Full text of H.16 Capital Market Developments : April 8, 1968

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

-

DECtmOUZD AFTER SIX MONTHS

A p r i l 8 , 19 68.

14

OF

IMENTS
THE UNITED STATES

Kr

C o r p o r a t e and m u n i c i p a l bond m a r k e t s . The volume of new, p u b l i c l y o f f e r e d , c o r p o r a t e and m u n i c i p a l s e c u r i t i e s t h i s week w i l l be below t h e
a v e r a g e weekly volume o v e r t h e p a s t y e a r . The e s p e c i a l l y r e d u c e d c o r p o r a t
volume w i l l f e a t u r e C o l l i n s R a d i o ' s $35 m i l l i o n of d e b e n t u r e s , w h i l e t h e
l a r g e s t m u n i c i p a l i s s u e w i l l be t h e San F r a n c i s c o Bay Area Rapid T r a n s i t
D i s t r i c t ' s $70 m i l l i o n of b o n d s . S u p p l e m e n t i n g t h e w e e k ' s o f f e r i n g s w i l l be
$225 m i l l i o n of F e d e r a l Home Loan Bank Board b o n d s .

1/

Long-term Public S e c u r i t y O f f e r i n g s —
( I n m i l l i o n s of d o l l a r s )
Corporate
New C a p i t a l | R e f u n d i n g

S t a t e & l o c a l Government
New C a p i t a l 1 R e f u n d i n g

Sold:
52 week a v g .

329

March

29

r/431

April

5

116

1

2

r/388

—
—

266

48

419

Scheduled:
April

12

93

—

230

F e d e r a l R e s e r v e e s t i m a t e s a r e b a s e d upon p u b l i s h e d r e p o r t s of
i s s u e s s o l d and s c h e d u l e d f o r o f f e r i n g ; c o r p o r a t e r i g h t s o f f e r i n g s
a r e i n c l u d e d as of d a t a s u b s c r i p t i o n r i g h t s e x p i r e .
A l t h o u g h t h e l a g g i n g s e a s o n e d c o r p o r a t e bond y i e l d s e r i e s advanca
s l i g h t l y l a s t week, t h e new i s s u e y i e l d s e r i e s d e c l i n e d . With p r o s p e c t s for
a s o l u t i o n i n Vietnam deemed improved, l a s t w e e k ' s new i s s u e s met w i t h a n
extremely e n t h u s i a s t i c reception. Issues s t i l l in syndicate a l s o sold
r a p i d l y , l e a v i n g u n d e r w r i t e r s a t t h e end of t h e week w i t h v i r t u a l l y no
i n v e n t o r i e s of u n s o l d b o n d s .
Y i e l d s on s e a s o n e d m u n i c i p a l bonds a l s o dropped s h a r p l y l a s t week,
and i n t h e new i s s u e m a r k e t i n v e s t o r s gave t h e w e e k ' s o f f e r i n g s a v e r y warn
r e c e p t i o n . By t h e end of t h e week, a b o u t 92 p e r c e n t of t h e w e e k ' s o f f e r i n g s
had b e e n s o l d , f u r t h e r m o r e , i t i s r e p o r t e d t h e r e were s i g n i f i c a n t s a l e s
from d e a l e r i n v e n t o r i e s .
C o n v e n t i o n a l m o r t g a g e t e r m s - FHLBB S e r i e s . F e d e r a l Home Loan B^nk
Board f i g u r e s f o r c o n v e n t i o n a l f i r s t m o r t g a g e s on s i n g l e - f a m i l y homes have
j u s t become a v a i l a b l e f o r F e b r u a r y , t h e p e r i o d j u s t b e f o r e t h e r e c e n t f u r t h e r
. t i g h t e n i n g i n u n d e r l y i n g money m a r k e t c o n d i t i o n s . These f i g u r e s i n d i c a t e some




H. 14
Y i e l d s on S e c u r i t y M a r k e t s
High-Grade
N o t e s and Bonds

L e v e l s L a t e s t Week

Change f r o m
p r e c e d i n g week

Corporate
. -New
Seasoned

6.58
6.20

U.S. Government
Long-term
3-5 year
1

5.25
5.53

17
24

4.18
4.44

10
14

5. 73

33

S t a t e and L o c a l Govt.
Moody's Aaa
..
Std. & Poor's high grade
Money Market'
Federal funds
Treasury b i l l s
3 -month
6-month

5.20
5.29
C o r p o r a t e Bonds S t i l l i n S y n d i c a t e
NONE

Blue L i s t of M u n i c i p a l D e a l e r s ' A d v e r t i s e d I n v e n t o r i e s
L a t e s t Week

End of P r e v i o u s Week

R e c e n t High

386(4/14/68)

454

849(4/26/67)




