Full text of H.16 Capital Market Developments : June 29, 1955

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/ A
Not f o r p u b l i c a t i o n

DECONTROLLED AFTER SIX MONTHS

H.lU

June 29, 1955
, CAPITAL MARKET DEVELOPKENTS

New c a p i t a l volume l a r g e l a s t week - The volume of l a r g e
S t a t e and l o c a l government i s s u e s f l o a t e d f o r new c a p i t a l was 98
m i l l i o n d o l l a r s during the week ending June 2U. Corporations o f f e r e d
91 m i l l i o n d o l l a r s of l a r g e public i s s u e s i n the same p e r i o d . This
week corporations and S t a t e and l o c a l governments are scheduled to
i s s u e 91 m i l l i o n d o l l a r s of l a r g e o f f e r i n g s .
July- outlook - Corporate new c a p i t a l volume i n J u l y i s
estimated a t 500 m i l l i o n d o l l a r s , U5 per cent l e s s than a year ago
and about one-quarter below the June 1955 t o t a l . Only two public
i s s u e s with proceeds of more than 15 m i l l i o n d o l l a r s are expected
i n July. Last y e a r ' s July volume was swelled by a 300 m i l l i o n d o l l a r U. S. S t e e l debenture i s s u e .
The J u l y estimate f o r S t a t e and l o c a l government i s s u e s
i s also 500 m i l l i o n d o l l a r s , well' above the volume l a s t J u l y but
o n e - f o u r t h l e s s than i n "June of t h i s y e a r . About half the expected
volume i s accounted f o r by two i s s u e s over 100 m i l l i o n d o l l a r s — t h e
New York S t a t e Thruway issue and the Public Housing A u t h o r i t i e s
o f f e r i n g . Since t h e r e were no very l a r g e i s s u e s sold i n July l a s t
year these i s s u e s account f o r most of the i n c r e a s e i n volume compared to a year ago.
Refunding programs - The t a b l e on pages 3 and U l i s t s
s e c u r i t y i s s u e s with proceeds of 7 . 5 m i l l i o n d o l l a r s or more f o r .
r e f i n a n c i n g which have been f l o a t e d since April 1, 1955 or are expected to be o f f e r e d i n the near f u t u r e . As i n the two previous
q u a r t e r s , about o n e - t h i r d of the estimated volume of second q u a r t e r
refunding i s s u e s w i l l be used t o redeem o f f e r i n g s f l o a t e d i n 1953.
As shown i n the following t a b l e , refunding programs have dropped
off sharply since the l a s t h a l f of 195U.

Period

Refundings
(Millions of d o l l a r s )

195U - 1
2
3
4
1955 - 1
2
e / Estimated




92
#8
632
3#
e/l80 •

'

H.lU
Bond y i e I d s - Yields on outstanding long-term U. S. Government o b l i g a t i o n s rose three b a s i s p o i n t s a n d ' S t a t e and l o c a l government Aaa y i e l d s increased one b a s i s p o i n t l a s t week. Corporate Aaa
y i e l d s did not change. Treasury y i e l d s rose moderately on Monday
and were steady on Tuesday of t h i s week.
Yields on State and l o c a l government Baa bonds rose t h r e e
b a s i s p o i n t s l a s t week. Corporate Baa and S t a t e and l o c a l revenue
y i e l d s remained steady.
The recent increases i n Treasury y i e l d s appear l a r g e l y to
r e f l e c t market r e a c t i o n t o d i s c u s s i o n s of. forthcoming Treasury f i nancing, p a r t i c u l a r l y of the p o s s i b i l i t y of t h i s taking the form,
i n p a r t , of the s a l e of long-term bonds. The increase i n S t a t e and
l o c a l government bond y i e l d s appears to be a somevjhat delayed* r e a c t i o n
to the r e c e n t increase i n the volume of new i s s u e s together with a
continued l i g h t demand f o r such s e c u r i t i e s , p a r t i c u l a r l y on- the p a r t
of commercial banks.
Stock p r i c e s - Stock p r i c e s , as measured by the SEC index
of 265 common s t o c k s , increased f u r t h e r to a new high of 251.1 during
the week ending June 2U. A moderate d e c l i n e occurred on Tuesday of
t h i s week according to d a i l y indexes.
More d e t a i l e d information concerning recent c a p i t a l mark e t developments w i l l be found i n the attached exhibits*

