Full text of H.16 Capital Market Developments : February 12, 1968

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Not for Publication DECONTROLLED AFTER SIX. MONTHS
H. 14
1368

February 12, 1966

£ FETAL MARKETS DEVELOPMENTS
-UNITED STAGES

L
Corporate and municipal bond markets. The volume of new, publiclyoffered, corporate and municipal securities expected during this holidayshortened week will be somewhat below the average weekly volume over the pant
year. The corporate volume will feature the $75 million offering by Duke Power
Company, while the largest municipal offering will be the $45 million of
Philadelphia School District bonds. Supplementing the week's long term offerings
will be a $15 million issue by the City of Montreal.
1/
Long-term Public Security Offerings(In millions of dollars)
Corporate
New CapitalI Refunding

State & local Government
New Capital | Refund L2S_
i

Sold:
52 weeks avg.
February

2
98/

340

252

r/207
"™ 273

r/280
253

210

220

Scheduled:
February
T7

16

Federal Reserve estimates are based upon published reports of i
sold and scheduled for offering; corporate rights offerings are
included as of date subscription rights expire

Yields on new corporate bonds edged up last week, while the great
bulk of the week s offerings were very poorly received. The two large, competitively-offered utility issues were said to be only 25-30% spoken for by the
end of the week. In addition two recently offered utility issues, with large
unsold balances, were released from syndicate, and in free market trading t[he
yields on these issues advanced about 14 basis points.
Yields on municipals advanced somewhat last week, but new issues in
this market received only a fair reception. The unfavorable market conditions
led New York State to postpone until February 19 its $75 million offering, previously scheduled for this week.
FNMA secondary market and other operations. Offerings of mortga&i
by private holders for purchase by the Federal National Mortgage Association in
the secondary market declined sharply in December, but the decline was from
near-record high in November and at $209.4 mi11ion-the December level was istill
relatively high. A factor in the lower level of offerings was the reduction




H. 14
-2-

Yields of Security Markets
High Grade
Notes and Bonds
Corporate

Change from
preceding week

Levels Latest Week

+
-

6.23

New
Seasoned

6.11

2
1

TT.S. Government
5.17

Long-term
3-5 year

5.61

State and local Govt.
Moody1s Aaa
Std.& Poor's high grade

5
7 -

3.95
4.30

Money Market
4.73

Federal funds
. Treasury bills
3-month
6-month

+ 15
+ 22

5:00
5.22
Corporate Bonds Still in Syndicate

Date
Offered

Amount
(millions of $)

Reoffering
Yield

Issuer

Rating

Estimated p
portion s

'• 2/7

125.0

Michigan Bell Tel.,
6-3/8's - 2005

6.32

Aaa

25%/

2/6

100.0

Southern Calif. Edison,
6-3/8's - 1993

6.35

Aa

30%

Hartford Electric Light,
6-1/2's - 1998

6.45

10.0

25%

Blue List of Municipal Dealers' Advertised Inventories
i .-.i—. Heefc




"aak

E«ent Hifih

H. 14

-3 -

(one point) initiated by FNMA on November 25.
Purchases by the Federal National Mortgage Association, which had
fluctuated within a moderately narrow range in recent months, rose in
December to $200.1 million but were still somewhat below the level of offerings
The December level brought the total purchases for the fourth quarter as a wh<j>le,
to $622.2 million, second only to the record first quarter of 1966. While
offerings have apparently changed little in recent weeks, purchases — which
offerings by about 6 weeks - have continued to rise to an indicated level in
excess of $250 million for the entire month.
Sales by FNMA, as has been the case since mid-1965, continued
abnormally low.
Stock prices. In declining trading volume, stock prices moved sharoly
lower last week. At the close Friday, Standard & Poor's index of 500 stocks
stood at 89.86, down 2.41 from the previous Friday. Such a low level has not
been seen since the Middle East crisis of early June. Trading volume average!
9.5 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.




LONG-TERM

BOND

YIELDS, HIGH-GRADE

CORPORATE Aaa

f U.S. G O V E R N M E N T

_ r

x . /

STATE AND LOCAL GOVERNMENT Aaa

1963



1964

1965

1966

1967

Exhibit A --

1959-60 - High
1966 - High
- Low
1967 - High
- Low
1968 -Jan.
Feb.

Fart

j.1

Corporate
Aaa 1/

"
] State and
U.S. Govt. |
local
long-term 2/, government
Aaa 3/
(per c

4„61(1/29/60)
5.52(9/9)
4.73(1/7)
6.24(12/29)
5.00(2/10)

4.42(1/8/60)
4.87(9/2)
4c 42(1/7)
5.49(11/17)
4.37(2/3)

3.65(9/24/59)
4.04(8/25)
3o39(1/13)
4.15(12/28)
3.25(2/9)

6.20

5.12
5.18
5.20
5.15
5.17

4.08
4.03
3.98
3.90
3.95

.12

19
26
2
*£/

6.14

6.12
6.12
6.11

Spread between
U.S. Govt, and
State and
Corporate
local Aaa
Aaa
.59(8/5/60)
.84(12/30)
.14(2/18)
.92
.44

1.08
.96
.92
.97
.94

.92(4/22/60)
1.19(2/11)
.77(9/2)
1.51
.74
1.04
1.15
1.22
1.25
1.22

£/ Preliminary.
V 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 narrowest.




