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DIVISION OF INTERNATIONAL FINANCE
BOARD OF GOVERNOR#
H. 13
No, 178
January 13, 1965
CAPITAL MARKET DEVELOPMENTS ABROAD
\
,
<
I,
II,
Nine Charts on Financial Markets Abroad
Latest Figures Plotted in H,13 Chart Series, 1965
I,
Nine Charts on Financial Markets Abroad
Chart 1 - International Money Market Yields for
U.S. Dollar Investors
Chart 2 - Interest Arbitrage, United States/Canada
Chart 3 - Interest Arbitrage, New York/London
Chart U - Interest Arbitrage for German Commercial
Banks
Chart 5 - Short-term Interest Rates
Chart 6 - Long-term Bond Yields
Chart 7 - Industrial Stock Indices
Chart- 8 - Spot Exchange Rates - Major Currencies
Against U,S. Dollar
Chart 9 - 3-month Forward Exchange Rates
OFFICIAL USE ONLY
(Decontrolled after six months)
INTERNATIONAL
3-MONTH
EURO
MONEY
DOLLAR
MARKET
YIELDS FOR
U.S. D O L L A R
DEPOSIT VS. CERTIFICATE
OF
INVESTORS
DEPOSIT
_L.
NEW
YORK
Friday figures
OFFER
RATES O N
SELECTED 3 - M O N T H I N V E S T M E N T S
CANADIAN FINAHC£
COMPANY dt
1964
INTEREST ARBITRAGE,
Friday figures*
|
3
- MONTH
DIFFERENTIAL
I
I
STATES / C A N A D A
P e r c e n l p e r a n ntf m
TREASURY
RATE . D I F F E R E N T I A L
RATE
UNITED
BILL
AND
WITH
RATES
FORWARD
CANADIAN
FORWARD
'
DOLLAR
EXCHANGE
COVER
(NET
INCENTIVE)
i
1
!
IN FAVOR Of CANADA
IN F A V 0 1 OF UNITED STATES
I I
M
II
7
II
S
11
D
I I
M
1962
Thuriday,figure* 1962, Friday thereafter.
i I
7
1963
II
S
IIJ I M
D
M
i IJ I I
J _
1964
S
I I
D
M
i IJ I 1J I l
i
'965
S
D
INTEREST
ARBITRAGE,
NEW
YORK/LONDON
/
, J - M O N T H T R E A S U R Y BILL R A T E S
1
RATE D I F F E R E N T I A L A N D
FORWARD
3-MONTH
STERLING'
A
R ATE D I F F E R E N T I A L
1962
WITH
FORWARD
1963
x
EXCHANGE
COVER
1964
(NET
INCENTIVE)
1965
INTEREST A R B I T R A G E FOR
:
GERMAN
COMMERCIAL
3 M O N T H TREASURY BILLS, I N T E R B A N K
EURO D O L L A R D E P O S I T RATES
RATE D I F F E R E N T I A L A N D
LENDING
RATE A N D
]
F O R W A R D DEUTSCHE MARK
|
T
T
T.
r
RATE D I F F E R E N T I A L W I T H F O R W A R D
BANKS
T
SPREAD IN FAVOR OF FRANKFURT I
T
EXCHANGE
A INTERBANK LOAN RATE
<1
COVER
T
- T.
T
(NET I N C E N T I V E )
SHORT-TERM
INTEREST
R A T E S *
- I—
-VI
4
\
|
J
CANADA
3-monlh treotury bill rotes for oil countries e*cept Jopon
and Switzerland (3 month deposit rote)
~f" 3 month role for U S dollar deponH in London
(Average rate on bonk loom ond ducoynu)
L O N G - T E R M B O N D YIELDS
Per
|
cent
per
an n
X\
/
/
J
G E R MA N Y
A
y
j
*
'
,
O
/
II I ! I! 11 1 1 1 1 II 1! IIII! 1 II 1 1 1 1 iIIi i ii ii ii i IIi 11 II II W^L_
J
J-UJ
1961
INDUSTRIAL
STOCK
INDICES
,
1958-.00
Rati* s<ile
1962
New series
•
Swiss Bonk C o<t>« r ot i o n indusiriol slock
Japan. inde* of 225 indot*vi<a( ond other
slocks wudbd on ihe Tokyo exchonge
SPOT EXCHANGE RATES - MAJOR CURRENCIES AGAINST U.S. DOLLAR
»«'
Abo v« p o r
—
Above
par
{dollar1
-
f\
i
i 1
Ul
ITALIAN LIRA
/ !_(
r
i/Vx/jV
,, 1
-
T (\a J
-
-
-
Car^
-
-
JAPANESt YEN
1 H
i i
1 1
TiiIT
1 1
M
11
i i
IV
i i
i i
i i
i i
i i
Below
\0
3-MONTH
FORWARD
EXCHANGE
RATES
Friday figures
AGAINST
U.S.
DOLLARS
Per cent per a n n u m
I SWISS FRANC
AGAINST
POUND
STERLING
tONDO.N„
PREMIUM +
|SWISS FRANC
AGAINST
POUND
STERLING
- LONDON
I
DUTCH GUILDER
I
\\
H.13
No, 178
January 13, 1965
II, Latest Figures Plotted In H.13 Chart Series, 1965
Per cent
per annum
Chart 1
Upper panel
(Friday ,
Jan, 8
except as noted)
(Wednesday
Jan, 6
)
Treasury
Euro-$ deposit
W 6
U.S. certif. of deposit
L.15
(Friday,
Jan. 8
Treasury bills:
U. K.
6,Wi
Germany
2.63
Canada
3.71
U. K.
_Mo
Swiss 3-month deposits *
(Date: Dec, 15 )
3.75
Canada
am.
Euro-$ deposit (London)
L,5o
kx12
Japan: composite rate
(Date: Sept, 25 )
U.S.
Canada
Hire-purchase paper, U.K.
Chart 6
.<.00
Bonds:
Chart 2
Jan, 8
Treasury bills:
)
Canada
U.S.
Forward Canadian dollar
rO
Net incentive (Canada +)
-0.20
Chart 3
Jan, 8
)
U.K.
Srhh
U.S.
3J7
Spread favor U. K.
+2,67
Forward pound
-2.61
Net incentive (U.K. +)
+0,06
For description and sources
http://fraser.stlouisfed.org/
September 53, 1964.
Federal Reserve Bank of St. Louis
U. S. govt
Jan, 6
(Wed.,
ht 20
U.K. war loan
(Thurs.,
Jan, 7
6.L2
German Fed. Railway
(Fri. ,
Jan, 8
6,36
Swiss Confederation
(Fri. ,
Dec, 11
juoU
Canadian govt.
(Wed.,
•
Jan * 6
k,97
Netherlands Government
Perpetual
(Thurs e s
Dec,. 2h
5,00
JlJJ
-0,06
Spread favor Canada
Treasury bill's:
3.77
)
U.S.
Finance Co. paper:
(Friday,
bills:
U.S.
Lover panels
(Friday,
Per cent
per annum
Chart 5
* Additional
(Mon,,
(MonOJU
(Honc s
rates:
Nov. 23
Nov* 30
Dec, 7
)
3,75
)
33B
3775
of data set special annex to H. 13 Number 164,
@FedFRASER