Full text of H.16 Capital Market Developments : December 4, 1961

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V
Mot for Publication

^ ^ o t L E D iPTER SIX MONTHS

H.Ik
6

December U, 19 61.

1SS1

'

CAPITAL MARKET DEVELOPMENTS
'IH'THE UNITED STATES

( I n c l u d i n g Monthly Review of C a p i t a l Market Developments)

yk
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i

The volume of p u b l i c s e c u r i t y f i n a n c i n g t o o b t a i n new c a p i t a l
was l i g h t l a s t week but i t should b e somewhat l a r g e r t h i s week. During
the week ending December 1 , two c o r p o r a t e i s s u e s a g g r e g a t i n g # 8 m i l l i o n
were o f f e r e d , one S t a t e and l o c a l government bond i s s u e f o r # 2 m i l l i o n
was s o l d and t h e Kingdom of Belgium s o l d $25 m i l l i o n i n bonds. This
week, e n d i n g December 8 , two c o r p o r a t e s e c u r i t y o f f e r s t o t a l i n g $75
m i l l i o n a r e scheduled and t h r e e S t a t e and l o c a l o f f e r s w i t h p a r v a l u e
of $87 m i l l i o n a r e on t h e c a l e n d a r .
Bond y i e l d s . Y i e l d s on seasoned A a a - r a t e d c o r p o r a t e bonds
d e c l i n e d a s i n g l e b a s i s p o i n t t o t h e i r l o w e s t l e v e l s i n c e t h e end of
June, w h i l e y i e l d s on both Aaa and B a a - r a t e d S t a t e and l o c a l government
bonds i n c r e a s e d a s they had o v e r t h e p a s t s e v e r a l weeks, r i s i n g 2 and 5
b a s i s p o i n t s , r e s p e c t i v e l y . Y i e l d s on l o n g - t e r m U. S. Government bonds
r o s e 3 b a s i s p o i n t s while y i e l d s on B a a - r a t e d c o r p o r a t e bonds were
unchanged.
The a v e r a g e y i e l d on new c o r p o r a t e bonds o f f e r e d l a s t week,
a d j u s t e d t o a Aaa b a s i s , was It.liO p e r c e n t , 5 b a s i s p o i n t s above t h e
a v e r a g e f o r t h e week ending November 21;. At l a s t w e e k ' s l e v e l , new
o f f e r i n g y i e l d s were 28 b a s i s p o i n t s below t h e high f o r t h e y e a r and 19
b a s i s p o i n t s above t h e low reached i n t h e week ending November 3S h o r t - and i n t e r m e d i a t e - t e r m i n t e r e s t r a t e s . Y i e l d s on 3 month and 6-month Treasury b i l l s i n c r e a s e d f o r t h e f o u r t h c o n s e c u t i v e
week t o match t h e i r h i g h s f o r t h e y e a r , i n c r e a s i n g 2 and 5 b a s i s p o i n t s ,
r e s p e c t i v e l y , and y i e l d s on 3 - 5 y e a r U. S. Government bonds r o s e 5 b a s i s
p o i n t s . The r a t e of i n t e r e s t on d i r e c t l y - p l a c e d f i n a n c e company p a p e r
with 90-179 day m a t u r i t y i n c r e a s e d 3 b a s i s p o i n t s t o 2 . 8 1 p e r c e n t ,
r e f l e c t i n g t h e f u l l e f f e c t of t h e change i n r a t e s made t h e p r e v i o u s week.
The average r a t e on F e d e r a l f u n d s d e c l i n e d 9 5 b a s i s p o i n t s t o 1 . 8 0 p e r
c e n t . Other s h o r t - and i n t e r m e d i a t e - t e r m i n t e r e s t r a t e s were unchanged.
Mortgage r e c o r d i n g s . Nonfarm mortgage
September f o l l o w i n g a sharp r i s e i n August. A l l
i n t h e d e c l i n e . On a s e a s o n a l l y a d j u s t e d b a s i s ,
average of r e c o r d i n g s i n August was a t a r a t e of
from t h e advanced r a t e reached i n July and 5 p e r
mid-1959.

recordings declined in
types of loans s h a r e d
t h e t h re e -m o n t h movirg
$2,652 m i l l i o n , unchanged
c e n t below t h e peak i n

December s e c u r i t y volume. S e c u r i t y i s s u e s of c o r p o r a t i o n s a r e
expected t o be i n s u b s t a n t i a l volume i n December while S t a t e and l o c a l
government s e c u r i t y s a l e s a r e e x p e c t e d t o be moderate.




