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H. 14

DECONTROLLED AFTER SIX MONTHS

May 29, 1967.

CAPITAL MARKETS DEVELOPMENTS
IN THE UNITED STATES .

Corporate and!municipal bond markets. The volume of publiclyoffered new corporate and municipal securities expected during this holidayshortened week will be far below the average weekly volume over the past year.
Montgomery. Ward Credit Corporation's $50 million of debentures will account
for almost half the small corporate volume, while no municipal offering will
be more than $10 million. The week's volume will be supplemented by the
Quebec Hydroelectric Commission's $50 million of debentures.
'-'

v

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

Corporate
New Capital | Refunding

State & local Government
New Capital | Refunding

Sold:
52 week avg.
May
May

19
26

255
r /165
470

231
r/313
344

—

6
.

--

Scheduled:
June

2

107

--

I

75

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 advanced last week and
further shifting of offering dates took place in the new issue sector.
Textron's $100 million offering was postponed again, Montgomery Ward Credit
Corporations 1 s $50 of debentures did not appear, and Atlantic Richfield
chopped $50 million from its planned $150 million offering. Bristol-Myers,
meanwhile, accelerated its $50 million offering, bringing it to market with
a yield 7 basis points higher than the essentially comparable Atlantic Richfield one. As a result, Atlantic Richfield's offering made the worst showing
among the week's generally well-received issues.
Yields on municipals were also up last week. The Blue List of
advertised inventories declined slightly and what new issues there were
received a fair reception. The two largest offerings expected last week -one for $96.2 million by New York City and another for $68.4 million by the
New York State Housing Finance Agency -- were postponed indefinitely, however,
because of market conditions. The former, now plans a smaller offering in
June to tide it over until more favorable conditions exist.




H. 14

.-2-.

Yields in Security Markets
Level Latest Week
Change from
preceding week

High-Grade
. Notes and Bonds
Corporate
New
Seasoned

5.73
5.31

+
+

3
5

4.83
4.76

+
+

4
7

3.78
3.96

+
+

3
1

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

Date Offered

-

3.50
3.74

100.0

5/24

60.0

35.0

5.63

Aa

407=

Chesapeake & Potomac
Tel & Tel of Maryland
5-7/8's - 2004

5.80

Aaa

70%

Michigan Consolidated
Gas
6-1/2's - 1992

6.35

30.0

Kansas City P. & L.
5-2/4's - 1997

5.72

5/16

17.0

Interstate Power
6 - 1 / 8 ' s - 1997

6.10

Flying Tiger (Equip.Tr.)
6.60's-1980

6.60

51.0

Estimated proportion sold

Atlantic Richfield
5-5/8's - 1997

5/16

5/9

9
4

Corporate Bonds Still in Syndicate
Amount
Reoffering
(millions of$)
Issuer
Yield
Rating

5/24

5/23

13

3.90

85%

Aaa

70%

Baa

Blue List o f Municipal Dealers' Advertised Inventories
Latest Week


http://fraser.stlouisfed.org/
64.6
Federal Reserve Bank of St. Louis

End of Previous Week
655

50%

Recent High
849(4/26/67)

85%

H. 14

Home mortgage interest rates and other loan terms. Secondary
market yields on certain FHA-insured new home mortgages declined further in
April, but by less than in previous months, as demands for funds in the
capital markets remained strong and as the yield spread favoring mortgages
over corporate or government bonds narrowed further. Unofficial reports,
however, suggest the possibility that mortgage yields rose in May contrary
to their unusually large drop since the November peak.
Although April marked the fifth consecutive month of decline in
the FHA secondary-market series, the 6 basis points drop (to 6.29 per cent)
was less than those in the previous three months. While the April average
was 52 basis points below the high reached last November, it was still some
85 basis points above the 1963-65 low.
Interest rates on conventional loans on new and existing homes
also declined further in April, as reported in both the FHA and the Federal
Home Loan Bank Board series. FHA, which estimates conventional home loan
interest rates rounded to the nearest 5 basis points, reported declines of
5 basis points in loans on both new and existing homes. This was the same
amount of decline as in March, but less than the 10 basis points drop in
February.
'
The FHLBB series, which tends to lag the FHA series and to be less
reflective of current market conditions, showed declines in April of 4 and
8 basis points, respectively, on new and existing homes. These declines
were the largest since these series turned down last January, and they came
at a time when other market indicators suggested a slowdown rather than an
acceleration in the rate of mortgage market easing/
Other conventional loan terms changed little in April, according
to the FHLBB series. Loan-to-price ratios, maturities, and loan amounts
generally maintained their March averages, which in most cases seem to be
little changed from year-ago levels, although data prior to December 1966
are not strictly comparable to those currently being reported.
Stock prices. Common stock prices are now back to where they were
in mid-April. Standard & Poor's index of 500 stocks declines 1.09 points
over the week to 90.98 by the close Friday. Trading volume averaged 9.3
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.




