Full text of H.16 Capital Market Developments : February 4, 1963
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DECONTROLLED AFTEILSI-X-MOITTHS I r — ' Not for Publication H. 14 , v . ^ ^2 • ' " \ ' v. - ^ V February 4, 1963. j —CSP'ITAL MARKET DEVELOPMENTS STATES (Including Review of Capital Market Developments in January) Public security financing to obtain new capital was in moderate volume last week but is expected to be substantial this week. During the week ending February 1 4 a $108 million State and local government bond issue and $23 million of Japan Development Bank bonds were sold; no large corporate issues were offered for new capital purposes, but Dallas Power and Light Company offered $25 million in bonds to refund outstanding securities. This week, ending February 8, a $50 million corporate issue, and four State and local issues with par value of $153 million are scheduled for offering. In addition the Federal Land Banks are expected to offer $33 million of 15-year bonds for new capital. Bond yields. Changes in yields on seasoned, long-term bonds were mixed but minor last week. Yields on Aaa-rated corporate bonds were stable, while Baa-rated corporate yields fell one basis point to 4.90 per cent, the lowest since April 1959. Both Aaa- and Baa-rated State and local government bonds yields rose two basis points to 2.97 and 3.57 per cent, respectively. U. S. Government bond yields declined a basis point to 3.90 per cent. Average yields on new corporate bonds, adjusted to an Aaa basis, declined one basis point last week to 4.21 per cent, about the same level as early in January. Short- and intermediate-term interest rates. The average effective rate on Federal Funds declined slightly to 2.9.8 per cent. Other short- and intermediate-term interest rates were unchanged. Recent changes in yields on municipals bonds of different maturities. The sale of a large serial bond issue by the City of New York (rated A) last week presents an opportunity to compare recent changes in yields on municipal bonds of different terms to maturity while maintaining quality and other characteristics cons-ant, since New York also sold bonds in late October when municipal yields were at their most recent low. Since then State and local bond yields have risen; as indicated by the following table this has been true for all maturities with, however, the increase in yields on shorter maturity bonds being somewhat larger than that in yields on long-term securities. Bonds Maturing ins 1 2 3 4 5 10 15 20 25 30 year years years years years years years years years years Oct. 25 Issue Jan. 29 Issue (Per cent) 1.50 1.75 2.00 2.10 2.20 2.75 3.00 3.20 3.35 3.40 1.65 1.90 2.10 2.25 2.35 2.85 3.05 3.30 3.40 3.50 Changes in Yields (Basis points) +15 +15 +10 +15 +15 +10 +5 +10 +5 +10 FNMA secondary market operations. Purchases of mortgages by the Federal National Mortgage Association in the secondary market declined further in December to a level of $13.5 million, the lowest since October of 1958. The recent decline followed a temporary recovery during early autumn after a sharp drop through the first seven months of 1962. Offerings also continued downward in December, but were moderately above the reduced level of purchases. Sales by FNMA, which had turned up in November, increased