Full text of H.16 Capital Market Developments : December 4, 1961
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V Mot for Publication ^ ^ o t L E D iPTER SIX MONTHS H.Ik 6 December U, 19 61. 1SS1 ' CAPITAL MARKET DEVELOPMENTS 'IH'THE UNITED STATES ( I n c l u d i n g Monthly Review of C a p i t a l Market Developments) yk I ^ I i :? ?; ji i The volume of p u b l i c s e c u r i t y f i n a n c i n g t o o b t a i n new c a p i t a l was l i g h t l a s t week but i t should b e somewhat l a r g e r t h i s week. During the week ending December 1 , two c o r p o r a t e i s s u e s a g g r e g a t i n g # 8 m i l l i o n were o f f e r e d , one S t a t e and l o c a l government bond i s s u e f o r # 2 m i l l i o n was s o l d and t h e Kingdom of Belgium s o l d $25 m i l l i o n i n bonds. This week, e n d i n g December 8 , two c o r p o r a t e s e c u r i t y o f f e r s t o t a l i n g $75 m i l l i o n a r e scheduled and t h r e e S t a t e and l o c a l o f f e r s w i t h p a r v a l u e of $87 m i l l i o n a r e on t h e c a l e n d a r . Bond y i e l d s . Y i e l d s on seasoned A a a - r a t e d c o r p o r a t e bonds d e c l i n e d a s i n g l e b a s i s p o i n t t o t h e i r l o w e s t l e v e l s i n c e t h e end of June, w h i l e y i e l d s on both Aaa and B a a - r a t e d S t a t e and l o c a l government bonds i n c r e a s e d a s they had o v e r t h e p a s t s e v e r a l weeks, r i s i n g 2 and 5 b a s i s p o i n t s , r e s p e c t i v e l y . Y i e l d s on l o n g - t e r m U. S. Government bonds r o s e 3 b a s i s p o i n t s while y i e l d s on B a a - r a t e d c o r p o r a t e bonds were unchanged. The a v e r a g e y i e l d on new c o r p o r a t e bonds o f f e r e d l a s t week, a d j u s t e d t o a Aaa b a s i s , was It.liO p e r c e n t , 5 b a s i s p o i n t s above t h e a v e r a g e f o r t h e week ending November 21;. At l a s t w e e k ' s l e v e l , new o f f e r i n g y i e l d s were 28 b a s i s p o i n t s below t h e high f o r t h e y e a r and 19 b a s i s p o i n t s above t h e low reached i n t h e week ending November 3S h o r t - and i n t e r m e d i a t e - t e r m i n t e r e s t r a t e s . Y i e l d s on 3 month and 6-month Treasury b i l l s i n c r e a s e d f o r t h e f o u r t h c o n s e c u t i v e week t o match t h e i r h i g h s f o r t h e y e a r , i n c r e a s i n g 2 and 5 b a s i s p o i n t s , r e s p e c t i v e l y , and y i e l d s on 3 - 5 y e a r U. S. Government bonds r o s e 5 b a s i s p o i n t s . The r a t e of i n t e r e s t on d i r e c t l y - p l a c e d f i n a n c e company p a p e r with 90-179 day m a t u r i t y i n c r e a s e d 3 b a s i s p o i n t s t o 2 . 8 1 p e r c e n t , r e f l e c t i n g t h e f u l l e f f e c t of t h e change i n r a t e s made t h e p r e v i o u s week. The average r a t e on F e d e r a l f u n d s d e c l i n e d 9 5 b a s i s p o i n t s t o 1 . 8 0 p e r c e n t . Other s h o r t - and i n t e r m e d i a t e - t e r m i n t e r e s t r a t e s were unchanged. Mortgage r e c o r d i n g s . Nonfarm mortgage September f o l l o w i n g a sharp r i s e i n August. A l l i n t h e d e c l i n e . On a s e a s o n a l l y a d j u s t e d b a s i s , average of r e c o r d i n g s i n August was a t a r a t e of from t h e advanced r a t e reached i n July and 5 p e r mid-1959. recordings declined in types of loans s h a r e d t h e t h re e -m o n t h movirg $2,652 m i l l i o n , unchanged c e n t below t h e peak i n December s e c u r i t y volume. S e c u r i t y i s s u e s of c o r p o r a t i o n s a r e expected t o be i n s u b s t a n t i a l volume i n December while S t a t e and l o c a l government s e c u r i t y s a l e s a r e e x p e c t e d t o be moderate. Corporate financing i n December i s estimated a t $975> m i l l i o n due t o a l a r g e extent t o the expectation of the usual l a r g e takedowns .