Full text of H.16 Capital Market Developments : August 23, 1965
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Not for Publication DECONTROLLED AFTER SIX
MONTHS
August 23, 1965."
H.14f
-CAPITAL-MARKET DEVELOPMENTS
I N T H E T J K i T E D STATES
"Corporate —a-nJi
and municipal bond markets.
The supply of new publicly
offered corporate securities is expected to rise again this week to a level
about 1/3 above "average." The largest scheduled issue is the $50 million
In contrast, the volume
bond offering of Transcontinental Gas Pipe Line Co.
of new municipal bonds will decline sharply to the below-average levels prevailing
in the first half of August.
Last week's volume exclusive of the Public Housing
Authority package would also have been about the same. A $50 million debenture
issue of the Province of Ontario is also on this week's schedule, although not
included in the table below.
Long-term Public Security Offerings 1/
(In millions of dollars)
Corporate
New Capital
I Refunding
State and
New Capital
.ocal Government
Refunding
Sold:
52 week avg.
Aug. 13
Aug. 20
107
70
120 r/
2
191
15
81
249
48
118
--
--
Scheduled:
Aug. 27
1/
145
Federal Reserve estimates based on published reports of issues sold and
scheduled for offering; corporate rights offerings are included as of the
date subscription rights expire.
After advancing for three weeks, yields on new corporate bonds appear
to have leveled off around this new high.
Last week's debenture issue--offering
investors about 10 basis points more than a comparable issue in late J u l y - w a s
very well received, but retail reception was somewhat less enthusiastic for
a
large offering of convertible debentures on which dealers bid aggressively.
Underwriters broke the syndicates on three issues and immediate price adjustments
in the free market raised yields by 3 to 6 basis points.
Reflecting this
upward pressure on yields, Moody's Aaa series on seasoned corporates advanced
2 basis points.
H. 14
-2-
Yields in Securities Markets
Change from
preceding w e e k
(basis points)
Level latest week
(per cent)
High-Grade
Notes and Bonds
Corporate
New
Seasoned
U.S. Govt.
Long-term
3-5 year
State and local Govt.
Moody's Aaa
Standard and Poor's high .
grade
Money Market
Federal funds
Treasury bills
3-month
6-month
4.67*
4.50
+3
4-2
4.20
4.20
+2
+3
3.15
3.24
4.12
-1
3.82
3.93
Corporate Bonds Still in Syndicate
Date
Offered
Amount
(millions of $1)
8/12
10.0
8/18
75.0
8/20
19.5
Issuer
Calif. Interstate Tel. Co.
4-7/8's - 1990
Southern Calif. Edison
3-1/8 's - 1980
National Fuel Gas
4-3/4's - 1990
Reoffering
Yield
Rating
4.875
Baa
2/3
2.89
A
1/2
4.70
Aa
9/10
Blue List of Municipal Dealers' Advertised Inventories
(millions of dollars)
Latest Date
805 (8/20)
End of Previous Week
708
Estimated Proportion sold
Recent High
901 (6/4)
H. 14
-3-
In the municipal market , dealers succeeded in distributing about 3/4
of last week's package of Public Housing Authority Bonds, but less than 1/2 of
the remaining new tax-exempt issues. Consequently, inventories of unsold
securities rose to $805 million, about $100 million above the week ago level
and the highest since the first week of July. Yields on seasoned issues
showed no change at levels prevailing since mid-July.
Private housing starts and permits. Seasonally adjusted private housing
starts declined 7 per cent in July, to an annual rate Q f 1,459 thousand, incbding
farm starts. The decline was associated with a 2 per cent upward revision in
the already advanced" June rate, however, and was to a level still somewhat above
the low reached last January.
On a three-month moving average, starts in the most recent period were
at an an annual rate of 1,512 thousand, fairly near the May-July rate in 1964
as well as the average for that year.
Government-underwritten starts accounted for 15.8 per cent of total
starts in July. This compared with 17.9 per cent a year earlier and
19.1 per cent in July 1963'.
