Full text of H.16 Capital Market Developments : May 18, 1964
The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
Not f o r P u b l i c a t i o n DECONTROLLED AFTER SIX MONTH
H. 14
-j
f
May 18, 1964.
CAPITAL MARKET DEVELOPMENTS
IN THE UNITED STATES'
S 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 d e c l i n e d
a p p r e c i a b l y l a s t week from t h e v e r y s u b s t a n t i a l volume of t h e week
b e f o r e , and i s e x p e c t e d t o remain a t a b o u t t h i s lower l e v e l d u r i n g
t h e c u r r e n t week. L a s t week, ended May 1 ^ . t h r e e l a r g e c o r p o r a t e
i s s u e s t o t a l i n g $94 m i l l i o n and f i v e t t f r g e S t a t e and l o c a l
government bond i s s u e s w i t h p a r v a l u e of $69 m i l l i o n were s o l d .
T h i s week, ending May 22, f o u r c o r p o r a t e i s s u e s w i t h g r o s s p r o c e e d s
of $131 m i l l i o n a r e s c h e d u l e d f o r o f f e r i n g , b u t only two l a r g e
S t a t e and l o c a l i s s u e s amounting t o $26 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 l o n g - t e r m bonds were
mixed l a s t week. Both U. S. Government and A a a - r a t e d S t a t e and
l o c a l government bond y i e l d s f e l l two b a s i s p o i n t s t o 4 . 1 6 and 3 . 1 0
p e r c e n t , r e s p e c t i v e l y . Lower-grade m u n i c i p a l y i e l d s , however,
edged up a b a s i s p o i n t t o 3 . 5 5 p e r c e n t . While y i e l d s on seasoned
c o r p o r a t e bonds were
unchanged, t h e a v e r a g e y i e l d op o f f e r i n g s
of new. c o r p o r a t e bonds^ ' ( a d j u s t e d t b r a n : A a a b a s i s ) 1 dropped e i g h t
b a s i s p o i n t s to 4.45 per c e n t . This d e c l i n e apparently r e f l e c t e d
r e c e n t s t r e n g t h e n i n g of t h e a l r e a d y d e v e l o p i n g market consensus t h a t n e a r term advances i n l o n g - t e r m i n t e r e s t r a t e s a r e u n l i k e l y .
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 . The y i e l d
on 3-month b i l l s d e c l i n e d two b a s i s p o i n t s l a s t week t o 3 . 4 7 p e r
c e n t , and t h a t on 6-month b i l l s was down f o u r b a s i s p o i n t s t o 3 . 5 9
p e r c e n t - - t h e l o w e s t l e v e l s i n c e e a r l y l a s t November. Y i e l d s on
intermediate-term Treasury obligations declined s i x basis points
to 4.04 per cent.
The a v e r a g e e f f e c t i v e r a t e on F e d e r a l f u n d s c o n t i n u e d a t
3 . 5 0 p e r c e n t , and most o t h e r money market r a t e s were a l s o unchanged.
Mortgage y i e l d s and c o n v e n t i o n a l mortgage r a t e s . Secondary
market y i e l d s on FHA-insured 2 5 - y e a r , 5 - 1 / 4 p e r c e n t mortgages cont i n u e d a t 5 . 4 4 p e r c e n t i n A p r i l . Except f o r a temporary d e c l i n e
of 1 - b a s i s p o i n t l a s t autumn, t h i s a v e r a g e has been t h e same f o r
t h i r t e e n c o n s e c u t i v e months.
C o n t r a c t i n t e r e s t r a t e s f o r c o n v e n t i o n a l f i r s t mortgages
on new homes were a l s o unchanged i n A p r i l , a t 5 . 8 0 p e r c e n t ,
a c c o r d i n g t o t h e F e d e r a l Housing A d m i n i s t r a t i o n . But comparable r a t e s
f o r e x i s t i n g homes r o s e from 5 . 8 5 p e r c e n t t o t h e y e a r - e a r l i e r
a v e r a g e of 5 . 9 0 p e r c e n t . C o n v e n t i o n a l mortgage r a t e s e s t i m a t e d by
t h e F e d e r a l Housing A d m i n i s t r a t i o n a r e rounded t o t h e n e a r e s t f i v e
basis joints.
H. 14
S t o c k market c r e d i t . T o t a l customer c r e d i t i n t h e s t o c k m a r k e t r o s e
$173: m i l l i o n d u r i n g A p r i l t o $7.3 b i l l i o n a t t h e month-end. Most of
t h i s g a i n was a t t r i b u t a b l e t o an i n c r e a s e of $144 m i l l i o n i n
c u s t o m e r s ' d e b i t b a l a n c e s ( e x c e p t on U. S. Government s e c u r i t i e s ) ;
bank l o a n s t o o t h e r t h a n b r o k e r s or d e a l e r s f o r p u r c h a s i n g o r
c a r r y i n g s e c u r i t i e s ( o t h e r than U. S. Governments) went up $29
million,
'vlhdeterminant b u t p r o b a b l y s u b s t a n t i a l amounts of c r e d i t
were extended i n s u b s c r i p t i o n a c c o u n t s i n c o n n e c t i o n w i t h t h e r e c e n t
common s t o c k o f f e r i n g by AT&T.
R e v e r s i n g t h e downward t r e n d t h a t had p r e v a i l e d s i n c e
l a s t December, money borrowed by member f i r m s of t h e New York Stock
Exchange on c u s t o m e r s ' c o l l a t e r a l i n c r e a s e d $270 m i l l i o n i n A p r i l .
C u s t o m e r s ' ' n e t f r e e c r e d i t b a l a n c e s , on t h e o t h e r hand, f e l l $66
m i l l i o n . More d e t a i l e d i n f o r m a t i o n on s t o c k market c r e d i t d u r i n g
r e c e n t months i s shown i n t h e t a b l e on t h e f o l l o w i n g page.