Business Finance and Capital Markets Section,
Division of Research and S t a t i s t i c s ,
Board of Governors of the Federal Reserve System.




H.lU

-3Corporate Refunding I s s u e s , Offered or Proposed

Issuer

Type

Continental Telephone - new
to refund

*Deb
Deb

CouAmt.
(mill, Terni pon
rate
doll.)
9.0
8.7

n.a.
1958

n. a.
5

10.0
10.0

1957

2 1/2

" April 12

Philadelphia Elec. - new 1 s t & ref mtg' 50.0
t o refund 1 s t & ref mtg 30.0

1985
1983

3 1/8
3 7/8

April 18
May 1953

Gulf, Mobile & Ohio - new
1 s t & ref
to refund 1 s t & ref mtg
t o refund 1 s t & ref mtg
t o refund
Coll t r u s t
t o refund
1 s t mtg 2 /

25.0
8.U
8.3
6.2
2.U

i M
1975
1969
1968
1983

3 3/8

April 22
Feb. 1939
Sept. 19UU
June 19U8
July 1932

S t e r l i n g Drug

25.0
9.0.
3.3
1.3
10.6

1980 1 3 1A
1963 .3
1967 3 1/2
1956 2

Associates Investment -nev *Sr. term notes
t o refund Maturing o b l i g

|
Riegel Paper

to
to
to
to

new
SF deb
refund
Notes
Notes
refund
refund
Notes
refund Cum pfd stock

new
SF deb
"i 15.0
new
Com stock
U.U
t o refund Bonds & notes
13.7
to refund
Pfd stock
2.5

Jersey Central Power & Lt -new
to refund

1 s t mtg bds
1 s t mtg

20.0
8.5

Minneapolis Honeywell Reg. - new Conv pfd stock
t o refund
-*Deb
to refund
*Deb.
to refund
" Deb
1

16.3
5.0
h.7
6.3

Tenn. Gas Transmission - new
to refund

Pfd stock
Pfd stock

20.0
10.5

Deb
Deb
•Bflotes

17.5
U.O

Consolidated Cigar — newf
to refund 1
to refund
Western Union Tel. — new
to refund
to refund

#


*Deb
Gold
Deb

1980

h

3 3A

3 3A

Current
call
price

Date
expected
or o f f e r e d
Anncd. Apr. h
1928-1931

April 28
Jan. 19U8
1952
19U1
July.19b5

101

105.30
103 101 i A
102 3 A i
105
1
1
1

. May U
May 18

| :

3/
1985 3 1/2
1983 U

?Tay 10 '
April 1953

10U.86

1963
1965
1972

May
March
Dec.
April

102 1/2
102 3A
102 i A

?. 85

2 3A

3.10

25
19U8
1950
1952

June 15
Sept. 1953

5.U :1967 h 1/8

July
Oct. 192*5
Oct. 1952

102.50

38.5 H1980 h 1/8
35.0 :I960 5 2.0 :L980 U 3A

September 1
Feb. 1930
1952

LOh 1/2

:1965

3 3A

103 3A

z

H.Ik

'.4i-

l / Includes i s s u e s with proceeds f o r r e f i n a i c i n g purposes of
7 . 5 m i l l i o n d o l l a r s and over since A p r i l 1, 1955. vJhen the volume
of a new i s s u e exceeds the t o t a l amount to be refunded, the d i f f e r e n c e i n proceeds i s to be used f o r new c a p i t a l purposes.
2 / Bonds of the New Orleans {Jreat Northern Railway Company.
3 / To refund various outstanding bonds and notes maturing
1958 t o 1972 with coupon r a t e s of 3 l/U to h 1/2 per cent. The
bonds are i s s u e s of the Riegel Carolina Corporation,•and one note
i s s u e i s from the Riegel Woodlands Corporation.
•a—Private placement.
n.a.—Not a v a i l a b l e .