--of p r i v a t e placements a t year-end* t h i s i s an i n c r e a s e of o n e - f i f t h over November and one-eighth more than December i960. Large issues currentlyscheduled f o r public o f f e r i n g during the month amount to §356 m i l l i o n . S t a t e and l o c a l government bond s a l e s in December a r e expected to t o t a l 5550 m i l l i o n , almost o n e - t h i r d l e s s than t h e revised t o t a l f o r November and about one-tenth l a r g e r than the small volume sold i n December of the two previous y e a r s . Large i s s u e s are expected to amount t o $295 m i l l i o n , including one l a r g e n e g o t i a t e d o f f e r i n g which e a r l i e r had been t e n t a t i v e l y scheduled f o r s a l e l a s t month. C a p i t a l markets i n November, New s e c u r i t y f i n a n c i n g by corporat i o n s and State and l o c a l governments i n November was in moderately l a r g e r volume than in other recent months. Some congestion developed i n the d i s t r i b u t i o n of new o f f e r i n g s and y i e l d s on most types of bonds increased. Corporate long-term f i n a n c i n g t o r a i s e new c a p i t a l t o t a l e d $800 million i n November, the same a s i n October, but one-sixth l e s s than the l a r g e volume of a year e a r l i e r . Large public nonconvertible bond o f f e r ings t o t a l e d $ 3 2 0 m i l l i o n , one -half I T D r e than i n October but convertible bond and stock i s s u e s were sold in smaller volume. Underwriters encountered some i n v e s t o r r e l u c t a n c e t o acquire new bond i s s u e s a t p r e v a i l i n g y i e l d s and the volume of s e c u r i t y o f f e r i n g s in syndicate, which had r i s e n i n l a t e October from a n e g l i g i b l e amount, was f a i r l y s u b s t a n t i a l throughout November. Yields on new o f f e r i n g s a d j u s t e d t o an Aaa b a s i s t h e r e f o r e increased from the low f o r the y e a r of l*,2i per cent t h e f i r s t week i n November to It.ltO per cent l a t e in the month, as underwriters a d j u s t e d bidding ideas in an attempt to d i s t r i b u t e new o f f e r i n g s , Yields on seasoned bonds on t h e other hand declined s l i g h t l y during t h e month, New bond i s s u e s by S t a t e and l o c a l governments also t o t a l e d $800 million in November, o n e - t h i r d more than in October and one-half l a r g e r than t h e small volume sold a y e a r e a r l i e r . Included in t h e new f i n a n c i n g were s e v e r a l l a r g e revenue bond i s s u e s sold by n e g o t i a t i o n , but one i s s u e of t h i s type which had been t e n t a t i v e l y scheduled f o r s a l e during t h e month was delayed, probably u n t i l some time t h i s month, pending s e t t l e ment of l i t i g a t i o n , Underwriters of municipal s e c u r i t i e s a l s o encountered d i f f i c u l t y i n t h e d i s t r i b u t i o n of new i s s u e s and t h e i r a d v e r t i s e d inventory of unsold i r i t i e s rose by tilOO million t o a record l e v e l of about $>50 million. ^ds on Aaa-rated S t a t e and l o c a l government bonds increased 7 b a s i s p o i n t s t o 3,31 p e r cent during t h e month, o f f s e t t i n g t h e i r October d e c l i n e . At t h i s l e v e l y i e l d s on municipal bonds were 6 b a s i s poilrts below t h e i r high_fpr the year reached t h i s summer and 19 basis p o i n t s above l a s t s p r i n g ' s c y c l i c a l low. Common stock p r i c e s increased sharply e a r l y i n November but changed l i t t l e t h e r e a f t e r . Prices., as measured by Standard and P o o r ' s index of 500 stocks, closed t h e month a t 71-32, s l i g h t l y below t h e peak reached e a r l y l a