Full text of H.16 Capital Market Developments : January 24, 1966

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-Hot for Publication
H.14
i
:

DECONTROLLED AFTER SIX MONTHS

January 24, 1966.

CAEXXAti MARKET. DEVELOPMENTS
IN THE UNITED STATES

Corporate and municipal bond market. Public security
offerings of corporations this week will be somewhat higher than last
week's modest total but still substantially smaller than the weekly
average over the past year. The supply of new municipal offerings, on
the other hand, will be in record volume and about two and one-half
times as large as the average weekly volume during the last 52 weeks;
a $253 million issue of New York City will account for half this total.
Long-term Public Security Offerings 1/
(In millions of dollars)

Corporate
New Capital| Refunding

State and local Government
New Capital 1 Refunding

Sold:
52 week avg.
Jan. 14
Jan. 21
Scheduled:
Jan. 28

147
237 r/
50

80

3

194

12

330
162

504

1/ Federal Reserve estimates based upon published reports of issues
sold and scheduled for offering; corporate rights offerings are
included as of the date subscription rights expire.
Underwriters priced last week's corporate offerings to yield
about the same as in mid-December--the highest level since early 1960-but investor reception was generally poor. Furthermore, underwriters
terminated price restriction on slow moving issues offered earlier in
the month. The subsequent price adjustment in secondary market trading
was sufficient to increase yields on these issues 3 - 6 basis points
above their original offering yield.
With the quick distribution of better than two-thirds of last
week's total volume of new municipal bonds, yields on seasoned Aaa-rated
issues eased slightly.




H. 14
Yields in Security Markets
Change from
preceding week
(basis points)

Level latest week
(per cent)
High-Grade
Notes and Bonds
Corporate
New
Seasoned

4.84
4.74

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

4.41
4.86

State and local Govt.
Moody's Aaa
Standard and Poor's
high grade
Money Market
Federal funds
Treasury bills
3-month
6-month

-1
+2

3.39
3.51

3.55

+8

4.67
4.73

Corporate Bonds Still in Syndicate
Date
Offered

Amount
(millions of $)

1/18

20.0

1/19

20.0

Issue

Reoffering
yield

Dallas Pwr. & Lt. Co.
4-7/8's - 1996
Gulf States Util. Co.
5's - 1996

Estimated Proportion sold

Rating

4.83

Aaa

1/4

4.92

Aa

4/5

Blue List of Municipal Dealer's Advertised Inventories
(millions of dollars)
Latest Date
498 (1/20)




End of Previous Week
491

Recent High
901 (6/4)

H. 14
Private housing starts and permits. Seasonally adjusted
private housing starts advanced 14 per cent further in December to a
seasonally adjusted annual rate of 1,746 thousand, including farm
starts. This was nearly a fourth above the recent low in October and
the highest rate since early 1964.
For the fourth quarter as a whole, starts were at an annual
rate of 1,565 thousand--8 per cent above the reduced rate reached in
the third quarter of the year and 8 per cent below the recent high in
the first quarter of 1965. For the year as a whole, starts totaled
1,503 thousand, down 3 per cent from the declining level of 1964 and
6 per cent from the advanced 1963 level.
A factor in the December upsurge may have been the less than
usual precipitation in the North Central states. These states showed
a rise in starts--seasonally adjusted—of more than 50 per cent in
December. While seasonally adjusted starts in the South also increased
further in December, they declined in the North East states and reached
a new low--new Census series--in the West.
Starts insured by the Federal Housing Administration or
guaranteed by the Veterans ' Administration represented 18 per cent of
total.starts in December, about the same share as a year earlier. For
1965 as a whole, the share was 17 per cent. This was a shade less than
in 1964 and reflected entirely a further decline in the relative importance of starts under VA-guaranteed mortgages.
Building permits also rose further in December on a seasonally adjusted basis. The rise, which was to an annual rate of 1,319
thousand, was considerably more moderate than for starts, however-3 per cent. Both single and multifamily structures shared in the
increase.
Stock market credit. Total customer credit in the stock
market rose $401 million further during December to $7.7 billion at
the month-end. Most of this expansion was attributable to a $312
million advance in customers 1 net debit balance on non-Government
securities. At $5.5 billion, however, these balances were still nearly
$0.1 billion below their November 1963 high. Bank loans to others rose
$89 million further.
Borrowings by member firms of the New York Stock Exchange on
customers' collateral dropped $41 million in December, but customers'
free credit balances jumped $187 million to a record $1.7 billion.
More detailed information on changes in stock market credit in recent
months is shown in the table on the following page.




