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H . 13 No. 323 ... November 1, 1967. ' I. II. I. CAPITAL MARKET DEVELOPMENTS ABROAD 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: Frankfart/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 R a t e s — M a j o r 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) NEW YORK, YIELDS DOLLAR FOR LONDON, U.S. DEPOSIT MONTREAL: DOLLAR RATES: INVESTORS NEW ON 3-MONTH FUNDS YORK-LONDON EURO-DOLLAR DEPOSIT U.S. CERTIFICATE OF DEPOSIT EURO-DOLLAR OVER U.S. CERTIFICATE OF DEPOSIT FINANCE CO. PAPER RATES (covered): QUOTED IN NEW YORK U.K. HIRE PURCHASE V 3 ^ CANADIAN FINANCE COMPANY U.S. FINANCE COMPANY Mar. iun. Sept. Dec. Mar. 1965 Jun. 1966 Sept. Dec. Mar. Jun. 1967 Sept. Dec. Mar. Jun. 1968 Sept. Dec. LONDON: YIELDS EURO-DOLLAR Friday figures FOR DEPOSIT U.S. DOLLAR INVESTORS O N 3 - M O N T H FUNDS RATES Per cent per 30 180 90 ^ DAY DAY DAY A j CALL HIRE PURCHASE AND LOCAL AUTHORITY HIRE DEPOSIT RATES (covered) PURCHASE EURO-DOLLAR DEPOSIT ^DIFFERENTIAL FAVOR HIRE PURCHASE FAVORTUWDOLLAR ; EURO-DOLLAR DEPOSIT LOCAL AUTHORITY DEPOSIT DIFFERENTIAL 1965 1966 1967 i v i i— I INTEREST ARBITRAGE: FRANKFURT/LONDON, FRANKFURT LOAN INTERBANK RATE VS. L O N D O N ZURICH/LONDON EURO-DOLLAR RATE ( C O V E R E D ) 1 1 INTERBANK IN TERMS LOAN RATE DM 1 1 /\f*r | A - 1 OF EURO-DOLL AR ( y / : ; ! 1 L~. ; . : . . ZURICH 1 i FAVOR F R A N K F U R T 1 : : RATE VS. i r ^ v V \ A : . 1 DEPOSIT I 1 T DIFFERENTIAL I LONDON ' EURO ! . i l/V' DOLLAR RATE ! ! i ! (COVERED) ! IN TERMS OF SWISS F R A N C S EURO-DOLLAR S W I S S DEPOSIT RATE F A V O R ZURICH DIFFERENTIAL FAVOR E U R O D O L L A R XL PRICE OF , GOLD , IN LONDON 1 35.3 T 35.0 1965 1966 1967 1968 INTEREST ARBITRAGE, 3-MONTH TREASURY UNITED BILL STATES/CANADA RATES CAN. FIN. CO. PAPER CANADA j UNITED STATES BILL RATE DIFFERENTIAL AND FORWARD CANADIAN DOLLAR SPREAD IN FAVOR OF CANADA FORWARD RATE I 3-MONTH COVERED RATE DIFFERENTIALS (NET INCENTIVES) PRIME FINANCE PAPER FAVOR CANADA TREASURY BILLS 1964 1965 1966 1967 INTEREST ARBITRAGE, 3-MONTH TREASURY NEW BILL YORK/LONDON RATES U.K. LOCAL AUTHORITY DEPOSITS LONDON NEW YORK r IRATE DIFFERENTIAL AND 3-MONTH FORWARD I STERLING SPREAD IN FAVOR OF LONDON FORWARD RATE |RATE DIFFERENTIAL WITH FORWARD EXCHANGE j COVER DISCOUNT (NET IN FAVOR OF LONDON INCENTIVE) y/ IN FAVOR OF NEW YORK 1965 1966 1967 1968 SHORT-TERM INTEREST RATES * Per EURO-DOLLAR - LONDON + U.S. SWITZERLAND 9 JAPAN GERMANY CANADA US 1963 S*it:finna vj 1964 month depots rc«e. and