Full text of H.16 Capital Market Developments : April 4, 1966

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Not for Publication
-

MCOmOLL®

m

m

SIX MONTHS

A p r l l

4>

1966

H. 14
(TlAPTTAT. M A B V E T nFVKT/IMENTS
TN THE ITNTTKT) STATES

I Corporate and municipal bond markets. New security
offerings of corporations and municipalities in the next five
days will both be significantly below the week, earlier volume
and less than the weekly average over the past year.

Long-term Public Security Offerings
(In millions of dollars)

1/

Corporate
State and local Govt.
New Capital|Refunding New Capital|Refunding
Sold:
52 week avg.
Mar. 25
Apr.
1

166

3

197

195 r/

148r/

395

235

150

154

9

Scheduled:
Apr.

8

1/ Federal Reserve estimates based upon published reports of issues
sold and scheduled for offering; corporate rights offerings are
included as of the date subscription rights expire.
The yield on corporate new issues-- adjusted to Aaa b a s i s declined 8 basis points last week in registering the fourth consecutive
weekly decline. This series now stands 36 basis points below the high
for the year attained in early March. AT&T's $250 million debenture
offering was a quick sell-out in last week's strong market.
Municipal bond yields continued to decline last week from
their March 3 high. The advertised inventories of municipal
dealers remained at a relatively low level and underwriters were
aggressively bidding for new issues.
Estimated Security Financing in April. Corporate security
financing in April is estimated to aggregate $1.6 billion--less than
March but well above April 1965.
State and local government issues
are expected to total .8 billion, a slight decline from the year
earlier level.
Capital Markets in March. Long-term debt and equity issues
by corporations totaled almost $1.8 billion in March




H. 14

-2-

Yields in Security Markets
Level latest week

Change from
preceding week
(basis points)

High-Grade
Notes and Bonds
Corporate
New
Seasoned

5.02
4.99

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

4.54
4.88

State and local Govt.
Moody's Aaa
Std.fitPoor's high grade

3.44
3.61

-7
-9

4.65

-7

4.51
4.72

+1
+2

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

-8
4-2

Corporate Bonds Still in Syndicate
NONE

Blue List of Municipal Dealer's Advertised Inventories
(millions of dollars)
Latest Date
370

(3/30)




End of Previous W e e k
395

"Recent High
' 620

(2/8)

-3-

and rounded out a record-breaking first quarter. Compared to the
first quarter of 1965, corporate issues in the capital markets
were nearly 45 per cent greater in the first quarter of 1966.
Municipal bond issues were somewhat less in March 1966 than
the same period in 1965, but the first quarter total was larger
than 1965-r-due solely to the heavy January volume.
Both corporate and municipal yields rose in early
March to historically high levels. However, by mid-March the
capital markets exhibited a firming of bond prices and by monthend, yields had declined significantly from their earlier highs.
Savings flows. Savings flows to depositary-type savings
institutions amounted to $1.5 billion during February. Time
deposits adjusted at commercial banks rose $.8 billion, but this
was a decline of 56 per cent from the previous year's flow.
Savings and loan associations received a net inflow of $.5 b i l l i o n —
a decline of 10 per cent from February 1 9 6 5 — w h i l e mutual savings
banks maintained their year earlier performance by registering
a $.2 billion increase in regular deposits.
Stock prices. Common stock p r i c e s — a s measured by
Standard and Poor's index of 500 stocks--rose slightly+in
active trading. S & P ' s index gained 0,40 to end the week
at 89.94,
Trading volume averaged 8.1 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.




-4SAVXNGS FLOWS

Year
or
Month

Total
1/

Savings & Loan Assc>c. 2/
Current
Change
Per cent
(millions)
from
change
previous
year

Mutual Savings Banks 3/
Current
Change
Per cent
(millions)
from
change
previous
vear

Commercial Banks 4/
Per cent
Change
Current
change
from
(millions)
previous
• vear

Unadjusted
1960
61
62
63
64
65

14,621
20,055
27,885•
29,127
28,927
31,880

1965 - Dec.
1966 - Jan.
Feb.
Mar.
Apr.

1965 - Nov.
Dec.
1966 - Jan.
Feb.
Mar.

