Full text of H.16 Capital Market Developments : April 3, 1967

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DECONTROLLED AFTER SIX
Not for Publication
H.14

MONTHS

April 3, 1967.

CAPITAL MARKETS DEVELOPMENTS
IN THE UNITED STATES

Corporate and municipal bond markets. Public offerings of new
corporate securities this week will be nearly twice the average volume over
the past year. Of the several large offerings, Caterpillar Tractor's $150
million of debentures will be by far the largest. Also included in the
total is a $50 million offering of Tenneco preferred stock. Public offerings
of new municipal securities expected this week will be rather light in contrast to both the weeks corporate calendar and even the average municipal
volume over the past year. None of the municipal issues, furthermore, are
of noteworthy size.
Long-term Public Security Offerings-^
(In millions of dollars)
corporate
New Capital | Refunding

State & local Government
New Capital f Refunding

Sold:
52 week avg.
. Mar. 24
Mar. 31

230
r/364
360

1

—

226
r/276
302

5
—

Scheduled:
Apr.

7

449

165

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

Yields on new and seasoned corporate bonds were down last week.
Last week's big industrial offering -- Westinghouse's $200 million of debentureswas rapidly sold out, but the new utility issues reaching the market met
with a poor reception.
Yields on municipals were somewhat higher and new issues were
poorly received last week. Reflecting the continued lack of investor interest in new municipals, the Blue List of advertised inventories set a new recent
high of $786 million.




a. 14

Yields in Security Markets
Level Latest Week

Change from
preceding week

High-Grade
Notes and Bonds
Corporate
New
Seasoned

5.21
5.12

-12
-1

4; 45
4.42

+3
-3

3.46
3.62

+6

4.15

-60

4.13
4.09

-1
+3

U.S. Government
Long-term
3-5 year
State and loc. Govt.
Moody's Aaa
Std. & Poor's high grade
Money Market
Federal -funds
Treasury bills
3-month
6-month

Corporate Bonds Still in Syndicate
Amount
(millions of $)

Date
Offered

Issuer

Reoffering
yield

Rating

Estimated pro
portion sold

3/22

75.0

Ohio Bell Telephone
5-3/8's - 2007

5.38

Aaa

75%

3/22

40.0

Union Electric
5-1/2's - 1997

5.40

Aa

90%

3/16

15.0

Western Mass. Electric,
5-3/4'8 - 1997

5.61

40%

3/13

50.0

Transcontinental Gas
Pipeline - 6-1/4's,
1987

6.3,8

90%

3/7

25.0

San Diego Gas & Electric
5-1/2 's - 1997

5.38

Aa

50%

3/29

35.0

Long Island Lighting
5-1/2's - 1995

5.38

Aa

20%

3/28

50.0

Commonwealth Edison
5-3/8's - 1997

5.30

Blue List of
Latest Week
786 (3/29)




20%

Municipal Dealers Advertised Inventories
(In millions of dollars)
End of Previous Week
708

Recent High
786 (3/29/67)

H. 14

FNMA secondary market and related operations. Offerings by
private holders of mortgages for secondary market purchase by the Federal
National Mortgage Association declined considerably further in February-to $24.4 million. This was not much more than a tentn the volume a year
earlier -- when such offerings had just passed their peak -- and was the
lowest since the autumn of 1964.
In line with this development, secondary market purchases by FNMA
also declined in February but, at $84.2 million, they were still appreciably above the reduced level of offerings. Apart from FNMA's regular
secondary market activity, purchases under FNMA's special assistance and
management and liquidation functions accounted for an additional $59.6 million
and were somewhat higher than in January. Sales activity from all three of
FNMA's portfolios was nil, as in virtually all months over the previous year.
In response to a further 1 point increase in prices announced
earlier in March,-secondary market offerings to FNMA appeared to be turning
upward again after mid-March. Even so, on a weekly basis the levels indicated
remained appreciably below those reached as recently as January, and sales
activity was apparently reviving somewhat.
Stock prices. Common stock prices declines throughout last week
in relatively light trading. By Friday's close the Standard and Poor's
index of 500 stocks stood at 90.20,down 0.74 from the previous Friday.
Trading volume averaged 8.6 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.




