Full text of H.16 Capital Market Developments : April 15, 1963
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I
H.I4
—r
LIBRARY
APR 1 ! 3963
DECONTROLLED AFTER SIX M O N T H S
April 15, 1963.
'
|
HAPTTAT. MARKET DRVKT.(TPMy.NTR
IN THE UNITED STATES
LAI'
O F R1C;
The vol ie of public security financing to obtain new capital
^ was fairly substantial last week, excluding the Treasury offering, and
is expected to be somewhat larger this week. During the week ending
April
four large State and local government bond issues amounting
to $133 million and bond issues of $15 million and $30 million of the
Copenhagen Telephone Company and the Commonwealth of Australia,
respectively, were sold; no large domestic corporate issues were offered.
In addition, the Treasury sold $300 million of 4-1/8 per cent, 31-year
bonds through competitive bidding at an interest cost of 4.093 per cent.
This week, ending April 19, four corporate issues totaling $125 million
are scheduled for offering, five State and local bond issues with par
value of $87 million are on the calendar, and the Federal Land Banks
are expected to offer $64 million of 25-year bonds for new capital. In
addition, the Utah Power and Light Company has scheduled the sale of a
$15 million bond issue to refund outstanding securities.
Bond yields. Yields on seasoned, long-term bonds either
increased slightly or were stable last week. U. S. Government bond
yields rose a basis point to 3.96 per cent, their highest level since
early last September, while yields on Aaa-rated State and local
government bonds also edged up a basis point to 2.95 per cent. Yields
on corporate bonds and on Baa-rated municipals were stable.
The average yield on new corporate bonds, adjusted to an Aaa
basis, was 4.18 per cent last week, little changed from most other
recent weeks.
Short- and intermediate-term interest rates. Changes in yields
on Treasury bills and on 3-5 year U. S. Government obligations were
mixed but minor last week. Rates on 3-month bills dropped a basis point,
but those on 6-month bills were stable; yields on intermediate-term
Treasury obligations rose a basis point to 3.54 per cent, the highest
level since last September. Several major finance companies lowered the
advertised rate on their directly-placed paper with 90-179 day maturity
by one-eighth of a percentage point to 3-1/8 per cent last week; as a
result the average rate on such paper declined six basis points to
3.19 per cent. The average Federal funds rate increased 37 basis
points to 3.00 per cent, matching the high for the year. Other rates
were unchanged.
Stock prices. Common stock prices advanced moderately
further last week in very active trading. Prices, as measured by
Standard and Poor's composite index of 500 stocks, rose almost one
per cent to close at 68.77 on April 11. At this level, average prices
were about five per cent below their December 1961 high. Trading
volume averaged 5.5 million shares a day, 0.8 million shares more than the
previous week, and the highest weekly average since the near record
trading of late last May.
-2-
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.
EXHIBIT A, Port I
LONG-TERM
B O N D YIELDS, H I G H - G R A D E
Exhibit A - Part II
Date
Corporate
Aaa 1/
U. 8. Govt.
long-term 2/
State and
local
government
Aaa 3/
Spread between
U. S. Govt, and
Corporate
State and
Aaa
local Aaa
(per cent)
1958 - Low
1959-60 - High
1960-61 Low
1961 - High
1963 - Low
1963 - Hidh
Low
3.55
4.61
4.21
4.46
4.23
4.22
4.19
Mar.
Mar.
Mar.
Apr.
Apr.
