Full text of H.16 Capital Market Developments : March 14, 1966

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Not for PublicationDECOraOLLED AFTER SIX MONTHS
H. 14

March 14, 1966.

PAPTTAT. MARlfflT D E V E L O P M E N T S

IN THE UNITED STATES

Corporate and municipal bond markets.
Corporate
security offerings for new capital this week will represent
the largest total weekly volume in over a month. Municipal
issues for new capital and refunding purposes will b e more
than two and one-half times the weekly average over the
past year.
The New Jersey Turnpike Authority's massive
issue ($440 million) accounts for over four-fifths of the
aggregate municipal v o l u m e — $ 3 3 2 million of the receipts
will b e utilized for refunding purposes.

Long-term Public Security Offerings JL/
(In millions of dollars)

Corporate
State and local Govt.
N e w CapitalI Refunding New Capital | Refunding
Sold:
52 week avg.
Mar.
Mar.

4
11

154
7 2r/
168

3

—

195

9

165
160

Scheduled:
Mar. 18

230

209

332

issues sold and scheduled for offering; corporate rights
offerings are included as of the date subscription rights
expire.

Investors responded enthusiastically to last week's
new corporate debt issues.
Only one corporate issue remains
bound by syndicate price restrictions, and it has a relatively
small unsold balance.. The yield on corporate new issues continued unchanged at the level attained the prior week while
seasoned corporate yields advanced 3 basis points.
Municipal yields declined last week as this market
evidenced surprising strenght--not since the week ending
January 21 have yields on municipals declined.




H. 14

-2 -

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

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

5.38
4.88

+3

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

4.68
5.00

-3
-3

State and local Govt.
Moody's Aaa
Std. & Poor's high grade

3.61
3.76

-5

Money Market
Federal funds
Treasury bills
3-month
6-month

4.63
4.83

-2

4.60

+1
+2

Corporate Bonds Still in Syndicate
Date
Offered

Amount
(millions of $)

3/9/66

35.0

Issue

Louisiana Pwr. & Lt. Co.

Reoffering
yield

Rating

Estimated proportion sold

5.60

9/10

1st mtg. bds., 5-3/4, 1996

Blue List of Municipal Dealer's Advertised Inventories
(millions of dollars)
Latest Date
489 (3/8)




End of Previous W e e k
471

Recent High

620

(2/8)

-3-

H. 14

FNMA secondary market and related operations. Offerings from private holders of Government-underwritten mortgages
for purchase in the secondary market by the Federal National
Mortgage Association edged higher in January--to $333.2 million-from the already sharply advanced level reached in December. The
rise, which reflected further pressure for higher yields under the
tightening conditions which have developed in recent months, was
accompanied by additional expansion in purchases by FNMA to a
new high of $229.2 million and by little change in the reduced
level of sales to FNMA to private investors.
To check the drain on its resources in a situation
where FNMA's own borrowing costs have been rising, effective
March 4, FNMA reduced prices for some types of mortgages it
purchases by 1 percentage point more. This reduction, which
amounts to about 12 basis points on yield to the mortgage
holder, marked the third such adjustment since early last
December.
In connection with its other operations, FNMA announced
plans for another public offering ($410 million) of participation
certificates in a pool of mortgages held jointly by it and the
Veterans Administration. The offering which is scheduled for
mid-March with delivery in early April, will be the fourth since
inception of the participation plan in October 1964; the last
offering, which amounted to $375 million, was made last November.
Stock prices. Common stock prices declined slightly
last week in rather active trading. Standard and Poor's index
of 500 stocks registered 88.85 at week-end--a decline of .39
from the previous week. Thus, this index has receded nearly
6 per cent since its February 9 high and now stands at the
level prevailing during early September 1965.
More detailed information concerning recent capital
market developments is presented in the attached exhibits.

Capital Markets Section,
Division of Research and Statistics,
Board of Governors of the Federal Reserve System.




