Full text of H.16 Capital Market Developments : January 18, 1965

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Not for Publication
H. 14

DECONTROLLED AFTER SIX MONTHS

-"""A

\

January 18, 1965.

CCAEITAL MARKET DEVELOPMENTS
IN THE UNITED STATES

\
Corporate and municipal bond markets. The total volume of
.corporate security 'financing this week ($50 million) will be close to
%ast week'> total. In contrast, municipal bond offerings, at $314
will be almost one-third larger than last week's already
substantial supply. A large part of this week's offerings of State
and local government bonds will consist of a $125 million obligation
of New York City. Also scheduled for offering this week, but not
included in the table below, is a $15 million issue of the Republic of
the Philippines.
Long-Term Public Security Offerings 1/
Corporate
New Capital I Refunding

State and local govt.
New Capital | Re funding

Sold:
52 week avg.
Jan. 8
Jan. 15

182

10

52 r/
60

66 r/
222

16

50

314

--

111

1

--

Scheduled:
Jan. 22

1/ Federal Reserve estimates based on published reports of issues sold
and scheduled for offering; corporate rights offerings are included
as of the date subscription rights expire.
The $200 million bond offering of the International Bank for
Reconstruction and Development (which many large institutional investors
consider comparable to corporate bonds) sold out quickly and apparently
exerted no pressure on the corporate bond market last week or the
volume of new offerings continued to be light. The only large corporate
issue offered--an unrated $35 million bank debenture issuc--was well
received at retail. Since the prospective new issue volume is not
large an ' 1 herrj :s no overhanging supply, yields on recently-offered
corporate bonds eased slightly in most cases.
In the municipal market, very aggressive pricing of last
week's fairly substantial volume of new offerings resulted in further
declines in most seasoned yield series. Yields on Aaa-rated municipals
fell to their lowest level since May 1963 and are only 9 points above
the six-year low reached in November 1962. However, investor demand
at these lower yield levels was apathetic and only aboutcnc-third of
last week's new supply was spoken for by week-end. Consequently,
dealers ' advertised inventories of unsold securities rose about $85
million to over $640 million.




H. 14

- 2 -

Yields in Securities Markets
Level latest week
(per cent)

Change from
preceding; week
(basis points)

High-Grade
Notes and Bonds
Corporate
New
Seasoned

4.43

- 1

U.S. Govt.
Long-term
3-5 year

4.15
4.06

- 1

State and local govt.

2.97

-

Money Market
Federal Funds
Treasury bills
3-month
6-month
Finance Company Paper

3.77
3.94
4.06

2

4.00
- 3
+ 2

Stock prices. Common stock prices advanced moderately further
last week in active trading. Closing at 86.21 on January 15, Standard
and Poor's composite index was up one per cent over the week and only
nominally below the November 20 high. Trading volume averaged 5.6
million shares a day, 0.9 million shares greater than the average for
the previous week.
Mortgage yields. Yields on FHA-insured, 30-year mortgages
sold in the secondary market continued unchanged in December at an
average of 5.45 per cent. This marked the twenty-second month of
virtual stability for the series. In recent months, the spread between
these mortgage yields and yields on new Aaa corporate bonds has continued
to fluctuate narrowly at an average of under 100 basis points, compared
with a recent high of nearly 150 basis points in May of 1962.
Contract interest rates for conventional first mortgages on
homes in December alsd held at earlier reduced levels, according to
reports from the Federal Housing Administration. The average for
new home loans was 5.80 per cent; for loans on existing homes, the
average was 5.85 per cent.
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.




! * HI>IT A, foil I

i O N Q - T I R M B O N D YIELDS, HIGH

GRADE

±1

Exhibit A - Part II

Corporate
Aaa y

Date

U. S. Govt,
long-term 2/

State and
local
government
A M 2/

Spread between
U. S. Govt, and
State and
Corporate
Aa*
local A u

(per cent)
1959-60 - High
1961 - High
Low
1962 - High
Low
1963 - High
Low
196U - High
Low

U. 61(1/29/60)
li.U6(9/l3)
1.21(3/17)
U.1*3(2/16)
L.23(lV#
U.37(lV*7)
U.19(3/2»)
4.45(12/11)
4.35(2/28)

Dec.
Dec.
Jan.
Jan.
Jan.