H. 14
f u r t h e r i n c r e a s e i n a v e r a g e r a t e s f o r new homes and l i t t l e change i n r a t e s
f o r e x i s t i n g homes. I n t h e c a s e of new homes, t h e s e r i e s , whose movement
t e n d s t o l a g t h a t of r e l a t e d s e r i e s p u b l i s h e d by t h e F e d e r a l Housing
A d m i n i s t r a t i o n ( s e e March 18 - H. 14 - f o r F e b r u a r y d e t a i l ) , r o s e 7 b a s i s
p o i n t s i n F e b r u a r y t o a new h i g h of 6 . 4 6 p e r c e n t . On an e f f e c t i v e r a t e
basis (allowing f o r fees & charges in addition to the contract i n t e r e s t
r a t e and assuming an a v e r a g e m o r t g a g e l i f e of 10 y e a r s ) t h e i n c r e a s e amounted
t o 9 b a s i s p o i n t s and r e a c h e d an a v e r a g e of 6 . 6 1 p e r c e n t . I n t h e c a s e of
e x i s t i n g home-mortgages b o t h a v e r a g e c o n t r a c t and e f f e c t i v e r a t e s r e m a i n e d
unchanged a t 6 . 5 7 and 6 . 7 0 p e r c e n t , r e s p e c t i v e l y .
The r i s e i n y i e l d r e q u i r e m e n t s f o r new-home l o a n s i n F e b r u a r y
was accompanied by some l i b e r a l i z a t i o n of o t h e r t e r m s as m a t u r i t i e s c o n t i n u e d
t o l e n g t h e n - - f r o m 2 5 . 4 t o 2 5 . 6 y e a r s . L o a n - t o - p r i c e r a t i o s advanced from
7 2 . 9 t o 7 4 . 4 p e r c e n t , n e a r l y t o t h e h i g h e s t a b l i s h e d i n March 1965. A l s o ,
w i t h a v e r a g e p u r c h a s e p r i c e s c o n t i n u i n g t o move h i g h e r l o a n amounts r o s e
further.
For e x i s t i n g - h o m e l o a n s , m a t u r i t i e s r e m a i n e d r e l a t i v e l y unchanged
i n February a t 22.6 y e a r s though l o a n - t o - p r i c e r a t i o s s l i p p e d t o 73.4 per
cent from a high i n January.
S t o c k p r i c e s . S t o c k p r i c e s and volume r e a c t e d s t r o n g l y t o t h e
improved p r o s p e c t s i n Vietnam l a s t week. I n t r a d i n g volume w hich f a r surp a s s e d t h e 1929 r e c o r d s , p r i c e s advanced o v e r 3 p e r c e n t . At t h e c l o s e
F r i d a y , S t a n d a r d & P o o r ' s i n d e x of 500 s t o c k s s t o o d a t 9 3 . 2 9 , up 3 . 0 9
f r o m t h e p r e v i o u s F r i d a y . T r a d i n g volume, wh i c h r e a c h e d 1 9 . 3 m i l l i o n s h a r e s
Wednesday, a v e r a g e d 15.6 m i l l i o n s h a r e s a day o v e r t h e e n t i r e week.
More d e t a i l e d i n f o r m a t i o n c o n c e r n i n g r e c e n t c a p i t a l m a r k e t d e v e l o p
ments i s p r e s e n t e d i n t h e a t t a c h e d e x h i b i t s .

C a p i t a l Markets S e c t i o n ,
D i v i s i o n of R e s e a r c h and S t a t i s t i c s ,
Board of Governors of t h e F e d e r a l R e s e r v e System.




EXHIBIT

A, Pari I

LONG-TERM BOND YIELDS, HIGH-GRADE

CORPORATE Aaa

U.S. GOVERNMENT
Long-term

STATE AND LOCAL GOVERNMENT A a a

1963




1964

1966

1967

1968

E x h i b i t A - - Fart, n

I Corporate
I Aaa 1 /

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

] S t a t e and
U.S. Govt. |
local
l o n g - t e r m 2/, government
Aaa 3/
(per cent)

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

|
i
|
|
|

4.42(1/8/60)
4.87(9/2)
4.42(1/7)
5.49(11/17)
4.37(2/3)

.59(8/5/60)
.84(12/30)
.14(2/18)
.92
.44

.92(4/22/60)
1.19(2/11)
.77(9/2)
1.51
.74

.80
.59
.72
.75
• 95

1.00
1.21

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

E/

Preliminary- r / Revised.
V Weekly a v e r a g e of d a i l y f i g u r e s .
2/ Weekly a v e r a g e of d a i l y f i g u r e s .
3 / Thursday f i g u r e s .
s




.

4.27
4.28
r/4.28
4.28
4.18

5.27
5.49
5.42
5.42
5.25

6.07
8
6.08
15
:/6.13
22
6.17
29
Apr. 52./ 6.20

1968 - Mar.

3.65(9/24/59)
4.04(8/25)
3.39(1/13)
4.15(12/28)
3.25(2/9)

.

1.14
1.14
1.07

Average term of bonds i n c l u d e d i s 22-24 y e a r s .
The s e r i e s i n c l u d e s bonds due or c a l l a b l e in 10

Only g e n e r a l o b l i g a t i o n bonds a r e i n c l u d e d ; a v e r a g e ,term i s 20
r

i

s

s

r

i

s

'

s

m

,

:

:

,

:

:

EXHIBIT B, Pari 1

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

•

CORPORATE B a a

STATE AND L O C H GOVERNMENT B a a

_V

1963




1965

1966

1961

1968

Exhibit B — Part I I

Date

Corporate
Baa 1 /

S t a t e and
local govt.
Baa 3 /
(per cent)

Spread between
Aaa and Baa
S t a t e and
Corporate
l o c a l Rovt.

1959-60 - High
Year e n d - 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)

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

.84
.31
.81
.31
.82
.63

1.08
.39
. 62
.31
.81
.37

1968 - Mar.

6.81
6.81
6.87
6.93
6.98

4.81
4.90
4.89
4.91
4.84

.74
.73
.73
.76
.78

.54
.62
.61
.63
.66

8
15
22
29
Apr. 5j>/

Mnif ft •




EXHIBIT

SHORT- AND

C, Pari 1

INTERMEDIATE-TERM INTEREST RATES

GOVERNMENT
W..lly

6

it 6 - M O N T H BILLS

3 - 5 YEAR I S S U E S

F . R . DISCOUNT RATE

3 - M O N T H BILLS

1963




1964

1965

1966

1967

1968

V

Exhibit ( -- Part I I
C

Discount
rate
jj4.00
4.50
4.50
4.50
4.50
4.50
4.00

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

4.50
4.50
5.00
5.00
5.00

1968 - Mar.

8
15
22
29
Apr. 5 £ /

1 / Weekly r a t e shown i s

3-month
bills U
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)
5.04
5.23
r/5.25
5.14
5.20

Yields
6-month
bills j/
(per cent)
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)
5.25
5.43
r/5.36
5.32
5.29

3-5 year
issues U

I Spread between y i e l d s on
13-mo. b i l l s and y i e l d s on
1 6-mo. b i l l s 13-5 v r . i s s u e s

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)
5.68
5.89
r/5.77
5.77
5.53

/

Preliminary,

r/




o 12

.52
.09

.62
.01

1.81
.43
.06
.78

.01
1.61
.02

.21
.19

.11

.18
.09

i n e f f e c t a t end of p e r i o d a t t h e F e d e r a l Reserve Bank of

2 / M a r k e t ' y i e l d ; weekly a v e r a g e s computed from d a i l y c l o s i n g b i d p r i c e s .