s t week but it p e r cent above t h e end of October l e v e l . Trading was a c t i v e throughout t h e month, averaging li.it m i l l i o n shares per day, the heaviest volume since l a s t spring and o n e - t h i r d higher than the October average. -3Stock p r i c e s . Common stock p r i c e s , as measured by Standard and P o o r ' s composite index of 5>00 stocks, changed l i t t l e l a s t week, closing on December 1 a t 71.78, only s l i g h t l y below both t h e preceding week's c l o s e and the record reached e a r l i e r i n t h e week. The average d a i l y volume of t r a d i n g was unchanged from t h e previous week a t b.lj. million s h a r e s . More d e t a i l e d information concerning recent c a p i t a l market developments i s presented in the a t t a c h e d e x h i b i t s . Capital Markets Section, Division of Research and S t a t i s t i c s , Board of Governors of t h e Federal Reserve System. EXHIBIT A L O N G - T E R M B O N D YIELDS HIGH-GRADE w * Chong« In LOWER-GRADE 6PVUWIMT l i e i Exhibit B - Tables f o r Exhibit A -5- Long-tera Bond Yields High-grade Date Corporate Aaa 1 / U. S. Govt. long-tem 2/ (per cent) 19514 - Low 1957 - High 1958 - Low 1929-60 - High i960 - Low 1961 - High Low Nov. Nov. Nov. Nov. z Dec. 3 10 17 2k 1 2/ State and local government Aaa 3 / 2 . 8 5 (4/23) 2.it5 (8/6) 1.90 (9/2) 3.1i5 (8/29) l i . 6 l (1/29/60) 3 . 7 6 (10/18) 3 . 0 7 (4/23) It. 1*2 (1/8/60) 3.75 (ys) It. 06 (9/15) 3.70 ( 5 / 1 2 ) 3.95 3.96 Loo 3.98 It. 01 lt.llt (9/27) 3.55 (5/2) it. 23 (9/9) lt.i|6 ( 9 / 1 5 ) h.2L (3/17) it.itO k 39 1,39 It. 39 it. 38 - Spread between U. S. Govt and Corporate State and Aaa l o c a l Aaa 2.99 (9/1) 3.37 ( 7 / 6 ) 3.12 ( 2 / 2 3 ) .30 .60 .22 .59 .19 .57 .39 .30 .50 • 3U .92 .53 .76 .it6 3.2U 3.2k 3.26 3.29 3.31 .lt5 .lt3 . •39 . • .ltl .37 •71 .72 •7U .69 .70 2.6U (6A) 3 . 6 5 (9/24/59) Lower-grade Date Corporate Baal/ Spread between Aaa and Baa State and Corporate l o c a l govt. State and l o c a l govt. Baa 2 / (per cent) 195lt - Low 1957 - High 1958 - Low 1959-60 - High i960 - Low 1961 - High Low Nov. Nov. Nov. Nov. /Dec. 3 10 17 2k 1 q/ 3 . k k (12/31) 5 . 1 0 (11/26) lt.5L (7/11) 5 . 3 6 (2/12/60) It. 98 (6/9) 2.93 (8/5) .52 1.27 .77 it. 51 (8/29) 3.614 (6/1) i|.i]6 (1/7/60) • 8ii 5 . 1 3 (10/27) 5.QP (A/21) it.16 (3/23) 3.93 ( 1 1 / 9 ) 3 . 9 8 (12/29) .71 .81 .66 5.12 5.11 5.H 5.10 5.10 3.93 3.93 3.95 3.96 it.01 .72 .72 .72 .71 .72 • g/ Preliminary. 1/ Weekly average of daily figure*. Average term of boede lneluded ie 23 *26 year#. 7/ Weekly average of dally figures. The aeries Includes bonds due or callable In 10 years or mors. 3/ Thursday figures. Only general obligation bonds are Included* average term la 20 years. Note.—Illghs ajvl lows are for lndLvldml series and may be on different dates for different serlse, for spreads, high refers to widest, and lew to narrowest. " .96 1.21 .93 1.08 A6 .93 .57 .69 .69 .69 .67 .70 . ' ' SHORT- AND INTERMEDIATE- TERM INTEREST RATES [GOVERNMENT 6 - MONTH » I U S F. I . D I S C O U N T I F L L 3 BANKS AND MONTH l l t l S OTHER'PRVvATE VV • alt I y BORROWERS * | ^ J Going Ro»« DISCOUNT J IATES; / •TtDIIAL FUNDS. -7Exhibit D - Tables for Exhibit C Qiort- and Intermediate-tern I n t e r e s t hates Government Date 1951* - Low 1957 - High 1958 - Low 1959-60 - High 1960 - Low 1961 - High Low Nov. Nov. Nov. Nov. /Bee. 3 10 17 2k 1 2/ Discount rate v 1.56 1*75 Loo 3.00 3.00 3.00 3.00 3.00 3.00 3.00 3.00 Yields 6-month b i l l s 2/ (per cent) 3-month b i l l s 2/ .61 3.61* .58 4.59 2.11 2.56 2.17 (6/11) (10/18) (5/29) (1/8/60) (10/28) (12A) (1/27) 2.28 2.1*0 2.53 Spread between y i e l d s on 3-month b i l l s and y i e l d s on 6-mo. b i l l s 13-5 yr. issues .66 1 . 6 6 (4/30) 3 . 02 (12/26) 5.07 (Ve/60) ii.Oi* (10/16) 2.11* (6/6) 5 . 0 0 (12/24/69) 3.1*0 (12/30) 2.35 ( V 2 8 ) 3 2.58 3.61 3.63 3.69 2.78 (12/1) 2.61 . m .86 .26 2 . 