Full text of H.16 Capital Market Developments : August 30, 1965
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i Not for Publication H. 14 „ DECONTROLLED..AFTER. SLLJtiWTO v I August 30, 1965. C A j y j A y ^ y g g r IN THE developments UNITED STATES Corporate and municipal bond markets. Public security financing by corporations this week is expected to be light relative both to that of the last two weeks and to the 52-week average. The $36.5 million bond issue of Georgia Power Co. will account for about one half of the total. At the same time, the volume of new municipal bonds will continue to be small. Long-term Public Security Offerings 1/ (In millions of dollars) Corporate New Capital | Refunding State and local government New Capital 1 Refunding Sold: 52 week avg. Aug. Aug. 107 20 27 120 115 3 70 2 r/ 185 15 249 118 Scheduled: Sept. 1/ 128 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. Yields on new offerings of corporate bonds moved upward again last week as the new issue series (Aaa basis) rose 4 basis points to a new high for 1965. At this level, underwriters have been able to distribute these issues quickly. In free market trading at week's end, the one competitively-bid issue was selling at a premium from offering price of several basis points. Yields on high-grade seasoned corporates also showed some increase. A $30 million debenture issue of General Telephone Co. of California, originally scheduled for last week, was postponed indefinitely. H. 14 -2- Yields in Securities Markets Change from preceding week (basis points) Level latest week (per cent) High-Grade Notes and Bonds Corporate New Seasoned 4.71 4.51 + 4 + 1 U. S. Govt. Long-term 3-5 year 4.21 4.21 + 1 + 1 State and local Govt. Moody's Aaa Standard and Poor's high grade 3.17 + 2 3.27 + 3 Money Market Federal funds Treasury bills 3-month 6-month 4.12 3.86 3.96 + 4 + 3 Corporate Bonds Still in Syndicate Date Offered Amount (millions of $) Issuer 8/20 19.5 National Fuel Gas 4-3/4's - 1990 8/24 50.0 Transcontinental Gas P. L. Co. 4-7/8 's - 1986 Reoffering Yield Racing 4.70 Aa Estimated Proportion sold 9/10 2/3 4.95 Blue List of Municipal Dealers' Advertised Inventories (Millions of dollars) Latest Date 789(8/27) End of Previous W e e k 808 Recent High 901(6/4) H. 14 -3- Xn the municipal market, last week's new offerings were not very well received. Although new issues were priced to yield investors about 5 basis points more than comparable issues of the previous week, dealers distributed only one half of the total volume. Nevertheless, dealers' advertised inventories of unsold tax-exempts did decline slightly. Yields on seasoned municipals rose to their early July levels. FNMA secondary market operations. Offerings of FHA and VA mortgages to FNMA for purchase under its regular secondary market operations increased again in July, reaching $53 million, the highest level in more than three years. FNMA purchases in July were down slightly; its sales were negligible. The further rise in FNMA offerings during July apparently continued to reflect greater emphasis which has been placed this year on programs for financing housing for lower income groups or in outlying areas. Stock prices. Common stock prices--as measured by Standard & Poor's Index of 500 stocks--advanced 0.6 per cent last week in heavy trading activity. At its close of 87.20 on August 27, the index was only 3 . 4 per cent below its M a y 13 high. Trading volume averaged 5.4 million shares a day. 