4.19
4.19
4.19
4.20
4.20 y
15
22
29
5
12 j>/
(5/2)
(1/29/60)
(3/17/61)
(9/15)
(12/28)
(1/4)
(3/29)
1
3.07
4.42
3.70
4.07
3.85
3.96
3.87
3.93
3.94
3.95
3.95
3.96
(4/25)
(1/8/60)
(5/12/61)
(12/29)
(12/28)
(4/12)
(1/18)
2.64
3.65
2.99
3.37
2.88
3.02
2.93
2.98
2.93
2.93
2.94
2.95
(5/1)
(9/24/59)
(9/1/60)
(7/6)
(U/8)
(3/7)
(3/28)
.22
.59
.19
.57
.39
.35
.24
.34
.92
.46
.76
.80
1.02
.90
.26
.25
.24
.25
;26
.95
1.01
1.02
1.01
1.01
d / Preliminary.
it Weekly average of dally figures. Average tern of bonds inoluled le 22-24 years,
2/ 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,
"ote.—iiigbs and lows are for individual series and may be on different dates for different
series, for spreads, high refers to widest, and loir to narrowest.
""
EXHIBIT B. Port I
LONG-TERM
BOND
YIELDS, L O W E R - G R A D E
\J
Exhibit B - Part II
Date
Corporate
Baa 1/
State and
local govt.
Baa 3/
Spread between
Aaa and Baa
Corporate
|
^
(per cent)
1958 - Low
1959-60 - High
1960-61 Low
1961 - High
1962 - Low
1963 - High
Low
4.51
5.36
4.98
•5.13
4.92
4.93
4.87
Mar.
Mar.
Mar.
Apr.
Apr.
15
22
29
5
12 £/
4.88
4.87
4.88
4.87
4.87
Notet
For footnotes sea Exhibit A,
(7/11)
(2/12/60)
(9/9/60)
(10/27)
(22/21)
(1/4)
(4/12)
3.64
4.46
3* 93
4.16
3.52
3.57
3.55
7
3.57
3.55
3.55
3.55
3.55
(5/1)
(3/7/60)
(13/9/61)
(3/23)
(5/17)
(3/14)
(4/11)
.77
.84
.66
.81
.63
.71
.67
.93
1.08
.57
.93
.56
.63
.55
;69
.68
.69
.67
.67
.59
.62
.62
.61
.60
EXHIBIT C, P a r i I
SHORT- AND
I N T E R M E D I A T E - TERM INTEREST RATES, G O V E R N M E N T
$ YEAR I S S U E S
3 • MONTH 1111$
111n1111 ii111n11111111111111111n 11111n n
M5I
195*
I960
11111111111 ii 11111111 h
19*2
194)
111111
19*3
Exhibit C -i Part II
Discount
rate
V
1958 - Low
1959-60 High
1960-61 Low
1961-62 High
1962 - Low
1963 - High
Low
Mar.
Mar.
Mar.
Apr.
/Apr.
15
22
29
5
12 £/
1.75
4.00
3.00
3.00
3.00
3.00
3.00
3.00
3.00
3.00
3.00
3.00
3-month
bills 2/
.58
4.59
2.11
2.97
2.65
2.95
2.88
(5/29)
(Ve/60)
(10/28/60)
(7/13/62)
(6/8)
(2/8)
(3/15)
2.88
2.90
2.91
2.91
,
2.90 /
Yields
6-month
bills 2/
(per cent)
3-5 year
issues 2/
3.02
5.07
2.35
3.13
2.74
3.00
2.93
(l?/26) 2.14
(1/6/60)5.00
(4/28/61)3.15
(7/20/62)3.88
(6/8)
3.41
(2/8) 3.54
(3/8) 3.44
2.94
2.96
2.98
2.98
2.98
3.49
3.51
3.53
3.53
3.54
Spread between yields on 3month bills and yields on
6-mo. bills13-5 vr. issues
(6/6)
(12/24/59)
(5/l2/6l)
(2/2/62)
(l?/28)
(4/12)
(1/18)
.26
.79
.12
.44
.02
.08
.04
.06
.06
.07
.07
.08
.04
1.81
.38
1.51
.52
.64
.52
.61
.61
.62
*62
.64
Weekly rate shown is that in effect at end of period at the Federal Reserve Bank of New York.
2/ Maricet yield; weekly averages conputad from daily closing bid prices. Series of 3-9 year issues
oonsists of selected notes end bonds.
liote.—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.