3 8 (12/30) 2.71* 2.73 2.78 ::#/ 3-5 year issues 2/ ' i S .01* 1.81 :S .1*1* .12 .38 1.51 .92 .30 .21 .21 .19 .22 1.16 1.15 .1.18 Banks an^.'Oth'err Private Borrowers Date Stock Exchange c a l l loan 1 / Prime rate 1 / I Finance company | paper 3 / Federal funds U/ Spread between 3-roo. b i l l s and finance co. paper (per cent) 1951* - Low 1957 - High 1958 - Low 1959-60 - High, I960 - Low 1961 - High Low 3*00 L50 3.50 5.50 L50 1*.50 l*.5o 3.00 l*.5o 3.50 5.00 1*.50 l*.5o i*.5o 1.25(12/31) 3,88 (ll/is) 1'.13 (a/a) 51.13 (1/22/60) n.a. „ 3.50 (li/a) .13 (V29) 2.88 ( 3 / 1 0 ) 2.50 ( 7 / 2 8 ) 2.88 (11/10) .1*3 ( 1 / 2 7 ) Nov. Nov. Nov. Nov. Dec. 1*.50 1*.50 i*.50 i*.5o l*.5o l*.5o 1*.50 l*.5o l*.5o l*.5o 2.70 2.69 2.73 2.78 2.81 2.30 2.81 2.90 2.75 1.80 3 10 17 21* 1 2/ 2; 88 (12/30) 1*.00 (5/13/60) . 9 5 (12/2) • 0 .63 -.35 1.02 .22 .56 .11 .1*2 .29 .20 .21* .25 we i4f1 o r f t d t r t l ft.a.rut i Bark of Hew York. 1/ HA6KIV eiiun* r-- el a<4» T\A e/tAtirxf. Stook Exchange call lt-aft rate Is going rate on call loans secured by customers' stock exchange collateral at N»lf York City banks. Prime rate is that charged by large banks on ahnrt-term loans to business borrowers of the highest credit standing, ' 2/ Market yield; weekly nvercges computed from dally oloalna bid prices. Series of 3-5 year Issues consists of 1 selected notes and bonds. 3/ Average of dally rates publlehcd by finance companies for directly planed paper for varylsg maturities In She 4/ Weekly dully effective rate, which Is the rate for the heaviest volute of purchase and sale traneaetlons &« reported to the Federal Reserve Bank of New York. • MoVt.-Hltihs and lows are for Individual ssrles and may be on different dates for different dais, for different sirlss. for spreads, high refers to widest, and low to narrowest. STOCK MARKET ol PoJtai2 S T O C K M A R K E T CBHDIT ^CHANGE IN SERIES E x h i b i t F - Tables f o r E x h i b i t h Stock Market Stock p r i c e index 3 / Date 1 9 5 7 - 6 0 - High Low 1 9 6 1 - High Low October November Nov. 1 0 Nov. 17 Nov. 2l* Dec. 1 p / 6 0 . 5 1 (7/31/59) 3 9 . 1 8 (12/20/57) Common Trading stock volume y yields 2/ (millions ( p e r c e n&t ] o f s h a r e s ) 3.08 in 72 71.81* (11/21*) 58.2*8 (1/6) 3.32 68.00 2.90 It. 9 1.1* 5.8 2.7 Ut76h (4/60) 3,lj01 (4/69) 1 , 3 7 3 ( W ) 3.55U (1/58) 2,1*82 (12/67) 1 , 0 6 0 (11/47) 3.3 L i 5,333 n.a. n.a. n.a. n.a. n.a. 2.80 2.82 2.80 71.07 71.07 Stock market customer c r e d i t Customers 1 Bank debit balloans to a n c e s It/ "others" SL ( I n m i l l i o n s of d o l l a r s ) Total 4,029 n.a. n.a. n.a. n.a. n.a. 1,301* 1,317 71.62 2.83 1,318 71.81* ' 2.81 1,330 71.78 2.83 n«flu. — «Ae»»Wet a w l l i b l i t j / Prelifclfcary. 1 / Standard end Peer's scopes!ts index of 500 ecaroon stocks, weekly eloetra prlcei, 1941-43»10. Monthly data are averages ef dally figure# rather than ef Mdey'e erily. Highn and lorn are fer Fridays' data only, y Standard and Peer's ocmpofdte stock yield baaed en Wednesday data converted to weekly closing prlees by federal Reserve* Yields shown are for dates en which prlo# Index reached Its high or lew. 2/ Averages of drily trading velisie en the New York Stoek ticchanse, 4/ End of month figures for member firms of the Itaw York Steek Exchange which carry margin accountS| excludes balances seaured by U, S. Oovernaent obligations. g/ Wednesday figures fer weekly reporting member banks, Occludes loans for purchasing or carrying 0, 8, 0overmen! securities. Prior to July 1, 1059, eueh leans are excluded only at banks In Now York and Chicago, Weekly reporting banks account for about 70 per oont ef loans to ethers. For further detail oca Bulletin. Nonfarm Mortgage .Recordings and Loans 1 / i Total Unadjusted Seasonally Unadjusted FHA adjusted 2/ ( M i l l i o n s 0Jr d o l l a r s } 1960 - Sept. Oct. Nov. Dec. 1961 - Jan. Feb. Mar. Apr. May June July Aug. Sept. i s 2,1*26 f:II 2,1*07 2,373 2,387 2,378 2,338 2,075 1,997 2^76 2,561 2,581 2,652 2,652 n.a. 2,856 2,653 3,001*. 2,777 2,1*1*1* 2,358 2,700 1*25 m liOl* 390 1*10 31*1 318 _ 318 3k9 386 386 1*63 1*22 169 162 150 11*2 132 108 125 109 123 137 11*1* 182 168 Conv. 2,001* 1,929 1,821* 1,806 1,533 1,51*8 1,972 1,931 2,228 2,333 2,122 2,359 2,186 m.a.--NOt available, 1/ total recordings data are estimates based em reports from about 460 areas and Include mortgages of |20,000 or leee scoured by nonfarm real estate, primarily residential properties, Hit-Insured loans represent gross amount of Insurance written, and VA-guaranteed leans the gross amount of loans elosed,en 1-4 family housss. Conventional data ars derived a# a residual, although total roeordlnge and VA end FHA loans are mot strletly comparable 1m ceneept or timing. Three-month moving average, seasonally adjusted by federal Reserve. Soiree* federal Heme Loan Bank Board, federal Housing Administration end Veterans Administration, Exhibit G Yields on New Corporate Bond Issues Adjusted t o an Aaa Basis Amount Average Number of issues yield of issues included (per included (millions CQlt) of dollars) Monthly averages: l y c l - January February March April May July August September October November December Weekly averages: 1961 - January 6 13 20 27 February 3 10 17 2k March 3 10 17 2k 31 April 7 lit 21 28 May 5 12 19 1 26 3 6 h 12 15 18 k k 2 7 9 29.0 97.8 108.0 563.0 1*51.0 701.5 273.0 115.0 78.8 200.0 229.0 1 1 1 -12 3 10.0 7.0 12.0 6.8 1*8.0 1*3.0 k 108.0 3 3. 2 k 3 1 6 5 90.0 82.0 312.0 79.0 165.0 30.0 91.0 165.0 li.35 June 2 It. 31 9 16 It. 26 k.k2 23 It. 51 . 30 1.65 July 7 1.62 lit 21 It. 59 28 It. 38 It. 26 August U W2 11 18 25 September 1 8 1U5 15 lt.lto 22 It. 27 29 It. 61* October 6 It. 32 13 20 It. 27 27 November 3 10 17 It.26 2lt December 1 8 It. 28 It.ltO 15 22 lt.lt2 lt.51t 29 1U9 1962 lt.lt7 January 5 12 lt.lt? It. 55 8 Amount Averag. Number of issues yield of issues included (per Included (millions cent) of dollars) 3 It 6 3 2 60.0 307.0 137.0 130.0 67.5 It.66 It. 68 It.68 lt.56 Jt.58 1 1 2 2 1 1 8.0 200.0 65.0 55.0 20.0 ItO.O lt.6o It. 6it lt.lt6 lt.51t It. 73" It. 60 1 18.0 lt.lt6 1 2 60.8 lt5.o It.36 It. 25 2 3 3 60.0 95.0 lt5.0 It. 21 It. 28 It. 21 It 1 1 9lt.0 60:0 30.0 It.29 It,35 It.ltO Note: Averages of o f f e r i n g y i e l d s on a l l new i s s u e s of p u b l i c l y sold bonds rated Aaa, Aa and A by Moody's Investors Service (except s e r i a l , equipment t r u s t and convertible i s s u e s , o f f e r i n g s of n a t u r a l gas p i p e l i n e and foreign companies, and i s s u e s guaranteed by the Federal Government) weighted by s i z e of i s s u e s . Yields on Aa- and A-rated bonds are f i r s t a d j u s t e d to an Aaa b a s i s , using the comparable spreads in y i e l d s on seasoned bonds (Moody's averages). Averages r e f l e c t changes in i n d u s t r i a l composition, type, maturity, and c a l l provisions of new o f f e r i n g s . Weekly averages considered unusually u n r e l i a b l e as i n d i c a t o r s of I n t e r e s t r a t e s on new issues because of the small number or s p e c i a l c h a r a c t e r i s t i c s of o f f e r i n g s included e t c . a r e marked with an a s t e r i s k . Exhibit H Long-term Corporate and State and Local Government Security Offerings and Placements (3h millions of dollars) 1961 Corporate 1/ I I960 I New capital 1959 State and l o c a l 2/ 1961 I ]L9Z5~ w 580 667 562 570 715 860 821 738 646 715 689 763 April May June 2,118 1,259 1,318 761 577 .1,01*4 894 785 887 720 64l 1,085 719 545 991'. 