Full text of H.16 Capital Market Developments : December 3, 1962

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Not for Publication mkoNTHOLLBD AFTER SIX MONTHS
December 3, 1962.

H. 14
UBRAR*

(

J:V 5 136£

CAPITAL MARKET DEVELOPMENTS
IN'THE UNITED STATES

ling Review of Capital Market Developments in November)

FEDERAL
Of niCHMOND

Public security financing was in fairly substantial volume
last week, but is expected to be in somewhat smaller volume this week.
During the week ending November 30, a $65 million corporate issue for
new capital was offered and four State and local government bond issues
with par value of $64 million were sold. In addition Pacific Power and
Light Company offered $32 million of first mortgage bonds to refund
outstanding securities. This week, ending December 7, two corporate
issues for new capital totaling $75 million are scheduled for public
offering, but no large State and local issues are on the calendar.
Bond yields. Changes in yields on seasoned, long-term bonds
were mixed but minor again last week. Yields on Aaa-rated corporate
bonds edged up one basis point from their low for the year, but Baa-rated
corporate yields fell a basis point further to 4.94 per cent, their
lowest level since mid-May 1959. Aaa-rated State and local government
bond yields and those on U. S. Government bonds were stable at 2.89
and 3.88 per cent, respectively. Yields on Baa-rated municipals rose
one basis point to 3.54 per cent.
Yields on newly offered corporate bonds, adjusted to an Aaa
basis, averaged 4.17 per cent last week, somewhat higher than in other
recent weeks.
Short- and intermediate-term interest rates. Rates on 3-month
and 6-month Treasury bills rose 2 and 6 basis points further, respectively,
last week, but yields on 3-5 year U. S. Government obligations dropped
one basis point. The effective Federal funds rate changed little last
week, averaging 2.90 per cent. Other short- and intermediate-term
interest rates were unchanged.
FNMA secondary market operations. Purchases of mortgages by
the Federal National Mortgage Association in the secondary market moved
higher in October and, at $32.2 million, were moderately above the
reduced level reached in July. Offerings also rose, to $43.5 million,
and continued above purchases. Sales by FNMA tended higher; the level
of $10.9 million in October remained above the low level usual for this
series but was considerably under the recent peak of $105.7 million
reached last April.
Stock prices. Common stock prices advanced moderately further
last week in very active trading. Prices, as measured by Standard and
Poor's composite index of 500 stocks, rose one per cent on balance to
close at 62.26 on November 30. Trading volume averaged 5.5 million
shares a day, the largest daily average since the near record average
of the week ending June 1.




-2-

Estimated December security volume. New security financing by
corporations is expected to be in moderate volume in December, while bond
sales by State and local governments will probably be rather light again
this month.
Security financing by corporations to obtain new capital is
ecpected to total $0.8 billion in December, almost one-fourth more than
the revised November total but one-fifth less than a year earlier. The
bulk of this month's financing, however, is expected to consist of the
usual large takedown of private placements at year-end; public offerings
are expected to be rather light—about the same as in November and substantially less than a year earlier. Security financing of this magnitude
in December will bring total offerings for 1962 to $9.5 billion, one-fifth
less than last year's record volume and slightly less than in 1960.
Long-term bond sales of State and local governments will probably
amount to around $0.5 billion in December, one-tenth below the revised
November total and one-sixth less than in December 1961. Financing in
such volume in December will result in State and local financing for this
year aggregating $8.4 billion, about the same as last year's record
volume and one-sixth larger than in 1960.
Capital markets in November. Security financing to obtain new
capital by both corporations and State and local governments was in
rather light volume in November. Bond yields changed little on balance
during the month, although recently they have tended to edge up slightly
from their lows.
New security financing by corporations totaled around $650
million in November, close to one-fourth less than in October and one-third
smaller than in November of the two previous years. The only large issues
publicly sold for new capital during the month were four nonconvertible
bond issues amounting to $178 million, the smallest large issue total
since July. Financing to refund outstanding securities amounted to
around an additional $60 million.
Yields on seasoned corporate bonds declined slightly further
during November, with yields on Aaa-rated issues reaching a low of 4.24
per cent (daily basis) by mid-month, their lowest level since early
April 1961; by month-end, however, they had gone up to 4.25 per cent,
one basis point below their end of October level. Yields on new corporate
bonds, adjusted to an Aaa basis, also declined somewhat during the month,
but by month-end were also above their earlier low. Most new issues
met with rather indifferent investor response initially and were still
in the process of gradual distribution at month-end. Syndicate balances,
however, remained moderate throughout the month.
Bond financing by State and local governments totaled $550
million in November, one-twelth less than in October and three-tenths
below a year earlier. Yields on Aaa-rated municipal bonds, which had
been at their lowest level since July 1958 at the end of October, rose
one basis point to 2.89 per cent around mid-November and did not change
thereafter. Bidding for new municipal issues by underwriters was less
FRASER

