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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 O F GOVERNOR# H. 13 No. 222 November 17, 1965 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) Chart 1 INTERNATIONAL 3-MONTH EURO MONEY MARKET YIELDS DOLLAR DEPOSIT VS. FOR EURO-DOLLAR SELECTED INTERNATIONAL Friday 11 g u r • « MONEY EURO COMPANY U.S. CERTIFICATE DOLLAR OF OVER INVESTORS DEPOSIT | RATES D O L L A R D E P O S I T RATES ( L O N D O N ) | S.,t. 11*3 IW4 ms INTEREST Fridoy ARBITRAGE, UNITED STATES / C A N A D A figures* MONTH TREASURY BILL RATES UNITED STATIS BILL RATE DIFFERENTIAL AND FORWARD CANADIAN DOLLAR A* 3 - MONTH COVERED RATE DIFFERENTIALS (NET INCENTIVES). INTEREST Friday ARBITRAGE, 3 - M O N T H RATE TREASURY Y O R K / L O N D O N BILL R A T E S DIFFERENTIAL F O R W A R D RAT NEW f I g u r• I A N D 3 - M O N T H STERLING DIFFERENTIAL WITH FORWARD EXCHANGE COVER (NET INCENTIVE) CHART 4 was not published in this issue. SHORT-TERM INTEREST R A T E S # -Vi y* 3 m ont h treasury bill rates for all countries except Japan and Switzerland (3 month deposit rait) ™f* 3 month rote I o f U S dollar deposit! in London (Averoge rote on bonlt l o o m and discounts) A Cfc.M 4 L O N G - T E R M B O N D YIELDS 'V\ / % I N D U S T R I A L STOCK INDICES tail* icele 19*1 * Swill lank Corperetio* industrial ileek. ** Jopef*: index of 22 5 industrial and olhe l*«S °\ 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 I A G A I N S T U . S . DOLLAR Above Above BUTCH eUUDII /X. par por 3 - M O N T H F O R W A R D F r i d a y II g v r • » E X C H A N G E RATES AGAINST U.S. DOLLARS AGAINST P O U N D STERLING - LONDON A G A I N S T P O U N D STERLING - L O N D O N H. 13 No. 222 November 17, 1965 II. Latest Figures Plotted In H. 13 Chart Series, 1965 Per cent per annum Chart 1 Upper panel (Wednesday, Nov. 10 (Friday, Nov. 12 , except as noted) ) Euro-$ deposit 4.94 U.S. certif. of deposit (November 3) 4.47 Treasury Lower panels (Friday, Per cent per annum Chart 5 bills: U.S. 4.05 U.K. 2^33 Germany Nov. 12 ) 3.88 Canada Euro-dollar deposits: Finance Co. paper: Call 7-day 30-day 90-day 180-day 4^25 4.38 4^50 4.94 5.06 U.S. 4.38 Canada 4.76 Hire-purchase paper, U.K. Canada 4JA U.S. 4.05 +0.06 Forward Canadian dollar -.0,67 Net incentive (Canada + ) --M3 Chart 3 Nov. 12 Treasury bills: (London) Japan: composite rate (Date: sept. 30 ) 4.94 7 o 680 Chart 6 U.S. govt. (Wed., Nov. ) Spread favor Canada (Friday, 3.94 Bonds: Nov. 12 Treasury bills; • Euro-$ deposit 4. 99 Chart 2 (Friday, Swiss 3-month deposits (Date: Oct, 15 ) ) U.K. U.S. 5.33 JU05 Spread favor U.K. +1.28 Forward pound -1.32 Net -0.04 incentive (U.K. +) Digitized forFor FRASER description and sources September z3, 1964. 10 ) U. K. war loan (Thurs. , Nov. 4 4.38 ) 6.41 German Fed. Railway (Fri. , no. 5 ) .L-53 Swiss Confederation (Fri., Ncv. 5 ) 3.93 Canadian govt. (Wed., Nov. 10 ) 5.50 Netherlands government perpetual (Fri. , Nov. 5 ) 5.44 - of data stie special annex to H. 13 Number 164,
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