Stock p r i c e s . Common s t o c k p r i c e s , as measured by
S t a n d a r d and P o o r ' s composite i n d e x of 500 s t o c k s , changed l i t t l e
on b a l a n c e l a s t week t o c l o s e a t 8 1 . 0 1 on May 15, only s l i g h t l y
below t h e new peak r e a c h e d e a r l i e r i n t h e week. T r a d i n g volume
averaged 5 . 1 m i l l i o n s h a r e s a d a y , down 0 . 3 m i l l i o n s h a r e s from
t h e a v e r a g e f o r t h e p r e v i o u s week.
More d e t a i l e d i n f o r m a t i o n c o n c e r n i n g r e c e n t c a p i t a l market
developments i s p r e s e n t e d i n t h e a t t a c h e d e x h i b i t s .
C a p i t a l Markets S e c t i o n ,
D i v i s i o n of Research and S t a t i s t i c s ,
Board of Governors of t h e F e d e r a l Reserve System.
3
H. 14
STOCK MARKET CREDIT
( I n m i l l i o n s of d o l l a r s )
Total,
except on
U.S. Govt.
sccuritics
Months
Outstanding!
1955-56 High
1957-58 Low
1959
1960
1961
1962
1963
-
High
Low
High
Low
High
Customer c r e d i t
Net d e b i t
balances
w i t h NYSE
member firms
secured
b
U.S.
Govt. Other
sec.
Broker and Dealer cir e d i t
Bank loans
to o t h e r s than
b r o k e r s and
dealers for
purchasing
arrvine
U.S.
Govt. Other
on
Other
U.S.
Govt. Cust. Other
sec. c o l l . c o l l .
'
4,047
(5/56)
3,554
(1/58)
4,764(4)
4,142(5)
5,602(12)
4,876(7)
7,298 (11)
1963 - Dec. 1/ 7,241
7,314
1964 - Apr.
Changes i n
Outstanding:
224
1963 - Apr.
May
251
- 191
July
91
149
Aug.
Sept .
311
209
Oct.
118
Nov.1/
Dec.1/
-56
8
1964 - J a n . 1/
-130
Feb.
21
Mar.
Apr.
173
163
28
168
95
77
23
41
26
21
42
1,344
188
252
139
101
28
'69
2,044
1,801
2,572
1,856
3,892
318
237
385
235
597
1,069
(1/55)
807
(4/57)
1,257(3)
940(4)
1,508(4)
1,091(9)
1,211(11)
1,727
1,804
32
17
3,852
3,916
597
495
1,210
1,165
29
40
30
94
10
29
30
27
15
-1
10
39
29
-30
-25
155
71
-99
-11
42
-3
60
32
-182
5
72
3
26
-35
-17
-23
-33
87
-4
35
-1
52
-63
32
-66
2,823
(12/56)
2,482
(12/57)
3,401(4)
3,004(7)
4,259(12)
3,562(7)
5,586 (11)
169
133
132
80
140
1,255
(4/56)
1,060
(U/57)
1,373(5)
1,121(5)
1,377(8)
1,269(9)
1,727 (12)
5,514
5,510
140
101
-1
-24
29
-23
6
-1
-3
7
50
-32
-11
195
-1
211
-3
8
161
-3
-7
-2 /•" 139 .
282
18
-12
179
91
5
-8
-71
9
-4
-1
-140
-18
144
48
21
4
Cus tomere 1
net
free
.credit
balances
Money
borrowed
113
11
-15
-6
46
-36
-5
4
9
-8
-15
-1
1,873
135
261
183
26
108
125
121
179
-40
-57
-57
r / -92 r /
270
430
change by member f i r m s c a r r y i n g margin a c c o u n t s . Bank loans t o o t h e r s than b r o k e r s and
d e a l e r s f o r purchasing and c a r r y i n g s e c u r i t i e s a r e f o r weekly r e p o r t i n g member banks. Net
d e b i t balances and customer f r e e c r e d i t b a l a n c e s a r e as of the end of t h e month; bank loans
and money borrowed a r e r e p o r t e d f o r the l a s t Wednesday of the month. Numbers i n p a r e n t h e s i s
denote month of y e a r .
1/ November 1963 d a t a on customers 1 n e t d e b i t b a l a n c e s do not i n c l u d e accounts c a r r i e d by
a l a r g e former member f i r m in l i q u i d a t i o n ; most of t h e s e accounts have been t r a n s f e r r e d to
o t h e r member f i r m s and a r e r e p o r t e d i n t h e i r d e b i t f i g u r e s from the month r e c e i v e d (some i n
December, more i n January 1964). Debit b a l a n c e t o t a l s f o r t h e p e r i o d from October 1963
through January 1964, t h e r e f o r e , a r e not completely comparable.
EXHIBIT A._fa,
L 6 N G - T E R M B O N D YIELDS, H I G H - G R A D E
JJL
Exhibit A - Part I I
Corporate
Aaa 3 /
U . S . Govt,
long-term 2 /
S t a t e and
local
government
AaaV
(per cent)
1959-60 - High
1961 - High
Low
1962 - High
Low
1963 - High
Low
1964 - High
Low
Apr. 17
Apr. 24
May
1
May
8
vMay 15 j>/
Spread between
U. 8 . Govt, and
Corporate
S t a t e and
l o c a l Aaa
lie61(1/29/66)
4.46(9/15)
4.21(3/17)
4*43(2/16)
U.23(l?/2#
U.37(W27)
4.19(3/29)
4.41(5/15)
4.35(2/28)
4 . 4 2 (l/e/60)
4 . 0 7 (12/29)
3.70(5/12)
4.12(2/23)
3.85(12/28)
4.16(12/27)
3.87(1/18)
4.20(4/17)
4.14(2/21)
3 . 6 5 (9/24/59)
3.37 (7/6)
3 . 1 2 (2/23)
3 . 2 6 (1/4)
2 . 8 8 (11/8)
3 . 1 8 (13/21)
2 . 9 3 (3/28)
3.16(3/26)
3.07(2/20)
.59
.57
.34
.17
.30
.35
.21
.25
.19
.92
.76
.46
1.04
.80
1.05
.88
1.09
1.02
4.40
4.41
4.41
4.41
4.41z
4.20
4.19
4.19
4.18
4.16
3.11
3.10
3.12
3.12
3.10
.20
.22
.22
.23
.25
1.09
1.09
1.07
1.06
1.06
f
Preliminary.
