Full text of H.16 Capital Market Developments : October 17, 1966
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I Not for Publication " ~%"l4 DECONTROLLED AFTER SIX MONTHS October 17, 1966. CAPITAL MARKETS) DEVELOIMENTS — IN T H E UNITED STATES Corporate and municipal bond markets. New corporate security issues scheduled this week will aggregate slightly more than the average for such issues, while new municipal offerings will be relatively light. This week's corporate calendar is highlighted by Liggett and Meyer's $75 million debenture offering. Nearly one-half of the municipal volume is accounted for by the $75 million revenue issue of Greater New Orleans Expressway Authority. Long-term Public Security Offerings 1/ (In millions of dollars) Corporate New Capital | Refunding State and local Government New Capital | Refunding Sold: 52 w e e k avg. Oct. 7 Oct. 14 196 2 214 113r/ 190 171r/ 204 215 142 2 Scheduled: Oct. 21 1/ Federal Reserve estimates are based upon published reports of issues sold and scheduled for offering; corporate rights offerings are included as of the date subscription rights expire. Investors did not respond enthusiastically to last week's major debt offerings, as the two largest issues have substantial unsold balances. Neither of these issues carry any special provisions against early redemption by the company. Municipal yields declined for the third consecutive week. In contrast to the week earlier, new municipal issues offered last week generally were accorded a good response from investors--approximately four-fifths of the new issues were sold by week-end. Mortgage yields. Secondary market yields on 5-3/4 per cent, 30-year, FHA-insured mortgages rose another 5 basis points in September. H. 14 Yields in Security Markets Change from preceding week Level Latest Week High-Grade Notes and Bonds Corporate New Seasoned 5.86 5.43 +5 -1 4.76 5.42 +1 U.S. Government Long-term 3-5 year +3 State and local Govt. Moody 1 s Aaa Std. & Poor's high grade 3.86 3.99 -2 5.44 -46 5.44 5.71 +8 +6 Money Market Federal funds Treasury bills 3-month 6-month Corporate Bonds still in Syndicate (Tri millions of dollars) 10/12/66 30.0 Idaho Power Co., 1st mtg. bds., 6-1/8, 1996 6.03 10/14/66 33.5 Alabama Power Co., 1st mtg. bds., 6-1/4, 19.96 6.15 1/3 Aa 3/10 Blue List of Municipal Dealer'.s Advertised Inventories (In millions of dollars) Latest Date 384 (10/11) End of Previous Week 376 Recent High 636 (2/17) I H. 14 - 3- The average of 6.63 per cent was 117 basis points higher than a year earlier when upward pressures on yields had just begun to be apparent. To increase the attractiveness of FHA-insured mortgages on homes and to limit the amount of discounts required by lenders, effective October 3, 1966, the Department of Housing and Urban Development raised the regulatory maximum contract rate on such mortgages to 6.0 per cent. This marked the third such upward adjustment this year and brought the regulatory maximum to its statutory limit for the first time in th6 history of the series. In early February of this year, the regulatory maximum had been increased from 5-1/4 to 5-1/2 per cent, and in early April to 5-3/4 per cent. A related upward adjustment, also from 5-3/4 to 6.0 per cent and also effective October 3, was made by the Veterans' Administration for VA-guaranteed home