Full text of H.16 Capital Market Developments : August 12, 1968

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

1
DECONTROLLED AFTER SIX MONTHS

Not for Publication
U3IU\IV£

August 12, 1968

CAPITAL MARKETS DEVELOPMENTS
IN THE UNITED STATES

AUG 14
„
UHSERVE BANK
;x;CH:.lOND

tte and municipal bond markets. The volume of new,
"publicly-offered, municipal bonds expected this week is substantially above
the average weekly volume over the past year; the corporate volume, however, will be somewhat reduced. Boosting the municipal volume above its
average level will be $129 million of Housing Assistance Administration bonds.
The largest corporate-offering will be Niagara Mohawk's $60 million of first
mortgage bonds.
1/
Long-term Public Security Offerings(In millions of dollars)

Corporate
New Capital Refunding
!

State and Local Government
New Capital | Refunding

Sold:

}

52 week avg.

|

August - 2

306

1

261

1

r/222

r/327

1

9

225

220

August 16

110

365

August

—

Scheduled:
1
1/

—

Federal Reserve estimates are based upon published reports of
issues sold and schedule for offering; corporate rights offerings
are included as of date subscription rights expire.

Yields on new and seasoned corporate bonds declined further last1 .
week; the increase in the new issue series merely reflects a shift in the
number of issues without call protection. At lower yields, however, the
week's one competitively-offered issue met with an unenthusiastic reception.
Yields on municipals also were lower last week and all but a few
new issues met with a very enthusiastic reception. The week's largest offeringthe New York State Housing Finance Agency's $74 million issue—sold out quickly.
Stock prices. Common stock prices showed a small gain on balance
last week while trading volume dwindled to the lowest level since March. At
the close Friday, the Standard & Poor's index of 500 stocks stood at 97.01,
up 0.38 from the previous Friday. Trading volume averaged 9.9 million shares
a day.




H. 14
Yields on Security Markets
Change from
preceding week

High-Grade
Notes and Bonds =
Corporate
-

New ,
Seasoned

6.40
6.07

+4
-7

4.995.29

+1

U. S. Government
Long-term
3-5 year
State and local Gov't.
Moody1s Aaa
Std. & Poor's high grade

-10

3.80
4.15

-3

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

6.13

+3

4.96
5.16

-12

-9

Corporate Bonds Still in Syndicate
Date
Offered

Amount
(millions of $)

Issuer

Reoffering
Yield

Rating

Estimated pro-k
portion sold Si

7/30

12.0

Elizabethtown Gas
6-1/2's - 1993

6.45

Aa

50%

8/6

15.0

National Fuel Gas
6-5/8 's - 1993

6.55

Aa

40%

Blue List of Municipal Dealers' Advertised Inventories
Latest Week
487(8/6/68)




End of Previous Week
506

1968 Hiflh
698(7/17/68)

H. 14

FNMA "auction" and related secondary market operations. A total
of about $785 million in bids were received by the Federal National Mortgage
Association during the five auctions conducted in July. The bids were for
FNMA commitments to purchase mortgages offered by approved sellers within
3 months, 6 months or 1 year from the date of the auction. Of the total bids
received, FNMA accepted approximately one-half.
During the July to August period, FNMA reduced the announced limits
on accepted bids from a high of $90 million for the July 1 and 8 auctions
down to as low as $60 million for the auction on August 12.
Following,a trend which began in mid-June, bid prices continued to
increase through mid-July, as conditions began to ease in the private mortgage
market. Thereafter, bid prices changed little through the first auction in
August, in a period when FNMA reduced the dollar volume limits on each auction.
For 6-month commitments, which account for most of the offerings, the rise
implied a decline in private market yields from 7.48 per cent on July 1 to
7.32 per cent by August 5. Implicit discounts on these commitments, which
had reached a high of 7.8 points on June 10, were 4.8 points by August 5.
The range of bid prices received for the 3 month, 6 month,and 1 year
commitment periods narrowed dramatically during the 6-week period (July 1 August 5) as sellers with increasing experience, sharpened their bids applicable
to a progressively lower volume of available commitments.
Secondary market purchases by FNMA, which lag offerings, totaled
$164 million during June, the lowest total since July 1967. There were again
no sales by FNMA during June.
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*




