Full text of H.16 Capital Market Developments : November 12, 1963
The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
lication DECONTROLLED AFTER SIX MONTHS Not for-foblicatibn \H.14 \ Xv ./ \ November 12, 1963. DEVELOPMENTS IN THE UNITED STATES Public security financing to obtain new capital was in light volume last week but is expected to be in somewhat larger volume this week. Last week, ended November a $30 million corporate issue and two large State and local government bond issues amounting to $51 million were sold. This week, ending November 15, two corporate issues (including an expiring rights offer) totaling $65 million and two large State and local issues with par value of $70 million are scheduled for offering. Bond yields. Yields on seasoned long-term bonds either rose or were unchanged last week. Aaa-rated corporate bond yields edged up a basis point to 4.33 per cent, their highest level since early September 1962, while. U. S. Government bond yields increased three basis points further to 4.12 per cent, the highest since the spring of 1960. Baa-rated State and local government bond yields also rose a basis point to 3.61 per cent. Yields on Aaa-rated municipal and on Baa-rated corporate bonds, however, were stable. Yields on new corporate bonds, adjusted to an Aaa basis, averaged 4,41 per cent last week, seven basis points above the average for the previous week and the highest since August 1962. Short- and intermediate-term interest rates. Rates on Treasury bills and on 3-5 year U. S. Government obligations increased last week. Yields on 3-month and 6-month Treasury bills rose seven and five basis points to 3.54 and 3.64 per cent, respectively, the highest levels since the spring of 1960. Yields on intermediate-term Treasury obligations increased four basis points to 3.98 per cent, the highest since mid-1960. The average rate on directly-placed finance company paper with 90-179 day maturity, at 3.75 per cent, was unchanged from the revised level of the previous week. The average effective Federal funds rate remained at 3.50 per cent. Other rates were unchanged. Bond referenda. Preliminary data on the $1.5 billion of State and local government bond referenda submitted to voters in the November 5 general election indicates that between two-fifths and one-half of the dollar volume submitted was approved. The low ratio of approvals reflects primarily the defeat of one proposal—$750 million of New Jersey bonds that were to be secured by surplus turnpike revenues. Excluding this proposal, about nine-tenths of the dollar volume of referenda were approved. The following table shows the results of November general election proposals in recent years; this year's total was relatively small as it usually is in off-year elections. (See table on following page.) H. 14 Bond Proposals Submitted in November General Elections (In millions of dollars) Date Submitted 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1,608 958 1,142 1,461 926 1,589 1,523 2,683 940 2,527 1,359 3,779 1,283 2,089 1,502 , Approved 1,342 654 1,097 1,242 850 1,397 556 2,472 775 1,882 786 3,410 593 1,819 700 e/ Per cent of proposals approved 83 68 96 85 92 88 37 92 82 74 58 90 46 87 47 e/ Stock prices. Common stock prices, as measured by Standard and Poor's composite index of 500 stocks, fell about one-half of one per cent on balance last week to close at 73.36 on November 8. Stock prices, which had been declining for about a week, dropped further on Wednesday, following announcement of an increase in margin requirements from 50 to 70 per cent. By the close on Friday, however, prices had recovered nearly all of the Wednesday loss. Trading volume averaged 5.0 million shares a day, 0.7 million shares less than the previous week. 