SHORT- AND
INTERMEDIATE- TERM INTEREST RATES,
BANKS AND OTHER
PRIVATE B O R R O W E R S
STOCK EXCHANGE
C * U 10ANS
I
MCE C O M P A N Y f A P E K
Directly P l a t e d
3 - 6 Month,
I
I A
J*.
/i i
\ I ',A
1
I
I
|
*
ilflVI / > _ . J
F . I . DISCOUNT (ATI,
N.wYork
lA
A
'PVV
11
FEDERAL FUNDS
I.I.I I 11 I II III
I I I I I I II II II II I I I I I I I
Exhibit D - Part II
Stock Exchange
call loan 1/
Prime
rate 1/
Finance company
paper 2/
Federal
funds 3/
Spread between
^
3-mo. bills and
/
finance co. paper h
(per cent)
1958 - Low
1959-60 - High
1960-61 Low
1961-62 - High
1962 - Low
1963 - High
Low
Mar.
Mar.
Mar.
Apr.
Apr.
15
22
.29
5
12 2,1
3.50
5.50
4;50
4.50
4.50
4.50'
4.50
4.50
4.50
4.50
4.50
4.50
3.50
5.00
4.50
4.50
4.50
4.50
4.50
4.50
4.50
. 4.50
4.50
4.50
1.13
5.13
2.50
3.25
(8/8)
.13 (5/29)
(1/2^60) 4.00 (5/13/60)
(8/5/61)
.43 (3/27/61)
(7/20/62) 3.00 (12/28/62)
2 88 (6/1)
1.30 (3/26)
3.25 (4/5)
3.00 (4/12)
3.13,(3/22)
2.63 (4/5)
3.13
3.13
3.23
3.25
3.19
3.00
2.90
3.00
2.63
3.00
-.35
1.02
.11
.56
.19
.36
.18
.25
.23
.32
.34
.29
&
1/ Weekly rats sham is that In effect at end of period. Stock Exchange call loan rate is going rate on oall loans scoured by customers' stock exchange• collate m l at New York City banks .. Prima rate
(b
is that charged by large banks on short-*era loans to business borrowers of the highest credit
%r
standing.
,
2/ Average of daily rates published by finance caapanies for directly placed paper for v*tying maturities
in the 90-179 day range#
{
3/ Weekly average at daily effective rate, nhioh is the rate for the heaviest -volume of purchase and
«
sale transactions as reported to the Federal Reserve Bank of Neir York*
••>.
Note.—Highs and lows are for individual series and may be on different dates for different series,
high refers to widest, and lor to narrowest# .
3.
Digitized ior
for spreads,
FRASER
STOCK MARKET
—
STOCK MARKET CREDIT
CHANGE IN SERIES
I
1960
M i l l i o n s oI i h •
1941
Exhibit E - Part II
Stock price
index 1/
1961-62 - High
Low
1963 - High
Low
February
March
Mar. 29
Apr. 5
Apr. 12 £/
Stock market customer credit
Trading
Common .
Customers
Bank
volume 3/
stock
Total debit bal- loans to
yields 2/ (millions
ances 4/ "others" 5/
(per cent) of shares)
(In millions of dollars)
72.04(12/8/61)
52.68 ( 6/22/62)
68,77 (4/12)
64.10 (3/1)
2.82
3.96
3.14
3.36
10,1
2.4
5.5
3.3
5,602(12/61)4,259
4,876(7/62) 3,562
5,717(2/63)4,332
5,595(1/63)4,208
65.92
65.67
66.57
68.28
68.77
3.27
3.28
3.25
3.16
3.14
4.2
3.6
3.9
4.7
5.5
4,332
(12/61)1,377(8/30/61)
(7/62) 1,269(9/26/62)
(2/63)1,432 (4/3)
(1/63)1,378 (2/23)
1,385
1,423
1,423
1,432
a.a.—Not available, j>/ Preliminary•
Standard and Poor's composite index of 500 oonmon stocks, weekly dosing 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*
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
Averages of daily trading volume on the New York Stock Exchange.