LONG-TERM BOND YIELDS, HIGH-GRADE

CORPORATE All

U.S. GOVERNMENT
long-term

r
S T A T E AND L O C A L G O V E R N M E N T A a a

1963




1964

1965

1966

1967

1861

Exhibit A -- taxi ±1

1959-60 - High
1966 - High
- Low
. 1967 - High
- Low
1968 - July

j
I

State and
local
government
Aaa 3/
(per cent)

Corporate
Aaa 1/

U.S. Govt.

4.61(1/29/60)
5.52(9/9)
4.73(1/7)
6.24(12/29)
5.00(2/10)

4.42(1/8/60) 3.65(9/24/59)
4.87(9/2)
4.04(8/25)
4o 42(1/7)
3.39(1/13)
5.49(11/17)
4.15(12/28
4.37(2/3)
3.25(2/9)

Spread between
U.S. Govt, and
Corporate
| State and
Aaa
I local Aaa
.59(8/5/60)
.84(12/30)
.14(2/18)
.92
.44

.92(4/22/60)
1.19(2/11)
.77(9/2)
1.51
.74

12
6.27
5.10
4.18
1.17
.92
19
6.26
5.14
4.10
1.12
1.04
26
6.22
5.03
4.00
1.19
1.03
Aug.
2
6.14
r/4.99
3.90
r/1.15
r/1.09
6.07
4.99
3.80
1.08
JR/
1.19
r/ Revised
2./ Preliminary,
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.




EXHIBIT B, Pari 1

L O N O - T I R M B O N D Y I E L D S , L O W E * GRADE
Weekly

CORPORATE B n

STATE AND LOCAL GOVERNMENT Baa

I I II M

M

l




Mil

L I I I i

Exhibit B

State and
local govt.
Baa 3/

Corporate
Baa 1/

Date

Part II

(per cent)
1959-60 -High
Year end- 1965
1966 - High
Low
1967 - High
Low
1968 - July

12
19
26
2
ȣ/

Aug.
Mnf n *

j>/

!?/%»•

f

m

Spread between
Aaa and Baa
State and
Corporate
local Rovt.

5.36(2/12/60)
5.04
6.18(12/30)
5.05(1/14)
6.97(1/29)
5.81(4/14)

4.46(1/7/60)
3.79
4.55(8/25)
3.78(1/20)
4.73(12/28)
3.85(4/13)

.84
.31
.81
.31 '
.82
.63

7.03
6.99
6.95
6.88
6.83

4.96
4.90
4.80
4.73
4.68

.76
.73
.73
.74
.76

1.08
.39
.62
.31
.81
.37
.78
.80
.80
.83
.88

A 4* /

Preliminary.




7

EXHIBIT

C, Port

S H O R T - A N D I N T E R M E D I A T E . T E R M INTEREST RATES
GOVERNMENT
Weekly

6-MONTH BILLS
Market Y i e l d i

3-5 YEAR ISSUES

F.R. DISCOUNT RATE
New

York

3 MONTH BILLS
Market Yields

1963




/

Exhibit C -- Part IX

Discount
rate
1/

Date

3-month
bills 2/

Yields
6-month
bills 2/
(per cent)

3-5 year
issues 2/

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

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

4.00
4.50
4.50
4.50
4.50
4.50
4.00

4.59(1/8/60) 5c07(1/8/60) 5.00(12/24/59)
4.90
4c 66
4.47
4.86
4,92
4.80
5.83(9/2)
5.92(9/23)
5.52(9/23)
4.80(4/8)
4.53(6/24)
4.39(6/24)
5.50(12/12) 5.80(11/10)
4.99(12/29)
4.30(4/7)
3.41(6/9)
3.74(6/2)

1968 - July

5.50
5.50
5.50
5.50
5.50

5.37
5.38
5.24
5.08
4.96

Aug.

