Full text of H.16 Capital Market Developments : December 28, 1962
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DECONTROLLED AFTER SIX MONTHS Not for Publication December 28, 1962. DEVELOPMENTS THE UNITED STATES financing to obtain new capital was in light volume durifl#—thtfpast two weeks and is expected to be virtually nil this WeSTcT During the two weeks ending December 28, one large corporate security issue of $28 million was offered and three State and local government bond issues with par value of $58 million were sold. This week, ending January 4, no large issues for new capital have been scheduled for public offering by either corporations or State and local governments; however, the Columbia Gas System has scheduled a $25 million debenture issue to retire outstanding securities. Bond yields. Changes in yields on seasoned, long-term bonds were mixed during the p a s : two weeks, Aaa-rated corporate bond yields fell two points further to 4.23 per cent, one basis point below their early November low and their lowest level since April 1959, but yields on Baa-rated issues edged up a basis point to 4.93 per cent. U. S. Government bond yields dropped three basis points to 3.85 per cent, matching their early May low. Yields on Aaa™rated State and local government bonds edged up a basis point to 2.94 per cent, while yields on Baa-rated issues were stable. Short- and intermediate-term interest rates. Treasury bill rates advanced five basis points during the past two weeks, but yields on 3-5 year U. S. Government bonds declined three basis points to 3.41 per cent, the lowest level since late May 1961= One major finance company raised the advertised rate bn its directly-placed paper with 90-179 day maturity by one-eighth of a per cent to 3-1/4 per cent; this resulted in the average rate on such paper increasing five basis points to 3.19 per cent. The Federal funds rate rose slightly to 3.00 per cent. Housing starts. Seasonally adjusted private housing starts, including farm, changed little in November, following a 3 per cent upward revision in the advanced October rate. The annual ratefof 1,544 thousand for November was within 2 per cent of the high reached last May and was 13 per cent above the declining level a year earlier. On a three-month moving average basis, the rate in the most recent period (ir.eluding the reduced September rate) was 1,460 thousand, little changed from the previous period and 4 per cent above a vear earlier. For the first eleven months as a whole the rate was 1,434 thousand, compared with 1,307 thousand in the same period last tar. Seasonally adjusted building permits in permit-issuing areas rose 2 per cent in November from the improved earlier level and were 8 per cent above a year earlier and only 3 per cent below the high of last February. , - Stock market credits Customer credit in the stock market increased $120 million in November to $5.3 billion at the month-end. Since margin requirements were reduced in July, stock market credit has increased $409 million, cancelling over one-half of the reduction which occurred during the first seven months of the year incident to the sharp decline in stock prices. Customer debit balances (excluding those secured by U. S. Government securities) increased $87 million in November and bank loans to other than brokers or dealers for purchasing and carrying securities (except