934 July August September 1,028 61? "736 967 726 535 740 703 470 E/581 e/750 492 606 683 443 521 470 October November December e/800 e/800 e/975 890 ' 956 852 900 ' e/600 e/800 e/550 348 501 491 593 450 478 1st 2nd 3rd 4th 1,809 2,145 ' January February March quarter quarter quarter quarter 1 s t half Three quarters Year 762 4,695 2,437 e/2,575 6,504 8,941 j/11,511 # •S:$ 2,698 h, 527 PMI a 700 611 568 : 648 m 638 568 987 1,880 2,ll,s 2*642 2,446 e/l,801 e/l,950 %»780 l,li33 1,521, 6*750 9,392 4,613 e/6 , i a 5 e/8,365 rs a 2,168 2,256 1,340 2,li88 li,63li.6,067 7,588 Excluding finance companies ] / 1st 2nd 3rd 4th Year quarter quarter quarter quarter !:I8 e/2,'475 (/10,918 1,716 1,999• 2,412 2,165 2,018 2,347 1,716 8,246 8,630 2,503 e7 Estimated. s/Preliminary. 1 / Securities and Exchange Commission estimates of net proceeds. 2 / Investment Bankers Association of Amsrica estimates of principal amounts. y Total new capital Issues excluding offerings of sales and consumer finance companies. Exhibit I New Corporate Security i s s u e s , Type of Issue and I s s u e r ( I n m i l l i o n s of d o l l a r s ) Quarter or month . Net proceeds f o r Gross proceeds f o r new new c a p i t a l 1 / 2 / c a p i t a l and refunding 1 / Bonds Common and Mfg. Public Communi- Other Total Publicly P r i v a t e l y u t i l i t y cations i s s u e r s pfd. offered offered stk. 1959 - I II III IV 2,281 787 2,665 960 2,062 807 2,739 1,004 835 894 8# 1,044 660 811 396 691 358 750 468 364 813 979 470 927 105 43 99 460 928 794 942 890 I960 - I II in IV 2,265 934 2,537 1,074 2,520 1,336 2,832 1,462 795 770 754 955 536 692 429 416 298 511 562 625 598 808 652 696 . 189 149 317 381 1,059 913 896 997 1961 - 1 11 in IV 1,992 662 2,303 772 880 1,275 1,139 Hit 515 381 81 832 ^935 61*1 735 889 805 608 1,121 777 996 71*7 928 1,009 895 324 253 357 348 186 51<0 415 592 329 621 518 323 190 294 311 2.32 220 319 236 229 289 157 357 lilil 126 189 221 226 - 202 265 127 175 128 150 134 131 59 67 172 171 92 21*9 182 220 161 185 249 191 36 85 68 52 36 61 57 165 9k 100 319 318 422 236 304 373 370 359 168 249 366 381 601 695 696 2,231 l,3h2 178 273 211 713 666 29b 255 331 129 167 154 169 99 2li8 320 2 if,o% 813 678 830 a 22< 123 360 218 180 252 ?h0 21 41 19 994 85 16 16 13 75 30 253 368 211 297 289 467 315 279 209 300 I'M 449 1,170 31*8 355 572 392 411 336 270 . % %% 255 177 198 303 144 362 126 222 303 203 311l 180 137 160 84 254 439 \% 215 111 230 *« £7 "Preliminary. e7 Estimated. YJ Gross proceeds exceed n e t proceeds by the cost of f l o t a t i o n . 2 / For t o t a l see Exhibit h; other i s s u e r s are e x t r a c t i v e , r a i l r o a d and other t r a n s p o r t a t i o n , r e a l e s t a t e and finance and commercial and other. J o u r c e . — S e c u r i t i e s and Lxchsnge Commission. ' Exhibit J -13- Other Security Offerings ( I n m i l l i o n s of d o l l a r s ) Gross long-term 1 / F e d e r a l agency 3 / Foreign government 2/ I960 | 1961 |1 1961 I960 | 195? 6 JanuaryFebruary March 29 20 April May June July August September 2 175 70 252 2 66 29 3h 72 140 58 SO 1*2 100 1 1*9 278 118 35k -5 2 25 1 36 85 1 35 250 199 193 — October November December 3h 2 1*1 Year 533 • April May June July August September 199 175 — — 98 150 . 33 30 70 160 11*9 181 86 51*7 1,672 707 Federal agency 3/ S t a t e and l o c a l government 5 / January February March 1959 182 150 150 81 60 2 -1* 181 1* -11*1* -162 -171* -82 176 33 -196 -202 -59 160 195 -8 58 iko -80 -103 -1*2 -155 70 -11*6 -157 197 -25 -197 -79 -87 207 -277 170 • 320 109 518 1*8 1*15 -175 57 392 131 22 193 c/108 95 23 -201 - 362 133 79 -16 50 -189 -81 -176 -117 98 -23 -33 -250 280 21*0 1*1* 18 362 October November December Year -633 . % 368 286 1,969 2 / Preliminary. 1 / These data d i f f e r f r e e those i n Exhibit 0 i n t h a t refundi i« issues, as well as new capital Issues, are Included. Long-term s e c u r i t i e s are defined as these maturing In more than one year. 2/ Includes securities offered in the United States by foreign governments and their subdivisions and by i n t e r national organizations. Sourcet Securities and Exchange Commission. 