Corporate financing i n December i s estimated a t $975> m i l l i o n
due t o a l a r g e extent t o the expectation of the usual l a r g e takedowns
.--of p r i v a t e placements a t year-end* t h i s i s an i n c r e a s e of o n e - f i f t h over
November and one-eighth more than December i960. Large issues currentlyscheduled f o r public o f f e r i n g during the month amount to §356 m i l l i o n .
S t a t e and l o c a l government bond s a l e s in December a r e expected
to t o t a l 5550 m i l l i o n , almost o n e - t h i r d l e s s than t h e revised t o t a l f o r
November and about one-tenth l a r g e r than the small volume sold i n
December of the two previous y e a r s . Large i s s u e s are expected to amount
t o $295 m i l l i o n , including one l a r g e n e g o t i a t e d o f f e r i n g which e a r l i e r
had been t e n t a t i v e l y scheduled f o r s a l e l a s t month.
C a p i t a l markets i n November, New s e c u r i t y f i n a n c i n g by corporat i o n s and State and l o c a l governments i n November was in moderately l a r g e r
volume than in other recent months. Some congestion developed i n the
d i s t r i b u t i o n of new o f f e r i n g s and y i e l d s on most types of bonds increased.
Corporate long-term f i n a n c i n g t o r a i s e new c a p i t a l t o t a l e d $800
million i n November, the same a s i n October, but one-sixth l e s s than the
l a r g e volume of a year e a r l i e r . Large public nonconvertible bond o f f e r ings t o t a l e d $ 3 2 0 m i l l i o n , one -half I T D r e than i n October but convertible
bond and stock i s s u e s were sold in smaller volume. Underwriters encountered
some i n v e s t o r r e l u c t a n c e t o acquire new bond i s s u e s a t p r e v a i l i n g y i e l d s and
the volume of s e c u r i t y o f f e r i n g s in syndicate, which had r i s e n i n l a t e
October from a n e g l i g i b l e amount, was f a i r l y s u b s t a n t i a l throughout November.
Yields on new o f f e r i n g s a d j u s t e d t o an Aaa b a s i s t h e r e f o r e increased
from the low f o r the y e a r of l*,2i per cent t h e f i r s t week i n November to
It.ltO per cent l a t e in the month, as underwriters a d j u s t e d bidding ideas in
an attempt to d i s t r i b u t e new o f f e r i n g s , Yields on seasoned bonds on t h e
other hand declined s l i g h t l y during t h e month,
New bond i s s u e s by S t a t e and l o c a l governments also t o t a l e d $800
million in November, o n e - t h i r d more than in October and one-half l a r g e r
than t h e small volume sold a y e a r e a r l i e r . Included in t h e new f i n a n c i n g
were s e v e r a l l a r g e revenue bond i s s u e s sold by n e g o t i a t i o n , but one i s s u e
of t h i s type which had been t e n t a t i v e l y scheduled f o r s a l e during t h e
month was delayed, probably u n t i l some time t h i s month, pending s e t t l e ment of l i t i g a t i o n , Underwriters of municipal s e c u r i t i e s a l s o encountered
d i f f i c u l t y i n t h e d i s t r i b u t i o n of new i s s u e s and t h e i r a d v e r t i s e d inventory
of unsold
i r i t i e s rose by tilOO million t o a record l e v e l of about $>50
million.
^ds on Aaa-rated S t a t e and l o c a l government bonds increased 7
b a s i s p o i n t s t o 3,31 p e r cent during t h e month, o f f s e t t i n g t h e i r October
d e c l i n e . At t h i s l e v e l y i e l d s on municipal bonds were 6 b a s i s poilrts
below t h e i r high_fpr the year reached t h i s summer and 19 basis p o i n t s
above l a s t s p r i n g ' s c y c l i c a l low.
Common stock p r i c e s increased sharply e a r l y i n November but
changed l i t t l e t h e r e a f t e r . Prices., as measured by Standard and P o o r ' s
index of 500 stocks, closed t h e month a t 71-32, s l i g h t l y below t h e
peak reached e a r l y l a s t week but it p e r cent above t h e end of October
l e v e l . Trading was a c t i v e throughout t h e month, averaging li.it m i l l i o n
shares per day, the heaviest volume since l a s t spring and o n e - t h i r d
higher than the October average.




-3Stock p r i c e s . Common stock p r i c e s , as measured by Standard
and P o o r ' s composite index of 5>00 stocks, changed l i t t l e l a s t week,
closing on December 1 a t 71.78, only s l i g h t l y below both t h e preceding
week's c l o s e and the record reached e a r l i e r i n t h e week. The average
d a i l y volume of t r a d i n g was unchanged from t h e previous week a t b.lj.
million s h a r e s .
More d e t a i l e d information concerning recent c a p i t a l market
developments i s presented in the a t t a c h e d e x h i b i t s .

Capital Markets Section,
Division of Research and S t a t i s t i c s ,
Board of Governors of t h e Federal Reserve System.




EXHIBIT A
L O N G - T E R M B O N D YIELDS

HIGH-GRADE

w

* Chong« In

LOWER-GRADE




6PVUWIMT l i e

i

Exhibit B - Tables f o r Exhibit A

-5-

Long-tera Bond Yields
High-grade
Date

Corporate
Aaa 1 /

U. S. Govt.
long-tem 2/
(per cent)

19514 - Low
1957 - High
1958 - Low
1929-60 - High
i960 - Low
1961 - High
Low
Nov.
Nov.
Nov.
Nov.
z
Dec.