Seasonally adjusted building permits dipped somewhat in July and
were 2 per cent below the declining rate a year earlier. All of the drop
was concentrated in permits for structures of 5-or-more units, which had
shown some recovery in recent months. Regionally, total permits declined
in the Northeast and South, but they held their earlier reduced rate in
the West and rose in the North Central States.
Stock prices. Common stock p r i c e s — a s measured by Standard & Poor's
index of 500 stocks--declined a fraction of one per cent on balance last week.
Closing at 86.69 on August 20, prices were about 4 per cent below their May
high. Trading volume averaged 5.0 million shares a day, the same as last.week.
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.
IXHLTLT A, R.M I
Weefclr
f<
"Exhibit A —
Corporate
Aaa U
Part I T
U. S. Govt,
long-term 2/
State and
local
government
(per cent)
1959-60
1961-62
1962-63
1964
-
High
High
Low
High
Low
1965 - High
Low
July
July
Aug.
Aug.
Aug.
23
30
6
13
20 £/
t'tei'/iW)
4.19 (3/29/63)
Spread between
U. S. Govt, and
State and
Corporate
Aa#
\99*\ A M
2.88(lWtt)
.21
4.50(8/20)
4.41(3/12)
: : £ » >
3.85 (12/28/62)
4.20(4/3
4.11 f
4.20(8/20)
4.13(6/25)
3.16(3/26)
2.99(12/31)
3.17(7/8)
2.94(2/11)
.33
.19
.34
.25
4.48
4.48
4.47
4.48
4.50>
4.14
4.15
4.16
4.18
4.20 v-
3.16
3.16
3.16
3.15
3.15
.34
.33
.31
.30
.30
.92
1.04
.80
1.14
1.01
1.22
.96
.98
.99
1.00
1.03
1.05
B/ PrelininaxV.
1J Vfeekly average of dally figures. Average term of bonds included is 22-24 years.
V Weekly average of daily figures. The series inbledes bofldi due or callable In 10 jrrtri or more.
3/ Thxuesday figures. Only general obligation bonds are included* average term is 20 years.
Hbte,—fligbs and lews are for Individual series and may be on dlffersat dates for different
series. For spreads, high refers to widest, and lew to narrowest.
for FRASER
Digitized
ixHieii e, Pmti i
• COIPOIATI IF«
v
x
rj\
' ~ W V
sAJ
yKi
' » 1 1 1 1 LI
1 11 ,1-1 1 1 J 1 -L
1—Ll J—1—l-l-Ll U_1 .1.1 11.1.1 I LI j_L I.L1 L LI I 1-L1.1.1 1 1 1 1 1 1 1 N A .
1444
1441
1441
1
1444
.
Corporate
Baa ]J
State and
local govt.
B a If
(per cent)
1959-60 - High
Year end - 1961
1962
1963
1964
1965 - High
Low
July
July
Aug.
Aug.
Aug.
Metes
23
30
6
13
20 £/
1*44
Spread between
Aaa and Baa
State and
Corporate
l99fl B9Y.t
5.36 (a/1^/60)
5.10
4.93
4.85
4.80
4.89(8/20)
4.78(3/19)
4.46 (3/7/60)
4.04
3.57
3.60
3.51
3.57(7/8)
3.40(2/11)
.84
.66
.70
.48
.37
.41
.35
4.88
4.88
4.88
4.87
4.89 /
3.55
3.55
3.55
3.55
3.55
.40
.40
.41
.39
.39
for footnotes me# Exhibit 1,
*44#
Exhibit B -- Pert II
'
1.08
.73
.63
.49
.52
.52
.38
.39
.39
.39
.40
.40
• MOST- A N D I
OOVttNMKNT
WeeHf
Discount
3-month
re te
M
,M U f 2/
July
July
Aug.
Aug.
/Aug.