4.43
4.43
4.43
4.44
4.43 >

18
25
1
8
15 j>/

f

U.U2 (1/8/60)
U. 07 (12/29)
3.70 (5/12)
14.12(2/23)
3.85(12/28)
U.16 (12/27)
3.87 (1/18)
4.20(4/17)
4.11(11/20)
4.13
4.14
4.16
c74.15 '
4.15 .

3.65 (9/24/59)
3.37 (7/6)
3.12 (2/23)
3.26 (1/4)
2.88 (11/8)
3.18 (11/21)
2.93 (3/28)
3.16(3/26)
2.99(12/31)
2.99
2.99
2.99
2.99
2.97

.59
.57
•3U
.U7
.30
.35
.21
.33
.19

.92
.76
.1*6
1.0U
.80
1.05
.88
1.17
1.01

.30
.29
.27
r/.29
.28

1.14
1.15
1.17
1.17
1.18

Weekly average of dally figures, Average term of bonds inoluded is 22-24 year#.
Weekly average of dally figures. The aerie, includes bonds due o r callable in 10 years <
Thursday
figures. Only general obligation bonds are included| average term is 20 years#
—
Vote.—-Highs and lews are for individual series and may be on different dates for different
series, for spreads, high refers to widest, and low to narrowest*




LONO-TIIM BOND YIELDS, IOWIR-ORADI

1 I I I I I I I I I II I I U U s.e

Exhibit B - Part II

Date

Corporate
Baa 1/

State and
local govt#
Baa 3/

Spread between
Aas and Baa
State and
Corporate
local govt.

(per cent)
1959-60 - High
1961 - High
Low
1962 - High
Low
1963 - High
- Low
196U - High
Low
Dec. 18
Dec. 25
Jan. 1
Jan. 8
Jan. 15 £/

5.3^(2/1^/60)
5.13(10/27)
5.00(4/21)
5.11(3/3)
u.92(12/21)
U.93(3/4)
U.83(n/25)
4.87(6/26)
4.80(12/31)

U.U6(i/7/60)
4.16(3/23)
3.93(11/9)
a. oL(i/n)
3.52(3/17)
3.63(6/27)
3.52(5/23)
3.59(10/8)
3.49(11/19)

.8U
.81
.66
• 7U
.63
.71
.U8
.48
.37

1,08
.93
.57
.82
.56
.63
.Wi
.52
.36

4.81
4.80
4.80
4.80
4.80-

3.51
3.51
3.51
3.49
3.44

.38
.37
.37
.36
.37

.52
.52
.52
.50
.47

Notes For footnotes see Exhibit JU




/
"7

IXMieU C. Purl I
SHORT- AND INTKRMIDIATK-TERM INTEREST ELATES, GOVERNMENT

Exhibit C - Part II
Discount
rate

1959-60 - High
1961 - High
Low
1962 - High
Low
1963 - High
Low
196k - High
Low

3.50
3.00
4.00
3.50

Dec. 18
Dec. 25
Jan. 1
Jan. 8
Jan. 15 j>/

4.00
4.00
4.00
4.00
4.00

Yields
3-month
bills 2/

6-month
, bills j j

3-5 year
issues 2/

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

I

y

U. 59 (1/8/60) 5.07(1/8/60)
2.66(12/29) 2.90(1/29)
3.86(8/11)
2.17(1/27)
2.35(4/28)
3.15(5/12)
2.97(7/13)
3.13(7/20)
3.88(2/2)
2.65(6/8) 2.71(6/8)
3.14(15/28)
3.55(11/13) 3.68(12/6) 1^07(12/27)
2.93(3/8)
3.1th (1/18)
2.88(3/15)

