Full text of H.16 Capital Market Developments : May 8, 1967

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Not ffeffflftSttlicatibn DECONTROLLED AFTER SIX MONTHS,
H. 14
I
IMA'; U 19C7
(^CAPITAL MARKETsi DEVELOPMENTS
IN THE UNITED STATES

May

,8>

1967.

Corporate and municipal bond markets* Dominating this week's
relatively light expected supply of new publicly offered corporate securities will be Southern California Edison's $80 million of first and
refunding mortgage bonds. Also expected is the $51 million Flying Tiger
offering, postponed from last week. Public offerings of new municipal
securities will be almost 50 per cent greater than the average volume
over the past year, and will feature the State of Connecticut's $62.5
million of general obligations.
1/

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

Corporate
State & local Government
New Capital | Refunding New Capital| Refunding
Sold:
52 week avg.
April 28
May 5

245
r/548
307

—

227

6

198
2)8

r/2

322

—

Scheduled:
May 12

176

1/ Federal Reserve estimates are based upon published reports of
issues sold and scheduled for offerings; corporate rights
offerings are included as of date subscription rights.expire.
Yields on new and seasoned corporate bonds were up last week,
and new issues at last met with a favorable reception. For example, the
Aa-rated offering by Potomac Electric Power sold out rapidly at a yield
of 5.75, 15 basis points above that on the ill-fated Dayton Power and
Light issue of the week before. The Dayton issue, in fact, and three
other previously-offered utility issues were released from syndicate last
week, and in free market trading their yields advanced from 12 to 17 basis
points.
Yields on municipals were also up last week, and new issues were
. generally well received. In addition, the Blue List of advertised inventories , though still high, declined somewhat.




H. 14
Yields in Security Markets
Level Latest Week
Change from
preceding week

High-Grade
Notes and Bonds
Corporate
New
Seasoned

5.58
5-16

+19
+ 5

4.67
4.62

+ 5
+ 4

3.65
3.83

+10
+ 9

4.05

+ 5

3.72
3.86

+ 5

U.S. Government
Long-term
3-5 year
State and local Govt.
Moody 1 s Aaa
Std. & Poor's high grade
Money Market
Federal funds
Treasury bills
3-month
6-month

Corporate Bonds Still in Syndicate
Date
Offered

Amount
(millions of $)

4/27

50.0

5/4

20.0

Issuer

Reoffering
Yield

Rating

Estimated prof
portion sol*

Beneficial Finance,
5.60's - 1971

5.60

25%

Public Service of
New Mexico,
5-7/8's - 1997

5.77

50%

5/3

15.0

Central Illinois .
Public Service,
5-7/8's - 1997

5.72

Aa

90%

5/1.

50.0

Tenneco,
6-1/2's - 1987

6.50

Baa

85%

Blue List of Municipal Dealers ' Advertised Inventories
Latest Week
710




End of Previous Week
792

Recent High
849 (4/26/67)

Ho 1 4

FNMA secondary market and related operations. Mortgages offered
to the Federal National Mortgage Association for purchase in its secondary
market portfolio changed little in March to $26.9 million. This was well
below the year-earlier volume and remained close to the two-year low
reached last month. According to early indications, offerings moved even
lower in April, reflecting continued easing in the mortgage market.
In line with the reduced level of offerings to FNMA, purchases
for its secondary market portfolio continued sharply downward in March.
At $50o9 million, they were two-fifths under the February level and were
lower than in any month since mid-1965. In March, FNMA also began to sell
some mortgages from its secondary market portfolio ($0.9 million) for
virtually the first time since mid-1965.
Purchases in connection with FNMA1 s other functions remained
relatively high, amounting to $48.6 million under the Management and
Liquidation portfolio and to $19.9 under Special Assistance. The special
assistance volume, which was about the same as in February, has so far
been little affected by commitments made under Special Assistance Program
14o Although some $280 million of the $800 million authorized for this
program have been committed, not much more than $2 million have been
disbursed.
Stock prices. Common stock prices are now above the all-time
high reached in February 1966. In heavy trading last week, the Standard
and Poor's index of 500 stocks inched up 0.43 points to close Friday at
94.44, 0.38 above last year's high. Trading volume averaged 10.9 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.