3
10
17
2k
1 2/

State and
local
government
Aaa 3 /

2 . 8 5 (4/23)

2.it5 (8/6)

1.90 (9/2)
3.1i5 (8/29)

l i . 6 l (1/29/60)

3 . 7 6 (10/18)
3 . 0 7 (4/23)
It. 1*2 (1/8/60)

3.75 (ys)
It. 06 (9/15)
3.70 ( 5 / 1 2 )
3.95
3.96
Loo
3.98
It. 01

lt.llt (9/27)
3.55 (5/2)

it. 23 (9/9)
lt.i|6 ( 9 / 1 5 )
h.2L (3/17)
it.itO
k 39
1,39
It. 39
it. 38 -

Spread between
U. S. Govt and
Corporate State and
Aaa
l o c a l Aaa

2.99 (9/1)
3.37 ( 7 / 6 )
3.12 ( 2 / 2 3 )

.30
.60
.22
.59
.19
.57
.39

.30
.50
• 3U
.92
.53
.76
.it6

3.2U
3.2k
3.26
3.29
3.31

.lt5
.lt3 .
•39 . •
.ltl
.37

•71
.72
•7U
.69
.70

2.6U (6A)

3 . 6 5 (9/24/59)

Lower-grade

Date

Corporate
Baal/

Spread between
Aaa and Baa
State and
Corporate
l o c a l govt.

State and
l o c a l govt.
Baa 2 /
(per cent)

195lt - Low
1957 - High
1958 - Low
1959-60 - High
i960 - Low
1961 - High
Low
Nov.
Nov.
Nov.
Nov.
/Dec.

3
10
17
2k
1 q/

3 . k k (12/31)
5 . 1 0 (11/26)

lt.5L (7/11)

5 . 3 6 (2/12/60)
It. 98 (6/9)

2.93 (8/5)

.52
1.27
.77

it. 51 (8/29)
3.614 (6/1)

i|.i]6 (1/7/60)

• 8ii

5 . 1 3 (10/27)
5.QP (A/21)

it.16 (3/23)
3.93 ( 1 1 / 9 )

3 . 9 8 (12/29)

.71
.81
.66

5.12
5.11
5.H
5.10
5.10

3.93
3.93
3.95
3.96
it.01

.72
.72
.72
.71
.72

•

g/ Preliminary.
1/ Weekly average of daily figure*. Average term of boede lneluded ie 23 *26 year#.
7/ Weekly average of dally figures. The aeries Includes bonds due or callable In 10 years or mors.
3/ Thursday figures. Only general obligation bonds are Included* average term la 20 years.
Note.—Illghs ajvl lows are for lndLvldml series and may be on different dates for different serlse,
for spreads, high refers to widest, and lew to narrowest.




" .96
1.21
.93
1.08
A6
.93
.57
.69
.69
.69
.67
.70 .

'

'

SHORT-

AND

INTERMEDIATE- TERM

INTEREST

RATES

[GOVERNMENT

6 - MONTH » I U S

F. I . D I S C O U N T I F L L

3

BANKS

AND

MONTH l l t l S

OTHER'PRVvATE

VV • alt I y

BORROWERS
* | ^ J Going Ro»«

DISCOUNT
J
IATES; /




•TtDIIAL FUNDS.

-7Exhibit D - Tables for Exhibit C
Qiort- and Intermediate-tern I n t e r e s t hates
Government
Date

1951* - Low
1957 - High
1958 - Low
1959-60 - High
1960 - Low
1961 - High
Low
Nov.
Nov.
Nov.
Nov.
/Bee.

3
10
17
2k
1 2/

Discount
rate
v

1.56
1*75

Loo

3.00
3.00
3.00
3.00
3.00
3.00
3.00
3.00

Yields
6-month
b i l l s 2/
(per cent)

3-month
b i l l s 2/
.61
3.61*
.58
4.59
2.11
2.56
2.17

(6/11)
(10/18)
(5/29)
(1/8/60)
(10/28)
(12A)
(1/27)

2.28
2.1*0
2.53

Spread between y i e l d s on
3-month b i l l s and y i e l d s on
6-mo. b i l l s 13-5 yr. issues

.66

1 . 6 6 (4/30)

3 . 02 (12/26)
5.07 (Ve/60)

ii.Oi* (10/16)
2.11* (6/6)
5 . 0 0 (12/24/69)
3.1*0 (12/30)

2.35 ( V 2 8 )

3

2.58

3.61
3.63
3.69

2.78 (12/1)

2.61

. m

.86

.26

2 . 3 8 (12/30)

2.71*
2.73
2.78

::#/

3-5 year
issues 2/

'

i S

.01*

1.81

:S
.1*1*
.12

.38
1.51
.92

.30
.21
.21
.19
.22

1.16
1.15
.1.18

Banks an^.'Oth'err Private Borrowers
Date

Stock Exchange
c a l l loan 1 /

Prime
rate 1 /

I Finance company
| paper 3 /

Federal
funds U/

Spread between
3-roo. b i l l s and
finance co. paper

(per cent)
1951* - Low
1957 - High
1958 - Low
1959-60 - High,
I960 - Low
1961 - High
Low

3*00
L50
3.50
5.50
L50
1*.50
l*.5o

3.00
l*.5o
3.50
5.00
1*.50
l*.5o
i*.5o

1.25(12/31)
3,88 (ll/is)
1'.13 (a/a)
51.13 (1/22/60)

n.a. „
3.50 (li/a)
.13 (V29)

2.88 ( 3 / 1 0 )
2.50 ( 7 / 2 8 )

2.88 (11/10)
.1*3 ( 1 / 2 7 )

Nov.
Nov.
Nov.
Nov.
Dec.