12
19
26
2
9£/

5.43
5.46
5.36
5.25
5.16

5.51
5.51
5.27
r/5.28
5.29

.79
.19
.12
0
52
.09
.62
.01

1.81
. 43
.06
.78
.01
1.61
.02

.06
.08
,12
.17
.20

.14
.13 .03
r/.20
.33

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 narrovest.
£/ Preliminary.
r/ Revised.




(

EXHIBIT

D, Pari

1

S H O R T - A N D I N T E R M E D I A T E - T E R M INTEREST RATES,
B A N K S A N D OTHER P R I V A T E B O R R O W E R S

PRIME RATE
FINANCE COMPANY PAPER
Directly

placed

:

:—

F.R. DISCOUNT RATE

FEDERAL FUNDS

1963




1964

1965

1966

1967

1968

Exhibit D — P a r t II

\

Prime rate 1/

Date

Finance
company
V<ipev 2j

Spread between
3-mo. bills and
Federal funds 3/ finance co. paper

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

5.00
4.50

5.00
6.00

5.00(3/4)
6.00(12/29)
5.50(12/1)

5.13(1/22/60)
4.06
4.75
5.88
4.75(1/7)
5.75(1/6)
4.38(6/23)

4.00(5/13/60)
4.00
4.63
5.63
3.55(1/21)
5.25(1/6)
3.40(10/27)

1.02
.23

.28

1.08
.20
1.33

.21

.63
6.03
6.00
6.50
.62
6.23
6.00
6.50
.64
6.10
5.88
6.50
.67
6.00
5.75
6.50
Aug.
.79
6.13
5.75
6.50
M .
1/ Weekly rate shown is that in effect at end of period. Prime rate is 5 h a 5 •
" charged by large banks on short-term loans to business borrowers of the highest

1968 - July

12
19
26
2

2/ A v e r a g e ^ d a i l y rates published by finance companies for directly placed paper
- for varying maturities in the 90-179 day range.

v

=

: f % : : h : / : ^ s : i r : Z a : i L T r e : r : : : i h : % L : a i % : L

"-"liEsElr
£/

Preliminary.




..

EXHIBIT

E, Pari 1

STOCK M A R K E T
Billions

of

1941-43 o v e r a g e = 1 0

dollars

PRICES

STOCK MARKET CREDIT
* CHANGE IN .SERIES
Millions

of shores

14

V-

YIELDS
I I I I I I I 1 1 1 1| M 1 1 1 1 1 1 1 l1 (1 1 1 1 1 ! 1 1 I I L 1 l - i l I I I I I I I
1966
1965
1964
1963




1 1 1 I ' l ' l 1 1 1 1 r1 i i . M i M i i i
1967

z

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)
97.26(1/6)

Common
Trading
Stock market customer credit
stock
volume 3/
Customers'
Bank
yields 2/ (millions
Total„
d6bit bal- loans to
(per cent)
of shares)
ances 4/
"others"5/
(In millions of dollars)
2.82
3.96
3.01
3.97
3.01
3.58

10.1
2.4
10.7
5.0
12.3
6.9

5,602(12/61)
4,424(1/61)
7,997
7,302
10,347(12/67)
7,345(1/6)

4,259(12/61)
3,253(1/61)
5,835
5,169
7,883(12/67)
5,280(1/67)

1,418(5/9/62)
1,161(3/8/61)
2,241(7/6)
2,097(12/14)
2,057(11/1)
2,095(1/25)

100.53
100.30

3.00
2.98

15.1
14.3

11,101
n. a.

8,691
n.a.

2,410
2,424

98.34
1968 - July 26
96.63
Aug.
2
" ' 9j>/ 97.01

3.06
3.14
3.13

13.7
11.4
9.9

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

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

2,424
r/2,416

June
July

82.18(1/6)

n.a. Not Available, p/ Preliminary. r7 Revised*
'
"
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
or low.
3/ Averages of daily trading volume cn 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 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 loans to
others. For further detail see Bulletin.




-13-

EXHIBIT f. Port 1

FEDERAL N A T I O N A L MORTGAGE ASSOCIATION ^
SECONDARY

MARKET

OPERATIONS

400

OFFERINGS

300

200

/ PURCHASES V

100

\\

SALES
1962




1964

1966

1968

Exhibit F - Part TT
Date

Estimated offerings i
to FNMA
Immediate
Standby
purchase
commitment

Total

Purchases
by
FNMA

Sales
by
FNMA

(In millions of dollars)
1967 - June
229.1
228.8
.3
July
232.8
232.6
.2
Aug.
261.0
260.6
.4
Sept.
. 168.2
167.9
.3
Oct.
260.6
260.1
.5
Nov.
324.7
324.1
.6
Dec.
209.4
206.6
2.8
1968 - Jan.
212.6
212.0
.5
Feb.
164.4
164.0
.4
Mar.
212.9
212.2
.7
Apr.
214.3
210.1
4.2
May
104.8
103.6
1.2
June 1 . (See Exhibit F Part III)

26.9
81.2
198.3
192.4
215.1
186.9
200.1
274.9
245.2
188.9
185.7
176.7
164.5

6.0
.9

.8

.1
.3

.1
__

—

*—Less than $50,000.
1/ Data represent unpaid principal balances of the mortgages involved, exclusive
of premiums, discounts, or other charges. Offerings are amounts of applications
received during the period from sellers proposing that FNMA execute purchasing
contracts. An immediate purchase contract covers existing mortgages which the
seller must deliver to FNMA within 45 days. A standby commitment contract relates to proposed mortgages on housing not yet under construction which the
seller must usually deliver within one year. Purchases include those under
both immediate purchases and standby commitment contracts. Data exclude FNMA
activity under Special Assistance and Management and Liquidating Programs.




-15-

Exhibit F - Part III
FNMA Weekly "Auction" Results

Week
,ended
May

Amounts (In millions of dollars)
Accepted
Offered
6901
total
Total
Day
Month
Year

Yields
90Day

6Month

1
Year

35.5

2.4
6.9
10.7
10.0

r/7.11
r/7.39
r/7.49
r/7.54

r/7.12
r/7.38
r/7.47
r/7.54

r/7.07
r/7.33
r/7.40
£/7.49

7.7
14.4
15.1
15.9

40.0
44.8
49.8
50.4

13.1
15.4
15.3
14.1

r/7.63
r/7.68
r/7.69
r/7.62

r/7.65
r/7.71
r/7.69
r/7.60

r/7.59
r/7.64
r/7.63
T/7.55

1
8
15
22
29

148.,0
89.0 16.3
157,.2 r/(88.5) 11.2
172.,2
80.4
9.6
65.8
8.6
158.,6
148.,4
70.0
7.1

60.5
65.9
57.3
47.4
53.7

12.2
11.3
13.5
9.8
9.2

7.51
7.42
7.36
7.33
7.32

r/7.48
7.40
7.35
7.32
7.33

7.47
7.37
7.32
7.31
7.33

5
12

121.8

49.7

6.8

7.31

7.32

7.31

6
13
20
27

173
168
176
206

4
8
8
8

40.3
49.9
49.5
51.6

19.7
15.6
10.5
6.1

June

3
10
17
24

231..8
179.,7
145.,3
135.,4

60.7
74.6
80.2
80.4

July

Aug.

66.3
(60.0)

9.8

18.3
27.4

28.3

,

Note: Total accepted shown in parenthesis for most recent week indicates
FNMA. announced limit before the "auction" date. Yields are gross to FNMA
and are based on successful bid prices after allowance for commitment fees
and initial stock purchase requirements and assuming a prepayment period of
15 years for 30-year mortgages. One-year commitments are for new homes only.
r'/ Revised.




EXHIBIT

G, Pari |

YIELDS O N N E W A N D SEASONED C O R P O R A T E B O N D S
1

Weekly

6.5

Adjusted fo Aaa

Ba

NEW ISSUES
6.0

5.5

5.0
SEASONED A l l

4.5

1964




4.0
1965

1966

1967

1968

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

Number
of

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

Am11. of issues Average
yield
included (mill.
(per cent)
of dollars)

Monthly averages:
1968 - Jan.
Feb.
Mar.
Apr.
May
June
July

13
13
10
7
11
13
7

567.0
564.5
350.0
415.0
531.0
872.0
552.0

6.24
6.29
6.56
6.52

June

7
14
21
28

600.0
50.0
100.0
122.0

6.66
6:61
6.67
6.78

6.65
6.54

July

5
12
19
26 I

300.0
75.0
165.0

6.60

2
9E.'

12.0
15.0

6.36
6.40

6.66

Aug.

6.56

6.41

Weekly averages:
6.83(5/24/68)
High
Low
aaa
NoteP—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 composite Aaa basis by
deducting from the actual reoffering yield the excess of the weekly average 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 an asterisk.
1
2./ Preliminary.




Exhibit H
Long-term Corporate and State and Local Government
Security Offerings and Placements
(In millions of dollars)
Capital
1&8P/

Corporate
1967

1966

State and local i/
1967
1968p/

1,706
1,568
1,740

1,648
1,399
2,317

1,302
1,237
2,446

1,134
1,134
1,357

1*482
1*196
1,438

1,188
858
865

April
May
June

1,413
1,840
e/2,375

1,973
1,474
2,611

1,553
1,058
2,364

1,273
e/1,104
e/1,325

1,111
1,229
1,497

1,193
901
1,141

July
August
September

2,225
e/1,625

2,454
2,407
1,723

1,039
1,670
1,382

e/1,400
el 1,300

943
858
1,330

701
773
1,020

2,289
1,467
2,336

829
1,085
1,635

974
1,400
1,182

755
969
940

2/5,014
e.5,628

5,364
6,058
6,584
6,092

4,985
4,975
4,091
3,550

3,625
e/3,702

4,119
3,837
3,131
3,556

2,911
3,235
2,494
2,664

e/10,642

11,421
18,007
24,098

9,959
14,050
17,601

e/7,327

7,956
11,087
14,643

6,146
8,640
11,304

January
February.
March

October
November
December
1st, Quarter
2nd Quarter
3rd Quarter
4th Quarter
1st half
Three quarters
Year

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

4,943

Quarter
Quarter
Quarter
Quarter

Year
e/

5,207
5,913
6,338
5,657

4,924
4,884
3,969
3,188

23,115

17,269

Estimated by Federal R e s e r v e . , .

.

;

•

'

:. •

•




IP

Exhibit I
New Corporate Security Issues, Type of Issue
and Issuer
(In millions of dollars)
Quarter
or
Month

;
!

1

1967 - I
H
in
I v

Total

5,464
6,208
6,833
6,294

Net proceeds
Gross proceeds for new capital
for new capital 1 / 2 /
and refunding 1/
Bonus
Common Memo:
Other
Publicly Privately and
Mfg. Public CommuniForeign
Utility cations Issuers
Offered Placed
pfd. issues
stock included
3,263
1,811
60
390
2,442
997
543
1,382
4,017
1,465
726
65
3,014 1,268
548
1,228
4,604
1,551
678
234
2,792 1,219
595
1,976
3,107
2,137
1,051
93
2,527 1,255
269
2,040

1968 - I

5,178

2,465

1,724

989

313

1,854 1,394

411

1,356

1967 - May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

1,519
2,673
2,589
2,481
1,763
2,409
1,500
2,385

965
1,684
1,889
1,813
902
1,375
645
1,087

396
• 659
486
412
647
566
551
1,020

158
330
214
250
214
469
304
278

32
17
213
13
8
34
19
30

588
1,298
925
1,229
637
906
512
1,109

403
471
446
509
265
573
404
278

91
350
39
356
200
119
82
68

393
492
1,044
313
619
690
469
881

1,771
.1,607
1,800
1,453
1,852
2,500
2,310

903
796
766
719
1,046
1,350
1,260

546
585
593
465
537
700
600

322
226
441
269
269
450
450

16
61
236
30
89
n.a.
n.a.