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. IXWeiT A, Part I Weefcl, Exhibit A — Aaa 1/ Part II long-term £/ State end local government Aaa 3/ Spread between u. 8. Coyt. and State and Corporate Aaa Ufffl A M . (per cent) 1959-60 1961-62 1962-63 1964 - High High Low High Low 1965 - High Low July Aug. Aug. Aug. Aug. 30 6 13 20 27j>/ 4.19(3/29/63) 4.51 (8/27) 4.41 (3/12) 4.48 4.47 4.48 4.50 4.51/ 4.42 I 4.12 < 3.85 (lg/28/62) 4.20(4/3 4.11 ( 4.21 (8/27) 4.13 (6/25) 4.15 4.16 4.18 4.20 y 4.21 / .59 .57 .92 1.04 2.88(13/B/S2) ,21 1.14 3.17 (8/26) 2.94 (2/11) .33 .19 .34 .25 3.16 3.16 3.15 3.15 3.17 / .33 .31 .30 .30 .30 35 .80 1.01 1.22 .96 .99 1.00 1.03 1.05 1.04 fMssasi®® "" L O N G - T E R M B O N D YIELDS, LOWER GRADE Weekly Exhibit B — Corporate Baa y Da te Part II State and local govt. Baa I f Spread b e t w e e n Aaa and Baa S t a t e and Corporate local govt. (per c e n t ) 1 9 5 9 - 6 0 - High Y e a r end - 1961 ' 1962 1963 1964 1965 - High Low July Aug. Aug. Aug. Aug. Mete * 30 6 13 20 27j>/ 5 . 3 6 (g/12/60) 4.46 (1/7/60) 4.04 3.57 3.60 3,51 3.57 (7/8) 3.40 (2/11) .84 .66 .70 .48 *37 .41 .35 1.08 5.10 4.93 4.85 4.80 4.89 (8/27) 4.78 (3/19) 4.88 4.88 4.87 4.89 4.89 3.55 3.55 3.55 3.55 3.56 .40 .41 .39 .39 .38 .39 .39 .40 .40 .39 for footnotes see Exhibit km .73 .63 .49 .52 .52 .38 C X H I I I T C, P a r t 1 S H O R T - AND INTERMEDIATE-TERM IN GOVERNMENT Weekly 1**0 1**1 1**2 1**1 1**4 !•*« Exhibit C -- Part II Discount 3-month rate bills 21 1/ Date 1959-60 - High Year end - 1961 . 1962 1963 1964 1965 - High July Aug. Aug. Aug. v Aug. 30 6 13 20 27|>/ Yields 6-month I bills 2/ 1 (per cent) 4.00 4.59 ( W 6 0 ) 5.07 (1/9/60) 3.00 3.00 3.50 4-00 2.66 2.89 3.52 2.90 2.93 3.83 3.64 4.00 4.00 3.99 (2/26) 3.78 (6/25) 4.00 4.00 4.00 4.00 4.00 3.81 3.84 3.83 3.82 3.86/ Spread between yields on 33-5 year issues 2/ 5.00(12/24/39) 3.81 nwtih fcUlf Yl«14f-2S 6-mo. bills13-5 vr. issues .79 3.93 4.04 (2/26) 3.82 (6/25) 3.41 4.07 4.07 .10 1.81 1.15 .52 .55 .24 4.21 (8/27) 4.04 (1/22) .13 .03 .38 .11 3.88 3.94 3.93 3.93 3.96 . 4.12 4.16 4.17 4.20 4.21 ,07 ,10 ,10 11 10 .31 .32 .34 .24 .04 .13 .38 .35 1/ Weekly rate shoim Is that in effect at end of period at the ffcdeml Reserve Bank of Sew Yozfc# y Market yields weekly are rage# ooopated from daily o losing fed prieee. Series of 3-8 year issues consists of selected notes and bonds* Note*—Highs and lows are for individual series and m y be on different dates for different series, for spreads, high refers to widest, and lew to narrowest# EXHIBIT D. Perl 1 S H O R T - A N D I N T E R M E D I A T E - TERM I N T E R E S T R A T E S , B A N K S AND OTHER PRIVATE B O R R O W E R S \ i """ E RATI | % ff — FINANCE COIU f A H T W H ^ r . DISCOUNT RATi A A / M X 1 t Cfleciiva laia r i 1 L 1.1 ,1 11 1 1 1 1 1 1**0 i 1) 1 1 1 1 1 1 11 1] II 1 II 1 1 11 1 U 1LII.LJJIJLjU 1 19*1 19*2 19*3 1**4 I*** Exhibtt D - ^ P a f n i Prime rate Date 1959-60 - High Y e a r end - 1961 1962 1963 1964 1965 - High July Aug. Aug. Aug. Aug. 30 6 13 20 27j>/ . 1/ Finance company F e d e r a l funds 2 / oaoer 2/ (per c e n t ) 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 / 2 7 ) 4 . 0 0 (2/12) 4 . 0 0 (3/13/60) 2.88 3.00 3.50 4.00 4.12(8/27) 3.68(1/22) 4.50 4.50 4.50 4.50 4.50 4.25 4.25 4.25 4.25 4.25 4.08 4.10 4.12 4.12 4.12 Spread b e t w e e n 3 - m o . bills and finance co. n a o e r 1.02 .34 .30 .36 .23 .47 .10 .44 .41 .42 .43 .39 V Weekly rate shown is that In effect at end of period. Prime rate is that charged by large beaks on short-term loans to business borrowers of the higiest credit standing, Z/ Average of daily rates published by finance companies for directly placed paper far Varying maturities in the 90-179 day range. 