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Decontrolled AFTER SII hows
Not for Publication
H. 14

January 22, L968.
JA
24
^
*
J
CAPITAL'MARKETS DEVELOPMENTS
Hip THE UNITED STATES

Corporate^andmunlcipal bond markets. The volume of new
porate security offerings expected this week is well below the weekly
average volume for such issues over the past year. In contrast to tfie
corporate market, new municipal offerings scheduled for this week
relatively heavy. Investor interest in the municipal market is centered
on two outsized issues dominating this week's calendar, California's $100
million of education bonds and $114.2 million of New York City bonds, Not
included in the table below is the $35 million Province of Nova ScotjL
bond offering also expected this week.
If

Long-term Public Security Offerings —
(In millions of dollars)
Corporate
New Capital I Refunding

State & Local Government
New Capital | Refunding

Sold:
335

259

12
19

r/394
" 207

217
192

Scheduled;
January 26

150

351

52 weeks avg.
January

1/

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

Yields on new corporate bonds advanced slightly last week, breaking the decline in new issue yields registered over five consecutive weeks.
The response accorded new issues was mixed, but notably weak following the
State of the Union message. Of three non-convertible utility bond tissues
last week, two remain in syndicate with sizable unsold balances.
Seasoned municipal bond yields continued to decline last Week.
New municipal issues, however, experienced a lackluster investor response
with less than one-half of the weekly volume spoken for by the Friday close
of trading.
Private housing starts and permits. Seasonally adjusted plrivate
housing starts, which had soared to a rate of 1,587 thousand (as revised
slightly upward) in November, dropped a fifth in December to an annual rate
of 1,256 thousand. While a decline in December was anticipated, the rate
was the lowest since last June and brought the average for the fourth quarter




H. 14
-2-

Yields of Security Markets
High Grade
Notes and Bonds

Change from
preceding week

Levels Latest Week

Corporate
J

6.21

New
Seasoned

6.14

ll.fir Government
6
4

5.18
5.52

Long-term
, 3-5 year
State and local Govt.

4. 03
4.34

Moody Vs Aaa
Std. 6= Poor's high grade
Mnnev Market

+

4.73

Federal funds
. Treasury bills
3-month
6-month .

20

5.02
5.25
Corporate Bonds Still in Syndicate

Amount
(millions of $)

Date
Offered

Issuer

Reoffering
Yield

Rating

Estimated
portion s

1/17

20.0

Conn. Light & Power,
6-1/2's - 1998

6.40

Aaa

507=

,,,,

18.0

Minn. Power & Light,
6-1/2's - 1998

6.43

A

60%

1/10

100.0

Aaa

757,

Northwestern Bell Tel.,
6-1/4's - 2007
6.25

ttlue List of Municipal Dealers1 Advertised Inventories
Latest Week
376(1/16/68)




End of Previous Week
331

Recent High
849(4/26/67)

H. 14

-3-

as a whole to 1,446 thousand. This was up 3 per cent from the advanced
third-quarter rate and 58 per cent above the exceptionally low rate a
year earlier. For 1967 as a whole, starts totaled 1,291 thousand, a tfenth
above a year earlier.
All types of structures and all regions shared in the December
decline, though it was sharpest for multifamily units and in the Northeast.
While unusual winter weather and difficulties of daily average adjustment
may have been factors in the December decline, the drop also apparently
reflected the rapid pace of starts in previous months and particularly in
November.
I
Government-underwritten starts declined appreciably less thjan
starts with conventional financing in December, and altogether accounted
for 24 per cent of the reduced December total. This compared with 20 per
cent a year earlier. For 1967 as a whole the Government-underwritten
share amounted to 18 per cent as against somewhat less than 17 per cent in
other recent years.
Unlike starts, seasonally adjusted building permits turned upward again — and sharply — in December, to an annual rate of 1,362 thousand
— the highest since early 1964. All structures and regions participated in
the rise, which ranged as high as 36 per cent in the case of mult if airily
structures (5 or more) and 24 per cent for thu Nri"h Central states
Stock prices. Common stock prices — as measured by Standard ,
and Poor's index of 500 stocks — declined last week in unusually heavy
trading. At the close Friday, S&P's index registered 95.24, a decline of
1.48 points from the week earlier. Trading volume on the New York Stock
Exchange averaged 12.8 million shares a day. On Lhe AMEX
trading
volume surged to four consecutive daily records — including the first
10 million shares day in AMEX
history. The unusually heavy trading
volume in recent weeks induced both exchanges to announce shortened
trading days (beginning January 22) until further notice.
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 Sysuem.