somewhat further and, at $14.4 million, slightly exceeded the level of purchases. Stock prices. Common stock prices advanced slightly further on balance last week in active trading, Prices, as measured by Standard and Poor's composite index of 500 stocks-, rose about one-half of a per cent to close at 66.31 on February 1. Trading volume averaged 4.3 million shares a day, 0.4 million shares less than the average for the previous week. Estimated February security volume. Security financing to obtain new capital by corporations is expected to be relatively light in February, but new bond financing by State and local governments will be very large. New security financing by estimated at $650 million, slightly one-fourth smaller than in February scheduled for public offering total corporations in February is less than a month earlier and 1962. Large issues currently $167 million. Bond sales of State and local governments in February are expected to total $0.9 billion, three-tenths more than in January but one-fifth less than the record volume sold in February last year. Large issues currently on the calendar for sale in February total. $376 million. Capital markets in January. New security financing by corporations was relatively light in January, while State and local government bond sales were in moderate volume; the U. S. Treasury's first sale of long-term bonds at competive bidding was a marked success. FRASER Digitized for -3- Yields on corporate bonds fell somewhat further on balance during the month, while State and local government bond yields contined to rise moderately. Corporate long-term security financing to obtain new capital totaled $700 million in January, .one-third less than the large December volume, when seasonally large takedowns of private placements accounted for the bulk of the total, but about one-fifth more than in either of the two preceding Januaries. Large issues sold publicly for new capital in January amounted to $234 million, consisting of $215 million in nonconvertible bonds and a $19 million preferred stock issue--the first large stock issue sold since October. An additional $85 million in bonds were sold to obtain funds to retire outstanding securities. 'Most new issues met with indifferent investor reception and were still in the process of being distributed at month-end. Because of the small volume "of new offerings, however, unsold syndicate balances, although larger than at the end of December, were moderate. Yields on seasoned Aaa-rated corporate bonds declined two basis points further to 4.20 per cent (daily basis) by mid-month, the lowest level since April 1959, but edged up a basis point to 4.21 per cent soon after mid-month, where they remained throughout the rest of the month. Yields on new corporate bonds, adjusted to an Aaa basis, also were somewhat lower at mid-month than later. New capital bond issues by State and local governments totaled $700 million in January, two-fifths more than in December, but one-fifth less than a year earlier. In addition, $163 million of bonds were sold by Memphis, Tennessee, to obtain funds for later retirement of outstanding high-coupon securities. Dealers encountered considerable difficulty both in distributing new issues and moving the considerable volume of inventory