Germany 'interbank Loan Ro»e 1965 1966 1967 45 LONG-TERM BOND YIELDS NETHERLANDS CANADA SWITZERLAND GERMANY EURO-DOLLAR BONDS 1963 1964 * * New senf, 'or Germnnv Vnm 7 9 65 1965 1966 1967 SPOT EXCHANGE RATES - M A J O R CURRENCIES A G A I N S T U.S. DOLLAR SWISS FRANC GERMAN MARK U.K. STERLING T BELGIAN FRANC DUTCH GUILDER FRENCH FRANC CANADIAN DOLLAR I T A L I A N LIRA v/' JAPANESE YEN M S s 0 1965 1966 I 1967 s D S 1968 Chart 9 1 jj 3-MONTH AGAINST FORWARD U.S. EXCHANGE DOLLARS —NEW RATES YORK S W I S S FRANC G E R M A N MARK P O U N D STERLING DISCOUNT- PREMIUM FRENCH F R A N C | DUTCH GUILDER C A N A D I A N DOLLAR DISCOUNT AGAINST POUND STERLING — L O N D O N PREMIUM S W I S S FRANC GERMAN MARK U.S. DOLLAR DISCOUNT- 1965 ( 1966 1967 INDUSTRIAL STOCK INDICES , 9 58 , c c 360 3?0 280 SWITZERLAND 240 200 GERMANY 160 360 320 280 JAPAN 240 200 CANADA 160 120 1964 1965 1966 1967 ! \V November 1, 1967. H. 13 No. 323 II. Upper Panel Latest Figures Plotted in H.13 Chart Series, 1967 (all figures per cent per annum) Chart 1 (Wednesday, Oct. Chart 5 (Friday, net. 27 25 5. 56 Euro-$ deposit Treasury bills: ) 5. 58 U.K. U.S. 6. sn 5.28 U.S. certif. of deposit Spread favor U.K. Lower Panel (Friday, Oct. 27 5.00 4.87 Finance co. paper: U.S. Canada Hire-purchase paper, U.K. . 98 Forward pound Net incentive (U.K. +) 5. 33 Chart 6 (Friday, -OCT. 27 Chart 2 (Friday, Oct. 2 7 ) Treasury bills: Euro-$ deposits: Call 30-day 4. 38 4. 81 5.62 5.81 90-day 180-day Hire-purchase paper (Oct. 20) Local-authority deposit (Oct. 20) Chart 3 5.48 Interbank loan (mid-point) 4. 18 Euro-$ deposit (average) 4.27 Lover Panel (Date: 5.29 Oct. 15 Zurich 3-month deposit 35.196 Zurich 3-month deposit (Date : Oct. 15 Japan composite rate (Date : Aug. 31 ) 4.85 Treasury bills: Canada U. S. Spread favor Canada + Forward Canadian $ -1.44 Net incentive (Canada +) -1.09 4. 50 .35 Canadian finance paper Oct. 20 6.38 Oct. 27 6.44 4. 18 5. 62 ) ) 7. 28 Chart 7 U.S. Gov't. (Wed., German Fed. Oct. 25 (Fri., Swiss Confed. ) 5.27 Oct. 26 ) 6.99 Oct. 27 ) 6. 64 Oct. 20 ) 4.55 (Wed., Oct. 25 ) 6.57 (Fri., Canadian Gov't. Chart 4 (Friday, Oct. 27 5.58 4.85 Interbank loan rate (German) (Oct. 16-23) Euro-$ deposit (London) U.K. War Loan (Thurs., 3.50* 4.50 U.S. U.K. Canada Netherlands Gov't, perpetual 3% (Friday, Oct. 20 ) Euro-$ bonds (Fri., Oct. 27 J 5.91 6. 46 For descriptions and sources of data, see special supplement to H.13, Number 239, March 16, 1966. *Sept. 23 30 Oct. 7 3.00 3.00 3.50
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