Full text of H.16 Capital Market Developments : April 17, 1967

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Not for Publication DECONTROLLED AFTER SIX MONTHS

April

17i

1967e

H04
/
j
CAPITAL MARKETS DEVELOPMENTS
I
r. ,.
/
IN THE UNITED STATES
fx
j
I
f
Public offerings of
iF 7" Corporate and municipal bond markets.
-^ngw muflicirpgPl securities expected this week will approach a recordM
breaHi!lg- w6eti5Lj7olume. The supply will feature $104.7 million of New
York City bonds and $70.8 million of State of Massachusetts bonds. In
contrast, the expected volume of new, publicly-offered, corporate securities will be only slightly above the weekly average for the past year.
The largest corporate offering will be Martin-Marietta's $75 million of
debentures. In addition, the Export-Import Bank will offer this week
$400 million of participation certificates.
Long-term Public Security Offerings—^
(In million of dollars)

Corporate
New Capital | Refunding

State & local Government
New CapitalI Refunding

Sold:
52 week avg.
April
April

7
14

230
r/445
~ 135

228

" 2 5

6
£/3

Scheduled:
April

21

278

432

1/ Federal Reserve estimates are based upon published reports of
issues sold and scheduled for offerings; corporate rights offerings
are included as of date subscription rights expire.
Yields on seasoned corporate securities were unchanged to
slightly higher last week, but the average yield in the new issue series
showed a marked increase. The latter rise, however, is largely explained
by special characteristics of the particular issues included, and hence
does not provide a precise measure of the size of yield changes in the
new issue market. Considerable shifting of offering dates occurred during
the week as the Ohio Power Company postponed scheduled offerings of $70
million until May, and an even greater volume and number of previously
postponed offerings were rushed in to fill the void. Among last week's
last minute reappearances were Fruehayf's $50 million of debentures,
Southern Natural Gas 1 $40 million of first mortgage bonds, and FairchildHiller's $30 million of convertible subordinated debentures. In addition,
a $200 million offering by General Electric was announced for April "25.




H.14

Yields in Security Markets

-2-

Level Latest Week
Change from.
preceding week

High-Grade
Notes and Bonds
Corporate
^New
Seasoned

5.52
5.12

+25
+ 1

4.48
4.39

+ 4
+ 3

3.46
3.59

- 3

3.80

-62

3.84
3.89

-11
-11

U.S.-Government
Long-term
* 3-5 year
State and local Govt.
Moody's Aaa
Std. & .Poor's high grade

- 2

Money Market
Federal funds
Treasury bills
3-month
6-month

Corporate Bonds Still in Syndicate

•

Reoffering
Yield

Amount
(millions of $)

Date
Offered

Rating

Estimated proportion sold

Aa

987.

4/13

40.0

Southern Natural Gas,
5-5/8's - 1987

5.63

4/12

20.0

Hartford Electric
5-5/8 's - 1997

5.50

4/5

75.0

Duke Power,
5-3/8's - 1997

5.32

Aaa

60%

3/30

10.0

New Bedford,
5-5/8's - 1992

5.45

Aa

98^

3/29

35.0

Long Island Lighting
5-1/2's- - 1995

5.38

Aa

507.

3/28

50.0

Aaa

507.

3/7

25.0

Commonwealth Edison
5-3/8's - 1997
5.30
San Diego Gas & Electric,
5-1/2's - 1997
5.38

Aa

GD% '

207.

Blue List of Municipal Dealers Advertised Inventories
(In millions of dollars)
Latest Week
716




End of Previous Week
662

Recent High
786 (3/29/67)

H.14

-3-

Yields on municipals were down slightly last week, and bidding
for new issues was aggressive. Large portions of last week's offerings
remained unsold at the end of the week owing mainly to the current investor
"wait-and-see" attitude. This attitude is also reflected in the rise in
the Blue List of advertised inventories.
Mortgage yields and interest rates. Mortgage yields declined
further in March according to the Federal Housing Administration. Average
secondary market yields on FHA-insured 6 per cent 30-year mortgages on
new homes dropped by an additional 11 basis points to 6.35 per cent. While
still unusually high, this was 46 basis points lower than the peak reached
last November. Although less than the declines in January and February
this year, the March drop was also one of the largest on record and was
associated with a reduction in average discounts to 3 percentage points.
This was 4 percentage points lower than last November and was the lowest
since November 1965 when the contract rate was 5-1/4 per cent.
Interest rates on conventional home mortgages, as estimated by
the FHA rounded to the nearest 5 basis points, also continued downward
in March, by 5 basis points, for loans on both new and existing homes.
While less than the 10 basis point declines registered in February, this
brought the averages down to 6.45 and 6.50 per cent respectively, 25 basis
points below the peaks reached last November but still about 65 basis
points higher than the averages which had prevailed before the advance
through most of 1966 began.
Stock prices. Common stock prices rose last week in relatively
light trading. At the close Friday, Standard and Poor's index of 500
stocks stood at 90.43, up 1.07 from the previous Friday. Trading volume
averaged 8 million shares a day.
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, Part 1

