f i r s t adjusted to an Aaa basis, using the comparable spreads in y i e l d s on seasoned bonds
(Moody's averages). Averages r e f l e c t changes in industrial composition, type, maturity,
and c a l l provisions of new offerings. Weekly averages considered unusually unreliable
as indicators of interest rates on new issues because of the small number or special
characteristics of offerings included etc. are marked with an a s t e r i s k . Source: weekly
data, Federal Reserve;monthly data,First National City Bank of New York.




v>
H.lll
Long-term Corporate and S t a t e and Local Government
S e c u r i t y O f f e r i n g s and Placements
(In m i l l i o n s of d o l l a r s )

1962

Corporate 1 /
|
1 1961

New c a p i t a l
I960

S t a t e and l o c a l 2 /
1962
1 19 t o
1 1961

580
66?
562

570
715
860

e/850
e/1000
e/625

713
689
76U

700
611
568

April
May

2,-118
1,259
1,318

761
577
l,0hh

e/850
e/750

723
61+1
1,031+

s
991

July
August
September

1,028
762
61+7

736
9 67
726

1+85
601+
?33

1+92
606
663

October
November
December

1,090
91+8
1,000

890
956
852

677
788
2/581+

3l+0
501
1+91

1,809
14,695
2.137
3,038

2,145
2,382
2,1+28
2,698

2,166
2,397
1,823
2/2,01+9

1,800
2,256
1,700
l,3li0

6,50b
8,91+1
11,979

It,527
6,955
9,653

k,*3
6,386

It, 136
5,916
7,257

January
February
March

1st
2nd
3rd
I+th

quarter
quarter
quarter
quarter

e/tiOO

a/2,323

1 s t half
Three q u a r t e r s
Year

e/2,l*75

Excluding f i n a n c e companies 3 /
1st
2nd
3rd
1+th

quarter
quarter
quarter
quarter

a/2,223

Year
1/
2/
y

1,551
It,552
2,337
2,807
11,253

•

1,716
2,165
2,018
2,31*7
8,216

S e c u r i t i e s and Exchange Commiesion e s t i m a t e s of n e t proceeds.
Investment Bankers A s s o c i a t i o n of America estimates of p r i n c i p a l amounts.
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
companies.




Exhibit I

H.U*

New Corporate Security I s s u e s , Type of Issue and I s s u e r
(In m i l l i o n s of d o l l a r s )
Quarter
or
month

• I960 - I

Gross proceeds f o r ne3
W
Net proceeds f o r
c a p i t a l and refunding V
new c a p i t a l V 2 /
Bonds
Common
and
Mfg. Public Communi- Other
Total P u b l i c l y P r i v a t e l y p f d .
u t i l i t y cations issuers
offered
o f f e r e d stock

n

2,265
2,537
2,520
2,832

93k
1,07k
1,336
1,1*62

1961 - I
II

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

662
2,303
772
967

880
1,275
1,139
1,1*21*

2,k39

1,150

865

1*25

696

1961 - Jan.
Feb.
Mar.
April
May
June
July
Aug,
Sept.
Oct,
Nov.
Dec,

601
695
696
2,231
1,31*2
1,779
1,075
813
678
1,155
987
1,09k

178
273
211
713
666
921*
1*21*
225
123
336
10i*
217

291*
255
331
31*8
355
572
392
1*31
336
509
31*8
567

129
167
151*
1,170
320
283
259
177
218
310
225
310

1962 - Jan. p /
Feb. p /
Mar. e /
Apr. e /
May
June
July
Aug.
Sept.
Oct.
Nov*
Dec.

720
889
830
1,300

273
1*97
380
650

308
257
300
325

11*0
135
150
325

HI
IV

in
IV

1962 - I e /

,

795
770
751*
955

598
808
652
696

189
11*9
317
381

1,059
913
896
997

W 515 381
1,771* 1,1*66 1 , 0 8 1
651*
935
595
81*5
836
792

81
1,095
10k
H*7

832
1,052
803
1,263

1*57

1*82

688

169
99
2U8
571*
1*1*7
1*1*6
1*28
255
252
271
215
306

137
160
81*
251*
1*39
389
369
215
111
306
362
168

21
111
19
991*
85
16
16
13
75
25
80
1*2

253
368
211
297
289
1*67
315
279
209
1*87
291
1*85

21*6
150
300
1*1*0

89
11*8
220
380

73
359

253
205
230
300

536
692
1*29
I1I6

298
511
562
625

in
IV

£

by the cost of f l o t a t i o n .
2 / For t o t a l see E x h i b i t H; o t h e r i s s u e r s a r e
e x t r a c t i v e , r a i l r o a d and other t r a n s p o r t a t i o n , r e a l e s t a t e and f i n a n c e and
commercial and o t h e r .
Source„ — S e c u r i t i e s and Exchange Commission,




H.ll*

V2-

Exhibit J
Other Security Offerings
(In millions of d o l l a r s )
Gross long-term 1 /
Foreign government 2/
Federal agency 3/
1962
| 1961
1962
| 1961
I960

January
February
March
April
May
June
July
August
September
October
November
December