EXHIBIT A. Part

LONG-TERM BOND YIELDS, HIGH-GRADE

C O R P O R A T E Aaa ,

I S. G O V E R N M E N T

r~

STATE A N D LOCAL G O V E R N M E N T Aaa

1963




1964.

1965

1966

1968

Exhibit A —

Date

1959-60 - High
1966 - High
- Low
1967 " High
- Low
Mar.

3

10
17
24
3l£/

Corporate
Aaa 1/

State and
U.S. Govt, j
local
long-term 2/. government
Aaa 3/
1

4.61(1/29/60)
5.52(9/9)
4.73(1/7)
5.38(1/6)
5.00(2/10)

4.42(1/8/60)
4.87(9/2)
4.42(1/7)
4.55(2/24)
4.37(2/3)

5.11
5.12
5.13
5.13

5.12

4.53
4.47
4.42
4.42
4.45

j>/ Preliminary.
1/ Weekly average of daily figures.
2/ Weekly average of daily figures.
3/ Thursday figures.




Part II

3.65(9/24/59)
4.04(8/25)
3.39(1/13)
3.72(1/5)
3.25(2/9)
3.53
3.48
3.48
3.46
3.46

Spread between
U.S. Govt, and
State and
Corporate
local Aaa
Aaa

.59(8/5/60)
.84(12/30)
.14(2/18)
.92
.50
.58
.65
.71
.71
.67

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

1.16
.74

1.00
.99
.94
.96
.99

Average term of bonds included is 22-24 years.
The series includes bonds due or callable in 10

Only general obligation bonds are included; average term is 20

EXHIBIT B. Pari I

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

6.0

5.5
CORPORATE Bee
I.l

! 4.1
STATE AND LOCAL G O V E R N M E N T Baa
3.5

1961

1962




1963

3.0
1965

Exhibit B -- Part II

State and
local govt.
Baa 3/

Corporate
Baa 1/

Date

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

Note:

3
10
17
24
312/

5.36(2/12/60)
5.04
6.18(12/30)
5.05(1/14)
6.15(1/6)
5.81(2/3)

4.46(1/7/60)
3.79
4.55(8/25)
3.78(1/20)
4.24(1/12)
3.85(3/30)

.84
.31
.81
.31
.82
.71

1.08
.39
.62
.31
.65
.37

5,87
5.86
5.84
5.85
5.83

3.90
3.85
3.85
3.85
3.85

.76
.74
.71
.72
.71

.37
.37
.37
.39
.39

For footnotes see Exhibit A.




Spread between
Aaa and Baa
Corporate
1 "State and
local govt.

SHORT- AND

I N T f R M E D I A T E - T E R M INTEREST RATES

GOVERNMENT

6 - M O N T H BILLS

3-5 YEAR ISSUES

F.R. DISCOUNT RATE
3-MONTH BILLS

1963

1964




1965

1966

. 1967

1968

Exhibit C —

Discount
rate
1/

Date

3-month
bills 1/

Part II

Yields
6-month
bills 2/
(per cent)

3-5 year
issues 2/

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

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

4.00
4.50
4.50
4;50
4.50
4.50
4.50

4.59(1/8/60)
4.47
4.80
5.52(9/23)
4.39(6/24)
4.81(1/13)
4.13(3/31)

5.07(1/8/60)
4.66
4.92
5.92(9/23)
4.53(6/24)
4.88(1/6)
4.06(3/24)

5.00(12/24/59)
4.90
4.86
5.83(9/2)
4.80(4/8)
4.82(1/6)
4.42(3/31)

3
10
17
24
31f/

4.50
4.50
4.50
4.50
4.50

4.47
4.37
4.28
4.14
4.13

4.47
4.37
4.21
4.06
4.09

4.70
4.61
4.50
4.45
4.42

Mar.

.79
.19
.12
.52
.09
.08
.01

1.81
.43
.06
.78
.01
,31
.02

--

.07
.08
.04

1/ Weekly rate shown is that in effect at end of period at the Federal Reserve Bank of
2/ Market yield; weekly averages computed from daily closing bid prices. Series of 3-5
~~ year issues consists of selected notes and bonds.
Note--Highs and lows are for individual series and may be on different dates for
different series. For spreads, high refers to widest, and low to narrowest.