H. 14

STOCK MARKET CREDIT
(In millions of dollars)

Total

II

Months

Broker & Dealer Credit
Customer Credit
Customers'
Net debit
Bank loans to others Money
borrowed
net free
balances with
than brokers and
Other
credit
NYSE member
dealers for purchasing & carrying aecur. coll. coll. balances
firms

Outstanding:
1955-56 High

4,047(5/56)

2,823(12/56)

1,255(4/56)

1,,873

430

1,069(1/55)

1957-58 Low

3,554(1/58)

2,482(12/57)

1,060(11/57)

1,,344

188

807(4/57)

1959
1960
1961
1962
1963

4,764(4)
4,142(5)
5,602(12)
4,876(7)
7,298(11)

3,401(4)
3,004(7)
4,259(12)
3,562(7)
5,586(11)

1,373(5)
1,121(5)
1,377(8)
1,269(9)
1,727(12)

2, 044
1,801
2,572
1,856
3,892

318 1,257(3)
237 , 940(4)
385 1,508(4)
235 1,091(9)
597 1,211(11)

7,242
7,053
7,705

5,515
5-079
5.521

1,727
1.974
2 ,184

3,832
3,393
2S 889

597
517
687

-55
-113
-68
69
60
84
-1
-251

-81
•93
21
48
IV
63
-15
-251
23
108
79
136
312

26
-20
-89
21
49
21
14

-76
-76
-58
44
23
71
-1
- 297
9
- 130
-96
48
-41

-

High
Low
High
Low
High

1963 - Dec. 1/
1964 - Dec.
1965 - Dec.
Changes in
Outstanding!
1964 - Dec.
1965 - Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

u\

162
81
18 7
401

18
2
51
89

35
-71
43
102
-64
106
182
- J-0
23
26
-23
76
90

••
>
j

1,210
1,169
1,666

'5
l

38
38
47
io
-57
1
89
-64
-40
176
106
4
187

,i

Note! With the exception of bank loan data, figure# art reported to tne New York stock
Exchange by member firms carrying margin accounts. Bank loans to others than brokers and
dealer# for purchasing and carrying securities are for weekly reporting member banks. Net
debit balanced and cuatomer free credit balances are as of the end of the month; bank loans
and money borrowed are reported for the last Wednesday of the month. Numbers in parenthesis
denote month of year. All figures exclude credits on, or to carry, U.S. Govt, securities.
1/ November 1963 data on cuatomer#1 net debit balance# do not include accounta carried by
a large former member firm in liquidation; moat of theae account# have been transferred to
other member firms and are reported in their debit figures from the month received (some in
December, more in January 1964). Debit balance totals for the period from October 1963
through January 1964, therefore, are not completely comparable.




<
\f

>
;r

«
',4
•:

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H. 14
Stock prices. Standard and Poor's index of 500 stock prices
reached an all-time high of 93.95 early last week, but subsequently
eased to close at 93.47 on January 21--about the same as at the end of
the previous week. Trading volume averaged 9.5 million shares a day.
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.




f X HIS I t

A. P . , I 1

'\y\
ru

XV

Exhibit A -

Part II

State and
Corporate
Aaa y

U. S. Govt,
long-term 2/

4.19(3/29/63)

4.42 J
4.12 I
3.85 (12/28/62)

government
Aaa 3/

Spread between
U. 8. Goyt. and
State and
Corporate
local Aaa
Aaa

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

-

High
High
Low
High
Low
1965 - High

Dec. 24
Dec. 31
Jan. 7
Jan. 14
Jan.2l£,

3.65
3.37
2.88(13/8/62)

I X h

4.73(12/31)
4.41( 3/12)

4.45 (12/17)
4.13 (6/25)

3.40(12/31)
2.94(2/11)

4.71
4.73
4.73
4.74
4.74

4.43
4.44
4.44
4.42
4.41

3.40
3.40
3.40
3.40
3.39




.59
.57

.92
1.04

.21

.80

.33
.19
.34

1.01

1.14

1.22

.22

.94

.28

—-roT

.29
.29
.32
.33

1.04
1.04

1.02
1.02

IXHIIIT a. F.M I
I O N O - T I R M B O N D VtilOS, I O W I R O R A O I
W.eHy

- COIPOIATI III

jr—

1**0

i i i i i 1111111 i l u

__ '**!

If**
lf*»
Exhibit B -- Part II

1111111

1*44
—

V

3

>-KJJLL_LL 1 1 1

—!