Weekly average of daily figures. Average tern of bonds Included i s 22-24 years.
Weekly average of daily figures, the series includes bonds due or callable in 10 years or mora.
y Thursday figures. Only general obligation bonds are included* average tern i s 20 years.
Note.—Highs and lows are for individual series and may be on different dates for different
series. Tor spreads, high refers to widest, and low to narrowest.
for FRASER
Digitized
EXHIBIT B. Pari I
LONG-TERM BOND YIELDS, LOWER-GRADE
•c/—^
Bxhibit B - Part I I
Date
Corporate
Baa 1 /
S t a t e and
local govt.
Baa ^
Spread between
Aas and Bae
S t a t e and
Corporate
local govt.
(per cent)
1959-^0 - High
1961 £ High
Low
1962 - High
Low
1963 - High
- Low
1961* - High
Low
5.3^(2/12/60)
5.13(10/27)
5.00(4/21)
5.11(1/5):
u.92(12/21)
lt.93(l/4)
it.83(u/25)
4.86(5/15)
4.82(2/7)
U.U6(a/7/60)
4.16(3/23)
3.93(U/9)
l*.0l*(Vn)
3.52(5/17)
3.63(6/27)
3.52(5/23)
3.58(3/26)
3.50(5/7)
.81*
.81
.66
.71*
.63
.71
.1*8
.48
.44
1.08
.93
.57
.82
.56
.63
.U*
.49
.36
Apr. 17
Apr. 24
May
1
Hay
8
May 15 £ /
4.85
4.85
4.85
4.86
4.86 /
3.51
3.52
3.52
3.54 2/
3.55
.45
.44
.44
.45
.45
.40
.42
.40
.42
.45
Notes Tor footnotes see Exhibit A#
,
S H O R T - A N D I N T E R M E D I A T E - T E R M INTEREST R A T E S , G O V E R N M E N T
\
l\A
_6.M0N!H III
Market Yl.
1-5 yeai issues
V I V A
v
^
/
,
tew
,
A
J K
£
JI-MOHTH IIUS
Market Yield:
1 1 II 1 1 M l 11 1 1 1 1 1 1 1 1 1 1
"to
Htl
1 1 1 1 1 1 1 IIIIII1 1 1 1 1 1 1 1 1
Mil
19 44
Ittl
E x h i b i t C - Part I I
Discount
rate
Date
y
1959-60 - High
1961 - High
Low
1962 - High
Low
1963 - High
Low
196U - High
Low
Apr. 17
Apr. 24
1
May
8
May
May 15
£/
4.00
3.00
3.00
3.00
3.00
3.50
3.00
3.50
3.50
3.50
3.50
3.50
3.50
3.50
3-month
bills 2/
U. 59 (1/8/60)
2.97(7/13)
2.65(6/8)
3.55 (u/13)
2.88(3/15)
3.56(3/6)
3.45(5/1)
3.47
3.45
3.45 ,
3.49
3.47-/
%
Yields
6-month
, b i l l s 2/
(per cent)
f - J S U
3-5 year
issues 2/
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-iao. b i l l s 1 3 - 5 y r . i s s u e s
5.00(12/24/59)
.79
3.15(5/12)
.12
3.86(8/11)
. a
1.81
1.51
.92
2.35(4/28)
3.13(7/20)
2.7U(6/e)
3.68(12/6)
2.93(3/8)
3.74(3/6)
3.59(5/15)
3.10.(12/28)
U.07 (12/27)
3.Ult(Vis)
4.23(3/27)
,3.99(2/7)
.17
.0U
• 21
.70
.11
.48
3.67
3.64
3.60
3.63
3.59
4.18
4.16
4.14
4.10
4.04
.20
.19
.15
.14
.12
.71
.71
.69
.61
.57
3.88(2/2)
.2U
.02
Weekly rate shown i s that i n effect at end ef period at the Federal Reserve Bank of New York.
Market yieldj weekly averages computed from daily closing hid 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.