LONG-TERM

BOND YIELDS,

LOWER

GRADE

CORPORATE Baa

STATE AND LOCAL GOVERNMENT Baa
" T - C
_/

1963



1965

1966

1967

1968

Exhibit B -- Part II

State and
local govt.
Baa 3/

Corporate
Baa 1/

Date

Spread between
Aaa and Baa
State and "
Corporate
local $>ovt.

(per cent)
1959-60 - High
Year end- 1965
1966 - High
Low
1967 - High
Low
68 - Jan.
Feb.
Note:

12
19
26
2
9£,/

5.36(2/12/60)
5.04
6.18(12/30)
5.05(1/14)
6.97(12/29)
5.81(4/14)

4.46(1/7/60)
3.79
4.55(8/25)
3.78(1/20)
4.73(12/28)
3.85(4/13)

6.86
6.79
6.80
6.80
6.80

4.65
4.65
4.62
4.60
4.64

For footnotes see Exhibit A.




.

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

1.08
.39
.62
.31
.81
.37

.66
.65
.68
.68
.69

.58
.62
.64
.70
.69

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
P.. ....

GOVERNMENT

13-5 YEAR ISSUES|

F.R. DISCOUNT RATE
New

York

I

3-MONTH BILLS
Market

1963



1964

Y ie Id:

1965

1966

1967

1968

V

Exhibit C — Part II

Date

Discount
rate
1/

1959-60 - High
Year end - 1965
1966
1966 - High
Low
1967 - High
Low

4.00
4.50
4.50
4.50
4.50
4.50
4.00

1968-Jan.

4.50
4.50
4.50
4.50
4.50

Feb.

W

12
19
26
2
9£/

3-month
bills U
4.59(1/8/60)
4.47
4.80
5.52(9/23)
4.39(6/24)
4.99(12/29)
3.41(6/9)

5.06
5.02

4.97
4.85
5.00

Yields
6-month
bills l!
(per cent)

3-5 year
issues U

5.07(1/8/60)
4.66
4.92
5.92(9/23)
4.53(6/24)
5.50(12/15)
3.74(6/2)
5.30
5.25
5.16

5.00
5.22

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

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

5.80(11/10)

4.36(4/7)
5.48
5.52
5.55
5.54

5.61

.79
.19
.12
o 52
= 09
.62
.01

1.81
.43
.06
.78
.01
1.61
.02

.24
.23
.19
.15
.22
serve Bank of

WCCMJ

1/ Market

yield; wee*j.y

Note




UnnAc

clwln8 bid prlcesi

Series of 3-5

.42
.50
.58
.69
.61

EXHIBIT

D. Port

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 PRIVATE B O R R O W E R S
Weekly

Per

PRIME RATE
FINANCE COMPANY PAPER

Directly

placed

F.R. DISCOUNT RATE
FEDERAL FUNDS

1963



1964

1966

1968

Exhibit D -- Part II

Prime rate 1/

Date

Finance
company
paper 2j

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

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

12
19
26
2

5.00
4.50 "
5.00
6.00
5* 00(3/4)
6.00(12/29)
5.50(12/1)

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)

6.00
6.00
6.00
6.00
6.00

5.50
5.50
5.38
5.25
5.25

4.53
4.73
4.68
4.65
4.73

1.02
.23
. 28
1.08
.20
1.33
. 21
.45
.48
.41
.40
.25

charged by large banks on short-term loans to business borrowers of the highest
credit standing.
2/ Average of daily rates published by finance companies for directly placed paper
for varying maturities in the 90-179 day range.
3/ Weekly average of daily effective rate, which is the rate for the heaviest
volume of purchase and sale transactions as reported to the Federal Reserve
Bank of New York.
Note.-Highs and lows are for individual series and may be on different dates for
different series. For spreads, high refers to widest, and low to narrowest.




EXHIBIT

^

E. Pari

I

STOCK MARKET
Billions

ol

1941-4 3 a v e r a g e ^ 10

dollar!

PRICES

STOCK MARKET CREDIT
* CHANGE IN SERIES
Million:
•
-

'

••

•• '

VOLUME

-

fJ[J\

ihorei

14

\

10
-

v

*

!
i

1

of

!

-

2

1
YIELDS
1 1'1 1 II1 11 1 II 1 II
1 1 11 i ! l l ! l 1 M M .1 1 ! 1 1 1 1 1 1 1, II 1 II.
I I I I i '•! i I'l
H l.! ! i 1 i 1 I1 1.f.1
1968
1967
1966
1965
1964
1963



Exhibit E —

Stock price'
index 1/
1961-62 - High
Low
1966 - High
Low
1967 - High
Low
Dec.
1968 - Jan.