LONG-TERM BOND YIELDS, HIGH-GRADE

CORPORATE Aaa

U.S. GOVERNMENT

r

STATE AND LOCAL GOVERNMENT Aaa

1963

1964




1965

1966

1967

1968

Exhibit A — Part II

Date

1959-60 - High
1966 - High
1967 - High
- Low

| Corporate
Aaa 1/

4.61(1/29/60)
5.52(9/9)
4.73(1/7)
6.24(12/29)
5.00(2/10)

State and
U.S. Govt. |
local
long-term 2/, government
Aaa 3/
(per cent)
4.42(1/8/60)
4.87(9/2)
4.42(1/7)
5.49(11/17)
4.37(2/3)

3.65(9/24/59)
4.04(8/25)
3.39(1/13)
4.15(12/29)
3.25(2/9)

Spread between
U.S. Govt, and
Corporate
State and
Aaa
local Aaa
.59(8/5/60)
.92(4/22/60)
.84(12/30) 1.19(2/11)
.14(2/18)
.77(9/2)
.92
1.51
.44
.74

Dec. 22
6.22
5.34
4.15
.88
1.19
29
6.24
5.35
4.15 ;
.89
1.20
Jan. 5
6.24
5.23
4.15
1.01
1.08
12
6.20
5.12
4.08
1.08
1.04
I9j>/
6.14
5.18
4.03
.96
1.15
2./ Preliminary.
1/ Weekly average of daily figures. Average term of bonds included is 22-24 years.
2/ Weekly average of daily figures. The series includes bonds due or callable in 10
years or more.
3/ Thursday figures. Only general obligation bonds are included; average term is 20
years.
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.




*)&•

CORPORATE Baa

STATE AND LOCAL GOVERNMENT

1963

1964




1965

1966

1967

1968

Exhibit B -- Part II

State and
local govt.
Baa 3/

Corporate
Baa 1/

Spread between
Aaa'and Baa
State and
Corporate
local govt.

(per cent)
1959-60 - High
Year end- 1965
1966 - High
Low
1967 - High
Low

5.36(2/12/60)
5.04
6.18(12/30)
5.05(1/14)
6.97(12/29)
5.81(4/14)

Dec. 22
6.96
29
.
6.97
6.96
Jan. 5
12
6.86
6.79
19p/
Note: For footnotes see Exhibit A„




4.46(1/7/60)
3.79
4.55(8/25)
3.78(1/20)
4.73(12/28)
3.85(4/13)

.31

1.08
.39
.62
.31

.82

.81

4.73
4.73
4.73
4.65
4.65

.74
.73
.72
. 66
.65

%

.84
.31

.81
.63

.37

.58
.58
.58
.57
.62

EXHIBIT C, fori 1

S H O R T H A N D INTERMEDIATE-TERM INTEREST RATES
GOVERNMENT

1 6-MONTH BILLS

3 - 5 YEAR ISSUES

F.R. DISCOUNT RATE

3-MONTH BILLS

1963

1964




1965

1966

1967

1968

Exhibit C -- Part II

Discount
rate

1/
1959-60 - High
Year end - 1965
1966
1966 - High
Low
1967 - High
Low
;
Dec.
Jan.

