Full text of H.16 Capital Market Developments : August 2, 1965

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Not f o r P u b l i c a t i o n DECONTROLLED AFTER SIX MONTHS

A u g u s t 2 , 1965

H.,14
CAPITAL MARKET DEVELOPMENTS
IN THE UNITED STATES
( I n c l u d i n g Review o f C a p i t a l M a r k e t s i n J u l y )

C o r p o r a t e and m u n i c i p a l bond, m a r k e t s .
The s u p p l y o f new p u b l i c o f f e r i n g s
of b o t h c o r p o r a t e and m u n i c i p a l s e c u r i t i e s w e e k w i l l b e m a r k e d l y s m a l l e r t h a n
l a s t w e e k . The l a r g e s t c o r p o r a t e i s s u e on t h e c a l e n d a r i s a $40 m i l l i o n o f f e r i n g o f
S o u t h e r n C o u n t i e s Gas Company, w h i l e t h e b i g g e s t m u n i c i p a l i s s u e s c h e d u l e d i s $25
m i l l i o n i n b o n d s o f t h e Alabama P u b l i c S c h o o l s add C o l l e g e A u t h o r i t y .
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 1/
Corporate
New C a p i t a l
1
Refunding

S t a t e and l o c a l Government
New C a p i t a l
1 Refunding

Sold: ~
52rfceekeavg.
J u l y 23
J u l y 30

104
123 r /
225

2

188

14

319
136 r /

—•

Scheduled:
Aug.

1/

7 r/
-

6

90

95

—

F e d e r a l R e s e r v e e s t i m a t e s b a s e d on p u b l i s h e d r e p o r t s o f i s s u e s s o l d and
scheduled f o r o f f e r i n g ; c o r p o r a t e r i g h t s o f f e r i n g a r e i n c l u d e d a s of t h e
date subscrpitlon rights expire.

C a p i t a l Markets in J u l y .
New c a p i t a l s e c u r i t y f i n a n c i n g by. c o r p o r a t i o n s i n
J u l y had e s t i m a t e d n e t p r o c e e d s Af $ 1 , 1 0 0 m i l l i o n , t h e l a r g e s t t o t a l - f o r a n y J u l y
s i n c e 1952 and t w o - f i f t h s more t h a n a y e a r e a r l i e r .
The volume o f b o n d s p u b l i c l y
o f f e r e d - $540 m i l l i o n - was t h e l a r g e s t f o r a n * J u l y s i n c e 1958.
x x e l d s on new c o r p o r a t e b o n d s (Aaa b a s i s ) a v e r a g e d 4 . 5 8 p e r p e n t a t
t h e end of J u l y , t h e same a s i n l a t e J u n e and 2 b a s i s p o i n t s u n d e r t h e 1965 h i g h
of e a r l y J u n e .
I s s u e s o f f e r e d a t t h i s l e v e l ( a d j u s t e d t o a Aaa b a s i s ) w e r e
f a v o r a b l y r e c e i v e d . B u t a few new o f f e r i n g n r i r e d t o H e M somewhat l e s s moved
s l o w l y , and i n c a s e s w h e r e s y n d i c a t e tmetfietienat were terminatedyyMlds we r# ( p r o m p t l y
a d j u s t e d to the going r a t e .
I n t h e m u n i c i p a l m a r k e t bond o f f e r i n g s f o r new c a p i t a l d u r i n g J u l y h a d
t o t a l p a r v a l u e o f $950 m i l l i o n , somewhat more t h a n i n J u l y 1964 and a r e c o r d f o r
t h e m o n t h . Demand f o r m o s t i s s u e s was a l s o s t r o n g , bnd y i e l d s on s e a s o n e d b o n d s
f e l l s l i g h t l y f r o m t h e i r 1965 h i g h s . T h i s improved demand
which eiyetf t h e c o n g e s t i o n
t h a t had e x i s t e d i n t h i s m a r k e t d u r i n g much o f ^ j t h e s p r i n g — w a s l a r g e l y the~~rfc»ult
of two f a c t o r s . L a t e i n J u n e d e a l e r s made a p p r e c i a b l e a d r o s s - t h e - b o a r d p r i c e c u t s i n




H. 14

-2 -

Y i e l d s i n S e c u r i t i e s Markets
Change from
p r e c e d i n g week
(basis points)

L e v e l l a t e s t week
(per cent)
High-Grade
N o t e s and Bonds
Corporate
New
Seasoned

4.58
4.48

+2

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

4.15
4.12

+1
+1

S t a t e and l o c a l G o v t .
Moody's Aaa
Standard & P o o r ' s h i g h grade

3.16
3.24

Money Market
Federal funds
Treasury b i l l s
3-month
6-month

4.08

+8

3.81
3.88

-1
-1

C o r p o r a t e Bonds S t i l l
Date
Offered

Amount
( m i l l i o n s o f $)

7/21

15.0

7/22

75.0

7/27

25.0

in Syndicate

Issuer
A t l a n t a Gas L i g h t Co.
4 - 3 / 4 ' s - 1990
P a c i f i c Gas & E l e c . Co.
4 - 5 / 8 ' s - 1995
N o r t h e r n 1 1 1 . Gas Co.
4 - 5 / 8 ' s - 1990

