Full text of H.16 Capital Market Developments : April 12, 1965

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Not for Publication DECONTROLLED AFTER SIX MONTHS
H. 14

April 12, 1965.
CAPITAL MARKET DEVELOPMENTS
D T T H E UNITED STATES

LIBRARY

1.11965

Corn orate and municipal bond markets. New security financing
by corpora tior s this week will drop sharply from last week's very
substantia 1 tc tal, with the volume for the week the smallest since the
-errd orf
'
Meanwhile, more than half of this week's heavy supply
of new municipal offerings will be accounted for by a $125 million
offering of New York City bonds.
Long-Term Public Security Offerings 1/

Corporate
New Capital | Refunding

State & Local Govt.
New Capital 1 Refunding

Sold:
52 week avg.
April
April

2
9

90
82 r/
170

1

183
141 r/
111

11
5 r/

Scheduled:
April 16

20

241

1/ Federal Reserve estimates based on published reports of issues sold
and scheduled for offering; corporate rights offerings are included
as of the date subscription rights expire.
Underwriters were not quite as aggressive in bidding for last
week's two competitive corporate bond issues at they had been in the
case of comparable issues in recent weeks. The new corporate bond
yield series--adjusted to Aaa basis--edged up another basis point.
Financial developments abroad, particularly the firming effect of the
new British budget on sterling, along with this further increase in
reoffering yields brought considerable improvement in the tone of
the corporate bond market. With fairly strong demand for last week's
new offerings, investor interest picked up on three of the four other
issues still in syndicate.
In the municipal market, only a little more than one-half
of last week's new supply of offerings was sold by the end of the week.
However, sales of older issues increased, and dealers' advertised inventories were reduced almost $60 million through Thursday. Yields on
seasoned, Aaa-rated bonds were stable for the fifth consecutive week.




H. 14

-2 -

Yields in Securities Markets
Level latest week
(per cent)

High-Grade
Notes and Bonds
Corporate
New
Seasoned

+ 1

4.43
4.42

U.S. Govt.
Long-term
3-5 year
State &

Change from
preceding week
(basis points)

4.14
4.11

local govt.

Moody's Aaa
Standard & Poor's high grade

3.09
3.17

Money Market

4.10

+ 5

3.93
3.98

Federal Funds
Treasury Bills
3-month
6-month

+ 1
+ 1

Corporate Bonds Still in Syndicate
Lata
Offered

Reoffering
Yield

Amount
(millions of $)

Rating

Estimated Proportion sold

3/17

16.8

Carolina_Clinchfield RR
4-1/2 's - 90

4.55

A

1/4

3/18

20.0

Northern 111. Gas
4-1/2's - 98

4.50

A

1/2

3/25

20.0

Brooklyn Union Gas
4-5/8's - 90

4.50

A

1/3

4/1

25.0

Philadelphia Elec.
4-1/2's - 95

4.51

A

1/2

4/7

35.0

Union Glee.
4-1/2 's - 95

4.46

Aa

1/2

4/8

25.0

Arkansas Pwr. & Lt.
4-5/8's - 95

4.52

A

4/5

Blue List of Municipal Dealers' Advertised Inventories
(In millions of dollars)
Recent High
Latest Date
End of Previous Week
$723 (4/8)
$781
$831 ( 3 / 8 )




H. 14

Stock prices.
Closing at 86.56 on April 9, common stock
prices (as measured by Standard and Poor's index of 500 stocks)
matched their all-time high reached in early February and were up
one per cent from a week earlier. Trading volume averaged 5.3 million
shares a day, up 0.6 million shares above the average for the previous
week.
More detailed information concerning recent capital market
developments is presented in the attached exhibits.

Capital Markets Section,
Division of Research and Statistics,
Board of Governors of the Federal Reserve System.




