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B O A R D OF G O V E R N O R * D I V I S I O N OF I N T E R N A T I O N A L F I N A N C E F E D E R A L RESERVE SYSTEM H. 13 No. 173 November 2£, I96I1 ^CAPITALJ/IARj<EI_DEVELOPMENTS A B R O A D I, II, Nine Charts on Financial Markets Abroad Latest Figures Plotted in H»13 Chart Series, 19&U J 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 k - 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) CB«N 1 INTERNATIONAL 3-MONTH MONEY EURO D O L L A R N E W YORK OFFER Friflav l l a i i m t M A R K E T Y I E L D S FOR U.S. D O L L A R RATES O N SELECTED 3 - M O N T H I N V E S T M E N T S TREASURY BILLS- Fully Hedged COMMERCIAL PAPER-Fully Hedged CANADIAN FINANCE COMPANY | W INVESTORS DEPOSIT VS. CERTIFICATE OF DEPOSIT F U.S. FINANCE COMPANY Sept. I D.t. INTEREST A R B I T R A G E , U N I T E D STATES / C A N A D A — Friday f i g u r e s * Per cent j3 e r 3 J A 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 ! i i—i FORWARD 1 C A N A D I A N DOLLAR 1——i 1 r r~r 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 | I .. M NET INCENTIVE IN FAVOR OF (A J $ 0 1961 M J 1962 * Thursday figures 1961 1962, Friday thereafter S - D M J 1963 $ D M J 1964 S JJ H INTEREST A R B I T R A G E , N E W Y O R K / L O N D O N 3 - M O N T H TREASURY BILL RATES RATE D I F F E R E N T I A L A N D 3 - M O N T H F O R W A R D S T E R L I N G 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 1965 INTEREST 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 Fridoy figures i ~i r~~r i—w: f i 3 - M O N T H T R E A S U R Y 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 -- — A GERMAN INTERFRANK10AN RATE," EURO-DOLLAR LONDON F GERMAN TREASURY BILLS ~i r i r~~n RATE D I F F E R E N T I A L A N D F O R W A R D i i i i DEUTSCHE MARK SPREAD IN FAVOR OF FRANKFURT: INTERBANK LOAN RATE r TREASURY BILLS i- i r i r~ 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 NCENTIVE: IN FAVOR OF FRANKFURT ( + ) INTERBANK LOAN RATI\f \ A PER TENT PER SHORT-TERM INTEREST RATES * EURO-DOLLAR - LONDON - X 19 61 "X" 3-monlh ireuiury bill r "I el I or u 11 countries H * c opt Japan I and Switzerland ( 3 month deposit rate) -J-,3 month rote lor U b dollar deposits in London 1964 (Average rate on hunk loam and dacounli J L O N G - T E R M B O N D YIELDS - INDUSTRIAL STOCK „ , INDICES • „a,-,oo Ratio stale New ierie> * * Japan Swm Bank Corporation mduslriol Uock index ol 22 5 mduiiriol and other index stock* traded on the Tokyo exchange V 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! SWISS FRANC U.K. STERLING w if h .'U.S. I dollar- Paru DUTCH GUILDER 4 — \ 0 3-MONTH FORWARD EXCHANGE RATES Friday figures AGAINST U.S. DOLLARS I SWISS FRANC POUND STERLING DISCOUNT - A G A I N S f P O U N D S T E R L I N G ..... L O N D O N . PREMIUM + AGAINST P O U N D STERLING - L O N D O N J* 1965 ' ifi; No, 173 November 2£, 196H II Latest Figures Plotted In H.13 Chart Seriess 196U Per cent per annum Chart 1 Chart 5 Upper panel (Wednesday, Nov* 18 (Friday, Nov, 20 except as noted) ) H*|o Euro-$ deposit Treasury bills: ; U. S. certif. of deposit Lower panels (Friday, Nov. 20 Treasury bills: ) U.S. Germany 2,63 Canada 3,60 h.SO U.S. 3,86 Canada )i.2Q Japan: composite rate (Date: July 31 ) ls2&6 Chart 6 j w o Bonds: Nov, 20 ) Canada 3 M U.S. Spread favor Canada +C 01 Forward Canadian dollar Net incentive (Canada +) Chart 3 Nov, 20 Treasury bills; L.62 Euro-$ deposit (London) Chart 2 (Friday, l s 6 l U.K. 3 M Hire-purchase paper, U.K. Treasury bills: U.S. 3,# Canada (Friday, ' Swiss 3-month deposits (Date: Oct, 15> ) U. K. Finance Co. paper; Per cent per annum U.S. govt. Nov, 18 (Wed., k*l6 U. K. war loan (Thurs., Nov a 19 6,15 German Fed. Railway (Fri. Nov, 13 6=38 Swiss Confederation (Fri., . Nov? 6 L.03 Canadian govt. (Wed., Nov, 18 $.06 Netherlands Government Perpetual (Fri rs Nov, 6 ) U>-93 ) U.K. U.S. Spread favor U.K. oi Forward pound -1,00 Net incentive (U.K. +) +6.03 For description and sources September z3, 1964. of data see special annex to H. 13 Number 164, . s
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