-4-

SAVINGS FLOWS

Year
or
Month

Savings & Loan Assoc. 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
1/
previous
previous
previous
year
year
year
'

1961
1962
1963
1964
1965
1966

20,070 8 743
27,901 9 351
29,100 11 072
28,957 10,,579
31,953 8,,384
=
19,557 3 ,625

•!

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

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

40.4
58.9
7.1
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

-8.0

10.0
90.7
57.1
104.2

-582
2,922
2,986
2,360
3.206

-1,042
717
1,822
1,539
633

32.5
156.5
187.5
24.6

-7.9
-5.1
114.6

1,649
1,173
3,985

-863
579
.1,920

-34.4
97.5
93.0

1966 - Nov.
Deci
1967 - Jan.
Feb.
Mar.£ f

286
5,314
3,603
3,442
5,348

614
1,,732
184
763
1:,415

-193
89
261
235
577

-23.9
5.4

1966 - Nov.
Dec.
1967 - Jan.

2,295
2,113
5,218

391
715
748

-201
57
278

34. 0
8. 7
59. 1

Feb.

3,014

876

239

37. 5

428

121

39.4

1,710

1,484

656.6

Mar.£, 3,662

952

558

141. 6

503

357

244.5

2.207

532

31.8

If

—

44. 5
68. 9

254
-22
660
60
433
206
319
116
727
371
Seasonally Adrus ted
255
-22
225
-12
485
259

Commercial bank data are of the last Wednesday of month except June 30 and becember,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.
1/ Data are for the net increase in regular deposits—excludes other.deposits of a
demand nature. Source: Mutual Savings Banks Association.
4/ Data are for the net increase in savings and time deposits adjusted at all" commercial banks.
Source: Federal Reserve.




EXHIBIT A, Pari

4

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

C O R P O R A T E All

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

r
STATE A N D L O C A L G O V E R N M E N T All

1963




1964

1966

1967

1968

Exhibit A -- ParL II

Corporate
Aaa 1/

Date

1959-60 - High
1966 - High
Low
1967 - High
Low
Apr.

^May

7 •
14
21
28
51>/

State and
U.S. Govt. |
local
long-term 2/1 government
Aaa 3/
(per cent)

Spread between
UcS. Govt, and
Corporate
| State and
Aaa
j local Aaa

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)
4.67(5/5)
4.37(2/3)

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

.59(8/5/60)
.84(12/30)
.14(2/18)
.92
•49 '

092(4/22/60)
1.19(2/11)
.77(9/2)
1.16
.74

5.11
5.12
5.11
5.11 .
5.16 J

4.44
4.45
4.54
4.62
4.67

3.48
3.46
3.50
3.55 1
3.65 *

.67
.67
.57
.49
.49

.96
.99
1.04
1.07
1.02

£/ Preliminary.
If Weekly average of daily figures. Average term of bonds included is 22-24 years.
2/ Weekly average of daily figures. The series includes bonds due or callable in 10
years or more.
3/ Thursday figures. Only general obligation bonds are included; average term is 20
years.
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.




-

EXHIBIT 6, Part ]•

l o n g - t e r m bond yields, l o w e r

grade

C O R P O R A T E Baa

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

1 111

"

1111

^ ' 1 I I I 1 I I I 1 I I I I 1 I I I I I I 1 I l 1 I l i I l i i i i i i I i i i i i i i i i i i




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
Apr.

May
Note:




7
14
21
28
5£/

Spread between
Aaa and Baa
State and
Corporate
local aovt.

5.36(2/12/60)
5.04
6.18(12/30)
5.05(1/14)
6.15(1/6)
5.81(4/14)

4.46(1/7/60)
3.79
4.55(8/25)
3.78(1/20)
4.24(1/12)
3.85(4/13)

.84
.31
.81
.31
.82
.69

5.82
5.81
5.83
5.85
5.89

3.85
3.85
3.93
3.97
4.15

.71
.69
.72
. 74
.73

For footnotes see Exhibit A.

1.08
.39
.62
.31
.65
.37
.37
. 39
.43
.42
.50

SHORT- AND INTERMEDIATE-TERM IN
GOVERNMENT




6 - M O N T H BILLS

3-5 YEAR ISSUES
F.R. DISCOUNT RATE
3 - M O N T H BILLS

1966

1967

1968

Y
Exhibit C -- Part XI

Date

Discount
rate
1/

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
4.00

Apr.