U. S. Government securities) increased $33 million. Money borrowed by member firms of the New York Stock Exchange (except on U. S. Government securities) fell $38 million further in November, and customers' free credit balances with these firms rose $25 million further. These and other data on stock market credit in October and November are shown in the following table. End of month Nov. 1 Oct. Customer credit Excluding U. S. Government securities - total Net debit balances Bank loans to "others" Net debit balances secured by U. S. Govt, securities Bank loans to "others" for purchasing or carrying U. S. Government securities Broker and dealer credit ^ Money borrowed except on U. S. Government securities On customer collateral Money borrowed on U. S. Government securities Customers 1 net free credit balances r/ Change 5 ,285 3 ,951 1 ,334 24 5 ,165 3 ,864 1 ,301 25 +120 +87 +33 -1 82 81 +1 2 ,558 2. ,269 28 1 :,151 2, ,596 r/2,271 29 1,,126 -38 -2 -1 +25 Revised. Stock prices. Common stock prices advanced slightly in fairly active trading during the past two weeks. Prices, as measured by Standard and Poor's composite index of 500 stocks, rose less than one per cent to close at 62.58 on December 28. Trading volume averaged 4.1 million shares a day last week. More detailed information concerning recent capital market developments is presented in the attached exhibits. Capital Markets Section, Division of Research and Statistics, the Federal Reserve System. Board of Governors of ItXHIBIT A. Port I LONG-TERM BOND YIELDS# HIGH-GRADE |W..kly COirOKAIi Aee Exhibit A - Part II Date Corporate Aaa 1 / 0. S. Govt, long-term 2/ State and local government Aaa 3/ (per cent) 1957 - High 1958 - Low 1959-60 - High 1960-61 Low 1961 - High 1962 - High Low Nov. Dec. Dec. " Dec. Dec. Note: 30 7 14 21 28 £/ 4.14 (9/27) 3.55 (5/2) 4.6l (1/29/60) it. 21 (3/17/61 4.46 (9/15) 4.43 (2/16) 4.23 (12/28) 3.76 3.07 4.2t2 3.70 4.07 4.12 3.85 4.25 4.26 4.25 4.24-" 4.23^ 3.88 3.89 3.88 3.86 3.85 For footnotes see Exhibit B. (10/16) (4/25) (1/8/60) (5/12/61) (12/29) (2/23) (12/28) 3.45 (e/29) 2.64(5/1) 3.65 (9/24/59) 2.99 (9/3/60) 3.37(7/6) 3.26 (1/4) Spread between U. S. Govt, and Corporate State and Aaa local Aaa .60 .22 .59 .19 .57 .50 .34 .92 .46 .76 2.88 (11/8) .47 .29 1.08 .80 2.89 2.92 2.93 2.94 2.94 .37 .37 .37 .38 .38 .99 .97 .95 .92 .91 LONG-TERM BOND YIELDS, LOWER-GRADE COKPOtATE I STATE AMD 1 0 C A I GOVERNMENT B Exhibit B - Part II Corporate Baa 1/ 1957 . High 1958 - Low 1959-60 - High 1960-61 Low 1961 - High 1962 - High Low Nov. Dec. Dec. ^Dec. vDec. 30 7 14 21 2 8 j>/ 5-10 luSL 5.36 il.96 5.13 5.11 4.92 (11/29) (7/11) (2/12/60) (9/9/60) (10/27) (1/5) (12/21) 4.94 4.93 4.92 4.92 4.93. ? State and local govt. Baa 3/ 4.51 3.61i lt.U6 3.93 it.16 4.04 3.52 3.54 3.57 3.57 3.57 3.57 (8/29) (5/1) (3/7/60) (11/9/61) (3/23) (1/11) (5/17) • Spread between Aaa and Baa State and Corporate local govt. 1.27 .77 1.21 .93 .81* 1.08 .81 .57 .93 .66 .74 .63 .69 .67 .67 .68 .70 .82 .56 .65 .65 .64 .63 .63 ~7 Preliminary. _J Weekly average of daily figures, Average terra of bonds included in 23-26 years. 