7,559
8,743
9,351
11,072
10,579
8,384

952
1,184
608
1,721
-493
-2,195

4,375
1,367
1,520

1,643
-77
526

-12
-331
-53

3,490
1,520
2,435
1,200

701
658
142
854

-68
-87
-414
72

14.4
15.7
7.0
18.4
-4.5
-20.7

1,362
1,912
3,038
3,255
4,236
3,582

-.7

600
227
203

--

-10.1

412
550 .
1,126
217
981
-654
-51
-131

43.4
- 40.4
58.9
7.1
30.1
-15.4

5,700
9,400
15,500
14,800
14,112
19,914

3,700
3,700
6,100
-700
-688
5,802

185.0
64.9
64.9
.
-4.5
-4.6
41.1

-7.8
-36.5

-422
-1,509
-1,016

-16.5
-55.4
-56.2

-326
-651
-1,402
-1,096

-55.5
-39.8
-84.9

-—

--

2,132
1,217
791

-42
-69
-135
-51

-13.2
-16.8
-43.7
-25.2

2,512
521
2,119
195

Seasonally Ad-justed
-8.8
-11.7
-74.5
9.2

277
341
174
151

.

..Ab£» .
1/ Commercial bank data are of the last Wednesday of month except June 30 and December 31; other
data are as of the last day of the month.
2/ Data are for the net increase in savings capital at all operating S&L's. Source: FHLBB.
3/ Data are for the net increase in regular d e p o s i t s — e x c l u d e s other deposits "of a
demand nature.
Source: Mutual Savings Banks Association.
4/ Data are for the net increase in savings and time deposits adjusted at all commercial banks.
Source: Federal Reserve.




s
,EXHIBIT A,>Yr."l|
LONG-TERM BOND YIILDS, HIOH-OBADI

5.0

C O R P O R A T E All

4.5

14.0

U.S. G O V E R N M E N T

1
S T A T E A N D LOCAL G O V E R N M E N T A l t

19611

1962|

i 1964.1
Exhibit A —

Date

1959-60 - High
1962-63 - Low
1965 - Low
1966 - High
- Low
Mar.

4
11
18
25
Apr. 1 £/

Corporate
Aaa 1/

4.61
4.19
4.41
4.99
4.73

(1/29/60)
(3/29/63)
(3/12)
(4/1)
(1/7)

4.85
4.88
4.93
4.97
4.99 /

U.S. Govt,
long-term 2/

4.42
3.85
4.13
4.71
4.42

State and
local
government
Aaa 3/

(1/8/60) 3.65 (9/24/59)
(12/28/62) 2.88 (ll/a/62)
2.94 (*/ll)
(6/25)
(3/4)
3.63 (3/3)
(1/21) 3.39 (1/13)

4.71
4.68
4.63
4.57
4.54/

1985

I 1968

Part II

3.63
3.61
3.56
3.51
3.44 v

Spread between
U. S. Govt, and
Corporate
State and
Aaa
local Aaa
.92 (4/22/60)
.59 (8/9/60)
.21 (12/27/63) .80 (l/5/«)
.22
.94
.45
1.19
1.02
.14
.14
.20
.30
.40
.45

1.08
1.07
1.07
1.06
1.10

$/ Weekly average of dally figures. Average term of bonds Included Is 22-24 years.
7/ Weekly average of dally figures. The series Includes bonds due or callable In 10 years or more.
f/ Thursday figures. Only general obligation bonds are included* average tens is 20 years.
Rote.—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 I P.rl 1
LONG-TERM B O N D YIELDS, LOWER GRADE,

CORPORATE B a a

14.5

14.0
S T A T E AND LOCAL GOVERNMENT B a a
/ V.

1961

1962!

Date

19631
11964
Exhibit B -- Part II

Corporate
Baa 1/

State and
local govt.
Baa 3/

11965

11966

Spread between
Aaa and Baa
State and
Corporate
local govt.

(per cent)
1959-60 - High
Year end - 1962
1964
1965
1966 - High
Low
Mar.

4
11
18
25
Apr. 1 £/

5.36 (S/13/60)
4.93
4.80
5.04
5.42 (4/1)
5.05 (1/14)

4.46 (1/7/60)
3.57
3.51
3.79
4.15 (3/10)
3.78 (1/20)

.84
.70
.37
.31
.43
.31

1.08
.63
.52
.39
.62
.38

5.20
5.26
5.34
5.37
5.42 .