Digitized for


-3

aggressive than during the past several months. Retail demand for new
issues was slow at the current level of yields and dealers' advertised
inventories of unsold securities rose substantially from the moderate
end-of-October level despite the low volume of new financing. At the
end of the month advertised inventory totaled about $550 million, $150
million higher than at the end of October but over $100 million below
their mid-May peak.
Common stock prices advanced sharply and persistently throughout the month of November in increasingly active trading volume. Prices,
as measured by Standard and Poor's composite index of 500 stocks, climbed
10 per cent during the month to close at 62,26 on November 30. At this
level stock prices stood about mid-way between the December 1961 peak
and their late June low. Trading volume averaged 4.8 million shares a
day, the largest monthly average since May and 1.4 million shares higher
than in October.
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.




IIXHIHT A. fart I
[ l O N O - T I R M BOND YULPS, H I O H - O K A P I

C h a n g * in l e r l e i j
M I I l i M il I I >o-

JIS7

'.I III

ill!

JJIO.

11*1

11*1

Exhibit A - Part II

Date

Corporate
Aaa y

U. S. Govt.
long-term 2/

1957 - High
1958 - Low
1959-60 - High
1960-61 Low
1961 - High
1962 - High
Low

lt.1it (9/27)
3.55 ( 5 / 2 )
It. 61 (3/29/60)
It. 21 ( 3 / 1 7 / 6 1
lt.lt6 (9/15)
4.43 (2/16)
4.24 (11/23)

3.76
3.07
lt.lt2
3.70
lt-,07
4.12
3.85

4.26
4.26
4.25
4.24
4.25 /

3.87
3.86
3.87
3.88
3.88

State and .
local
government
Aaa 3/

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

(per cent)

Nov.
Nov.
Nov.
Nov.
Nov.
Note:

2
9
16
23
30 2 /

For footnotes see Exhibit "IT"




(10/lB)
(4/25)
(3/8/60)
(5/12/61)
(12/29)
(2/23)
(5/11)

3.16(8/29)
2.61* ( 5 / 1 )
3.65 (9/24/59)
2.99 (9/3/60)
3.37(7/6)
3.26 (1/4)
2.88 (11/8)

.60
.22
.59
.19
.57
.47
.29

•?2
.L6
.76
1.08
.80

2.88
2.88
2.89
2.89
2.89

.39
.40
.38
.36
.37

.99
.98
.98
.99
.99

•

•50
.3lt

LONG-TERM BOND YIELDS, I O W 1 R - O R A P I

vM

vLL
fOIATI lee

iLS)

1 /

W

L

/V

/ - V

v V' '

\

ES

CO]

\A

if 5-'^

•

|11$I

1*5$

1
•To!

1 1 1 1 II II 1 II 1

X U l . 11 1 II 11 1

'ID

M»0";

mi

:mil

Exhibit B - Part II

Date

Corporate
Baa 1/

State and
local govt.
Baa y

Spread between
Aaa and Baa
State and
Coxporate
local govt.