E XHIBI1 D, P - i l I
SHORTBANKS
AND
AND
I N T E R M E D I A T E - TERM INTEREST RATES,
OTHER
PRIVATE
BORROWERS
j p i (« ctl y Placet
/w'lr'vy
y
Exhibit D - Part II
Stock exchange j Prime
c a l l loan 1/
(rate l /
Date
F i n a n c e companypaper 2/
Federal
funds 3/
Spread between
3-mo, b i l l s and
finance co. paper
(per cent)
5.5a
196U - High
Low
U.50
U.5o
U.So
4.50
4.50
5.00
U.50
U.50
U.50
U.50
U.50
U.50
4.50
4.50
5.13(1/22/60)
3.00(12/30)
2.50(8/5)
3.25(7/21)
2.68(6/1)
3.88(12/27)
3.3W31)
3.93(4/3)
3.75(5/15)
U . 0 0 (5/13/60)
2 . 9 0 (11/17)
.U3 ( V 2 7 )
3 . 0 0 (12/28)
1 . 3 0 (3/26)
3 . 5 0 (12/27)
2.U5 (7/26)
3.50(5/15)
3.20(3/6)
Apr. 17
Apr. 24
May
1
May
8
May 15
4.50
4.50
4.50
4.50
4.50
4.50
4.50
4.50
4.50
4.50
3.75
3.75
3.75
3.75
3.75
3.50
3.45
3.42
3.50
3.50
1959-60 High
1961 - High
Low
1962 - High
19.63 - High
£./
h.50
U.50
U.50
1/
1.02
.56
.11
.U5
.19
.39
.12
.41
.22
.28
.30
.30
.26
.28
Weekly rate shown i s t h a t i n e f f e c t at end of p e r i q d . Stock Exchange c a l l loan rate i a going rate
on c a l l lpans secured fcy customers' s t o c k exchange c o l l a t e r a l a t New York City banks. Prima rate
i s t h a t charged hy l a r g e hanks on s h o r t - t e r m loans t o b u s i n e s s borrowers of the h i g h e s t c r e d i t
standing.
2J Average of d a i l y rates published by f i n a n c e companies f o r d i r e c t l y placed p a p e r f o r varying m a t u r i t i e s j
i n the 90-179 day range,
3 / Weekly average of d a i l y e f f e c t i v e r a t e , which i s the r a t e f o r t h e h e a v i e s t volume of purchase and
Digitized
for
saleFRASER
t r a n s a c t i o n s as r e p o r t e d t o t h e F e d e r a l Reserve Bank of New York.
Note:---Highs and lows are f o r i n d i v i d u a l s e r i e s and nay be on d i f f e r e n t d a t e s f o r d i f f e r e n t s e r i e s .
http://fraser.stlouisfed.org/
For s p r e a d s , high r e f e r s t o w i d e s t , and low to narrowest#
Federal Reserve Bank of St. Louis
STOCK MARKET
1
om ol dollan
'
^
/
/
^
1
STOCK Mlllll CHOI!
"i
^HAHGI IN SHIES
Millions ol 1 ha
VOlUMt _
x
P a J \ J N ^
J
\ f ^
• J - L L - J - L U -LL U - L L L -LLI JJ--LL.L
Exhibit E - Part I I
Stock p r i c e
index ] /
.
Common
Trading
stock
volume 3 /
yields 2/ (millions
( p e r c e n t ) of s h a r e s )
1961-62 - High
Low
1963 - High
196k - High
Low
72.01.(12/8/611
$2.68(6/22/62)
Ik.hkiWzj
81.01(5/15)
75.50(1/3)
3.01
3.00
3.09
March
April
May
1
May
8
May 15 £ /
78.80
79.94
80.17
81.00
81.01
3.03
3.00
2.99
2.96
3.00
2.80
3.96
10.1
2.U
6.5
6.1
4.3
5.4
5.6
5.5
5.4
5.1
market
credit
Customers 1
Bank
debit balloans to
ances
"others"
JiL
(In millions of d o l l a r s )
Total
5,602(12/61)1*,2*9(12/61)
U,it2U(V61) 3,253(V61)
7,298(1V63)5,586(1V63)
7,314(4)
5,524(1)
7,120(2)
5,366(3)
1,148(5/9/62)
1,161(3/8/61)
1,738(12/25)
1,810(4/15)
1,720(1/22)
7,141
7,314
1,775
1,804
1,804
1,808
5,366
5,510
n.a.—Not available. ja/ Preliminary.
y Standard and Poor«s composite index of 500 cannon 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*
y 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 i t s high
%
^
4/
Averages of daily trading volume on the New York Stock Exchange.
End of month figures for member firms of the Hew York Stock Exchange which carry margin accounts;
excludes balances secured by U. S. Government obligations.
Wednesday figures for weekly reporting member banks. Excludes loans for purchasing or carrying
U. S. Government securities. Weekly reporting banks account for about 70 per cent of loans to
For further detail see Bulletin.
Digitizedothers.
for FRASER
5/
MORTGAGE A N D B O N D YIELDS
Monthly
-
Exhibit F - Part I I
Conven- Spread b e FHA
t i o n a l tween y i e l d s ,
on conv. &
gages m o r t gages3/ FHA m t g s .
2/
1956
1957
1958
1959-60
1962-63
- Low
- High
-Low
- High
- High
Low
1964 - J a n u a r y
February
March
April
Aaa C o r p o r a t e
Newhi
Seasoned!/
Spread b e t w e e n - y i e l d s on
new c o r p o r a t e bonds and
FHA mtgs.
4.68
5.63
5.35
6.24
5.72
5.43
5.20
6.00
5.55
6.30
5.95
5.80
.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
.95
5.44
5.44
5.44
5.44
5.80
5.80
5.80
5,80
.36
.36
.36
.36
4.50
4.38
4.43
4.48
4.37
4.36
4.38
4.40
.94
1.06
1.01
.96
Seasoned b d s .
1.03
.05
.73
.39
-.16
.13
.02
.05
puted as equival=z
1/
IX vniuoev uvuo .
---r_ ' , ,—'
,
as Burning 25-year mortgages are paid off in 12 jwara. Dashed lines indicate periods of adjustment
to changes in the contractual interest rate.
http://fraser.stlouisfed.org/
Wbody"a"Invomtw^Service. Monthly averages
Federal Reserve Bank of St. Louis
of daily data.
See tofaifcit 1.
