Full text of H.16 Capital Market Developments : August 14, 1967

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DECONTROLLED AFTER SIX MOWffS
Not for Publid it Ion LIBRARY,
H. 14

August 14, 1967

AUG 1 6 1967

FEDERAL RESERVE jtiUW-,
:AL MARKETS DEVELOMENTS
OF WCHMONI^™
-IN THE UWIMT- STATES
Corporate and municipal bond markets. Public offerings of new co
porate securities this week will be somewhat above the average weekly volume
over the past year while new municipal offerings will be about average In
volume. The largest corporate Issue will be Mountain States Telephone and
Telegraph's $85 million of debentures, and the largest municipal issue will
be a $60 million offering of North Carolina highway bonds.
Long-term Public Security Offerings —^
(In millions of dollars)
Corporate
New Capital | Refunding

State & local Governme
New Capital | Refunding

Sold:
52 week svg.

294

128

July
Aug.

502
511

135
128

390

208

28
4

Scheduled;
August

1/

18

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

Yields on new corporate bonds issued last week were slightly above
comparable bonds offered a week earlier. Investor response to last week's new
issues was mixed, as two of the four nonconvertible offerings have sizable unsold balances. The relatively small unsold balance of American Tele phone ^nd
Telegraph's August 1 debenture offering was released from underwriters price
restrictions last week, and in free market trading the yield was little changed
from the initial reoffering yield of 5.95 per cent.
Yields on seasoned municipal bonds were unchanged last week. Ne^
issues were aggressively priced and failed to attract substantial investor interest — less than one-half of the new issues were taken out of the market by
Friday.
Stock prices. Common stock prices declined last week in active grading,
Standard and Poor's index of 500 stocks closed the week at 95.15, down .68 points
from the all-time high registered a week earlier. Trading volume averaged 9.6




Yields in Security Markets

H. 14

Level Latest Week

High-Grade
Notes and Bonds

Change from
preceding week

Corporate
New
Seasoned

5.84
5.58

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

4.95
5.25

^atate and local Govt.
Moody's Aaa
Std. & Poor's high grade

3.75
3.96

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

4.05

25

4.17
4.79

2
12

Corporate Bonds Still in Syndicate
Date
Offered

Amount
(Millions of $)

8/8

35.0

8/8

18.0

•

Reoffering
Yield

Issuer
Toledo Edison Co.
6-1/8's - 1997

6.05

National Fuel Gas Co.,
6-1/4's - 1992

6.23

Rating

Estimated proportion sold

75%

Aa

35%

Blue List of Municipal Dealers 1 Advertised Inventories

Latest Week
337 (8/8/67)




——'

End of Previous Week

Recent High

325

849(4/26/67)

H; 14

million shares a day, with four out of the five days shortened to four hours
trading.
^
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.




EXHIBIT

A, Part I

LONG-TERM BOND YIELDS, HIGH-GRADE

I ORFORAlt A,

f"U

S

GOVERNMENT

H

S T A T E A N D L O C A L G O V E R N M E N T Aaa

1963




1964

1965

1966

1967

1968

Exhibit A -- JfarL il

Date

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

Aug.

14
21
28
4
11£/

Spread bett.een
U.S. Govt . and
| State and
Corporate
j local Aaa
Aaa

Corporate
Aaa 1J

1 State and
U.S. Govt. |
local
long-term 2/,, government
Aaa 3/
.1
(per <:ent)

4.61(1/29/60)
5.52(9/9)
4.73(1/7)
5.59(8/4)
5.00(2/10)

4.42(1/8/60)
4.87(9/2)
4,42(1/7)
4.95(8/11)
4.37(2/3)

3.65(9/24/59)
4.04(8/25)
3.39(1/13)
3.87(7/13)
3.25(2/9)

.59(8/5/60)
.84(12/30)
.14(2/18)
.92
.44

.92(4/22/60)
1.19(2/11)
.77(9/2)
1.20
.74

5.59
5.56
5.57
5.59
5.58

4.80
4.84
4.90
4.91
4.95

3.87
3.85
3.85
3.75
3.75

.79
.72
.67
.68
.63

1.07
. 99
1.05
1.16
1.20

E./ 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.




L O N G - T E R M B O N D Y I E L D S , L O W E R GRACF
ya,

Per

CORPORATE Baa
Moody»

S T A T E A N D L O C A L G0VLRI%;..L K i l a a

_/

J_LU_
1963




1964

1965

1966

1967

1968

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
July

Aug.
Note:




14
21
28 •
4
ll£/

Spread between
Aaa and Baa
State and
Corporate
local ftovt.