J May
j

7
14
21
28
5£/

4.00
4.00
4.00
4.00
4.00 i

3-month
bills U

Yields
| 6-month y
bills
2/ v
I
(per cent)

4.59(1/8/60)
4.47
4.80
5.52(9/23)
4.39(6/24)
4.81(1/13)
3.72(5/5)
3.95
3.84
3.82
3.72 ,
3.72V

3-5 year
issues ZJ

Spread between yields on
3-mo. bills and yields on
6-mo,. bill;s|3-5 yr. issues

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

5.00(12/24/59)
4.90
4.86
5.83(9/2)
4.80(4/8)

.79
.19
..12
o 52
.09

1.81
.43
.06
.78
.01

4.88(1/6)
3.81(4/28)

4.82(1/6)
4.36(4/7)

.14
.01

.90
.02

4.00
3.89
3.88
3.81
3.86 /

4.36
4.39
4.48
4.58
4.62

.05
.05
.06
.09
.14

.41
.55
.66
.86
..90

1_/ Weekly rate shown is that in effect at end of period at the Federal Reserve Bank of
New York.
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.




EXHIBIT D, Port 1

S H O R T - A N D I N T E R M E D I A T E - T E R M INTEREST RATES,
B A N K S A N D OTHER P R I V A T E BORROWERS

PRIME RATE
FINANCE C O M P A N Y PAPER

Diretlly ploced

F.R. DISCOUNT RATE

FEDERAL FUNDS

1963




1964

1965

1967

1968

Exhibit D —

Date

Prime rate 1/

Part II

Finance
company
paper 7j

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

(per cent)
1959-60 - High
Year end- 1964
1965
1966
1966 - Low
1967 - High
Low
Apr.

May

7
14
21
28
5j>/

5.00
4.50
5.00
6.00
5.00(3/4)
6.00(1/6)
5.50(5/5)

5.13(1/22/60)
4.06
4.75
5.88
4.75(1/7)
5.75(1/6)
4.38(5/5)

4.00(5/13/60)
4.00
4.63
5.63
3.55(1/21)
5.25(1/6)
3.80(4/14)

5.50
5.50
5.50
5.50
5.50

4.63
4.38
4.38
4.38
4.38

4.42
3.80
3.90
4.00
4.05

1.02
.23
.28
1.08
.20
.86
.52
.68
.54
.56
.66
.66

1/ 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 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.




EXHIBIT E. Pari 1

STOCK MARKET
If41-43 •»eree«= 10 .
10

PRICES

101

8

STOCK M A R K E T CREDIT

6

10
CHANGE IN SERIES

4

VOLUME

YIELDS

1963




1964

1965

1966

1967

1968

Exhibit E —

Date

Stock price
index 1/

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

21
28
5j>/

72.04(12/8/61)
52.68(6/22/62)
93.77(2/11)
73.20(10/7)
94.44(5/5)
82.18(1/6)
89.42
90.96
92.30
94.01
94.44

Part II

Common
Trading
Stock market 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)
2.82
10.1
5,602(12/61) 4,259(12/61) 1,418(5/9/62)
3.96
2.4
4,424(1/61)
3,253(1/61) 1,161(3/8/61)
3.01
10.7
7,997
5,835
2,241(7/6)
5.0
3.97
7,302
5,169
2,097(12/14)
3.10
11.3
7,808
5,718
2,130(5/3)
3.58
6.9
7,345
5,290
2,055(2/1)
3.27
3.22
3.19
3.13
3.10

10.2
9.4
10.1
10.5
10.9

7,808
n. a.
n. a.
n. a.
n. a.

5,718
n. a.
n. a.
n. a.
n. a.

2,090
2,150
2,116
2,150

n. a. Not Availab
__ Preliminary.
£/
—/ 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 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.




"'

IV

ixHiirr t. fmn 1
FEDERAL N A T I O N A L M O R T G A G K A S S O C I A T I O N
S E C O N D A R Y MARKET O P E R A T I O N S

U

400

300

200

OFFERINGS

SALES
1M

/PURCHASES

1961

*




1962

1063

1004

1065

1906

Exhibit F - Part Tf
Estimated offerings 1
to FNMA
Immediate
Standby
Total
purchase
commitment

Dat c

Purchases
by
FNMA

Sales
by
FNMA

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

272.8 193.0
192.2
144.2
122.6
150.7
140.4
. 167.5
163.6
121.5
67.9
24.4
26.9

272.3
192.3
191.1
141.7
121.0
148.7
138.5
164.2
161.0
120.1
67.3
24.2
26.7

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

301.4
193.0
167.3
131.6
213.2
112.5
95.5
107.2
132.0
130.5
125.0
84.2
50.9

.2
.9

*—Less 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 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.