EXHIBIT

A,

Port

1

• LONG-TERM BOND YIELDS, HIGH-GRADE

1964



CORPORATE Aaa
Moody's

U.S. GOVERNMENT
Long-term

,'V
S T A T E AND LOCAL G O V E R N M E N T A a a
Moody's

1965

• •

1968

Exhibit A -- ParL II

'

Date

• |

•

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

28
5
12
19
26 £ /

i

Corporate
Aaa 1/

\
i 4.61(1/29/60)
| 5.52(9/9)
4.73(1/7)
5.38(1/6)
5.00(2/10)
5.11
5.16
5.19
5.26
5.31/

'
1 State and
U.S. Govt. |
local
long-term 2/| government
Aaa 3/
(per cent)
4.42(1/8/60)
4.87(9/2)
4o 42(1/7)
4.83(5/26) .
4.37(2/3)
4.62
4.67
4.75
4.79
4.83 /

1/ Weekly^verage of daily figures.
2/ Weekly average of daily figures.
3/ Thursday figures.




3.65(9/24/59)
4.04(8/25)
3.39(1/13)
3.78(4/25)
3.25(2/9)
3.55
3.65
3.65
3.75
3.78/

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

.59(8/5/60)
.84(12/30)
.14(2/18)

.92(4/22/60)
1;19(2/11)
.77(9/2)

.92
.44

1.16
.74

.49
.49
.44
.47
.48

1.07
1.02
1.10
1.04
1.05

.

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, P o r t

1

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

CORPORATE B a a
Moody

S T A T E AND LOCAL GOVERNMENT B a a

Moody's




1964

1965

1966

1967

1968

Exhibit B -- Part II

Date

State and
local govt.
Baa 3/

Corporate
Baa 1/ „

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

28
5
12
19
V26£/

Note:

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)
4.27(5/25)
3.85(4/13)

5.85
5.89
5.92
5.96
6.03 ^

3.97
4.15
4.25
4.25
4.27

For footnotes see Exhibit A,




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

.81
,31

.82
.69
.74
.73
.73
.70
.72

1.08
.39

.62
.31
.65
.37
.42
.50

.60
.50
.49

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 R A T E S
kr,

GOVERNMENT
W..kl»

6-MONTH BILLS
Market

3 - 5 YEAR I S S U E S


http://fraser.stlouisfed.org/
1963
Federal Reserve Bank of St. Louis

Yields

F.R. DISCOUNT RATE
New

York

3-MONTH BILLS
Market

Yields

1966

1967

1968

Exhibit C -- Part II

Discount
rate
_ 1 L

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

4.00
4.50
4.50
4.50
4.50

Apr.
May

4.00
4.00

28
5
12

4.50

4.00

4.00

4.00
J&R/

4.00 v

3-month
bins y

4.59(1/8/60)
4.47
4c 80
5.52(9/23)
4.39(6/24)
4.81(1/13)
3.50(5/26)
3.72
3.72
3.65
3.59 .
3.50 ^

Yields
6-month
bills 1/
(per cent)

3-5 year
issues U

Spread between yields on
3-mo. bills and yields on
6-mo. bills I 3-5 yr. issues

.79
.19
,12
o 512
.09

1.81
.43
.06
.78
.01

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

.24
.01

1.26
.02

4.58
4.62
4.67
4.69
4.76

.09
.14
.18
.19
.24

.86
.90
1.02
1.10
1.26

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)

4.88(1/6)
3.74(5/26)
3.81
3.86
3.83
3.78
3.74/

1/ Weekly rate s h L n Is that in effect at end of period at the Federal Reserve Bank of
2/ Marke° r yield; weekly averages computed from daily closing bid prices.