LONG-TERM BOND YIELDS, HIGH-GRADE

CORPORATE A a a

U . S . GOVERNMENT

STATE AND LOCAL GOVERNMENT Aaa

1963




1964

1965

1966

1967

1968

Exhibit A —

Corporate
Aaa 1/

Date

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

April

17
24
31
7
14j>/

! 4.61(1/29/60)
1 5.52(9/9)
4.73(1/7)
5.38(1/6)
5.00(2/10)
5.13
5.13
5.12
5.11
5.12

Part II

State and
U.S. Govt. |
local
long-term 2f. government
Aaa 3/
(per cent)

Spread between
U.S. Govt, and
Corporate
| State and
Aaa
| local Aaa

4.42(1/8/60)
4.87(9/2)
4.42(1/7)
4.55(2/24)
4.37(2/3)

3.-65(9/24/59)
4.04(8/25)
3.39(1/13)
3.72(1/5)
3.25(2/9)

.59(8/5/60)
.84(12/30)
.14(2/18)
.92
.50

.92(4/22/60)
1.19(2/11)
.77(9/2)
1.16
.74

4.42
4.42
4.45
4.44
4.48

3.48
3.46
3.42
3.48
3.46

.71
.71
.67
.67
.64

.94
.96
.99
.96
1.02

1/ Weekly average of daily figures. Average term of bonds included is 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.
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*




L O N G - T E R M B O N D YIELDS, LOWER GRADE
Weekly

CORPORATE B a a
Moody'i

•

STATE AND LOCAL GOVERNMENT B a a

•Moody'»

1963




—

1965

1966

1967

1968

Exhibit B -- Part II

Corporate*,
Baa 1/

Date

State and
local govt.
Baa 3/
(per cent)

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

April




17
24
31
7
14 £ /

Spread between
Aaa and Raa
State and
Corporate
local aovt.

5.36(2/12/60)
5.04
6.18(12/30)
5.05(1/14)
6.15(1/6)
5.81(4/14)

4.46(1/7/60)
3.79
4.55(8/25)
3.78(1/20)
4.24(1/12)
3.85(4/13)

.84
.31
.81
.31
.82
.69

1.08

5,84
5.85
5.83
5.82
5.81

3.85
3.85
3.85
3.85
3.85

.71
.72
.71
.71
.69

.37
.39
.39
.37
.39

.62
.31
.65
.37

-

EXHIBIT C, Port 1

SHORT-

AND

INTERMEDIATE-TERM

INTEREST RATES

GOVERNMENT
Weekly

6-MONTH BILLS

3 - 5 YEAR I S S U E S
F.R. DISCOUNT RATE

3-MONTH BILLS

1963




1964

1965

1966

1967

1968

Exhibit C -- Part II

Date

Discount
rate
1/

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

17
24
31
April 7
14£/

3-month
bills 2/

Yields
6-month
bills 2/
(per cent)

|
|

3-5 year
issues £/

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

4.00
4.50
4.50
4.50
4.50
4.50
4.00

4.59(1/8/60)
4.47
4.80
5.52(9/23)
4.39(6/24)
4.81(1/13)
3.84(4/14)

5.07(1/8/60)
4.66
4.92
5.92(9/23)
4.53(6/24)
4.88(1/6)
3.89(4/14)

5.00(12/24/59)
4.90
4.86
5.83(9/2)
4.80(4/8)
4.82(1/6)
4.36(4/7)

.79
.19
.12
.52
.09
.08
.01

1.81
.43
.06
.78
.01
.55
.02

4.50
4.50
4.50
4.00
4.00

4.28
4.14
4.13
3.95
3.84

4.21
4.06
4.09
4.00
3.89

4.50
4.45
4.42
4.36
4.39

.07
.08
.04
.05
.05

.22
.31
.29
.41
.55

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.