End of month figures for member finns of 'the New York Stock Exchange vhioh carry no. rgin accounts;
excludes balances secured by U. S. Government obligations.
Wednesday figures for weekly reporting member banks. Excludes loans for purchasing or carrying
U, S. Government securities. Prior to July 1, 1959, such loans are excluded only at banks in
for
NewFRASER
York and Chicago. Weekly reporting banks account for about 70 per cent of loans to others.
For further detail see Bulletin.
Digitized
i X HI BIT
MORTGAGE
AND
BOND
F, P o r t I
YIELDS ^
HOME M O t T G A e t S , FHA
i rJA A
Exhibit F - Part II
Date
FHA
/
mortgages 2/
Spread between new
Aaa corporate
bonds 1/
corporate bonds and
New 3/ 1Seasoned k/ FHA mortgages|Seasoned bonds
1959-61 - High
Low
1962- High
5.63
4.56
6.24
5.57
5.72
(11/57) 4.81 (6/57)
(2/55)
2.74 (3/54)
5.29 (9/59)
(1/60)
4.26 (10/61)
(3/59)
(1/62)
4.50 (2/62)
4.12
2.85
4.61
4.12
4.42
1962 - December
1963 - January
February
March
5.53
5.52
5.50
n.a.
4.18
4.16
4.15
4.17
4.24
4.21
4.19
4.19
1953-58 - High
(9/57)
(4/54)
(1/60)
(1/59)
(2/62)
1.96
.54
1.76
.65
1.53
.90
-.12
.77
-.16
.08
1.35
1.36
1.35
n.a.
-.06
-.05
-.04
-.02
Neither mortgage nor bond yields take into account servicing posts which are much higher for
mortgages than bonds. Generally, bonds pay interest semi-annually; mortgages, monthly. Mortgage
yields, if computed as equivalent to a semiannual interest investment, would be slightly higher
than given in the table.
2/ Based on FHA field-office opinions about average bid prices in the private secondary market for
new-home mortgages for inmediate delivery. Since late 1955, data relate only to 25-year mortgages
with down payments 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 years. Dashed lines indicate
periods of adjustment to changes in the contractual interest rate.
3/ See note for Exhibit G.
4/ Moody's Investors Service. Monthly averages of daily data. See Exhibit B.
w
*"
EXHIBIT G. Port 1
YIELDS O N
NEW AND
SEASONED
CORPORATE BONDS
|| f •
NEW 1
In T1 1 Adjusted toAaa Basis
Lfv
•r4
SEASONED Aee
. . .1. 1 i. .1. .i. .1 1 1 1 .
Exhibit G - Part II
Yields on New Corporate Bond t a sues Adjusted to an Aaa basis
Weekly averages:
1962 - Nov.' 2
9
16
23
30
Dec. 7
14
21
28
1963 - Jan. 4
11
18
25
Number Am r t of Issues Average
of
included (mil.
yield
(per cent)
of dollars)
3
2
85.0
37.0
4.14
4.13
2
2
3
1
19.8
72.5
87.0
45.0
4.00*
4.17
4.24
4; 25
. 1
1
1
2
25.0
70.0
35.0
75.0
. 4.19
4.23
4.13
4.22
Number Am't of issues Average
of
included (mil.