mortgages. Contract rates for conventional first mortgages on h o m e s — like the FHA yield series--continued higher in September, to 6.65 per cent in the case of loans on new homes and 6.70 per cent in the case of loans on existing homes. Stock prices. Common stock prices advanced last week in active trading. Standard and Poor's index of 500 stocks ended the week at 76.60 -a gain of 3.40 points from the week earlier. Trading volume averaged 7.9 million shares a day. M o r e detailed information concerning recent capital market developments can be found in the attached exhibits. Capital Markets Section, Division of Research and Statistics, Board of Governors of the Federal Reserve System. IXHItri A. f.,1 I 55 5.0 CORPORATE A l t 4.5 4.0 — U . S . GOVEI 3.5 _/ 3.0 STATE AND LOCAL GOVERNMENT A M 2.5 1961 1962 1963 1966 1965 1964 Exhibit A --"Part II Date 1959-60 - High 1962-63 - Low 1965 - Lev 1966 - High - Low Corporate Aaa 1/ 4.61 4.19 4.41 5.52 4.73 (1/29/60) (3/29/63) (3/12) (9/9) (1/7) Sept. 16 5.51 5.49 23 30 '5.47 Oct. 7 5.44 14f»/ 5.43- U.S. Govt. long-term 2/ 4.42 3.85 4.13 4.87 4.42 State and local government Aaa 3/ (1/8/60) 3.65 (9/24/59) (12/28/62) 2.88 (ll/e/62) (6/25) 2.94 (2/11) 4.04 (8/25) (9/2) 3.39 (1/13) (1/21) 4.79 4.80 4.72 4.75 4.76, 3.85 3.89 3.88 3.86 3.86 / Spread between O. 8. Govt, and Corporate State and Aaa local Aaa .59 (a/s/60) .92 (4/22/60) .21 (12/27/63) .80 (3/5/62) .22 .94 .75 1.19 .14 .78 .72 .69 .75 .69 .67 .94 .91 .84 .89 .90 Preliminary, y Weekly average of daily figures. Average tern of bonds Included is 22-24 years, TJ Weekly average of daily figures. The series Includes bonds due or callable In 10 years or maris* / Thursday figures. Only general obligation bonds are included; average term is 20 years, ote,—Signs 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. EXHIBIT ». fori I LONG-TERM BOND YIELDS, L O W ! * ORADI 8.0 CORPORATE Baa 5.0 4.5 4.0 S T A T E AND LOCAL GOVERNMENT B a a / V. 3.5 3.0 1961 1963 1962 1964 1965 1966 Exhibit B -- Part II Date Corpora te Baa 1/ State and local govt. Baa 3 / (per cent) 1959-60 - High Year end - 1962 1964 1965 1966 - High Low Sept. 16 23 30 Oct. 7 14j>/ Spread between Aaa and Baa State and Corpora te local eovt. 5.36 {2/12/60) 4.46 (3/7/60) 4.93 4.80 5.04 6.10 (10/14) 5.05(1/14) 3.57 3.51 3.79 4.55(8/25) 3.78(1/20) .70 .37 .31 .64 6.10 6.10 6.06 6.08 6.10 4.43 4.45 4.45 4.45 4.45 .59 .61 .59 .64 .67 DigitizedVotes for FRASER For footnotes see Exhibit JL. .84 .31 1.08 .63 .52 .39 .62 v .31 .58 .56 .57 • 59 .31 IIMIIIT C. f.,1 I I M O I T . AND INTIRMIDIATI-TIRM I N T I R I I T RATIF GOVERNMENT Weelly '•» «•»< 3 8 YEAH I S S U E S I- MOUTH BILLS F . * . D I S C O U N T RATE 3-MONTH BILLS 1981 1962 1963 Exhibit C — Discount 'I/ 1959-60 - High Year end - 1961 1962 1963 1964 1965 1966 - High Low Sept,. 16 23 30 Oct. 7 14jo/ 4.00 3.00 3.00 3.50 4.00 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.50 ¥ 3-month bills 2/ 4.59 ( W e o ) 2.66 2.89 3.52 3.83 4.47 5.52(9/23) 4.39(6/24) 5.40 5.52 5.39 5.36 ' 5.44 1964 Part II 5.00(1^24/59) 3.81 3.41 4.07 4;07 4.90 . 5.92 (9/23) 5.83(9/2) 4.53 (6/24) 4.80(4/8) 5.91 5*. 