Full text of H.16 Capital Market Developments : April 1, 1968

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LIBRARY

Not for Publication

^CONTROLLED AFTER SIX MOUTHS

A

C A P I T A L MARKETS DEVELOPMENTS
IN THE UNITED STATES

i

y

9

6

8

FEDERAL RESERVE BANK
OF RICHMOND

Corporate and municipal bond markets. The volume of new, publiclyoffered, municipal bonds expected this week is considerably larger than the
average weekly volume over the past year; the corporate volume, however, is
substantially below average. The largest municipal offering will be the
California Department of Water Resources1 $150 million of revenue bonds.
Dominating the small corporate volume will be New Jersey Bell Telephone's
$50 million of debentures.
1/
Long-term Public Security Offerings —
(In millions of dollars)
Corporate
New Capital | Refunding
Sold:
52 week avg.
March

329

1

State & local Government
New Capital I Refunding
264

1

22

r/379

r/375

1

29

435

200

45

116

419

Scheduled:
April
17

5

Federal Reserve estimates are based upon published reports of
issues sold and scheduled for offering; corporate rights offerings
are included as of data subscription rights expire.

Yields on new and seasoned corporate bonds advanced last week, but
despite record yields new competitive-bid issues met with only a fair reception. The higher yields also brought the release from syndicate of a large
unsold balance of Pacific Gas & Electric bonds, offered only the week before.
In subsequent free market trading the yield on this issue advanced 13 basis
points.
Yields on municipals also advanced last week, but -- as in the
corporate market -- new issues were not enthusiastically received. By Friday
night only about 61 per cent of the week's new issues had been sold. . Dealer's
inventories advertised in the Blue List rose, returning approximately to their
level of two weeks earlier.
FNMA secondary market and other operations. Offerings of mortgages
by private holders to the Federal National Mortgage Association for purchase
in the secondary market totaled $164.4 million in February. Allowing for
differences in the number of working days, this was only moderately lower
than in January. Moreover, in the third week of March, offerings nearly
doubled as money markets tightened further. In response to these pressures




H. 14
Yields on Security Markets
High-Grade
Notes' and Bonds

Change from
preceding week

Levels Latest Week.

Corporate
+
+

6
3

5.40

+

25

5.14
5.32

-

12
5

6.64
6.17

New
Seasoned
. U.S. Government

5.42
5.77

Long-term
3-5 year .
State and Local Govt.

4.28
4.58

Moody1s Aaa
Std. & Poor's high grade
Money Market
Federal funds
Treasury , bills
3-month
6-month

Corporate Bonds Still in Syndicate
Date
Offered

Amount
(millions of $)

Issuer

Reoffering
Yield

Rating

3/28

35.0

Houston Light & Power,
6-3/4's - 1998

6.67

Aaa

3/28

20.0

Hawaiian Telephone,
6-3/4's - 1998

6.80

Aa

3/27

25.0

Kansas City IVr. & Lt.,
6-3/4's - 1998

6.67

Aaa

3/19

20.0

Utah Power & Light,
7's- 1998

6.90

Estimated pro-?
portion sold
35%

60%
30%

Blue List of Municipal Dealers1 Advertised Inventories
Latest Week
428(3/27/68)




End of Previous Week
389

Recent High
849(4/26/67)

H. 14

FNMA reduced its prices for secondary market acquisitions of eligible home
mortgages by 1.5 points, effective March 30. This was the first reduction
in FNMA acquisition prices since late November when the reduction amounted
to 1 point.
Purchases in February totaled $245.2 million, still unusually
high and, in fact, the second highest February level on record.
In February, as in January, there were no sales of mortgages by
the Federal National Mortgage Association.
In connection with its other operations, FNMA sold 1 billion
dollars of participation certificates on March 26. Of this total,
$730 million were"sold directly to the public, while the remaining $270
million were absorbed by Government investment accounts. Maturities fox
the $730 million portion sold to the public ranged from 3 to 10 years with
accompanying yields of 6.30 to 6.45 per cent. In an offering of PC's
earlier this year (January 17), the maturities extended from 20 to 20 yea
and related yields ranged from 6.35 to 6.40 per cent.
Savings flows. Depositary-type institutions in February showed
considerable improvement over recent months. Because seasonal adjustmen t
procedures are presently under thorough review, seasonally-adjusted data
are not presented at this time; on a preliminary basisr however, seasonsllyy
adjusted savings flows at both institutions in February were considerably
stronger than the depressed pace experienced from late fall through Janu ary.
Net new money flows, which abstract from interest and dividend crediting
were a record for the month at mutual savings banks. Although net new
money flows to savings and loan associations were less than those of Feb ruary
1967, they were equivalent to those recorded for the month in both 1966 and
1965.
Stock prices. Although trading volume continued moderate last
week, common stock prices rose rather sharply. At the close Friday, Standard
and Poor's index of 500 stocks stood at 90.20, up 1.78 from the previous
Friday. Trading volume averaged 8.3 million shares a day.
More detailed information concerning recent capital market dev e lopments is presented in the attached exhibits.
Capital Markets Section,
Division of Research and Statistics,
Board of Governors of the Federal Reserve System.




