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n

DECONTROLLED

AFTER SIX MONTHSI

Not for Publication

August 83 1966.

H. 14

I
I CA PI TAfir MA3rK£-TS_ &£y
"fN THE UNITED STATES

Corporate and municipal bond markets. The volume of new
expected in both the corporate and municipal markets will be above
this week. Almost three-fourths of the total new corporate volume
accounted for by Pan American's $175 million convertible debenture

issues
average
is
offering.

Long-term Public Security Offerings 1/
(In millions of dollars)

Corporate
New Capital | Refunding

State and local Government
New Capital | Refunding

Sold:
52 week avg.
July
Aug.

175

29
5

140
390

12

235

3

205

4

251
153

Scheduled:
Aug.
? /

n Y- 0 1 Dfirfira
v-t •

220
KrtoaH tinAn mil k 1 -1 n Tnrsi-7 v/anAt»f

r\ -f -1 f cnflff oa!

and scheduled for offering; corporate rights offerings are included as
of the date subscription rights expire.
New and seasoned corporate bonds yields advanced further last
week. While the new issue series shows a decline of 4 basis points, this
is due largely to a shift in the composition of issues included and
should not be interpreted as representative of new issue yields for the
past week. Virtually all issues included in compiling this series for
last week carried 5 years of call protection and consequently may be
marketed w l a
lower yield than issues without such protection. American
Telephone and Telegraph1, s $250 million Aaa rated debenture offering was
reportedly over two-tbirds sold bv week-end. This issue was reoffered
to investors to yield 5,58/': -Ul basis points above a simi 1 a r offering in
March.
Municipal bond yields advanced slightly during the past week.
A $50,0 million negotiated offering by the Puerto Rico Water and Sewer
Authority expected in * he market last week was postponed due to "general
market conditions."
New security offerings
The volume of new security offerings in the corporate market during
July aggregated $1 = 3 billion-about the same as a year ago. New municipal




H. 14
Yields in Security Markets
Change from
preceding w e e k

Level Latest W e e k
High-Grade
Notes and Bonds
Corporate
New
Seasoned

5.58
5.24

+2

4.73
5.32

+7

3.79
4.01

+6

-4

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

+1

State and loc. Govt.
M o o d y 1 s Aaa
Std. & Poor's high grade

+1

Money Market
>-3

5, 60

Federal funds
Treasury bills
3-month
6-month

+8

4.81
4.99

+10

Corporate Bonds Still in Syndicate
Date
Offered

Amount
(mi11inns of $)

7/28

8/4

45.-0

250.0

Issuer

Reoffering
Yield

Rating

Estimated proportion sold

Northern State Pwr. Co.
5.76
1st mtg. bds., 5-7/8's, 1996
A.T. & T.
debs., 5-578's, 1995

5.58

1/2

Aaa

2/3

Blue List of Municipal Dealer's Advertised Inventories
(In millions of dollars)
Latest Date
473 (8/3)




End of Previous W e e k
480

Recent High
636

(2/17)

-3-

H. 14

offerings totaled $.7 billion, or almost $.3 billion less than a year earlier.
In August, however, preliminary estimates indicate an increased volume
of issues--as compared to August 1965--in both the corporate and municipal
markets. Gross corporate security offerings are likely to total nearly $1.6
billion, or three-fourths more than a year ago. Of this total, over half
is accounted for by publicly offered corporate bonds, thereby making the
August public debt calendar the heaviest month this year. Municipal volume
in August is currently expected to aggregate $.9 billion, an increase of
over $.2 billion from a year ago.
Stock prices. Common stock prices advanced slightly last
week in moderate trading. Standard and Poor's index of 500 stocks rose
0.40 points to m a r k the first advance in three weeks. Trading volume
averaged 6.0 million shares per 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,