U.00

8

Date

3.00

3.00
3.00
3.00

3.86(12/25) 3.97(12/4)
3.43(7/17) 3.52(7/3)
3.86
3.86
3.83
r/3.80
3.77

3.95
3.94
3.93
3.92
3.94 '

4.23(3/27)
3.98(8/7)
4.06
4.07
4.07
4.07
4.06

.79
.a
.12
• 2lt
.02
.17
.01*
.21
.04
.09
.08
.10
r/.12
.17

1.81
1.51
.92
1.19
.52
.70
• U2
.71
.20
.20
.21
.24
r/. 27
.29

Weekly rate eh own is that in effect at eiri of period at the Federal Reserve Bank of New York.
Market yield; weekly averages computed from daily closing bid prices. Series of 3-5 year issues
v
consists of selected notes and bonds.
Note .—Highs and lows are for individual series and nay be on different dates for different series*
Tor spreads, high refers to widest, ani low to narrowest.




SHORT-

A N D I N T E R M E D I A T E - TERM INTEREST R A T E S ,

BANKS AND OTHER PRIVATE B O R R O W E R S

/V.^A

rS-

M ' T * v v

y

UDEIll fUNDS

E x h i b i t D - Part II

Stock exchange

Date

call loan \ /

Prime
rate l /

F i n a n c e companypaper 2/

Federal
funds 3/

Spread between
3 - m o . b i l l s and
finance co. paper

(per c e n t )
1959-60
1961 - High
Low
1962 - High
Low
1963 - High
Low
196k - High
Low

5.50
U.50
it.50
U.50

5.oo

5.13(1/22/60)

U.00 ( 5 / 1 3 / 6 0 )

U.5o

3.00(12/30)
2.50(8/5)

2.90 (11/27)
•U3 ( V 2 7 )

k.So
I4.50

1.02
.56
.11

3.25(7/21)

3.00(12/28)

.1*5

1.30 (1/26)
3.50 ( 1 2 / 2 7 )

.19

U.5o

2.88(6/1)
3.88(12/27)
3.13(5/31)

4.50

4*. 0 6 ( 1 2 / 3 1 )

4:00(12/31)

• 41

4.50

3.72(9/11)

3:07(10/16)

• 08

U.50

It.50

U.50
L5o

h.So

4.50
4.50

2.15 ( 7 / 2 6 )

.39
.12

Dec.

18

Dec.

25

4.50

4.50
4.50

4.06

4.00

.08
.20

Jan.
Jan.

1
8

4.50
4.50

4.50

4.06

4.00

.23

4.50

4.06

4.50

4.06

4.00
4.00

r/. 2 6

4.50

Jan.

15 £ /

4.50

}/

3.94

4.00

.29

Weekly rate shown Is that in effect at end of period. Stock Exchange call loan rate is going rat#
on call lpans secured by customers' stock exchange collateral at New York City banks. Prime rate
is that charged by large banks on short-term loans to business borrowers of the highest credit
standing.
Zf 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, which is ths rate for the heaviest volume of purchase ant
sale transactions as reported to the federal Reserve Bank of New York.
N o t e : — H i g h s 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#




i XHIHT «• P«H 1
STOCK MARKET

/ ~S!0CI MAIIH CHUT
IN Sllllt

VlltM

AWJ-I M I N I

|

I I I 1 1 1 1 I 1 1 1 1 1 l 11 lIII II
I II
II II
1 ll
1 I1
' 1 1 1 II II IJNL.
Mil
Mil
_M*S
Exhibit E - Part II

Date

Stock price
index 1/

Trading
Common
volume 3/
stock
(millions
yields 2/
(per cent) of shares)

Stock market customer credit
Customers1
Bank
debit balloans to
ances h/
"others" 5/

Total

(In millions of dollars)
1961-62 - High
Low
1963 - High
196U - High
Low

7 2. Ob J12/8/61)
52.68(*/2Z/62)
Ih.hh(l2/ZT)
86.28(11/20)
75.50(1/3)