YIELDS O N N E W A N D SEASONED CORPORATE B O N D S

8.5

N E W ISSUES

8.0

5.5

5.0
SEASONED Aaa

4.5

4.0
1964




1965

1966

1967

1968

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

Number
of
Monthly averages:
1967

Jan.
Feb.
Mar.
Apr.

6
7
20
20

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

Am' t. of issues Average
included (mill.
yield
(per cent)
of dollars)
496.0
481.0
1073.0
916.0

5.38
5.20
5.31
5.39

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
14
21
28

5
3
7
5

310.0
68.0
223.0
315.0

5.27
5.52*
5.50
5.39*

5.58
70.0
3
5
May
Weekly averages:
5.51(1/6)
High
5.11(2/10)
Low
Note: Averages of offering yields on all new issues of publicly offered corporate bonds rated Aaa,
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.




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

Corporate
1966 p/

1965

State and local 2/
1966 p/
1967

1965

2/1,666
P/1,416
e/2,350'

1,302
1,237
2,446

795
746
1,197

E/1,377
2/1,129
e/1,200

1,184
858
868

804
872
904

e/ 2 ,100
e/2,000 - *

1,553
1,058
2,364

1,152
1,691
1,946

e/1,000 "
e/
950 -

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
2j,600
2,,569

6, 151
8,641
11,,209

5j,302
7,,902,
10,,471

January
February
• March
April
May
June

1st
2nd
3rd
4th

Quarter
Quarter
Quarter
Quarter

e/5,432^

9,959 •
14,050
17,601

1st half
Three quarters
Year

7,527
11,060
14,805

e/3,706

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

Quarter
Quarter
Quarter .
Quarter

Year
e/
•£"/
1/
2/
3/

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

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

17,269

13,366

*

Estimated by Fed eral 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 companies.




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

Quarter
or
Month

1966 - I
II
L
in
IV

t

1967 - I

Total

5,094
5,115
4,197
3,669
5,525'

1,339
11966 - Jan.
Feb. - 1,273
|
2,482
I
Mar.
1,582
i
Apr.
1,106
May
2,427
June
1,085
July
1,712
i
Aug.
1,400
Sept.
892
Oct.
1,115
\
Nov.
1,661
Dec.
j
f 1967 - Jan. 2./ 1,688
•i
Feb/2/ 1,437
|
, Mar. e/ 2,400
|
Apr. e/ 2,155

~~
Net proceeds
Gross proceeds for new capital
for new capital 1/ 2/
and refunding 1/
Common Memo:
Other
Mfg. Public CommuniForeign
Publicly Privately and
Utility cations Issuers
pfd. issues
Offered Placed
stock included
1,553
602
969
1,860
345
734
2,586
1,774
1,418
392
960
2,205
168
1,090
2,083
1,941
1,309
567
657
1,558
154
314
1,627
2,256
918
417
U7
375
1,247
2,047
: 1,232 984
3,257

1,883

385

n.a.

2,365

1,005

586

1,476
420
306
827
421
368
629
327
522
460
147
369
401
475
451
- 550
350

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

692
• 583
1,311
743
556
784
535
435
657
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
27
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

712
870
1,675
1,355

896
412
575
600

80
155
150
200

49
9

684
581
1,100
1,265

226
279
500
400

281
105
200
85

£/
1/
2/

Preliminary, e/ 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.
SOURCE: Securities and Exchange Commission.

I
i




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

£/
£./

196
n. a.

74
68
92

= Jan. -Mar.

598

Year

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

12
40
40
66
69
76
72
7
50

218

£/l,251
£/ 783
n.a.