LONG-TERM BOND

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

5.0

CORPORATE Aaa

4.0

U.S. GOVERNMENT

3.5

ARJ
S T A T E AND LOCAL GOVERNMENT A a a

2.5
1961

1962

1963

1964
Exhibit A

Date

Corporate
Aaa y

U.S. Govt.
long-term 2/

—

1965
Part II

State and
local
government
Aaa 3/

1959-60 - High
1962-63 - Low
1965 - L o w
1966 - High
- Low
July

-

8
15
22
29

lugust

-

5 ]>/

4.61
4.19
4.41
5.24
4.73

(1/29/60)
(3/29/63)
(3/12)
(8/5)
(1/7)

5.12
5.14
5.17
5.22
5.24

4 . 4 2 (1/8/60)
3 . 8 5 (12/28/62)
4.13
(6/25)
4.78 (7/15)
4.42 (1/21)
4.72
4.78
4.75
4.72
4.73

3 . 6 5 (9/24/59)
2 . 8 8 (12/9/62)
2 . 9 4 (2/11)
3.79 (8/4)
3.39
3.77
3.77
3.77
3.78
3.79

1966

(1/13)

Spread between
U. S. G o v t , and
Corporate
S t a t e and
Aaa
local A a a

.59 (8/S/60)
.21 (12/27/63)
.22
.51
.14
.40
.36
.42
.50
.51

.92 (4/22/60)
. 8 0 (1/3/62)
.94
1.19
.94
.95
1.01
.98
.94
.94

ft/ P r e l i m i n a r y .
j/ Weekly average of dally figures. Average term of bonds Included it 22-24 years.
y Weekly average of daily figures. The series includes bonds due or callable in 10 years or more*
i/ Thursday figures. Only general obligation bonds are included* average term is 20 years.
$ote # —fllgns 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.




LONG-TERM

BOND

YIELDS,

LOWER

GRADE

6.0

CORPORATE Baa
5.0

AA

. v '
1

V a ,

/

—

I I I M I II I I I
1961

J

S T A T E A NO LOCAL G O V E R N * I E N T B a a
1

12

~ V ^

I I I I I I I1I1IIII 1I 1 1 11 I1 1II11 1 1 1 1 1 1

1963

1964

1965

1966

Exhibit B -- Part II

Corporate
Baa 1/

Da te

State and
local govt.
Baa 3/

Spread between
Aaa and Baa
State and
Corpora te
local govt.

(per cent)
1959-60 - High
tar end - 1962
1964
1965
1966 - High
Low
July

August

Hotel

- 8

5.36 (a/U/60)

4.46 (3/7/60)

4.93

3.57

4.80

3.51

5.04

.84
.70
.37
.31

1.08
.63
.52
.39

5.75

(8/5)

3.79
4.34

(8/4)

.54

5.05

(1/14)

3.78

(1/20)

.31

.38

.51

.53

5.63

4.30

.62 '

15
22

5.68

4.30

.54

.53

5.69

4.30

.52

.53

29

5.72

4.33

.50

.55

5.75

4.34

.51

.55

- 5 £/

Tor footnotes see Exhibit A.




.

n
SHORT-

AND

INTERMEDIATE.TERM

INTEREST

RATES

GOVERNMENT

3 - 5 YEAR I S S U E S
6 - MONTH B I L L S

F. R. D I S C O U N T RATE

3-MONTH BILLS

1962

1961

1963

1964

Exhibit C —

Discount
ra te
3-month
bills 2/
V

Date

1959-60 •• High
Year end - 1961
1962
1963
1964
1965
1966 - High
Low
July

August

-

-

1966

1965

Part II

Yields
6-month
bills 2/
(per cent)

ar;,

Spread between yield* on 3aonth bills and vields on
6 - m o . b l l l s l 3 - 5 vr. issues

4.00
3.00
3.00
3.50
4.00
4.50

4.59(1/9/60)
2.66
2.89
3.52
3.63
4.47

5.07(1/8/60)
2.90
2.93
3.64
3.93
4.66

4.50

4.89

(7/22)

5.00

(7/15)

5.32

<8/5)

.24

. 64

4.50

4.39

(6/24)

4.53

(6/24)

4.80

(4/8)

.09'

.21

5.00(12/24/59)
3.81
3.41
4.07
4i07
4.90 .