I x M I B I I A . Hil I
.,
L O N G - T E R M B O N D YIELDS. H I G H - G R A D E

XV " V X —

Exhibit A

Corporate
Aaa 1/

Da te

-- Part II

U. S. G o v t ,
long-term 2/

S t a t e and
local
government
Aaa 3/

Spread b e t w e e n
U. S. Govt, and
C o r p o r a t e p S t a t e and
Aaa

f local Aaa

(per c e n t )
4.42 (1/8/60)
4.12 (2/3/62)

3.65(9/24/59)
3.37v/6/6l)

4.45 (12/11)
4.35(5/29)

3.85 (12/28/62)
4 . 2 0 4/17)
4.11 ( 1 V 2 0 )

2.88(13/8/62)

1965 - H i g h
Low

4.44(1/8)
4.41(3/12)

M a r . 12
M a r . 19
M a r . 26
2
Apr.
Apr.
9 £/

4.41
4.42
4.42
4.42 ,
4.42 V

1959-60
1961-62
1962-63
1964

- High
- High
- Low
- High
Low

4.61(1/29/60}
4.46(9/15/61)
4.19 ( 3/29/63)

.92

3 . 1 6 3/26)
2.99(12/31)

.59
.57
.21
.33
.19

1.04
.80
1.14
1.01

4.16(3/12)
4.13(1/29)

3.09(4/8)
2.94(2/11)

.29
.25

1.22
1.05

4.16
4.14
4.14
4.14
4.14

3.09
3.09
3.09
3.09
.
3.09 /

,

.25
.28
.28
.28
.28

1.07
1.05
1.05
1.05
1.05

t)/ Pivllmlnary#
y Weekly average of daily figures. Average term of bonds included ie 22-24 years.
y Weekly average of daily figures. The series includes bonds due or callable in 10 ye*rs or more.
f/ Thursday figures. Only general obligation bonds are included] average term is 20 years.
Note#—tiigns and Iowa are for individual series and may be on different dates for different
series. For spreads, high refers to widest, and lew to narrowest.




•

I"

EXHIBIT B. Pa.i I
LONG-TERM

BOND

YIELDS,

LOWER

GRADE

\J

Exhibit B -- Part I I "

Corporate
Baa y

State and
local govt.
Baa 3/

Spread between
Aaa and Baa
State and
Corporate

(per cent)
1959-60 - High
Year end - 1961
1962
1963
1964
1965 - High
Low
Mar. 12
Mar. 19
Mar. 26
Apr. 2
^ Apr. 9 £/

Note*

5.36 (a/12/60)
5.10
4.93
4.85
4.80
4.80(1/8)
4.78(3/19)

4.46 (3/7/60)
4.04
3.57
3.60
3.51
3.51(4/8)
3.40(2/11)

4.78
4.78
4.79
4.79
4.79 /

3.51
3.51
3.51
3.51
3.51

F o r f o o t n o t e s see exhibit i .




f

1
.84
.66
.70
.48
.37
.38
.36

1.08
.73
.63
.49
.52
.52
.41

.37
.36
.37
.37
.38

.42
.42
.42
.42
.42

1
k
*}

*

7
tx Mien C, Pa.I I
S H O R T - A N D IN T E R M E D IA T E - T E R M INTEREST RATES
GOVERNMENT

Exhibit C —

Discount
3-month
rate
bills 2/
ll

Date

4.59 ( W 6 0 )
2.66

1959-60 - H i g h
'Year end - 1961

1962
1963

4.00
3.00
3.00
3.50

3.52

1964

4.00

- High
Low

4.00
4.00

1965

M a r . 12
M a r . 19
M a r . 26
2
Apr.
Apr.
9 £/

Part II

Yields
6-month
bills 2/
(per c e n t )

3 - 5 year
issues 2/

5.07(1/8/60) 5.00(13/24/59)
3.81
3.41

3.83

2.90
2.93
3.64
3.93

4.07
4.07

3.99(2/26)
3.80(1/8)

4.04(2/26)
3.92(1/8)

4.13(3/12)
4.04(1/22)

2.89

Spread b e t w e e n y i e l d s on 3 month bills and y i e l d s on
6 - m o . bills 13-5 vr. issues

4.00
4.00
4.00
4.00

3.94
3.92
3.91
3.92

4.00

3.93.