Series of 3-5

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 HATES
B A N K S A N D OTHER PRIVATE B O R R O W E R S
o

w

**kly

PRIME RATE
FINANCE COMPANY PAPER

Directly

placed




F.R. DISCOUNT RATE

FEDERAL FUNDS
Effective Rate

1965

1967

1968

Exhibit D —

Prime rate 1/

Date

Finance
company
paper 2/
I

1959-60 - High
Year end- 1964
1965
1966
1966 - Low
1967 - High
Low
Apr.
May

28
5
12
19
26|>/

5.00
4.50
5.00
6.00
5.00(3/4)
6.00(1/6)
5.50(5/26)
5.50
5.50
5.50
5.50
5.50

Part II

(per cent)

5.13(1/22/60)
4.06
4.75
5.88
4.75(1/7)
5.75(1/6)
4.38(5/26)
4.38
4.38
4.38
4.38
4.38

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

4.00(5/13/60)
4.00
4.63
5.63
3.55(1/21)
5.25(1/6)
3.75(5/12)
4.00
4.05
3.75
4.03
3.90

1.02
.23
.28
1.08
. 20
.88
.52
.66
.66
.73
.79
.88

•? c
• ofo
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,

Part

1

STOCK MARKET
Billion*

of

1941-43

dollars

a v e r o g e = 10

PRICES

10

100

8
/

STOCK MARKET CREDIT

6

* CHANGE IN SERIES

4

, , ' •'

Millions

of

M i l l

I

'

VOLUME

-

/||\J\
\
\

YIELDS

i i i i ti

i i i i i

M


1963


i ' i i i' i i i I i

1964

' 1 II Y\ 1 Mill

1965

i i i n

i i i i i i

1966

I I II

1 1 I 1 1 1 1

1967

;

II

II 7

1968

shares

Exhibit E —

Date

1961-62 - High
Low
1966 - High
Low •
1967 - High
Low
Mar,
Apr,
May 12
19
26£/

Stock price
index V

Common
stock
yields 2/
(per cent)

Part II

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

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)

2.82
3,96,
3.01
3.97
3.10
3.58

10.1
2.4
10.7
5.0
11.3
6.9

89.42
90.96
93.48
92.07
90.98

3.27
3.22
3.14
3.19
3.21

10.2
9.4
10.5
9.9
9.3

5,602(12/61)
4,424(1/61)
\7,997
7,302
7,969
7,345
7,808
7,969
n.a.
n.a.

4,259(12/61)
3,253(1/61)
5,835
5,169
5,819
5,290

1,418(5/9/62)
1,161(3/8/61)
2,241(7/6)
2,097(12/14)
2,151(5/24)
2,055(2/1)

5,718
5,819
n.a.
n.a.
n.a.

2,090
2,150
2,135
2,151

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 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.




H
EXHIBIT F, Port I

MORTGAGE AND

BOND

YIELDS
T11 I I I I I I I ll.l I I I II j 7

HOME MORTGAGES:

Aaa CORPORATE BONDS:

111111 n
1957

1958

,959




I960

1961

1962

1963

1964

1965

11

1 ii1ri1M1111 3
1966

/ tr
Exhibit F

Part II

-

Conventional
mort25-year 30-year gages 3/
FHA
2/
mortgages —'

1957
1958
1959-60
1961-66
1966
1967

1967

17

1/

3/

.4/
5/
6/

-

High
Low
High
Low
High
High
Low

5.63
5.35
6.24
5.43
6.73
——
--

1
- Jan. | n. a.
Feb. | n. a.
Mar. I n. a.
Apr.
n. a

Spread between yields
on conv. &
FHA mort-^,
gages

Aaa Corporate
Bonds

Spread between
yields on new cor6/ porate bonds and
New"^ Seasoned
FHA mtgs. Seasoned
4/
bonds