3/ 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 Mew York* Note*—Highs and lews are for Individual series and may be on different dates for different series. For spreads, high refers to widest, and low to narrowest* . STOCK M A R K I T Stock price index U •tock yield# 2/ (pay gent) Trading volume 2/ (million# 9t Stock market cuatomer credit Cuatomera' Bank debit bal ancea 4/ "other#" 5/ (In milliona of dollara) 1961-62 - High Low Year end 1963 1964 1965 - High Low June July Aug. 13 Aug. 20 Aug. 27 £/ 72.04(lW6l) 52.68(6/22/62) 2.80 10.1 3.96 2.4 74.44 84.75 90.10(5/14) 83.06(6/25) 3.13 3.02 2.89 3.15 4.7 4.7 85.04 84.91 86.77 86.69 87.20 3.07 3.09 3.05 3.05 3.04 5.8 4.1 5.0 5.0 5.4 6.8 3.8 5,602(13/01) 4,259 (12/61) 1,418(9/9/62) 4,424(3/61) 3,253(3/61) 1.161(3/8/61) 7,242 7JD53 7,085 6,872 5,515 5.099 5,129 4,986 1,727 1.974 1,974(6/9) 1,848(3/3) 7,084 6,833 5,114 4,863 1,954 1,970 1,967 1,961 xwa.—Hot aval labia* Prellminaxy. j7 Standard and Poor* s>ompo site index of 500 eemon stocks. weakly closing prices, 194L-43«10. Poor1 ssonpo Monthly • d»t» data are are ai average# of daily figures rather than of PxldeyU only. High* aad lows are for Friday's data only, i/ Standard and Poor*# oooposite stock yield based em IMnesdar data converted to weekly olosing priaet by fadezml Resent. Held# shawm are for dates on which price index reached! ts high 3/ ATsragss of daily trading rolams em the law Yexk Steak Exohange# Ysai^end figure# are averages of daily figures for the year* End of month figures for omiber fines of the Mew Yoxk Stock txahsnge lAidi carry mrgla so counts I excludes bale noes secured by S , On tii rises nt obligations. 5/ Wednesday a gores for weekly reporting member banks, excludes loans for purchasing or earxyiitf U. S. Government securities* Weekly reporting bank# account for about 70 per oemt of loans to others, for further detail see Bulletin. y tXHIHT I. fan I FEDERAL N A T I O N A L M O R T G A G E A S S O C I A T I O N ^ SECONDARY MARKET OPERATIONS FERINGS SALES PORCHASESV I 1961 1960 1963 1962 1964 1966 1965 E x h i b i t F - Part II Date E s t i m a t e d offerings to FNMA Standby Immediate Total commitment purchase Purchases by FNMA Sales by FNMA (In m i l l i o n s of d o l l a r s ) 1964 -July Aug. Sept. Oct. Nov. Dec. 1965 Jan. Feb. Mar. Apr. Hay June Julv-. 3.4 20.5 15.1 34.9 %uo A\.3 *6.6 30.6 36.9 40.4 35.8 47.9 52.9 Liquid atiog Programs. 8.0 20.5 14.9 34.8 25.9 41.1 36.6 30.6 36.9 40.4 35.7 47.9 52.9. . s3 -.1 .1 .1 .1 .1 .1 — 5.5 15.2 .7.2 24.0 16.0 32.5 29.8 28,S 36.5 38,7 31.4 39.5 ™.7 12.6 4.4 1.6 5.7 5.9 2.0 12.5 5.1 7.9 3.0 12.2 3,4... - YIELDS O N NEW AND SEASONED C O R P O R A T E B O N D S I I I I I I I I Exhibit 0 - Pert II Yield# on Hew Corporate Bond Issues Adjusted to an Aaa basis Number Am't of issues Average yield included (mil. of (per cent). issues of dollars) Number Aa't of issues Average yield included (mil. of (per cent) issues of dollars) June Monthly averages: 1965 - Jan. Feb. Mar. Apr. Bay July 3 3 7 4 8 4 8 94.0 111:0 157.8 115.0 315.0 100.0 278.0 4.42 4.41 4.45 4.46 4.51 4.58 4.61 4 11 18 25 July 2 9 16 4.71(8/27)' 4.33(1/29) 4.60 65.0 4.58 121.0 10 Aug. Weekly average High 1965 Low 35.0 30 6 13 20 27 5i.