Full text of H.16 Capital Market Developments : December 9, 1963

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Not for Publication D K O N T B O L U ® AFTER SIX MONTHS
Hrt4—
library
OFr 1 1
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/I

December 9, 1963.

I f CAPITAL MARKET DEVELOPMENTS
j
IN THE UNITED STATES

FEDERAL RESERVE BANK {
OF R I C H M O N D

I

The vcjlume of public security financing was fairly substantial
last week and will continue so this week. During the week ending December
J h four large corporate security issues (including an expiring rights .
offering) with gross proceeds of $137 million were publicly offered for
new capital, while one $12 million State and local government bond issue
was sold. Large new capital issues scheduled for sale this week, ending ^
December 13, consist of two corporate offerings for $105 million and three
State and local government issues for $79 million.
Bond yields. Changes in yields on seasoned long-term bonds
were mixed last week. Yields on long-term Treasury securities rose two
basis points to a new 1963 high of 4.12 per cent. Yields on tax-exempt
municipal bonds, however, declined; those on Aaa-rated securities by three
basis points to 3.14 per cent and those on Baa bonds-by one basis point
to 3.61 per cent. Seasoned corporate bond yields were unchanged.
Yields on new corporate bond issues, adjusted to an Aaa basis,
averaged 4.41 per cent last week, about the same as two weeks earlier
when this series was last available.
Short- and intermediate-term interest rates. Yields on shortand intermediate-term Treasury securities rose last week; rates on 3-month
bills increased four basis points to 3.52 per cent; those on 6-month
bills rose five basis points to 3.68 per cent; and those on 3-5 year
obligations increased two basis points to 3.99 per cent. The average
effective Federal funds rate eased to 3.25 per cent from the 3.50 per
cent rate that had prevailed in most recent weeks. Other short- and
intermediate-term interest rates were unchanged.
FNMA secondary market operations. Sales by the Federal National
Mortgage Association in October remained near the reduced volume reached
in September. The total of $2.2 million contrasted sharply with last
spring's highs and was one of the smallest in recent years. *
Purchases by FNMA continued above sales for the third successive
month, but, at $16.3 million, were only slightly higher than in September
and quite low by most earlier standards. Offerings to FNMA totaled $18.5
million in October, compared with $20.1 million in September and $43.5
million a year earlier.
Stock prices. Common stock prices rose one per cent further
last week in more moderate trading. Standard and Poor's composite index




-2-

of 500 stocks closed Friday at 74.00, less than one per cent below the
late October peak. Trading volume averaged 4.8 million shares per 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.




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

STAII AND lOCAl GOVEINMiNf A

M

l

I I I I I I I I I I

i 11 Lil.i.i i L i

E x h i b i t A - Part II

Date

Corporate
A a a 1/

U . 8. Govt,
long-term 2/

S t a t e and
local
government
A a a 3/

Sprea d b e t w e e n
U . S . Govt, and
Corporate
S t a t e and
Aaa
local A a a

(per c e n t )
1958 - Low
1959-60 - High
1960-61 Low
1961 - H i g h
1962 - Low
1963 - Hi£h
Low
Nov.
Nov.
Nov.
y Nov.

8
15
22
29

v / D e c . 6 £J

3.55
4.61
4.21
4.46

(5/2)
(3/29/60)
(3/17/61)
(9/15)

4.23 (12/28)
4.33 (12/6)
4.19 (3/29)

3.07 (4/25)
4.42 ( 3/8/60)
3 . 7 0 (5/13/61)
4.07 (32/29)
3.85 (32/28)
4.12(12/6)
3.87(1/18)

2.64
3.65
2.99
3.37
2.88
3.18
2.93

4.33
4.33
4.33
4.33 y
4.33/

4.12
4.10
4.10
4.10
4.12

3.16
3.18
3.18
3.17
3.14

(5/1)
(9/24/59)
(9/1/60)
(7/6)
(13/8)
(11/21)
(3/28)

.22
.59
.19
.57
• 3Q:

:S
.21
.23
.23
.23
.21

•34;
.92
.46
.76

.80

1.02
.89
.96
.92
.92
.93
.98

p/ Preliminary.
y
Weakly average of daily figures. Average tern of bonds inoltied ii 22-24 years,
y
Weekly average of daily figures. The series includes bonds due or callable in 10 years or rore.
Tj Thursday figures. Only general obligation bonds are inoludedj average term is 20 years,
"oto.—ilighs and lows are f o r individual series and may be on different dates for different
series. For spreads, high refers to widest, and loir to narrowest*




EXHIBIT B, Part

I

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

«.S I

3.0,

Exhibit B - Part II

Date

Corporate
Baa 1/

State and
local govt.
Baa 3/

Spread beta»een
Aaa and ]iaa
State and
Corporate
local govt.