129
185
325

91
33
74
5
52
75
2

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

256
661

913
6 ,806

314
2,732

38
73

New short-term 47
Federal.Agency
State and local Government 5/
1
308
-179
238
103
£/ 179
-24
-552
91
39
£/ 351
450
n.a
-458
-319
2/-665
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
-570 /

—

775
--

239
150
375
375
179

3/
-137
-174
117
-11

509
237
132
206
105
-309
202
-76

•sen
Jan.-Mar.
Year

&/-135

DigitizedReserve.
for FRASER


-177
422

-129
1,286

734
-748

-194
801

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)
Cornoriite
Bonds
(other than
Convertible
convertibles)
bonds

Total

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

• 643
401
1,317
402
1,189
627
523
510
1,177
681
842
1,638
1,311

481
351
636
170
862
287
,
352
363
990
611
709
1,435
956

55
50
20
182
257
340
116 .
97
118
30
40
140
213

Stocks

State
and
local
governments

106
--

720
466 ;
582
338
410
611
387
464
669
947
675
779
512

•

661
50
80
-—

55
50
68
40
93
63
142

Other

2/

60
• --

275
15
50
—

55 ..
60
230
530
1,000
540

Large Individual Issues Offered May 1 through 5

I

Issuer

Type 2/

Amount
(millions
of
dollars)

Corporate
Tenneco Corporation
*Pa. Pwr. Sc.Lt. Co.
• Michigan Wise. P.L. Co.

Maturity

Coupon
ra te or
net interest cost

Offering
vield

Rating

i

1

S.F. deb.
50.0
18.6
Com. stk.
1st mtg. p. 1.
bds.
45.0
35.0
1st mtg. bds.
f Potomac Elec. Pwr. Co.
i * W e s t e r n Union Telegraph Co, Conv. pfd . stk,, 25.1
Conv. sub o deb.. 20.0
! LTV Electrosysterns, Inc.
1 Central 111. Pub. Serv.Co. 1st mtg. bds.
15.0
5 Pub. Serv. Co.,
20.0
1st mtg. bds.
New Mexico
!

State & local Government
111. State University
Hartford, Connecticut
Kansas City, Sch. Dist,,Mo.
Pa. St. Hwy. & Bridge Audi.
Tenn. St. Sch. Bond Auth.
Other
None

.

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




15.2
14.6
10.0
60.0
43.8

1987

6-1/2

6 .50

Ba

1987
2002

6-3/4
5-7/8

6 .50
5 .75

A
Aa

1992
1997

4-1/2
5-7/8

4 -50
5,.72

Aa

1997

5-7/8

5,.77

A

1969-2007
1968-87
1968-87
1968-88
1968-2007

4.78
3.56
3.65
3.79
4.09

3,.30-4..75^
2..50-3.,65
2..50-3.
2.,90-3.
2. 70-4.07

Aaa
Aa
Aa
A

FOOTNOTES:

-

*—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., revenue bonds secured by
revenue from specific taxes only; Rev.-Rent., revenue bonds secured
solely by lease payments.
„ 4/ Bonds due 2007 not publicly reoffered. ,
5_f Bonds due 1988 not publicly reof fered.




H. 14
Exhibit L
Forthcoming Large long-term Public Security Offering for Mew Capital
(Other than U.S. Treaaury) 1/
Expected Proceeda from Forthcoming Large Iaauea
(In milliona of dollara)
During month following
date shown
State and
Corporate
Other 2/
local govt.
- Apr. 30
May 31
June 30
July 29
Aug. 31
Sept.30
Oct. 31
Nov. 30
Dec. 30
1967 - Jan. 31
Feb. 28
Mar. 31
Apr. 30

248
1,261
317
. 677
662
687
397
1,098
656
486
1,410
767
963

399
584
337
403
515
300
140
496
939
780
508
227
326

Corporate
1,034
1,261
619
697
853
767
457
1,133
811
706
1,534
905
1,262

——

30
15
——

40
——
" ——
—— '

80
530
250
--

70

Subsequent to
date shown
State and
local govt.
546
584
353.
403
685
390
175
571
1,154
851
528
247
346

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

Forthcoming Large Offerings as of May 5
(milliona

Approximate date of
offering

dollara)
fOTPWmt*
Flying Tiger Line, Inc.
' Cutler-Hammer, Inc.
Texas Elec. Service Co0
Southern Calif. Edison Co.
Kansas City Power & Light Co.
Textron, Inc.
"'Atlantic Richfield Co.
Conn. Light & Power Co.
Interstate Power Company
.
Eastern Associated Coal
: Trane Company
Trailer Train Co.
Philadelphia Elec. Co.
Burroughs Corporation
Co.
of Mdi




Equip, trust cert.
S. F o deb o
-s
1st mtg. bds.
1st 5c ref. mtg. bds.
1st mtg. bds.
S.F. deb.
S.F. deb.
1st 6c ref. mtg. bds.
1st mtg. bds.
Deb.
Deb.
Equip, trust cert.
1st mtg. bds.
Deb.
1st mtg. bds.
Deb.