L O N G - T E R M B O N D YIEIDS, H I G H - G R A D E

5-0

C O R P O R A T E Aaa
il

4.0

I U.S. G O V E R N M E N T

3.5

S T A T E A N D LOCAL G O V E R N M E N T A a a
2.5
"1981

State and
local
government
Aaa 3/

Date

Corporate
Aaa U

1959-60 - High
1962-63 - Low
1965 - Low
1966 - High
- Low

4.61 (1/29/60)
4.19 (3/29/63)
4.41 (3/12)
4.88(3/11)
4.73(1/7)

4.42 (1/8/60) 3.65
3.85 (12/28/62 ) 2.88
4.13 (6/25)
2.94
4.71(3/4)
3.63
4.42(1/21)
3.39

4.76
4.79
4.82
4.85
4.88/

4.58
4.65
4.66
4.71
4.68

Feb. 11
18
25
Mar. 4
IIR/

1965

1963
1964
Exhibit A — Part II

1962

U.S. Govt.
long-term 2/

3.39
3.51
3.62
3.63
3.61

(9/24/59)
(12/8/62)
(2/11)
(3/3)
(1/13)

1966

Spread between
U. S. Govt, and
Corporate
State and
Aaa

.59 (8/5/60)
.92 (A/22/60)
.21 (12/27/63)
.80 (3/5/62)
.22
.94
.33
1.19
.14
1.02
.18
.14
.16
.14
.20

1.19
1.14
1.04.
1.08
1.07

p/ Preliminary.
V Weekly average of dally figurea. Average terra of bonds included is 22-24 years,
<jz Weekly average of daily figures. The series includes bonds due or callable In 10 years or more.
3/ Thursday figures. Only general obligation bonds are included; average term is 20 years.
Note Highs and lows are for individual series and may be on different dates for different
series. For spreads, high refers to widest, and Ion to narrowest.




EXHIBIT 6, fan I
LONG-TERM

BOND

YIELDS,

LOWER

GRADE

6.0

: CORPORATE Baa
5.0

4.5

4.0
S T A T E AND LOCAL G O V E R N M E N T Baa

3.5

3.0
1961

1962

1964

1963

1965

1966

Exhibit B -- Part II

Corpora te
Baa 1/

Da te

State and
local govt.
Baa 3 /

Spread between
A a a and Baa
State and
Corporate
local govt.

(per cent)
1959-60 - High
Year end
1962
1964
1965
1966 - High
Low

Feb,, 11
18
25
Mar,, 4
11 E/
''

5.36 (V12/60)
4.93
4.80
5.04
5.26(3/11)
5.05(1/14)

3.57
3.51
3.79
4.15(3/10)
3.78(1/20)

5.10
5,14
5.16
5.20
5.26X

3.82
4.02
4.08
4.15
4.15

Notes For footnotes see Exhibit A.



4.46 (1/7/60)

.84
.70
.37
.31
.38
.31

.34
.35
.34
.35
.38

1.08
.63
.52
.39
.54 '
.38

.43
.51
.46
.52
.54

tXMIIII C. PoM I
-$H 9 * 1 - . A N D I N T E R M E D I A T E - T E R M
GOVERNMENT

INTEREST RATES

Ji
3 5 YEAR I S S U E S
6 - MONTH B I L L S

y

F. R. D I S C O U N T RATE

|

^

!

A
/-

3-MONTH BILLS j

1

^

v

-LL.L 1 1 1 I I 1 1 1,1.1.1 J 1 1 1 I I 1 1 1 i i i i i i i i i i i

1881

Date

1982

Discount
rate
3-month

V
1959-60 - High
Year end - 1961
1962
1963
1964
1965
1966 - High
Low
Feb. 11
18
25
Mar. 4
v
u%/

-1-1-L.U I I I I I I 1 L I I L L I M I I I 111 1 I I 1 I 1 I I . 1

1983
1984
Exhibit C -- Part II

bills 2/

Yields
6-month

bills 2/

(per cent)