£

.79
.19

Revised.
-9-

S e r i e s of 3 - 5

.64
.64
.52
.63
.33

EXHIBIT

D, Part

1

S H O R T - A N D I N T E R M E D I A T E - T E R M INTEREST RATES,
B A N K S A N D OTHER PRIVATE B O R R O W E R S
p

Weekly

PRIME RATE
FINANCE COMPANY PAPER
Directly

placed

•

F.R. DISCOUNT RATE

FEDERAL FUNDS

1963




1964

1965

1967

*r

<=•"'

Exhibit D - - Part I I

Prime r a t e 1/

Date

Finance
company
•paper 2/

Spread between
3-mo. b i l l s and
F e d e r a l f u n d s 3/ f i n a n c e c o . p a p e r

(per cent)
1959-60 - High
Year e n d - 1964
1965
1966
1966 - Low
1967 - High
Low
1968 - Mar.

8
15
22
29
Apr. 5j>/

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

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

6.00
6.00
6.00
6.00
6.00

5.25
5.50
5.50
5.50
5.50

4.00(5/13/60)
4.00
4.63
5.63
3.55(1/21)
5.25(1/6)
3.40(10/27)
4.95
4.62
5.15
r / 5 . 35
" 5.73

1/
™
~
i
±J

1.02
.23
.28
1.08
.20
1.33
.21
.21
.25
r/.25
.26
.30

Weekly r a t e shown i s t h a t i n e f f e c t a t end of p e r i o d .
Prime r a t e i s t h a t
c h a r g e d by l a r g e banks on s h o r t - t e r m l o a n s t o b u s i n e s s b o r r o w e r s of t h e h i g h e s t
credit standing.
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 p a p e r
f o r v a r y i n g m a t u r i t i e s i n t h e 90-179 day r a n g e .
3 / Weekly a v e r a g e of d a i l y e f f e c t i v e r a t e , which i s t h e r a t e f o r t h e h e a v i e s t
volume of p u r c h a s e and s a l e t r a n s a c t i o n s a s r e p o r t e d t o t h e F e d e r a l R e s e r v e
Bank of New York.
N o t e . - H i g h s and lows a r e 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 f o r
d i f f e r e n t s e r i e s . For s p r e a d s , h i g h r e f e r s t o w i d e s t , and low t o n a r r o w e s t .

• |>/

Preliminary,




r/

Revised,
-11-

EXHIBIT

E, Port 1

STOCK MARKET
Billions

of

dollari

100

PRICES

STOCK MARKET C R E D I T ^
* CHANGE IN SERIES
Million!

of »hor«»

VOLUME

YIELDS
| | | i i i i ITI I I
111I l
11
1 I 1 I 1 1 1 1 1 L_L_L 1 l1 1 1 1 1 1 1 _1—1—1—L_ i I'I i i i i i i i i
1966
1965
1964
1963




| 1 1 II 1 M II 1 | f i i i i i r M I l
1968
1967

Exhibit E — Part I I

Date

Stock p r i c e
index 1/

Common
stock
y i e l d s 2/
(per cent)

Trading
S t o c k market customer c r e d i t
volume 3 /
Customers 1
Bank
(millions
Total
d e b i t b a l - loans to
of s h a r e s )
ances 4/
others"5/
( I n m i l l i o n s of d o l l a r s )

1961-62 - High
Low
1966 - High
Low
1967 - High
Low

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

1968

90.75
89.09

3.28
3.34

9.2
9.2

Mar. 22
88.42
29
90.20
Apr. 5&/ 9 3 . 2 9

3.38
3.31
3.20

8.8
8.3
15.6

Feb;
Mar.

5,602(12/61)
4,424(1/61)
7,997
7,302
10,347(12/67)
7,345(1/6)

4,259(12/61)
3,253(1/61)
5,835
5,169
7,883(12/67)
5,290(1/67)

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

9,802
n. a.

7,381
n.a.

2,421
2,374

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

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

r/2,391
r/2,374
n.a.

1
n . a . Not A v a i l a b l e . £ / P r e l i m i n a r y . r 7
" "
™
—
•
—
1/ S t a n d a r d and P o o r ' s composite ihdex of 500 common s t o c k s , weekly c l o s i n g p r i c e s , 1941-43=10.
Monthly d a t a a r e a v e r a g e s of d a i l y f i g u r e s r a t h e r t h a n of F r i d a y ' s o n l y . Highs and lows a r e
f o r F r i d a y ' s data only.
2/ S t a n d a r d and P o o r ' s composite s t o c k y i e l d based on Wednesday d a t a c o n v e r t e d t o weekly c l o s i n g
p r i c e s by F e d e r a l R e s e r v e . Y i e l d s shown a r e f o r d a t e s on which p r i c e index reached i t s h i g h
o r low.
.
g
3 / Averages of d a i l y t r a d i n g volume on t h e New York S t o c k Exchange. Year-end f i g u r e s a r e a v e r a 6 e s
of d a i l y f i g u r e s f o r t h e y e a r .
4 / End of month f i g u r e s f o r member f i r m s of t h e New York S t o c k Exchange which c a r r y margin a c c o u n t s ;
e x c l u d e s b a l a n c e s s e c u r e d by U. S. Government o b l i g a t i o n s .
5/ Wednesday f i g u r e s f o r weekly r e p o r t i n g member b a n k s . Excludes l o a n s f o r p u r c h a s i n g or c a r r y i n g
U.S. Government s e c u r i t i e s . Weekly r e p o r t i n g banks a c c o u n t f o r about 70 p e r c e n t of l o a n s t o
o t h e r s . For f u r t h e r d e t a i l s e e B u l l e t i n .




-13-

EXHIBIT F, Port I

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

HOME M O R T G A G E S :

A a a CORPORATE BONDS:

r\

1959

1960

1961




1962

1963

1964

1965

1967

1968

Exhibit F
Conventional
mort2 5 - y e a r 30 - y e a r gages 2 /
FHA
morteai %es 1 /

1957
1958
1959-60
1961-66
1966
1967

1967
1968
"T7

2/

3/

4/
5/
6/

-

High
Low
High
Low
High
High
Low

- Oct.
Nov.
Dec.
- Jan.
Feb.