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. L O N G - T E R M B O N D YIELDS, H I G H - G R A D E -,PE jjm_ _ttit ——jhie. m. mm. Exhibit A - Part II Date Corporate Aaa 1/ U. 8. Govt, long-term 2/ State and local government Aaa 3/ Spread 1between U. S. Goi/t. and State and Corporate local Aaa Aaa (per cent) 1958 - Low 1959-60 - High 1960-61 Low 1961 - High 1962 - Low 1963 - Hi£h Low Oct. Oct. Oct. Nov. ./Nov. p/ 11 18 25 1 8 £/ 3.55 4.61 4.21 4.46 4.23 4.33 4.19 (5/2) 3.07 (3/29/60) 4.42 (3/17/61) 3.70 (9/15) 4.07 3.85 (12/28) (11/8) 4.12 (3/29) 3.87 4.31 4.31 4.32 4.32 ,4.33 Preliminary. 4.06 4.07 4.07 4.09 4.12 (4/25) (1/8/60) (5/12/61) (12*/29) (1^28) (11/8) (1/18) . 2.64 (5/1) 3.65 (9/24/59) 2.99 (9/1/60) 3.37 (7/6) 2.88 (11/8) 3.16(11/7) 2.93 (3/28) .22 .59 .19 .57 .39 .35 .21 .34 .92 .46 .76 .80 1.02 .89 3.14 3.14 3.16 3.16 3.16 .25 .24 .25 .23 .21 .92 .93 .91 .93 .96 y Weekly average of daily figures. Average tera of tends included is 22-34 years* y Weekly average of daily figures. The series includes bonds due or callable In 10 years or more# a/ Thursday figures. Only general obligation bonds are included| average term is 20 years. Rote*—High s and lows are for individual series and may be on different dates for different series. For spreads, high refers to widest, and loir to narrowest* f X HI BIT •>, f o r t t. LONG-TERM BOND YIELDS, L O W E R - O B A D 1 c o m i m i«e STill »•» lOCil GOVtlMHIMT >•• I ) L I I I I I I I I I I I I I I > I I I I I I II 111 I I ' I ' M I I I I I I I I I I I I I M I I ' ,m mi Mii Exhibit B - Part II Corporate Baa 1/ State and local govt. Baa 3/ 4.51 5.36 4.98 5.13 3.64 4.46 3*93 4-16 Spread between Aaa and Baa State and Corporate local govt. (per cent) 1958 - Law 1959-60 - High 1960-61 Low 1961 - High 1962 - Low 1963 - High Low Oct. ^11 Oct. 18 Oct. 25 Nov. 1 Jtov. 8 j)/ (7/11) (2/12/60) (9/9/60) (10/27) (5/1) (3/7/60) (13/9/61) (3/23) .77 .84 .66 .81 t i l '(W!)1' 4.83 (11/8) 3! 63 3.52 (5/23) :6A .50 4.84 4.84 4.83 4.83 4.83/ 3.58 3.58 3.60 3.60 3.61 .53 .53 .51 .51 .50 Motet For footnotes Bee Exhibit A* .93 1.08 .57 .93 " ,6536 .44 .44 .44 .44 .44 .45 1 >.rMS H O R T - A N D I N T E R M E D I A T E - TERM INTER 1ST RAT I S / O O V I R N M E N T ; I • MONTH »IUS o r k e t Yield S - S TUI ISSUfl ^MlCOUin 1411 Market Yield, I I I I M I I I I I I I I I I I I I I I I I I H I IIII II I I I I II I I11II II II I .0: I III III I111 III II I II i11411 mi Exhibit C m Part II Discount rate V 1958 - Low 1959-60 High 1960-61 Low 1961-62 High 1962 - Low 1963 - High Low Oct. Oct. Oct. Nov. i/Nov. 11 18 25 1 8 $>/ 3 -month —bills 2/ Yields 6-month bills 2/ (per cent) 3-5 year issues 2/ Spread between yields on 3month bills and yields on 6-mo. bills 13-5 vr . issues*" 1.75 4.00 • 3.00 3.00 3.00 3.50 3.00 .58 (5/29) 3.02 (12/26) 2.14 (6/6) 4.59 (1/8/60) 5.07 (2/8/60)5.00 (12/24/59) 2.11 (10/28/60) 2.35 (4/28/61)3.15 (5/l2/6l) 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 (12/28) . •3.54(11/8) 3.64(11/8) 3.98 (11/8) 2.08 (3/15) 2.93 (3/8) 3.44 (1/18) 3.50 3.50 3.50 3.50 3.50 3.45 3.47 3.44 3.47 3.54 . 