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DIVISION OF INTERNATIONAL FINANCE H* 13 No. 281 BOARD OF G O V E R N O R * January 11, 1967 -x (CAPITAL MARKE) DEVELOPMENTS ABROAD I. II. Ten Charts on Financial Markets Abroad Latest Figures Plotted in H.13 Chart Series, 1967 Ten Charts on Financial Markets Abroad Chart 1 Chart 2 Chart 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 Arbitrages New York/London Short-term Bond Yields Long-r 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 YORK, LONDON, MONTREAL: Y I E L D S FOR U . S . D O L L A R I N V E S T O R S O N DOLLAR 3 - M O N T H FUNDS D E P O S I T RATES: N E W Y O R K - L O N D O N EURO D O L L A R D E P O S I T U . S . C E R T I F I C A T E OF D E P O S I T E U R O - D O L L A R OVER | U . S . C E R T I F I C A T E OF D E P O S I T FINANCE | , C O . PAPER RATES ( c o v e r e d ) : QUOTED IN NEW YORK CANADIAN FINANCE COMPANYL U.K. HIRE PURCHASE U.S. FINANCE COMPANY Mar. iun. 1964 Sept. Dec. Mar. Jun. 1965 Sept. Dec. Mar. J_un. 1966 Sept. Dec. J LONDON: YIELDS FOR EURO-DOLLAR DEPOSIT U.S. DOLLAR INVESTORS ON 3-MONTH FUNDS RATES 180 DAY 90 DAY CALL 30 H I R E PUR C H A S E A N D LOCAL DAY AUTHORITY D E P O S I T RA TES ( c o v e r e d ) EURO-DOLLAR DEPOSIT HIRE PURCHASE DIFFERENTIAL FAVOR H I R E P U R C H A S E JFAV OR E U R O - D O L L A R LOCAL AUTHORITY DEPOSIT EURO-DOLLAR DEPOSIT FAVOR LOCAL AUTHORITY DIFFERENTIAL 1964 1965 1966 IINTEREST A R B I T R A G E : F R A N K F U R T / L O N D O N , FRANKFURT INTERBANK LOAN RATE VS. Z U RIC H / L P N D O N| LONDON EURO DOLLAR RATE ( C O V E R E D ) IN TERMS INTERBANK LOAN RATE EURODOLLAR 1 r DIFFERENTIAL I ZURICH DEPOSIT RATE VS. LONDON EURO DOLLAR I FAVOR EURO-DOLLAR RATE ( C O V E R E D ) IN T E R M s / o V v ^ 'NCS EURO-DOLLAR SWISS DEPOSIT RATE DIFFERENTIAL FAVOR ZURICH FAVOR E U R O - D O L L A R E PRICE OF G O L D I N L O N D O N T 35.2 35.0 1964 1965 1966 < INTEREST ARBITRAGE, UNITED S T A T E S / C A N A D A 3-MONTH T R E A S U R Y BILL RATES CAN. FIN. CO.LPAPER CANADA ^ UNITED STATES BILL RATE D I F F E R E N T I A L AND FORWARD C A N A D I A N DOLLAR S P R E A D I N F A V O R 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 ) PRIME FINANCE PAPER FAVOR CANADA ~ TREASURY BILLS FAVOR U . S . 1963 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 figures 3 - M O N T H T R E A S U R Y B I L L RATES U.K. LOCAL AUTHORITY DEPOSITS RATE D I F F E R E N T I A L A N D 3 - M O N T H f FORWARD STERLING -I 1 1 1 S P R E A D I N F A V O R OF L O N D O N FORWARD RATE - 1 v III I II I 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 C O V E R (NET I N C E N T I V E ) IN F A V O R OF L O N D O N IN F A V O R OF NEW YORK I I I II I I1 I 11 I I SHORT-TERM INTEREST RATES* U.K. EURODOLLAR - LONDON U.S. SWITZERLAND JAPAN GERMANY CANADA U.S. 1962 * 1963 1964 1965 3 month treoiury bill rota; for oil countriet except JoponffAvtrogt roti on bonk loon* ond diicountilVl 1 Swttzerlond[^3-inontK deposit role]t and Ge r many (interbank loan Role) 1966 4 L O N G - T E R M B O N D YIELDS GERMANY; U.K. L / EURO DOLLAR BONDS — U.S.] NETHERLANDS CANADA U.S. SWITZERLAND 1962 1963 1964 dollar bonds quoted in London. 