Full text of H.16 Capital Market Developments : April 8, 1963
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Not for Publication DECONTROLLED AFTER SIX MONTHS H 14 LIBRARY APR 1 0 1963 FEDERAL RESERVE BANK April 8, 1963. CAPITAL_HASKETJ)EVELOPMENTS lN~~THE UNITED STATES OF RICHMOND Public security financing to obtain new capital was in fairly substantial volume last week but is expected to be in somswhat more moderate volume this week except for the Treasury offerirg. During the week ending Apriljj^ three large corporate security issues totaling $172 million, including an expiring rights offering, and two iJtate and local government bond issues amounting to $44 million were offered. This week, ending April 12, four State and local bond issues with par value of $133 million are on the calendar and the Copenhagen Telephone Company and the Commonwealth of Australia are expected to of::er bond issues of $15 million and $30 million, respectively; no large domestic corporate issues are scheduled for offering. The U. S. Treasury will offer $300 million in 31-year bonds for competitive bidding. Bond yields. Changes in yields on seasoned, long-term bonds were mixed but minor last week. Yields on Aaa-rated corporate bonds rose a basis point to 4.20 per cent, but yields on Baa-rated issues dropped one basis point to 4.87 per cent, matching their low for the year. Aaa-rated State and local government bond yields edged up a basis point to 2.94 per cent, while yields on Baa-rated issues and on U. S. Government bonds were stable. The average yield on new corporate bond issues, adjusted to an Aaa basis, was 4.23 per cent last week, somewhat higher than in most other recent weeks. Short- and intermediate-term interest rates. Yields on Treasury bills and on 3-5 year U. S. Government bonds were stable last week. The average rate on 90-179 day finance company paper rose two basis points to 3.25 per cent, reflecting the full effect of the change in rates announced the previous week. The average effective rate on Federal funds fell 37 basis points to 2.63 per cent, the lowest average this year. Other rates were unchanged. FNMA secondary market operations. Reflecting the general abundance of mortgage funds which has prevailed through the early months of 1963, purchases by the Federal National Mortgage Association dipped slightly further in February to a level of $10.1 million dollars. Offerings also continued downward from their already reduced level and amounted to $12.5 million. Sales by FNMA, on the other hand, more than doubled in February and, "at $107.7 million, were the highest since April of 1961. Indications are for a continuing heavy sales volume as sales reservations have apparently expanded further, even though a rise of 1/2 point in the price to buyers has been in effect since February 8. -2 - Stock prices. Common stock prices advanced sharply last week in active trading. Prices, as measured by Standard and Poor's composite index of 500 stocks, rose about two and one-half per cent to close at 68.28 on April 5. At this level, average prices have recovered close to four-fifths of their loss from the December 1961 high to last June's low. Trading volume averaged 4.7 million shares a day, 0.8 million shares above the average for the previous week and the highest daily average since late January. More detailed information concerning recent capital market developments are presented in the attached exhibits. Capital Markets Section, Division of Research and Statistics, Board of Governors of the Federal Reserve System. E X H I B I T A. P a , I I L O N G - T E R M B O N D YIELDS, H I G H - G R A D E fOKPOIATf Ail mo mi Exhibit A - Part II Date Corporate Aaa 1/ U. 8. Govt, long-term If State and local government ^ Aaa 3/ Spread between P. S. Govt, and Corporate State and Aaa local Aaa (per cent) 1958 - Low 1959-60 - High 1960-61 Low 1961 - High 1962 - Low . 