SAVINGS FLOWS AT NONBANK DEPOSITARY INTERMEDIARIES
($ millions)

Mutual Savings Banks
Regular Deposits
Annual
Net
Growth
Flow
Rfrte__

1964
1965
1966
1967

3,563
2,591
5,079

1966 - Dec.
Jan.
1967 - Feb.
1967 - Sec.
Jan.
1968 - Feb.

„

e/

684
433
319
620
262
330

7.4
4.9
9.3

-__

--

Total
Savings &.Loan Associations
T
Deposits
Share Capital
Net
Net
Annual
Net
Annual
Net
Net
New
New
Growth
New *
Growth
Flow
Flow
Money*
Rate
Money
Rate— Money*
Not Seasonally Adjusted
1,527
227
2,376

8,396
3,656
10,686

1,726
103
309
331 .
764
286
-17
162
301

1,615
-251
585

4,458e
-552
6,136

8.,3
3.,3
9,.1
--

-——
-—
—

/

11,959
6,247
15,765

272
290
741

2,410
742
1,083

157
-270
560

2,235
11
915

8.0
3.8
9.2

5,985e
, -325
8,512

—

375
621
1,027

"

""

—

-—

140
-108
861

Rew Money is deposits net of both withdrawals and interest. Data for S&Ls are for insured associations
only, which represent 96% of the total resources of the industry
.
SOURCES: National Association of Mutual Savings Banks and Federal Home Loan Bank Board.

Net

Estimated.




EXHIBIT

A, Port

1

LONG-TERM BOND YIELDS, HIGH-GRADE




CORPORATE Aaa |

U.S. GOVERNMENT

STATE AND LOCAL GOVERNMENT A a a

1964

1965

1966

1967

1968

Exhibit A -- f a n JLJ.

Date

1959-60 - High
1966 - High
Low
1967 - High
Low
1968 - Mar

State and
local
U.S. Govt. |
long-term 2/,
I
Aaa
3/
'
(per cent)
i

Corporate
. | Aaa 1/

4.61(1/29/60)
5.52(9/9)
4.73(1/7)
6.24(12/29)
5.00(2/10)

4.42(1/8/60) 3.65(9/24/59)
4.04.(8/25)
4.87(9/2)
3.39(1/13)
4.42(1/7)
5.49(11/17) 4.15(12/28)
3.25(2/9)
4.37(2/3)
5.19
5.27
5.49
5.42
5.42

6.09
1
6.07
8
6.08
15
6.14
22
29£/ 6.17

Spread between
U.S. Govt, and
State and
Corporate
local Aaa
Aaa
„92(4/22/60)
.59(8/5/60)
1.19(2/11)
.84(12/30)
.77(9/2)
.14(2/18)
1.51
.92
.74
.44

4.16

.90

1.03

4.28

.59
.72
.75

1.21
r/1.14
1.14

4.27
4.28
r/4.27

.80

1.00

1/ Weekly average of daily figures. Average term of bonds included is 22-24 years.
The series includes bonds due or callable in 10
2/ Weekly average qf daily figures
years or more.
Only general obligation bonds are included; average term is 20
3/ Thursday figures
• • • " i s , : : ;




: :

s s r i . K ' s r r : , ; : , ; :

EXHIBIT B, Port

LONG-TERM

BOND YIELDS, LOWER

Weekly

1

GRADE

;

CORPORATE B a a

STATE AND LOCAL GOVERNMENT B a a

_/

1963




1964

1965

1966

1967

1968

Exhibit B -- Part II

State and
local govt.
Baa 3/

Corporate
Baa 1/

Date

Spread between
Aaa and Baa
State and
Corporate
local Rovt.

(per cent)
1959-60 - High
Year end- 1965
1966 - High
Low
1967 - High
Low

5.36(2/12/60)
5.04
6.18(12/30)
5.05(1/14)
6.97(12/29)
5.81(4/14)

6.80
6.81
6.81
6.87
6.93
??£/
Note: For footnotes see Exhibit A.
r/ Revised.

1968 - Mar.




