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

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AFTER SIX MpSTHS

Not for FiblicatjteBARY
H. 14
JUL 1 4 iy67
FEDERAL RESERVE BANK

July 10, 1967

\CAPITAL HARKE^] DEVELOPMENTS
IN THE UNITED STATES

OF RICHMOND

Corporate and municipal bond markets. The volume of publicly
offered new corporate and municipal securities expected this week will definitely exceed the average weekly volume over the past year. Corporate
offerings will, in fact, be well over twice the average owing to Texaco1s $200
million debenture offering, M C ' s $100 million convertible debenture offering and
the expiration of United Airlines $130 million rights offering of convertible
debentures. The municipal volume is boosted well over the average by New York
City's $102 million issue.
Long-term Public Security Offerings—^
(In millions of dollars)
Corporate
New Capital | Refunding

State & local Government
New Capital I Refunding

Sold:
52 week avg.
June
July

30
7

261

232

6

r/614
300

400
79

—

602

388

—

•

Scheduled:
July
1/

14

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 corporate bonds declined last week, and, even so, the major
offering sold out rapidly and advanced to a slight premium. Issues offered two
to three weeks ago, furthermore, were selling at substantial premiums last week.
In the municipal market, however, yields were unchanged and the small
volume of new issues stirred only a fair amount of investor interest. Late
Friday, Ohio postponed its $50 million offering, previously scheduled for
this week, because of "market conditions". The Blue List declined but only
because price restrictions were terminated on several older issues. In free
market trading yields on these issues advanced substantially.




H. 14

Yields in Security Markets
Level Latest Week

-2-

Change from
preceding week

High-Grade
Notes and Bonds
Corporate
New
Seasoned

5.86
5.59

- 6
+ 3

4.88
5.22

7
"+ 3

• U.S. Government
Long-term
3-5 year
State -and local Govt.
Moody's Aaa
^
Std. & Poor's High grade

3.85
4.09

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

Amount
(Millions of $)

7/6

20.0

6/20

'100.0

6/1

15.0

3.94

+ 1

4.20
4.62

+46
+45

Corporate Bonds Still in Syndicate
Reoffering
Issuer
Yield

Rating

Estimated proportion sold

Northern Illinois Gas*
6's - 1992

5.90

Aa

75%

Corn Products,
5-3.4's - 1992

5.79

Aa

98%

Wickes Corporation,
6's - 1992

6.08

85%

Blue List of Municipal Dealers' Advertised Inventories
Latest Week
626

-




End of Previous Week
638

Recent High
"

'

849 (4/26/67)

H. 14

Savings flows.

Heavy inflows of savings were recorded at all

the three largest types of depositary insitutions in Hay.

In all cases

these inflows were considerably greater than those experienced a year
ago.

Savings and loan associations received $1,111 million, over $700

million more than they received a year ago.

On a proportional basis and

before seasonal adjustments mutual savings banks, with inflows to falling
$425 million, received even more compared with last year.

Although

commercial banks experienced the smallest proportional increase in inflows,
their receipt of $2,825 in savings funds represented an increase of nearly
70 per cent over last year's inflows.
Stock prices.

Common stock prices advanced last week in

moderately heavy trading.

The Standard & Poor's index of 500 stocks gained

0.78 points over the week, closing Friday at 91.69.
9.2 million shares a day.

Capital Markets Section,
Division of Research and Statistics,
Board of Governors of the Federal Reserve System.




Trading volume averaged

-4SAVINGS FLOWS

Commercial Banks 4/
Mutual Savings Banks 3/
Change Per cent
Per cent Current
Change
Change |Per cent .Current
change
from
change (millions)
from
change (millions)
from
previous
previous
previous
year
year
year

Savings & Loan Assoc. 2/

Current
Total (millions)
1/

Year
or
Month

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.