yield
issues of dollars)
(per centl
Feb. 1
8
15
22
Mar. 1
8
15
22
29
Apr. 5
12
'
1
2
25.0
64.0
4.21
4.27*
4
1
2
• 2
3
2
2
1
100.0
12.0
55.0
24.4
87.0
222.0
45.0
6.0
4.19
4.14
4.25*
4.16
4.16
4.36*
4.23
4.18
Hotel atorages oz entering yiejuw an &14, now looueo 01 puoiioay. oxxexva corporate oonaorateaJ»a, Jia ana
A by Moody's Investors Service (except serial and convertible la suet, offerings of natural gas pipeline,
and foreign companies, and bonds guaranteed by the Federal Government) weighted by else of offering*
Before averaging, new offerings are adjusted to a composite Aaa basis ty deducting from the actual
reofferlng yield tha excess of the weekly average yield for seasoned'toadsof the appropriate industryquality group over the composite average for seasoned Aaa-rated bonds (Moody's), Averages considered
unrepresentative because of special oharaoteristioo of the offerings included are denoted by an asterisk^
H. 14
Long-term Corporate and State and Local Government
Security Offerings and Placements
(In millions of dollars)
New capital
1963
Corporate 1/
1 1962
1
1961
1963
State and local 2/
1 1962
1
1961
January
February
March
E/584
2./ 602
e/850
592
859
807
580
667
562
2/694
e/700
e/950
876
1 ,133
628
711
689
764
April
May
June
e/850
1,113
760
1,132
2,118
1,259
1,318
e/850
873
912
786
722
640
1,034
582
749
579
1,028
762
647
612
544
427
486
604
734
835
703
1,103
1,090
948
1,000
650
578
550
679
789
610
2,258
3,005
1,910
2,641
1,809
4,695
2,437
3,038
2.,637
2.,571
1,,582
1,,779
2,165
2,396
1,824
2,078
5,264
7,173
9,814
6,504
8,941
11,979
5, 208
6, 790
8,568
4,561
6,385
8,463
^July
August
September
October
November
December
1st
2nd
3rd
4th
quarter
quarter
quarter
quarter
e/2,036
1st half
Three quarters
Year
e/2,350
Excluding finance companies 3/
1st
2nd
3rd
4th
quarter
quarter
quarter
quarter
e/1,936
Year
_ef
_
If
2/
3J
2,199
2,919
1,775
2,410
1,554
4,552
2,337
2,807
9,303
11,253
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
companies.
H. 14
Exhibit I
New Corporate Security Issues, Type of Issue and Issuer
(In millions of dollars)
- Quarter
or
month
Total
Gross proceeds for new
capital and refunding 1/
Common Memo:
foreign
Publicly Privately pfd.
i.SSU6S
offered offered
stock
included
Net proceeds for
new capiital If 21
Mfg.
Public Communiutility cations
Other
issuers
1960 - II
III
IV
2,537
2,520
2,832
1,074
1,336
1,462
770
754
955
692
429
416
27
38
17
511
562
625
808
652
696
149
317
381
913
896
997
1961 - I
II
III
IV
1,992
5,352
2,566
3,236
662
2,303
772
967
880
1,275
1,139
1,424
449
1,774
654
845
76
155
69
62
515
1,466
935
792
381
1,081
595
836
81
1,095
104
147
832
1,052
803
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
1963 - I e/
2,254
1,099
878
278
n.a.
739
333
283
682
1961 - Apr.
May
2,231
1,342
1,779
1,075
813
678
1,155
987
1,094
713
666
924
424
225
123
336
414
217
348
355
572
392
411
336
509
348
567
1,170
320
283
259
177
218
310
225
310
71
35
49
52
7
10
25
12
25
574
447
446
428
255
252
271
215
306
254
439
389
269
215
111
306
362
168
994
85
16
16
13
75
25
80
42
297
289
467
315
279
209
487
291
485
647
884
847
1,217
801
1,232
630
922
632
976
784
1,197
273
497
386
654
247
488
200
477
176
539
286
264
232
232
253
227
420
575
366
363
295
314
446
808
143
155
209
336
134
169
67
82
161
123
52
125
3
12
54
10
147
100
13
43
46
34
99
205
131
318
384
270
342
217
218
166
153
271
345
89
148
193
377
196
410
118
110
148
141
175
252
73
362
21
88
64
79
88
120
67
260
4
57
225
218
275
264
229
301
159
301
199
282
253
451
681
643
930
350
259
490
238
290
350
94
94
90
18
43
n.a.
