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H. 13 No.310 August 2, 1967. CAPITAL MARKET^DEVELOPMENTS ABROAD I. II. I. Ten Charts on Financial Markets Abroad Latest Figures Plotted in H.13 Chart Series, 1967 Ten Charts on Financial Markets Abroad Chart Chart Chart Chart Chart Chart Chart Chart Chart Chart 1 - New York, London, Montreal: Yields for U.S. Dollar Investors on 3-month Funds 2 - London: Yields for U.S. Dollar Investors on 3-month Funds 3 - Interest Arbitrage: Frankfurt/London, Zurich/London A - Interest Arbitrage: New York/Canada 5 - Interest Arbitrage: New York/London 6 - Short-term Interest Rates 7 - Long-term Bond Yields 8 - Spot Exchange Rates--Major Currencies Against U.S. Dollar 9 - 3-month Forward Exchange Rates 10 - Industrial Stock Indices Europe and British Commonwealth Section. OFFICIAL USE ONLY (Decontrolled after six months) 0 NEW Y O R K , L O N D O N , MONTREAL: YIELDS FOR U.S. DOLLAR INVESTORS O N 3 - M O N T H FUNDS DOLLAR DEPOSIT RATES: NEW Y O R K - L O N D O N EURODOLLAR DEPOSIT U . S . C E R T I F I C A T E OF D E P O S I T 4 • E U R O - D O L L A R OVER M . S . C E R T I F I C A T E OF D E P O S I T \ F'NANCE CO. PAPER RATES (covered): QUOTED IN NEW YORK 9 U . K . HIRE P U R C H A S E CANADIAN FINANCE COMPANY U.S. FINANCE COMPANY Mar. Jun. 1965 Sept. Dec. Mar. .un. 1966 Sept. Dec. Mar. 1967 Jun. L O N D O N : YIELDS FOR U . S . DOLLAR I N V E S T O R S O N 3 - M O N T H FUNDS EURO-DOLLAR DEPOSIT RATES 30 DAY j 180 DAY 9 0 DAY CALL RE PURCHASE AND LOCAL AUTHORITY DEPOSIT RATES (covered) HIRE PURCHASE EURO-DOLLAR DEPOSIT FAVOR HIRE PURCHASE i FAVOR EURO-DOLLAR EURO-DOLLAR DEPOSIT LOCAL AUTHORITY DEPOSIT DIFFERENTIAL 1965 FAVOR LOCAL AUTHORITY 1966 1967 1 4 INTEREST ARBITRAGE: FRANKFURT FRANKFURT/LONDON, INTERBANK LOAN RATE VS. ZURICH/LONDON LONDON EURO-DOLLAR INTERBANK LOAN RATE (COVERED) RATE EURO-DOLLAR FAVOR FRANKFURT FAVOR EURO-DOLLAR ZURICH DEPOSIT RATE VS. LONDON EURO-DOLLAR RATE (COVERED) EURODOLLAR SWISS rrcRENTIAL DEPOSIT RATE FAVOR ZURICH / I PRICE OF GOLD IN LONDON INTEREST A R B I T R A G E , U N I T E D S T A T E S / C A N A D A 3 - M O N T H TREASURY BILL RATES C A N . F I N . CO. P A P E R CANADA I L RATE DIFFERENTIAL AND FORWARD C A N A D I A N 3 DOLLAR PREMIUM S P R E A D I N F A V O R OF C A N A D A FORWARD RATE • MONTH COVERED RATE DIFFERENTIALS (NET INCENTIVES) PRIME FINANCE PAPER TREASURY BILLS D 1964 S 1965 D J 1966 s S 1967 D [p INTEREST A R B I T R A G E , NEW 1 3-MONTH TREASURY BILL YORK/LONDON RATETT U.K. LOCAL AUTHORITY DEPOSITS! LONDON /V NEW YORK RATE D I F F E R E N T I A L AND 3-MONTH FORWARD STERLING S P R E A D I N F A V O R OF L O N D O N DISCOUNT FORWARD RATE RATE D I F