Full text of H.16 Capital Market Developments : August 13, 1962

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

t
Not f o r Publication DECONTROLLED AFTER SIX MONTHS
I
I

HTtii

1

LIBRARY

I
AUG 1 5

1962

August 13, 1962.

I

I
|

CAPITAL MARKET_DEVELOPMENTS
IN M
UNITED STATES

FEDHHAL RESERVE BANK I

public s e c u r i t y f i n a n c i n g to obtain new c a p i t a l was. i n moderate
volume l a s t week and i s expected t o be q u i t e l i g h t t h i s week. During t h e
week ending August 10, two l a r g e corporate bond i s s u e s with aggregate
proceeds of $115 m i l l i o n were p u b l i c l y s o l d , while t h r e e S t a t e and l o c a l
government bond i s s u e s (one a p r i v a t e placement) f o r $5l m i l l i o n were
o f f e r e d . This week, ending August 17, one $15 m i l l i o n corporate i s s u e
f o r new c a p i t a l i s scheduled, while t h r e e S t a t e and l o c a l government
i s s u e s with p a r value of $56 m i l l i o n a r e on the calendar. In a d d i t i o n ,
a $50 m i l l i o n corporate bond i s s u e t o obtain funds f o r retirement of
high coupon o b l i g a t i o n s sold i n l a t e i960 i s scheduled f o r public o f f e r i n g .

OF RICHMOND

Long-term bond y i e l d s . Changes in y i e l d s on seasoned long-term
bonds were mixed l a s t week. Yields on long-tenn Treasury o b l i g a t i o n s
and Aaa corporate bonds declined by 3 and one b a s i s p o i n t s , r e s p e c t i v e l y ;
lower-grade corporate bond y i e l d s were unchanged; and S t a t e and l o c a l
government bond y i e l d s rose 2 b a s i s p o i n t s f u r t h e r .
Average y i e l d s on new o f f e r i n g s of corporate bonds were lu3U
per cent l a s t week, 9 b a s i s p o i n t s higher than the corrected average f o r
the previous week. Most of t h i s i n c r e a s e , however, r e f l e c t e d the premium
y i e l d o f f e r e d on the l a r g e s t i s s u e of the week — a $100 m i l l i o n telephone
issue.
Short- and intermediate-term i n t e r e s t r a t e s . Yields on 3-month
Treasury b i l l s declined 2 b a s i s p o i n t s f u r t h e r t o 2.83 p e r c e n t , t h e
lowest average since l a t e June, while 6-month b i l l y i e l d s were unchanged.
Yields on 3-5 y e a r Treasury o b l i g a t i o n s declined 5 b a s i s p o i n t s t o 3.63
per c e n t . The average e f f e c t i v e r a t e f o r Federal funds rose 15 b a s i s
p o i n t s to 3 p e r cent, equaling t h e discount r a t e f o r the f i r s t time s i n c e
l a t e i960. Other s h o r t - and intermediate-term i n t e r e s t r a t e s were
unchanged.
Mortgage recordings. Nonfarm mortgage recordings of #20,000
or l e s s turned up 3 per cent i n A p r i l , the l a t e s t month on a three-month
moving average b a s i s . The r i s e in A p r i l , which followed f o u r months
of gradual d e c l i n e , was t o a seasonally a d j u s t e d monthly r a t e of
$2,7U5 m i l l i o n . This was j u s t 1 per cent below t h e high reached l a s t
autumn and 11 per cent above a y e a r e a r l i e r .
Government-underwritten mortgages accounted f o r a f i f t h of
t o t a l d o l l a r volume recorded i n May, the same proportion a s i n A p r i l .
The share f o r conventional mortgages, although below t h e 83. p e r c e n t
reached a t t h i s time la s t y e a r , remained q u i t e high.
Stock p r i c e s . Common stock p r i c e s a s measured by Standard and
P o o r ' s composite index of 500 stocks declined 1 p e r cent l a s t week,
closing a t 57=55 on Friday. Trading volume was l i ^ i t , averaging 2.9
i l l i o n shares p e r d a y .
formFRASER

Digitized


-2-

More d e t a i l e d information concerning recent c a p i t a l market
developments i s presented i n the attached e x h i b i t s .