b,

V\J

lf«l

Spread between
Aaa and Baa
State and
Corporate

Baa 1/

State and
local govt.
Baa I f

5.36 (2/22/60)
5.10
4.93
4.85
4.80
5.04(12/31)
4.78(3/19)

4.46 ( W e o )
4.04
3.57
3.60
3.51
3.79(12/30)
3.40(2/11)

.84
.66
.70
.48
.37
.41
.33

1.08
.73
.63
.49
.52
.52
.34

5.04
5.04
5.05
5.05
5.06

3.79
3.79
3.79
3.78
3.78

.33
.31
.32
.31
.32

.39
.39
.39
.38
.39

(per cent)
1959-60 - High
Year end - 1961
1962
1963
1964
1965 - High
Dec.
Dec.
Jan.
Jan.
Jan.

24
31
7
14
21 £/

Bote* Tor footnotes me# exhibit i.




EXHIBIT C, fen I
S H O R T - AND INTERMEDIATE-TERM INTEREST RATES
GOVERNMENT
Weekly

1
I

1

rv/
I 1

w

y

JX/

|VvAvJ

f. E. OIICOUHI IA11

3-MONTH BILLS

1 1 1 1 1 1111
1 1 1111111
I960
1961

• MONTH BILLS
Marl.t VI.W,

Lf
j

1 1 1 1 1 1 1 1
111111111
1 1 1
it
1963
1963
Exhibit C

Discount
rate
3-month

^

'I'll
1964

1 1 1 1 1 1 1 IA1A.
11*S

-- P a r t I I

Yields

Spread between yields on 3-

6-month

3-5 year

oonth bills and vields on

b i l l s 21

b i l l s 2/
(per cent;

l a s u e a 2/

6 - m o . b i l l s 13-5 v r .

3.00
3.00

4.59 ( W 6 0 )
2.66
2.89

5.07 ( W 6 0 )
2.90
2.93

1963

3.50

3.52

3.64

1964

4.00

3.83

4.50
4.00

4.47(12/31)
3.78(6/25)

Dec. 24
Dec. 31

4.50
4.50

4.46

Jan.

4.50
4.50
4.50

Date

1/

1959-60 - High
Y e a r e n d - 1961
1962

1965

- High
Low

Jan.

7
14

Jan.

21 £ /

4.00

4.47
4.53

5.00(12/24/59)
3.41

.79
.24
.04

1.81
1.15
.52

3.93

4.07
4.07

.13
.10

.55
.24

4.66(12/31)
3.82(6/25)

4.90(12/31)
4.04(1/22)

.19
.03

.11

4.82

.19
.19
.17

.43
.40

.14
.12

.25

4.65
4.66
4.70

3.81

4.90
4.93

4.59

4.73

4.84

4.67

4.73

4.86

V
y

issues

.43

.36

.25

Weekly rate shown ie that in effect at end of period at the Federal Reserve Bank of Hew York.
Market yields weekly average# oooputed from daily closing bid prices. Series of 3-8 year issues
consists of selected notes and bonds#
Mote.—Highs and lews are for individual series and say be en different dates for different series,
for spreads, high refers to widest, and lew to narrowest.




S H O R T - A N D I N T E R M E D I A T E - TERM I N
S A N K I A N D OTHER PRIVATE B O R R O W E R S

\
J
TL

Si

1

r . t . DISCOUNT i A l l

A

A

f
Ir^dTJ
I|* 1 | 1

r*

T
f
iI f il r I

Effective Sole

IM

i i i i i i i i i i i 1 I I t 11 I 1 M I I
Exhibit D —

Da te

Prime rate

1959-60 - High
Y e a r end - 1961
1962
1963
1964
1965 - High
Low
Dec.
Dec.
Jan.
Jan.
Jan.

*

24
31
7
14
21 e /

.