.79
.24
.04
.13
.10
.19

1.81
1.15
.52
.55
.24
.43

8

4.50

4.67

4.82

5.14

.15

15
22

4.50

4.85

5.00

5.24

.15

.39

4.50

4.89

4.99

5.22

.10

.33

29

4.50

4.73

4.89

5.25

.16

.52

4.50

4.81

4.99

5.32

.18

.51

5 £/

.47

Market yields weekly a n r u g e e computed
I y e a r issues
consists of selected notes sad bonds.
Note*—tiighs and low* are f o r individual series and m a y be on different dates for d i f f e w n t series,
f o r spreads, high refers t o w i d e s t , and low to narrowest.




I

S H O R T - A N D IN T ER M ED I AT E-T E R M I N T E R E S T R A T E S ,
B A N K S A N D OTHER PRIVATE B O R R O W E R S

FINANCE COMPANY PAPER

F.R. DISCOUNT RATE

1962

1961

1963

1964

1965

1966

Exhibit D -- Part II

Date

Prime rate

1959-60 - High
Year end - 1961
1962
1963
1964
1965
1966 - High
Low
July

-

August

-

8
15
22
29
5 £./

.

5.00
4.50
4.50
4.50
4.50
5.00
5.75

1/

Finance
company
Federal funds 3/
paper
2/
(per c e n t )
5.13 (1/23/60)
3.00
3.19
3.88
4.06
4.75
5.58 (8/5)

4.00 (5/13/60)
2.88
3.00
3.50
4.00
4.63
5.65 (7/29)

5.00

4.75 (1/7)

3.55

5.75
5.75
5.75
5.75
5.75

5.50
5.50
5.50
5.58
5.63

5.26
5.28
4.40

(1/21)

Spread between
3-mo. bills and
finance co. paper

1.02
.34
.30
.36
.23
.28
.99
.20

5.65r/

.83
.65
.61
.85

5.60

.82

Weekly rate shown ia that In effect at end of period. Prime rate is that charged by large banks
on short-term loans to business borrowers of the falsest credit standing,
Average of daily ratds published by finance companies for direotly placed paper for varying
maturities in the 90-179 day range.
3/ Weekly average of daily effective rite, which is the rate for the heaviest volume of purchase and
sale transactions as reported to the federal Reserve Bank of New York.
Notet—Sighs 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.
y




STOCK MARKET

PRICES

STOCK MARKET CREDIT
CHANGE IN SERIES

M X A / h V V

v

YIELDS
1

1
1961

1962

1963

1964
Exhibit E -- Pare II

Common
Da t e

Stock price
index \J

yields 2/
(oer cent)

Trading
volume J/
(millions
of shares)

1965

1966

Stock mar ket customer credit
Customers'
Bank
Idana to
debit balTotal
"others" 5/
(In millions of dollars)

1961-62 - High
Low
Nov. 1963
July 1965
1966 - High
Low
1966 J u n e
July
July 22
29
Aug. 5

2.82
3.96

10.1
2.4

84.91
93.77 (2/11)

3.14
3.09
3.02

5.3
4.1
10.7

83.60 (7/29)
86.06

3.46
3.36

5.1
6.4

85.83
85.41
83,60
83.93

3.37
3.37
3.46

6.0
5.9
6.3
6.0

72.04(12/8/61)

52.68(6/22/62)
72.61

3.45

5,60% 1%/ai)
4,424(1/61)
7,298
6,833
7,997

4,259 (12/61)
3,253(1/61)
5,586
4,863
5,835

7,726

5,551

7,997

5,766

....