C a p i t a l Markets Section,
Division of Research and S t a t i s t i c s ,
Board of Governors of t h e Federal Reserve System.




3
EXHIBIT A. foil I
L O N G - T E R M B O N D YIELDS, H I G H - G R A D E

Wf.l'lL

COJfOIAII An

STATE AND lOCAl^
GOVERNMENT Am

1*57

1958

1959

IliO

lf«l

11*2

Exhibit A - Part II
1

Date

Corporate
Aaa 1/

i

1957 - High
1958 - Low
1959-60 - High
1960-61 Low
1961 -• High
1962 - High
Low
July
July
July
Aug.
/Aug.

1

S t a t e and .
local
government
Aaa 3 /

Spread between
U. S. Govt, and
Corporate
S t a t e and
Aaa
l o c a l Aaa

(per cent)

$

1
4
•i .
I
1

U. S. Govt,
long-term 2 /

13
20
27
3
10 2/

4.14
3.55
U.6i
4.21
4.46
4.43
4.27

(9/27)
(5/2)
(3/29/60)
(3/17/61
(9/15)
(2/16)
(5/25)

14.31*
4.33
4.35
4.37
4.36^

3.76
3.07
4.42
3.70
4.07
4.12
3.85
4.03
4.03
4.02
4.03
4.oo

Note: For footnotes see Exhibit B.




(10/16)
(4/25)
(1/8/60)
(5/12/61)
(12/29)
(2/23)
(5/11)

3 . 4 5 (6/29)
2.64(5/1)
3 . 6 5 (9/24/59)
2.99 (9/1/60)
3.37 (7/6)
3.26 (1/4)
2.92 (5/3)

.60
.22
.59
.19
.57
.47
.29

.50
.34
.92
.46
.76
1.08
, .80

3.09
3.09
3.11
3.13
3.15

.31
.30
.33
.34
.36

-9k
.94
.91
.90
.85

LONG-TERM

BOND

YIELDS,

LOWER-GRADE

CORPORATE B

II \
" if"* STATE AND 10CAI GOVERNMENT

Exhibit B - Part I I

Date

Corporate
Baa 1 /

S t a t e and
local govt.
Baa 3 /
(per cent)

1957 - High
1958 - Low
1 9 5 9 - 6 0 - High
1 9 6 0 - 6 1 Low
1961 - High
1962 - High
Low
July
July
July
Aug.
-/Aug.

13
20
27
3
10 2 /

5-10
iuSL
5.36
U.98
5.13
5.11
4.96
5.05
5 . Ok
5 . Oil
5.07
5.07

(11/29)
(7/11)
(2/12/60)
(9/9/60)
(10/27)
(1/5)
(6/1)

ii.5l
3.61
U.U6
3.93
14.16
U.oU
3.52
3.70
3.72
3.77
3.78
3.80

(8/29)
(5/1)
(1/7/60)
(11/9/61)
(3/23)
(1/11)
(5/17)

S p r e a d between
Aaa and Baa
S t a t e and
Corporate
local govt.
1.27
.77
.81*
.66
.81
.7U
.63

1.21
.93
1.08
.57
.93
.82
.56

.71
.71
.69
.70
.71

.61
.63
.66
.65
.65

p / Preliminary.
1/ Weekly average of daily f i g u r e s . Average term of bonds included in 23-26 years.
2 / Weekly average of d a i l y f i g u r e s . The s e r i e s includes bonds due or callable in 10 years or more.
3 / Thursday f i g u r e s . Only general obligation bonds are included; average t e m i s 20 years.
Note.—Highs and lows are f o r individual series and may be on d i f f e r e n t dates f o r d i f f e r e n t
s e r i e s . For spreads, high refers t o widest, and low to narrowest.