7~1 / 1966 Spread between yields on 3month bills and vlelds on i 6-mo. blllsl3-5 vr. issues * Yields 6-month bills 2/ (per cent) 5.07 (J/8/60) 2.90 2.93 3.64 3.93 4.66 1965 a 5.39 5.42 1.81 .79 .24 .04 .13 .10 .19 1.15 .52 .55 .24 .43 .52, .09 .02 .51 .40 .30 !09 .78 .13 :2297 Weekly nti shoim la that in effect at end of period at the federal Reserve Bank of Hew Yolk# Market yield) weekly averages computed from daily doming M d prioee. Series of 3-8 year issues consists of selected notes and bonds. „ Wots, night and lows are for iidividual series and may be on different dates for different series. Tor spreads, high refers to widest, and lor to narrowest. S H O R T . A N D INTERMEDIATE-T<RM INTEREST RATES, B A N K S A N D OTHER PRIVATE B O R R O W E R S PRIME RATE FINANCE COMPANY PAPER F.R. DISCOUNT RATE FEDERAL FUNDS 1963 1962 1961 Prime rate 1959-60 - High Y e a r end - 1961 1962 1963 1964 1965 1966 - High Low Sept. Oct. 16 23 30 7 1/ 5.00 4.50 4.50 4.50 4.50 5.00 6.00(10/14) 5.00(3/4) 6.00 — 5.13 3.00 (3/23/60) 3.19 3.88 4.06 4.75 5.75(10/14) 4.75(1/7) 5.63 5.75 5.75 6.00 5." 7 5 1968 P a r t II Finance company F e d e r a l funds 3/ paper 2/ (per c e n t ) 6.00 o.OO 6.00 1965 1964 Exhibit D 4 . 0 0 (5/13/60) 2.88 Spread between 3 - m o . b i l l s and f i n a n c e co. p a p e r 1.02 3.55(1/21) .34 .30 .36 .23 .28 .99 .20 5.63 4.95 4.70 5.90 5.44/ .23 .23 .36 .39 .31 3.00 3.50 4.00 4.63 6.00(9/9) 3/ Weekly rate shown is that in effect at end of period. 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 mturities in the-90-179 day range, , , . 3/ Weekly average of dail" effective rate, whloh is the rate for the heaviest volume of purchase and sale transactions as reported to the Federal Reserve Bank of New York. Notet—filths 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. tXHIIH I ,«>• I 1 P R I C E S ^ ^ ^ J ^ ^ ^ 1 too 10 STOCK MARKET CREDIT 1^1 60 CHANGE IN SERIES 1 . "M I VOLUME " 40 ?2 1 ^1 YIELDS i i i i i i i i ii i 1962 1961 1 CTTj 1964 1963 Exhibit B — Common Stock price index 1/ yields 2/ (per cent) 1965 1966 Part II Trading volume 2/ (millions of shares) Stock marl<et customer credit Bank Customers' loans to debit bal• "others" 5/ ances 4/ Total (In millions of dollars) 4961-62 - High Low gov. 1963 July 1965 1966 - High Law Aug. Sept. Sept. 30 Oct. 7 Oct. 14£/ 72.04(1^8/61) 52.68(6/2^/62) 72.62 84.91 93.77(2/11) 74.39(10/7) 2.,82 3..96 10.1 2.4 3. 14 3. 09 3 .02 4,.04 5.3 4.1 10.7 5.0 80.65 77.81 76.56 73,20 76.60 3 .60 3,.83 3,.80 3 .97 3,.79 7.1 5.7 5.9 7.5 7.9 5,603(1^/61) 4,424(3/61) 7,298 6,833 7,997 7,726 4,259 (12/61) 1,418(5/9/62) 1,161(3/6/61) 3,253(3/61) 5,586 4,863 5,835 5,551 1,712 1,970 2(241(7/6) 2,137(5/27) 7,811 5,609 n.a. n.a. n.a. 2,202 n.a. 2,170 2,154 n.a. a.*.—Not available,p/ P r o l i m i f i a r y . ' 1/Studard and Poor's composite index of 500 cooaon stocks# weekly olosing prices, 1941*43-10, Monthly data are averages of daily figures rather than of fiiday's only. Highs and lews at* fcr 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 shewn are for dates on which price index reached its high 3/ Averages of daily trading volume on the Mew York Stock exchange, Yenvend figures are averages of daily figures for the year. V Xnd of nwrth figures fear umber firms of the Hew York Stock Exchange which carry margin accounts) excludes balances secured by 0, 3. Government obligations. 