EXHIBIT

D, Port

1

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

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




—A

.

f

F.R. DISCOUNT RATE

FEDERAL FUNDS

1964

1965

1966

1968

Exhibit D —

Date

Prime rate 1/

Part II

Finance
company
-paper 2/

Federal funds 3/

Spread between
3-mo. bills and
finance co. paper

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

17
24
31
April 7
14£/

5.00
4.50
5.00
6.00
5.00(3/4)
6.00(1/6)
5.50(4/14)

5.13(1/22/60)
4.06
4.75
5.88
4.75(1/7)
5.75(1/6)
4.38(4/14)

5.75
5.50
5.50
5.50
5.50

5.00
5.00
4.88
4.63
4.38

4.00(5/13/60)
4.00
4.63
5.63
3.55(1/21)
5.25(1/6)
4.15(3/31)
4.55
4.75
4.15
r/4.42
3.80

1.02
.23
.28
1.08
.20
.86
.52
.72
.86
.75
.68
.54

1/ Weekly rate siiiown 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.
2/ Average of 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
volume of purchase and sale transactions as reported to the Federal Reserve
Bank of New York.
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.




EXHIBIT E. Pari

STOCK MARKET

1

1941 - 4 3

average^10

100

PRICES

80

STOCK MARKET CREDIT
• C H A N G E IN SERIES
4




Millions

~

VOLUME

YIELDS

of

~~I

ihares

I*

Exhibit E -- Part II

Stock price
index 1/
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)

Feb.
Mar.
Mar.
Apr.

31
7
14j>/

Common
stock
yields 2/
(per cent)

Trading
Stock market customer credit
volume J3/
Customers'
Bank
(millions
Total
debit bal- loans to
of shares)
ances 4/
"others"5/
(In millions of dollars)

82.18(1/6)

2.82
3.96
3.01
3.97
3.24
3.58

10.1
2.4
10.7
5.0
11.3
6.9

87.36
89.42

3.35
3.27

10.2

90.20
89.36
90.43

3.26
3.29
3.25

90.94(3/24)

9.9

8.6
8.9

8.0

5,602(12/61)
4,424(1/61)
7,997
7,302
7,415
7,345

4,259(12/61)
3,253(1/61)
5,835
5,169
5,349
5,290

1,418(5/9/62)
1,161(3/8/61)
2,241(7/6)
2,097(12/14)
2,112(1/4)
2,055(2/1)

7,415

5,349

2,066
2,090

n. a.
n.a.
n. a.

n.a.
n. a.
n.a.

2,090

2,101
n. a.

n.a. Not Available, j>/ Preliminary.
'
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
b
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 accountsexcludes 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.




vV

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

HOME MORTGAGES:

A a a CORPORATE BONDS:

mini
1957

1958

1959




1960

1961

1962

1963

1964

1965

1966

iS~
' Exhibit F

Conventional
mort25-year 30-year gages 3/
FHA
mortgages 2/

1957
1958
1959-60
1961-66
1966
1967

1966 1967 -

T7

2/

3/

4/
5/
6/

-

High
Low
High
Low
High
High
Low

5.63
5.35
6.24
5.43
6.73

Nov.
Dec.
Jan.
Feb.
Mar.

n. a.
n. a.
n. a.
n. a.
n.a.

-

Part II

Spread between yields
on conv. &
FHA mort-^y
eaees

Spread between
yields on new cor6/ porate bonds and
NeW*^ Seasoned
FHA mtgs.|Seasoned
6/
1 bonds
Aaa Corporate
Bonds