(per cent)
1958 - low
1959 -60 - High
I960--61 Low
1961 - High
1962 - Low
1963 - High
Low

4.51
5.36
4.98
5.13
4.92
4.93
4.83

Nov. 8
15
22
29
Dec. 6 2 /

4.83
4.83
4.85
4.84
4.84 /

Hole:

(7/11)
(2/12/60)
( 9/9/60)
(10/27)
(1^21)
(1/4)
(11/15)

For footnotes aea Exhibit A.




3.64

4.46
3*93
4.16
3.52
3.63
3.52
3.61
3.62
3.62
3.62
3.61

(5/1)
(a/7/60)
(11/9/61)
(3/23)
(5/17)
(6/27)
(5/23)

.77

.93.

.84
. 66
.81
.63
.71
.50

1.08

.50
.50
.52
.51
.51

.45
.44
.44
.45
.47

•57
.93
.56

.63
.44

S H O R T - A N D INTERMEDIATE- T E R M INTEREST RATES, G O V E R N M E N T

3

i m e istutv

I II m i l l II III M i l II II I I I I I I I I I I I llllll II III
1»$B

I9S9

I960
Exhibit C

Discount
rate
1/

1958 - Low
1959-60 High
1960-61 Low
1961-62 High
1962 - Low
1963 - High
Low
Nov.
Nov.
Nov.
Nov.
/Dec.

8
15
22
29
6 £/

3-month
bills 2/

1.75
4.00
3.00
3.00
3.00
3.50
3.00

.58
4.59
2.11
2. 97
2.65
3.55
2.88

3.50
3.50
3.50
3.50
3.50

3.54
3.55
3.51
3.48
3.52/

Yields
6-month
bills 2/
(per cent)

1161

IHj'

Part II

3-5 year
issues 2/

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

( 5/29)
3.02 (12/26) 2.14 (6/6)
( 3/8/60)
5.07 ( 3/8/60)5.00 (1^/24/59)
(10/28/60) 2.35 (4/28/61)3.15 ( 5 / 2 2 / 6 1 )
(7/13/62) 3.13 (7/20/62)3.88 (2/2/62)
(6/8)
2.74 (6/8)
3.41 (12/28)
(11/15) 3.68 (12/6) 3.99 (12/6)
(3/15)
2.93 (3/8) 3.44 (1/18)
3.64
3.68
3.65
3.63
3.68

II I I I I I I 1 I I liJIILI.li.il

1 967

.26
.79
.12
.44
.02
.17
.04

.04
1.61
.38
1.51
.52
.70
.42

10
13
14
15
16

.44
.42
.47
,49
.47

3.98
3.97
3.98
3.97
3.99

1/ Weekly rate shown is that in effect at end of period at the Federal Reserve Bank of New York.—
2/ Market yield; weekly averages computed from dally closing bid prices. Series of 3-5 3w a r isauei
consists of selected notes and bonds.




ait

"

i x ii i in I 11. r... i i
-

AND

, AND

TERM

INTERMEDIATE
OTHER

PRIVATE

INTEREST

RATES,

BORROWERS

StO(K I It HAHGI

'95*

I9S9

I9 6 0
Exhibit D

Stock Exchange

Date

c a l l l o a n \J

Prime
r a t e 1/

1 961

19tl

1163

- Part II

Finance company
paper 2/

Federal
f u n d s 3/

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

(per cent)
3.50

3.50

1 . 1 3 (8/8)

1959-60 - High

5.50

5.00

5 . 1 3 (l/2?/60)

1960-61 Low

1958

- Low

4.50

4.50

2 . 5 0 (8/5/61)

1961-62

4.50

4.50

3 . 2 5 (7/20/62)

4.50
4.50

2 . 8 8 (6/1)
3.75 (12/6)

4.50

3.13

- High

1962

- Low

1963

- High

4.50
4.50

Low

4.50

Nov.

8

4.50

(5/31)

.13

(5/29)

-.35
1.02

4.00

(5/13/60)

.43

(1/27/61)

.11

3.00

(12/28/62)

.56

1.30
3.50

(1/26)
(U/29)

.19

2.45

(7/26)

.09

.36

4.50

3.75

Nov.