4.15
4.15
4.13
4.08
4.06

.35
.38
.41
.40
.43

.52
.54
.57
.57
.62

Notes For footnotes see Exhibit JL.




txMitn c. f." if
SHORT- AND INT1RM1PI AT«-T«RM I N T I 1 I S T RATISi

GOVERNM|N_Tl

3 5 YEAR ISSUES

19611

Date

1959-60 - High
Year end - 1961
1962
1963
1964
1965
1966 - High
Low
Mar.

4
11
18
25
Apr. 1 £/

119631
119641
Exhibit C -- Part II

19621

Discount
rate
3-month
bills 2/
V

Yields
6-month
bills 2/
(per cent)

5R

Spread between yields on 3month bills and Yields on
£ « . bills!3-5 vr. issues ,

4.59 (Ve/60) 5.07 (3/6/60) 5.00(%*&4&9)
2.66
2.90
3.81

4.00
3.00
3.00
3.50
4.00
4.50
4.50
4.50

2.89
3.52
3.83
4.47
4.66 (2/25)
4.50 (3/25)

2.93
3.64
3.93
4.66
4.90 (2/18)
4.68 (1/28)

3.41
4.07*
4; 07
4.90 .
5.04 (2/25)
4.84 (1/14)

4.50
4.50
4.50
4.50
4.50 -

4.62
4.63
4.64
4.50
4.51 /

4.81
4.83
4.82
4.70
4.72/

5.03
5.00
4.93
4.88
4.88

¥

11966

|1965

.79
.24
.04
.13

.10
.19

:£•
.19

.20
.18
.20
.21

1.81
1.15
.52
.55
.24
.43
.41
.25
.41
.37
.29
.38
.37

Weekly rate ehoim la that in effect at end of period at the federal Reserve Bank of Mew To*.
Market yield) weekly average# computed from dally closing bid price#. Series of 3-8 year issue#
consist# of selected notes and bonds.
Note.—Highs and loos are for individual eerie# and may be on different dates for different series.
Toe spreads, high refer# to widest, and low to narrowest.




CXMIItr 0. feri I
S H O R T - I A N D I N T E R M E D I A T E - T E R M I N T E R E S T 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,

F.R. DISCOUNT RATEj
1FEDERAL FUNDS

1963

1962

1961

P r i m e ra te

Date

1/

1965

1964

Finance
company
caper
2/

Federal funds 3/

1966

Spread between
3 - m o . b i l l s and
finance co. paper

(per c e n t )
5.00
4.50
4.50

1959-60 - High
Y e a r end - 1 9 6 1
1962
1963
1964
1965
1966 - High
Low
Mar.

4
11
18

Apr.

25
1

j>/

.

4.50
4.50
5.00
5.50

5.13
3.00

(1/22/60)

3.19
3.88

3.50
4.00
4.63

4.06
4.75
5.25

(4/1)

5.00

4.75

(1/7)

5.00
5.50
5.50
5.50

4.88
4.88
5.13
5.13
5.25

5.50

4 . 0 0 (5/13/60)
2.88
3.00

4.72
3.55
4.68
4.60
4.58
4.72
4.65

1.02
.34
.30
.36
.23
.28

(3/25)
(1/21)

.74
.20
.20
.25
.49
.63
.74
I

V

Weekly rate shown is that In effect at end of period. Prime rate Is that charged by large banks
on ehort-term loans to business borrowers of the hlgiest oredit standing.
2/ Average of daily rates published by finance companies for directly placed paper for varying
maturities in the 90-179 day range.
2 / 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.
Notes—Sighs and lows are lor individual series and may be on different dates for different series.
For spreads, high refer* to widest, and low to narrowest.




1

IXHieiT I. F«M I

Exhibit E —

Stock price
index If

Common
stock
yields 2/
(per cent)

Part II

Trading
volume 2 /
(millions
of shares)

Stock market customer credit
Customers 1
Bank
debit balloans to
ances 4/
"others" 5/
(In millions of dollars)

1961-62 - High
Low
N o v . 1963
J u l y 1965
1966 - H i g h
Low

72.04(13/8/61)
52.68(6/22/62)
72.62
84.91
9 3 . 7 7 (2/11)
8 8 . 5 3 (3/18)

1966 - Jan.
Feb.
Mar.
18
25
Apr.