carried over from earlier months. As a result their advertised inventory of unsold securities rose $50 million during the month to $570 million and yields on seasoned Aaa-rated State and local government bonds rose three basis points to 2.97 per cent. Common stock prices advanced further during January in active trading. Prices, as measured by Standard and Poor's composite index of 500 stocks, rose over four per cent to close at 66.20 on January 31. At their end of January level, average prices had recovered 68 per cent of the loss incurred between the December 1961 high and last June's low. Trading volume averaged 4.6 million shares a day, 0.6 million shares above the December average and appreciably higher than in most other months of 1962. 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,. 3 " | E X HI B IT- A, Port I jLONG-TBRW B O N D YIELDS, H I G H - G R A D E I Weekly COIPORATi A M 1!" ... 1951 .!«» Jf»l mi . _• . m E x h i b i t A - Part II D Corporate A a a 1/ U. S. Govt. long-term 2/ S t a t e and local government A a a 3/ Sp r e a d b e t w e e n U. S. Go\rt. and C o r p o r a t e 1 S t a t e and Aaa 1 local A a a (per cent) 1958 - Low 1959 -60 - H i g h 1 9 6 0 -61 Low 1961 - High 1962 - Low 1 9 6 3 - High Low Jan. Jan. Jan. Jan. /Feb. 4 11 18 25 1 £/ 3.55 4. 61 4.21 4.46 (5/2) (1/29/60) (3/17/61) (9/15) 4.23 (12/28) 4.22 (1/4) 4 . 2 0 (1/1.8) 3.07 4.42 3.70 4.07 3.85 3.91 3.87 4.22 4.21 4.20 4.21 4.21/ 3.87 3.87 3:87 3.91 3.90 (4/25) (3/8/60) (5/12/61) (12/29) (12/28) (1/25) (1/18) 2.64 3.65 2.99 3.37 2.88 2.97 2.94 2.94 2.94 2.94 2.95 2.97 (5/1) (9/24/59) (9/1/60) (7/6) (11/8) (1/31) (1/17) .22 .59 .19 .57 .30 .35 .30 .34 .92 .46 .76 .80 .96 .93 .35 .34 .33 .30 .31 .93 .93 .93 .96 .93 Preliminary. Weekly average of daily figures. Average tern of tends inoluied is 22-24 years* 2/ Weekly average of daily figures. The series includes bonds due or callable in 10 years or nore. If Thursday figures. Only general obligation bonds are includedi average term is 20 years. «ote.—High s and lows are f o r individual series and may be on different dates for different series. For spreads, high.refers to widest, and low to narrowest. 4 EXHIBIT B, PQMJ_ LONG-TERM BOND YIELDS, LOWER-GRADE PORATE Boo W A- I V vx R V 1 1 ,A rV i"5 10CAT 6O^VlRNHIENT v' \jJ "STATE "AM FOT X A v . 1958 1959 1960 Exhibit B - Part II Date Corporate Baa If State and local govt. Baa 3/ Spread between Aaa and Baa State and Corporate local govt. (per cent) 1958 - Low 1959-60 - High 1960-61 Low 1961 - High 1962 - Low 1963 - High Low Jan. Jan. Jan. Jan. ^Feb. 4 11 18 25 1 £/ 4.51 5.36 4.98 5.13 4.92 4.93 4.90 (7/11) (2/12/60) (9/9/60) (10/27) (liy2l) (1/4) (2/1) 4.93 4.92 4.91 4.91 4.90- Note: For footnotes see Exhibit A. 3.64 4.46 3, 93 4.16 3.52 3.57 3.55 3.57 3.57 3.55 3.55 3.57 (5/1) (1/7/60) (11/9/61) (3/23) (5/17) (1/31) (1/24) .77 .84 .66 .81 .63 .71 .69 .93 1.08 .57 .93 .56 .63 .60 .71 .71 .71 .70 .69 .63 .63 .61 .60 .60 EXHIBIT C, P.