Reoffering
Yield

Rating

E s t i m a t e d Pro
portion sold '

4.65

A

1/3

4.58

Aa

1/4

4.60

Aa

9/10

Blue L i s t of Municipal D e a l e r s ' Advertised I n v e n t o r i e s
( i n m i l l i o n s of d o l l a r s )
L a t e s t Date
$756 ( 7 / 2 9 )

End o f P r e v i o u s Week
$732

R e c e n t High
$901 ( 6 / 4 )

t h e i r l a r g e a d v e r t i s e d i n v e n t o r i e s o f u n s o l d s e c u r i t i e s and by t h e end o f J u l y ,
a b o u t $ 1 5 0 m i l l i o n had b e e n c u t from t h e a l l - t i m e h i g h o f $900 m i l l i o n r e a c h e d i n
e a r l y June.
S e c o n d , u n d e r w r i t e r s p r i c e d new i s s u e s d u r i n g J u l y i n l i n e w i t h t h e
higher yield level.
Common s t o c k p r i c e s r o s e s l i g h t l y on b a l a n c e d u r i n g J u l y i n m o d e r a t e
P r i c e s , a c c o r d i n g t o S t a n d a r d and P o o r ' s i n d e x o f 5 0 0 s t o c k s ,
t r a d i n g volume.
c l o s e d a t 8 5 . 2 5 on J u l y 3 0 , a b o u t one p e r c e n t g r e a t e r t h a n a t t h e end o f June
b u t 5 - 1 / 2 p e r c e n t b e l o w t h e i r May 13 r e c o r d c l o s e .
T r a d i n g volume a v e r a g e d
4 . 1 m i l l i o n shares a day.




H. 14

FNMA s e c o n d a r y market o p e r a t i o n s .
S a l e s by t h e F e d e r a l N a t i o n a l M o r t g a g e
A s s o c i a t i o n from i t s r e g u l a r s e c o n d a r y market p o r t f o l i o r o s e t o $ 1 2 . 2 m i l l i o n
in June.
W h i l e s t i l l q u i t e low by e a r l i e r s t a n d a r d s - - p a r t i c u l a r l y t h o s e e s t a b l i s h e d
i n t h e s p r i n g o f 1 9 6 3 - - t h e l e v e l o f s a l e s i n J u n e was t h e s e c o n d h i g h e s t i n t h e
f i r s t h a l f of t h i s y e a r .
P u r c h a s e s by FNMA f o r i t s s e c o n d a r y market p o r t f o l i o a l s o r o s e t o $ 3 9 . 5 m i l l i o n , a new h i g h f o r t h e y e a r and s u b s t a n t i a l l y a b o v e a y e a r
e a r l i e r when p u r c h a s e s w e r e e t r e m e l y l o w .
Offerings also advanced--to 47.9
m i l l i o n comparedotiith 9 . 3 m i l l i o n i n J u l y of 1964.
A f a c t o r i n the uptrend i n purchasing a c t i v i t y t h i s year has been
i n c r e a s e d e m p h a s i s by FNMA on programs f o r f i n a n c i n g homes f o r f a m i l i e s o f
low and m o d e r a t e i n c o m e s a s w e l l a s h o u s i n g n e e d s i n r u r a l and s m a l l - t o w n a r e a s .
W h i l e s a l e s from FNMA's r e g u l a r s e c o n d a r y market p o r t f o l i o h a v e
c o n t i n u e d b e l o w t h e l e v e l o f p u r c h a s e s , s a l e s from FNMA's o t h e r two p o r t f o l i o s s p e c i a l a s s i s t a n c e and management and l i q u i d a t i o n - - h a v e i n c r e a s e d t h i s y e a r ,
b o t h a b s o l u t e l y and i n r e l a t i o n t o a c q u i s i t i o n s .
E s t i m a t e d s e c u r i t y volume f o r A u g u s t .
Corporations are expected to
s e l l $850 m i l l i o n i n s e c u r i t i e s t o b b t a i n new c a p i t a l i n A u g u s t , a b o u t t h r e e t e n t h s more t h a n t h e a v e r a g e f o r A u g u s t i n t h e two p r e v i o u s y e a r s .
Public
bond o f f e r i n g s a r e e x p e c t e d t o t o t a l a b o u t $ 3 0 0 m i l l i o n d u r i n g t h e month.
Bond s a l e s by S t a t e and l o c a l g o v e r n m e n t s a r e e s t i m a t e d a t $700 m i l l i o n
f o r t h e month, l i t t l e d i f f e r e n t t h a n i n A u g u s t o f t h e two p r e v i o u s y e a r s .