°0 80.0 17.0 19.5 50.0 • U t corns .everagee offerings Included sre denoted by " 4.67* 4? 58 4.58 4.64 4.-67* 4.71 asterisk^ H. 14 Exhibit H Long-term Corporate and State and Local Government Security Offerings and Placements (In millions of d o l l a r s ) i New Can ital 1965 Corpora te 1964 1963 1965 State and Local 2/ 1964 1963 January February March 795 746 1,197 930 685 754 613 594 1,144 B/8G3 2/872 f>/946 947 776 810 746 976 April May June 1,152 1,691 1,946 2,178 1,069 1,378 930 904 1,013 2/824 2/921 2/943 1,242 667 903 869 866 930 e/ 1,100 e/ 850 780 661 1,109 676 637 795 906 780 892 680 708 449 949 646 1,419 1,013 819 1,415 2,369 4,625 2,550 3,013 2,3)1 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 h a l f Three quarters Year 2,738 4,7-89 7,537 IfS 801 529 948 £ / 2.62i p / 2,688 B/5?19 2,533 2,811 v 2,578 2,278 5,345 7,923 10,201 732 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/ £/ 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 F e d e r a l 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. I # | H. 14 Exhibit I New Corporate Security Issues, Type of Issue and Issuer (In millions of dollars) Quarter or Month Gross proceeds for new capital and refunding 1 / Bond: Common Memo: Privately Total Publicly and Foreign Offered Offered Pfd. issues Net proceeds for new caoiLtal 1/ Included 135 2/ Mfg. Public Communi- Othei Utility cations issue: 1962 - IV 2,875 1,088 1,510 stork 277 747 552 317 945 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 1,780 287 424 287 367 128 434 109 47 947 591 806 968 326 794 285 530 236 221 150 118 842 1 ,241 868 1 ,629 1964 - I II III IV 2,499 4,851 2,802 3,311 978 1,321 792 531 1,221 1,640 1,516 2,372 300 1,890 494 408 29 105 85 223 418 723 547 1,045 438 856 642 509 273 1,663 59 128 1 .240 1,383 1.303 1,,332 1965 - I II III 3,007 5,043 906 1,864 1,673 2,259 429 920 243 215 1 ,072 1 ,679 541 609 91 255 1,,034 2, 246 . 985 710 805 2,234 1,155 1,461 869 728 1,204 1,032 702 1,577 338 279 361 383 470 468 234 183 376 181 30 320 526 342 353 480 537 623 411 433 672 638 620 1,114 121 88 91 1,372 148 370 225 112 156 213 52 143 5 16 8 34 36 35 21 21 44 82 27 114 149 123 146 186 206 332 149 164 234 249 188 607 109 155 174 151 441 264 207 138 296 297 40 172 157 83 34 1,377 27 258 23 16 19 81 17 30 515 324 400 463 395 525 401 342 560 321 401 i610 858 791 1,358 1,233 1,773 2,038 1,130 161 187 557 422 694 748 540 565 450 658 131 155 143 162 449 309 90 49 51 143 33 49 134 385 ' 97 192 215 494 229 176 54a 698 248 441 184 330 340 21 44 26 15 143 98 70 292 295 1964 1965 - Jan. Feb. Mar. Apr. May June J uly Aug. Sept. Oct. Nay. Dec. - Jan. Mar. Apr. May June July e/ Aug. 648 630 980 500 448 422 602 1,223 360 ]>/ Preliminary, e/ Estimated by Federal Reserve. 1 / Gross proceeds exceed net proceeds b y the cost of flotation. 2/ For total see Exhibit H; other issuers are extractive, railroad & other transportation, ~ real estate & finance, & commercial & other. Source: Securities & Exchange Commission Exhibit J Other Security Offerings (In millions of dollars) 1965 January February March April May June July Augus t September October November December 91 e/ 20 Jan t a/44 0 - July Gross Long-term \/ Foreign government 2/ 1964 1963 1965 4 82 69 30 75 26 20 13 7 180 72 58 218 -- 38 73 Year 232 133 76 57 114 11 63 83 129 185 325 Federal agencv 3/ 1964 1963 -- 148 -- - - -- 186 —- -- -- 775 e/ -- 275 260 160 459 -- -- -- -- 509 —— —— 174 200 2 -- 306 686 636 771 e/1,414 535 1,204 —— —— -- 793 1,167 Nf>u ahn •f-f-p-rm Lf Federal agencv 3/ January February March April May June July August September October November December Jan.