3.98

4.13
4.11
4.10
4.11

4.01
3.99
3.98
3.99
/

4.11

.79
.24
.04
.13
.10
. 13
.05
.07
.07
.07
.07
.05

1.81
1.15
.52
.55
.24
.29
.11
.19
.19
.19
.19
.18

1/ Weekly rate shown is that in effect at end of period at the Federal Reserve Bank of New York#
y Market yield} weekly averages computed from daily closing hid prices. Series of 3-3 year issues
consists of selected notes and bends#
Note,—tilghs and lows are for individual series and m y be on different dates for different series.
For spreads, high refers to widest, and low to narrowest.




• % 'V
y

E XHIBII 0, Foil I
S H O R T - A N D INTERMEDIATE- TERM INTEREST RATES,

,

B A N K S A N D OTHER PRIVATE B O R R O W E R S

E x h i b i t D -- Part II

Da te

Prime rate

If

Finance
company
paper
2/

Federal funds 3/

Spread b e t w e e n
3-mo. bills and
finance co. paper

(per c e n t )
1959-60 - High
Year end - 1961
1962
1963
1964
1965 - High

Mar.
Mar.
Mar.
Apr.
Apr.

12
19
26
2
9 £/

.

5.00
4.50
4.50
4.50
4.50

5.13
3.00
3.19
3.88
4.06

4.50
4.50

4.25(4/9)
4.00(2/12)

4.10(4/9)
3.88(2/26)

.34
.10

4.50
4.50
4.50
4.50

4.25
4.25
4. 25
4.25

4.02
4.08
4.08
4.05

.31
.33
.34
.33

4.50

4.25

4.10

.32

(1/22/60)

4 . 0 0 (s/13/60)
2.88
3.00
3.50
4.00

1.02
.34
.30
.36
.23

y ^ « k l y rate shown is that in effect at end of period. Prime rate is that charged by large banks
on short-term loans to business borrowers of the highest credit standing.
1/ Average of daily rates published by finance companies for directly placed paper for varying
3
maturities in the 90-179 day range.
3/ Weekly average of daily effective rate, which is the rate for the heaviest volume of purchase and
sale transactions as reported to the Federal Reserve Bank of New York.
Notei—Bighs and lows are for individual series and may be on different dates for different series.
Tor spreads, high refers to widest, and low to narrowest.




f

i I- j i 1 i i i i i I i i i i i-.l -i - I i l-i i -i i-i i I I I i i. .L 1. I .i i_i - L.L L..1.1.1-I .L.LlJ_L-LJ_J—l_l_Ll_i_l_LJ_l_L_L'--IA-.
Exhibit E -- Part II

Common
Stock price
index 1/

Date

yields 2/
(per cent)

Trading
volume 3/
(millions
of shares)

Stock marlnet customer
Customers'
loans to
debit bal"others" 5/
ances 4/

Total

(In millions of dollars)
1961-62 - High
Low
Year end
1963
1964
1965

- High
Low

52.68(6/25/62)

2.80
3.96

10.1
2.4

74.44
84.75

3.13
3.02

4.7
4.7

7,242
7.053

5,515
5.099

1,727
1.974

87.56(4/9)
85.37(1/8)

2.95
3.02

6.4
4.7

6,940
6,872

5,007
4,986

1,962(1/20)
1,848(3/3)

72.04(1^/8/61)

5,602(12/61) 4,259 (12/61)
i 424 (3/61) 3,253(]/61)

1,418(5/9/62)
1,161(3/8/61)