2/ Weekly average of daily figures. The series includes bonds due or callable in 10 years or more. Thursday figures - - general Only obligation bonds are included; average tenia is 20 years. •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 C, Part I SHORT- AND INTERMEDIATE- TERM INTEREST RATES, GOVERNMENT 6MONTH IlltS Market Yield s - $ m i issues! r. I DISCOUNT IATE 1,-_«0_MIH»IHS Market Yield I II I I M I I I I I I I I I I I II I I I I I I I I I I I t I I I I I I I I I I I I I II Exhibit C - Part II Discount rate V 3-month bills 2/ Yields 6-month bills 2/ 3-5 year issues 2/ Spread between yields on 3month bills and yields on 6-mo. bills|3-5 yr. issues 1957 - High 1958 - Low 1959-60 - H 1960-61 Low 1961 - High 1962 - High Low 3.50 1.75 Loo 3.00 3.00 3.00 3.00 3.6U (lo/ie) .58 (5/29) it. 59 (1/8/60) 2.11 (10/28/60 2.66 (12/29) 2.97 (7/13) 2.65 (6/8) — It. Oil (10/18) 3.02 (12/26) 2 . 1 M 6 / 6 ) 5.00 (12/24/59) 5,07 (1/8/60) 2.35 (4/28/61) 3.15 ( 5/12/61) 2.90 (12/29) 3.86(8/11) 3.13 (7/20) 3.88 (2/2) 2.74 (6/8) 3.41 (12/28) .24 .02 .86 .Oil 1.81 .38 1.51 1.19 .52 Nov. Dec. Dec. Dec. Dec. 3.00 3.00 3.00 3.00 3.00 2.86 2.85 2.84 2.88^ 2.89 ^ 2.94 2.91 2.88 2.90 2.93 .08 .06 .04 .02 .04 .62 .63 .60 .53 .52 30 7 14 21 28 2/ 3.48 3.48 3.44 3.41 3.41 .26 .79 .12 y weekly rate shown 2/ Market yield; weekly averages computed from daily olosing bid prices. Series of 3-5 year issues consists of selected notes and bondse Note.—Highs and lows are for individual series and may be on different dates for different series. For spreads, high refers to widest, and low to narrowest. EXHIBIT D, Pari I SHORT- AND INTERMEDIATE-TERM INTEREST RATES, BANKS A N D OTHER PRIVATE BORROWERS W«.My Exhibit D - Part II Date Stock Exchange call loan 1/ Finance company paper 2/ Prime rate 1 / Federal funds 3/ Spread between 3-mo. bills and finance Co. naoer (per cent) 1957 - High 1958 - Low 1959-60 - High 1960-61 Low 1961 - High 1962 - High Low' U.50 3.50 5.50 Ji.50 it. 50 4.50 4.50 k.50 3.50 5.00 It. 50 L5o 4.50 4.50 3.88 1.13 5.13 2.50 3.00 3.25 2.88 Nov. Dec. Dec. Dec. Dec. 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.50 3.13 3.13 r/3.14 '3.19 3.19 30 .7 14 21 28 2/ (11/15) (8/8) (1/22/60) (8/5/61) (12/29) (7/20) (6/1) 3.50 (11/8) .13 (5/29) it.00 (5/13/60) .43 (1/27/61) 2.88 (12/29) 3.00 (12/28) 1.30 (1/26) 2.85 2.73 r/2.90 3.00 3.00 .63 -.35 1.02 .11 .56 . 45 .19 .27 . 28 r/.30 .31 .30 Weekly rate shown is that in effect at end of period,Stock Exchange call loan rate is going rate oh call loans secured by customers * stock exchange collateral at New York City banks* Prime rate is that charged by large banks on short-term loans to business borrowers of the highest credit standing. 2/ Average of daily rates published by finance companies for directly placed paper for varying maturities in the 90-179 day range. | 3/ Weekly average of daily effective rate, which is the rate for the heaviest volume of purchase and sale Digitized fortransactions FRASERas reported to the Federal Reserve Bank of New York. Note.—Highs and lows are for individual series and may be on different dates for different series. For spreads, high refers to widest, and low to narrowest. http://fraser.stlouisfed.org/ 3/ Federal Reserve Bank of St. Louis EXHIBIT E. Par. I STOCK MARKET J t0 IMIIIIoi °? _U!L • • V v — TO yxr< 1 -LH i ' i n i 1i II i M M M II M M M l II 1 11 II II II II II l-U.L LLI Exhibit E - Part II Hate October November Dec. 14 Dec. 21 Dec. 28 j>/ Common Trading stock volume 2 / yields 2/ (millions (per cent) of shares) 72.0b (12/6/61) 53.32 70.94 (3/16) 52.68 (6/22) 2.82 3.62 2.93 3.96 5.8 2.2 10.1 2.4 56.17 60.04 62.57 62.64 62.98 3.71 3.50 3.40 3.41 3.39 3.4 4.8 c/3.7 3.8 4.1 I 1 1960-61 - High Low 1962 - High Low Stock price index 1/ Stock market customer credit Customers 1 Bank debit balloans to "others" JtL si (In millions of dollars) Total 5,602 (12/61)^,259 (12/61) 1,377 (8/30/61) 5,491 (4) 4,876 (7) 4,111 (1) 3,562 (7) 1,418 (5/9) 1,269 (9/26) 5,165 5,285 3,864 3,951 1,301 1,334 1,348 1,358 n.a.