51.0
20.0
18.0
80.0
30.0
100.0
150.0
30.0
' 17.0
25.0
30.0
48.0
75.0
30.0
35.0
60.0

May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May

9
9
10
11
16
16
17
17
17
17
17
18
22
22
24
25

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

. \

'

'

r

Issuer

Type

•Amount
(millions
of
dollars')

Approximate date of offering

Corporate (Cont'd)
Col.T. Financial Corp.
Arizona Public Service
Columbia Gas System, Inc.
Kerr-McGee Corp.
"Northern States Power Co.
*Texas Gas Transmission Corp.
*Lone Star Gas Co.
^'Southwestern Bell Telephone Co.
Pennsylvania Electric Co.
Automatic Sprinkler
Ohio Power Company
Ohio Power Company
^Consolidated Electronics
^Montgomery Ward Credit Corp.
^Carborundum Company
Continental Air Lines

Deb.
75.0
. 25.0
1st mtg. bds.
Deb.
40.0
95.5
Conv. deb.
30.0
1st mtg. bds.
Deb.
40.0
30.0
S.F. deb.
1st mtg. bds.
150.0
26.0
1st mtg. bds.
23.0
Conv. sub. deb.
50.0
1st mtg. bds.
20.0
Deb.
30.0
Conv. deb.
50.0
Deb.
30.0
Deb.
30.0
Conv. sub. deb.

May (rts.
June 1
June 1
J une 6 (rts.
exp.)
('
June 7
June 7
June 8
June 8
June 9
June 12
June 13
June 13
June (rts. exp.)
Indefinite
Indefinite
Indefinite

State and local Government
State of Connecticut
State of Alaska
* - Georgia Education Auth., Atlanta
^Georgia Bldg. Auth.
*State of Hawaii
Cincinnati, Ohio
Philadelphia, Pennsylvania
Baltimore County/ Maryland
New OrleansLouisiana
*State of California
"New York City, New York
^Pittsburgh Sch. Dist., Pa.
...Mew York St. Housing Fin. Agency
*Harris County, Texas
*South Louisiana Port Comm.
Metro. St. Louis Sewer Dist.,
Missouri
- Other
Tennessee Valley Authority
Nippon Tel.-& Tel. Pub. Corp.




G.O.
G. Oc
Rev.-Rent.
Rev.-Rent.
G.O.
G.O.
G.O.
G.O.
G.O.
G.O.
G.O.
G.O.
Rev.-Rent.
Rev.-S.T.
Rev.-Q.-Ut.

62.5
16.5
22.0
13.7
20.0
. 12.3
17.2
14.0
17.8
100.0
96.0
20.0
68.0
10.0
11.0

May 7
May 9
May 9
May 9
May 10 .
May 10
May 10
May 16
May 17
May 17
May 23
May 23
May 24
June 5
June 7

G.O.

20.0

Indefinite

Bonds
Bonds

70.0
15.0

May 16
Indefinite

L-3
FOOTNOTES:
*--Included in table for first time.
17 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.




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

Sale Date

Amount
(millions
of
dollars)

Issuer and Description of Issue

A.
3/14

\

/

3/21'
4/20

'

Sold

March

through May 5

250.0

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

75.0

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

25.0

Government of Mexico — 7% external sinking fund bonds
maturing 1982, reoffered to yield 7.11%.

B.

Indefinite

Public Offerings,

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.




Bonds

;
'j
• f

;

M-2
PART II:

H. 14

Private Placements - Reported March 1. through May :•

Date Reported

Amount
(millions
of
dollars)

3/1

45.0

Province of Quebec — 5-7/8% bonds,
maturing 1997 — no information available on
takedown.

4/17

15.0

Northern and Central Gas Company — 6% debentures
with warrants maturing
— no information
available on takedown.

4/17

6.0

Issuer and Description of Issue

Ralston Purina of Canada, Ltd. — 6-3/4% debentures
maturing 1987 -- no information available on
takedown.

%)te: 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 pieced 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.