22
29
5
12
19£/

3-month
bills U

Yields
| 6-month
| bills I'
(per cent)

| 3-5.year
I issues £/

Spread between yields on
13-mo. bills and yields on 1
6-mo. bills 13-5 vr. issues

4.00
4.50
4.50
4.50
4.50
4.50
4.00

4.59(1/8/60)
4.47
4.80
5.52(9/23)
4.39(6/24)
4.99(12/29)
3.41(6/9)

5.07(1/8/60)
4.66
4.92
5.92(9/23)
4.53(6/24)
5.50(12/15)
3.74(6/2)

5.00(12/24/59)
4.90
4.86
5.83(9/2)
4.80(4/8)
5.80(11/10)
4.36(4/7)

4.50
4.50
4.50
4.50
4.50

4.96
4.99
4.99
5.06
5.02

5.44
5.49
5.39
5.30
5.25

5.68
5.75
5.61
5.48
5.52

2/ Market'yield; weekly averages computed from dally closing bid prices.




10

. .79
.19
.12
.52
.09
.62
.01

1.81
.43
.06
.78
.01

.48
.50
.40
.24
.23

.72
.76
.62
.42
.50

Series of 3-5

1.61
.02

SHORT-. A N D I N T I R M I D I A T I - T E R M INTEREST RATES,
B A N K S A N D OTHER PRIVATE BORROWERS

PRIME RATE
FINANCE COMPANY PAPER

F.R. DISCOUNT RATE

FEDERAL FUNDS

1963

1964




1965

1966

1967

1968

Exhibit D —

Prime rate 1/

1959-60 - High
Year end- 1964
1965
1966
1966 - Low
1967 - High
.
Low

Spread between
3-mo. bills and
Federal funds 3/ finance co. paper

Finance
company
•paper 2/

5.13(1/22/60)
4.06
4.75
5.88
4.75(1/7)
5.75(1/6)
4.38(6/23)

4.00(5/13/60)
4.00
4.63
5.63
3.55(1/21)
5.25(1/6)
3.40(10/27)

1.02
.23

.28

1.08
.20
1.33
.21

.54
.51
.51
.45
12
.48
192/
that
r
e
!rarged by iarrbanks on short-term loans to business borrowers of the highest]

Dec. 22
•29 '
Jan.- 5

"

5.00
4.50
5.00
6.00
5.00(3/4)
6.00(12/29)
5.50(12/1)

Part II.

6.00
6.00
6.00
6.00
6.00

4.50
4.66
4.56
4.53
4.73

5.50
5.50
5.50
5.50
5.50

2/ Averige^f^aily rates published by finance companies for directly placed paper




-uiV

STOCK MARKET

100

PRICES

STOCK MARKET CREDIT
CHANGE IN SERIES

VOLUME

YIELDS

1963

1964




1965

1966

Exhibit E — Part II

Date

Stock price
index If

1961-62 - High
Low
1966 - High
Low
1967 - High
- Low
Nov.
Dec.
5
12

19£/

Stock market customer credit
Trading
Common
Bank
Customers'
volume 3/
stock
debit bal- loans to
Total .
yields 2/ (millions
"others"5/
ances 4/
(per cent) of* shares)
(In millions of dollars)

72.04(12/8/61)
52.68(6/22/62)
93.77(2/11)
73.20(10/7)
97.26(10/6)
82.18(1/6)

2.82
3.96
3.01
3.97
3.01
3.58

10.1
2.4
10.7
5.0
12.3
6.9

92.66
95.30

3.18
3.09

10.6
11.5

95.94
96.72
95.24

3.08
3.05
3.09

12.2
13.2
12.8

, 5,602(12/61)
4,424(1/61)
7,997
7,302
10,347
7,345
r/9,497
r7l0,347

4,259(12/61)
3,253(1/61)
5,835
5.169
7,883 „
5,200

r/7,055
r/7,883

1,418(5/9/62)
1,161(3/8/61)
2.241(7/6) s
2,097(12/14)
2,507(11/1) v
2,055(1/25) :
2,442
2,464