_SHORT-

AND

INTERMEDIATE-

TERM INTEREST

RATES, G O V E R N M E N T

1 - 5 Y£11 ISSUiSj

I I I I I i

1 1.1 1.1 1 1.1.1.1 J .1 l . i . L l i - L i - L i J J L i -LJ. L L i J J__LL1_LLJ_LJ_L L 1 J 1 1 1 J 0

1958

1959

1960

1961

1162

Exhibit C - Part I I
%

Date

A

Discount
rate
1/

3-month
b i l l s 2/

Yields
6-month
b i l l s 2/
(per cent)

3-5 year
issues 2 /

Spread between y i e l d s on 3 month b i l l s and y i e l d s on
6-mo. b i l l s 13-5 y r . i s s u e s

-1957 - High
*1958 - Low
1959-60 - H
.960-61 Low
1961 - High
1962 - High
I
Low

3.50
1.75
it. 00
3.00
3.00
3.00
3.00

3.02
5.07
2 . 1 1 (10/28/60 ) 2 . 3 5
2 . 6 6 (12/29)
2.90

2.97 (7/13)
2.65 (6/8)

3.13 (7/20)
2.7k (6/8)

3.86(8/11)
3.88 (2/2)
3.U3 ( V 6 )

.kk
,2k
.06

.86
.01*
1.81
.38
1.51
1.19
.71

i July
;July
July
,Aug.
"'Aug.

3.00
3.00
3.00
3.00
3.00

2.97
2.95
2.88
2.85
2.83 ^

3.09
3.13
3.09
3.03
3.03

3.71
3.73
3.71
3.68
3.63

.12
.18
.21
.18
.20

.7k
.78
.83
.83
.80

<

13
20
27
3
10 2 /

3 . 6 4 (10/18)
. 5 8 (5/29)

ii.59 (1/8/60)

*2/

(12/26)
(1/8/60)
(4/28/61)
(12/29)

4 . Ok (10/18)
2.11* (6/6)
5 . 0 0 (12/24/59)
3 . 1 5 (5/12/61)

.26
.79
. 12

Market y i e l d j weekly averages computed from d a i l y closing bid p r i c e s . Series of 3 - 5 year issues
c o n s i s t s of selected notes and bonds.
5 Note.—Highs and loirs are f o r i n d i v i d u a l s e r i e s and may be on d i f f e r e n t dates f o r d i f f e r e n t s e r i e s ,
I
For spreads, high r e f e r s to w i d e s t , and low t o narrowest.




EXHIBIT 0, Pari I
SHORTBANKS

AND
AND

INTERMEDIATE-TERM
OTHER

INTEREST RATES,

PRIVATE BORROWERS

IIII

I 1 LI J-11 I I I 1 LLLiJ ..LI. 1 LL1 LL1.LLLL . 1 U . L ^ I J_LU. I.
I960

1961

1942

:xnibit D - Part I I
Date

Stock Exchange|
c a l l loan 1 /

Prime
rate 1/

F i n a n c e company
paper 2/

Federal
funds 3/

(per cent)
1957 - High
1958 - Low
1 9 5 9 - 6 0 - High
1 9 6 0 - 6 1 Low
1 9 6 1 - High
1962 - High
Low

4.5o
3.50
5.50
4.50
4.50
|*-5°

July
July
July
Aug.
Aug.

13
20
27
3
10 2 /

4.50

4.50
3.50
5.oo
it. 5o
it. 50
it. 5o
it. 5o

3.88
1.13
5.13
2.50
3.00
3.25
2.88

4.5o
it. 50
4.50
it.50
it. 50

it. 5o
it. 50
it. 5o
• it. 5o
it. 5 o

3.25
3.25
3.16
3.13
3.13

(11/15)
(8/8)
(1/22/60)
(e/5/61)
(12/29)
(7/20)
(6/1)

3 . 5 0 (11/8)
.3 3 (5/29)
it.00 (5/13/60)
. 4 3 (1/27/61)
2 . 8 8 (12/29)
3.00 (8/10)
1.30 (1/26)
2.70
2.95
2.30
2.85
3.00

S p r e a d between
3-mo. b i l l s and
f i n a n c e Co. p a c e r

.63
-.35
1.02
.11
.56
.41
.19
.28
.30
.28
.28
.30

on c a l l loans secured by customers.' stock exchange c o l l a t e r a l a t New York City banks. Prime rate
i s t h a t charged by large banks on short-term loans to business borrowers of the highest credit
standing.
2 / Average of d a i l y r a t e s published by finance companies f o r d i r e c t l y placed paper f o r varying maturities
in the 90-179 day range.
3 / Weekly average of daily e f f e c t i v e r a t e , which i s the rate f o r the heaviest volume of purchase and
sale transactions as reported to the Federal Reserve Bank of New York.
Note.—Highs
and lows are f o r individual s e r i e s and may be on d i f f e r e n t dates f o r d i f f e r e n t s e r i e s .

