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DIVISION
H. 13
^°*
^20
,
October 11, 1967.
(CAPITAL MARKET DEVELOPMENTS ABROAD
I.
II.
I.
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: Frankfurt/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 Rates--Major 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 Y O R K , L O N D O N , MONTREAL:
YIELDS FOR U . S . DOLLAR I N V E S T O R S O N 3 - M O N T H F U N D S
DOLLAR DEPOSIT RATES: NEW Y O R K - L O N D O N
Wednesdoy figures
Per cent per on
EURO DOLLAR D E P O S I T
U . S . C E R T I F I C A T E OF D E P O S I T
E U R O - D O L L A R OVER U . S . C E R T I F I C A T E OF DEPOSIT
•
\ j v
- J T
\ ' k
- - - - -
'
V
i
;
•
'
1"
v
•
F I N A N C E C O . PAPER RATES ( c o v e r e d ) : Q U O T E D I N N E W Y O R K
Friday figurei
U . K . HIRE P U R C H A S E
CANADIAN FINANCE COMP ANY
U.S. FINANCE COMPANY
Mar.
Jun.
Sept.
Dec.
1965
Mar.
iun.
1966
Sept.
Dec.
Mar.
Jun.
1967
Sept.
Dec.
Mar.
Jun.
1968
Sept.
Dec.
LONDON:
YIELDS
EURO-DOLLAR
FOR
DEPOSIT
U.S.
DOLLAR
INVESTORS
ON
3-MONTH
30
180
90
FUNDS
RATES
DAY
DAY
DAY
CALL
HIRE
PURCHASE
AND
LOCAL
AUTHORITY
HIRE
DEPOSIT
RATES
(covered)
PURCHASE
EURO-DOLLAR
DEPOSIT
HDTFFE RENTI AL
FAVOR HIRE P U R C H A S E
EURO-DOLLAR
DEPOSIT
LOCAL
AUTHORITY
DEPOSIT
FAVOR LOCAL AUTHORITY
DIFFERENTIAL
FAVOR EURO\DOLLAR
1965
1966
1967
H
I
INTEREST ARBITRAGE:
FRANKFURT/LONDON,
FRANKFURT
LOAN
INTERBANK
RATE V S . L O N D O N
ZURICH/LONDON
EURO
DOLLAR
RATE ( C O V E R E D )
Per cent per annum
1
INTERBANK
LOAN
I N TERMS
OF DM
RATE
EURO-DOLLAR
FAVOR F R A N K F U R T
DIFFERENTIAL
FAVOR
ZURICH
DEPOSIT
RATE
VS.
LONDON
EURO-DOLLAR
RATE
EURO-DOLLAR
(COVERED)
I N TERMS OF S W I S S
FRANCS
EURO-DOLLAR
SWISS
DEPOSIT
RATE
FAVOR
DIFFERENTIAL
FAVOR
n
PRICE
OF
GOLD
IN
ZURICH
EURO-DOLLAR
LONDON
35.3
35.0
1965
1966
1967
1968
INTEREST
Friday figures
ARBITRAGE,
3-MONTH
TREASURY
UNITED
BILL
STATES/CANADA
RATES
CAN.
F I N . CO. P A P E R
CANADA
UNITED STATES
BILL
RATE D I F F E R E N T I A L
AND
FORWARD
CANADIAN
DOLLAR
PREMIUM
S P R E A D IN F A V O R OF C A N A D A
\^\L<
FORWARD
3-MONTH
COVERED
RATE
DIFFERENTIALS
(NET
RATE
INCENTIVES)
FAVOR C A N A D A
PRIME FINANCE PAPER
I
FAVOR U . S .