.23
.24
.22
.31
.29

EXHIBIT D, Pari I

S H O R T -- A N D I N T E R M E D I A T 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 O T H E R P R I V A T E B O R R O W E R S

PRIME RATE
FINANCE C O M P A N Y PAPER

F.R. DISCOUNT RATE




FEDERAL FUNDS

1962 .

1963

1965

1966

Exhibit D —

Prime rate 1/

Date

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

3
10
17
24
31£/

Part II

Finance
company
paper 2/

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

(per cent)
5.00
4.50
5.00
6.00
5.00(3/4)
6.00(1/6)
5.50(3/31)
5.75
5.75
5.75
5.50
5.50

5.13(1/22/60)
4.06
4.75
5.88
4.75(1/7)
5.75(1/6)
4.88(3/31)
5.13
5.00
5.00
5.00
4.88

4.00(5/13/60)
4.00
4.63
5.63
3.55(1/21)
5.25(1/6)
4.15(3/31)
4.50
4.70
4.55
4.75
4.15

1.02
.23
.28
1.08
.20
.86
• 52
.66
.63
.72
.86
.75

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 maturities in the 90-179 day range.
3/ Weekly average of daily effective rate, which is the rate for the heaviest
"**. volume of purchase and sale transactions as reported to the Federal Reserve
Bank of New York.
Note.-Highs and lows are for individual series and may be on different dates for
different series. For spreads, high refers to widest, and low to narrowest.




EX HIBIT E Pari 1
STOCK MARKET

Billiom of dollars
10

100

| PRICES
8

6

STOCK M A R K E T CREDIT
CHANGE IN SERIES

4




Millions ol ihorei

VOLUME

YIELDS

Exhibit E -- Part II

Stock price
index 1/

Date

1961-6-2 - High
Low
1966 - High
Low
1967 - High
Low
Feb.
Mar.
Mar.

17
24
31£/

Common
stock
yields 2/
(per cent)

Stock market customer credit
Trading
Customers'
Bank
volume 3/
debit bal- loans to
Total
(millions
"others"5/
ances 4/
of shares)
(In millions of dollars)

2.82
3.96
3.02
4.04
3.24
3.58

10.1
2.4
10.7
5,0
11.3
6.9

5,602(12/61)
4,424(1/61-)
7,997
7,302
7,345
7,415

4,259(12/61)
3,253(1/61)
5,835
5,169
5,349
5,290

1,418(5/9/62)
1,161(3/8/61)
2,241(7/6)
2,097(12/14)
2,112(1/4)
2,055(2/1)

a 87.36
89.42

3.35
3.27

9.9
10.2

7,415
n.a.

5,349
n. a.

2,066
n. a.

90.25
90.94
90.20

3.25
3.24
3.26

10.6
9.3
8.6

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

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

2,063
2,063
n.a.

72.04(12/8/61)
52.68(6/22/62)
93.77(2/11)
73.20(10/7)
90.94(3/24)
82.18(1/6)

n.a. Not Availab le. j3/ Preliminary.
1/ Standard and Poor's composite index of 500 common stocks, weekly closing prices, 1941-43=10.
MonLhly data are averages of daily figures rather than of Friday's only. Highs and lows are
for Friday's data only.
2,/ Standard"and Poor's composite stock yield based on Wednesday data converted to weekly closing
prices by Federal Reserve. Yields shown are for dates on which price index reached its high
or low.
3/ Averages of daily trading volume on the New York Stock Exchange. Year-end figures are averages
of daily figures for the year.
4/ End of month figures for member firms of the New York Stock Exchange which carry margin accounts;
excludes balances secured by U. S. Government obligations.
5/ Wednesday, figures for weekly reporting member banks. Excludes loans for purchasing or carrying
U.S. Government securities. Weekly reporting banks account for about 70 per cent of loans to
others. For further detail see Bulletin.




