Full text of H.16 Capital Market Developments : August 3, 1959

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Not f o r P u b l i c a t i o n

DECONTROLLED' AFTER SIX MONTHS
August 3, 1959o
CAPITAL MARKET DEVELOPMENTS

During the week ending July 31, l a r g e corporate o f f e r i n g s f o r
new c a p i t a l t o t a l e d $35 m i l l i o n and l a r g e S t a t e and l o c a l government
i s s u e s aggregated $122 m i l l i o n . This,week, the volume of p u b l i c securityf i n a n c i n g by S t a t e and l o c a l governments i s expected t o t o t a l $ll*6 m i l l i o n ,
i n c l u d i n g a $120 m i l l i o n Pennsylvania v e t e r a n s ' bond i s s u e . A u t i l i t y
bond i s s u e f o r $15 m i l l i o n i s the only l a r g e corporate o f f e r i n g scheduled
f o r s a l e t h i s week.
Bond y i e l d s - Y i e l d s on outstanding bonds changed l i t t l e l a s t
week. Y i e l d s on S t a t e and l o c a l government and U. S. Government o b l i g a t i o n s remained s t a b l e , while those on coroorate bonds d e c l i n e d s l i g h t l y ,
A new A~rated, f i r s t mortgage e l e c t r i c u t i l i t y i s s u e was o f f e r e d t o
i n v e s t o r s l a s t week t o y i e l d 5 . 0 0 per cent—10 b a s i s p o i n t s lower than
t h a t f o r the l a s t comparable i s s u e , an o f f e r i n g made on July 15.
FNMA secondary market o p e r a t i o n s - A d d i t i o n a l pressures i n
r e s i d e n t i a l mortgage markets were r e f l e c t e d by secondary market operations
of t h e Federal National Mortgage A s s o c i a t i o n i n June. O f f e r i n g s rose
f u r t h e r t o the h i g h e s t l e v e l i n 20 months, purchases were the l a r g e s t i n
17 months, and s a l e s remained n e g l i g i b l e .
O f f e r i n g s t o FNMA i n the f i r s t half of 1959 exceeded $353
m i l l i o n , lU per cent above the t o t a l f o r the e n t i r e year of 1958.
FNMA mortgage purchases of $225 m i l l i o n came w i t h i n 15 per cent of the
annual t o t a l i n 1958, These f i r s t - h a l f o f f e r i n g s and purchases, however,
were w e l l below comparable f i g u r e s i n the record 1957 p e r i o d .
August s e c u r i t y volume •= The volume of new s e c u r i t y f i n a n c i n g
f o r corporations and S t a t e and l o c a l governments i s expected t o be
s e a s o n a l l y low i n August, but somewhat above the v e r y small volume of
o f f e r i n g s made l a s t month and i n August of l a s t year.
The August volume of corporate i s s u e s f o r new c a p i t a l i s e x pected t o t o t a l $650 m i l l i o n , o n e - s i x t h l a r g e r than the.volume i n both
July t h i s year and August 1958. S t a t e and l o c a l government bond s a l e s
during August are c u r r e n t l y estimated at $500 m i l l i o n , s l i g h t l y l a r g e r
than the J u l y t o t a l and n e a r l y o n e - f o u r t h l a r g e r than the volume l a s t
August. The August e s t i m a t e does not include the l a r g e Chesapeake Bay
Ferry Commission i s s u e which may by s o l d by n e g o t i a t i o n sometime l a t e
i n the month.
Stock p r i c e s r Stock p r i c e s i n c r e a s e d f u r t h e r l a s t week.
Standard and Poor's index of 500 common s t o c k s c l o s e d a t 6 0 . 5 1 on-July
31, s l i g h t l y below the peak of 60 o 62 reached on l a s t Wednesday.




-

2 -

Stock p r i c e s i n c r e a s e d sharply i n e a r l y J u l y , t h e n d e c l i n e d
somewhat b e f o r e advancing again t o new h i g h s . The Standard and P o o r ' s
index showed a n . i n c r e a s e of 3 . 5 per cent f o r t h e month. Trading a c t i v i t y
was somewhat h i g h e r i n J u l y , p a r t i c u l a r l y e a r l y i n the month, than i n June.
More d e t a i l e d i n f o r m a t i o n concerning r e c e n t c a p i t a l market
developments i s p r e s e n t e d i n the attached e x h i b i t s .