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 d e v e l o p m e n t s
i s presented in the attached 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 o f R e s e a r c h and S t a t i s t i c s ,
Board o f G o v e r n o r s o f t h e F e d e r a l R e s e r v e S y s t e m .




r

L O N O - T l t M BOND Y l i L D l , H I O H - O R A D I

E x h i b i t A - - Part I I

Date

Corporate
Aaa 1/

U. S. Govt.
long-term 2/

4.61(1/29/60)
4.46(9/15/61)
4 . 1 9 (3/29/63)
4.45(12/11)
4.35(5/28)
4.48 (7/30)
4.41 (3/12)

4.42
4.12
3 . 85
4.20
4.11
4.16
4.13

4.46
4.47
4.48
4.48
4.48 /

4.14
4.14
4.15
4.14
4.15

S t a t e and
local
government
Aaa 3 /

Spread between
U. S. Goit t . and
S t a t e and
Corporate
Aaa
l o c a l Aaa

(per cent)
1959-60
1961-62
1962-63
1964

-

High
High
Low
High
Low
1965 - High
July 2
July 9
J u l y 16
J u l y 23
J u l y 30b/

(1/8/60)
(2/23/62)
(12/28/62)
(4/17)
(11/20)
(3/12)
(6/25)

3.65(9/24/5?)
3.37(7/6/61)
2.88(13/8/62)
3.16(3/26)
2.99(12/31)
3.17 ( 7 / 8 )
2.94 (2/11)

.59
.57
.21
.33
.19
.34
.25

.92
1.04
.80
1.14
1.01
1.22
.96

3.17
3.17
3.16
3.16
3.16

.32
.33
.33
.34
.33

.97
.97
.99
.98
.99

-

p / Preliminary.
j J vfeekly average of d a i l y f i g u r e s , . . Average term of bonds included i s 22-24 y e a r s .
zf Weekly average of d a i l y f i g u r e s . The s e r i e s includes bonds due o r c a l l a b l e in 10 yeftrs or more.
3/ Thursday f i g u r e s . Only general obligation bonds are included) average t e r n i s 20 y e a r s .
Note.—fiighs and lows are f o r i n d i v i d u a l s e r i e s and may be on d i f f e r e n t dates f o r d i f f e r e n t
s e r i e s , f o r spreads, high r e f e r s to w i d e s t , and low t o narrowest*




X

r \

\AJ

— v '

v

, _ r - ^ —

>>M.I 1 1 1 1 1 1i i1i i i i i i i i i 1 11.1.1.1.11111 1 1 1 1 1 1 1 1II1 II1 1 1 1 I.LLJ.
1*40

1**1

1*41

1*43

1*44

!»*•

Exhibit B — Part I I

Corporate
Baa ] J

Date

1959-60 - High
Year end - 1961
1962
1963
1964
High
1965
July 2
July 9
J u l y 16
July 23
July 30b/

S t a t e and
local govt.
Baa 2 /
(per cent)

Spread between
Aaa and Baa
Corporate

|

5.36 (Z/12/6Q)
5.10
4.93
4.85
4.80
4.88 (7/30)
4.78 (3/19)

4.46 (3/7/60)
4.04
3.57
3.60
3.51
3.57 ( 7 / 8 )
3 . 4 0 (2/11)

.84
.66
.70
.48
.37
.40
.35

1.08
.73
.63
.49
.52
.52
.38

4.87
4.87
4.87
4.88
4.88

3.57
3.57
3.55
3.55
3.55

.40
.40
.39
.40
.40

.40
.40
.39
.39
.39

Net#i For footnotes see Exhibit a .




7
IXWMIf X,

*

SHORT- AND INTRRMIDIATI-TIIM INTIKItT SATIS
GOVERNMENT
We.hlv

\A

• MONTH e i l l i
Mwk* t l e l *

i

V

a

v

OUNI • A l l
. Y.,k
\

m Mf

'

_

If

1

3-MONTH e i l t l
MeAel «I.Ui

i i i i i i i i 1 1 1 1 1 1 1 1 II1 11 11 1 1 1 II 11 11 1 1 I 1 I 1 I1LJ1L 1.1 1 1.1 .LI JU1LII 1 II 1 lz<-K
If*0

I»41

l**a

l»*4

'•••

ExhibitC — Part I I
Discount
3-month
rate
t>m« v
M
1959-60 - High
Year end - 1961
1962
1963
1964
1965
High
Low
July
July
July
July
< July

2
9
16
23
3Ob/

4.59
2.66
2.89
3.52

4.00
3.00
3.00
3.50

3-5 year
" W 2/

6-mo. b l i i s l ) - 5 vr. Issues

(Weo) 5.07 (3/4/60) 5.00(12/24%*)

V . l i (2/26)
3.78 (6/25)
4.00
4.00
4.00
4.00
4.00

Spread between y i e l d s on 3 6-month
b i l l # 2/
(per c e n t )

3.81
3.86
3.86
3.82
3.81 /

2.90
2.93
3.64

3.81
3.41
4.07

1* 04(2/26)
3.82(6/25)

4*.13 (3/12)
4 . 0 4 (1/22)

3.85
r/3.90
3.92
3.89
3.88 x

.