FEDERAL N A T I O N A L M O R T G A G E A S S O C I A T I O N ^
S E C O N D A R Y MARKE-T O P E R A T I O N S
Monthly

Million! ol dollori

400

300

200

OFFERINGS

SALES

100
V

x

/ PURCHASES

1960

1961




+

1962

1964

1965

1966

15"

Exhibit F - Part II
Date

Estimated offerings to FNMA
Immediate
S tandby
; purchase
commitment

Total

Purchases I
by
FNMA
|

J

Sales
by
FNMA

(In millions of dollars)
- Jan.
333.2
333.0
.3
229.2
0.1
Feb.
209.2
209.0
.3
267.3
Hat.'
272.8
272.3
.5
301.4
Apr.
193,0
192.3
.7
193.0
May
192.2
191.1
1.1
167.3
June
144.2
141.7
2.6
131.6
July
122.6
121.0
1.6
213.2
Aug.
. 150.7
148.7
2.0
112.5
Sept.
140.4
138.5
1.9
95.5
Oct.
167.5
164.2
3.3
107.2
Nov.
163.6
161.0
2.6
132.0
Dec.
121.5
120.1
1.4
13CT.5
- Jan.
1U
fab*...
* « L e s s than $50,000.
1/ Data represent unpaid principal balances of the mortgages involved, exclusive
of premiums, discounts, or other charges. Offerings are amounts of applications
received during the period from sellers proposing that FNMA execute purchasing
contracts. An immediate purchase contract covers existing mortgages which the
seller must deliver to FNMA within 45 days, A standby commitment contract re*
lates to proposed mortgages on housing not yet under construction which the
seller must usually deliver within one year. Purchases include those under
both immediate purchases and standby commitment contracts. Data exclude FNMA
activity under Special Assistance and Management and Liquidating Programs.

M




ML

EXHIBIT G, Port 1

YIELDS O N NEW A N D SEASONED CORPORATE BONDS
6.0

5.5

N E W issees

4.5
SEASONED Aaa

1962




1963

1964

1965

4.0
1966

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

Number
of

Number |
IAm't. of issues Average
of
1included (mill.
yield
(per cent)
1 of dollars)

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

Monthly averages:
1967 - Jan.
Feb.

6
7

496.0
481.0

5.38
5.20

Mar.

•}

.

3
10
17
24
31

4
3
6
3
4

213.0
190.0
210.0
165.0
295.0

5.45
5.31
5.41
5.33
5.21

-

Weekly averages:
5.51(1/6)
High
5.11(2/10)
Low
Note i
Aa, and A by Moody's Investors Service (except serial and convertible issues, offerings of natural
gas pipeline and foreign companies, and bonds guaranteed by the Federal Government) weighted by
size of offering. Before averaging, new offerings are adjusted to a composite Aaa basis by
deducting from the actual reoffering yield the excess of the weekly average yield for seasoned
bonds of the appropriate industry-quality group over the composite average for seasoned Aaarated bonds (Moody's). Averages considered unrepresentative because of special characteristics
of the offerings included are denoted by an asterisk.




1%
Exhibit H
Long-term Corporate and State and Local Government
Security Offerings and Placements
(In millions of dollars)
New Capital
1967

1965

State and local 21
1966 p/
1967

1965

2/1,666
e/1,550
e/2,500

1,302
1,237
2,446

795
746
1,197

e/1,360
e/1,150
e/1,200

1,184
858
868

804
872
904

e/1,800

1,553
1,058
2,364

1,152
1,691
1,946

e/

1,194
906
1,141

826
924
972

July
August
September

1,039
1,670
1,382

1,290
850
1,392

699
773
1,018

986
648
966

October
November
December

829
1,086
1,635

924
1,325
1,496

747
965
855

794
1,021
754

4,985
4,974
4,091
3,550

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

2,910
3,241
2,490
2,567

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

9,959
14,050
17,601

7,527
11,060
14,805

6,151
8,641
11,209

5,302
7,902
10,471

i January
February
March
.

Corporate
1966 p/

April
Hay
June

1st Quarter
2nd Quarter
3rd Quarter
4th. Quarter

e/5.716

1st half
Three quarters
Year

850

e/3,710

-

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

Quarter
Quarter
Quarter
Quarter

Year
e/
£/
\J
2/
3/

4,924
4,884
3,969
3,492

2,547
4,348
3,283
3,188

17,269

13,366

Estimated by Federal Reserve.
"
"
~~
!
Preliminary.
j
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 compan




I

Exhibit I
New Corporate Security Issues, Type of Issue
and Issuer

I

(In millions of dollars)

5,094
5,115
4,197
3,6^9

1,774
1,941
2,256
2,047

2,586
2,083
1,627
1,247

734
1,090
314
375

1965 - Oct.
Nov.
Dec.

