Full text of H.16 Capital Market Developments : April 9, 1962
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A p r i l 9 , 1962,
VELOPMENTS
THE UNITED STATES
P u b l i c s e c u r i t y f i n a n c i n g t o o b t a i n new c a p i t a l was i n v e r y
s u b s t a n t i a l volume l a s t week and i s e j e c t e d t o be m o d e r a t e l y l a r g e t h i s
week. During t h e week ending A p r i l 6 , t h r e e l a r g e c o r p o r a t e s e c u r i t y
i s s u e s , i n c l u d i n g e x p i r a t i o n of a r i g h t s o f f e r i n g , t o t a l i n g #161 m i l l i o n
were s o l d and f i v e S t a t e and l o c a l government bond i s s u e s with p a r v a l u e
of $123 m i l l i o n were o f f e r e d . T h i s week, ending A p r i l 13, no l a r g e S t a t e
and l o c a l i s s u e s a r e on the c a l e n d a r "but f i v e c o r p o r a t e i s s u e s , of which
two a r e e x p i r i n g r i g h t s o f f e r s , amounting t o $217 m i l l i o n a r e s c h e d u l e d .
Bond y i e l d s . Changes i n bond y i e l d s c o n t i n u e d t o be mixed l a s t
week. Y i e l d s on A a a - r a t e d c o r p o r a t e bonds d e c l i n e d a s i n g l e b a s i s p o i n t
t o 1*.37 p e r c e i t , the l o w e s t l e v e l s i n c e l a s t June, b u t y i e l d s on B a a - r a t e d
i s s u e s i n c r e a s e d one b a s i s p o i n t f r o m t h e i r y e a r ' s low. Y i e l d s on A a a - r a t e d
S t a t e and l o c a l government bonds were unchanged, while y i e l d s on B a a - r a t e d
m u n i c i p a l s d e c l i n e d 3 b a s i s p o i n t s t o 3.57 p e r c e n t , t h e i r lowest l e v e l s i n c e
August 1956. Y i e l d s on l o n g - t e r m U. S. Government bonds d e c l i n e d s i x b a s i s
p o i n t s f u r t h e r t o a new low f o r t h e y e a r of 3 . 9 0 p e r c e n t .
The a v e r a g e y i e l d on new c o r p o r a t e b o n d s , a d j u s t e d t o an Aaa
b a s i s , was it.21 p e r c e n t , a d e c l i n e of one b a s i s p o i n t from t h e a v e r a g e
f o r t h e p r e v i o u s week. At t h i s l e v e l , t h e a v e r a g e f o r l a s t week matched
t h e low f o r t h e y e a r s e t the week ending March 23.
S h o r t - and i n t e r m e d i a t e - t e n n i n t e r e s t r a t e s . Y i e l d s on 3-month
and 6-month T r e a s u r y b i l l s and on 3-5 y e a r U. S. Government o b l i g a t i o n s
d e c l i n e d 1 , it, and 7 b a s i s p o i n t s , r e s p e c t i v e l y , l a s t week. Y i e l d s on
6-month b i l l s and i n t e r m e d i a t e - t e r m governments a r e a t lows f o r t h e y e a r .
The a v e r a g e r a t e of i n t e r e s t on d i r e c t l y - p l a c e d f i n a n c e company p a p e r with
90-179 day m a t u r i t y i n c r e a s e d it b a s i s p o i n t s t o 3 . 1 3 p e r c e n t , r e f l e c t i n g
t h e f u l l e f f e c t of t h e r a t e change made t h e p r e v i o u s week. The average
F e d e r a l f u n d s r a t e d e c l i n e d 25 b a s i s p o i n t s to 2,65 p e r c e n t f r o m t h e
r e v i s e d l e v e l of t h e p r e v i o u s week. Other s h o r t - and i n t e m e d i a t e - t e r m
i n t e r e s t r a t e s were unchanged.
