Full text of H.16 Capital Market Developments : August 21, 1967

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DECONTROLLED AFTER SIX MONTHS

Not for Publication
H.
LIBRARY

August 21, 196 7.

[CAPITAL MARKETS/DEVELOPMENTS
IN THE -OKHED STATES
AUG 23 ,967"
"EDERAi RESERVE BANK I
OP RICHMOND
I
Corporate and(municipal bond markets. The volume of publiclyoffered new corpdfare~aAd municipal securities expected this week will
be slightly below the average weekly volume over the past year. Asid
from the expiration of National Distillers and Chemical Corporation's
$60 million convertible debenture rights offering to stockholders, tfr
largest corporate offering will be the $50 million issue of Peoples
Light and Coke Company. The municipal offerings will feature $53
million of Kansas City Airport revenue bonds. The week's offerings
will be supplemented by $150 million of World Bank bonds.

h

Long-term Public Security Offerings'^
(In millions of dollars)
Corporate
State & local Government
New CapitalI Refunding New Capital [Refunding
Sold:
52 week avg.
August 11
August 18

242

296
r/370
390

. —

6

187
208

Scheduled:
August 25
1/

287

204

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

Yields on new and seasoned corporate bonds advanced last week,
but only the negotiated debenture offerings — two of which were macie at
the last minute on an accelerated basis — stirred investor interest
The new utility offerings, several carrying no call protection, moved
very slowly.
Yields on municipals also advanced, but new issues generally
met with a poor reception. Had it not been for special interest by
North Carolina banks in the large North Carolina offering, sales would
have been even more limited.




H. 14
Yield# in Security Markets
Level Latest/Week
High-Grade
Notes and Bonds

Change from
preceding week

Corporate
New
Seasoned

5.92
5.62

+

8

+

4

4.96
5,28

+
+

1
3

3.80
4.04

+

5

+

8

+
+

3
1

U . S . Government
Long-term
3-5 year
State and local Govt.
Moody's Aaa
Std. & Poor's high grade
/

Money Market

-

Federal funds
Treasury bills
3-month
6-month

4.05
4.20
4.80
Corporate Bonds Still in Syndicate

Date
Offered

Amount
(Millions of $

Reoffering
Yield

Issuer

Rating

Estimated p;'
portion soil

8/17

40.0

Crane Co.,
6-1/2's - 1992

6.50

Baa

85%

8/16

50.0

Kimberly-Clark,
5-7/8's - 1992

5.89

Aa

80%

8/16

50.0

Ohio Power
6-1/2 's - 1997

6.33

Aa

85%

8/16

20.0

Ohio Power
6-5/8's - 1997

6.45

. A

60%

.8/15

85.0

Mountain States Tel. & Tel.
6's - 2007

6.00

Aaa

70%

8/15

15.0

Monongahela Power,
6-1/2's - 1997

6.35

A

60%

35.0

Toledo Edison,
6-1/8's - 1997

6.05

Aa

75%

8/8

.

Blue List of Municipal Dealers' Advertised Inventories
Latest. Week
407 (8/16/67)




End of Previous Week
410

Recent High.
849(4/26/67)

H.14

Private housing starts and permits. Private housing startsi
changed imperceptibly in July on an unadjusted basis, during a month
when the revised seasonal factor now indicates that a decline of aboi^t
10 per cent can normally be expected. As a result, the seasonally
adjusted annual rate of starts rose by 11 per cent above the June
figure, which was revised upward 1 p e r c e n t .
The July rate of 1,360,000 was 13 per cent above the improved
average for the second quarter as a whole. It was only 5 per cent b slow
the level prevailing in January 1966, shortly before starts began to
decline sharply.
Three of the four major geographic regions showed a higher rate
of starts during July, with only the South reporting a decline, which was
relatively small.
Seasonally adjusted building permits, which have registered
declines in July for the past 5 years, were down by 2 per cent this July.
Nevertheless, their rate was slightly above the improved second-quarter
average. A drop in permits for structures with 5 or more units accounted
for nearly all the total permit decline.
From last fall's low point, permits recovered through Jurn
relatively more on multifamily than on single-family structures, judging
from three-month moving average totals. Last year, multifamily peraits
dropped relatively more than a single-family permits.
Stock prices« Common stock prices declined last week in
what reduced trading volume. By Friday's close, the Standard & Poor's
index of 500 stocks stood at 94.78 down 0.37 from the previous Friday.
During the five 4-hour (vs., normally, 5-1/2-hour) trading days, shjare
volume averaged 8.4 million shares a day.
More detailed information concerning recent capital mark
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