II
EXHIBIT C. Purl I
YIELDS O N NEW A N D S E A S O N E D C O R P O R A T E B O N D S
WW ISSUES
I I I II II
Exhibit 0 - Part II
Yields on Hew-Corporate Bond laeuea Adjusted to an Aaa basis
Weekly averages:
1963 - Dec. 6
13
20
27
1964 - J a p . 3
10
17
24
31
Feb. T
14
21
28
Number Am't of issues Average
yield
included (mil.
of
fner cent).
issues of dollars)
Number Aa't of issues Average
of
included (mil. yitld
fner cent)
of dollars)
2
2
1
60.0
95.0
150.0
1
1
1
130.0
5.0
15.0
4.50
4.44
4.41
15.0
50.0
60.0
4.33
4.30
4.34
4.41
4.45
4.54*
—
. 1
1
1
•
:
Mar.
6
13
20
27
Apr. 3
10
17
24
May
1
8
15
——
—
3
81.0
4.39
3
85.0
4.46
2
.1
1
3
13.0
8.0
50.0
89.0
4.48
4.45
4.53
4.45
A by Moody's Invaetors Sendee (except serial and convertible issues, offerings of natural gas pipeuna
and foreign oompanlea. and bonds guaranteed by the Federal Government) weighted by Use of offering.
Before averaging, new offerings are adjusted to a conmoalte Aaa basis by deducting from the actual
reoffaring yield tla exoess of the weekly average yield f o r seasoned toads of the appropriate industryquality group error the composite average for seasoned Aaa^rated tends (Moody's). Averages considered
unrepresentative became erf special characteristics of fte offerings Included are denoted by an asterisk^
ii A
Exhibit H
L o n g - t e r m C o r p o r a t e and S t a t e and L o c a l Government
S e c u r i t y O f f e r i n g s and P l a c e m e n t s
( I n m i l l i o n s of d o l l a r s )
New C a p i t a l
1964
. flnrnnraf-p 1 /
|
1963
|
1962
January
February
March
£/
£./
£/
930
685
754
613
594
- 1,144
592
i 859
807
April
May
June
e/ 2,100
e/ 1 , W -
930
904
1,013
1,113
760
1,132
676
637
795
582
749
579
July
August
September
October
November
December
1st
2nd
3rd
4th
quarter
quarter
quarter
quarter
£ / 2,369
1st half
Three quarters
Year
1,013
819
1,415
835
703
1,103
2,351
2,847
2,109
3,246
2,258
3,005
1,910
2,641
5,198
7,307
10,553
5,264
7,173
9,814
<'%
S t a t e and LoccJl 2 /
1962
|
| 1963 p /
1964
919
749
700
732
746
976
876
1 ,133
628
e / 1 ;, 1 0 0
e/
600
869
866
930
873
912
786
680
708
449
612
544
427
1.,051
729
416
650
578
550
2,,454
2. ,665
1, ,837
2, ,197
2.,637
2 ,571
j
1, 528
1, 7 7 9
5 , 118
6 , 955
9 , 151
5 , 208
6 , 790
8 , 568
£/
£/
e/
i £/
2
>3 6 8
E x c l u d i n g f i n a n c e companies—^
1st
2nd
3rd
4th
quarter
quarter
quarter
quarter
e/ 2,019
Year
£/
If
2/
3/
2,284
2,529
1,768
2,854
2,199
2,919
1,775
2,410
9,434
9,303
Preliminary.
Securities and Exchange Commission e s t i m a t e s of n e t p r o c e e d s .
Investment Bankers A s s o c i a t i o n of America e s t i m a t e s of p r i n c i p a l a m o u n t s .
T o t a l new c a p i t a l i s s u e s e x c l u d i n g o f f e r i n g s of s a l e s and cosumer f i n a n c e c o m p a n i e s .
.
:
-/'
,.f
1
;
J
y
H.L
New C o r p o r a t e S e c u r i t y I s s u e s , Type of I s s u e 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 )
Gross p r o c e e d s f o r new
c a p i t a l and r e f u n d i n g 1/
Common Memo:
Foreign
Publicly
Privately pfd. issues
Mfg.
offered
offered
included
Quarter
Wet p r o c e e d s t o r
new c a p i t a l 1/ 2/
P u b l i c Communi Other .
u t i l i t y cations I issuers
1961 - . I I I
IV
2,566
3,236
772
967
1,139
1,424
654
845
69
62
935
792
595
836
104
147
893
1,263
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
655
996
601
769
430
983
375 •
568
456
231
275
321
• 717
794
659
986
1963 - I
II
III
IV
2,700
3,634
2,436
3,466
1,108
1,389
898
1,319
1,306
1,820
1,251
1,780
287
424
287
367
128
434
109
47
947
591
806
968
326
794
285
530
236
221
150
118
842
1,241
868
1,629
/
2,499
978
1,221
305
29
418
43 8
273,
f 1962 - J u l y
Aug.
Sept.
Oct.
Nov.
Dec.
V
j
/ 1963 - J a n .
Feb.
Mar.
Apr.
May
630
922
632
976
784
1 ,197
200
477
176
539
286
264
366
363
295
314
446
808
67
82
161
123
52
125
13
43
46
34
99
217
218
166
153
271
345
118
110
148
141
175
252
88
120
67
260
4
57
159
301
199
282
253
451
695
642
1 ,363
1 ,049
1 ,340
1 ,246
810
756
871
1 ;,116
891
1,,459
350
259
499
380
550
459
279
336
283
511
183
626
243
289
774
452
694
675
431
318
501
481
549
751
-102
94
91
217
95
113
100
100
87
125
159
83
25
43
60
56
182
196
46
21
42
10
10
27
135
220
592
148
216
227
297
272
237
240
214
515
114
115
97
341
222
210
107
100
78
201
131
198
125
68
43
71
92
58
86
25
3°
238
191
412
369
373
499
187
240
441
531
461
637
1964 - I
II
'
£
July
Aug.
Sept.
Oct.
Nov.
Dec.