1963 - High Low Mar. Mar. Mar. Mar. Apr. f 8 15 22 29 5 £/ 3.55 4.61 4.21 4.46 (5/2) (3/29/60) (3/17/61) (9/15) 4.19 (3/29) 3.07 4.42 3.70 4.07 3.85 3.95 3.87 4.19 4.19 4.19 4.19 4.20 Z 3.92 3.93 3.94 3.95 3.95 (4/25) (1/8/60) (5/i?/61) (12/29) (12/28) (4/5) (1/18) 2*64 3.65 2.99 3.37 2.88 3.02 2.93 3.02 2.98 2.93 2.93 2.94 (5/1) (9/24/59) (9/2/60) (7/6) (13/8) (3/7) (3/28) .22 .59 .19 .57 • 3Q: .35 .24 .27 .26 .25 .24 25 .34 .92 .46 .76 .80 1.02 .90 .90 .95 1.01 1.02 1.01 Preliminary. Weekly average of daily figures. Average term of bonds inolttied 1* 22-24 years. note.—Iligjis and Iowa are for individual aerie a and may be on different dates for different series. For spreads, high refers to widest, and loir to imrrowest. IV EXHIBIT 6, f o r i I L O N G - T E R M B O N D YIELDS, L O W E R - G R A D E - :oiroiAit is* uy- . /vv V A V/ . Tdy'T 1 UJ> 1 1 1 1 1 II 1 7ijT X M l l l i i i II ii 1i 1 II 1 1 III 11 1 1 1 1 1 1111111 II II 1 L-LX 1151 11*0 1141 11*1 11*1 Exhibit B - Part II Corporate Baa 1/ State and local govt. Baa 3/ (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. Mar. Apr. 4.88 4.88 4.87 4.88 4.87z Note* 8 15 22 29 5 j>/ ( ( 'l2/6< ( r9/60] ( ( ' i Tor footnotes aee Exhibit A* 3.64 4.46 3> 33 4-16 3.52 3.57 3.55 3.57 3.57 3.55 3.55 3.55 (5/1) (3/7/60) (13/9/61) (3/23) (5/17) (3/14) (4/4) Spread between Aaa and Baa State and Corporate local govt. .77 .84 .66 .81 .63 .71 .67 .93 1.08 .57 .93 .56 .63 .55 .69 .69 .68 .69 .67 .55 .59 .62 .62 .61 E X H I B I T C, P o r t I SHORT- A N D INTERMEDIATE- T E R M INTEREST RATES, G O V E R N M E N T — v . iiu Exhibit C - Part II Date 1958 - Low 1959-60 High 1960-61 Low 1961-62 High 1962.- Low 1963 - High Low Mar. Mar. Mar. Mar. Jpr. 8 15 22 29 5 £/ Discount rate V 3-month bills 2/ 1.75 4.00 • 3.00 3.00 3.00 3.00 3.00 •58 4.59 2.11 2.97 2.65 2.95 2.88 3.00 3.00 3.00 3.00 3.00 2.89 2.88 2.90 2.91 2.91/ (5/29) ( 3/8/60) (10/28/60) (7/13/62) (6/8) (2/8) (3/15) Yields 6-month bills 21 (per cent) 3-5 year issues 2/ Spread between yields on 3month bills and yields on 6-mo. bills13-5 vr. issues 3.02 (13/26) 2.14 (6/6) 5 . 07 ( 3/8/60 ) 5.00 (12/24/59) 2.35 (4/28/61)3.15 (5/l2/6l) 3.13 (7/20/62)3.88 (2/2/62) 2.74(6/8) 3.41 (12/28) 3.00 (2/8) 3.53 (4/5) 2.93 (3/8) 3.44 (1/18) 2.93 2.94 2.96 2.98 2.98 3.49 3.49 3.51 3.53 3.53 .04 1.81 .38 1.51 .52 .62 .52 • 26 .79 .12 .44 .02 .07 .04 .04 .06 .06 .07 .07 * .60 .61 .61 .62 .62 3/ Weekly rate ah own is that in effect at end of period at the Federal Reserve Bank of Hew York* 2j Maricet yield) weekly averages oonputed from daily olosing bid prices• Series of 3-5 year issues consists of selected notes snd bonds. i i o t e . — H i g h s and lows are for individual series and may be on different dates for different series. For spreads, high refers to widest, end lew to narrowest* u E X H I B I T D, P a r i I SHORT- AND BANKS AND Weekly INTERMEDIATE- TERM INTEREST RATES, OTHER PRIVATE B O R R O W E R S "f. t-TK Date Stock Exchange call loan If Prime rate 1/ Finance company paper 2/ Federal funds 3/ Spread between 3-mo. bills and finance co. pacer (per cent) 1958 - Low 1959-60 - High 1960-61 Low 1961-62 - High 1962 - Low 1963 - High Low 3.50 5.50 4.50 4.50 4.50 4-50' 4.50 3.50 5.00 4.50 4.50 4.50 4.50 4.50 1.13 (8/8) 5.13 (3/23/60) 2.50 (8/5/61) 3 . 