1965 1966 SPOT E X C H A N G E R A T E S - M A J O R CURRENCIES A G A I N S T U.S. DOLLAR 1.6 SWISS FRANC 1.2 GERMAN MARK Z/V U.K. STERLING FRENCH FRANC B E L G I A N FRANC -T" " DUTCH GUILDER 'VAL— I T A L I A N LIRA CANADIAN DOLLAR JAPANESE YEN 1.2 1964 1965 1966 \0 3-MONTH AGAINST fridoy (igur«i F O R W A R D E X C H A N G E RATES U.S. DOLLARS — N E W YORK P«f c«l»l p«r on Hum GERMAN MARK F - ^ X 7 Y L 7 SWISS FRANC I C S V POUND STERLING DISCOUNT- :~i—r 1 1 T PREMIUM* 2 DUTCH GUILDER CANADIAN JJOLLAR DISCOUNTA G A I N ST P O U N D S T E R L I N G — L O N D O N PREMIUM+j SWISS FRANC GERMAN MARK fA U.S. DOLLAR DISCOUNTM J S FLSFIT D M J 1965 s D S M 1966 I D I N D U S T R I A L STOCK I N D I C E S -SWITZERLAND- GERMANY 200 X-YV R U.S. 1 150 I I I ! II I I I II I I I I I M M I M M I I I I I I I I I I I 1 1 1 1 I I 1 1 1 1 1 300 250 I II II II 1963 1964 nd other stocks troded on the Tokyo exchonge 1965 I I I I I I I II I I 1966 100 January 11, 1967 H. 13 No. 281 Latest Fl-rurvn ?io2Ccd in H. 13 Chart Series, 1967 (all "figures per cent per armum) Upper Panel Chart 5 (Friday, :an. Chart 1 (Wednesday, Treasury bills: Euro-$ Deposit U.S. certif. of deposit Lover Panel (Friday, _ _ Finance co. paper: U.S. Canada Hire-purchase paper, U.K. 6- 23 6 51 ___ 6 Hire-purchase paper (Dec. 30) Local-authority deposit (Dec 30) Chart 3 Upper Panel (Period: 6.53 Dec 24- 31 ) KQJ Euro-$ deposit (average) 6.81 (Date: Jj- Zurich 3-mo. deposit Price of told (Friday. Dec. +ln» -0.55 Vet incentive (U.K. +) +1.00 U.S. U.K. Canada Interbank loan rate (German) (Dec 24-31) Iuro-$ deposit (London) Interbenk loan (aid-point) Lower Panel Spread favor U.K. 90-day 180-day - 4.74 Forward pound Treasury bills: Euro-$ deposits:! 6 00 U.K. U.S. Chart 6 (Friday. Jan. J L > Chart 2 (Friday, ar. A _ ) Call 7-day 30-day 6 ) Forward Canadian $ Net Incentive (Canada •) Canadian finance paper -ML Jan. 4 ) U.K. War Loan (Thurs., Jan. 5) German Fed. (Frl., ^ J D e ^ J O ) 4.8] 4. 74 Canada U.S. Spreed favor Canada • 4.25 & « L 2 U . S . Gov't. (Wed.. - M L Swiss Confed. (Frl. Canadian Gov't, Treasury bills: ) J Chart 4 (Friday, 7.07 ) 4 23 35,186 JSJ Zurich 3-eo. deposit (Date: n'QV' 15 Japan compoait rate (Date: Sept. 30 6- 2Q (Wed., Jan.4) • 5. 74 Ketberlemde Gov't perpetual 3% (Friday, • Dec.. 30 ) -L^L luro-$ bonds (Frl., Jan. 6) 6,34 tfi-0 7 ' 0 - 08 -0.01 ' - M L For descriptions and sources of data, see special supplement to 1.13, Number 239, March 16, 1964.
@FedFRASER