5.36(2/12/60)
5.04
6.18(12/30)
5.05(1/14)
6.32(8/11)
5.81(4/14)

4.46(1/7/60)
3.79
4.55(8/25)
3.78(1/20)
4.46(7/14)
3.85(4/13)

.84
.31
.81
.31
.82
.65

6.26
6.26
6.27
6.29
6.32

4.46
4.40
4.40
4.35
4.35

.67
.70
.70
.70
.74

For footnotes see Exhibit A.

1.08
.39
.62
.31
.65
.37
. 59
.55
.55
.60
.60

EXHIBIT C, Port 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
GOVERNMENT

H 6 - M O N T H BILLS

3 - 5 YEAR I S S U E S

F.R. DISCOUNT RATE

3-MONTH BILLS

1963




1964

1965

1966

1967

1968

Exhibit C

Discount
rate
1/

Date

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

Aug.

14
21
28
4
11%/

3-month
bills 2/

J
|

- Part II

Yields
6-month
bills U
(per cent)

| 3-5 year
I issues 2/

Spread between yields on
3-mo. bills and yields on
6-mo. bills|13-5 vr. issues

4.00
4.50
4.50
4.50
4.50
4,50
4.00

4.59(1/8/60)
4.47
4.80
5.52(9/23)
4.39(6/24)
4.81(1/13)
3.41(6/9)

5.07(1/8/60)
4.66
4.92
5.92(9/23)
4.53(6/24)
4.88(1/6)
3.74(6/2)

5.00(12/24/59)
4.90
4.86
5.83(9/2)
4.80(4/8)

.79
.19
.12
.52
.09

1.81
.43
.06
.78
,01

5.25(8/11)
4.36(4/7)

.62
.01

1.61
.02

4.00
4.00
4.00
4.00
4.00

4.17
4.19
4.24
4.15
4.17

4.67
4.76
4.82
4.67
4.79

5.14
5.16
5.18
5.16
5.25

.50
.57
.58
.52
.62

.97
.97
.94
1.01

i

1.08

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 narrowest.




EXHIBIT

D, Port 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
Weekly

PRIME RATE
J~

FINANCE COMPANY PAPER

F.R. DISCOUNT RATE

FEDERAL FUNDS

1963




1964

1965

1966

Exhibit D —

Date

Prime rate 1/

Part II

Finance
company
•parper 2/

Federal funds 3/

Spread between
3-mo. bills and
finance co» paper

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

Aug.

14
21
28
4
ll£/

5.00
4.50
5.00
6.00
5.00(3/4)
6.00(1/6)
5.50(8/11)

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)
3.45(7/21)

5.50
5.50
5.50
5.50
5.50

4.75
4.75
4.75
4.75
4.75

3.90
3.45
3.90
3.80
4.05

1.02
.23
.28
1.08
.20
.97
.30
.58
.56
.51
.60
.58

\j Weekly rate shown is that in effect at end of period. Prime rate is that
charged by large banks on short-term 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.
3J Weekly average of daily effective rate, which is the rate for the heaviest
volume of purchase and sale transactions as reported to the Federal Reserve
Bank of New York.
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

E, Pari 1

STOCK M A R K E T

100

PRICES

10

8
STOCK MARKET C R E D I T ,

6

* CHANGE IN SERIES
4
of

VOLUME

YIELDS

1963




1964

1966

1967

1968

Exhibit E —

Stock price
index 1/
1961-62 - High
Low
1966 - High
Low
1967 - High
Low
June
July
July
Aug.

Common
stock
yields 2/
(per cent)

Part II

Trading
Stock market customer credit
volume 3/
Customers'
Bank
(millions
Total
debit bal- loans to
of shares)
ances^/
"others"5/
(In millions of dollars)

72.04(12/8/61)
52.68(6/22/62)
93.77(2/11)
73.20(10/7)
95.83(8/4)
82.18(1/6)

2.82
3.96
3.01
3.97
3.06
3.58

10.1
2.4
10.7
0
12.1
6.9

5,602(12/61)
4,424(1/61)
7,997
7,302
8,333
7,345

4,259(12/61)
3,253(1/61)
5,835
5,1(9
6,166
5,290

1,418(5/9/62)
1,161(3/8/61)
2,241(7/6)
2,097(12/14)
2,204(6/7)
2,055(2/1)

3.20
3.14
3.10

9.7
10.8
10.8

8,333
n.a.
n. a.