4.08
4.09
4.10
4.11
4.12

.79
.24
.04
.13
•A°3

1.81
1.15
.52
.55

.03

;234I
.ii

, .04
Z/.04
.06
.07
.07

.27
.23
.24
.29
.31

V(^^Bltfh»°snA*loin are°for l S l i S u I l series sad eey be am different dates for different series,
for spreads, high refers to wldsit, sal law te i t m n r t .




IXHIBIT 0, Mn 1
SHORT- AND INTIRMIDIATI- T I I M INTIRIIT RAT:#

E x h i b i t D - - Part I I

Date

1959-60 - High
Year end - 1961
1962
1963
1964

Prime r a t e

1/

Finance
company
F e d e r a l funda
oaoer
2/
(per cent)

1965 - High
Low

5.00
4.50
4.50
4.50
4.50
4.50
4.50

5 . 1 3 (1/22/60)
3.00
3.19
3.88
4.06
4.25(7/30)
4.00(2/12)

4 . 0 0 (3/13/60)
2.88
3.00
3.50
4.00
4.12(7/9)
3.68(6/25)

July 2
July 9
J u l y 16
J u l y 23
July 30b/

4.50
4.50
4.50
4.50
4.50

4.25
4.25
4.25
4.25
4.25

4.12
4.12
4.08
4.00
4.08

.

Spread between
3-mo. b l l l a and
finance co. oaoer .
1.02
.34
.30
.36
.23
.47
.10
.44
.39
•3.9
.43
.44

2/ Weekly r»te Shown ie t h a t i n e f f e c t a t end of period. Prime r a t e I s t h a t charged by large
on s h o r t - t e r n loans t o business borrowers of the highest o r e d i t standing*
y Average of d a l l y r a t e s published by finance companies f o r d i r e c t l y placed paper for varying
m a t u r i t i e s i n the 90-0.79 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 the heaviest voltes of purchase and
sale transactions as reported t o the Federal Reserve Bank of New York*
Motel—Highs and lows are f o r individual s e r i e s and may be on d i f f e r e n t dates f o r d i f f e r e n t s e r i e s .
Tor spreads, high r e f e r s to widest, and low t o narrowest.




CM ANSI IN l l t l l l
Mlllleei •! it*;#*

I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I
Exhibit K — Part II™

Stock p r i c e
index 1 /

1961-62 - High
Low
Year end
1963
1964
1965 - High
Low
Hay
June
July 16
July 23
July 30&

3/

Common
• tock
y i e l d s 2/
(pey 9 f n Q

Trading
volume j /
(millions
of shares)

Stock market customer c r e d i t
Bank
Customers'
loans to
debit baiTotal
"others" 5/
l e e s 4/
(In millions of d o l l s r s )

2.80
3.96

10.1

52.68(6/22/62)

2.4

5,603[y/6l) 4,259(32/61)
4,424(3/61) 3,253(1/61)

74.44

3.13

4.7

7,242

5,515

84.75

3.02

4.7

7JJ53

5.099

72.04(^/8/61)

1.418(8/9/62)
1,161(3/8/61)
1,727
1.974

90.10

(5/14)

2.89

6.8

7,085

5,129

1,974

(6/9)

83.06

(6/25)

3.15

3.8

6,872

4,986

1,848

(3/3)

89.28

2.92

5.5

7,085

5,129

1,956

85.04

3.07

5.8

7,084

5,114

1,954

85.69

3.06

3.8

lie 8 •

1,962

84.07

3.11

3.8

ttefle

1,967

85.25

3.07

A-5,,

tie A e

of drily tredia* toIom w the lew Ye* Stock I n h u | * . I k M i d figwes ere a v e r s e of

V ^ 1 ? f , i S h e f l S * i i e t 5 6 * b e r time of the lew Ye* Stock tohmle * i d i oerrjr marfis soommts;


others. For further detail —


t s . g r

IXHISII I, rm,i |
S E C O N D A R Y MARKET O P E R A T I O N S

1IM
E x h i b i t F - Part I I
Date

Estimated o f f e r i n g s 1to FNMA
Immediate
S tandby
Total
purchase
commitment

Purchases
by
FNMA

Sales
by
FNMA

( I n m i l l i o n s of d o l l a r s )

1965

June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June

9.3
8.4
2(1.5
15.1
34.9
26.0
41.3
36.6
30.6
36.9
40.4
35.8
47.9

9.2
8.0
20.5
14.9
34.8
25.9
41.1
36.6
30.6
36.9
40.4
35.7
47.9

--

.3
.1
.1
.1
.1
.1

.1

3.8
5.5
15.2
.7.2
24.0
16.0
32.5
29.8
28.5
36.5
38,7
31.4
39.5

9.5
12.6
4.4
1.6
5.7
5.9
2.0
12.5
5.1
7.9
3.0
12.2

•—Less then $50,000.
2 / Data represent unpaid p r l n e i p a l balances of the mortgagee involved, exclusive of
premiums, diecounts, or other charges. Offerings are amounts of applications received
during t h e period from s e l l e r s proposing t h a t TMk execute purchasing c o n t r a c t s , i n
immediate purchase contract covers e x i s t i n g mortgages which t h e s e l l e r w e t d e l i v e r t e
now. within 45 days. A standby 0 ommltment contract r e l a t e s t o proposed mortgages on
housing not y e t under construction which the s e l l e r eeist usually d e l i v e r within one
y e a r . Purchases include those under both immediate purchases and standby commitment
c o n t r a c t s . Data exclude iNMl a c t i v i t y under Special Assistance and Management and
Liquidatiag Pm g r a s s .