15

3.50

4.50

4.50

3.75

Nov.

22

3.50

4.50

.20

4.50

3.75

3.50

.24

.21

Nov.

29

4.50

4.50

3.75

Dec.

6 £/

3.50

4.50

4.50

.27

3.75

3.25

.23

* -

-

* —

I

WV
V
M
I
. U
A
W
U
I
U
^
H W
«
J
U
L X
U
A
U I
T
A
B
O ID K U 1 U R r t l O

on call loans secured by oustomors 1 stock exchange collateibI at Nevr York City banks.. Prime rate
is that Charged by large banks 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
T
in the 90-179 day range.
3/ Weekly average of daily effective rate, whioh is the rate for tte heaviest -relume of purchase and
sale transactions as reported to the Federal Reserve Bank of New York.
N o t e . — H i g h s and lews a n for individual series and m a y be on different dates f o r different series.
Tor spreads, high refers to widest, and lor to narrowest.




EXHIBIT E, Port 1

STOCK M A R K E T

w

—

vv~ |
/

X

^

v

/

-

SI0C* WAIItl CREDIT
^CHANGE 1* $1111$
Million! of aha

L I I i I II II II I I I I I I I I I
19SI

1962

11*3

Exhibit E - Part IX

Stock price
index 1/

1961-62 - High
Low
1963 - High
Low
October
November
Nov. 22
Nov. 29
Dec. 6 £./

Common .
Trading
Stock market customer credit
Customers 1
stock
Bank
volume 3/
yields 2/ (millions
Total debit bal- loans to
(per cent)| of shares)
ances^/
"others" 5/
(In millions of dollars)
2.82
3.96

72.04(12/8/61)
52.68 ( 6/22/62)
74.01 (10/25)
64.10 (3/1)

3.01
3.36

10.1
2.4
6.4
3.2

73.03
72.62
69.61
73.23
74.00

3.05
3.14
3.29
3.16
3.13

5.3
5.2
5.4
6.4
4.8

5,602(12/61)4,259 (12^61)1,377(6/30/61)
4,876(7/62) 3,562 ( 7/62) 1,269(9/26/62)
7,171(11/63)5,486(11/63)1,718(11/20)
5,595(1/63) 4,208(1/63)1,378(2/23)
7,171
n.a
n. a
ri.a

5,486

1,685
1,712
1,718
1,712

n.a.—Not available* jj/ Preliminary•
1/ Standard and Poor's composite index of 500 ooranon stooka, 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.
2/ Standard and Poor a composite stock yield based on Wednesday data converted to weekly closing
prices by Federal Reserve. Yields ahown are for dates on which price index reached its higb
3/
Aj

Averages of daily trading volume on the New York Stock Exohmge,
End of month figures for member films of the New York Stock Exchange viiioh oarry margin accounts)
excludes balances secured by U. S. Governnnnb obligations.
5/ Wednesday figures for weekly reporting member banks. Excludes loans for purchasing or carrying
U. S. Government nocurlties. Prior to July 1, 1959, suoh loans are excluded only at banks in
New York and Chicago. Weekly reporting banks account for about 70 per cent of loans to others.
For further detail see Bulletin.


m iiwrwrrwr--*-''

1

,< »• . • .v.,,,

. . .

EXHIBIT F, fact I
FEDERAL N A T I O N A L M O R T G A G E A S S O C I A T I O N ^
SECONDARY^ MARKETJ3PERATIONS

19S1

mo

.

mi

M*1

lV»!

Exhibit F - Part II

Date

1962 - Oct.
Nov.
1963 - Jan.
Feb.
Mar.
Apr.
May
July
Aug.
Sept.

Estimated offerings 1
to FNMA
Standby
Immediate
Total
purchase
commitment
43.5
25.7
19.7
16.8
12.5
23.1
14.1
21.9
21.2
15.8
18.8
20.1
18.5

Purchases
by
FNMA

(In millions of dollars)
.8
42.7
33.1
24.6
26.6
1.2
19.3
.4
13.5
16.5
.2
14.3
12.4
.1
10.1
22.6
.5
21.9
13.5
.6
12.3
21.8
.1
19.9
20.7
.5
20.7
15.7
.1
14.9
18.3
.4
16.9
19.8
.2
15.3
18.4
.1
16.3

Sales
by
FNMA
4.5
8.1
14.4
45.3
107.7
166.4
165.2
169.4
61.3
35.7
8.5
1.6
2.2

•-—Less 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 oontraot covers existing mortgages which the seller mast deliver to
FNMA within 45 days, A standby o cnmitment contract relates to proposed mortgagee on
housing nc* yet under construction which the seller must usually deliver-within one
year. Purchases include thoee under both immediate purchases and standby ocxnnltmsnt
contracts. Data exclude FNMA. activity under Special Assistance and Management and
Liquidating Programs.