1*.50
1*.50
i*.50
i*.5o
l*.5o

l*.5o
1*.50
l*.5o
l*.5o
l*.5o

2.70
2.69
2.73
2.78
2.81

2.30
2.81
2.90
2.75
1.80

3
10
17
21*
1 2/

2; 88 (12/30)

1*.00 (5/13/60)
. 9 5 (12/2)

•

0
.63
-.35
1.02
.22
.56
.11
.1*2
.29
.20
.21*
.25

we
i4f1
o r f t d t r t l ft.a.rut
i Bark of Hew York.
1/ HA6KIV
eiiun*
r-- el a<4» T\A e/tAtirxf.
Stook Exchange call lt-aft rate Is going rate on call loans secured by customers' stock exchange collateral at
N»lf York City banks. Prime rate is that charged by large banks on ahnrt-term loans to business borrowers of
the highest credit standing,
'
2/ Market yield; weekly nvercges computed from dally oloalna bid prices. Series of 3-5 year Issues consists of
1
selected notes and bonds.
3/ Average of dally rates publlehcd by finance companies for directly planed paper for varylsg maturities In She

4/ Weekly
dully effective rate, which Is the rate for the heaviest volute of purchase and sale traneaetlons
&« reported to the Federal Reserve Bank of New York.
•
MoVt.-Hltihs and lows are for Individual ssrles and may be on different dates for different dais, for different sirlss.
for spreads, high refers to widest, and low to narrowest.




STOCK

MARKET

ol PoJtai2




S T O C K M A R K E T CBHDIT

^CHANGE IN SERIES

E x h i b i t F - Tables f o r E x h i b i t h
Stock Market
Stock p r i c e
index 3 /

Date

1 9 5 7 - 6 0 - High
Low
1 9 6 1 - High
Low
October
November
Nov. 1 0
Nov. 17
Nov. 2l*
Dec. 1 p /

6 0 . 5 1 (7/31/59)
3 9 . 1 8 (12/20/57)

Common
Trading
stock
volume y
yields 2/ (millions
( p e r c e n&t ] o f s h a r e s )
3.08
in 72

71.81* (11/21*)
58.2*8 (1/6)

3.32

68.00

2.90

It. 9
1.1*
5.8
2.7

Ut76h (4/60) 3,lj01 (4/69) 1 , 3 7 3 ( W )
3.55U (1/58) 2,1*82 (12/67) 1 , 0 6 0 (11/47)

3.3
L i

5,333
n.a.
n.a.
n.a.
n.a.
n.a.

2.80
2.82
2.80

71.07
71.07

Stock market customer c r e d i t
Customers 1
Bank
debit balloans to
a n c e s It/
"others" SL
( I n m i l l i o n s of d o l l a r s )

Total

4,029
n.a.
n.a.
n.a.
n.a.
n.a.

1,301*

1,317
71.62
2.83
1,318
71.81*
'
2.81
1,330
71.78
2.83
n«flu.
—
«Ae»»Wet a w l l i b l i t
j / Prelifclfcary.
1 / Standard end Peer's scopes!ts index of 500 ecaroon stocks, weekly eloetra prlcei, 1941-43»10. Monthly data are
averages ef dally figure# rather than ef Mdey'e erily. Highn and lorn are fer Fridays' data only,
y Standard and Peer's ocmpofdte stock yield baaed en Wednesday data converted to weekly closing prlees by federal
Reserve* Yields shown are for dates en which prlo# Index reached Its high or lew.
2/ Averages of drily trading velisie en the New York Stoek ticchanse,
4/ End of month figures for member firms of the Itaw York Steek Exchange which carry margin accountS| excludes balances
seaured by U, S. Oovernaent obligations.
g/ Wednesday figures fer weekly reporting member banks, Occludes loans for purchasing or carrying 0, 8, 0overmen!
securities. Prior to July 1, 1059, eueh leans are excluded only at banks In Now York and Chicago, Weekly reporting
banks account for about 70 per oont ef loans to ethers. For further detail oca Bulletin.
Nonfarm Mortgage .Recordings and Loans 1 /

i

Total
Unadjusted
Seasonally
Unadjusted
FHA
adjusted 2/
( M i l l i o n s 0Jr d o l l a r s }
1960 - Sept.
Oct.
Nov.
Dec.
1961 - Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.

i s
2,1*26

f:II

2,1*07
2,373
2,387

2,378
2,338
2,075
1,997

2^76
2,561
2,581
2,652
2,652
n.a.

