Full text of H.16 Capital Market Developments : December 5, 1966

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Not for Publication
H. 14

DECONTROLLED AFTER SIX MONTHS

December 5, 1966.

CAPITAL MARKETS DEVELOPMENTS
IN THE UNITED STATES
\

^

A

\
Corporate and municipal bond markets. The volume of new corporate
security issues Gxpectek this week -- $500 million -- will be more than two and
one -half tijn^s-^ttl^weekly average for such issues over the past year. Detroit
Edisoxv-Company's $100 million Aa-rated debt issue is the largest of the 14 new ~
offerings included in the weekly volume estimate. Municipal offerings will also
be relatively heavy, with the Housing Assistance Administration's $115 million
sale of local housing issues accounting for more than one-third of the aggregate
municipal volume.
Long-term Public Security Offerings 1/
(In millions of dollars)

C o n Dorate
Re funding
New Capital

State and local Government
New Capital | Refunding

Sold;
211

4

60
110

211
350

110

500

331

52 week avg.

195

Nov. 25
Dec, 2

2

Scheduled:
Dec.

9

1/ Federal Reserve estimates are based upon published reports of issues sold
and scheduled for offering; corporate rights offerings are included as of
the date subscription rights expire.

Yields on new and seasoned corporate bonds advanced slightly last week.
New debt issues were well received by investors and no large offerings are .
currently bound by underwriter's price restrictions.
Municipal yields were mixed last week, in contrast to the clear advances
registered during the three preceding weeks. Investors responded enthusiastically
to last week's large volume, as more than four-fifths of the new issues were
spoken for by the end of trading on Friday.
FNMA secondary market operations. In October there was a moderate
increase in offerings from private holders of eligible Government-backed mortgages
for purchase by the Federal National Mortgage Association under its secondary
market operations = Also, FNMA's mortgage purchases were up slightly. Both
offerings and purchases, however, were well below peaks reached early this year.




H. 14
Yields in Security Markets
Level Latest Week
High-Grade
Notes and Bonds

Change from
preceding week

Corporate
New
Seasoned

5.86
5.37

+1

4.74
5.34

+9

U.S. Government
Long-term
3-5 year

+2

State and local Govt.
Moody's Aaa
Std. & Poor's high grade

3.89
4.03

+2

5.55

+5

5.17
5.26

-9
-23

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

Corporate Bonds Still in Syndicate
Date
Offered

Amount
(millions of $)

Issuer

Reoffering
Yield

Rating

Blue List of Municipal Dealers ' Advertised Inventories
(In millions of dollars)
Latest Week
512 (11/30)




End of Previous Week
534

Recent High
636 (2/17)

Estimated proportion sold

H. 14

-3-

During October, FNMA's purchase prices were reduced further, whereas
the maximum amount of mortgage eligible for purchase was raised, as reported in
the H.14 issue of October 31.
\
FNMA announced on November 29 that it would activate $250 million of
the additional $1 billion special assistance aid authorized last fall. This
aid will go toward making advance mortgage-purchasing commitments at abovemarket prices. The assistance will finance about 15,000 lower-priced FHA and
VA homes likely to be started over roughly the next 90 to 180 days.
Savings flows. Mutual savings banks were the only depositary institution to experience a net inflow of income-yielding claims during October.
Although the net increase of $131 million in regular savings bank deposits was
more than 20 per cent below the year earlier, it contrasted sharply to the $606
million net outflow of savings and time deposits at commercial banks. Savings
and loan associations registered a net decline in savings shares amounting to
$60 million, this represented the first October in which S&L's experienced a
net outflow of deposits.
More information on savings flows is presented in,the table on the
following page.
Stock prices. Common stock prices fluctuated within a narrow range
last week in trading that averaged 7.4 million -shares a day. Standard and
Poor's index of 500 stocks ended the week at 80.13, a decline of .72 points
from the week earlier level.

Capital Markets Section,
Division of Research and Statistics,
Board of Governors of the Federal Reserve System.