1,418(5/9/62)
1,161(3/9/61)
1,712
1,970
2,241 (7/6)
2,137 (5/27)
2,231
2,203
2,217
2,203

n.a.—Not available. jJ Preliminaxy7
y Standard and Poor** composite Index of 500 oooroon stooks, weekly closing prices, 194L-A3»10.
Monthly data are average of dally figures rather than or Friday's only* Highs and lews are for
Friday's data only*
7j Standard and Poor's composite stook yield based on Wednesday data converted to weekly olosing
prices by Federal Reserve* Yields shewn are for dates on wbioh price Index reached Its high
3/ Averages of dally trading volume on the Hew York Stook exchange. Year-end figures are averages of
daily figures for the year*
4/ End of month figures far member firms of the Hew York Stook Exchange which carry margin accounts J
excludes balances secured by 0* 3* Government obligations*
5/ Wednesday figures for weekly reporting member banks. Excludes loans for purchasing or carrying
U. S, Cove n a m t securities* Weekly reporting banks account for about 70 per cent of loans to
others. For further detail see Bulletin.




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

HOME MORTGAGES

Aaa C O R P O R A T E B O N O S

1957

1958

1959

1960
1961
Exhibit F

FHJI
m o r t m 3«ee 2/

Conventional
mort25-year 30-year gagee y

1956
1957
1958
1959-60
1961-65
1966

- Low
" High
-Low
- High
High
Low

1966 May
June
July

4.68
5.63
5.35
6.24
5.43
6.37
5.72

5.44
6.32
5.70

6.37
6.51

6.32
6. 45

1962
Part II

1963

1964

Aaa Coirporate
Spread bepoiida
tween yield*
on conv. &
Nev^
Seasoned
FHA mortSf
K a«es
.47
.47
.15
.23
.25
.30
.02

3.08
4.94
3.65
5.25
4.12
5.27
4.84

6.30

-.02

6.40

-.05

5.21
5.38

4.98
5.07

5.62

5.16

5.20
6.00
5.55
6.30
5.80
6.30
6.00

3.08
4.12
3.57
4.61
4.19
5.07
4.74

1965

1966

Spread between
yields on new corporate bonds and
FHA mtgs.1Seasoned
4/
I bonds
.76
1.58

.88

1.03
.05

1.69
.77
1.11
.73

.35
.09

1.11
1.07

.23
.31
.46

bijber f or mortfagei
M t h e r mortgage nor bond yields take Into account servlelng oeets .whloh are a
than boa&e. Generally, bonds pay interest semi-annually* mortgagee, monthly, Mortgage yields
' -* t•, i f
elightly higher t h w given la
oomputed as equlrelwi to a send-annual interest investmsnt, w m i d be» I
Based en THAr-flelA-offioe opinions about average bid prices in the private secondary market ( b r u » >
home mortgages for immediate delivery* Separate data available for 25-year and—beginning W s r 1961—
30-year mortgages with minium downpaymants, weighted by probable to lose of translations* Yields oom
puted by rai, assuming prepayment period of 12 years far 23—year mortgages and 13 years for S O —
year mortgages# Orer the period for which they oan be compared, the movement ef the two mortgage
yield series has bean etmllar* Dashed lines indicate periods of adjustment to changes in oeniraotnal
Interest rates*
Based on TEA, field office opinion on typloal interest ratee (rounded) on convent!onal.first mortgages
prevailing In the market areas of insuring office cities. Beginning with April 1060, rate relates
only to new-*one mortgages; prior to that date, rate related to both new as well as #listing-home
mortgages* Dashed line Indicates thie change In the eerlee,
TEA mortgage yield data are for 2S-*year mortgages through June 1961; 30-year mortgages thereafter.
See note for Exhibit Q ,
Moody's Investor Service* Monthly averages of dally data* See Exhibit A*




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

'Z

EXISTING

LOAN P R I C E / R A T I O

NEW

EXISTING

1962

65

1964
Exhibit F Part IV

1966

New Homes
Exi stins Homes
Fees &
Fees &
Loan/ Loan
tract Charges Maturity
tract Charges Maturity Price amt.
Rate (Per
(Years) ratio (Thous.) Rate (Per
(Years) ratio (Thous.)
(Per
cent)
(Per
(Per
cent)
(Per
cent)
cent)1
2/
cent)
2/
cent)
1965
June
July
Aug.
Sept.
Oct.
Nov,
Dec.