25 (7/20/62) 2.88 (6/1) 3.25 (4/5) 3.13 (3/22) .13 4.00 .43 3-00 1.30 3.00 2.63 Mar. Mar. Mar. Mar. Apr. 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.50 3,13 3.13 3.13 3.23 3.25 3.00 3.00 2.90 3.00 2.63 8 15 22 29 5 j>/ (5/29) (5/13/60) ( 3/27/61) (12/28/62) 3/26) (3/29) (4/5) -.35 1.02 .11 .56 .19 .36 .18 .24 .25 .23 .32 .34 1/ Weekly rate shown is that in effeot at end of period. Stock Exohange call loan rate is going rate on ball loans seouied by customers' stock exchange• collateral at New York City banks.. Prime rate is that charged by large banks on short-*erm 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, ithioh is the rate for the heaviest -volume of purchase and sale transactions as reported to the Federal Reserve Bank of New Yorke Note.—Highs and lows are for individual series and may be on different dates for different series. spreads, high refers to widest, and low to narrowest* Digitized forFor FRASER 9 E X H I B I T E. P o r t I STOCK MARKET 1941-43 overgg««IO i l l i o n i ol doll — STOCK MAIKET CREDIT C H A N G E IN S E R I E S . Exhibit B - Part II Stock price index JL/ 1961-62 - High Low 1963 - High Low February March Mar. 22 Mar. 29 Apr. 5 j>/ Common . Trading Stock market customer credit stock Customers volume 3/ Bank yields 2j (millions debit bal* loans to (per cent) of shares) ances 4/ "others" 5/ (In millions of dollars) 72.04(12/8/61) 52.68 (6/22/62) 68.28 (4/5) 64.10 (3/1) 2.82 3.96 3.16 3.36 65.92 65.67 66.19 66.57 68.28 3.27 3.28 3.26 3.25 3.16 10.1 2.4 4.8 3.3 5*,602( 12/61)4,259 (12/61)1,377(8/30/61) 4,876(7/62) 3,562 ( 7/62) 1,269(9/26/62) 5,717(2/63)4,332 (2/63)1,425 (3/20) 5,595(1/63)4,208 (1/63)1,378 (2/23) 4.2 5,717 3.6 3.4 3.9 . 4.7 4,332 1,385 1,423 1,425 1,423 n.a.—-Not available, g/ Preliminary. 1/ Standard and Poor's composite index of 500 oonmon 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. Standard and Poor's composite stock yield based on Wednesday data converted to weekly closing prices by Federal Reserve. Yields shown are for dates on which price index reached its high 3/ Averages of daily trading volume on the Hew York Stock Exchange. End of month figures for member films of 1he New York Stock Exchange *ioh oarjy margin 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 New York and Chicago. Weekly reporting banks account fbr ahlut 70 per cent of loans to others. For further detail see Bulletin. E X H I B I T f. Pari FEDERAL NATIONAL SECONDARY MORTGAGE MARKET I A S S O C I A T I O N 1/ OPERATIONS ruiCHASES 1957 1958 1959 1940 Exhibit F - Part II Date 1962 - Feb. Mar. Apr. May July Aug. Sept. Oct. Nov. . Dec. 1963 - Jan. Feb. 2/ Estimated offerings to FNMA. Purchases by Standby Immediate FNMA. purchase commitment (In mil]Lions of do]Liars) 82.5 68.6 51.1 40.3 33.0 29.0 40.8 35.9 43.5 25.7 19.7 16.8 12.5 80.8 66.3 50.0 38.8 31.7 27.9 39.2 35.2 42.7 24.6 19.3 16.5 12.4 1.7 2.3 1.1 1.5 1.3 1.1 1.0 .7 .8 1.2 .4 .2 .1 89.0 81.6 51.5 42.0 29.0 21.9 . 29.6 25.0 33.1 26.6 13.5 . 14.3 10.1 Sales by FNMA. 7.3 75.9 105.7 64.0 56.3 38.5 6.3 8.4 4.5 8.1 14.4 45.3 107.7 • — L e s s than $50,000. 