C O R P O R A T E Aaa

rU.S. G O V E R N M E N T "
!

long Item

j

STATE 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 -- fare u.

|

Date

1959-60 - High
1966 - High
- Low
1967 - High
- Low

I Corporate
| Aaa 1/

4.61(1/29/60)
5.52(9/9)
4.73(1/7)
5.62(8/18)
5.00(2/10)

! State and
U.S. Govt, j
local
long-term 2/, government
Aaa 3/
1
(per cent)
4.42(1/8/60)
4.87(9/2)
4.42(1/7)
4.96(8/18)
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)

Spread between
U.S. Govt, and
Corporate
| State and
Aaa
| 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)

1.20
.74

.99
.72
3.85
4.84
5.56
21
1.05
.67
3.85
4.90
5.57
28
1.16
.68
3.75
4.91
5.59
Aug.
4
1.20
.63
3.75
4.95
5.58
11
&
/
1.M
B./
.66
3.80
!>/4.96
5.62
18
!>/ Preliminaryc
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 ox more.
3/ Thursday figures. Only general obligation bonds are included; average term is Z0
July

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 I

L O N G - T E R M B O N D Y I E L D S , LOWER GRADE

C O R P O R A T E Baa

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

4-Moody i

j-

——

—

•\-i

1963




1964

1965

1966

1967

1968

Exhibit B -- Part II

State and
local govt.
Baa 3/

Corporate
Baa 1/

Date

Spread between
Aaa and Baa
State and
Corporate
local aovt.

(per cent)
1959-60 - High
Year end- 1965
\" 1966 - High
Low
1967 - High
Low
21
28
4
11
18

July
Aug.

Note:

5.36(2/12/60)
5.04
6.18(12/30)
5.05(1/14)
6.33(8/18)
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

1.08
.39
.62
.31
.65
.37

6.26
6.27
6.29
6.32
6.33

4.40
4.40
4.35
4.35
4.38

.70
.70
.70
.74
.71

.55
.55
.60
.60
.58

For footnotes see Exhibit A.




EXHIBIT C. Fori I
SHORT- AND INTERMEDIATE-TERM INTEREST RATES
GOVERNMENT

!\ 6 - M O N T H BILLS

3-5 Y E A R ISSUES!

F.R. D I S C O U N T R A T E

3 - M O N T H BILLS

1964




1965

|

1966

Exhibit C —

Date

Discount
rate
_JLL

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

July
Aug.

21
28
4
11
18

4.00
4.00

4.00
4.00
4.00

3-month
bills V
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)
4.19
4.24
4.15
4.17
g/ 4.20

Part II

Yields
6-month
bills &/
(per cent)
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)
4.76
4.82
4.67
4.79
&/4.80

3-5 year
issues U

I Spread between yields on
'] 3-mo. bills and yields on
I 6-mo. bills 13-5 yr. issues
1.81
.43

.79
.19
.12
.52
,09

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

.06
.78

5.28(8/18)
4.36(4/7)

.62

.01
1.61

.01

.02

5.16

.57
.58
.52

1.01

5.18

5.16
5.25
j>/ 5 . 2 8

.62
£/ . 60

.97
.94

E/

1.08
1.08

' 1/ Weekly rate shlwn is that in effect at end of period at the Federal Re




Series of 3-5

EXHIBIT D. Pari I

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 BORROWERS

PRIME RATE
FINANCE C O M P A N Y PAPER

F.R. D I S C O U N T R A T E

FEDERAL F U N D S

1963




1964

1965

1967

Exhibit D —

Prime rate 1/

1959-60 - High
Year end- 1964
1965
1966
1966 - Low
1967 - High
Low
July

21

Aug.