41
13
64
526
121
1964 - J a n . ]>/
157
515
338
5
109
985
149
123
342
88
16
83
279
155
Feb. £ /
710
1460
174
400
353
361
81
8
34
Mar. £ /
805
220
2, 140
1,330
38u
n. a .
140
400 1,360
410
April e/
May
June
2./ P r e l i m i n a r y . e / E s t i m a t e d by F e d e r a l R e s e r v e . 1/Gross Proceeds exceed n e t p r o c e e d s by t h e
cost of f l o t a t i o n . 2 / F o r t o t a l see E x h i b i t H; o t h e r i s s u e r s a r e e x t r a c t i v e , r a i l r o a d and o t h e r
t r a n s p o rfor
t a t iFRASER
o n , r e a l e s t a t e and f i n a n c e and commercial and o t h e r . S o u r c e . - - S e c u r i t i e s and
Digitized
Exchange Commission.
Exhibit J
Other S e c u r i t y O f f e r i n g s
( I n m i l l i o n s of d o l l a r s )
WW
January
February
March
April
May
£/
£/
£/.
e/
Gross
Forei Lgn government 2/
1963
1962
4
81
69
25
July
August
September
October
November
December
""Jan. - A p r i l
e/
17 9
Year
January
February
March
April
May
July
August
September
October
November
December
Jan. - April
2
142
10
35
10
86
50
25
8
31
151
88
101
498
197
232
133
76
57
114
11
63
83
771
- t e r m 1/
1964
£/
£/
jb/
e/
25
|
F e d e r a l agency 3/
1962
1963
|
148
246
156
186
461
459
150
175
e/
25
174
200
--
--
--
m
1,167
737
Net s h o r t - t e r m 4/
F e d e r a l agency 3 /
S t a t e and l o c a l government 5 /
75
18
12
-106
103
236
272
466
-189
-459
-186
. -367
-482
198
£ / -458
127
589
92
292
R/
-30
-84
195
-10
-118
319
62
78
414
208
339
327
-406
-173
258
71
259
123
234
146
-102
-161
-339
551
n.a.
Year
569
425
692
378
rii
-157
863
1,188.
247
-156
226
-364
82
284
261
227
-157
379
55
-80
t
- 485
1,600
1,004
£./ P r e l i m i n a r y . e / E s t i m a t e d by F e d e r a l R e s e r v e . n. a . --Not a v a i l a b l e . 1/These d a t a d i f f e r
, ,'f
from t h o s e i n E x h i b i t H i n t h a t r e f u n d i n g i s s u e s , as w e l l as new c a p i t a l i s s u e s a r e included.,,'
Long-term s e c u r i t i e s a r e d e f i n e d as t h o s e m a t u r i n g i n more than one y e a r . 2 / l n c l u d e s s e c u r i t i e s o f f e r e d i n t h e United S t a t e s by f o r e i g n governments and t h e i r p o l i t i c a l s u b d i v i s i o n s ;
and i n t e r n a t i o n a l o r g a n i z a t i o n s . Source: S e c u r i t i e s and Exchange Commission. 3 / l s s u e s not
g u a r a n t e e d by the U. S. Government. Source: l o n g - t e r m , S e c u r i t i e s and Exchange Commission;
s h o r t - t e r m , T r e a s u r y Department and F e d e r a l R e s e r v e . 4/These d a t a d i f f e r from t h o s e i n
E x h i b i t H and above i n t h a t t h e y r e p r e s e n t new o f f e r i n g s l e s s r e t i r e m e n t s , whether from t h e
p r o c e e d s of r e f u n d i n g i s s u e s or from o t h e r f u n d s . Data i n c l u d e only i s s u e s w i t h o r i g i n a l
m a t u r i t y of one y e a r or l e s s . 5 / P r i n c i p a l l y t a x and bond a n t i c i p a t i o n n o t e s , w a r r a n t s or
c e r t i f ifor
c a tFRASER
e s and P u b l i c Housing A u t h o r i t y n o t e s .
I n some i n s t a n c e s PHA n o t e s i n c l u d e d may
Digitized
have a somewhat l o n g e r m a t u r i t y t h a n one y e a r . S o u r c e : Bond Buyer and F e d e r a l R e s e r v e .
Exhibit K
Large Long-term P u b l i c S e c u r i t y I s s u e s f o r New C a p i t a l
(Other t h a n U. Si T r e a s u r y ) 1/
Proceeds of Large I s s u e s O f f e r e d
( I n m i l l i o n s of d o l l a r s )
Corpo r a t e
Bonds
iOther t h a n t C o n v e r t i b l e
convertibles)
bonds
Total
1963 - A p r i l
May
July
August
September
October
November
December
1964 - J a n u a r y
February
March
April
263
149
348
180
218
215
380
117
515
225
200
296
235
409
149
348
199
236
237
446
180
547
307
263
335
1,557
State
and
Other
146
19
18
22
66
.63
32
22
28
38
1,271
60
35
51
2/
governments
,
-
„
431
389
372
279
329
135
734
373
111
577
358
282
698
134
43
460
60
20
174
200
---
50
20
Large I n d i v i d u a l I s s u e s O f f e r e d May 1 t h r o u g h 15
;
|
Issuer
Type
Coupon
rate or
OfferMaturity net inter- ing
Rating
est cost yield
Amount
(millions
of
dollars).
Corporate
.3.1.T. F i n a n c i a l Corp.
Columbia Gas System, I n c .
' u g e t Sound Pwr. & L t . Co.
h i l a d e l p h i a E l e c . Co.
ilabama Pwr. Co.
Deb.
Deb.
1 s t mtg. b d s .
1 s t & r e f . mtg. b d s .
1 s t mtg. b d s .
