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ETYMON OF INTERNATIONAL FINANCE H. 13 No. 314 EOAHO OF • O V H M O M OF THE ^EDEMAU RESERVE SYSTEM ' (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) August 30, 1967. NEW YORK, LONDON, MONTREAL: YIELDS FOR U.S. D O L L A R DOLLAR DEPOSIT RATES: INVESTORS O N 3-MONTH FUNDS NEW Y O R K - L O N D O N EURO-DOLLAR DEPOSIT — U . S . CERTIFICATE OF DEPOSIT EURO-DOLLAR OVER | U.S. CERTIFICATE OF DEPOSIT /\ v I I | ! v i I I . I I FINANCE Fr.doy figures CO. PAPER I RATES L I A I I I R ( c o v e r e d ) •. Q U O T E D I IN I I NEW ! I I I 1 1 I YORK U.K. HIRE PURCHASE CANADIAN FINANCE COMPANY U.S. FINANCE COMPANY Mar. Jun. Sept. 1S65 DEC. Mar. Sept. !••« Dec. Mar. 1967 JUH. LONDON: YIELDS FOR U.S. E U R O - D O L L A R DEPOSIT DOLLAR INVESTORS ON 3-MONTH FUNDS RATES 30 DAY 180 DAY 90 DAY CALL HIRE PURCHASE AND LOCAL AUTHORITY : DEPOSIT RATES (covered) HIRE PURCHASE EURODOLLAR DEPOSIT DIFFERENTIAL FAVOR HIRE PURCHASE FAVOR EURODOLLAR EURODOLLAR DEPOSIT LOCAL AUTHORITY DEPOSIT ! DIFFERENTIAL FAVOR LOCAL AUTHORITY L / s ' V" ^ i i i i rr 1966 1965 I i i i i I I I | X-^/VXUVX-. T j I , FAVOR EURODOLLAR 1967 M I INTEREST ARBITRAGE: FRANKFURT INTERBANK FRANKFURT/LONDON, LOAN RATE VS. L O N D O N Z U R I C H / L O N D O N EURO-DOLLAR RATE ( C O V E R E D ) I IN TERMS OF DM INTERBANK LOAN RATE EURO-DOLLAR FAVOR FRANKFURT DIFFERENTIAL FAVOR EURODOLLAR ZURICH DEPOSIT RATE VS. LONDON EURO-DOLLAR RATE (COVERED) IN TERMS OF SWISS FRANCS EURODOLLAR S W I S S DEPOSIT RATE FAVOR ZURICH DIFFERENTIAL FAVOR EURO-DOLLAR n PRICE OF GOLD IN LONDON U S dollar 35.3 35.0 1965 1966 1967 1968 INTEREST Friday figurei ARBITRAGE, 3-MONTH UNITED TREASURY BILL STATES/CANADA RATES CAN. FIN. CO. PAPER CANADA UNITED STATES BILL RATE DIFFERENTIAL AND FORWARD C A N A D I A N DOLLAR PREMIUM SPREAD IN FAVOR OF CANADA FORWARD RATE 3-MONTH COVERED RATE DIFFERENTIALS (NET DISCOUNT INCENTIVES) PRIME FINANCE PAPER FAVOR CANADA TREASURY BILLS (AVOR U.S. J S D M 1964 J 1965 S D s M 1966 D 109 S M 1967 u INTEREST 3-MONTH ARBITRAGE, TREASURY NEW BILL YORK/LONDON RATES U.K. LOCAL AUTHORITY DEPOSITS LONDON /V NEW YORK RATE DIFFERENTIAL AND 3-MONTH FORWARD STERLING ^ S P R E A D IN FAVOR OF LONDON DISCOUNT FORWARD RATE IRATE DIFFERENTIAL WITH FORWARD EXCHANGE COVER (NET INCENTIVE) IN FAVOR OF LONDON IN FAVOR OF NEW YORK 1964 1965 1966 1967 SHORT-TERM INTEREST RATES * ; EURO DOLLAR - LONDON + U.S. SWITZERLAND GERMANY ! • I , % LONG-TERM BOND YIELDS NETHERLANDS CANADA ! SWITZERLAND GERMANY . / U.K. V — 1963 * 1964 EURO DOLLAR BONDS* x 'x/ 1115 Averoge of yieldi for four foreign government dollar bondi quoted in London IMS 1967 SPOT EXCHANGE RATES - MAJOR CURRENCIES AGAINST U.S. DOLLAR SWISS FRANC GERMAN MARK U.K. STERLING FRENCH FRANC BELGIAN FRANC, DUTCH GUILDER CANADIAN DOLLAR ITALIAN LIRA JAPANESE YEN M J S 1965 0 M i 1966 S 0 M 1967 J \0 3-MONTH AGAINST Friday figurei FORWARD E X C H A N G E RATES U.S. D O L L A R S — N E W YORK p,r clni per annum PREMIUM* SWISS FRANC GERMAN MARK ROUND STERLING DISCOUNT- PREMIUM* FRENCH FRANC DUTCH GUILDER CANADIAN DOLLAR DISCOUNT- A G A I N ST P O U N D Friday figure* STERLING — L O N D O N cent per annum PREMIUM* SWISS FRANC GERMAN MARK U.S. DOLLAR DISCOUNT M J S 1965 D M J 1966 s 0 " M ~ J 1967 S D INDUSTRIAL STOCK INDICES 36D 320 j 280 SWITZERLAND I 240 200 GERMANY 160 j 120 I 360 1 320 280 JAPAN 240 200 CANADA 160 1964 1965 1968 1967 H. 13 No. 314 Latest Figures Plotted in H. 13 Chart Series, 1967 (all figures per cent per annum) Chart 1 (Wednesday, Upper Panel Chart 5 (Friday, Aug. 25 ) Aug. 23 Euro-$ deposit 4. Treasury bills: U.S. certif. of deposit (Aug. 16) Lower Panel (Friday, Aug. 25 Finance co. paper: U.S. Canada Hire-purchase paper, U.K. ) 4. 75 4. 94 4.46 90-day 180-day 5.50 5.56 Aug. 23 3. 50 Euro-$ deposit (average) 5. 08 (Date: July 15 4. 00 Zurich 3-month deposit Price of gold (Friday, 35. 195 Aug. 18 (Friday, ) Aug. 25 ) Canada U.S. Spread favor Canada 4.22 4. 34 -0. 12 Forward Canadian $ -0.97 Net incentive (Canada +) -1.09 Treasury bills: Canadian finance paper 5.50 ) U.S. U.K. Canada 4. 34 5. 16 4. 22 Interbank loan rate (German) (Aug. 18) Euro-$ deposit (London) 5.69 Interbank loan (mid-point) Lower Panel +0. 82 Chart 6 (Friday, Aug. 25 Hire-purchase paper (Aug. 18) Local-authority deposit (Aug. 18) Upper Panel Spread favor U.K. Treasury bills: Chart 3 (Period: 5. 16 Net incentive (U.K. +) Euro-$ deposits: 4.12 4.88 U.K. U.S. Forward pound Chart 2 (Friday, Aug. 25 ) Call 30-d ay August 30, 1 >6 ) Zurich 3-month deposit (Date: July 14 Japan composite rate (Date: June 30 3.50 ) 4.00 ) 7. 29 - Chart 7 ) 4. 94 U.K. War Loan (Thurs., Aug. 24 ) 6. 86 Aug. 25 ) 6. 79 Swiss Confed. (Fri., Aug. 18 ) (Fri. , Aug. 11 ) Canadian Gov't. (Wed.,, Aug. 23 ) 4.62 4. 60 6.03 Netherlands Gov't, perpetual 3% (Friday, Aug. 25 ) 5. 61 U.S. Gov't. (Wed. , ) German Fed. (Fri., Aug. 30 6.39 Euro- $ bonds (Fri., Aug. 18 ) Aug. 25 6.39 For descriptions and sources of data, see special supplement to H.13, Number 239, March 16, 1966.
@FedFRASER