4
11

28
18

00(3/4)

6.00(1/6)

50(8/18)

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

Finance
company
fdper 2/

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)

.23

.28

1.08
.20
.97
.30
.56
.51

3.45
3.90
3.80
4.05
2/4.05

4.75
4.75
4.75
4.75
4.75

1.02

.60

.58
Z/.55

1/ 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
2/ Average of daily rates published by finance companies for directly placed paper




a

.

-

"

-

"

EXHIBIT E. Pari I

STOCK MARKET

10

PRICES

100

8
S T O C K M A R K E T CREDIT

6

C H A N G E IN SERIES

4

VOLUME

YIELDS

1963

1964




1965

1966

1967

1968

Exhibit E —

Stock price
index 1/

1961-62 - High
Low
1966 - High
Low
1967 - High
Low
June
July
Aug.

4
11

18

Common .
stock
yields 2/
(per cent)

82.18(1/6)

2.82
3.96
3.01
3.97
3.06
3.58

91.43
93.01

3.20
3.14

95.83
95.15
94.78

3.06
3.08
3.10

72.04(12/8/61)

52.68(6/22/62)
93.77(2/11)
73.20(10/7)
95.83(8/4)

Part II

Stock market customer credit
Trading
Bank
Customers'
volume 3/
debit bal- loans to
Total
(millions
"others"5/
ances 4/
of shares)
(In millions of dollars)
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
5,169

9,7

8,333
n.a.

6,166

12.1

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

n.a.
n. a.

10.1
2.4
10.7
5.0

12.1
6.9

10.8
9.3
8.4

6,166
5,290
n.a.

n.a.

1,418(5/9/62)
1,161(3/8/61)
2,241(7/6)
2,097(12/14)
2,233(8/18)
2,055(2/1)
2,167
2,197
2,196
2,233
n.a.

n.a. Not Available. &/ Preliminary.
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
3/ Averages of daily trading volume on 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.




I-A

PRIVATE H O U S I N G STARTS A N D

PERMITS

2.0
SEASONALLY

ADJUSTED

DATA

HOUSING S T A R T S
1.6

1.2
BUILDING P E R M I T S !

T
; PER C E N T O F

UNADJUSTED TOTAL

STARTS

MULTI-FAMILY

GOVERNMENT UNDERWRITTEN
1961

1962




1963

1964

1965

1966

1967

1968

Exhibit F - P a r t II
Starts
Total
Date

Unadjusted
Type of financing

Seasonally adjust- Unadjusted
FHA I VA | Other
ed annual rate 3/
3/

Building
permits
housing ({seasonally
adjusted
Hultl
annual
£«jUy
rate) 2/

(Thousands of units)
1966 - July
Aug.
Sept.
Oct.
Nov.
Dec.
1967 - Jan.
Feb.
Mar.
Apr.
May
June
July

1,079
1,108
1,048
845
975
931
1,111
1,149
1,094
1,116
1,274
1,227
1,360

99
102
89
77
73
60
59
61
92
114
132
125
125

13
14
10
9
10
10
10
9
14
12
18
19
15

r/3
r/3
3
3
3
r/2
3
3
r/4
r/4
5
5
5

82
84
76
64
60
48
46
49
74
98
109
100
105

ills

001i0 areas
beginning
places,
tment
diff-

erences in timing and coverage.
3/ xhis series has been revised from January 1963 to June 1967.

4/ Revised figures for this series are not currently available.