(per cent)
1957 - High
1958 - Low
1959-60 - High
1960-61 Low
1961 - High
1962 - High
Low
Nov.
Nov.
Nov.
Nov^
Nov.

2
9
16
23
30 ]>/

5.10
1|.5L
5.36
U.98
5.13
5.11
4.94
4.99
4.97
4.96
4.95
4.94

(11/29)
(7/11)
(2/12/60)
(9/9/60)
(10/27)
(1/5)
(11/30)

4.51 (8/29)
3.6I1 (5/1)
h.k6 (3/7/60)
3.93 (11/9/61)
li.16 (3/23)
4.04 (1/11) .
3.52 (5/17)
3.53
3.53
3.53
3.53
3.54

1.27
.77

.74
.63

1.21
.93
1.08
.57
.93
.82
.56

.73
.71
.71
.71
.69

.65
.65
.64
.64
.65

.8U
.66

.81

£ 7 Preliminary#
"
3/ Weekly average of daily figures. Average term of bonds included in 23-26 years.
2/ Weekly average of daily figures. The series includes bonds due or callable in 10 years or more.
3/ Thursday figures. Only general obligation bonds are included;, average term is 20 years.
Hote.—-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 C, Pott I

. SHOUT- AND INTERMEDIATE- TERM I N T i t l S T KATES, GOVERNMENT
I W..fcly|

1 • MONTH SILLS

1 • $ TUt ISSMSt

F. I. DISCOUNT 1ATI

1951

Date

Discount
rate

V
1957 - High
1958 - Low
1959-60 - H
1960-61 Low
1961 - High
1962 - High
Low
Nov.
Nov.
Nov.
Nov.
/Nov.

2
9
16
23
30 £/

mi

3-month
bills 2/

Loo
3.00
3.00
3.00
3.00

3.6k
.58
1.59
2.11
2.66
2.97
2.65

3.00
3.00
3.00
3.00
3.00

2.74
2.82
2.82
2.84 /
2.86-

3.50
1.75

I I I I I I I I I I I I I I I I I I I I I I I
ik*:
Exhibit C - Part II
Yields
6-month
bills 2/
(per cent)

3-5 year
issues 2 /

Spread between yields on 3 month bills and yields on
6-mo. bills13-5 yr. issues

(10/18)
L Ok (10/18)
(5/29)
3.02 (12/26) 2.1k (6/6)
(3/8/60) 5.07 (1/8/60) 5.00 (13/24/59)
(10/28/60) 2.35 (4/28/61) 3.15 (5/12/61)
(12/29)
2.90 (12/29) 3 . 8 6 ( 8 / 1 1 )
3.13 (7/20) 3.88 (2/2)
(7/13)
(6/8)
2.74 (6/8)
3.43 (11/9)
2.82
2.87
2.86
2.90
2.94

3.45
3.43
3.46
3.49
3.48

.26
.79
.12
.kk
.24
.04

.86
.Ok
1.81
.38
1.51
1.19
.61

.08
.05
.04
.06
.08

.71
.61
.64
.65
.62

2/ Market yield; weekly averages computed from daily olosing 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, Part I

SHORT- AND INTERMEDIATE-TERM INTEREST RATES,
BANKS A N D OTHER PRIVATE BORROWERS
Weekly

K\

Exhibit JD - Part II

Date

Stock Exchange
call loan 1 /

Prime
rate 1 /

Finance companypaper 2/

Federal
funds 3/

Spread between
3-mo. bills and
finance Co. oaoer

(per cent)
1957 - High
1958 - Low
1959-60 - High
1966-61 Low
1961 - High
1962 - High
Low
Nov.
Nov.
^%Mov.
Nov.
Nov.
37

2
9
16
23
30 j>/

L5o

4.50
4.50

U.50
4.50
4.50

3.88
1.13
5.13
2.50
3.00
3.25
2.88

4.50
4.50
4.50
4.50
4.50

4.50
4.50
4.50
4.50
4.50

2.95
3.03
3.11
3.13
3.13

3.50

5.5b
L. 5o

k.5o

It. 50
3.50
5.00

L5o

(11/15)
(8/6)
(1/22/60)
(8/5/61)
(12/29)
(7/20)
(6/1)

.

3.50 (12/8)
.13(5/29)
L 0 0 (5/13/60)
.1*3 (1/27/61)
2.88 (12/29)
3.00 (11/16)
1.30 (1/26)
2.93
3.00
3.00
r/2.91
2.90

.63
-.35
1.02
.11
.56
.45
.19
.21
.21
.29
.29
.27

Weekly rate shown is that in effect at end of period.Stock Exchange call loan rate is going rate
on call loans secured by customers1 stock exchange collateral at Hew York City banks. Prime rate
is that charged by large hanks on short-term loans to business borrowers of the highest credit

2/ Iverage^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 Hew York.
Note. Highs and lows are for individual series and may be on different dates for different series.
Digitized forTor
FRASER
spreads, high refers, to widest, and low to narrowest.



;

EXHIBIT E f a r t I

STOCK MARKET

Millions e l Doll

y T » i o c « » m n Clip

—

CHANGE I N s t m t s

VV/MA
P.r C«"MI

VIHDS

-LW 1 1 1 1 1 1 1 1

,

1 1 1 1 1 1 1 1 1 11 11 1 1 1 1 1 1 11 11 11 1 1 1 1 1 11 1I I1 I I I.I 1 I A U

:

Exhibit E - Part II

Bate

3960-61 - High
Low
1962 - High
Low
October
November
Nov. 16
Nov. 23
Nov. 30 j>/

Stock price
index 1/

Trading
Common
volume y
stock
yields 2/ (millions
(per cent) of shares)

72.0l| (12/8/61)
53.32 (10/21/60)
70.94 (3/16)
52.68 (6/22)
56.17
60.04
60.16
61.54

62.26

2.82
3.62
2.93
3.96
3.71
3.53
3.47
3.45
3.42

5.8
2.2
10.1
2.4
3.4u
4.8
4.8
4.6
5.5

Stock market customer credit
Customers'
Bank
Total debit t-X- loans to
ances u/ "others" 5/
(In millions of dollars)

5,602 (12/61)^,259 (12/61) 1,377 (e/30/61)

It,11*2 (5/60) 3,001* (7/60) l , i a (5/25/60)
5,491 (4) 4,111 (1)
1,418 (5/9)
4,876 (7) 3,562 (7)
1,269 (9/26)
5,165

3,864

1,301
1,322
1,321

n.a.—Not available* 2/ Preliminary.
.
V
Standard and Poor's composite index of 500 camion 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.
4/ End of month figures for member firms of the New York Stock Exchange which carry margin accounts 1
excludes balances secured by U. S. Governmant obligations.
5/ Wednesday figures for weekly reporting member banks. Excludes loans for purchasing or carrying
U. S. Government securities. Prior to July 1, 1959, such loans are excluded only at banks in
New York and Chicago. Weekly reporting banks account for about 70 per cent of loans to others.
For further detail see Bulletin.




FEDERAL N A T I O N A L MORTGAGE A S S O C I A T I O N V
SECONDARY MARKET OPERATIONS
M l l l l e n i of d o l l a r )

Monthly

}

OFFdlNCS

LXn

SHIS

7AKn
Jj IP
J
..TLIt
•

\'\\

I

\v

•JJ

i 11$$

: n$t

n$7

J

1

/ j ruicH

V"

hsi

- ii$i

mo

Mil

:

Exhibit F - Part II

Date

1961 - Oct.
Nov.
Dec.
1962 - Jan.
Feb.
Mar.
Apr.
May
July
Aug.
Sept.
Oct.

Estimated offerings to FNMA.
Purchases
StandbyImmediate
by
purchase commitment
FNMA
(In mil]Lions of do]Liars)

Total

154.2
141,4
120.0
118.3
82.5
68.6
51.1
40.3
33.0
29.0
40.8
35.9
43.5

150.9
138.5
117.7
, 116.6
80.8
66.3
50.0
38.8
31.7
27.9
39.9
35.2
42.7

3.3
2.9
2.3
1.7
1.7
2.3
1.1
1.5
1.3
1.1
1.0
.7
.8

92.4
112.3
107.2 ~
104.7
89.0
81.6
51.5
42.0
29.0
21.9
29.6
25.0
32.2

Sales
by '
FNMA
-

1.8
2.7
2.4
1.4
7.3
75.9
105.7
64.0
56.3
38.5
6.3
8.4
10.9

•—Less than $50,000.
V
Data represent unpaid principal balancea 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. id thin 45 days. A standby commitment contract relates to proposed mortgages on
housing not yet under construction which the seller most usually deliver within one
year. Purchases ifooludie 'those under both immediate purchases and standby oonmltment
contracts. DatatittiludefRMA activity under Special Assistance and Management and
FRASER
Liquidating Progress.

Digitized for


If
EXHIBIT O. Fori 1

YIELDS O N NEW AND SEASONED CORPORATE BONDS

.

NEW 1
Ad|u»l.d to

|«.S
r

w

i*

^\I/'

SEASONED 4

UsL^i l l i -1 -l—1—'—1—'—

Xxhibit 6 - Part IX
Yields on New Corporate Bond Issues Adjusted to an Aaa basis
Number Aa't of issues Average
of
included (mil.
yield
(oer cent)
issues of dollars)
Weekly averages:
1962 - June, 1
8
15
22
29
July. 6
13
20
27
Aug. 3
10
17
24
31

1
3
4
3
1

17.0
115.0
67.0
145.0
24.0

4.18
4.30
4.22
4.18
4.35

1
3
1
4
2
3
2
1

50.0
46.0
20.0
107.3
115.0
70.0
52.0
60.0

4.44
4.29
4.33
4.33
4.45
4.27
4.29
4.28

Number Am't of issues Average
of
included' (mil.
yield
(per cent)
issues of dollars)
Sept.

7
14
21
28
Oct. 5
12
19
26
Nov. 2
9
16 .
23
30

1
1

12.0
50.0

4.23
4.22

1
1

4.9
75.0

4.16
4.22

2
3
2

275.0
85.0
37.0

4.29
4.14
4.13

2
2

19.8
72.5

4.00*
4.17

lote: Averages ox ozxerang yxexu on ujl new ie»uee ox puouajy oxxexwa ooiporwee oonno ra-cea j»b, j » a m
A by Moody's Investors Servioe (except serial and convertible issues, offerings of natural gas pipeline
and foreign companies, and bonds guaranteed by the Federal Government) weighted by size of offering.
Before averaging, new offerings are adjusted to a mmnosite Aaa basis by deducting from the actual
reofferlng yield the excess of the weekly average yield for seasoned toads of the appropriate industryquality group over the composite average for seasoned iaa-rated toads (Moody's). Averages considered
unrepresentative
because of special characteristics of t&e offerings included are denoted by an asterisk.




H.14

Exhibit H
Long-term Corporate and State and Local^Government
Security Offerings and Placements
(In millions of dollars)
New capital
Corporate 1/
\
1961
1

1960

592
859
807

580
667
562

570
715
860

2/876
2/1,133
2/629

713
689
764

700
611
568

1,113
760
1,132

2,118
1,259
1,318

761
577
1,044

2/873
2/913
2/784

723
641
1,034

719
545
991

582
749
579

1,028
762
647

736
967
726

2/594
ef 575
ef 400

485
604
734

492
606
683

e/850
e/650
e/800

1,090
948
1,000

890
956
852

ef 600
e/550
e/500

.678
789
606

348
501
491

2,258
3,005
1,910
ef2,300

1,809
4,695
2,437
3,038

2,145
2,382
2,428
2,698

2/2,639
2/2,569
e/1,569
e/1,650

2,166
2,397
1,823
2,073

1 ,880
2 ,256
1 ,780
1 ;,340

5,263
7,173
e/9,473

6,504
8,941
11,979

4,527
6,955
9,653

2/5,208
e/6,777
e/8,427

4,563
6,386
8,460

4j,136
5,,916
7,,257

1962
January
February
March
April
May
June
July
August
September
October
November
December
1st
2nd
3rd
4th

quarter
quarter
quarter
quarter

1st half
Three quarters
Year

State and local 2/
1962
I 1961
I

.

1960

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

quarter
quarter
quarter
quarter

Year
e/
If
2/
3/

2,199
2,919
1,775
ef2,050

1,554
4,552
2,337
2,807

1,716
2,165
2,018
2,347

e/8,943

11,253

8,246

Estimated by Federal Reserve.
j>/ 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.




&
H.14

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

Quarter
month

Gross proceeds for new
capital and refunding 1/
Common
and
Total Publicly Privately
pfd.
offered offered
stock

1Siew p r o a »eds for
lew capiltal 1 / 2 /
Memo:
foreign
issues
included

Mfg.

Public Communiutility cations

Other
issuers

1960 - I
II
III
IV

2 ,265
2 ,537
2 ,520
2 ,832

934
1 ,074
1 ,336
1 ,462

795
770
754
955

536
692
429
416

69
27
38
17

298
511
562
625

598
808
652
696

189
149
317
381

1 ,059
913
896
997

1961 - I
II
III
IV

1.,992
5.,352
2,,566
3 3,236

662
2.,303
772
967

880
1 ,275
1 ,139
1 ;,424

449
1,774
654
845

76
155
69
62

515
1,466
595
836

381
1,081
595
836

81
1,095
104
147

832
1 ,052
803
1.,263

1962 - I
II
III
IV

2,,378
3 j,250
2, 184

1,,155
1,,389
853

716
1,,222
1,,024

507
639
307

68
257*
56

655
996
601

430
983
375

456
231
275

717
794
659

601
695
696
2,231
1,342
1,779
July 1,075
813
Aug.
Sept.
678
Oct. 1,155
Nov.
987
Dec. 1,094

178
273
211
713
666
924
424
225
123
336
414
217

294
255
331
348
355
572
392
411
336
509
348
567

129
167
154
1,170
320
283
259
177
218
310
225
310

54
19
3
71
35
49
52
7
10
25
12
25

169
99
248
574
447
446
428
255
252
271
215
306

137
160
84
254
439
389
369
215
111
306
362
168

21
41
19
994
85
16
16
13
75
25
80
42

253
368
211
297
289
467
31$
279
209
487
291
485

273
497
386
654
247
488
200
477
176
530

232
232
253
227
420
575
366
363
295
350

143
155
209
336
134
169
67
82
161
100
.

3
12
54
10
147
100
13

205
131
318
384
270
342
217
218
166
210

89
148
193
377
196
410
118
110
148
140

73
362
21
88
64
79
88
120
67
260

225
218
275
264
229
301
159
301
199
240

1961

Feb.
Mar.
Apr.
May

1962 - Jan.
Feb.
Mar.
Apr.
May

;

647
884
847
1,217
801
1,232
630
July
922
Aug.
632
Sept.
980
Oct.el
Nov.
Dec.

43
n.a.

£/ Preliminary.
e/ Estimated by Federal Reserve.
1/ Gross proceeds exceed
net proceeds by the cost of flotation.
2/ 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.




H.14
Other Security Offerings
(In millions of dollars)
Gross long-term 1/
Federal agency 3/
Foreign government 2/
1961
1962
1962
1961
1960
January
February
April
May
July
August
September
October
November '
December

142
10
35
10
86
50
25
8
31
e/150

6
29
20
2
66
29
5
2
43
34

2
175
70
34
72
40
25
1
36
34
2
41

246
156
252
100
149
278

e

150
175
/~

533

Year
e/547

1960
182
150
150
148
354

250
193
160
149
181
1,448

1,672

e/1,188

Net short-term 4/
State and local government 5/
Federal agency 3/
J anuary
February
March
April
May
July
August
September
October
November
December

18
466
-186
127
-84
-118
78
339
406
£/ 21

160
195
-8

-103
-42
-155
109
518
-86
-6

54
-116

Year
2/255.
£/
1/

58
140
-80
70
-146
-157
48
415
-175
-16
50
-189

520

18

580

157

247
-156
226
-364
82
284
261
227
-157
379

1,029

-144
-162
-174
-79
-87
207
22
193
108
98
56
-114

-196
-202
-59
-277
170
320
95
23
-201
-23
-33
-250

-76

-633

-18

-350

Preliminary.
e/ Estimated by Federal Reserve.
n.a.--Not available.
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 United States by foreign governments and their
political subdivisions and international organizations. Source: Securities and
Exchange Commission.
3/ Issues not guaranteed by the U. S. Government. Source: Long-term, Securities
and Exchange Commission; short-term, Treasury Department and Federal Reserve.
4/ These data differ from those in Exhibit H and above in that they represent new
offerings less retirements, whether from the proceeds of 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 Authority notes. In some^instances PHA notes included may have a somehttp://fraser.stlouisfed.org/
what longer maturity than one year. Source: Bond Buyer and Federal Reserve.

Federal Reserve Bank of St. Louis

H

Vf
Exhibit K

H.14

Large Long-term Public Security Issues for New Capital
(Other than U. S. Treasury) 1/
Proceeds of Large Issues Offered
(In millions of dollars)

Month

Total

1961 - October
November
December
1962 - January
February
March
April
May
July
August
September
October
November

C o n orate
Bonds
Convertible
(other than
bonds
convertibles)

354
391
255
195
425
366
648
200
472
165
286
191
434
178

Stocks

81
45
130
25

67
26

205
320
125
170
425
330
430
170
387
135
226
100
398
178

State
and
local
government

——

21
167
30
85
30

---

60
91
36

--

--

1/
40
250

326
480
307
.561
662
259
423
373
226
361
272
153
320
217

--

15
51

Other

145
64
30
55
88
30
20
194
25
--

Large Individual Issues Offered During November

Type 3/

Coupon
Amount
Offering
rate or
(millions
Maturity
net inter- yield
of
est cost
dollars)

Rating

CORPORATE
Columbia Gas System
Georgia Power Co.
Household Finance Corp.
Pacific Gas & Elec. Co.

Deb.
30.0
1st mtg. bds .
23.0
Deb.
60.0
lst&ref.mtg.bds.65.0

1987
1992
1987
1995

4-3/8
4-3/8
4-3/8
4-1/4

4.35
4.30
4.40
4.25

Aa

Aaa

A
A

STATE AND LOCAL GOVERNMENT
Cincinnati, Ohio
East Bay Mun. Util. Dist.,
Cal.
Houston, Texas
Lincoln Sch. Dist., Neb.
State of Connecticut
Philadelphia, Pa.
Gateway Union Sch. Dist., Pa.
Okla. City Mun. Impr. Auth.
Texas Water Devel. Bd.
State of Kentucky
Puerto Rico Aqueduct &
Sewer Auth.




i2.3 :1964-98

2.90

1.55-3.15

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

G.O.

33.0 1963-92
14.0 1963-96
12.0 1964-82
48.0 1967-83
21.76/1964-93
11.78/1963-85
10.0 1971-2000
15.0 1964-97
25.0 1972-90

2.92
3.30
2.78
2.56
2.97
3.71
3.38
3.13
3.07

1.50-3.154/Aa
1.50-3.405/A
1.60-2.85 Aa
1.90-2.90 Aaa
1.55-3.257/A
2.50-3.50 A
1.60-3.25 Aaa
2.40-3.209/Aa

Rev.-Ut.

14.0

3.53

1.75-3.65

1964-2000

A

K-2
Large Individual Issues Offeree- Dujrin,; ilover.iber

Issuer

Type 3/

- Coupon
Amount
rate or Offering
(millions
Maturity
net inter- yield
of
est
cost
dollars)

OTHER
None
-*—Rights offering.
1/ Includes corporate and other security offerings of $15 million and over;
State and local government security offerings of $10 million and over.
2/ Includes foreign government and International Bank for Reconstruction and
Development issues and non-guaranteed issues by Federal agencies,
3/ In the case of State and local government securities, G,0. denotes general
obligations; Rev.-Ut., revenue obligations secured only by income from
public utilities; Rev.-Q.Ut., revenue bonds secured only by revenue from
quasi-utilities; Rev.-S.T., revenue bonds secured by revenue from specific
taxes only; Rev. -Rent., revenue bonds secured solely by lease payments'.
4/ 2 per cent bonds maturing 1990-92 reoffered to yield 3.55 per cent.
_5/ 2 per cent bonds maturing 1996 reoffered to yield 3.70 per cent.
6/ An additional $5.0 million was sold to refund outstanding securities.
7/ 0.1 per cent bonds maturing 1990-93 not reoffered.
8/ Placed privately.
jV 1/8 per cent bonds maturing 1990 reoffered to yield 4.10 per cent.




Rating

/f
Exhibit L

H.14

Forthcoming Large Long-term Public Security Offerings for New Capital
(Other than U. S. Treasury) 1/
Expected Proceeds from Forthcoming Large Issues
During month following
date shown
State and
Corporate
Other 21
local govt.

Date of
computation

Oct. 31
Nov. 30
Dec. 29
Jan. 31
Feb. 28
Mar. 30
Apr. 30
May 31
June 29
July 31
Aug. 31
Sept. 28
Oct. 31
Nov. 30

346
356
161
480
222
628
185
587
120
302
170
363
203
170

597
295
223
465
153
453
333
184
202
273
61
187
96
194

Subsequent to
date shown
State and
Corporate
local govt.
411
421
591
525
341
693
598
692
458
477
312
546
328
360

---

64

95
55

175

75

Other 2/

693
498
415
567
* 239
539
452
337
377
427
215
387
243
328

—

64

95
55
25
175
75

Forthcoming Large Offerings, as of November 30

Issuer

Type

Amount
(millions
of dollars)

Approximate date
of offering

CORPORATE
Metropolitan Edison Co.
Consolidated Edison Co.
Beneficial Finance Co.
Southern New England Tel. Co.
Tokyo Shibaura Electric Co. Ltd,
*New York Tel. Co.
^Chesapeake & Potomac Tel. Co.
Tennessee Gas Trans. Co.
Commerce Oil Refining Corp.

1st mtg. bds.
1st & ref. mtg. bds.
Sen. deb.
Deb.
Conv. deb.
. Deb.
Deb.
1st mtg. bds.
Deb., bds. & com.

15.0
60.0
30.0
45.0
20.0
70.0
25.0
50.0
45.0

Dec. 4
Dec. 6
Dec. 12
Dec. 12
Dec. 12
Jan. 9
Jan. 23
Indefinite
Indefinite

30.0
100.1
11.9
10.0
11.3
30.8
35.0
12.9
46.0
40.0

Dec. 10
Dec. 12
Dec. 13
Dec. 17
Dec. 19
mid-Dec.
Indefinite
Indefinite
Indefinite
Indefinite

STATE AND LOCAL GOVERNMENT
State of New York
Public Housing Auth.
Tampa, Florida
Cleveland Consolidated Sch. Dist., 0.
Richmond, Va.
Memphis, Tenn.
Pittsburgh, Pa.
Jefferson County, Colorado
Dade County, Florida
Jacksonville Expressway Auth., Fla.




G.O.
G.O.
G.O.
G.O.
Rev.-Ut.
G.O.
G.O.
G.O.
Rev.-Ut.

L-2

H.14

Forthcoming Large Offerings, as of November 30 (Cont'd)

Issuer

Type

Amount
(millions
of dollars)

Bonds

75.0

Approximate date
of offering

OTHER
*Inter-American Development Bank

Dec. 11

*—Included in table for first time.
If 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.