Housing s t a r t s . P r i v a t e housing s t a r t s (farm and nonfarm)
dropped in. F e b r u a r y f o r the f o u r t h c o n s e c u t i v e month t o a s e a s o n a l l y
a d j u s t e d annual r a t e of 1 . 1 m i l l i o n u n i t s . This was 10 p e r c e n t below
t h e a l r e a d y reduced January r a t e and it p e r c e n t below a y e a r e a r l i e r when
s t a r t s were r i s i n g c y c l i c a l l y . The month-to-month movement of t h i s s e r i e s
has o f t e n d i s p l a y e d r a t h e r e r r a t i c t e n d e n c i e s and a three-month moving
a v e r a g e of the d a t a may p r o v i d e a more r e v e a l i n g measure of performance.
On t h i s b a s i s , s t a r t s were a t a r a t e of 1 . 2 m i l l i o n or about an e i g h t h
above t h e same p e r i o d a y e a r ago and t h e same p r o p o r t i o n below t h e advanced
a v e r a g e f o r t h e September-Novonber p e r i o d of l a s t y e a r .
S e a s o n a l l y a d j u s t e d Government-underwritten s t a r t s i n c r e a s e d
somewhat i n February, b u t c o n v e n t i o n a l s t a r t s , which had r i s e n l a s t y e a r
t o account f o r t h r e e - f o u r t h s of t h e t o t a l , d e c l i n e d . Unfavorable
3weather was a p p a r e n t l y a f a c t o r i n the drop i n s t a r t s t h i s w i n t e r ; according
t o the Census Bureau, t h e backlog of b u i l d i n g permits during t h i s period
continued t o r i s e .
Stock market. Common stock p r i c e s , a s measured by Standard and
Poor's composite index of 500 s t o c k s , declined one p e r cent f u r t h e r on balance
l a s t week, closing a t 68.81i on A p r i l 6. Trading volume continued t o be
r e l a t i v e l y l i ^ i t , averaging 3 . 1 m i l l i o n shares a day, 0 . 1 m i l l i o n shares
above the average f o r t h e previous week.
More d e t a i l e d information concerning recent c a p i t a l market
developments i s presented in the a t t a c h e d e x h i b i t s .
Capital Markets Section,
Division of Research and S t a t i s t i c s ,
Board of Governors of the Federal Reserve System.
EXHIBIT A
LONG-TERM
BOND
YIELDS
HIGH-GRADE
V U.S. GOVERNMENT
LOWER-GRADE
r\
\S
V \[mJ
STATE AND 1 0 C A L G O V E R N M E N T l « o
n
Exhibit B - Tables for Exhibit A
H.li
Long-term Bond Yields
High-grade
Date
I
J U. S. Govt,
| . long-term 2/
Corporate
Aaa 1/
(per cent)
1957 - High
1958 - Low
1959-60 - High
1960-61 Low
1961 - High
1962 - High
•
Low
Mar.
Mar.
Mar.
Mar.
XApr.
9
16
23
30
6 2/
hclh (9/87)
L 6 1 f?A9/eo)
\y
a
k»*.1*6
\9f-s/
3.76
3.07
Ll*2
(IOA6)
'o? d i
....
It. 12 (2/23)
k.hO
k.39
it. 39
it. 38
it. 3 7 -
It. 06
it. 02
3.97
3.96
3.90
?
3.90 (h/6)
Spread between
U. S. Govt, and
Corporate State and
Aaa
local Aaa
3.1t5
2e6i
(a/*»)
(sA)
3.65
(9/24/69)
(4/25) '
(WW)
h.h3 (2/16)
4.37 ( V 6 )
State and
local
government
Aaa 3/
IIS"
*•??
3.00 (3/23)
3.03
.60
.22
.59
•19
.57
.hi
.30
.50
,34.92
M
.76
l.Olt
.80
'
1.03
1.02
.97
.95
.89 •
.3k
.37
.1*2
.lt2
.lt7
3.00
3.00
3.01
3.01
Lower grade
Date
Corporate
Baa 1/
State and
local govt.
Baa y
Spread between
Aaa and Baa
State and
Corporate
local govt..
(per cent)
1957 - High
1958 - Low
1959-60 - High
1960-61 Low ,
1961 - High
1962 - High 1.
Low
Mar.
Mar.
Mar.
%Mar.
/Apr.
9
16
23
30
6 2/
5 . 1 0 (11/29)
it. 5 1 (7/11)
5.36 (2/12/60)
fc.?8
l|.5l
(9/9/60)
. 5.13 (10/27)
5.11 (1/5)
. 5.02 (3/30)
5.05
5-oU
5.02
5.02
5.03^
1 1
3.60
3.57
Ibr spreads, blgb Mfrrs .to wldeit, e#d lo# t e mrroweet.