4.00
3.00
3.00
3.50
4.00
4.50
4.50
4.50

2.89
3.52
3.83
4.47
4.66(2/25)
4.53(1/7)

4.50
4.50
4.50
4.50
4.50

4.63
4.66
4.66
4.62
4.63*/

4.59 (Ve/60) 5 . 0 7 ( W 6 0 )
2.90
2.93
3.64
3.93
4.66
4.90(2/18)
4.68(1/28)

2.66

r/4.77
r/4.88
2/4.89
4.81
4.83

iar;,

1965

1988

Spread between yields on 3*
month bills and vieIds on
j
63Mk±lll&la=5..Y?' l»|„uei

1.81

5.0Q(i^aV$e) .79
3.81 •
.24
3.41
.04
4.07
.13
4; 07
.10
4.90 .
.19
5.04(2/25)
.24
4.84(1/14)
.11'

1.15
.52
.55
.24
.43
.41
.25

5.01
5.04
5.04
5.03
5.00

.38
.38
.38
.41
.37

X/.14
.19

.20

' rate ehtma is that la effect at end of period at the federal Reserve Bank of New Yortc.
s yield! weekly average* computed from dally oloeini bid prloes. Series of 3-8 year Issues
consists of selected notes and bonds.
Mote*—81<hs and lews are for individual series and may be on different dates for dlffewnt series.
For spreads, high refers to widest, and low to narrowest.




SHOUT- AND INTERMEDIATE.TERM INT
BANKS AND OTHER PRIVATE BORROWERS

PRIME RATE

FINANCE COMPANY PAPER

F.R. DISCOUNT RATE
„

A

m t

1962

1961

,

^

n

n

y

1963
Exhibit D —

Da te

1959-60 - High
Year end - 1961
1962
1963
1964
1965
1966 - High
Low
Feb. 11
18
25
Mar. 4

Prime rate

.

-

—

1/

n
FEDERAL F U N D S "

1964

1965

1966

Part II

Finance
company
Federal funds
paper
2/
(per cent)

5.00
4.50
4.50
4.50
4.50
5.00
5^0
5.00

5.13 (1/Z2/6Q)
3.00
3.19
3.88
4.06
4.75
4.88(3/11)
4.75(1/7)

4.00 (5/13/60)
2.88
3.00
3.50
4.00
4.63
4.68(3/4)
3.55(1/21)

5.00
5.00
5.00
5.00
5.50

4.88
4.88
4.88
4.88
4.88

4.63
4.58
4.63
4.68
4.60 /

Spread between
3-mo. bills and
finance co. paper

1.02
.34
.30
.36
.23
.28
.31
.20
.25
.22
.22
.20
.25

3/ Weekly rate shown la that in effect at end of period. Prima rate is that charged by large
on ahort-term loans to business borrowers of the bluest credit standing*
2/ Average of daily rates published by finance companies for directly placed paper for varying
maturities in the 90-179 day range.
3/ Weekly average of daily effective rate, which is the rate for the heaviest vojxms of purchase and
sale transactions as reported to the federal Reserve Bank of New York*
Hotel—Sighs and lows are for individual series aid may be on different dates for different series,
for spreads, high refers to widest, and low to narrowest.




1
IXHIBII I, f.rl I
S T O C K MARKET

ITOCK MAtKII CtlOIT

Exhibit E —

Common
Stock price
index If

yields 2/
(per cent)

Part II

Trading
volume £/
(millions
of shares)

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

Total

(In m i l l i o n s of d o l l a r s )
1961-62 - High
Low
Nov. 1963
July 1965
1966 - High
Low

72.04(12/8/61)
52.68(6/22/62)
72.62
84.91
93.77 (2/11)
88.85 (3/11)

2.82
3.96

10.1
2.4

3.14
3.09
3.02
3.22

5.3
4.1
10.1
8.2

5,60%14/61)
4,424(1/61)
7,298
6,833
n.a.