-July 238 91 -458 647 204 -82 £/ 3 643 103 236 -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 453 692 Ififl £./ Preliminary, e/Estimated by Federal Reserve, n.a.-Not available. 1/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 political subdivisions and international organizations. Source: Securities & Emchan*# 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, t whether*" from the ^proceeds or refunding issues or from other funds. Data include only issues with original, maturity o f 6ne »year or less. "5/ Principally tax and bond anticipation notes / w a r r a n t s , or certificates "and Public Housing Auth. , , Hf^ylar * n 801116 i n s t a n c e s 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 Issues for New Capital (Other than U. 8. Treasury) 1/ : Proceeds o f Large Issues Offered (In millions of dollars) Jj I } Total ; 1964 - July Aug. ' Sept. Oct. Nov. Dec. 1965 - Jan. Feb. Mar. Apr. May June July Cornoriite Bonds (other then Convertible convertibles) bonds 291 142 376 187 178 215 . 269 108 230 139 217 513 307 928 801 477 200 115 131 233 210 560 343 455 . Stocks State and local governments 113 - - 17 25 81 79 -- --- — 15 86 280 97 53 320 22 -- 315 138 2/ 260 104 15 502 15 544 459 558 419 226 541 419 466 395 411 492 377 65 5 -- 30 Other -- 235 ,30 19 260 • 40 360 20 Large Individual Issues Offered August I tnrougn 27 Issuer i; <?9t£9W6 • 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. Magnavox Co. Lone Star Gas Co. Transcontinental Gas P.L.Co State and Local Government Ala. Pub. Sch. & College A uth. Pittsburgh, Pa. Newark, N, 'J . Type Amount (millions of dollars) Maturity Coupon rate or net interest cost Offering Rating Yield 40,0 35.0 25.0 1990 1990 1990 4-3/4 4-5/8 4-1/4 4.70 4. 63 4.25 17.0 1st mtg. bds. 25.5 Com. stk. 75.0 Conv. deb 19.5 S. F. deb 20.0 S. F. deb 30.0 S. F. deb 1st mtg. p.l. bds50.0 1995 4-7/8 4. 73 A 1980 1990 1986 1990 1986 3-1/8 4-3/4 4-3/4 4-7/8 4-7/8 2.89 4, 70 *.7 3 4.80 4.95 A Aa A A Baa 1966-85 1966-85 1966-85 3.36 3.11 n. a. 2.50-3. 4-0 2.40-3,,15 2.40-3 20 1st mtg. bds. S. F. deb. Conv. sub. deb. Rev.-Rent G.O. G.O. 25.0 10.0 12.0 A A Aa A A K-2 Large Individual Issues Offered August 1 through 20 (Cont'd) Issuer Type 3/ Amount (millions of dollars) Maturity ! OfferCoupon ing rate or net inter -j yield est cost 1 Rating State and Local (Cont'd) San Francisco, Calif. Public Housing Auth. Hamilton Co., Ohio Tarrant Co. Wtr. & Imp. Dist # 1, Texas Suffolk Co. Wtr. Auth, N.Y. Madison, Wisconsin San Antonio, Texas 12.7 132.0 30.0 1966-85 1966-2006 1966-85 2.97 3.22 n. a. 2.35-3.10 2.30-3.40 2.35-3.10 Aa Aaa Aaa Rev.-U(. Rev.-Ut. G.O. G.O. 11.6 15.0 11.7 15.0 1970-95 1966-2002 1966-75 1968-85 3.39 3.46 2.96 3.21 2.80-3.45 2.45-3.60 2.40-2.95 2.70-3.30 A A Aa A Bonds 50.0 1990 4-3/4 4.85 Aa G.O. Bonds G.O. Other Province of Ontario *--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; kev.-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) 1/ Expected Proceeds from Forthcoming Large Issues (In millions of dollars) During month following date shown State and Corporate Other 1 ) local govt. - July 31 Aug, 31 Sept.30 Oct. 30 Nov. 30 Dec. 31 - Jan. 29 Feb. 26 Mar. 31 Apr. 30 May 28 June 30 July 30 92 402 186 120 511 500 254 360 306242 316 212 411 328 397 248 -- 90 105 169 407 267 852 765 363 193 . -- 15 -- Corporate 167 442 186 -- 25 215 60 25 70 20 -- Subsequent to date shown State and local govt. 588 680 626 549 563 435 382 599 373 635 474 524 352 -- 130 105 253 504 792 852 923 410. 