1/

5.13
3.00
3.19
3.88
4.06

5.00
5.00
5.00
5.00
5.00

4.75
4.75
4.75
4.78
4.81

££8?i«

*£ M M



Part II

Finance
company
Federal funds 3/
naoer
2/
(per c e n t )

5.00
4.50
4.50
4.50
4.50
5.00
4.50

(1/23/60)

4.75(12/31)
4.00(2/12)

,inin0e O O B

4 . 0 0 (3/13/60)
2.88
3.00
3.50
4.00
4.63(12/31)
3.48(10/1)
4.41
4.63
4.60
4.60
3.55 /

*Mi"

'

1
S2 .WtSE
, at d "*1 ,or

for 4 1

Spread b e t w e e n
3 - m o . bills and
finance co. paper-

1.02
.34
.30
.36
.23
.47
.10
.29
.28
.22
.16
.20

™ 6 « y P * « * « • * *<* vaiyln,

•^.r " "*

-

Mlltl.m el

Common
Date

Stock price
index 1/

yields 2/
(per cent)

Trading
volume 3/
(millions
of shares)

Stock marlket customer credit
Customers'
Bank
debit balloans to
ances 4/
"others" 5/

Total

(In millions of dollars)
1961-62 - High
Low
1963
1964
1965 - High
Low
Nov.
Dec.
Jan.
7
Jan. 14
Jan. 21 ]V

72.04(12/8/61)
52.68(6/22/62)

2.80
3.96

10.1
2.4

74.44
84.75
92.55(11/12)
83.06(6/25)

3.13
3.02
2.95
3.15

92.15
91.73
93.14
93.50
93.47

2.97
3.05
3.0"
3.01
3.02

5,603(12/61) 4,259(12/61)
4,424(1/61) 3,253(1/61)

1,418(5/9/62)
1.161 (3/8/61)

4.7
4.7
9.8
3.8

7,242
7J053
7 ,705
6 ,872

5,515
5.099
5,521
4,863

1,727
1.974
2,186(12/24)
1,843(3/3)

7.4
8.6
8.7
8.6
9.5

7 ,304
7 ,705
n
n
n .a.

!5,209
5,521

2,095
2,184
2,180
2,178
n.a.

n.a.

y

atsnaani
Standard ana
and roar's composite Index of 500 ooemon stocks, weekly closing prices, 1941M3*10#
Monthly data are average# of daily figures rather than of Tztdey's only* Highs and lows are for
Friday's data only.
2f Standard and Poor's composite a took yield based oo Wednesday data converted to weekly closing
prices by Federal Reserve* fields shewn are for dates on which prloe index reached! ts high

3/ Averages of daily trading volume on the *ew Yexfc Stock Exchange, Y e a x n d figures are averages of
, daily figures for the yaarw
V Cad of month figures for maeber fines of the Hew York Stock Exchange w h i * oarry eargir aocounts)
excludes balances secured by 0, 3* Government obligations*
5/ Wsdneeday figures for weekly reporting member banks* excludes loans for purchasing or carrying
U, S. Government seouritiee* Weekly repor*4—*
"*
*-—•*" "* *
others. Tor further detail see BuUetin.




PeIVATI HOUSING START» AND PIKMIT8
M

SEA S O N A L I Y A .OJOSTE D_DA_IA

2.8

H O U S I N G STAKTS_

7

1959

1960

1961

J6

'vv/x.

BUItDINO . :RMITS

1962

1964

1963

1966

1965

Exhibit F - Part II
Building
permits
Unadlusted
(seasonally
Tvpe
of
housing
Tvpe of financing
adjusted
Seasonally adjustMulti1-2
Unadjusted
Other
PHA
VA
ed annual rate
family family
ratet 2/
Starti

Total

Date

(Thousands of units)

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

1,646
1,442
1,482
1,489
1,552
1,516
1,566
1,473
r/ 1,422
rZ 1,453
xj 1,411
rZ 1,537
1,746

99
82
85
121
152
158
156
141
r/ 135
rZ 124
r/ 134
r/ 115
101

13
13
12
16
17
19
19
17 .
18
17
18
16
15

4
4
4
4
5
5
5
5
5
4
4
4
3

82
65
70
100
130
134
131
119
112
rZl03
rZH2
rZ 95
~ 83

62.9
54.5
54.4
80.5
104.7
107.6
105.2
98.7
93.0
r/ 83.9
rZ 91,0
74.7
64.5

35

26

31,
40
47
49
50
42
41
r/40
r/42
40
35

1,173
1,280
1,224
1,269
1,187
1,240
1,254
1,243
1,217
1,180
r/1,259
r/1,282
~ 1,319