(8/29)
3.6L (5/1)
h.kb (1/7/eo)
1.27
.77
.tilt
.66
.61
.68
.63
1.21
,
.93
.' 1.08
• 57
.93
. .82
.65
.65
.63
.6U
.66
.68
.59
.61
.59
, , 56
.
EXHIBIT C
SHORT-
AND
INTERMEDIATE-
TERM INTEREST
RATES
p e r o n nu m
GOVERNMENT
MONTH BILLS
3 - 5 YEAI ISSUES
3 - MONTH BILLS
Market Yields
I II II II I II
BANKS
AND
OTHER
PRIVATE
BORROWERS
STOCK EXCHANGE
C A U LOANS
FINANCE COMPANY F A M E ,
Directly Placed
3 - 6 Months
N. Y. DISCOUNT
l I I I I I I I I I 1.1 I I I I LU-LLLL! LU LLL11J_LL . LUJ_1J I 1
1959
1960
1961
1962
E x h i b i t D - Tables f o r E x h i b i t C
U.Ik
Si.ort- and I n t e r m e d i a t e - t e r m I n t e r e s t b a t e s
Government
Date
1957 - High
1958 - Low
1959-60 - H
# 6 0 - 6 1 Low
1961 - High
1962 - High
Low
Mar.
Mar.
Mar.
Mar.
/Apr.
9
16
23
30
6 g/
Discount|
r a t e < 3-month
1/
1 bills 2/
3.50
1.75
Loo
3.00
3.00
3.00
3.00
3.00
3.00
3.00
3.00
3.00
-
Yields
6-month
b i l l s 2/
3.61* {10/18)
*56 (5/29)
4 * 5 9 (1/8/60)
—
3.02
5.07
i:& Z T
2.81 ( 2 / 1 6 )
!: 3 /o
3.02 (1/12)
2.82 (4/6)
2.73
2.74
2.70
2.73
.
2.72 ^
2.88
2.91
2.84
2.86
2.82
2.67 (1/26)
Spread between y i e l a s on 3 month b i l l s and y i e l d s on
ti-mo. b i l l s | 3 - 5 y r . i s s u e s
3-5 y e a r
issues 2/
3.43 (V6)
.26
.79
.12
.44
.214.10
.86
.Oil
1.81
.38
1.51
1.19
.71
3.61
3.61
3.19
3.50
3.43
.15
.17
.14
.13
.10
.88
.87
.79
.77
.71-
I4.0U (10/16)
(12/26) 2 . 1 k (6/6)
(l/e/60) 5 . 0 0 (12/24/59)
3.88 ( 2 / 2 )
Banks and Other P r i v a t e Borrowers
Date
Stock Exchange
c a l l loan 1/
Prime
rate 1/
Finance compary
paper J /
Federal
funds 4/
Spread between
3-mo. b i l l s and
f i n n n e e co. paper
( p e r cent)
1957. - High
1958 - Low
1959-60 - High
1960-61 Loir
1961 - High
1962 - High
Low
4.50
3.50
5.50
H°
4.56
4.50
It. 50
4.50
3.50
5.00
4.50
4.50
4.50
4.50
Mar.
Mar.
Mar.
Mar.
Apr.
U.50
4.5o
4.50
U.5o
It. 5o
4.50
4.50
4.50
4.50
4.50
9
16
23
30
6 p/
1.13 (a/o)
3.50
.13
(U/8)
(5/29)
5 . 1 3 (1/22/60)
2 . 5 0 (8/5/fil)
3 . 0 0 (12/29)
4.00
.43
2.88
(SA3/60)
(1/27/61)
(12/29)
3.88
3.13 ( 4 / 6 )
3.00 (3/23)
3.00
3.00
3.00
3.P9
3.13
Weekly r*te shewn I s that In effect, at end of period.
Steek Lce&ange s e l l leen rate As going rati on cell Iomif
New York City bank*. Prime rote i a that charged toy large
the highest credit standing.
y Htrket yield; weekly averages computed from dai'y olosinj
eelocted ooteo and bonds.