EXHIBIT A

H I G H - G R A D E BOND YIELDS
Weekly

U . S . GOVERNMENT

1954

~1
Date

1
'

Corporate
Aaa 1/

:
Spread between
1
U. S. Govt. ' ! State and l o c a l
U. S. Govt, and
1
J long-term 2/ | govt., Aaa 3/ 'Corporate State and
1
™ 1 Aaa
; local Aaa
(Per cent)

195U - High
Low
1955 - High
Low

! 3.03 ( 1 A )
2.91 (2/15)
3.U2 (6/19)
2.99(1/9)
3.09 (1/3)
1 2.55 (L/23)
| 3.05 (6/2k)
[ 2.91 (1/7)

2.79 (12/27)
2.56 (5/17)
3.15(6/6)
2.78 (12/26)
2.7U (1/9)
2.!iL (3/7)
2.73<6/2L)
2.62 (1/7)

2.00 (10/23)
1.45(5/1)
2.73 (6/25)
1.98(1/9)
2.21 (.6/10)
1.90 (9/2)
2.11 (2/10)
2.05 (5/26)

::ay 27
June 3
June 10
June 17 •
June 2U

| 3.05
3.05
3.0L
,'3.05
[3.05

2.75

2.05
2.06
2.07
2.03
2.09

1952 - High
1953 - High

2.7U
2.75
2.73

T / "Ycskly average of daily f i g u r e s .

'

.37
.19
.38
.19
.13
.32
.3U
.2U

1.02
. .71
.BU
.30
.61
.29
.70
.5U

.30
.31
.30
.30
.27

.70
.63
.67
•A?

.69

Average terra of bonds included i s 25-26

2/ Y.'sckly average of daily f i g u r e s j old s e r i e s . Average term to f i r s t c a l l
of bonds included i s 13-lii years.
-3/ Thursday f i g u r e s . Only general obligation bonds are included; average
t e r r Ts 20 years.
Mote.—Highs and lows are for individual s e r i e s and may be on d i f f e r e n t dates
for d i f f e r e n t s e r i e s .




EXHIBIT B

L O W E R - G R A D E BOND YIELDS
Weekly
CORPORATE Baa

\

STATE AND LOCAL GOVT. Baa
A
Moody'.

v

V

U-:,

STATE AND LOCAL GOVT. REVENUE

—1
•1
1952 - High
1953 - High
1951 - High
1955 - High
Low
ray 27
June 3
June 17

Corporate
Baa 1/

' 3.63
3.13
3.89
3.50
3.71
3.UU
3-1
J 3. a5
13.50
3.50
3.50
3.51
3.51

State and
local £TQVt.
Baa 2/

S.tate and
local govt.

(Per cent)
dA)
(5/16)
(9/18)
(1/2)
(1/3)
(12/31)
(6/2L)
(1/314) .

2.98
2.U3
3.79
2.?6
3.32
2.93
3.10
3.02

(10/23)
(U/17)
(6/25)
(1/3)
(1/7)
(3/5)
(6/23)
(1/6)

3.06
3.C6
3.06
3.07
3.10

2.69
2. 27
3. 27
2.71
3.00
2.72
2.30
2.76

(12/19)
(V?5)
(6/26)
(1/2)
(1/D
(8/13)
.(6/2L)
(1/7)

2.77
2.79
2.79
2.30
2.30

.
age of dsily f? =-ures. Average
included i s 25-26 years.
2 / Thursday f i g u r e s . Only general obligation bonds arcincluded ; average tern; i s 20 years.
3/ Friday f i g u r e s . Ave^ee -rat?r:g of bonds included i s
between Baa and A; average tnrm i s 20 years.
Mote.—t'Tishs and lore e-r» for i-dividMr.l
be on d i f f e r e n t dates f o r d i f f e r e n t serisp.