V Total starts are Census estimates Including fans for both permit-issuing and non-issuing areas. A

in oonoept or timing; other starts lac lode both units financed by conventional mortgages and units
without mortgages.
2/ pulidlng permite before January 1963 are Census estimates fer about 10,000 areas identified as
having a leoal building permit system In 1959. Istlnatss beginning January 1963, are far approximately
12,000, er all knewn, pemlt-issulng places. Unlike starts, seaseeally adjusted building pesmite
reflect direct adjust*nt fer differences In the nunfcer ef wezlclng days per month> as well as ether
differences In timing and oeverege*




EXHIBIT O, P a r i I

YIELDS O N N E W A N D S E A S O N E D C O f t P O R A T I B O N D S

Kxhibit 0 - Part II
Yields on Hew Corporate Bond Issues Adjusted to en Aaa basis
Number A a r t of issues

Average
of
included (mil.
yield
issues
of dollars)
(per cent)

W e e k l v averages:
1965 - Jan.

3

Feb.

3

Mar.
Apr.
May

7
4
8

June
July

4
8

94.0
111.0

4.42
4.41

157.8

4.45

115.0
315.0

4.46
4.51
4.58

100.0
278.0
166.5

Aug.

7

Sept.
Oct.

7 *
5
6

108.0
267.0

4

212.0

Nov.
Dec.
Weekly averages:

288.5

N u m b e r Aai't o f i s s u e s

Average
of
included (mil.
yield
of dollars)
issues
( p e r cent).

Nov.

Dec.

4.61
4.63
4.67
4.69
4.72
4.84 «

Jan.

5
12

——

19
26
3

2

2
2
1

10
17
24

--

31

——

1
2

75.0
125.0
67.0
40.0
40.0
132.0

4.73*
4.70
4.78
4.79
4.80
4.86

7

3

175.0

4.82

14
21

1

40.0

2

40.0

4.89*
4.84

1965 - High
4.8 6 (12/17)
4 . 3 3 fl/29^
<0X01 Averages ox o n e ring yiexoe on U4. new leoues 04, puuxj-OAy oiierea ooiyor»wi oonoo r*vou jum> j» *a»
A by Moody's Investor* Servioe (except serial and convertible is sues, offerings of natural gas pipeline
and foreign companies, and bonds guaranteed by the Federal Government) weighted by d i e of offering#
Before averaging, new offerings are adjusted to a composite iaa basis by deducting from the actual
reofferlng yield tie excess of the weekly average yield for seasoned tends of the appropriate industryquality group over the composite average for seasoned Aa*-rated tends (Moody's)* Averages considered
unrepresentative because of special characteristics of tie offerings included are denoted by en asterisk^




Exhibit H

H. 1 4

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

New Capital
Corporate
1965

1964

795
746
1,197

938
700
778

April
May
June

1,152
1,691
1,946

July
August
September

1966
January
February
March

e/1,350

1966

2/804
2/872
2/904

947
776
810

2,237
1,095
1,405

2/826
2/924
2/972

1,242
667
903

1,290
850
1,392

812
680
1,130

2/986
2/648
2/966

906
780
892

i

October
November
December

933
1,358
e/1,200

953
669
1,642

2/794
2/1,021
e/800

801
529
948

1
*
:§

1st
2nd
3rd
4th

2,738
4,789
3,533
e/3,491

2,416
4,738
2,621
3,264

2/2,580
2/2,722
2/2,600
e/2,615

2,533
2,811
2,578
2,278

quarter
quarter
quarter
quarter

1st half
Three quarters
Year

7,527
11,060
e/14,531.

7,153
9,775
13,038

e/950

State and Local 2/
1965
1964

2/5,30t'
5/7,902
e/10,517

5,345
7,923
10,201

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

quarter
quarter
quarter
quarter

Year
e/
2./
1/
2/
3/

2,547
4,348
3,183
e/2,991
e/13,069

2,043
4,258
2,477
2,997
11,775

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.




,Jr\.

y

>
v:

H. 14
Exhibit I
New Corporate Security Issues, Type of Issue
and Issuer
(In millions of dollars)

Quarter
or

Total

Month

Gross proceeds for new
capital and refunding 1/
Bonds
Common Memo:
Publicly Privately and
Foreign
Placed
Offered
Pfd. issues
stock included
1,251
287
109
898
1,780
367
47
1,319

Net proceeds for
new caiaital 1/ 2/
Mfg.

Public CommuniUtility cations

Other
Issuers

806
968

285
530

150
118

868
1,629

29
105
94
227

429
723
559
1,061

438
856
642
509

273
1,666
59
135

1,275
1,492
1,361
1,559

429
920
383
461

243
215
263
n.a.