Capital Markets S e c t i o n ,
D i v i s i o n of Research and S t a t i s t i c s ,
Board of Governors of t h e F e d e r a l Reserve System.




HIGH-GRADE

LOWER-GRADE

BOND

BOND

YIELDS

YIELDS




ll.lli

Exhibit Is
Tables l'or Exhibit A
High-grade bond Y i e l d s

Date

Corporate
Aaa 1 /

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

S t a t e and
l o c a l govt.
Aaa y

U. S. Govt,
long-term 2/

(Per cent)
19514 - Low
1957 - High
1958 - High
Low
1959 - High
Low

2.85
it. lit
U.13
3.55
U.U8
U.09

July
July
July
July
July

U.U8
L.L8
U.JU7
hM6
k.k$

3
10
17
2U
31 2/

(U/23)
(9/27)
(10/10)
(5/2)
(7/10)
(1/9)

2.1,5
3.76
3.81*
3.07
It.13
3.83

(8/6)
(10/18)
(12/26)
(lt/25)
(7/10)
(1/2)

1.90
3.U5
3.31
2.6U
3.^
•3.06

U.12
It. 13
I1.O8
It.10
It. 10

(9/2)
(8/29)
(9/11)
(5/1)
(7/2)
(3/26)

.30
.60
.51
.22
.39
.16
.36
.35
.39
.36
.35

3.5L
3.52
3.51
3.L8
3.18

.30
.ii7
.72
.3k
.92
.57
.58
.61
.57
.62
.62

.

Lower-grade Bond Y i e l d s
Corporate
Baa 1 /

S t a t e and
l o c a l govt.
Baa y

195U - Low
1957 - High
1958 - High
Low
1959 - High
Low

3.Wt
5.10
lt.96
It. 51
5.09
1.83

2.93
it. 51
It. 31
3.61t
lt.lt6
3.92

July
July
July
July
July

5.05
5.07
509
5.09
5.07

Date

Spread between
Aaa and Baa
S t a t e and
Corporate
local govt.

(Per cent)

3
10
17
2k
31 £ / .

(12/31)
(11/29)
(1/3)
(7/11)
(7/2L)
(lt/17)

it.U6
1.1,5
h.li5
1.39
It.39

(8/5)
(0/29)
(9/11)
(5/1)
(7/2)
(3/26)

.52
1.27
1.20
.77
.77
.56
.57
.59
.62
.63
.62

.96
1.21
1.11
.93
.98
.86

-

.92
.93
.9k
.91
.91

2 / Preliminary.
1 / Weekly average of d a i l y f i g u r e s . Average term of bonds included i s 25-26 y e a r s .
2 / Weekly average of d a i l y f i g u r e s . The s e r i e s i n c l u d e s bonds due or c a l l a b l e i n
10 y e a r s or morn.
2 / Thursday f i g u r e s . Only general o b l i g a t i o n bondc are includedj average term
i s 20 y e a r s .
Note.—highs and lows 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 d a t e s f o r
different series.




STOCK

MARKET

FEDERAL

NATIONAL

SECONDARY

MORTGAGE

MARKET

OPERATIONS

OFFERINGS




PURCHASES

ASSOCIATION

Exhibit. D - Tables f o r tixhibiL C
Stock Maiiu-t
Trading
volume y
yields 2/ (millions
(per c e n t ) of sliares)
Common

Stock p r i c e
indox 1 /

Date

Stock maiket customer c r e d i t
Customers 1
Bank
Total d e b i t b a l - l o a n s t o
ances 4 / "others" 5 /
(Mil]Lions of do]Liars)

1 9 r - 3 - l ? f 3 - High
Low
191:9 Low

5U.11 (12/2!,/53)
22.92 (9/13/53)
60.51 ( 7 / 3 1 )
51i.37(2/6)

3.30
6.25
3.03
3.3L

h.9
0.9
U.3
2.6

U,b92
2,055
4, 721
4,527.

3,235
l,311i
3,li01
3,253

1,317
669
1,332
1 ,210

lay

57.96
57.L6
#.91
#.19
59.62
60.51

3.20
3.23
3.11
3. lit
3.12
3.03

3.4
2.9
3.7
3.1
3.0
3.0 '

1,711
4,692
n.a.
n.a.
n.a.
n.a.