Jan.
Feb.
Mar.
Apr. r/
May J5 /

3,603
3,442
5,410
1,829
4,361

184.
763
457
497

• Jan.
Feb.
Mar.
Apr. r/
May £/

5,218
3,014
3,723

1961

1962
1963
1964
1965
1966
1967

1967

f

1

1,111

15.7
7.0
18.4
-4.5
-20.7
-56.8

1,184
608
1,721
-493
-2,195
-4,759 .
261
235
619
1,270
724

44.5
73.9
--

187.1

1 550

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

217
981
-654
-1,025

433
319
727
189
425

206
116
371
530
320

v

1 2 6

3,166
3,518

59.1
37.5
152.0
580.2
407.7

278
239
599
1,317
689

485
428
503
580
540

259
121
357
\

5 5 3

320

90.7
57.1
104.2

r/2,996
r/2,370
7/3,286
r/1,143
2,825

1,832,
1,549
713
-427
1,149

157.4
188.7
27.7
-27.2
68.6

3,985
1,710
2,227
1,042
2,124

1,920
1,484
552
-374
1,064

93.0
656.6
33.0
-26.4
100.4

278.3
114.6
39.4
244.5
145.5

1/ Commercial bank data are of the last Wednesday of month except June 30 and December 31; other

i

E

E

E


Source: Federal Reserve.


f

~

64.8
64.8
-4.8
-4.5
41.3
xj -46.4

9,415
15,512
14,773
14,142
19,987
r/13,651

Seasonally Adjusted
748
876
993
1,544
854

3,703
6,097
-739
-631
5,845
-6,336

40.4
58.9
7.1
30.1
-15.4
-28.6

•

EXHIBIT

A, Port

1

LONG-TERM BOND YIELDS, HIGH-GRADE
Weekly


1963


CORPORATE Aaa
Moody's

U.S. GOVERNMENT
Long-term

j\/

STATE AND LOCAL GOVERNMENT Aaa
Moody's

1964

1965

1966

1967

1968

Exhibit A -- Farl il

Date

1959-60 - High
1966 - High
- Low
1967 " High
- Low
June

9
16
23
30
July , 7£/

4.61(1/29/60)
5.52(9/9)
4.73(1/7)
5.59(7/7)
5.00(2/10)

4.42(1/8/60)
4.87(9/2)
4.42(1/7)
4.95(6/30)
4.37(2/3)

5.38
5.39
5.45
5.56
5.59

4.76
4.86
4.93
4.95

4.88

£/

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




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

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

Corporate
Aaa 1/

3.65(9/24/59)
4.04(8/25)
3.39(1/13)
3.85(7/6)
3.25(2/9)

.59(8/5/60)
.84(12/30)
.14(2/18)
.92
.44

.61

3.76
3.78
3.83
3.85
3.85

.53
.52

.61
.71

0 92(4/22/60)
1.19(2/11)
.77(9/2)
1.16
.74

1.00
1.08
1.10

1.10
1.03

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

s . r

K

s a r u r : r , r

™

EXHIBIT

B, Pari

1

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

CORPORATE Baa
Moody's

STATE AND LOCAL GOVERNMENT
•Moody's


1963


——-

:

1964

1965

1966

1967

1968

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
June

July
Note:




9
16
23
30
7j)/

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)
6.27(7/7)
5.81(4/14)

4.46(1/7/60)
3.79
4.55(8/25)
3.78(1/20)
4.45(7/7)
3.85(4/13)

.84
.31
.81
.31
.82
.68

6.11
6.13
6.18
6.21
6.27

4.27
4.27
4.30
4.45
4.45

. 73
.74
.73
.65
.68

For footnotes see Exhibit A=

1.08
.39
.62
.31
.65
.37
.51
.49
.47
.60
.60

EXHIBIT

C, Part 1

SHORT- A N D INTERMEDIATE-TERM INTEREST RATES
GOVERNMENT
Weekly

•a

6 - M O N T H BILLS
Market

3 - 5 YEAR ISSUES




Yields

F.R. DISCOUNT RATE
New

York

3 - M O N T H BILLS
Market

1964

Yields

1965

1967

1968

Exhibit C -- Part II

I Discount
|
rate
1

Date

M

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

July

9
16
23
30
7£/

3-month
bills 2J

Yields
6-month
bills ZJ
(per cent)

3-5 year
issues 2/

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

4.00
4.50
4.50
4.50
4.50
4.30
4.00

4.59(1/8/60)
4.47
4,80
5.52(9/23)
4.39(6/24)
4.81(1/13)
3.41(6/9)

5c07(l/8/60)
4.66
4.92
5.92(9/23)
4.53(6/24)
4.88(1/6)
3.74(6/2)

5.00(12/24/59)
4.90
4.86
5.83(9/2)
4.80(4/8)
5.22(7/7)
4.36(4/7)