1,072
1,679
1,119
1,044

541
609
786
563

91
255
323
151

1,034
2,246
1,304
1,734

443
453
693
642
645
1,342

225
112
156
213
52
143

24
27
44
82
29
116

150
176
234
250
203
607

207
138
296
297
40
172

23
16
19
82
21
32

432
349
580
323
405
831

565
450
658
648
630
980
780
468
706
590
572
900

131
155
143
162
449
309
122
93
168
124
257
80

49
51
143
33
49
134
27
87
150
81
67
n.a.

385
192
494
540
698
441
399
307
414
300
444
300

97
215
229
176
248
184
202
297
287
154
109
200

21
44
26
15
143
98
102
25
196
90
11
50

292
295
448
422
602
1,223
587
222
495
390
694
650

1963 - III
IV

2,436
3,466

1964 - I
II
III
IV

2,548
4,965
2,876
3,568

978
1,321
792
531

1,269
1,755
1,590
2,629

300
1,890
494
408

1965 - I
II
III
IV e/

3,007
5,043
3,912
3,733

906
1,864
1,575
1,210

1,673
2,259
1,955
2,062

1964 - July
Aug.
Sept.
Oct.
Nov.
Dec.

902
748
1,226
1,036
727
1,805

234
183
376
181
30
320

1965 - Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct .£./
Nov. 2./
Dec. ej

858
791
1,358
1,233
1,773
2,038
1,443
930
1,538
1,002
1,441
1,2 90

161
187
557
422
694
748
542
369
664
287
613
310

1966 - I

1966 - Jan.
Feb.
Mar.
2./ Preliminary, e/ Estimated by Federal Reserve.
1/ Gross proceeds exceed net proceeds by the cost of flotation.
If For total see Exhibit H; other issuers are extractive, railroad & other transportation,
real estate & finance, & commercial & other. Source: Securities & Exchange Commission.




Exhibit J
Other Security Offerings
(In millions of dollars)

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

Gross Long-term 1/
Foreign Government 2/
1964
1963
1965

91
33
74
5
EL/34
E/75
e/ --

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

232
133
76
57
114
11
63
83

e/640

636

771

218
38
73

—

2

129
185
325
--

775
-239
150
£/375
fc/375
e/179
e/2,732

New sho rt-term 4/
State and Local Government 5/
January
February
March
April
May
June
July
August
September
October
November
December
Year

238
91
-458
647
204
-82
119
408
152
59
274
2./- 366
E./1,286

Federal Agencv 3/
1964
1963

-

148

--

186

--

--

275
260
160

459

510
--

174
200

1,205

1,167

Federal Agencv 3

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
-11
509
237
132
206
105
-309
2 02
n.a.

-308
-336
23
97
183
239
-333
167
1
525
113
-3

453

692

n.a.

368

-332
-255
-161
202
195
319
415
326
258
123
-102
551
1,539

differ from those in Exhibit H in that refunding issues, as veil as new capital issues,
are included. Long-term securities are defined as those maturing in more than one year.
2/ Includes securities offered in the U.S. by foreign governments and their political
subdivisions and international organizations. Source: Securities and Exchange Commission. 3/ Issues not guaranteed by the U.S. Government. Source: Long-term, Securities & Exchange Commission; short-term, Treasury Dept. & Fed. 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 maturity of one year or less. 5/ Principally
tax and bond anticipation notes, warrants, or certificates and Public Housing Auth.
notes. In some instances PHA notes included may have a somewhat longer maturity than
1 year. Source: Bond
Buyer & Fed. Res.




H. 14
Exhibit K
Large Long-term Public Security Issues for New Capital
(Other than U. 8. Treasury) 1/
Proceeds of Large Issues Offered
(In millions of dollars)

Total
1964 - Dec.
1965 - Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

Corooriite
Bonds
(other than
Convertible
convertibles)
bonds

230
193
217
513
307
928
801
477
299
530
246
736
262

200
115
131
233
210
560
343
455
211
530
190
559
212

Stocks

30

--

--

15
86

--

280
97
53
320
22
62

State
and
local
governments
541
419
446
395
411
492
377
655
312
563
409
538
413

--

315
138
26
--

40
33
50

16
144

Other

£/

235
130
19
260
40
340
20
50
170
43
95

Large Individual Issues Offered January I through 21
Issuer

Type y

Amount
(millions
of
dollars)

Maturity

Coupon
rate or
net Interest cost

Offering
vleld

Rating

Cornorate
^United Utilities Inc.
Ohio Pwr. Co.
New York Tel. Co.
Mississippi Pwr. Co.
Tenn. Gas Trans. Co.

