Full text of H.16 Capital Market Developments : April 10, 1967

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Not for Publication
H. 14

sS

DECONTROLLED AFTER SIX MONTHS

K

\
\

April 10; 1967.

CAPITAL MARKETS DEVELOEMENTS
JIN THE UNITED STATES

\ Corporate^and municipal bond markets. Public offerings of new
corporate\secur$ties expec£€cl this week will be only slightly more than
half the average volume.-dver the past year. The small supply will feature
two Ohio Power offerings totalling $70 million. The expected volume of new
municipal securities will be only slightly above average. There will be no
notably large municipal offerings.
1/
Long-term Public Security Offerings—
(In millions of dollars)
Corporate
New Capital | Refunding

State & local Government
New Capital | Refunding

Sold:
52 week avg.
March 31
April 7

235
r/371
449 .

1.

225

6

r/291
165

3.5

Scheduled:
April 14

135

237

--

1/ Federal Reserve estimates are based upon published reports of
issues sold and scheduled for offering; corporate rights offerings
are included as of date subscription rights expire.
Yields on new corporate bonds were up last week, and most new
issues sold readily. The bulk of the offerings were industrials, however,
and one large utility offering had an initially poor reception. Yields on
seasoned corporate bonds were off slightly on balance.
.
Yields on municipals, meanwhile, were unchanged to slightly
higher. Last week's offerings were well received for the first time in
several weeks, and the Blue List of advertised inventories declined somewhat from its recent high set the week before.
Not reflected in the above full-week's yield movements is the.
effect of the lowering of the Federal Reserve discount rate at the close
of business Thursday. The new issue reception for the week, however, was
doubtless improved by the change, for a good proportion of the new issue
sales occurred Friday.




H. 14

Yields in Security Markets

-2-

Level Latest Week
High-Grade
Notes and Bonds

Change from
preceding week

" Corporate
New
Seasoned

5.27
.5;11

+6
-1

4.44
4.36

-6

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

-1

State and local Govt.
Moody's Aaa
Std. & Poor's high grade

3.48
3.62

+2

4.45

+30

3.95
4.00

-18

Money Market
Federal funds
Treasury bills
3-month
6-month

-9

Corporate Bonds Still in Syndicate
(Date
Offered

Amount
(millions of $)

4/5

75.0

Issuer

Reoffering
yield

Rating

Estimated pi
portion so

Duke Power
5-3/8's - 1997

5.32

Aaa

40%

3/30

10.0

New Bedford
5-5/8's - 1992

5.45

Aa

75%

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

Aaa

20%

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's - 1997
5.61

Aa

40%

3/13

50.0

Transcontinental Gas
Pipeline - 6-1/4's
1987
6.38

Ba

90%

3/7

25.0

San Diego Gas & Electric
5-1/2's - 1997
5.38




50%

H. 14

-3Blue List 6f Municipal Dealers Advertised Inventories
(In millions of dollars)

Latest Week

End of Previous Week

759

783

Recent High
786 (3/29/67)

Savings flows. Net savings inflows in February were greater
than those of the previous February at all depositary-type institutions.
Of the total $3.44 billion net inflow, $0.76 went to savings and loans,
$0.32 billion went to mutual savings banks, and $2.36 billion went to
commercial banks. On a seasonally adjusted basis, these inflows were
greater than those recorded in January only for savings and loans.
Infact, though commercial banks' seasonally adjusted February inflow was
657 per cent greater than their miniscule inflow a year ago, it was still
less than half their seasonally adjusted January inflow.
Stock prices. Common stock prices declined last week in
relatively moderate trading. The Standard & Poor's index of 500 stocks
stood at 89.36 by the close Friday, down 0.94 from the previous Friday.
Trading volume averaged 8.9 million shares a 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.