3,335
3,338
n.a.
n.a.
n.a.
n.a.

1,326
1,30k

July
July
July
July

10
17
2h
31 n /

1,243
r/1,256
1,271
n.a.

n.a.--Not available.
g/ Preliminary.
1 / S t a n d a r d and P o o r ' s <*"mposltc Index of 500 common s t o c k s , weekly c l o s i n g p r i c e s , 1941-43=10. Monthly d a t a
a r e a v e r a g e s of d a l l y f i g u r e s r a t h e r t h a n of F r i d a y s ' o n l y . Highs and lows a r e f o r F r i d a y s ' d a t a o n l y .
2 / S t a n d a r d and P o o r ' s composite s t o c k y i e l d based on Wednesday d a t a c o n v e r t e d t o weekly c l o s i n g p r i c e s by
F e d e r a l R e s e r v e . Y i e l d s shown a r e f o r d a t e s on which p r i c e index r e a c h e d i t s high or low. .
3 / Averages o f d a l l y t r a d i n g volume on t h e New York Stock Exoliange.
4 / End of month f i g u r e s f o r member f i r m s of t h e New York Stock Exchange which c a r r y margin a c c o u n t s ; e x c l u d e s
b a l a n c e s secured by U. S . Government o b l i g a t i o n s .
5 / Wednesday f i g u r e s f o r weekly r e p o r t i n g member b a n k s . Excludes l o a n s f o r p u r c h a s i n g or c a r r y i n g U. S.
Government s e c u r i t i e s * P r i o r t o J u l y 1 , 1959, auoh l o a n s a r e excluded only a t banks In New York and Chicago.
Weekly r e p o r t i n g banks acco u n t f o r about 70 p e r c e n t of l o a n i t o o t h e r s . For f u r t h e r d e t a i l see B u l l e t i n .

Federal National Mortgage A s s o c i a t i o n Secondaxy Market Operations 1 /
Date

Estimated O f f e r i n g s t o FNMA
Standby
Immediate
Total
purchase commitment

Purchases
by
mm

Sales
hy
FNMA

( M i l l i o n s of d o l l a r s )
1953 - June
July
Aug.
Sept.
Oct.
Nov.
Dec.
1959 - J a n .
Feb.
Mar.
Anr.
May

9J1
9.6
10.1
23.8
57.3
10.7
39.7
37.7

44.4
52.4

57.3
30.6
8I1.U

^

9.1
9.1
9.3
22.0
1,9.6
39.2
35.3
33.9
la. 2
49.3
50.1
73.U
76.6

.3
.5
.7
1.8
7.7
1.5

4.4

3.3
3.2
2.6
7.7
7.2
7 8

9.7
3.U
7.0
6.0
10.3
20.0
33.2
33.7
27.6
36.5
39.6
N
U9.U -

171.3
L5.9
15. b
7.9

.3

1.1
.9
.3

.3

1.0
r/1.1
~ .6

u i v n l l y rlo] 1 vcr w i t h i n one ymnr. Pin-chanes Include thooe under both immediate purohane and stnnd.by
o o n t v n o t s . Cat*. cvclwlc FN11A a c t i v i t y under S p e c i a l A s s i o t a n o and Management and
o o w | l w n t


L i q u i d a t i n g Programs.


Exhibit E

11. lit

Long-term Corporate and S t a t e and Local Government
Security 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 )

1959
January
Kebrua l y
March

81*0
71*5
631

New c a p i t a l
Corporate 1 /
S t a t e and l o c a l 2/
1958 ' 1 — 1 9 5 7
1
1958
1
1957
1
1959
728
857
1,5533/

1,060
1,065
1,320

636
856
61*1*

April
May

p/826
§/806
e/950

1,11*0
597
887

931
765
l,l»53

July
August
September

e/550
e/6g..