5.44
6.81
6.62
6.35

6.00
5.55
6.30
5.80
6.70
6.60
6.45

.47
.15
.23
.25
.30
.10
.02

4.94
3.65
5.25
4.12
5.82
5.38
5.20

4; 12
3.57
4.61
4.19
5.49
5.20
5.03

1.58
.88
1.69
.77
1.11
1.26
1.04

1.03
.05
.73
-o 16
.46
.18
.17

6.81
6.77
6.62
6.46
6.35

6.70
6.65
6.60
6.50
6.45

-.11
-.12
.02
.04
.10

5.72
5.74
5.38
5.20
5.31

5.35
5.39
5.20
5.03
5.13

1.09
1.03
1.24
1.26
1.04

.37
.35
.18
.17
.18

—
—

Neither mortgage nor bond yields take into account servicing costs which are much
higher for mortgages 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 FHA-field-office opinions about average bid prices in the private secondary
market for new-home mortgages for immediate delivery. Separate data available for
25-year and--beginning July 1961—30-year mortgages with minimum downpayments,
weighted by probable volume of transactions. Yields computed by FHA, assuming prepayment period of 12 years for 25-year mortgages and 15 years for 30-year mortgages.
Over the period for which 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 rates.
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 1960, rate relates only to new-home mortgages; prior to that date, rate
related to both new as well as existing-home mortgages. Dashed line indicates this
change in the series.
FHA mortgage yield data are for 25-year mortgages through June 1961; 30-year mortgages thereafter.
See note for Exhibit G.
Moody's Investor Service. Monthly averages of daily data. See Exhibit A.




I

EXHIBIT

YIELDS

ON

NEW

AND

SEASONED

CORPORATE

G, Pari

BONDS

~ 1 6.5

A d j u s t e d to

Aaa

Boiis

NEW ISSUES

SEASONED Aaa

i i i i i i i i i i' i

1964




1965

1966

1967

i i

I l I I M

1968

I 1

4.0

Exhibit G - II
Yields on New Corporate Bond Issues Adjusted to an Aaa basis

Number
of

Am t. of issues Average
included (mill1:
yield
of dollars)
(per cent)

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

Monthly averages:
1967 - Jan.
Feb.
Mar.

6
7

20

496.0
481.0
1073.0

5.38
5.20
5.31

Mar.

213.0
190.0

210.0
165.0
295.0

Apr.

310.0

68.0

5.45
5.31
5.41
5.33
5.21
5.27
5.52

Weekly averages:
5.51(1/6)
High
5.11(2/10)
Low
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 vomposite Aaa basis by
deducting from the actual reoffering yield the excess of the weekly a\arage 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 ah asterisk.




\%

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

New Ca pital
1967

.

Corporate
1966 p/

. 1965

1967

State and local 2/
1966 p/

1965

J anuary
February
March

g/1,666
e/1,550
e/2,575

1,302
1,237
2,446

795
746
1,197

E/1,377 '
2/1,129 '
e/1,200

1,184
858
868

April
May
June

e/1,800

1,553
1,058
2,364

1,152
1,691
1,946

e/

1,194
906
1,141

826
924
972

1,039
1,670
1,382

1,290
850
1,392

699
773
1,018

986
648
966

829
1,086
1,635

924
1,325
1,496

747
965
855

794
1 ,021
754

4,985
4,974
4,091
3,550

2,738
4,789
3,533
3,745

2,910
3,241
2,490
2,567

2;,580
2:,722
2 ,600
2:,569

9,959
14,050
17,601

7,527
11,060
14,805

6,1.51
8,641
11,209

5,,302
7.,902
10,,471

July
August
September

|

October
November
December
1st
2nd
3rd
4th

Quarter
Quarter
Quarter
Quarter

e/5,791

1st half
Three-quarters
Year

850

e/3,706-

.

804
872
904

,

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

Quarter
Quarter
Quarter
Quarter

Year
e/
£/
Xj
2J
3/

4,924
4,884
3,969
3,492 .
17,269

2,547
4,348
3,283
3,188
13,366

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.




'?
Exhibit I
New Corporate Security Issues, Type of Issue
and Issuer
(In millions of dollars)
Gross proceeds for new capital

for new.capital 1/ 2/

Common Memo:
B<m d s
and Foreign
Publicly Privately
pfd. issues
Offered Placed
stock included

Quarter
or
Month

Total

1965 - I
II
III
IV

3,007
5,043
3,912
4,030

905
1,864
1,575
1,226

1,673
2,259
1,955
2,264

429
920
383
540

243
215
263
300

1,679
1,119
1,145

609
786
610

255
323
177

2,246
1,304
1.815

1966 - I
II
III
IV

5,094
5,115
4,197
3,669

1,774
1,941
2,256
2,047

2,586
2,083
1,627
1,247

734
1,090
314
375

345
168
154
117

1,860
2,205
1,558
1,232

969
960
657
984

602
392
567
417

1,553
1,418
1,309
918

5,893

3,217

2,296

380

n#a.

2,784

1,026

531

1967 - I
1965 - Oct.
Nov.
Dec.