2.80
3.96
3.01
2.95
3.10

10.1
2.U
6.5
6.1
3.6

Nov.
Dec.
Jan. 1
Jan. 8
Jan. 15 2/

85.44
83.96
84.75
85.37
86.21

2.96
3.06
3.02
3.00
2.99

4.9
4.7
5.1
4.7
5.6

5 , 602(12/61) U, 259(12/61) 1, Ul8 (5/9/62)
U,U2U(l/6i) 3,253(1/61) 1,161(3/1/61)
7,298(11/63)5,586(11/63) 1,738(12/23)
7,314(4)
5,524(1)
1,974(12/30)
7,096(8)
5,160(11)
1,720(1/22)
7,108
n. a.
n. a.
n.a.
n. a.

5,160
n.a.
n. a.
n.a.
n. a.

1,948
1,974
1,974
1,961

n . a . — N o t availabia. p / Preliminary.
"
1f Standard and poor*a composite index of 5 0 0 common stocks, weekly olosing 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 stook yield based on Wednesday data converted to weekly closing
prices by Federal Reserve. Yields shown are for dates on unioh price index reached its high
or low.
V
Averages of daily trading volume on the New York Stook Exchange.
4 / End of month figures for romber firms of the N e w York Stook Exchange which carry margin 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 . Government securities. W e e k l y reporting banks account for about 7 0 p e r cent of loans to
others. For further detail see Bulletin.




EXHIBIT t. fori 1

MORTGAOI

AND

BOND

YIELDS^

Exhibit F

FHA
2/ Conventional
mortgages

Date

25-vear 30-vear
1956 1957 1958 1959-60196<-64-

September
October
November
December

y

2/

Low
High
Low
High
High
Low

4.68
5.63
5.35
6.24
5.72
5.43

5.44
5.44
5.44
5.43

Spread beAaa Corporate
tween yields
on conv. &
25-year FHA
Seasoned—^
mortgages

Spread between
yields on new corporate bonds and
25-year
Seasoned
FHA mtgs.

5.70
5.45

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
445
4.22

.76
1.58
.88
1.69
1.50
.94

1.03
.05
.73
.39
-. 16

5.46
5.45
5.45
5.45

5.80
5.80
5.80
5.80

.36
.36
.36
.37

4.49
4.46

4.42
4.42
4.43
4.44

.95
.98

.07
.04

.96

.03

--

4.47

Neither mortgage n o r bond yields take into account servicing costs which are much higher for mortgages
than bonds. Generally, bands p a y Interest semi-annually; mortgages, monthly. Mortgage yields, if c o m puted as equivalent to a semi-annual interest i n v e s t ™ n t , would b e slightly h i g h e r t h a n given in the
table.
Based on THA-field-office opinions about average bid prices in the private secondary market for n e w home mortgages f o r immediate delivery*
Separate data available for 25-year a n d — b e g i n ! n g July 1 9 6 1 —
30-year mortgages w i t h m i n i m u m downpayments, weighted by probable volume of transactions , Yields c o m puted by $HA, assuming prepayment period of 1 2 years for 25-year mortgages and 15 years for 30-year
mortgages. Over the period f o r lAiloh they can be compared, the movement of the t w o mortgage yield
series has been similar* Dashed lines indicate periods of adjustment to changes in contractual interest
rates.
Based on F H A field office opinion on typical interest rates (rounded) on conventional first mortgages
prevailing in the market areas of insuring office cities. Beginning w i t h A p r i l 1960, rate relates only
to nent-home mortgages| prior t o that date, rate related t o both new as m 11 as exist!ng-home mortgages.
Dashed line indicates this change in the series.
See note for Exhibit G ,
Moody's Investor Service. Monthly averages of daily data. See Exhibit A .


jy


%

gages
3/

Part II

I X HI • 11 O, Pari I
I YULPt O N

N1

HIw ItSUIS

sujom *
Meed

E x h i b i t G - Part II
Yields on N e w C o r p o r a t e Bond Issue* A d j u s t e d to a n A a a b a s i s
N u m b e r A a ' t o f Issues A v e r a g e
of
Included (*11.
yield
Issues o f d o l l a r s )
(per c e n t )
1964 - Jan.
Mar.