2,856
2,653
3,001*.
2,777

2,1*1*1*
2,358

2,700

1*25
m
liOl*
390
1*10
31*1
318 _
318
3k9
386
386
1*63
1*22

169
162
150
11*2
132
108
125
109
123
137
11*1*
182
168

Conv.
2,001*
1,929
1,821*
1,806
1,533
1,51*8
1,972
1,931
2,228
2,333
2,122
2,359
2,186

m.a.--NOt available,
1/ total recordings data are estimates based em reports from about 460 areas and Include
mortgages of |20,000 or leee scoured by nonfarm real estate, primarily residential properties,
Hit-Insured loans represent gross amount of Insurance written, and VA-guaranteed leans the gross amount
of loans elosed,en 1-4 family housss. Conventional data ars derived a# a residual, although total
roeordlnge and VA end FHA loans are mot strletly comparable 1m ceneept or timing.
Three-month moving average, seasonally adjusted by federal Reserve.
Soiree* federal Heme Loan Bank Board, federal Housing Administration end Veterans Administration,




Exhibit

G

Yields on New Corporate Bond Issues Adjusted t o an Aaa Basis
Amount
Average
Number of issues
yield
of issues included
(per
included (millions
CQlt)
of dollars)
Monthly averages:
l y c l - January
February
March
April
May
July
August
September
October
November
December
Weekly averages:
1961 - January 6
13
20
27
February 3
10
17
2k
March 3
10
17
2k
31
April 7
lit
21
28
May 5
12
19 1
26

3
6
h
12
15
18
k
k
2
7
9

29.0
97.8
108.0
563.0
1*51.0
701.5
273.0
115.0
78.8
200.0
229.0

1
1
1
-12
3

10.0
7.0
12.0
6.8
1*8.0
1*3.0

k

108.0

3
3.
2
k
3
1
6
5

90.0
82.0
312.0
79.0
165.0
30.0
91.0
165.0

li.35 June 2
It. 31
9
16
It. 26
k.k2
23
It. 51
. 30
1.65 July 7
1.62
lit
21
It. 59
28
It. 38
It. 26 August U
W2
11
18
25
September 1
8
1U5
15
lt.lto
22
It. 27
29
It. 61* October 6
It. 32
13
20
It. 27
27
November 3
10
17
It.26
2lt
December 1
8
It. 28
It.ltO
15
22
lt.lt2
lt.51t
29
1U9 1962
lt.lt7 January 5
12
lt.lt?
It. 55
8

Amount
Averag.
Number of issues
yield
of issues included
(per
Included (millions
cent)
of dollars)
3
It
6
3
2

60.0
307.0
137.0
130.0
67.5

It.66
It. 68
It.68
lt.56
Jt.58

1
1
2
2
1
1

8.0
200.0
65.0
55.0
20.0
ItO.O

lt.6o
It. 6it
lt.lt6
lt.51t
It. 73"
It. 60

1

18.0

lt.lt6

1
2

60.8
lt5.o

It.36
It. 25

2
3
3

60.0
95.0
lt5.0

It. 21
It. 28
It. 21

It
1
1

9lt.0
60:0
30.0

It.29
It,35
It.ltO

Note: Averages of o f f e r i n g y i e l d s on a l l new i s s u e s of p u b l i c l y sold bonds rated Aaa, Aa
and A by Moody's Investors Service (except s e r i a l , equipment t r u s t and convertible i s s u e s ,
o f f e r i n g s of n a t u r a l gas p i p e l i n e and foreign companies, and i s s u e s guaranteed by the
Federal Government) weighted by s i z e of i s s u e s . Yields on Aa- and A-rated bonds are f i r s t
a d j u s t e d to an Aaa b a s i s , using the comparable spreads in y i e l d s on seasoned bonds (Moody's
averages). Averages r e f l e c t changes in i n d u s t r i a l composition, type, maturity, and c a l l
provisions of new o f f e r i n g s . Weekly averages considered unusually u n r e l i a b l e as
i n d i c a t o r s of I n t e r e s t r a t e s on new issues because of the small number or s p e c i a l
c h a r a c t e r i s t i c s of o f f e r i n g s included e t c . a r e marked with an a s t e r i s k .




Exhibit H
Long-term Corporate and State and Local Government
Security Offerings and Placements
(3h millions of dollars)

1961

Corporate 1/
I I960
I

New capital
1959

State and l o c a l 2/
1961
I ]L9Z5~
w

580
667
562

570
715
860

821
738
646

715
689
763

April
May
June

2,118
1,259
1,318

761
577
.1,01*4

894
785
887

720
64l
1,085

719
545
991'.

934

July
August
September

1,028
61?