IXKtrtf O. Fe.l I
YIILDS ON N1W AND S1ASON1D CORFOKATI BONDS

I I I I I

I II I II I
Exhibit 0 - Part XX

Yields en lew Corporate Bond Issues Adjusted to an Aa» basis

Montafy averages:
1965 - Jan.
" Feb.
Mar.
Apr.
Hay
June

As't of Issues Average
Included (ell. yield
of
Issues of dollars) (per cent)
3
3
7
4
8
4

94.0
UUO
157.8
115.0
315.0
100.0

4.42
4.41
4.45
4.46
4.51
4.58

June

4
11
18
25
July 2
9
16

Number Am't of Issues Average
Included (mil. yield
of
ISSJIfiS of dollars) (per jvftl




4.60

65.0

4i58

121.0

4.67*

l

til

S:8

30
Weekly average
1965 - High
Low

35.0

4.60(6/11)
4.33(1/29)

E

5

v

~

S

L

,

Exhibit H

H. 14

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 )

1965
January
February
March

Corporate
1964

New Can i t a l
1963

S t a t e and L o c a l 2 /
1965
1963
1^64

i

795
746
1,197

930
685
754

613
594
1,144

E/804
&/871.
2/947

April
Kay
June

£ / 1,230
£ / 1,680
e / 1,700

2,178
1,069
1,378

930
904
1,013

2/824
e/900
e/850

1,242
667:
903

869
866
930

July
August
September

e / 1,100
e/
850

780
661
1,109

676
637
795

e/950
e/700-

906
780
892

680
708
449

949
646
1,419

1,013
819
1,415

801
529
948

1,051
729
416

2,738
. / 4,630

2,369
4,625
2,550
3,013

2,351
2,847
2,109
3,246

e / ' 7,368

6,994
9,544
12,557

5,198
7,307
10,553

October
November
December
1st
2nd
3rd
4th

quarter
quarter
quarter
quarter

1st half
Three q u a r t e t s
Year

fi/
e/

3.622
2,574

e/5,196

947
776
810

2,533
2,811'
2,578
2,278
5,345
7,923
10,201

732
746
976

2,454
2,665
1,837
2,197
5,118
6,955
9,151

Excluding f i n a n c e companies £ /
1st
2nd
3rd
4th

quarter
quarter
quarter
quarter

2,547
e/ 4 , 2 3 0

Year
e/
£/
1/
2/
3/

1,996
4,170
2,411 •
2,755
11,332

2,284
2,529
1,768
2,854
9,434

E s t i m a t e d by F e d e r a l Reserve.
Preliminary.
S e c u r i t i e s and E x c h a n g e Commission e s t i m a t e s o f n e t p r o c e e d s .
I n v e s t m e n t B a d k e r s A s s o c i a t i o n of America e s t i m a t e s o f 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 o f s a l e s and c o n s u m e r f i n s A t e c o m p a n i e s .




4
i
^

H. 14
Exhibit I
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 )

1
i

Quarter
or
Month

i 1962 - I I I
IV

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
Bonds
and
pfd.
Total Publicly Privately
Offered Offered
stock
2,167
852
1,006
308
2,875
1,088
1,510
277

Memo:
Foreign
issues
included
55
135

Net pri Dceeds f o r
new caj> i t a l 1/
2/
Mfg.

Public
Utility

Communi- O t h e r
cations issuers

566
747

376
552

274
317

685
945

.

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

.

1964 - I
11
Ill
IV

2,499
4,851
2,802
3,311

978
1,321
792
531

1,221
1,640
1,516
2,372

300
1,890
494
408

29
105
85
223

418
723
547
1,045

438
856
642
509

273
1,663
59
128

1,240
1,383
1,303
1,332

1965 - I
I I e/

3,007
4,884

905
1,836

1,673
2,197

429
851

24S
n.a.

1,072
1,660

541
558

91
254

1,034
2/57

: 1963 - O c t .
1
Nov.
Dec.

1,116
891
1,459

511
183
626

481
549
751

125
159
83

10
10
27

240
214
515

201
131
198

41
13
64

531
461
637

1964 - J a n .
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

985
710
805
2,234
1,155
1,461
869
728
1,204
1,032
702
1,577

338
279
361
383
470
468
234
183
376
181
30
320

526
342
353
480
537
623
411
433
672
638
620
1,114

121
88
91
1,372
148
370
225
112
156
213
52
143

5
16
8
34
36
35
21
21
44
82
27
114

149
123
146
186
206
332
149
164
234
249
188
607

109
155
174
151
441
264
207
138
296
297
40
172

157
83
34
1,377
27
258
23
16
19
81
17
30

515
324
400
463
395
525
401
342
560
321
401
610

!