June

Sept.

3
3
6
1
10
8
3
4
7
3

150.0
125.0
166.0
130.0
278.0
230.0

60.0

75.0
239.0
70.0
140.0

W e e k l y averages
1964 - High

4.50
4.38
4.43
4.48
4.46
4.43
4.37
4.39
4.49
4.46

N u m b e r A a ' t of Issues A v e r a g e
of
Included (mil.
yield
(per c e n t !
Issues o f d o l l a r s )
4
11
18
25
1
8
15

140.0

40.0

4.47

r/4.53*

4.47
4.53(5/8)

4,in
Low
Notes Averages of offering yields an al% n e w i s s t w s o f publicly offered oorp orate bonds rated i u . la and
1 by Moody's Investors Service (except serial and convertible Issues, offerings of natural gas pipeline
and foreign companies, and bonds guaranteed' by the Federal Government) weighted by A s e of offering*
Before averaging, new offerings are adjusted to a composite Aaa basis by deducting from the actual
reoffeting yield the excess of the weekly average yield for seasoned tends of the appropriate industryquality group over the composite average for seasoned Aaa-rated bands (Moody's)* Averages considered
unrepresentative became of special characteristics of tie offerings included are denoted by an asterisk^




H. 14

Exhibit, ti
Long-term Corporate and State and Local Government
Security Offerings and Placements
(In millions of dollars)

New Can ital
Corporate
1964

1963

1965

930
685
754

613
594
1,144

e/800

April
May
June

2,178
1,069
1,378

930
904
1,013

July
August
September

780
661
1,035

676
637
795

October
November
December

951
2/
e/
650
e/ 1,150

1,013
819
1,415

1st
2nd
3rd
4th

2,369
4,625
2,476
e/ 2,751

2,3>1
2,847
2,109
3,246

6,994
9,470
e/12,221

5,198
7,307
10,553

1965
January
February
March

quarter
quarter
quarter
quarter

e/800

I

1st half
Three quarters
Year

State and Local 2/
1963
1964
£/

946
772
809

732
746
976

£/ 1,216
666
£/
903
£/

869
866
930

£/
E/
£/

906
756
892

680
708
449

e/

850
550
950

1,051
729
416

£/
£/
£/
e/

2,527
2,785
2,554
2,350

2,454
2,665
1,837
2,197

£/ 5,312
£/ 7,886
e/10,216

5,118
6,955
9,151

i

i

•#
$

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

quarter
quarter
quarter
quarter

Year
e/
]>/
1/
2/
3/

1,996
4,170
£/ 2,226
e/ 2,501

2,284
2,529
1,768
2,854

e/10,893

9,434

•

Estimated by Federal Reserve.
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 pillions of dollars)

1962 - I
II
III
IV

2,345
3,317
2,167
2,875

Gross proceeds for new
capital and refunding 1/
Ccmraon Memo:
Bonds
3 ltd
Foreign
Publicly Privately pfd. issues
Offered Offered
stock included
508
1,114
70
724
642
251
1,386
1,289
852
1,006
308
55
1,088
1,510
135
277

1963 - I
II
III
IV

2,700
3,634
2,436
3,466

1,108
1,389
898
1,319

1964 - I .
II
III
IV

2,499
4,851
2,728
2,900

1,221
978
1,321 . 1,640
792 ' 1,442
516
2,033

Quarter

Month

Total

1*049
1,340
1,246
810
756
871
1,116
891
1,459

380
550
459
279
336
283
511
183
626

985
710
805
2,234
1,155
1,461
869
728
1,130
1,030
680
Dec.e/ 1,190

338
279
361
383
470
468
234
183
375
181
30
305

1963 - Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
1964 - Jan.
Feb.
MarApr.
May
June
July
Aug,
Sept.
Oct.p/

1,306
1,820
1,251
1,740

'

287
424
287
367
300
1 ,890
494
352

Net proceeds for
new capital 1/ 2/

Mfg.

