Full text of H.16 Capital Market Developments : April 13, 1964

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Not for Publication DECONTROLLED AFTER SIX U0UTHS
H. 14

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April 13, 1964.

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CAPITAL MARKET DEVELOPMENTS
ED STATES

(Including Review of New Capital and Refunding Security Financing
; '"by Corporations and State and Local Governments During
the First Quarter of 1964)
The volume of public security financing to obtain new capital
was unusually large last week, ended April 10^/due to the expiration of
subscription rights on the $1.2 billion American Telephone and Telegraph Company common stock offering; in addition one other corporation
offered securities totaling $65 million and four large State and local
government bond issues with par value of $141 million were sold. This
week, ending April 17, no large corporate issues are scheduled for
offering, but six large State and local issues with par value of $91
million are on the calendar.
Bond yields. Changes in yields on seasoned, long-term bonds
were mixed last week. Yields on Aaa-rated corporate bonds were
unchanged, but those on lower-grade issues went up a basis point to
4.85 per cent. U. S. Government bond yields were stable. Aaa-rated
State and local government bond yields edged up one basis point to
3.15 per cent, but yields on lower-grade municipals dropped five
basis points to 3.51 per cent.
Short- and intermediate-term interest rates. Short- and
intermediate term interest rates either fell or were stable last week.
Rates on 3-month Treasury bills dropped four basis points to 3.48 per
cent, the lowest level since late last November, while the 6-month
bill rate eased off a basis point to 3.69 per cent. Yields on 3-5
year Treasury obligations fell two basis points to 4.19 per cent. The
major finance companies reduced the advertised rate on their directlyplaced paper with 90-179 day maturity in two steps from 4 to 3-3/4
per cent last week; as a result, the average rate fell 10 basis points
to 3.83 per cent. The average effective Federal funds rate eased
eight basis points to 3.42 per cent. Other rates were unchanged.

Stock prices. Common stock prices eased slightly on balance
last week in active trading. Prices, as measured by Standard and Poor's
composite index of 500 stocks, closed at 79.85 on April 10, slightly
below their all-time peak reached early in the week. Trading volume
averaged 5.5 million shares a day, down 0.4 million shares from the
average for the previous week.




H. 14

-2-

i?ew Capital and Refunding Security Financing by Corporations
and State and Local Governments During
the First Quarter of 1964
Corporations. Net proceeds (gross proceeds less cost of
flotation) from corporate security financing during January-March of
this year, according to preliminary estimates, totaled somewhat more
than $2.6 billion, slightly less than during the corresponding period
of last year. Offerings to obtain new capital are estimated at $2.55
billion, almost one-tenth larger than a year earlier, but issues sold
to refund outstanding securities probably were slightly under $0.1
billion, less than one-third the volume in the first quarter of 1963.
The sharp drop-off in refunding issues was largely attributable to
an increase in interest costs which reduced, or eliminated, the
advantages of refunding; net interest costs on comparably-rated issues
during the first quarter of this year were about 20-30 basis points
higher than during the similar period of last year.

1963 - I
:I
III
IV
1964 - I

2,860
2,992
2,172
2,514
2,600

New Capital

Total
oo

Total

|

State and Local Governments. Municipal bond sales during
January-March of this year had an estimated par value of $2.6 billion,
almost one-tenth less than in the comparable period last year, as
indicated by the following table.

2,665
1,837
2,197
2,400

328
335
317
200

Refunding
Advanced*
dollars)

241
29
248
101
104

Other
165
299
87
216
96

*Note: Advance refunding involves the sale of new bonds to refund
outstanding issues a number of years in advance of the date the old
bonds become first callable; the proceeds of new issues are invested
in U. S. Government obligations (or time certificates of deposit)
until such time as the outstanding bonds become callable and funds
are needed to redeem them.
New capital financing the past quarter was slightly smaller than in the
corresponding period of 1963, but bond sales to refund outstanding
securities were only about one-half as large as the record volume a
year earlier.
Both advance and regular r<- funding were in reduced volume
in the first quarter, reflecting in part higher interest costs this
year than last. Also many of the outstanding bonds which could
benefit most from advance refunding--large, term, revenue bond issues
sold at high interest costs because they financed new facilities with
unproven earning capacity—had already been refunded. The only large
advance refunding issue sold during the past quarter was by the
Jacksonville Expressway Authority; a portion of the proceeds of this
issue <which had been originally scheduled for sale last year but was
delayed because of litigation)will be used to refund $66.6 million of