SAVINGS FLOWS
Unadjusted Data
k

Year
or
Month

Total
1/

Mutual Savings Banks 3/
Commercial Banks 4/
Savings & Loan Assoc. 2/
Change
Per cent Current
Change Per cent
Current
Change
Per cent Current
(millions)
change
from
(millions)
change
change
from
(millions)
from
previous
previous
previous
year
year
year
Unadjusted

1960
61
62
63
64
65

14,633
20,070
27,901
29,100
28,957
31,953

7,559
8,743
9,351
11,072
10,579
8,384

952
1,184
608
1,721
-493
-2,195

14.4
15.7
7.0
18.4
-4.5
-20.7

1,362
1,912
3,038
3,255
4,236
3,582

412
550
1,126
217
981
-654

43,4
40.4
58.9
7.1
30.1
-15.4

5,712
9,415
15,512
14,773
14,142
19,987

3,787
3,703
6,097
-739
-631
5,845

196.7
64.8
64.8
-4.8
-4.3
41.3

196^6 June
3,025
July
422
Aug.
1,013
H
Sept.
621
Oct. gj -535

1,185
-1,508
124
630
-60

-418
-i.,076
-430
-410
-642

-26.1

224
195
160
373
131

-212
-17
-50
-57
-39

-48.6
-8.0
-23.8
-13.3
-22.9

1,616
1,735
729
-382
-606

-85
131
-906
-1,792
-2,619

-5.0
8.2
-55.4

293
-393
348
408
52

-468
-1,016
-422
-421
-640

-61.5

-64.9
-3.8
-18.0
-23,4
-9,6

1,299
2,188
568
90
-134

-121
185
-919
-1,734
-2,572

8.5
9.2
-61.8
-95.1

--

-77.6
-39.4
—

——

Seasonally Ad lusted
1966 June
July
Aug.
Sept.
Oct. £

V
If
3/
4/

1,710
2,096
1,130
711
211

—

-54.8
-50.8
-92.5

118
301
214
213
293

-218
-12
-47
-65
-31

Commercial bank data are of the last Wednesday of month except June 30 and December 31; other
data are as of the last day of the month.
Data are for the net increase in savings capital at all operating S&L's, Source; FHLBB.
Data are for the net increase in regular deposits—excludes other deposits of a demand nature.
Source: Mutual Savings Banks Association.
Data are for the net increase in savings and time deposits adjusted at all commercial banks,
Source: Federal Reserve.




I, H I O H - O I A D I

5.5

5.0

CORPORATE A m
4.5

I.S. 60VEI

A T 7

4

"

3.5

3.0

2.5
1961

Date

1962

Corporate
Aaa U

1959-60 - High
1962-63 - L o w
1965 - L o w
1966 - High
- Low
Nov. 4
11
18
25
Dec.
2 £/

1963

U.S. Govt.
long-term 2/

1964

1965

State and
local
government
Aaa 3/

4 . 6 1 (3/29/60)
4.19 (3/29/63)
4.41 (3/12)
5.52
4.73

4.42 (1/8/60) 3.65 (9/24/59)
3.85 (12/26/62) 2.88 (U/e/62)
4.13 (6/25)
2.94 |

5.35
5.35
5.36

U.67
4.73
4.77
4.76
4.74 -

til m

3.39 i

l

i

1966

Spread b e t w e e n
U . S . G o v t , and
Corporate
S t a t e and
l2£tl Aag.

.92 (4/22/60)

.59 (8/5/60)
.21 (13/27/63)
.22

:U

3.72
3.72
3.81
3.87

.68
.62
.59
.60

3.89

.63

.80 (1/5/62)
4
.95

1.01
.96
.89
.85

ty Pnllaiaiiyt
V Weekly average of daily figures. Average term of bonds included is 22-24 years.
W 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.
Bote.—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.




-

1XMISI1 K ?,n I

L O N O - I I R M B O N D YIELDS, I O W I I O l A D l

I I I I II II I I
1963

1964

1969

Exhibit B -- Part II

Corporate
Baa 1/

State and
local govt.
Baa If
(per cent)

1959-60^- High
Year end - 1962
1964
1965
1966 - High
Low

Nov.

4
11
18
25
Dec. 2 £/
Mote*

5.36 {2/12/60)
4.93
4.80

Spread between
Aaa and Baa
State and
Corpora te
local govt.