1
8
15
22

4.46(1/7/60)
3.79
4.55(8/25)
3.78(1/20)
4.73(12/28)
3.85(4/13)

.84
.31
.81
.31
.82
.63

1.08
.39
.62
.31
.81
.37

4.78
4.81
4.90
4.89
4.91

.71
.74
.73
.73
.76

.62
.54
.62
r/.61
- .63

EXHIBIT

C, Port 1

S H O R T - A N D I N T E R M E D I A T E - T E R M INTEREST RATES
GOVERNMENT

96-MONTH BILLS
M o r k e l Yields

r^\r\
3 - 5 YEAR I S S U E S

F R. D I S C O U N T R A T E

3-MONTH BILLS
M a r k e t Yield*

\

| 1 I I

1 1 11 1 1 1
M 11

1963




1 1

1964

1 1 1 1

1965

1966

1967

Exhibit C -- Part II

Date

1959-60 - High
Year end - 1965
1966
1966 - High
Low
1967 - High
Low

Discount
rate
1/
4.00
4.50
4.50
4.50
4.50
4.50
4.00

3-month
bills 2/
4.59(1/8/60)
4.47
4.80
5.52(9/23)
4.39(6/24)
4.99(12/29)
3.41(6/9)

Yields
6-month
bills 2/
(per cent)

| 3-5 year
j issues 2/

5.07(1/8/60)
4o 66
4.92
5,92(9/23)
4.53(6/24)
5.50(12/15)
3.74(6/2)

Spread between yields on
3-mo. bills and yields on
6-mo. bills|3-5 vr. issues

5.00(12/24/59)
4.90
4.86
5.83(9/2)
4.80(4/8)
5.80(11/10)
4.36(4/7)

.79
.19
.12
.52
,09
.62
.01

1.81
.43
.06
.78
.01
1.61
.02

5.21
5.60
.18
5.03
4.50
1
.21
5.25
5.68
5.04
4.50
8
r/.19
4.50
r/5.23
5.43
5.89
15
5.26
5.37
5.78
.11
22
5.00
5.32
29 £ /
5.00
5.14
5.77
.18
1/ Weekly rate shown is that in effect at end of period at the Federal Reserve Bank of
New York.
2/ Market yield; weekly averages computed from daily closing bid prices. Series of 3-5
year issues consists of selected notes and bonds.
Note--Highs and lows are for individual series and may be on different dates for
different series. For spreads, high refers to widest, and low to narrowest,
r/ Revised.
1968 - Mar .




.57
.64
.64
.52
.63

.

EXHIBIT

D. Port

1

S H O R T - A N D I N T E R M E D I A T E - T E R M INTEREST RATES,
B A N K S A N D OTHER PRIVATE B O R R O W E R S

PRIME RATE
FINANCE COMPANY PAPER
Directly p l o c e d ^
3-6 Months

;
—A

.—-

/*

F.R. DISCOUNT RATE

FEDERAL FUNDS

1963




1964

1966

1967

Exhibit D —

Part II
Spread between
3-mo. bills and
Federal funds 3/ finance co. paper

Finance
company
paper 2/

Prime rate 1/

(per cent)
1959-60 - High
Year end- 1964
1965
1966
1966 - Low
1967 - High
Low
1968 - Mar.

4.00(5/13/60)
4.00
4.63
5.63
3.55(1/21)
5.25(1/6)
3.40(10/27)

5.13(1/22/60)
4.06
4.75

5.00

4.50

5.00
6.00

5.88

4.75(1/7)
5.75(1/6)
4.38(6/23)

5.00(3/4)
6.00(12/29)
5.50(12/1)

y

r

s

.

'

u

s

.23

.28

1.08
.20

1.33

.21
.22
.21

4.70
4.95
4.62
5.15
5.40

5.25
5.25
5.50
5.50
5.50

6.00
1
6.00
8
6.00
15
6.00
22
2ȣ/ 6.00

1.02

.25
.24

»

5

2/ Average of"daily rates published by finance companies for directly placed paper




K

s

a

-

y

r

a

»

™

—

-

EXHIBIT

E, Port

1

STOCK MARKET
Billions

ol

dollars

PRICES

S T O C K M A R K E T CREDIT
* CHANGE IN SERIES
Millions

-

:

-

of

shores

14

\

10

V

VOLUME rt|U\

-

i

6
-

2

1

YIELDS

1963




1964

1965

1966

1967

1968

Exhibit E —

Stock price
index 1/

Part II

Stock market customer credit
Trading
Common
Customers1
Bank
volume 3/
stock
debit bal- loans to
Total
yields 2/ (millions
"others"5/
ances 4/
(per cent)
of shares)
(In millions of dollars)

1961-62 - High
Low
, 1966 - High
Low
1967 - High
Low

72.04(12/8/61)
52.68(6/22/62)
93.77(2/11)
73.20(10/7)
97.26(10/6)

82.18(1/6)

2.82
3.96
3.01
3.97
3.01
3.58

10.1
2.4
10.7
5.0
12.3
6.9

5,602(12/61)
. 4,424(1/61)
7,997
7,302
10,347(12/67)
7,345(1/6)

4,259(12/61)
3,253(1/61)
5,835
5,169
7,883(12/67)
5,290(1/67)

1,418(5/9/62)
1,161(3/8/61)
2.241(7/6)
2,097(12/14)
2,507(11/1)
2,055(1/25)

1968 - Jan.
Feb.