1/ y 3.56 3.59 3.60 3.59 3.64 3.90 3.91 3.93 3.94 3.98 .26 .79 .12 ,44 .02 17 04 .04 1.81 .38 1.51 .52 .70 .44 11 12 16 12 10 .45 .44 .49 .47 .44 Weekly r a t e ah own is that in effect at end of period at the federal Reserve Bank of Hew York, Maricet y i e l d } weekly average® oonputed from dally closing bid prices. Series of 3-5 year issues c o n s i s t s of selected notes and bonds• liote.—tiighs and lows are for individual series and may be on different dates f o r different series, for spreads, high refers to widest, and low to narrowest. IXHUIT 0, f o r i I S H O R T - A N D I N T E R M E D I A T E - TERM I N T E R E S T . R A J j t . B A N K S A N D OTHER PRIVATE B O R R O W E R S STOCK IXCHAN6I (All 10ANS n - l i m U (OMfANY MPII Dlieclly Moced_ I 1 I Jl I A / \ |—Iiv • IPI / \ f F.I. eutoum IAII New York BIIAl IUNBS _ j m . E x h i b i t D - P a r t II Date Stock Exchange call loan .1/ 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 . bills and finance co. o a o e r (per c e n t ) 1958 - Low 1959-60 - High 1960-61 L o w 1961-62 - High 1962 - Low 1963 - H i g h Low Oct. Oct. Oct. Nov. Nov. 11 18 25 1 8 ]>/ 3.50 5.50 4.50 4.50 4.50 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 3.75 3.13 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.50 3.75 3.75 3.66 r/ 3.75 3.75 (Q/8) [2/22/60) (8/5/61) (7/20/62) (6/1) (11/8) (5/31) .13 4.00 .43 3.00 1.30 3.50 2. 45 3.48 3.50 3.50 3.50 3.50 (5/29) (5/13/60) (3/27/61) (12/28/62) (3/26) (11/8) (7/26) -.35 1.02 .11 .56 •19 .36 .09 , .30 .28 .22 r/.28 .21 Weekly rate s h a m Is that in effect at end of period. Stock Exchange call loan rate is going rate on call loans secured by customers' stock exchange collateral at New York City banks.. Prima rate is that charged by large banks on short-term loans to bisiness borrowers of the highest credit starting. 2/ Average of daily rates published by finance companies for directly placed paper for varying maturities in the 90-179 day range. 3/ Weekly average of daily effective rate, nhich is the rate for the heaviest volume of purchase and sale transactions as reported to the Federal Reserve Bank of New Yoik, Note.—Highs and lews are for individual series and may be on different dates for different series. For spreads, high refers to widest, and lor to narrowest^ IXMHHt I. F-ii STOCK M A R K I T 1941-41 #v em* I* /• HOC! IM|IJ CIIII1 - 1 CHANOI IN mill 1 1 veisai IL kJi 1 1 Avd Aa/N 1 I I I I I I I I I IIII II Exhibit K - Part II Stock price index 1/ Common . Trading Stock market customer credit stock CustomersT volume 3/ Bank yields If (millions Total debit bal- loans to (per cent) of shares) ances 4/ "others" 5/ (In millions of dollars) 1961-62 - High Low 1963 - High Low 72.04(12/8/61) 52.68 (6/22/62) 74.01 (10/25) '64.10 (3/1) 2.82 3.96 3.01 3.36 10.1 2.4 6.1 3.2 5,602(12/61)4,259 (12/61)1,377(8/30/61) 4,876(7/62) 3,562 ( 7/62) 1,269(9/26/62) 6,971 (9/63)5,316(9/63)1,685 (10/30) 5,595 (1/63)4,208(1/63)1,378 (2/23) September October Oct. 25 Nov. 1 Nov. 8 ]>/ 72.85 73.03 74.01 73.83 73.36 3.06 3.05 3.01 3.02 3.07 5.3 5.3 6.1 5.7 5.0 6,971 5,316 1;655 1,685 1,681 1,685 n.a.