—Not available. Preliminary# • y Standard and Poor's oompoaite 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 ani lows are for . * riaay s d&tft only# y Standard and Poor's oonposite stock yield based on Wednesday data converted to weekly closing r 4eral or lor ® Reserve. Yields shown are for dates on which price index reached its high 3/ Averages of daily trading volume on the New York StQok Exchange. $1 month figures for member firms of the New York Stock Exchange which carry margin accounts! excludes balances secured by U« S. Government obligations. y Wednesday figures for weekly reporting member banks. Excludes loans for purchasing or carrying U. S. Government securities. Prior to July 1, 1959, such loans are excluded only at banks in New York and Chicago. Weekly reporting banks account for about 70 per cent of loans to others. Tor further detail see Bulletin. X PRIVATE H O U S I N G STARTS 1 CONVfHTIONAt: 1955 1956 ,1»T niT 195 9 1962 ,960 Exhibit F - Part II Date Total Seasonally adjustUnadjusted FHA ed annual rate (Thousands of units) Unadjusted | VA Conventional 1961 - Oct. 124 23 1,434 9 91 1,351 103 Nov. 23 7 72 Dec. 1,297 82 17 6 59 1962 81 1,273 18 4 58 1,152 Feb. 76 15 5 56 Mar. 115 1,431 21 6 88 Apr. 1,542 147 25 8 114 154 May 26 1,579 8 120 June 136 1,425 24 105 7 July 136 1,466 25 7 103 1,529 146 28 Aug. 8 110 r/1,289 Sept. r/114 20 6 87 Oct. r/1,548 r/133 23 7 r/103 Nov. p/ 117 19 1,544 6 92 Total starts are Census estimates, whioh are not striotly comparable with old nonfann series developed by BLS. A dwelling unit is started when excavation begins; all units in an apart™nt structure are considered started at that time. FHA and VA starts are units started under commitments by these agencies to insure or guarantee the mortgages. As reported by FHA and VA, a unit is started when a field office receives the first compliance inspection report, which is made before footings are poured in sane cases but normally after the foundations have been completed. Capehart military housing units are excluded. Conventional starts are derived as a residual, although total and FHA and VA starts are not strictly comparable in concept or timing; they include both units financed by conventional mortgages and units without mortgages. EXHIBIT G, Ron 1 YIELDS ON NEW AND ..SEASONED, CORPORATE BONDS NEW ISSUES g SEASONED A # Exhibit G - Part II Yields on New Corporate Bond Issues Adjusted to an Aaa basis Weekly averages: 1962 June* 15 22 29 July 6 13 20 27 Aug. 3 10 17 24 31 Sept. 7 14 Number Ain't of issues Average of included (mil. yield of dollars) (per cent) 67.0 145.0 24.0 4.22 4.18 4.35 Number Ain't of issues Average of included (mil. yield issues of dollars) (per cent Sept. 21 28 1 4.9 4.16 Oct. 5 1 75.0 4.22 12 50.0 4.44 19 46.0 4.29 26 2 275.0 4.29 20.0 4.33 Nov. 2 3 85.0 4.14 107.3 4.33 9 2 37.0 4.13 115.0 4.45 16 • 70.0 4.27 23 2 19.8 4.00* 52.0 4.29 30 2 72.5 4.17 60.0 4.28 Dec. 7 3 87.0 4.24 12.0 4.23 14 1 45.0 4.25 50.0 4.22 21 28 Wote: Ayerages of offering yields on all now issues