FAVOR C A N A D A
TREASURY
1964
1965
BILLS
1966
1967
INTEREST ARBITRAGE, N E W
3-MONTH
YORK/LONDON
TREASURY BILL RATES
U.K. LOCAL AUTHORITY DEPOSITS
LONDON
V
RATE
DIFFERENTIAL
AND
3-MONTH
NEW YORK
FORWARD
| V n
STERLING
S P R E A D IN F A V O R OF L O N D O N
FORWARD RATE
RATE D I F F E R E N T I A L
WITH
FORWARD
EXCHANGE
j
COVER
DISCOUNT
(NET
I N F A V O R OF L O N D O N
INCENTIVE)
/A
I N F A V O R OF N E W Y O R K
1965
1966
1967
1968
S H O R T - T E R M INTEREST RATES *
E U R O - D O L L A R - LONDON t
SWITZERLAND
CANADA
[ I nter b o n Ic
L O N G - T E R M B O N D YIELDS
NETHERLANDS
CANADA
SWITZERLAND
GERMANY
EURO D O L L A R B O N D S
1963
1964
1965
1966
1967
'A
SPOT E X C H A N G E RATES - M A J O R CURRENCIES A G A I N S T U . S . DOLLAR
SWISS FRANC
GERMAN MARK
U.K. STERLING
BELGIAN FRANC
DUTCH GUILDER
FRENCH FRANC
CANADIAN DOLLAR
I T A L I A N LIRA
X/'
JAPANESE YEN
M
J
1965
S
0
M
J
1967
S
D
M
J
1968
S
V>
3 - M O N T H F O R W A R D E X C H A N G E RATES
A G A I N S T U.S. D O L L A R S — N E W YORK
SWISS FRANC
GERMAN MARK
POUND STERLING
DISCOUNT
FRENCH F R A N C
DUTCH GUILDER
CANADIAN DOLLAR
A G A I N S T P O U N D STERLING — L O N D O N
S W I S S FRANC
GERMAN MARK
U . S . DOLLAR
I N D U S T R I A L STOCK I N D I C E S
360
320
280
SWITZERLAND
240
200
GERMANY
160
J
120
360
-
320
j 280
JAPAN
CANADA
120
1964
1966
1967
W
H. 13
No. 320
October 11, 1967.
(all figures per cent per annum)
Chart 1
(Wednesday,
Upper Panel
Uct
. 4
Euro-$ deposit
5.56
U.S. certif. of deposit
5.12
Lower Panel
(Friday,
Treasury bills:
Oct. 6
Finance co. paper:
U.S.
Canada
Hire-purchase paper, U.K.
Chart 5
(Friday, Oct. 6
)
Spread favor U.K.
+ .83
4.88
5.41
5.26
Forward pound
- .69
Net incentive (U.K. +)
+
Chart 6
(Friday,
Oct.
Treasury bills:
Euro-$ deposits:
4.62
5. 18
5.62
5. 75
90-day
180-day
4.96
Local-authority deposit
(Sept. 29)
Chart 3
Upper Panel
(Period:
Oct. 1-7
Interbank loan (mid-point)
4.18
Euro-$ deposit (average)
4.32
(Date:
)
Zurich 3-month deposit
(Date:
Sept. 15
Japan composite rate
(Date:
June 30
4. 50
5; 33
4. 65
4.18
5.62
)
2. 75
)
7. 29
Chart 7
)
2. 75
German Fed. (Fri.,
)
Oct. 4
U.K. War Loan (Thurs.,
Swiss Confed. (Fri.,
)
Oct. 5
0ct-
)
6
)
Sept. 29 )
Treasury bills:
Canada
U.S.
Spread favor Canada
Forward Canadian $
Net incentive (Canada +)
Canadian finance paper
5. 03
6.89
6.63
4.55
35.194
Canadian Gov't. (Wed., Oct. 4
Chart 4
(Friday,
Oct. 6
. 14
)
U.S.
U.K.
Canada
U.S. Gov't. (Wed. ,
Sept. 15
Zurich 3-month deposit
Price of gold
(Friday,
Sept. 29
6
Interbank loan rate (German)
(Oct. 1-7)
Euro-$ deposit (London)
4.99
Hire-purchase paper
(Sept. 29)
Lower Panel
5.33
4. 50
U.K.
U.S.
)
Chart 2
(Friday, Oct. 6 )
Call
30-day
)
)
6.32
-
)
Netherlands Gov't, perpetual.
(Friday,
Sept. 22
)
4. 65
4.47
"+TTB.90
- .72
Euro- $ bonds (Fri.,
0ct
-
6
3%
5. 67
)
6.40
For descriptions and sources of data, see
special supplement to H.13, Number 239,
March 16, 1966.
6.38
{
@FedFRASER