For spreads, high r e f e r s t o widest, and low to narrowest.



STOCK

MARKET

-* CHANGE IN SERIES

. . L i . I J i_l 1 L1--V 1.9 5 7

S

1 959

1 958

Exhibit
Stock p r i c e
index 1/

1 9 6 0 - 6 1 - High
Low
1962 - High
Low

72.0k
53.32
70.94
52.68

June
July
J u l y 27 Aug. 3
Aug. 10 2 /

55.63
56.97
57.20

y

(12/8/61)
(10/21/60)
(3/16)
(6/22)

58.12
57.55

I9 60

19 61

- Part I I

Common
Trading
stock
volume 3 /
yields 2/ (millions
( p e r c e n t ) of s h a r e s )

Stock m a r k e t c u s t o m e r c r e d i t
Customers 1
Bank
debit balloans t o
ances 4 / "others" 5 /
( I n m i l l i o n s of d o l l a r s )

Total

2.82
3.62
2.93
3.96

5.8
2.2
10.1
2.8

5,602
4,ll|2
5,491
4,938

(12/61)^,259
(5/60) 3 , 0 0 4
(4) 4,111
(6) 3,605

(12/6I) 1 , 3 7 7
(7/60) 1 , 1 2 1
(1)
1,418
(6)
1,303

3.78
3.68
3.65
3.59
3.63

4.8
3.5
2.8
3.4
2.9

4,938

3,605
n.a.
n.a.
n.a.

1,333
1,314
1,314
1,303
n..

n.a
n.a
n.a

(e/3o/ei)
(5/25/60)
(5/9)
(8/1)

.—Not a v a i l a b l e .
jy Preliminary.
Standard and Poor's composite index of 500 common stocks, weekly closing p r i c e s , 1941-43=10.
Monthly data are averages of daily f i g u r e s r a t h e r than of Friday's only. Highs and lows are f o r
F r i d a y ' s data only.
Standard and Poor's composite stock yield based on Wednesday data converted to weekly closing
p r i c e s by Federal Reserve. Yields shown are f o r dates on which price index reached i t s high

%

Averages of d a i l y trading volume on the New York Stock Exchange.
End of month f i g u r e s f o r member firms of the New York Stock Exchange which carry margin accounts 1
excludes balances secured by U. S. Government o b l i g a t i o n s .
Wednesday f i g u r e s f o r weekly reporting member banks. Excludes loans f o r purchasing or carrying
U. S. Government s e c u r i t i e s . P r i o r t o July 1, 1959, such loans are excluded only a t banks i n
New York and Chicago. Weekly reporting banks account f o r about 70 per cent of loans to others*
r t h e r d e t a i l see B u l l e t i n .
DigitizedForforf uFRASER



MORTGAGE

RECORDINGS AND

LOANS ^

Monthly

Billion# o I doll

- r

!

— \

Exhibit F - Part I I

1 9 6 1 - MayJuly
Aug.
Sept.
Oct.
Nov.
Dec.
1962 - J a n .
Feb.
Mar.
Apr.
May

Total
Seasonally
Unadjusted
FHA
adjusted 2/
( M i l l i o n s of d o l l a r s )

I
I

Date

2,561
2,581
2,652
2,652
2,723
2,775
2,779
2,763
2,696
2,682
2,670
2,745
n.a.

2,700
2,856
2,653
3,00k
2,777
2,961
2,75k
2,579
2,159
2,238
2,627
2,70k
2,983

349
386
386
463
1+22
1*32
m
427
480
398
418
372
403

VA

Conv.