5.76
5.77
5.76
5.75
5.75
5.80
5.78

.49
.55
.50
.56
.53
.54
.58

24.6
25.0
24.5
24.9
24.8
25.0
24.8

73.9
75.0
73.8
73.7
73.8
74.9
74.0

17 .5
18,.3
18,.2
18,,1
18..3
18.,5
18.,4

5.86
5.86
5.86
5.89
5.87
5.91
5.91

.49
.49
.46
.47
.48
.50
.51

20.6
20.6
20.4
20.1
19.9
20.4
20.6

72.1
72.5
72.1
71.6
71.3
72.0
72.4

I
1

I

14.3
14.5
14.1
13.7
13.9
13.9
14.5

1966
5.97
Jan.
5.81
73.4
18. 0
20.6
.51
24.6
.49
72.6
14.3
Feb!
5.85
.55
73.2
18. 8
5.97
.51
24.6
20.3
72.0
14.4
5.90
.56
6.01
Mar.
74.3
18. 9
.53
20.9
24.7
72.5
14.7 .
5.99
73.9
18. 2
6.09
Apr.
24.6
.54
.57
20.6
72.2
14.5
6.02
6.16
May
73.4
.56
19. 2
20.6
.57
24.7
71.8
14.7
June
6.07
6.16 . .47
74,4
19. 7
20.0
.57
. 24,8
70.6
14.7
|
J/ Compiled by Federal Home Loan Bank Board in cooperation with Federal Deposit Insurance Corporation* Data
are weighted averages based on probability sample surrey of characteristics of conventional first
mortgagee originated by major institutional lender groups, (including mortgage companies) for purchase
of single family homes. Data exclude loans for refinancing, reconditioning, or modernization;
construction loans to home—builders j and—in this exhibit—permanent loans lAich are coupled with
construction Ions to owners-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 the Federal Housing Administration, are available somewhat sooner than the results of
FHLBB-FDIC survey, and are included—in the case of new home mortgage rates—in Exhibit F, Parts I
2j Fees and charges—expressed as a percentage of the principal mortgage amount—include loan oonsaissions,.
fees, discounts, and other 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.




YIELDS O N N E W A N D S E A S O N E D C O R P O R A T E B O N D S

NEW ISSUES

SEASONED Aaa

i-LLJ-i Li 1. L-L 1 A...

I I I I I I I I i—LJ-J

1964
Kxhlblt 0 - Part II
Y i e l d s o n Mew C o r p o r a t e Bond Issues Adjusted to e n A e e b e s t s
N u m b e r i a ' t o f Issues A v e r a g e
of
Included (mil.
yield
(per c e n t )
Issues o f d o l l a r s )
M o n t h l y averages;
1965 - Oct.
5
6
Nov.
Dec.
4
1966 - Jan.
8
10
Feb.
9
Mar.
Apr.
13
May
7
1]
5
July
Aug.
W e e k l y averages;
High

108.0
267.0
212.0
300.0
304.5
5 13.0
452.3
341.0
596.0
155.0

5.63
4.82

N u m b e r A m ' t o f Issues A v e r a g e
Included (all,
of
yield
(per cent).
of dollars^
l##ues

4.69
4.72
4.85
4.84
4.98
5.13
5.08
5.21
5.38
5.62

(7/15)
(1/7)

July

1
2
3
4
1

50.0
46.0
80.0
370.0
50.0

2

90.0

5.63

Aug.

3
2

65.0
280.0

5.62
5.58

5.36
5.34
5.43
5.32
5.64*

Sept.

Not*iAverages of offering yield# on all new issues of publioly offired ooip orate bonds rated Ana. Aa and
A by Moody's Investors Serrioe (except serial and convertible is sues, offerings of natural gas pipeline
and foreign companies, and bonds guaranteed by the Inderal Government) weighted b y «Lso 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 b e n d s of the appropriate industryquality gxoup over the composite average for seasoned Aaa-rated bonds (Moody's), Averages considered
unrepresentative beoawe « special oharaoteristies of the offerings included are denoted by an asterisk*