5.44
6.81
6.62
6.29

6.00
5.55
6.30
5.80
6.70
6.60
6.40

.47
.15
.23
.25
.30
.11
.02

4.94
3.65
5.25
4.12
5.82
5.39
5.20

4.12
3.57
4.61
4.19
5.49
5.20
5.03

1.58
.88
1.69
.77
1.11
1.26
.90

1.03
.05
.73
-.16
.46
.28
.17

6.62
6.46
6.35
6,29 *

6.60
6.50
6.45 y
6.40 Z

.02
.04
.10
.11

5.38
5.20
5.31
5.39

5.20
5.03
5.13
5.11

1.24
1.26
1.04
.90

.18
.17
.18
.28

—
—

Neither mortgage nor bond yields take into account servicing costs which are much
higher for mortgages than bonds. Generally, bonds pay interest semi-annually;
mortgages, monthly. Mortgage yields, if computed as equivalent to a semi-annual
interest investment, would be slightly higher than given in the table.
Based on FHA-field-office opinions about average bid prices in the private secondary
market for new-home mortgages for immediate delivery. Separate data available for
25-year and--beginning July 1961--30-year mortgages with minimum downpayments,
weighted by probable volume of transactions. Yields computed by FHA, assuming prepayment period of 12 years for 25-year mortgages and 15 years for 30-year mortgagee.
Over the period for which they can be compared, the movement of the two mortgage
yield series has been similar. Dashed lines indicate periods of adjustment to
changes in contractual interest rates.
Based on FHA-field-office opinion on typical interest rates (rounded) on conventional
first mortgages prevailing in the market areas of insuring office cities. Beginning
with April 1960, rate relates only to new-home mortgages; prior to that date, rate
related to both new as well as existing-home mortgages. Dashed line indicates this
change in the series.
FHA mortgage yield data are for 25-year mortgages through June 1961; 30-year mortgages thereafter.
See note for Exhibit G.
Moody's Investor Service. Monthly averages of daily data. See Exhibit A.




EXHIBIT F. Port IE

C O N V E N T I O N A L

M O R T G A G E

MONTHLY

TERMS

^

^

MATURITY

N E W

E X I S T I N G

LOAN

PRICE/RATI O




N E W

E X I S T I N G

1964

1966
* C H A N G E IN SERIES

I 1

Exhibit F

New Homes
Con- Fees &
tract Charges Maturity
(Years)
Rate (Per
cent)
(Per
2/
cent)
1966
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Dec.*

Loan/ Loan
Price amt.
ratio (Thous.)
(Per
cent)

Existing Homes
Loan/ Loan
Con- Fees &
tract Charges Maturity Price amt.
(Years) ratio (Thous.)
Rate (Per
(Per
cent)
(Per
cent)
2/
cent)

20.1
74.0
19.0
71.1
19.2
71.0
71.5 ; 18.7
18.6
71.4
72.3
18.5

6.09
6.16
6.18
6.24
6.35
6.40
6.49
6.50
6.52
6.55

19,.3

72.2

14.5

71.8

14.7
14.7
14.3
14.7
14.0
14.1
14.1
13.8
14.7

6.12
6.18
6.22
6.32
6.40
6.44
6.49

.89
.91
1.26

6.47

1.17

23.,8

73.3

6.54

.78

20.6

71.4

15..2

6.44
6.41
6.38

1.07
1.06

23.,6
23.,6

LOO

23.,7

6.49
18..0
73.8
6.44
74.1 - a s ..7
18- 7 . 6.36
73.4

.75
.77
.73

20.4
21.1
20.9

71.7
71.8
7-2.2

15..2
15..4
1.1.

6.07

.80

72.1

18.2
19.2
19.7
19.3

20.6
20.6
20.0

24.6
24.7
24.8
24.2
25.4
24.3
23.6
23.6
23.2
23.3

6.02

73.9
73.4
74.4

.54

.57
.57
.57
.67
.83
.83

5.99

1967
Jan.
Feb.
Mar. r/
Apr.

Part IV

.56
.47
.52
.61
.64
.71
.74
.70
.81

19.9
19.8
19.4
19.2
19.5
19.1

20.2

70.6
70.5
70.6
69.5
69.5
69.5
69.4
70.8

1/ C o m p i l e d ^ Federal Home Loan Bank Board in cooperation with Federal Deposit Insurance Corporation. Data are weighted averages based on probability sample survey of
characteristics of conventional first mortgages originated by major institutional
lender groups-, (including mortgage companies) for purchase of single family homes.
Data exclude loans for refinancing, reconditioning, or modernization; construction
;oan<= to home-builders; a n d - i n this, exhibit-permanent loans which are coupled with
construction loans to owner-builders. Data are still in a developmental stage and
may reflect seasonal influences which cannot yet be measured because the series go ^
" back only to end of 1962. Related series on conventional mortgage rates only, based
on unweighted opinions of regional-office directors of 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 and II.
2/ Fees and charges--expressed as a percentage of the principal mortgage amount-include loan commissions, 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