5.63
5.35
6.24
5.43
6.73
—
- -

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

Part I I

Spread b e tween y i e l d s
on conv. &
FHA m o r t - ^ y
eases
~

S p r e a d be tween
y i e l d s on new c o r 6/ o o r a t e b 01i d s and
NevA^ S e a s o n e d " FHA mtgs Seasoned
4/
bonds
Aaa C o r p o r a t e
Bonds

-5,.44
6,.81
6..81
6..29

6.00
5.55
6.30 ;
5.80
6.70
6.65
6.40

.47
.15
.23
.25
.30
.11
-.12

4.94
3.65
5.25
4.12
5.82
6.53
5.20

4.12
3.57
4.61
4.19
5.49
6.07
5.03

6.,65
6. ,77
6.,81
6. 81
6. 78

6.55
6.65
6.70
6.75
6.75

-.10
-.12
-.11
-.06
-.03

6.12
6.53
6.51
6.24
6.29

5.82
6.07
6.19
6.17
6.10

- -

1.58
.88
1.69
.77
1.11
1.26
.24
.53
.24
.30 I
.57 I
.49 j

1.03
.05
.73
-.16
.46
.46
• 17.30
.46
.32
.07
.19

N e i t h e r m o r t g a g e 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 , m o n t h l y . 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 semi-Annual
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 t h a n g i v e n i n t h e t a b l e .
Based on F H A - f i e l d - o f f i c e o p i n i o n s a b o u t a v e r a g e b i d 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
m a r k e t f o r new-home m o r t g a g e s f o r immediate d e l i v e r y . S e p a r a t e d a t a a v a i l a b l e f o r
2 5 - y e a r a n d — b e g i n n i n g J u l y 1 9 6 1 — 3 0 - y e a r m o r t g a g e s w i t h minimum downpaymepts,
w e i g h t e d by p r o b a b l e volume of t r a n s a c t i o n s . Y i e l d s computed by FHA, a s s u m i n g p r e payment p e r i o d of 12 y e a r s f o r 2 5 - y e a r m o r t g a g e s and 15 y e a r s f o r 3 0 - y e a r j n o r t g a g e s .
Over t h e p e r i o d f o r which t h e y c a n be compared, t h e movement of t h e two m o r t g a g e
y i e l d s e r i e s h a s b e e n s i m i l a r . 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 c o n t r a c t u a l i n t e r e s t r a t e s .
J
Based on F H A - f i e l d - o f f i c e o p i n i o n on t y p i c a l i n t e r e s t r a t e s ( r o u n d e d ) on c o n v e n t i o n a l
f i r s t m o r t g a g e s p r e v a i l i n g i n t h e m a r k e t a r e a s of i n s u r i n g o f f i c e c i t i e s . J B e g i n n i n g
w i t h A p r i l 1960, r a t e r e l a t e s o n l y t o new-home m o r t g a g e s ; p r i o r t o t h a t d a t e , r a t e
r e l a t e d t o b o t h new a s w e l l a s e x i s t i n g - h o m e m o r t g a g e s . Dashed l i n e i n d i c a t e s t h i s
change i n t h e s e r i e s .
FHA mortgage y i e l d d a t a a r e f o r 2 5 - y e a r m o r t g a g e s t h r o u g h J u n e 1961; 3 0 - y e a r raort-.
gages t h e r e a f t e r .
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 e r v i c e . Monthly a v e r a g e s of d a i l y d a t a . See E x h i b i t A1




-Ml <

EXHIBIT F, Pari HI

C O N V E N T I O N A L M O R T G A G E TERMS

v

MATURITY

NEW
EXISTING

L O A N / PRICE R A T I O

NEW

EXISTING

1964




1966

1968
• CHANGE IN SERIES

Exhibit F

1967-

New Homes
Con- F e e s & E f f e c t r a c t Charges t i v e
Maturity
Rate
(Per
Rate
(Years)
(Per
cent)
c e n t ) —ii—
3/
6.45
6.39
6.34
6.31
6.25
6.23
6.31

6.28

0.91
0.89

0.82

0.77
0.77
0.76
0.77
0.78
0.78

6.31
6.34
6.33
6.41

0.76
0.84

6.39
Feb. £ / 6 . 4 6

0.93

0.82

0.86

P a r t IV

Loan/
P r i c e Loan
R a t i o Amt.
(Per
($000)
cent}.
20.2
19.6
19.4
19.8
20.4
20.8

6.59
6.54
6.47
6.43
6.37
6.35
6.43
6.40
6.44
6.47
6.45
6.54

25.1
25.1
24.6
24.8
25.3
25.2
25.2
25.2
25.3
25.4
25.3
25.4

73.8
73.6
72.8
73.2
74.0
74.0
73.9
73.7
74.2
73.8
73.4
72.7

21.4
21.2
21.2
21.5

6.52

25.4
25.6

72.9
74.4

22.2

21.7

6.61

Contract
Rate
(Per
cent)

6.60

E x i s t i n g Homes
Fees & E f f e c Charges t i v e
Maturity
(Per
Rate
(Years)
cent)
—ii—

21.6

6.36
6.39
6.42
6.51

0.67
0.70
0.72
0.73
0.78
0.77
0.83

6.74
6.63
6.56
6.46
6.40
6.39
6.41
6.46
6.47
6.52
6.55
6.64

22.5
22.5
22.7
23.1

6.57
6.57

0.82
0.80

6.70
6.70

22.6

6.50
6.44
6.34
6.29

6.28

21.0 6 . 3 0
21.0 6 . 3 4

0.87
0.77
0.78
0.74

JL

0.70

21.7
22.5
22.3
22.3

22.8

22.7

22.8

22.7

t oan/
P r i c e Loan
R a t i o Amt.
[(Per
($000)
cent)