4.46 (3/7/60)
3.57
3.51

.84
.70
.37

5.05 (1/14)

43.559 (8/25)
3.78 (1/20)

.31

6.10
6.11
6.12
6.16
6.18

4.32
4.32
4.35
4.35
4.37

(12/2)

Tor footnotes see Exhibit i.




ill

.75
.76
.76

.80
.81

1.08
.63
.52
.31

.60
.60
.54
.48
.48

S H O B T - A N D I N T I B M I D I A T I - T I R M INI

OOVEIHMENT

3 - 5 YEA# ISSUES
I - MONTH BILLS

F. R. DISCOUNT RATE

3-MONTH BILLS

1961

1962

1963

1964

1865

Exhibit C — Part II

Date

4
11
18
25
Dec. 2£/

Spread between yields on 3smnth bills and Yields on
,
s

a

n

/

4.00
3.00
3.00
3.50
4.00
4.50
4.50
4.50

4.59 ( W 6 0 )
2.66
2.89
3.52
3.83
4.47
5.52 (9/23)
4.39 (6/24)

5.00(1^/2^9)
3.81
2.90
3.41
2.93
4.07
3.64
3.93
4; 0?
4.66
4.90 .
5.92 (9/23) 5.83 (9/2)
4.53 (6/24) 4.80 (4/8)

4.50
4.50
4.50
4.50
4.50

5.29
5.41
5.38
5.26
5.17

5.57
5.68
5.63
5.49
5.26

o

Nov.

Yields
6-month
bills 2/
(per. cent]
>
I

1959-60 - High
Year end - 1961
1962
1963
1964
1965
1966 - High
Low

Discount
3-month
rate
bills 2/
1/

5.38
5.45
5.47
5.43
5.34

.79
.24
.04
.13
.10
.19
.52
.09

1.81
1.15
.52
.55
.24
.43
.78
.01

,38
,27
,25
.23
,09

.09
.04
.09
.17
.17

T U 2 5 d s ? yields weekly ateratee oooyuted fro* delly oleeln* bid prices, Series of 3-8 year l * m m #
oonsists of selected notes and bonis.
'
Mote*—Hlgbs and lews are for Individual series and may be on different dates for different series,
for spreads, high refer* to widest, and low to narrowest.




EXHIBIT 0. Fort I

SHORT- A N D

I N T I R M I D I A T i - T I R M INTIRKST R A T E S

FEDERAL FUNOS

1963

1962

1961

1964

Exhibit D —

Da te

Prime rate

1959-60 - High
Y e a r end - 1961
1962
1963
1964

.

1965
1966 - H i g h
Low

Nov.

Dec.

4
11
18
2£ ,

1/

1965

1966

Part II

Finance
company
Federal funds 3/
paper
2/
(per c e n t )

5.00
4.50
4.50
4.50
4.50
5.00
6 . 0 0 (12/2)

5.13 (1/23/60)
3.00
3.19
3.88
4.06
4.75
5.88 (12/2)

4 . 0 0 (5/13/60)
2.88
3.00
3.50
4.00
4.63
6.00
(11/4)

5 . 0 0 < 3/4>

4.75

3.55

6.00
6.00
6.00

5.88
5.88
5.88

1:88

1:11

( 1/7)

6.00
5.75
5.80

(1/21)

Spread between
3 - m o . bills and
finance co. paper

1.02
.34
.30
.36
.23
.28
.99
.20

.59
.47
.50

Weekly rate shorn is that In effect at end of period. Prime rate is that charged by large
on short-term loans to business borrowers of the highest credit standing,
y 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 dally effective rate, whloh is the rate for the heaviest volume of purchase and
sale transactions as reported to the Federal Reserve Bank of New York.
Notes—aighs and lows are for Individual series and may be on different dates for different series.
Tor spreads, high refers to widest, and low to narrowest.

y




IXHISI1 I. ».M I

HICES

|

—

/

STOCK MARKET CIIDIT
*C«««6E W SHIES

1

MtEww ## ikon
12

.

1
VOLUME
A

t

*

.

_

IL

|

-Vi a

^

,

/

h

1961-62 - High
Low
Nov. 1963
July 1965
1966 - High
Low
Sept.
Oct.
Nov. 18
25
2£/

M

"

/

M

r

|

1963

Stock price
index 1/

A

M

1964
Exhibit E -- Part II

Common
Trading
Stock mar ket customer
volume 2/
Customers1
Bank
yields 2/ (millions
Total
debit balloaoa to
(oer cent) 9t ffharef)
ancea 4/
"othera" 3/
(In millions of dollara)

72.04(13/8/61)
52.68(6/22/62)
72.62
84.91
93.77 (2/11)
73.20 (10/7)
77.81
77.13

2.82
3.96
3.14

10.1
2.4
5.3

5,60*13/61) 4,259(12/61) 1,418(3/9/62)
4,424(1/61) 3,253(3/61) 1*161(3/4/61)
7,298
5,586
1,712

%
4.04
3.83
3.78

10.7
5.0
5.7
7.0

6 8 3 3

81.26
80.85
80.13

3.65
3.67
3.70

8.0
7.0
7.4

A997
7,302
7,525
7,302
n.a.
n. a.
n. a.