NEW

AND SEASONED CORPORATE BONDS

Weekly

Adjusted

lo

Aaa

Basis

NEW I S S U E S

I
SEASONED A a a
Moody's

i i i i i i i i i i i I i i i
1964




1965

1966

1967

i i ii
1968

i i i i I 4.0

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

Number
of
*

Number
of
issues

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

Monthly averages:
1967

Jan.
Feb.
Mar.
Apr.

Weekly averages:
High
Low

6
7
20
20

496.0
481.0
1073.0
916.0

5.38
5.20
5.31
5.39

May

5.73(5/26)
5.11(2/10)
on all ne

of the offerings included are denoted by an asterisk.




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

70.0

118.0
77.0
305.0

5.58

5.62
5.70
5.73-

2 P

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

New Capital
1967

Corporate
1966

1965

1,302
1,237
2,446

795
746
1,197

1,553
1,058
2,364

1,152
1,691
1,946

July
August
September

1,039
1,670
1,382

October
November
December

January
February
March
April
May
June

1st
2nd
3rd
4th

;

Quarter
Quarter
Quarter
Quarter

y

1,648
1,399 /
2,317 z
e/2,100
e/2,000
e/2,200

5,363/

1st half
Three quarters
Year

2/1967

State and local 2/
1966

1965

1,461
1,174
1,425

1,188
858
865

804
872
904

e/1,000
e/l,100
e/1,200

1,194
902
1,141

826
924
972

1,290
850
1,392

im
773
1,074

986
648
966

829
1,096
1,635

924
1,325
1,496

747
967
940

794
1,021
754

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

2,738
4,7&9
3,533
3,745

2,911
3,237
2,548
2,654

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

9,959
14,050
17,601

7,527
11,060
14,805

6,148
8,696
11,350

5,302
7,902
10,471

4,060

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

Quarter
Quarter
Quarter
Quarter

Year
ej
jV
JL/
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.
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




Z

I

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

Quarter
or
Month

Total

375

392
567
417

1,418
1,309
918

,811

390

60

2,442

997

543

1,382

628
481
832
440
1,140
676
499
569
980

743
556
784
535
435
657
256
435
555

210
69
811
110
137
67
137
111
127

86
33
49
69
22
62
66
27
24

692
376
1,137
397
518
643
331
228
673

364
274
322
263
313
81
254
320
409

76
40
276
52
318
198
97
168
152

421
368
629
327
522

745
900
1,618
1,355

848
362
601
600

91
156
143
200

35
10
15
n.a.

624
563
1,254
1,265

220
274
503
400

293
105
145
85

511
456
415
350

2,083

1,090

247

I
II

5,464

3,263

1966 - Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

1,582
1,1Q6
2,427
1,085
1,712
1,400
892
1,115
1,661

1967 - Jan.
Feb.
Mar.
Apr.e/
May
June

1,684
1,418
2,362
2,155

SOURCE:

Other
Public CommuniUtility cations Issuers
960
657
984

1,941
2,256
2,047

I

Mfg.

2,205
1,558
1,232

5,115
4,197
3,669

1967

2 /

168
154
117

II
III
IV

1966

Net proceeds

Gross proceeds for new capital
and refunding 1/
Common Memo:
Bono s
Foreign
Publicly Privately and
pfd. issues
Offered Placed
stock included

Securities and Exchange Commission.




.

-

460
147
369
401

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
130
114

12
40
40
66
69
76
72
7
50
74
68

1,251
783
750
n.a.

218
38
73
91
33
74 .
5
52
75
2

158

329

598

661

n. a.

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

639
2,732

M M


Reserve.


422

518

1,286

n.a.