5,007
1,860
5.9
6,872
2.99
86.75
Feb.
1,886
2.99
5.4
86.83
Mar.
n. a.
1,872
n. a.
3.01
5.1
86.20
Mar.
26
1,886
n.a.
n.a.
3.01
4.7
86.53
Apr.
2
n.a.
n.a.
n.a.
2.97
5.3
87.56
Apr.
9 p/
n.a.—Not available, p/ Preliminary.
3/ Standard and Poor's oomposite Index of 500 ootunon stocks, weekly closing prices, 1941^43»10.
Monthly data are averages of daily figures rather than of Friday** only. Highs and loirs 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
3/ Averages of dally trading volume on the New Y e * Stock exchange# Year-end figures are averages of
dally 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.




2

'
i t XHIBII f . P u . I I

M O R T G A G E A N D B O N D YIELDS

r\

MSI

ltSI

FHA

2/

mortgages

Date

25-vear 30-vear
1956 1957 1958 1959-601961-64-

Low
High
Low
High
High
Low

1964 - N o v e m b e r
December
1965 - J a n u a r y
February
March

2/

3/

4.68
5.63
5.35
6.24
5.72
5.43
5.44
5.43
5.43
5.43
n.a.

1*60
Exhibit F

Conventional
gages
3/

Mil
Mil
Part II

'**'

Spread beAaa C o r p o r a t e
tween yields
on conv. &
Ne*4/
25-year FHA
Seasoned—^
mortgages

5.70
5.45

5.20
6.00
5.55
6.30
5.95
5.80

.47
.47
.15
.23
.38
.23

3.08
4.94
3.65
5.25
4.72
4.12

5.45
5.45
5.45
5.45
n.a.

5.80
5.80
5.80
5.80
n.a.

.36
.37
.37
.37
n.a.

4.47
4.42
4.41
4.45

__

l

**<

Spread b e t w e e n
yields on new corporate bonds and
25-year
Seasoned
FHA m t g s .

3.08
4.12
3.57
4.61
445
4.22

.76
1.58
.88
1.69
1.50
.94

4.43
4.44
4.43
4.41
4.42

.96
1.01
1.02

1.03
.05
.73
.39
-. 16

.03
.01
-.03

Neither mortgage nor bond yields take into aooount aerviciqg oosts which are maoh higher for mortgage*
than bonds. Generally, bonds pay interest semi-annually) mortgages, monthly. Mortgage yields, if computed. as equivalent to a semi-annual Interest investment, would be slightly higher than given In the
table.
Based on THA-field-office opinions about average bid prices in the private secondary market for neww
home mortgages for immediate delivery* Separate data available for 25-year and—begin! ng July 1 9 6 L —
30-year mortgages with minimum downpaymsnts, weighted by probable volume of transactions . Yields computed by FHA, assuming prepayment period of 12 years for 25-^nsar mortgages and 15 years for 30-year
mortgages. Over the period for ifcloh they can be compared, the movement of the two mortgage yield
series has been similar* Dashed lines indicate periods of adjustment to changes in contractual interest
Based on FHA field office opinion on typical interest rates (rounded) on conventional first mortgages
prevailing in the market areas of insuring office cities. Beginning with April I960, rate relates only
to new-home mortgages* prior to that date, rate related to both new as *ell as exlsting-home mortgages.
Dashed line indicates this change in the series,
See note for Exhibit 6.
Moody's Investor Service, Monthly averages of daily data. See Exhibit A,

4/

5/


«

i
!

t X HIBlI G, fori I
YIELDS O N

NEW

AND

SEASONED

i I i .! I A I

CORPORATE

. i ! . L i.~L I

BONDS

,i. j I. j

i J. L L i J _ I J

. L..L_LJ,._L_i..LJ._L.I - L 1 - J -

Exhibit G - Part II
Yielda on New Corporate Bond laaues Adjusted to an Aaa basis
Number Ain't of issues Average
included (mil.
yield
of
(per cent)
issues of dollars)

Number Ain't of issues Average
included (mil,
yield
of
(per cent)
issues of dollara)
Monthly averages:
1964 - May

1

--

--

8
15
22

1

40.0

4.53*

1

14.0

4.39

Jan.