1965 - J a n .
858
161
565
131
49
385
97
21
292
Feb.
791
187
450
155
51
192
215
44
293
Mar.
1,158
557
658
143
143
494
229
26
448
Apr.
774
422
1, 360
163
35
5 70
164
12
504
142
244
603
May %/ L, 764
690
49
623
448
694
720
800
240
n.a.
400
June
11,760
150
100
1,050
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 .
1J Gross P r o c e e d s exceed n e t p r o c e e d s by t h e c o s t of f l o t a t i o n .
2J For t o t a l s e e 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 & o t h e r , t r a n s p o r t a t i o n ,
r e a l e s t a t e & f i n a n c e , & commercial & o t h e r .
S o u r c e : S e c u r i t i e s & Exchange Commission.




,,

Exhibit J
Other Security 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 )

Grog 9 Long-term 1/

1965
January
February
March
April
May
June
July
August
September
October
November
December
Jan.

- June

F o r e i g n government 2 /
1964
1963

232
133
76
57
114
11
63
83

4
82
69
30
75
26
20
13
7
180
72
58

218
38
72
I>/ • -

e/100

e/428

Year

286

623

636

771

1965

129
185
2/325
£/
e/250

e/889

F e d e r a l Agency 11
1964
1963
148
186
275
260
160

459

509

174
200

275
1,204

793
1,167

Nfiw mhn f - f f t r m y
Federal agency 3 /
nri 1 o r a l government- 5 /
January
February
March
April
May
June
July
August
September
October
November
December

238
91
-458
647
204
fi/-85

Jan.-June

2/637

103
236
-407
442
81
-80
-9
127
176
7
-15
-208

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

-137
-174
117

375

529

541

-11

509
237

-308
-336
23
97
183
239
-333
167
525
113
-3

-332
-255
-161
202
195
319
415
326
258
123
-102
551

-502

-32

1

_G22_
368
J&L
-L53S£ / 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 . - N o t a v a i l a b l e . l / T h e s e d a t a d i f f e r
f r o m t h o s e i n Ebchibit f i n t h a t r e f u n d i n g i s s u e s , a s w e l l a s new c a p i t a l i s s u e s , a r e
i n c l u d e d . L o n g - t e r m s e c u r i t i e s a r e d e f i n e d a s t h o s e m a t u r i n g i n more t h a n otie y e a r .
2/ I 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 U . S , by f o r e i g n g o v e r n m e n t s 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 .
S o u r c e : S e c u r i t i e s & Bechance Commission.
3 / I s s u e s n o t g u a r a n t e e d by t h e U . S . G o v e r n m e n t . S o u r c e : L o n g - t e r m , S e c u r i t i e s & E x c h a n g e
Commission; s h o r t - t e r m , T r e a s u r y D e p t . & F e d e r a l R e s e r v e . £ / T h e s e d a t a d i f f e r f r o m
t h o s e i n E x h i b i t H and a b o v e 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 ,
w h e t h e r " f r o m t h e ^proceeds or r e f u n d i n g i s s u e s o r from o t h e r f u n d s . Data i n c l u d e o n l y
i s s u e s w i t h o r i g i p a l , m a t u r i t y o f b i i e * . y e a r o r 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 , o r c e r t i f i c a t e s "and P u b l i c H o u s i n g A u t h . , v
^ l a r . I n s o m e I n s t a n c e s PHA n o t e s i n c l u d e d may h a v e a somewhat l o n g e r m a t u r i t y t h a n
Digitized
S o u r for
c e : FRASER
Bond and B u y e r & F e d e r a l R e s e r v e .



H. 14
Exhibit K
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 I s s u e 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/
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 )

Total

:

1

I
:

1964 - J u l y
Aug.
Sept,
Oct
Nov,
Dec,
1965 - J a n ,
Feb,
Ma r ,
AprMay
June
July

Coroonate
Bonds
Convertible
(other than
convertibles)
bonds

291
142
376
187

178
215
269
108

230
130
217
513
307
928
801
477

200
115
131
233
210
560
343
455

Stocks

State
and
local
governments

113
17
25

81
79

30

- -

- -

- -

15
86

- - -

280
97
53
320
22

- - -

315
138 '

2/

260
104
15
502
15

544
459
558
419
226
541
419
446
395
411
492
377
655

- -

- -

Other

- -

235
130
19
260
40
340
20

Large Individual Issues Offered During July
Issuer

Type 2 /

Amount
(millions
of
dollars)

Coroorate
Conv, s u b . d e b .
21.9
fjrR.H. Macy Co
S . F . deb s
50.0
Burlington Industries
6
0.0
New E n g l a n d T e l & T e J . Co. Deb.
S . F . deb
50.0
Lone S t a r Cement C o r t .
1 s t mtg b d s 15.0
A t l a n t a Gas L i g h t Co.
1st & • r e f . mtg,bds75.0
P a c i f i c Gas and E l e c . Co.
1 s t mtg, b d s .
25.0
, , N o r t h e r n 111 Gas Co,
30,0
B a l t i m o r e Gas & E l e c . Co. S . F - a v b .
150.0
S.F- deb.
• Montgomery Ward & Co.

