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DIVISION O F I N T E R N A T I O N A L F I N A N C E
BOARD OF G O V E R N O R S
F E D E R A L R E S E R V E SYSTEM
H. 13
No.
May 1 9 ,
1965
N i n e C h a r t s on F i n a n c i a l M a r k e t s A b r o a d
L a t e s t F i g u r e s P l o t t e d i n H. 13 C h a r t S e r i e s ,
1965
196
r
k
CAPITAL MARKET DEVELOPMENTS ABROAD
IfV
V /
I.
N i n e C h a r t s on F i n a n c i a l M a r k e t s A b r o a d
C h a r t 1 - I n t e r n a t i o n a l Money M a r k e t Y i e l d s f o r
U,S. D o l l a r I n v e s t o r s
Chart 2 - I n t e r e s t Arbitrage, United States/Canada
C h a r t 3 - I n t e r e s t A r b i t r a g e , New Y o r k / L o n d o n
C h a r t 4 - I n t e r e s t A r b i t r a g e f o r German C o m m e r c i a l
Banks
Chart 5 - Short-term I n t e r e s t Rates
C h a r t 6 - L o n g - t e r m Bond Y i e l d s
Chart 7 - I n d u s t r i a l Stock Indices
C h a r t 8 - Spot Exchange R a t e s - Major 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
Chart 9 - 3-month Forward Exchange R a t e s
OFFICIAL USE ONLY
(Decontrolled a f t e r s i x months)
INTERNATIONAL
3 -MONTH
MONEY
MARKET
YIELDS
EURO-DOLLAR
DEPOSIT
VS.
|
FOR
U.S.
CERTIFICATE
EURO-DOLLAR
DOLLAR
OF
OVER
|
SELECTED INTERNATIONAL M O N E Y RATES
E U R O - D O L L A R DEPOSIT RATES ( L O N D O N )
COMMERCIAL P APER-Fully
...I
1
Hedged
I
m?"
INVESTORS
DEPOSIT
Mar.
INTEREST ARBITRAGE,
Frido'y' figure.*- '
3
- MONTH
BIL
RATE
UNITED
TREASURY
BILL
STATES / C A N A D A
' "
RATES
D I F PER E N T I A L _ A N D
FORWARD
CANADIAN
P O L LAR
- V.
3
- MONTH
COVERED
RATE
j_J_
M
J
S
D
M
* Thundoy figures 1962, Fridoy l hereafter.
J
DIFFERENTIALS
I I II
S
D
(NET
_L_L
M
J
INCENTIVES)^
I I I I I I II
S
D
M,
fAVOi
CANADA
FAVOK
CANADA
J
S
D
'/
INTEREST
ARBITRAGE,
NEW
AJX
YORK/LONDON
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
FORWARD
3-MONTH
STERLING
RATE" D I F F E R E N T I A L
1962
WITH
FORWARD
EXCHANGE
COVER
{NET
INCENTIVE)
INTEREST
Friday
ARBITRAGE
FOR
GERMAN
COMMERCIAL
BANKS
figures
3 - M O N T H
Par c e n t p e r a n n u m
TREASURY
EURO- DOLLAR
BILLS,
DEPOSIT
INTERBANK
RATES
;
LENDING
[
RATE
r
]
AND
y-
( U R 0 - D 0 L U 8 LONDON
• Vy
RATE
DIFFERENTIAL
INTERBANK
tOAN
AND
FORWARD
DEUTSCHE
I
RATE
FORWARD
MARK
S P R E A D IN F A V O R OF F R A N K F U R T
RATE"
'PREMIUM )
V
'DISCOUNT
TRIASURY BIllS
RATE
DIFFERENTIAL
WfTH
FORWARD
7
x/v z
AA
\
A
N v/A
i
V r~ V V—
IN
I
1
INTERBANK
-1
EXCHANGE
IN F A V O R OF F R A N K F U R T
L
LOAN RATE
I
1
/
COVER
A
'Vvi
i
F A V O R OF L O N D O N E U R O - D O L L A R S
I
I L_L_J
i
I I L_J
I
I
(NET
,
|
i/v, / V
•v/t
=r
INCENTIVE)
C h o r t
5
.
SHORT-TERM
[ N T E REST
V
RATES *
|
CANADA
/ W —
3 month treoiury bill ratei lor all counlriet except Jopan
and Switzerland (3 month depolit rot 4
~j" 3 month rate lor U 5 dollar depoiili in London
(Average rate on bonk loom and ducounti)
LONG-TERM
BOND
YIELDS
X /
LKM.
J
1961
/
INDUSTRIAL
STOCK
INDICES
Katit seal*;
SWITZHIAND^
! 250
200;
| 1$0
CANADA —
Swiss Bonk Corporation industrial slock.
* * Japan: index of 2 2 5 industrial and other
slocks traded on the Tokyo exchange.
X
C h B rt_8
SPOT
EXCHANGE
...... —
-—
RATES
—
-
MAJOR CURRENCIES
•—
-
T
AGAINST
U.S.
DOLLAR
Per
c e n t
Above par
Above par
T
Above par'
CANADIAN DOLLAR
J A P A N E S E YEN
{
> M O N T H
FORWARD
EXCHANGE
RATES
ftidny figures
AGAINST
U.S.
AGAINST
POUND
STERLING
- LONDON
AGAINST
POUND STERLING
- LONDON
P O L I A RS
C . m p . . annua.
May 1 9 ,
H.13
No, 196
Latest Figures Plotted In H.13 Chart Series, 1965
II.
Per cent
per annum
Chart 1
Per cent
per annum
Chart 5
Upper panel
(Friday, May 14
,
except as noted)
(Wednesday, May 12
)
Euro-$ deposit
4 . 88
U.S. certif. of deposit
4.32
Treasury bills:
Lower panels
(Friday,May 14
Euro-dollar;
196:
)
Call
7-day
30-day
90-day
180-day
Finance Co. paper:
4.31
4.38
4 . 62
4.88
5.06
U.S.
4.25
Canada
4.88
Hire-purchase paper, U.K.
U.K.
6, 13
Germany
3. 12
Canada
3, 72
3,25
Euro-$ deposit (London)
4 . 88
Japan: composite rate
(Date: Dec. 31 )
7. 990
Chart 6
U.S. govt.
(Wed., May 12
)
Canada
3.72
U. S.
3. 87
Spread favor Canada
- 0 . 14
Forward Canadian dollar
+ 0 . 20
Net incentive (Canada +)
+0.04
(Friday, May 14
4 , 17
)
U.K. war loan
(Thurs., May 6
May 13
German Fed. Railway
(Fri. , May 14
)
6.81
Swiss Confederation
(Fri. , May 7
)
3^91
)
)
5.07
5. 07
Canadian govt.
(Wed., May 5
May 12
Chart 3
)
)
6.59
6.69
)
U.K.
6. 13
U.S.
3. 87
Spread favor U.K.
+ 2 . 26
Forward pound
-2.01
Net incentive (U.K. +)
+0.25
N e t h e r l a n d s government
perpetual
( T h u r s , , A p r i l 29)
1/
Additional
Mar. 23
Mar. 31
Apr. 7
5. 08
rates:
- 3.25
- 3.25
-3.25
For description and sources of data see special annex to H. 13 Number 164,
Digitized for September
FRASER 23, 1964.
1/
r^\
I V
Bonds:
(Friday, May 14
Treasury bills:
3. 88
Swiss 3-month deposits
(Date: A p r i l 15 )
5.22
Chart 2
Treasury bills:
U.S.
@FedFRASER