93.32
92.69
88.53
89.54
1 2.I 8 9 . 9 4

2,.82
3 .96

10.1
2.4

3,,14
3..09
3,,02
3..25

5.3
4.1
10.1
7.2

7,298
6,833
7,950
7,726

5,586
4,863
5,753
5,551

1,712
1,970
2,197 (3/2)
2,173 (1/19)

3.,02
3.,06
3. 25
3. 21
3. 20

8.9
8.7
7.2
7.7
8.1

7,726
7,950

5,551
5,753

2,175
2,197
2.190

n.a.

n.a.

5,602(1^61) 4,259(12/61)
4,424(2/61) 3,253(3/61)

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

n.a.—Not available, jb/ Preliminary.
1/ Standard and Poor's composite Index of 500 oocraon stocks, weekly closing prices, 1941^43*10.
Monthly data are averages of daily figures rather than of Friday's only. Highs and lews are for
Friday's data only.
2j Standard and Poor's composite stock yield based on Wednesday data converted to weekly closing
prices by Federal Reserve. Holds shown are for dates on which price index reached Its high
3/ Averages of daily trading volume on the New York Stock Exchange. Year-*nd figures are averages of
daily figures for the year.
4/ End of month figures for member firms of the Hew 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 leans to
others. For further detail see Bulletin.




FEDERAL NAT I O N A ^ M O R T G A G E
SECONDARY

MARKET

ASSOCIATION

OPERATIONS

OFFERINGS

SALES
PURCHASES \

x

1960

1961

1962

1963
Exhibit

Estimated
Date

Total

F

offerings
Immediate
purchase

! 1964

- Part

- Feb.

30.6

|1966

S tandby
commitment
of

Sales

by

by

FNMA

FNMA

dollars)

—w

28.5

12.5

Mar.

36.9

36.9

--

36.5

Apr.

40.4

40.4

—*

38.7

7.9

May

35.8

35.7

.1

31.4

3.0

39.5

12.2

47.9

47.9

5.1

July

52.9

52.9

36.7

Aug.

82.0

82.0

47.2

0.2

101.1

101.0

63.3

0.1

Sept.
Oct.

1966

30.6

Purchases

ito F N M A

(In m i l l i o n s
1965

/1965

II

209.9

209.9

3.4

78.5

Nov.

238.3

237.2

Dec.

325.7

325.6

- Jan.

333.2

333.0

.3

229.2

Feb.

209.2

209.0

.3

267.3

1.0

140.2

0.2

186.7
0.1

• — L e s s than $50,000.
V
Data represent unpaid principal balances of the mortgages involved, exclusive of
premiums, discounts, or other charges. Offerings are amounts of applications received
during t h e period f r o m sellers proposing that FNMA. execute purchasing contracts. An
immediate purchase contract covers existing mortgages which t h e seller must deliver t o
F N M A w i t h i n 4 5 days. A standby commitment contract relates to proposed mortgages on
housing not y e t under construction which the seller must usually deliver within one
year. Purchases include those u n d e r both immediate purchases and standby commitment
contracts. Data exclude F N M A activity u n d e r Special Assistance and Management end
Liquidating Pro grans.




YIELDS O N

NEW AND SEASONED CORPORATE BONDS

N E W ISSUES

S E A S O N E D All

H i m

I I I I
11964
Exhibit 0 - Part IX

I I I I I I

Yields on I w Corporate Bond Issues Adjusted to an Aaa basis
Aa't of Issues Average
of
Included (mil.
yield
foer cent)
l£sues of dollars)
Monthly Average
1965 - Aug.
Sept.
Oct.
Nov.
Dec.
1966 - -Jan.
Feb.
Mar.