23
30
6
13
20 £/
4.00
3.00
3.00
3.50
4.00
4.00
4.00
4.59 (Ve/60)
2.66
2.89
3.52
3.83
3.99(2/26)
3.78(6/25)
4.00
4.00
4.00
4.00
4.00 V
3.82
3.81
3.84
3.83
3.82/
Spread between yields on 31
M i l l ?/ .1
3-5 year
l l U ' l ?/
I©
1959-60 - High
Year end -• 1961
1962
1963
1964
1965 -- High
Low
Yields
6-month
6-mo. bills13-5 vr. issues
2.90
2.93
3.64
3.93
4.04(2/26)
3.82(6/25)
5.00(U/2V»)
3.81
3.41
4.07
4.07
4.20(8/20)
4.04(1/22)
.79
.24
.04
.13*
.10
.13
.03
1.81
1.15
.52
.35
.24
.38
.11
3.89
3.88
3.94
3.93
3.93 .
4.11
4.12
4.16
4.17
4.20
.07
.07
.10
.10
.11
,29
.31
.32
.34
.38
V Weekly rata shown is that in effeot at end of period at the fedeml Rseervo Bask of lew Yoik.
3/ Market yields weekgr areragee^eomgtod ( M I dally eleeiag ttd psioos* Series of M
year issues
H o t t ^ a i u f i w i arTfor individual eerie • aadway bs <m dlffetwt datee for dlffeiwt eerie ••
for spread*, high refers to widest, and lew to u r n m r t «
.
•
IXMItIT D, r«fl 1
S H O R T - A N D INTIRMIDIATI- T I R M INTIRItT KATIS,
Weekly
Exhibit D -- Part II
Date
Prime rate
1959-60 - High
Year end - 1961
1962
1963
1964
1965 - High
Low
July
July
Aug.
. Aug.
Aug.
3/
y
*
23
30
6
13
20 j)/
.
1/
Finance
company
Federal funda 2/
paper
2/
(per cent)
5.00
4.50
4.50
4.50
4.50
4.50
4.50
5.13 {1/22/60)
3.00
3.19
3.88
4.06
4.25(8/20)
4.00(2/12)
4.00 (9/13/60)
2.88
3.00
3.50
4.00
4.12(8/20)
3.68(1/22)
4.50
4.50
4.50
4.50
4.50
4.25
4.25
4.25
4.25
4.25
4.00
4.08
4.10
4.12
4.12
Spread between
3-mo. bille and
finance co. paper
1.02
.34
.30
.36
.23
.47
.10
.
.43
.44
.41
.42
.43
d m * !• that la effect at em& of period. Prime iwfce la # a t ekufel by large 1
on abort-tero loaaa tofcaaiaeaaborrowers of the kl#eat eeeiit a t a M i M *
f l
— ~ ~ ^ ™ U l "»
P M
W h r
2 2 M & . 2
S S
4m
-
*~* " rt -
%
IX HIBIT I. Pari I
^
!•*!
Ittl
J HOC*
MAIKIT C
lf*4
l*«>
Exhibit E -- Part II
Da te
1961-62 - High
Low
Year end
1963
1964
1965 - High
Low
June
July
Aug. 6
Aug. 13
Aug. 20 2/
Stock price
index 1/
Common
stock
yields 2/
foer cent)
Trading
volume 2/
(millions
of shares)
Stock mar ket customer credit
Customers 1
Bank
loans to
debit balTotal
"others" 5/
ances 4/
(In millions of dollars)
72.04(1^/8/61)
52.68(6/22/62)
2.80
3.96
10.1
2.4
5,60gig/6l) 4,259(12/61) l,418(q/9/62)
4,424(i/6i) 3,253(1/61)
1,161(3/6/61)
74.44
84.75
90.10(5/14)
83.06(6/25)
3.13
3.02
2.89
3.15
4.7
4.7
6.8
3.8
7,242
7J)53
7,085
6,872
5,515
5.099
5,129
4,986
1,727
1.974
1,974(6/9)
1,848(3/3)
85.04
84.91
86.07
86.77
86.69
3.07
3.09
3.05
3.05
3.05
5.8
4.1
7,084
6,833
5,114
4,863
5.0
5.0
n.a.
n.a.