1/ Data represent unpaid principal balances of the mortgages involved, exclusive of premiums, d l s o o u n t s 8 o r other charges* Offerings a r e amounts of applications received during the period from sellers proposing that FNMA. execute purchasing contracts. A n . ismediate purchase contract covers existing mortgages which the seller must deliver to F N M A id thin 4 5 days. A standby ccranitment contract relates t o proposed mortgages on housing not y e t under construction w h i c h the s e l l e r must usually deliver within one y e a r . Purchases include those under both immediate purchases and standby commitment contracts. Data exclude FNMA activity u n d e r Special Assistance and Management and Liquidating Programs, f EXHIBIT O. Port 1 YIELDS O N N E W A N D S E A S O N E D C O R P O R A T E B O N D S uw 14 J I A d j u i t . d . l o A >dy/. — 1 —I 1 1 1 1 1 1 1 I I Exhibit 0 - Part II Yields on New Corporate Bond Issues Adjusted to an Aaa basis Number A m r t of Issues Average of Included (mil. yield (per cent) issues of dollars) Number Ain't of Issues Average of Included (mil. yield (per cent) issues of dollars) Weekly averages; 1962 - Nov.- 2 9 16 23 30 . Dec. 7 14 21 28 1963 - Jan. 4 11 £ 85.0 37.0 4.14 4.13 19.8 72.5 87.0 45.0 4.00* 4.17 4.24 4.25 25.0 70.0 35.0 75.0 . 4.19 4.23 4.13 4.22 Feb. 1 8 15 22 Mar. 1 8 15 22 29 Apr. 5 25.0 . 64.0 4.21 4.27* 100.0 12.0 55.0 24.4 87.0 222.0 45.0 4.19 4.14 4.25* 4.16 4.16 4.36* 4.23 No tot Averages of offering yield* cu *1% nor issue* of jmblloly offered ooxporato bonds rated JU». ii 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 A s e of offering# Before averaging, new offerings are adjusted to a composite Aaa basis by deducting from the actual reoffezing yield the excess of the weekly average yield for seasoned bonis of the appropriate indastxylomoeite average for seasoned Aaa^rated bonds (Moody's), Averages considered quality group over the coi unrepresentative because at special oharacteristies of tte 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) apital State and local 2/ 1 1962 I 1961 1963 Corporate 1/ 1 1962 1 January February March 2/584 e/700 e/850 592 859 807 580 667 562 £/ 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 el 2,134 1st half Three quarters Year 1961 1963 e/2,350 Excluding finance companies 3/ 1st 2nd S'rd 4th quarter quarter quarter quarter e/2,034 Year ef If 2/ 3/ 2,199 2,919 1,775 2,410 1,554 4,552 2,337 2,807 9,303 11,253 Estimated by Federal Reserve. j>/ 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. U Exhibit I H. 14 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: Bom is and foreign Publicly Privately pfd. offered offered stock included 149 317 381 913 896 997 449 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 1,263 507 639 307 300 68 257 56 179 655 996 601 769 430 983 375 568 456 231 275 321 717 794 659 986 963 264 n.a. 743 338 275 778 348 355 572 392 411 336 509 348 567 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 42 297 289 467 315 279 209 487 291 485 143 155 209 336 134 169 67 82 161 123 52 125 3 12 54 10 147 100 13 205 131 318 384 270 342 217 218 166 153 271 345 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 94 80 90 18 n. a. n.a. 133 220 " 390 118 120 100 125 60 90 208 300 270 770 754 955 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 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 ):963 - I e/ 2,326 1,100 ',1961 - Apr. May 2,231 1,342 1,779 1,075 813 678 1,155 987 1,094 713 666 924 424 225 123 336 414 217 647 884 847 1,217 801 1,232 630 922 632 976 784 1,197 273 497 386 654 247 488 200 477 176 539 286 264 232 232 253 227 420 575 366 363 295 314 446 808 681 715 930 350 260 490 238 375 350 ^1963 -- Jan.£/ Feb.e/ t Mar.e/ I- Other issuers 808 652 696 1,074 1,336 1,462 July Aug. Sept. Oct. Nov. Dec. Public Communiutility cations 511 562 625 2,537 2,520 2,832 1962 - Jan. Feb. Mar. Apr. May Mfg. 27 38 17 1960 - II III IV July Aug. Sept. Oct. Nov. Dec. 692 ' 429 416 Net proc<aeds for new capiltal 1 / 2 / : 43 46 34 99 • j,v;£/ 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 5. are extractive, railroad and other transportation, real estate and finance and commercial and other. Source.