537
556
761
364
565
1,000
965

417
546
431
178
547
375
200

186
147
78
189
103
225
235

1968 - Jan.
;
Feb. "
Mar.
Apr.
May
June e/
July e/

e/ Estimated by Federal Reserve.
7/ Gross proceeds exceed net proceeds by the cost of flotation.
If For total see Exhibit H; other issuers are extractive, railroad and other
transportation, real estate and finance, and commercial and other.
SOURCE: Securities and Exchange Commission.




-*0-

a\

566
321
469
681
624 .
775
825

Exhibit J
Other Security Offering is
(In millions of dollars)
Gross Long-term 1/
Federal Agency 3/
Foreign Government 2/
.1966
'
"1567'
1967,
1968
1968
January
February
March
April.
"May
June
July
Augtis t
September
October
November
December;
Jan. - May g/

103
49
107
75 r/
142 2./

476

Year

January
February
March
April
May
. June
July
August
September
October
November
December
Jan. - June
Year

223
27
13
, 170
22
586
193
66
142
18
459

12
40
40
66
69
76
72
7
50
23
74
68
227

1,656

597,

196

999
550
1,370
225
744

3,888

1,251
783
750
650
810
650
407
250
599
708
710
612
4,244
8,180

1966

503
410
392
699
1,030
1,084
799
400
450
800

239

2,004
6,806

New short-term 4/
Federal Agency 3/
State and local Government 5/
308
-179
490
103
179
300
-24
-552
39
436
387
89
. 450
-454
-593
. -319
-594
-604
718
-559
580
827
681
85
109
1212/
462
515
49& 1/
284
93
-334
-187
-378 £/
-590
-158
-103
20
-262
-270
270
593
-652
1,407
-161
32
-555
606
-48
414
-283
573
503
49
219
36
-570
-514
1,821
-1,542
531
1,127
-100
531 .
1.127
310
660

p/ Preliminary, e/ 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.
-27 Includes securities offered in the U.S. by foreign governments and their political
subdividions 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
originalmaturity 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 mav have a somewhat longer maturity than 1 year. Source: Bond Buyer & Federal
Reserve.




-jtyj.

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

Total
1967 - July
Aug.
Sept.
Oct.
Nov.
Dec.
1968 - Jan.
Feb.
Mar.
Apr.
May
June
July

Coroorj•te
Bonds
(other than
Convertible
convertibles)
bonds

1,340
1,705
794
1,458
826
978
904
757
788
696
1,009
1,461
1,243

890
1,288
473
897
461
460
652
575
415
500
656
1,161
650

317
350
257 .
285
150
437
168
105
135
723
283
120
495

Stocks

State
and
local
governments

133
67
65
276
215
81
85
77
238
73
70
180
98

483
473
847
505
865
633
785
591
736
794
571
758
864

Other

2/

85
221
400
50
845
627
1,095
389
1,030
370
145
500
920

Large Individual Issues Offered August 1 through August 9, 1968.

Issuer

Type 2/

Amount
(millions
of
dollars)

Maturity

Coupon
rate or
net interest cost

Offering
yield

Rating

Coroorate
Okonite Co.
Beneficial Finance
National Fuel Gas Co.
LTV Aerospace Corp.
Boothe Computer Corp.
Ashland Oil & Refining Co.
Wyle Laboratories
rGeneral Public Utilities
Corp.

1988
1994
1993
1988
1988
1993
1988

6-1/2
6-3/4
6-5/8
6-3/4
5-3/4
4-3/4
5-1/4

6.50
6.75
6.55
6.75
5.75
4.75
5.25

23.2
31.0
20.0
13.3

1993
1993
1971-88
1970-99

n.a.
n.a.
3.69
4.56

5.30
5.30
3.10-3 .80
3.50-4.70

74.0

1969-98

4.74

3.00-4.80 —

69.5

1972

5.70

5.70

Debs w/wts.
Debs.
S.F. debs.
Debs, w/wts.
Conv. sub., debs.
Conv. debs.
Conv. sub. debs.