9
SAVINGS FLOWS

Year
or
Month

1961
1962
1963
1964
1965
1966

Savings & Loan Assc>c. 2/
Mutual Savings Banks 3/
Commercial Banks 4/
Current
Change
Per cent Current
Change
Per cent Current
Change Per cent
Total (millions)
from
change (millions)
from
change (millions)
from
change
previous
±1
previous
previous
year
vear
• vear
Unadjusted
20,070
27,901
29,100
28,957
31,953
19,557

8,743
9,351
11,072
10,579
8,384
3,625

1,184
608
1,721
-493
-2,195
-4,759

1966 - Oct.
-521
- Nov.
286
Dec.r/ 5,314
1967 - Jan.r/ 3,603
Feb.£/ 3,442

-56
614
1,732
184
763

-638
r/-193
89
261
235

1966 - Oct.
Nov. ri
Dec.r/
1967 - Jan.r/

r/339
2,295
2,113
5,218

r/168
x/391
715
748

r/-201
57
278

Feb. 2/ 3,014

876

239

r/

15.7
7.0
18.4
-4.5
-20.7
-56.8

1,912
3,038
3,255
4,236
3,582
.2,557

550
1,126
217
981
-654
-1,025

131
254
660
-433
44.5
319
Seasonally Adjusted
r/-79.0
293
r/-34.0
255
8.7
225
59.1
485
——

r/-23.9
5.4

37.5

428

40.,4
58.,9
,1
. - 7.
30.,1
-15.,4
-28.,6

9,415
15,512
14,773
14,142
19,987
13,375

3,703
6,097
-739
-631
5,845
-6,612

64.8
64.8
-4.8
-4.3
41.3
-33.1

-39
-22
60
206
116

-22.,9
-8.,0
10.,0
90.,7
57.,1

-596
-582
2,922
2,986
2,360

r/-2,609
r/-l,042
717
1,822
1,539

32.5
156.5
187.5

-31
-22
-12
259 .

-9.,6.
-7.,9
-5.,1
114.,6

-122
1,649
1,173
3,985

-2,560
-863
579
1,920

-34.4
97.5
93.0

39.,4

1,710

1,484

656.6

121

JL/ Commercial bank data are of the last Wednesday of month except June 30 «nH December 31* other
data are as of the last day of the month.
'
2/ Data are for the net Increase In savings capital at all operating S&L's. Source: FHLBB.
3/ Data are for the net increase in regular deposits—excludes other deposits of a
demand nature. Source: Mutual Savings Banks Association.
—/ Data are for the net increase in savings and time deposits adjusted at all commercial banks.
Source: Federal Reserve,




- ——

EXHIBIT A, Pari I

L O N G - T E R M BOND YIELDS, H I G H - G R A D E

CORPORATE Aaa

U.S. GOVERNMENT

! STATE AND LOCAL GOVERNMENT Aaa

1963




1964

1965

1966

1967

1968

Exhibit A

| Corporate
I Aaa 1/

1959-60 - High
1966 - High
1967 - High

Mar.

10
17
24
31
April 7p/

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

5.00(2/10)

4.42(1/8/60)
4.87(9/2)
4c 42(1/7)
4.55(2/24)
4.37(2/3)

5.12
5.13
5.13
5.12
5.11 .

4.47
4.42
4.42
4.45
4.44

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

£/ Preliminary.
1/ Weekly average of daily figures.
\l Weekly average of daily figures.
,,

{ Z I W




Part. il

Only « « « . . . !

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

Spread between
U.S. Govt, and

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

.92(4/22/60)
1.19(2/11)
.77(9/2)
1* 16
.74
.99
.94
.96
.99
.96

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

!•

=«

EXHIBIT B. Port I

L O N G - T E R M B O N D Y I E L D S , L O W E R GRADE

CORPORATE B a a

S T A T E AND LOCAL G O V E R N M E N T Baa

/\y-

_/

1963




1964

1965

1966

1967

1968

Exhibit B —

Date

Part II

State and
local govt.
Baa 3/

Corporate
Baa 1/

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

10
17
24
31
April ?£/

Note:

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(4/6)

.81

.71

.39
.62
.31
.65
.37

5.86
5.84
5.85
5.83
5.82

3.85
3.85
3.85
3.85
3.85

.74
.71
.72
.71
.71

.37
.37
.34
.39
.37

For footnotes .see Exhibit A.