1,107
51t0
1,111*

1,003
92k
973

662
518
920

1,090
789
1,076

2,216
g/2,582

3,139
2,623
2,760
2,300

3 ,1*1*5
3,11*9
2,899
2,951

2/1,798

5,762
8,522
10,823

October
November
December
1st
2nd
3rd
hth

quarter
quarter
quarter
quarter

1 s t half
Three quarters
Year

6,591*
9,1,93
12,1*1*7

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

quarter
quarter
quarter
.quarter

2.011
e/2,332

Year

2,899
2,5#
2,731
2,213

3,237
2,889
2,582
2,810

10,129

11,518

812
953 .
511

71*2
572
506

*

930
592
2/980

798
895
551

765
51*6
393

'

e/1*75
e/ 530

806
1*03
651

529
581*
1*31

1*56
1*71*
1*35

698
633
698

2,136
9/2,502

2,276
2,21*1*
1,860
1,365

1,820
1,701*
1,51*1*
2,029

e/b,638

It,520
6,380
7,71*6

3,521*
5,069
7,099

• -

1 / S e c u r i t i e s and Exchange Commission estimates of net proceeds.
2 / 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,
3 / Includes #713.2 m i l l i o n AT&T convertible debenture i s s u e ,
h j Total new c a p i t a l i s s u e s excluding 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.




|; 11,

Exhibit F
Other Security O f f e r i n g s 1 /
( I n m i l l i o n s of d o l l a r s )
Long-term
Forei<m government 2 /
Federal agencji' 3 /
1956
19^9
19#
1957
1
1957
1
1958
I

January
February
March

»

1,163
251

77
59
2

197
54
—

. it 9
30

56
50

139
200
120

123
48
42

523

July
August
September

9
5
. 17

28
7
30

16k

October
November
December

57
123
74

4
60
1

k20

507

2,321

April
May

Year

995

199

72

175

—

125
60

—

215

—

100
—

Short-'term
S t a t e and l o c a l government h /

—

572

Federal agency 3 /

190
.1*28 -

233
1*60
273

326
155
147

359
500
489

371
208
144

638
430
505

April
May

563
Jill

357
354
264

205
337
153

486
675
28?

209
161
3#

336
169
501

July
August
September

289
123
369

272
272
252

137
206
330

22k
370
512

October
November
December

231
415
2k3

303
94
459

454
114
137

1,236
255
116

3,0?8

5,543

1,

January
February
March

Year

3,910

3,27k

1 / Data p r e s e n t e d i n t h i s e x h i b i t d i f f e r from t h o s e i n E x h i b i t E i n t h a t refundi n g i s s u e s , a s w e l l as new c a p i t a l i s s u e s , are i n c l u d e d . Long-term s e c u r i t i e s are d e f i n e d a s t h o s e maturing i n more than one y e a r .
2 / Includes s e c u r i t i e s o f f e r e d i n the United S t a t e s by f o r e i g n governments and
t h e i r s u b d i v i s i o n s and by 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.
y I s s u e s not guaranteed by the U. S. Government. Source: long-term, S e c u r i t i e s
and Exchange Commission; short-term, Federal Reserve.
h / P r i n c i p a l l y t a x and bond a n t i c i p a t i o n n o t e s , warrants or c e r t i f i c a t e s and P u b l i c
Housing Authority n o t e s . In some i n s t a n c e s PtiA n o t e s included may have a somewhat
Digitized
FRASER
l o n gfor
e r term
than one year. Source: Bond Buyer.



H.ll*

Exhibit G
Large Long-term Public S e c u r i t y I s s u e s f o r New C a p i t a l
(Other than U. S. Tre'asury) l /
Proceeds of Large I s s u e s O f f e r e d
( M i l l i o n s of d o l l a r s )

Corporate

Month

S t a t e and
l o c a l government

281
771
209
825
259
227
305
369
3UO
215
359
3U2
28U

1958 - June
July
August
September
October
November
December
1959 - January
February
March
April
May

Other 2 /

86
itl

195
275
109
288
172
259
229
335
551
369
563
258
635

18
209
100
79
17U
35
176
20
50
60

Large I n d i v i d u a l I s s u e s Offered during July

Type 3 /

issuer

CORPORATE

Coupon
Amount
(millions
Maturity
net i n t e r of
est cost
dollars)

Offering
Rating
yield

-

Long I s l a n d L i g h t i m
Tennessee Gas Trans, .
T r a n s c o n t . Gas ?. L,.
T r a n s c o n t . Gas P. L,.

Co.
Con.
Corp.
Com.

1 s t ntg. V«ds.
1 s t ntg.p.Lbds.
Pfd. s t k .
1 s t -it >p.Lbds.