16.2

71.7
72.0
I 72.5
72.6
72.7
72.5
72.9
73.4
72.7
73.0
72.9
73.1

17.4
17.3
18.3
18.4

73.7
73.4

18.1

16.3
17.0
17.2
17.5

18.2
18.1
18.1

18.4

Note; New s e r i e s b e g i n n i n g 1965 as shown i n t a b l e ; r e l a t e d r e v i s i o n of c h a r t i ^ pending
r / Revised.
~l/ Compiled by F e d e r a l Home Loan Bank Board i n c o o p e r a t i o n w i t h \ F e d e r a l D e p o s i t I n s u r a n c e
C o r p o r a t i o n . Data a r e w e i g h t e d a v e r a g e s based on p r o b a b i l i t y sample s u r v e y of c h a r a c t e r i s t i c s of c o n v e n t i o n a l f i r s t mortgages o r i g i n a t e d by m a j o r i n s t i t u t i o n a l l e n d e r g r o u p s ,
( i n c l u d i n g mortgage companies) f o r p u r c h a s e of s i n g l e f a m i l y homes. Data e x c l u d e l o a n s
f o r r e f i n a n c i n g , r e c o n d i t i o n i n g , or modernization; c o n s t r u c t i o n loans to home-builders;
a n d - - i n t h i s e x h i b i t - - p e r m a n e n t l o a n s which a r e coupled w i t h c o n s t r u c t i o n l o a n s t o
o w n e r - b u i l d e r s . Data p r i o r t o 1965 on a comparable b a s i s w i t h t h e new s e r i e s a r e pendi n g . R e l a t e d s e r i e s on c o n v e n t i o n a l mortgage r a t e s o n l y , based on unweighted o p i n i o n s
of r e g i o n a l - o f f i c e d i r e c t o r s of t h e F e d e r a l Housing A d m i n i s t r a t i o n , a r e a v a i l a b l e
somewhat sooner t h a n t h e r e s u l t s of t h e FHLBB-FDIC s u r v e y , and a r e i n c l u d e d - - i n t h e c a s e
of new home mortgage r a t e s - - i n E x h i b i t F P a r t s I and I I .
2 / Fees and c h a r g e s — e x p r e s s e d as a p e r c e n t a g e of t h e p r i n c i p a l mortgage a m o u n t — i n c l u d e
l o a n commissions, f e e s , d i s c o u n t s , and o t h e r c h a r g e s which p r o v i d e added income t o t h e
l e n d e r and a r e p a i d by t h e b o r r o w e r . They e x c l u d e any c l o s i n g c o s t s r e l a t e d s o l e l y t o
t r a n s f e r of p r o p e r t y o w n e r s h i p .
3 / I n c l u d e s f e e s & c h a r g e s a m o r t i z e d o v e r a 10 y e a r p e r i o d i n a d d i t i o n t o t h e c o n t r a c t
interest rate.




-i/i-

/

EXHIBIT

G, Port 1

1

I
YIELDS O N

NEW

AND

SEASONED

CORPORATE

BONDS

Weekly

6.5

Adjusted to

Aoo

Bdi

NEW I S S U E S

6.0

5.5

5.0
SEASONED Aaa
Moody:

1964




1965

1966

1967

1968

E x h i b i t G - 11
Y i e l d s on New C o r p o r a t e Bond I s s u e s A d j u s t e d t o a n Aaa b a s i s

Number
of

Number | A m ' t . of i s s u e s Average
yield
included (mill,
of
( p e r cent
of d o l l a r s )

A m ' t . of i s s u e s Average
yield
included (mill.
(per cent)
of d o l l a r s ' )

Monthly a v e r a g e s :
13
13
id

567.0
564.5
350.0

6.24
6.29
6.56

Feb.

2
9
16
23

3
3
5
2

76.0
237.0
205.0
42.5

6.21
6.23
6.30
6.29

Mar.

1968 - J a n
Feb.
Mar.

1
8
15

2

70.0

6.48

2
4
4

85.0
135.0
130.0

6.44
6.58
6.64

5 i/ i

50.0

6.58

12
29

Apr.

Weekly a v e r a g e s :
6.64(3/29/68)
High
6.18(1/12/68
Low
t f o t ^ — A v e r a g e s of o f f e r i n g y i e l d s on a l l new i s s u e s of p u b l i c l y o f f e r e d c o r p o r a t e bonds r a t e d Aaa,
Aa and A by Moody's I n v e s t o r s S e r v i c e ( e x c e p t s e r i a l and c o n v e r t i b l e i s s u e s , o f f e r i n g s of n a t u r a l
g a s p i p e l i n e and f o r e i g n c o m p a n i e s , and bonds guaranteied by t h e F e d e r a l Government) w e i g h t e d by
s i z e of o f f e r i n g . B e f o r e a v e r a g i n g , new o f f e r i n g s a r e a d j u s t e d t o a c o m p o s i t e A a a ^ b a s i s y
d e d u c t i n g from t h e a c t u a l r e o f f e r i n g y i e l d t h e e x c e s s of t h e weekly a v e r a g e y i e l d f o r s e a s o n e d
bonds of t h e a p p r o p r i a t e i n d u s t r y - q u a l i t y group o v e r t h e c o m p o s i t e a v e r a g e f o r s e a s o n e d Aaar a t e d bonds ( M o o d y ' s ) . A v e r a g e s c o n s i d e r e d u n r e p r e s e n t a t i v e b e c a u s e of s p e c i a l c h a r a c t e r i s t i c s
of t h e o f f e r i n g s i n c l u d e d a r e d e n o t e d by an a s t e r i s k .




-19-

Exhibit H
Long-term C o r p o r a t e and 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 and Placements
( I n m i l l i o n s of d o l l a r s )

Corporate
1967o7

1,107
e/1,200
el 1,150

1,482
1,194
1,439

1,188

el1,150

1,111
1,222
1,497

1,193
901
I,141

1,039
1,670
1,382

943
858
1,324 .

1,020

2/36

829
1,085
1,635

974
I,424
1,060

755
969
940

5,364
6,0:9
6,1.'34
6,092

4,985
4,975
4,G31
3,550

4,115
3,830
3,125
3,458

2,911
3,235
2,494
2,664

11,421
18,007
24,j3-f

9,959
14,050
17,601

7,945
II,070
14,529

6,146
8,640
II,304

January
February
March

E./ 1,689
e / 1,600
e / 2,CIO

1,648
1,399
2,317

1,302
1,237
2,446

April
Hay
June

e / 1,550

1,973
1,474
2,611

1,553
' 1,058
2,366

2,45&
2,407
1,723

July
August
September

Quarter
Quarter
Quarter
Quarter

el

5,299

i«t naif
thrae quarters
Year .

-.

f i n a n c e companies 3/

Year

5,207
5,913
6,338
5,657

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

23,115

1st Quarter
Quarter
3rd Q u a r t e r
4th Quarter

e/.

.

2,289

October
November
December
Ist
2nd
3rd
4th

l o c a l 2/
1967 r

1966

17,269

Estimated by F e d e r a l Reserve.




-20-

c/3,457

858
865

701
773

Exhibit I
New C o r p o r a t e S e c u r i t y I s s u e s , Type of I s s u e
and I s s u e r
( I n m i l l i o n s of d o l l a r s ) — ?
G r o s s p r o c e e d s f o r new c a p i t a l
and r e f u n d i n g 1/
Common Memo:
Bonus
Foreign
P u b l i c l y P r i v a t e l y and
pfd. issues
O f f e r e d Placed •
stock included

Net p r o c e e d :
f o r new c a p i t a l 1/

Quarter
or
Month

Total

1966 - IV

3,669

2,047

1,247

375

117

1,232

984

417

1967 - I
II
III
IV

5,464
6,208
6,833
6,294

3,263
4,017
4,604
3,107

1,811
1,465
1,551
2,137

390
726
678
1,051

60
65
234
93

2,442
997
3 , 0 1 4 1,268
2 , 7 9 2 1,219
2 , 5 2 7 1,255

543
548
595
269

2,362
2,016
1,519
2,673
2,589
2,481
1,763
2,409
1,500
2,385

1 , ,618
1,,368
965
l s ,684
1.,889
1.,813
902
1 ,375
645
1 ,087

601
410
396
659
486
418
647
566
551
1,020

143
238
158
330
214 .
250
214
469
304
278

15
16
32
17
213
13
8
34
19
40

1,254
1,128
588
1.298
925
1,229
637
906
512
1,109

503
394
403
471
446
509
265
573
404
278

145
107
91
350
39
356
200
119
82
68

1968 - J a n . E / 1,757
Feb".— 1,655
Mar. e, ' 2 , 0 6 0

903
755
760

528
700
900

326
200
400

16
n. a.
n.a.

530
460
800

418
540
485

182
125
25

1967

Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

SOURCE:

S e c u r i t i e s and Exchange Commission.




-21-

Mfg.

P u b l i c C omnium
Utility cations

Exhibit J

Federal

F o r e i g n Government

19*8 SJ.
1,251

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

8,180

1,656
and
January
February
March
April
May
June
July
August
September
October
November
December

New s h o r t - t e r m
F e d e r a l Agency
Government 5/
-179
103
179
-552
39
387
-454
-319
-594
-559
580 ,
827
109
462
515
93
-334
-128
-158
: -103
219
-262
270
593
1,407
-161
200
. 606
-48
464
573
503
50
36
% -570
-43l£/

3/
308
-24
450
718
85
284
-590
-270.
-652
-555
-283
219

*###

R e e r v FRASER
Digitizedsfor e .


2,281

422

22

660.

310

Exhibit K
Large Long-term Public Security Issues for New Capital
(Other than U. S. Treasury) If
Proceeds of Large Issues Offered
(In millions of dollars)

Bonds
Convertible
(other than
bonds
convertibles)

Total

- Mar.
Apr.
May
June
July ~
Aug.
Sept.
Oct,
Nov.
Dec.
- Jan.
Feb<
Mar.

669
512
496
875
483
473
847
505
865
633
785
591
736

63
142
44
185
133
67
65
276
215
81
85
77
238

140
213
55
409
317
350
257
285
150
437
168
105
135

1,435
956
771
1,072
890
1,288
473
897
461
460
652
575
415

1,638
1,311
870
1,666
1,340
1,705
794
1,458
826
978
904
757
788

Stocks

State
and
local
governments

Other

1,000

540
391
825
85
221
400
50
845
627
1,095
389
1,030

Large I n d i v i d u a l I s s u e s O f f e r e d A p r i l 1 t h r o u g h A p r i l 5
Issuer

Type 3J

Amount
(millions
of
dollars)

Corporate
Keystone S t e e l & Wire Co. S . F . d e b s .
New J e r s e y B e l l T e l . Co. Debs.
Conv. s u b . d e b s .
Sundstrand Corporation

Maturity

Coupon
r a t e or
net i n t e r est. cost

Offe:
ing
vieln i

Rating

7.25
6.60 i
5.00

Baa
Aaa
Ba

30.0
50.0
30.0

1993
2008
1993

7-1/4
6-5/8
5

21.3
10.5

1969-1988
1969-1988

4.07
4.06

3.50-4 .10
3.40-4 .10

Aa
Aa

25.0
13.9

1969-1998
1969-1992

4.55
5,13

"I
3.60-5 .25
3.90-f . 2 5

A
Baa

26.0

1998

n. a.

5

A-l

101.0

2018

n. a.

5.2d

A-l

23.0

1972-1988

5.20

74.0
16.9

1968-1989
1972-2002

4.48

3.90-i .05

Aa

4.94

3.90-Ji . 0 0

A-l

S t a t e & l o c a l Government
G. 0 .
San F r a n c i s c o , C a l i f .
G.O.
San F r a n c i s c o , C a l i f .
Washington Suburban S a n i .
Rev.-Ut.
D i s t . , Maryland
G.O.
D e t r o i t , Michigan
C a l i f o r n i a Dept. of Water
Rev.-Rent.
Resources
C a l i f o r n i a Dept of Water
Rev.-Rent.
Resources
C a l i f o r n i a Dept. of Water
Rev.-Rent.
Resources
Penna. S t a t e Highway &
Bridge Authority
IR e v . - R e n t .
Oakland C o . , Mich.
1
G.O.