J / Average of dally rates published by finance companies iter
j/
(11A5)
2.95 ( 3 / 2 3 )
1.30 (1/26)
2.85
2.80
2.95
r/2.90
2.65
.63
-.35
1.02
.11
•
•*>
.41
.19
.27
.26
.30
.36
.1*1;
eeoured by customers' etook exchange eellr.tend at
bank* on short-term loan# to buelneee borrowers of
•
t l d prises. Series of 3 5 year Issues senslsts sf
directly placed paper for varying maturities i n the
•
w^idy w r ^ e f dally effective r s t e , which i s the i>te for the h-aviesi volume of purchase and sals transaction#
os reported to the federal Reserve Bank of Hew York.
,
Mote .--Highs and lows are for individual series and may be on different dates for different series.
fbr spread*, h i * rsfars to widest, and lew to narrowest.
%
STOCK
MARKET
CHANGE IN SERIES
PRIVATE
Monthly
HOUSING
STARTS
T h o u s a n d s of U n i t s
7—\
\
/
CONVENTIONAL
i—
7
Exliibit F - Tables f o r Exhibit E
¥
•U.Ik
Stock Market
Date
Trading ! Stock market customer c r e d i t
Common
Hank
Customers'
stock
volume 2 / \
y i e l d s 2/ (millions 1 Total debit b a l - loans t o
"others" 5 /
ances v
(per cent) of shares)1
(In millions of d o l l a r s /
Stock p r i c e
index 1 /
1960-61 - High
Low
1962 - High
Low
72.oil (12/8/61)
53.32 (10/21/60)
70.9k (3/16)
68.13 (1/26)
2.82
3.62
2.93
3.01
5.8
2.2
3.9
3.0
5,602 (12/6#, 259
4,i42( 5/60) 3,004
5,464 (1) 4,111
5,426 (2) 4,066
FebruaryMarch
Mar. 23
Mar. 30
Apr. 6 jg/
70.22
70.29
2.94
2.95
2.94
2.98
3.01
3.5
3.1
3.2
3.0
3.1
5,426
n.a.
n.a.
n.a.
n.a.
70.45
69.55
68.81;
4,066
n.a.
n.a.
n.a.
n.a.
1,377 (0/3o/6i)
1,375 1C (3/iS)
1,348,(1/24)
1,360
i s
1.37U
n.ft.—Hoi a v a n a o i e .
g/ Preliminary.
1/ standard and Poor's composite Index of 500 common stocks, weekly closing prices, 1941-43=10. Monthly data are
averages of dally figures rather than of Friday's only. Highs and lows are for Friday 1 « 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 i t s high or low.
3/ Averages of dally trading volume on the New York Stock Exchange.
4/ End of month figures for member firms of the New York Stock Exchange which carry margin accounts) excludes baunoee
secured by U, S. Government obligations.
5/ Wednesday figures for weekly reporting member banks. Excludes loans for purchasing or carrying U. 5, Qovarnmint
s e c u r i t i e s . Prior to July 1, 1959, such loans are excluded only a t banks in New York and Chicago. Weekly reporting
banks account for about 70 per cent of loans to others. For further detail see Bulletin.
Private Housing S t a r t s 1/
Seasonally a d j u s t Unadjusted
FHA
ed annual r a t e
'housands 0 u n i t s )
1961 - Feb.
Mar.
Apr.
MayJune
July
Aug.
Sept..
. • Oct.
Nov.
Dec.
1962 - Jan. J D /
Feb. 2 /
1/
1,169
1,296
1,166
1,291
1,381
1,343
1,326
• a s
1,351
i f e U
1,126
76
105
111
127
132
125
127
122
124
1/82
^ 2
13
20
20
24
22
21
26
21
23
23
17
18
15
Unadjusted
Conventional
VA
5
6
6
8
8
7
8
7
9
7
6
4
5
58
78
85
95
103
97
93
94
91
72
I/59
2/57
54
Total s t a r t s are Census estimates, which are not s t r l o t l y comparable with old nonlXra series developed by
•ortgages
and u n i t s without mortgagee.