986
1,398
1,646

287
613
326

574
529
1,161

124
257
.159

99
101
99

273
402
470

158
209
243

92
43
43

1966 - Jan. 3/
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

1,339
1,273
2,482
1,582
1,106
2,427
1,085
1,712
1,400
892

460
560
753
628
481
832
440
1,140
676
• 499
569
980

692
583
1,311
743
556
784
535
435
657i/
256
435
555

187
130
417
210
69
811
110
137
67
127 '
111
127

93
118
133
86
33
49
69
22
62
66
29
24

353
530
977
692
376
1,137
397
518
643
331
228
673

388
241
340
364
274
322
263
313
81
254
320
409

141
160
301
76
40
276
: 52
318
198
97
168
152

420
306
827
421
368
629
327
522
460
147
369
401

1967 - Jan. pJ
Feb. 6/
Mar. QJ

1,688

712
830
1,675

896
630
800

80
150
150 .

49
n. a.
n.a.

684
800
1,300

226
300
500

281
50
200

475
400
575

p/
e/

1,115
1,661

1,580
2,625

Preliminary.
Estimated by Federal Reserve.

Public Communi- Other
Utility cations Issuers

1,450
401
671
741

. .. „

other

i
3/
4/

,

Mfg.

Does not include U.S. Steel $600 million conversion of preferred stock to debentures.
Includes $229 million Consolidation Coal issue for partial payment of a liquidating

~~
dividend.
SOURCE: Securities and Exchange Commission.




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
EJ 196
n.a„

12
40
40
66
69
-76
72
7
50
23
74
68
52
598

r/ 179
2/ 351

E/

530

218

2./1,251

38
73
91
33
74
5
52
75
2
218
661

129
185
325

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

775
239
150
375
375
179

800
239
503

129

6,806

2,732

New short-term 4/
Federal Agency
local Government 5/
308
238
-179
103
-24
91
-552
39
450
-458
-319
718
647
580
85
204
462
284
-82
-334
-590
119
-103
-270
408
270
-652
152
-161
-555
59
-48
-283
274
503
-219
-366
-570
284
-731
329
.
142
422

1,286

3/
-13/
-174
117
-11
509
237
132
206
105
-309
202
-76
-311
801

-743

p/ Preliminary, e/ Estimated by Federal Reserve, n.a.—Not available, j./ 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.

a

:

in Exhibit H and above in that they represent new offerings less retirements, whether

s

s

s

5

= S 2 - . " = : . ' " f c s s s t .

warrants, or certificates and Public Housing Auth. notes.
included may have a somewhat longer maturity, than 1 year.


Reserve.


In some instances PHA notes
Source: Bond Buyer & Federal

_

H. 14
Exhibit K
U r g e Long-term Public Security Issues for New Capital
(Other than U. S. Treasury) 1/
Proceeds of Large Issues Offered
(In millions of dollars)

S2SB2IM&.
Bonis
Convertible
(other than
bonds
convertibles)

Total

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

• 890
643
401
1,317
402
1,189
627
523
510
1,177
681
842
1,638

75
55
50
20
182
257
340
116
97
118
30
40
140

544
481
351
636
170
862
287
352
363
990
611
709
1,435

Stocks

State
and
local
governments

661
50
80
55
50
68
40
93
63

2/

55
60

399
720
466
582
338
410
611
387
464
669
947
675
779

271
106

Other

275
15
50
55
60
230
530
1,000

Large Individual Issues Offered April 1 through X4

Issuer

Type If

Amount
(millions
of
dollars)

Corporate
Harsco Corporation
Texas Eastern Trans.
Corporation
TRW, Inc.
Tenheco Corporation
Caterpillar Tractor Co.
Allegheny Airlines
Southern Natural Gas Co.
Hartford Electric L't. Co.
Levin-Townsend Computer
Corporation
Fairchild Hiller Co.
Monogram Indus trie s, Inc,

Deb.
1st mtg. p.le
bds.
Deb.
Pfd. stko
S.F. deb.
Sub. deb.
1st mtg. bds.
1st mtg. bds.
Conv. sub. deb.
Conv. sub. deb.
Com. stk.