EXHIBIT C

STOCK MARKET

iiiiiil

iMHIllilii

1952

1953

"I
Stock price
index 1 /
~

1954

Trading . [ .Common j
S t o c k market c r e d i t
volume 2 /
stock
'
'Customers'•
Bank
( m i l l i o n s y i e l d s 3 / ' T o t a l debit- b a l - ! l o a n s t o
!of s h a r e s ) ( p e r c e n t ) !
•
ancas ± / '"others" 5 /

|
1952 - High
1953 - High
19 5U - High
1.955 - High
I«w
April
June 10
June 2U

•

165-3
151.7
! 157.1
lhU.O
221.U
156.5
251.1
217. It

1955

( M l l i o n K of d o l l a r s )
(12/26)
(10/2U)
(1/2)
(9/13)
(12/31)
(1/5)
(6/2L)
(1/lh)

j 231. L
233.3
2L1.9
2h7.h
251.1

2.0
0.9
2.5
0.9
3.7
1.U
h.6
2.0

5.77
5.13
' 5.75
5:15
5.33
U. 20
U. 22
U. 12

1,936
1,301,
2,Wi5
2,055
3,k36.
2,U05
3,737
3,537

1,332
l,2ll
1,665
1,31b
2,388
1,653
2,70U
2,517

656
552
730
66L
1,0U8
7U6
1,153
1,013

2.7
2.2
2.9
2.7
2.7

a. i 2
• U.lii

3,735
3,737
n.a..

2,70!,
2/8L
n.a.

l.Col
1,103
c/l,lLv
- 1,153

c / Corrected.
~~
"
'
~
'
'
T / SEC i n d e x o f 2 6 5 common s t o c k s , w e e k l y c l o s i n g p r i c e s , 1939"1C0; cr.:v-2rted
t o 19H7-h9=100 by F e d e r a l R e s e r v e .
The c o n v e r s i o n f a c t o r i s 1 2 3 . 9 1 .
2 / Averages o f d a i l y t r a d i n g volume- on the New York S t o c k Exchange.
3 / Moody's 200 common s t o c k s ; end o f month, f i e u r o s .
%f End o f month f i g u r e s f o r member f i r m s o f t h e "ev; York S t o c k Exchange which
ca-ry™*margin a c c o u n t s ; c r e d i t e x t e n d e d on money borrowed f o r c a r r y i n g U. S. r,ovar".~
nent o b l i g a t i o n s .
'
5 / 7,'ednesday f i g u r e s f o r v/cekly r e p o r t i n g T.er.bur banks,
excludes a l l loans •
f o r p u r c h a s i n g or c a r r y i n g U. S. Governments f o r ' 1 9 5 2 ; s i n c e 1?53 o n l y t h e s e l o i n s
a t banks i n "ev; York and-Chicago are e x c l u d e d . T.'eekly r e p o r t i n g banks a c c o u n t f o r
about 72 p e r c e n t of l o a n s t o o t h e r s .
n.a.—"ot available.
M o t e . — ' ! i ? h s and lovre are f o r i n d i v i d u a l s e r i c - s and may be o:i d i f f e r e n t d a t e s
for different series.
'




Exhibit D

H.14

Corporate and S t a t e and Local Government
S e c u r i t y O f f e r i n g s and Placements
(In m i l l i o n s of d o l l a r s )
New c a p i t a l
1955

Corporate
1
1954
1

1953

1955

January
February
March

5U6
43 6
1,261

547
1+26
635

623
623
666

535
312
#8

April
May
June

e/500
e/900
1/650

k97 .
656
842

e/500

909
335
747

} .
!