3/ Issues not gtyranteed by the U. S. Government. Source1 long-term, Securities and Exchange Commission; shortterm , Treastry Department and Federal Reserve. 4 / These <teta d i f f e r from those i n Exhibit 0 and above In that they represent now offerings leBs retirements, whether from the proceeds of refunding Issues or from other funds. Data Include only Issues with original maturity of one year or l e s s . 5/ Principally tax and bond anticipation notes, warrants or c e r t i f i c a t e s end Public Housing Authority notes. I a soee instances PHA notes Included aay have a scwewhat longer term than one year. Sourcet Bond Buyer and Pederal Reserve. -ill- Exhibit K Large Long-term Public Security Issues f o r New Capital (Other than U. S. Treasury) 1 / Proceeds of Large Issues Offered (In m i l l i o n s of d o l l a r s ) Month Total i960 - November December 1961 - January February March April May June July August September October November Corporate Bonds ( o t h e r than Convertible bonds convertibles) 1*65 260 ll*7 267 70 1,572 557 532 1*75 185 168 3 Sh 391 1# 235 106 230 25 560 i+80 1*35 285 165 78 205 320 . S t ate and local government Stocks 186 222 391 360 1*0 5 383 256 616 179 281 1*35 326 1*80 25 —— h1 —— 37 5 1,010 . 62 97 115 20 58 81 1*5 —— 1*0 15 75 33 67 26 Other 2 / 150, 99 67 25 151 100 73 1*0 250 Large Individual I s s u e s Offered during November Issuer Type 3 / Coupon Amount ( m i l l i o n s Maturity r a t e or Offering of net i n t e r - y i e l d dollars) e s t cost Rating CORPORATE S.F. deb. Northern N a t u r a l Gas Co. 20.0 Sen. deb. Family Finance Corp. 25.0 Conv.sub.deb. 26.0 FMC Corp. Idaho Power Co. 1 s t mtg. bds. 10.0 Idaho Power Co. Com. s t k . 7.5 Gen. Tel. Co. of F l a . 1 s t mtg. bds. 15.0 Rochester Gas & Elec. Co. 1 s t mtg. bds. 15.0 Sen. deb. Macy Credit Corp. 20.0 Deb. P a c i f i c Northwest B e l l Tel. 50.0 Natural Gas P i p e l i n e Co. Deb. of America 15.0 Natural Gas Pipeline Co. Cum.pfd.stk 10.0 of America 25.0 Carolina Pwr. & Light Co. 1 s t mtg. bds. Carolina Pwr. & Light Co. Com. s t k . 9.3 Texas Eastern Trans. Co. 1 s t mtg.p.1.bds.35.0 Consol. Edison Co. of N.Y. 1 s t &ref.mtg.bds. 60.0 1981 1981 1981 1991 L-5/8 5 3-1/8 1*-1/2 l*.6o 5.06 3.13 1*.1*7 A 1991 1991 1981 1991* L-5/8 lt-1/2 1*-3/1* U—1/2 1*.60 1*.1*3 1*.75 1*. 1*1* Aa 1981 >-3/1* 1*.83 Baa 1991 l*-l/2 1*.1*7 Aa 1981 l*-7/8 L92 Baa 1991 l*-5/8 1*.50 Aa —— Baa Aa A Aa -15- K-2 targe Individual I s s u e s o f f e r e d during November (Cont'd) Type 1 / Coupon Amount rate or Offering (millions Maturity n e t i n t e r - y i e l d of e s t cost dollars) Rating CORPORATE CCont'd) Permanente Cement Co. Penna. Power & Light Co. 18.3 Pfd. s t k . 1 s t mtg. bds, , 30.0 1*.55 Aa 1991 l*-5/8 78.5 27.5 19.0 56.5 10.0 13.8 1962-2002 1962-91 1963-87 2001 1961*-8l 1962-90 n.a. 3.31 U.98 3.2k 3.33 3.1*0 1.1(0-3.55 Aaa 1.60-3.78 A 1.65-L60 A li.75 2.10-3.1*5 AS 1.60-3.55 A 20.0 12.5 20.0 I6.I1 35.0 1963-89 1962-76 1963-91 1963-90 1962-90 3.8 3.32 3.07 2.76 3.75 1 . 8 5 - 3 . 7 0 Aa 1.70-3.30, M 1 . 6 5 - 3 . 5 ^ ft* 1 . 7 0 - 3 . 2 0 2 r Aaa 1.70-3.85 A 17.0 1963-91 3.53 1.70-3.63 100.0 30.0 11.6 11.9 1970-85 1962-72 1962-76 1962-86 3.77 2.89 2.82* 3.33 3.10-3.75 1 . 3 5 - 3 . 0 0 Aa 1.1*5-3.15 6 /Aa 1 . 6 0 - 3 . 5 0 5 Aa 100.0 125.0 25.0 1972 1961* 1976 14-3/8 STATE AND LOCAL GOVERNMENT G.O. Public Housing Auth. Virginia State Ports Auth. Rev. -Ut. G.O. P h i l a d e l p h i a , Pa. Rev. Oklahoma Turnpike Auth. G.O. State of Hawaii . G.O. Nassau County, New York Los Angeles f l o o d Control G.O. D i s t . , California G.O. Maryland State Roads Comm. G.O. State of Oregon G.O. State of New Hampshire Rev. —S, T. Georgia State Hwy. Auth. Omaha Public Power D i s t . , Rev. -Ut. Nebraska Triborough Bridge & Tunnel Bev. Auth. Rev.