"736
967
726

535
740
703

470
E/581
e/750

492
606
683

443
521
470

October
November
December

e/800
e/800
e/975

890
' 956
852

900 '

e/600
e/800
e/550

348
501
491

593
450
478

1st
2nd
3rd
4th

1,809

2,145 '

January
February
March

quarter
quarter
quarter
quarter

1 s t half
Three quarters
Year

762

4,695

2,437
e/2,575
6,504
8,941
j/11,511
#

•S:$
2,698

h, 527

PMI

a

700
611
568

:

648
m
638
568
987

1,880

2,ll,s

2*642

2,446
e/l,801
e/l,950

%»780

l,li33
1,521,

6*750
9,392

4,613
e/6 , i a 5
e/8,365

rs

a

2,168

2,256

1,340

2,li88

li,63li.6,067
7,588

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

quarter
quarter
quarter
quarter

!:I8
e/2,'475
(/10,918

1,716

1,999•
2,412

2,165
2,018
2,347

1,716

8,246

8,630

2,503

e7 Estimated.
s/Preliminary.
1 / Securities and Exchange Commission estimates of net proceeds.
2 / Investment Bankers Association of Amsrica estimates of principal amounts.
y
Total new capital Issues excluding offerings of sales and consumer finance
companies.




Exhibit I
New Corporate Security i s s u e s , Type of Issue and I s s u e r
( I n m i l l i o n s of d o l l a r s )

Quarter
or
month

. Net proceeds f o r
Gross proceeds f o r new
new c a p i t a l 1 / 2 /
c a p i t a l and refunding 1 /
Bonds
Common
and
Mfg. Public Communi- Other
Total Publicly P r i v a t e l y
u t i l i t y cations i s s u e r s
pfd.
offered
offered
stk.

1959 - I
II
III
IV

2,281
787
2,665
960
2,062
807
2,739 1,004

835
894
8#
1,044

660
811
396
691

358
750
468
364

813
979
470
927

105
43
99
460

928
794
942
890

I960 - I
II
in
IV

2,265
934
2,537 1,074
2,520 1,336
2,832 1,462

795
770
754
955

536
692
429
416

298
511
562
625

598
808
652
696

. 189
149
317
381

1,059
913
896
997

1961 - 1
11
in
IV

1,992

662
2,303
772

880
1,275
1,139

Hit

515

381

81

832

^935

61*1
735
889
805
608
1,121
777
996
71*7
928
1,009
895

324
253
357
348
186
51<0
415
592
329
621
518
323

190
294
311
2.32
220
319
236
229
289
157
357
lilil

126
189
221
226
- 202
265
127
175
128
150
134
131

59
67
172
171
92
21*9
182
220
161
185
249
191

36
85
68
52
36
61
57
165
9k

100

319
318
422
236
304
373
370
359
168
249
366
381

601
695
696
2,231
l,3h2

178
273
211
713
666

29b
255
331

129
167
154

169
99
2li8

320

2

if,o%
813
678
830

a
22<
123
360

218
180

252
?h0

21
41
19
994
85
16
16
13
75
30

253
368
211
297
289
467
315
279
209
300

I'M

449

1,170

31*8

355
572
392
411
336
270

.

%
%%
255
177

198
303
144
362
126
222
303
203
311l
180
137
160
84
254
439

\%

215
111
230

*«

£7 "Preliminary.
e7 Estimated.
YJ Gross proceeds exceed n e t proceeds
by the cost of f l o t a t i o n .
2 / For t o t a l see Exhibit h; other i s s u e r s are
e x t r a c t i v e , r a i l r o a d and other t r a n s p o r t a t i o n , r e a l e s t a t e and finance and
commercial and other.
J o u r c e . — S e c u r i t i e s and Lxchsnge Commission.




'

Exhibit J

-13-

Other Security Offerings
( I n m i l l i o n s of d o l l a r s )
Gross long-term 1 /
F e d e r a l agency 3 /
Foreign government 2/
I960
|
1961
|1
1961
I960
|
195?
6

JanuaryFebruary
March

29
20

April
May
June
July
August
September

2
175
70

252

2
66
29

3h
72
140

58
SO
1*2

100
1 1*9
278

118
35k

-5
2

25
1
36

85
1
35

250

199

193

—

October
November
December

3h
2
1*1

Year

533

•

April
May
June
July
August
September

199
175

—

—

98
150

. 33
30
70

160
11*9
181

86

51*7

1,672

707

Federal agency 3/

S t a t e and l o c a l government 5 /
January
February
March

1959

182
150
150

81
60
2

-1*
181
1*

-11*1*
-162
-171*

-82
176
33

-196
-202
-59

160
195
-8

58
iko
-80

-103
-1*2
-155

70
-11*6
-157

197
-25
-197

-79
-87
207

-277
170 •
320

109
518

1*8
1*15
-175

57
392
131

22
193
c/108

95
23
-201 -

362
133
79

-16
50
-189

-81
-176
-117

98

-23
-33
-250

280
21*0
1*1*

18

362

October
November
December
Year

-633

.

%

368
286

1,969

2 / Preliminary.
1 / These data d i f f e r f r e e those i n Exhibit 0 i n t h a t refundi i« issues, as well as new capital Issues, are Included.
Long-term s e c u r i t i e s are defined as these maturing In more than one year.
2/ Includes securities offered in the United States by foreign governments and their subdivisions and by i n t e r national organizations. Sourcet Securities and Exchange Commission.
3/ Issues not gtyranteed by the U. S. Government. Source1 long-term, Securities and Exchange Commission; shortterm , Treastry Department and Federal Reserve.
4 / These <teta d i f f e r from those i n Exhibit 0 and above In that they represent now offerings leBs retirements, whether
from the proceeds of refunding Issues or from other funds. Data Include only Issues with original maturity of one
year or l e s s .
5/ Principally tax and bond anticipation notes, warrants or c e r t i f i c a t e s end Public Housing Authority notes. I a
soee instances PHA notes Included aay have a scwewhat longer term than one year. Sourcet Bond Buyer and
Pederal
Reserve.