25.0
25.0
15.0
50.0
18.0
60.0
15.0

Com. stk.

25.5

"B
—

Aa
B
. —

•

Baa
• —'

State & local Gov't.
East Baton Rouge Parish,La Rev.-rent.
G.O.
Dade County, Fla.
G.O.
State of Minnesota
N. Y. State Dormitory Auth. Rev. -rent.
N.Y. State Housing
Rev.-rent.
Finance Agency

Baa
Baa
Aa
—

Other
Bonds
Federal
Banks
Digitized
for Land
FRASER


—

1

b

K-2
FOOTNOTES:
* n.a. Not available.
*
Rights offering.
1/ Includes corporate and other security offerings of $15 million and
over; State and local 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 j G.O. denotes
general obligation; Rev.-Ut., revenue obligations secured only by income
from public utilities; Rev.-S.T., revenue bonds secured by revenue from
specific taxes only; Rev.-Rent., revenue bonds secured solely by lease
payments.
4/ These debentures were sold with warrants; the debentures were priced
at $1,000, the warrants at $75.




-inv\

H. 14
Exhibit L
Forthcoming Large Long-term Public Security Offering for New Capital
(Other than U.S. Treasury) V
Expected Proceeds, from Forthcoming Large Issues
(In millions of dollars)
During month following
date shown
State and
Other 2/
Corporate
local govt.
- July 31
Aug. 31
Sept.30
Oct. 31 .
Nov. 30
Dec. 31
- Jan. 31
Feb. 29
Mar. 31
Apr. 30
May 31
June 30
July 31

512
783
768
505
865
633
449
683
494
695
485
597
1,071

1,261
694
534
1,357
826
968
531
873
758
1,103
1,193
1,068
619

Corporate
1,576
1,335
1,090
2,694
2,129
1,892
736
1,105
935
1,612
1,403
1,380
679

— •»

100
65
50
845
402
60
130
15
45
500
75
70

•

.

Subsequent to
date shown
State and
local govt.
575
903
889
743
1,684
1,076
937
1,079
624
1,069
640
1,042
1,307

Other 2/
150
159
126
260
875
502
75
265
125
60
515
110
85

Forthcoming Large Offerings as of August 9, 1968.

Issuer

Type

Amount
(millions
of
dollars)

Approximate date of
offering

Coroora te
Conv. debs.
Computer Applications, Inc.
Debs.
Wisconsin Telephone Co.
Debs.
Long Island Lighting Co.
1st mtg. bds.
Niagara Mohawk Power Corp.
Com. stk.
*Armour-Dial, Inc.
G.O.
Texas Eastern Transmission Corp.
Conv. sub. debs.
Allegheny Beverage Corp.
Conv. debs.
Beech Aircraft Corp.
1st mtg. bds.
Penna. Electric Co.
Pfd. stk.
*Southern California Edison
1st mtg. bds.
General Telephone of Indiana
Conv. debs.
Belco Petroleum Corp.
1st mtg. bds.
Georgia Power Co.
1st mtg. bds.
Wisconsin Power & Light Co.
Conv.
sub. debs.
Eckerd Drugs,
1st & ref. mtg. bds.
South Carolina. Electric & Gas
*Gen'1. Tel. of Michigan
I Debs.
*Condec Corp.
I Conv. sub. debs.




-m-

15.0
50.0
30.0
60.0
16.1
50.0
20.0
30.0
38.0
75.0
17.0
25.0
50.0
25.0
15.0
20.0
22.0
20.0

August 12
August 13
August 13
August 15
August 16(rts. exp.)
August 19
Augus t 19
August 20
Augus t 20
August 20
August 21
August 26
August 27
August 26
Indefinite
Indefinite
Indefinite
Indefinite

Forthcoming Large Offerings as of August 9, 1968.