123
137
144
182
168
201
206
197
227
175
205
182
184

2,228
2,333
2,122
2,359
2,186
2,328
2,064
1,957
1,752
1,665
2,004
2,151
2,397

n.a.—Not a v a i l a b l
1 / T o t a l r e c o r d i n g s data are estimates based on reports from about 450 areas and
include mortgages of $20,000 o r l e s s secured by nonfarm r e a l e s t a t e , p r i m a r i l y
r e s i d e n t i a l p r o p e r t i e s . FHA-insured loans r e p r e s e n t gross amount 6f insurance
w r i t t e n , and VA-gua ran teed loans the gross amount of loans closed, on 1 - 4 family
houses. Conventional data are derived as a r e s i d u a l , although t o t a l recordings
and VA and FHA loans are not s t r i c t l y comparable i n concept or t i m i n g ,

2 / Three-month moving average, seasonally adjusted by Federal Reserve.
Sourcei F e d e r a l Home Loan Bank Board, Federal Housing Administration and Veterans
http://fraser.stlouisfed.org/
Administration.

Federal Reserve Bank of St. Louis

Exhibit Q

h.lU

Yields on New Corporate Bond Issues Actuated to an Aaa Basis
Number
of issues
included
£Monthly averages
11962 - January
|
February
i
March

6

i

7
7

ssrJune
July
August
September
October
November
December

Amount
of issues Average
yield
included
(per
(millions
of dollars) cent)

U
5

130.0
39U.5
2U0.0
299.0

11*8.0
368.0
llti.c

12
6

60.0
70.0
2

19.5

300.0
50.0
25.0
30.0
62.0

1

March 2
j
. 8
April 6
13
20
27

May U
11
18
25

June 1

U.23
U.17
U-09
U.15
U.3U

June 15
22
29

July 6
13

Amount
of issues Average
yield
included
(per
(millions
of dollars) cent)
67.O

U.12

1U5.0
2U.0

U.ll
U.19

5o.o

20

U6.0

27

20.0
c/107.3
115.0

August 3
10

U.U5*

U.26

U.33*
c/U.3U
U.U3*

2U
31

Weekly averages:
January 5
: W
12
3
February

U.U5
U.*o

Number
of issues
included

1
1
1
1

2
2
2
2
2
2
2
2
2
1

3

60.0

85.0
98.0
26.0

100.0

u.uo

September 7
1U
21
28
October 5
12

U.UO
U.52*

8
November 2

U.5o

U.50

U. 37

U.29
U.23
U.21
U.22
U.21
U.12
U.17*

115.0

U.lU

Ui.o

U.02

28.0

39.0
17.0

115.0

23
30

December 7
1U
21
28

U.21*

U.07
U.06
U.2U*

hotel Averages of o f f e r i n g yields on a l l new issuea of publicly sold bonds rated Aaa, Aa
and A by Moody1a Investors Service (except s e r i a l , equipment t r u s t and convertible i s s u e s ,
o f f e r i n g s of natural gas pipeline and f o r e i g n companies, and issues guaranteed by the
Federal Government) weighted by size of issues. Yields on Aa- and A-rated bonds are
f i r s t adjusted to an Aaa basis, using the comparable spreads in yields on seasoned ..tionds
(Moody's averages). Averages r e f l e c t changes in i n d u s t r i a l composition, type, maturity,
and c a l l provisions of new o f f e r i n g s . Weekly averages considered unusually unreliable
as indicators of i n t e r e s t rates on new issues because of the small number or special
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 etc. are marked with an a s t e r i s k . Source 1
weekly
data, Federal Reserve; monthly data, F i r s t National City Bank of hew .Yoflc.




Lxhibit H
Long-term Corporate and S t a t e and Local Government
S e c u r i t y O f f e r i n g s and Placements
( I n m i l l i o n s of d o l l a r s )
,

1962
January
February
March
April
May
June

Corporate V
1
1 1961

New c a p i t a l
I960

1962

S t a t e and l o c a l 2 /
1 1961
I I960

&/1,078
p/6:7

713
689
764

700
611
568

e/850
e/800
e/700

723
641
1,034

a?
991

?36
96?
726

485
6o4
734

492
6o6
683

1,090

890

946

956

678
789
606

348
501
491

2,166
2,397
1,823
2,073

1,880

4,563
6,386

4,136
5,916
7,257

592
859
80*7

580
66"?
5#

1,120
a/76?
I e / 1 000

2,118
1,259
1,318

761
57?
2 $944

e/600

1 028
762

570 .
715
860

-

July
August
September

6U

October
November
December
1st
2nd
3rd
4th

quarter
quarter
quarter
quarter

1st half
Three q u a r t e r s
Year

7

1,000
.