Spread between
Aaa and Baa
State and
local govt
.84
.31

.31

.82

1.08

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
GOVERNMENT

6-MONTH BILLS

3 - 5 YEAR I S S U E S
F.R. DISCOUNT RATE
j X
3-MONTH BILLS

1963




1964

1965

1966

1967

1968

Exhibit C -- Part II

Date

Discount
rate

1/
1959-60 - High
Year end - 1965
1966
1966 - High
Low
1967 - High
Low
10
17
24
31
April 7 E /

Mar.

4.00
4.50
4.50
4.50
4.50
4.50
4.00
4.50
4.50
4.50
4.50
4.00

3-month
bills U
4.59(1/8/60)
4.47
4.80
5.52(9/23) •
4.39(6/24)
4.81(1/13)
3.95(4/7)
4.37
4.28
4.14
4.13
3.95

Yields
6-month
bills 1/
(per cent)
5.07(1/8/60)
4.66
4.92
5.92(9/23)
4.53(6/24)
4.88(1/6)
4.00(4/7)
4.37

4.21
4.06
4.09

4.00

3-5 year
issues U

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

5.00(12/24/59)
4.90
4.86
5.83(9/2)
4.80(4/8)
4.82(1/6)
4.36(4/7)
4.61
4.50
4.45
4.42
4.36

2/ Market yield; weekly averages computed from daily closing bid prices




.79 •
.19
.12
.52
,09
.08
.01

1.81
.43
.06
.78
.01
.41
.02

.07
.08
.04
.05
serve Bank of
Series of 3-5

.24
.22
.31
.29
.41

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 INTEREST RATES,
B A N K S A N D OTHER P R I V A T E B O R R O W E R S

PRIME RATE
FINANCE COMPANY PAPER

F.R. DISCOUNT RATE

FEDERAL FUNDS

1963




1965

1966

\

1967

1968

Exhibit D —

Prime rate 1/

April

1.02
.23
.28
1.08
.20
.86
.52

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

.63
.72
.86
.75
.68

4.70
4.55
4.75
4.15
4.45

5.00
5.00
5.00
4.88
4.63

5.75
5.75
5.50
5.50
5.50

10
17
24
31
7j>/

Mar.

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

Finance
company
paper 2/

5.13(1/22/60)
4.06
4.75
5.88
4.75(1/7)
5.75(1/6)
4.63(4/7)

5.00
4.50
5.00
6.00
5.00(3/4)
6.00(1/6)
5.50(4/7)

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

Part II

2/ Average8of daily rates published by finance companies for directly placed paper

"

°




"

:

£

E

f

E

L

r

.

EXHIBIT E, Pari 1

STOCK M A R K E T

100

PRICES

80

STOCK MARKET CREDIT
* CHANGE IN SERIES
14

VOLUME

YIELDS

1963




1964

1965

1966

1967

1968

Exhibit E --Part II

Date

Stock price
index 1/

1961-62 - High
Low
1966 - High
Low
1967 - High
Low
Feb.
Mar.
Mar.
Apr.

24
31
7j>/

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

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)

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) 4,259(12/61) 1,418(5/9/62)
4,424(1/61)
3,253(1/61) 1,161(3/8/61)
7,997
5,835
2.241(7/6)
7,302
5,169
2,097(12/14)
2,112(1/4)
5,349
7,415
2,055(2/1)
5,290
7,345

87.36
89.42

3.35
3.27

9.9
10.2

7,415
n.a.

5,349
n.a.

2,066
2,090

90.94
90.20
89.36

3.24
3.26
3.29

9.3
8.6
8.9

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

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

2,063
2,090
n.a.

n.a. Not Available, p/ Preliminary. '
_1 / Standard and Poor's composite index of 500 common stocks, weekly closing prices, 1941-43=10. .
Monthly data are averages of daily figures rather than of Friday's only. Highs and lows are
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 lqans 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.




1 6
EXHIBIT f . Fori I

' i f

H D I B A l i N A T I O N A L MORTGAGE ASSOCIATION
S E C O N D A R Y MARKET O P E R A T I O N S

1/

400

300

200

OFFERINGS

SALES

100

/ PURCHASES

o

1110

1961




•

1962

1913

1964

1965

1966

Exhibit F - Part Tf
Dat v

Estim; Led offerings '
to FNMA
Standby
j Immediate
1 purchase
commitment

Total

Purchases
by
FNMA

Sales
by
FNMA

(In millions of dollars)
1966 - Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
1967 - Jan.
Feb.