1,954
1,970
1,967
1,967
n.a.
.BtiBt
a&a.—*ot
„
y StaaUri sad Poor's i
Monthly data are tcm
Friday* • data only.
»k j
rle 24 baaed am M a a M a r data ceeverte* to weekly
2( Standard aad Pool's composite stock
shsem ere for dates on which price lslex rsaofcedlts h i #
prices by federal Reserve, H e M si i
3 / M a g e s of daily trading TCIHSC oe ihe lew Ysafc Stock bflUa|e( Twz^eed fifwss are avenge* of
daily figures for the year*
V fed of eseth figures for mmher fime of the ttm Tcsk S i c * >i«h—ge eld* carry •crgls eussmmts;
excludes balaeces eectred by U. S. Quisii—gt ebligatioms.
5/
ajarss ~ r -cefcly s-yarMw* i ml ir teaks, frnlndee lesms for pareiatelag or carryieg
U. S. Giiisri—sit securities* Weekly repcrtlag backs aoeeemi for abeei /v. *•«- aamt ~ 2asas •»
Por farther detail ice Ballctla.
for others.
FRASER
Digitized
SEASONALLY
ADJUSTED
DATA
HOUSING
STARTS
_ j
BUILDING PERMITS
PER C E N T
OF
UNADJUSTED
TOTAL
STARTS
MULTI.FAMILY
GOVERNMENT
1960
1961
1962
UNDERWRITTEN
1963
1964
1965
W
Exhibit F - Part II
Starts
Total
Date
Unadjusted
Type of financing Type o
Seasonally adjustUnadjusted
ed annual rate
FHA
VA
Other
1-2
family
Building
permits
housing (seasonally
adjusted
Multiannual
family
rate) 2/
(Thousands of units)
1964 - July
1,505
6
143
20
117
96.1
46.6
1,242
Aug.
1,430
142
18
5
119
94.3
47.3
1,281
Sept.
1,457
100
123
5
83.1
18
1,222
39.5
Oct.
1,591
141
117
95.2
19
5
1,220
45.9
Nov.
1,455
5
90
111
16
73.6
37.8
1,258
Dec.
1', 646
4
99
13
82
62.9
35.5
1,173
1965 - Jan.
1,442
13
82
4
65
54.5
26.9
1,280
Feb.
1,482
85
12
4
70
54.4
31.1
1,224
Mar.
121
1,489
16
4
100
80.5
40.2
1,269
Apr.
1,552
152
5
17
130
104.7
47.5
1,187
May
1,516
19
107.6
158
134
49.9
5
' 1,240
June
1,562
155
19
130
50.0
5
105.1
1,234
140
118
1,459
17
5
1,230
July
100.7
39.5
V Total start* are Census estimates including f a m for both permit-issuing and non-iaauiag areas* 1
dwelling unit is started whan exoaratieo begins | all units in an apartment structure are considered
started at that tims. IHA and VA starts are units started under ooeasita»ata W these agencies te imamm
or guarantee the mortgages. is reported by IHA anl VA, a unit is started when a field effiee receives
the first ocoplianee inspection report, which is made before footings are peered is seme eases bet
normally after the foimdatiens have keen completed* Capehart military housing unite are exoladed.
Other starts are derived as a residual, although total and IHA and TA starts are not strictly o CM arable
in concept cr timing; ether starts include both unite financed by conventional mortgagee amd unite
without mortgages*
5
41M.;
MUSII
e. #.,« I
HIV HltlM
I I II II I I I I I I I I I IliI I I I I I I I I I
Exhibit 6 - Part IX
Yields on lew Corporate Bond Iaauea Adjusted to an Aaa baaia
Number Aa't of iaauea Average
included (mil.
yield
of
(per cent)
of dollara)
Nueber Aa't of iaauea Average
yield
included (mil.
of
(per cent)
of dollara)
Monthly average#;
1965 - Jan.
Feb.
Mar.
Apr.