5/ Wednesday figures for weekly reporting member banks. Excludes loans for purchasing or carrying 0, S. Government securities. Weekly reporting banks account for about 70 per cent of leans to others,". Tor further detail see Bulletin. HOME MORTGAGES: Aaa C O R P O R A T E B O N D S : 1957 1958 1959 1960 : 1961 Exhibit F Conventional mort25-year 30-year gagee 3 / FHA mortgages 2/ 1956 1957 1958 1959-60 1961-65 1966 - Low - High -Low - High - Low High 4.68 5.63 5.35 6.24 5.43 6.67 5.72 1966 May June July 6.37 6.51 6.58 6.67 6.73 1962 Part II 1963 1964 Aaa Corporate Spread between yields on conv. & «5/ FHA mort. eases 1966 1965 & Spread between yields on new corporate bonds and FHA mtgs.ISeasoned 4/ I bonds 5.44 6.58 5.70 5.20 6.00 5.55 6.30 5.80 6.55 6.00 .47 .47 .15 .23 .25 .30 -.06 3.08 4.94 3.65 5.25 4.12 5. 70 4.84 3.08 4.12 3.57 4.61 4.19 5.31 4.74 .76 1.58 .88 1.69 .77 1.11 .73 -1.03 .05 .73 -.16 .46 .09 6.32 6.45 6.51 6.58 6.63 6 30 6.*45 6.55 6.65 -.02 -.05 -.06 -.03 .02 5.21 5.38 5.62 5.70 5.82 4.98 5.07 5.16 5.31 5.49 1.11 1.07 .89 .88 .81 .23 .31 .46 .39 .33 «u.™ f See note for exhibit G. ( Moody1 • Investor Serrioe. Monthly averages of dally data. _ See Exhibit A. CONVENTIONAL MOITOAOI TIKMS ^ 30 25 EXISTING M tO AN 'PRICE/ BATI O NEW EXISTING Tot 1962 1964 Exhibit F (Per New Homes Fees & Charges M a t u r i t y (Per (Years) cent) 21 1966 Part IV Exiliting Homes Loan/ Fees & Loan/ L o a n Charges Maturity Price Price ratio (Thous.) Rate (Per (Years) (Thous.) cent) (Per (Per (Per cent) 2/ cent) 1 1965 A Sept. Oct. Nov. Dec. 1 1 5.76 5.75 5.75 5.80 5.78 .50 .56 .53 .54 .58 24.5 24.9 24.8 25.0 24.8 73.8 73.7 73.8 74.9 74.0 18,.2 18,.1 18,.3 18..5 18,,4 5.86 5.89 5.87 5.91 5.91 .46 .47 .48 .50 .51 20.4 20.1 19.9 20.4 20.6 72.1 71.6 71.3 72.0 72.4 14.1 13.7 13.9 13.9 14.5 5.81 5.85 5.90 5.99 6.02 6.07 6.12 6.18 .51 .55 .56 .57 .57 .57 .67 .83 24.6 24.6 24.7 24.6 24.7 24.8 24.2 25.4 73.4 73.2 74.3 73.9 73.4 74.4 72.1 74.0 18. 0 18. 8 18. 9 18. 2 19. 2 19. 7 19. 3 20. 1 5.97 5.97 6.01 6.09 6.16 6.18 6.24 6.35 .49 .51 .53 .54 .56 .47 .52 .61 20.6 20.3 20.9 20.6 20.6 20.0 19.9 19.8 72.6 72.0 72.5 72.2 71.8 70.6 70.5 70.6 14.3 14.4 14.7 14.5 14.7 14.7 14.3 14.7 1966 Feb! Mar. June July Aug. 1/ Compiled by Federal Home L o w Bank Board in cooperation with Federal Deposit Insurance Corporation. Data are lighted averages based on probability sample survey of characteristics of conventional first mortgages originated by major institutional lender groups, (including mortgage companies) for purchase of single fsmily homes. Data exclude loans for refinancing, reconditioning, or modernisations construction loans to home-buildersj and—in this exhibit—permanent loans which are coupled with construction I o n s to owner-builders. Data are still In a developmental stage and may reflect seasonal Influences which cannot yet be measured because the series go back only to end of 1962. Related series on conventional mortgage rates only, based on unweighted opinions of regional-office directors of tl* Federal Housing Administration, are available somewhat sooner than the results of 7HLBB-TDIC surrey, m d are included—in the case of new home mortgage rates—in Exhibit F, Parts I 7j Fees and charges—expressed as a percentage of the principal mortgage amount—include loan oonmisslons, fees, discounts, and otter charges which provide added Income to the lender and are paid by the borrower. They exclude any closing costs related solely to transfer of property ownership. 