.79
.19
. 12
o 52
c 09
. 43
.01

1.81
.43
.06
.78
.01
1.61
.02

4.00
4.00
4.00
4.00
4.00

3.41
3.57
3.47
3.74
4.20

3.77
3.85
3.82
4.17
4.62

4.74
4.96
5.08
5.19
5.22

.36
.28
.35
.43
.42

1.33
1.39
1.61
1.45
1.02

'

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. F o r i

1

SHORT- A N D INTERMEDIATE-TERM INTEREST RATES,
B A N K S A N D OTHER PRIVATE BORROWERS
Weekly

PRIME RATE
FINANCE COMPANY PAPER
„ Directly p l a c e d
3 6 Months

—
_A


1963


.—.

f

F.R. DISCOUNT RATE
New

York

FEDERAL FUNDS

1964

1965

1966

1967

1968

Exhibit D -- Part II

Prime rate 1/

Date

Finance
company
paper 2/

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

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

July

9
16
23
30
7£/

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

5.13(1/22/60)
4.06
4.75
5.88
4.75(1/7)
5.75(1/6)
4.38(6/23)

5.50
5.50
5.50
5.50
5.50

4.38
4.38
4.38
4.50
4.50

4.00(5/13/60)
4.00
4.63
5.63
3.55(1/21)
5.25(1/6)
3.75(5/12)
3.90
4.03
4.00
3.93
3.94

1.02
.23
.28
1.08
.20
.97
.30
.97
.81
.91
.76
.30

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.
2J 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 tefers to widest, and low to narrowest.




EXHIBIT

E. Pari

STOCK MARKET
Billions

of

1

1941-43

dollars

a v e r a g e = 10

PRICES

STOCK MARKET CREDIT
* CHANGE IN SERIES
Millions

of

shares

14
-

10

| VOLUME

-

Ajy

-

6

2
v

"


1 1 M . 1 1 1 1 1 1 1 • I I 1 M I- 1 M M http://fraser.stlouisfed.org/
1964
1963
Federal Reserve Bank of St. Louis

YIELDS

i

i ; •:
•'
1 l"i 1 ! 1 1 1 1 i 1 1 1 1 1 1 1 1 1 M 1 1 I I I 1 1 1 1 ,1 1 1 1 1 M 1 1 1.1 1 1 I I
1968
1967
1966
196f

Exhibit E —

Stock price
index 1/

Date

1961-62 - High
Low
1966 - High
Low
1967 - High
Low
Hay
June
June
July

23
30
7£/

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)
92.59
91.43
92.00
90.64
91.32

Part II

Stock market customer credit
Trading
Common
Bank
Customers'
volume 3/
stock
debit bal- loans to
Total
yields 2/ (millions
"othcrs"5/
ances 4/
of shares)
(per cent)
(In millions of dollars)
2.82
3.96
3.CI
3.97
3.10
3.58

10.1
2.4
10.7
5.0
11.3
6.9

3.16
3.20
3.18
3.22
3.19

9.9
9.7
9.5
9.0
9.2

5,602(12/61)
4,424(1/61)
7,997
7,302
8,085
7,345
8,085
n.a.
n.a.
n.a.
n. a.

4,259(12/61)
3,253(1/61)
5,835
5,169
5,926
5,290,
5,926
n.a.
n.a.
n.a.
n. a.

1,418(5/9/62)
1,161(3/8/61)
2.241(7/6)
2,097(12/14)
2,204(6/7)
2,055(2/1)
2,159
2*, 195
2,167
n.a.

n.a. Not Available. £/ Preliminary.
1/ Standard and Poor's composite index of 500 common stocks, weekly closing prices, 19^1-43-10.
~ 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 daces on which price index reached its high
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.