„ 1 S H O R T , A N D I N T E R M E D I A T E - TERM INTEREST KATES, O O V 1 R N M E N T I W..kly 1 k. MONTH HtlS Yield I • S VIA! ISSUES DISCOUNT KATE 3 • MONTH IlllSj Morkel Yleldl ^ I I I I I I I II II II I I I I I II II 1I II I I I Il II I I I l l I l II I ILI IIII II I J I1S8 J «L' E x h i b i t C m Part II Date 1958 - Low 1 9 5 9 - 6 0 High 1960-61 Low 1961-62 H i g h 1962 - Low 1963 - H i g h Low Jan. Jan. Jan. Jan. Feb. 4 11 18 25 1 ji/ Discount rate V 3-month b i l l s 2/ Yields 6-month b i l l s 2/ 3-5 year issues 2/ Spread b e t w e e n yields o n 3 m o n t h b i l l s and y i e l d s o n 6-mo. b i l l s 13-5 vr. issues (per c e n t ) 1.75 4.00 3.00 3.00 3.00 3.00 3.00 •58 (5/29) 3.02 (12/26) 2 . 1 4 (6/6) 4.59 ( 2/8/60) 5 . 0 7 (3/8/60 ) 5 . 0 0 (12/24/59) 2.11 (10/28/60) 2.35 (4/28/61)3.15 (5/12/61) 2.97 (7/13/62) 3.13 (7/20/62)3.88 (2/2/62) 2.65 (6/8) 2.74(6/8) 3.41(1^28) 2.93 (2/1) 2.99 (2/1) 3 . 5 0 (2/1) 2.89 (1/4) 2 . 9 4 (1/4) 3 . 4 4 (1/18) .26 .79 .12 .44 .02 .04 1.81 .38 1.51 .52 .06 .05 .57 .54 3.00 3.00 3.00 3.00 3.00 2.89 2.90 2.90 2.93 2.93 / .05 ,05 05 06 06 .55 .55 .54 .57 .57 1/ V 2.94 2.95 2.95 2.99 2.99 3.44 3.45 3.44 3.50 3.50 "aekly rate shown ia that in effect at and of period at the Federal Reserve Bank of New York. yield; weekly averages conputed from daily closing bid prices. Series of 3-5 year issues consists of selected notes and bonds* liote.-tiighs and l o w are for individual series and may be on different dates for different series. Tor spreads, high refers to widest, and low to narrowest. % E X H I B I T D. P o r M S H O R T - A N D I N T E R M E D I A T E - TERM INTEREST RATES, B A N K S A N D OTHER P R I V A T E B O R R O W E R S Weekly CLL'^LULL n. y. discount) K\ ! 1951 E x h i b i t D - Part II Date Stock Exchange call l o a n JL/ Prime rate 1/ Finance c o m p a n y p a p e r 2/ Federal funds 3/ Spread b e t w e e n 3 - m o . b i l l s and finance co. o a o e r (per c e n t ) 4.50' 4.50 3.50 5.00 4.50 4.50 4.50 4.50 4.50 1.13 5.13 2.50 3.25 2.88 3.25 3.13 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.50 3.25 3.25 3.15 3.13 3.13 1958 - Low 1959-60 - High 1960-61 Low 1961-62 - High 1962- - Low 1963 - High Low 3.50 5.50 4.50 4.50 4.50 Jan. Jan. Jan. Jan. Feb. 4 11 18 25 1 2.1 T7 (8/8) (3/22/60) (8/5/61) (7/20/62) (6/1) (1/11) (2/1) .13 (5/29) 4 . 0 0 (5/33/60) .43 (3/27/61) 3 - 0 0 (12/28/62) 1 . 3 0 (3/26) -35; 1.02 .11 .56 .19 3 . 0 0 (1/25) 2 . 7 0 (1/11) .36 .20 2.79 2.70 2.98 3.00 2.98 .36 .35 .25 . 20 .20 Weekly rate shorn is that in effect at end of period. Stock Exchange call loan rate io going rate on call loans secured by customers' stock exchange collateral at New York City bante .. Prime raxe is that charged by large banks on short-term loans to business borrowers of the highest credit standinge . 2/ Average of daily rates published by finance companies for directly placed pqier for vtrying maturities in the 90-179 day range• 3/ Weekly average of daily effective rate, whioh is the rate for the heaviest irolume of purchase and sale transactions as reported to the Federal Reserve Bank of New York. Note.—Highs and lows are for individual series and may be on different dates for different series. For spreads, high refers to widest, and low to narroweste E X H I B I T E, Part I STOCK M A R K E T .STOCK M AUK E T CRfD * C HA I E x h i b i t E - Part II I S t o c k m a r k e t customer credit Common Trading stock v o l u m e 3/ Customers1 Bank yields 2/ (millions Total debit b a l loans to (per c e n t ) of shares) ances 4/ " o t h e r s " 5/ 1961-62 - High Low 1963 - H i g h Low December January ,Jan. 18 Jan. 25 . Feb. 1 2.1 (In m i l l i o n s of d o l l a r s ) 72.04(12/8/61) 52.68 ( 6/22/62) 66.31 (2/1) 64.13 (1/4) 2.82 3.96 10.1 2.4 3.23 3.34 4,8 4.3 62.64 65.06 65.18 65.92 66.31 3.40 3.31 3.28 3.25 3.23 4.0 4.6 4.8 4.7 4.3 5,602( 12/6I)4,259 (l^/ei) 1 >377(8/30/61) 4,876(7/62) 3 , 5 6 2 (7/62) 1,269(9/26/62) n.a. n.a. 5,494 4,125 1,413 1,378 (1/2) (1/23) 1,369 1,381 1,378 n. a. n. a. n.a.