95.04
90.75

3.10
3.28

11.9
9.2

10,193
9,802

7,761
7,381

2,432
2,421

2,444
n.a.
9.6
3.36
89.03
2,408
n.a.
10.1
3.35
89.10
88.42
n.a.
8.8
3.38
n.a.
8*3
3.31
J 9 £ / 90.20
n.a. Not Available. £/ Preliminary, r/ Revised.
1/ Standard and Poor's composite index of 500 common stocks, weekly closing prices, 1941-43=10.
Monthly data are averages of daily figures rather than of Friday's only. Highs and lows are.
for Friday's data only.
2/ Standard and Poor's composite stock.yield based on Wednesday data converted to weekly closing
~~ prices by Federal Reserve. Yields shown are for dates on which price index reached its high
or low.
3/ Averages of daily trading volume on the New York Stock Exchange. Year-end figures are averages
of daily figures for the year.
4/ End of month figures for member firms of the New York Stock Exchange which carry margin accounts;
excludes balances secured by U. S. Government obligations.
5/ Wednesday figures for weekly reporting member banks. Excludes loans for purchasing or carrying
U.S. Government securities. Weekly reporting banks account for about 70 per cent of loans to
others. For further detail see Bulletin.
Mar.

8
15
22




\V
FEDERAL N A T I O N A L M O R T G A G E A S S O C I A T I O N ^
SECONDARY

MARKET

OPERATIONS

Million, of dollar.
4UU

OFFERINGS

300

200

| PURCHASES V

100

\ \—

SALES
1962

1964




1966

1968

Exhibit F - Part T.I

Estimated offerings to FNMA
S tandby
Immediate
Total
purchase
commitment

Dut.r

Purchases
by
FNMA

Sales
by
FNMA

(In millions of dollars)
1967 - Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
1968 - Jan.
Feb.

24.4
26.9
17.8
78.7
229.1
232.8
261.0
168.2
260.6
324.7
209.4
212.6
164.4
4

.2
.2
.1
.2
.3
.2
.4
.3
.5
•6
2.8
.5
.4

24.2
26.7
17.7
78.5
228.8
232.6
260.6
167.9
260.1
324.1
206.6
212.0
164.0

84.2
50.9
20.6
17.8
26.9
81.2
198.3
192.4
215.1
186.9
200.1
274.9
245.2

*—

.9
.8
1.5
6.0
.9
.8
.2
.3
.1
-——
--

*—Less than $50,000.
1/ Data represent unpaid principal balances of the mortgages involved, exclusi
of premiums, discounts, or other charges. Offerings are amounts of applica
received, during the period from sellers proposing that FNMA execute purchas
contracts. An immediate purchase contract covers existing mortgages which
seller must deliver to FNMA within 45 days. A standby commitment contract :
lates to proposed mortgages on housing not yet under construction which the
seller must usually deliver within one year. Purchases include those under
both immediate purchases and standby commitment contracts. Data exclude FN!
activity under Special Assistance and Management and Liquidating Programs.




-id•a

EXHIBIT

YIELDS O N

NEW

AND

SEASONED

CORPORATE

G. Part 1

BONDS

Weekly

0 5

P,
A d j u s t e d lo

Aoo

Basis

NEW I S S U E S

0.0

55

5.0
SEASONED A M

4.5

4.0
1964




1965

1966

1967

Exhibit G - II
Yields on New Corporate Bond Issues Adjusted to an Aaa basis
Number
of
Monthly averages:
1968 - J a n
Feb.

13
13

Am't. of issues Average
included (mill.
yield
of dollars)
(per cent)
567.0
564.5

6.24
6.29

Number |Am't. of issues Average
of
included (mill,
yield
issues I of dollars)
(per cent)
Feb.

Mar.

29»
>t/

2
4
4

76.0
237.0
205.0
42.5

6.21

70.0

6.48

85.0
135.0
130.0

6.44
6.58
6.64

6.23
6.30
6.29

Weekly averages:
High
6.64(3/29/68)
Low
6.18(1/12/68
Note: "Averages of offering yields on all new issues of'publicly'offered corporate bonds rated Aaa,
Aa, and A by Moody's Investors Service (except serial and convertible issues, offerings of natural
gas pipeline and foreign companies, and bonds guaranteed by the Federal Government) weighted by
size of offering. Before averaging, new offerings are adjusted to a composite Aaa basis by
deducting from the actual reoffering yield the excess of the weekly average yield for seasoned
bonds of the appropriate industry-quality group over the composite average for seasoned Aaarated bonds (Moody's). Averages considered unrepresentative because of special characteristics
of the offerings included are denoted by an asterisk.