Exhibit H

H. 14

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

New Capital
1966

Coroorate
1965

State and local 2/
1964
1966
1965 ji/

1964

1,302
1,237
2,446

795
746
1,197

938
700
778

£/1,183
£/ 857
e/ 857

804
872
904

947
776
810

April
May
June

2/1,554
p/1,002
e/2,400

1,152
1,691
1,946

2,237
1,095
1,405

2/1,150
£/ 887
e/1,075

826
924
972

1,242
667
903

July
August
September

e/1,245
e/1,600

1,290
850
1,392

812
680
1,130

e/
e/

986
648
966

906
780
892

924
1,325
1,496

953
669
1,642

794
1,021
754

801
529
948

2,738
4,789
3,533
3,745

2,416
4,738
2,621
3,264

2/2,897
e/3,112

2,580
2,722
2,600
2,569

2,533
2,811
2,578
2,278

7,527
11,060
14,805

7,153
9,775
13,038

e/6,009

5,302
7,902
10,471

5,345
7,923
10,201

January
February
March

October
November
December
1st
2nd
3rd
4th

quarter
quarter
quarter
quarter

1st half
Three quarters
Year

4,985
e/4,956

e/9,941 -

700
900

•

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

quarter
quarter
quarter
quarter

Year
e/
B./
1/
2J
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.




\H
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/
Total
Bonds
Common Memo:
Publicly Privately
and Foreign
Offered
Placed
pfd.
issues
included
stock

Net proceeds
for new capital
Mfg.

Public CommuniUtility cations

1/ 2/
Other
Issuers

' 1964 - I
II
i
III
IV

2,548
4,965
2,876
3,568

978
1,312
792
531

1,269
1,755
1,590
2,629

300
1,890
494
408

29
105
94
277

429
723
559
1,061

438
856
642
509

273
1,666
59
135

1,275
1,492
1,361
1,559

• 1965 - I
;
II

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
1,679
1,119
1,145

541
609
786
610

91
25:
323
177

1,034
2,246
1,304
1,815

5,094
5 ,038

1,774
1,909

2,586
2,051

734
1,077

345
148

1,860

969

602

1,553

2,253

967

393

1,674

1,233
1,773
2,038
1,443
930
1,538
986
1,398
1,646

422
694
748
542
369
664
287
613
326

648
630
980
780
468
706
574
529
1,161

162
449
309
122
93
168
124
257
159

33
49
134
27
87
150
99
101
99

540
698
441
399
307
414
273
402
470

176
248
184
202
297
287
158
209
243

15
143
98
102
25
196
92
43
43

422
602
1,223
587
222
495
401
671
741

1,339
1,273
2,482
1,592
1,026
2,420
1,285

460
560
753
628
481
800
460

692
583
1,311
754
477
820
600

187
130
417
209
68
800
125

93
118
133
55
33
60

353
530
977
653
400
1,200
500

388
241
340
361
256

141
160
301
76

420
306
827
465
309
570
475

/

HI
IV
1966 -

I

II
III
1965 - Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
1966 - Jan.3/
Feb.
Mar.
Apr. 2 /
May £/
'
Junee/
Julye/
Aug.
Sept.
£/
e/
1/
2/

550
230

37
280
40

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.




\b
Exhibit J
Other Security Offerings
(In millions of dollars)

(Irnss Tinngj-rprm 1/
FnrMgn

1966
January
February
March
April
May
June
July
August
September
October
November
December

12
40
40
66
69
n.a.

Jan. - June

n. a.

Year

nnvprnmpnf

2/

1965

1964

218

4
82
69
30
75
26
20
13
7
180
72
58

38
73
91
33
74
5
52
75
2
420

286

661

636

Federal Agency 3/
1965
1964

503
410
392
699
n. a.

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

238
91
-458
647
204
-82
119
408
152
59
274

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

E/534

640

375

---

275
260
160

775
239
150
375
375
179

n. a.

New short-term 4/
State and local Goverment 5/
103
39
-319
580
2/462
P/-331

129
185
325

308
-24
450
85
n. a.
n. a.