Public
Utility

649
996
566
747

429
984
376
552

128
434
109
47

947
591
896
968

29
105
85
n.a.

Communications

Other
issuers

456
228
274
317

694
848
685
945

326
794
285
530

236
221
150
118

842
1,241
868
1,629

418
723
547
6 68

438
856
642
52 6

273
1,663
59
112

1,240
1,383
1,229
1,445

341
222
230
107
100
78
201
131
198

71
92
58
86
25
39
41
13
64

369
373
499
187
187
441
531
461
637

109
155
174
151
441
264
207
138
296
306
50
170

157
83
34
1,377
27
258
23
16
19
82
10
20

515
324
400
463
395
525
401
342
486
345
390
710

452
694
675
431
318
501
481
549
751

217
95
113
100
100
87
125
159
83

56
182
196
46
21
42
10
10
27

148
216
227
297
272
237
240
214
515

526
342
353
480
537
623
411
433
598
633
600
800

121
88
91
1 ,372
148
370
225
112
156
217
50
85

5
16
8
34
36
35
21
21
44
101

149
123
146
186
206
332
149
164
234
218
200
250

=

£/ 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 & other transportation,
real estate & finance, &. commercial & other.
• Source: Securities & Exchange Commission.




H. 14

Exhibit J
Other Security Offerings
(In millions of dollars)

1964
January
February
March
April
May
June
July
August
September
October
November
December

£/
e/
e/

Year

e/

Gross long-term If'
Foreign government 2/
Federal agency 3/
1963
1963
1962
1964

4
82
69
30
75
26
20
13
7
180
44

232
133
76
57
114
11
63
83

--

2

550

771

1962

148

246
156

186

461

142
10
35
10
86
50
25
8
31
151
88
101

275
260
160

459

£/ 509
e/ -e/ --

174
200

737

2/1,204

1,167

•

;

--

-—

--

150
175

;

--

1,188

i

i

New short-term 4/
State and local government 5/
Federal agency 3/
January
February
March
April
May
June
July
August
September
October
November
December

103
236
-407
442
81
-80
-9
127
176
7
j)/-l 5

Year

-73
-336
23
97
183
239
-333
167

75
272
-367
589
-30
-10
62
208
-173
259
146
-339

18
466
-186
127
-84
-118
78
339
-406
71
234
-161

525
113
B/-200

-106
-189
-482
292
195
319
414
327
258
123
-102
551

692

378

p/ 401

1.600

'
247
-156
226
-364
82
284
261
227
-157
379
55
-80

1.004

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. ^/Includes securities offered in the U.S. by foreign governments and their political subdivisions and international organizations. Source: Securities & Exchange Commission. 3/
Issues not guaranteed by the U.S. Government. Source: Long-term, Securities & Exchange
Commission; short-term, Treasury Dept. & 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 or refunding issues or from other funds. Data include only issues with
original maturing 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 1 year. Source: Bond Buyer & Federal

Reserve.



|
f

5

''
;

;

•ib
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)

Total

1963 - Dec,
1964 - Jan,
Feb.
Mar.
Apr c
May
Jun;.
Jul y
AUg:
Sept.
Oct,
Nov.

Corporate
Bonds
Convertible
(other than
bonds
convertibles)
515
225
200
296
235
415
390
r-8
125
269
108

547
307
263
335
1,557
452
650
291
142
3:6
187

--

60
35
51
--

17
25
—

--

32
22
28
38
1,271
37
260
113
-81
79
--

%

30

200

230

Stocks

State
and
local
governments

Other

2/

--

111
577
358
282
698
274
284
544
459
553
-•19
226
341

50
20
15
275
260
104
15
502
. 15

Large Individual Issues Offered January j. t-rough 15
Issuer

Type 1t i

Amount
(millions
of
dollars)

Maturity

Coupon
rate or
net interest cost

Offering
yield

Rating

Corporate
Times Mirror Co
Unit :d Calif* Bank
State and Local Government
Ics Ang-l-s, Calif,
State of New Jersey
Milwaukee _> Wise.
Montgom-ry Co,, Md.
Georgia Univ< System Bldg- ,
Autn =
Oklahoma City , Okla.
El Paso Texas