—Not available, Preliminary, y Standard and Poor's composite Index of 500 comaon etooke, weekly dosing 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 Pocr^s composite stock yield based on Wednesday data converted to weekly closing • prices by federal Reserve. Yields morn are for dates on which price index reached its hi* 3/ Averages of daily trading volume on the How York Stock Exchange, A/ End of month figures for member films of 1he New York Stock Exchange ihloh carry n&rgLn accounts# excludes balances secured by U. 3, Government 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 Qiioago. Weekly reporting banks account dbr about 70 per cent of loans to othets. For further detail see Bulletin. , EXHUIT F. Fart I M O R T G A G E A N D B O N D YIELDS NOME M0ITS*6I$: j m ... j m . iiii Exhibit F - Part II FHA Date S 1956 1957 1955 1959-60 1962-63 - Low High Low High High 2/ 4.68 5.63 5.35 6.24 5.72 5.43 Conven- spread be" tween yields on conv. & eagesl/ FHA mtRS. 5.20 6.00 5.55 6.30 5.95 5.80 Aaa Corporate New*/ J Seasoned^/ FHA mtga. .47 .47 .15 .23 .38 .23 3.08 4.94 3.65 5.25 4.72 4.12 3.08 4.12 3.57 4.61 4.45 4.22 .76 1.58 .88 1.69 1.50 1.13 .36 .36 .37 n.a. 4.31 4.29 4.34 4.35 4.26 4.29 4.31 4.32 1.13 1.15 1.09 n.a. 1963 July August September October 5.44 5.80 5.44 . 5.80 5.43 5.80 n.a. no- Spread between yields on new corporate bonds and Seasoned bds. 1.03 .05 .73 .39 -.16 .05 .03 .03 Neither mortgage nor bond yield* take into aooount eerrioieg eoets which are moh higher for mortgage# than bond a. Generally, bonds pay interest semi-annually! mortgages, monthly. Mortgage yields, if computed as equivalent to a semi-annual interest investment, would be slightly higher than given in the 2/ Based on THA field-offioe opinions about average bid prioes in the private secondary market for new-bom mortgages for Imneaiate delivery. Data relate only to 2 5-year mortgagee with down payments of 10 per cent or more, weighted by probable volume of transactions. "Yields computed by iHB, assuming 25-year mortgages are paid off in 12 pears. Dashed lines indicate periods of adjustmet to changes in the contractual interest rate* 3/ Based on FHA field office opinion on typical interest rates (rounded) on conventional first mortgages prevailing in the market areas of Insuring office cities. Beginning with April 1961, rate relates only to new-home mortgages) prior to that date, rate related to both new as well am existlng-home mortgages. Dashed line indicates this cha^e in the series. 4/ for txhlblt G. Digitized See for note FRASER 5/ Moody's Investor Service. Monthly averages of daily data. See Exhibit A. 'EXHIBIT O. Port I YIELDS O N NEW AND SEASONED CORPORATE BONDS ISiiSONID Exhibit 0 - Part II Yields on Hew Corporate Bond Issues Adjusted to an Aaa- basis Number Am f t of issues Average of included (mil. yield (per cent) of dollars) Weekly averages: 1963 - June 7 14 21 28 July 5 - 12 § Aug. 2 9 .16 23 30 Sept. 6 1 3 2 2 50.0 34.0 115.0 46.5 4.23* 4.25 4.24 4.25 2 1 3 1 80.0 25.0 . 