7
7
5
6
4
8
10
8

Weekly Avgs.
1966 - High
Low

166.5
288.5
108.0
267.0
212.0
300.0
304.5
263.0

5.38 (3/4)
4.82 (1/7)

4.63
4.67
4.69
4.72
4.85
4.84
4.98
5.27

Muster Aa't of Issues Average
of
Included (mil.
yield
i U S S L 9f dollar?)
Xesl
Feb. 18
25
Mar. 4
11
18
25
Apr. 1

2
2
2
2
3
1
1

41.0
65.0
43.0
80.0
90.0
50.0
250.0

5.02
5.10
5.38
5.38
5.27
5.09
5.02

Way

Motel Ave rags# of offering yields on all *#* Issues of publicly offered ooxp orate bonds
bonds rated
rated iaa.
iaa7iaaafl
1 by Uoody>i
,
Bmstore Sendee (except serial and convertible issues,
..exxeroe*
offerings ef natural
natural gas
gae pi]
pipeline
sad foreign companies, and beads guaranteed W the Federal Gevsrnaeat) weighted by *se ef offering.
Before averaging* new offerings are adjusted to a composite Aaa basis tgr deducting from the actual
reoffaring yield ths exoess of the weekly average yield for seasoned tends ef the appropriate latestryw
quality group over the eempeelte average fer seasoned iaanrated toads (Moody's), Averages considered
unrepresentative because or spsdal characteristics ef * e offerings included are deaeted by an asterisk^




H* 14

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

1966

Cornorate
1965

1964

State and local 2/
1964
1966
1965 D/

January
February
March

2/1,346
e/1,325
1/1,775

795
746
1,197

938
700
778

2/1,155
e/ 800
£/ 850

804
872
904

947
776
810

April
May
June

e/1,550

1,152
1,691
1,946

2,237
1,095
1,405

800

826
924
972

1,242
667
903

July
August
September

1,290
850
1,392

812
680
1,130

986
648
966

906
780
892

October
November
December

924
1,325
1,496

953
669
1,642

794
1,021
754

801
529
948

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

2,416
4,738
2,621
3,264

2,580
2,722
2,600
2,569

2,533
2,811
2,578
2,278

7,527
11,060
14,805

7,153
9,775
13,038

5,302
7,902
10,471

5,345
7,923
10,201

1st
2nd
3rd
4th

quarter
quarter
quarter
quarter

e/4,446

1st half
Three quarters
Year

e/2,805

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

quarter
quarter
quarter
quarter

Year

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

2,043
4,258
2,477
2,997

13,366

11,775

e/ Estimated by Federal Reserve.
B./ Preliminary.
1J Securities and Exchange Commission estimates of net proceeds.
2/ Investment Bankers Association of America estimates of principal amounts.
3J 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)

Quarter
or
Month

Total

Gross proceeds for new
capital and refunding 1/
Bonds
Common Memo:
Publicly Privately
and Foreign
Offered
Placed
Pfd. issues
stock included

Net proceeds for
new capital 1/ 2/
Mfg.

Public CommuniUtility cations

Other
Issuers

1964 - I
II
III
IV

2,548
4,965
2,876
3,568

978
1,321
792
531

1,269
1,755
1,590
2,629

300
1,890
494
408

29
105
94
227

429
723
559
1,061

438
856
642
509

273
1,666
59
135

1,275
1,492
1,361
1,559

1965 - I
II
III
IV

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

906
1,864
1,575
1,226

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

429
920
383
540

243
215
263
300

1,072
1,679
1,119
1,145

541
609
786
610

91
255
323
177

1,034
2,246
1,304
1,815

858
791
1,358
1,233
1,773
2,038
1,443
930
1,538
986
1,398
1,646

161
187
557
422
694
748
542
369
664
287
613
326

565
450
658
648
630
980 '
780
468
706
574
529
1,161

131
155
143
162
449
309
122
93
168
124
257
159

49
51
143
33
49
134
27
87
150
99
101
99

385
192
494
540
698
441
399
307
414
273
402
470

97
215
229
176
248
184
202
297
287
158
209
243

21
44
26
15
143
98
102
25
196
92
43
43

292
295
448
422
602
1,223
587
222
495
401
671
741

480
600

740
600

190
200

94
n.a.

403
450

388
175

125
150

430
550

1966 - I
II
1965 - Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

1966 - ^ a n . £ / 1,410
Feb.e/ 1,400
Mar.
Apr.
May
June

2 / Preliminary,
ej Estimated by Federal Reserve.
If 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. 3/ Does not include U.S. Steel $600
million conversion of preferred stock to debentures.
Commission.