-ill-

Exhibit K
Large Long-term Public Security Issues f o r New Capital
(Other than U. S. Treasury) 1 /
Proceeds of Large Issues Offered
(In m i l l i o n s of d o l l a r s )

Month

Total

i960 - November
December
1961 - January
February
March
April
May
June
July
August
September
October
November

Corporate
Bonds
( o t h e r than Convertible
bonds
convertibles)

1*65
260
ll*7
267
70
1,572
557
532
1*75
185
168
3 Sh
391

1#
235
106
230
25
560
i+80
1*35
285
165
78
205
320 .

S t ate
and
local
government

Stocks

186
222
391
360
1*0 5
383
256
616
179
281
1*35
326
1*80

25

——

h1

——

37
5
1,010
. 62
97
115
20
58
81
1*5

——

1*0
15
75
33
67
26

Other 2 /

150,
99
67
25
151
100
73
1*0
250

Large Individual I s s u e s Offered during November
Issuer

Type 3 /

Coupon
Amount
( m i l l i o n s Maturity
r a t e or Offering
of
net i n t e r - y i e l d
dollars)
e s t cost

Rating

CORPORATE
S.F. deb.
Northern N a t u r a l Gas Co.
20.0
Sen. deb.
Family Finance Corp.
25.0
Conv.sub.deb.
26.0
FMC Corp.
Idaho Power Co.
1 s t mtg. bds.
10.0
Idaho Power Co.
Com. s t k .
7.5
Gen. Tel. Co. of F l a .
1 s t mtg. bds.
15.0
Rochester Gas & Elec. Co. 1 s t mtg. bds.
15.0
Sen. deb.
Macy Credit Corp.
20.0
Deb.
P a c i f i c Northwest B e l l Tel.
50.0
Natural Gas P i p e l i n e Co.
Deb.
of America
15.0
Natural Gas Pipeline Co.
Cum.pfd.stk
10.0
of America
25.0
Carolina Pwr. & Light Co. 1 s t mtg. bds.
Carolina Pwr. & Light Co.
Com. s t k .
9.3
Texas Eastern Trans. Co.
1 s t mtg.p.1.bds.35.0
Consol. Edison Co. of N.Y. 1 s t &ref.mtg.bds.
60.0




1981
1981
1981
1991

L-5/8
5
3-1/8
1*-1/2

l*.6o
5.06
3.13
1*.1*7

A

1991
1991
1981
1991*

L-5/8
lt-1/2
1*-3/1*
U—1/2

1*.60
1*.1*3
1*.75
1*. 1*1*

Aa

1981

>-3/1*

1*.83

Baa

1991

l*-l/2

1*.1*7

Aa

1981

l*-7/8

L92

Baa

1991

l*-5/8

1*.50

Aa

——

Baa
Aa
A
Aa

-15-

K-2
targe Individual I s s u e s o f f e r e d during November (Cont'd)

Type 1 /

Coupon
Amount
rate or Offering
(millions
Maturity n e t i n t e r - y i e l d
of
e s t cost
dollars)

Rating

CORPORATE CCont'd)

Permanente Cement Co.
Penna. Power & Light Co.

18.3
Pfd. s t k .
1 s t mtg. bds, , 30.0

1*.55

Aa

1991

l*-5/8

78.5
27.5
19.0
56.5
10.0
13.8

1962-2002
1962-91
1963-87
2001
1961*-8l
1962-90

n.a.
3.31
U.98
3.2k
3.33

3.1*0

1.1(0-3.55 Aaa
1.60-3.78 A
1.65-L60 A
li.75
2.10-3.1*5 AS
1.60-3.55 A

20.0
12.5
20.0
I6.I1
35.0

1963-89
1962-76
1963-91
1963-90
1962-90

3.8
3.32
3.07
2.76
3.75

1 . 8 5 - 3 . 7 0 Aa
1.70-3.30, M
1 . 6 5 - 3 . 5 ^ ft*
1 . 7 0 - 3 . 2 0 2 r Aaa
1.70-3.85 A

17.0

1963-91

3.53

1.70-3.63

100.0
30.0
11.6
11.9

1970-85
1962-72
1962-76
1962-86

3.77
2.89
2.82*
3.33

3.10-3.75
1 . 3 5 - 3 . 0 0 Aa
1.1*5-3.15 6 /Aa
1 . 6 0 - 3 . 5 0 5 Aa

100.0
125.0
25.0

1972
1961*
1976

14-3/8

STATE AND LOCAL GOVERNMENT
G.O.
Public Housing Auth.
Virginia State Ports Auth. Rev. -Ut.
G.O.
P h i l a d e l p h i a , Pa.
Rev.
Oklahoma Turnpike Auth.
G.O.
State of Hawaii .
G.O.
Nassau County, New York
Los Angeles f l o o d Control
G.O.
D i s t . , California
G.O.
Maryland State Roads Comm.
G.O.
State of Oregon
G.O.
State of New Hampshire
Rev. —S, T.
Georgia State Hwy. Auth.
Omaha Public Power D i s t . ,
Rev. -Ut.
Nebraska
Triborough Bridge & Tunnel
Bev.
Auth.
Rev.-S.T.
State of Ohio
G.O.
B u f f a l o , New York
G.O.
State of M i s s i s s i p p i

—

OIHER
Fed. N a t ' l Mtg. Assn.

Bds.

Kingdom of Belgium

Eds.

1*.38
3.88
5.70

—Rights o f f e r i n g .
n.a.—Not a v a i l a b l e ,
_ .
1 / Includes corporate and other 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;
State 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 end oyer.
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 .
3 / In the c a s e of State 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 i R e v . - U t . , revenue o b l i g a t i o n s secured only by Income from
public u t i l i t i e s ; Rev.-Q.Ut., 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 secured t y revenue from s p e c i f i c
t axes o n l y ; Rev.-Bent., revenue bonds secured s o l e l y by l e a s e payments.
V 1995 m a t u r i t i e s n o t r e o f f e r e d .
5 / 1981-90 m a t u r i t i e s n o t r e o f f e r e d .
6 / I98I4.-86 m a t u r i t i e s not r e o f f e r e d .




—

Exhibit L

-16-

Forthcoming Large Long-tenn Public Security Offerings f o r New Capital
(Other than U. S. Treasury) 1 /
Expected Proceeds from Forthcoming Large Issues
Subsequent t o
date shown

During month following
date shown

Date of
computation

Corporate

1960 - Nov. 30
Dec. 30
1961 - Jan. 31
Feb. 28
Mar. 31
Apr. 28
May 31
June 30
J u l y 31
Aug. 31
Sept. 29
Oct. 31
Nov. 30

[ofcheaTg/ Corporate | ^ 1

260
91
110

214.2
1412
181

5#
1*87
521
170

236
lt31
195
i*06
399
251
597
295

55
1,580

iu

3h6
356

560
682
360
638
806
579
771
291
537
530
hSk
693
1*98

335
1,036

1,01*6

1,125
15
75

1,700

687
611
666
255

73
35

2h0

eovt.l0ther 2/

.

50U
I4II
1*21

15
75
73
35

Forthcoming Large O f f e r i n g s , a s of December 1
Issuer

Type

. Amount
Approximate date
(millions
of o f f e r i n g
of d o l l a r s )

CORPORATE
Borden Co.
General Tel. Co. of C a l i f o r n i a
Tennessee Gas Transmission Co.
Bank of America

Deb.
1 s t mtg. bds.
Deb.
Com. s t k .

50.0
25.0
50.0
9LL

-

P a c i f i c Lighting Corp.
*Kratter Corp.
Commerce Oil Refining Corp.
Realty^Collateral Coip.

Com. s t k .
Sub. deb.
Deb., bds. & com.
Coll. t r . notes

36.6
100.0
lb.0
20.0

Dec. 6
Dec. 7
Dec. 12
Dec. 15
( r i g h t s expire)
Dec.
Dec.
( r i g h t s expire)
Indefinite
Indefinite

STATE AND LOCAL GOVERNMENT
Baltimore, Maryland
State of Connecticut
Oakland Co. Mich., Twelve Town
Drainage D i s t .
Oklahoma City, Okla.
New York C i t y , New York
Penna. S t a t e Public Bldg. Auth.
LosforAngeles
Dept. of Wtr. & Pwr.
Digitized
FRASER



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

28.5
• 25.0
33.7
15.9
53.1
23.0
16.0

Dec. 5
Dec. 5
Dec.
Dec.
Dec.
Dec.
Dec.

6
12
12
12
13

L-2

-17

Forthcoming Large O f f e r i n g s , a s of December 1 (Cont'd)
Type

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

STATE AMD LOCAL GOVERNMENT (Cont'd)
Florida Turnpike Auth.
Georgia Rural RmHe Auth.
< iontgoncry Co., 1 arylsnc;
East jjay liun. U t i l . L i s t . , C a l i f .
San Jose, C a l i f o r n i a
Ascension-St. James Bridge & Ferry Ai
Orleans Parish Sch. D i s t . , La.
Dade County, Florida
J a c k s o n v i l l e Expressway Auth.

Rev.
Rev. -S.T.
G.O.
G.O.
U.O.
Rev. - r U t .
' G.O.
G.O.
Rev.-Ut.

100.0
13.0
13.2
30.0
20.0
30.8
10.0
1*6.0
1*0.0

Dec.
Jan. 1
Jan. 9
Jan. 9
Jan. 10
Jan.
Indefinite
Indefinite
Indefinite

OTHER
None
*—Included i n t a b l e f o r f i r s t time.
1 / Includes corporate and o t h e r i s s u e s of $15 m i l l i o n and over; S tate 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 .
Note.—Deletions f o r reasons other than s a l e of i s s u e : None.