H. 14

bonds maturing mostly in 1992, but first callable in 1967. The new
issue was sold in March at a net interest cost of 4.12 per cent (about
what the funds will earn invested in Treasury obligations held in
escrow until 1967), 20 basis points less than on the bonds to be refunded. The actual savings, however, will be cut to about three basis
points by amortization of the 104.00 call premium to maturity in 1992,
so total interest savings will amount to less than $500,000. (This
savings compares with an estimated $54 million reduction in interest
cost resulting from one $160 million advance refunding last year).
The Authority will also benefit by some lengthening in the maturity
of the bonds and somewhat more liberal indenture terms on the new issue.
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.




LONG-TERM BOND

YIELDS, H I G H - G R A D E

$1*11 AMD 10CAI 00*1 IMMENI in

1 1940

; mi ,

1 mi

mi ;

: m« ,

Exhibit A - Part II

Corporate
Aaa 3/

U . S . Govt*
long-term 2/

State and
local
government
Aa& 3/

Spread between
D. S. Govt, and
Corporate I
1 state and
Aaa
11 local Aaa

(per cent)
1959-60 - High
1961 - High
Low
1962 - High
Low
1963 - High
Low
1964 - High
Low
Mar.
Mar.
Mar.
April
April

13
20
27
3
10

£/

4. 61(1/29/60)
4.46(9/15)
4.21(3/17)
4.43(2/16)
4.23(l%/2*
4.37(1%/Z7)
4.19(3/29)
4.40(4/10)
4.35(2/28)

4.42(1/8/60)
4.07 (12/29)
3.70(5/12)
4.12(2/23)
3.85(12/28)
4.16 (12/27)
3.87 (Via)
4.20(4/10)
4.14(2/21)

3.65 (9/24/59)
3.37 (7/6)
3.12 (2/23)
3.26 (1/4)
2,88 (U/8)
3.18 (u/21)
2.93 (3/28)
3.16(3/26)
3.07(2/20)

.59
.57
.34
.47
.30
.35
.21
.23
.19

.92
.76
.46
1.04
.80
1.05
.88

4.37
4.38
4.39
4.40
4.40 /

4.17
4.18
4.20
4.20
4.20

3.13
3.16
3.16
3.14
3.15

.20
.20
.19
.20
.20

1.04
1.02
1.04
1.06
1.05

f

'

1.08
1.02

Preliminary.
Weekly average of daily figures. Average tera of loads included is 22-24 years#
Weekly average of daily figures# The series includes bonds due or callable in 10 years or more,
3/ Thursday figures. Only general obligation bonds are included; average term is 20 years*
and lows are for individual series and may be on different dates for different
Digitized Note,—Sighs
for FRASER
series. For spreads, high refers to widest, and low to narrowest#



E X H I B I T B, P o r t I
L O N G - TE R M B O N D Y I E L D S , L O W E R - G R A D E

V

^

Exhibit B -• Part II

Date

Corporate
Baa 1/

State and
local govt.
Baa 3/

Spread between
Aaa and Baa
State and
Corporate
local govt.

(per cent)
1959-60 - High
1961 - High
Low
1962 - High
Low
1963 - High
- Low
1961 - High
Low
Mar.
Mar.
Mar.
Apr.
Apr.