Source:

Securities and Exchange

*

\\

Exhibit J

1Q6A
January
February
March
April
May
June
July
August
September
October
November
December

8

Jan.-Feb.

n.a.

IQfiS

1QA4

218

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

--

38
73
—

91
33
74
5
52
75
2

Year '

|

1

|

Other Security Offerings
(In millions of dollars)

218

86

661

636

IQAfi

129
185
325

2/102 .
£ / 38

238
91
-458
647
204
-82
119
408
152
59
274
-366

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

—

-—

n.a.

775

275
260

239
150
375
375
179

M0
-510

308
-24

:
2
a

\

129
2,732

New short-term 4/
State and local Goverment 5/
January
February
March
April
May
June
July
August
September
October
November
December

Federal Agency 1/
1964
1965

1,205^

Federal Agency 3/
-137
-174
117
-11
509
237
132
206
105
-309
202
-76

?
*

-308 t
-336 /.
23 t,
97
183 ;
239 j
-333,167 :
525 "
113
-3^.

Jan.-Feb.
329
339
2/140
284
-311
- 644 •"
1,286
368 '
Year
453
f
801
£ / Preliminary, e/ EstdLmated by Federal Reserve, n . a . — N o t available.
1J 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 U.S. by foreign governments and their political
subdivisions and international organizations. Source: Securities and Exchange Commission.
3/ Issues not guaranteed by U.S. Government. Source: Long-term, Securities and Exchange
Commission; short-term, Treasury Dept. & Fed. 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 maturity of one year or less.
5/ Principally tax and bond anticipation notes,
warrants, or certificates and Public Housing Auth. notes. In some instances PHA notes
included may have a somewhat longer maturity than 1 year. Source: Bond Buyer & Federal
Reserve.




H. 14
Exhibit K
Large Long-term Public Security Issues for New Capital
(Other than U. 8. Treasury) 1/
Proceeds of Large Issues Offered
(In millions of dollars)

Total

1965 - Mar.
Apr.
May
June
July
Aug.
Sept.
K
oc t.
%
Nov.
g
Dec.
f
1966 - Jan.
<
Feb.
Mar.

Corooriite
Bonds
Convertible
(other than
bonds
convertibles)
233
210
560
343
455
211
530
190
559
212
370
391
544

513
307
928
801
477
299
530
246
736
262
485
545
890

Stocks

State
and
local
governments

„„

280
97
53
320
22
62

315
138
--

—-

--

40
33
50

16
144

--

115
70
271

--

84
75

19
260
40
430
20
50
170
43
95

395
411
492
377
655
312
563
409
538
413
787
424
339

26

Other

--

55

Large Individual Issues Offered during March

Issuer

Type &/

Amount
(millions
of
dollars)

Coupon
rate or
net Interest cost

Offering
vleld

Rating

5-1/2
5-3/4
5-3/4
6
5/45

5.42
5.60
5.60
5.81
5.45

A
A
A
Baa
A

1998
1991
1991

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

5.35
4.50
5.87

Aa
Ba
Baa

1996

5-1/4

5.15

Aaa

5.11

Aaa

Maturity

Corporate
Monongahela Pwr. Co.
Arkansas Pwr. & Lt. Co.
La. Pwr. & Lt. Co.
Appalachian Pwr. Co.
Anheuser-Busch, Inc.
Deere & Co.
Pacific Gas & Elec. Co.
Reynolds Metals Co.
Northwest Nat. Gas Co.
General Tel. & Elec. Co.
Commonwealth Edison Co.
*Celanese Corp.
American Tel. & Tel. Co.

1st mtg. bds. 18.0
1st mtg. bds. 25.0
1st mtg. bds. 35.0
30.0
S.F. Deb.
45.0
Deb.
51.3
Com. stk.
1st mtg. bds. 75.0
Conv. sub . deb.75.0
1st mtg. bds. 16.0
104.4
Com. stk.
1st mtg. bds. 50.0
115.0
Com. stk.
250.0
Deb.