—

239
150
375
375
179

1,305

New-short-term 4/
Federal Agency
308
-179
-24
-552
450
-454
718
n.a.
85
284
-590
-270
-652
-555
-283
219

403

—

775

6,806

State and local Government 5/
238
103
W 1 7 9
91
39
£/ 351
• -458
-319
£/-678
647
580
£/ 818
204
462
-82 ,
-334
119
-103
408
270
152
-161
59
-48
274
503
-366
-570
£/ 670

129
185
325

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

1,452

-205

-748

801

H.14
Exhibit K
Large Long-term Public Security Iseuea for New Capital
(Other than U. 8. Treasury) 1/
Proceeds of Large Issues Offered
(In millions of dollars)

Total
|1966- Apr.
J .
May
y
June
July
%
Aug.
&
Sept.
£
Oct.
'I
Nov.
1
Dee.
41967- Jan.
%
Feb.
Mar.
#
Apr.

|

&

|

-

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

Corporate
Bonis
Convertible
(other than
bonds
convertibles)

9
Stocks
106

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

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

State
and
local
governments

661
50
80
--

55
50
68
40
93
63
142

2/

60

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

--

Other

—

275
15
--

50
55
60
230
530
1,000
540

Large Individual Issues Offered May 1 through 26
Issuer

Type 2/

1
1
Corporate
|Tenneco Corporation
,Pa. Pwr. & Lt. Co.
gMichigan Wise. P.L. Co.

Amount
(millions
of

S*F. deb.
Com. stk.
1st mtg. p.l.
bds.
1
Potomac Elec. Pwr. Co.
1st mtg. bds.
Western Union Telegraph Ca Conv. pfd. stk.
iLTV Electrosysterns, Inc.
Coirv. sub,, deb.
[Central 111. Pub. Serv. Ca 1st mtg. bds.
Public Service Co.,
New Mexico
1st mtg. bds.
Flying Tiger Line, Inc.
Equip, tr. cert.
Cutler-Hammer, Inc.
S.F. deb.
Texas Electric Service Co. 1st mtg. bds.
Southern Calif. Edison Co. lst&ref.mtg.bds.
Continental Air Lines
Conv. sub. deb.
Kansas City Pwr.&Llght Co- 1st mtg. bds.
Connecticut Pwr.&Light Co. lst&ref.mtg.bds.
Interstate Power Co.
1st mtg. bds.
Eastern Associated Coal
Deb.




Maturity

Coupon
rate or
net interest cost

Offering
vield

Rating

50.0
18.6

1987

6-1/2

6.50

Ba

45.0
35.0
25.1
20.0
15.0

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

20.0
51.0
20.0
18.0
80.0
35.0
30.0
30.0
17.0
25.0

1997
1980
1992
1997
1992
1987
1997
1997
1997
1987

5-7/8
6.60
5-3/4
6-1/8
5-7/8
3-1/2
5-3/4
6
6-1/8
6-1/2

5.77
6.60
5.70
5.95
5.78
3.50
5.73
5.90
6.10
6.50

A
Baa
A
Aa
Aa
Ba
Aaa
Aaa
A
Baa

Large Individual Issues Offered May 1 through 26 (Cont'd)

Issuer

Type 31

Amount
(millions
of
dollars)

Maturity

Coupon
1
1
rate or
|Offer- |
net inter-jing
est cost
1vield
1

Rating

Corporate (Cont'd)
Burroughs Corporation
Michigan Console Gas Co.
Carborundum Corporation
Chesapeake & Potomac Tel.
Co. of Maryland
* Atlantic Richfield Company
Bristol-Myers Company

Deb.
1st mtg. bds.
Deb.
Deb.
S.F. deb.
S.F. deb.

30.0
35.0
30.0

1996
1987
1992

6
6-3/4
6

6.00
6.75
6.00

A
Baa
A

60.0
100.0
50.0

2004
1997
1992

5-7/8
5-5/8
5.70

5.80
5.63
5.70

Aaa
Aa
Aa

4/
3 .30-4.752 .50-3.65
2 .50-3.75
2 .80-4.25
3 .00-3.75
2,,75-4.00
2,,60-3.97 .
2,,90-3.90^/
2,,60-4.07
2,,50-3.70
2..60-4.00
3c,00-4.50
2.,70-4.00
3.,00-4.00
2.,55-3.90
2. 60-4.00
2. 60-4.00
3. 50-4.25