Com. stk.
15.4
1st mtg. bds.
50.0
Ref. mtg. bds.
100.0
1st mtg. bds.
25.0
1st mtg. p .1. bds.50.0
Pfd. stk
100.0
20.0
Puget Sound Pwr. & Lt. Co. 1st mtg. bds.
40.0
Ohio Power Co.
Deb.
1st mtg. bds.
20.0
Dallas Pwr. & Lt. Co.
1st mtg. bds.
20.0
Gulf States Util. Co.

1996
2006
1996
1986
t
1996
19*96
1996
1996

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

4.89
4.82
5.00
5.33

Aa
Aaa
A
Baa

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

5.20
5.00
4.83
4.92

Baa
A
Aaa
Aa

State and local Govt.
Alabama Pub. Sch. & Coll.
Auth.
Houston, Tex.
Fairfax Co., Va.
State of New York

1967-86
1967-86
1967-91
1967-86

3.72
3.52
3.71
3.32

3.00-3. 70
3.00-3. 53
3.10-3. 75
2.85-3.35

Aa
A
A
Aa

Rev.-Rent
G.O.
G.O.
G.O.




30.0
25.7
20.5
75.0

K-2

Large Individual Issues Offered January 1 through 21

Issuer

Type 3/

Amount
(millions
of
dollars)

Maturity

Coupon
rate or
net interest cost

Offering
yield

Rating \

1

State and local Govt.
Cont 'd
Penna. State High. &
Bridge Auth.
DeKalb Co. S.D., Ga.
Milwaukee Co., Wise.
Comm. of Kentucky
Columbus City S.D., Ohio
Los Angeles U.S.D., Calif.
Montgomery Co., Md.
Chesterfield Co., Va.
Met. St. Louis Swr. Dist.
Mo.

Rev. -Q.-Ut.
G.O.
G.O.
G.O.
G.O.
G.O.
G.O.
G.O.

25.0
17.3
36.6
39.0
37.0
11.0
27.5
15.0
10.0

Rev. -Ut.

20.0

1967-86
1968-95
1967-86

3.00-3 .45
3.15-3 .75
2.85-3 .40
2•90-3 .55

Aa :

1967-88
1967-91
1967-86
1967-86

3.43
3.71
3.37
3.53
3.49
3.42
3.55
3.50
3.49

2.90-3..45
2.95-3.
3.00-3.
3.00-3. 50

Aa
Aa ;
A
'
;
A

1967-86

3.41

2.95-3. 40

Aa

1967-95

Aa
A
Aaar

Other

*--Rights offering.
n.a.--not available.
1_/ Includes corporate and other security offerings of $15 million and over; State and
local government security offerings of $10 million and over.
2/ Includes foreign government and International Bank for Reconstruction and Development
issues and non-guaranteed issues by Federal Agencies.
3J In the case of State and local government securities, G.O. denotes general obligations:
Rev.-Ut., revenue obligations secured only by income from public utilities; Rev.-Q.-Ut.
revenue bonds secured only by revenue from quasi-utilities; Rev.-S.T., revenue bonds
secured by revenue from specific taxes only; Rev.-Rent., revenue bonds secured
solely by lease pay:icnts .
1
4/ 1/10 per cent bonds Maturing 1986 not publicly reoffered.




H. 14
Exhibit L
Forthcoming Large Long-term Public Security Offering for New Capital
(Other than U.S. Treasury) It
Expected Proceeds from Forthcoming Large Issues
(In millions of dollars)
During month following
date shown
State and
Corporate
Other U
local govt.
- Dec. 31
- Jan. 29
Feb. 26
Mar. 31
Apr. 30
May 28
June 30
July 30
Aug. 31
Sept.30
Oct. 29
Nov. 30
Dec. 31

306
242
316
212
411
328
397
248
404
269
343
398
501

104.
169
407
267
852
765
363
193
312
206
412
297
553

215
---

60
25
70
20
--"

15
25
20
20

Corporate

Subsequent to
date shown
State and
local govt.

105
253
504
792
852
923
410
340
636
303
489
344
676

435
382
599
373
635
474
524
353
450
331
578
458
582

Other £/
215
---

60
25
70
20
---

15
25
20
20

Forthcoming Large Offerings as of January 21

Issuer

S a r o m t a

Texas Pwr. & Lt. Co.
Hooker Chem. Co.
Ohio Bell Tel. Co.
Western Union Tel. Co.
Storer Broadcasting Co.
Texas Elec. Ser. Co.
Duquesne Lt. Co.
Long Island Lt. Co.
Pub. Serv. Co. of Okla.
*Madison Fund Inc.
^American Tel. & Tel. Corp.
Macy Credit Corp.
Great Western Financial Corp.
Southern Cal. Ed. Co.




Type

1st mtg. bds.
S.F. deb.
Deb.
Pfd. Stk.
Conv. deb.
1st mtg. bds.
Deb.
1st mtg. bds.
1st mtg. bds.
Pfd. stk.
Deb.
Deb.
Deb.
1st mtg. bds.

Amount
(millions
of
dollsrs)
20.0
25.0
60.0
37.6
34.4
15.0
20.0
40.0
25.0
32.1
250.0
25.0
22.0
75.0

Approximate date of
offering

Jan. 26
Jan. 26
Feb. 2
Feb. 2 (rts. ex.)
Feb. 4 (rts. ex.)
Feb. 9
Feb. 17
Feb. 21
Feb. 25
Feb. (rts. ex.)
Mar.
Indefinite
Indefinite
Indefinite

;

L-2
Forthcoming Large Offerings as of January 21 (Cont'd)

Issuer

State and local Govt.
Springfield, 111.
Penna. Turnpike Comm.
State of Delaware
Florida Dev. Comm.
Okla. Bldg. Bond Comm.
*New York City, N. Y.
State of Maine
La. Cap. Const. & Imp. Comm.
State of Calif.
*Colo. Springs, Colo.
*State of North Carolina
Albany Co., N.Y.
Los Angeles Co., Calif.
Md. Nat. Cap. Pk. & Planning
Comm.
*Penna. Gen. State Auth.
Dade County, Fla.
Austin, Texas
Lake Charles Harbor and Term.
Dist., La.

Type

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

Amount
(millions
of
dollars)
15.0
77.5
15.0
21.0
15.4
253.2
13.0
30.0
100.0
16.0
18.0
70.0
20.0

Approximate date of
offering

Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.

25
25
26
27
27
27

15
15

G.O.
Rev.-Rent.
G.O.
Rev.-Ut.

11.0
50.0
46.0
14.0

Feb. 16
Feb. 24
Indefinite
Indefinite

Rev. -Q. -Ut.

21.4

Indefinite

Bonds

20.0

Indefinite

Other
Republic of Ireland

^--Included in table for first time.
1J Includes corporate and other issues of $15 million and over; State and local government
issues of $10 million and over.
2/ Includes foreign government and International Bank for Reconstruction and Development
issues and non-guaranteed issues of Federal Agencies.
Note: Deletions for reasons other than sale of issue: None.




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

Sale Date

Public Offerings

..Amount
^millions

Issuer and Description of Issue

dollars)
A.

Sold November 1 to January 21

11/9

25.0

Commonwealth of Australia--5-3/4 bonds, maturing
1985, reoffered to yield 5.77%. ***

11/17

33.0

International Util. Corp.--conv. pfd. stk.

11/18

50.0

Quebec Hydro-Elec. Comm.--5%% bonds, maturing
1987, reoffered to yield 5.25%.

11/23

20.0

Japan Development B a n k — 6 % % bonds, maturing
1980, reoffered to yield 6.74%.

1/12

7.5

Govt, of Jamaica--6-3/4% bonds, maturing
1981, reoffered to yield 7.10%.

B.

Indefinite

20.0

Prospective Offerings

Republic of Ireland-Bonds.

*
-- Included in table for first time.
** -- Issue sold to investors outside U. S.
*** -- Issues subject to interest equalization tax.




H. 14
M-2
Part II:

Date Reported

1/3

Private Placements-Reported November 1 through January .1

Amount
(millions
of
dollars)

23.0

Issuer and Description of Issue

Pilkington Brothers Ltd.--5%% secured notes,
maturing 1981--no information available on
takedown.

.

V
<

ir

;.xV

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 the 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 shgwn in this exhibit are included when reported, frequently with
little or no information concerning timing of takendowns. Full or partial takedowns may take place both prior and subsequent to the date a placement is reported.