YIELDS O N

NtW

AND

SEASONED

C O R P O I t ATE

BONDS

Exhibit G - Part II
Yields cm Hew Corporate Bond Issues Adjusted to an Aaa basis

Meekly averages;
1963 - June ?
14
21

28

July 5
12
19

26

Number Am't of Issues Average
of
Included (mil.
yield
issues of dollars)
(per cent)

50.0
34.0

115.0
46.5

80.0
25.0
58.0
70.0

Aug. 2
9

75.0

23
3
6°

50o0

16

Sept

12.0

4.23*
4.25
4.14 ,
4.25
4.30*
4.43*
4.31
4.28
- 4.27

4.33*
4.35

Number Am't of issues Average
of
Included (oil,
yield
of dollars)
(per cent)
Sept.. 13
20
27
Oct. 4
11
18
'25
Nov. 1
8
15
22
29
Dec. 6

__
1
1
2

15.0
100.0
33.5

4.34
4.34
4.32

1
2
1

40.0
75.0
30.0
22.0
115.0

4.37

4.41
4.21*
4.42

60.0

4.41

1
4
2

4.35

totei Averages of offering yields on all new Issues of pubUoly offered corporate bonds rated Aaa. Aa and '
?y-» °?y 8 Iim,8 l' ori Service (exoept serial and oottrertlblo issues, offerings of natural gas pipeline
and foreign companies, and bonds guaranteed by the Federal Govarnment) weighted by else of affertntf# 1
55 e _f TerB i 1 ?l^? eir o f f e r l n 8 a
adjusted to a composite Aaa basis by deducting from the actual
coffering yield tha excess of the weekly average yield for seasoned tarda of the appropriate industryquality group over the composite average for seasoned Aaa-rated bonds (Moody's). Averages considered
unrepresentative
because <tf special characteristics of 1he offerings inoltded 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
1963
January
February
March

613
594
1,144

April
May
June

Corporate I f
1
1962
|
-

1961

1963

State
|

Local 2/
1962
|

1961

592
859
807

580
667
562

2/731
2/726
£/973

876
1 ,133
628

711
689
764

930
904
1,013

1 ,113
760
1 ,132

2 ,118
1 ,259
1 ,318

2/867
2/856
2/940

873
912
786

722
640
1,034

676
667
795

582
749
579

1 ,028
762
647

2/597
2/702
2/422

612
544
427

486
604
734

October
November
December

e/950
e/650
e/1,300

835
703
1 ,103

1 ,090
948
1 ,000

e/1,100
e/700
^/400

650
578
550

679
789
610

1st
2nd
3rd
4th

2,351
2,847
2,138
e/2,900

2 ,258
3 ,005
1 ,910
2 ,641

1.,809
4,,695
2.,437
3,,038

2/2,431
2/2,662
2/1,721
e/2,200

2.,637
2.,571
1.,582
1,,779

2,165
2,396
1,824
2,078

5,198
7,337
e/10,237

5.,264
7.,173
9.,814

6 504
8,,941
11,,979

2/5,093
2/6,815
e/9,015

5 3,208
6, 790
8, 568

4,561
6,385
8,463

July
August
September

quarter
quarter
quarter
quarter

1st half ,
Three quarters

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

quarter
quarter
quarter
quarter

Year

e/
j>/
JL/
2/
3/

2,284
2,529
e/1,838
e/2,400

|

e/9,051

2, 199
2, 919
1, 775
2, 410

1,554
4, 552
2, 337
2, 807

9, 303

11, 253

Estimated by Federal Reserve.
Preliminary.
Securities and Exchange Commission estimates of net proceedsInvestment Bankers Association of America estimates of principal amounts.
Total net capital issues excluding offerings of sales and consumer finance companies.




.