IB

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 MARKET O P E R A T I O N S

a

Monthlv

Millions of dollars

400

300

OFFERINGS

SALES

/ PURCHASES

1960

1961




1962

1963

1964

1965

1966

Exhibit F

Part I I

Estimated offerings to FNMA
Standby
Immediate
purchase
commitment

Date

Total

Purchases
by
FNMA

Sales
by
FNMA

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

192.2
144.2
122.6
150.7
140.4
167.5
163.6
. 121.5
67.9
24.4
« 26.9
17.8
78.7

191.1
141.7
121.0
148.7
138.5
164.2
161.0
120.1
67.3
24.2
26.7
17.7
78.5

1.1
2.6
1.6
2.0
1.9
3.3
2.6
1.4
.6
.2
.2
.1
.2

167.3
131.6
213.2
112.5
95.5
107.2
132.0
130.5
125.0
84.2
50.9
20.6
17.8

mm mm •» w
MM
tmm
• ~
mm *
tmtm

.2
.9
.8
1.5

* — 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 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.




- -

„v*» -

EXHIBIT

,

< i.v""'*

'

""

G , Part 1

YIELDS O N NEW A N D SEASONED CORPORATE BONDS
Weekly

A d j u s t e d to

Aaa

Basis

NEW ISSUES

I

SEASONED Aaa

1MV

^JlilW

1 9 6 4


1965

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
yield
of
included (mill.
(per cent)
issues
of dollars)

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

Monthly averages:
1967 - Jan.
Feb*.
Mar.
Apr.
May
June

Weekly averages:
High
Low

6
7
20
20
15
23

496.0
481.0
1073.0
916.0
570.0
993.0

5.38
5.20
5.31
5.39
5.66
5.79

5.92(6/30)

of the offerings included are denoted by an asterisk.




5
12
19
26
2
June
9
16
23
30
7
July

May

3
3
3
6
3
6
7
5
2
1

70.0
118.0
77.0
305.0
51.0
294.0
168.0
255.0
225.0
. 75.0

5.58
5.61
5.70
5.71

f/I:,"//
5.74
5,. 79

•->

10
Exhibit H
Long-term Corporate and State and Local Government
Security Offerings and Placements
(In millions of dollars)
New Capital
Corporate
1966
1967 sJ

•

July
August
September

795
746
1,197

1,461
1,176
1,426

1,184
858
868

804
872
904

£/1,952
e/1,500>
e/2,400

1,553
1,058
2,364

1,152
1,691
1,946

1,082
1,147
e/1,250

1,211
901
1,141

826
924
972

e/2,000

1,039
1,670
1,382

1,290
850
1,392

2/1,000

701
773
1,020

986
648
966

829
1,096
1,635

924
1,325
1,496

7 55
969
940

794
1,021
754

5,363
e/5,952

4,985
4,974
4,091

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

r/4,062
1/3,479

2,910
3,235
2,494
2,664

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

e/11,216 '

9,959
17,601

7,527
11,060
14,805

a/7,541

6,14.5
8,640
11,303

5,302
7,902
10,471

October
^November
December
1st
2nd
3rd
4th

Quarter
Quarter
Quarter
Quarter

1st half
Three quarters
Year

1965

1,302
1,237
2,446

1,648
1,399
2,317

January
February
March
April
May
June

State and local 2/
1967 p/
1966 r /

1965

Excluding finance companies _3/1st
2nd
3rd
4th

Quarter
Quarter
Quarter
Quarter

4,924
4,884
3,969

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

13,366
17,269
_L
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

Year
a/
£/
1/
2/
3/

5,207




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

Gross proceeds for new capital

Quarter
or
Month

Total

1966 - II
III
IV

5,115
4,197
3,669

1,941
2,256
2,047

2,083
1,627
1,247

1,090
314
375

168
154
117

2,205
1,558
1,232

960
657
984

. 392
567
417

1,418
1,309
918

1967 - I

5,464

3,263

1,811

390

60

2,442

997

543

1,382

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

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

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
460
147
369
401

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

1,684
745
900
1,418
2,362 1,618
1,994 1,368
1,655
955
2,475 1,650

848
362
601
393
600
550

91
156
143
233
100
275

35
10
15
11
n.a.
n.a.

624
563
1,254
1, 123
575
875

220
274
503
395
400
425

293
105
145
107
60
300

511
456
415
327
465
800

Bonu s
Common Memo:
Publicly Privately and
Foreign
Offered Placed
pfd. issues
stock included

£/
If
2/

2/
Mfg.

Public CommuniOther
Utility cations Issuers

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.
SOURCE: Securities and Exchange Commission.