-S.T. State of Ohio G.O. B u f f a l o , New York G.O. State of M i s s i s s i p p i — OIHER Fed. N a t ' l Mtg. Assn. Bds. Kingdom of Belgium Eds. 1*.38 3.88 5.70 —Rights o f f e r i n g . n.a.—Not a v a i l a b l e , _ . 1 / Includes corporate and other s e c u r i t y o f f e r i n g s of $15 m i l l i o n and over; 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 $10 m i l l i o n end oyer. 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 and non-guaranteed i s s u e s by Federal a g e n c i e s . 3 / In the c a s e of State and l o c a l government S e c u r i t i e s , 0 . 0 . denotes general o b l i g a t i o n s i R e v . - U t . , revenue o b l i g a t i o n s secured only by Income from public u t i l i t i e s ; Rev.-Q.Ut., revenue bonds secured only by revenue from q u a s i - u t i l i t i e s ; R e v . - S . T . , revenue bonds secured t y revenue from s p e c i f i c t axes o n l y ; Rev.-Bent., revenue bonds secured s o l e l y by l e a s e payments. V 1995 m a t u r i t i e s n o t r e o f f e r e d . 5 / 1981-90 m a t u r i t i e s n o t r e o f f e r e d . 6 / I98I4.-86 m a t u r i t i e s not r e o f f e r e d . — Exhibit L -16- Forthcoming Large Long-tenn Public Security Offerings f o r New Capital (Other than U. S. Treasury) 1 / Expected Proceeds from Forthcoming Large Issues Subsequent t o date shown During month following date shown Date of computation Corporate 1960 - Nov. 30 Dec. 30 1961 - Jan. 31 Feb. 28 Mar. 31 Apr. 28 May 31 June 30 J u l y 31 Aug. 31 Sept. 29 Oct. 31 Nov. 30 [ofcheaTg/ Corporate | ^ 1 260 91 110 214.2 1412 181 5# 1*87 521 170 236 lt31 195 i*06 399 251 597 295 55 1,580 iu 3h6 356 560 682 360 638 806 579 771 291 537 530 hSk 693 1*98 335 1,036 1,01*6 1,125 15 75 1,700 687 611 666 255 73 35 2h0 eovt.l0ther 2/ . 50U I4II 1*21 15 75 73 35 Forthcoming Large O f f e r i n g s , a s of December 1 Issuer Type . Amount Approximate date (millions of o f f e r i n g of d o l l a r s ) CORPORATE Borden Co. General Tel. Co. of C a l i f o r n i a Tennessee Gas Transmission Co. Bank of America Deb. 1 s t mtg. bds. Deb. Com. s t k . 50.0 25.0 50.0 9LL - P a c i f i c Lighting Corp. *Kratter Corp. Commerce Oil Refining Corp. Realty^Collateral Coip. Com. s t k . Sub. deb. Deb., bds. & com. Coll. t r . notes 36.6 100.0 lb.0 20.0 Dec. 6 Dec. 7 Dec. 12 Dec. 15 ( r i g h t s expire) Dec. Dec. ( r i g h t s expire) Indefinite Indefinite STATE AND LOCAL GOVERNMENT Baltimore, Maryland State of Connecticut Oakland Co. Mich., Twelve Town Drainage D i s t . Oklahoma City, Okla. New York C i t y , New York Penna. S t a t e Public Bldg. Auth. LosforAngeles Dept. of Wtr. & Pwr. Digitized FRASER G.O. G.O. G.O. G.O. G.O. Rev. -Rent. Rev.-Ut. 28.5 • 25.0 33.7 15.9 53.1 23.0 16.0 Dec. 5 Dec. 5 Dec. Dec. Dec. Dec. Dec. 6 12 12 12 13 L-2 -17 Forthcoming Large O f f e r i n g s , a s of December 1 (Cont'd) Type Amount Approximate d a t e (millions of o f f e r i n g of d o l l a r s ) STATE AMD LOCAL GOVERNMENT (Cont'd) Florida Turnpike Auth. Georgia Rural RmHe Auth. < iontgoncry Co., 1 arylsnc; East jjay liun. U t i l . L i s t . , C a l i f . San Jose, C a l i f o r n i a Ascension-St. James Bridge & Ferry Ai Orleans Parish Sch. D i s t . , La. Dade County, Florida J a c k s o n v i l l e Expressway Auth. Rev. Rev. -S.T. G.O. G.O. U.O. Rev. - r U t . ' G.O. G.O. Rev.-Ut. 100.0 13.0 13.2 30.0 20.0 30.8 10.0 1*6.0 1*0.0 Dec. Jan. 1 Jan. 9 Jan. 9 Jan. 10 Jan. Indefinite Indefinite Indefinite OTHER None *—Included i n t a b l e f o r f i r s t time. 1 / Includes corporate and o t h e r i s s u e s of $15 m i l l i o n and over; S tate and l o c a l government i s s u e s of $10 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 and non-guaranteed i s s u e s by Federal a g e n c i e s . Note.—Deletions f o r reasons other than s a l e of i s s u e : None.