I
Exhibit H
Long-term Corporate and State and Local Government
Security Offerings and Placements
(In millions of dollars)

and local
1967 r

Corporate

January
February *
March
April
May
June

E./ 1,689
e/ 1,600
1/ 2,100

1,648
1,399
2,317

1,302
1,237
2,446

1,107
e/ 1,200
e/1,150

1,482
1,194
1,439

1,188
858
865

e/ 1,550

1,973
1,474
2,611

1,553
1,058
2,364

e/1,150

1,111
1,222
1,497

1,193
901
I,141

2,454
2,407
1,723

1,039
1,670
1,382

943
858
1,324

701
773
1,020

2,289
1,467
2,336

829
1,085
1,635

974
I,424
1,060

755
969
940

5,364
6,058
6,584
6,092

4,985
4,975
4,091
3,550

4,115
3,830
3,125
3,458

2,911
3,235
2,494
2,664

11,421
18,007
24,584

9,959
14,050
17,601

7,945
II,070
14,529

6,146
8,6401
II,304

July
August
September
October
November
December
1st
2nd
3rd
4th

Quarter.
Quarter
Quarter
Quarter

1st half
Three, quarters
Year

1st
2nd
3rd
4th

e / 5,389

Excluding finance companies 2J

Quarter
Quarter
Quarter
Quarter

4,924
4,884
3,969
3,188

5,207
5,913
6,338

17,269

Year

1
e/

e/3,457

—

Estimated by Federal Reserve.




-w-

Exhibit I
New Corporate Security Issues, Type of Issue
and Issuer
(In millions of dollars)

Total

3,669

Net proceeds
Gross proceeds for new capital
and refunding 1/
Common Memo:
Bonus
(pther
Foreign Mfg. Public CommuniPublicly Privately and
Utility cations Is6uers
pfd. issues
Offered Placed
stock
918
417
984
1 ,232
117
375
1 ,247
2,047

5,464
6,208
6,833
6,294

3,263
4,017
4,604
3,107

1 ,811
1 ,465
1 ,551
2 ,137

390
726
678
1,051

60
65
234
93

997
2 ,442
3 ,014 1,268
1,219
2 ,792
2 ,527 1,255

543
548
595
269

1 ,382
1 ,228
1 ,976
2 ,040

1,418
2,362
2,016
1,519
2,673
2,589
2,481
1,763
2,409
1,500
2,385

900
1,618
1,368
965
1,684
1,889.
1,813
902
1,375
645
1,087

362
601
410
396
659
486
418
647
566
551
1 ,020

156
143
238
158
330
214
250
214
469
304
278

10
15
16
32
17
213
13
8
34
19
40

563
1 ,254
1 ,128
588
1 ,298
925
1;,229
637
906
512
1 ,109

274
503
394
403
471
446
509
265
573
404
278

105
145
107
91
350
39
356
200
119
82
68

456
415
343
393
492
1 ,044
313
619
690
469
881

528
700

326
200

16

530
460

418
540

182
125

559
475

1,757
1,655

903
755

Preliminary, e/ Estimated by Federal Reserve.
1/ Gross proceeds exceed net proceeds by the cost of flotation.
2/ For total see Exhibit H; other issuers are extractive, railroad and other
"" transportation, real estate and finance, and commercial and other.
SOURCE: Securities and Exchange Commission.




-2f"

Exhibit J
Other Security Offerings
(In millions of dollars)
Gross Long-term 1/
Federal Agency 3/
Foreign Government 2/
1965
1966
1967
1965
1966
1967
January
February
March
April
May
June
July
August
September
October
November
December

196

12

503
410
392
699
1,030
1,084
799
400
450
800
239

129
185
325

91
33
' 74
5
52
75
2

1,251
783
750
650
810
650
407
250
599
708
710
612

661

8,180

6,806

2,732

218

223
27
13
170
22
586
193
66
142
18

40
40
66
69
76
72
7
50
23
74
68

Year

1,656

597

January
February
March
April
May'
June
July
August
September
October
November
December j>/

New short-term 47
Federal Agency 3/
State and local Government 5/
137
-i?y
308
238
103
U T
-174
-24
-552
91
39
387
117
-454
450
-458
-319
-594
-11
718
-559
647
580
827
509
85
109
204
462
515
237
284
93
-82
-334
-128
132
-590
-158
119
-103
219
206
-262
-270
408
270
593
105
-652
1,407
152
-161
200
-309
606
-555
59
-48
464
202
573
-283
274
503
50
219
-76
36
-366
-570
.431

38
73

775
239
150
375
375
179

HMI
2,284

Reserve. 11.a. —

l?ot available.




422

1,286

-yt

660

310

801

Exhibit K
Large Long-term Public Security Issues for New Capital
(Other than U. S. Treasury) 1/
Proceeds of Large Issues Offered
(In millions of dollars)

Total

- Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov,
Dec,
- Jan.
Feb.
Mar.