58.0 70.0 75.0 4.30* 4.43* 4.31 4.28 »• 4.27 2 2 1 50.0 12.0 Nunber Am't of issues Average of included (mil. yield issues of dollars) (per centV Sept. 13 20 27 Oct. 4 11 18 25 Nov. 1 Nov. 8 15.0 100.0 33.5 40.0 75.0 30.0 4.34 4.34 4.32 fcS 4.41 4.33* 4.35 A by Moody's investors Sertioe I except serial aaa oonrertible U n u . omrlsji of natuxal gas pipeline, sad foreign companies, and beads guaranteed by the Federal Government) mights* by *ss of offering* 1 Before averaging, new offerings are adjusted to a enmoslte iaa basis by deducting from the aotual reoffering yield tie exoess of the weekly storage yield for seasonedtoadsof the appropriate indnstryquallty group over the composite average for seasoned Aaa-rated tends (Moody's)# Averages considered unrepresentative beoauee of special characteristics of the offerings inoludoA are denoted by an asterisk^ H.14 Exhibt H Long-term Corporate and State and Local Government Security Offerings and Placements (In millions of dollars) New Capital 1963 Corporate 1/ 1962 State and Local 2/ 1961 1962 1963 1961 580 January February March 613 594 1,144 592 859 807 562 2/ April May June 930 904 1,013 1,113 760 1,132 2,118 1,259 1,318 2/ . 2/ 667 £/ 2/ 731 7#; 973 867 876 1,133 628 711 689 764 873 912 786 722 640 1,034 612 544 427 486 604 734 2/ 856 940 July August ^September 2/ 2/ e/ 702 641 750 582 749 579 1,028 762 647 2/ 2/ 2/ 597 702 422 October November December e/ e/ 950 750 835 703 1,103 1,090 948 1,000 e/ e/ 1,100 650 700 578 550 679 #9 610 1st 2nd 3rd 4th 2,351 2,847 e/2,093 2,258 3,005 1,910 2,641 1,809 4,695 2,437 3,038 2/ 2/ 2,431 2,662 1,721 2,637 2,571 1,582 1,779 2,165 2,396 1,824 2,078 5,198 e/7,291 5,264 7,173 9,814 6,504 8,941 11,979 2/ 5,093 6,815 5,208 6,790 8,568 4,561 6,385 8,463 quarter quarter quarter quarter 1st half Three quarters Year 2/ 2/ Excluding finance companies j/ 1st 2nd 3rd 4th quarter quarter quarter quarter 2,284 2,529 2/1,793 Year 2/ 1/ 2/ 2/ 2,199 2,919 1,775 2,410 1,554 4,552 2,337 2,807 9,303 11,253 Estimated by Federal Reserve. Preliminary. Securities and Exchange Commission estimates of net proceeds. Investment Bankers Association of America estimates of principal amounts. Total net capital issues excluding offerings of sales and consumer finance companies. M H.14' Exhibit I New Corporate Security Issues, Type of Issue and Issuer (In millions of dollars) Quarter Month Total Gross proceeds for new capital and refunding 1/ Common Publicly Privately and pfd. offered offered stock Memo: foreign issues included 1961 - I II III IV 1,992 662 880 5,352 2,566 3,236 2J03 772 967 1,275 1,139 1,424 449 1,774 ' 654 845 76 155 1962 - I II III IV 2,378 3,250 2,184 2,957 1,155 1,389 853 1,089 716 1,222 1,024 1,568 ' 507 639 307 300 68 257 56 179 1963 I II IHe/ IV 2,700 3,635 2,383 1,108 1,389 ,905 1,306 1,821 1,189 287 425 -A 1962 — Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 647 884 ,847 1,217 .801 1,232 630 922 632 976 784 1,197 273 497 386 654 247 488 200 477 176 539 286 264 232 232 253 227 420 575 366 363 295 314 446 808 143 155 209 336 134 169 67 82 161 123 52 125 Mfg. Net proceeds f new capital 1/ Public Communi- Other Utility catiohs issuers 381 1,081 595 836 81 1,095 104 147 832 1,052 893 1,263 655/ 996 601 76 9 430 983 375 568 456 231 275 321 717 794 659 986 128 434 100 947 591 819 326 793 246 236 221 136 842 1,241 893 3 12 54 10 147 100 205 131 318 384 270 342 217 < 218 166 153 271 345 73 362 21 88 64 79 88 120 225 218 275 264 .229 301 159 301 199 #2 253 451 69 62 13 43 46 34 99 515 1,466 935 792 ' 89 148 193 377 196 410 118 110 . 