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B O A R D OF a O V I R N O M H. 13 March 31, 1965 No. 189 CAPITAL MARKET DEVELOPMENTS ABROAD I. II. I. 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 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) MONEY MARKET YIELDS 3 -MONTH EURO-DOLLAR Wednesday figures INTERNATIONAL DEPOSIT VS. j | 11 FOR U.S. DOLLAR CERTIFICATE YIELDS OF 1 Per c e n t per annum | 11, A * EURO-DOllAR DEPOSIT INVESTORS DEPOSIT V - # - \jJ i U.S. CERTIFICATE OF DEPOSIT - v rr U \ - i ^ ! E U R O - D O L L A R OVER | U.S. CERTIFICATE OF DEPOSIT ! ] i i i ! i I ri SELECTED I N T E R N A T I O N A L Friday figures i MONEY 1 i M I i ! 1 I 1 i RATES E U R O - D O L L A R DEPOSIT RATES ( L O N D O N ) C A N A D I A N FINANCE i ! m 1 1 1 1 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 figures* 3 - MONTH BILL TREASURY BILL RATES i RATE D I F F E R E N T I A L A N D 3 - MONTH COVERED Vv v RATE Knr 1962 P FORWARD CANADIAN_DOLLAR DIFFERENTIALS. (NET / 1963 INCENTIVES)- ^^ 1964 1965 INTEREST ARBITRAGE, NEW YORK/ LONDON 3 - M O N T H T R E A S U R Y BILL R A T E S RATE D I F F E R E N T I A L A N D FORWARD STERLING 3-MONTH ! J "V\ RATE D I F F E R E N T I A L WITH FORWARD EXCHANGE COVER (NET INCENTIVE) INTEREST Friday ARBITRAGE FOR GERMAN COMMERCIAL BANKS figures 3-MONTH P TREASURY EURO-DOLLAR BILLS, DEPOSIT INTERBANK LENDING RATE RATES | AND j • H ; L O A N RATE RATE DIFFERENTIAL AND FORWARD DEUTSCHE MARK S P R E A D IN F A V O R OF F R A N K F U R T j " V RATE DIFFERENTIAL WITH \ FORWARD EXCHANGE A INTERBANK LOAN RATE / T COVER V VI (NET INCENTIVE) V) SHORT-TERM INTEREST RATES * EURO-DOHA* - LONDON II II II I 11 I II I I I I I I I II II II I I I I I I I I I I I N/<J | j \ CANADA L 1 . L O N G - T E R M B O N D YIELDS , 1962 1965 * I N D U S T R I A L S T O C K I N D I C E S • •tie K i l e 350 * SWIM Bonk C or D or ol i o n i n d u i i r i a l Hock. * * Japan index of 2 2 5 industrial and other 1 o c k i Irodeii on I h n Tokyo exchange 1 S P O T 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 — P " «•"' Above por _Above p o r JU S _ poller A b o v e par /\ 1 3 - M O N T H F O R W A R D E X C H A N G E RATES F r i day f i g u r e s A G A I N S T U.S. DOLLARS AGAINST POUND STERLING p.r <•„. p . , - LONDON 4 : AVV l 1 S A w /r\fsiS FRAN T\5 l i i i i i i i i i r,5icouN,TAGAINST POUND STERLING - LONDON c Kyv, ••••— i i1 1 11 11 11 H. 13 No. 189 March 31, 1965 ^\ * III. Latest Figures Plotted In H.13 Chart Series, 1965 Per cent per annum Chart 1 Upper panel (Wednesday, March 24 (Friday, March 26 , except as noted) ) Euro-$ deposit 4.88 U.S. certif. of deposit Treasury bills: 4.28 U.S. (Friday, March 26 4.12 4.31 4.62 4.88 5.12 U.S. 4.25 Canada 5.04 Hire-purchase paper, U.K. Canada 3,06 Euro-$ deposit (London) 4.88 Japan: composite rate (Date; Nov. 27 ) 7.990 Chart 6 Bonds: (Friday, March 26 U.S. govt. (Wed., March 24 ) Canada 3.54 U.S. 3.86 Spread favor Canada -0.32 Forward Canadian dollar 4-0. 61 Net incentive (Canada +) +0.29 4.16 U.K. war loan (Thurs., March 25 6,53 German Fed. Railway (Fri., March 26 6.63 (Friday, March 26 ) U.K. 6.35 U.S. 3.86 Spread favor U.K. +2.49 Forward pound -3.25 Net incentive (U.K. +) -0.76 Digitized for For description and sources FRASER September 23, 1964. Swiss Confederation!/ (Fri. , March 5 ) 3.94 Canadian govt. (Wed. , March 17 Chart 3 Treasury bills: 3.12 3.54 Swiss 3-month deposits (Date; March 15" ) 4.31 Chart 2 Treasury bills: 6.35 Germany ) Call 7-day 30-day 90-day 180-day Finance Co. paper: 3.86 U.K. Lower panels Euro-dollars: Per cent per annum Chart 5 ) 5.10 Netherlands government perpetual (Fri. , March 12) (Fri. , March 19) 1/ Revision: Feb. 19 Additional rates: Feb. 23 Feb. 28 Mar. 7 4.93 4.95 3.96 3.06 3.00 3.06 of data see special annex to H. 13 Number 164, ; 1
@FedFRASER