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BOARD OF tOVIRMOM
DIVISION OF INTERNATIONAL FINANCE
H. 13
No, 180
CAPITAL MARKET DEVELOPMENTS ABROAD
I.
II.
I.
January 27, 1965
Nine Charts on Financial Markets Abroad
Latest Figures Plotted in H.13 Chart Series, 1965
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 Bates
Chart 6 - Long-term Bond Yields
Chart 7 - Industrial Stock Indices
ChartjB - Spot Exchange Rates - Major Currencies
(
Against U.S. Dollar
Chart 9 - 3-month Forward Exchange Rates
OFFICIAL USE ONLY
(Decontrolled after six months)
Cfcttt |
INTERNATIONAL MONEY
M A R K E T Y I E L D S FOR U.S. D O L L A R I N V E S T O R S ;
3 - M O N T H EURO D O L L A R D E P O S I T V S . C E R T I F I C A T E O F D E P O S I T
, Widniidoy
l i | u n > _
I
DIFFERENTIAL: E U R O - D Q L I 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
1
1
1 1
i i I
I i i iI i
i i rn
1 i i I i i I i i 1 i
M
I N E W Y O R K O F F E R RATES O N S E L E C T E D 3 - M O N T H I N V E S T M E N T S
|_Frldoy l i g u , . , "
-
TREASURY
BILLS- F u l l y H e d g e d
I
- CANADA
. f r y
U . l . H i l l PURCHASE
COMPANY
U.S. flNANCE COMPANY
| y i j
M
i
I N T E R E S T A R B I T R A G E , U N I T E D STATES / C A N A D A
Friday f i g u r i
3 - M O N T H TREASURY BILL RATES
UNITED STATES
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 IN F A V O I OF CANADA
PREMIUM |
vv
FORWARD RATE
RATE D I F F E R E N T I A L W I T H
FORWARD EXCHANGE
COVER
(NET I N C E N T I V E ) ,
IN FAVOR OF CANADA,
IN FAVOR OF UNITED STATES
111 ! M I I ' 1 IJ I l_l I I_1 1 1J M
J__ t
D
M
S
T
M
1962
* Thursday ftgurei 196 2, Friday thereafter.
1963
M
I I j_l I i' 1 I M
7
S
D
1964
M
I l_J I M I M
J
T ft
I I I I Ij Ti
H
INTEREST A R B I T R A G E , NEW
Friday figure
YORK/LONDON
3 - M O N T H TREASURY B I L L RATES
j i R A T E D I F F E i R E N l r i A L >I N D
" ^ V F O R W A R D STER J N G
V r
i
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:3 - M O N T H
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DISCO U N T |
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FOIW AID I I I T I
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i i
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RATE D I F F E R E N T I A L
I | 1 1 I
WITH
I I
I |
| |
| |
FORWARD EXCHANGE
| |
COVER
!
V
|
|
1 |
1 1
(NET I N C E N T I V E )
1 1
INTEREST A R B I T R A G E FOR G E R M A N C O M M E R C I A L B A N K S
Friday figure!
1
1
1
3 - M O N T H T R E A S U R Y B 1'
EURO-DOLLAR DEPOSIT
GERMAN INTERBANK
" |_L0AN RATE
'
!
S, I N T E R B A N K
h
-
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1
1
1
1
LENDING
1
RATE A N D
J r ^
EURO
| — |
i—~
j
-
J
|
-
(ILLS
i i
1 1
n
1 1
i i
1
1
RATE D I F F E R E N T I A L A N D
r i
1 1
1
1
i
i
1
i
i
1—
i
i
i
i
i i
i
i
r
F O R W A R D DEUTSCHE MARK
SPREAD IN
INTERBANK LOAN BAT I
Of FRANKFURT
FORWARD RATE
Zz\
PREMIUM
TliASURY IILIS
~ T — — r
~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 E X C H A N G E C O V E R (NET I N C E N T I V E )
I
| IN FAVOR OF FRANKFURT I A T ,
KvV AI INTERBANK
'/
I
~*iV
y /
w\
LOAN R A T I
i
L/Vv'
/
_/V
\
TREASURY RILLS
1
IN FAVOR OF LONDON EURODOLLARS
I LI
I I 1 I Ll
I I J
\ I.