I

YIELDS O N NEW A N D SEASONED CORPORATE B O N D S

Adjusted to A a a Bom

N E W ISSUES

6.0

5.5

5.0
S E A S O N E D Aaa

4.5

i i i i i i i i i i.'i
1964




1965

1966

1968

4.0

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)

Ain'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

June

5.20
5.31
5.39
5.66
5.79
5.78

July

Aug.
Weekly averages:
High

5.92 (8/18)
5.11(2/10)
on all

2
9
16
23
30

3

7
14
21
28

1
4
6
3

4
11
18

2
4
5

51.0

6

294.0

7
5
2

255.0
225.0

168.0

75.0

282.0

300.0
115.0
310.0
283.0

220.0

5.74
5.72
5.74
5.79
5.92
5.86
5.75
5.76
r/ 5.88
5.82
5.84
5.92

bonds of the appropriate industry-quality group over the composite average for seasoned Aaarated bonds (Moody's).




if
Exhibit H
Long-term Corporate and State and Local Government
Security Offerings and Placements
(In millions of dollars)
New Capital
1966 p/

1967
January
February
* March
:April
May
June
July
August
September

1965

State and local 2/
1966 p/
1967

1,648
1,398
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

r/1,972
r/1,475
r/2,611

1,553
1,058
2,364

1,152
I,691
1,946

1,110
1,209
1,443

1,211
901
1,141

826
924
972

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

1,039
1,670
1,382

1^290
850
1,392

e/ 925
7/ 950
5/1,050

701
773
1,020

986
648
966

829
1,096
1,635

924
1,325
1,496

735
969
940

794
1,021
754
2,580
2,722
2,600
2,569

October
November
December
Quarter
Quarter
Quarter
Quarter

5,363
r/6,058
ef6,475

4,985
4,974
4,091
3,550

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

4,063
2/3,762
e/2,925

2,910
3,253
2,494
2,664

1st half
Three quarters
Year,

/ll,423
e/17,898

9,959
14,050
17,601

7,527
II,060
14j805

7,825
e/10,750

6,145
8,640
11,321

-1st
2nd
3rd
4th

1965

'
.

5,302
7,902
10,471

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

Quarter
Quarter
Quarter
Quarter

5,207

Year

4,924
4,884
3,969

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

17,269

13,366

e/ Estimated by Federal Reserve.

|




-

-

-

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

Total
Month

366 - II
III
IV
367

I
II

966 - July
Aug.
t
Sept.
• Oct.
Nov.
\
Dec.
.967

Jan.
Feb.
Mar.
Apr.r/
May r/
June]?/
July e,

Net proceeds
for new capital 1/
Mfg.

2/

Other
Public CommuniUtility cations [Issuers

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

5,464
6,208

3,,263
4,,017

1 ,811
1 ,465

390
726

60
65

:«s

997
1,268

543
548

1,382
1,228

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

440
1,,140
676
499
569
980

535
435
657
256
435
555

110
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
97
168
152

327
522
460
147
369
401

1,684
1,418
2,362
2,016
1,519
2,673
2,510

745
900
1 ,618
1 ,368
965
1 ,684
1 ,860

848
362
601
410
396
659
450

91
156
143
238
158
330
200

35
10
15
16
32
17

624
563
1,254
1,128
588
1,298
1,200

220
274
503
394

293
105
145
107
91
350
25

511
456
415
343
393
492

e/

%
OURCE:

Gross proceeds for new capital
and refunding 1/
Common Memo:
Bonus
Foreign
Publicly Privately and
pfd. issues
Offered Placed
stock included

471
450

Estimated by Federal Reserve.

Securities and Exchange Commission.




-

800

Exhibit J
Other Security-Offerings
(In millions of dollars)

Gross Long-term 1/
Foreign Government 2/
Federal Agency 3/
1966
1966
1965
1967
1965
1967
January
. February
March
April
May £/
June
July '•»
August
September
October
November
December

130
114
27
13
170

454

Jan. - Jun
Year .