Maturity

Coupon
rate or
net interest cost

Offering
yield

30. 0

1992

5-1/2

5.52

25.0
50. 0
55. 5
150. 0
25.,0
40.,0
20.,0

1987
1992

6
5-1/2

6.00
5.50

Baa
A

1992
1987
1987
1997

5.30
5-1/2
5-5/8
5-5/8

5.30
5.50
5.63
5.50

Aa
B '
Aa
Aa

15 .0
30,,0
16 .0

1987
1992

5-1/2
4-3/8

K-2
Large Individual Issues Offered April 1 through 14 (Cont'd)

1

Issuer

Amount
(millions
Type 3./
of
1 dollars)

Coupon
Offerrate or
Maturity net inter- ing
vield
PS t cost

Rating

State and local Government
Wash. Suburban San. Dist.,
• Maryland
Penn. State Pub. Sch= Bldg.
Auth.
Yonkers, New York
Cecil County , Maryland
Los Angeles County Flood
Control Dist., California
Detroit, Michigan
Detroit Sch. Dist., Michigan
Huntsviile, Alabama
State of South Carolina

G.0.

20.0

1968-97

3.63

2.65-3.80

G 0

24.0

1969-2006

3.84

3.00-4.00-^

—

G.0.

12.3
12.0

1968-86

3.50

2.75-3.60

A

1970-80

n.a.

3.90-4.30

Rev.-Rent.

>

G 0

10,0

1968-95

3.46

2.60-3.60T,

GO!

15.2

1968-92

3.87

2.85-3.95^

15.0

1968-87

3.73

2.80-3.80

G* o*

10.4

1967-96

4.29

3.00-4.50

14.8

1968-85

3.13

2.45-3.25

G°Q*
G-0.

A

Aa
Baa
Baa
Aaa

Other

*--Rights offering. ••
" " m c W d : r : ^ o : i t e and o t L r security offerings of $ 15 million and over; State and
1/
2/
3/

mrnrnrnms
secured solely by lease payments.
Bonds due 2006 not publicly reoffered.
Bonds due 1968 not publicly reoffered.
Bonds due 1991-92 not publicly reoffered.

I




H. 14
Exhibit L
Forthcoming Large Long-term Public Security Offering for New Capital
(Other than U.S. Treasury) 1/
Expected Proceeds from Forthcoming Large Issues
(In millions of dollsrs)
During month following
Corporate

State and
local govt.

489
248
1,261
317
677
662
687
397
1,098
656
486
1,410
767

253
399
584
337
403
515
300
140
496
939
780
508
227

1966 - Mar. 31
Apr. 30
May 31
June 30
July 29
Aug, 31
Sept.30
Oct. 31
Nov. 30
Dec. 30
1967 - Jan. 31
Feb. 28
Mar. 31

Other £/

30
15
40

80
530.
250

Corporate
606
1,034
1,261
619
697
853
767
457
1,133
811
706
1,534
905

Subsequent to
date ahown
State and
local govt.
334
546
584
353
403
685
390
175
571
1,154
851
528
247

Other
55
55
85
50
35
90
35
35
65
95
545
265
15

Forthcoming Large Offerings as of April 14

(millions

Iseeer

Approximate date of
offering

dollars)
- Corporate
Martin Marietta Corporation
Black and Decker Mfg. Company
Hawaiian Telephone Company
Miehle-Goss-Dexter, Inc.
Western Union Telegraph Company
Sherwin-Williams Company
Indiana Bell Telephone Company
Southern Union Gas Co.
•National Aviation Corp.
Indianapolis Pwr. & Lt. Co.
Northern Natural Gas Company
•General Electric Company
•Baltimore Gas & Elec. Company
National Cash Register
McGraw Hill, Inc.




Deb.
Deb.
1st mtg. bds.
Deb.
Pfd. stk.
Deb.
Deb.
Deb.
Com. stk.
1st mtg. bds.
Deb.
Deb.
1st mtg. bds.
Conv. debs.
ConVo sub. deb.

75.0
24.2
16.0
15.0
25.0
50.0
40.0
15.0
15.8
15.0
50.0
200.0
30.0
88.7
35.0

April
April
April
April
April
April
April
April
April
April
April
April
April
April
April

17
17
17
17
18
18
19
20
20
25
25
25
26
26
26

exp.)