A #
5,169
5,355
5,169
n.a.

2,107
2,170
2,133
2,114
2,110

.
t available, j/ Preliminary
' Standard uund fPoor's
of w500 ocemon stows, wesriy owe lag pnoee, u*X3*lD t
ifstudMn
o w i ooovosite uindue
o k «h
Monthly data are inrtj<s of daily figures rather thaa of Flimsy's only. Highs and Iowa are for
Friday's data only.
y Standard and Poor's ooapoaite stock yield based on Wednesday data converted to weekly eleelng
prloea by Federal Reserve. Yields shewn are for dates om whloh prloe index reached its high
or low.
3/ Averages of daily trading volume i the lew Ywtfc Stock ficohange.
Ye&z^end figurea are averages of
daily figures for the year*
V lad of month figures for aeaber firms of the Mew Y e * Stock Exchange ehidi carry
aooousta)
exelodes balances secured by U« 3. Govs m e at obligationa.
5/ Wednesdayfiguresfor weekly reporting eember banks. Xxolndea loans for purchasing or earryiM
S. Goverssaont aeouritiea* «fcekl^ reporting banka aooourt for about 70 per oeet of leana ta
others. For further detail eee 1




(7/6)
(11/9)

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

SALES

PURCHASES

1962

1960

1965

1963

Exhibit F - Part II
Estimated offerings
Immediate
Total
purchase

:o FNMA
S tandby
commitment

Purchases
by
FNMA

Sales
by
FNMA

(In m i l l i o n s of d o l l a r s )

1965

- Oct.
Nov.
Dec.
1966 - Jan.
Feb.
Mar.
Apr.
Hay
June
July
Aug.
Sept.
Oct.

H

209.9
238.3
325.7
333.2
209.2
272.8
193.0
192.2
144.2
122.6
150.7
140.4
167.5

Liquidating Programs.



209.9
237.2
325.6
333.0
209.0
272.3
192.3
191.1
141.7
121.0
148.7
138.5
164.2

1.0
.3
.3
.5
.7
1.1
2.6
1.6
2.0
1.9
3.3

W

78.5
140.2
186.7
229.2
267.3
301.4
193.0
167.3
131.6
213.2
112.5
95.5
107.2

0.2

0.1

w

I I I I I 1 I I
1963

1964

1965

Exhibit 0 - Fart II
fields on * w Corporate Bond Issues Adjusted to «n Aa* baa la

July
Aug.
Sept.
Oct.
Nov.

8
10
9
13
7
11
5
5
8
8
5

300.0
304.5
513.0
452.3
341.0
596.0
155.0
, 680.0
280.0
333.5
285.0

T

i

j

tariaz.masss
1966 - Jan.
Feb.
Mar.
Apr.
Hay

4.84
4.98
5.13
5.08
5.21
5.38
5.62
5.70
5.82
5.77
5.72

...

Oct.

7
14
21
28
Nov. 4
11
18
25
Dec. 2

.

'

1
2
2
3
4

40.0
63.5
115.0
115.0
155.0

1

130.0

2

5.81
5.86
5.82
5.67
5.61
r/ 5.85 -

50.0

5.86 -

Weekly averages;
5.98(9/2)
High
4.82(1/7)
Low
i N U t f M Z M N eoipermie boana n w i
« m
lot*« Xymr$4*» of effwiag yield# « «U i
m m eweePttUe le e w e . effertile «f aatmxwl | u p & p e U w
A by Moody's Sneetoze ®*rrio« («
i n i O r a i M t t ) weighted
hy A m ef rf(«iug*
uul fmiat ooaMaies*
heeds gemueteed 19 the
the Miade*el
«




A

Asrt of Issues Average
Included (nil. , y i e l d %
Issues of dollsrs) fner centl

lunber Am't of Issues Average
Included (mil. yield
of

dedeatlag # « m the soteel

Exhibit

H. 14

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

3

I

1966 E/

Corporate
1965

1964

nital
State and local 2/
/ 1966 £/
1965
1964

January
February
March

1,302
1,237
2,446

795
746
1,197

938
700
778

r/1,184
r/ 858
868

804
872
904

947
776
810

April
May
June

1,553
1,058
2,364

1,152
1,691
1,946

2,237
1,095
1,405

r/1,194
905
r/1,140

826
924
972

1,242
667
903

;

July
August
September

1,039
1,670
1,382

1,290
850
1,392

812
680
1,130

r/ 698
r/ 773
r/1,010

986
648
966

906
780
892

i
'j'
i

924
1,325
1,496

953
669
1,642

e/
e/

724
925
875

794
1,021
754
'

801
529
948

)
'i

4,985
4,974
4,091
e/4,175

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

2,416
4,738
2,621
3,264

r/2,910
r/3,239
r/2,481
e/2,524

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

2,533
2,811
2,578
2,278

9,959
14,050
e/18,225

7,527
11,060
14,805

7,153
9,775
13,038

r/6,149
r/8,630
e/11,154

5,302
7,902
' 10,471

5,345
7,923
10,201

October
November
December
1st
2nd
3rd
4th

quarter
quarter
quarter
quarter

1st half
Three quarters
KYear

.e/1,050
e/1,100
e/2,025it/

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

quarter
quarter
quarter
quarter

4,924
4,884

Year
e/
e/
1/
2/
3/
4/

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

2,043
4,258
2,477
2,997

13,366

11,775

Estimated by Federal 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.
Includes $215 million Pennzoil note issue.




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

Quarter
Month

Gross proceeds for new capital
and refunding 1/
Bo,ids
Common Memo:
Publicly Privately and
Foreign
Offered
Placed
pfd. issues
stock included

Net proceeds
for new capital 1 / 2 /

Total

Mfg.

Public CommuniUtility cations

Other
Issuers

1964 - III
IV

2 ,876
3:,568

792
531

1 ,590
2,,629

494
408

94
227

559
1,061

642
509

59
135

1,361
1,559

1965 - I
II
III
IV

3 ,007
5 ,043
3 ,912
4,,030

905
1 ,864
1 ,575
1:,226

1 ,673
2 ,259
1 ,955
2 ,264
j

429
920
383
540

243
215
263
300

1,072
1,679
1,119
1,145

541
609
786
610

91
255
323
177

1,034
2,246
1,304
1,815

1966 - I
II
III
IV

5,,094
5,,115
4,,197

1,,774
1,,941
2,,256

2,,586
2,,083
1,,627

734
1,090
314

345
168
153

1,860
2,205
1,558

969
960
657

602
392
567

1,2%
i,#r
1,309

1965

1,443
930
1,538
986
1,398
1,646

542
369
664
287
613
326

780
468
706
574
529
1,161

122
93
168
124
257
159

27
87
150
99
101
99

399
307
414
273
402
470

202
297
287
158
209
243

102
25
196
92
43
43

587
222
495
401
671
741

1,339
1,273
2,482
1,582
1,106
2,427
1,085
1,712
1,400
1,090

460
560
753
628
481
832
440
1,140
676
520

692
583
1,311
743
556
784
535
435
657—
450

187
130
417
210
69
811
110
137
67
120

93
118
133
86
33
49
69
22
62

353
530
977
692
376
1,137
397
518
643
450

388
241
340
364
274
322
263
313
81
300

141
160
301
76
40
276
52
318
198
75

420
306
827
421
368
629
327
522
460
225

1966

July
Aug.
Sept,
Oct.
Nov.
Dec.
3/
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct. t!
Nov.
Dec.

£./ Preliminary.
e/ Estimated by Federal Reserve.
Gross proceeds exceed net proceeds by the cost of flotation.
1/ For total see Exhibit H; other issuers are extractive, railroad and other
transportation, real estate and finance, and commercial and other.
3_/ Does not include U.S. Steel $600 million conversion of preferred stock to debentures.
4/ Includes $229 million Consolidation Coal issue for partial payment of a liquidating
dividend.
SOURCE: Securities and Exchange Commission.




Exhibit J
Other Security Offerings
(In millions of dollars)

o-fpvm 1/
iQfifi
January
February
March
April
May
June
July
Augus t
September
October
November
December
Jan. - Oct.

12

40
40
66
69
76
72
7
50

n.a

Year

1QAS

1Q (sL

218

91
33
74
5
52
75
2

4
82
69
30
75
26
20
13
7
180
72
58

584

506

661

636

38
73

1QK6

1Q6S

503
410
392
699
1,030
1,084
799
400

129
185
325

n.a.

New short-term 4/
State and local Goverment 5/
January
February
March
April
May
July
August
September
October
November
December
Jan. - Oct.

103
39
-319
580
462
-334
-103
270
2./-161

238
91
-458
647
204
-82
119
408
152
59
274

103
236
-407
442
81
-80
-9
127
176
7
-15
-208

308
-24
450
718
85
284
-590
-270
-652

n.a.

1,378

676

n.a.

1 964

-—

• -.i,
i;

239
150
375
375
179

275
260
160

>•
\*

510

|

2,178

1.2°5

2,732

1,205

775
--

Federal Agency 3/
-137
-174
117
-11
509
237
132
206
105
-309
202
-76

-308
-336
23
97
183
239
-333
167
1
525
113
-3

675

258

1,286
368
453
Year
801
2/ 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 and Exchange Commission.
3/ Issues not guaranteed by U.S. Government. Source: Long-term, Securities and Exchange
Commission; short-term, Treasury Dept. & Fed. Reserve.
4/ These datg differ from those
in Exhibit H and above in that they represent new offerings less retirements, whether
from the proceeds or refunding issues or from other funds. Data include only issues with
original maturity of one year or less.
5/ Principally tax and bond anticipation notes,
warrants, or certificates and Public Housing Auth. notes. In some instances PHA notes
included may have a somewhat longer maturity than 1 year. Source: Bond Buyer & Federal
Reserve.




£

——

f

>"
%

X,
:

H. 14
Exhibit K
Large Lojig-term Public Security Issues for New Capital
(Other than U. S. Treasury) 1/
Proceeds of Large Issues Offered
(In millions of dollars)

Total

1965 - Nov.
Dec.
1966 - Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.

Conor*• te
Bonds
Convertible
(other than
bonds
convertibles)

Stocks

--

115
70
271
106

84
75
55
50
20
182
257
340
116
97

661
50
80
55
50

Other

U

95

538
413
787
424
399
720
466
582
338
410
611
387
464

144

33
50

559
212
370
391
544
481
351
636
170
862
287
352
363

736
262
485
545
890
643
401
1,317
402
1)189
627
523
510

State
and
local
governments

---

55
60
275
15
--

50
55

Large Individual Issues Offered November 1 through December 2

Type 2/

Issuer

<?9TB9rat.e
Whirlpool Corporation
Wise. Elec. Pwr. Co.
Pacific Gas & Elec. Co.
Transcontinental Gas
Pipeline Corp.
Pacific Tel. & Tel. Co.
American Airlines, Inc.
Union Tank Car
Beneficial Finance Co.
Foxboro Company
Southern Calif. Edison Co.
Florida Power & Lt. Co.
State and local Govt.
State of West Virginia

Amount
(millions
of
dollars)

Maturity

Coupon
rate or
net interest cost

Offering
yield

Rating

35,.0
30,,0
80,.0

1986
1996
1998

5-3/4
5-7/8
5-3/4

5,.71
5,.70
5,.75

A
Aa
Aa

1st mtg. p.l. bds. 40.,0
130.,0
Deb.
81.,7
Conv. sub,, deb.
Eq. tr. cert.
23,,0
25. 0
Deb.
15.,0
Conv. sub., deb.
50. 0
Cum. pfd. stk.
1st mtg. bds.
40. 0
21. 1
Com. stk.

1986
2002
1991
1986
1970
1986

6-1/4
6
5-1/2
5.85
6-1/4
5-1/8

6..30
5,.95
5,.50
5,.85
6.,40
5.,13

Baa
Aaa
Ba
A
Baa

1996

6

5..90

Aa

1967-91

3.75

3. 65-4.70

A

S.F. deb.
1st mtg. bds.
1st mtg. bds.

G.O.