4,259 (12/61)
3,253(3/61)
5,586
1,712
4,863
1,970
2,197(3 fl)
n.a. •
2,173(1/19)

196$ - Jan.
93.32
5,551
2,175
3.02
8.9
7,726
Feb.
92.69
2,197
3.06
8.7
2.196
Feb. 18
92.41
3.08
8.8
25
2.197
91.14
3.13
8.1
2,197
Mar. 4
89.24
n.a.
3.21
10.1
n.a.
88.85
llo/
q.n
JLL&J
3.22
n*a.—Not available.p/ Preliminary.
y Standard and Poop's composite Index of i
,
. ,
,
Monthly data are averages of daily figures rather than of Friday's only. Highs and lows are far
Friday's data only.
2J Standard and Poor's composite stook yield based on Wednesday data converted to weekly 0losing
prices by Federal Reserve. Yields shown are for dates on which price index reached its high
3/ Averages of daily trading roltsne on the Mew York Stook Exchange. Yearnsnd figures are averages of
, daily figures for the yean.
V Bud of month figures for member firms of the Mew 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* Weekly reporting banks account for about 70 per cent of leans to
others. Tor further detail see Bulletin.




federal national mortgage association
.secondary market operations
IIIII11

n I 11
f

M

111

T

i

[

i

SALES
PURCHASES

1962

1963

1966

Exhibit F - Part II

Date

Estimated offerings to FNMA
Standby
Immediate
purchase
commitment

Total

Purchases
by
FNMA

Sales
by
FNMA

(In millions of dollars)
1965 - Jan.
Feb.
Mar.
Apr.
May
July
Aug.
Sept.
Oct.
Nov.
1966 - Jan.

36.6
30.6
36.9
40.4
35.8
47.9
52.9
82^0
101.1
209.9
238.3
325.7
333.2

36.6
30.6
36.9
40.4
35.7
47.9
52.9
82.0
101.0
209.9
237.2
325.6
333.0

.1

.1

1.0
.3

29.8
28.5
36.5
38.7
31.4
39.5
36.7
47.2
63.3
78.5
140.2
186.7
229.2

2.0
12.5
5.1
7.9
3.0
12.2
3.4
0.2
0.1
0.2
0.1

•—•Lees than $50,000.
y
Data represent unpaid principal balances of the mortgagee involved, exclusive of
premiums, discounts, or other charges. Offerings are amounts of application* received
during the period from sellers proposing that FiMA execute purchasing contracts. An
imnediate purchase conk raot covers existing mortgages which the seller m e t deliver to
FNMA. within 45 days. A standby cemdtment contract relates to proposed mortgages on
housing nt* yet under construction which the seller must usually deliver within one
year. Purchases include thoee under both immediate purchases and standby commitment
contracts. Data exclude FNMA activity under Special Assistance and Management and
Liquidating Progrens.




><

YIELDS O N N E W 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

Weekly

Exhibit 0 - Part II
Yields on Hew Corporate Bond Issues Adjusted to an Aaa beele
Number Aa't of issues Average
of
included (mil.
yield
issues. of dollars)
(per cent)

averages;
1965 - July
8
Aug.
7
Sept. 7
Oct.
5
Nov.
6
"Dec.
4
1966 - Jan.
8
Feb. 10
Weekly averages
1966 - High
Low




278.0
166.5
288.5
108.0
267.0
212.0
300.0
304.5

5.38 (3/4)
4.82 (1/7)

4.61
4.63
4.67
4.69
4.72
4.85
4.84
4.98

Number Aa't of issues | Average
of
included (mil.I yield
I(ner cant)

425SS1 of dollars)
Jan.

Feb.