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

218

303

420

597

661

38
73
91
33
74
5
52
75

1,251
783
750
650
810
650

2 -

4,894

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

,

j

422

. 1,286

129
185
325
775
239
150
375
375
179

3,034

1,414

6,806

2,73.2

New short-term 4/
State and local Government 5/
Federal Agency
308
238
103
- -179
179
-24
39
91
. -552
£/ 387
-458
450
-319
-454
p/-678
-559
580
647
718
p/ 818
109
85.
204
462
£/ 404
93
284
-82
-334
2/ -'185
-590
119
-103
408
-270
270
-652
-161
152
-555
'
59
-48
-283
274
503
219
-366
-570
-1,542
1,821
925
531
640

Jan. -June
Year

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

-310

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

\
•

i
i

1
,

541
801

£/ Preliminary, e/ Estimated by Federal Reserve. n.a.--Not available. If 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. I'
2/ Includes securities offered in the U.S. by foreign governments and their political
subdivldions and international organizations. Source: Securities and Exchange Commissior*
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
f
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 \
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 & Federal
Reserve.




H.1L4
Exhibit K
Large Long-term Public Security Issues for New Capital
(Other than D. S. Treasury) \J
Proceeds of Large Issues Offered
(la millions of dollsrs)

Total

1966 - July
Aug.
Sept.
Oct.
Nov.
Dec.
1967 - Jan.
Feb.
Mar.
Apr.
MayJune
July

jBsnsuSfc
Bonis
Convertible
(other than
bonds
convertibles)

462
1,189
627
523
510
1,177
681
842
1,638
1,311
870
1,666
1,340

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

170
862
287
352
363
990
611
709
1,435
956
771
1,072
890

Stocks

Stste
snd
local
governments
338
410
611
387 ,
464
779
947
675
669
512
496
875
483

50
80
55
50
68
40
93
63
142
44
185
133

3ther

2/

15
50
55
60
230
530

,000
540
391
825
85

Large Individual Issues Offered August 1 through August 18

Issuer

Type H

Amount
(millions
of
dollars)

Maturity

Coupon
rate or
net interest cost

Offering
vield 1

Rating

goyppya^e
Re 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
Florida Gas Transmission
Co.
Florida Gas
Monongahela Pwr. Co.
Mountain States Tel. &
Tel.

Conv. sub. debs.
Debs.
Debs.
Cum. pfd. stk.
SoFo debs.
1st mtg. bds.
S.F. debs.
Conv. sub. debs.
1st mtg. bds.
Conv. debs.

160.0 1992

250.0

60.0

2000
1992

17.2

18.0

4-1/2
6

4.50
5.95
6.15

Baa
Aaa
A

6.32

6.23
6.05
5.85
3.88

4.63

Aa
Aa
Aaa
Ba
Aaa
Ba

6.20

30.0
15.0

1992
1997
1992
1992
1997
1987

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

1st mtg. bds.
Conv. debs.
1st mtg. bds.

30.0
15.0
15.0

1987
1987
1997

6-7/8
4-3/4
6.47

6.88

Ba

4.75
6.35

A

Debs.

85.0

2007

6.037

6.00

Aaa




35.0

200.0

20.0

6.106

6.00

Large Individual Issues Offered August I through August 18 (Cont'd)

- Issuer

Type ~

Amount
(millions
of
dollars)

Coupon
Offerrate or
Maturity net inter- ing
Yield
est cost

Rating

Corporate (Cont'd)
Ohio Power
Ohio Power
Houston Natural Gas Corp.
Bemis Company
Howmet Corp.Miles Laboratories
Kimberly-Clark
Crane Company

1st mtg. bds.
Debs.
Debs.
S.F. debs.
Conv. sub. debs.
Debs.
Debs.
Debs.

50.0
40.0

1997
1997
1987
1992
1997
1992
1992
1992

45.0

1968-87

50.0

20.0
35.0
25.0
25.2

20.0

6.45

6.33

Aa

6-1/2
6-3/8
4-1/2
6-1/2
5-7/8
6-1/2

6.50
6.497
4.50
6.50
5.89
6.50

Baa
Baa
B
Baa
Aa
Baa

State and local Government

State of North Carolina
New Orleans, Louisiana
Port of Tacoma, Washington

Aa

3.60-4.15

--

3.65-4.20

—

28.0
15.0

1989

6.25

6.25

Rev. -Q. -Ut.
Rev. -Q. -Ut.

