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BOARD OF eCVEKNOHS D I V I S I O N OF I N T E R N A T I O N A L F I N A N C E H. 13 No. 279 December 21, 1966 , I CAPITAL MARKET DEVELOPMENTS ABROAD I. II. I. Ten Charts on Financial Markets Abroad Latest Figures Plotted in H.13 Chart Series, 1966 Ten Charts on Financial Markets Abroad Chart 1 Chart 2 Ch art 3 Chart Chart Chart Chart Chart 4 5 6 7 8 Chart 9 Chart 10 New York, London, Montreal; Yields for U.S. Dollar Investors on 3-month Funds London: Yields for U.S. Dollar Investors on 3-month Funds Interest Arbitrage: Frankfurt/London, Zurich/London Interest Arbitrage: New York/Canada Interest Arbitrage: New York/London Short-term Bond Yields Long-term Bond Yields Spot Exchange Rates--Major Currencies Against U.S. Dollar 3-month Forward Exchange Rates Industrial Stock Indices Europe and British Commonwealth Section. OFFICIAL USE ONLY (Decontrolled after six months) NEW Y O R K , L O N D O N , MONTREAL: YIELDS FOR U . S . DOLLAR I N V E S T O R S O N 3 - M O N T H FUNDS D O L L A R DEPOSIT RATES: NEW Y O R K - L O N D O N Wedneidoy figures EURO-DOLLAR DEPOSIT U . S . C E R T I F I C A T E OF D E P O S I T I I E U R O D O L L A R OVER I U . S . C E R T I F I C A T E OF D E P O S I T , F I N A N C E C O . PAPER RATES ( c o v e r e d ) : U . K . HIRE PURCHASE . Q U O T E D I N N E W YORK LONDON; YIELDS FOR EURO-DOLLAR DEPOSIT U.S. DOLLAR INVESTORS ON 3-MONTH FUNDS RATES 180 DAY 90 DAY CALL 30 KURE P U R C H A S E AND LOCAL DAY—| AUTHORITY D E P O S I T RATES ( c o v e r e d ) EURO-DOLLAR DEPOSIT HIRE PURCHASE 1 DIFFERENTIAL FAVOR EURO-DOLLAR LOCAL AUTHORITY DEPOSIT EURO-DOLLAR DEPOSIT FAVOR LOCAL AUTHORITY DIFFERENTIAL L_.i1964 1965 1966 [INTEREST A R B I T R A G E ; F R A N K F U R T / L O N D O N , Z U R I C H / L O N D O N ) FRANKFURT INTERBANK L O A N RATE VS. L O N D O N EURO D O L L A R RATE ( C O V E R E D ) Per cent par efine* I N TER MS O p t f i - INTERBANK LOAN RATE EURO-DOLLAR 1 r DIFFERENTIAL I FAVOR EURODOLLAR Z U R I C H D E P O S I T RATE V S . L O N D O N E U R O - D O L L A R RATE (COVERED) 'NCS EURO-DOLLAR SWISS DEPOSIT RATE 1 r DIFFERENTIAL FAVOR ZURICH FAVOR EURO-DOLLAR 2X PRICE OF G O L D I N L O N D O N 35.2 35.0 1964 1965 1966 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 Friday figures pi 3 - M O N T H TREASURY BILL RATES C A N . F I N . CO. jPAPER CANADA UNITED STATES I 1 1 1 I 1 I I I 1 1 [ BILL RATE D I F F E R E N T I A L A N D F O R W A R D C A N A D I A N D O L L A R SPREAD FORWARD RATE 1 1 1 i i i i i i 1 i r~ 3 - M O N T H C O V E R E D 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 CAR P R I M E F I N A N C E PAPER FAVOR U.S. FAVOR CANADA TREASURY B I L L S w Lt_L I- 0 j J_L s 1963 I I I I I I I I I I I I I I II I 1964 1965 1966 INTEREST A R B I T R A G E , N E W Y O R K / L O N D O N Friday (igurei 3 - M O N T H TREASURY BILL RATES LONDON U.K. LOCAL AUTHORITY DEPOSITS NEW YORK RATE D I F F E R E N T I A L A