148 l4l 175 252 67 260 4 57 ^ 1 9 6 3 - Jan. 243 102 695 350 25 114 135 125 2# 642 Feb. 94 289 259 220 68 43 115 191 Mar. 499 60 . 1,363 774 91 412 592 43 97 1,049 Apr. 380 452 217 148 56 341 71 369 May 1,340 694 182 550 216^ 222 95 92 373 1,246 June 549 675 196 163 227 230 58 499 466 845 279 July 2/ 106 304 86 99 37 207 758 336 21 Aug. 2/ 100 ' 20 323 99 265 256 Sept.e/ 780 400 290 42 90 250 40 30 430 Oct. e/ 1,025 510 140 -• 150 220 10 375 570 Nov. Dec. J2l Preliminary. e] Estimated by Federal Reserve. 1J Gross proceeds exceed net proceeds by the cost of flotation. 2J 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 Exhibit J Other Security Offerings (In millions of dollars) 1963 January February March April May July August September October November December 232 133 76 57 114 11 62 Sl 82 11 — Year Jan.-Sept. January February March April May. June July August September October November December 142 10 35 10 86 50 25 8 31 151 88 101 737 «/ 767 6 29 20 2 66 29 5 2 43 34 n.a. Federal agency 3/ 1961 1962 148 246 156 186 461 2# £/ el 1/ 100 ^ • 149 #8 459 150 175 174 #0 193 2# - 236 548 e/ . 202 967 Met She)rt- term 4/ State and local government 5/ 18 160 75 -106 466 272 195 , -189 -186 -8 -367 -482 589 127 -103 #2 -84 -30 -42 195 -10 -118 -155 319 62 78 109 414 208 518 339 327 -406 E/-265 -86 258 -6 71 E/ 110 234 54 -161 -116 Year Jan.-Sept. Gross ]Long-term 1/ Foreign government 2/ 1961 1962 1963 378 520 305 #2 j2/1,138 1,188 1,448 1.188 1.222 Federal agency 3/ 247 -144 -156 -162 226 -174 -364 -79 82 -87 284 20 7 261 22 227 193 108 -157 98 379 56 55 -80 -114 1,004 -76 1,029 -18 ' ;; _ n . a . ~ Not a v a i l a b l e ^ 1 / These data differ from those in Exhibit H in that refunding issues, as well as new capital issues are included. Long-term securities are defined as those maturing in more than one year. 2/ Includes securities offered in the 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 somewhat longer maturity than one year. Source: Bond Buyer and Federal Reserve. H.14 Exhibit K 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 1962 - October November December 1963 - January February March April May June July t. August 3 September ),' October % Corporate Bonds (Other than Convertible Stocks convertibles) bonds 434 178 198 234 186 394 409 149 348 221 236 237 446 398 State and local government 36 178 178 215 125 372 263 149 348 180 218 215 380 320 217 193 344 367 570 431 389 372 #9 329 135 743 20 19 26 22 146 35 Other 41 18 22 66 25 75 48 63 134 43 460 60 20 174 Large Individual Issues Offered November 1 through 8 - Type ** Amount (millions of dollars) Maturity Coupon rate or net interest cost Offering yield is £ Issuer 4.50 A, CORPORATE Georgia Power Corp. 1st. mtg. bds., 30.0 1993 Oklahoma Turnpike Auth. Rev.-Q.-Ut. Cook Co., 111. G.O. 2003 2003 1964-73 4-1/2 f STATE AND LOCAL GOVERNMENT OTHER * None 22.0 10.0 20.0 A 4 2.91 . 2 5 5.00 2.09^2.95 A 2/ K-2 *—Rights offering, n-r-arr—Not available. l/' 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. 2/ 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 payments. VI ^ H. 14 Exhibit L 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 Other l_t Corporate local govt. Date of computation - Oct. Nov. Dec. - Jan. Feb. Mar. Apr. May July Aug. Sept. Oct. 31 30 28 31 28 29 30 31 28 31 31 30 31 203 170 269 167 142 376 149 223 170 221 158 240 145 -- 96 194 177 376 458 381 447 255 142 329 210 561 255 75 25 45 40 460 75 20 -- . 