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

130
--

114
27

271

Year

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

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

218
38
73

1,251
783
750
650

91
33
74
5
52
75
2

158

329

598

661

3,434

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

422

1,286

—

239
150
375
375
179

1,305

639
2 ,732

-748

-

775

6,806

New short-term 4/
Federal Agency
State and local Government 5/
308
238
103
-179
179
-24
91
39
-552
£./ 378
s
450
-458
-319
-454
p/r678
. -559
647
718 580
£ / 818
85
204
462
£/ 404
284
-82
-334
-590
119
-103
-270
408
270
-652
152
-161
59
-555
-48
-283
274
503
219
-366
-570
1,452
-1,744
518
403
£/ 697

Year

129
185
325

.

3/
-137
-174
117
-11
509
237
132
206
105
-309
202
-76
-205
dOl

£/ 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
y] 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 & Fe^ral
Reserve.




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

Total

• 401
1,317
402
1,189
627
523
510
1,177
681
842
1,638
1,311
870

Corporate
Bonis
Convertible
(other than
bonds
convertibles)
351
636
170
862
287
352
363
990
611
709
1,435
956
" 771

Stocks

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

State
and
local
governments
466
582
338
410
611
387
464
779
947
675
669
512
496

661
50
80
55
50
68
40
93
63
142
44

Other

2/

275
15
50
55
60
230
530
1,000
540
391

Large Individual Issues Offered June 1 through 30
Issuer

Type j>/

|

(millions
of
dollars)

S9TP9f«te
30.0
Conv. sub. deb.
I Okonite Company
15.0
Deb.
y Wickes Corporation
95.2
i*Kerr-McGee Corporation . Conv. sbu. deb.
36.0
Com. stk.
il United Utilities, Inc.
30*0
1st mtg. bds.
/ Northern States Pwr. Co.
150.0
Southwestern Bell Tel. Co. Deb.
40.0
S.F. deb.
Texas Gas Trans. Corp.
30.0
S.F. deb.
Lone Star Gas Co.
25.0
Conv.
sub.
' Broadway-Hale Stores, Inc.
50.0
S.F. deb.
- Textron, Inc.
26.0
1st mtg. bds.
V Pennsylvania Elec. Co.
• ^Consolidated Electronics
20.4
Conv. sub. deb.
Industries Corp.
25.0
state Loan & Finance Corp. S.F. deb.
Equip, tr. cert. 36.0
/Trailer Train Co.
20.0
S.F. deb.
•= Mountain Fuel Supply
75.0
S.F. deb.
Borden Co.
20.0
1st
mtg.
bds.
Puget Sound Pwr. & Lt. Co.
Mid-Continent Tel. Corp.
]onv. sub. deb.
20.0




Maturity

rate or
net interest cost

Rating

Offering
vield

1992
1992
1992

4-3/4
6
3-3/4

4.75
6.08
3.75

1995
2003
1987
1992
1992
1992
1997

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

6.00
5.82
6.50
6.05
4.50
5.95
6.05

1992
1987
1982
1992
1997
1997
1987

4
6.80
6-1/2
6-1/4
5-3/4
6-5/8

4.00
6.84
6.50
6.19
5.75
6.50

Ba

4-3/8

4.38

Ba

--

A
Ea
Aa
Aaa
Baa
A
Baa
/

A

Aa

A
A
Aa
Baa

K-2
Large Individual Issues Offered June 1 through July 7 (Cont'd)

.

Issuer

Type 3/

Corporate - (Cont'd)

Coupon
Amount
(millions Maturity rate or
Offerof.
net intering
dollars)
est cost
yield