i;
• -f

2,465
r/2,449
-M

n.a. Not Available. jd/ Preliminary, r? R
e
v
i
s
e
d
.
'
'
J./ Standard and Poor's composite index of 500 common stocks, weekly closing prices, 1941-43=10.
Monthly data are averages of daily figures rather than of Friday's only. Highs and lows are x
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 high
or low.
,
•
i
3/ Averages of daily trading volume on the New York Stock Exchange. Year-end figures are averages ..
of daily figures for the year.
.
4/ End of month figures for member firms of the New York Stock Exchange which carry margin account^
~~ excludes balances secured by U. S. Government obligations.
5/ Wednesday figures for weekly reporting member banks. Excludes loans.for purchasing or carrying'^
U.S. Government securities. Weekly reporting banks account for about 70 per cent of loans to
others. For further detail see Bulletin.




ff

EXHIBIT F, Pari 1

PRIVATE HOUSING STARTS A N D PERMITS

Millions of unil«

Monthly, annual ralei

SEASONALLY ADJUSTED DATA
HOUSING^ STARTS

BUILDING PERMITS

ANGE IN SERIES

PER CENT O F U N A D J U S T E D TOTAL STARTS

1961

1962

1963




MULTI-FAMILY

—i
GOVERNMENT UNDERWRITTEN
I
L_
1964
1965
1966

i I i ii 1 i M iiIiIi i i i i i
1968
1967

Exhibit F - Part II
Building
permits
Unadjusted
(seasonally
Type of financing TypA of housing
adjusted
Multi1-2
annual
Seasonally adjust- Unadjusted
family
VA
Other
family
FHA'
rate) 2/
ed annual rate

Date

(Thousands of units)
1966 - Dec.
1967 - Jan.
Feb.
Mar.
Apr..
May
June
July
,
Aug.
Sept.
Oct.
Nov.
Dec. 2/

931
1,111
1,149
1,094
1,116
1,274
1,233
1,369
' 1,407
1,445
r/1,496
r/1,587
1,256

60
59
61
92
114
132
125
125
127
r/122
7/135
7/118
81

10
10
9
14
12
18
19
15
*• 17
16
19
15
16

48
2
46
3
49
3
74
4
97
4
109
5
101
5
106
5
105
6
101
5
5 r/111
4 r/ 98
61
4

759
19.8
40.3
942
17.2
41.8
894
19.2
42.3
928
22.7
68.8
1,028
30.2
83.5
1,033
39.8
92.3
1,109
34.8
90.6
1,093
38.4
86.8
1,127
39.5
87.8
1,159
39.8
82.0
1,212
r/86.7 r/48.7
7/72.2 7/45.9 r/1,158
""
1,362
31.2
49.3

M B
erences in timing and coverage.
r/

Revised.

2/

Preliminary.




P»-

EXHIBIT G, Port 1

YIELDS O N NEW A N D SEASONED CORPORATE BONDS
6.5

NEW ISSUES

6.0

5.5

5.0
SEASONED Aaa

4.5

4.0
1964

1965




1966

1967

1968

Exhibit G - II
Yields on New Corporate Bond Issues Adjusted to an Aaa basis

Number
of
Monthly averages-.
1967 - Jan.,
Feb.
Mar.
Apr.
- - ' May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

Number |Am't. of issues Average |
of
I included (mill. yield #
(per cent
issues I of dollars)

Am't. of issues Average
included (mill.
yield
(per cent)
of dollars)

7
20
20
14
23
14
17
10
15
13
5

496.0
481.0
I,073.0
916.0
570.0
993.0
r 772.0
II, 125.0
358.0
716.0
356.5
355.0

5.38
5.20
5.31
5.39
5.66
5.79
5.78
5.89
5.88

6.12

Dec.

Jan

I'M

1
8
15
22
29

231.5
230.0
125.0

6.42^

5
12
19d

15.0
353.0
63.0

6.32 x
r/6.18/
6.21,

6.53
6.51

Weekly averages:
6.59(11/17)
High
5.
Low
Note: Averages of 'offering yields on all new issues of publicly offered corporate bonds rated Aaflt/
Aa, and A by Moody's Investors Service (except serial and convertible issues, offerings of natu%#
gas pipeline and foreign companies, and bonds guaranteed by the Federal Government) weighted by f
size of offering. Before averaging, new offerings are adjusted to a composite Aaa basis by
deducting from the actual reoffering yield the excess of. the weekly average yield for seasoned
bonds of the appropriate industry-quality group over the composite average for seasoned Aaarated bonds (Moody's). Averages considered unrepresentative because of special characteristics
of the offerings included are denoted by an asterisk. .
£./ Preliminary,

r/

Revised.




-IV

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

January
February
March

e/1,200

e/ 1,900

1,438
1,193
901
1,141

1,973
1,474 .
2,611
July
August
September
October
November
December
let
2nd
3rd
4th

1st
2nd
3rd
4th

1,020

p/1,461
e/2,250

1,635

5,363
6,058
6,586
e/6,007 vZ

Quarter
Quarter
Quarter
Quarter

let half
Three quarters
Year

701
773

2,406

11,421
18,007
/
e/24,014

4,985
4,975/
4,091
9,959
14,050
17,601

960
p/1,353
e/l,050z
4,116
e/3,363
7,943
10,992
e/14,356 v

6,146
8,640
11,304

Excluding finance companies 3/

Quarter
Quarter
Quarter
Quarter

4,924
4,884
3,969
3,188

5,207
5,913
6,338

17,269

Year
Estimated by F<

1MSSSSSSHSSass.



companies.

-M-

Exhibit I
New Corporate Security Issues, Type of Issue
and Issuer
(In millions of dollars)
Quarter
or
Month
1966 - III
IV

Net proceeds
Gross proceeds for new capital
for new capital 1/ 2/
and refunding 1/
Common Memor
Bonu s
Total
Other
Foreign Mfg. Public CommuniPublicly Privately and
Utility cations Issuers
pfd. issues
Offered Placed
stock included
4,197
2,256
1,627
657
314
154
1,558
567
1,309
3,669
2,047
1,247
375
117
1,232
984
417
918

1967 - I
II
III
IV e/

5,464
6,208
6,834
6,237

3,263
4,017
4,604
3,070

1,811
1,465
1,552
2,122

390
726
678
1,045

60
65
234
59

2,442
3,014
2,792
2,693

997
1,268
1,219
1,203

543
548
595
392

1,382
1,228
1,979
1,733 i

1966 - Dec.

1,662

980

555

127

24

673

409

152

401 j

1967 - Jan.
' Feb.
Mar.
Apr. .
May
June
July
Aug.
Sept.
Oct.
Nov. g/
Dec.j^

1,684
1,418
2,362
2,016
1,519
2,673
2,590
2,481
1,763
2,417
1,493
2,300

848
745
900
362
1,618
601
1,368
410
965
396
1,684
659
1,889
487
1,813 __
418
902
647
1,375
572
645
543
1,075
1,000

91
156
143
238
158
330
214
250
214
470
305
225

35
10
15
16
32
17
213
13
8
40
r/19
n. a.

624
563
1,254
1,128
588
1,298
925
1,229
637
918
522
1,100

220
274
503
394
403
471
446
509
265
573
404
220

293
105
145
107
91
350
39
356
200
132
70
205

511 !
456
415 :
343
393
492 ;
1,046
313
620
673
465
725

Revised.
Preliminary, ef
Gross proceeds exceed net proceeds by the cost o5 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.




-fc*10

Exhibit J
Other Security Offerings
(In millions of dollars)
Gross Lone-term 1/
Federal Agency 3
Foreign Government ZI
""
1966
1967
1965
1966
196

January
February
March
April
May
June
July
August
September
October
November J>/
December
Jan.

223
27
13
170
22
586
193
66
139
1,635

Nov.

38
73
91
33
74
5
52
75
2

74
529

1,251
783
750
650
810
650
407
250
599
708
710

218

--

--

503
410
392
699
1,030
1,084
799
400 •
450
800
239

129
185
325

—
£/

2,629

Reserve.




--

239
150
375
375
179

7,568

6,567

2,553

661

-

6,806

2,732

4SF

New short-term 4)
Federal Agenc;
"308
.179
-174
-24
-552
117
450
-454
-11
718
-559
509
85
109
237
284
93
132
-590
-158
206
-262
-270
105
-652
1,407
-309
606
-555
202
-283
573
219
-76

State and local Government 5/
238
103
179
91
39
387
-458
-319
-594
647
580
827
204
462
515
-82
-334
-128
119
-103
219
408
270
593
152
-161
r/200
59
-48
~ 464
274
503
-33
-366
-570

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

775

659

597

Year

Jan. - Nov.

12
40
40
66
69
76
72
7
50

992

1,652

422

1,286

624

529

877

748

801
These data
tal issues,
zrone year,
political
rge Commission,
and Exchange
from those
whether
issues with
if: ion notes,
PHA notes
•r & Federal

-|V-

U

Exhibit K
U r g e Long-term Public Security Issue* for New Capital
(Other than U. 8. Treasury) 1/
Proceeds of Large Issues Offered
(In millions of dollars)
Corporate

Total

1966 - Dec.
1967 - Jan.
Feb.
Mar.
Apr,
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

Bonds
Convertible
(other than
bonds
convertibles)

68
40
93
63
142
44
185
133
67
65
276
215
81

118
30
40
140
213
55
409
317
350
257
285
150
437

990
611
709
1,435
956
771
1,072
890
1,288
473
897
461
460

1,177
681
842
1,638
1,311
870
1,666
1,340
1,705
794
1,45a
826
978

Stocks

State
and
local
governments

Other

2/

60
230
530
1,000
540
391
825
85,
221
400
50
845
627

779
947
675
669
512
496
875
483
473
847
505
865
633

Large Individual Issues Offered January 1 through January 19.

Issuer

Corporate

Iowa Power and Light
Central Power & Light
Crucible Steel
Northwestern Bell
Telephone
Abbott Laboratories
Standard Oil of Indiana
Connecticut Light & Power
Company
Connecticut Light & Power
Southern California
Edison
'
Illinois Power Co.
El Paso Natural Gas
Minnesota Power & Light
Disney Productions

Rating

rate or
net interest cost

Offering
yield

1998
1998
1993

6.60
6-5/8
6-7/8

6.50
6.50
6.90

Aa
Aa
Baa

25.0

200.0

2007
1993
1998

6-1/4
6-1/4
6.00

6.25
6.29
6.07

Aaa
Aa
Aaa

1st mtg. bds.
Pfd. stk.

20.0

1998

6-1/2

6.40

Aaa

Com. etk.
1st mtg. bds.
Conv. debs.
1st mtg. bds.
Conv. debs.

53.8
25.0

1998
1993
1998
1993

6-3/8
6
6-1/2
4-1/2

6.38
6.00
6.43
4.50

Aa
B
A
Ba

Type 1/

(millions
of
dollars)

1st mtg. bds.
1st mtg. bds.
Debs.
Debs.
S.F. debs.
Debs.




15.0

28.0
30.0

100.6

Maturity

15.0

60.0
18.0
40.0

J*-

K-2
Large Individual Issues Offered Jan. 1 through Jan. 19 (Cont d)

Type

Issuer

3/

Amount
(millions
of
dollars)

State & local Government
State of New York
Fairfax Co., Virginia
Houston, I.S.D., Texas
Milwaukee Co., Wisconsin
State of Washington
State of Washington
St. Louis Jr. Coll. Dist.,
Missouri
Honolulu, Hawaii
Omaha Public Power Dist.,
Alabama Highway Authority
St. Louis, Missouri
N.Y. State Dorm., Authority

G.O.
G.O.
G.O.
G.O.
G.O.
G.O.
Rev.-Rent.
G.O.
Rev.-Ut.
Rev.mS.T.
G.O.
Rev.-Rent.

78.0
15.0
39.8
13.7
16.5
25.0

10.0
10.0
45.0
30.0

20.0

48.1

Maturity

Debs.
Bonds
Part, certs.
Part, certs.

60.0
200.0
500.0
300.0

Offer- Rating
ing
yield ,
. I

1969-88
1969-93
1969-92
1969-88
1969-88
1968-92

4.20
4.89
4.36
4.00
4.10
4.67

3.65-4.20
3.90-4.90
3.70-4.40
3.60-4.05
3.50-4.10
3.60-4.70

Aa
Baa
A
Aaa
Aa
Aa

1972-2001
1971-88
1970-1997
1969-88
1972-2001
1969-98

5.14
4.30
4.32
4.48
5.14
5.19

4.10-4.30
3.90-4.35
3.70-4.37
3.70-4.50
4.10-5.30
4.10-5.10

A
Aa
A
Aa

1989
1970
1971
1988

6-7/8
6
6
6.05

Other
Quebec Hydro-Electric Comm.
Fed. Home Loan Bank
F.N.M.A.
F.N.M.A.

Coupon
rate or
net interest cost

7.00
5.96

6.00
G.08

-m m m m a
1/ ^Includes^corporate and other security offerings of $15 million and over; Sta

I,

Includes

te arid local

Bank for Reconstruction and Development

obligation;
Rev.-Q.-Ut.,
bonds
red solely

4/

by lease payments.
, 1/w
4% bonds due 1992 reoffered to yield 4.10%.




H. 14
Kxhiblt L
Forthcoming Large Long-term Public Security Offering for Maw Capital
(Other than U.S. Treasury) If
Expected Proceed* from Forthcoming Large Ieauea
(In millions of dollars)
During month following
dmt* ehown
State and
Other £/
Corporate
local govt.
656
486
1,410
767
963
1,449
1,636
1,261
694
534
1,357
826
968

1966 - Dec. 30
1967 - Jan. 31
Feb. 28
Mar. 31
Apr. 30
^ Ma y. 31
June 30
July 31
Aug. 31
Sept.30
Oct. 31
, Nov. 30
Dec. 31

80
530
250

780
508
227
326
596
401
512
783
768
505
865
633

70
100
40
100
65
50
845
402

Corporate
811
706
1,534
905
1,262
2,065
1,922
1,576
1,335
1,090
-2,694
2,129
1,892

Subsequent to
tfttf # h m m —
State and
local govt.

Other 2,
95
545
265
15
85
115
70
150
159
126
- 260
875
502

1,154
851
528
247
346
616
402
575
903
889
743
1,684
1,076

Forthcoming Large Offerings as of January 19, 1968.
leaver

Typ*

Amount
(milliona
of
dollara)

Approximate date of
offering

Corporate

Texas Power & Light
Carolina Tel. & Tel.
Central Soya Company
*General Telephone of Illinois
Arizona Public Service
Trunkline Gas Co.
Oklahoma Gas & Electric
Zapata Off-Shore
Texas Electric Service
Western Airlines
Commonwealth Edison
Piedmont Aviation
*N.Y. State Electric & Gas Co.
Southern California Edison Co.
Michigan Bell Telephone Co.
Gulf States Utilities Co.
Gulf States. Utilities Co.
Unitedfor
Nuclear
Corp.
Digitized
FRASER
•Potomac Electric Power



1st mtg. bds.
Conv. sub. debs.
S.F. debs.
Debs.
Pfd. stk.
1st mtg. p. 1. bds.
1st mtg. bds.
Conv. debs.
Debs.
Conv. debs.
1st mtg. bds.
Conv. debs.
Pfd. stk.
1st mtg. bds.
Debs.
1st mtg. bds.
Com. stk.
Conv. debs.
1st mtg. bds.

25.0
22.6
20.0
20.0
16.0
35.0
25.0
15.0
16.0
30.0
50.0
15.0
30.0
100.0
125.0
25.0
31.0
30.0
40.0

January
January
January
January
January
January
January
January
January
January
January
January
February
February
February
February
February
February
February

23
23i
23
23
23
24
24
25
30
30
31
31
5
6
7
8
13
13
14

Forthcoming Large Offerings as of January 19, 1968.

Issuer
Corporate (Cont'd)
*Dallas Power & Light Co.
*Duke Power Co.
Duquesne Light Company
Ohio Power Company
Montana Power
*Riegle Textile Corp.

Type

Amount
(millions
of
dollars)

(Cont'd)

1

;

;

Approximate date of offering

i
•

Debs.
1st & ref. mtg.
bds.
1st mtg. bds.
1st mtg. bds.
1st mtg. bds.
Conv. sub. debs.

15.0

February

75.0
35.0
60.0
30.0
15.0

February 15
February 20
February 27
Indefinite
Indefinite
-

State and local Government
State of California
Montgomery Co., Maryland
State of Oregon
New York City
Montpelier, Vermont
State of Kentucky
Jackson, Mississippi
Pennsylvania General State Auth.
Salt River Project Dist., Ariz.
*State of Tennessee
Memphis, Tennessee
Los Angeles Convention Auth.,
California
State of South Carolina
*N.Y. State Housing Finance Agency
San Francisco B.A.R.T. Special
Service Dist. #1
^Minneapolis, St. Paul Airport
Comm., Minnesota
*New Orleans, Louisiana
•Chester Co., South Carolina
Kentucky Turnpike Authority
Calcasieu Parish, Louisiana
Other
Province of Nova Scotia
New Zealand

100.0
17.0
10.7
114.3
20.0
30.X)
10.0
50.0
32.0
35.0
30.0

January
January
January
January
January
January
January
January
January
January
February

23
23
23
25
25
30
30
31
31
31 ,
6

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

18.0
13.0
81.0

February
February
February

6
6
7

G.O.

12.0

Bonds
G.O.
G.O.
G.O.
G.O.
G.O.
G.O.
Rev. -Rent.
Rev.-Q.-Ut.
G.O.
G.O.

Rev.-Rent.
Rev.-Rent.
Rev.-Rent.
Rev.-Q.-Ut.
Rev.-Rent.
Debs.
Bonds

16.0
12.0
35.0
120.0
62.7
35.0
15.0

February 14
—

February 19
February 21
Indefinite
Indefinite
Indefinite
January 23
Indefinite

*—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: The registration on U.S. Steel's $225.0 million debenture offering was withdrawn.




!

14

•

i

!

!

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

Sale Date

Amount
(millions
of
dollars)

Public Offerings

Issuer and Description of Issue

A.

Sold:

Nov. 1, 1967 through Jan. 19, 1968.

11/14

75.0

Province of Ontario — 6-7/8% debentures
maturing 1997, reoffered to yield 6.96%.

12/5

15.0

Komatsu Manufacturing, Tokyo, 7-1/4% convertible debentures, maturing 1982, reoffered to yield 7.25%.

1/11

60.0

Quebec Hydro - Electric Commission 6-7/8%
debentures maturing 1989, reoffered to
yield 7.00%.

B.
Indefinite
1/23/68

15.0
35.0

Prospective Offerings
New Zealand — Bonds ***
Province of Nova Scotia

* - Included in table for first time.
**
Issues sold to investors outside of U.S.
*** - Issue subject to interest equalization tax.




-*A-

M-2
PART II:

Private Placements - Reported January 1 through January 19, 1968.

Date Reported

Amount
(millions
of
dollars)

Issuer and Description of Issue

j
I
s

1/1/68

1.5

Nicaraguan Hotel Co. — U.S. guaran teed
6% note, maturing June 1, 1987."

1/8/68

12.0

Republic of Portugal —- notes due 1968.

1/15/68

7.0

Home Oil Co. Ltd. (Canada) —
15 year bonds.

-

. ..

Secuz ed

Note: For retrospective data on aggregate foreign corporate and government security
offerings in the United States see Exhibits 1 and J . There is no simple relationship
between the data shown in the Exhibit and that shown in Exhibits I and J because j the latter
includes privately placed securities in the period in which funds are actually taken down
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 takedown.
Full or partial takedown may take place both prior and subsequent to the date a placement
is reported.




XI