of publioly offered corporate bonds rated Aaa, &„ " . A by Moody's Investors Service (except serial and convertible issues, offerings of natural gas pipeline and foreign companies, and bonds guaranteed by the Federal Government) weighted by size of offering. . Before averaging, new offerings are adjusted to a composite Aaa basis ty deducting from the actual reofferlng yield tie excess of the weekly average yield for seasoned tends of the appropriate industxyquality group over the composite average for seasoned Aaa-rated bonds (Moody's), Averages considered , unrepresentative because of special characteristics of the offerings incited are denoted by an asterisk. H. 14 Exhibit H Long-term Corporate and State and Local Government Security Offerings and Placements (In millions of dollars) New capital 1962 J anuary February March April May June July August September October November December 1st 2nd 3rd 4th quarter quarter quarter quarter 1st half Three quarters Year Corporate 1/ 1 1961 | State 1960 1962 | local 2/ 1961 | 1960 2/876 2/1,133 2/629 713 689 764 700 611 568 761 577 1,044 2/873 2/914 2/788 723 641 1 ,034 719 545 991 1 ,028 762 647 736 967 726 2/611 2/543 2/422 485 604 734 492 606 683 888 el 650 e/800 1 ,090 948 1 ,000 890 956 852 e/6C v e/550 e/500 678 789 606 348 501 491 2,258 3,005 1,910 e/2,338 1 ,809 4;,695 2.,437 3 :,038 2,145 2,382 2,428 2,698 2/2,638 2/2,574 E./1.57: e/1,650 2,,166 2,,397 1,,823 2,,073 1 :,880 2 ,256 1 ,780 1.,340 5,263 7,173 e/9,511 6.,504 8.,941 11 =,979 4,527 6,955 9,653 2/5,213 2/6,76? e/8,439 4,563 6, 386 8, 460 4.,136 5.,916 7.,257 592 859 807 580 667 562 570 715 860 1,113 760 1,132 2 ,118 1 ,259 1 ,318 582 749 579 Excluding finance companies' 3/ 1st 2nd 3rd 4th quarter quarter quarter quarter Year e/ 1/ 2/ 3/ 2,199 2,919 1,775 e/2,088 1 , 554 4, 552 2, 337 2, 807 1,716 2,165 2,018 2,347 e/8,981 11, 253 8,246 Estimated by Federal Reserve. ja/ 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. Exhibit I New Corporate Security Issues, Type of Issue and Issuer (In millions of dollars) Quarter or month 1960 Gross proceeds f< capital and refuiidins 1/ Common Memo: foreign Total Publicly Privately Mfg. pfd. issues offered offered stock included , Net proceeds for new capital 1 / 2 / Public Communiutility cations Other issuers I II III IV 2,265 2,537 2,520 2,832 934 1,074 1,336 1,462 795 770 754 955 536 692 429 416 69 27 38 17 298 511 562 625 598 808 652 696 189 149 317 381 1,059 913 896 997 1961 - I II III IV 1,992 5,352 2,566 3,236 662 2,303 772 967 880 1,275 1,139 1,424 449 1,774 654 845 76 155 69 62 515 1,466 595 836 381 1,081 595 836 81 1,095 104 147 832 1,052 ^803 1,263 1962 - I II III IV 2,378 3,250 2,184 1,155 1,389 853 716 1,222 1,024 507 639 307 68 257 56 655 996 601 430 983 375 456 231 275 717 794 659 294 255 331 348 355 572 392 411 336 509 348 567 129 167 154 1 = 170 320 283 . 259 177 218 310 225 310 . 54 19 3 71 35 49 52 7 10 25 12 25 169 99 248 574 447 446 428 255 252 271 215 306 137 160 84 254 439 389 369 215 111 306 362 168 21 41 19 994 85 16 16 13 75 25 80 42 253 368 211 297 289 467 315 279 209 487 291 485 . 1961 - Jan. Feb. Mar. Apr. May July Aug. Sept. Oct. Nov. Dec. 1962 - Jan. Feb. Mar. Apr. May 601 695 696 2,231 1,342 1,779 1,075 813 678 1,155 987 1,094 647 884 847 1,217 801 1,232 July 630 Aug. 922 Sept. 632 Oct. e/ 1,037 Nov. e/ 740 Dec. 178 273 211% 713 666 924 424 225 123 336 414 217 273 497 386 654 247 488 200 477 176 540 290 232 232 253 227 420 575 366 363 295 372 400 143 155 209 336 134 169 67 82 161 128 50 3 12 54 10 147 100 13 43 93. n. a. 205 131 318 384 270 342 217 218 166 170 220 89 148 193 377 196 410 118. 