Corporate
Bonds
Convertible
(other than
bonds
convertibles)
1,435
956
771
1,072
890
1,288
473
897
461
460
652
575
415

1,638
1,311
870
1,666
1,340
1,705
794
1,458
826
978
904
757
788

State
and
local
governments

Stocks

1,000
540
391
825
85

669
512
496
875
483
473
847
505
865
633
785
591
736

63
142
44
185
133
67
65
276
215
81
85
77
238

140
213
55
409
317
350
257
285
150
. 437
168
105
135

Other 7 2/

221

400
50
845
627
1,095
389
1,030

Large Individual Issues Offered during March.
Issuer

Type 2/

Amount
(millions
of
dollars)

Corporate
*Computer Sciences
Baxter Laboratories, Inc.
Philadelphia Electric Co.
White Motor Corp.
White Motor Corp.
Union Tank Car
*Shell Oil Company
Consolidated Edison
Container Corp. of America
Utah Power & Light Co.
Pacific Gas & Electric

19.4
Com. stk.
Corrv. sub. debst* 25.0
60.0
1st mtg. bds.
25.0
Conv. debs.
25.0
S.F. debs.
Equip, tr. cert. 20.0
95.0
Com. stk.
Cum. pfd. stk. 93.1
30.0
S.F. debs.
20.0
1st mtg. bds.
1st & ref. mtg.
50.0
bds.
Conv. sub. deba. 20.0
Diversified Metals
35.0
Louisiana Power & Light Co. 1st mtg. bds.
15.0
1st mtg. bds.
Pioneer Natural Gas
Houston Lighting & Power
35.0
1st mtg. bds.
Company
20.0
1st mtg. bds.
Hawaiian- Telephone Co..
30.0
Debs.
A.M.K. Corp.
McCulloch Oil Corp. of
Conv. sub. deba. 15.0
California




-m-

Coupon
rate or
net interest cost

Offering
vield

1988
1993
1993
1993
1988

4-1/2
6.55
6-1/2
5-1/4
6-1/2

4.50
6.50
6.50
5.25
6.50

Ba
Aaa
A
Baa
A

1993
1998

6-5/8
7

6.62
6.90

A
A

2000
1993
1998
1988

6-5/8
5-7/8
7-1/8
6-3/4

6.62
5.88
7.00
6.84

Aa
B
Aa
A

1998
1998
1988

6-3/4
6-3/4
6-3/4

6.67
6.81
6.75

Aaa
Aa
Ba

1988

6.00

6.00

--

Maturity

T-5

Racing

K-2
Large Individual Issues Offered during.March.

Issuer

Type 3/

Amount
(millions
Maturity
of
dollars)

Coupon
rate or
net interest cost

Offering
yield

Rating

Corporate (Cont'd)
Union Electric Company
United Utilities
Kansas City Power and Light
Company
Tennecoy Inc.

1st mtg. bds.
Conv. debs.

50.0
50.0

1998
1993

6.91
5

6.80
5.00

Aa
Ba

1st mtg. bds.
Cum. pfd. stk.

25.0
30.0

1998

6.76

6.67

Aaa

State and local Government
Rev. -Rent.
Rev. -Rent.
Rev. -Rent.
G.O.
G.O.
Rev. -Rent.
Bonds.
Rev. -Rent.

Cornell Township, Mich.
Cornell Township, Mich.
Illinois Bldg. Auth.
State of Hawaii
Prince Georges1 Co., Md.
Ft. Lauderdale, Florida
Housing 'Assistance Admin.
Opelika, Alabama
Los Angeles Dept. of Water
and Power

Rev. -Ut.

Ashland, Kentucky
Rev. -Rent.
Peralta Jr. Coll. Distr.,
California
G.O.
Pennsylvania State Sch.
Building Authority
Rev. -Rent.
State of Maine
G.O.
Chester Co., South Carolina Rev. -Rent.
Chester Co., South Carolina Rev. -Rent.
Lorain Co., Ohio
Rev. -Rent.
Lorain Co., Ohio
Rev. -Rent.
1
Escanaba, Michigan
Rev. -Rent.
Allegheny. County Port Auth.,
Pennsylvania
Rev. -Q.-Ut.
St. Louis County, Mo.
G.O.
Atlanta, Georgia
Rev. -Rent.
West Virginia State Bldg.
Rev. -Rent.
Comm.
Rochester, New York
G.O.
Cleveland City School Dist. G.O.
Anne Arundel Co., Annapolis,
Maryland
G.O.
State of Alaska
G.O.
Nassau" Co., New York
G.O.

43.8
12.9
35.4
30.0
24.0
11.5
143.8
45.0

1995
5-1/2
1971 -78
5-1/2
1968-90
4.86
1971--88
4.41
1969--93
4.51
1971--97
5.02
1968--2008
4.43
1971--93
4-3/4-5-3/4

5.50
4 .50-5 .10
3 .25-4,.90
3 .70-4,• 50 4 /
3 .40-4,.63-^
3 .90-5,.00
3 .10-4,.63
4 .75-5,.75

24.0

1969--98

4 .10-4,.85^

23^0

1993

18.5

1993

4.71

6.00

si

5.00

3,.50-4.,60

Bonds




——

Aa
A
A
A
Aaa
—

Aa
— «•

Aa

40.0
11.7
10.8
24.2
29.5
50.5
12.6

1970-•2007^
1969- 98
1970.•78
1993
1971- 78
1988
1996

5.06
4.25
n.a.
n.a.
n.a.
n.a.
n.a.