South Carolina Elec. & Gas Co. 1st & ref.
mtg.- bds.
15.0
United Shoe Machinery Corp.
S.F. deb.
25.0
Washington Gas Light Company
1st mtg. bds.
20.0
Scientific Data Systems
Oomt sub. deb.
25.0
Pet Incorporated
S.F. deb.
25.0
Great Western Financial
Com/, sub. deb.
18.0
Boston Edison Co.
1st mtg. bds.
40.0
Corn Products Co.
S.F. deb.
100.0
Public Service Elec, & Gas Co. 1st & ref.
mtg. bds.
75.0
Cbnv.sub. debt
20.0
. Airlift International, Inc.
Public Service Co. of N. H.
1st mtg. bds.
15.0
^Continental- Oil Co.
Com. stk.
148.8
Illinois Bell Tel.
1st mtg. bds. 125.0
American Tobacco
S.F. deb.
100.0
Teledyne
Conv. sub. deb.
60.0
Automatic Sprinkler
Conv. deb.
25.0
20.0
Ccnv. sub. ddx
Commonwealth Oil Refining
Sierra Pacific Power
1st mtg. bds.
15.0
*S.S. Kresge
Conv. deb.
40.2
Grolier
Conv. deb.
30.0
Union Tank Car
Equip, tnctf.
20.0
Leasco Data Processing Equipment
..
25.0
Deb. (w/wts.)
^American Airlines
Conv. siix deb.
167.4
Northern Illinois Gas
1st mtg. bds.
20 .0
American Can
Deb.
75 .0
State and local Government
Harris Coun ty, Texas
Rev.-S.T.
Metro Wtr. Dist. of So. Calif. Rev.-Ut.
New York City, New York
G.O.
University of Wyoming
Rev.-Rent.
New York State Dorm. Auth.
Rev. -Rent.
Housing Assistance.Admin.
Bonds
So. Louisiana Port. Comm.
Rev.-Q.-Ut.
Houston, Texas
G.O.
Colleges of State of Texas
Rev.-Rent.
Brookhaven & Smithtown, C.S.D.
Rev.-Rent.
#1, New York
Rev.-Rent.
Warren Co., Kentucky
G.O.
Allegheny Co., Pa.
Pa. General State-Auth.
Rev.-Rent.
G.O.
State of Maryland
N.Y. State Housing Fin. Agency Rev.-Rent.
State of Oklahoma
G.O.




10.0
100.0
28 .9
24 .8
' 14,
.9
116,.7
. 11.
.0
21,.0
24.,0

1997
1992
1992
1992
1992
1987
1997
1992

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

5.98
5.77
6.20
3.50
5.95
4.75
6.00
5.79

1997
1987
1997

6-1/4
5-3/4
6-1/4 .

6.10

1998
1992
1992
1992
1992
1997
1992
1987
.1987

6

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

4-1/8
4-1/4
6

6^15
6.00
5.95
3.50
4.38
4.25
6.50
4.13
4.25
6.05

1987
1992
1992
1997

6
6

1968-97
1978-2017
1968-2017
1971-2000
1969-99
1968-2008
1970-92
1968-87
1968-87

3 .94
4 .09
4 .74
4,.10
4,.80
3,.75
4.,35
3.,81
3.,74

3.'40-4.35
2.60-3.90
2.75-3.75

4. 22
n.
4.04
4. 10
3.66
4.36
3.86

3.15-4.25
3.90-4.50
2.90-4.10
3.20-4.70
3.10-3.70
3.00-4.38
3.15-3.88

1968-96
11.8
30.0
1970-92
16.0
1968-97
75.0
1970-94
34. 7
1970-82
68.4
1968-98
10.8 - 1971-92

5-3/4

Rating

5.75
4.50
5.90
6.00

2.75-4.05—
3.60-4.05
3.40-4.69
3.50-4.40.,
3.50-4.7^

A
Aa
A

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

Ba
Aa
A
A
Aa

Aaa
Baa
A
Aaa
Baa
A

Aa

^
Large Individual Issues Offered June 1 through July 7 (Cont'd)

Issuer
State & local Govt. (Cont'd)
Georgia Ed. Auth.
Los. Angeles Unit Sch. Dist.
Dallas Indep. Sch. Dist.
Chicago City Sch. Dist.
San Francisco BART
County of Douglas, Nebraska
; Wisconsin State Agencies
j Building Corp.
j Livonia, Michigan
I Wyoming Valley Sani. Auth.

Type 3/

Amount
(millions
of
dollars)

Maturity

Coupon
rate or
Offernet intering
est cost
yield

Rating

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

32.1
30.0
20.0
75.0
70.0
12.5

1968-89
1968-92
1968-87
1969-87
1972-99
1970-87

4.06
3.95
3.85
4.16
4. 14
n. a.

3.00-4.,10
3.00-4.00
3.00-3. 90
3.40-4.20
3.60-4.50
4.25-5.00

Rev. -Rent.
Rev.-Rent.
Rev. -Rent.

2.14
33.0
17.0

1967-2004
1972-97
1970-87

3.00
6.19
n.a.

