Full text of H.16 Capital Market Developments : August 30, 1965

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i
Not for Publication
H. 14

„ DECONTROLLED..AFTER. SLLJtiWTO

v

I

August 30, 1965.

C A j y j A y ^ y g g r
IN

THE

developments

UNITED

STATES

Corporate and municipal bond markets. Public security financing
by corporations this week is expected to be light relative both to that
of the last two weeks and to the 52-week average. The $36.5 million
bond issue of Georgia Power Co. will account for about one half of the
total. At the same time, the volume of new municipal bonds will continue
to be small.
Long-term Public Security Offerings 1/
(In millions of dollars)

Corporate
New Capital | Refunding

State and local government
New Capital 1 Refunding

Sold:
52 week avg.
Aug.
Aug.

107

20
27

120
115

3

70

2

r/

185

15

249
118

Scheduled:
Sept.
1/

128

Federal Reserve estimates based on published reports of issues sold
and scheduled for offering; corporate rights offerings are included
as of the date subscription rights expire.

Yields on new offerings of corporate bonds moved upward again
last week as the new issue series (Aaa basis) rose 4 basis points to a
new high for 1965. At this level, underwriters have been able to
distribute these issues quickly.
In free market trading at week's end,
the one competitively-bid issue was selling at a premium from offering
price of several basis points. Yields on high-grade seasoned corporates
also showed some increase.
A $30 million debenture issue of General Telephone Co. of
California, originally scheduled for last week, was postponed indefinitely.




H. 14

-2-

Yields in Securities Markets
Change from
preceding week
(basis points)

Level latest week
(per cent)
High-Grade
Notes and Bonds
Corporate
New
Seasoned

4.71
4.51

+ 4
+ 1

U. S. Govt.
Long-term
3-5 year

4.21
4.21

+ 1
+ 1

State and local Govt.
Moody's Aaa
Standard and Poor's high
grade

3.17

+ 2

3.27

+ 3

Money Market
Federal funds
Treasury bills
3-month
6-month

4.12
3.86
3.96

+ 4
+ 3

Corporate Bonds Still in Syndicate
Date
Offered

Amount
(millions of $)

Issuer

8/20

19.5

National Fuel Gas
4-3/4's - 1990

8/24

50.0

Transcontinental Gas
P. L. Co.
4-7/8 's - 1986

Reoffering
Yield

Racing

4.70

Aa

Estimated Proportion sold

9/10

2/3

4.95

Blue List of Municipal Dealers' Advertised Inventories
(Millions of dollars)
Latest Date
789(8/27)




End of Previous W e e k

808

Recent High
901(6/4)

H. 14

-3-

Xn the municipal market, last week's new offerings were not
very well received. Although new issues were priced to yield investors
about 5 basis points more than comparable issues of the previous week,
dealers distributed only one half of the total volume. Nevertheless,
dealers' advertised inventories of unsold tax-exempts did decline
slightly. Yields on seasoned municipals rose to their early July levels.
FNMA secondary market operations. Offerings of FHA and VA
mortgages to FNMA for purchase under its regular secondary market
operations increased again in July, reaching $53 million, the highest
level in more than three years.
FNMA purchases in July were down
slightly; its sales were negligible. The further rise in FNMA offerings
during July apparently continued to reflect greater emphasis which has
been placed this year on programs for financing housing for lower income
groups or in outlying areas.
Stock prices. Common stock prices--as measured by Standard
& Poor's Index of 500 stocks--advanced 0.6 per cent last week in heavy
trading activity. At its close of 87.20 on August 27, the index was
only 3 . 4 per cent below its M a y 13 high. Trading volume averaged 5.4
million shares a day.
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.




IXWeiT A, Part I

Weefcl,

Exhibit A —

Aaa 1/

Part II

long-term £/

State end
local
government
Aaa 3/

Spread between
u. 8. Coyt. and
State and
Corporate
Aaa
Ufffl A M .

(per cent)
1959-60
1961-62
1962-63
1964

-

High
High
Low
High
Low

1965 - High
Low
July
Aug.
Aug.
Aug.
Aug.

30
6
13
20
27j>/

4.19(3/29/63)

4.51 (8/27)
4.41 (3/12)
4.48
4.47
4.48
4.50
4.51/

4.42 I
4.12 <
3.85 (lg/28/62)
4.20(4/3
4.11 (
4.21 (8/27)
4.13 (6/25)
4.15
4.16
4.18

4.20

y

4.21 /

.59
.57

.92
1.04

2.88(13/B/S2)

,21

1.14

3.17 (8/26)
2.94 (2/11)

.33
.19
.34
.25

3.16
3.16
3.15
3.15
3.17 /

.33
.31
.30
.30
.30

35

.80

1.01
1.22
.96
.99

1.00
1.03
1.05
1.04

fMssasi®® ""




L O N G - T E R M B O N D YIELDS, LOWER GRADE
Weekly

Exhibit B —

Corporate
Baa y

Da te

Part II

State and
local govt.
Baa I f

Spread b e t w e e n
Aaa and Baa
S t a t e and
Corporate
local govt.

(per c e n t )
1 9 5 9 - 6 0 - High
Y e a r end - 1961
'
1962
1963
1964
1965 - High
Low
July
Aug.
Aug.
Aug.
Aug.

Mete *

30
6
13
20
27j>/

5 . 3 6 (g/12/60)

4.46 (1/7/60)
4.04
3.57
3.60
3,51
3.57 (7/8)
3.40 (2/11)

.84
.66
.70
.48
*37
.41
.35

1.08

5.10
4.93
4.85
4.80
4.89 (8/27)
4.78 (3/19)
4.88
4.88
4.87
4.89
4.89

3.55
3.55
3.55
3.55
3.56

.40
.41
.39
.39
.38

.39
.39
.40
.40
.39

for footnotes see Exhibit km




.73
.63
.49
.52
.52
.38

C X H I I I T C, P a r t 1

S H O R T - AND INTERMEDIATE-TERM IN
GOVERNMENT
Weekly

1**0

1**1

1**2

1**1

1**4

!•*«

Exhibit C -- Part II

Discount
3-month
rate
bills 21
1/

Date

1959-60 - High
Year end - 1961
. 1962
1963
1964
1965 - High

July
Aug.
Aug.
Aug.
v Aug.

30
6
13
20
27|>/

Yields
6-month
I
bills 2/ 1
(per cent)

4.00

4.59 ( W 6 0 )

5.07 (1/9/60)

3.00
3.00

3.50
4-00

2.66
2.89
3.52

2.90
2.93

3.83

3.64

4.00
4.00

3.99 (2/26)
3.78 (6/25)

4.00
4.00
4.00
4.00
4.00

3.81
3.84
3.83
3.82
3.86/

Spread between yields on 33-5 year
issues 2/

5.00(12/24/39)
3.81

nwtih
fcUlf
Yl«14f-2S
6-mo. bills13-5 vr. issues

.79

3.93
4.04 (2/26)
3.82 (6/25)

3.41
4.07
4.07

.10

1.81
1.15
.52
.55
.24

4.21 (8/27)
4.04 (1/22)

.13
.03

.38
.11

3.88
3.94
3.93
3.93
3.96 .

4.12
4.16
4.17
4.20
4.21

,07
,10
,10
11
10

.31
.32
.34

.24

.04

.13

.38
.35

1/ Weekly rate shoim Is that in effect at end of period at the ffcdeml Reserve Bank of Sew Yozfc#
y Market yields weekly are rage# ooopated from daily o losing fed prieee. Series of 3-8 year issues
consists of selected notes and bonds*
Note*—Highs and lows are for individual series and m y be on different dates for different series,
for spreads, high refers to widest, and lew to narrowest#




EXHIBIT D. Perl 1
S H O R T - A N D I N T E R M E D I A T E - TERM I N T E R E S T R A T E S ,
B A N K S AND OTHER PRIVATE B O R R O W E R S

\

i

"""

E RATI

|

% ff

—

FINANCE COIU f A H T W H ^ r

. DISCOUNT RATi

A

A

/ M X

1

t

Cfleciiva laia

r

i

1 L 1.1 ,1 11 1 1 1 1 1
1**0

i 1) 1 1 1 1 1 1 11 1] II 1 II 1 1 11 1
U 1LII.LJJIJLjU

1
19*1

19*2

19*3

1**4

I***

Exhibtt D - ^ P a f n i

Prime rate

Date

1959-60 - High
Y e a r end - 1961
1962
1963
1964
1965 - High

July
Aug.
Aug.
Aug.
Aug.