1996
1996
1996
1996
1991

2001

-

5-1/8

Large Individual Issues Offered during March (Cont'd)

Issuer

Type 3/

Coupon
rate or
Offer- Rating
ing
net interest cost
Yield

Amount
(millions
of
dollars)

Maturity

50.0
15.0
20.0
13.0
10.0
14.8
20.0
10.1
13.6
13.0
15.0
13.6
10.7
100.0
20.6

1969-93
1968-91
1967-96
1969-2001
1967-83
1967-86
1967-95
1967-81
1966-80
1967-96
1967-90
1969-97
1968-2004
1968-92
1968-97

3.70
3.72
3.96
4.33
3.72
3.49

1986
1996

6-1/2
5-1/2

State and local Govt.
Penna. Gen. State Auth.
Rev.-Rent.
Texas Water Dev. Bd.
G.O.
East Bay Mun. Util. Dist.,Calif. G.O.
University of Nebraska
Rev.-Rent
Peralta Jr. Coll. Dist., Calif. G.O.
Santa Clara Co., Calif.
G.O.
Nassau Co., New York
G.O.
Milwaukee, Wise.
G.O.
Rochester, New York
G.O.
Allegheny Co., Pa.
G.O.
Prince Georges Co., Md.
G.O.
N.Y. State Dorm. Auth.
Rev.-Rent.
Ball State Univ., Ind.
Rev.-Rent.
State of California
G.O.
Columbus, Ohio
G.O.

4.00
3.53
3.78
4.22
3.64
3.72
3.72
3.41

3.40-4.05 A a
3.10-3.60 Aaa
3.10-3.85 Aa
3.50-4.20 A
3.15-3.60 A a
3.15-3.704/A
3.15-3.75 A
3.10-3.40 Aaa
3.85-3.30 Aaa
3.10-3.70 Aa
3.20-3.755/A
3.70-3.90 - -3.75-4.25
3.35-3.70 A a
3.20-3.50 A a

Other
Govt, of New Zealand
Province of Ontario

Bonds
Debs.

20.0
35.0

6 .87
5 .50

—•

*--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.
V In the case of State and local government securities, G.O. denoted 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 1985-96 not publicly reoffered.
5/ Bonds maturing 1991 not publicly reoffered.




17

H. 14
Exhibit L
Forthcoming Large Long-term Public Security Offering for Hew Capital
(Other than U.S. Treaaury) 1/
Expected Proceed* from Forthcoming Large Iaauea
(In million# of dollara)
Subaequent to

During month following
Corporate
1965 - Mar. 31
Apr. 30
May
28
June 30
July 30
Aug. 31
Sept.30
Oct. 29
Nov. 30
Dec. 31
1966 - Jan. 31
Feb. 28
Mar. 31

267
852
765
363
193
312
206
412
297
553
530
828
489

State and
local govt.

Other 2/
60
25
70
20

212
411
328
397
248
404
269
343
398
501
340
366
253

——
--

15
25
20
20
——

20

Corporate
792
852
923
410
340
636
303
489
344
676
931
1,176
606

State and
local govt.
373
635
474
524
353
450
331
578
458
582
461
504
334

Other 2/
60
25
70
20
—

15
25
20
20
20
90
55

Forthcoming Large Offerings as of April 1

Iaauer

Type

Amount
(million#
of
dollara)

Approximate date of
offering

Coroorate
Stauffer Chemical Co.
Indianapolis Pwr. & Lt. Co.
Idaho Pwr. Co.
Niagra Mohawk Pwr.
Mich.-Wise. Pipeline Co.
New Orleans Pub. Serv. Co.
Carolina Pwr. & Lt. Co.
Tampa Elec. Co.
*Anchor Hocking Glass Co.
^Hawaiian Tel. Co.
Potomac Edison Co.
C&P Tel. Co. of Va.
Allied Chemical Corp.
W.T. Grant
Southern Cal. Ed. Co.
Kentucky Investors Inc.
*W.T. Grant




Sub. deb.
1st mtg. bds.
Bonds
Com. stk.
1st mtg. p.l. bds
1st mtg. bds.
1st mtg. bds.
1st mtg. bds.
Deb.
Com. - stk. .
1st mtg. bds.
Deb.
Deb.
Com. stk.
1st mtg. bds.
Com. stk.
Com. stk.