--

510
--

1,414

275

2,732

1,205

Federal Agency 3/
-137
-174
117
-11
509
23 7
132
206
105
-309
202
-76
541

-308
-336
23
97
183
239
-333
167 :
1
525
113
-3
-102

368
1,286
453
801
Year
2./ 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 and Exchange Commission.
3/ Issues not guaranteed by U.S. Government. Source: Long-term, Securities and Exchange
Commission; short-term, Treasury Dept. & Fed. Reserve.
4/ These data differ from those
in Exhibit H and above in that they represent new offerings less retirements, whether
from the proceeds or refunding issues or from other funds. Data include only issues with
original maturity of one year or less.
5/ Principally tax and bond anticipation notes„
warrants, or certificates and Public Housing Auth. notes. In some instances PHA notes
included may have a somewhat longer maturity than 1 year. Source: Bond Buyer & Federal
Reserve.




;

17

H. 14
Exhibit K
Large Long-term Public Security Issues for New Capital
(Other th-n U. S. Treasury) 1/
Proceeds of Large Issues Offered
(In millions of dollars)

Total

July
Aug.
Sept.
Oct „
Ncv =
Dec,
Jan.
Feb.
Mar.
Apr.
May
June
July

47 7
299
530
246
736
262
485
545
890
643
401
1,317
402

Corooriite
Bonds
Convertible
(other than
bonds
convertibles)
22
455
62
211
530
40
i90
33
559
50
212
370
84
391
75
544
55
481
50
351
20
636
182
170

Stocks
--

26
16
144
115
70
271
106
661
50

State
and
local
governments
655
312
563
409
538
413
787
424
399
720
466
582
338

Other
20
50
1 ,0
43
95

55
60
2; 5
15

Large Individual Issues Offered August 1 thr ugh 5
"•

Issuer

Type £/

1

Amount
(millions
of
dollars)

Coupon
rate or
net interest cost

Offering
vield

1996
1995
1969
1986

6-1/8
5-5/8
6
6-1/2

6.00
5.58
6.25
6.50

Maturity

Rating

ZEXSSKTIS
Jersey Central Twr. &
Ll. CO.
American Tel. & Tel.,
..Household Fin, Co.
Uortheast Airlines

1st raig. bds.
De b o
Notes
Conv. deb.

30.0
2 50.0
75.0
22.0

A
Aaa
5

ptate and local Govt.
Mashville & Davidson Co,
Metro, govt., Tenn.
N.Y. State Dorm. Auth.
Delaware City Ind. Dev.
Corp.

G.O.
Rev. -Rent.

15.9
19.8

1968-97
1970-98

3.94
4.58

3 .75-3.90
4.50

Rev.-Rent.

17.0

1968-87

n. c..

4.00-4.40

Other
None




Aa

FOOTNOTES;

K-2

* — R i g h t s 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 Bahk 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;
Rev.-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 sdlely
by lease payments.




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

During month following
date shown
State and
Corporate
Other 2/
local govt.
% 1965 - July 30
Aug. 31
|
Sept „ 30
|
Oct c 29
|
Nov. 30
I
Dec. 31
^1966 - Jan. 31
1
Feb- 28
^
Mar. 31
I
Apr, 30
|
May
31
t
June 30
July 29

193
312
206
412
297
553
530
828
489
248
1,261
317
677

248
404
269
3^3
398
501
340
366
253
399
584
337
403

15
25
20
20
20

30
15

Corporate
340
636
303
489
344
676
931
1,176
606
1,034
1,261
619
697

Subsequent to
date shown
State and
local govt.
353
450
331
578
458
582
461
504
334
546
584
353
403

Other if

15
25
20
20
20
90
55
55
85
50
35

Forthcoming Large Offerings as of August 5

Issuer

Type

Amount
(millions
of
dollars)

Approximate date of
offering

Cvnwwf
Continental Tel. Cc.
Pan Am. W:rId Airways
. Air Ir:ducts & O.em. Inc.
•Management Assistance, Inc.
'• Northern Illinois Gas = Co.
' Southern Calil. Edlsen Cc.
•Natural Gas Pipeline Cc.
*G.C. Computer Corpc
*Elec„ Storage Battery Co.
-^Northwestern Bei1 Tel. Co.
*LTV Aerospace Corp.
'•* Duke Power Co.