-Li.
-Li,
1
C 0rt
5
^
SHORT-TERM
9
INTEREST
j,
RATES *
_\
1
CANADA
vrf"' >
Jr-wj
19*5
"^"3 month ireoiury bill roiei tor oil counlnei except Japon
and Swilzerlond (3 • m o nIh deposit role)
"f* 3 month rate for U 5 dollpr depouti in London
(Average rate on
bank loom and diicoiTrmJ
I
Chart 6
L O N G - T E R M BOND YIELDS
v
1*45
Chart 7*
INDUSTRIAL
STOCK
INDICES
lelle K i l l I
ISO
SWIIZH1AMP
J
4001
JJO
.»yJ
iso!
160
ISO
Ifil
' * New teriet. Swin Bonk Corporalien induilrtal slock ,
* # Japan: index of 225 Industrial and other ! stocks In
ins
CkiiMji
SPOT
EXCHANGE
RATES
-
M A J O R
CURRENCIES
AGAINST
U.S.
DOLLAR'
-
-
-
-
1
****** BAHl
-
-
X
:\
z "
v
-
j
. 1 . S T E t l l l 16
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-
1
1
1
1
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I
1
I
1
1
1
1
l
1
1
1
1
f
1
1
1
1
1
1
1
Mi
dollar)
1
I
I
FRENCH (BANC
BELGIAN fBANC
l5"s h L
{dollar
DUTCH GUIlDtB
I. I
/ U ^ v x a h
JAPANESE YEN
i _ L _ i
I
I
I
I
I
I
\
V
3-MONTH FORWARD
Friday fig»r«i
EXCHANGE
RATES 1
AGAINST~U.S. DOLLARS
i_P<
JL
DISCOUNT -
i T rn
A G A I N S T POUND STERLING - L O N D O N
PREMIUM +.
U.S. DOUAR
~T}
[AGAiNST
POUND
STERLING - L O N D O N
19*5
1
H.13
Me, 130
n*
Latest Figures Plotted In H.13 Chart Series, 1965
Per cent
per annum
Chart 1
Upper panel
(Wednesday,
Jaru 20
)
Treasury bills:
U.S. certif. of deposit
Loll
Lower panels
Jan, 22
Treasury bills:
U.S.
J_a8l
U.K.
1.8s
Finance Co. paper:
), _ip
Canada
),_K
3,63
Swiss 3-month deposits
(Date: Dec, 15 )
Japan: composite rate
(Date: Sept, 25 )
jubh
7,986
Chart 6
U. S. govt.
(Wed.
Jan, 20
Canada
l.6l
U.S.
1.81
Spread favor Canada
-0«l8
Forward Canadian dollar
-0,27
Net incentive (Canada +)
-0.LS
Chart 3
(Friday,
6M
Bonds:
Jan. 22 )
Jan. 22 )
Treasury bills:
U.K.
Canada
h.<Q
Chart 2
Treasury bills:
3.81
Euro-$ deposit (London)
U.S.
Hire-purchase paper, U.K.
U.S.
Germany
)
Canada
(Friday,
Per cent
per annum
Chart 5
(Friday
Jan. 22
except as noted)
Euro-$ deposit
(Friday,
January 27, 1965
U.K.
6.&1
U.S.
1.81
Spread favor U.K.
+2.60
Forward pound
-2,6l
Net incentive (U.K. +)
-C*01
)
jul8
U.K. war loan
(Thurs.,
Jan, lU
_6,5o
German Fed. Railway
(Fri.
Jan. 22
6M2
Swiss Confederation
(Fri. ,
Jan, 15
krOh
Canadian govt.
(Wed.
Jan. 20
L.98
Netherlands Government
Perpetual
(Thurs•, Jan, 8
Fri*.
Jan, 15
Germany
(Fri,,
January 15)
2.63
description and sources of data see special annex to H. 13 Number 164.
forFor
FRASER
September
23, 1964.
Digitized
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@FedFRASER