100.,0
50. 0
15. 0
50. 0
29. 0
1989
1989
1994
1994
1994
4-5/8
4-5/8
4-3/4
4-1/2
4-5/8
" t a t e and Local Government
S t a t e of C a l i f o r n i a
G.O.
50.0
50.0
4.8
11.2
21.3
17.5
10.0
13.2
10.6
20.0
15.0
1966-90
1974-2014
1967-84
2006
1965-97
1965-79
1974-99
1965-99
1965-94
1966-99
1967-84
3 .21
3 .53
vT. Y. S t a t e Pwr. Auth.
Rev. -Ut.
C i n c i n n a t i , Ohio
.iaryland S t a t e Roads Comm.
Denver, Colo.
Columbus, Ohio
woston, Mass.
P u e r t o Rico Wtr. Resources Auth.
S t a t e of Hawaii
G, 0.
Rev. - S . T .
Rev. -Ut.
G.O.
G.O.
Rev. -Ut.
G.O.
I
.55
3.-16
3..15
3.,30
3.,19
3.,45
3. 68
3.,21
4. 68
4. 64
4. 75
4. 45
4. 55
--
A
Baa
Aaa
A
2.,25-3
2.,95-3 a / »
2. 50-3,
3. 55
2. 15-3. 40 Aa
2. 15-3.
2. 95-3.
2. 15-3. 40 A a
3. 3 0 - 3 .
2. 40-3.
2. 60-3.
I
\'C
H. 14
K-2
Large I n d i v i d u a l I s s u e s O f f e r e d May I t h r o u g h 15
Issuer
Type
Amount
(millions
of
dollars)
Maturity
Coupon
r a t e or
net i n t e r est cost
Offering
yield
Rating
Other
R e p u b l i c of F i n l a n d
- i
*--Rights offering, n.a.--Not available.
1/ I n c l u d e s c o r p o r a t e and o t h e r 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 o v e r ; S t a t e 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 and o v e r .
2 / I n c l u d e s 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 R e c o n s t r u c t i o n and Development
i s s u e s and n o n - g u a r a n t e e d i s s u e s by F e d e r a l a g e n c i e s .
3 / I n t h e c a s e of S t a t e and l o c a l government s e c u r i t i e s , G.O. d e n o t e s g e n e r a l o b l i g a t i o n s ;
R e v . - U t . s revenue o b l i g a t i o n s s e c u r e d only by income from p u b l i c u t i l i t i e s ; R e v . - Q . U t . ,
r e v e n u e bonds s e c u r e d only by revenue from q u a s i - u t i l i t i e s ; R e v . - S . T . , r e v e n u e bonds
s e c u r e d by revenue from s p e c i f i c t a x e s o n l y ; R e v . - R e n t . , r e v e n u e bonds s e c u r e d s o l e l y
by l e a s e payments.
4/ Bonds m a t u r i n g 1989-90 n o t p u b l i c l y r e o f f e r e d .
5/ Bonds m a t u r i n g 2014 n o t p u b l i c l y r e o f f e r e d .
6/ Bonds m a t u r i n g 1974-76 n o t p u b l i c l y r e o f f e r e d .
V Bonds m a t u r i n g 1965-79 not p u b l i c l y r e o f f e r e d .
&
t;
-til
hmt
17
H. 14
F o r t h c o m i n g L a r g e L o n g - t e r m P u b l i c S e c u r i t y O f f e r i n g s f o r New C a p i t a l
( O t h e r t h a n U. S. T r e a s u r y ) 1 /
E x p e c t e d P r o c e e d s from F o r t h c o m i n g L a r g e I s s u e s
D u r i n g month f o l l o w i n g
d a t e shown
S t a t e and
Corporate
local govt.
Other 2/
1963 - Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
: 1964 - J a n .
Feb.
Mar.
Apr.
30
31
28
31
31
30
31
29
31
31
28
31
30
149
223
170
221
158
240
145
392
305
155
224
1,587
651
447
255
142
329
210
561
255
137
469
316
454
669
345
40
460
75
20
25
15
Subsequent to
d a t e shown
S t a t e and
Corporate
local govt.
234
288
215
267
183
240
145
1,992
V.1,905
1,771
1,649
1 •» 837
844
F o r t h c o m i n g L a r g e O f f e r i n g s a s of May 15
Amount
(millions
Type
of
dollars)
Corporate
V i r g i n i a E l e c . & Pwr. Co.
C e n t r a l 111. Pub. S e r . Co.
Potomac E l e c . Pwr. Co.
M i c h i g a n C o n s o l . Gas Co.
Texas E a s t e r n T r a n s . Co.
Mountain F u e l S u p p l y Co.
W i s c o n s i n Pub. S e r . C o r p .
Communications S a t e l l i t e Co.
Long I s l a n d L i g h t i n g
G e n e r a l T e l . Co. of C a l .
M i c h i g a n - W i s c o n s i n P i p e L i n e Co.
L o u i s i a n a Pwr. & L t . Co.
P u b l i c S e r . Co. of C o l o r a d o
L a c l e d e Gas Co.
P a c i f i c Gas. & E l e c . Co.
Com. s t k .
1 s t mtg. bds.
1 s t mtg. b d s .
1 s t mtg. b d s .
Deb.
Deb.
1 s t mtg. bds.
Com. s t k .
1 s t mtg. bds.
1 s t mtg. b d s .
1 s t mtg. bds.
1 s t mtg. b d s .
1 s t mtg. b d s .
1st.mtg..bds.
Com. s t k .
36.0
20". 0
45.0
30.0
40.0
18.0
18.0
200.0
25.0
35.0
20.0
25.0
35.0
20.0
68.0
599
582
287
512
468
757
401
349
731
667
646
953
575
Other 2/
40
460
75
20
25
15
Approximate d a t e
of o f f e r i n g
May
May
May
May
May
May
"May
Jun?.