£.00-4 .80

A-l

%)

K-2
FOOTNOTE:
* Rights o f f e r i n g .
1/ I n c l u d e s c o r p o r a t e and o t h e r s e c u r i t y o f f e r i n g s of $15 m i l l i o n and o v e r ;
S t a t e and l o c a l 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 o v e r .
2/ I n c l u d e s 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 R e c o n s t r u c t i o n
and Development i s s u e s and n o n - g u a r a n t e e d i s s u e s by F e d e r a l A g e n c i e s .
3 / I n t h e ' c a s e 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. d e n o t e s g e n e r a l
o b l i g a t i o n ; R e v . - U t . , r e v e n u e o b l i g a t i o n s s e c u r e d o n l y by income from
p u b l i c u t i l i t i e s ; R e v . - Q . - U t . , r e v e n u e bonds s e c u r e d o n l y by income from
q u a s i - u t i l i t i e s ; R e v . - S . T . , r e v e n u e bonds s e c u r e d by r e v e n u e f r o m s p e c i f i c
t a x e s o n l y ; R e v . - R e n t . , r e v e n u e bonds s e c u r e d s o l e l y by l e a s e p a y m e n t s .




-24-

H. 14
Exhibit L
Forthcoming Large Long-term Public Security Offering for Hew Capital
(Other than U.S. Treasury) y
Expected Proceeds from Forthcoming Large Iaauea
(In millions of dollara)
During month following
date shown
S t a t e and
Corporate
Other 2 /
local govt.
1967 - Mar. 31
Apr. 30
May
31
June 30
J u l y 31
Aug. 31
S e p t . 30
Oct. 31
• Nov. 30
Dec. 31
1968 - J a n . 31
Feb. 29
Mar. 31

767
963
1,449
1,636
1,261
694
534
1,357
826
968
531
873
758

227
326
596
401
512
783
768
505
865
633
449
683
494

70
100
40
100
65
50
845
402
60
. 130
15

Subsequent t o
Corporate

S t a t e and I
l o c a l govt!

905
1,262
2,065
1,922
1,576
1,335
1,090
2,694
2,129
1,892
736
l j 105
935

247
346
616
402
575
903
889
743
1,684
1,076
937
l
'6°2749

Other 2J
15
85
115
70
150
159
126
260
875
• 502
75
m

Forthcoming Large O f f e r i n g s a s of A p r i l 5, 1968.

Issuer

Type

Amount
(millions
of
dollars)

Approximate d a t e of
offering

Corporate
C o l l i n s Radio Company
Pc Zomac Edison Company
Graphic S c i e n c e s
I n d i a n Head, I n c .
A l l i e d Chemical
S e a r s Roebuck, I n c .
Nevada Power Co.
M a s s a c h u s e t t s E l e c t r i c Co.
F i d e l i t y Corporation
C o n s o l i d a t e d N a t u r a l Gas Co.
B e l l T e l . of P e n n s y l v a n i a
I n d i a n a & Michigan E l e c t r i c Co.
I n d i a n a & Michigan E l e c t r i c Co.
* U n i v e r s a l O i l Products Co.
*Columbia Gas System
N a t i o n a l Equipment R e n t a l L t d .
I l l i n o i s B e l l Telephone
Montana Power
. National Aviation Corporation




35.0
Debs.
1 s t mtg. & c o l l .
25.0
t r . bds.
15.0
Conv. d e b s .
25.0
Conv. d e b s .
150.0
Debs.
100.0
S.F. debs.
15.0
1 s t mtg. b d s .
20.0
* 1 s t mtg. b d s .
16.0
Conv. d e b s .
30.0
Debs.
100.0
Debs.
15.0
S.F. debs.
. 35.0
1 s t mtg. b d s .
25.0
S.F. debs.
50.0
Debs.
25.0
Conv. sub. d e b s .
83.0
Com. s t k .
1 s t mtg. b d s .
30.0
Com. s t k .
-25-24,2

April

9

April
9
April
9
A p r i l 11
A p r i l 16
A p r i l 16
A p r i l 1^
A p r i l 17
A p r i l 17
A p r i l 18
April 2 |
A p r i l 30
A p r i l 30
April
May
2
Indefinite
I n d e f i n i t e ( r t s . exp.)
Indefinite
Indefinite ( r t s . exp.)

L-2
F o r t h c o m i n g L a r g e O f f e r i n g s a& of A p r i l 5 , 1968.

Issuer

Tyre

Amount
(millions
of
dollars)

Approximate d a t e of
offering

1

Corporate (Cont d)
Piedmont A v i a t i o n
*Duke Power Co.
*Chase M a n h a t t a n Bank
* D i a l F i n a n c e Co.
S.C.M.
G e n e r a l T e l . of t h e S o u t h w e s t

Conv. d e b s .
Cum. p f d . s t k .
Conv. c a p . n o t e s
Debs.
Conv. d e b s .
1st mtg. bds.

15.0
35.0
150.0
25.0
41.5
25.0

G.O.
G.O.
G.O.
G.O.
Rev. - R e n t .
G.O.
G.O.
G.O.
G.O.
G.O.
Rev.-Rent.
Rev.-Q.-Ut.
Rev.-Rent.

12.3
10.0
70.0
11.0
35.0
12.0
13.0
10.0
14.0
27.1
10.0
120.0
20.0

Indefinite
Indefinite
I n d e f i n i t e ( r t s . exp.)
Indefinite
I n d e f i n i t e ( r t s . exp.)
Indefinite

S t a t e and l o c a l Government
Minneapolis, Minnesota.
San Diego U n i f . Sch. D i s t . , C a l i f .
San F r a n c i s c o B . A . R . I .
Montogomery C o . , P e n n s y l v a n i a
Los A n g e l e s D e p t . of A i r p o r t s .
*Vermont ( M o n t p e l i e r )
*Vermont ( M o n t p e l i e r )
S an D i e g o , C a l i f o r n i a
Houston I n d . Sch. D i s t .
* C l e v e l a n d , Ohio
Kansas C i t y , M i s s o u r i
Kentucky T u r n p i k e Auth.
Calcasieu Parish, Louisiana

_

April
9
April
9
A p r i l 10
A p r i l 10
A p r i l 17
A p r i l 18
A p r i l 18
A p r i l 18
A p r i l 23
A p r i l 30
May
1
Indefinite
Indefinite

Other
J a m a i c a , Government of
Lakehead P i p e l i n e
New Brunswick Higher Ed. Comm.,
Canada
* P r o v i n c e of Quebec

S . F . l o a n Bonds
S.F. debs.

