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DIVISION OF INTERNATIONAL F1NANCI B q ^ R D OF aOV-IL&MOHS OF T H E FEDERAL RESERVE SYSTEM H. 13 No. 202 June 30 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 4 - 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 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 U.S. CERTIFICATE OF DEPOSIT | EURO-DOLLAR OVER SELECTED I N T E R N A T I O N A L M O N E Y RATES Friday figures EURO DOLLAR DEPOSIT RATES ( L O N D O N ) \ i v X r "-DAY i - W " C O M M E R C I AL P A P E R - F o l l y COMPANY Hedged | 1163 Mt« If 4S 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 3 - M O N T H TREASURY BILL RATES 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 IN FAVOR OF CANADA / \ 3 „ MONTH COVERED y»; PREMIUM 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 CANADA INTEREST A R B I T R A G E , NEW 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 BILL RATES RATE D I F F E R E N T I A L A N D 3 - M O N T H FORWARD STERLING' V "VS 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 ) 1 I I N T E R E S T 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 Fr i d oV figures Pi 3 - M O N T H TREASURY B I L L S , I N T E R B A N K L E N D I N G RATE A N D E U R O - D O L L A R D E P O S I T RATES | i i i i i i i r RATE D I F F E R E N T I A L A N D F O R W A R D DEUTSCHE M A R K | | | I | I I I I 1 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 FAVOR OF LONDON F U R O - D O l l A R S I I M I 1 J I 1 $ 1 I I I I I I I I I I I I I D « J $ D I I M I I 1 I J 1 I $ 0 S H O R T - T E R M I N T E R E S T RATES * | CANADA "X" 3 month treasury bill rales for all countries except Jopon on d Switzerland (3 month deposit rate) ~f~ 3 month role for U S dollor deposits in London (Average rate on bonk loons and discounts) L O N G - T E R M BOND YIELDS y INDUSTRIAL STOCK INDICES •all* iteleISO * Swiu Bonk Cerporelion induilriol »lock. * * Jgpon: index of 225 induilriol ond other i t o c k i Iroded on the Tokyo exchonge.' SPOT EXCHANGE RATES - MAJOR CURRENCIES AGAINST U.S. D O H A * "«< Ak*v* M ' I I t 61 AN FRANC DUTCH OUIIOIR - - /•\ ITALIAN IIIA 1 i — ) 1 1 \ "1 1 1 Li v — MlJAfANISI YEN i i * 11 J $ 11*3 I , 1 I 1 D M !\ v I 1 J 1964 i i 1 1 $ D 1 1 * i i J 1WS i i $ i i 3 - M O N T H FORWARD EXCHANGE RATES Friday figures A G A I N S T U.S. DOLLARS A G A I N S T P O U N D STERLING - L O N D O N I Will FRANC A G A I N S T POUND STERLING < L O N D O N *NC L V, W June 30, 1965. H. 13 No. 202 II. Latest Figures Plotted In H. 13 Chart Series 1965 Per cent per annum Chart 1 Upper panel Chart 5 (Fridayt June 25 except as noted) (Wednesday, j u n e 23 ) Treasury bills: Euro-$ deposit M L U.S. certif. of deposit k*22L Lower panels (Friday, June 25 Euro-$ deposits: 7-day 4. 50 4. 68 ^39 3.85 ^69 4.88 4. 94 Euro-$ deposit (London) 4,88 4^21 Japan: composite rate (Date: April 30 ) 7. 921 ^2Z Chart 6 Bonds: Chart 2 .Tune 25 Treasury bills: ) Canada U.S. 3.85 UUk Spread favor Canada +CUUL Forward Canadian dollar +£lA1 Net incentive (Canada +) +0.52 Chart 3 June 25 Treasury bills: U.K. Swiss 3-month deposits (Date: June 15 ) * Hire-purchase paper, U.K. (Friday, 2J4 Canada iu_38 30-day Canada U.S. Germany ) Call 90-day 180-day Finance Co. paper: U.S. (Friday, Per cent per annum ) U.K. U.S. govt. (Wed., June 23 4J_7 U.K. war loan (Thurs., June 24 6, 80 German Fed. Railway (Fri. , June 25 6.88 Swiss Confederation (Fri., June 18 3.91 Canadian govt. (Wed. , June 23 5. 16 Netherlands Government Perpetual (Fri, , June 11 , 5. 31 U.S. Additional rates: Spread favor U. K. +1 - 6S May Forward pound -1. 60 June Net incentive (U.K. +) %01 23 31 7 3.44 X50 3.63 For description and sources of data see special annex to H. 13 Number 164, FRASER September 23, 1964. Digitized for
@FedFRASER