7
14
21
28

175.0
40.0
40.0
45.0

4.82
4.89*
4.84
4.85

4

68.5
130.0
41.0
65.0

4.91
4.98
5.02
5.10

43.0

5.38
5.38 —

11
18
25

Xer. 4
m
18
25

80.0

t v

Exhibit H

•

H.14

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

•

New Capital
1966

Corporate
1965

1964

e/1,300
e/1,325'
e/1,775

795
746
1,197

938
700
778

April
May
June

1,152
1,691
1,946

2,237
1,095
1,405

July
August
September

1,290
850
1,392

812
1,130

October
November
December

924
1,325
1,496

953
669
1,642

January
February
March

1st
2nd
3rd
4th

quarter
quarter
quarter
quarter

e/4,400

2,738
4,789
3,533
3,745

1st half
Three quarters
Year

7,527

11.060
14,805

1966
k/1,200
s/ 900
/
900

7,153
9,775
13,038

&/804
B/872
e/904

2/826
2/924
2/972
2/986
2/648
2/966

680

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

State and Local 2/
1965
1964

2/794

2/1,021
e/800
a/3,000

2/2,580
2/2,722

2/2,600
e/2,615
2/5,302
2/7,902
e/10,517

947
776

810
1,242
667
903
906
780

892
801
529
948
2,533
2,811
2,578
2,278
5,345
7,923
10,201

1

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

quarter
quarter
quarter
quarter

Year
e/
2/
1/
2/
3/

2,547
4,348
3,283
3,188,
13,366

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

Estimated by Federal Reserve.
Preliminary.
Securities and Exchange Commission estimates of net proceeds
v
5
Investment Bankers Association of America estimates of principal amounts.
J
Total new capital issues excluding offerings of sales and consumer finance companie**




H. 14

'3

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/
Common Memo:
Bonds
Foreign
Publicly Privately and
issues
Placed
Offered
Pfd.
stock included

Net proceeds for
new cai>ital 1/ 2/
Mfg.

Public CommuniUtility cations

Other
Issuers
868
1,629

1963 - III
IV

2,436
3,466

898
1,319

1,251
1,780

287
. 367

109
47

806
968

285
530

150
118

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

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

1965 - I
II
III
IV

3,007
5,043
3,912
4,630

906
1,864
1,575
1,226

1,673
2,259
1,955
2,264

429
920
383
540

243
215
263
300

1,072
1,679
1,119
1,145

541
609
786
610

91
255
323
177

1,034
2,246
1,304
1,813

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

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

234
183
376
181
30
320

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

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

858
791
1,358
1,233
1,773
2,038
1,443
930
1,538
986
1,398
1,646

161
187
557
422
694
748
542
369
664
287
613

565
450
658
648
630
980
780
468
706
574
529
1,161

131
155
143
162
449
309
122
93
168
124
257
159

49
51
143
33
49
134
27
87
150
99
101
99.

385
192
494
540
698
441
399
307
414
273
402
470

97
215
229
176
248
184
202
297
287
158
209
243

21
44
26
15
143
98
102
25
196
92
43
43

292
295
448
422
602
1,223
587
222
495
491
671
741

.

1966 - I

326

500
115
360
325
250
700
430
1966 -"Van.e/ 1,380
550
150
175
450
200
600
600
Feb .e/ 1,400
Mar.
2./ 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.
3/ Does not include U.S. Steel $600 million conversion of preferred stock to debentures.
"** Source:

Securities

&




Exchange Commission.

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

Total

i

\

^
i

1965 - Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
1966 - Jan.
Feb.

Corooriite
Bonds
(other than
Convertible
convertibles)
bonds

217
513
307
928
801
477
299
530
246
736
262
485
545

Stocks

State
and
local '
governments

280
97
53
320
22
62

315
138
26

40
33
50

16
144

--

115
70

--

84

2J

130
19
260
40
340
20
50
170
43
95

446
395
411
492
377
655
312
563
409
538
413
787
424

86

131
233
210
560
343
455
211
530
190
559
212
370
391

Other

---

it-

Large Individual Issues Offered March I through 11
W
Issuer

Type 2 /

Amount
(millions
of
dollara)

Maturity

Coupon
rate or
net intereat cost

T $ r

5.42
5.60
5.60
5.81
5.45

Offer-

Rating

Corporate

1

Monongahela Pwr. Co.
Arkansas Pwr. & Lt. Co.
La. Pwr. & Lt. Co.
Appalachian Pwr. Co.
Anheuser - Busch, Inc.
Deere & Co.