209.2
272.8 193.0
192.2
144.2
122.6
150.7
140.4
. 167.5
163.6
121.5
67.9
24.4

209.0 ,
272.3
192.3
191.1
141.7
121.0
148.7
138.5
164.2
161.0
120.1
67.3
24.2 -

.3
.5
.7
1.1
2.6
1.6
2.0
1.9
3.3
2.6
1.4
.6
.2

267.3
301.4
193.0
167.3
131.6
213.2
112.5
95.5
107.2
132.0
130.5
125.0
84.2

__

.2

*—Less than $50,000.
If 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 relates 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.




EXHIBIT G, Port 1

YIELDS O N N E W

AND

SEASONED CORPORATE B O N D S
6.5

NEW I S S U E S
6.0

5.5

5.0
SEASONED Aaa

1964




1965

4.0

1966

1967

1968

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

Number
' of

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

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

Monthly averages:
1967 - Jan.
Feb.
Mar.

6
7
20

496.0
481.0
1073.0

5.38
5.20
5.31

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

Apr.

7

5

310.0

5.27

Weekly averages:
5.51(1/6)
High
5.11(2/10)
Low
Note:
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.




Exhibit H
Long-term Corporate and State and Local Government
Security Offerings and Placements
(In millions of dollars)
New Capital
Corporate
1966 p/

1965

_____
— r
State and local 2/
1966
p/
1967

January
February
March

2/1,666
e/1,550
e/2,575 •<

1,302
1,237
2,446

795
746
1,197

E/1,350^
2/1,122
e/1,200

1,184
858
868

804
872
904

April
May
June

e/1,800

1,553
1,058
2,364

1,152
1,691
I,946

e/

1,194
906
I,141

826
924
972

1,039
1,670
1,382

1/290
850
1,392

699
773
1,018

986
648
966

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
II,060
14,805

6,151
8,641
II,209

5,302
7,902
10,471

July
August
September
October
November
December
1st
2nd
3rd
4th

Quarter
Quarter
Quarter
Quarter

e/5,791 ,

1st half
Three quarters
Year

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

Quarter
Quarter
Quarter
Quarter

Year
e/ Estimated by Federal Reserve.




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

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

17,269

13,366

850

k/3,672

Exhibit I
New Corporate Security Issues, Type of Issue
and Issuer
(In millions of dollars)

Quarter
or
Month

Total

Gross proceeds for new capital
and refunding 11—_
'
Common Memo:
Bonds
Mfg.
Foreign
and
Privately
Publicly
pfd. issues
Offered Placed
included

Net proceeds
Public Communi- Other
Utility cations Issuers

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
1,679
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
4,197
3,669

1,774
1,941
2,25.6 .
2,047

2.,586
2;,083
1.,627
1:,247

734
1,090
314
375

345
168
154
117

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

969
960
£57
984

602
392
567
417

1,553
1,418
1,309
918

5,893

3,217

2 ,296

380

2,784

1,026

531

1967 - I
1965 - Oct.
Nov.
Dec.

986
1,398
1,646

287
613
326

574
529
1 ,161

124
257
159

99
101
99

273
402
470

158
209
243

92
43
43

401
671
741

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
435 •
555

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

93
118
133
86
33
49
69
22
62
66
2?
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

! 420
306
827
421
368
629
327
522
460

1967 - Jan. p/
Feb. £/
Mar. e/

1,688
1,580
2 ,625

712
830
1,675

896
630
800

80
150
150

684
49
800
In. a.
n.a. 1,300

226
300
500

281
.50
200

475
400
575

1,450

W

369
401

2/ Preliminary.
e/ Estimated by Federal Reserve.
T/ fcross proceeds exceed net proceeds by the cost of flotation.
2/ 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.