133
216
390
118
115
100
125
68
90
208
204
270
July
Aug.
Sept.
Oct.
Nov.
Dec.
1962 - Jan.
Feb.
Mar.
Apr.
May
July
Aug.
Sept.
Oct.
Nov.
Dec.
1963 - Jan.2/
Feb. 2/
Mar.e/
1
j)/ 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.
Exhibit J
Other Security Offerings
(In millions of dollars)
Gross long-term 1/
Foreign government 2/
Federal agency 3/
1963
1962
|
1
1962
1961
1963
1
January
February
March
April
May
June
July
August
September
October
November
December
!
1
142
10
35
10
86
50
25
8
31
151
88
101
&Z232
2/128
Year
737
e/4.10
Jan
6
29
20
2
66
29 .
5
2
£/--
2/148
252
100
149
278
461
250
193
150
175
43
34
225
...
236
1 ,188
e/148
It?
1961
246
156
3.
. >;
1,448
402
Net short-term 4/
Federal agency 3/
State and local government 5/
January
February
March
April j
May
June
July
August '
September
October
November
December
18 "
466
-186
127
-84
-118
78
339
-406
71
Year
37:4
n.a.
Jan,Kav c
298
160
195
-8
-103
-42
-155
109
518
-86
-6
54
-116
-106
-189
2/-185
520
jjA-480
247
-156
226
-364
82
284
261
227
-157
379
55
-80
-144
-162
-174
-79
-87
207
22
193
108
98
56
-114
1 . ,004
-76
317
-480
1,
£/
1/
Preliminary.
e/ Estimated by Federal Reserve.
n,a.--Not availableThese 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/ Included 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 somehttp://fraser.stlouisfed.org/
what longer maturity than one year. Source: Bond Buyer and Federal Reserve.
Federal Reserve Bank of St. Louis
:
3
i f
• j
9
*
Exhibit K
H. 14
Large Long-term Public Security Issues for New Capital
(Other than U. S. Treasury) 1/
Proceeds of Large Issues Offered
(In millions of dollars)
Month
1962 = March
April
May
July
August
September
October
November
December
1953 - January
February
March-
Total
Corporate
Bonds
Convertible
(ether than
convertibles)
366
648
200
472
165
286
191
434
178
198
234
186
394
330
430
170
387
135
226
100
398
178
178
215
125
372
Stocks
State
and
local
government
21
167
30
85
30
15
51
259
423
373
266
321
272
153
320
217
193
344
367
570
60
91
36
20
19
26
22
35
Other
1/
30
55
88
30
20
194
25
75
48
63
Large Individual Issues Offered April 1 through 12
Type 3/
Coupon
Amount
rate or
Offering
(millions
Maturity
net inter- yield
of
est cost
dollars)
Rating
CORPORATE
Commercial Credit Corp.
Hartfcrd Elec, Light Co.
•Consolidated Edison Co.
Notes
1st mtg. bds.
Com.stk.
50.0
15.0
107.4
1981
1993
4-3/8
4-1/4
4.38
4.30
12,.0
37,,2
1968-84
1964-88
2..93
2..95
2.15-3.00
Aa
1.60-3.20^/ A
12..0
10..5
100..0
10.,0
1966-81
1967-93
1965-89
1965-81
3..15
3.,16
2. 95
2.,82
2.15-3.25
2.05-3.251/
1.65-3.15^/
1.80-3.00
1978
1983
5-3/8
5
STATS AND LOCAL GOVERNMENT
Cleveland, Ohio
Philadelphia, Pa.
Brevard Co. Spec. Tax S.D.
#1, Fla.
City of Detroits Mich.
State of California
Duval Co. Spec. Tax S.D., Fla
Rev.-Ut.
G.O.
Rev.-S.T.
G.O.
G.O.
Rev.-S.T.