H. 14
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/
Common | Memo:
and
foreign
Total Publicly Privately
pfd, issues
offered
offered
stock |included

Net proceeds for
Dital 1 / 2 /
|Public
Mfg. (utility

Communi- Other
cations issuers

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
935
792

381
1,081
595
836

81
1,095
104
147

832
1,052
893
1,263

1962 - I
II
III
IV

2,378
3,250
2,184
2,957

1,155
1,389
853
1,089

716
1,222
1,024
1,568

507
639
307
300

68
257
56
179

655
996
601
769

430
983
375
568

456
231
275
321

717
794
659
986

1963 - I
II
III
IV

2,700
3,634
2,466

1,108
1,389
898

1,306
1,820
1,281

287
424
287

128
434
109

947
591
806

326
794
285

236
221
150

842
1,241
897

1962 - Jan.
Feb.
Mar.
Apr.
May

647
884
847
1,217
801
1,232
630
922
632
976
784
1,197

273
497
386
654
247
488
200
477
176
539
286
264

232
232
253
227
420
575
366
363
295
314
446
808

143
155
209
336
134
169
67
82
161
123
52
125

3
12
54
10
147
100
13

205
131
318
384
270
342
217
218
166
153
271
345

89
148
1.93
377
196
410
118
110
148
141
175
252

73
362
21
88
64
79
88
120
67
260
4 //
57

225
218
275
264
229
301
159
301
199
282
253
451

695
642
1,363
1,049
1,340
1,246
810
786
871
1,025
710

350
259
499
380
550
459
279
336
283
510
210

243
289
774
452
694
675
431
349
501
375
350

102
94
91
217
95
113
100
100
87
140
150

25
43
60
56.
182
196
46
21
42

135
220
592
148
216
227
297
272
237
150
200

114
115
97
341
222
230
107
100
78
220
120

125
68
43
71
92
58
86
24
39
10
10

238
191
412
369
373
499
187
270
441
570
320

July
Aug.
Sept.
Oct.
Nov.
Dec.
'1963 - Jan.
Feb.
Mar.
Apr.
May
j
July
Aug.
Sept.
Oct.e/
Nov._e /
Dec.

43
46
34
99

.

jd/ Preliminary, 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. SourcesDigitized
forand
FRASER
Securities
Exchange Commission.



E.14

\

Exhibit J
Other Security Offerings
(In millions of dollars)
Gross long-term 1/
Foreign government 2/
1963
| 1962
| 1961
1963
January
February
March
April
May
July
August
September
October
November
December

232
133
76
57
114
11
63
83
e/ -e/ 50

Year
^3an.-Nov.

January
February
April
May
June
July
August
September
October
November
December

737

6
29
20
2
66
29
5
2

-

__

43
34

e/174
e/200

148

246
156

186

461

459

75
272
-367
589
-30
-10
62
208
-173
259

—

150
175

236

n. a.

636

18
466
-186
127
-84
-118
78
339
-406
71
234
-161

160
195
-8
-103
-42
-155
109
518
-86
-6
54
-116

378

520

539

636

--

---

236
e/1,16 7
Net ShorcState and local government 5/
e/819

Year
Jan.-Nov.

142
10
35
10
86
50
25
8
31
151
88
101

Federal agency 3/
1962
| 1961
|

-106
-189
-482
292
195
319
414
327
258
£.>'-99

E/1,052

__

252
100
149
278
250
193
225

--

--

1,188

1,448

1,188

1,447

Federal agency 3/
247
-156
226
-364
82
284
261
227
-157
379
55
-80

-144
-162
-174
-79
-87
207
22
193
108
98
56
-114

1,004

-76

1,084

38

x

£/ 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 United States by foreign governments and their
political subdivisions and international organizations. Source: Securities and Exchange
Commission. 3/ Issues not guaranteed by the U. S. Government. Source: long-term,
Securities and Exchange Commission; short-term, Treasury Department and Federal Reserve.
4/ 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. 5/ Principally tax and
bond anticipation notes, warrants or certificates and Public Housing Authority notes. In

some instances
PHA notes included may have a somewhat longer maturity than one year.
Source: Bond Buyer and Federal Reserve.
http://fraser.stlouisfed.org/

Federal Reserve Bank of St. Louis

y

H. 14

(/y

•'

Exhibit K

V?

Large Long-term Public Security Issues for New Capital
(Other than U. S. Treasury) If
Proceeds of Large Issues Offered
(In millions of dollars)

Month

1962 - November
December
1963 - January
February
March
April
May
July
August
September
October
November

Total

Corporate
Bonds
Convertible
(other than
bonds
convertibles)

178
198
234
186
394
409
149
348
221
236
237
446
180

178
178
215
125
372
263
149
348
180
218
215
380
117

20
35

——
--

Stocks

——

19
26
22
146

41
18
22
66
63

State
and
local
government
217
193
344
367
570
431
389
372
279
.329
135
743
373

Other 2/

75
48
63
134
43
460"
60 /
20
174
200

Large Individual Issues Offered Deceifoex 1 through 6

Issuer

Type

Amount
(millions
Maturity
of
dollars)

Coupon
Offerrate or net
Rating
interest
ing
yield
cost

Corporate
Tennessee Gas Trans. Co.