Maturity

1990
1990
2005
1990
1990
1997
1990
1990
1990

Coupon
r a t e or
net interest cost

4-1/4
4-3/4
4-5/8
4-7/8
4-3/4
4-5/8
4-5/8
4-5/8
4-7/8

Offering
vield

Rating

4.25
4.80
4.58
4.88
4,65
4.58
4.60
4.60
4.90

Baa
Aaa
A
A
Aa
Aa
Aa
Baa

2.85-3.40
3.50
2.55-3.40
2.40-3.30

Aa
Aa

S t a t e and L o c a l Govt,
S a c r a m e n t o Mun. U t i l .
D 1st. , C a l i f .
S t a t e of C a l i f o r n i a

R*- v . -L't.
G. 0 <•
G. 0




17.5
12.5
70.0
50,0

1970-94
2004
1967-91
1 9 6 6 -8 5

3. 46
3.31
3.21

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 During J u l y (Cont'd)

1
Issuer

Type 3 /

S t a t e and L o c a l C o n t ' d
!
b t a t e or wmneaoty
Memphis, Tenn.
San F r a n . Bay A r e a
T r a n s . Auth,
Commonwealth of P e n n a ,
M a r y l a n d S t a t e Raods Comi i.
New Y o r k , N,Y.
I n d . Dc v . Bd, of
Sc^ctsboro- Ala.

Amount
(millions
of
dollars)

Coupon | O f f e r 1 ing
Maturity r a t e or
n e t i n t e r j- y i e l d
est cost

Rating

54.8
25.0

H T ' 35
1966-90

3.10
3.13

2.50-3.15
2.50-3.204/

Aa
Aaa

70.0
27.0
20.0
111.1
64.0

1972-99
1971-85
1966-80
1967-95
1966-70

3.38
3.03
3.21
3.44
3.50

2.90-3.455/
2.75-3.10
2.45-3.15
2.80-3.57
6/

Aa
Aa
Aa
Baa
Baa

Rev. - R e n t

31.5
23.5

1987
1968-77

n. a .
n.a.

4.00
3.00-3.407/

- -

Rev. - S . T .
G.O.

20.0
28.0

1968-84
1966-90

3.58
3.25

2.90-3.60
2.40-3.35 8/

Baa
A

Rev. - Q . - U t .

30.0

1966-95

3.77

2.60-3.80

1985

5-3/4

5.97

GO.
G.O.
Rev. - Q . - U t .
G.O
Rev. - S t .
G.O.

j

Ev. •

i'"
S v- .
T."
SrV . H e , . . 41 , F l a .
P h i l a . u.: . Disc , P f ,
Los A n g e l e s D e p t . of
Airports, Calif.
Other
Commonwealth o f New
Zea l a n d

Bonds

*--Rights offering.
?
n . a , —Not a v a i l a b l e ,
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 o f $15 m i l l i o n and o v e r ; S t a t e & l o c a l
\
go i r n m e n t s e c u r i t y o f f e r i n g s o f $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 D e v e l o p m e n t
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 & L o c a l g o v e r n m e n t s e c u r i t i e s , G . 0 . 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 . r e v e n u e o b l i g a t i o n s s e c u r e d o n l y by i n c o m e f r o m 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 b o n d s s e c u r e d o n l y by r e v e n u e f r o m 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 b o n d s s e c u r e d
b y r e v e n u e f r o m s p e c i f i c t a x e s o n l v ; R e v . - R e n t . , r e v e n u e b o n d s s e c u r e d s o l e l y by l e a s e p a y m e n t !
4/ 0 . 1 p e r cent bonds m a t u r i n g 1988-90 not p u b l i c l y r e o f f e r e d .
_5/ 1 - 1 2 p e r c e n t b o n d s m a t u r i n g 1999 n o t p u b l i c l y r e o f f e r e d .
6 / Bonds n o t p u b l i c l y r e o f f e r e d .
7 / Bonds m a t u r i n g 1 9 7 3 - 7 7 n o t p u b l i c l y r e o f f e r e d .
t
8 / 1 / 2 0 p e r c e n t b o n d s m a t u r i n g 1990 r e o f f e r e d t o y i e l d 4 . 2 5 p e r c e n t .




v?
H. 14
Exhibit L
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 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 ) JL/
Expected Proceeds from Forthcoming Large I s s u e s
( I n m i l l i o n s of d o l l a r 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
Other 2/
local govt.

f
| 1964 - J u l y 31
31
!
S e p t 30
*
Oct- 30
Nov 30
Dec - 31
i, 1965 - J a n 29
/
Feb, 26
Y
Mar.
Apr. 30
May 2b
June. 30
J u l y 30

92
402
186

120
511
500
254
360 .
306
242
316
212
411
328
397
248

90
105
169
407
267
852
765
363
193

Corporate

Subsequent t o
d a t e shown
S t a t e and
local govt.

167
442
186

15
- -

— •-

25
215

130
105
253
504
792
852
923
410
240

—

60
25
70
20

'

588
680
626
549
563
435
382
599
373
635
474
524
352

Other 2/

15
- -

25
215

60
25
70
20

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 J u l y 30

Issuer

Type

Amount
(millions
of
dollars)

Approximate d a t e of
offering

Corporate
Be a u n i t Corp
S o u t h e r n C o u n t i e s C-as Co.
S o u t h e r Cal- E d i s c n CoN o r t h e r n S t a t e s Pv?r: Co
Lone S t a r Cas Cc,
• General M i l l s Inc.
Macy C r e d i t Corp.
G r e a t Western F i n a n c i a l Corp,

Conv, s u b , d e b .
1 s t mtg, b d s .
1 s t & r e f . mtg, b d s .
Com- s t k .
S,F deb.
S.F. deb.
DebDeb.

25.0
40,0
37 1
25,5
in o
35.0
25.0
22,0

Aug.
Aug.
4
Aug. 18
Aug. 17 ( r t s .
Aug. 25
Aug.
4
Indefinite
Indefinite

R.v - R e n t
GO
GO
CO,
CO.

25.0
10.0
30.0
12.0
12, 7

Aug.
4
Aug.
4
Aug. 10
Aug. 10
Aug. 16

S t a t ^ and l o c a l Government
A l a . Pub Sch & C o l l e g e Aut h.
P i t t s b u r g h , Pa.
H a m i l t o n Co . Ohio
Newark, Nc-w J e r s -y
San F r a n c i s c o . Cal




ex.)

H. 14
L-2
F o r t h c o m i n g Large O f f e r i n g s a s o f J u l y 30 ( C o n t ' d )

Issuer

P u b l i c Housing Auth.
*Madison, Wise.
San A n t o n i o , Texas
Cuyahoga C o . , O h i o
El Paso, Texas
Dade C o u n t y , F l a .
F l o r i d a Dev. Comm.

Type

Bonds
G.O.
G.O.
G.O.
Rev.-Ut.
G.O.
R e v . - S . T.

Amount
(millions
of
dollars)
132.0
11.7
15.0
13.0
10.5
46.0
33.8

Approximate d a t e
of
offering
Aug. 18
Aug. 26
Aug. 29
Sept.
9
S e p t . 22
Indefinite
Indefinite

Other
None

^ - - I n c l u d e d i n t a b l e f o r f i r s t time
1 / 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 o f $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 o f $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
D e v e l o p m e n t 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 o f 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 o f i s s u e : None.




H. 14
Exhibit M
F o r e i g n Government and Co r p o r a te 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 the U n i t e d S t a t e s
P«nL I;

;

Sale Date

Amount
(millions
of
dollt'irs)

Public Offerings

I s s u e r and D e s c r i p t i o n o f I s s u e

A.

S o l d June 1 through J u l y 30

i
!

6/15

50.0

Quebec H y d r o - E l e c t r i c C o m m i s s i o n - - 4 - 5 / 8 % d e b e n t u r e ,
maturing 1985, r e o f f e r e d t o y i e l d 4.75%

j

en?

20.0

Kingdom o f Denmark--6% b o n d s , maturing 1985,
r e o f f e r e d t o y i e l d 6.09%**

t

6/22

20.0

M e t r o p o l i s of Tokyo--6% b o n d s , maturing 1980,
r e o f f e r e d t o y i e l d 6.50%**

<

7/7

20.0

Commonwealth o f New Z e a l a n d - - 5 - 3 / 4 % b o n d s , maturing
1985, r e o f f e r e d t o y i e l d 5.97%**

f

I
i
I

B.

|

Prospective Offerings

'

NONE

1

*
**

Included in t a b l e for f i r s t time.
Issue s o l d in e n t i r e l y t o i n v e s t o r s o u t s i d e U.S.




H. 14
M-2
Part I I :

Da t e
reported

*7/21

P r i v a t e P l a c e m e n t - - R e p o r t e d June 1 through J u l y 30

Amount
(millions
of
dollars)
40.0

I s s u e r and D e s c r i p t i o n of I s s u e

Trans-Canada Pipe L i n e s L t d . - - 5 - 1 / 8 % f i r s t mortgage
b o n d s , maturing 1 9 8 5 - - n o i n f o r m a t i o n a v a i l a b l e on
takedown.

For r e t r o s p e c t i v e data 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 c
i n g s i n t h e U n i t e d S t a t e s s e e E x h i b i t s 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 the data shown i n t h e E x h i b i t and t h a t shown i n E x h i b i t s I & J b e c a u s e the 4
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 rhe p e r i o d i n x.'tn'rh f u n d s r r e
\
• ' r:\-in- v i l l i e the p l a c e m e n t s shown
a c t u a l l y takendown but o n l y i n t h e amount
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 , i r e q u e n t l y w i t h l i t t l e or uo
*
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 take
p l a c e b o t h p r i o r and s u b s e q u e n t t o the d a t e a p l a c e m e n t i s r e p o r t e d .
^ - - I n c l u d e d in t a b l e f o r f i r s t time.