Exhibit J
Other Security Offerings
(In millions of dollars)
Gross Long-term 1/
Federal Agency 3/
Foreign Government 2/
1965
1966
1967
1965
1966
1967
January
February
March
April
May
June
July
August
September
October
November
December

R/ 196

52

Jan.-Feb.

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

218
—

38
73
—

91
33
74
5
52
75
2
218
661

2/1,251

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

Year

R/ 422

—

775
239
150
375
375
179

503

129

6 ,806

2,732

New short-term 4*7""
Federal Agency
State and local Government 5/
308
238
-179
. 103
r/ 179
-24
91
-552
39
R/ 351
450
-458
-319
718
647
580
85
204
462
284
-82
-334
-590
119
-103
-270
408
270
-652
152
-161
-555
59
-48
-283
274
503
-219
-366
R/-570
284
-731
329
142
r/ 530
1,286

129
185
325

-748

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

p/ 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
subdividions 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.




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

Total

1966 - M a r .
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
1967
Feb.
Mar.

v 890
643
401
1,317
402
1,169
627
523
510
1,177
681
842
1,638

Coroori•te
Bonds
(other than
Convertible
convertlblea)
bonds
544
481
351
636
170
862
287
352
363
990
611
709
1,435

.

State
and
local
governments

Stocka

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

——

661
50
80
——

55
50
68
40
93
63

——

275
15
--

50
-*•

55
60
230
530
1,000

Large Individual Issues Offered April 1 through 7

Issuer

Type 2/

Amount
(millions
of
dollars)

_Maturity

Coupon
rate or
net intereat coat

|

Offering
yield

Rati

A

A

Corporate
Harsco Corporation
Texas Eastern Trans.
Corporation
TRW, Inc.
Tenneco.Corporation
Caterpillar Tractor Co.

r
Deb.

30.0

1992

5-1/2

5.52

1st mtg.p.l.bde. 25.0
Deb.
50.0
Pfd. stk.
55.5
S.F. deb.
150.0

1987
1992

6
5-1/2

6.00
5.50

1992

5.30

5.30

Aa.|

State and local Govt.
Wash, Suburban San. Dist,
G.O.
Maryland
Penn. State Pub. Sch.
6.0.
Bldg. Auth.
G.O.
Yonkers, New York
Other
None




1

55
60

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

271
106

Other

A

\

20.0

1968-97

3.63

2.65-3.80

A -X

24.0
12.3

1969-2006
1968-86

3.84
3.50

3.00-4.
2.75-3.60

A

1

K-2
FOOTNOTES:
*—Rights offering.
n.a.— Not available.
If
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.
2f 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., revenue bonds secured by revenue from specific
taxes only; Rev.-Rent., revenue bonds secured solely by lease payments.
4/ Bonds due 2006 not publicly reoffered.




H. 14
Exhibit L
Forthcoming U r g e Long-term Public Security Offering for Hee C.plt.1
(Other than U.S. Treasury) 1/
Expected Proceeds free Forthcoming Large Issues
(In millions of dollars)
During month following
date shown
„—
State and
Other %j
Corporate
local
1966 - Mare 31
Apr. 30
May 31
June 30
July 29
Aug. 31
Sept.30
Oct. 31
Nov. 30
Deci 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

Subsequent to
date shown
State and
Corporate
local govt.
606
1,034
1,261
619
697
853
767
457
1,133 ,
811'
706
1,534
905

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

Other 2
55
55
85
50
35
90
35
35
65
95
545
265
15

Forthcoming Large Offerings as of April 7
(millions

Approximate date of
offering

dollsrsl
Corporate
Allegheny Airlines
Ohio Power Co. ,
Hartford Electric Light Co.
Ohio Power Co.
Black and Decker Mfg. Co.
' Hawaiian Telephone Co.
Western Union Telegraph Co.
Indiana Bell Telephone Co.
Southern Union Gas Co.
Indianapolis Pwr. & Lt. Co.
National Cash Register
*McGraw Hill, Inc.
Dayton Pwr. & Lt. Co.
Miehle-Goss-Dexter, Inc.
*Electrosystems, Inc.
^Pennsylvania Pwr. & Lt. Co.