110 148 141 160 73 362 21 88 64 79 88 120 67 257 -~ 225 218 275 264 229 301 159 301 199 320 270 n / Pre! i m4 na>-tr e/ Estimated by Federal Reserve. 1/ Gross proceeds exceed net proceeds by the cost of flotation. * 2/ For total"see Exhibit~H; other issuers" are extractive, railroad and other transportation, real estate and finance and commercial and other. Source.—Securities and Exchange Commission. H. 14, Other Security Offerings (In millions of dollars) Gross long-term 1/ Foreign government 2/ Federal agency 3/ 1962 | 1961 1962 | 1961 1 I960 January February March April May June July August September October November December 142 10 35 10 86 50 25 8 31 6 29 20 2 66 29 5 2 2 175 70 34 72 40 25 1 36 P./151 43 34 34 2 41 e/100 "" Year 236 Jan.-Nov. e / 6 4 "i January February March April May 18 466 -186 127 -84 -118 78 339 -406 71 2/233 July August September October November December Jan-Nov. 2/ 3/ 4/ 5/ 461 252 100 149 278 |1 1960 182 150 150 148 354 150 175 250 193 199 £/-- -- -- 160 149 181 1 ,448 1,672 533 225 1,492 e/1,188 1 ,447 short-term 4/ Federal agent-V 3/ State and local government 5/ 236 491 160 195 -8 -103 -42 -155 109 518 "86 -6 54 -116 58 140 -80 70 -146 = 157 48 415 -175 247 -156 226 -364 82 284 261 227 -15? -144 -162 -174 -79 -87 207 22 193 108 -196 -202 -59 -277 170 320 95 23 -201 -16 50 -189 379 jV54 98 56 -114 -23 -33 -250 520 18 -76 633 634 207 38 -383 Year £/ ' 1/ •• 246 156 f/538 2/975 Preliminary. e/ Estimated by Federal Reserve, n, a. — N o t a These data differ from those in Exhibit H in that ref-cnding is sua ell new capital issues, are included. Long-term securities are defined as those maturing in more than one year. Included securities offered in the united States by foreign governments and their political subdivisions and international organizations, Source; Securities and Exchange Commission. Issues not guaranteed by the U, S..Government,. Source: Long-term, Securities and Exchange Commission; short-term, Treasury Department and Federal Reserve. These data differ from those in Exhibit H and above in that they represent new offerings less retirements, whether from the proceeds of refunding issues or from other funds, Data include only issues with original maturity of one year or less. Principally tax and bond anticipation n o t e s ; warrants or certificates and Public Housing Authority notes. In some instances PHA notes included may have a somewhat longer maturity than one year, S :rce<. Bond Buyer and Federal Reserve. Exhibit K H.14 Large Long-term Public Security Issues for New Capital (Other than U. S. Treasury) 1/ Proceeds of Large Issues Offered (In millions of dollars) Month Total i1961 - November December 1962 - January February March April May 391 255 195 425 366 648 200 472 165 286 191 434 178 July August September October November Corporate Bonds Convertible (other than convertibles) 320 125 170 425 330 430 170 387 135 226 100 398 178 Stocks 26 45 130 25 15 51 21 167 30 85 30 State and local government 480 307 561 662 259 423 373 266 321 272 153 320 217 60 91 36 Other 2/ 250 145 64 30 55 88 30 20 194 25 Large Individual Issues Offered December 1 through 28 Issuer Type 3/ Coupon Amount Offering (millions Maturity net inter- yield of dollars) Rating CORPORATE 1st mtg. bds Metropolitan Edison Co. l s t & ref.mtg.bds. Consol. Edison Co. Sen.deb. Beneficial Finance Co. Deb. Southern New Eng. Tel. Co. Tokyo Shibaura Elec. Co., Conv.deb. Ltd. U.S.Govt.Ins.Bonds Grace Lines, Inc. 15.0 60.0 30.0 45.0 1992 1992 1988 2001 4-3/8 4-3/8 4.45 4-3/8 4.26 4.33 4.45 4.32 Aa Aa A Aa . 