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• OAHO OF • O V E * N b * 6 July 26, 1967. H. 13 No.309 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) Cfcorl I NEW YORK, I O N B S N , M O N T R I A L : YIILOS r o t U.S. l O L L A R INVESTORS O N 3 - W N T M PUNBS DOLLAR DEPOSIT HATES: NEW YORK-LONDON EURO DOLLAR DEPOSIT U.S. CERTIFICATE OF DEPOSIT EURO DOLLAR OVER | U.S. CERTIFICATE OF DEPOSIT k | A 1 1 1 1 1 FINANCE Friday fi«ur«« CO. i 1 PAPER r v i RATES 1 1 i" (covered): r Y QUOTED l 1 1 IN NEW i k i 1 i i YORK U.K. HIRE PURCHASE Mar. Jaa. Sept. 1115 lac. Mar. am IMS Sept. flee. Mar. 1967 lea. LONDON: YIELDS FOR U.S. DOLLAR INVESTORS O N 3-MONTH FUNDS E U R O - D O L L A R D E P O S I T RATES 30 180 90 DAY DAY DAY CALL HIRE P U R C H A S E A N D Friday figures LOCAL AUTHORITY DEPOSIT RATES (covered) Per cent per annum HIRE PURCHASE EURODOLLAR lEPiSIT DIFFERENTIAL j FAVOR HIRE PURCHASE FAVOR EURO-DOLLAR EIRI-HitM KPttIT i L9CAI AtfTMfffTY K P t S I T DIFFERENTIAL , ,T,V I 1 1 1 1 i n s • j -L, 1 i m 1 1 1 1 " " i n ? | I " " " " " 1 M 1 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 LOAN RATE VS. LONDON EURO-DOLLAR INTERBANK RATE ( C O V E R E D ) IN LOAN RATE TERMS OF D M EURO-DOLLAR DIFFERENTIAL ! ZURICH 1 j • 1 i DEPOSIT FAVOR FRANKFURT ! RATE : VS. 1 LONDON - ! ! 1 ! EURO-DOLLAR : . 1 ; 1 i 1 1 i ! ! FAVOR EURO-DOLLAR RATE ( C O V E R E D ) IN TERMS OF SWISS FRANCS ; EURO-DOLLAR SWISS DEPOSIT RATE DIFFERENTIAL 1 n 1 i 1 FAVOR ZURICH i i i : i : . i ! i i I dollar equivalent per line ounce PRICE OF G O L D I N L O N D O N 35.: J 1965 1966 I L 1967 35. INTEREST ARBITRAGE, Fridoy figures 3-MONTH UNITED TREASURY STATES/CANADA BILL RATES C A N . F I N . CO. P A P E R CANADA UNITED STATES BILL RATE D I F F E R E N T I A L AND FORWARD CANADIAN DOLLAR PREMIUM S P R E A B I I 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 DISCOUNT (NET I N C E N T I V E S ) P f f M H E FINANCE PAPER FAVOR CANADA T t E A S m BILLS FAVOR U.S. M J S I M 1914 S 1M5 I • J 1111 s D M S 1967 D INTEREST A R B I T R A G E , N E W 3-MONTH TREASURY BILL YORK/LONDON RATES U.K. LOCAL AUTHORITY DEPOSITS LONDON / V NEW YORK RATE D I F F E R E N T I A L AND 3-MONTH FORWARD STERLING S P R E A D IN F A V O R OF L O N D O N PREMIUM DISCOUNT FORWARD RATE RATE DIFFERENTIAL WITH FORWARD E X C H A N G E COVER (NET INCENTIVE) I N F A V O R OF L O N D O N I N F A V O R OF N E W Y O R K 1964 1115 1966 1967 S H O R T - T E R M INTEREST RATES * E U R O - D O L L A R - LONDON + ^"Switzerland 9 JAPAN GERMANY CANADA U.S. 1963 1964 1965 * 3 month freosury bill rofes for all countries except Japan (Average rote on bank loans and discounts) Switzerland (3-month deposit rate) and Germany (interbank Loan Rote) ~"j~ 3-month rate for U S dollar deposits in London 1966 1967 L O N G - T E R M B O N D YIELDS Weekly figures NETHERLANDS CANADA j SWITZERLAND GERMANY , V / X .. A A 1 II II 1 ! II 1913 1 1 II 1 ; 1 M 19*4 EURO D O L L A R B O N D S * ; i I 1 . 