1 YIELDS ON N I W AND S I A S O N 1 D C O T P O I A T I BONDS Exhibit 0 - Part II Yields on Wew Corporate Bond Issues Adjusted to en Aea bests of Monthly averegea; 1966 - Jan. Feb. Mar. Apr. May -July Aug. Sept. lisssa Am't of Issues Average included (mil. yield of dollere) (per cent) 8 10 9 13 7 11 5 5 8 Weekly averages: 300.0 304.5 513.0 452.3 341.0 596.0 155.0 680.0 280.0 4.84 4.98 5.13 5.08 5.21 5.38 5.62 5.70 5.82 of Aug. 5 12 19 26 Sept. 2 9 16 23 30 Oct. 7 14 21 28 Am't of issues Average included (mil. yield of dollers) XBSL £2Btl 280.0 5.58 145.0 5.65 5.92 5.98 5.91 80.0 175.0 50.0 15.0 8.0 207.0 40.0 63.5 !:& 5.80 5.81 5. 86- High 5.98 (9/2) 4.82(1/7) lotei Averages of offering yields on all x r issues of publioly offered oorporate bonds rated AM. la U T A by Moody's Investors Service (oj (exnept serial sad convertible Issues, offerings of natexal j u pipeline, sad foreign eoapsaiss, and beads guaranteed by the federal Government) weighted by * me of offering. Before averaging, new offerings ere adjusted to e ooepoeite iaa basis by deducting from the actual reofferlng yield the excess of the weekly average yield for seasoned tends of the appropriate lndsstry-quality group over the composite average for seasoned Ana-rated tends (Moody's). Averages considered Exhibit H H.14 Long-term Corporate and State and Local Government Security Offerings and Placements (In millions of dollars) New Canita! 1966 Corporate 1965 State and local 2/ 1966 1965 1964 1964 January February March 1,302 1,237 2,446 795 746 1,197 938 700 778 2/1,183 £ / 857 £./ 868 804 872 904 947 776 810 April May June 1,553 1,058 2,364 1,152 1,691 1,946 2,237 1,095 1,405 2/1,186 £./ 904 £/l,133 826 924 972 1,242 667 903 July August September £/1,046 e/1,725 e/1,250 1,290 850 1,392 812 680 1,130 R/ E/ e/ 679 737 975 986 648 966 906 780 892 October November December e/1,175 924 1,325 1,496 953 669 1,642 e/ 775 794 1,021 754 801 529 948 1st 2nd 3rd 4th 4,985 4,974 e/4,021 2,738 4,789 3,533 3,745 2,416 4,738 2,621 3,264 &/2,909 2/3,223 e/2,391 2,580 2,722 2,600 2,569 2,533 2,811 2,578 2,278 9,959 e/13,980 7,527 11,060 14,805 7,153 9,775 13,038 2/6,132 e/8,522 5,302 7,902 10,471 5,345 7,923 10,201 quarter quarter quarter quarter 1st half Three quarters Year Excluding finance companies 3/ 1st 2nd 3rd 4th quarter quarter quarter quarter 4,924 4,884 Year e/ EJ 1/ 2/ 3/ 2,547 4,348 3,283 3,188 2,043 4,258 2,477 2,997 13,366 11,775 Estimated by Federal 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. Exhibit I New Corporate Security Issues, Type of Issue and Issuer (In millions of dollars) Quarter Month Gross proceeds for new capital and refunding 1 / Bonds Common Memo: Total Foreign Publicly Privately and Placed pfd issues Offered stock included Net proceeds for new capital Mfg. =J Public Communi- Other Utility cations Issuers 1964 - III IV 2,876 3,568 792 531 1,590 2,629 494 408 94 227 559 1,061 642 509 59 135 1,361 1,559 1965 - I II III IV 3,007 5,043 3,912 4,030 905 1 ,864 1 ,575 1 ,226 1,673 2,259 1,955 2,264 429 920 383 540 243 215 263 300 1,072 l,6t9 1,119 1,145 541 609 786 610 91 255 323 177 1,034 2,246 1,304 1,815 1966 - I II III IV 5,094 5,115 4,143 1 ,774 1 ,941 2 ,365 2,586 2,083 1,493 734 1,090 285 345 168 1,860 2,205 1,667 969 960 663 602 392 525 1,553 1,418 1,166 1965 - July Aug. Sept. Oct. Nov. Dec. 1,443 930 1,538 986 1,398 1,646 542 369 664 287 613 326 780 468 706 574 529 1,161 122 93 168 124 257 159 27 87 150 99 101 99 399 307 414 273 402 470 202 297 287 158 209 243 102 25 196 92 43 43 587 222 495 401 671 741 1966 - Jan.2/ Feb. Mar. Apr. May June July £ / Aug. e/ Sept.e/ Oct. Nov. Dec. 1,339 1,273 2,482 1,582 1,106 2,427 1,093 1,775 1,275 460 560 753 628 481 832 440 1,,225 700 692 583 1,311 743 556 784 543 450 500 187 130 417 210 69 811 110 100 75 353 93 530 118 133 977 692 86 33 376 49 1,137 25 442 n.a. 675 n.a. 550 388 241 340 364 274 322 263 300 100 141 160 301 76 40 276 50 275 200 420 306 827 421 368 629 291 475 400 B./ ej 1/ 2/ Preliminary. Estimated by Federal Reserve. Gross proceeds exceed net proceeds by the cost of flotation. For total see Exhibit H; other issuers are extractive, railroad and other transportation, real estate and finance, and commercial and other. 3/ Does not include U.S. Steel $600 million conversion of preferred stock to debentures. Source: Securities and Exchange Commission Exhibit J Other Security Offerings (In m i l l i o n s of d o l l a r s ) firofifi T.nng-fprm 1 / F n r p i g n Government- 2/ 1064 1966 12 40 40 66 69 76 218 91 33 74 5 52 75 2 4 82 69 30 75 26 20 13 7 180 72 58 527 319 661 636 -- 38 73 -- lljt! n.a. n. a. State and 103 39 -319 580 462 -334 -103 2 7 Op/ 698J2./ 1,167 1,286 503 410 392 699 1,030 1,084%/ 129 185 325 n.a. 239 150 n.a. N e w s h o r t - t e r m 4/ local G o v e r m e n t 5 / 238 91 -458 647 204 -82 119 408 152 , 59 274 -366 Federal A g e n c y 3/ 1964 1965 — — -- 275 775 260 160 -- 375 375 179 510 1,653 695 2,732 1,205 -» 1 Federal Agency 3/ 103 236 -407 442 81 -80 -9 127 176 7 -15 -208 308 -24 450 718 85 284 -590 n. a. -137 -174 117 -11 509 237 132 206 105 -309 202 -76 493 n. a. 879 -308 -336 23 97 183 239 -333 167 1 525 113 -3 -268 368 453 801 2./ P r e l i m i n a r y , e / Estimated by F e d e r a l R e s e r v e , n . a . — N o t available. 1/ T h e s e d a t a d i f f e r from those in E x h i b i t H in that refunding i s s u e s , as w e l l as new capital i s s u e s , a r e included. L o n g - t e r m s e c u r i t i e s are defined as those m a t u r i n g in m o r e than o n e y e a r . 2/ I n c l u d e s s e c u r i t i e s offered in the U . S . b y foreign g o v e r n m e n t s and their p o l i t i c a l s u b d i v i s i o n s and international o r g a n i z a t i o n s . Source: S e c u r i t i e s a n d E x c h a n g e C o m m i s s i o n . 2 / I s s u e s not guaranteed by U . S . G o v e r n m e n t . Source: L o n g - t e r m , S e c u r i t i e s and E x c h a n g e C o m m i s s i o n ; s h o r t - t e r m , T r e a s u r y D e p t . & Fed. R e s e r v e . 4 / T h e s e d a t a d i f f e r from those in E x h i b i t H and a b o v e in that they r e p r e s e n t new o f f e r i n g s less r e t i r e m e n t s , w h e t h e r from the p r o c e e d s or refunding issues or from other funds. D a t a include o n l y issues w i t h original m a t u r i t y o f one year or less. 5/ P r i n c i p a l l y tax and bond a n t i c i p a t i o n n o t e s , w a r r a n t s , or c e r t i f i c a t e s and Public H o u s i n g A u t h . n o t e s . In some instances PHA notes included m a y h a v e a s o m e w h a t longer m a t u r i t y than 1 y e a r . Source: Bond B u y e r & F e d e r a l Reserve. * I H. 14 Exhibit K Large Long-term Public Security Issues for New Capital (Other than U. S. Treasury) 1/ Proceeds of Large Issues Offered (In millions of dollars) Total 1 | ! 