20.0 28.0 1978 1987 6-3/8 4.20 6.38 4.20 Aaa STATE AND LOCAL GOVERNMENT State of New York Public Housing Auth. Tampa, Florida Port of New York Auth. New York City, N. Y. Richmond, Virginia G.O. Rev.-Ut. Rev.-Ut. G.O. G.O. 30.0 95.0 10.0 25.0 21.8 11.3 1964-83 1963-2003 1964-92 1993 1964-2012 1964-83 2.63 3.11 3.30 3.47 3.48 2.60 1 .50-2.85 1 .50-3.35 1 .70-3.60 3.44 1 .60-3.52 1 .50-2.80 OTHER . Bonds Inter-Amer. Devel. Bank 75.0 1982 4-1/4 4,25 Aaa Aaa A A A K-2 H. 14 *--Rights offering. V 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; 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. K Forthcoming Large Long-term Public Security Offerings for New Capital (Other than U- S. Treasury) 1/ Expected Proceeds from Forthcoming Large Issues During month following date shown State and Corporate Other 2/ local govt. Date of computation 356 161 480 222 628 185 587 120 302 170 363 203 170 1961 ** Nov. 30 Dec. 29 1962 - Jan. 31 Feb. 28 Mar. 30 Apr. 30 May :31 June 29 July 31 Aug. 31 Sept . 28 Oct. 31 Nov. 30 295 223 465 153 453 333 184 202 273 61 187 96 194 64 95 55 175 75 Subsequent to date shown State and Corporate local eovt. 421 591 525 341 693 598 692 458 477 312 546 328 360 498 415 567 239 539 452 337 377 427 215 387 243 328 Other 2/ 64 95 55 25 175 75 Forthcoming Large Offerings, as of December 28 Issuer ft Amount (millions of dollars) Approximate date of offering CORPORATE Gen. American Trans. Corp. V' New York Tel. Co. '-•Illinois Power Co. Chesapeake & Potomac Tel. Co. v; Tennessee Gas Trans. Co. i; Commerce Oil Refining Corp. fc Type 35.0 70.0 35.0 25.0 50.0 45.0 Jan. 8 Jan. 8 Jan. 16 Jan. 23 Indefinite Indefinite G.O. G-O. G.O. Rev. ~Ut. G.O. . Rev.=Ut. 15.3 15.0 15.0 30.8 10.7 15.0 Jan. Jan. Jan. Jan. Jan. Jan. Rev.-Ut. G.O. 12.0 37.0 Jan. 23 Jan. 22 G.O. G.O. 10.0 35.0 Jan. 21 Indefinite Equipo tr.cert. Deb. 1st mtg. bds. Deb. 1st mtg. bds. Deb., bds. & com. STATE AND LOCAL GOVERNMENT / ,Oklahoma City, Oklahoma -• - Philadelphia Sch. Dist. , Pa & S t a t e of Louisiana '"'Ipemphis, Tenn. J t . Louis Sch. Dist. , Mo. .atropolitan Seattle, Wash. jOs Angeles Dept. of Wtr. & Pwr. , Cal. i ' g,tate of Oregon ^Cleveland Consolidated Sch. Dist., Ohio Pittsburgh, Pa. 8 8 9 10 16 18 L-2 H.14 Forthcoming Large Offerings, as of December 28 (Cont'd) Issuer Type Amount (millions of dollars) Approximate date of offering STATE"AND LOCAL GOVERNMENT (CONT'D) Jefferson County, Colorado Dade County, Florida Jacksonville Expressway Auth., Fla. G.O. G.O. Rev.-Ut. 12.9 46.0 40.0 Indefinite Indefinite Indefinite Bonds 25.0 Jan. 14 OTHER c City of Montreal, Canada ^--Included in table for first time; represents two weeks of additions. 1/ Includes corporate and other issues of $15 million and over; State and local government issues of $10 million and over. 2/ Includes foreign government and International Bank for Reconstruction and Development issues and non-guaranteed issues of Federal agencies. Note.--Deletions for reasons other than sale of issue: None.