Aaa
Aa
A
A
A
Aa
Aa
A
Aaa
Aa
Baa
Aa
A
Aa
A
A

State and local Government
Illi State University
Hartford, Connecticut
Kansas City Sch. Dist., Mo.
Baltimore County, Md.
State of Rhode Island
New Orleans, Louisiana
State - of California
Pa. St. Hwy c & Bridge Auth.
Tenn. St. Sch. Bond Auth.
State of Connecticut
Georgia Education Auth.
State of Alaska
Georgia Bldg. Authority
State of Hawaii'
Cincinnati, Ohio
Philadelphia, Pennsylvania
Pittsburgh Sch. Dist., Pa.
State of Mississippi

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

15.2
14.6
10.0
14.0
15.8
17.8
100.0
60,0
43.8
62.5
22.0
16.5
13.7
20.0
12.3
17.2
20.0
10.5

1969-2007
1968-87
1968-87
1969-97
1969-82
1968-91
1.968-92
1968-88
1968-2007
1968-87
1968-93 •
1968-92
1968-92
1970-87
1968-97
1968-92
1968-92
1972-87

4.78
3.56
3.65
3.90
3.70
3.96
3.89
3.79
4.09
3.58
3.93
4.50
3.91
3.88
3.76
3.93
3.91
4.19

Consol. farm
loan bds.
Notes

341.0
50.0

1969
1967

4-3/4
n.a.

--

a

'
*

i.

n

i

Other
Federal Land Banks
Tennessee Valley Auth.

n.a.
n.a.

--

^--Rights offeringo
n.a. - -Not available.
V 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.
iv,
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
v
payments.
4/ Bonds due 2007 not publicly reoffered. 5/ Bonds due 1988 not publicly
-%
.reoffered.
Bonds due 1992 not publicly reoffered.
3




H. 14
Exhibit L
Forthcoming Large Long-term Public Security Offering for New Capital
(Other than U.S. Treasury) 1/
Expected Proceeds from forthcoming Large Ieeuee
(In millions of dollars)

During month following
date shown
State and
Other 2/
Corporate
local
1966 • Apr. 30
May 31
June 30
July 29
Aug. 31
Sept.30
Oct. 31
Nov. 30
Dec. 30
61967 - Jan. 31
Feb. 28
Mar. 31
Apr» 30

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

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

30
15
40

80
530
250
70

Corporate

Subsequent to
data ahown
State and
local govt.

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

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 26;
(millions

Approximate date of
offering

dollars)
I

Corporate

|c.IoT= Financial Corporation
!Arizona Public Service
fwickes Corporation
:Kerr-McGee Corporation
jUnited Utilities
J Mid-Continent Telephone
' Humble Pipe Line
?Northern States Power Company
! Texas Gas Transmission Corp.
[ Lone Star Gas Company
1
Southwestern Bell Telephone Co.
Pennsylvania Electric Company
Union Tank Car
Automatic Sprinkler
Consolidated Electronics
State Loan and Finance




Deb,
1st mtg. bdso
Deb,
Conv. debo
Comm. stko
Conv. deb.
Deb.
1st mtg. bdso
Deb.
S.F. debo
1st mtg. bds.
1st mtgo bds.
Equip, trust cert.
Conv. sub. debo
Convo deb.
Debo

75 o0
25.0
15o0
95.5
35.0
20.0
30.0
30.0
40.0
30.0
150.0
26o0
30.0
23.0
30.0
35.0

June
June
June
June
June
June
June
June
June
June
June
June
June
June
June
June

1
1
1
6

(rtso exp»)

6
6
6
7
7
8
8
9
12
12
12
12

expo)

L-2
Forthcoming Large Offerings as of May 26 (Cont'd)

Amount
(millions
of
dollars)

Issuer

Approximate date of offering

Corporate (Cont'd)
. Great -Western Financial
Conv. deb.
18.0
Mountain Fuel Supply
Deb.
20.0
Ohio Power Company
1st mtg. bds.
50.0
Ohio Power Company
Deb.
20.0
Puget Sound 5 Power & Light
1st mtgo bds.
20.0
*United Shoe 1 Machinery
S.F. deb*
25.0
20.0
Washington Gas Light,
1st mtgo bds.
23.0
Orange & Rockland Utilities
1st mtgo bdSo
Public Service.Elec. & Gas
1st mtg. bdSo
75.0
Boston Edison
1st mtgo bdSo
40.0
*Pub. Serv. Co. of New Hampshire 1st mtg. bds.
15.0
1st mtgo bds.
125.6
*Illinois Bell Telephone
1st mtg. bds.
Sierra Pacific Power
15.0
Conv. deb.
25.0
Broadway-Hale Stores
Conv. sub. deb.
30.0
LTV Okanite
Comm. stk.
Continental Oil
180.0
Deb.
50.0
' Montgomery Ward Credit Corp.
250.0
Deb.
American Telo & Tel."
SoF. deb.
100.0
Textron, Incorporated
20.0
Conv. deb.
*Airlift International
25.0
Deb.
*Pet, Incorporated .
1st mtg. bdso
75.0
Philadelphia Elec. Company
Conv. sub. deb.
41.0
S.S. Kre'sge
25.0
Conv. sub. deb.
Scientific Data Systems
1st 5c ref. mtg. bds.. 15.0
South Carolina Elec. & Gas