OTHER
Copenhagen Telephone Co.
Govt, of Australia
S.F.deb.
Bonds
15.0
30.0
5.57
5.20
Baa
Aa
Aa
Aa
\A
K-2
H. 14
Footnotes
*--Rights Offering.
_!/ Includes corporate and other security offerings of $15 million and over;
Stats and local government security offerings cf $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, 6.0. denotes general
obligations; Rev.-ut.5 revenue obligations secured only by income from
public utilities; Rev.-Q.Ut., revenue bonds secured only by revenue from
quasi-etilities; Rev.-S.T.5 revenue bonds secured by revenue from specific /
taxes only; Rev.-Rent., revenue bonds secured solely by lease payments.
4/ 0.1 per cent bonds due 1987-88 not publicly reoffered.
zj 1 per cent bonds due 1993 reoffered to yield 3.90 per cent.
_6/ 0.1 per cent bonds due 1989 not publicly reoffered.
IT
Exhibit L
H. 14
Forthcoming Large Long-term Public Security Offerings for New Capital
(Other than U. S. Treasury) 1/
Expected Proceeds from
Date of
computation
1962 - Mar. 30
Apr. 30
May 31
June 29
July 31
Aug. 31
Sept. 28
Oct. 31
Nov. 30
Dec. 28
1963 - Jan. 31
Feb. 28
Mar. 29
During month following
date shown
State and
Corporate local govt. Other 2/
628
185
587
120
302
170
363
203
170
269
167
142
376
453
333
184
202
273
61
187
96
194
177
376
458
381
"
Forthcoming Large Issues
Subsequent to
date shown
State and
- Corporate local govt.
__
95
55
175
75
25
45
693
598
692
458
477
312
546
328
360
314
412
572
421
Other 2/
539
452
337
377
427215
387
243
328
311
843
755
763
95
55
25
175
75
25
33
45
Forthcoming Large Offerings, as of April 12
Type
Pacific Northwest Bell Tel. Co.
Arkansas Louisiana Gas Co.
Northern Indiana Public Service Corp.
Tennessee Gas Trans. Co.
Consolidated Natural Gas Co.
Tampa Electric Co.
Victor Comptometer Corp.
Portland General Elec. Co.
Virginia Elec. & Pwr. Co.
Commerce Oil Refining Corp.
Deb.
1st mtg. bds.
1st mtg. bds.
PfdiStk.
S.F.deb.
1st mtg. bds.
Deb.
Com.stk.
1st mtg. bds.
Deb., bds. & com.
Amount
(millions
of dollars)
Approximate date
of offering
50.0
45.0
30;0
20.0
35.0
23.2
15 ;0
20.0
30.0
45.0
April 17
April 17 .
April 18
April 23
April 24
April 25
April 29
May 1
May 15
Indefinite
G:0:
G.O.
G.O.
Rev.-S.T
Rev.-Ut.
G.O.
10.7
25.0
11.5
15.0
25.0
14.0
April
April
April
April
April
April
Rev.-Ut.
G.O.
15.0
10.5
April 23
April 23
STATE AND LOCAL GOVERNMENT
Albuquerque, N; M.
Omaha City Sch. Dist., Neb.
*Detroit, Mich.
State of Louisiana
Alabama State Highway Auth.
Washington Sub. San Dist.
Los Angeles Co. Flood Control Dist.,
Cal.
State of Oregon
16
16
16
17
18
22
V
H. 14
Forthcoming Large Offerings, as of April 12 (Cont'd)
Type
Amount
(millions
of dollars)
Approximate date
of offering
STATE AND LOCAL GOVERNMENT (CONT'D)
New York City, New York
Orlando Utilities Comm., Fla.
*Fort Lauderdale, Florida
Maryland State Roads Comm.
*Greenville Co. Sch. Dist., S. C.
Washington Public Power Supply System
Cincinnati, Ohio
Cleveland, Ohio
Placer County Water Agency, Cal.
