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DIVISIOi OF I N T E R N A T I O N A L F I N A N C E B O A R D O F WOVERNORS F E D E R A L RESERVE SYSTEM H. 13 October 6, 1965 No. 216 CAPITAL MARKET DEVELOPMENTS ABROAD I. /Nine Charts on Financial Markets Abroad II. Latest Figures Plotted in H.13 Chart Series, 1°65 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 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) ««5f then I INTERNATIONAL MONEY 3 - M O N T H EURO D O L L A R Wednesday figures M A R K E T YIELDS FOR U.S. D O L L A R INVESTORS DEPOSIT VS. CERTIFICATE OF DEPOSIT & U.S. CIlflMCAII OF IIPOSIT EUIO-DOUAI OVII SELECTED I N T E R N A T I O N A L M O N E Y Friday (igwr«i | RATES E U e O - D O l l A I Of POSIT * A T I 1 (LONDON) JO-IAT V.I. Hill PMCMASI VN ^\// ••i. em let Sept. l«€. Mat. Jfi. •ec. INTEREST ARBITRAGE, Friday figurei* MONTH BILL RATE TREASURY UNS7ED STATES / C A N A D A P BILL DIFFERENTIAL RATES AND FORWARD CANADIAN DOLLAR I F O R W A R D RATE p 3 - MONTH COVERED RATE DIFFERENTIALS I DISCOUNT} _ (NET INCENTIVES)- FAVOR 0 . S .962 1963 T h ur i do y figure* 196 2, fnday I h e r en t ler 1964 196$ $. » I N T I R I S T ARBITRAGE, N I W Friday M«wr«t YORK/LONDON 3 - M O N T H T R E A S U R Y BILL RATES m w TOII FOIWAli li I ll I RATE D I F F E R E N T I A L W I T H F O R W A R D E X C H A N G E C O V E R (NET I N C E N T I V E ) " • I I I ' j s I I i I ' e M j ' ' i ' t i I I s I I i ' ' i ' I 'I I M i e i s ' I i I I I I N T I R 1 S T A K S I T R A O I FOR G E R M A N C O M M E R C I A L R A N K S Frldey lljurei P 3 - M O N T H TREASURY B I L L S , I N T E R B A N K L E N D I N G RATE A N D E U R O - D O L L A R D E P O S I T RATES j , j I lUlO-DOHAI 1 0 * * 0 * VV RATE D I F F E R E N T I A L A N D F O R W A R D DEUTSCHE M A R K ri " V TIIASUIY 1111$ 1 1 1 1 1—: r . .T . T . . 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 I N C E N T I V E ) 7 A V I I I 1 I N T t l R A N K LOAN RATI I '/ A / •> JtlASUlY^lllLS IN FAVOI OF LONDON ( U K O - D O l l A t S ItM Chert 5 SHORT-TERM INTEREST R A T E S * r i 1 1 1 1 K '7\r h V •Vl. m \ £L 1 , ^nr, r' 1.1. «. t. (iUUY h 1 1 1 1 1 1111 1 1 M 1111 M 1 1 1 1 i1 n1n i 1 1 1 II II 1 A U M YV l Y; v^y * $ I v7"^ SWITZIIUM I 1 1 I I 1i 1i i 1i i i i i i i i 1 1 1 1 1 1 1 1 HA. .AJ-J M i l 1 1 1 11 1 1 1 1 1 1 11 1I I I 1 1141 •X- 3 in en Ik Ireaivry bill role. for all counlrie. e.cepl Japan and Switzerland (3-month depoiil rol«) "f" 3-moelh role lor U.S. dollar depotili in London. (A»< 1 Chin 4 L O N O - T I R M BOND YI1LDS fx- ».«. 1.1. •iimiueis swimiuM If 41 1«4* I *4S Chart 1 INDUSTRIAL STOCK INDICES *•«• Ktlt 1.1 ne in so* U.S. !** tttl * Swiii l..k C.rporo.l.A *'* Japan: Ieden ef 225 lei ltM 1141 C, SPOT I X C H A N O I BATIS - MAJOK C U K K I N C I I S AGAINST U.S. D O H A # * • ' «•«» i.e SWISS IKAIC I.I rilHCN ftANC AW - L A > \ ITALIAN til A ul V * t • i s /I r V A JAPAN!$111* 1 1 • i i J 1113 1 1 S 1 1 1 1 1 » • 1 1 i 1 1 $ 1 1 • 1 1 * 1 1 11 I s 11*$ . 1 1 0 B.Uw 3 - M O N T H FORWARD EXCHANGE R A T H Friday f I g u r • • A G A I N S T U.S. DOLLARS 7 SWISS FRANC I v / v . O z r r ^ s , V a - - x - _ i V A G A I N S T POUND STERLING - L O N D O N A G A I N S T POUND STERLING - L O N D O N r , October 6, 1965 H. 13 No. 216 Latest Figures Plotted In H. 13 Chart Series Per cent per annum Chart 1 Upper panel (Friday. 0 c t - 1 , except as noted) (Wednesday, Sept. 29 ) Euro-$ deposit 4. 88 U.S. certif. of deposit 4. 37 Treasury hills: Lower panels (Friday, Oct. 1 Euro-dollar deposits: Finance Co. paper: ) U.K. 5.27 Germany 3. 88 Canada 4. 06 3.82 5 . 00 Euro-$ deposit (London) 4. 88 U.S. 4. 25 4.52 Japan: composite rate (Date: J u l y 3 0 ) 7. 782 Canada Chart 6 5.06 Bonds: (Friday, Oct. 1 Treasury bills: U.S. govt. (Wed., Sept. 29 ) Canada 4.06 U.S. 3.99 Spread favor Canada +0.07 Forward Canadian dollar -0.54 Net incentive (Canada +) -0.47 Chart 3 - 3.99 Swiss 3-month deposits (Date: Sept. 23 ) Chart 2 0ct U.S. 4. 25 TTT§ 4.50 Call 7-day 30-day 90-day 180-day Hire-purchase paper, U.K. (Friday, Per cent per annum Chart 5 1 Treasury bills: ) U.K. 5,27 U.S. 3.99 Spread favor U.K. +1.28 Forward pound -1. 38 Net incentive (U.K. +) -0. 10 U. K. war loan (Thurs., Sept. 30 4. 34 ) ) 6.32 German Fed. Railway (Fri., Sept. 24 7.39 Swiss Confederation (Fri. , Sept. 24 3.96 Canadian govt. (Wed. , Sept. 29 5. 36 Netherlands government perpetual (Fri. , Sept. 17) For description and sources of data see special annex to H. 13 Number 164, September z3, 1964. W
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