5.00-6.00
4.55-5. 13

50.0

1993

6-1/4

6.25

A •

50.0 1992
350.0 1969
300.0 .1972
40.0 1992
35.0 1992

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

5.25
5.25
5.50
6.50
6.45

A

Other
1
| Quebec Hydro-Electric Comm.
Deb.
| British Columbia Power & Hydro
* -Authority
Bonds
Fed. National Mortgage Assoc. Part . Cert.
Part,. Cert.
;City of Montreal, Canada
S.F. deb.
: Province of Nova Scotia
S.F. deb.

Aaa
Aa
Aa
A
Aa
--

Aa
n.a.

A
A

|*—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.
If
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.




!

1$
H. 14
Exhibit L

^

" " - K E

S U t r S M - B ™ ' " " "

Expected Proceeds from Forthcoming U r g e Issues
(In million# of dollar*)

During month following
A M shown
State and
Other 2/
Corporate
local govt.
30
15

584
337
403
515
300
140
496
939
780
508
227
326
596

1966 - May 31 1,261
317
June 30
677
July 29
662
Aug. 31
687
• x Sept.30
397
. O c t . 31
Nov. 30 1,098
656
Dec. 30
=
486
1967 - Jan. 31
Feb. 28 1,410
767
Mar. 31
963
Apr. 30
449
May 31

40

80
530
250
70
100

Corporate

corporate
United Airlines
Natural Gas Pipeline
Cincinnati Gas & Electric
Crowe11 Collier & MacMillan
FMC Corporation
Iowa-Illinois Gas
Consolidated Natural Gas
-Hart Schaffner & Marx
Combustion Engineering
Public Service of Colorado
Consumers Power
Charter New-York Corp.
Gulf States Utilities
Brooklyn Union Gas
Anheuser-Busch
Owens-Corning.
Consolidated Edison
Consolidated Edison




Type

Conv. sub. deb.
1st mtg. p.1. bds.
1st mtg. bds.
Conv. sub. deb.
Conv. deb.
1st mtg. bds.
Deb.
Conv. sub. deb.
Deb.
1st mtg. bds.
1st mtg. bds.
Deb.
Pfd. stk.
1st mtg. bds.
Deb.
Com. stk.
1st m t g / bds.
Pfd. stk.

584
353
403
685
390
175
571
1,154
851
528
247
346
. 616

1,261
619
697
853
767
457
1,133
811
. 706
1,534
905
1,262
2,065

Forthcoming Large Offerings as of

Iaeuer

Subsequent to
d.ta ahown
State and
local govt.

July

Amount
(millions
of
dollara)

130.0
50.0
30.0
25.0
100.0
22.0
30.0
19.0
50.0
35.0
80.0
200.0
20.0
25.0
50.0
27.0
80.0
40.0

Other 2/
85
50
35
90
85
35
65
95
545
265
15
.85
115

7

Approximate date of
offering

July 10 (rts
July 11
July 11
July 11
July 11
July 12
July 13
July 14 (rt!
July 18
July 18
July 19
Indefinite
July 20
July . 20
July 24
July 25
July 25
July 25

Forthcoming Large Offerings as of July 7 (Cont'd)

Issuer

Type

Amount
(millions
of
dollars)

Approximate date of offering

Corporate (Cont'd)
Florida Power
R.C.A.
American Tel. & Tel.
Murphy Oil
*National Fuel Gas
^Baltimore Gas & Electric
*Pennsylvania Power & Light
Philadelphia Elec. Company
Foremost - McKesson
Armco Steel
Texaco
| Occidental Petroleum
1 C.I.T. Financial Corporation
pNorthrop Corp.
l*Columbia Pictures
XToy Manufacturing
"Pettibond Mulliken
"Florida Gas Transmission
vfilson
-Crane
State and local Government
1 Wickliffe, Kentucky
t New York State
1 Florida State Board of Education,
Tallahassee
Metro. St. Louis Sewer Dist., Mo.
State of Ohio
Maryland National Capital Park
Planning Commission
*New York City
Kentucky State Property & Bldg.
Commission
*State of Minnesota
State of Texas
*Minneapolis-St. Paul Airport Comm.
State of Oregon
State of California
Los Angeles Dept. of Water and
Power, California
State of Ohio
^Alabama Highway Auth.
*San Francisco, California
Washington Sub. Sani. Dist.,
Hyattsville, Maryland