328 .360 314 412 572 421 234 288 215 267 183 240 145 Other 2/ 243 328 311 843 755 763 599 582 287 512 468 757 401 75 25 33 45 40 460 75 20 Forthcoming Large Offerings, as of November 8 | Type Issuer * Corporate Subsequent to date shown State and local govt. Amount (millions of dollars) Approximate date of offering CORPORATE Celanese Corp. | Seaboard Airline R. R. Co. * Union Electric Co. , *Ralston Purina Co. ^*Tennessee Gas Trans. Co. y *Virginia Elec. Pwr. Co. Consolidated Edison Co. Com. stk. 1st mtg. bds. 1st mtg. bds.&pfd.stk. Deb. 1st mtg. p.l. bds.&pfd.stk. 1st mtg. bds. 1st & ref. mtg. bds. 43.4 22.0 50.0 35.0 50.0 30.0 75.0 November November November November November December December G.O. G.O. 38.3 31.8 November 12 November 13 12 (rts. ex.) 13 20 20 11 12 . STATE AND LOCAL GOVERNMENT \ State of Maryland | Philadelphia, Pa. Monterey Flood Control & Wtr. Dist., Cal. Los Angeles Dept. of Wtr. & Pwr., California East Bay Mun. Util. Dist., Cal. New York State Pwr. Auth. Rev.-Ut. 12.9 November 18 Rev.-Ut. 21.0 November 20 G.O. Rev.-Ut. 27.0 17.0 November 20 November 21 H. 14 L-2 Forthcoming Large Offerings, as of November 8 (cont'd) Type Amount (millions of dollars) G.O. G.O. Rev.-Ut. 12.8 10.5 10.0 November 26 November 26 November 28 Rev.-Q.Ut. Rev.-Rent. G.O. G.O. 50.0 16.0 35.0 46.0 December 10 December 12 Indefinite Indefinite Rev.-Ut. G.O. 40.0 11.1 Indefinite Indefinite Approximate date of offering STATE AND LOCAL GOVERNMENT (cont'd) State of Minnesota ^Montgomery Co. > Md. Bowling Green, Ky. *San Francisco Bay Area Rapid Transit Dist., Cal. Iowa State University Pittsburgh, Pa. Dade County, Florida Jacksonville Expressway Auth. Fla. Houston, Texas OTHER ^--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. l! 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: $25.5 million of $33 million Pennsylvania Public School Building Authority issue scheduled for sale on November 19 is to refund outstanding securities. H. ItExhibit M Foreign Government and Corporate Security Offerings and Placements in the United States Part Ii Sale Date Amount (millions of dollars) Public Offerings Issuer and Description of Issue A. Sold September 1 through November 8 None B. None Prospective Offerings M-2 Part II: Date reported Private Placement—Reported September 1 through November 8 Amount (millions of dollars) 9/13 3*5 9/13 1.1 Issuer and Description of Issue Manitoba Electric Power Commission—5-7/8# notes, maturing 1983—no information available on takedown Union Acceptance Corp.—6-1/4# debenture, maturing 1974-78—no information available on takedown Note: For retrospective data on aggregate foreign corporate and government security offerings in the United States see Exhibits I and J. There is no simple relationship between the data shown in this Exhibit and that shown in Exhibits I and J because the latter includes privately placed securities in the period in which funds are actually takendown but only in the amount of takedown, while the placements shown in this exhibit are included when reported, frequently with little or no information concerning timing of takedowns. Full or partial takedowns may take place both prior and subsequent to the date a placement is reported. *—Included in table for first time.
@FedFRASER