Clark Equip. Credit Corp.
Pacific Northwest Bell Tel.
Co.
: ^Pacific Power & Lt. Co.

1st mtg.p.1.
bds.
Cum. pfd. stk.
Deb.

15.0
20.0

1983

4-7/8

4.90

Deb.
Com. stk.

50.0
17.1

2000

W./Z

4.4:: Aaa

G.O.

12.3

1964-93

35.0

1983

4-7/8

4.84

Baa

__

State and Local Government
Oyster Bay, N.Y.
Other
None




n. a.

2.00-3. 50 A

H. 14

Footnotes
*--Rights offering. n. ar--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.
37 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.




Forthcoming Large Long-term Public Security Offerings for New Capital
(Other than U. S. Treasury) _!/
Expected Proceeds from Forthcoming Large Issues

Date of
computation

1962 - Nov. 30
Dec. 28
1963 - Jan. 31
Feb. 28
Mar. 29
Apr. 30
May :
31
28
July 31
Aug. 31
Sept . 30
Oct. 31
Nov. 29

During month following
date shown
State and
Corporate
Other 2/
local govt.
170
269
167
142
376
149
223
170
221
158
240
145
392

75
25

194
177
376
458
381
447
255
142
329
210
561
255
137

45
40
460
75
20

Subsequent to
date shown
State and
Corporate
local govt.
360
314
412
572
421
234
288
215
267
183
240
145
1,992

Other 2/

328
311
- 843
755
763
59.9
582
287
512
468
757
401
349

Forthcoming Large Offerings, as of December 6

Issuer

Type

Amount
(millions of
dollars)

Approximate date
of offering

Corporate
Virginia Elec. Pwr. Co.
Consolidated Edison Co.
Sinclair Oil Corp.
"Bankers Trust Company
American Tel. & TeJ. Corp.

1st mtg. bds.
1st & ref. mtg. bds.
Deb.
Notes
Com. stk.

30.0
75.0
150.0
100.0
1,600.0

December 11
December 12
December 18
December
April (rts. ex.)

State and Local Government
State of Minnesota
San Francisco Bay Area
Rapid Transit Dist., Cal.
Iowa State University
Santa Clara Co. Fid. Cont.,
Dist. , Cal.
Farmington, N. Mex.
State of California
Pittsburgh, Pa.




G.O.
Rev.-Q.Ut.

12.8
50.0

December 10
December 10

Rev.-Rent.
Rev.-Q.Ut.

16.0
19.5

December 12
December 17

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

16.5
80.0
35.0

December 17
January 7
Indefinite

75
25
33
45
40
460
75
20

H..14-

L-2
Forthcoming Large Offerings, as of December 6 (Cont'd)

Type

Issuer

x

Amount
(millions of
dollars)

Approximate date
of offering

State and Local Government
(cont.)
Dade County, Florida
Jacksonville Expressway
Auth., Fla.
Houston, Texas

G.O.
-Rev. -Ut.

46.0
40.0

Indefinite
Indefinite

G.O.

11.1

Indefinite

Other
None

'^--Included in table for first time.
W
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: Bowling Green, Kentucky
rejected bids for $10.0 million of bonds on December 4; issue in litigation.




H. 14

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

Sale
Date

Amount
(millions of
dollars)

Public Offerings

Issuer and Description of Issue

A.

Sold October 1 through December 6

None

B.
None




Prospective Offerings

M-2
Part II:

Date
reported
*1.1/27

Private Placement--Reported October 1 through December 6

Amount
(millions of
dollars)
15.0

H.14

Issuer and Description of Issue

Home Oil Co., Ltd.--6-1/4% collateral trust bonds,
maturing 1983, placed at par--no information available
on takedown

Note: For retrospective data on aggregate foreign corporate and government security
offerings in the United States see Exhibits I and J. There is no simple relationship
between the data shown in this Exhibit and that shown in Exhibits I and J because
the latter includes privately placed securities in the period in which funds are
actually takendown 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 takedowns. Full or partial takedowns may take place both
prior and subsequent to the date a placement is reported.
''--Included in table for first time.
^