986
1,398
1,646

287
613
326

574
529
1,161

1966 - Jan. 3/
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

1,339
1,273
2,482
1,582
1,106
2,427
1,085
1,712
1,400
892
1,115
1,661

460
560
753
628
481
832
440
1,140
676
499
569
980

692
583
1,311
743
556
784
535
435
6571/
256

1967 - Jan. fl/
Feb. fc/
Mar.

1,688
1,580

712
830

"i

Quarter
Month

1965

1966

Net proceeds
for new capital 1/ 2,

I

I
II
III
IV

n

I
II
III
IV

Gross proceeds fc
and refunding
Common Memo:
Total
Be>nds
and Foreign
Publicly Privately
pfd. issues
Offered Placed
included
stock
1
243
429
1,673
3,007
905
215
920
2,259
5,043
1,864
263
383
1,955
3,912
1,575
300
540
2,264
4,030
1,226

Mfg.

Public Communi- Other
Utility cations Issuers

1,072
1,679
1,119
1,145

541
609
786
610

91
255
323
177

1,034
2,246

345
168
154
III

1,860
. 2,205
1,558
1,232

969
960
657
984

602
392
567
417

1,553
1,418
1,309
. .918

124
257
159

99
101
99

273
402
470

158
209
243

92
43
43

187
130
417
210
69
811
110
137
67
137
111
127

93
118
133
86
33
49
69
22
62
66
21
24

353
530
977
692
376
1,137
397
518
643
331
228
673

388
241
340
364
274
322
263
313
81
254
320
409

141
160
301
' 76
40
276
52
318
198
97
168
152

80
150

49
n. a.

684
800

226
300

281
50

1,304
1,815

1967 - I

£/
e/
1/
~y

435
555
896

too

401
671
741
420
306
827
421
368
629
327
- 522
460
147
369
401
475
400

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/
4/

Does not include U.S. Steel $600 million conversion of preferred stock to debentures.
Includes $229 million Consolidation Coal issue for partial payment of a liquidating
dividend.
„
SOURCE: Securities and Exchange Commission. • - .




I
'

'

•

Exhibit J
u.her Security Offerings
.\ .ions of dollars)

Gross Long-term 1/
Federal Agency 3/
Fcr sign Government 2/
1956
1966
1965
1967
1967
1965
January
February
March
April
May
June
July
August
September
October
November
December
Jan. - Feb.

E/196
n.a.

n. a.

598

Year

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

12
40
40
66
69
76
72
7
50
23
74
68
52

,1,

2/1,251
a. a.

38
73
——

91
;

33
74
5
52
75
2
218
661

n.a.

—

503
410
392
699
. 1,030
1,084
799
400
450.
800
239
5036,806

New short-term 4/
State and local Government 5/
Federal Agency
j»/179
308
n.a.
238
1:3
-24
91
£,'351
n.a.
450
-319
-458
718
530
647
85
*62
204
284
-334-82
-590
-103
119
-270
270
408
-652
-161
152
-555
59
-48
-283
274
503
-219
-366
E /-570
142
&/530
329
n.a.
284

Year

1/422'

1,286

-748

129
185
325
—

775
—

239
150
375
375
179
129 .
2 ,732
\

3/
-137
-174
117
-11
509
237
132
206
105
-309
202
-76
-311
801

{
l
1
.1
11
1
1
1
J
1

jj/ Preliminary, e/ Estimated by receral Reserve, n.a.—Not available. If These data |
differ from those in Exhibit H in that refunding issues, as well as new capital issues,
'i
are included. Long-term securities are defined as those maturing in more than one year, f
2/ Includes securities offered in the U.S. by foreign governments and their political
3
subdivisions and international organizations. Source: Securities and Exchange Commissic ^
2/ 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
v.
from the proceeds or refunding issues or from other funds. Data include only issues with j
original maturity of one year or less. 5J Principally tax and bond anticipation notes,
K
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 'Z
Reserve,




S

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

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

Coroorjate
Bonds
(other than
Convertible
convertibles)
bonds

890
643
401
1,317
402
1,189
627
523
510
1,1-77
681
842
1,638

544
481
351
636
170
862
287
352
363
990
611
709
1,435

State
and
local
governments

Stocks

399
720
466
582
338
410
611
387
464
669
947
675
779

271
106

75
55
50
20
182
257
340
116
97
118
30
40 .
140

. —

661
50
80
55
50
68
40
93
63

Other

2/

55
60
275
15

,
;