-—Not available# j>/ Preliminary. 3/ Standard and Poor's composite index of 500 oonmon 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 Poor1 s composite stock yield, based on Wednesday data converted to weekly closing prices by Federal Reserve. Yields shewn are for dates on which price index reached its high or low. 3/ Averages of daily trading volume on the New York Stock Exchange. ~$J End of month figures for member films of Hie New York Stock Exchange n&ioh carry imrg.ii 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, Goveromont 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. Co EXHIBIT F. Poll I FEDERAL NATIONAL SECONDARY MORTGAGE MARKET ASSOCIATION V OPERATIONS Monthly 1955 M i l l i o n ! of d o l l a r s 1956 1957 1958 Exhibit F Estimated " Date Total 1959 - Part o f f e r i n g s to Immediate purchase I960 1961 1962 II FNMA Purchases Standby commitment ( I n m i l ]L i o n s o f Sales by by FNMA. FNMA d o ]L i a r s ) 1961 - Dec. 120.0 117.7 2.3 107.2 2:4 1962 - Jan. 118.3 116.6 1.7 104.7 1.4 Feb. 82^5 80.8 1.7 Mar. 68.6 66.3 2.3 81.6 75.9 Apr. 51.1 50.0 1.1 51.5 105.7 May 89.0 7.3 40.3 38.8 1.5 42.0 64.0 33.0 31.7 1.3 29.0 56.3 29.0 27.9 1.1 21.9 38.5 Aug. 40.8 39.9 1.0 29.6 6.3 Sept. 35.9 35.2 .7 25.0 8.4 Oct. 43.5 42.7 .8 33.1 4.5 July Nov. 25.7 24.6 1.2 26.6 8.1 Dec.£/ 19.7 19.3 .4 13.5 14.4 . • — L e s s than $50,000. V Data represent unpaid principal balances of the mortgages involved, exclusive of premiums, discounts, o r other charges. Offerings are amounts of applications received during the period from sellers proposing that FNMA execute purchasing contracts. A n inmediate 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 imnadiate purchases and standby commitment contracts. Data exclude FNMA activity under Special Assistance and Management and Liquidating Programs. EXHIBIT O. Port 1 YIELDS ON NEW AND SEASONED CORPORATE BONDS NEW ISSUES Exhibit G - Part II Yields on New Corporate Bond Issues Adjusted to an Aaa basis Number lAm't of issues Average yield of 1included (mil. (per cent). Issues I of dollars) Number A m r t of Issues Average yield Included (mil. of fner cent) of dollars) Weekly averages: 1962 - Sept. 7 14 21 38 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 2 2 , 275.0 85.0 37.0 19.8 72.5 4.29 4.14 4.13 4.00* 4.17 » Dec. 7 14 21 28 Jan. 4 11 18 . 25 Feb. 1 8 15 22 . 3 1 87.0 45.0 4.24 4.25 1 1 1 2 1 25.0 70.0 35.0 75.0 25.0 4.19 4.23 4.13 4.22 4.21 ' ing yields on ajJL new issues ox puDXioxy oixoroa eoxpoxvco oenoe nrou m in Note: Averages of offering Service ( (except serial and convertible issues, offerings of natural gas pipeline, A by Moody's Inventors Service < and foreign companies. and bonds guaranteed by the Federal Government) weighted by sise of cffexing# Before'averaging, new' offerings are adjusted to a mmnoaite Aaa basis ly deducting from the actual reoffering yield tie excess of the weekly average yield