Issuer

Type

Amount
(millions
of
dollars)

Approximate date of
offering

State & local Government
- Oklahoma City, Oklahoma
Philadelphia, Pa.
Broward County Sch. Dist., Fla.
/"Iberville Parish, La.
Housing Assistance Administration
Los Angeles Dept. of Wtr. & Pwr.
, Md. State'Roads Commission
Cook Co., Thornton Twp. HSD #205,
Illinois .
Jefferson Parish, La.
State of New York
Colleges of the State of Texas
State of North Carolina
-Wisconsin State Agencies Bldg.
Corp.
Orleans Parish Sch. Bd., La.
Calcasieu Parish, La.
Florida Development Commission
*Lakeland, Florida
Dallas, Texas
Cobb Co., Georgia
La. Charity Hospital, New Orleans,
-La. •
*Tampa Hillsborough Co. Expressway Auth.
*State of Ohio
.Consumers Public. Pwr. Dist. , Neb
. Ardmore Development Authority
- Kentucky Turnpike Auth.
•Hillsborough Aviation Auth,,
Tampa, Fla.
I
I
Other
Canadian Utilities, Ltd.

G. 0.

G.O.
Debs.
Rev.-rent.
Bonds
Debs.
Rev.-rent. .
G.O.
G.O.
Rev.-rent.
Rev.-rent.
G.O.

35.0
29.2

20.0
16.0

129.0
24.0
18.5

10.0
12.2

81.0

14.7
60.0

August
Augus t
August
August
August
August
August

13
13
13
13
13
14
14

August
August
August
August
August

14
15
19
19
20
21
21
22
22
23
26
27

Rev.-rent.
G.O.
Rev.-rent.
Rev.-rent.
G.O.
G.O.
Rev.-Ut.

12.5
25.0
32.5

10.0

August
August
August
August
August
August
August

Rev.-S.T.

11.0

August 27

46.0

298.0
75.0
120.0

Sept.
2
Sept.
5
Sept.
Indefinite
Indefinite

Rev.-rent.

41.0

Indefinite

S.F. debs, w/wts.

15.0

Indefinite

Rev. -Q. -Ut.
G.O.
Rev.-rent.
Rev.-rent.
Rev.-Q.-Ut.

38.5
17.0
62.7

100.0

I
*
jV
2/

Included in table for first time.
Includes corporate and other issues of $15 million and over; State and local
Government issues of $10 million and over.
Includes foreign government and International Bank for Reconstruction and
Development issues and non-guaranteed issues of Federal Agencies.




-*9xv

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: May 1 through Aug. 9, 1968.

May

15

20.0

Montreal Catholic School Commission—7-1/2% S.F. debs.
maturing 1993, reoffered to yield 7.88%.

May

21

25.0

Newfoundland and Labrador Power Commission—7-3/4%
S.F. debentures, maturing 1993, reoffered to yield
8%.

May

28

100.0

July

10

75.0

July

23

20.1

Province of Ontario, 7-1/8% debentures maturing 1998,
reoffered to yield 7.19%.
Husky Oil Canada Ltd.

July

25

25.0

Province of Nova Scotia— debentures.

(banada, Government of, 6-7/8% bonds maturing 1988,
reoffered to yield 6.90%.

B.
Indefinite

15.0

Prospective Offerings
Canadian Utilities, Ltd., —

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




S.F. debs, with warrants.

M-2
PART II:

Date Reported
- 6/68

Amount
(millions
of
dollars)

Issuer and Description of Issue

29.4

Seaboard Finance Co. of Canada, Ltd., Sr. notes
maturing 1983, take down at various dates
through 1969.

7/1/68

25.0

Argentina, Government of -- external bonds maturing
June, 1973.

7/1/68

1.4

7/1/68

)

Private Placements -- Reported May 1 through August 9, 1968.

;

.5

British Columbia Forest Products, Ltd. —
secured notes.

20 year

British Columbia Forest Products, Ltd. -- 10 year
secured notes.

NOTE:'. For retrospective data on aggregate foreign corporate and government security
offerings in the United States see Exhibits I and U. There is no simple relationship
between the data shown in the Exhibit and that shewn 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.
!




ifb