June

10
8

278.0
230.0

4.46
4.43

July

3

60.0

4.37

Aug.

4

75.0

40.0

4.33

Sept.

7
3

239.0

4.49

5

1

16.0

4.38

70.0

4.46

12

1

60.0

4.42

140.0

4.47
4.42

26
5

1
2

35.0
60.0

4.41
4.48

Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Weekly averages

4.39

29
Feb.

1

19
3
3

.

94.0

Mar.

3

111.0

4.41

12

2

41.0

4.48

7

157.8

4.45

19
26
Apr.
2

2
1
1

36.8
20.0
25.0

2

60.0

4.37*
4.42
4.43
4.44

1964 - High

4.53(5/8)
4.30(2/21)

9

•*»,
A by mooqv'a investors o e r n u e \oAuopu t o n u
and foreign companies, and bonds guaranteed by the Federal Govarnment) weighted by size of offering.
Before averaging, new offerings are adjusted to a composite l*a basis by deducting from the actual
reoffaring yield tta excess of the weekly average yield for seasoned tends of the appropriate industxyquallty group over the composite average for seasoned Aaa-rated bonds (Moody's). Averages considered
unrepresentative because of special characteristics of fee offerings Included are denoted by an asterisk^




H. 14

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

New Cap ital
Corporate
1964

1/

State and Local 2/
1963
1964

1963

1965

930
685
754

613
594
1,144

£/ 800
e/8 00
e/850

2,178
1,069
1,378

930
904
1,013

e/750

July
August
September

780
661
1,109

October
November
December

1965
January
February
March

2/801
e/ 800
e/1,050

April
May
June

e/

1st
2nd
3rd
4th

quarter
quarter
quarter
quarter

1st half
Three quarters
Year

732
746
976

£/

»24^
667
903

869
866
930

676
637
795

£/
2/
2/

906
780
892

680
708
449

1,013
819
1,415

e/
e/
e/

850
550
950

1 ,051
729
416

2,369
4,625
2,550
3,013

2,31)1
2,847
2,109
3,246

e/2,450 2/
2/
2/
e/

2,533
2,811
2,578
2,350

2 ,454
2 ,665
1 ,837
21
'97

6,994
9,544
12,557

e/2,651.

'
77*
810

949
656
1,419

950

947

5,198
7,307
10,553

2/ 5,3 44
2/ 7,922
e/10,2 72

,118
5j
6,
,955
9,
,151

2/
j,/
£/
£/

£/

1

Excluding finance companies 3/
1st
2nd
3rd
4th

quarter
quarter
quarter
quarter

e/ 2, 45 1

Year
e/
£/
1/
2/
2/

1,996
4,170
2,411
2,755

2,284
2,529
1,768
2,854

11,332

9,434

Estimated by Federal Reserve.
Preliminary.
Securities and Exchange Commission estimates of net proceeds.
Investment Bankers Association of America estimates of principal amounts.
Total new capital issues excluding offerings of sales and consumer finance compatiles.




1

H. 1 4
Exhibit I
New Corporate Security Issues, Type of Issue
and Issuer
(In millions of dollars)

3,317
2,167
2,875

Gross proceeds for new
capital and re funding 1 /
Common Memo:
Bon is
and
Foreign
Publicly Privately pfd. issues
Offered Offered
stock included
1,386
1,289
251
642
852
1,006
308
55
1,088
1,510
277
135

996
566
747

984
376
552

228
274
317

848
685
945

- I
II
III
IV

2,700
3,634
2,436
3,466

1,108
1,389
898
1,319

1,306
1,820
1,251
1,780

287
424
287
367

128
434
109
47

947
591
806
968

326
794
285
530

236
221
150
118

842
1,241
868
1,629

1964 - I
II
III
IV

2,499
4,851
2,802
3,311

978
1,321
792
531

1,221
1,640
1,516
2,372

300
1,890
494
408

29
105
85
223

418
723
547
1 ,045

438
856
642
509

273
1,663
59
128

1,240
1,383
1,303
1,332

1965 - I

2,823

n a

' -

846

378

171

1,256

1963

- July
Aug.
Sept.
Oct.
Nov.
Dec.