20. 0
17. 5
10. 5
50. 0
13. 4
20.,0
26.,0
60..0
15.,0
10.,0

1968-97
1968-82
1969-86
1969-2017
1968-87
1970-87
1973-97
1968-87
1969-92
1969-87

3.927
3.88
4.01
3.78
3.777
3.79
4.127
3.685
4.265
4.208

3.10-4.40 A
3.20-3.85 Aa
3,40-4.00 5 yA
3.10-4.35" Aa
3.10-3.80 Aa
3.35-3.85 Aa
3.60-4.10 Aa
2.90-3.75 Aaa
3.50-4.25 A
3.50-4.40 A

Bonds

71,.0

1969

5.60

5.60

18.5

G. 0.

Other
Federal Land Banks

3.10-3.85

3.84
4/
1971-2005 4.12
4/
1971-2005 4.16

G.O.
San Francisco, Calif.
Modesto Irrigation Dist.,
Rev.-Rent.
California.
Turlock Irrigation Dist.,
Rev.-Rent.
California
Phenix City, Alabama, Indus.
Rev.-Rent.
Development
Washington Suburban Sanitation Dist., Hyattsville, Md. G.O.
G o 0.
Maryland State Roads Comm.
Lyons Twp. H.S.D. #204, 111. G.O.
G.O.
New York State Housing
G.O.
Madison,. Wisconsin
Go 0o
State of Minnesota
G • 0.
Georgia Highway Auth.

*—Rights.. offering.
Includes corporate auu
1/
2/
3/'

4/

5/


'

•

H.W
Bxhlbit L
Forthcoming large Long-tern Public Security Offering for Mew Capital
(Other than D.I. Treasury) 1Z
Expected Proceed* from forthcoming large Iastsea
(In million* of dollars)
During month following
date shown
State end
Corporate
Other 1/
local m v t .
677
1966 - July 29
662
Aug. 31
687
Sept.30
Oct. 31
397
1,098
Nov. 30
656
Dec. 30
486
1967 - Jan. 31 ;!
Feb. 28 f! 1,410
767
Mar. 31
963
Apr. 30
1,449
May 31
1,636
June 30
1,261
July 31

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

40
—
—
—

80
530
250
--

70
100
40

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

Subsequent to
date shown
State and
local sovt.
403
685
390
175
571
1,154
851
528
247
346
616
402
575

Other 2/
35
90
85
35
65
95
545
265
15
85
115
70
150

"

Forthcoming Large Offerings as of August 18

Isewr

Interstate Dept. Stores
Niagara Mohawk Power Corp,
Niagara Mohawk Power Corp.
Transcontinental Gas p.L. Corp.
Peoples Gas Light & Coke Co.
^Fidelity Bank
*Sylvania Electric Products
National Distillers & Chem.
Corp,
Grumman Aircraft
Georgia Power Co.
Northern Indiana Pub, Serv, Co.
New York Telephone Co.
*Louisiana Power & Light
Aluminum Co. of America
Jersey Central Pwr. & Lt. Co.
*Delmarva Pwr. & Lt.




type

(millions
of
dollars)

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

20.0
40.0
25.0
25.0
50.0
25.0
50.0

Conv. debs.
Conv. debs.
1st mtg. bds.
1st mtg. bds.
Debs.
1st mtg. bds.
Debs.
Bonds
1st mtg. bds.

60.0
50.0
50,0
35.0
75.0
18.0
125.0
30.0
25.0

Approximate date of
offering

August
August
August
August
August
August
August

21
22
22
22
f3
13
13

August >4
August 18
August 29
August 30
Sept, 6
Sept. 7
Sept. 7
Sept. 12
Sept. If3

expo)

L-2
Forthcoming Large Offerings as of August 18 (Cont'd)

Issuer

Type

Amount
(millions)
of
dollars)

Approximate date of offering

Corporate (Cont'd)
Management Assistance Inc.
*Montana Power Co.
New England Tel. & Tel. Co.
Philadelphia Elec. Company
C.I.T. Financial Corporation
Armco Steel
Harris-Intertype Company
Monogram Industries
^Metropolitan Edison
*Champion Spark Plug
^Columbia.Gas
* Ante race Corp., ^Northern Natural Gas

Conv. sub. debs.
Bonds
Debs.
1st mtg. bds.
Debs.
SoFo debs.
S.F. debs.
Conv. sub. debs.
Deb.
Deb.
Deb.
Conv. deb.
Cum. pfd. stk.