Conv. sub. deb.
Ccnv. sub. deb.
Pref. stk.
Notes
1st - mtg. bds.
1st. mtg. bds.
isto mtg. pi. bds
Conv. sub. deb„
Conv. sub. deb.
deb.
sub« deb»
Cum. pfd. stk.

40.0
25.0
21.3
50-0
50,0
35.0

A_g:;St 9
August 11
August i6
August 16
august. V
August 2U
August 31
August
Se.pt o 2 (rts
Sept. 8
indefinite
indefinite

14, 5
22 „ 0

August 9
August 9

25 o 0
175.0
20.0
27.0
20.0

80.0

State and local Government
Detroit-Wayne Jt Bldg Auth.
Orange Cc. Civic Center Auth.




Rev,-Rent.
Rev. -Rent.

e xp, )

1 0

L-2
Forthcoming Large Offerings as of August 5 (Cont'd)

Issuer

Type

Amount
(millions
of
dollars)

Approx. date of offering

I

State and local Govt.(Cont.)
Fa. State Gen. Authority
State of Georgia
Denver, Colorado
Tulsa, Oklahoma
State of California
*Wash. Sub. San. Dist.. Md.
•^Cleveland, Ohio
*Arizona Board of Regents
Chicago, Illinois
*Los Angeles, California
Colleges of the State of Texas,
Austin
^Oklahoma Turnpike Auth.

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

50.0
32.0
14.4
18 c 2
100.0
10.0
15.0
25.0
25,0
30,0

August
August
August
August
August
August
August
August
August
August

9
10
11
16
17
23
23
25
25
30

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

33.4
185,0

August
Indefinite

20.0
15.0

Indefinite
Indefinite

Other
Republic of Ireland
Nippon Tel. & Tel. Pub t Corp.

Bonds
Bonds.

Included in table for first time.
_!/ Includes corporate and other issues of $15 million and ever; 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 sale of issue;
G.O.. 50.0 mil lion--postponed.




Puerto Rico Water & Sewer Aut.h =

'
i

«

;

n
Exhibit M

H.14

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

Sale Date

Public Offerings

Amount
(millions
of
dollars)

Issuer and Description of Issue

A.

Sold June 1 through August 5

6/2

30.0

City of Montreal, C a n a d a — 5 - 5 / 8 % debentures, maturing
1991, reoffered to yield 5.88%.

6/6

20.0

Industrial Development Bank of Israel--Cum, pref. stk,
International Bank for Reconstruction and Development-5-3/8% bonds, maturing 1991, reoffered to yield 5.397.

6/28

175.0

6.29

50.0

British Columbia Hydro and Power Auth.--5-5/8% S.F,
bonds, maturing 1991, reoffered to yield 5.78%.

7/7

15.0

Govt, of Mexico--6-7/8% bonds, maturing 1981 reoffered
to yield 7.26%.

B.

Indefinite

20.0

Indefinite

15.0

Prospective Offerings

„ Republic of Ireland--bonds.
Nippon Telegraph and Telephone Public Corp.--Bonds

Included in table for first time.
* * — I s s u e sold to investors outside of 07S.
***-Issues subject to interest equalization tax.




M-2
Part II:

Date Reported

Private Placements - Reported June 1 through August 5

Amount
(millions
of
dollars)

Issuer and Description of Issue

6/1

14.0

Govt, of the Bahama Is lands--bonds, maturing 1981 3
information available on takedown.

no

7/6

31.0

Steep Rock Iron Mines, Ltd,--6% 1st mtg. bds, 3 maturing
1987--no information available on takedown.

7/26

50.0

Great Canadian Oil Sands, L t d , —
% notes, maturing
no information available on takedown,

1991-

¥
I

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 takendown
but only in the amount of takedown while the placements shown in this exhibit are..include
when reported, frequently with little or no information concerning timing of takedown
Full or partial takedowns may take place both prior and subsequent to the data a placemen
is reported.