1965 - Sept. Oct. Nov. Dec. \ 1966 - Jan. i Feb. ! Mar„ Apr. May June July Aug. Sept. Corporaite Bonds (other then Convertible convertibles) bonds 530 246 736 262 485 545 890 643 401 1,317 402 1,189 627 530 190 559 212 370 391 544 431 351 636 170 862 287 State and local governments Stocks 16 40 33 50 563 409 538 413 787 424 399 720 466 582 338 410 611 -~ 144 -- 115 70 271 106 84 75 55 50 20 182 24? 340 - - 661 50 80 Other 2/ 170 43 95 --- 55 60 275 15 50 Large Individual Issues Offered October 1 through 14 Issuer Type 2 / Amount (millions of dollars) Maturity Coupon rate or net interest cost Offering Yield Rating Corporate *Texas Instruments, Inc. Columbia Gas System Sanders Associates ^United Air era i.- Corp. Idaho Power Co. Alabama Power Co. Com. st k. Deb, Ccnv. deb. Conv. sub., deb. 1st mtg„ bds. 1st rr.Lg. bds. 55.0 40.0 17.5 58.9 30.0 33.5 1991 1986 1991 1996 1996 6-1/4 5-3/8 5-3/8 6-1/8 6-1/4 Rev.-Rent o 17.4 1969-98 4.67 4.50-4.60 -- C.O. G.O. G.O. C.O. Rev. -Rent. 10.0 15.0 10.0 31.7 13.6 1968-86 1969-96 1968-95 1967-96 1972-99 3.98 3.85 -3.90 3.85 -3.90 3.85 -3.90 4.00 -4.05 4.70 -4.80 Aa 3.96 3.95 4.10 4.91 6.19 5.38 5.38 6.03 6.15 A -- . Baa Aa A State and local C-evt. New York St. Dorm. Auth. St. Louis & St. Louis C:., J C D M o . State of Oregon Atlanta, Georgia Baltimore, Maryland Univ. zt. Okla. ? N e m a n Aa Aa A »- K-2 Large Individual Issues Offered October 1 through 14 (Cont'd) Issuer Type 3/ Amount (Millions of dollars') | Coupon Offer-} |rate or ing | Rating Maturity]net interyield I lest cost State and local. Govt. (Cont'd) Orleans Parish School Bd. 3 La. Los Angeles Co. Flood Control Dist., Califo Omaha Pub. Pwr, Dist.,, Neb. State of Delaware State of Georgia G.O. 16,,5 1967 -2006 4.,33 4.,20-4.,25 A G.Oo Rev.-Q.-Uto G.O. G.O. 25..0 25,,0 IS. 9 15.,7 1968 -95 1968 -96 1967 -86 1967 -92 4.,16 4.,14 3.,95 i ci • 4. 00 4. 00-4.,10 3. 85-3.,90 3. 90-4.,05 Aa Aa Aa Aa Other *--Rights offering. n.a.--not available, 1/ Includes corporate and other security offerings of $15 million and over; State and 3f $10 million and over. local government security of ft 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„0. denotes general obligations; Revo-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. 9 revenue bonds secured solely by lease payments. '1 I H. 1 4 I Exhibit L F o r t h c o m i n g L a r g e L o n g - t e r m P u b l i c S e c u r i t y O f f e r i n g for N e w C a p i t a l (Other than U . S . T r e a s u r y ) E x p e c t e d P r o c e e d s from F o r t h c o m i n g L a r g e Issues (In m i l l i o n s o f d o l l a r s ) | D u r i n g m o n t h following date ahcwn S t a t e and Corporate O t h e r 2/ local g o v t . 1965- S e p t . , 3 0 Oct. 29 Nov. 30 Dec„ 31 1966" Jan. 31 Feb. 28 M a r . 31 Apro 30 May 31 J u n e 30 July 29 A u g . 