2;228

852

1,809

(e/2,88?

1 = 695
2,43?

I

3,038

:e/5,l45

6 . %
8,9kl

11,979

2,382
2,:>28
2,#8

1»,527
6,9#

9,653

je/2,350

8,1*60

2,256
1,780
1,340

Excluding f i n a n c e companies 3/
1st
2nd
3rd
kth

quarter
quarter
quarter
quarter

2,199
e/2,787

Year
|7
1/
y
3/

1,554
4:552
2,33?

1,716
2,1#

2,018

2,807
11,253

8,2#

e s t i m a t e d by F e d e r a l Reserve"
g f Preliminary:
S e c u r i t i e s and Exchange Commission eV;-.iaiates of n e t proceeds^
Investment Bankers A s s o c i a t i o n of America e s t i m a t e s of p r i n c i p a l amounts.
T o t a l new c a p i t a l i s s u e s e x c l u d i n g o f f e r i n g s of s a l e s and consumer f i n a n c e
companies,




Exhibit I

H.Ik

New Corporate S e c u r i t y I s s u e s , Type of I s s u e and I s s u e r
( I n m i l l i o n s of d o l l a r s )
Quarter
or
month

H

|
:E

A

Gross proceeds f o r new
Net proceeds f o r
c a p i t a l and refunding 1 /
new c a p i t a l 1 / 2/
Bonds
Common
Public Communiand
Mfg. u t i l i t y c a t i o n s
Total Publicly P r i v a t e l y p f d .
offered offered
stock

I960 - I
H
HI
IV

2,262
2,537
2,520
2,832

93k
1,07k
1,336
1*162

795
770
75k
955

536
692
h29
kl6

1961 - I
II
III
IV

1,992
5,352
2,566
3,236

662
2,303
772
967

880
1,275
1,139
l,k2h

1,77k
65k
8k5

1962 - I
lie/
HI
IV

2,378
3,081

1>155
1,379

1961 - Jan.
Feb,
Mar,
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

601
695
696
2,231
l,3k2
1,779
1,075
813
678
1,155
987
1,09k

1962 - Jan.
Feb,
Mar,
Apr,
May 2 /
June e /
July
Aug.
Sept.
Oct.
Nov.
Dec,

6k7
88k
8k7
1,222
809
1,050

Other
issuers

298
511
562
625

598
808
652
696

189
lk9
317
381

1,059
913
696
997

to

515
l,k66
595
836

381
1,081
595
836

81
1,095
10k
lk7

832
1,052
803
1,263

716
1,060

507
6kl

655

k30
959

k56
209

717
736

178
273
211
713
666
92k
k2k
225
123
336
klk
217

29k
255
#1
3k8
355
572
392
kll
336
509
3k8
567

129
167
15k
1,170
320
283
259
177
218
310
225
310

169
99
2k8
57k
kk7
kk6
k28
255
252
271
215
306

137
160
8k
25k
k39
389
369
215
111
306
362
168

21
kl
19
99k
85
16
16
13
75
25
80
k2

253
368
211
297
289
k6?
315
279
209
k87
291
k85

273
k97
386
652
2k7
k80

232
232
253
238
k22
kOO

lk3
155
209
332
139
170

205
131
318
378
276
330

89
lk8
193
374
203
380

73
362
21
86
63
60

225
218
275
280
226
230

Gross proceeds
exceed n e t proceeds by the cost of f l o t a t i o n 0
2 / For t o t a l see E x h i b i t Hj
o t h e r i s s u e r s are e x t r a c t i v e * r a i l r o a d and other t r a n s p o r t a t i o n , r e a l e s t a t e and
f i n a n c e and commercial and o t h e r . S o u r c e . — S e c u r i t i e s and Exchange Commission.