25.0
£0.0
15.0
20.0

1999
1979

5 l/h
5 l/h

5.10
5.15

A
A

19%

5 1/3

5.15

Baa

ite-f. ?ut.
l e t ; - S . T.
dev. - J . U t .
Rev. - , r t .
TT
.- t,
G.

10.0
31.0
1-3.0
12.5
31l.o
15.2

1963-79
1963-72
n.a.
^
I f f l - W
1995/6b
1960-73/71

STATE AMD LOCAL COVIrtMv,:-?T
TT

niv. of Texas, <Ur.
"lech. C o l l e g e of Texas
S t a t e of Ohio
T
Jniv. of Cti] i f o r n i a
T e r r i t o r y of " a v a i i
C a l i f . T o l l Bri'-V.re Au t h .
Corrvnonwealth of Pnar •to Rico




0.

3.U7
3.51
2.33
L.33
L.36
3.91

2.L0-3.50.
2.1x0-3.SCfii Aa
n.a.
3.oo_!i.35 A
——
)».29
2.:0-!,.0l A

0-2
H.lU

Large I n d i v i d u a l I s s u e s O f f e r e d during J u l y
Type 3 /

Coupon rate O f f e r i n g
Amount
^ m i l l i o n s Maturity or n e t M b p
yield
e s t cost
of d o l l a r s

Rating

STATE AND LOCAL GOVERNMENT
(Cont 1 d)
S t a t e of Vermont
Michigan Highway Dent.
Jefferson Par.S.D.No.l,La.

0.0.

Rev.-S.T.
G'.O.

13.0
5D.0

10.0

1960-79
1961-85
I96O-89,

3.10
It.29
lr. 58

2.30-3.20
3.00-U.25
2.90-U.60

Aaa
A
—

OTHER
Quebec Hydro-Elec. Coiran.

Deb.

50.0

198U

5.00

n.a.—Not available.
1 ( I n c l u d e s corporate and o t h e r 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 s e c u r i t y o f f e r i n g s of $10 m i l l i o n and o v e r .
2 / I n c l u d e s 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 F e d e r a l a g e n c i e s .
3 / In t h e c a s e of S t a t e and l o c a l government s e c u r i t i e s , 0 . 0 . denotes general
o b l i g a t i o n s ; R e v . - U t . , revenue o b l i g a t i o n s secured o n l y by income from p u b l i c
u t i l i t i e s ; R e v . - Q . U t . , revenue bonds secured only by revenue from q u a s i - u t i l i t i e s ;
R e v . - S . T . , revenue bonds s e c u r e d by revenue from s p e c i f i c t a x e s o n l y ; R e v . - R e n t , ,
revenue bonds secured s o l e l y by l e a s e payments.
/
I4/ 1972 m a t u r i t i e s n o t r e o f f e r e d .




lixhibit H

ii.llt

Forthcoming Largu 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. ti. Treasury) 1 /
Expected Proceeds from Forthcoming Large I s s u e s
Bate of
computation

1?5H - June 30
J u l y 31
Aug. 29
S e p t . 30
Oct. 31
Nov. 28
Dec. 31
1959 - Jan. 30
Feb. 27
Mar. 31
Apr. 30
May 29
J i me 30
J u l y 31

During month f o l l o w i n g
date shown
S t a t e ancT TOther 2 /
Corporate
l o c a l govt.
?6U
161
70S
113
20h
301
210
270
1' 8
396
2h6
287
165
239

Subsequent t o
d a t e shown
Corporate S t a t e and
Other 2 /
local govt.

225
55
21a
250
229
261
55i
292
550
25ii
247
Iho

71
75
15
20
50
50

i,oU8
381
91k
216
326
U01
370
365
279
h 76
316
33^
272

235
125
135
52h
675.
683
515
856
i*8l
761
517
761
500
J1O6

71

75
hS
20
50
50

Fort!,coming Large O f f e r i n g s , a s of July 31
Type

Amount
Approximate d a t e
(millions
of oJ i e r i n g
of d o l l a r s )

P e n n s y l v a n i a E l e c t r i c Co.
Northern S t a t e s Power Co.

1 s t ntg b d s .
Com. s t k .

15.0
20.9

Michigan B e l l Telephone Co.
Pan American World Air -iys, I n c .