40.0
35.0

1990
1990

•--i/2
'--1/2

G.C.
G.O.
G.C,

15.0
45.0
x 7.2
10.0

1966-83
19C8-88
1966-6:
1966-90

2.99
2.30
2,69
3,0t

2.20-3'Qb Aa
2.35-2,95 Aaa
2.10-2-95. /Aaa
2.20-3,20- A

Rev-Rent
G.C.
G.O.

25,0
17.5
10.0

1966-90
196 1 -90
1965-90

^ 3 . H
3.03
3

2.20-3.20 Aa
2, 3.5-3.15-l/A
2, 20-3 ^ 2Qr- A

Int. Bank for Recon, & Dev. Bonds




A

S.F- deb;
Cap = net1.s

200.0

1990

4-1/2"

^.52

4:^8

Aaa

K-2

Footnotes
*--Rights offering, n.a.--Not available.
1/ Includes corporate and other security offerings of $15 million and over;
State & 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 & local govt, securities, G.O. denotes general
obligations; Rev.-Ut., revenue obligation 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 least
payments.
4/ 1/10 per cent bonds maturing 1989-90 not publicly reoffered.
5/ Bonds maturing 1990 not publicly reoffered.




H. 14

if
H. 14
Exhibit L
Forthcoming Large Long-term Public Security Offering for Mew Capital
(Other than U.S. Treasury) .1/
Expected Proceeds from Forthcoming Large Issues
(In millions of dollars)

During month following
date shown
State and
Corporate
Other 2/
local feovt.
1963-Dec,
1964-Jan,
Feb.
Mar,
Apr,
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

31.
31
28
31
30
28
30
31
31
30
30
30
31

305
155
224
1,587
6r 1
600
292
92
402
186

469
316
454
669
345
341
539120
511
500
254
360
306

--

90
105

—
--

25
15
----

15
--

Corporate
1,905
: ,771
1,649
1,837
844
668
307
167
442
186

Subsequent to
date shown
State and
local govt.
731
667
646
953
575
598
716
588
680
626
549
563
435

,

--

25
215

130
; 105

Other 2/

--

25
15
--

——
--

15
——
--

25
215

Forthcoming Large Offerings as of January 15

Issuer

Type

Amount
(millions
of
dollars)

Approximate date of
offering

Corporate
* Texas Lt. = & Pwr. Co.
Conn. Yankee Atomic Pwr. Co.
*Dan River Mills
*Texas Elec. Service Co.
^Southern Calif. Ed. Co.
*W. R. Grace Co,
State & Local Government
New York City, New York
Columbus City Sch. Dist., Ohio
Met. St. Lewis Sewer Dist. , Mo,
*Port of New York Auth.
Penna. State Publ. Sch. Auth.
Alabama State Highway Auth
Dallas, Texas




Pfd . s tk
1st mtg. bds.
Deb,
1st mtg. bds.
1st & ref. mtg. bds,
Conv. sub. deb.

G.O.
Rev. -ut.
Rev. -Ut.
Rev. -Q.-Ut.
Rev. -Rent.
Rev. -Q.-Ut.
Rev. -Ut,

15.0
40.0
20.0
10.0
60.0
84.0

124.3
12.7
20.0
25,0
20.0
15.0
15.0

Jan. 20
Jan. 27
Jan.
Feb.
3
Feb. 10
Mar. (rts. ex.)

Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.

19
19
20
20
21
21
25

>

L-2
Forthcoming Large Offerings as of January 15

Issuer

Type

Amount
(millions
of
dollars)

Approximate date of
offering

State & Local Government (Cont'd)
Texas Wtr. Div. Bd.
Los Angeles Harbor Dist., Calif.
Dayton City Sch= Dist., Ohio.
*Duva1 Co. Hospital Auth., Fla.
Va. State Highway Auth.
*Los Angeles Fid. Conttol Dist., Cal.
Palm Beach Co., Fla.
*Los Angeles Dept. of Wtr. & Pwr., Cal.
Pittsburgh, Pa.
Dade County, Fla,
Forth Worth 3 Texas
Florida Dev. Comm.