hlk

Exhibit J
Other Security O f f e r i n g s
(In m i l l i o n s of d o l l a r s )
ss long-term 1 /
Foreign government 2/
Federal agency 3/
r
1962
1961
1962
1 1961
|
19%

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

11*2
10
35
10
g/86
e/30

u3
3h

Jan. -June

e/3%3

i U6l
!
1e / 1

36
3 ->

I
i

k

I

182
150
150
1U8
35U

252
100
1U9
278
250
193

199

--

-160
1U9
181

i,W

1;6?2

Z25

e/86?

152

I960

?,9

98k

Net s h o r t -term k/
Sta te and Local government 5 /- ;
Federal agency 3/

y

18
1*66
-186

j
'

Year
Jan, -June

2k6
156

236

Year

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

o
l?5
?0
3U
72
!j.0.
25

6
29
20
2
66
29
5
2

;

'

3 60
195
-8
-103
~!i2
^155
:09
518
-86
6

2L?
- -j 56
; 236
361i
R?
i
1

116

-189

I

~U4
-162
-17b.
-79
-37
20?
22
193
108
98
56
-nil.

520

13

;

"76

-633

-1:39

=2Wi

hi

.58

j

Zsc
-llvS
•

i

-IT 5

-196
=202
-59
-277
170
320
95
23
=201
-23
-33
-250

Preliminary,
e/' Estimated by F a d t m l Besarye,
n;a.--Not available;
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 5 as well as
new c a p i t a l issues 4 are included. Long-term 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 .
Includes s e c u r i t i e s o f f e r e d in the United States by f o r e i g n governments and t h e i r
V
p o l i t i c a l subdivisions and 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,
3/ Issues not guaranteed by the U- 5, Government, Source: long-term, S e c u r i t i e s
and Exchange Commissionj s h o r t - t e r m ; T.reasu:?y Department and Federal Reserve.
y
These data d i f f e r from those i n Exhibit H and above in 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 or from
o t h e r . f u n d s . 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 .
5 / Pfor
r i n cFRASER
i p a l l y tax and bond a n t i c i p a t i o n notes, warrants or c e r t i f i c a t e s and Public
Digitized
Housing
Authority n o t e s . In some instances PHA notes included may have a somewhat longer than one year, Source; Bond Buyer and Federal Reserve.
http://fraser.stlouisfed.org/

¥

Federal Reserve Bank of St. Louis

Exhibit K

H.ll*

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 d o l l a r s )
jl
0

Month

Total•

| l 9 6 l - July
August
September
October
1
November
4
December
I962 - January
February
March
April
May
June
July

1*75
185
168
351*
391
255
195
1*25
366
6U8
200
505
165

•
Corporate
Bonds
Convertible
(other than
bonds
convertibles)
285
165
78
205
320
125
170
1*25
330
1*30
170
387
135

75
33
67
26

15
51

Stocks
:

State
and
local
government

1X5
20
58
81
1*5
130
25

179
281
1*35
326
1*80
307
561
662
259
1*23
373
226
361

21
167
30
118
30

Other
i/

;

10073
1*0
250
11*5
6U
30
55
88
30
20

Large Individual Issues Offered August 1 through 10

Type
v

Amount
Coupon
(millions
Offering
Maturity net i n t e r - yield
of
dollars)
e s t cost

Rating

CORPORATE

$Belt RR. Co, of Chicago
^Southwestern Bell Tel. Co,
'Bkco Products Co.

1st nrtg0 bdso
Deb.
Deb.

12.0

1987
1997
1987

10.0

1966-95

37.3
100,0

1*.60

t:8
1*.60

Aa

,TATE AND LOCAL GOVERNMENT
A,. Louis, Missouri
o r t Worth, Texas
;San Antonio, Texas
Pennsylvania Turnpike Auth„

Rev. -Q.Ut.
G.O-.
Rev,-Ut.
Rev.-Ut.

OTHER
fNone.