Deb.
Conv. sub. deb

30.0
1l7.0

-^Consumers Power Co.
"ouston L i g a t i n g < Power Co.
P a c i f i c Gas 1: E l e c t r i c Co.
American and Forei-.n Power Co.
Commerce O i l R e f i n i n g Corp.
STA.TE A D LOOM, 1

1 s t mtg. b d s .
1 s t mtg. b d s .
1st
r e f . it?, b d s .
Conv. j r . deb.
D e b . , b d s . "z common

35.3
25.0
65.0
22.5
hS.O

Aug. it
Aug. 11
( r i - ats exoire)
A u . 12
Au ?r. 12
(rights nxoirc)
Au=;. 19
Au f 21
25
Su^n.^r
Sumner

SNT

Co7irionwnalth o f P e n n s y l v a n i a
Los A n g e l e s Sch. D i e t s . , C a l i f .
S t a t e of Ohio
Texas W a t e r Development Board
-*Nassau C o . , New York
C h e s a p e a k e nay F e r r y Commission
Tbruvray A u t h o r i t y
Digitizedl!ew
forYork
FRASER



0.0.
G.O.
G.O.
G.O.
3.0.
Rev.-Ut.
Rev.-Ut.

120.0
26.0
30.0
10.0
26.2
lM-.O
50.0

An T . h
HU-*. h
Aug. 11
Aug. 12
•m-. 12
-ummnr
Sumner

H.lU
Forthcoming Large O f f e r i n g s , as of J u l y 31 (Cont'd)

Type

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

Approximate date
of o f f e r i n g

OTHER

*—Included i n t a b l e f o r f i r s t t i m e .
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 a g e n c i e s .
N o t e . — D e l e t i o n s f o r reasons other than s a l e of i s s u e : None.




U.I)!Y i e l d s on New and O u t s t a n d i n g
E l e c t r i c Power Bonds, h a t e d Aa an-i A 1 /
A-rated o f f e r i n g y i e l d s
Aa-rated offering; y i e l d s
Amount above
Amount above
Actual
Actual
s
e
a
s
o
n
e
d
y
i
e
l
d
s
( p e r cent) seasoned y i e l d s
(per cent)
(basis points)
(basis points)
1952 - 1958
High
Low
1959 - Jan. 7
20
28
Feb. 18
Mar. 11
25
26
31
Apr. 3
15
16
29
May 1
13
lb
20
21
26
17
26
July 9
10
15
30

5.00 (9/11/57)
2.93 (3/31/5W

B
b.60

b.b3
b.hl

L.6o

87
-3
3b
ho
b
11
9
9
13

t:|2/

22
21
7

1.95
1.95

36
3L

5.oo

38
29

k.9S

5.50 (11/7/57)
3.00 ( 3 / 1 7 M )

123
-15

1.75^/

23

h.6 7

18

L85

5.06

17
13

5.13

27

h.9 ^
5.10
5.10

6
2b
19

5.10
5.00

19
13

1.93

* — S i n g l e o b s e r v a t i o n , n o t an a v e r a g e .
1 / Covers o n l y 3 0 - y e a r f i r s t mortgage bonds, a s r e p o r t e d i n Moody's Bond
Survey. Except where i n d i c a t e d , the a c t u a l y i e l d f i g u r e and the amount above
s e a s o n e d y i e l d s a r e a v e r a g e s o f o f f e r i n g s during t h e i n d i c a t e d p e r i o d and o f
t h e d i f f e r e n c e s between t h e s e new o f f e r i n g y i e l d s and y i e l d s on s e a s o n e d i s s u e s
o f s i m i l a r q u a l i t y f o r the same day. Average maturity f o r t h e s e a s o n e d i s s u e s
v a r i e s from 26 t o 28 y e a r s .
2 / P r o v i d e s f o r a 5 - y e a r p e r i o d during which i s s u e may not be c a l l e d f o r
r e f u n d i n g a t a l o w e r coupon r a t e . Monthly a v e r a g e s so marked i n c l u d e one o r
more i s s u e s w i t h s uc h a p r o v i s i o n . Other i s s u e s have no such p r o v i s i o n .
3/ P r o v i d e s f o r a 7 - y e a r p e r i o d during which i s s u e may n o t be c a l l e d f o r
r e f u n d i n g a t a lower coupon r a t e .