240 Other 2/ 15 -- 25 215 -- ' 60 25 70 20 -- Forthcoming Large Offerings as of August 27 Issuer Type Amount (millions of dollars) Approximate date of offering Corporate Georgia Power Co. Consolidated Nat. Gas Co. Alabuma Pwr. Co. Tenn. Gas Trans. Co. Penna. Elec. Co. Southern Bell Tel.& Tel.Co. Public Service Elec. & Gas C< Pacific Power & Light Co. Indiana Bell Tel. Co. ^Kansas City Power & Lt. Co. ^Columbia Gas System "Jersey Central Power & Lt. Cc "West Penn. Power Co. Macy Credit Corp. Great Western Financial Corp. General Tel. Co. of Calif. 1st mtg. bds. Deb. 1st mtg. bds. 1st mtg. p.l. bds. Deb. Deb. 1st & ref. mtg. bds. 1st mtg. bds. Deb. 1st mtg. bds. Debs. 1st mtg. bds. 1st mtg. bds. Deb. Deb. S. F. deb. 36.6 25.0 40.0 60.0 20.0 100.0 60.0 30.0 25.0 15.0 40.0 20.0 20.0 25.0 22.0 30.0 Sept. 1 Sept. 9 Sept. 10 . Sept. 14 Sept. 15 Sept. 16 Sept. 21 Sept. 29 Oct. 5 Oct. 5 Oct. 7 Oct. 26 Nov. 23 Indefinite Indefinite Indefinite i L-2 Forthcoming Large Offerings as of August 27 (Cont'd) Issuer Type Amount (millions of dollars) Approximate date of Offering • State and Local Government State cf Washington New York State Dorm.Auth. State of North Carolina Tulsa, Oklahoma State of New York Cuyahoga Co., Ohio State of Calif. -State of Ohio Highway Imp. *State of New Hampshire Los Angeles Co. Flood Control Dist.Cal El Paso, Texas "La. Capital Construction & Imp. Comm. Nassau Co., N.Y. Dade County, Fla. Florida Dev. Comm. G.O. Rev •Rent. G.O. G.O. G.O. G.O. G.O. G.O. G.O. Rev. -Q.-Ut. Rev. -Ut. Rev. -S.T. G.O. G.O. Rev. -S.T. 28 .0 21 .0 25 .0 13..1 70.,0 13..0 105. 0 50. 0 26.1 40.0 10. 5 25. 0 30. 0 46. 0 33. 8 30 Aug. Aug. 31 Sept. 1 Sept. 8 Sept. 9 Sept. 9 Sept. 14 Sept. 16 Sept. 17 Sept. 21 Sept. 22 Sept. 22 Sept. 30 Indefinite Indefinite NONE "--Included in table for first time. If 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-guarnateed issues of Federal agencies. Note;--Deletions for reasons other than sale of issue: General Tel. Co. of Calif., originally scheduled for Aug. 26, postponed indefinitely. r? H.14 Exhibit M Foreign Government and Corporate Security Offerings and Placements in the United States Part I: Sale Date Public Offerings Amount (millionsr of dollars) Issuer and Description of Issue A. Sold June 1 through August 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 yjeid 6.50%.** 7/7 20.0 Commonwealth of New Zealand--5-3/4% bonds, maturing 1985, reoffered to yield 5.97%.** ;*8/24 50.0 Province of Ontario, Canada--4-3/4% debenture, maturing 1990, reoffered to yield 4.85%. i B. j I Prospective Offerings NONE * ** Included in table for first time. Issue sold r..tw investors outside U.S. M-2 Part II: Date Reported Amount (millions of dollars) H. 14 Private Placement--Reported June 1 through August 27 ' Issuer and Description of Issue 7/21 40.0 Trans-Canada Pipe Lines Ltd.--5-1/8% first mortgage bonds, maturing 1985--no information available on takedown. 8/11 8.0 Celanese Mexicana S. F.--7-1/4% sinking fund bonds, due 1977--no information availably 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 y 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 i 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 information concerning timing of takedowns. Full or partial takedowns may take place both prior and subsequent to the date a placement is reported. '