10.1 1963-87
20.0 I 9 6 U - 8 I 1

21.3

1990

3.88

3.28
3.22

2.14-0 -it .001 y —
1.70-3.50=y A
1.80-3.25
Aaa

K-2
Footnotes
*—Rights o f f e r i n g .
3 / 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;
S t a t e and l o c a l government o f f e r i n g s of $10 m i l l i o n 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.
2 / In t h e case of 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
o b l i g a t i o n s ; Rev.-Ut., revenue o b l i g a t i o n s secured only by income from
public 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 ; Rev.-S.T., revenue bonds secured by 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.
k / 1/10 p e r cent bonds maturing 1986-87 r e o f f e r e d t o y i e l d U.50 p e r c e n t .




H.lk
Forthcoming Large Long-term Public S e c u r i t y O f f e r i n g s f o r New C a p i t a l
(Other than U. 5. Treasury) 1 /
Expected Proceeds from Forthcoming Large Issues
Date of
computation
1961 - July 31
Aug, 31
Sept. 29
Oct. 31
Nov. 30
Dec. 29
1962 - Jan. 31
Feb. 28
Mar. 30
Apr. 30
May 31
June 29
July 31

During month following
date shown
S t a t e and
Corporate
l o c a l govt. Other 2/
170
175
358

31*6

1*06
399
251
597

73
35

m
si

6b

161

^295
-223

1*80

1*65

356

222

628
185
587
120
302

202

%

273

Subsequent to
date shown
Corporate lSot ca at el and
govt.
255
21*0
5ol*

1*11
1*21

I

693
598

692

1*58
1*77

Other 2/

537
530
1*51*

73
35

693
1*98
1*15
567
239
539
1*52
337
377
1*27

61*

II
25

Forthcoming Large O f f e r i n g s , as of August 10
Amount
(millions
of d o l l a r s )

Approximate date
of o f f e r i n g

SoF. deb.
15.0
New York S t a t e E l e c t r i c & Gas Corp,
1 s t & r e f . mtg. b d s . 1*0.0
Public Service Elec. & Gas Co.
60.0
1 s t mtg. bds.
Massachusetts E l e c t r i c Co.
Conv. sub. deb.
3U.5
Air Reduction Co., I n c .
Conr, sub. deb.
15.0
•^Control Data Corp.
Deb.
5o.o
P a c i f i c Northwest B e l l Tel. Co.
28.0
Com. s t k .
^Public Service Co. of Colorado

Aug. 15
Aug. 22
Aug. 28
Aug. 29
Aug. 29
Sept. 12
Sept. 21*
( r i g h t s expire)
Indefinite
Indefinite
Indefinite

Type
CORPORATE

Commerce Oil Refining Corp.
Columbia Bancorporation
Southern C a l i f . Edison Co.

Deb., bds. & com.
Conv, sub. deb.
1 s t & r e f . mtg. bds.

1*5.0

30.0
50.0

STATE AND LOCAL GOVERNMENT
Penna. General S t a t e Auth.
Oklahoma City, Okla.
Houston, Texas
S t a t e of Washington
Public Housing Auth.
Los Angeles Dept. of Wtr. and Pwr. ,
California
*New Orleans, La.
De Kalb Co., Georgia




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

30.0
10.2
16.0
37.0
106.2
33.3
10.0
lboO

Aug.
Aug.
Aug.
Aug.
Aug.

Ill
ll*
15
20
22

Aug. 29
Sept. 17
Indefinite

L-2

H.lli

Forthcoming-Large O f f e r i n g s , a s of August 10 (Cont'd)
Issuer

Type

Amount
(millions
of d o l l a r s )

Approximate date
of o f f e r i n g

STATE AND LOCAL GOVERNMENT (CONT'D)
P i t t s u b r g h s Penna.
J e f f e r s o n County, Colorado
Dade County, Florida
Jacksonville Expressway Auth., Fla„

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

35=0

19.2
U6.0
Uo.o

Indefinite
Indefinite
Indefinite
Indefinite

OTHER
None
*—Included i n t a b l e f o r f i r s t time.
1 / Includes corporate and other i s s u e s of $15 m i l l i o n and over; S t a t e and l o c a l
government i s s u e s of $10 m i l l i o n 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.