Rev.-Ut.
Rev.-Q.-Ut.
G.O.
Rev.-Rent.
Rev.-Q.-Ut.
Rev. -Q. -Ut.
G.O.
Rev.-Ut.
G.O. :
G.O. ;
G.O.
Rev.-S.T.

16.0
11.0
15.3
12.0
31.0
15.0
26.8
24.0
35.0
46.0
14.1
33.8

Bonds
Bonds

15.0
20 X)

Jan. 26
Jan. 27
Jan. 28
Jan. 28
Jan.
Feb.
2
Feb.
3
Feb. 24
Indefinite
Indefinite
Indefinite
Indefinite

Other
Republic of the Philippines
^Republic of Portugal

Jan.
Jan.

19
25

---Included in Table for first time.
1/ 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 for Federal Agencies.
Note:--Deletions for reasons other than sale of issue: None.




H. 14
Exhibit M
Foreign Government and Corporate Security Offerings
and Placements in the United States
Part I:

|
|

Amount
(millions
of
dollars)

Sale
Date

!
|

Issuer and Description of Issue

A.
11/25

12/15

•

Public Offerings

Sold Nov. 1 through January 15

15.0

Republic of Finland--6% bonds maturing 1979--reoffered
to yield 6.26%.

25.0

*European Investment Bank--5-l/2% bonds maturing in 1984,
reoffered to yield 4.85% to investors in the U. S. and
5.54% to other investors.

12/11

20.1

* 1/14

200.0

Home Oil Co. Ltd.--5-1/8% convertible subordinate
debenture maturing 1984, offered to stockholders of
record November 19 to yield 5.13%.
International Bank for Reconstruction and, Development-4-1/2% bonds, maturing 1990, reoffered to yield 4.48%.

B.

Prospective Offerings

1/19
15.0
Republic of the Philippines - bonds
20.0
Republic of Portugal - bonds
__
* 1/25
* ^Difference in reoffering yields on bonds sold to U.S. citizens and those sold to
foreign citizens reflects an upward adjustment of 8.83 per cent in the price paid by
U. S. citizens. This premium was collected by the underwriters in accordance with the
provisions of the new Interest Equalization Tax. This tax is collected--under a scale
of rates which rises with maturity--when U. S. lenders buy new security offerings from
borrowers in certain designated "developed" countries.




M-2
Part II:

Date
reported

11/4

11/5

11/11

'

^

Private Placements-Reported Nov. 1 through January 15

Amount
(millions
of
dollars)
60.0

7.9

25.0

Issuer and Description of Issue

City of Montreal--5% sinking.fund debenture, maturing
2004--no information available on takedown.

|
i
'>

;
Montreal Catholic School Comm. --5% sinking fund
debenture, maturing 1989--no information available
on takedown.

j

Toronto--Dominion Tower, Ltd.--4.85% first mortgage
sinking fund bonds, maturing 1989--no information
available on takedown.

»
3

11/18

29.1

Banco Nacional Hipotecario Urbano y de Obras Publicas,
S^A.--promissary notes, maturing 1965-69--no information available on takedown.

12/21

25.0

Prince George Pulp & Paper Ltd.--1st mtg. sinking fund
bbnds, maturing 1985--no information available on
takedown.

*1/11

25.0

Alberta Municipal Financing Corp.--4-5/8% debentures,
maturing 1989, priced to yield 4.65%—no information
• available on takedown.

*1/13

8.0

Beneficial Finance Co. of Canada — senior notes maturing?
1984--no information available on takedown.
1

*1/18

30.0

Province of Nova Scotia--4-l/2% sinking fund debentures maturing 1989--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. Flail or partial takedowns may take place both prior and:
subsequent to the data a placement is reported. ^--Included in table for first time.




i

\