F E R E N T I A L W I T H F O R W A R D E X C H A N G E COVER (NET INCENTIVE) I N F A V O R OF L O N D O N IN F A V O R OF N E W Y O R K 1964 1965 1966 1967 SHORT-TERM INTEREST RATES * EURO-DOLLAR - LONDON + -r U.S. SWITZERLAND i 1 i for all counlriei except Japan (Average rote on deposit rate) and Germany (Interbank loan Rate) for U S. dollar deposits in London l 2 discounts) L O N G - T E R M B O N D YIELDS r ^ — NETHERLANDS CANADA GERMANY EURO-DOLLAR BONDS 1963 1965 1967 SPOT E X C H A N G E RATES - M A J O R C U R R E N C I E S A G A I N S T U . S . DOLLAR GERMAN MARK U.K. S T E R L I N G FRENCH FRANC BELGIAN FRANC DUTCH GUILDER I CANADIAN DOLLAR I T A L I A N LIRA JAPANESE YEN 1967 10 3 - M O N T H F O R W A R D E X C H A N G E RATES AGAINST U.S. DOLLARS —NEW YORK SWISS FRANC ( GERMAN MARK x / ' POUND STERLING FRENCH FRANC DUTCH GUILDER CANADIAN DOLLAR AGAINST POUND STERLING — L O N D O N S W I S S FRANC \ GERMAN MARK U.S. DOLLAR DISCOUNT I N D U S T R I A L STOCK I N D I C E S SWITZERLAND GERMANY JAPAN CANADA H. 13 No.310 II August 2 , 1967 * Latest Figures Plotted in H.13 Chart Series, 1967 (all figures per cent per annum) Chart 1 (Wednesday, Upper Panel July 26 Euro-$ deposit 4. £ U.S. certif. of deposit 5.Q3 Lover Panel (Friday, _ July 2g Finance co. paper: U.S. Canada Hire-purchase paper, U.K. 4.7$ 4.72 4.94 Chart 5 (Friday, July 28 ) Treasury bills: + 1. 11 Forward pound . 62 Net incentive (U.K. +) .49 Chart 6 July 28 ) (Friday, July 28) Treasury bills: Euro-$ deposits: Call 30 - d ay 5.21 4. 10 U.K. U.S. Spread favor U.K. Chart 2 (Friday, 90-day 180-day 4.10 T i r 4.23 U.S. U.K. Canada 5.00 5. 62 Interbank loan rate (German) Hire-purchase paper (July 21) 5.75 Euro-$ deposit (London) Local-authority depos^^^^ 5.59 Zurich 3-month deposit (Date: July 15 Japan composite rate (Date: May 26 4. 25 4.94 Chart 3 (Period: Upper Panel July 31 Interbank loan (mid-point) 3.51 Euro-$ deposit (average) 4. 98 Lower Panel (Date: July 15 Zurich 3-month deposit - r £ i t * ° l d W i 4. 00*" , Chart 4 (Friday, July 28 Treasury bills: ^ 2 L _ ) Canada U.S. Spread favor Canada 4.23 4. 10 +. 13 Forward Canadian $ - .71 Net incentive (Canada +) - . 58 Canadian finance paper 5«38 ) 3.51 ) 4. 00* ) 7,30 Chart 7 U.S. Gov't. (Wed. , July 26 U.K. War Loan (Thurs., German Fed. (Fri., 4. 91 6. 91 July 27 July ?« 6,76 Swiss Confed. (Fri., July 21 4. 65 Canadian Gov't. (Wed., July 26 5.96 Netherlands Gov't, perpetual 3% (Friday, July 14 ) 5. 71 Euro- $ bonds (Fri., July 28 6.33 ) For descriptions and sources of data, see special supplement to H.13, Number 239, March 16, 1966. * June 23 30 July 7 4. 25 4. 25 4. 25
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