1 1 1 II 1 1 1 1 1 1 i ! ! 1 1 ! II 1999 * Avervfe el yie!4e ler l##r tereif a #e*efmmemt delkr ke»4t ###**W i# L##4## ** New series for Ger»e*y starts 7 9 65 * * * New series for Switzerland starts 3 3 67 19M 1 1 1 ! ! 1 1 II 11 1967 II II SPOT E X C H A N G E RATES - M A J O R C U R R E N C I E S A G A I N S T U . S . D O L L A R SWISS FRANC GERMAN MARK U.K. STERLING - F R E N C H FRANC BELGIAN FRANC, H T C N GUILDER C A N A D I A N DOLLAR I T A L I A N LIRA JAPANESE YEN s 1115 • J 1IM $ D 1967 3 - M O N T H F O R W A R D E X C H A N G E RATES A G A I N S T U.S. D O L L A R S - N E W YORK SWISS FRANC GERMAN MARK POUND STERLING DISCOUNT- FRENCH FRANC DUTCH GUILDER CANADIAN DOLLAR DISCOUNT- A G A I N ST P O U N D STERLING — L O N D O N Friday figures p« PREMIUM* A S W I S S FRANC <Jk Y, AAJ\J V x GERM AN MARK ^ U.S. DOLLAR - W ^ I J V l • , . 1 J . , 1 DISCOUNTi 1965 ; 1966 i i i I. , 1967 i 1 ; 1 1 \\ C h U ,0 INDUSTRIAL STOCK INDICES 360 320 280 SWITZERLAND 240 U.K. 200 GERMANY \ 160 120 360 320 280 JAPAN 240 200 CANADA 160 120 1114 * * Swin lank Corporation i n du i tr i e I it e c k im d# m Jcion index #1 22 5 industrial end other »f#<ki traded #m tk# I M S y* * # c h#»$# 1967 H. 13 No. 309 II. Upper Panel Chart 1 (Wednesday. July 26, 1967, Latest Figures Plotted in H. 13 Chart Series, 1967 (all figures per cent per annum) July 19 Euro-$ deposit 5.06 U.S. certif. of deposit Lower Panel ) Chart 5 (Friday, July 2 1 ) Treasury bills: U.S. Canad Hire-purchase paper, U.K. Spread favor U.K. +1 .01 Forward pound - Net incentive (U.K. + ) + . 34 ) 4. 75 4.85 4.90 Chart 2 (Friday, July 21 ) Treasury bills: 90-day 180-day 5.06 5.62 (July 7) (July 14) Local-authority deposit(July 7) (July 14) Chart 3 July 23 Upper Panel (Period: 5.81 5. 75 5. 56 5.56 Interbank loan (mid-point) 3.23 Euro-$ deposit (average) 5.08 Hire-purchase paper Lower Panel (Date: Treasury bills: Canada • U.S. Spread favor Canada Forward Canadian $ Net incentive (Canada + ) Canadian finance paper ) June 15 ) 4.25 Zurich 3-month deposit Price of gold (Friday, July 7 ) July 14 Chart 4 (Friday, July 21 .67 Chart 6 (Friday, July 2 1 ) Euro-$ deposits: 4.12 4.94 5 .21 4 .20 4.98 July 21 (Friday, Finance co. paper: Call 30-day U.K. U.S. 35.186 35.191 ) 4.20 4,.20 0 ,58 58 5, 3§ 4,.20 5..21 4,.20 U.S. U.K. Canada Interbank loan rate (German) 3.,23 Euro-$ deposit (London) 5.,06 Zurich 3-month (Date: June Japan composite (Date: May deposit 15 rate 26 ) 4. 25 ) 7. 30 Chart 7 U.S. Gov't. (Wed., July 19 ) 4. 83 U.K. War Loan (Thurs. , July 2 0 ) 6. 96 German Fed. (Fri. , July 14 ) 6. 85 Swiss Confed. (Fri. , July 7 ) (Fri., July 14 ) Canadian Gov't. (Wed. , July 19j 4. 70 4. 65 5.90 Netherlands Gov't, perpetual 37= (Friday, July 7 ) 5.69 Euro-$ bonds (Fri. , July 21 6.33 ) For descriptions and sources of data, see special supplement to H.13, Number 239, March 16, 1966.
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