1st mtgo bds.
1st mtg. bds.
1st mtg. bds,
S. F. Deb
Deb.
Com. stk.

18.0
25.0
35.0
30.0
45.0
51.3

1996
1996
1996
1996
1991

5-1/2
5-3/4
5-3/4
6
5.45

50.0
15.0

1969-93
1968-91

4.00
3.53

3 .40-4.05
3 .1-3.60

Aa
Aaa

20.0

1967-96

3.78

3 .10-3.85

Aa

A
A
A
Baa
A

State and local Govt.
Rev.-Rent.
Penna. Gen, State Auth.
G• 0•
Texas Water Dev. Bd,
East Bay Mun. Util. Distal
G.O.
Calif.
Other
None




FOOTNOTES:
*--Rights offering.
n . a . — N o t 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 B a n k for Reconstruction
and Development issues and non-guaranteed issues by Federal Agencies.
3/ In the case of State and local government securities, G.O. denotes
general obligations; Rev.-Ut., revenue obligations secured only by income
from public utilities; Rev.-Q.-Ut., revenue bonds secured only by
revenue from quasi-utilities; Rev.-S.T., revenue bonds secured by revenue
from specific taxes only; Rev.-Rent, revenue bonds secured solely by
lease payments.




H. 14
Exhibit L
Forthcoming Large Long-term Public Security Offering for New Capital
(Other than U.S. Treaaury) %J
Expected Proceeda from Forthcoming Large Iaauea
(In milliona of dollara)

During month following
date shown
State and
Other 2/
Corporate
local govt.

\

1965 - Feb. 26
Mar. 31
Apr. 30
May 28
June 30
July 30
"v
Aug. 31
Sept.30
C-''
Oct. 29
Nov. 30
Dec. 31
1966 - Jan. 31
Feb.,28

%

407
267
852
765
363
193
312
206
412
297
553
530
828

316
212
411
328
397
248
404
269
343
398
501
340
366

60
25
70
20
---

15
25
20
20
--

20

Corporate

Subsequent to
date ahown
State and
local govt.

504
792
852
923
410
340
636
303
489
344
676
931
1,176

Other If

599
373
635
474
524
353
450
331
578
458
582
461
504

60
25
70
20
15
25
20
20
20
90

Forthcoming Large Offerings as of March 11

Iaauer

Type

Amount
(millions
of
dollars)

Approximate date of
offering

Corporate

• Pacific Gas & Elec. Co.
Reynolds Metals Co .
Northwest Nat. Gas . Co.
Williams Brothers
Commonwealth Edison Co.
Co'. . .
Ccrp
. American Tel. & Tel. Co.

Bonds
Conv0 sub c deb
1st mtg. bds.
Conv. sub. deb,
1st mtg. bds.
Com. stk.
Debc

75.0
75.0
16.0
28.8
5C. 0
115.0
2f

Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.

^General lei. & fclec. Co.
Co.
Stauffer Chemcial '
& Lt. Co.
Indianapolis Pwr, ,
Idaho Pwr. Co.
*Niagra Mohawk Pwr.
-yich.-Wisc. Pipeline Co.

Com. stk.
Sub. deb.
1st mtgo bds.
Bonds
Com. stk.
1st mtg. p. 1. bds.

105.0
35.0
20.0
20.0
34.0
45.0

Mar.
Apr. 4 (rts.
Apr. 6
Apr. 13
Apr. 13
Apr. 13




16
16
17
21 (rts.
23
29 (rts.
30

0

)
)

L-2
Forthcoming Large Offerings as of March 11 (Cont'd)

-

Issuer

Type

Amount
(millions
of

dollars).. .

Approximate date
of Offering

Corporate (Cont'd)

New Orleans Pub. Serv, Co.
^Carolina Pwr. & Lt. Co.
*Tampa Elec. Co.
*C & P Tel. Co. of Va.
Allied Chemical Corp.
Southern Cal. Ed. Co.
*Kentucky Investors Inc.