10

e / 30

e/ 10

66
29
5
2

2
175
70
3U
72
hO
25

236
e/192

57

21*6
1

e/ -e/l*6o

i

h3
3h

Year
Jan. -April

6
29
20
2

1U2

250
193

2

la
533
281

252
100
ll*9
278

e/862

I960
182
150
150
ll*8

3$k
199

225

160
ll*9
181

1,1*1*8

1,672

352

630

Net short-term k /
State and Local government 5 / "
Federal agency 3/""
January
February
March
April
May
June
July
August
September
October
November
December
Year
Jan.-April

18
1*66
-21*8

160
19$
-8
-103
-1*2
-155
109
"318
-86
-6
5U
-116
520
21*1*

58
11*0
-80
70
-11*6
-157
1*8
las
-175
-16
50
-189

21*7
-156
22 6
£/~3l*6

18
188

2

2/ - 9

-11*1*
-162
-171*
-79
-87
207
22
193
108
98
56
-111*

-196
=202
-59
-277
170
320
95
23
-201
=23
-33
-250

-76

-633

-559

-731*

Preliminary.
e / Estimated by Federal Reserve.
These data d i f f e r from those in Exhibit H in t h a t refunding i s s u e s , as well as new
c a p i t a l i s s u e s , a r e included. Long-tera s e c u r i t i e s are defined as those maturing
in more than one year.
Includes s e c u r i t i e s offered in the United States by foreign governments and t h e i r
i n t e r n a t i o n a l organizations. Source: S e c u r i t i e s and Exchange Commission.
Issues not guaranteed by the U. S. Government. Source: long-term, S e c u r i t i e s and
Exchange Commission; short-term, Treasury Department and Federal Reserve.
Ihese data d i f f e r from those in Exhibit H and above in t h a t they represent new
o f f e r i n g s l e s s retirements, whether from the proceeds of refunding issues or from
other funds. Data include only issues with o r i g i n a l maturity of one year or l e s s .
P r i nfor
c i p FRASER
a l l y t a x and bond a n t i c i p a t i o n notes s warrants or c e r t i f i c a t e s and Public
Digitized
Housing Authority notes. In some instances PHA notes included may have a somehttp://fraser.stlouisfed.org/
what longer than one y e a r . Source: Bond Buyer and Federal Reserve.

Federal Reserve Bank of St. Louis

Exhibit K

H.ll*

Large Long-term P u b l i c 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
(Other t h a n U. S. Treasury) 1 /
Proceeds of Large I s s u e s O f f e r e d
( I n m i l l i o n s of d o l l a r s )

Month

Corporate
Bonds
Convertible
( o t h e r than
bonds
convertible)

Total

1961 - A p r i l
May

1,572
557
532
hlS
185
168
35U
391
255
195
ll25
366
6U8

July
August
September
October
November
December
1962 - J a n u a i y
February
March
April

560
180
1*35
285
165
78
205
320
125
170
125
330
1*30

'

—*>

1,010
62
97
115
20
58
81
1*5
130
25

15
51

21
167

15
.

75
33
67
26
-

Stocks

State
and
local
government
383
256
616
179
281
435
3#
1*80
307
561
662
259
123

Other
u
__

25
15L
100
73
Uo
250

,

1U5
6ii
30
55

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

Issuer

Type 3 /

Amount
Coupon
r a t e or Offering
(millions
Maturity n e t i n t e r - y i e l d
of
dollars)
est cost

Rating

CORPORATE
^ P a c i f i c Power & L i g h t Co.
Southern C a l i f . Edison Co.
Wisconsin Telephone Co.

Com.stk.
18.3
l s t & r e f .mtg.bds.l*0.0
20.0
Deb.

1987
2002

k-l/k
li-3/8

L25
U.27

Aa
Aaa

STATE AND LOCAL GOVERNMENT
P o r t of New York Auth.
S t a t e of Hawaii
Wash. Sub, S a n i t a t i o n D i s t . ,
Md.
C i n c i n n a t i , Ohio
Georgia S t a t e Sch. Bldg.
Auth.
A u s t i n , Texas

Rev.-Ut.
G.O.

35.0
10,0

1993
1965- 85

3.36
2.71

3.33
1.90-2.90

A
A

G.O.
G.O.

15.0
10.0

196U-89
1963-87

3.02
2.77

1.85-3.30V
1.50-3.00

A
Aaa

Rev.-Rent.
Rev.-Ut.

26.5
ll*.0

1963-83
1963-87

3.09
3.oU

1.60-3-UO
1.60-3.20

A
Aa

Bonds
Bonds

20.0
25.0

1977
1997

5-l/L
5-lA

5.1*7
5.50

A
Baa

OTHER
Kingdom of Denmark
Govt, of New Zealand




z

.'