May
June
3
3
7
4
8
4
94.0
111.0
157.8
115.0
315.0
100.0
Weekly average
1965 - High
Low
4.42
4.41
4.45
4.46
4.51
4.58
4
11
18
25
July 2
9
16
23
30
Aug. 6
13
20
--
--
2
2
.
3
3
2
3
1
1
•
4.60
65.C
4.58
121.0
102.0
55.0
80.0
17.0
19.5
4.67(8/20) '
4.33(1/29)
•xiaga are edjvted t» % eeeeeite i u kui• Vf
--.
35.0
from t M a e t w 1
4.67*
4.56
4.58
4.58
4.64
4/67*
Exhibit H
H.14
Long-term Corporate and State and Local Government
Security Offerings and Placements
(In millions of dollars)
Corporate
1965
New Cap U L
1964
1963
State and Local T T
1965
January
February
March
795
746
1,197
930
685
754
613
594
1,144
&/804
2/871 •
E/947
April
May
June
1,152
1,691
1,946
2,178
1,069
1,378
930
904
1,013
E/824
e/ 1,100
e/
850
780
661
1,109
676
637
795
e/950
e/700
949
646
1,419
1,013
819
1,415
2,369
4,625
2,550
3,013
2,351
2,847
2,109
3,246
6,994
9,544
12,557
5,198
7,307
10,553
July
August
September
October
November
December
1st
2nd
3rd
4th
quarter
quarter
quarter
quarter
1st half
Three quarters
Year
2,738
4,789
7,527
e/900
e/850
M
.
732
746
976
1,242
667
903
866
906
780
892
801
529
948
2/ >,622
e/ 2,574
e/5,196
1963
947
776
810
2,533
2,8111
2,578
2,278
5,345
7,923
10,201
869
930
680
708
449
1,051
729
416
2,454
2,665
1,837
2,197
5,118
6,955
9,151
Excluding finance companies 3/
1st
2nd
3rd
4th
quarter
quarter
quarter
quarter
2,547
4,389
Year
e/
2/
1/
2/
3/
1,996
4,170
2,411
2,755
2,284
2,529
1,768
2,854
11,332
9,434
Estimated by Federal Reserve.
Preliminary.
Securities and Exchange Commission estimates of net proceeds.
Investment Bankers Association of America estimates of principal amounts.
Total new capital issues excluding offerings of sales and consumer finance companies.
H. 14
Exhibit I
New Corporate Security Issues, Type of Issue
and Issuer
(In millions of dollars)
1962 - IV
Gross proceeds for new
capital and refunding 1/
Bond
Common Memo:
Total Publicly
Privately
and Foreign
Offered
Offered
Pfd. issues
stock Inrlurieri
2,875
1 ,088
I.,510
277
135
1963 - I
II
III
IV
2,700
3,634
2,436
3,466
1;,108
1, 389
898
1 ,319
1,,306
1 ,820
1 ,251
1 ,780
424
287
367
1964 - I
II
III
IV
2,499
4,851
2,802
3,311
978
1 ,321
792
531
1 ,221
1 ,640
1 ,516
2,,372
1965 - I
II
III
3,007
5,043
906
1;,864
985
710
805
2,234
1,155
1,461
869
728
1,204
1,032
702
1,577
338
279
361
383
470
468
234
183
376
30
320
858
791
1,358
1,233
1,773
2,038
1,130
187
557
422
694
748
540
Quarter
or
Month
1964 - Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
1965 - Jan.
ffeb.
Mar.
Apr.
May
June
July e/
Aug.