1st mtg. bds.
25.0
Conv. sbu. deb. 156.0
250.0
Deb.
Cum. pfd. stk.
17.2
30.5
Deb.
1st mtg. bds.
30.5
1st ntg. bds.
30.0
1st mtg. bds.
75.0
Com. stk.
24.0
60.0
S.F. deb.
Deb.
200.0
100.0
Conv. deb.
75.0
Deb.
30.0
Conv. deb.
20.0
Conv. deb.
20.0
Deb.
Conv. deb.
15.0
1st mtg. p.l.bds. 30.0
20.0
Com. stk.
40.0
S.F. deb.

July 27
Aug.
l(rts. exp.)
Aug.
1
Aug.
7(rts. exp.)
Aug.
8
Aug.
9
Aug. 10
Indefinite
Indefinite
Indefinite
Indefinite
Indefinite
Indefinite
Indefinite
Indefinite
Indefinite
Indefinite
Indefinite
Indefinite
Indefinite

Rev.-Rent.
Rev.-Rent.

80.0
48.0

July
July

10
11

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

12.4
14.0
50.0

July
July
July

11
12
12

Rev. -Rent.
G.O.

17.0
102.0

July
July

12
13

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

10.7
20.0
10.0
23.0
30.0
100.0

July
July
July
July
July
July

13
15
17
17
18
18

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

12.0
75.0
25.0
45.0

July
July
July
Aug.

19
20
25
1

G.O.

15.0

Aug.

8

'

l i

•

•

L-3
Forthcoming Large Offerings as of July 7 (Cont'd)

Issuer

Type

Amount
(millions
of
dollars)

Approximate date of offering

State atid local Govt..(Cont'd)
Madison,^ Wisconsin

G.O.

13.4

Indefinite

Deb.
Equip, tccert.
Deb.
Bonds
Deb. '
Bonds

12.0
25.0
40.0
15.0
30.0
15.0

July 13
July 19
July 24
Indefinite
Indefinite
Indefinite

Other
*City of Oslo, Norway
Canadian Pacific Railroad
MacMillan Bloedel
Nippon Tel. & Tel. Pub. Corp.
Lakehead Pipeline
*New Zealand

*—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.




Z f

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

Sale

Date

Public Offerings

Amount
(millions
of
dollars)

Issuer and Description of Issue

A.

j.

Sold April 1 through July 7

4/20

25.0

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

6/1

50.0

Quebec Hydro - Electric Commission — 6-1/4% debentures
maturing 1993, reoffered to yield 6.29%.

6/14

50.0

British Columbia Power & Hydro Authority — 6-1/4%
bonds maturing 1992, reoffered to yield 6.25%.

6/22

40.0

City of Montreal, Canada -- 6-3/8% S.F. debentures
maturing 1992, reoffered to yield 6.50%.

6/27

35.0

Province of Nova Scotia, Canada -- 6-1/4% S.F.
debentures maturing 1992, reoffered to yield 6.45%.

3.
*July 13
July 19
July 24
Indefinite
•Indefinite
Indefinite

12.0
25.0
40.0
15.0
15.0
30.0

Prospective Offerings

City of Oslo, Norway
Canadian Pacific Ry.
MacMillan Bloedel —
Nippon Telegraph and
New Zealand — Bonds
Lakehead Pipeline —

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




— Debentures
— equip, trust certs.
Debentures.
Telephone Public Corp. —
***
Debentures

Bonds

M-2
PART II:

Date Reported

Amount
(millions
„of
dollars)

4/17

15.0

4/17

6.0

;

Private Placements - Reported April 1 through July 7, 1967

Issuer and Description of Issue

Northern and Central Gas Company — 6%> debentures
with warrants maturing
— n o information
available on takedown.
Ralston Purina of Canada, Ltd, — 6-3/4% debentures
maturing 1987 — no information available on takedown..

5/8

25.0

s/s

5.1

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

6/23

120.0

Trans. Canada Pipe Lines Ltd. -- 6-5/8% debentures
maturing 1987 — $ 5 0 . 0 million was taken down by
Metropolitan Life Insurance Company.

British Columbia School Districts Capital Financing
Authority — % (U.S.) guaranteed debentures
maturing 1987 -- no 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 anu subsequent to the date a placement
is reported.