—Securities and Exchange Commission. Other Security Offerings (In millions of dollars) Foreign government 2/ 1963 I 1962 | January February 2/232 e/175 e/.SC April May July August September October November December Year Jan.-Ma:. 142 10 35 10 86 50 25 8 31 151 88 101 737 Gross long-term 1/ Federal agency 3/ 1963 I 1962 r 6 29 20 2 66 29 5 2 £/ — e/148 e/ -- 1961 246 156 252 100 149 278 461 250 193 150 175 43 34 225 236 e/148 e/4r 1,188 1,448 402 252 Net short-term 4/ State and local government 5/ Federal agency 3/ January February March • April May July August September October November December 18 466 -186 127 -84 -118 78 339 -406 71 Year Jan- -Ma -. 298 160 195 -283 -118 2./-185 54 -116 247 -156 226 -364 82 284 261 227 -157 379 55 -80 520 1,004 -76 347 317 -480 -8 -103 -42 -155 109 518 -86 -6 £/-586 -144 -162 -174 -79 -87 207 22 193 108 98 56 -114 ]V --Preliminary. 0/ 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/ 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. Goveripnent. 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 some what longer maturity than one year. Source: Bond Buyer and.Federal Reserve. 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 Total 1962 - March April May June July August September October . November December 1963 - January February =; March 366 648 200 472 165 286 191 434 178 198 234 186 394 Corporate Bonds Convertible (ether than bonds convertibles) 330 430 170 387 135 226 100 398 178 178 215 125 372 . 15 51 60 State and local government Stocks 21 167. 30 85 30 - -91 36 20 -- 35 19 26 22 Other 259 423 373 266 321 272 153 320 217 193 344 367 570 1/ 30 55 88 30 20 194 25 75 48 63 Large Individual Issues Offered April 1 through 5 Type 3/ Issuer Coupon Amount rate or (millions Offering Maturity of net inter- yield dollars) est cost Rating CORPORATE Commercial Credit Corp. Ear-ford Elec. Light Co. •Consolidated Edison Co. 1st mtg. bds. Com.stk. 50.0 15.0 107.4 1981 1993 4-3/8 4-1/4 4.38 4.30 STATE AND LOCAL GOVERNMENT , Cleveland, Ohio -Philadelphia, Pa. Rev.-Dt. G.O. OTHER 12.0 37.2 1968-84 1964-88 2.93 2.95 2.15-3.00 Aa 1.60-3.20-t'A K-2 Footnotes H. 14 * — R i g h t s offering. **—Foreign issue. 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 O . denotes general obligations; Rev.-Ut., revenue obligations secured only by income from public utilities; Rev. -Q.tit., revenue bonds secured only by revenue from quasi-utilities; Rev. -sf.T., 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 reoffered. H. 14 Forthcoming Large Long-term Public Security Offerings for New Capital (Other than U. S. Treasury) 1/ Expected Proceeds from Forthcoming Large Issues Date of computation During month following date shown Corporate State and Other 2/ local govt. 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. 29 628 185 587 120 302 170 363 203 170 269 167 142 376 453 333 184 202 273 61 187 96 194 177 376 458 381 __ 95 55 -•— 175 75 25 45 Subsequent to date shown State and Corporate Other 2/ local govt. 693 598 692 458 477 312 546 328 360 314 412 572 421 539 452 337 377 427 215 387 243 328 311 843 755 763 ' .. 95 55 25 175 75 25 33 45 Forthcoming Large Offerings, as of April 5 Type Amount (millions of dollars) Approximate date of offering CORPORATE 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. Pfd. stk. S. F.deb. 1st mtg. bds. Deb. Com.stk. 1st mtg. bds. Deb., bds. & com. 