31 Sept. 30 206 269 412 297 553 530 828 489 343 398 50.1 340 366 253 399 584 337 403 515 300 248 1,261 317 67 7 662 68 7 15 25 20 20 20 ™ «• 30 15 -- 40 Forthcoming Issuer Corporate S u b s e q u e n t to date shown S t a t e and local govt. 303 389 344 6 76 931 1,176 606 331 578 458 582 461 504 334 546 584 353 403 685 380 1,034 1,261 619 697 853 767 Large O f f e r i n g s as of O c t o b e r Type Amourtt (millions of dollars) O t h e r g/ 15 25 20 20 20 90 55 55 85 50 35 90 35 14 A p p r o x i m a t e d a t e of offering ftmnit* Liggett, and M e y e r s W i s c o n s i n G a s Co. G a m b l e - S k o g m o , Inc. Illinois Power Co. Pacific S o u t h w e s t A i r l i n e s P e n n s y l v a n i a Elec„ Co, S o u t h e r n N e w England Tel, Co. S. F. deb. 1st m t g , bds, Notes 1st mtg„ bds, C'onv. d e b . 1st mtg„ bds. Deb, N i a g a r a M o h a w k Power Co, 1st m t g . bds. S, F. deb. W h i r l p o o l Corp, Sub. deb, LTV A e r o s p a c e Corp, 1st m t g . bds. *Wisc. Elec. Pwr „ Co. 1st m t g . bdso * Pacific G a s & Elec. Co. Conv. sub, deb. American Airlines ^Pacific T e l e p h o n e Tele, Co. Deb. Conv. pfd, stk. *Mc Call Corp. A t c h i s o n , T o p e k a , ic S a n t a Fe Ry Eq. tr, cert o Conv, sub. deb. United N u c l e a r Cotp, C a m e r o n Iron W o r k s , Inc, Com/, sub. d e b , 75.0 18.0 30.0 4Q.0 15.0 25 0 45.0 45.0 35.0 50.0 30.0 80.0 81.7 130.0 20.0 50.0 15.0 25.0 Oct. 18 Oct. 19 Oct. 19 Oct. 20 Oct. 25 Oct, 26 Oct. 27 Oct. 28 O c t . 27 Oct, Nov. 2 Nov. 3 Nov. 3 (Rts. ex. Nov. 16 Indefinite Indefinite Indefinite Indefinite y L-2 Forthcoming Large Offerings as of October 14 (Cont'd) Issuer Type Amount (millions or dollars) Approximate date of Offering State and local Government Greater New Orleans Expressway Authority *New Y o r k City, New Y o r k *San Francisco Bay Area R.T.D., Calif, Washington State University, Pullman Santa Monica Unif. S. D., Calif. *State of New Y o r k Oklahoma Turnpike Authority Rev.-Q.-Ut. G.O. G.O. Rev.-Rent. G.O. G.O. Rev.-Q.-Ut. 75.0 123.3 50.0 17.3 14.8 35.4 80.0 October 18 October 25 October 27 October 28 October November 14 November Other Republic of Ireland Nippon Tel. & Tel. Pub. Corp. Bonds Bonds 20.0 15.Q Indefinite 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: Deletions for reasons other than sate of issue: Los Angeles Co. Flood control Dist., Calif. $30.0 million of the $55,0 million i s s u e — b i d s rejected. I n H.14 Exhibit M Foreign Government and Corporate Security Offerings and Placements in the United States Part I: Sale Date Amount (millions of dollars) Issuer and Description of Issue A. 9/21 Public Offerings 10.0 Sold August 1 through October 14 Government of New Zealand--7% bonds, maturing 1.976, reoffered to yield 7.28%. * * * B. Prospective Offerings Indefinite 20.0 Republic of I r e l a n d — b o n d s Indefinite 15.0 Nippon Telegraph and Telephone Public Corpr-bonds * — I n c l u d e d in table for first time. * * — I s s u e sold to investors outside of U.S. * * * — I s s u e s subject to interest equalization tax. Part II: Date Reported 9/23 Private Placements - Reported August 1 through October 14 Amount (millions of dollars) 59.5 Issuer and Description of Issue Savage River Corp.--5-1/2% - 5-3/4% collateral trust notes, maturing 1976-83 --no information available 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 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 actually taken down but only in the amount of takedown while the placements shown in this exhib are included when reported, frequently with little or no information concerning timing of takedown. Full or partial takedowns m a y take place both prior and subsequent to the date a placement is reported.