6,166
n. a.
n.a.

2,167

28

91.43
93.01
94.49

2,197

4
11£/

95.83
95.15

3.06
3.08

12.1
9.3

n.a.
n.a.

n.a.

r/2,196

n

*a. Not Available, j[>/ Preliminary.
!
"" 1 —
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 1 s composite stock yield based on Wednesday data converted to weekly closing
FCderal Reserve
or low
fields shown are for dates on which price index reached its high
3/ Averages of daily trading volume on the New York Stock Exchange.
of daily figures for the year.

Year-end figures are averages

4/ End of month figures for member firms of the New York Stock Exchange which carry margin accountsexcludes 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.




i-v \
EKHI1IT ». Perl IE

MATURITY

NEW

EXISTING

L O A N / P R I C E RATIO

NEW

EXISTING

1M4




1968

*CHANGE in shies

-ys~-

Exhibit F

!

New Homes
Con- Fees &
tract Charges Maturity
Rate (Per
(Years)
(Per
cent)
cent)
2/

Part IV

Loan / Loan
Price amt.
ratio (Thous.)
(Per
cent)

Existing Homes
Con- Fees &
Lo£»i/ Loan
tract Charges Maturity Pri ce amt.
Rate (Per
(Years) rat:Lo (Thous.)
cent)
(Per
(Pe; r
cent)
2/
cerf )

.966
- June
July
Aug.
Sept.
Oct.
; Nov.
Dec.
Dec.*

6.07
6.12
6.18
6.22
6.32
6.40
6.44
6.49

.57
.67
.83
.83
.80
.89
.91
1.26

24.8
24.2
25.4
24.3
23.6
23.6
23.2
23.3

74.4
72.1
74.0
71.1
71.0
71.5
71.4
72.3

19.7
19.3
20.1
19.0
19.2
18.7
18.6
18.5

6.18
6.24
6.35
6.40
6.49
6.50
6.52
6.55

6.47
6.44
6.41
6.37
6.28
6.29

1.17
1.07
1.06
.99
r/. 96
~ ,94

23.8
23.6
23.6
23.6
24.2
24.0

73.3
73.8
74.1
73.3
r/74.8
73L4

19.3
18.0
18.7
18.5
19.4
19.1

6.54
.78
6.49
.75
6.44
.77
6.36
.72
6.31 r/.68
6.30 "" .70

.47
. 52
.61
.64
.71
.74
.70
.81

20.0
19.9
19.8
19.4
19.2
19.5
19.1
20.2

70 6
70 5
70 6
69 ,5
69 ,5
69 ,5
69 .4
70 ,8

14.7
14,3
14.7
14.0
14.1
14.1
13.8
14.7

.967
Jan.
Feb.
Mar.
Apr. r/
May
June

20.6
20.4
21.1
20.8
r/21.1
"" 21.5

71 ,4
15.2
71 7
15.2
71 8
15.4
72 0
15.4
r/72 3 r/15.9
~ 72 2 ~ 16,4

* New Series
1/ Compiled by Federal Home Loan Bank Board in cooperation with Federal Deposi : Insurance Corporation. Data are weighted averages based on probability sample sirvey of
characteristics of conventional first mortgages originated by major institu:ional
lender groups, (including mortgage companies) for purchase of single familyI homes.
Data exclude loans for refinancing, reconditioning, dr modernization; construction
loans to home-builders; and--in this exhibit--pe rmanen t loans which are couDied with
construction loans to owner-builders. Data are still in a developmental stage and
may reflect seasonal influences which cannot yet be measured because the serries go
back only to end of 1962. Related series on conventional mortgage rates onLly, based
on unweighted opinions of regional-office directors of the Federal Housing kd minvey, and
istration, are available somewhat sooner than the results of FHLBB-FDIC surv
are included--in the case of new home mortgage-rates--in Exhibit F. Parts I and II.
2J Fees and charges—expressed as a percentage of the principal mortgage amount-include loan commissions, fees, discounts, and other charges which provide added
income to the lender and are paid by the borrower. They exclude any closing costs
related solely to transfer of property ownership.




EXHIBIT

YIELDS O N NEW A N D

G, Port 1

SEASONED CORPORATE BONDS

Weekly

1

Adjusted to

Aoa

Bos

NEW ISSUES

60

5.5

5.0
SEASONED Aa

4.5

i | .1 i i i i i i i 1 i i i i i i i i i i r 1 ii i i i i i ' i 1 I
1964




1965

1966

i 1 1 1 1 1 1 1 II 1 1 1 I.1 1 1 1 1 1 1 1 1
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 I of dollars)

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

Monthly averages:
1967

Jan.
Feb.
Mar.
Apr.
May
June
July

6
7

20
20
14
23
14

496.0
481.0
1073.0
916.0
570.0
993.0
772.0

5.38
5.20
5.31
5.39
5.66
5.79
5.78

June

July

6

51.0
294.0

7
5
2

255.0
225.0

2
9
16
23
30

3

7
14
21

1
4

28

168.0

75.0

6

282.0
100.0

3

115.0

5.74
5.72
5.74
5.79
5.92
5.86
5. 75
5.76
5.87

5.82
310.0
2
Aug. 4
5.84
283.0
4
11
Weekly averages:
5.92(6/30)
High
5.11(2/10)
Low
N5te7 Averages of'offering yields on all new
nei issues of publicly offered corporate bonds rated Aaa,
Aaj 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.




Exhibit H
Long-term Corporate and State and Local Government
Security Offerings and Placements
(In millions of dollars)
New Carlital
1965

1,648
1,399
2,317

1,302
1,237
2,446

795
746
1,197

1,461
-1,176
1,426

1,184
858
868

804
872
904 "

p/1,952
p/1,459
e/2,400

1,553
1,058
2,364

1,152
1,691
1,946

1,082
£/l,147
2/1,416

1,211
901
1,141

826
924
972

e/2,475
e/2,250
1/1,750

1,039
1,670
1,382

1,290
850
1,392

e/ 925
7/ 950
e/1,050

701
773
1,020

986
648
966

829
1,096
1,635

924
1,325
1,496

735
969
940

794
1,021
754

1967
January
February
March
April
May
. June
July
August
September

State and local 2/
1966 p/
1967

Corporate .
1966 p/

October
• November
December

1965

Quarter
Quarter
Quarter
Quarter

5,364
e/5,811
1/6,475

4,985
4,974
4,091
3,550«

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

4,063
2/3,645
e/2,925

2,910
3,235
2,494
2,664

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

1st half
Three quarters
Year

e/11,175
e/17,650

9,959
14,050 v
17,601 /

7,527
11,060
14,805

e/7,708
e7l0,633

6,145
8,640
11,303

5,302
7,902
10,471

1st
2nd
3rd
4th

1
!
j

|

|

Excluding finance c ompanies "bj
1st
2nd
3rd
4th

Quarter
Quarter
Quarter
Quarter

5,207

Year
p/
1/
2/
3/

4,924
4,8843,969
17,269

2,547
4,348
3,283
3,188
13,366

Preliminary.
.
Securities and Exchange Commission estimates of net proceeds.
^
Investment Bankers Association of America estimates of principal amounts.
j
"Total new capital issues excluding offerings of sales and consumer finance companies;




'\
Exhibit I
New Cornorate 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:
Bono s
Foreign
Publicly Privately and
pfd. issues
Offered Placed
stock included

Net proceeds
for new capital 1/ 1L
Mfg.

Public CommuniUtility cations

Other
ssuers

5,115
4,197
3,669

1,941
2,256
2,047

2,083
1,627
1,247

1,090
314
375

168
154
117

2,205
1,558
1,232

960
657
984

392
567
417

1,418
1,309
918

1967 - I
' He/

5,464
5,973

3,263
3,983

1,811
1,324

390
666

60
19

2,442
2,566

997
1,222

543
499

1,382
1,592

1966 - July
Aug.
Sept.
Oct.
Nov.
Dec.

1,085
1,712
1,400
892
1,115
1,661

440
1,140
676
499
569
980

110
::
657
256
435
555

137 .
67
137
111
127

69
22
62
66
27
24

397
518
643
331
228
673

263
313
81
254
320
409

52
318
198
197
168
152

327
522
460
147
369
401

1,684
1,418
2,362
1,995
1,503
2,475
2,510

745
900
1,618
1,368
965
1,650
1,860

848
362
601
393
381
550
450

91
156
143
234
157
275
200

35
10
15
11
8

624
563
1,254
1,123
568
875
1,200

220
274
503
395
402
425
450

293
105
145
107
92
300
25

511
456
415
327
397

1966

1967

II
III
IV

Jan.
Feb.
Mar.
Apr.2/
May £/
June ej
July a,

£/ 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 are extractive, railroad and other
~
transportation, real estate and finance, and commercial and other.
SOURCE: Securities and Exchange Commission.




800
800

Exhibit J
Other Security Offerings
(In millions of dollars)

Gross Long-term 1/

January
February
March
April
May 2.1
June
July
August
September
October
November
December
Jan. - K a y

1967

1966

1965

130

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

218

—*

114
27
13

284

Year

1,251
783
750
650
810

—

38
73
——

91
33
74.
5
52
75
2
329

158
598

1967

V

4,244

• 661

1966

1965

503
410
392
699
1,030
1,084
799
400
450
800
239

129
185
325

239
150
375
375
179

1,305

639

6,806

2,732

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

New short-term 4f
State and local Government 5/
Federal Agency
308
103
238
-179
179
-24
91
39
-552
£./ 378
450
-458
-319
-454
p/-678
-559
718
647
580
£/ 818
85
204
462
£? 404
284
-334
-82
2/-185
-590
119
-103
-270
408
270
-652
152
|
-161
59 .
-555
-48
-283
274
503
219
-366
-570

Jan. -June

£/ 917

Year

403

518

422

1,286

-1,744
:

--

775
—

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

1,452

-205

-748

801

1
1
1

i
t

£
r

t

>

£/ Preliminary, e/ Estimated by Federal Reserve, h. a, •• -Not available. 1/ These dat
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.
Includes securities offered in the U.S. by foreign governments and their political
2/
subdividions and international organizations. Source: Securities and Exchange Commissi^
3/ Issues not guaranteed by U.S. government. Source: Long-term, Securities and Exchang
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 wit
original maturity of one year"or less. 5/ Principally tax and bond anticipation notes, |
warrants, or certificates and Public Housing Auth. notes. In some instances PHA notes
|
included may have a somewhat longer maturity than 1 year. Source: Bond Buyer & Federalr
Reserve.
.
• L




& 14
Exhibit K
Large Long-term Public Security Issues for New Capitsl
(Other than U. S. Treasury) ll
Proceeds of Large Issues Offered
(In millions of dollars)

•

Total

966 - July
Aug.
Sept.
Oct.
Nov.
Dec.
.967 - Jan. '
:
Feb.
i
Mar.
Apr.
May
June
July

•402
1,189
627
523
510
1,177
681
842
1,638
1,311
870
1,666

Corooriite
Bonds
Convertible
(other than
bonds
convertibles)
170
862
287
352
363
990
611
709
1,435
956
771
1,072
890

1,340

182
257
340
116
97
118
30
40
140
213
55
409
317

State
and
local
governments

Stocks
50
80

338
410
611
387
464
779
947
675
669
512
496
875

«*«*

55
50
68
40
93
63
142
44
185
133

Other

If

15
50
55
! 60
230
530
1 ,000
540
391
825
85

483

Large Individual Issues Offered July 1 through August 11.

Issuer

Type 2/

Amount
(millions
of
dollars)

Maturity

Coupon
rste or
net interest cost

1
Offering
vield 1

Rating

1
torasFft®
Union Tank Car
Leasee Data Processing
Equipment
American Airlines
Northern Illinois Gas
American Can
Texaco
Foremost-McKesson
Anheuser-Busch
Combustion Engineering
Public Service of Colo.
Consumers Power
Gulf States Utilities
Brooklyn Union Gas
Accidental Petroleum

Equip, tr.
cert.
Deb. (w./wts.)
Conv. sub . deb.
1st mtg. bds.
Deb.
Deb.
Com. stk.
Deb.
Deb.
1st mtg. bds.
1st mtg. bds.
Pfd. stk.
1st mtg. bds.
Conv. sub . deb,




20.0

1987

25.0 1987
167.4 1992
20.0 1992
75.0 1997
200.0 1997
24.0
50.0 1992
50.0 1992
35.0 1997
80.0 1997
20.0
25.0 1992
100.0 1992

6

6.05

A

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

5.75
4.50
5.90
6.00
5.75

3a
Aa
A
Aaa

6.00
5.78
5.94
5.94

6.00
5.95
5.88
5.88

A
. A
Aa
Aaa

6-1/4
4-3/4

6.10
4.75

A
B

——

-<y
K-2
Large Individual Issues Offered July 1 through August 11.

Issuer

Type 3/

Amount
(millions
of
dollars)

(Cont'd)

Coupon
rate or
Offernet intering
est cost
Yield

Maturity

Rating

Corporate (Cont'd)
Owens Corning Fiberglass Corp.
Consolidated Edison
Consolidated Edison
Joy Manufacturing
Columbia Pictures
Florida Power Corp.
General Motors Accept. Corp.
Northrop Corp.
Iowa Elec. Lt. & Pwr. Co.
GATX.
Wilson
R. C.A.
•
American Tel. & Tel.
Ashland Oil
Murphy Oil Corp.
National Fuel.Gas
Toledo Edison Co.
Standard Oil of Calif.
Cessna Aircraft Co.
Baltimore Gas & Electric
Pettibone Mulliken ,

Com. stk.
1st mtg. bds.
Pfd. stk.
S.F. deb.
Conv. sub. deb.
1st mtg. bds.
Deb.
Conv. sub. deb.
S.F. deb.
Eq. tr. cert.
Com. stk.
Conv. sub. deb.
Deb.
Deb.
Cum. pfd. stk.
S.F. deb.
1st mtg. bds.
S.F. deb.
Conv. sub. deb.
1st mtg. bds.
Conv. deb.

26.0
80.0
40.0
20.0
20.0
25.0
150.0
30.0
10.0
25.0
23.0
156.0
250.0
60.0
17.2
18.0
35.0
200.0
20.0
30.0
*. 15.0

Rev.-Rent.
Rev.-Rent.

21.4
. 80.0

Rev.-Rent.

12.4

1970-88

G.O.

14.0

1978-87

3.99

G.O.
G.O.

17.0
102.0

1992
1998

4.17
4.50

10.7
16.5
23.0
10.0
100.0
30.0
25.0
10.5
10.0

1970-97
1969-87
1970-97
1972-98 4 /
1977-20171972-79
1968-85
1968-2006
1968-77

4.90
4.16
3.95
3.81
4.09
3.81
4.22
4.50
3.92

4. 00-4.875
3. 50-4.15
3.40-4.00
3. 50-3.80
3. 75-4.10
3. 60-3.75
3. 25-4.20
3. 30-4.50
3. 25-3.90

A i
Aa
Ae.
Aa
AaA •
A ;
A '

1968-87

3.84

3. 10-3.85

Aa;

6-1/4

6.25

1992
1987
1997
1988
1987
1992
1987

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

6.50
4.75
6.00
6.25
4.75
6.25
6.50

1992
2000
1992

4-1/2
6
6.20

5.95
6.15

B aC
kadA I

1992
1997
1992
1992
1997
1987

6.32
6.106
5-3/4
3-7/8
6.04
4-5/8

6.23
6.05
5.85
3.88
6.00
4.63

Aa L
Aa?
Az? -Ba
ke ;
Ba ...

1967-2004
1972-92

3.00
5-1/8

n. a.
4,.40-4.70

4.25-4.45

3.,60-4.30

Vi
J1
Aa^

3.,20-4.00

&

1997

*

. A
Baa
B i
Aa j
—

.

|

-- 1
A 1
A ^

State and local Government
Wisconsin State Agencies
Building. Corp.
Wickliffe, Kentucky
Florida .State Board of Educ.,
Tallahassee
Metro. St. Louis. Sewer Dist.,
' Missouri
Md. National Capital Park
Planning Commission
New York City
Kentucky State Property &
Bldg. Commission
Chicago Jr. Coll. Sch. Dist.
Minn.-St.- Paul Airport Comm.
JState of Texas
State of California
State of Oregon
Alabama Highway Auth.
Ohio State University
Cook County, 111.
San Francisco, Calif.




Rev. -Rent.
G.O.
G.O.
G.O.
Rev. -Rent.
G.O.
Rev.-S.T.
Rev. -Rent.
G.O.
G.O.

45.0

3.20
4.60

JAa;

A i

<3
K-3
Large Individual Issues Offered July 1 through August 11. (Cont'd)

Issuer

Type 3/

Amount
(millions
of
dollars)

Maturity

Coupon
rate or
Offernet intering
est cost
Yield

Rating

State & local Govt. (Cont'd)
Modesto Irrigation Dist.,
California
Turlock Irrigation Dist.,
California
Fhenix City, Ala., Ind.
Development
Washington Sub. Sani. Dist.,
j
Hyattsville, Maryland
1 Maryland State Road, Comm.
• Lyons Twp. H.S.D. #204, 111.
New York State Housing
; Madison, Wisconsin

5/
Rev.-Rent.

18.5

1971-2005

Rev.-Rent.

28.0

1971-2005^ 4.16

4.12

3.60-4 15
3.65-4.

Rev. -Rent.

15.0

1989

6.25

6.25

G. 0.
G.O.
G.O.
G.O.
G.O.

20.0
17.5
10.5
50.0
13.4

1968-97
1968-82
1969-86
1969-2017
1968-87

3.927
3.88
4.01
3.78
3.777

3.10-4.
3.20-3. 85
3.40-4.
3.10-4. W

Deb.
Eq. tr. cert.
S.F. deb.
Bonds

30.0^
25.0
30.0
71.0

1992
1982
1992
1969

6-1/2
6-3/8
6-1/2
5.60

3.10-3..80

A
Aa
A
Aa
Aa

Other
MacMillan Bloedel
Canadian Pacific Railroad
Lakehead Pipe Line Co.
Federal Land Banks

6.5C
6.3<
6.5Ci
5.6(i

A
Aa
A

*--Rights offering.
n.a.—Not available.
1/ Includes corporate and other security offerings of $15 million and over; Sta£e 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.
J
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.-Ut.,
revenue bonds secured only by income from quasi-utilities: Rev.-S.T., revenue bonds
secured by revenue from specific taxes only; Rev.-Rent., revenue bonds secured solely
by lease payments.
|
4/ Bonds due 2015-16 were not reoffered.
5/
6/
V

Bonds with a 3-1/2% coupon due 2004-05 were not reoffered.
Bonds with a 2% coupon due 2014-17 were not reoffered.
Amount reduced from $40.0 to $30.0.




H. 1 4
Exhibit L

•»•*•—«

sS's.raiSiT'
Expected Proceed* (torn forthcoming U r g e Issues
(In million# of dollars)

Durlec month following
flftt t M W
State and
Other y
Corporate
July 29
Aug. 31
Sept.30 "
Oct. 31
Nov. 30
Dec. 30
1967 - Jan. 31
Feb. 28
Mar; 31
Apr. 30
May 31
June 30
July 31

1966

677
662
. 687
397
1,098
656
486
1,410
767
963
1,449
1,636
1,261

403
515
300
140
496
939
780
508
227
326
596
401
512

80
530
250
70
100
40

Corporate

Subsequent to
"hown
State and
local govt

697
853
767
457
1,133
811
706
1,534
905
1,262
2,065
1,922
1,576

403
685
390
175
571
1,154
851
528
247
346
616
402
575

35
90
85
35
65
95
545
265 i
15 :
85 :
115
70
150

Forthcoming Large Offerings as of August 11.

Issuer

corporate
Florida Gas Transmission Co.
. Mo'nongahela Power
Mountain States Tel. & Te .
Ohio Power
Houston Natural Gas Corp.
Ohio Power
Bemis Co.
Howmet Corp.
Miles Laboratories, Inc.
Interstate Dept. Stores
Niagara Mohawk Power Corp.
Niagara Mohawk Power Corp.
Kimberly - Clark
* Transcontinental Gas P.L. Corp.
peoples Gas Light & Coke Co.
National Distillers & Chem. Corp.
Grumman Aircraft
Georgia
Power Co.

Northern Ind. Pub. Svc. Co.



Type

Conv. deb.
1st mtg. bds.
Deb.
1st mtg. bds.
Deb.
Deb.
S.F. deb.
Conv. sub. deb.
Deb.
Conv. deb.
1st mtg. bds.
Pfd. stk.
Deb.
Pfd. stk.
1st mtg. bds.
Conv. deb.
Conv. Deb.
1st mtg. bds.
1st mtg. bds.

(millions
of
rfollara)

15.0
15.0
85.0
50.0
35.0

20.0
25.0
25.1

20.0
20.0
40.0
25.0
50.0
25,0
50.0

60.0
50.0

60.0
35.0

Approximate date of
offering

Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.

14
15
15
16
16
16
16
16
16
21
22
22
22
22
23
24
28
29
30

Forthcoming Large Offerings as of August 11. (Cont'd)

Issuer

Type

Amount
(millions
of
dollars)

Approximate date oi: offering

Corporate (Cont'd)
Aluminum Co. of America
New York Telephone Co.
Jersey Central R?r. & Lt. Company
New England Tel. & Tel. Company
lanagement Assistance Inc.
Sonogram Industries
darris-Intertype Company
Armco Steel
jC.I.T. Financial Corporation
Philadelphia Elec. Company

1st mtg. bds.
35.0
Deb.
75.0
Bonds
30.0
Debs.
100.0
Conv. sub. deb. 26.6
Conv. sub. deb. 25.0
S.F. deb.
25.0
S.F. deb.
60.0
Deb.
75.0
1st mtg. bdsi.
75.0

Aug. 30
Sept. 6
Sept. 12
Sept. 26 (rts. 4 % P . )
Sept.
Indefinite
Indefinite
Indefinite
Indefinite
Oct.
9

State and local Government
State of Minnesota
Georgia Highway Authority
State of North Carolina
New Orleans, Louisiana
Fort of Tacoma, Washington
Lansing Sch. Dist., Mich.
•Suffolk County Water Auth.
'"State of Tennessee
Kansas City, Missouri
Kentucky Turnpike Auth.
Fairfax County, Virginia
Pa. State Hwy. & Bridge Auth.
"'State of Washington

G.O.
G.O.
G.O.
Rev.-Q.-Ut.
Rev.-Q.-Ut.
G.O.
G. 0.
Rev.-Rent
Rev.-Q.-Ut.
G.O.
fcev.-Q.-Ut.

20.0
26.0
60.0 ;
15.0
10.0
14.0
12.0
35.0
53.0
120.0
16.0
75.0
39.9

Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Sept.
Sept.
Sept.

150.0
15.0
15.0

Aug. 21
Indefinite
Indefinite

15 .
15
16
.1616
17
22
23
23
6
7
13

Other
International Bank for Reconstruction & Development
Nippon Tel. & Tel. Pub. Corp.
New Zealand

Bonds
Bonds
Bonds

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.
2/ Includes foreign government and International Bank for Reconstruction and
Development issues and non-guaranteed issues of Federal Agencies.
1/




Exhibit M
Foreign Government and Corporate Security Offerings
and Placements in the United States

Part Is

. Sale Date

Amount
(millions
of
dollars)

Public Offerings

A.

Sold June 1 through August 11,1967.

j
}
^

6/1

50.0

Quebec Hydro - Electric Commission — 6"l/4%
debentures maturing 1993, reoffered to yield
6.29%.
'

6/14

50.0

British Columbia Power & Hydro Authority -- 6-1,
bonds maturing.1992, reoffered to yield 6.25/

6/22

40.0

City of Montreal, Canada — 6-3/8% S. F.
debentures maturing 1992, reoffered to yield
6.50%.

f

Province of Nova Scotia, Canada — 6-1/4% S. F. *
debentures maturing 1992, reoffered to yield ;

7/19

30.0

HacMillan Bloedel - 6-1/2% S. F. debentures
maturing 1992, reoffered to yield 6.50/4.

>
J

7/19

25.0

Candian Pacific Railway — 6-3/8% equipment
trust certificates maturing 1982, reoffered
to yield 6.39%.

J
f
|

7/26

30.0

Lakehead Pipeline Company — 6-1/2% S.F.
?
debentures maturing 1992, reoffered to yield ;
6.50%.

Indefinite

15.0

Indefinite

15.0

6.45%.

B.
.

<
f

35.0

6/27

;

!

Issuer and Description of Issue

August

21

150.0

Prospective Offerings
Nippon Telegraph and Telephone Public Corp. —
Bonds
New Zealand — Bonds ***

],
f

International Bank for Reconstruction and
Development -- Bonds

k
»

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




t~

> >
M-2
PART II:

Date Reported
''

Private Placements - Reported July 1 through August 11, 1967.

Amount
(millions
of
dollars)

Issuer and Description of Issue

»
7/24

40,0

7/25

4.5

Electric Reduction Company of Canada Ltd. «
1st mtg. bds. and debentures maturing 1986
no information available on takedown.
Dunlop Canada Ltd. — debentures maturing 19 37 —
information available on takedown.

no

8/3

11.3

Aseciacion Nacional Pro-Vivienda Propia de ]Los
Servidores del Estado, Peru -- 5.53% guarimteed
notes maturing 1987 ~ no information availLable
on takedown.

8/3

21.0

Institute Nacional de Industrie — loan due 11 9 7 1 - 7 2 —
no information available on takedown.

Note; For retrospective data on aggregate foreign corporate and government security
offerings in the United States see Exhibits I and J. There is no simple relationship
between the data shown in the Exhibit and that shown in Exhibits I and J because the
latter includes privately placed securities in the period in which funds are actually
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.




•