«f •
K-2

H . lh

Footnotes
1/
2/
3/

k/

Rights o f f e r i n g .
Includes corporate and other s e c u r i t y o f f e r i n g s of $1^ m i l l i o n and over;
S t a t e 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 $10 m i l l i o n and over.
Includes 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 Reconstruction and
Development i s s u e s and non-guaranteed i s s u e s by Federal agencies.
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 general
o b l i g a t i o n s ; Rev.-Ut., revenue o b l i g a t i o n s secured only by income from
public u t i l i t i e s ; 3 e v . - Q . U t . , revenue bonds secured only by revenue from
q u a s i - u t i l i t i e s ; Rev.-S.T., revenue bonds secured by revenue from s p e c i f i c
taxes only; Rev.-Rent., revenue bonds secured s o l e l y by l e a s e payments.
1/10 p e r cent bonds maturing 1990-93 r e o f f e r e d to y i e l d it. 1*0 per c e n t .




U
H.lU

Exhibit L
Forthcoming Large Long-term 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. Treasury) 1 /
Expected Proceeds from Forthcoming Large I s s u e s
Date of
computation

During month following
date shown
Corporate S t a t e and
l o c a l govt. Other 2 /

1961 - Apr. 28
May 31
June 30
July 31
Aug. 31
Sept. 29
Oct. 31
Nov. 30
Dec. 29
1962 - Jan. 31
Feb. 28
Mar. 30
Apr. 30

Subsequent t o
d a t e shown
S t a t e and
Corporate l o c a l govt. Other 2/

if

si SI I!
51*2

48?
521
170

346
356

161
180
222
628

185

399
251
597
295
223
465

is!

333

687

579
771

255

537
530
454

611
666
240

5o4
4n

421

%

64

i

31a

&

291

Si
%
239
539

452

H

73
35

64

95

Forthcoming Large O f f e r i n g s , a s of May 11
Amount
(millions
of d o l l a r s )

Approximate date
of o f f e r i n g

Milwaukee Gas Ligfct Co.
1 s t mtg. bds.
15.0
< l6.0
Columbus & Southern Ohio Elec. Co.
1 s t mtg. bds.
Florida Power Corp.
1 s t mtg. bds.
25.0
Gulf S t a t e U t i l i t i e s Co.
1 s t mtg. bds.
17-0
Utah Power & Light Co.
1 s t mtg. bds. &pfd. s t k . 3 4 . 0
Alabama Power Co.
1 s t mtg. bds.
17.0
Mountain S t a t e Tel. & Tel. Co.
Deb.
50.0
Virginia E l e c t r i c & Power Co.
Com. stk e
40.0
United GaslDorp.
l s t n f c g . 4 c o l l . t r . b d s . 40.0
Columbia Gas System, I n c .
Deb.
25.0
Northern S t a t e s Power Co.
1 s t mtg. bds.
• 15-0
Consolidated Edison Co.
1 s t mtg. bds.
100.0
C i n c i n n a t i Gas & Elec. Co.
1 s t mtg. bds.
25.0
New England E l e c t r i c Sjystem
Com. stko
20.9

May 16
May 17
May 18
May 22
May 23
June 1
June 6
June 6
June 7
June 8
June 13
June 20
June 22
June
( r i g h t s expire)

Issuer

Type

CORPORATE

Air Reduction Co., Inc.

Conv.subodeb,

34.5

Commerce Oil Refining Corp.

Deb., bds. & com.

45.0




( r i g h t s expire)
Indefinite

L-2

H.Ik

Forthcoming Large O f f e r i n g s , a s of May 11 (Cont'd)
Issuer

Type

Amount
(millions
of d o l l a r s )

Approximate date
of o f f e r i n g

STATE AND LOCAL GOVERNMENT
Tucson, Arizona
Port of New Orleans Board of Comm..
La.
S a l t Lake C i t y , Utah
Metropolitan S e a t t l e , Wash.
Sacramento Mun. U t i l i t y D i s t . , Cal.
Wayne Co., Mich.
•*State of M i s s i s s i p p i
^ S t a t e of New Yolk
S t a t e of I l l i n o i s
Salt River P r o j e c t , Agri. Imp. &
Pwr. D i s t . , Arizona
P i t t s b u r g h , Penna.
.Jefferdon County, Colorado
Tarrant County, Texas
Dade County, Florida
J a c k s o n v i l l e Expressway A u t h . , F l a .

ReVo-Ut.

20.5

May 15

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

25.0
11.5
16.0
10.0
18.3
10.0
57-3
95.0

May
May
May
May
May
May
May
May

G.O.
G.O.
G.O.
G.O. '
G.O.
Rev.-Ut.

10.0
35.0
19.2
13.5
16.0
1*0.0

May 2li
Indefinite
Indefinite
Indefinite
Indefinite
Indefinite

Bonds
Bonds

25.0
15.0

May 15
May 15

15
15
17
17
22
23
23
21

OTHER
European uoal and S t e e l Community
Japan Development Bank
1/

Includes corporate and o t h e r i s s u e s of $3.5 m i l l i o n and over; S t a t e and l o c a l
government i s s u e s of #10 m i l l i o n and over.
Includes 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 Reconstruction and
Development i s s u e s and non-guaranteed i s s u e s by Federal agencies 0
N o t e . - - D e l e t i o n s f o r reasons other t h a n s a l e of i s s u e : None.
2/