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\. H. 13 No. 330 December 20, 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 4 - 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) (Icifilt^ f y . u ///<-*• NEW YORK, LONDON, MONTREAL: Y I E L D S FOR U . S . D O L L A R DOLLAR DEPOSIT INVESTORS O N RATES: NEW 3-MONTH FUNDS YORK-LONDON Wedneidoy hguret Per cent per EURO DOLLAR DEPOSIT ; U . S . C E R T I F I C A T E OF D E P O S I T EURO DOLLAR OVER U.S. C E R T I F I C A T E OF .DEPOSIT FINANCE CO. PAPER R A T E S ( c o v e r e d ) : Q U O T E D IN NEW I YORK U.K. HIRE P U R C H A S E Mar. Jun. Sept. Die. Mar. 1965 Jun. 1966 Sept. Dec. Mar Jun. 1967 Sept. Dec. Mar. Jun. 1968 Sept. Dec. LONDON: YIELDS EURO-DQLLAR FOR U.S. DEPOSIT DOLLAR INVESTORS ON 3-MONTH FUNDS RATES Per tent per annum 30 DAY 90 DAY 180 DAY CALL HIRE PURCHASE AND LOCAL AUTHORITY DEPOSIT RATES HIRE EURO DOLLAR (covered) Per cent per annum PURCHASE DEPOSIT FAVOR HIRE DIFFERENTIAL FAVOR v <7 j LOCAL AUTHORITY EURO-DOLLAR PURCHASE EURODOLLAR DEPOSIT DEPOSIT r v ^ i FAVOR DIFFERENTIAL LOCAL AUTHORITY FAVOR EURO-DOLLAR J 1965 1966 1967 s 1968 u \ I INTEREST ARBITRAGE: FRANKFURT/LONDON, FRANKFURT INTERBANK LOAN RATE V S . L O N D O N ZURICH/LONDON E U R O D O L L A R RATE ( C O V E R E D ) I N TERMS OF D M INTERBANK LOAN RATE EURODOLLAR FAVOR FRANKFURT DIFFERENTIAL FAVOR ZURICH DEPOSIT RATE VS. LONDON EURO DOLLAR RATE EURO-DOLLAR (COVERED) ! I N TERMS OF S W I S S F R A N C S EURODOLLAR SWISS DEPOSIT RATE DIFFERENTIAL ! FAVOR E U R O D O L L A R H PRICE OF GOLD IN LONDON 35.3 35.0 1965 1966 1967 1968 INTEREST ARBITRAGE, 3-MONTH TREASURY UNITED STATES/CANADA BILL RATES C A N . F I N . CO. PAPER CANADA | UNITED STATES BILL RATE D I F F E R E N T I A L AND FORWARD CANADIAN DOLJkAR S P R E A D IN FAVOR OF C A N A D A FORWARD RATE 3-MONTH COVERED RATE D I F F E R E N T I A L S (NET I N C E N T I V E S ) FAVOR CANADA PRIME FINANCE PAPER FAVOR CANADA TREASURY BILLS 1964 1965 1966 1967 INTEREST ARBITRAGE, N E W 3-MONTH YORK/LONDON TREASURY BILL RATES U.K. LOCAL AUTHORITY D E P O S I T S ! LONDON RATE DIFFERENTIAL AND 3-MONTH FORWARD STERLING FORWARD RATE RATE D I F F E R E N T I A L WITH FORWARD EXCHANGE COVER DISCOUNT (NET IN FAVOR OF L O N D O N INCENTIVE) /A IN FAVOR OF N E W Y O R K 1965 1966 1967 1968 j S H O R T - T E R M INTEREST RATES * EURO-DOLLAR - LONDON + U.S. SWITZERLAND :.J 2 1 CANADA (3 month depon ~f~ 3 month loon* ond discounts; 9 % L O N G - T E R M B O N D YIELDS NETHERLANDS CANADA SWITZERLAND GERMANY EURO-DOLLAR BONDS 1963 * * * 1964 1965 Averoge of velds for four foreign government dollar bond* quoted in London New ter.ei for Germ any Iiarti 7 9 65 New tenet for Switzerland Uorti 3 3 67 1966 1967 SPOT E X C H A N G E RATES - M A J O R CURRENCIES A G A I N S T U . S . DOLLAR SWISS FRANC GERMAN MARK U.K. STERLING BELGIAN FRANC DUTCH GUILDER FRENCH FRANC CANADIAN DOLLAR I T A L I A N LIRA JAPANESE YEN M J 1965 S D ^ M J 1966 S D M j 1967 s D M J 1968 S D \0 3 - M O N T H F O R W A R D EXCHANGE RATES AGAINST Fridov figures U.S. DOLLARS —NEW YORK SWISS FRANC i GERMAN MARK POUND STERLING DISCOUNT. V FRENCH FRANC DUTCH GUILDER C A N A D I A N DOLLAR DISCOUNT- AGAINST Fridov figures POUND STERLING — L O N D O N S W I S S FRANC I N D U S T R I A L STOCK I N D I C E S 360 320 280 SWITZERLAND 240 200 GERMANY < 160 120 360 320 280 JAPAN 240 200 CANADA 160 120 1964 1965 1966 1967 y 13 No. 330 II. December 20, 1967. Latest Figures Plotted In H.13 Chart Series, 1967 (all figures per cent per annum) Chart 1 (Wednesday, Upper Panel Dec. 13 Euro-$ deposit 6. 18 U.S. certif. of deposit 5. 62 Lower Panel Dec. 15 (Friday, 5.38 5. 93 3.09 Finance co. paper: U.S. / Canada Hire-purchase paper, U.K. Chart 2 (Friday, Dec. 15 ) 4. 25 6. 38 6.31 6.38 90-day 180-day 5.01 Hire-purchase paper (Dec. 8) 5. 01 Local-authority deposit (Dec. 8) Chart 3 Upper Panel (Period: Dec. 8-15 Interbank loan (mid-point) 4. 12 Euro-$ deposit (average) 4.48 Lower Panel (Date: Dec - 8 4.00 Treasury bills: Canada U.S. Spread favor Canada 15 Canadian finance paper +2. 29 Spread favor U.K. -4. 72 Forward pound -2.43 Net incentive (U.K. +) Chart 6 (Friday, Dec. 15 ) 4. 98 7. 27 5. 69 U.S. U.K. Canada 4. 12 Interbank loan rate (German) (Dec. 8-15) Euro-$ deposit (London) 6. 31 Zurich 3-month deposit (Date: Nov. 15 ) Japan composite rate (Date: Sept. 29 J 4-00 J . 29 Chart 7 5.29 U.S. Gov't. (Wed. , Dec. 13 German Fed. (Fri., 7. 20 .6.68 Dec. 15 4. 81 4. 73 6.51 Swiss Confed. (Fri., N o v - 3 1 (Fri. , Dec. 7 Canadian Gov't. (Wed., Dec. 13 ) Netherlands Gov't, perpetual 37 (Friday, Dec. 1 ) 5,69 4.QR + .71 Forward Canadian $ Net incentive (Canada +) 7.27 4. q8 U.K. U.S. 35. 1 9 5 ) Chart 4 (Friday, npr.. Treasury bills: U.K. War Loan (Thurs., Dec. 14 Nov. 15 Zurich 3-month deposit Price of gold (Friday, Chart 5 (Friday, Dec. 15) Treasury bills: Euro-$ deposits: Call 30-day ) - -21 6.38 Euro- $ bonds fFri.. Dec - 15 ) 7 •35 For descriptions and sources of data, see special supplement to H.13, Number 239, March 16, 1966.
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