13
20
27
3
10

£/

5.36(2/12/60)
5.13(10/27)
5.00(4/21)
5.1KV5);
U.92(12/21)
1.93(1/4)
u.83(11/35)
4.85(4/10)
4.82(2/7)

U.U6 (1/7/60)
U. 16 (3/23)
3.93(11/9)
14.01^(3/11)
3.52(5/17)
3.63(6/27)
3.52(5/23)
3.58(3/26)
3.51(4/10)

.8U
.81
.66
•Ih
.63
.71
.U8
.48
.44

1.08
.93
.57
.82
.56
.63
.a
.49
.36

4.83
4.83
4.83
4.84
4.85 /

3.55
3.57
3.58
3,56
3.51

. 46
.45
.44
.44
.45

.42
.41
.42
.42
.36

Hotel For footnotes see Exhibit Ac




EXHIBIT C^Parl 1_
i SHORT-

V,
^XA

AND

INTERMEDIATE-TERM INTEREST RATES, G O V E R N M E N T

III
Mork.l Yl.
^
1

V

J-J VUI ISJUIS

N.w York •*!!

A

1,

v

^

-

,Jr

3-MONTH SILtS
Market Yield*

1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1I 1 1II 1t 1 1 1 i1 M11 1 1 1 M 1 1 n
I960
JH1
Ull_
_ j JU4j
Exhibit C - Part II
Discount
rate
y

Date

Yields
3-month
bills 2/

6-month
, bills 2/
(per cent)

3-5 year
issues 2/

1959-60 - High
1961 - High
Low
1962 - High
Low
1963 - High
Low
1961* - High
Low

ii.OO
3.00
3.00
3.00
3.00
3.50
3.00
3.50
3.50

It.59(1/8/60) 5.07(1/8/60) 5.00(12/24/59)
3.86(8/11)
2.66(12/29) 2.90(1/29)
2.17(1/27) 2.35(4/28)
3.15(3/12)
3.88(2/2)
2.97(7/13) 3.13(7/20)
2.65(6/8)
3.1*1(12/28)
2.7U(6/8)
U.07(l?/27)
3.68(l?/6)
3.55(11/15)
2.93(3/8)
3.UU(V18)
2.88(3/15)
4.23(3/27)
3.74(3/6)
3.56(3/6)
3.48(4/10) 3.61(1/31) 3,99(2/7)

Mar.
Mar.
Mar.
Apr.
Apr.

3.50
3.50
3.50
3.50
3.50

3.54
3.54
3.54
3.52
3.48 y

13
20
27
3
10

2/

3.72
3.72
3.73
3.70
3.69

4.12
4.16
4.23
4.21
4.19

"
Spread between yields on 3month bills and yields on
6-mo. bills|3-5 yr. issues

•79
.14*
.12
.2U
.02
.17
.oU
.21
.11

1.81
1-jSL
.92
1.19
.52
.70
.U2
.71
.48

.18
••18.
.19
.18
.21

.58
.62
.69
.69
.71

Weekly rate shown it that in effect at end of period at the federal Reserve Bank of Hew York#
Market yield) weekly averages ocmputed from daily closing bid prices. Series of 3-5 year issue'i
consists of selected notes and bonds#
Hote#—Sighs and lows are for individual series and nay be on different dates for different series
TorFRASER
spreads, high refers to widest, and low to narrowest#
Digitized for



EXHIBIT D, Port 1
SHORT- AND INTERMEDIATE-_TERM INTEREST RATES,
BANKS AND OTHER PRIVATE BORROWERS

S t o c k EXCHANGE

P R I M E RATE

R

D I S C O U N T RATE

Exhibit D - Part II

Stock exchange
call loan 1/

Prime
rate l/

Finance company
paper 2/

Federal
funds 3/

Spread between
3-mo. bills and
a er
finance co

P P

(per cent)
1959-60High
1961 - high
Low
1962 - High
Low
1963 - High
196lt - High
Low
Mar.
Mar.
Mar.
Apr.
Apr.

13
20
27
3
10

£/

5.56
14.50
U.5o
U.50
L.50
U.50
a . 50
4.50
4.50

5.00
U.50
U.50
U.50
U.50
U.50
U.5o
4.50
4.50

5.13(1/22/60)
3.00(12/30)
2.50(8/5)
3.25(7/21)
2.88(6/1)
3.88(12/27)
3.13(5/31) .
3.93(4/3)
3.75(2/21)

4.00 (5/13/60)
2.90 (13/37)
.U3 (3/27)
3.00 (12/28)
1.30 (3/26)
3.50 (12/27)
2.L5 (7/26)
3.50(4/3)
3.20(3/6)

4.50
4.50
4.50
4.50
4.50

4.50
4.50
4.50
4.50
4.50

3.88
3-88
3.88
3.93
3.83

3.50

2/

r/

r/
3.50
3.42

1.02
.56

.11
.19
.39

.12
•41
•22

.34
.34
.34
.41
.35

Weekly rato shown is that in effect at end of periqd. Stock Exchange call loan rate is going rat*
on call lqana secured by customers' stook exchange collateral at Hew York City banks. Prima rate
is that charged by large banks on short-term loans to business borrowers of the highest credit
standing.
Jar
daily rates published by finance companies for directly placed paper for varying maturities
in the 90-179 day range,
3/^Weekly average of daily effective rate, which is the rate for the heaviest voltnas of purchase and
sale transactions as reported to the federal Reserve Bank of New York.
Notei—Highs and lows are for individual series and may be on different dates for different series. '
Digitized
for For
FRASER
spreads, high refers to widest, and low to narrowest#



STOCK MARKET

1
— M -

^

9

^
Change in suits

Mlllioni oi iho

Per t •

IMIMlMM|MMl
1HI .

mi

Exhibit E - Part II

Stock price
index 1/

Trading
Common
stock
volume 3/
yields 2/ (millions
(per cent) of shares)

Stock market customs: credit
Customers'
Bank
debit balloans to
ances k/
"others" 5/

Total

(In millions of dollars)
1
5
A'
•;
;
f
,j
1

1961-62 - High
Low
1963 - High
1961+ - High
Low

72.01(12/8/61)
52.68(6/22/62)
7h.kh(12/Z7)
79.94(4/3)
75.50(1/3)

2i80
3»S?6
3.01
2.99
3.09

February
March
March 27
April 3
April 10 £/

77.39
78.80
79.19
79.94
79.85

3.05
3.03
5.02
2.99
3.00

•

10.1
2.U
6.5
,6.1
4.3

'

4.6
5.4
5.3
5.9
5.5

5,602(12/61)14,259(12/61)
U,U2U(3/61) 3,253(1/61)
7,298( 11/63)5,586(11/63)
7,250(1)
5,524(1)
7,120(2)
5,384(2)

l,Ul8(5/9/62)
1,161(3/8/61)
i,738(12/25)
1,785(4/1)
1,720(1/22)

7,120

1,736
1,775
1,775
1,785

5,384

n.a.—Not available. p7 Preliminary* - • .•
l/ Standard and Poor1 a oomposite Index o% SOOooMaon stocks, weekly closing prices, 1941-43" 10.
Monthly data are averages of daily figure's rather than of Friday's only. Highs and lows are for
Friday's data only.
2/ Standard and Poor's composite steek yield based on Wednesday data converted to weekly closing
prices by Federal Reserve. Yields sncnm are to"*4 dates on which price index .reached its high
or low.
,
'
11/ Averages of daily trading volume oh the New York Stock Exchange.
4/ End of month figures for member iftrnfl of the Kfeif York Stock Exchange which carzy margin accounts;
excludes balances secured by U. S.Qofernment obligations*
5/ Wednesday figures for weekly repeittng member banks. Excludes loans for purchasing or carrying
U. S. Government securities. Weekly r e p o r t i n g banks account for about 70 per cent of loans to
others. For further detail see Bullet
.




MORTGAGE AND BOND YIELDS

Exhibit F - Part II
FHA
Date
S

2/

Conven- Spread between yields
on conv. &
gages^/ FHA mtgs.

Aaa Corporate
Newl/

Seasoned^/

4.68
5.63
5.35
6.24
5.72
5.43

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

3.08
4.12
3.57
4.61
4.45
4.22

1963 - December 5.44
1964 - January 5.44
February 5.44
March

5.80
5.80
5.80

.36
.36
.36

4.49
4.50
4.38
4.43

4.35
4.37
4.36
4.38

1956
1957
1958
1959-60
1962-63

V

- Low
-High
- Low
- High
- High
Low

Spread between yields on
new corporate bonds and
FHA mtgs.
.76
1.58
.88
1.69
1.50
.95
.95
.94
1.06

Seasoned bds.

1.03
.05
.73
.39
- . 16
.14
.13
.02
.05

Neither mortgage nor bond yields take into account servicing oasts which are mioh higher for mortgage#
than bonds. Generally, bonds pay interest semi-annually! mortgages, monthly. Mortgage yields, if eon*puted as equivalent to a semi-annual Interest investment, would be slightly higher than given in the

2/ Based on FHA field-offioe opinions about average bid prices in the private secondary market for
new-home mortgages for immediate delivery. Data relate only to 2 5-year mortgages with down payment!
of 10 per cent or more, weighted by probable volume of transactions. Yields computed by FRB,
assuming 25-year mortgages are paid off in 12 ^ars. Dashed lines indicate periods of adjustment
to changes in the contract*. 1 interest rate.
,
3/ Baaed on FHA field office opinion on typical interest rates (rounded) on conventional first
prevailing in the market areas of insuring office cities. Beginning with April 1960,
Digitized mortgages
for FRASER
rate
relates only to new-home mortgages; prior to that date, rate related to both new as well »•
existing-home mortgages. Dashed line indicates this change in the series.
http://fraser.stlouisfed.org/
4/ See note for Exhibit G.
. .. .
2/ Moody's Investor Service. Monthly averages of daily data. See Exhibit A.

Federal Reserve Bank of St. Louis

I!
EXHIBIT O, F a i l 1
IYIELDS O N

NEW

AND

SEASONED

CORPORATE BONDS

J

/ A d i u i l . d t o Aaa B e l l i '
HSW U S U I ? ;
|

T y W r l

SEASONIP AJII

-xk-M 1 1 1 II 1 1 111 1 1 II II 1 1 111 1 II 1 II M L .1 1 1 1 1 1 1 1 t UL.
1161

1*62

11*1

.

Exhibit 0 - Part. II
Yields on Hew Corporate Bond Issues Adjusted to an Aaa basis

Weekly averages:
1963 - Dec. 6
13
20
27
1964 - Jaji. 3
10
17
24
31
Feb. 7
14
21
28
^ ue •

Number Am't of issues Average
yield
included (mil.
of
(per cent)
issues of dollars)

Number Aa't of Issues Average
of
included (mil.
yield
(per cent)
of dollars)
2
2
1

.

60.0
95.0
150.0

4.41
4.45
4.54*

1
1
1

130.0
5.0
' 15.0

4.50
4.44
4.41

• 1
1
1

15.0
50.0
60.0

4.33
4.30
4.34

w* w * * * * * * * *

mu n i + u g w * • » « * « » v *

Mar.

6
13
20
27
Apr. 3
10

--

3

81.0

4.39

3

85.0

4.46

w***i*yu vw*j<w*««w

•-•"F —

A by Moody's Investors Service (except serial and convertible is sues, offerings of natural gas pipeline
and foreign companies, and bonds guaranteed by the Federal Government) weighted byfllaeof offering#
Before averaging, new offerings are adjusted to a composite Aaa basis ty deducting from the actual
reofferlng yield the excess of the weekly average yield for seasoned toads of the appropriate induotryquality group over the composite average for seasoned Aafr-rated bonds (Moody's). Averages considered
unrepresentative because of special characteristics of the 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 Capital
1964
January
February
March

£/
E/
6/

April
May

e/2,100

1

925
750
875

July
August
September

quarter
quarter
quarter
quarter

e/ 2,550

1st half
Three quarters
Year

1964

State and Local 2/
1963p/ |
1962

1

613
594
1(144.

592
859
. ?07

e/
e/
e/

950
750
700

732
746
976

876
1,133
628

930
904
1,013

1,113
760
1,132

e/ 1,100

869
Q66
930

873
912
786

676
637
795

582
749
.579

.

680
708
449

6-12
544
'427

835
703
1,103

1,051
7?9
416

650
578
55?

2,454
2,665
1,837
2,197

2,637
2,571
1,582
1>779

5,1181
6,955
9,151

5,208
6,7.90
,8,568

1,013
819
1,415

October/
November
December
1st
2nd
3rd
4th

Corporate 1/
1963
1
1962

2,351
2,847
2,109
3,246
5,198
. 7,307
.10,553

-

2,258
3,005
1,910 .
2,641
5,264
7,173
.9,814,

r

e/ 2,400

Excluding finance companies 3/

1st
2nd
3rd
4th
Year

quarter
quarter
quarter
quarter

ej 2 ,200 ,

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

2,199
2,919
1,775
2,410

9,434

9,303

£,/ Preliminary.
1/ Securities and Exchange Commission estimates of net proceeds.
1} Investment Bankers Association of America estimates of principal amounts.
Digitized
fornew
FRASER
'3/ Total
capitbl issues excluding offerings of sales and consumer finance companies.



(9
H. 14
Exhibit I
New Corporate Security Issues, Type of Issue and Issuer
(In millions of dollars)

Quarter
j

or
Total

Month

Memo:
Foreign
issues
included

Mfg.

Public
utility

Communi- Other
cations issuers

2,566
3,236

772
967

,1,139
1,424

654
845

69
62

935
792

595
836

/ 104
147

893
1,263

1962 - I
II
III
IV

2,378
3,250
2,184
2,957

1,155
1,389
853
1,089

716
1,222
1,024
1,568

507
639
307
300

68
257
56
179

655
996
601
769

430
983
375
568

456
231
275
321

717
794
659
986

128
434
109
47

947
591
806
968

326
794
285
530

236
221
150
118

842
'1,241
868
1,629

•

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

-/

2,685

982

1,396

307

n. a.

490

424

250

1,386

1962 - July
Aug.
Sept.
Oct.
Nov.
Dec.

630
922
632
976
784
1,197

200
477
176
539
286
264

366
363
295
314
446
808

67
82
161
123
52
125

13
43
46
34
99

217
218
166
153
271
345

118
110
148
141
175
252

88
120
67
260
4
57

159
301
199
282
253
451

1963 - Jan.
Feb.
Mar.
Apr.
May

695
642
1,363
1,049
1,340
1,246
810
756
871
1,116
891
1,459

350
259
499
380
550
459
279
336
283
511;
183
626

243
289
774
452
694
675
431
318
501
481
549
751

102
94
91
217
95
113
100
100
87
125
159
83

25
43
60
5"6
182
196
46
21
42
10
10
27

135
220
592
148
216
227
297
272
237
240
214
515

114
115
97
341
222
230
107
100
78
201
131
198

125
68
43
71
92
58
86
25
39
41
13
. 64

238
191
412
369
373
499
187
240
441
531
461
637

338
279
365

533
413
450

120
87
100

5

153
137
200

108
156
160

152
88
10

512
369
505

I
X
j 1964 - I

%

Net proceeds for
new capital 1/ 2/

1961 - III
IV

1963 - I
II
III
IV

%

Gross proceeds for net
capital and refunding 1/
Common
Bo ids
Publicly Privately and
pfd.
offered
offered

July
Aug.
Sept.
Oct.
Nov.
Dec.
1964 - Jan. j>/
Feb. £/
Mar. e/
April
May

991
779
915

jd/Preliminary. e/Estimated by Federal Reserve. 1/ Gross Proceeds exceed net proceeds by the
cosl 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.



Exhibit J

1

Other Security Offerings
(In millions of dollars)

£/
e/
e/

4
50
50

July
August
September
October
November
December .
Jan. - March

e/ 104

Year

January
February
April
May
July
August
September
October
November
December —
Jan. - March

232
133
76
57
114
11
63
83

1962

2

142
10
35
10
86
50
25
8
31
151
88
101

441

187

771

737

i

January
February
March
April
-May

Forei gn government 2/
1963
|
|

1

i

1964

•;
•

Federal agency 3/
| 1963
I
1962

1964
r/
e/

--

"

148

•

186

461

'

e/ -.

• 459
150
175
174
200

--

e/ --

Year

-20

298

692

378

W-704

--

; -~

148

402

1,167

1,188

Net short--term 4/
Federal agencv V
State and local government 5/
12
-106
18
103
75
-189
466
272
2./-459
B./ 232
-482
-186
E/-257
-367
292
127
589
195
-30
-84
319
-118
-10
414
78
62
327
339
208
258
-406
-173
123
71
259
-102
234
146
-161
551
-339
n.a.

247
-156
226
-364
82
284
261
227
-157
379
55
-80

-777

317

1,600

1,004

£./ Preliminary, e/ Estimated by Federal Reserve, n.a.--Not available. 1/ 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/ Includes securities offered in the United States by foreign governments and their political subdivisions
and international organizations. Source: Securities and Exchange Commission. 3/ Issues not
guaranteed by the U. S. Government. Source: long-term, Securities and Exchange Commission;
short-term, Treasury Department and 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 of refunding issues or from other funds. Data include only issues with original
maturity 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 than one year. Source: Bond Buyer and Federal Reserve.
http://fraser.stlouisfed.org/

Federal Reserve Bank of St. Louis

...

246
.156

If

Large Long-term Public Security Issues for New Capital
(Other than U. S. Treasury) If
Proceeds of Large Issues Offered
(In millions of dollars)
State
and
local
government

Corporate
7

Total

1963 - March
;n
April
May
July
August.
j
September
October
&
k
November
/
December
til964 - January
'i
February
i
March
S

394
409
149
348
199
236
237
446
180
547
307
263
335

bonds
(Other than
convertibles)
372
263
149
348
180
218
215
380
117
515
225
200
296

Convertible

--

Stocks

570
431
389
372
279
329
135
734
373 .
Ill
577
358
282

22
146

--

60
35

Other 2/

19
18
22
66
63
32
22
28
38

134
43
460
• 60
20
174
200

50

"

Large Individual Issues Offered April 1 through 10

Type

Amount
(millions
of
dollars)

Maturity

I Coupon
rate or net interest cost

Ratyield

ing

Corporate
^"Northwest Airlines,
ssociates Investment
American Tel. & Tel.
Tennessee Gas Trans.,

Inc.
Co.
Corp.
Co.

Com. stk.
Deb.
Com. stk.
Deb.
Pfd. stk.

31.0
1985

4-5/8

4.67

1984

5 - 1 / 8

5.10

13. 0
20. 8

1966-2004
1965-89

3,.31
3..08

2 . 1 5 - 3 . 3 5 -

Rev.-Rent.
Bonds
Rev.-Ut.

91. 7
141. 4
15. 0

1964-95
1964-2004
1968-2004

3. 64
3. 38
3. 79

2 . 2 0 - 3 . 7 0

Rev.-Q.Ut.

15. 0

1965-89

3.,22

2 . 1 3 - 3 . 3 5

50.0
1 ,225.0
50.0

Ba

1 5 . 0

•State and Local Government
altimore Co., Md.
Philadelphia, Pa.
T
ew York State Housing
Finance Agency
Public Housing Auth.
Metropolitan Seattle, Wash.
Los Angeles Co. Fid., Con.
Dist-, Cel.

G.O.
G.O.




2 . 3 0 - 3 . 4 5 f / A

2 . 0 0 - 3 . 5 0

6/

A

\y
H. 14
K-2

Large Individual Issues Offered April 1 through 10 (Cont'd)

Issuer

Type

Amount
(millions
of
dollars)

Coupon
Maturity net interest

Offering

Rating

yield

Other
United Mexican States

S.F. bonds

20.0

1979

6-1/2

6.75

*--Rights offering, n.a.--Not available.
1/ Includes corporate and other security offerings of $15 million and over; State and
local government 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 and local government securities, G. 0. denotes general obligations;
Rev.-Ut., revenue obligations 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 lease payments.
4/ Bonds maturing 1994-2004 not publicly reoffered.
5/ 1/10 per cent bonds maturing 1988-89 reoffered to yield 4.20 per cent.
6/ Bonds maturing 2004 reoffered to yield 3.80 per cent.




n
H.14
Exhibit L
Forthcoming Large Long-term Public Security Offerings for New Capital
(Other than U. S. Treasury) 1/
Expected Proceeds from Forthcoming Large Issues

Subsequent to
date shown

During month following
date shown
State and
local govt.

Corporate
1963 - Mar.
;
Apr.
May.
June
July
Aug.
Sept.
!
Oct.
Nov.
Dec.
1964 - Jan.
Feb.
Mar.