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 STATE AND LOCAL GOVERNMENT Brevard Co. Special Tax Sch. Dist. No. 1, Florida City of Detroit, Mich. •State of California Duval Co. Special Tax Sch. Dist., Fla. Albuquerque, N. M. ; Omaha City Sch. Dist., Neb. •Alabama State Highway Auth. State of Louisiana - Washington Sub. San Dist. Rev.-S.T. G.O. G.O. Rev.-S.T. G.O. G.O. Rev.-Ut. Rev.-S.T. G.O. 12.0 10.5 100.0 10.0 10.7 25.0 25.0 15.0 14.0 April April April April April April April April April 9 9 10 11 16 16 16 17 22 L-2 H.14 Forthcoming Large Offerings, as of April 5 (Cont'd) Approximate date of offering STATE AND LOCAL GOVERNMENT (CONT'D) Los Angeles Co. Flood Control Dist., Cal. State of Oregon New York City, New York *Orlando Utilities Comm., Fla. ^Maryland State Roads Comm. Washington Public Power Supply System ^Cincinnati, Ohio *Cleveland, Ohio Placer County Water Agency, Cal. Pittsburgh, Fa. Jefferson County, Colorado Dade County, Florida Jacksonville Expressway Auth., Fla. Houston, Texas Rev. -Ut. G.O. G.O. Rev.-Ut. Rev.-S.T. Rev.-Ut. G.O. G.O. Rev.-Ut. G.O. G.O. G.O. Rev.-Ut. G.O. 15.0 10.5 108.7 14.0 17.5 120.0 16.1 13.2 115.0 35.0 12.9 46.0 40.0 13.3 April 23 April 23 April 24 April 30 May 1 May 2 May 8 May 21 Spring Indefinite Indefinite Indefinite Indefinite Indefinite OTHER Copenhagen Tel. Co. Govt, of Australia S.F.deb. Bonds 15.0 30.0 April 9 April 11 *--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. 9 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 21.8 5.2 15.0 30.0 10.0 Sold February 1 through April 5 Kingdom of Denmark—5-1/4% bonds, due 1978, reoffered at 5.377, Republic of Finland—6% bonds, due 1973, reoffered at 6.177= Kansai Electric Power Co., Inc.--common stock Sony Corp.—common stock B. 4/9 4/11 4/24 Public Offerings Prospective Offerings Copenhagen Tel. Co.--sinking iuud debenture Commonwealth of Austra1ia--bonds Mitsui & Co., Ltd.—convertible sinking fund bonds M-2 Part II: Date reported Amou-.it (millions of dollars) 2/4 300.0 2/4 3.0 2/12 9.0 2/18 25.0 2/19 5.0 2/25 2.5 3/4 3.0 3/7 12.0 3/13 1.0 3/13 30.0 3/13 25.0 3/27 50.0 3/28 3.0 *4/3 10.0 H. 14 Private Placements--Reported February 1 through April 5 Issuer and Description, of Issue Quebec Hydro-Electric Commission--5% bends, 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 cf 1964 Government of Jamaica--?/' 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 tak-.down Tabor de Acero de Mexico, S. A.--7-1/2% convertible deb entures , due 1975--no information available on Quebec Natural Gas Corp.--5-1/2% first mortgage bonds, due 1 9 8 0 — n c inferma tion available, on takedown Protestant School Beard cf 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--not.es, 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-E1 ectrie Board-""4-7/8 sinking fund bonds, maturing 1988--no information available on takedown Bell Telephone Cc. of Canada--4-7/8% first mortgage bonds--no information available on takedown Pacific Eastani Railway Co. "•'-4-7/8% sinking fund debenture, du- 1968--no information available on takedown Industrial Acceptanvv. Corp. . It i. --5-1/8%. secured notes» maturing 196? information available on *4/4 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 se- 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 'xhen reported, frequently with little or no information concerning timing of takedowns. Full or partial takedowns may take place berth prior and subsequent to the date a placement is reported. *—Included in table for first time.