3,.90-5.25
3,,30-4.85
4.,50-5. 10
5.75
4.,30-5.00
5.38
6.50

20.0
25.5
12.5

1973
1969- 1983
1970- 1999

4.42
n. a.
5.34

4.25
3.40-4. 20
4.00-5.40

A
Aa
Baa

24.2
16.2
15.0

1972-93
1968-79
1969-88

5.50
4.00
4-1/2

4.25-5.50
3. 10-3.95
3.60-4. 55

Aaa
A

12.0
15.5
26.8

1969-98
1969-88
196 9r97

4.67
5.19
4.55

3.60-4. 75
4.00-5. 20
3.60-4. 70

A
Baa
A

1970

6.00

5.97

Other
Federal Land Banks

--

130.0

-#•13

—

Aaa
---——
-- •

——

K-3
Large Individual Issues Offered during March.

Issuer

Type 3/

Amount
(millions
of
dollars)

Maturity

Coupon
rate or
Offer
net interini
est cost
yielcl

Rating

Other (Cont'd)
World Bank

Bonds

150.0

1980

6-1/2

6.54

Aaa

FNMA "
FNMA
FNMA
International Nickel Co.

Part. certs.
Part. certs.
Part. certs.
Debs.

200.0
200.0
330.0
150.0

1988
1971
1973
1993

6.45
6.30
6.45
6.85

6.45
6.30
6.45
6.85

Aa

* Rights offering.
If Includes corporate and other security offerings of $15 million and over;
State and local security offerings of $10 million and over.
2/ Includes foreign government and International Bank for Reconstruction and Deve
elopment
issues and non-guaranteed issues by Federal Agencies.
3/ In case of State and local Government Securities, G.O. denotes general obligation;
Rev.-Ut., revenue obligations secured only by income from public utilities; Rev.-Q.-Ut.
revenue bonds secured only by income from quasinutilities; Rev.-S.T., revenue bonds
secured by revenue from specific taxes only; Rev.-Rent,, revenue bonds securdd solely
by lease payments.
1
4/ Bonds due 1993 with a 2% coupon reoffered at 5.40%.
I
5/ Bonds due 1969-74 were not reoffered.
~§_I Bonds with a coupon due 2007 were not reoffered.




-ttt- u

H. 14
Exhibit L
Forthcoming Large Long-term Public Security Offering for Maw Capital
(Other than U.S. Treaaury) If
Expected Proceeda from Forthcoming Large Iaauea
(In mllllona of dollara)
During month following

Mar. . 31
Apr. 30
31
May
June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
Jan. 31
Feb. 29
Mar. 31

Corporate

State and
local ttovt.

767
963
1,,449
1.,636
1,,261
694
534
1:,357
826
968
531
873
758

227
326
596
401
512
783
768
505
865
633
449
683
494

Other U

70
100
40
——

100
65
50
845
402
60
130
15

Corporate

Subaequent to
date ehown
State and
local govt.
247
346
616
402
575
903
889
743
1,684
1,076
937

905
1,262
2,065
1,922
1,576
1,335
1,090
2,694
2,129
1,892
736
1,105
935

Hit

Other JJ
15
85
115
70
150
159
126
260
875
. 502
75

m

Forthcoming Large Offerings as March 29, 1968.

Issuer

Corporate
General Telephone of the Southwest
Keystond Steel & Wire Co.
New Jersey Bell Telephone Co.
Sundstrand Corp.
Collins Radio Co.
Potomac Edisen Co.
Graphic Sciences
Indian Head, Inc.
Nevada Power Co.
Massachusetts Electric Co.
Consolidated Natural Gas Co.
Fidelity Corporation
Bell Telephone of Pennsylvania
SCM
Indiana & Michigan Electric Co.
Indiana & Michigan Electric Co.




Type

1st mtg. bds.
S.F. debs.
Debs.
Conv. sub. debs.
Debs.
1st mtg. & coll.
tr. bds.
Conv. debs.
Conv. debs.
1st mtg. bds.
1st mtg. bds.
Debs.
Conv. debs.
Debs.
Conv. debs.
S.F. debs.
1st mtg. bds.

Amount
(millions
of
dollars)

Approximate date of
offering

25.0
30.0
50.0
30.0
35.0

April
April
April
April
April

25.0
15.0
25.0
15.0

April
April
April
April
April
April
April
April
April
April
April

20.0

30.0

16.0
100.0
41.5
15.0
35.0

9
9
11
16
17
18
17
23
23(rts. exp.)
30
30

L-2
Forthcoming Large Offerings as March 29. (Cont'd)

Issuer

Type

Amount
(millions Approximate d£ te of
of
offering
dollars)

Corporate (Cont'd)
*Allied Chemical
*Sears Roebuck Inc.
*National Equipment Rental Ltd.
*11linois Bell Telephone
Montana Power
National Aviation Corporation
Piedmont Aviation

Debs.
S.F. debs.
Conv. sub. debs.
Com. stk.
1st mtg. bds.
Com. stk.
Conv. debs.