15.0
75.0

April
April

15
16

S.F. debs.
Debs.

20.0
50.0

April
April

17
18

*--Included in table f o r f i r s t time.
If I n c l u d e s c o r p o r a t e and o t h e r i s s u e s of $15 m i l l i o n and o v e r ; 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 o v e r .
2 / I n c l u d e s 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 R e c o n s t r u c t i o n and
Development i s s u e s and n o n - g u a r a n t e e d i s s u e s of F e d e r a l A g e n c i e s .




-26-

;
-

Exhibit M
F o r e i g n Government and C o r p o r a t e S e c u r i t y O f f e r i n g ^
and P l a c e m e n t s i n t h e U n i t e d S t a t e s
Part I :

Sale Date

Amount
(millions
of
dollars)

Public Offerings

I s s u e r and D e s c r i p t i o n o f I s s u e

A.

Sold:

Jan.

1 t h r o u g h A p r . 5.*

19 58.

1/11

60.0

Quebec Hydro - E l e c t r i c Commissio: i 6 - 7 / 8 %
d e b e n t u r e s m a t u r i n g 1989, r e o f f e r e d t o
y i e l d 7.00%.

1/23

35.0

P r o v i n c e o f Nova S c o t i a — 7% S . F , d e b e n t u r e s
m a t u r i n g 1 9 9 3 , r e o f f e r e d t o y i e l d 7.10%.

2/1

15.0

New B r u n s w i c k E l e c t r i c Power Commission —
6-7/8% S . F . d e b e n t u r e s m a t u r i n g 1993,
r e o f f e r e d t o y i e l d 7.00%.

2/13

25.0

M o n t r e a l , Canada — 7-1/8% S . F . d e b e n t u r e s
m a t u r i n g 1 9 8 8 , r e o f f e r e d t o y i e l d 7.06%.

2/20

20.0

C a n a d i a n P a c i f i c R a i l w a y - - 6.90% e q u i p m e n t
t r u s t c e r t i f i c a t e s — m a t u r i n g M a r c h 1, 1 9 8 3 ;
r e o f f e r e d t o y i e l d 6.90%.

3/28

150.0

I n t e r n a t i o n a l N i c k e l Company-- D e b e n t u r e s
m a t u r i n g 1993., r e o f f e r e d t o y i e l d 6.85%.
B.

4/1?'
4/15

15.0
75.0
15.0

WZA78
.

50.0

Indefinite

20.0

Prospective Offerings
New Z e a l a n d - - Bonds * * *
'Lakehead P i p e l i n e '
;
Government o f J a m a i c a — S . F . l o i n b o n d s
New B r u n s w i c k Higher! Ed. Comm., (panada
* Province of Q t i P W - Debs.

* - Included in t a b l e f o r f i r s t time.
* * - i s s u e s s o l d t o i n v e s t o r s o u t s i d e of U.S.
*** - I s s u e s u b j e c t t o i n t e r e s t e q u a l i z a t i o n t a x .




-27-

M-2
PART I I :

P r i v a t e P l a c e m e n t s - R e p o r t e d J a n u a r y 1 t h r o u g h A p r i l 5, 1968.

Date Reported

Amount
(millions
of
dollars)

I s s u e r and D e s c r i p t i o n of I s s u e

1/1/68

1.5

N i c a r a g u a n H o t e l Co. - - U . S . g u a r a n t e e d
67o n o t e , m a t u r i n g J u n e 1, 1987.

1/8/68

12.0

R e p u b l i c of P o r t u g a l - - n o t e s due 1968.

1/15/68

7.0

Home O i l Co. L t d .
15 y e a r b o n d s .

2/5/68

1.5

C a r i b b e a n F i n a n c e Co. ( P u e r t o R i c o ) S e n i o r
n o t e s due 1 / 1 5 / 8 0 .

2/26/68

6.0

A l u m i n i o , S.A. de C.V. (Mexico) U.S.
d e b e n t u r e s — 7-1/2%, m a t u r i n g 1980.

3/1/68

3/15/68

12.0

35.0

(Canada) — S e c u r e d

Edmonton ( C i t y of A l b e r t a , C a n a d a ) ,
U.S. 6-3/4% d e b e n t u r e s m a t u r i n g J a n . ,

1993.

Mexico - ( U n i t e d Mexican S t a t e s ) e x t e r n a l
7-1/4% bonds due 3 / 1 / 7 3 .

N o t e : For r e t r o s p e c t i v e d a t a on a g g r e g a t e f o r e i g n c o r p o r a t e and government s e c u r i t y
o f f e r i n g s i n t h e U n i t e d S t a t e s s e e E x h i b i t s I and J . T h e r e i s no s i m p l e r e l a t i o n s h i p
b e t w e e n t h e d a t a shown i n t h e E x h i b i t and t h a t shown i n E x h i b i t s I and J b e c a u s e t h e l a t t e r
i n c l u d e s p r i v a t e l y p l a c e d s e c u r i t i e s i n t h e p e r i o d i n which f u n d s a r e a c t u a l l y t a k e n down
b u t o n l y i n t h e amount of takedown w h i l e t h e p l a c e m e n t s shown i n t h i s e x h i b i t a r e i n c l u d e d
when r e p o r t e d , f r e q u e n t l y w i t h l i t t l e o r no i n f o r m a t i o n c o n c e r n i n g t i m i n g of takedown.
F u l l o r p a r t i a l takedown may t a k e p l a c e b o t h p r i o r and s u b s e q u e n t t o t h e d a t e a p l a c e m e n t
is reported.




I