Sub. deb.
1st mtg. bds.
1st mtg. bds.
Deb.
Deb.
1st mtg. bds.
Pfd. stk.
Deb.
Deb.
1st mtg. bds."
Conv. debs.
Conv. sub. deb.
1st mtg.. bds.
Deb.
Conv. deb.
Common stk.

22.0
50.0
20.0
20.0
24.2
16.0
25.0
40.0
15.0
15.0
90.0
35.0
40.0
15.0
20.0
20.0

April 10
April 12
April 13
April 14
April 17
April 17
April 18
April 19
April 20
April 25
April 26 (rts exp.
April 26
April 27
April
April
May 1 (rts. exp.)

i

I
>
i

f
h

L-2
Forthcoming Large Offerings as of April 7 (Cont'd)

Issuer

Type

Amount
(millions
of
dollars)

Approximate date of offering

Corporate (Cont'd)
•Michigan Wisconsin Pipeline Co. 1st mtg. p .1.
bds.
•Central Illinois Pub. Serv. Co. 1st mtg. bds.
*Potomac Electric Power Co.
1st mtg. bds.
Conv. pfd. stk .
*Western Union Telegraph Co.
Equip, trust
Flying Tiger Line, Inc.
cert.
1st mtg. bds.
Public Service of New Mexico
1st mtg. bds.
Interstate Power Co.
Deb.
Northern Natural Gas Co.
Deb,
*Martin Marietta Corp,
Deb,
•Sherwin-Williams Co0
Conv. sub. deb.,,
•Continental Air Lines
Conv. sub. deb.,
Bangor Punta Corp.
State and local Government
Los Angeles County Flood
Control Dist., California
Detroit, Michigan
Detroit Sch. Dist., Michigan
•Huntsyille, Alabama
State of South Carolina
Illinois Bldg. Auth., Chicago
Cleveland, Ohio
*New York City, New York
*Peralta jr. College Dist.,
Alameda Co., California
Delaware Capital Improv.
•Puerto Rico Wtr. Resources
Auth.
•Suffolk County, New York
•State of Massachusetts
North Carolina Sch. Bldg.
Auth.
•Hartford, Connecticut
•Penna St. Hwy. & Bridge Auth.
•West Virginia University
Metro. St. Louis Sewer Dist.,
Missouri
Other
•Export-Import Bank
•Government of Mexico
Nippon Tel. & Tel, Pub* Corp,

Part. Certs .
Bds.
Bds.




45 .0

May

2

15 .0
35 .0
25.2

May
May
May

3
3
3 (rts,

51 .0
20 .0
17 .0
50 .0
75 .0
50 .0
30,.0
15,.0

May 1
May 4
May 17
May 17
Indefinite
Indefinite
Indefinite
Indefinite

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

10,,0
15,,2
15,,0
11.,4
14.,8
18.,4
36.7
104.8

April
April
April
April
April
April
April
April

11
11
11
11
12
18
18
18

GeO.
G.O.

-10.0
16.5

April 18
April 19

Bonds
G.O.
G.O.

25.0
12.2
70.9

April 19
April 19
April 20

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

40.0
14.6
60.0
20.0

April 26
May 2
May 3
May 3

G.O.

20.0

Indefinite

400.0
20.0
15.0

April 19
Indefinite
Indefinite

FOOTNOTES:
*--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.
NQTE: 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

Sale Date

Amount
(millions
of
dollars)

Public Offerings

Issuer and Description of Issue

A.

Sold February 1 through April 7

3/14

250.0

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

3/21

75.0

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

B.

^Indefinite
Indefinite

20.0
15.0

Prospective Offerings

Government of Mexico — Bonds
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.




Bonds

M-2
PART II r

H. 14

Private Placements - Reported February 1 through April 7

Date Reported

Amount
(millions
of
dollars)

3/1

45.0

Issuer and Description of Issue

Province of Quebec — 5-7/8% bonds,
maturing 1997 — n o information available on
takedown.

Note: For retrospective data on aggregate foreign corporate and government securityofferings 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
exhibit are included when reported, frequently with little or no information concerning
timing of takedown. Full or partial takedown may take place both prior and subsequent
to the date a placement is reported.