Juna
June
June
June
June
June
July
20
20
21
22
26
27
28
2
3
4
10
11
17
19
(rts.
/
ex.)
F o r t h c o m i n g L a r g e O f f e r i n g s , a s of May 15 ( C o n t ' d )
Issue r
Type
Amount
(millions
of
dollars)
Approximate d a t e
of o f f e r i n g
Oklahoma C i t y , O k l a .
.-New O r l e a n s , La.
H o u s t o n , Texas
Los A n g e l e s Un. S c h . D i s t . , C a l i f .
P e n n a . S t a t e Highway & B r i d g e A u t h .
Orange Cc. S p e c . Tax D i s t . # 1 , F l a .
F l o r i d a Dev. Comm.
v a . S t a t e Highway A u t h .
S e a t t l e , Wash.
Merced I r r . D i s t . , C a l .
P i t t s b u r g h , Pa.
Dada C o u n t y , F l o r i d a
F o r t h W o r t h , Texas
A t l a n t a F u l t o n Co. Rec. A u t h . , Ga.
G.O.
G.O.
G.O.
G.O.
Rev. - Q . - U t .
Rev. - S . T .
Rev. - Q . - U t .
Rev. - Q . - U t .
Rev. - U t .
Rev. - Q . - U t .
G.O.
G.O.
G.O.
Rev. - Q . - U t .
11.9
14.5
23.5
25.0
25.0
25.0
17.0
31.0
60.0
36.0
. 35.0
46.0
14.1
18.0
May 19
May 20
May 27
Jun-~ 2.
J u n e 16
J u n e 29
June
Spring
J u l y 15
J u l y 15
Indefinite
Indefinite
Indefinite
Indefinite
^ - - I n c l u d e d in Table f o r f i r s t time.
If I n c l u d e s c o r p o r a t e and o t h e r i s s u e s of $15 m i l l i o n and o v e r ; S t a t e and l o c a l
government i s s u e s of $10 m i l l i o n and o v e r .
2 / I n c l u d e s f o r e i g n g o v e r n m e n t and I n t e r n a t i o n a l Bank f o r R e c o n s t r u c t i o n and
Development i s s u e s and n o n - g u a r a n t e e d i s s u e s for F e d e r a l a g e n c i e s .
N o t e . - - D e l e t i o n s f o r r e a s o n s o t h e r t h a n s a l e of i s s u e : None.
&
1
S t a t e and L o c a l Government
H. 14
if
Exhibit M
F o r e i g n Government and C o r p o r a t e S e c u r i t y O f f e r i n g s
and Placements i n t h e United S t a t e s
Part I:
Sale
Da t e
!
Amount
( m i l l i o n s of
dollars)
Public Offerings
I s s u e r and D e s c r i p t i o n of I s s u e
A. Sold March 1 through May 1 5
I n t e r - A m e r i c a n Development B a n k - 4 - 1 / 2
b o n d s , m a t u r i n g 1984, o f f e r e d t o
y i e l d 4.507.
3/23
50.0
4/1
25.0
United Mexican S t a t e s - - 6 - l / 2 % s i n k i n g
fund d e b e n t u r e s , m a t u r i n g 1979
o f f e r e d t o y i e l d 6.75%
5/7
15.0
R e p u b l i c of Finland--6% b o n d s , m a t u r i n g
197 f', o f f e r e d t o y i e l d 6.24%
B.
None
Prospective Offerings
H. 14
M-2
Part I I :
Date
reported
P r i v a t e P l a c e m e n t - - R e p o r t e d March 1 through May 15
Amount
( m i l l i o n s of
dollars)
I s s u e r and D e s c r i p t i o n of I s s u e
4/1
12.5
5/8
4.0
I s r a e l D i s c o u n t Bank L t d . - - 5 - 1 / 2 % c a p i t a l
n o t e s , m a t u r i n g 1979--no i n f o r m a t i o n
a v a i l a b l e on takedown.
5/8
10.0
P a c i f i c Great Eastern Railroad Co.--4-1/2%
s i n k i n g fund d e b e n t u r e s , m a t u r i n g 1994-no i n f o r m a t i o n a v a i l a b l e on takedown
C. I t o h & Co. L t d - - 6 - l / 2 % c o n v e r t i b l e
u n s e c u r e d d e b e n t u r e s , m a t u r i n g 1984-no i n f o r m a t i o n a v a i l a b l e on takedown.
%
%
i
V
Note: For r e t r o s p e c t i v e d a t a on a g g r e g a t e f o r e i g n c o r p o r a t e and government s e c u r i t y
o f f e r i n g s i n t h e United S t a t e s s e e E x h i b i t I and J . There i s no s i m p l e r e l a t i o n s h i p
between t h e d a t a shown i n t h i s E x h i b i t and t h a t shown i n E x h i b i t s I and J b e c a u s e
t h e l a t t e r i n c l u d e s p r i v a t e l y p l a c e d s e c u r i t i e s i n t h e p e r i o d i n which f u n d s a r e
a c t u a l l y takendown b u t o n l y i n t h e amount of takedown, w h i l e t h e p l a c e m e n t s shown
i n t h i s e x h i b i t a r e i n c l u d e d when r e p o r t e d , f r e q u e n t l y w i t h l i t t l e or no i n f o r m a t i o n
c o n c e r n i n g t i m i n g of takedowns. F u l l or p a r t i a l takedowns may t a k e p l a c e b o t h
p r i o r and subsequent t o t h e d a t a a p l a c e m e n t i s r e p o r t e d .
—
^'--Included in t a b l e f o r f i r s t time.
I
^
f
4%,
V
••?*{
'
@FedFRASER