50
--

55
60
230
530
L ,000

Large Individual Issues Offered 'during March

Issuer

Type 2/

Amount
(millions
of
dollars)

Maturity

Coupon
rate or
net interest cost

Rating

Offering
yield

Corporate
Chesapeake & Potomac lei
Co. of Virginia
Deb.
65.0
Borg Warner Corp.
S.F. deb.
75.0
60.0
Honeywell, Inc.
S.F. deb.
Shell Oil Co.
Deb.
150.0
Panhandle Eastern Pipe
Deb.
40.0
Line Co,
Teledyne, Inc.
S.F. deb.
30.0
San Diego Gas & Elec. Cc .1st mtg. bds. 25.0
Southwestern Pub.Service
1st mtg. bds. 15.0
Co.
General Tel. Co. of
50.0
S.F. deb.
California
Conv.sub.deb. 15.0
Amphenol Corp.
Deb.
25.0
Midland-Ross Corp.
Transcontinental Gas
Pipeline Corp.
Deb.
50.0




.

2007
1992
1992
1992

5-5/8
5.50
5.60
5.30

1987
1992
1997
1997
1992
1992
1992
1987

,

.

5.55
5.50
5.60
5.32

Aaa
Aa •
Aaa

5-3/4
6-1/2
5-1/2

5.75
6.50
5.38

A
Baa
Aa

5.70

5.70

A

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

5.80
4.25
5.71

Baa
Ba
A

6-1/4

6.38

Ba

—

i

K-2
Large Individual Issues Offered During March (Contfd)

Issuer

' Type

3/

Amount
Coupon
|
rate or
|Offer(millions
Maturity net inter-]ing
of
est cost I yield
dollars)

Rating

Corporate (Cont'd)
Trans World Airlines, Inc.
•Western Massachusetts Co.
Eaton Yale .& Towne, Inc.
Pacific Gas & Elec. Coc Central Illinois. Lt. Co.
Arkansas Pwr. & Lt= Co.
Baxter Laboratories
Pullman, Inc.
Lockheed Aircraft. Corp.
Sunbeam Corp.
Duval Corporation
Union Electric Co.'
Ohio Bell Telephone Co.
Frontier Airlines, Inc.
Commonwealth Edison Co.
Westinghouse Electric Corp,
"Long Island Lighting Co.
American Elec. Pwr. Co., Inc.
Colorado Interstate Gas Co.

Conv. sub. deb. 100.0
1st mtg. bds.
15.0
Deb.
40.0
1st & ref.
mtg. bds. .
80.0
20.0
1st mtg. bds.
30.0
1st mtg. bds.
Conv. sub. deb.
25.0
Deb.
60.0
Deb.
125.0
Deb.
50.0
25.0
Deb.
e
1st mtg. bds.
30.0
Deb.
75.0
Deb.
15.0
1st mtg. bds.
50.0
Deb.
200.0
1st mtg. bds.
35.0
48.0
Com. stk.
15.0
Cum pfd. stk.

4
- 5-3/4
5-1/2

4.00
5.61
5.50

5-1/2
5-1/2
5-7/8
4 .
5-7/8
4-1/4
5-1/2
6-1/2
5-1/2
5-3/8
5-1/2
5-3/8
5-3/8
5-1/2

5.45
5.43
5.75
n.a.
5.96
4.25
5.54
6.50
5.40
5.38
5.50
5.30
5.38
5.38

3.32
3.40
3.48
4.07
3.44

2.70-3 .42 Aaa
2.75-3 ,45 Aaa
n.a.
Aaa
3.15-4..35 Baa
2.08-3,.50 Aa

1968-87

3.90

3.00-3,.90 A

70.8 . 1967-98

3.99

3.00-4,.00

--

12.0 1969-96
100.0 1977-2007

3.84
3.69

3.00-4.,20
3.25-3. 90

A
Aa

24.3
100.0

3.57
4.04

2.75-3. 70
4.00

Aa
A '

n.a.
3.77
3.97

2.75-3. 70
2.90-3.90
3.30-4.00

Aa
A .