10
Lxn i b i t G
K.l4
Yields on New Corporate bond I s s u e s Adjusted t o an Aaa Basis
Number
of i s s u e s
included
Monthly a v e r a g e s :
1961 - . J u l y
August
September
October
November
December
1962 - January
February
March
April
May
June
Weekly a v e r a g e s :
19 61 - J u l y 7
14
21
28
August 1*
11
18
25
September 1
8
15
22
29.
October 6
13
20
27
November 3
10
17
24
December 1
8
4
4
2
7
9
3
4
5
6
Amount
Average
of i s s u e s
yield
included
(per
(millions
cent)
of d o l l a r s )
273.0
115.0
78.8
200.0
229.0
115.0
130.0
394.5
2U0.0
1
1
2
2
1
1
8.0
200.0
65.0
55.0
20.0
ho.o
1
18.0
1
2
60.8
' 45.0
2
3
3
60.0
95.0
45.0
4
1
1
2
91.0
60.0
30.0
75.0
::
!
r
4.62
4.59
4.38
1.26
4.32
1.39
4.45
4.50
4.23
_Number
of i s s u e s
included
December 15
22
29
1
I96I - h i g h
Low
1962
January 5
12
19
26
February 2
9
16
23
4.60 March 2
4. 64
9
16
4.4b
23
4.54
30
4.73*
4.60 A p r i l 6
——
13
20
27
4.46 May 4
11
18
4.36
25
4.25
June 1
8
4.21
4.28
15
4.21
22
29
4.29
4.35
Amount
Average
of i s s u e s
yield
included
(per
(millions
cent)
of d o l l a r s )
• 40.0
4.55*
4.68 (6/16) 4.21 (11/3)
1
60.0
3
70.0
L4o
2
1
1
1
1
1
2
2
2
19.5
300.0
50.0
25.0
30.0
65.0
60.0
85.0
98.0
4.4o
4.52*
4.50
4.37
4.29
4.23
4.21
4.22
4.21
4.50
4.4o
4.29
and A' by Moody's I n v e s t o r s Service ( e x c e p t s e r i a l , equipment t r u s t and c o n v e r t i b l e i s s u e s ,
o f f e r i n g s of n a t u r a l gas p i p e l i n e and f o r e i g n companies, and i s s u e s guaranteed by t h e
F e d e r a l Government) weighted by s i z e of i s s u e s . Yields on Aa- ana A-rated bonds a r e
f i r s t a d j u s t e d to an Aaa b a s i s , using the comparable spreads i n y i e l d s on seasoned bonds
(Moody's a v e r a g e s ) . Averages r e f l e c t changes in i n d u s t r i a l composition, t y p e , m a t u r i t y ,
and c a l l p r o v i s i o n s of new o f f e r i n g s . Weekly averages considered unusually u n r e l i a b l e
a s i n d i c a t o r s of i n t e r e s t r a t e s on new i s s u e s because of the small number or s p e c i a l
c h a r a c t e r i s t i c s of o f f e r i n g s included e t c . a r e marked with an a s t e r i s k .
Exhibit H
Long-term Corporate and State and Local Government
Security Offerings and Placements
(In millions of dollars)
1962
January
February
March
p/660
e/900
800
Iii
e/1,200
July
August
September
1st
2nd
3rd
4th
quarter
quarter
quarter
quarter
580
667
562
570
715
. 860
e/850
eTlOOO
e/625
713
689
764
700
611
568
2,118
1,259
1,318
761
577
1,044
e/800
723
641
1,084
719
545
991
1,028
762
61*7
736
967
726
485
604
728
492
606
683
1*090
948
1,000
890
956
852
2,437
3,038
2,145
2,382
2,428
2,698
6,50k
8,941
11,979
9,653
.
e/2,366
1 s t half
Three q u a r t e r s
Year
i:S
11
October
November
December
New c a p i t a l
S t a t e and l o c a l 2/
Corporate 1 / .
1962
1 1961
1 19 t o
1 1961
1| I960
e/2,475
2,166
2,ltlt7
348
501
491
S & S
1,880
2,256
1,780
1,340
4,613
2/6,430
e/8,354
4,136
5,916
7,257
Excluding f i n a n c e companies 3 /
1st
2nd
3rd
4th
quarter
quarter
quarter
quarter
s/2,260
Year
1/
2/
y
b ' S
2,337
2,807:
11,253
'
1,716
2,165
2,018
2,347
-
8,246
Securities and Exchange Commission estimates of net proceeds.