20. 0

--

K-2
Large Individual Issues Offered November 1 through December 2 (Cont'd)

Issuer

State and

Type 3/

Amount
(millions
of
dollars)

Coupon
rate or
Maturity net interest cost

Offering
vield

Rating

Govt. (Cont'd)

Nashville & Davidson Co., Metro.
Rev .-Q.-Ut.
Gcvto cf Tennessee
College of the State cf Texas,
G.O
Austin
Hinds-Rankin Metro. Wtr. and
Rev -Ut.
Sewer Ass'n.. Inc.
State of New York
G.O.
Ala. Pub, Sch. & College Auth.
Rev., -Rent.
Boston; Massachusetts
G.O.
Waterford Twp= S.D. , Mich.
G.O.
NeY• State Housing Fin. Agency
Rev.,-Rent.
State of California
G.O.
Rev. -Rent.
La. Cap. Const. & Imp. Comm.
Rev. -Rent.
111. State Bldg. Auth.
Fa. State Hwy. and Bridge Auth.
Rev. -Q. -Ut.
Rev. -Q.-Ut.
Florida Development Comm.
Rev. -Q.-Ut.
Md. State Roads Comm.
Philadelphia, Pennsylvania
G.O
Munic. of Metro. Seattle,
G.O.
Washington
Rev. -Q.-Ut.
Oklahom^ Turnpike Auth.
Rev. -Q.-Ut.
Oklahoma Turnpike Auth.

25 .0

1969 -2006

3 .94

3 .85-3 .90

Aa

11 .1

3 .70-3 .75

Aa

1968 -76

3 .90

12,.5
35,.4
36,.0
18 .5
10..8
50.,3
100.,0
15..0
17.,6
25.,0
23.,5
22. 0
41. 1

1971 -2001
1967 -2015
1967 -85
1967 -96
1967 -96
1967 -98
1976 -2016
1967 -91
1967 -87
1969 -88
1996
1967--81
1968--97

5 .60
3,.78
4,.29
4,.39
4..49
4,.24
4.,11
4..43
4.,48
4.,11
4.,94
4. 28
4. 25

-.a.
3,.50-3,.75
Aa
4,.00-4,"2°6/ Aa
4,.15-4,,20=y Baa
Baa
4,.20-4,.40
3..75-4.-15 5/
3..90-4., 10^ Aa
A
4.,10-4.,35
4.,10-4.,35
3.,90-4.,04
4.82
Baa
Aa
4. 00-4. 20
3. 90-4. 20
A

15. 0
150. 0
36. 0

1975--2006

4. 50

4. 25-4. 45

2U06

4. 92

4: 70-5. 00

Baa
Ba

7-1/4
6
6

7. 65
6. 16
6.35

A

Other
Government of Mexico
New Brunswick Elec. Pwr. Comm.
City of Montreal, Canada

Ext. S.F. bds.
S.F. deb.
S.F. deb.

10. 0
15. 0
30. 0

1981
1991
2006

--

""

*--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;
Rev.-Ut.5 revenue obligations secured only by income from public utilities; Rev.-Q.-Ut.,
revenue bends secured only by revenue from quasi-utilities; Rev.-S.To, revenue bonds
secured by revenue from specific taxes only; Rev.-Rent., revenue bonds secured solely
by lease payments.
4/ Bonds maturing 1967-68 and 1987-96 not publicly reoffered.
5/"Bonds maturing 2015-16 not publicly reoffered.




11

H. 14
Exhibit L
Forthcoming Large Long-term Public Security Offering for New Capital
(Other than U.S. Treaaury) U
Expected Proceeda from Forthcoming Large Iaaues
(In milliona of dollara)
During month following
date ahown
State and
Corporate
Other 2/
local govt.
1965 - Nov. 30
Dec. 31
1966 - Jan. 31
Feb. 28
Mar. 31
Apr. 30
May 31
June 30
July 29
Aug. 31
Sept,,30
Octo 31
Nov. 30

297
553
530
828
489
248
1,261
317
677
662
687
397
1,098

20
20

398
501
340
366
253
399
584
337
403
515
300
140
496

20
—

30
15
40

Corporate
344
676
931
1,176
606
1,034
1,261
619
697
853
767
457
1,133

Subsequent to
date ahown
State and
local govt.
458
582
461
504
334
546 •'
584
353
403
685
380
175
571

Other U
20
20
20
90
55
55
85
50
35
90
•35
35
65

Forthcoming Large Offerings as of E^cember 2

Iaauer

Type

Amount
(milliona
of
dollara)

Approximate date of
offering

Corporate
. Western Union Telegraph Co.
. Rchr Corp.
t Tennecc, Inc.
s New Jersey Bell Tel. Co.
Braniff Airways, Inc.
rGeneral Aniline & Film Corp.
| Commonwealth Edison Co.
; General Pub. Utility
Detroit Edison Co.
General Tel. & Elec. Corp.
: Consolidated Edison Co. of N.Y.
Southern Calif. Gas Co.
United Air Lines
^Pacific Tel. & Tel. Co.
Pennzoil Company