30
6
13
20
27j>/

.

1/

Finance
company
F e d e r a l funds 2 /
oaoer
2/
(per c e n t )

5.00
4.50
4.50
4.50
4.50
4.50
4.50

5.13 (1/22/60)
3.00
3.19
3.88
4.06
4.25 ( 8 / 2 7 )
4 . 0 0 (2/12)

4 . 0 0 (3/13/60)
2.88
3.00
3.50
4.00
4.12(8/27)
3.68(1/22)

4.50
4.50
4.50
4.50
4.50

4.25
4.25
4.25
4.25
4.25

4.08
4.10
4.12
4.12
4.12

Spread b e t w e e n
3 - m o . bills and
finance co. n a o e r

1.02
.34
.30
.36
.23
.47
.10
.44
.41
.42
.43
.39

V Weekly rate shown is that In effect at end of period. Prime rate is that charged by large beaks
on short-term loans to business borrowers of the higiest credit standing,
Z/ Average of daily rates published by finance companies for directly placed paper far 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 Mew York*
Note*—Highs and lews are for Individual series and may be on different dates for different series.
For spreads, high refers to widest, and low to narrowest*




.

STOCK M A R K I T

Stock price
index U

•tock
yield# 2/
(pay gent)

Trading
volume 2/
(million#
9t

Stock market cuatomer credit
Cuatomera'
Bank
debit bal
ancea 4/
"other#" 5/
(In milliona of dollara)

1961-62 - High
Low
Year end
1963
1964
1965 - High
Low
June
July
Aug. 13
Aug. 20
Aug. 27 £/

72.04(lW6l)
52.68(6/22/62)

2.80

10.1

3.96

2.4

74.44
84.75
90.10(5/14)
83.06(6/25)

3.13
3.02
2.89
3.15

4.7
4.7

85.04
84.91
86.77
86.69
87.20

3.07
3.09
3.05
3.05
3.04

5.8
4.1
5.0
5.0
5.4

6.8

3.8

5,602(13/01) 4,259 (12/61) 1,418(9/9/62)
4,424(3/61) 3,253(3/61)
1.161(3/8/61)
7,242
7JD53
7,085
6,872

5,515
5.099
5,129
4,986

1,727
1.974
1,974(6/9)
1,848(3/3)

7,084
6,833

5,114
4,863

1,954
1,970
1,967
1,961

xwa.—Hot aval labia*
Prellminaxy.
j7 Standard and Poor*
s>ompo site index of 500 eemon stocks. weakly closing prices, 194L-43«10.
Poor1 ssonpo
Monthly
• d»t»
data are
are ai
average# of daily figures rather than of PxldeyU only. High* aad lows are for
Friday's data only,
i/ Standard and Poor*# oooposite stock yield based em IMnesdar data converted to weekly olosing
priaet by fadezml Resent. Held# shawm are for dates on which price index reached! ts high
3/ ATsragss of daily trading rolams em the law Yexk Steak Exohange# Ysai^end figure# are averages of
daily figures for the year*
End of month figures for omiber fines of the Mew Yoxk Stock txahsnge lAidi carry mrgla so counts I
excludes bale noes secured by
S , On tii rises nt obligations.
5/ Wednesday a gores for weekly reporting member banks, excludes loans for purchasing or earxyiitf
U. S. Government securities* Weekly reporting bank# account for about 70 per oemt of loans to
others, for further detail see Bulletin.

y




tXHIHT I. fan I
FEDERAL N A T I O N A L M O R T G A G E A S S O C I A T I O N ^
SECONDARY MARKET OPERATIONS

FERINGS

SALES
PORCHASESV
I

1961

1960

1963

1962

1964

1966

1965

E x h i b i t F - Part II

Date

E s t i m a t e d offerings to FNMA
Standby
Immediate
Total
commitment
purchase

Purchases
by
FNMA

Sales
by
FNMA

(In m i l l i o n s of d o l l a r s )

1964 -July
Aug.
Sept.
Oct.
Nov.
Dec.
1965

Jan.
Feb.
Mar.
Apr.
Hay
June
Julv-.

3.4
20.5
15.1
34.9
%uo
A\.3
*6.6
30.6
36.9
40.4
35.8
47.9
52.9

Liquid atiog Programs.




8.0
20.5
14.9
34.8
25.9
41.1
36.6
30.6
36.9
40.4
35.7
47.9
52.9. .

s3
-.1
.1
.1
.1
.1

.1
—

5.5
15.2
.7.2
24.0
16.0
32.5
29.8
28,S
36.5
38,7
31.4
39.5
™.7

12.6
4.4
1.6
5.7
5.9
2.0
12.5
5.1
7.9
3.0
12.2
3,4...

-

YIELDS O N NEW AND SEASONED C O R P O R A T E B O N D S

I I I I I I I I

Exhibit 0 - Pert II
Yield# on Hew Corporate Bond Issues Adjusted to an Aaa basis
Number Am't of issues Average
yield
included (mil.
of
(per cent).
issues of dollars)

Number Aa't of issues Average
yield
included (mil.
of
(per cent)
issues of dollars)
June

Monthly averages:
1965 - Jan.
Feb.
Mar.
Apr.
Bay
July

3
3
7
4
8
4
8

94.0
111:0
157.8
115.0
315.0
100.0
278.0

4.42
4.41
4.45
4.46
4.51
4.58
4.61

4
11
18
25
July 2
9
16




4.71(8/27)'
4.33(1/29)

4.60

65.0

4.58

121.0
10

Aug.
Weekly average
High
1965
Low

35.0

30
6
13
20
27

5i.°0
80.0
17.0
19.5
50.0

• U t corns
.everagee
offerings Included sre denoted by "

4.67*
4? 58
4.58
4.64
4.-67*
4.71

asterisk^

H. 14

Exhibit H
Long-term Corporate and State and Local Government
Security Offerings and Placements
(In millions of d o l l a r s )

i
New Can ital
1965

Corpora te
1964

1963

1965

State and Local 2/
1964
1963

January
February
March

795
746
1,197

930
685
754

613
594
1,144

B/8G3
2/872
f>/946

947
776
810

746
976

April
May
June

1,152
1,691
1,946

2,178
1,069
1,378

930
904
1,013

2/824
2/921
2/943

1,242
667
903

869
866
930

e/ 1,100
e/
850

780
661
1,109

676
637
795

906
780
892

680
708
449

949
646
1,419

1,013
819
1,415

2,369
4,625
2,550
3,013

2,3)1
2,847
2,109
3,246

6,994
9,544
12,557

5,198
7,307
10,553

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

quarter
quarter
quarter
quarter

1st h a l f
Three quarters
Year

2,738
4,7-89

7,537

IfS

801
529
948
£ / 2.62i
p / 2,688

B/5?19

2,533
2,811 v
2,578
2,278
5,345
7,923
10,201

732

1,051
729
416
2,454
2,665
1,837
2,197
5,118
6,955
9,151

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

quarter
quarter
quarter
quarter

2,547
4,389

Year
e/
£/
1/
2/
3/

1,996
4,170
2,411
2,755

2,284
2,529
1,768
2,854

11,332

9,434

Estimated by F e d e r a l Reserve.
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
#

|

H. 14
Exhibit I
New Corporate Security Issues, Type of Issue
and Issuer
(In millions of dollars)

Quarter
or
Month

Gross proceeds for new
capital and refunding 1 /
Bond:
Common Memo:
Privately
Total
Publicly
and
Foreign
Offered
Offered
Pfd. issues

Net proceeds for
new caoiLtal 1/

Included
135

2/

Mfg. Public Communi- Othei
Utility cations issue:

1962 - IV

2,875

1,088

1,510

stork
277

747

552

317

945

1963 - I
II
III
IV

2,700
3,634
2,436
3,466

1,108
1,389
898
1,319

1,306
1,820
1,251
1,780

287
424
287
367

128
434
109
47

947
591
806
968

326
794
285
530

236
221
150
118

842
1 ,241
868
1 ,629

1964 - I
II
III
IV

2,499
4,851
2,802
3,311

978
1,321
792
531

1,221
1,640
1,516
2,372

300
1,890
494
408

29
105
85
223

418
723
547
1,045

438
856
642
509

273
1,663
59
128

1 .240
1,383
1.303
1,,332

1965 - I
II
III

3,007
5,043

906
1,864

1,673
2,259

429
920

243
215

1 ,072
1 ,679

541
609

91
255

1,,034
2, 246

. 985
710
805
2,234
1,155
1,461
869
728
1,204
1,032
702
1,577

338
279
361
383
470
468
234
183
376
181
30
320

526
342
353
480
537
623
411
433
672
638
620
1,114

121
88
91
1,372
148
370
225
112
156
213
52
143

5
16
8
34
36
35
21
21
44
82
27
114

149
123
146
186
206
332
149
164
234
249
188
607

109
155
174
151
441
264
207
138
296
297
40
172

157
83
34
1,377
27
258
23
16
19
81
17
30

515
324
400
463
395
525
401
342
560
321
401
i610

858
791
1,358
1,233
1,773
2,038
1,130

161
187
557
422
694
748
540

565
450
658

131
155
143
162
449
309
90

49
51
143
33
49
134

385 ' 97
192
215
494
229
176
54a
698
248
441
184
330
340

21
44
26
15
143
98
70

292
295

1964

1965

- Jan.
Feb.
Mar.
Apr.
May
June
J uly
Aug.
Sept.
Oct.
Nay.
Dec.
- Jan.
Mar.
Apr.
May
June
July e/
Aug.

648

630
980
500

448
422

602
1,223
360

]>/ Preliminary,
e/ Estimated by Federal Reserve.
1 / Gross proceeds exceed net proceeds b y the cost of flotation.
2/ For total see Exhibit H; other issuers are extractive, railroad & other transportation,
~
real estate & finance, & commercial & other.
Source: Securities & Exchange Commission




Exhibit J
Other Security Offerings
(In millions of dollars)

1965
January
February
March
April
May
June
July
Augus t
September
October
November
December

91
e/ 20

Jan t

a/44 0

- July

Gross Long-term \/
Foreign government 2/
1964
1963
1965
4
82
69
30
75
26
20
13
7
180
72
58

218
--

38
73

Year

232
133
76
57
114
11
63
83

129
185
325

Federal agencv 3/
1964
1963

--

148

--

- -

--

186

—-

--

--

775
e/ --

275
260
160

459

--

--

--

--

509

——

——

174
200

2

--

306

686

636

771

e/1,414

535
1,204

——
——

--

793
1,167

Nf>u ahn •f-f-p-rm Lf
Federal agencv 3/
January
February
March
April
May
June
July
August
September
October
November
December
Jan.-July

238
91
-458
647
204
-82
£/

3

643

103
236
-407
442
81
-80
-9
127
176
7
-15
-208
366

75
272
-367
589
-30
-10
62
208
-173
259
146
-339

-137
-174
117
-11
509
237
e/120

591

661

-308
-336
23
97
183
239
-333
167
1
525
113
-3
-435

-332
-255
-161
202
195
319
415
326
258
123
-102
551
383

Year
453
692
Ififl
£./ Preliminary, e/Estimated by Federal Reserve, n.a.-Not available. 1/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/ Includes securities offered in the U.S, by foreign governments and their political
subdivisions and international organizations. Source: Securities & Emchan*# Commission.
3/ Issues not guaranteed by the U.S. Government. Source: Long-term, Securities & Exchange
Commission; short-term, Treasury Dept. & Federal Reserve.
4/These data differ from
those in Exhibit H and above in that they represent new offerings less retirements,
t whether*" from the ^proceeds or refunding issues or from other funds. Data include only
issues with original, maturity o f 6ne »year or less. "5/ Principally tax and bond
anticipation notes / w a r r a n t s , or certificates "and Public Housing Auth. , ,
Hf^ylar * n 801116 i n s t a n c e s PHA notes included may have a somewhat longer maturity than
Source:

Bond and Buyer & Federal Reserve.




(<
H. 14
Exhibit K
Large Long-term Public Security Issues for New Capital
(Other than U. 8. Treasury) 1/
:

Proceeds o f Large Issues Offered
(In millions of dollars)

Jj
I

}

Total

; 1964 - July
Aug.
'
Sept.
Oct.
Nov.
Dec.
1965 - Jan.
Feb.
Mar.
Apr.
May
June
July

Cornoriite
Bonds
(other then
Convertible
convertibles)
bonds

291
142
376
187

178
215 .
269
108

230
139
217
513
307
928
801
477

200
115
131
233
210
560
343
455

.

Stocks

State
and
local
governments

113

- -

17
25

81
79

--

---

—

15
86

280
97
53
320
22

--

315
138

2/

260
104
15
502
15

544
459
558
419
226
541
419
466
395
411
492
377
65 5

--

30

Other

--

235
,30
19
260
• 40
360
20

Large Individual Issues Offered August I tnrougn 27

Issuer

i;
<?9t£9W6
• Southern Counties Gas Co.
(, General Mills Inc.
•. Beaunit Corp.
Orange & Rockland Util.
Corp
•Northern States Pwr. Co.
. Southern Calif. 'Ed. Co.
National Fuel Gas Co.
Magnavox Co.
Lone Star Gas Co.
Transcontinental Gas P.L.Co
State and Local Government
Ala. Pub. Sch. & College
A uth.
Pittsburgh, Pa.
Newark, N, 'J .

Type

Amount
(millions
of
dollars)

Maturity

Coupon
rate or
net interest cost

Offering

Rating

Yield

40,0
35.0
25.0

1990
1990
1990

4-3/4
4-5/8
4-1/4

4.70
4. 63
4.25

17.0
1st mtg. bds.
25.5
Com. stk.
75.0
Conv. deb
19.5
S. F. deb
20.0
S. F. deb
30.0
S. F. deb
1st mtg. p.l. bds50.0

1995

4-7/8

4. 73

A

1980
1990
1986
1990
1986

3-1/8
4-3/4
4-3/4
4-7/8
4-7/8

2.89
4, 70
*.7 3
4.80
4.95

A
Aa
A
A
Baa

1966-85
1966-85
1966-85

3.36
3.11
n. a.

2.50-3. 4-0
2.40-3,,15
2.40-3 20

1st mtg. bds.
S. F. deb.
Conv. sub. deb.

Rev.-Rent
G.O.
G.O.




25.0
10.0
12.0

A
A

Aa
A
A

K-2
Large Individual Issues Offered August 1 through 20 (Cont'd)

Issuer

Type 3/

Amount
(millions
of
dollars)

Maturity

! OfferCoupon
ing
rate or
net inter -j yield
est cost
1

Rating

State and Local (Cont'd)
San Francisco, Calif.
Public Housing Auth.
Hamilton Co., Ohio
Tarrant Co. Wtr. & Imp.
Dist # 1, Texas
Suffolk Co. Wtr. Auth, N.Y.
Madison, Wisconsin
San Antonio, Texas

12.7
132.0
30.0

1966-85
1966-2006
1966-85

2.97
3.22
n. a.

2.35-3.10
2.30-3.40
2.35-3.10

Aa
Aaa
Aaa

Rev.-U(.
Rev.-Ut.
G.O.
G.O.

11.6
15.0
11.7
15.0

1970-95
1966-2002
1966-75
1968-85

3.39
3.46
2.96
3.21

2.80-3.45
2.45-3.60
2.40-2.95
2.70-3.30

A
A
Aa
A

Bonds

50.0

1990

4-3/4

4.85

Aa

G.O.
Bonds
G.O.

Other
Province of Ontario

*--Rights Offering,
n.a.--Not available.
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;
kev.-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.




H. 14
Exhibit L
Forthcoming Large Long-term Public Security Offering for New Capital
(Other than U.S. Treasury) 1/
Expected Proceeds from Forthcoming Large Issues
(In millions of dollars)

During month following
date shown
State and
Corporate
Other 1 )
local govt.
- July 31
Aug, 31
Sept.30
Oct. 30
Nov. 30
Dec. 31
- Jan. 29
Feb. 26
Mar. 31
Apr. 30
May 28
June 30
July 30

92
402
186

120
511
500
254
360
306242
316
212
411
328
397
248

--

90
105
169
407
267
852
765
363
193

.

--

15
--

Corporate
167
442
186

--

25
215

60
25
70
20
--

Subsequent to
date shown
State and
local govt.
588
680
626
549
563
435
382
599
373
635
474
524
352

--

130
105
253
504
792
852
923
410.
240

Other 2/

15
--

25
215
--

'

60
25
70
20
--

Forthcoming Large Offerings as of August 27

Issuer

Type

Amount
(millions
of
dollars)

Approximate date of
offering

Corporate
Georgia Power Co.
Consolidated Nat. Gas Co.
Alabuma Pwr. Co.
Tenn. Gas Trans. Co.
Penna. Elec. Co.
Southern Bell Tel.& Tel.Co.
Public Service Elec. & Gas C<
Pacific Power & Light Co.
Indiana Bell Tel. Co.
^Kansas City Power & Lt. Co.
^Columbia Gas System
"Jersey Central Power & Lt. Cc
"West Penn. Power Co.
Macy Credit Corp.
Great Western Financial Corp.
General Tel. Co. of Calif.




1st mtg. bds.
Deb.
1st mtg. bds.
1st mtg. p.l. bds.
Deb.
Deb.
1st & ref. mtg. bds.
1st mtg. bds.
Deb.
1st mtg. bds.
Debs.
1st mtg. bds.
1st mtg. bds.
Deb.
Deb.
S. F. deb.

36.6
25.0
40.0
60.0
20.0
100.0
60.0
30.0
25.0
15.0
40.0
20.0
20.0
25.0
22.0
30.0

Sept.
1
Sept. 9
Sept. 10 .
Sept. 14
Sept. 15
Sept. 16
Sept. 21
Sept. 29
Oct.
5
Oct.
5
Oct.
7
Oct.
26
Nov.
23
Indefinite
Indefinite
Indefinite

i

L-2
Forthcoming Large Offerings as of August 27 (Cont'd)

Issuer

Type

Amount
(millions
of
dollars)

Approximate date of
Offering
•

State and Local Government
State cf Washington
New York State Dorm.Auth.
State of North Carolina
Tulsa, Oklahoma
State of New York
Cuyahoga Co., Ohio
State of Calif.
-State of Ohio Highway Imp.
*State of New Hampshire
Los Angeles Co. Flood Control Dist.Cal
El Paso, Texas
"La. Capital Construction & Imp. Comm.
Nassau Co., N.Y.
Dade County, Fla.
Florida Dev. Comm.

G.O.
Rev •Rent.
G.O.
G.O.
G.O.
G.O.
G.O.
G.O.
G.O.
Rev. -Q.-Ut.
Rev. -Ut.
Rev. -S.T.
G.O.
G.O.
Rev. -S.T.

28 .0
21 .0
25 .0
13..1
70.,0
13..0
105. 0
50. 0
26.1
40.0
10. 5
25. 0
30. 0
46. 0
33. 8

30
Aug.
Aug. 31
Sept.
1
Sept. 8
Sept. 9
Sept. 9
Sept. 14
Sept. 16
Sept. 17
Sept. 21
Sept. 22
Sept. 22
Sept. 30
Indefinite
Indefinite

NONE

"--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-guarnateed issues of Federal agencies.
Note;--Deletions for reasons other than sale of issue: General Tel. Co. of Calif.,
originally scheduled for Aug. 26, postponed indefinitely.




r?
H.14
Exhibit M
Foreign Government and Corporate Security Offerings
and Placements in the United States
Part I:

Sale Date

Public Offerings

Amount
(millionsr
of
dollars)

Issuer and Description of Issue

A.

Sold June 1 through August

6/15

50.0

Quebec Hydro-Electric Commission--4-5/8% debenture,
maturing 1985, reoffered to yield 4.75%;

6/17

20.0

Kingdom of Denmark--6% bonds, maturing 1985,
reoffered to yield 6.09%.**

6/22

20.0

Metropolis of Tokyo--6% bonds, maturing 1980,
reoffered to yjeid 6.50%.**

7/7

20.0

Commonwealth of New Zealand--5-3/4% bonds, maturing
1985, reoffered to yield 5.97%.**

;*8/24

50.0

Province of Ontario, Canada--4-3/4% debenture, maturing
1990, reoffered to yield 4.85%.

i

B.

j

I

Prospective Offerings

NONE

*
**

Included in table for first time.
Issue sold r..tw investors outside U.S.




M-2

Part II:

Date
Reported

Amount
(millions
of
dollars)

H. 14

Private Placement--Reported June 1 through August 27

' Issuer and Description of Issue

7/21

40.0

Trans-Canada Pipe Lines Ltd.--5-1/8% first mortgage
bonds, maturing 1985--no information available on
takedown.

8/11

8.0

Celanese Mexicana S. F.--7-1/4% sinking fund bonds,
due 1977--no information availably 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
y
between the data shown in the Exhibit and that shown in Exhibits I and J because the latter includes privately placed securities in the period in which funds are
i
actually takendown but only in the amount of takedown while the placements shown
in this exhibit are included w h e n 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 is reported.




'