for seasoned tends of the appropriate industryquality group over the oonmosite average for seasoned Aasr-ratedjonds (Maody's). Averages considered unrepresentative because a T special oharaoterlsties of "the offerings included are denoted by an asterisk^ 1-u Long-term Corporate and State and Local Government Security Offerings and Placements (In millions of dollars) New ca oital 1963 January February March e/700 e/650 April May June July August September October November December 1st 2nd 3rd 4th quarter quarter quarter quarter Corporate 1/ 1 1962 I 1963 State and local 2/ 1 1961 1962 1 2/876 E/1,133 j>/629 713 689 764 2,118 1,259 1,318 2/873 2/914 2/788 723 641 1,034 582 749 579 1,028 762 647 2/611 2/543 2/423 485 604 734 888 2/737 £/1,073 1,090 948 1,000 2/627 e/550 e/500 678 789 606 2,258 3,005 1,910 1,809 4,695 2,437 3,038 2/2,639 2/2,574 2/1,577 e/1,677 2,166 2,397 1,823 2,073 6,504 8,941 11,979 2/5,213 2/6,789 e/8,466 4,563 6,387 8,460 592 859 807 580 667 562 1,113 760 1,132 £/2,698 5,264 7,173 E./9, 871 1st half Three quarters Year 1961 e/700 e/900 Excluding finance companies 3/ 1st 2nd 3rd 4th quarter quarter quarter quarter Year 4 2,199 2,919 1,775 e/2,298 1,554 4,552 2,337 2,807 e/9,191 11,253 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. Exh ibi: New Corporate Security Issues, Cype of Issue ard Issuer (In millions cf dcliars) Quarter or month Total Gross proceeds fcr new capital and refunding 1/ Common Memo: foreign Publicly Privately pfd. issues offered sr.cck included Net proceeds for new capital 1 / 2 / Mfg. Public Communiutility cations Other issuers 1960 - 2 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 IT 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 3,236 662 2,303 772 96? 880 1,275 1,139 1,424 449 1,774 65843 76 15 5 69 62 515 1:,466 935 792 381 1,081 595 836 81 1,095 104 147 832 1,052 803 1,263 1962 - I II III IV e/ 2,378 3,250 2,184 ;,007 1.155 1,389 353 l,i„> 716 1,222 1,024 1,5*4 507 639 307 430 983 375 CCO 456 231 275 310 717 794 659 982 1961 - Jan. Feb. Mar. Apr. May 601 695 696 2,231 1,342 1,779 1,075 813 678 1,155 987 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 17? 218 310 225 310 169 99 248 574 447 446 428 255 252 271 215 306 137 160 84 254 439 389 269 215 111 306 362 168 21 41 19 994 85 16 16 13 75 25 80 42 253 368 . 211 297 289 467 315 279 209 487 291 485 647 884 847 1,217 801 1,232 630 July 922 Aug. Sept. 632 Oct.2/ 1,037 824 Nov. 2/ Dec.e/ 1,145 273 497 386 654 247 488 200 477 176 540 295 278 232 232 253 227 420 575 366 363 295 372 477 735 143 155 209 336 134 169 67 82 161 125 52 134 205 131 318 384 270 342 217 : 218 166 170 266 : 370 89 148 193 377 196 410 118 110 148 141 193 266 73 362 21 88 64 79 88 120 67 257 3 50 225 218 275 264 229 301 159 301 199 320 275 387 July Aug. Sept. Oct. •Nov. Dec. 1962 - Jan. Feb. Mar. Apr. May 68 257 56 r..a. 54 19 3 71 35 49 52 10 25 12 25 3 12 54 10 147 100 13 43 47 34 r - a- 655 996 601 : 06 : j>/ 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. Scarce.--Securities and Exchange Commission. Exhibit *1 : H.14 Other Security C;fferings (In millions of dollars) Gross Ione-term 1/ Foreign government 2/ Federal agency 3/ 1962 1961 1962 1961 1960 January February March April May June July August September October November December Year 142 10 35 10 86 50 25 8 31 I>/151 2/87 e/75 e/710 6 29 20 2 66 29 5 2 43 34 236 . 