1992
1997
1992 "
1999
1997
1997
1987
1997
1992
1992
1982
1997
2007
1987
1997
1992
1997

Ba
A
Aa
Aa
A
Baa
Ba
A
Ba
Aa
Aaa
B
Aaa
A
Aa

State and local Government
State of Maine .
G.O.
Hamilton County, Ohio
G.O.
Housing Assistance Admin.
Bonds
Rev.-Ut.
Tacoma, Washington
St. Louis Jr. Coll Dist., Mo. G.O.
Louisiana Cap. Const, and
Imp. Comm.
G.O.
New York State Housing
Rev.-Rent.
Finance Agency .
Oakland, Washtenaw, & Lapeer
Cos. Comm. Coll. Dist., Mich. G.O.
State of California
G.O.
Nashville & Davidson Go's
Metro. Govt., Tennessee
G.O.
Port of New York Authority
Rev. -Q. -Ut. •
Wise. State Agencies Bldg.
Rev.-Rent.
Corp., Milwaukee
East Baton Rouge Parish, La.
G.O.
G.O.
South Louisiana Port Comm.




17.0 1968-97
19.8 1968-90
116.9 1967-2007
38.9 1970-2014
10.0 1968-87
30.0

1968-98
2002

25.8 1967-2006
20.0 1968-96
11.0 1970-92

--

2 3
K-3

'

Large Individual Issues Offered During March (Cont'd)

Issuer

Type 3/

Amount
(millions
of
dollars)

Coupon
Offerrate or
Maturity net inter- ing
Rating
est cost
vie Id

State & local Govt. (Cont'd1)
Dallas, Texas

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

Colorado Springs:, Colorado
Santa Clara Co., Calif.
State of New York
New York State Dorm. Auth.
Los Angeles Dept. of Wtr. & Pwr.,
California
Rev. -Ut.
Texarkana, Arkansas
Rev. -Rent.

6.9
12.8
12.0
15:2
75.0
31.5

1968-87
1967-87
1978-92
1968-86
1968-87
1968-98

3 .36 2 .70-3,.45
3,.42 2 .70-3,.50
3,.57 3,.30-3,
3,.42 2,.75-3.
3,.29 2..50-3,.40
4.,06 3.,20-4,.10

Aa
Aa
Aa
A
Aa

15.0
14.0

1968-97
1978-97

3,59
5. 60

2.,70-3=,75
4.50-5. 50

Aa
Ba

>

—

Other
International Bank for Recon„
and Devel.
Fed, Nat. Mortgage Assoc,

Bonds
Part. Cert.

250.0
750.0

1992
5-3/8
5.35
1969, '72, 4-3/4, 4-3/45, 5.10 5.10
'87

*--Rights offering.
n.a.--Not available.,
1/ Includes corporate and other security offerings of $15 million and over; State and
local security offerings of $10 million and over.
2/ Includes foreign government and International Bank for Reconstruction and Development
issues and non-guaranteed issues by Federal Agencies.
3/ In the case of State and local Government Securities, G.O. denotes general obligations;
Rev.-Ut., revenue obligations secured only by income from public utilities; Rev.-Q.-Ut.,
.revenue bonds secured only by income from quasi-utilities; Rev. -S.T., revSfftie bonds
secured by revenue from specific taxes only; Rev.-Rent., revenue bonds secured solely
by lease payments.
4/ Bonds due 1987 not publicly reoffered.




•1X\

Exhibit L

Forthcoming Large Long-term Public Security Offering for New Capital
(Other than D.I* Treasury) %/
Kxpected Proceeds few* forthcoming Large Iasues
(In militate el dollars)
During smith follow!**
date shown
State and
Corporate
Other If
local govt.
1966 - Mar. 31
Apr. 30
May 31
June 30
July 29
Aug. 31
Sept.30
Oct. 31,I
Nov. 30
Dec. 30
1967 - Jan. 31
Feb. 28
Mar. 31

489
248
1,261
317
677
662
687
397
1,098
656
486
1,410
. 767

253
399
584
337
403
515
300
140
496
939
780
508
227

• —
. —

30
15
—

40
----.

80
530
250

Corporate
606
1,034
1,261
619
697
853
767
457
1,133
811
706
1,534
905

Subsequent to
date ahown
State and
local govt.