810
756
871
1,116
891
1,459

279
336
283
511
183
626

431
318
501
481
549
751

100
100
87
125
159
83

46
21
42
10
10
27

297
272
237
240
214
515

107
100
78
201
131
198

86
25
39
41
13
64

187
187
441
531
461
637

1 9 6 4 - Jan.
Feb.
Mar.
Apr.
May
June
July
Aug,
Sept.
Oct.
Nov,
Dec.

985
710
805
2,234
1,155
1,461
869
728
1,204
1,032
702
1,577

338
279
361
383
470
468
234
183
376
181
30
320

526
342
353
480
537
623
411
433
672
638
620
1,114

121
88
91
1,372
148
370
225
112
156
213
52
143

5
16
8
34
36
35
21
21
44
82
27
114

149
123
146
186
206
332
149
164
234
249
188
607

109
155
174
151
441
264
207
138
296
29 7
40
172

157
83
34
1,377
27
258
23
16
19
81
17
30

515
324
400
463
395
525
401
342
560
321
401
610

Quarter
or
Total
Month
1 9 6 2 - II
III
IV
1963

i ," ^

Net proceeds for
new cap-Ltal 1 /
2jf
Mfg.

Public
Utility

Communications

i

Other
issuers

858
561
163
134
296
- Jan. £./
U
396
54
98
Feb. e/
840
190
500
150
200
130
40
430
)00
"5
150
Mar. r/
250
120
530
1 .12^
550
£/ 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 & other transportation,
real estate & finance, & commercial & other.
Source: Securities & Exchange Commission.


:

1965



'

H. 14
Exhibit J
O t h e r Security Offerings
(In millions of d o l l a r s )

1
1965
January
February
March
April
May
June
July
August
September
October
November
December

2/218
e/ —
e/ 10

Jan. - Mar.

Gross long-term 1/
Foreign government 2/
Federal agenev 3/
1963
1964
1965
1964
1963

e/228

4
82
69
30
75
26
20
13
7
180
72
58
155

Year

636

232
133
76
57
114
11
63
83

E./-e/130
e/185

186
275
260
160

459

509

——

174
200

f

2
441

148
—

——

--

e/315

771

—

--

148
1,204

1,167

New shoirt-terra 4/
State and local government 5/
Federal agenev 3/
January
February
March
April
May
June
July
August
September
October
November
December
Jan. - Mar.

EL/230

n.a.

103
236
-407
442
81
-80
-9
127
176
7
-15
-208
-68

75
272
-367
589
-30
-10
62
208
-173
259
146
-339
-20

' -137
-174
£/

60

-251

-78
-336
23
97
183
239
-333
167
1
525
113
-3

-106
-189
-482
292
195
319
414
327
258
123
-102
551

-391

-777

598
453
692
1,fion
Year
! / Preliminary. e/Estimated by Federal Reserve, n.a. -Not available. l/These data differ
>
from those in Exhibit H in that refunding issues, as well as new capital issues, are included. Long-term securities are defined as those maturing in more than one year. 2/lncludes securities offered in the U.S. by foreign governments and their political subdivisions and international organizations. Source: Securities & Exchange Commission. 3/
Issues not guaranteed by the U.S. Government. Source: Long-term, Securities & Exchange
Commission;, short-term, Treasury Dept. & Federal Reserve. 4/These data differ from those in
Exhibit H and above in that they represent new offerings less retirements, whether from the
proceeds or refunding issues or from other funds. Data include only issues with original
maturing of one year or less. 5/Principally tax and bond anticipation notes, warrants or
certificates and Public Housing Authority notes. In some instances PHA notes included may
have a somewhat longer maturity thanjl year. Source: Bond Buyer & Federal Reserve.




i

1 <

H. 14
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

1964 - Mar.
Apr.
May

June
July
Aug.
Sept.
Oct.
Nov.
Dec.

1965 - Jan.
Feb.
Mar.

Corporate
Bonds
Convertible
(other than
bonds
convertibles)

335
1,557
452
650
291
142
376
187

296
235
415
390
178
125
269
108

230
130
217
513

200
115
131
233

51

Stocks
38
1,271
37
210
113

17
25

--

81
79
--

30

280

Large

Issuer

--

15
86

Type 2/

Individual

Amount
(millions
of
dollars)

--

State
and
local
governments
282
698
274
284
544
459
558
419
226
541
419
446
395

Issues Offarad April

Maturity

Other
50
20
15
275
260
104
15
502
15
--

235
130
19

1 through 9

Coupon
rate or
net interest cost

Offering
yield

Rating

Corporate
Conv. sub. deb.
1st m t g . b d s .

*Celanese Corp.
Union Elec. Co.
Arkansas Pwr. & Lt. Co.
Phil a. E l e c . P w r . C o .
Texas Oil &.Gas.

Corp.

1st m t g . b d s .
S. F. deb.
1st m t : . b d s .

4.00
4.46
4.52
4.51

(A

4.80

Baa

78.9
35.0
25.0
25.0
15.0

1990
1995
1995
1995
1985

4
4-1/2
4-5/8
4-1/2
4-7/8

40.0
17.0

1965--75
1966--85

2.81
3.80

2.20-2. 80
2.50-3. 80

Aa

10.0

1970--95

3.23

2.70-3. 60

Aa

Ba
Aa
A

State & Local Government
S t a t e of O h i o
C l a r k Sch. Dist., Nev.
San Francisco Port Auth.,

G.O.
G.O.

Cal.




1/

Baa

K-2
Large Individual Issues Offered April 1 through 9 (Cont'd)

Issuer

Amount
(millions
Type 3/
of
dollars)

Maturity

Coupon
rate or
Offering
net inter
yield
est cost

Rating^
-A"*

Other
Federal Land Banks
Govt, of Malyasia
Nippon Tel. & Tel. Public Corp.

Bonds
Bonds
Bonds

200.0
25.0
20.0

1975
1966-70
1978

4-3/8
5-1/2
5-3/4

4.65
5.65
6.08

*--Rights offering, n.a.--Not available.
1/ Includes corporate and other security offerings of $15 million and over; State & local
g-vernment security offerings of $10 million and over.
2/ Includes foreign government and International Bank for Reconstruction and Development
issues and non-guaranteed issues by Federal agencies.
3/ In the case of State & local govt, securities, G.O. denotes general obligations;
Rev.-Ut,, revenue obligation secured only by income from public utilities; Rev.-Q.Ut. , revenue bonds secured only by revenue from quasi-utilities; Rev.-S.T., revenue
bonds secured by revenue from specific taxes only; Rev.-Rent., revenue bonds secured
solely by least payments




--- . :u
" '

\1
H. 14
Exhibit L
Forthcoming Large Long-term Public Security Offering for New Capital
(Other than U.S. Treaaury) }J
Expected Proceeds from Forthcoming Large Iseuee
(In millione of dollars)

During month following
date shown
State and
Corporate
Other % )
local govt.
1964 - M a r .

31
Apr.
30
May
28
June
30
July
31
Aug.
31
Sept. 30
Oct. 30
Nov. 30
Dec.
31
1965 - J a n .
29
Feb.
26
Mar.
31

1,587
651
600
292
92
402
186
-90
105
169
407
267

669
345
341
539
120
511
500
254
360
306
242
316
212

25
15
--

15
--

.

25
215
--

60

Corporate

Subsequent to
date ahown
State and
local govt.

1,837
844
668
307
167
442
186

.Other 7J

953
575
598
716
588
680
626
549
563
435
382
599
373

--

130
105
253
: 504
i 792

25
15

15
--

25
215

60

Forthcoming Large Offerings ks of April 9

Type

Issuer

Amount
(millions
of
dollars)

Approximate date of
offering

Cornorate
Florida Pwr. Co.
Tenneco Corp.

1st mtg. bds.
Deb.

Columbia Gas System, Inc.
Chrysler Corp.
Virginia Elec. & Pwr. Co.
Pacific Tel. & Tel. Co.

Deb.
Com. stk.
1st & ref. mtg. bds.
Deb.

40.0
300.0
60.0
125.0

May
May
May
May

State and Local Governne nt
New York City, N.Y.
Cleveland, Ohio
Baltimore Co., Md.

G.O.
G.O.
G.O.

123.0
11.0
11.0

Apr. 13
Apr. 13
Apr. 21




30.0
40.0

Apr. 22
Apr. 27
7
12
19
20

(rts. ex.)

L-2
Forthcoming Large Offerings as of April 9 (Cont'd)

Issuer

Type

Amount
(millions
of
dollars)

Approximate date
offering

State & Local Government (Cont'd)
C o m m o n w e a l t h of Mass.
*Penna. State Pub. Sch. Bldg.
Auth.
Panna. State Highway &
Bridge Auth.
Pittsburgh, Pa.
Dads County, Fla.
Florida Dev. Comm.
Va. State Highway Auth.

G.O.

75.0

Apr.

21

Rev.-Rent.

23.1

May

Rev.-Ut.
G.O.
G.O.
Rev.-S.T.
Rev.-Q.-Ut.

15.0
35.0
46.0
33.8
31.0

May
25
Indefinite
Indefinite
Indefinite
Indefinite

Bonds

15.0

Apr.

5

Other
Govt, of Venezuela

^--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 for Federal agencies.
None:--Deletions for reasons other than sale of issue: None.




(9
H. 14
Exhibit M
Foreign Government and Corporate Security Offerings
and Placements in the United States
Part I:

1
!

Sale Date

i

Amount
(millions
of
dollars)

Public Offerings

Issuer and Description of Issue

A.

$

Sold Feb. 1 through April 9

l
g

3/25

10.0

City of Helsinki, Finland--6-l/4% bonds,
maturing 1977, reoffered to yield 6.59%.

|

4/6

25.0

Govt, of Malaysia--5-1/2% bonds, maturing
1966-70, reoffered to yield 5.65%.

:

4/7

20.0

%

Nippon Tel. & Tel. Public Corp.--5-3/4%
bonds, maturing 1978, reoffered to
yield 6.087=.

B.
4/

*

15.0

Included in table for first time.




Prospective Offerings

Govt, of Venezuela - bonds

M-2
Part II:

Date reported

Private Placement--Reported February 1 through April 9

Amount
(millions
of
dollars)

Issuer and Description of Issue

3/8

British Columbia School Dists. Capital
Financing Authroity--4-5/8% instalment
debentures, maturing 1965--no information
available on takedown.

3/5

Note:

10.0

15.0

Fraser Companies, Ltd.--5-1/8% first and
collateral trust bonds, maturing 1987--no
information available on takedown.

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 this Exhibit and that shown in Exhibits I and J because
the latter includes privately placed securities in the period in which funds are
actually takendown but only in the amount of takedown, while the placements shown in
this exhibit are included when reported, frequently with little or no information
concerning timing of takedowns. Full or partial takedowns may take place both prior
and subsequent to the data a placement is reported. ^--Included in table for first
for FRASER
time.

Digitized