2 1-75 70 34 72 40 25 1 36 34 2 -4: 2/ £,/- 533 je/i 5 1 8 8 18 466 -186 127 -84 -118 78 339 -406 71 2/233 g_/-138' 160 195 -8 -103 -42 -155 109 518 -86 -6 54 -116 Year p./370 520 j>/ 1/ 3/ 4/ 5/ : 58 140 80 70 -146 -157 . 48 415 -175 -16 50 -189 18 252 100 149 278 461 150 175 182 150 150 148 354 . 199 250 193 £/'-• Net ah: State and local government 5/ January February March April May June July August September ^October November December 1960 246 156 225 160 149 181 1,448 1,6 2 4/ Federal agency 3/ 247 -156 226 -36* 82 284 261 227 -157 379 55 - 60 -144 -162 174 "79 -87 207 22 193 108 98 56 = 114 -196 •202 59 -237 170 320 95 23 -201 -23 -33 -250 . V-v = 76 -633 Preliminary. e/ Estimated by Federal Reserve. n. a. — N o : available. These data differ from those in Ex. • .. : H ir. that refunding issues, as well as new capital issues, are included. Long-term securities are defined as those maturing in more than one year. Included securities offered in the United -States by foreign governments and their political subdivisions and international organizations= Source; Securities and Exchange Commission. Issues not guaranteed by the U. S. Government, Source; Long-term, Securities and Exchange Commission; short-term, Treasury Department and Federal Reserve. 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, Principally tax and bond anticipation notes, warrants or certificates and Public Housing Authority notes. In some instances PHA notes included may have a somewhat longer maturity than one year Source Bond Buyer and Federal Reserve. ~ Exhibit K H.14 Large Long-term Public Security Issues for New Capital (Other than U. S. Treasury) If Proceeds of Large Issues Offered (In millions of dollars) Month Total 1962 - January February March April May Corporate Bonds Convertible (other than bonds convertibles) 195 425 366 648 200 472 165 286 191 434 178 198 234 July August September October November December 1963 - January 170 425 330 430 170 387 135 226 100 398 178 178 215 Stocks State and local government 25 15 51 Other 561 662 259 423 373 266 321 272 153 320 217 193 344 21 167 30 85 30 60 91 36 . 20 19 1/ 145 64 30 55 88 30 20 194 25 75 48 Large Individual Issues Offered During Month of January Issuer Type 3/ Amount Coupon Offering (millions Maturity net inter- yield of est cost dollars) Rating CORPORATE Gen. Amer. Trans. Corp. New York Telephone Co. Genesco, Inc. Illinois Power Co. Tennessee Gas Trans. Co. Chesapeake & Potomac Tel. Co. Equip.tr.cert. Ref.mtg.bds. Pfd.stk. 1st mtg. bds. 1st mtg.p.1.bds. Deb. 35.0 70.0' 18.5 35.0 50.0 1983 2000 4.30. 4-1/4 4.30 4.21 A Aaa 1993 1983 4-1/4 4-7/8 4.20 4.80 Aa Baa 25.08/ 2002 4-3/8 4.20 Aaa STATE AND LOCAL GOVERNMENT Oklahoma City, Oklahoma Phila. Sch. Dist., Pa. State of Louisiana Memphis, Tenn. Montgomery Co., Md. St. Louis Sch. Dist., Mo. Metro. Seattle, Wash. Cleveland City Sch. Dist., Ohio City of Milwaukee, Wis. G.O. G.O. G.O. Rev.-Rent. G.O. G.O. Rev.-Ut. G.O. G.O. 15.0 1965-88 15.0 1965-88 15.0 1964-88 30.81/1965-85 15.7 1964-88 10.7 1964-83 15.0 1966-2002 2.88 2.97 3.08 2.89 2.96 2.91 3.54 1.; 85-3.10 A 1.,75-3.20i!/A 1.,70=3.20 A 1., 75-3.00 Aaa 1..60-3.20£/A .1,.55-3.00 Aa 2. 00=3.60 A 10.0 12.4 2.78 2.53 1. 65-3.00 1. 