Other
55
55
85
50'
35
90 i
35f
35'J
651
95 5
. 545'N
265 ;

334
546
584
353
403
685
380
175
571
1,154
851
528
247
•

1 5

Forthcoming Large Offerings as of March 31
Issuer

Corporate
Harsco Corp.
;Falrchild Hiller
Bangor Punta Corp.
Texas Eastern Trans. Corp.
Hartford Electric Lt= & Pwr.
TRW, Inc.
Tenneco Corp.
Caterpillar .Tractor Co.
. Allegheny Airlines
Ohio Power Co.
Ohio Power Co.
Black and Decker
Hawaiian Telephone Co.
*Western Union Telegraph
Indiana Bell Telephone Co.
Southern Union Gas Co.
^Indianapolis Pwr. & Lt.




Type

Deb.
Deb.
Conv. sub. deb.
1st mtg. p.1. bds.
1st mtg. bds. •
Deb.
Pfd. stk.
Deb.
Sub. deb.
1st mtg. bds.
Deb.
Deb.
1st mtg. bds.
Pfd. stk.
Deb.
Deb.
1st mtg. bds.

Amount
(millions
of
dollsrs)
30.0
25.0
15.0
25.0
50.0
50.0
50.0
150.0
22.0
50.0

20.0
24.2
16.0

25.0
40.0
15.0
15.0

Approximste dste of
offering

April
April
April
April
April
April
April
April
April 10
April 12
April 14
April 17
April 17
April 18
April 19
April 20
April 25

|

Forthcoming Large Offerings as of March 31 (Cont'd)

Issuer

Type

Amount
(millions
of
dollars)

Approximate date of offering

Corporate (Cont'd)
National Cash Register
Dayton Pwr. & Lt. Co.
*Miehle-Goss-Dexter
Public Service of New Mexico
Interstate Power Co.
Northern Natural Gas
*Flying Tiger

Conv. debs.
1st mtg. bds.
Deb.
1st mtg. bds.
1st mtg. bds.
Deb.
Equip, trust
cert.

April 26 (rts. exp.)
April 27
April
May 4
May 17
May 17

- 90.0
40; 0
15.0
20.0
17.0
50.0
51.0

Indefinite

G.0.

24.0

April

4

G.O.
G.0.

24.0
12.3

April
April

4
5

G.O.
G.O.
G.O.

10.0
15.2
15.0
14.8

April
April
April
April

11
11
11
12

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

18.4
36.7
16.5

G.O.

40.0

April 26

G.O.

20.0

Indefinite

15.0

Indefinite

State and local Government
Washington Suburban Sanitary
Dist., Maryland
Penn. State Pub. Sch. Bldg.
Auth.
*Yonkers, New York
Los.Angeles County Flood
Control Dist., California
Detroit, Michigan
Detroit Sch. Dist., Michigan
*State of South Carolina
^Illinois Bldg. Authority,
Chicago
Cleveland, Ohio
*Delaware Capital Improv.
*North Carolina Sch. Bldg.
Auth.
Metro. St. Louis Sewer Dist.,
Missouri

Go Oo

•

April 18
April 18
April 19

Other
Nippon Tele & Tel. Pub. Corp. Bonds

^--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 sale of issue:
None.




H. 14

• Exhibit M
Foreign Government and Corporate Security Offerings
and Placements in the United States
Part Is

Amount
(millions
of
dollars)

Sale Date

Public Offerings

Issuer and Description of Issue

A.

Sold February 1 through March 31

3/14

250.0

International Bank for Reconstruction and Development—i
5-3/8% debentures maturing 1992, reoffered to yield
5.35%. •
-

3/21

75.0

Province of Ontario — 5-5/8% debentures maturing 1997, j
reoffered to yield 5.625%.
\

B.

Indefinite
'

15.0
_

Prospective Offerings

Nippon Telegraph and Telephone Public Corp. —
_

•

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




3

Bondag
j|r
H

M-2
PART II:

H. 14

Private Placements - Reported February 1 through March 31

Date Reported

Amount
(millions
of
dollars)

3/1

45.0

Issuer and Description of Issue

Province of Quebec -- 5-7/8% bonds,
maturing 1997 -- 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
I 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
' exhibit are included when reported, frequently with little or no information concerning
I timing of takedown. Full or partial takedown may take place both prior and subsequent
I to the date a placement is reported.