Pittsburgh, Pa.
Jefferson County, Colorado
Dade County, Florida
Jacksonville Expressway Auth., Fla.
Houston, Texas
G,,0.
Rev. -Ut.
Rev. -Ut. •
Rev; -S.T.
G; 0.
Rev; -ut.
G. 0;
G. 0.
Rev. -Ut.
G. 0.
G 0.
G. 0.
Rev. ut.
G. 0.
108.7
14; 0
16.1
17.5
12.0
120.0
16.1
13.2
115.0
35.0
12.9
46.0
40.0
13.3
April 24
April 30
April 30
May 1
May 1
May 2
May 8
May 21
Spring
Indefinite
Indefinite
Indefinite
Indefinite
Indefinite
OTHER
*Federal Land Banks
^Kingdom of Norway
64.0
25.0
April 18
April 24
*—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.
Exhibit M
H.14
Foreign Government and Corporate Security Offerings
and Placements in the United States
Part I:
Sale
Date
Amount
(millions
of dollars)
Issuer and Description of Issue
A.
2/26
30.0
3/13
12.5
3/13
4/2
*4/9
21.8
5.2
15.0
*4/10
30.0
10.0
25.0
Sold February 1 through April 12
Kingdom of Denmark—5-1/4% bonds, due 1978, reoffered
at 5.377.
Republic of Finland--6% bonds, due 1973, reoffered at
6.17%
Kansai Electric Power Co., Inc.--common stock
Sony Corp.—common stock
Copenhagen Tel. Co.--5-3/8% bonds, due 1978, reoffered
at 5.57%
Govt, of Australia--5% bonds, due 1983, reoffered
at 5.20%
B.
4/24
*4/24
Public Offerings
Prospective Offerings
Mitsui & Co., Ltd.--convertible sinking fund bonds
Kingdom of Norway--bonds
H. 14
Part II:
Date
reported
2/4
Amount
(millions
of dollars)
300.0
2/4
2/12
9.0
2/18
2/19
2/25
2.5
3/4
3/7
3/13
3/13
3/13.
3/27
50.0
3/28
4/3
4/4
Private Placements—Reported February 1 through April 12
4.7
Issuer and Description of Issue
Quebec Hydro-Electric Commission--5% bonds, due
1988, placed to yield 5.07%--$100 million to be
taken down in February with the remainder to be
taken down by the end of 1964
Government of Jamaica--7% sinking fund debentures—
no information available on takedown
Federation Chemicals, Ltd.--subordinated notes,
due 1977--$5.9 million to be taken down in February
with the remainder to be taken down by the end
of January 1964
Province of Saskatchwan, Canada—5% bonds, due 1983-no information available on takedown
Tubos de Acero de Mexico, S. A.--7-1/2% convertible
debentures, due 1975--no information available on
takedown
Quebec Natural Gas Corp.—5-1/2% first mortgage bonds,
due 1980--no information available on takedown
Protestant School Board of Greater Montreal--5-1/4%
bonds, due 1982--no information available on takedown
Government of Norway--bonds, due 1983--no information
available on takedown
City of Aalborg, Denmark--notes, due 1978--no information
available on takedown
Bayer Foreign Investments, Ltd.--5-1/2% promissory notes,
maturing 1983--no information available on takedown
Manitoba Hydro-Electric Board—4-7/8 sinking fund bonds,
maturing 1988--no information available on takedown
Bell Telephone Co. of Canada--4-7/8% first mortgage
bonds--no information available on takedown
Pacific Eastern Railway Co.--4-7/8% sinking fund
debenture, due 1988--no information available on
takedown
Industrial Acceptance Corp., Ltd.--5-1/8% secured
notes, maturing 1988?-no information available on
takedown
City of Vancouver--4-3/8 & 5% serial debentures,
maturing 1964-83--no information available on takedown
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
for
is FRASER
reported.
*--Included in table for first time.
Digitized
@FedFRASER