July
August
September
October
November
December
lst-quarter
2nd q u a r t e r
3rd q u a r t e r
4th quarter
Year

,2,243
y'2,050

779
675 1,123'

427
a/350
e/675

483
325
753

e/500

1,003
290
604

577
429 l Z
1,438 y

1,608
1,995
1,991
1,896
7,490

1,912
2,578
1,^61
2,444
6,495

S t a t e and l o c a l
1 ' 1954
1
396
411
565

390
' 360
426

734
748
853

329
649
434

279
261
649

519
259
475

594
423
877

453
408
774

1,372
2,334
1,188
1,894
6,789

1,176
1,412
1,253
1,636
5,477

•

1,385
e/1,450
v
y

,

1953

- E x c l u d i n g f i n a n c e companies 2 /
1st quarter
2nd q u a r t e r
3rd q u a r t e r
4th quarter
Year

1,791
e/2,000

1,527
1,927
1,911
1,792
7,158

1,669
1,991
1,223
2,344
7,227

2 / : T o t a l new c a p i t a l i s s u e s excluding o f f e r i n g s of s a l e s and p e r s o n a l f i n a n c e
companies.
o/ Estimated.
' f l o t e . — D e t a i l s may n o t add t o t o t a l s due t o r o u n d i n g .




Hilii

Exhibit E
Large Public Security I s s u e s f o r New Capital
(Other than U. S. Treasury) l /
Proceeds of Large I s s u e s Offered
(Millions of d o l l a r s )
Month

May
June
July
August
September
October
November
December
1 9 # - January
February
March
April
• May
195U

Corporate

1
J S t a t e and
j l o c a l government

32h
350
Ull
75
36U
U33.
0
121
lUl
r/63
"750
175
U83

557
603
92
86
U55
388
268
689
3Ul
107
337
238
152

Other 2 /

30
35
15

Large I n d i v i d u a l I s s u e s Offered June 1 through 2h

Type 3 /

, Amount
Coupon
(millions
rate or
Offering
of
I Maturity n e t i n t e r yield
d o l l a r s ) f'
e s t cost I
;

|
'.
iRating
I

CORPORATE
Virginia E l e c t r i c and
Power Company
Southern C a l i f o r n i a
Edison "
Southern New England
Telephone and Telegraph
Oklahoma Gas & E l e c t r i c
Consolidated Natural Gas
Baltimore Gas & E l e c t r i c
People's Gas Light & Coke

1st &ref.bds.

25.0

1985

3.25

3.20

Aa

Conv. deb.

U1.0

1970

3.25 .

3-25

A

Deb.
1st mtg. bds.
Common s t k .
Common s t k .
Common s t k .

20.0
15.0
22.9
17. U
15.7

1989
1985

3.25
3.25

3.20
3- 20

Aa
Aa

STATE AND LOCAL GOVERNMENT

1

Houston, Texas
New York City Housing
Authority
S t a t e of North Carolina




G. 0.

12,5

1956-80

2.U7

1.20-2.65

A,

G. R.
G. 0.

27.2
11.0

1958-03 .
1957-75

3.01
l.?6

1.75-2.78
1.20-2.05

A
Aa

H.lU

E-2
Large I n d i v i d u a l Issues Offered June 1 through 2h (Cont'd)

Issuer

Type 3 /

Coupon.
Amount
Offeringi
r a t e or
(millions
Rating
Maturity|
net i n t e r - yield
of
!1 e s t c o s t 1
dollars)
-

STATE AND LOCAL GOVERNMENT 1
(Cont'd)
Baltimore, Maryland
Galveston Co. Navigation
D i s t r i c t , Texas
Minneapolis, Minnesota
Florida Turnpike Auth.
Texas Turnpike Authority
Kansas City, Kansas
Prince George's Co., Md.
Dade County Port Auth.,
Florida
Cleveland, Ohio
Tacoma, Washington
S t a t e of Connecticut
Pennsylvania General .
S t a t e Authority

1956-814 :

2.15

1.05-2.30

Aa

1957-91
1956-75
1995
1980-95
1956-70
1956-75

2.93

A
Aa

3.32
2.93
2.06
2.77

1.U0-3.002'
1.15-2.10
3.25
2.80-2.90
1.15-2.10
1.25-3.05

Aa
Baa

12.1
1979
1956-75
13.2
i5.o- • 1959-89
20.0
1958-61

3.23
2.0k
3.02
1.62

3.15
1.20-2.20
1. 85-3.10
1.U0-1.63

Aa
Baa
Aaa

50.0

2.70

1.70-2.75

G.O.

2U.7

G. 0.
G.O.
Rev.
Rev.
Rev.
G.O.

6.0
2.2
-7U.0
$8.5
7.0
6.0

Rev.
G.O.
Rev.
G.O.
L.L.

=

1958-82

• —

—

OTHER
None
r / Revised.
'
~~
1/ Includes corporate and other s e c u r i t y o f f e r i n g s of IS m i l l i o n d o l l a r s and
, overj""state and l o c a l government s e c u r i t y o f f e r i n g s of 5 m i l l i o n and over.
2 / Includes f o r e i g n government and I n t e r n a t i o n a l Bank f o r Reconstruction and =
Development i s s u e s .
3 / In the case of S t a t e and l o c a l government s e c u r i t i e s , G.O. denotes general
obligation5 Rev., revenue bonds; G.R., general o b l i g a t i o n s a d d i t i o n a l l y secured byf a c i l i t i e s revenuesj and, L.L., limited l i a b i l i t y o b l i g a t i o n s secured by pledge of
designated revenues,
h / Subject t o award.

C




Exhibit F

H.Ii;

Forthcoming Large Public S e c u r i t y Offerings f o r Mew C a p i t a l
(Other than U. Si Treasury) 3 /
Expected Proceeds from Forthcoming Large I s s u e s
Subsequent t o

During month following
computation

Corporate

1954 - June 30
July 30
Aug. 31
S e p t . 30
Oct. 29
Nov. 30
Dec. 31
1 9 # - J a n . 31 Feb, 28
Mar. 31
Apr. 29
May 31
June 30

S t a t e and
Other 2 /
l o c a l govt.

336
100
33k
343
15
94
184
16
710
211
425
160
67

86
54
300
383
136
66l
56?
682
524
208
116
339
3hb

Corporate

30

S t a t e and Other 2 /
l o c a l govt*
1,52k
1,553 1,876
2,158
.1,957
2,682
2,144
1,961
1,978
2,009
1,917
1,861
1,845

532
303
608
1*12*
135
246
216
422
1,395
922
1,141
850
830

30
30
35

Forthcoming Large O f f e r i n g s , as of June 24
Issuer

Type

Amount
Approximate date
(millions
of o f f e r i n g
of d o l l a r s

CORPORATE
Merritt-Chapman & S c o t t Corp.
American Natural Gas
^ I l l i n o i s B e l l Telephone
Goodyear T i r e and Rubber
American Telephone and Telegraph
' Southern C a l i f o r n i a Gas
Freedom Insurance Co.

Deb.
Common stock
lst.mtg. bds.
Common stock
Conv# deb.
Bonds .
Common stock

.June 29
J u l y 21
July
August f
1955
1955
1955

25.0
37.0
30.0
50.0
650.9
40.0
22.0

STATE AND LOCAL GOVERNMENT

f

!I

D a l l a s , Texas
Maryland S t a t e Roads Commission
Nassau County, New York
Dayton, Ohio, School D i s t r i c t
•aTulsa, Oklahoma
New York S t a t e Thruway
^Alabama Highway Authority




G.O.
L.L.
G.O.
G.O.
G.O.
G.R.
n.a.

10.0
25.0
19.2
12.0
5.4
125.0
15.0
'
5.1

%

June
June
June
June
July
July
July
July

27
28
29
30
6
12
12
12

H.Hi

F-2
Forthcoming Large O f f e r i n g s , a s of June 2b (Cont'd)
Type

Amount
( m i l l i o n s Approximate date
of o f f e r i n g
of d o l l a r s )

STATE AND LOCAL GOVERNMENT (Cont'd)
Pierce Co., Wash., Taccma Sch. D i s t ,
« S t a t e of Ohio
Public Housing' A u t h o r i t i e s
•^Denver, Colorado
Connecticut Expressway
Inter-American Center Auth., F l a .
Michigan Turnpike AuthorityS t a t e of Louisiana
I l l i n o i s Turnpike Authority
Texas•Turnpike Company
Springfield, .Illinois
Allegheny County, Pennsylvania,
Sanitary Authority
C a l i f o r n i a T o l l Bridge Authority
J e r s e y City Sewerage Auth., N. J .
"North Carolina Turnpike Authority

Rev.
n.a.
Rev.
Rev.
Rev.
n.a.
Rev.
Rev.
Rev.
. Rev.
Rev..

8.3
52.0
121.5
12.0
100.0

60.0
186.0

80.0

390.0
ll;0.0
9.0
85.0
235.0

16.0
200.0

J u l y lit
J u l y 20
J u l y 20
July 28
Summer

1955
1955
1955
1955
1955
1955
1955
1955
1955
1955

. OTHER
None
1f Includes corporate and other i s s u e s of 15 m i l l i o n d o l l a r s and over; S t a t e
and l o c a l government i s s u e s of 5 million and over.
2 / Includes f o r e i g n government and I n t e r n a t i o n a l Bank f o r Reconstruction and
Development i s s u e s .
n.a.—Not a v a i l a b l e .
*—Included in t a b l e f o r f i r s t t i m e .




Exhibit G
Yia£ds on Mew and Outstanding
E l e c t r i c Power Bonds, Rated 4a and A 1 /

1952 average'

3.16

13

3.35

1953 average

3.U6

16-

3.78

195U average

3.03

195U - January
February
March
April
May
June
July
August
September
October
November
December

3.19
3.01
*2.93
2.99
3.00
*3.00
None
Hone
3.02
3.03
None
None

1955 - January
February
March
April

*3.15
*3.lU
*3.17
None

May 11
11
18
2h
June 9
22

3
6 *
-1
0
5
h
1
• —
—

3
3
—

—

10

3.20

7

12
'

3.12

-3
2
-1
-10
-6
0
-2
-1
-1
-3
-2
0
—
•

3.37
3.30

f
lU
16
lUll

3.35
3.32

I

26

*3. 35
*3.20
3.05
3.10
3.1U
3.1U
*3.13
3.11
*3.10
3.10
None
3.11
None
*3.23
3.29
3.31

13
7
8

3.22

0

Bering yields .
Aa-rated c>ffering y i e l d s
Amount above
Amount above
Actual
Actual
(per c e n t ) seasoned y i e l d s (per c e n t ) . seasoned y i e l d s
(basis points)
(basis p o i n t s )

1

Date

.

16
10
•

1
1/ Covers only 30-year f i r s t mortgage bonds, as reported; in Moody's Bond
Survey. Except where i n d i c a t e d , the a c t u a l y i e l d f i g u r e and the amount above
seasoned y i e l d s are averages of o f f e r i n g s during the indicated period and of
the d i f f e r e n c e s between these new o f f e r i n g y i e l d s aid y i e l d s on seasoned i s s u e s
of s i m i l a r q u a l i t y f o r the same day. Average m a t u r i t y f o r the seasoned i s s u e s
v a r i e s from 26 to 28 y e a r s .
•a—Single observation, not an average.