.

June 12
June 13
June 13
June 13 *
June 13
June 14
June 15
June 16
June 21
June 22
June 22
June 28
June 29
June
June
June (rts. exp.)
June
August 1
Indefinite
Indefinite
Indefinite
Indefinite
Indefinite (rts.
Indefinite
June 14

State and local Government
Ala. Corrections Institution
Fin. Autho, Montgomery
Harris County, Texas
Metro. Water Dist., of So.
Calif 0
Wyoming University
*City of New York, New York
*New York State Dorm. Auth.
South Louisiana Port Comm c
Housing Assistance Admin.
PaQ General State Auth.,
Harrisburg
State of Maryland




Rev.-S.T.
Rev.-S.T.

10.0
10.0

Rev.-Uto
Rev.-Rent.
G.Oo
Re.Vo-Rent =
ReVo-Qo-Uto
Bonds

100.0
24.8
28.9
14.9
11.0
116.7

Rev.-Rent,
G.Oo

75.0
34.7

May 31
June 5
June
June
June
June
June
June

6
6
6
6
7
7

June 20
June 20

•2 7

L-3
Forthcoming Large Offerings as of May 26 (Cont'd)

Issuer

Type

Amount
(millions
of
dollarsV

Approximate date of offering

State and local Govt. (Cont'd)
•Dallas IoS.D., Texas
*Los Angeles City U.S.D., Calif.
*San Francisco BARTS, Calif.
*Los Angeles Dept. of Water &
Power, California
Metro; St. Louis Sewer Dist., Mo.

20.0

G.O.
G.O,
G.O.

30.0
70.0

Rev. -Ut.
G.O.

20.0

12.0

May 31
Indefinite

Bonds

50.0

June

Bonds
Bonds

50.0
15.0

June
Indefinite

June 27
June 28
June 28

Other
Quebec Hydro-Electric Comm.
British Columbia Hydro & Power
Commission
Nippon Telo & Tel« Pub. Corp*

1

*—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; New York City, New York's
$96.0 million issue and New York State Housing Finance Agency's $68.0 million
issue -- postponed.




<r6
Exhibit M
Foreign Government and Corporate Security Offerings
and Placements in the United States

Part I:

Amount
(millions
of
dollars)

Sale Date.

Issuer and Description of Issue

A.

/

Public Offerings

Sold March 1 through May 26

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

3/14

250.0

" 3/21

75.0

Province of O n t a r i o — 5-5/8% debentures maturing 1997,
reoffered to yield 5.625%.

4/20

25.0

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

,

%

B.

Prospective Offerings

June 1

50.0

Quebec Hydro-Electric Commission -- Bonds

June

50.0

British Columbia Hydro & Power Commission —

Indefinite

15.0

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
Bonds

M-2
PART II:

Date Reported

'

H. 14

Private Placements - Reported March 1 through May 26

Amount
(millions
of
dollars)

Issuer and Description of Issue

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
— n o information
• available on takedown.

4/17

6.0

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

5/8

25.0

British Columbia School Districts Capital Financing
Authority —
% (U.S.) guaranteed debentures
maturing 1987 — no information available on takedown.

5/8

5.1

.

Sorenco Ltd. —
% secured notes maturing 1987 —
information available on takedown.

no

Note: For retrospective data on aggregate foreign corporate and government security
offerings in the United States see Exhibits I and J. There is no simple relationship
between the data shown in the Exhibit and that shown in Exhibits I and J because the latter
includes privately placed securities in the period in which funds are actually taken down
but only in the amount of takedown while the placements shown in this 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.