181
161
2./
1/
2/
""
new can:Ltal 1/
2/
Mfg. Public Communi- Other
Utility cations Issuers
747
552
317
945
128
434
109
47
947
591
806
968
326
794
285
530
236
221
150
118
842
1,,241
868
1,,629
300
1,890
494
408
29
105
85
223
418
723
547
1 ,045
438
856
642
509
273
1,663
59
128
lj 240
l, 383
l, 303
i, 332
1,,673
2,,259
429
920
243
215
1 ,072
1 ,679
541
609
91
255
l, 034
2, 246
526
342
353
480
537
623
411
433
672
638
620
1,114
121
5
16
149
123
146
109
155
174
151
441
264
207
138
296
297
40
172
157
83
34
1,377
27
258
23
16
19
515
324
400
463
395
525
401
342
560
321
401
610
565
450
658
648
630
980
500
287
88
91
1,372
148
370
225
112
156
213
52
143
131
155
143
162
449
309
90
8
34
36
35
21
21
44
82
27
114
49
51
143
33
49
134
186
206
332
149
164
234
249
188
607
385
192
494
54a
698
441
330
97
215
229
176
248
184
340
81
17
30
21
15
292
295
448
422
143
98
70
1,223
360
44
26
602
Preliminary, e/ Estimated by Federal Reserve.
Gross proceeds exceed net proceeds by the cost of flotation.
For total see Exhibit H; other issuers are extractive, railroad & other transportation,
r
estate & finance, & commercial & other.
'
Digitizedreal
for Source:
FRASER
Securities & Exchange Commission
Exhibit J
*
i
Other Security Offerings
(In millions of dollars)
1Q6S
January
February
March
April
Hay
June
July
August
September
October
November
December
91
e/ 20
Jan. - July
e/44@
Foreign government 2/
1964
1963
218
4
82
69
30
75
26
20
13
7
180
72
58
--
38
73
• —
Year
232
133
76
57
114
11
63
83
196S
Federal agenev 3/
1064
1963
--
148
129
185
325
~-
--
--
186
——
--
—
775
e/ —
275
260
160
459
-—-
--
• -
——
--
509
174
200
——
2
306
686
636
771
e/1,414
--
--
535
793
1,204
1,167
Neu ahni-f-fprm 4/
Federal agenev ?/
January
February
March
April
May
June
July
August
September
October
November
December
J a n. - J u
238
91
-458
647
204
j>/-85
n *fl•
n.a.
103
236
-407
442
81
-80
-9
127
176
7
-15
-208
366
75
272
-367
589
-30
-10
62
208
-173
259
146
-339
-137
-174
117
-11
509
237
e/120
591
661
-308
-336
23
97
183
239
-333
167
1
525
113
-3
-435
-332
-255
-161
202
195
319
415
326
258
123
-102
551
383
Year
692
453
Ififl
£/ Preliminary, e/Estimated by Federal Reserve. n.a.-Not available. l/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.
2/ Includes securities offered in the U.S, by foreign governments and their oolitical
subdivisions and international organizations. Source: Securities & Emchao** Commission.
3/ Issues not guaranteed by the U.S. Government. Source: Long-term, Securities & Exchange'
Commission; short-term, Treasury Dept. & Federal 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 original maturity of one-.year or less. "5/ Principally tax and bond
anticipation notes/'warrants, or certificates"and Public Housing Auth. ,,
n C
? yfar * n s o m e instances PHA notes included may have a somewhat longer maturity than
Source:
Bond and Buyer & Federal Reserve.
H. 14
Exhibit K
Large Long-term Public Security Iaauea for New Capital
(Other than U. S. Treasury) 1/
Proceeds of Large Issues Offered
(In millions of dollars)
Total
1964 - July
Aug.
Sept.
Oct.
Nov.
Dec.
1965 - Jan.
Feb.
Mar.
Apr.
May
June
July
291
142
376
187
Coroon ite
Bonds
Convertible
(other than
bonds
convertibles)
178
215
269
108
--
230
139
217
513
307
928
801
477
Stocks
State
and
local
governments
81
79
--
30
200
' 115
131
233
210
560
343
455
15
86
--
280
97
53
320
22
315
138
y
260
104
15
502
15
544
459
558
419
226
541
419
446
395
411
492
377
655
113
--
17
25
Othpr
235
130
19
260
40
340
20
Large Individual Issues Offered August 1 through 20
Issuer
, Southern Counties Gas Co.
General Mills Inc.
Beaunit Corp.
Orange & Rockland Util.
Corp.
Northern States Pwr. Co.
Southern Calif. Ed. Co.