L-2

Forthcoming Large Offerings as of April 14 (Cont'd)

Type

Issuer

Amount
(millions
of
dollars)

Approximate date of offering

Corporate (Cont'd)
Dayton Pwr. & Light Co.
Electrosystems, Inc.
Penn. Power & Light Co.
Flying Tiger Line, Inc.
^Beneficial Finance Company
*Tenneco Corporation
Michigan Wisconsin Pipeline
COo
Central Illinois Pub. Serv.
Co.
Potomac Electric Pwr. Co.
Western Union Telegraph Co.
Public Serv. of New Mexico,
*Texas Elec. Service Co.
^Southern Calif. Edison Co.
Ohio Power Company
Ohio Power Company
^Kansas City Pwr. & Lt. Co.
"Conn. Light & Power Company
Interstate Power Company
Continental Air Lines
Bangor Punta Corporation
^Pennsylvania Electric Co.

1st mtg. bdso
Conv. deb.
Com. stk.
Equip, trust
cert.
Deb.
Deb.
1st m t g . polo

bds.

1st mtg. bds.
1st mtg. bds.
Conv. pfd. stk.
1st mtg. bds.
1st mtg. bds.
1st & ref. mtg. bds.
1st mtg. bds.
Deb.
1st mtg. bds.
1st & ref. mtg. bds.
1st mtg. bds.
Conv. sub. deb.
Conv. sub. deb.
1st mtg. bds.

4 0 oO
20.0
20.0

April 27
April
May 1 (rts

51o0
50.0
50.0

May
May
May

1
2
2

45.0

May

2

15.0
35.0
25.2

May 3
May 3
May 3 (rts.
May 4
May 10
May 11
May 11
May 11
May 16
May 17
May 17
Indefinite
Indefinite
Indefinite

20.0
18.0

80.0
50.0
20.0

30.0
30.0
17.0
30.0
15.0
26.0

State and local Government
^Atlanta, Georgia
Illinois Bldg. Auth., Chicago
Cleveland, Ohio
New York City, New York
,Peralta Jr. College Dist.,
Alameda Co., California
Delaware Capital Improv.
Puerto Rico Wtr. Resources
Auth..
Suffolk County, New York
State of Massachusetts
*Gainsville, Florida
^Fairfax County, Virginia




G.O.
Rev.-Rent.
G.O.
G.O.

11.5

18.4
36.7
104.8

April
April
April
April

17
18
18
18

G.O.
G.O.

10.0
16.5

April 18
April 19

Bonds
G.O.
G.O.
Rev.-Rent.
G.O.

25.0
12 o 2
70.9
12.8
20.0

April
April
April
April
April

19
19
20
25
26

Forthcoming Large Offerings as of April 14 (Cont'd)

Issuer

Type

Amount
(millions
of
dollars)

Approximate date of
offering
|

State and local Government (Cont'd)
North Carolina Sch. Bldg. Auth.
Hartford, Connecticut
*Kansas City Sch. Dist., Missouri
Penn. St. Hwy. & Bridge Auth.
West Virginia University
Cincinnati, Ohio
^Philadelphia, Pennsylvania
Metro. St. Louis Sewer Dist.,
Missouri

G.O.
G.O.
G.O.
Rev.-Q.-Ut.
Rev.-Rent.
G.O.
G.O.

40.0
14.6
10.0
60.0
20.0
12.3
17.2

April 26
May 2
May 2
May 3
May 3
May 10
May 10

G.O.

20.0

Indefinite

400.0
20.0
15.0

April 19
April 26
Indefinite

Other
Export-Import Bank %
Government of Mexico
Nippon Tel. & Tel. Pub. Corp.

Part. Certs.
Bonds
Bonds

*—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
Foreign Government and Corporate Security Offerings
and Placements in the United States
Part I:

Sale Date

Amount
(millions
of
dollars)

Public Offerings

Issuer and Description of Issue

-

A.

3/14

250.0

International Bank for Reconstruction and Development—
5-3/8% debentures maturing 1992, reoffered to yield
5.35%.

3/21

75.0

Province of Ontario — 5-5/8% debentures maturing 1997,
reoffered to yield 5.625%.

B.

Sold February 1 through April 14

Prospective Offerings

April 26

20.0

Government of Mexico — B o n d s

Indefinite

15.0

Nippon Telegraph and; Telephone Public Corp. -- Bonds

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




M-2

PART II:

H. 14

Private Placements - Reported February 1 through April 14

Date Reported

Amount
(millions
of
dollars)

3/1

45.0

Issuer and Description of Issue

Province of Q u e b e c — 5-7/8% bonds,
maturing 1997 — 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 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 are included when reported, frequently with little or no information concerning
timing of takedown. Full or partial takedown may take place both prior and subsequent
to the date a placement is reported.