26.6
30.0
* 100.0
75.0
75.0
60.0
25.0
25.0
. 20.0
30.0
25.0
15.0
15.0

:

Sept. 15
Sept. 19
Sept. 26 (rts. exp.)
Oct. 9
Indefinite
Indefinite
Indefinite
Indefinite
Indefinite
Indefinite
Indefinite
Indefinite
Indefinite

State and local Government
Suffolk County Water Auth.
State of Tennessee
- Kansas City, Missouri
*State of Alaska
Kentucky Turnpike Auth.
Lansing Sch. District, Michigan
Fairfax County, Virginia
Pa. State Hwy. & Bridge Auth.
^Pittsburgh, Pennsylvania
-Jacksonville, Florida
^Louisiana Cap. Constr. &
Impr. Comm.
State of Washington
*Los Angeles Dept. of Water
and Power
*Sch.. Dist. of Philadelphia
*Jefferson Parish, La«, , Consol.
Waterworks Dist. #2

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

12.0
35.0
53.0
10.5
120.0
14.0
16.0
75.0
12.9
15.0

Aug.
Aug.
- Aug.
Aug.
Aug.
Aug.
Sept.
Sept.
Sept.
Sept.

22
23
23
29

6
7
7
12

Rev.-S.T.

25.0
39.9

Sept. 12
Sept. 13

Rev.-Ut.
G.O.

21.0
35.0

Sept. 13
Sept. 14

Rev.-Rent.

14.0

Sept. 21

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

Bonds
Bonds
Bonds

150.0
15.0
15.0

Aug. 21
Indefinite
Indefinite

^--Included in table for first time.
'
1/ Includes corporate and other issues of $15 million and over; St^te 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.




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 Iss

A.

Sold July 1 through August 18, 1967.

6/1

50.0

Quebec Hydro - Electric Commission - 6-1/4%
debentures maturing 1993, reoffered to yield
6.29%.

6/14

50.0

British Columbia Power 5= Hydro Authority-- 6-1/4%
bonds maturing 1992, reoffered to ield 6,25%.

6/22

40.0

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

35.0

Province of Nova Scotia, Canada — 6kl/4% S. F.
debentures maturing 1992, reofferei to yield

7/19

30.0

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

7/19

25.0

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

7/26

30.0

6/27

6.45%.

S.F.
.Lakehead Pipeline Company — 6-1/2%[«.*.
debentures maturing 1992, reoffered to yield
6.50%.
B.

Indefinite
Indefinite
August

21

15.0
15.0
150.0

Prospective Offerings
Nippon Telegraph and Telephone Publ: c Corp. —
Bonds
New Zealand — Bonds ***
International Bank for Reconstruction and
Development — Bonds

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




.

.

~

&lo,

M-2
PART II:

Amount
(millions
of
dollars)

Date Reported

7/24

.

40.0

7/25

—

.

'

Private Placements - Reported July 1 through August 18, 1967.

4.5

Issuer and Description of Issue

Electric Reduction Company of Canada Ltd. —
1st mtg. bds. and debentures maturing 1986 —
no information available on takedown.
Dunlop Canada Ltd. -- debentures maturing 1987 -- no
information available on takedown.

8/3

11.3

Asociacion Nacional Pro-Vivienda Propia de los
Servidores del Estado, Peru — 5.53% guaranteed
notes maturing 1987 -- no information available
on takedown.

8/3

21.0

Institute Nacional de Industrie — loan due 1971-72 —
no information available on takedown.

-

•

"

f
§

f
t

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.




\
t
\
*

: