Full text of H.16 Capital Market Developments : December 4, 1967

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Not for Publication DECONTROLLED AFTER SIX MONTHS
H.14
LIBRARY
DEC

7

December 4, 1967.

^APITAT, MftmffiTSDEVELOPMENTS IN THE UNITED STATES

1967

FEDERAL RESERVE » A N K

OF RiCH]$3)Bfrorat A and municipal bond markets. This week's expected
-volume -of nawy-puhjlicly-offered corporate and municipal securities is
above the average weekly volume over the past year. The corporate volume
features Pacific Gas & Electric's $80 million issue, originally scheduled
for offering two weeks ago, but postponed in the wake of the pound's
devaluation. The largest municipal offering scheduled is the $62.7 millioi
portion of industrial revenue bond financing planned by Calcasieu Parish,
Louisiana. Last week, however, the parish postponed indefinitely the
$20.0 million portion it had planned to offer.
Long-term Public Security Offerings
(In millions of dollars)
Corporate
New CapitalI Refunding

1/

State & local Government
New Capital I Refunding

Sold:
52 weeks avg.
November 24
December 1

323

1

245

r/ 89
356

r/ 268
480

378

261

5

Scheduled:
December

8

1/ Federal Reserve estimates are based upon published reports of issues
sold and scheduled for offering; corporate rights offerings are
included as of date subscription rights expire.
Yields on seasoned corporate bonds declined during the first
part of last week, but when hopes for a tax increase dimmed on Thursday
they advanced sharply. The new issue yield series, based on issues priced
before the Mills announcement declined, but because few sales were made
after Wednesday receptions were,on balance,poor. Only 25 per cent of the
week's largest issue, offered Thursday, was sold by the end of the week.
Massachusetts Electric postponed its offering due to market conditions.
Yields on municipals were generally higher, and several of the
largest new issues were poorly received. By the end of the week, only




High Grade
Notes and Bonds

Change from
preceding week

Level Latest Week

Corporate
New
Seasoned

-8 *
+5

6.51
6.13

U.S. Government
5.40
5.66

Long-term
3-5 year
State and local Govt.
Moody's Aaa
Std. 6c Poor's high grade

4.03
4.44

+3

4.48

+35

3.92
5.49

-93

Money Market
Federal funds
Treasury bills
3-month
6-month

+6

Corporate Bonds Still in -Syndicate
Amount
(millions of $)

Date
Offered

.

11/30

.

60.0

Issuer

Reoffering
Yield

Rating

Estimated pre
portion sold

Florida Power & Light,
6-3/4's - 1997

6.65

Aa

25%

St. Joseph's Light & Pwr.,
7's - 1997

6.85

A

557,

Aa

80%

11/29

7.0

11/28

20.0

Southwestern Electric Pwr.,
?'s - 1997
6.90

11/28

55.0

General Telephone of Calif.,
6-3/4's - 1997
6.80

40%

Blue List of Municipal Dealers 1 Advertised Inventories
Latest Week
454(11/29/67)
*N0TE:

End of Previous Week
418

Recent High
849(4/26/67)

This change is from the week of November 17th, since the week of November 24th
carried no new issues.




H.14

about 67 per cent of the total offerings had been sold, and reportedly
these were predominantly of relatively short maturity. Two industrial
revenue offerings were postponed, one because it received no bids
owing to its 6 per cent interest cost limitation, and the other because
of market conditions.
FNMA secondary market and other operations. Mortgage offerings to the Federal National Mortgage Association for purchase in its
secondary market portfolio increased in October to $260.6 million,
reflecting further tightening in all capital markets, and the relative!)
more favorable prices offered by FNMA. The October level was about the
same as in August, but some 55 per cent higher than in September, when
such offerings had been temporarily slowed by a one and one-half per
cent price reduction by FNMA effective in late August. As offerings
rose even higher in November, FNMA lowered prices further in an effort
to bring them more closely into line with market prices currently prevailing and to preserve its resources in the face of the further pressures
which have developed. The price change, effective November 25, amounted
to one percentage point, equivalent to an additional yield of 12 basis
points.
FNMA purchases increased in October to $215.1 million. This
was the highest level in over one and one-half years, and it was appar^i
tly maintained in November, reflecting the surge in offerings since
last June. As in other recent months, FNMA sales in October were
negligible.
In a separate action, FNMA sold $650 million of participation
certificates, backed by pools of Government-owned mortgages, to yield
6.35 and 6.40 per cent. These yields were about 100 basis points higher
than those obtainable when participation certificates were last sold,
on June 15, 1967. In addition, FNMA sold $350 million of participation
certificates to Federal government investment accounts, for a net
reduction of $1 billion — including the private sales — in the Federal
administrative budget deficit.
Stock prices. Like bond prices, stock prices advanced through
Wednesday, but then declined in unusually heavy trading. On balance J
over the week, Standard & Poor's index of 500 stocks gained Cu60;
closing on Friday at 94.50. Trading volume averaged 11.7 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.




EXHIBIT

A, Port 1

L O N G - T E R M BOND YIELDS, H I G H - G R A D E

CORPORATE Aaa

U.S. GOVERNMENT

STATE AND LOCAL GOVERNMENT Aaa
• Moody *

1963




1964

1965

1966

1967

1968

Exhibit A -- Fan. II

Corporate
Aaa 1/

Date

1959-60 - High
1966 - High
- Low
1967 - High
- Low

Nov.

Dec.

3
10
17
24
1

State and
U.S. Govt. |
Ideal
long-term 2J, government
Aa a 3/
(per cent)

1

Spread between
U.S. Govt, and
Corporate
| State and
Aaa
| local Aaa

4.61(1/29/60)
5.52(9/9)
4.73(1/7)
6.13(12/1)
5.00(2/10)

4.42(1/8/60)
4.87(9/2)
4.42(1/7)
5.49(11/17)
4.37(2/3)

3.65(9/24/59)
4.04(8/25)
3.39(1/13)
4.03(12/1)
3„25(2/9)

.59(8/5/60)
.84(12/30)
.14(2/18)
.92
.44

.92(4/22/60)
1.19(2/11)
.77(9/2)
1.51
.74

5.95
6.02
6.10
6.08
6.13

5.35
5.44
5.49
5.45
5.40

3.92
3.97
3.98
4.03
4.03

.50
.58
.61
.63
.73

1.43
1.47
1.51
1.42
1.37

If Weekly average of daily figures
Average term of bonds included is 22-24 years.
2/ Weekly average of daily figures
The series includes bonds due or callable in 10
years or more.
3/ Thursday figures. Only general obligation bonds are included; average term is 20
years.
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 narrowestu




EXHIBIT B, Port

I

L O N G - T E R M B O N D Y I E L D S , L O W E R GRADE
Wee kly

"

CORPORATE B a a

S T A T E AND LOCAL GOVERNMENT

1 9 6 3


1964

1965

1966

1967

1968

Exhibit B -- Part II

Date

State and
local govt.
Baa 3/

Corporate
Baa 1/

Spread between
Aaa and Baa
State and
Corporate
local fcovt.

(per cent)
1959-60 - High
Year end- 1965
1966 - High
Low
1967 - High
Low

5.36(2/12/60)
5.04
6.18(12/30)
5.05(1/14)
6.81(12/1)
5.81(4/14)

6.60
3
6.66
10
6.73
17
6.77
24
6.81
1
Dec.
Note: For footnotes see Exhibit A.
Nov.




4.46(1/7/60)
3.79
4.55(8/25)
3.78(1/20)
4.68(12/1)
3.85(4/13)

.84
.31
.81
.31
.82
.63

1.08
.39
.62
.31
.81
.37

4.64
4.64
4.67
4.68
4.68

.65
.64
.63
.69
.68

.72
.67
.69
.65
-65

EXHIBIT

C, Pari V

S H O R T - A N D I N T E R M E D I A T E - T E R M INTEREST RATES
GOVERNMENT
Weekly

6-MONTH BILLS

3 5 Y E A * ISSUES




F . * . DISCOUNT RATE

3-MONTH BILLS

1965

1966

Exhibit C ~

Discount
rate

Date

__iz
1959-60 - High
Year end - 1965
1966
1966 - High
Low
1967 - High
Low
Nov.

Dec.

3
10
17
24
1

3-month
bills U

Part II

Yields
6-month
bills 2/
(per cent).

3-5 year
issues lJ

Spread between yields on
3-mo. bills and yields on
6-mo. bills 13-5 yr. issues

5.00(12/24/59)
4.90
4.86
5.83(9/2)
4.80(4/8)

1.81
.43
.06
.78
.01

5c 07(1/8/60)
4.66
4.92
5.92(9/23)
4 53(6/24)

4.85(11/24)
3.41(6/9)

5.43(11/24)
3.74(6/2)

5.80(11/10)
4.36(4/7)

1.57

1.74

4.00

.01

.02

4.00
4.00
4.00
4.50
4.50

4.57
4.64
4.63
4.85
3.92

5.07
5.13

5.68
5.80
5.76
5.71
5.66

.50
.49
.49
.58
1.57

1.11
1.16
1.13
.86
1.74

5.12
5.43
5.49

erve Bank of

2/ M M k l " y i e l d ; weekly averages computed from daily closing bid prices




.79
.19
.12
.52
.09

4.59(1/8/60)
4.47
4.80
5.52(9/23)
4.39(6/24)

4*00
. 4.50
4.50
4.50
4.50
4.50

-9-

Series of 3-5

EXHIBIT

D. Pari

1

S H O R T - A N D I N T E R M E D I A T E - T E R M INTEREST RATES,
B A N K S A N D OTHER P R I V A T E BORROWERS

PRIME RATE
FINANCE COMPANY PAPER
Directly

placed

F.R. DISCOUNT RATE

FEDERAL FUNDS

1963




1964

1965

1966

1967

1968

Exhibit D —

Date

Prime rate 1/

Part II
Spread between
3-mo. bills and
Federal funds 3/ finance co. paper

Finance
company
paper 2/

(per cent)
1959-60 - High
Year end- 1964
1965
1966
1966 - Low
1967 - High
Low
Nov.

3
10
17
24
Dec. 1

U
-

5.00
4.50
5.00
6.00
5.00(3/4)
6.00(1/6)
5.50(12/1)
5.50
5.50
5.50
5.50
5.50

5.13(1/22/60)
4.06
4.75
5.88
4.75(1/7)
5.75(1/6)
4.38(6/23)

4.00(5/13/60)
4.00
4.63
5.63
3.55(1/21)
5.25(1/6)
3.40(10/27)
4.05
3.94
4.02
4.13
4.48

5.13
5.13
5.13
5.25
5.25

1.02
.23
.28
1.08
.20
1.33
.21
.56
.49
.50
.40
1.33

Weekly rate shown is that in effect at end of period. Prime rate is that
charged by large banks on short-term loans to business borrowers of the highest

2/ Average of daily rates published by finance companies for directly placed paper
~ for varying maturities in the 90-179 day range.




-u-

EXHIBIT

E, Pari 1

STOCK MARKET
1941-43

overege=10

100

PRICES

80

8

STOCK MARKET CREDIT

6

* CHANGE IN SERIES
4
Millions

*1 f k e r e i

VOLUME

YIELDS

•

r i ,| i

, i | | |

|1




• y

S

' - '
! 1 !• !• 1 •; ! i 1 1 1 1 1 1 .1 ; 1 1 I I I - I I 1 1 1 i 1 1 1 1 1 • 1 " I I 1 I I I .11 1 1 I I 1 1 1 1 I I I I L

\
Exhibit E -- Part II

Stock price
index 1/

Date

1961-62 - High
Low
1966 - High
Low
1967 - High
Low
Sept.
Oct.
Nov.
Dec.

17
24
1

Common
stock
yields 2/
(per cent)

Trading
Stock market customer credit
volume 3/
Customers'
Bank
Total
(millions
debit bal- loans to
of shares)
ances 4/
"others"5/
(In millions of dollars)
10.1
2.4
10.7
5.0

5,602(12/61)
4,424(1/61)
7,997
7,302

4,259(12/61)
3,253(1/61)
5,835
5,169

1,418(5/9/62)
1,161(3/8/61)
2,241(7/6)
2,097(12/14)

82.18(1/6)

2.82
3.96
3.01
3.97
3.01
3.58

12.1

9,432
7,345

7,009
5,200

2,507(11/1)
2,055(2/1)

95.81
95.66

3.07
3.06

10.3

9,162
9,432

6,825
7,009

2,337
2,423

92.82
93.90
94.50

3.18
3.14
3.12

10.2

n.a.
n. a.
n. a.

n.a.
n.a.
n.a.

2,479
2,466
n. a.

72.04(12/8/61)
52.68(6/22/62)
93.77(2/11)
73.20(10/7)
97.26(10/6)

6.9

10.2
11.7
10.2

n.a. Not Available. £/ Preliminary.
' '
'
'
1/ Standard and Poor's composite 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 and lows are
for Friday's data only.
...
27 Standard and Poor's composite stock yield based on Wednesday data converted to weekly closing
prices by Federal Reserve. Yields shown are for dates on which price index reached its high
or low.
3/ Averages of daily trading volume on the New York Stock Exchange. Year-end figures are averages
of daily figures for the year.
.
4/ End of month figures for member firms of the New York Stock Exchange which carry margin accounts;
excludes balances secured by U. S. Government obligations.
5/ Wednesday figures for weekly reporting member banks. Excludes loans for purchasing or carrying
U.S. Government securities. Weekly reporting banks account for about 70 per cent of loans to
others. For further detail see Bulletin.




-13-

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
S E C O N D A R Y MARKET O P E R A T I O N S




l ol dollnri

n

400

OFFERINGS

300

200

100

! PURCHASES V

SALES
1968

Exhibit F - Part IT.

- Dat i'

Estimated offerings to FNMA
Standby
Immediate
To tal
purchase
commitment

Purchases
by .
FNMA

Sales
by
FNMA

(In millions of dollars)
1:966 - Oct.
Nov.
Dec.
1967 - Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.

167.5
163.6
121.5
67.9
24.4
26.9
17.8
. 78.7
229.1
232.8
261.0
168.3
260.6

164.2
161.0
120.1
67.3
24.2
26.7
17.7
78.5
228.8
232.6
260.6
, 167.9
260.1

3.3
2.6
1.4
.6
.2
.2
.1
.2
.3
.2
.4
.4
.5

107.2
132.0
130.5
125.0
84.2
50.9
20.6
17.8
26.9
81.2
198.3
192.4
215.1

.2
.9
.8
1.5
6.0
.9
.8
.2
.3

* — L e s s than $50,000.
1/ Data represent unpaid principal balances of the mortgages involved, exclusive
of premiums, discounts, or other charges. Offerings are amounts of applications
received during the period from sellers proposing that FNMA execute purchasing
contracts. An immediate purchase contract covers existing mortgages which :he
seller must deliver to FNMA within 45 days. A standby commitment contract :
lates to proposed mortgages on housing not yet under construction which the
seller must usually deliver within one year. Purchases include those under
both immediate purchases and standby commitment contracts. Data exclude FNljlA
activity under Special Assistance and Management and Liquidating Programs




-15-

EXHIBIT

G. Port

1

YIELDS O N N E W A N D SEASONED C O R P O R A T E B O N D S
Weekly




6.5

Adjust* d lo

Ana

Boiii

NEW ISSUES

1.0

5.5

5.0
SEASONED Aaa

4.5

4.0
1967

1968

Exhibit G - II
Yields on New Corporate Bond Issues Adjusted to an Aaa basis

Number
of
Monthly averages:
1967 - Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.

6
7
20
20
14
23
14
17
10
15

Am't. of issues Average
included (mill.
yield
(per cent)
of dollars)
496.0
481.0
1,073.0
916.0
570.0
993.0
772.0
1,125.0
358.0
716.0

5.38
5.20
5.31
5.39
5.66
5.79
5.78
5.89
5.88
6.12

Number |Am't. of issues Average
of
included (mill.
yield
(per cent)
issues | of dollars)
Oct.

6
13
20
27

3
3
3
3

68.0
118.0
85.0
295.0

6.14
6.07
6.34
5.99

Nov.

3
10
17
24

3
2
4
»T

150.0
40.0
85.0

6.13
6.37
r/ 6.59

Dec.

l

7

231.5

6.51

Weekly averages:
High
6.59(11/13)
Low
•
, 5.11(2/10)
Note:
Aa, and 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 by
deducting from the actual reoffering yield the excess of the weekly average yield for seasoned
bonds of the appropriate industry-quality group over the composite average for seasoned Aaarated bonds (Moody's). Averages considered unrepresentative because of special characteristics
of the offerings included are denoted by an asterisk.




-17-

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

1966

1965

January
February
March -

1,648
1,398
2,317

1,302
1,237
2,446

795
. 746
1,197

1,482
1,196
1,438

1,188
858
865

804
872
904

April
May
June

1,973
1,474
2,611

1,553
1,058
2,364

1,152
1,691
1,946

1,112
1,218
1,497

1,193
901
1,141

826
924
972

July
August
September

2,456
2,407
I,722

1,039
1,670
1,382

1,290
850
I,392

941
852
e/1,250

701
773
1,020

986
648
966

October
November
December

e/2,200

e/1,400
e/2,150

829
1,085
1,635

924
1,325
1,496

e/1,200

e/1,300

755
969
940

794
1,021
754

1st
2nd
3rd
4th

Quarter
Quarter
Quarter
Quarter

5,363
6,058
j>/6,585
e/5,750

4,985
4,974
4,091
3, 550

2,738
4,789
3,533
3,745

4,116
3,827
3,043
e/3,450

2,911
3,235
. 2,494
2,664

2,580
2,722
2,600
2,569

1st half
Three quarters
Year

p/18,006

II,421

9,959
14,050
17,601

7,527
II,060
14,805

7,943
e/10,986
e/14,436

6,146
8,640
11,304

5,302
7,902
10,471

£/ 23,576

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

Quarter
Quarter
Quarter
Quarter

4,924
4,884
3,969
3,492

2,547
4,348
3,283
3,188

17,269

13,366

5,207
5,913

Year

e/ Estimated by Federal Reserve.




-19-

e/

925

Exhibit I
New Corporate Security Issues, Type of Issue
and Issuer
(In millions of dollars)

Quarter
or
Month

III
IV
I
II
III 2.1

Net proceeds
Gross proceeds for new capital
J
r
for new capital 1/ 2/
—<**—_l/
and refunding
Common Memo:
Bonus
Total
Other
Mfg. Public CommuniForeign
Publicly Privately and
ssuers
Utility cations
issues
pfd.
Placed
Offered
stock included
1,309
567
657
1,558
154
314
1,627
2,256
4,197
918
417
984
1,232
117
375
1,247
2,047
3,669
1,382
543
997
2,442
60
390
1,811
3,263
1,228.
5,464
548
1,268
3,014
65
726
1,465
4,017
6,208
1,979
595
1
1,219
2,792
234
678
1,552
4,604
6,834

892
1,115
1,661

Oct.
Nov.
Dec.
• Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept. £ /
Oct. -e/

SOURCE:

1,684
1,418
2,362
2,016
1,519
2,673
2,590
2,481
1,549
2,250

499
569
980
745
900
1,618
1,368
965
1,684
1,889
1,813
902
1,350

256
435
555

137
111
127

66
27
24

331
228
673

254
320
409

97
168
152

147
369
401

848
362
601
410
396
659
487
418
647
550

91
156
143
238
158
330
214
250
214
350

35

624
563
1,254
1,128
588
1,298
925
1,229
637

220
274
503
394
403
471
446
509
265
350

293
105
145
107
91
350
39
356
200
40

511
456
415
343
393
492
1,046
313
620
700

Securities and Exchange Commission.




-20-

10

15
16
32
17
213
13

8

n.a.

1,110

Exhibit J
Other Security Offerings
(In millions of dollars)

Gross
Foreign Government 2/

-term 1/

Federal Agency 3/

January
February
March
April
May
June
July
Augus t
September
October
November
December

Jan. - Sept
Year
New short-term 4/
Federal Agency 3/
State and local Government 5/
January
February
March
April
May'
June
July
August
September
October
November
December

2,316

•*#


Reserve.


1,378
1,286

_ 2 1-

? -z_
H.14
Exhibit K
Large Long-term Public Security Issues for New: Capital
(Other than U. S. Treasury) J L /
Proceeds of Large Issues Offered
(In millions of dollars)

Total

1966 - Oct.
NOVe

Dec.
1967 - Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.

foyppme
Bomis
Convertible
(other than
bonds
convertibles)

•523
510
1,177
681
842
1,638
1,311
870
1,666
1,340
1,705
794
1,458

Stocks

387
464
779
947
675
669
512
496
875
483
473
847
505

55
50
68
40
93
63
142
44
185
133
67
65
276

116
97
118
30
40
140
213
55
409
317
350
257
285

352
' 363
990
611
709
1,435
956
771
1,072
890
1,288
473
897

State
and
local
governmenta

Other

2/

55
60
230
}30
1,000
$40
91
$25
85
21
400
50

Large Individual Issues Offered during November.
Issuer

Corporate
Pacific Southwest Airlines
Union Electric
Pennsylvania Pwr. & Lt.
Long Island Lighting Co.
Tenneco, Inc.
West Penn Power
Ling-Temco-Vaught
*SCM
Wisconsin Electric Power
*Philadelphia Electric
Sanders Associates
Utah Construction
Santa Fe Drilling
General Instrument
*Holiday Inns of America
*R. H. Maay
Houston Lighting & Power
Northern Natural Gas
General Telephone of
California


Type 2/

Amount
(millions
of
dollars)

Haturity

Sub. debs. w. wts, 26.0 1987
30.0
Pfd. stk.
40.0 1997
Debs.
30.2
Conv. pfd. stk.
100.0 1992
Debs.
25.0 1997
1st mtg. bds.
66.8
Com. stk.
30.0
Com. stk.
40.0 1997
1st mtg. bds.
38.0
Com. stk.
35.0 1992
Conv. deb.
25.0 1992
Conv. sub. deb.
17.0 1987
Conv. sub. deb.
50.0 1992
Conv. sub. deb.
20.0
Com. stk.
23.0 1992
Conv. sub. deb.
1st mtg. bds.
35.0 1997
40.0 1987
Debs.
1st mtg. bds.



60.0

1997

-22-

Coupon
rate or
net interest cost

Offering
vield

Rating

6

6.00

Ba

6.75

6.55

Aa

6-1/4
6.99

6.25
6.90

B
Aa

6.83

6.75

Aa

5
5
5-1/2
5

5.00
5.00
5.50
5.00

Ba
Ba
Ba

5
6-3/4
6-7/8

5.00
6.63
6.97

Baa
Aaa.
A

6-3/4

6.80

A

K-2

Large Individual Issues Offered during November (Cont'd)

.

-Issuer

Type 3/

Amount
(millions
Maturity
of
dollars)

Coupon
Offerrate or
net inter- ing
yield
est cost

Rating

Corporate (Cont'd)
Southwestern Electric Power
Atlanta Gas Light
Florida Power & Light

6,90
6.88
6.65

Aa
A
Aa

4.45
4.96
4.32
4.18

3.40-4.50
4.00-5.00
3.60-4.32:
3. 50-4.25

An
A
A
An

5
5
4.99
4.48
5.00
4.69
4.25
5-1/4
5-1/4
4.20
5.00

4.40-4.70
4.96
4. 10-4.75»
3.60-4.60|
3. 75-5.00i
4. 10-4.75
3.30-4.30
4. 20-4.75
4. 20-4.75
3. 70-4.20
3. 75-4.92
3. 90-4.20
4. 60-5.10

A
N.R.

1st mtg. bds.
1st mtg. bds.
1st mtg. bds.

20.0
15.0
60.0

1997
1992
1997

7
7
6-3/4

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

24.0
13.0
20.0
10.0

1968-97
1970-2007
1970-87
1969-88

Slati- & local Government
Los Angeles Dept of Water and
Power
Minnesota St. College Board
State Of Hawaii
Austin, Texas.
Chicago Metro. Fair and Expo
Authority
State of Mississippi
State of Mississippi
Boston, Massachusetts
Newark, New Jersey
State of California
West Virginia
Albany, Georgia .
Albany, Georgia
State of Minnesota
Illinois Building Authority
Chicago Park Dist., Illinois
Courtland Ind. Dev. Bd., Ala.
Rhode Island Tpke. & Bridge
Authority
Wisconsin State Agencies
Building Corporation
Kansas City, Missouri
Pennsylvania General State
Authority
Washington County,- Maryland
Philadelphia* Pennsylvania
Ashland, Kentucky
.
Other
Tennessee Valley Authority
Province of Ontario
Inter-American Development
Bank
F.N.M.A.
'




40.0 1971-76
79.2 1997
50.8 1972-85
1968-97
15.0 1068-87
100.0 1^77-2017
20.0 1968-92
12.2 1970-77
40.8 1992
30.0 1969-87
54.5 1968-91
10.0 1969-78
85.0 1967

Rev.-Rent.
G.O.
Rev.-Rent.
C.O.
G.O.
G.O.
G.O.
Rev.-Rent.
Rev.-Rent.
G.O.
Rev.-Rent.
G.O.
Rev.-Rent.

Aa
Aa
Ban
Baa
An
A
--

Aa
--

Rev.-Q.-Ut.

13.5

2006-17

4.94

4. 75-4.90

A

Rev.-Rent.
Rev.-Rent.

37.5
50.0

1968-2007
1971-77

4.68
5.78

3.75-4.70
4. 90-5.25

Aa
Baa

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

75.0
10.0
40.8
-.10.5

1970-96
1968-87
1969-98
1970-82

4.62
4.21
4.64
5.74

4. 00-4.70
3. 50-4.20
4.00-4.90
4.i60-5.75

Aa
A
N.R.

60.0
75.0

1992
:
1997

6-3/8
6-7/8

6.38
6/96

Aaa
Aa

60.0

:
1992

6-1/2

6.55

Aaa

450.0
200.0

1970
1987

6.35
6..40

6.35
6.40

Bonds
'Debs.
Bonds
Part. Cert.
Pa.f t.Cert.

-

-23-

——

'

K-3
FOOTNOTES:
N,R. — Not Rated.
* Rights offering.
If Includes corporate and other security offerings of $15 million and over; Sfcate
and local security offerings of $10 million and over.
2/ Includes foreign government and International Bank for Reconstruction and Devi•elopment 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 income from quasi-utilities; Rev.-S.T.
revenue bonds secured by revenue from specific taxes only; Rev.-Rent., reve
bonds secured solely by lease payments.

#




-24-

H. 14
Exhibit L
Forthcoming Large Long-term Public Security Offering for New Capital
(Other than U.S. Treaaury) 1/
Kxpected Proceeda from forthcoming Large Iaauea
(In milliona of dollara)

During month following
„
•
Corporat«
1966 - O c t .
Nov.
Dec.
'Jan.
1967
Feb.
Mar.
Apr.
:
May
June
July
Aug;
Sept.
Oct.

1 State and
|
.pvt.

397
1,098
656
486
1,410
767
963
1,449
1,636
1,261
694
534
1,357

31
30
30
31
28
31
30
31
30
31
31
30
31

iatm m h w w
Other 2/

140
496
939
780
508
227
326
596
401
512
783
768
505

80
530
250
70
100
40
100
65
50

Corporate

I0ther &

|
175
571
1,154
851
528
247
346
616
402
575
903
- 889
743

457
1,133
811
706
1,534
905
1,262
2,065
1,922
1,576
1,335
1,090
2,694

35
65
95
545
265
15
85
115
70
150
• 159
126
260

Forthcoming Large Offerings as of December 1, 1967.

Iaauer

Amount
(milliona
of
dollara)

Type

Corporate
Bliss and Laughlin Industries
Pacific Gas & Electric
Twentieth Century-Fox
Control Data
Control Data
Inland Steel
Virginia Electric & Power Co.
Pacific Northwest Bell Telephone
Public Service Electric & Gas
Allied Supermarkets
General Tel. Co. of Illinois
Helmerick.& Payne, Inc.
International Silver
Revere Copper & Brass
U.S. Smelting, Refining & Mining
U.S. Steel




Conv. deb.
1st mtg. bds.
Conv. sub. deb.
Com. stk.
S.F. deb.
1st mtg. bds.
1st mtg. bds.
Deb.
Pfd. stk.
Conv. sub. deb.
Deb.
Conv. deb.
Conv. deb.
Conv. deb.
Conv. deb.
Deb.
-25-

15.0
80.0
28.1
45.0
56.0
50.0
50.0
50.0
25.0
20.0
20.0
27.5
35.8
56.0
60.0
225.0

Approximate date of
offering

.

Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.

4
4
4 (rts. exp.)
5
5
5
5
6
6
11
13
14
19
21 (rts. exp.)

Indefinite
Indefinite

j
,
•:

i
;

L-2
Forthcoming Large Offerings as of December 1, 1967.

Issuer

Type

Amount
(millions
of
dollars)

Approximate date
of offering

Corporate (Cont'd)
Granite Equipment Leasing
Ozark Airlines
Natural (las Pipeline of America
Montana Power
Offshore Company
*Bendix
•General Telephone & Electronics
*Ralston Purina

Deb.
Conv. deb.
1st mtg. p d . bonds
1st mtg. bds.
Conv. sub. deb.
Deb.
Conv. deb.
Conv. deb.

15.0
15.0
50.0
30.0
35.0
125.0
150.0
40.0

Indefinite
Indefinite
Indefinite
Indefinite
Indefinite
Indefinite
Indefinite
Indefinite

G.O.
G.0.
G.O.
Rev.-Rent.
G.O.
G.O.
G.O.
G.O.
Rev.-Rent.
Rev.-Rent.
Bonds
G.O.
Rev. -Rent.
Rev. -Rent.
G.0.
Rev.-Rent.
Rev-Rent,
Rev.-Q.-Ut.

28.0
13.8
30.0
62.7
52.0
54.7
11.0
10.3
10.0
25.0
138.7
17.0
30.0
48.1
25.0
97.0
46.0
120.0

Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec. 11
Dec. 11
Dec. 13
Dec. 13
Dec. 14
Dec. 19
Dec. 19
Indefinite
Indefinite
Indefinite

15.0
15.0

Dec. 12
Indefinite

State and local Government
•Chicago, Illinois
Columbus, Ohio
Los Angeles Unif. Sch. Dist., Cal
Calcasieu Parish, Los Angeles
Maryland (State of)
•Massachusetts (State of)
Henrico County, Virginia
Virgin Islands
West Baton Rouge, Louisiana
Cheyenne, Wyoming
Housing Assistance Administration
Richmond, Virginia
San Antonio, Texas
•New York State Dorm. Auth.
Texas (State of)
Scottsville, Alabama
Union City, Tennessee
Kentucky Turnpike Auth.
Other
Komatsu Mfg., Tokyo
New Zealand

Conv. deb.
Bonds

•—Included in table for first time.
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: These issues were cancelled: Flying Tiger Lines' $27 million issue and their $45
million issue. Nashville & Davidson County Metropolitan Government's $12.0 million issue.
N.Y. State Housing Finance Agency's $80.2 million issue *• postponed due to market conditions.
Calcasieu Parish, La. 's $20.0 million issue postponed due to market conditions. Blue Bell
IncJs $15.0 million convertible issue—cancelled. Iberville Parish, La.'s $25.0 trillion
issue received no b i d s — n o definite plans to reoffer.
-26-




Exhibit M
Foreign Government and Corporate Security Offerings
and Placements in the United States
Part I:

Sale Date

Public Offerings

Amount
(millions
of
dollars)

Issuer and Description of Issue
A.

>

Sold October 1 through December 1, 1967.

10/4

15.0

New Brunswick Electric Power Commission
6-1/2% S.F. debentures maturing 1992,
reoffered to yield 6.60%.

10/17

35.0

Province of Nova Scotia — 6-1/2% of S.F.
debentures maturing 1992, reoffered to
yield 6.75%.

11/14

75.0

Province of Ontario -- 6-7/8% debentures
maturing 1997, reoffered to yields 6.96%
B.

Indefinite
12/12

15.0
15.0

Prospective Offerings
New Zealand — Bonds ***
Komatsu Mfg., Tokyo — Conv. debs.

* - Included in table for first time.,
** - Issues sold to investors outside of U.S.
*** — Issue subject to interest equalization tax.




M-2
PART lis

Date Reported

Private Placements - Reported November 1 through December 1, 1967.

Amount
(millions
of
dollars)

Issuer and Description of Issue

11/27

.8

Metropolitan Corp. of Greater Winnepeg
(Canada) 6-1/2% debentures maturing
November 1, 1982 — no information aivailable on takedown.

11/27

4.2

Metropolitan Corp. of Greater Winnepeg
(Canada) 6-1/2% debentures maturing
November 1, 1987 — no information J zailable on takedown.

12/1

30.0

Algoma Steel Corp., Ltd. (Canadian)—7 -3/8%
debentures maturing Oct. 1, 1987 —
information available on takedown.

12/1

12.0

Institute Nacidnal de Industrie (an au tonomos
entity of the Spanish State) — loan due
1971-72.

N o t e : F o r retrospective data on aggregate foreign corporate and government security
offerings in the United States see Exhibits I and U. There is no simple relationship
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 actually taken down
but only in the amount of takedown while the placements shown in this exhibit are included
when reported, frequently with little or no information concerning timing of takedciwn. Full
or partial takedown may take place both prior and subsequent to the date a placement is
reported.




-28-