N D 3 - M O N T H FORWARD STERLING I I I S P R E A D IN FAVOR OF L O N D O N PREMIUM 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 I N C E N T I V E ) IN FAVOR OF L O N D O N IN FAVOR OF NEW YORK 1963 1964 1965 1966 S H O R T - T E R M INTEREST RATES * | EURO-DOLLAR - LONDON f S v — J SWITZERLAND JAPAN GERMANY CANADA U.S. 1962 1963 1964 Swilzerlond fJ monih (inpnui futv) unri G »• r m <i n > ( I n t »* i h n n k I o <i n Kuie) 1965 1966 L O N G - T E R M B O N D YIELDS 9 GERMANY 8 7 U.K. V 6 'C7 EURO-DOLLAR BONDS 5 U.S. 4 NETHERLANDS -'TvL-Z CANADA U.S. 1962 1963 1964 1965 1966 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 Above par S W I S S FRANC / V f v r / - GERMAN MARK U.K. STERLING r B E L G I A N FRANC FRENCH FRANC DUTCH GUILDER C A N A D I A N DOLLAR I T A L I A N LIRA 1 J A P A N E S E YEN M J S 1964 D S M 1965 D M J 1966 S D 3 - M O N T H F O R W A R D E X C H A N G E RATES AGAINST Friday (igi U.S. D O L L A R S — N E W YORK GERMAN MARK S W I S S FRANC POUND S T E R L I N G DISCOUNTPREMIUM DUTCH GUILDER C A N A D I A N DOLLAR AGAINST Friday figures POUND STERLING — L O N D O N 1 S W I S S FRANC - i G E R M A N MARK ; A | / v r m J H JX V U Vv \ i V DISCOUNT- I 1 „1 J 1966 s 1 1 0 INDUSTRIAL STOCK INDICES Ratio itole 300 SWITZERLAND 250 GERMANY U.K. 200 U.S. 150 100 300 250 JAPAN Vv CANADA 200 x w / 150 100 1963 * * 1964 Japan: inde* of 225 industrial and other ilocki traded on the Tokyo exchange 1965 1966 \V H. 13 NO. 2 December 21, 1966 Latest Fleure# Plotted in H.13 Chart Series. 1966 (all flguree par cant per annua) 7 Upper Panel Chart 1 (Wedneaday, Dec. 14 ) 6.62 Euro-$ Depoalt U.S. eertlf. of depoalt Lower Panel 6.87 97 +1-59 Forward pound -0.59 • Net Incentive (U.K. +) +1.00 Chart 6 (Friday. Qec. 16) Chart 2 (Friday, -. Buro-$ deposits: 6.:2 6 23 6 A8 90-day 180-day Treasury bills: U.S. U.K. Canada 4.88 6.47 4.94 Interbank loan rate (German) 7 c 12 (Dec. ,-7) Hire-purchase pspee- Euro-* depoalt (London) Local-authority deposit Zurich 3-mo. deposit (Date: "o/. :5 ) Japan eemposlt rate (Date: 30 J (Dec. 9) (Dec. 9) Chart 3 Upper Panel (Period: 6.47 4 . WW Treasury bills: U.K. U.S. Spread favor U.K. (Friday, _ Finance co. paper: U.S. Canada Hlre-purchaae paper, U.K. Call 7-day 30-day Chart 3 (Friday, Dec, 16) Dec 6„ 75 4 25 7.42 Interbank loan (mid-point) U.S. Gov't. (Wed., Buro-$ depoalt (average) Lower Panel (Date: 3e: ii> 15 U.K. War Loan fThurs.. -13 1 ) Zurich 3-mo. depoalt German Fed. (Fri., ^ - • Price of nold (Friday, Dec, 9 Swiss Confed. (Fri., Dec, 9) ) Canadian Gov't. Chart A (Friday, Pec- 16 ) +0 06 Forward Canadian $ +0/33 Net Incentive (Canada +) +0o 39 (Wed., Netherlands Gov't perpetual 3% (Friday,• Qe..: 2 ) Treasury bills: Canada U.S. Spread favor Canada Canadian finance paper ) 4.94 Euro-* bonds (Fri., _£e J±) For deacrlptlona and sources of data, see special supplement to H.13, Number 239, March 16, 1966.
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