S.F. deb.
Conv. sub. deb.
1st mtg. p.1. bds.
Deb.
Sub. deb.
Deb.
1st mtg. bds.
Com. stk.
1st mtg. bds.
S.F. deb.
1st mtg. bds.
1st mtg. bds.
Conv. sub. deb.
Com. stk.
Notes

50.0
15.0
60.0
55.0
60.0
50.0
50.0
28.2
100.0
125.0
75.0
40.0
114.7
20.3
215.0

December
December
December
December
December
December
December
December
December
December
December
December
December
December
December

6
6
6
7
7
8
8
9 (rts. ex.)
9
13
15
16
20 (rts. ex.)
30 (rts. ex.)

forthcoming Large Offerings as of December 2 (Cont'd)

Issuer

Type

Amount
(millions
of
dollars)

Approximate date of offering

Corporate (Cont'd)
*Associates Investment Co.
McCall Corporation
United Nuclear Corporation

Notes
Conv. pfd. stk.
Conv. sub. deb.

35.0
20.0
15.0

January
Indefinite
Indefinite

State and local Government

Ga„ Univ. System Bldg. Auth.
State of Mississippi
New York State Dorm. Auth.
State of Tennessee
Housing Assistance Admin.
Los. Angeles Co. Fid. Control
District, California
Belridge Wtr. Storage District,
California
Richmond 5 Virginia
State of Vermont.
Calif:. Toll Br. Auth. ,
Sacrament:
Greater New Orleans Exp. Comm.
^•St.ate of Ohio

F
Rev.-Rent.
G.0.
Rev.-Rent.
G.0.
Bonds

25.5
26.2
30.1
28.0
115.4

December
December
December
December
December

6
6
6
7
7

G.0.

15.0

December 13

G.0.
G.0.
G.0.

10.3
14.3
20.0

December 13
December 14
December 14

Rev. -Q. -Ut.
Rev.-Q.-Ut.
G.0.

47.6
72.4,
75.0*

December 14
December 20
January 5

Deb.
Bonds

50.0
15.0

Indefinite
Indefinite

Other
Quebec Hydro -Elec. Comm.
Nippon Tel. & Tel. Pub. Corp.

*--Included in table
first time.
1_/ Includes corporate
d other issues of $15 million and over; State and local government
issues of $10 mill;
_nd over.
2/ Includes foreign government and International Bank for Reconstruction and Development
issues and ncn-guaranteed issues of Federal Agencies.
Note:

Deletions for reasons other than sale of issue: The issues of Chicago Public
Building Commission, Atlanta. Georgia Airport and Republic of Ireland were postponed.




.

i
i
i

?r
i

f
/I

If

Exhibit M

H. 14

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

Sale Date

Amount
(Millions
of
dollars)

|
A.

Public Offerings

Issuer and Description of Issue
Sold October 1 through December 2.

11/15

10.0

Government of Mexico--7-l/4% external sinking fund
bonds, maturing 1981, reoffered to yield 7.65%.

11/16

15.0

New Brunswick Electric Power Commision—6% sinking fund debentures maturing 1991, reoffered to
yield 6.167=.

11/16

30.0

City of Montreal, Canada-6% sinking fund debentures maturing 2006, reoffered to yield 6.35%.

B.

Prospective Offerings

* Indefinite

50.0

Quebec Hydro-Electric Commission—debentures.

Indefinite

15.0

Nippon Telegraph and Telephone Public Corp.--Bonds

*
—
** —
*** —

Included in table for first time.
Issue sold to investors outside of U.S.
Issue subject to interest equalization tax.




M-2

Part II;

Date Reported
-

Private Placements - Reported October I through December 2

Amount
(millions
of
dollars

Issuer and Description of Issue

10/28

44.0

Bell Telephone of Canada--6% 1st mortgage bonds,
maturing 1996—$33.5 taken down balance by
January 13, 1967.

10/28

12.0

Canadian Fina Oil Ltd.--6-1/2% guaranteed notes,
maturing 1996--to be taken down by March 30, 1967.

Note:

For retrospective data on aggregate foreign corporate and government security offer-^
ings in the United States see Exhibits I and J. There is no simple relationship
between the data shown in the Exhibit and that shown in Exhibits I and J because the
letter 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 takedown. Full or partial takedowns may take place both prior and
subsequent to the date a placement is reported.