Investment Bankers Association of America estimates of principal amounts.
Total new c a p i t a l i s s u e s excluding offerings of s a l e s and consumer finance
companies.
/&-
Exhibit I
H.14
Corporate Security Issues, Type of Issue and Issuer
(In millions of dollars)
Quarter
or
month
Gross proceeds f o r n<3W
Net proceeds f o r
c a p i t a l and refundini% V
new capital 1 / 2 /
Bonds
Common
Public Communi- Other
Total Publicly Privately and
Mfg. u t i l i t y cations issuers
pfd.
offered
offered
stock
I960 - I /
II
III
IV
2,265
2,537
2,520
2,832
934
1,074
1,336
1,462
795
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 e /
2,480
1,153
908
420
746
601
695
696
2,231
1,342
1,779
1,075
813
678
1,155
987
1,094
178
273
211
713
666
924
424
225
123
336
414
217
294
255
331
348
355
572
392
411
336
509
348
567
129
167
154
1,170
320
283
259
177
218310
225
310
720
930
830
273
500
380
308
300
300
140
130
150
'536
692
429
416
449
1,774
654
845
598
808
652
696
189
149
317
381
1,059
913
896
997
381
515
1,466 1,081
595
935
836
792
81
1,095
104
147
832
1,052
803
1,263
409
473
733
169
99
248
574
447
446
428
255
252
271
215
306
137
160
84
254
439
389
369
215
111
306
362
168
21
41
19
994
85
16
16
13
75
25
80
42
253
368
211
297
289
467
315
279
209
487
291
485
246
200
300
89
100
220
73
350
50
253
250
230
298
511
562
625
III
IV
1961 - Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
1962 - Jan. 2 /
Feb. e /
Mar. e /
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Preliminary.
_
Gross proceeds exceed net proceeds
w
the cost of f l o t a t i o n .
2 / For i o t a l see Exhibit Hj other issuers are
e x t r a c t i v e , railroad and other transportation, real e s t a t e and finance and
commercial and other.
Source. —Securities and Exchange Commission.
H.l4
Other Security O f f e r i n g s
( I n m i l l i o n s of d o l l a r s )
Gross long-term l /
Foreign government 2/
f e d e r a l agency 3/
1962
1 1961
| I960
1962
1 1961
|
January
February
March
April
May
June
July
August
September
October
November
December
142
6
29
20
2
66
29
5
2
43
34
—
Year
236
2
175
70
34
72.
40
25
1
36
3k
2
111
I960
246
18%
150
150
11*8
3%
252
100
149
278
250
193
199
160
149
181
225
—
1,448
533
1,672
Net shor t - t e r m 4/
S t a t e and Local government 5 /
Federal agency 3/
January
February
March
April
May
June
July
August
September
October
November
December
g/-5k
Year
¥
i/
y
v
i/
l6o
195
-8
-103
-42
-155
109
518
-86
-6
54
-116
58
140
-80
70
-146
-157
48
415
-175
-16
50
-189
520
18
247
-156
-144
-162
-174
-79
-87
207
22
193
108
98
56
-lilt
-196
-202
-59
-277
170
320
95
23
-201
-23
-33
-250-
-76
-633
-
Preliminary.
These data d i f f e r from those in Exhibit H in t h a t refunding i s s u e s , as well as new
c a p i t a l i s s u e s , a r e included. Long-tern s e c u r i t i e s a r e defined as those maturing in
more than one y e a r .
c
Includes a f t c u r i t i e s o f f e r e d in, the United S t a t e s by f o r e i g n governments and t h e i r
i n t e r n a t i o n a l o r g a n i z a t i o n s . Source: S e c u r i t i e s and Exchange Commission.
Issues not guaranteed by the U. S. Government. Source: l o n g - t e r n , S e c u r i t i e s and
Exchange Commission; s h o r t - t e r a , Treasury Department and Federal Reserve.
These data d i f f e r from those i n Exhibit H and above i n t h a t they represent new
o f f e r i n g s l e s s r e t i r e m e n t s , whether from the proceeds of refunding i s s u e s o r from
o t h e r funds. Data include only i s s u e s with o r i g i n a l maturity of one year or l e s s .
P r i n c i p a l l y t a x and bond a n t i c i p a t i o n n o t e s , warrants or c e r t i f i c a t e s and Public
Housing Authority n o t e s . In some instances PHA notes included'may have a somewhat
longer than one y e a r . Source; Bond BuYfi£ and Federal Reserve.
Exhibit K
ti.lii
Large Long-term Public Security Issues f o r New Capital
(Other than U. S. Treasury) 1 /
Proceeds of Large Issues Offered
(In millions of dollars)
Month
Total
1961 - March
April
May.
June
July
August
September
October
November
December
1962 - January
February
March
Corporate
Bonds
Convertible
(other than
bonds
convertibles)
70
1,572
557
532
475
185
168
354
391
255
195
425
366
25
560
480
435
285
165
78
205
320
125
170
425
330
40
15
75
33
67
26
• ~«-
mm
State
and
local
government
Stocks
5
1,010
62
97
115
20.
58
81
45
130
25
21
15
405
383
256
616
179
281
435
326
480
307
56!
. 662
259
Other
y
67
25
151
100
73
40
250
145
64
30
Large Individual Issues Offered April 1 through 6
Coupon
Amount
r a t e or Offering
(millions
Rating
Maturity
net i n t e r - y i e l d
of
e s t cost
dollars)
Issuer
CORPORATE
*Long Island Lighting Co.
Ohio Oil Co.
General Tel. & Elec. Co.
Com.stk.
S.F. deb.
Deb.
21.1
90.0
50.0
1987
1987
ii-3/e
a-3/8
4.36
4.86
Aa
Baa
STATE AND LOCAL GOVERNMENT
GiO.
Shelby County, Term.
.
G.O.
Cook Co., I l l i n o i s
Los Angeles County Flood
G.O.
Control D i s t . , Calif.
• Rev.-St.
S t a t e of Michigan
G.O.
City of Philadelphia, Pa.
OTHER
None
12.5
25.0
1.65-3.10
Aa
•A
1963-87
1963-77
2.91
2.79
1.65-2.90
25.0 1963-89
35.0 1963-87
25.0 1963-92
3.11
3.28
3. ok
1.55-3.35, , Aa
1.65-3.1:5% A
1.60-3.302/ A
K-2
.
ti.lh
Footnotes
*—Rights o f f e r i n g .
1 / Includes corporate and other s e c u r i t y o f f e r i n g s of $15 m i l l i o n and over;
State and l o c a l government s e c u r i t y o f f e r i n g s of $10 m i l l i o n and over.
2 / Includes foreign government and International Bank f o r Reconstruction and
Development i s s u e s and non-guaranteed i s s u e s by Federal agencies.
2 / In the c a s e o f S t a t e and l o c a l government s e c u r i t i e s , G.O. denotes general
6bligati.ons; E e v . - U t . , revenue o b l i g a t i o n s secured only by income from
p u b l i c u t i l i t i e s ; Rev.-Q.Ut,, revenue bonds secured only by revenue from
q u a s i - u t i l i t i e s ; R e v . - S . T . , revenue bonds secured ty revenue from s p e c i f i c
t a x e s only; Rev. -Rent., revenue bonds secured s o l e l y by l e a s e payments.
V 1 p e r cent bonds m a t u r i n g 1987' r e o f f e r e d t o y i e l d 2j..05 p e r c e n t .
5/ 1/10 p e r c e n t bonds m a t u r i n g 1989-92 n o t r e o f f e r e d .
Exhibit L
H.ll*
Forthcoming Large Long-term Public Security Offerings f o r New Capital
(Other than U. S. Treasuiy) 3 /
Expected Proceeds from Forthcoming Large Issues
Date of
computation
Mar. 31
Apr. 28
May 31
June 30
July 31
Aug. 31
Sept. 29
Oct. 31
Nov. 30
Dec. 29
Jan, 31
Feb. 28
Mar. 30
Subsequent to
date shown
During month following
date shown
Corporate
1,580
51*2
487
521
170
175
358
31*6
356
161
1*80
222
628
jOther 2/
559
236
1*31
195
1*06
399
251
597
295
223
1*65
153
1*53
Corporate
1,700
687
611
666
255
21*0
50U
101
1*21
591
525
3Ul
693
15
75
73
35
61*
tmmm
'
Other 2 /
806
579
771
291
537
530
1*51*
693
1*98
1*15
567
239
539
W—
15
75
73
35
61*
——
Forthcoming Large Offerings, as of April 6
Type
Amount
Approximate date
(millions
of o f f e r i n g
of dollars)
CORPORATE
L i t t o n Industries Inc.
Tennessee Gas Trans. Co.
National Cash Register Co.
Conv. sub. deb.
Deb.
Com. stk.
Northern Indiana Public Service Co 1st mtg. bds.
1st mtg. bds.
P a c i f i c Power & Light Co.
Conv pfd. s t k .
"Consolidated Edison Co.
$0.7
75.0
36.7
20.0
35.0
9k. 7
25.0
1st mtg. bds.
Appalachian Power Co.
Transcontinental Gas Pipeline Corg 1st mtg. p. 1. bds. 1*0.0
Deb.
75.0
Southern Bell Tel. & Tel. Co.
20.0
S.F. deb.
Appalachian Power Co.
20.0
Com. s t k .
Pacific Power & Light Co.
^Washington Gas Light Co.
^-Southern Cai. Edison Co.
^Wisconsin Telephone Co.
•aColumbus & Southern Ohio Elec.
^Milwaukee Gas Light Co.
^Florida Power Corp.
Pfd. s t k .
1st Sc. ref.mtg.bds.
Deb.
1st mtg. bds.
1st mtg. bds.
1st mtg. bds.
15.0
1*0.0
20.0
16.0
15.0
25.0
April 9
( r i g h t s expire)
April 10
April 11
( r i g h t s expire)
April 11
April 13
April 16
( r i g h t s expire)
April 18
April 18
April 19
April 25
May 1
( r i g h t s expire)
May 1
May 2
May 9
May 10
May 16
May 18
w
H.14
forthcoming Large O f f e r i n g s , a s of April 6 (Cont'd)
Type
Amount
Approximate date
(millions
of o f f e r i n g
of d o l l a r s )
CORPORATE (Cont'd)
*Gulf S t a t e U t i l i t i e s Co.
*Utah Power & Light Co.
Commerce Oil Refining Corp.
1 s t mtg. bds.
17.0
1 s t mtg. bds.&pia^stk, 34.0
Deb., bds. & com.
45,0
May 22
May 23
Indefinite
STATE AND LOCAL GOVERNMENT
Penna. S t a t e Public Sch. Bldg. Auth,
Sacramento Mun. U t i l i t y D i s t . , Cal.
Public Housing Auth.
Texas S t a t e Water Level. Board
Cleveland, Ohio
New York C i t y , New York
Chicago Board of Education, 111.
Georgia S t a t e School Bldg. Auth.
Tampa, Florida
->State of Hawaii
-*Tucson, Arizona
Washington Suburban S a n i t a t i o n
D i e t . , Md.
C i n c i n n a t i , Ohio
M u s t i n , Texas
^Metropolitan S e a t t l e , Wash.
Dade County, Florida
J a c k s o n v i l l e Expressway Auth., F l a .
Rev.-Rent.
Rev.-Ut.
G.O.
G.O.
G.O.
G.O.
Rev.-Rent,
Rev.-Ut.
G.O.
Rev.-Ut.
G.O.
G.O.
Rev.-Ut.
Rev. -Ut.
G.O.
Rev.-Ut.
26. 4
10.0
102.4
15.0
18.0
1C8.5
16.5
35.0
15.0
10.0
20.5
15.0
10.0
14.0
16.0
46.0
40.0
April
April
April
April
April
April
April
April
April
May 2
May 8
17
17
17
19
24
24
25
25
26
May 8
May 9
May 10
May 17
Indefinite
Indefinite
OTHER
None
Included i n t a b l e f o r f i r s t time
Includes corporate and other i s s u e s of # 5 m i l l i o n and o v e r j S t a t e and l o c a l
government i s s u e s of $10 million and over.
2/ Includes f o r e i g n government and I n t e r n a t i o n a l Bank f o r Reconstruction and
Development i s s u e s and non-guaranteed i s s u e s by Federal agencies.
Note.—Deletions f o r reasons o t h e r than s a l e of i s s u e : None,
1/
@FedFRASER