National Fuel Gas Co.
State and Local Government
Ala. Pub. Sch. & College
Auth.
Pittsburgh, Pa.
Newark, N. J.
San Francisco, Calif.
Public Housing Auth.
Hamilton Co., Ohio
Type V
Amount
(millions
of
dollars)
Maturity
Coupon
rate or
net interest cost
Offering
yield
Bating
4-3/4
4-5/8
4-1/4
4.70
4.63
4.25
A
A
1st mt.g. bds.
S . F • dt-b o
Ccnv. sub. d--b.
40.0
35.0
25.0
1990
1990
1990
1st mtg. bds,
Com. stk.
Conv. deb.
S. F. deb.
17.0
25.5
75.0
19.5
1995
4-7/8
4.73
A
1980
1990
3-1/8
4-3/4
2.89
4.70
A
Aa
1966-85
1966-85
1966-85
1966-85
1966-2006
1966-1985
3.36
3.11
n. a.
2.97
3.22
2.50-3.40 Aa
2.40-3,.15 A
2.40-3..20 A
2.35-3.,10 Aa
2.30-3. 40 Aaa
2.35-3..10 Aaa
R-V.-Rent.
G,0.
G.O.
G.O.
Bonds
G.O.
25.0
10.0
12.0
12.7
132.0
30.0
K-2
Large Individual Issues Offered August 1 through 20 (Cont'd)
Issuer
Type 3/
Amount
(millions
of
dollars)
Maturity
Coupon
rate or
net interest cost
Offering
yield
Rating
Other
None.
1
*--Rights Offering.
n.a.--Not available.
1/ Includes corporate and other security offerings of $15 million and over; State and local!
government 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, G O . denotes general obligations; I
Rev.-Ut. revenue obligations secured only by income from public utilities; Rev.-Q.-Ut.,
revenue bonds secured only by revenue from quasi-utilities; Rev.-S.T., revenue bonds
secured by revenue from specific taxes only; Rev.-Rent., revenue bonds secured solely by %
lease payments.
%
H. 14
Exhibit L
Forthcoming Large Long-term Public Security Offering for New Capital
(Other than U.S. Treasury)
Expected Proceeds from Forthcoming Large Issues
(In millions of dollars)
During month following
date shown
State and
Corporate
Other U
local govt.
1964 - July 31
' Aug. 31
Sept.30
Oct. 30
Nov. 30
Dec. 31
1965 - Jan. 29
Feb. 26
Mar. 31
Apr. 30
May 28
June 30
July 30
92
402
186
90
105
169
407
267
852
765
363
193
120
.511
500
254
360
306
242
316
212
411
328
397
248
--
15
25
215
--
60
25
70
20
Corporste
167
442
186
130
105
253
504
792
852
923
410
240
Subsequent to
date shown
State and
local govt.
588
680
626
549
563
435
382
599
373
635
474
524
352
Other gf
--
15
—
25
215
--
60
25
70
20
Forthcoming Large Offerings as of August 40
Issuer
CttHHW
Magnavox Co.
Lone Star Gas Co.
Transcontinental Gas P.L. Co.
General Tel. Co. of Calif.
Georgia Power Co.
Consolidated Nat. Gas Co.
Alabama Pwr. Co.
Tenn. Gas Trans. Co.
Penna. Elec. Co.
Southern Bell Tel. & Tel. Co.
*Publie Service Elec. & Gas Co.
•Pacific Power & Light Co.
•Indiana Bell Tel. Co.
Macy Credit Corp.
Great Western Financial Corp.
Type
S. F. deb.
S. F. deb.
1st mtg. p.l. bds.
S. F. deb.
1st mtg. bds.
Deb.
1st mtg. bds.
1st mtg. p.l. bds.
Deb.
Deb.
1st & ref. mtg bds.
1st mtg. bds.
Deb.
Deb.
Deb.
Amount
(millions
of
dollars)
20.0
30.0
50.0
30.0
36.6
25.0
40.0
60.0
20.0
100.0
60.0
30.0
25.0
25.0
22.0
Approximate date of
offering
Aug.