60-2.70 1964-83 1964-78 Aa Aaa % K~2 H.14 Large Individual Issues Offered During Month of January (Cont'd) Issuer Type 3/ Coupon Amount Offering (millions Maturity net inter- yield of est cost dollars) Rating STATE AND LOCAL GOVERNMENT (Cont'd) State of Oregon Los Angeles Dept. of Wtr. & Pwr., Cal. New Jersey Expressway Auth. New York City, New York G.O. Rev.-Ut. Rev.-Ut. G.O. 1966-95 2.85 1.60-3.25%/Aa 12.0 1964-93 46.81/ 2002 108.2 1964-93 3.12 1.60-3.35 4.75 1.65-3.50 37.0 2.93 OTHER City of Montreal, Canada Japan Development Bank 9.0 16.0 22.5 1983 1988 1978 5.00 6.00 4.90 6.37 -Rights offering. 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.O. 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 payments4/ 1/20 per cent bonds maturing 1988 not reoffered. 5/ An additional $162.5 million in bonds were sold to refund outstanding ~ securities. 6/ 1/10 per cent bonds maturing 1987-88 reoffered to yield 4,25 per cent. ]_/ 0.1 per cent bonds maturing 1995 not reoffered. 8/ An additional $25 million in bonds sold to refund outstanding securities. 9/ Placed privately. JL/ Aa A If 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 Date of computation During month following date shown State and Corporate Other 21 local govt. Jan. 31 Feb. 28 Mar. 30 Apr. 30 May 31 June 29 July 31 Aug. 31 Sept. 28 Oct. 31 Nov. 30 Dec. 28 Jan. 31 480 222 628 185 587 120 302 170 363 203 170 269 167 465 153 453 333 184 202 273 61 187 96 194 177 376 Subsequent to date shown State and Corporate local govt. 64 95 55 175 75 25 -- 525 341 693 598 692 458 477 312 546 328 360 314 412 567 239 539 452 337 377 427 215 387 243 328 311 943 Other 2/ 64 95 55 25 175 75 25 33 Forthcoming Large Offerings, as of February 1 Type Amount (millions of dollars) Approximate date of offering CORPORATE Bell Tel Co. of Pa. Potomac Electric Power Co. Ashland Oil & Refining Corp. Socony Mobil Oil Co. Commerce Oil Refining Corp. -- Deb. 1st mtg. bds. Bds. & com. stk. Deb. Deb., bds. & com. 50.0 50.0 67.0 200.0 45.0 Feb. 6 Feb. 11 Late Feb. April Indefinite STATE AND LOCAL GOVERNMENT Lafayette, La. New York State Housing Fin. Agency Buffalo, New York Washington Toll Bridge Auth. Monroe Co., New York St. Louis, Mo. Triborough Bridge & Tunnel Auth. *State of New Jersey *City of Los Angeles, Cal. El Paso Sch. Dist. No. 11, Colo. *Prince George's Co., Md. Louisiana Fiscal Auth. *State of Illinois *City of Detroit, Mich. Washington Public Power Supply DigitizedSystem for FRASER Rev. Rev .-Rent. G .0. . Rev .-ut. G .0. G..0. Rev.. -ut. G.,0. G..0. G. 0. G. o. Rev. -Q.Ut. G. o. G. o. 15,.5 89,.0 11,.0 37..2 12.,4 14..8 100.,0 58. 0 14. 0 11. 5 12. 8 20. 0 150. 0 18. 5 Feb. 5 Feb. 6 Feb. 7 Feb. 7 Feb. 14 "Feb. 19 Feb. 19 Feb. 19 Feb. 19 Feb. 20 Feb. 26 March 6 March 12 April 16 Rev. -ut. 130. 0 April 17 L-2 . • H.14 Forthcoming Large Offerings, as of February 1 (cont'd) Type Amount (millions of dollars) Approximate date of offering STATE AND LOCAL GOVERNMENT (CON'D) ^Washington Sub. San. Dist. Pittsburgh, Pa. Jefferson County, Colorado Dade County, Florida Jacksonville Expressway Auth., Fla. G.O. G.O. G.O. G.O. 14.0 35.0 12.9 46.0 April 22 Indefinite Indefinite Indefinite 40.0 Indefinite 33.0 Feb. 7 OTHER ^Federal Land Banks Bonds *--Included in table for first time. 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.