150.0
100.0
25.0
83.0
30.0
24.2
15.0

April
April
Indefinite
Indefinite (rts. exp.)
Indefinite
Indefinite (rts. exp.)
Indefinite

State & local Government
G.O.
San Francisco, California
Washington Suburban Sani. Dist.,
Rev. -Ut.
Maryland
Rev. -Rent.
Calcasieu Parish, Louisiana
!
G.O.
Detroit, Michigan
California Dept. of Water
Rev. -Rent.
Resources
Penna. State Highway & Bridge
Rev.-Rent.
Authority
G.O.
Oakland Co., Michigan
G.O.
^Minneapolis, Minnesota
San Diego Unif. Sch. Dist., Calif. G.O.
G.O.
San Francisco B.A.R.T.
G.O.
Montogomery Co., Pennsylvania
Rev.
-Rent.
Los Angeles Dept. of Airports
G.O.
*San Diego, California
G.O.
*Houston Ind. Sch. District
Rev.-Rent.
*Kansas City, Missouri
Rev.-Q.-Ut.
Kentucky Turnpike Auth.

31.8

April

1

25.0
20.0
13.9

April
April
April

2
2
2

150.0

April

3

3
April
74.0
4
April
16.9 —9
April
12.3
9
April
10.0
10
April
70.0
April
11.0
April 17
35.0
April 18
10.0
April 23
14.0
1
• May
10.0
Indefinite
120.0

10

Other
April 15
15.0
S.F. loan bonds
Jamaica, Government of
Indefinite
75.0
S.F. debs.
*Lakehead Pipeline
New Brunswick Higher Ed. Comm.,
Indefinite
20.0 '
S.F. debs.
Canada
15.0
Indefinite
Bonds
New Zealand
•
* Included in table for first time.
1/ Includes corporate and other issues of $15 million and over; State and local
Government issues of $10 million and over.
2/ includes foreign government and International Bank for Reconstruction and
~ Development issues and non-guaranteed issues of Federal Agencies.




-W- n

Exhibit M
Foreign Government and Corporate Security Offerings
and Placements in the United States
Part Is

Sale Date

Amount
(millions
of
dollars)

Issuer and Description of Issue
A.

;

Public Offerings

Sold:

Jan. 1 through Mar. 29 , 1968.

1/11

60.0

Quebec Hydro - Electric Commission 6-7/8%
debentures maturing 1989, reoffered to
yield 7.00%.

: 1/23

35.0

Province of Nova Scotia — 7% S.F. debentures
maturing 1993, reoffered to yield 7.10%.

2/1

15.0

New Brunswick Electric Power Commission —
. „ 6-7/8% S.F. debentures maturing 1993,
reoffered to yield 7.00%.

2/13

25.0

Montreal, Canada -- 7-1/8% S.F. debentures
maturing 1988, reoffered to yield 7.06%.

2/20

20.0

Canadian Pacific Railway -- 6.90% equipment
trust certificates — maturing March 1, 1983;
reoffered to yield 6.90%.

3/28

150.0

International Nickel Company-- Debentures
maturing 1993, reoffered to yield 6.85%.
B.

* Indefinite
Indefinite
4/15
Indefinite

15.0
75.0
15.0
20.0

Prospective Offerings
New Zealand — Bonds ***
*Lakehead Pipeline
Government of Jamaica — s.F. loan bonds
New Brunswick Higher Ed. Comm., Canada

* - Included in table for first time.
** - Issues sold to investors outside of U.S.
*** - Issue subject to interest equalization tax.




-27x

M-2
PART II:

Private Placements - Reported January 1 through March £9, 1968*

Date Reported

Amount
(millions
of
dollars)

1/1/68

1.5

1/8/68

12.0

Issuer and Description of Issue

Nicaraguan Hotel Co. — U.S. guaranteed
6% note, maturing June 1, 1987.
Republic of Portugal —

notes due 1968.

1/15/68

7.0

Home Oil Co. Ltd. (Canada) -- Secured
15 year bonds.

2/5/68

1.5

Caribbean Finance Co. (Puerto Rico^ Senior
notes due 1/15/80.

2/26/68

6.0

Aluminio, S.A. de C.V. (Mexico) U.
debentures — 7-1/2%, maturing 1)80.

3/1/68

12.0

Edmonton (City of Alberta, Canada)
U.S. 6-3/4% debentures maturing Jan, , 1993.

3/15/68

35.0

Mexico - (United Mexican States)
7-1/4% bonds due 3/1/73.

ternal

Note: For retrospective data on aggregate foreign corporate and government security
offerings in the United States see Exhibits I and J. There is no simple relationship
between the data shown in the Exhibit and that shown in Exhibits I and J because the latter
includes privately placed securities in the period in which funds are actually taken down
but only in the amount of takedown while the placements shown in this exhibit ara included
when reported, frequently with little or no information concerning timing of taksdown,
Full or partial takedown may take place both prior and subsequent to the date a placement
is reported.