24
Aug.
25
Aug.
25
Aug.
26
Sept.
1
Sept.
9
Sept.
10
Sept.
14
Sept.
15
Sept.
16
Sept. 21
Sept. 29
Oct.
5
Indefinite
• Indefinite
Vti
H.14
L-2
Forthcoming Large Offerings as of August 20 (Cont'd)
Issuer
Type
Amount
(millions
of
dollars)
Approximate date of
Offering
State and Local Government
Tarrant Co. Wtr. & Imp. Dist. #1, Tex.
*Suffolk Co. Wtr. Auth., N. Y.
Madison, Wise.
San Antonio, Texas
State of Washington
New York State Dorm. Auth.
State of North Carolina
Tulsa, Oklahoma
State of New York
Cuyahoga Co., Ohio
State of Calif.
Los Angeles Co. Flood Control Dist., Cal.
El Paso, Texas
Nassau Co., N. Y.
Dade County, Fla.
Florida Dev. Comm.
Rev.-Ut.
Rev.-Ut.
G.O.
G.O.
G.O.
Rev.-Rent.
G.O.
G.O.
G.O.
G.O.
G. 0.
Rev.-Q.-Ut.
Rev.-Ut.
G.O.
G.O.
Rev.-S.T.
11.6
15.0
11.7
15.0
28.0
21.0
25.0
13.1
70.0
13.0
105.0
40.0
10.5
30.0
46.0
33.8
Aug.
24
Aug.
25
Aug.
26
Aug.
29
Aug.
30
Aug.
31
Sept.
1
Sept. 8
Sept.
9
Sept.
9
Sept. 14
Sept. 21
Sept. 22
Sept. 30
Indefinite
Indefinite
^
^
5
I
J
}
i
i
Other
Province of Ontario
Bonds
50.0
Aug.
24
1
1
*--Included in table for first time.
^
If Includes corporate and other issues of $15 million and over; State and local government V
issues of $10 million and over.
1?
2/ Includes foreign government and International Bank for Reconstruction and Development
3
issues and non-guaranteed issues of Federal agencies.
Note: -- Deletions for reasons other than sale of issue: None.
\i
H.14
Exhibit M
Foreign Government and Corporate Security Offerings
and Placements in the United States
Part I:
Sale Date
Public Offerings
Amount
(millions
of
dollars)
Issuer and Description of Issue
A.
Sold June 1 through August
20
6/15
50.0
Quebec Hydro-Electric Commission--4-5/8% debenture,
maturing 1985, reoffered to yield 4.75%.
6/17
20.0
Kingdom of Denmark--6% bonds, maturing 1985,
reoffered to yield 6.09%.**
6/22
20.0
Metropolis of Tokyo--6% bonds, maturing 1980,
reoffered to yield 6.50%.**
7/7
20.0
Commonwealth of New Zealand--5-3/4% bonds, maturing
1985, reoffered to yield 5.97%.**
B.
Prospective Offerings
NONE
i
i
*
**
Included in table for first time.
Issue sold I n saitiarety to investors outside U.S.
/
M-2
Part II:
Date
reported
7/21
8/11
Amount
(millions
of
dollars)
40.0
8.0
H.14
•£
Private Placement--Reported June 1 through August 20
^
Issuer and Description of Issue
Trans-Canada Pipe Lines Ltd.--5-1/8% first mortgage
bonds, maturing 1985--no information available on
takedown.
j
\
Celanese Mexicana S. F.--7-1/4% sinking fund bonds,
due 1977--no information available on takedown.
>?
f
I
•&
$
2
j
Note;
For retrospective data on aggregate foreign Corporate and government security offet^
ings 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 tin
latter includes privately placed securities in the period in which funds are
,r
actually takendown but only in the amount of takedown while the placements shown
in this exhibit are included w h e n reported, frequently with little or no
I
information concerning timing of takedowns.
Full or partial takedowns may take
,•
place both prior and subsequent to the date a placement is reported.
\
}
@FedFRASER