29
30
31
28
31
31
30
31
29
31
31
28
31

381
447
255
142
329
210
561
255
137
469
316
454
669

376
149
223
170
221
158
240
145
392
305
155
224
1.587

Other 2/
45
40
460
75
20

25

Corporate

State and .
local govt.
763
599
582
287
512
468
757
401
349
731
667
646
953

421
234
288
215
267
183
240
145
1,992
1,905
1,771
1,649
1,837

Other 2/
45
40
460
75
20,

25

Forthcoming Large Offerings as of April-10.

Type

Issuer

Amount
(millions
of
dollars)

Approximate date
of offering

Corporate
Washington Wtr. Pwr. Co.
Colorado Interstate Gas Co.
Pacific Tel. & Tel. Corp.
Xerox Corp.
Columbia Gas System, Inc.
^Alabama Pwr. Co.
^Virginia Elec. & Pwr. Co.
Communications Satellite Co.

Deb.
Deb.
Deb.
Conv.. sub. deb.
Deb.
1st mtg. bds.
stk.
stk.




30.0
35.0
100.0
51.3
50.0
29.0
36.0
200.0

April
April
April
April
May
May
May
May

21
22
22
28 (rts. ex.)
8
15
20

H. 14
L-2
Forthcoming Large Offerings, as of April 10 (Cont'd)

Issuer

Type

Amount
(millions
of
dollars)

Approximate date
of offering

State and Local Government
Nassau Co., N. Y.
Cleveland, Ohio
Sabine River Auth., New
Orleans, La.
Sabine River Auth. of Texas,
Orange,Tex.
Virginia Pub. Sch. Auth.
University of California
Delaware River & Bay Auth.
Estero Mun, Imp. Dist., Cal.
New York City, N. Y.
State of Tennessee
Salt Lake Co., Utah
Washington Sub. San. Dist., Md.
^Cleveland, Ohio
__State of California
Cincinnati, Ohio
^Maryland State Roads Comm.
Denver, Colo.
New Orleans, La.
State of Hawaii
Houston, Texas
Florida Dev. Comm.
Pittsburgh, Pa.
Dade County, Florida
Forth Worth, Texas

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

20.0
11.0
15.0
15.0
10.0
19.6
105.0
10.1
110.8
18.0
17.0
16.0
10.0
100.0
21.3
17.5
10.0
14.5
15.0
10.0
17.0
35.0
46.0
14.1

April 14
April 14
April 15
April 15
April 15
April 15
April 21
April 22
April 22
April 28
April 29 .
April 30
April 30
May
5
6
May
6
May
12
May
20
May
23
May
27
May
May
Indefinite
Indefinite
Indefinite

Other
None
"--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.
Note.--Deletions for reasons other than sale of issue: None.




H. 14

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

Part I:

Sale
Date

Public Offerings

Amount
(millions of
dollars)

Issuer and Description of Issue
Sold January 1 through April 10

2/6

Tubos de Acero de Mexico, S.A. - 7% convertible
debenture, maturing 1970, offered to yield 7.00%

3/23

Inter-American Development Bank-4% bonds, maturing
1984, offered to yield 4.50%

4/1

25.0




United Mexican States--6-l/2% sinking fund
debentures, offered to yield 6.75%

B.

Prospective Offerings

(9

H. 14
M-2
Part II:

Private Placement--Reported February 1 through April 10

i
Date
reported

"

Amount
(millions of
dollars)

Issuer and Description of Issue

2/3

28.0

2/3

5.0

Scottish United Investors, Ltd.--5% notes, maturing
19o9-79--no information available on takedown

2/10

8.0

British American Construction Co.--promissory notes,
maturing 1979--no information available on takedown

2/10

4.0

British Assets Trust Ltd. (Scotland)--5% notes,
maturing 1981--takedown in February

4/1

12.5

Manitoba Hydro-Electric Board--4-1/4% debentures,
maturing 1986--no information available on takedown

C. Itoh & Co., Ltd--6-l/2% convertible unsecured
debentures, maturing 1984--no information avail-

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 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 date a placement is reported.
Included in table for first time.