35.2
20.0
20.0
34.0
45.0
23.2
30.0
20.0
20.0
20.0
18.0
50.0
150.0
24.0
75.0
17.7
24.0

Apr. 4 (rts. ex.)
Apr.
6
Apr. 13
Apr. 13
Apr. 13
Apr. 14
Apr. 15
Apr. 20
Apr. 20
Apr. 22 (rts. ex.)
Apr. 27
Apr. 28
Apr.
Apr.
May
11
Indefinite
Indefinite

•

%

L-2
Forthcoming Large Offerings as of April 1 (Cont'd)
Type

Amount
(millions
of
dollars)

Approximate date
of
Offering

State and local Government
San Diego Stadium Auth.
Murray State College, Ky.
Southern 111. Univ.
Los Angeles City Flood Con. Dist., Cal.
Kansas City Metro. Jr. College
*Hempstead, New York
*Tarrant Co. Jr. Coll. Dist., Texas
*Wash. Suburban Sanitary Dist., Md.
^Consumers Pub. Pwr. Dist., Columbus, Neb
Pa. Publ. School Bldg c Auth.
State of Maryland
Detroit, Michigan
University of California
State of Oregon
^Harris Co., Texas
Dade County, Fla
Austin, Texas
Lake Charles Harbor & Ter. Dist., La.

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

27.0
12.7
12.0

20.0
10.0
11.8
10.0
18.0
13.7

16.0
30.3

10.0

15.7
25.0
20.5
46.0
14.0
21.4

Apr.
7
Apr.
7
Apr.
7
Apr. 12
Apr. 12
Apr. 12
Apr. 19
Apr. 19
Apr. 19
Apr. 19
Apr. 19
Apr. 19
Apr. 20
Apr. 21
Apr. 28
Indefinite
Indefinite
Indefinite

Other
Republic of Ireland
Nippon Tel. & Tel. Public Corp.
Industrial Dev. Bank of Israel

20.0

Bonds
Bonds
Cum pref. stk.

15.0

20.0

Indefinite
Indefinite
Indefinite

-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

Amount
(millions
of
dollars)

Public Offerings

Issuer and Description of Issue

A.

Sold January 1 through April

1

Govt, of Jamaica--6-3/4% bonds, maturing
1981, reoffered to yield 7.10%.

1/12

7.5

3/15

20.0

Govt, of New Zealand--6-1/2% bonds, maturing
1986, reoffered to yield 6.87%. * *

3/15

35.0

Province of Ontario--5-1/2% debentures,
maturing 1996, reoffered to yield 5.50%.

B.
Indefinite

Prospective Offerings

20.0

Republic of Ireland - Bonds

Indefinite

15.0

Nippon Telegraph & Telephone Public Corp. - bonds

Indefinite

20.0

Industrial Development Bank of Israel - Cu. pref. stk.

*--Included in table for first time.
**--Issue sold to investors outside U.S.
***__Issues subject to interest equilization tax.




M-2
Part II:

Date reported

Note:

Private Placements - Reported January 1 through April

Amount
(millions
of
dollars)

1

Issuer and Description of Issue

1/3

23.0

Pilkington Brothers Ltd.--5-1/2% secured notes, maturing
1981--no information available on takedown.

2/4

23.2

City of Montreal--5-l/2% S.F. debentures, maturing 1986-91
--no information available on takedown.

2/21

10.0

Province of New Brunswick--5% debentures, maturing
no information available on takedown.

2/25

25.0

Consolidated Paper Corp. Ltd.--5.10% debentures, maturing
1990--no information available on takedown.

2/25

25.0

Canadian Pacific Railway--5% equipment trust certificates,
maturing 1967-81--no information available on takedown.

3/14

28.0

Bell Telephone Co. of Canada--4.857= notes, maturing 1985,
no information available on takedown.

3/14

14.5

3/21

11.0

Canadian Gas & Oil Ltd.--5-7/8% bonds, maturing 1983-no information available on takedown.

3/21

36.5

Intercontinental Pulp Co. Ltd.-% bonds, maturing
1986--no information available on takedown.

'

Manitoba Telephone System--5% guaranteed bonds, maturing
1991--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 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 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.




1
<

•