1st mtg. bds.
1st mtg. bds.
1st mtg. bds.
Deb.
Deb.
1st mtg. bds.
Com. stk.

23.2
30.0
20.0
50.0
150.0
75.0
17.7

Apr. 14
Apr. 15
Apr. 20
Apr. 28
Apr.
May 11
Indefinite

13.0
25.0
108.0
10.0
14.8
20.0
10.0
13.6
13.0
10.7
20.6
26.5
30.3
10.9
15.7
46.0
14.0
21.4

Mar. 15
Mar. 15
Mar. 17
Mar. 22
Mar. 22
Mar. 22
Mar. 22
Mar. 24
Mar. 29
Mar. 30
Mar. 31
Apr. 5
Apr. 19
Apr. 19
Apr. 20
Indefinite
Indefinite
Indefinite

(
I

i:

State and local Government
University of Nebraska
Prince Georges Co., Md.
New Jersey Turnpike Auth.
Peral1:
Jr. College Dist. , Calif.
Santa Clara Co., Calif.
Nassau County, New York
.^Detroit, Michigan
Rochester, New York
Allegheny County, Pa.
*Ball State Univ., Ind.
Columbus, Ohio
State of Florida
State c£ Maryland
^Milwaukee, Wise.
^University of Calif.
Dade County, Fla.
Austin, Texas
Lake Charles Harbor & Ter. Dist., La.

Rev.-Rent.
G.O.
S.F. bds.
G.O.
G.O.
G.O.
G.O.
G.O.
G.O.
Rev.-Rent.
G.O.
Rev.-Q.-Ut.
G.O.
G.O.
Rev.-Rent.
G.O.
Rev.-Ut.
Rev. -Q. -Ut.

Other
Govt, of New Zealand
Republic of Ireland
Nippon Tel. & Tel. Public Corp.
Province of Ontario

%
=#

?
>

Bonds
Bonds
Bonds
Bonds

20.0
20.0
15.0
35.0

Mar. 15
Indefinite
Indefinite
Indefinite

^--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: $22.9 million general obligation
issue of Kanawha Co. Board of Education, West Virginia—bids rejected.




•i

%

H. 14

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

Sale Date

Amount
(millions
of
dollars)

Issuer and Description of Issue

A.
1/12

7.5

Public Offerings

Sold January 1 through March 11
Govt, of Jamaica--6-3/4% bonds, maturing
1981, reoffered to yield 7.10%.

Prospective Offerings

M:i r. 15

20.0

Govt, of New Zealand - Bonds

Indefinite

20.0

Republic of Ireland - Bonds

Indefinite

35.0

Province of Ontario - Bonds

Indefinite

15.0

Nippon Telegraph & Telephone Public Corp. - Bonds

*--Included in table for first time.
••--issue sold to investors outside U.S.
***--issues subject to interest equilisation tax.




H. 14

M-2

Part II:

Date Reported

Private Placements - Reported January 1 through M a r c h 11

| Amount
I ((billions
of
1 dollars)

Issuer and Description of Issue

1/3

23.0

Pilkington Brothers Ltd.--5-1/2% secured notes,
maturing 1981--no information available on
takedown.

2/4

23.2

City of Montreal--5-1/2% S.F. debentures,
maturing 1986-91--no information available on
takedown.

2/21

10.0

Province of New Brunswick--5% debentures,
maturing
--no information available on
takedown.

2/25

25.0

Consolidated Paper Corp. Ltd.--5.10% debentures,
maturing 1990--no information available on
takedown.

2/25

25/0

Canadian Pacific Railway--5% equipment trust
certificates, maturing 1967-81--no information
available on takedown.
1

•
I

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 re*lationship 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 t h #
placements shown in this exhibit are included when reported, frequently with
little or no information concerning timing of takedowns. Full of partial takedowns may take place both prior and subsequent to the date a placement is
reported.




/
**
V-