Common
stock
yields If
(per cent)

Part II

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

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

10. 1

97.26(10/6)
82.18(1/6)

2.82
3.96
3.01
3.97
3.01
3.58

2.4
10.7
5.0
12.3
6.9

5,602(12/61) 4,259(12/61) 1,418(5/9/62)
3,253(1/61) 1,161(3/8/61)
4,424(1/61)
2.241(7/6)
5,835
7,997
2,097(12/14)
5,169
7,302
2,507(11/1)
7,883
10,347
2,055(1/25)
5,200
7,345

95.30
95.04

3.09
3.10

11.5
11.9

10,347
n.a.

7,883
n.a.

2,464

2,430
n.a.
n.a.
10.9
3.18
93.45
r/2,432
n. a.
n.a.
10.0
3.22
92.27
n. a.
n.a.
9.5
3.31
89.86
Jfi/
n.a. Not Available. £/ Preliminary.
r/ Revised.
' , .
iQ/i/^-in
1/ Standard and Poor's composite index of 500 common stocks, weekly closing prices, 1941-43-1U.
~ 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'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

1968

3/
~
4/
~
5/
~~

Jan.
Feb.

26
2

Averages of daily trading volume on the New York Stock Exchange. Year-end figures are averages
of daily figures for the year.
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.
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.




EXHIBIT f, Ron

1

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

MARKET O P E R A T I O N S
400

-OFFERINGS

300

I 200

100

I PURCHASES V

SALES
1962

1964




1966

1968

E x h i b i t F - Part If
D;i t v

Estimated offerings 1
to F N M A
Immediate
Standby
purchase
commitment

To ta 1

Purchases
by
FNMA

Sales
by
FNMA

(In millions of dollars)
1966 - Dec.
1967 - Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

121.5
67.9
24.4
26.9
17.8
78.7
229.1
. 232.8
261.0
168.3
260.6
324.7
209.4

120.1
67.3
24.2
26.7
17.7
78.5
228.8
232.6
260.6
167.9
260.1
324.1
206.6

1.4
.6
.2
.2
.1
.2
.3
.2
.4
.4
.5
.6
2.8

130.5
125.0
84.2
50.9
20.6
17.8
26.9
81.2
198.3
192.4
215.1
186.9
200.1

__

.2
.9
.8
1.5
6.0
.9
.8
.2
.3
.1

*—Less than $50,000.
1/ Data represent unpaid principal balances of the mortgages involved, exclusi
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 jthe
seller must deliver to FNMA within 45 days. A standby commitment contract relates 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 F^MA
activity under Special Assistance and Management and Liquidating Programs.




-15-

EXHIBIT ! G Pari I

YIELDS O N
Weekly

,

NEW

,

AND

SEASONED

'

CORPORATE BONDS
,

.

6.5

A d j u s t e d to

Aoa

Ba

NEW ISSUES

6.0

5.5

5.0

SEASONED
. Moody'«

4.5

4.0

1964




1965

1966

1967

1968

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

Number
of

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

Am11. of issues Average
yield
included (mill.
(per cent)
of dollars)

Monthly averages:
Dec.
1967 - Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
1968 " §an".
Weekly averages:
High
Low

7
20
20
14
23
14
17
10
15
13
5
13

481.0
1,073.0
916.0
570.0
993.0
772.0
1,125.0
358.0
716.0
356.5
355.0
567.0

5.20
5.31
5.39
5.66
5.79
5.78
5.89
5.88
6.12
6.53
6.51
6.24

6.59(11/17)

11(2/10)

on all ne

of the offerings included are denoted by an asterisk.
£/ Preliminary^—£/—Revised.




-17-

Jan

231.5
230.0
125.0

6.51
6.55
6.42*

1
8
15
22
29

7
4
1

5
12
19

1
4
3
3

15.0
353.0
63.0
70.0

6.32
6.18
6.21
6.33

3
3

76.0
237.0

r/6.21
6.23

Feb. 2
9£/

——

--

—

—

Exhibit H

(In millions of, dollars)
New C
Corporate

January
February
March

/ 1,750
Z 1,775

1,648
1,398
2,317

1,302

State an
e/1,150
e / 1 , 1 0 0

1,482
1,438
1,193

1,058

1,141

June
July
August
September

1,020

1st
2nd
3rd
4th

let
2nd
3rd
4th

5,363
6,058
6,586
e/6,007

Quarter
Quarter
Quarter
Quarter

1st half
Three quarters
Year

11,421
18,007
e/24,014

3,050
e/3,363
9,959
14,050
17,601

Excluding finance companies 3/

Quarter
Quarter
Quarter
Quarter

Year

i

960
p/1,353
e/1,050

2,296
2/1,461
e/2,250

October
November
December

5,207
5,913
6,338

4,924
4,884
3,969
3,188
17,269

"Estimated by Pedirai Reserve.




-19 -

7,943
10,992
e/14,356

6,146
8,640
11,304

Exhibit I
New Corporate Security Issues, Type of Issue
and Issuer
(In millions of dollars)
^4 Quarter
0
or
) Month
,1966 - III
IV

Net proceeds
Gross proceeds for new capital
for new capital 1/ 111
and refunding 1/
Total
Bono s
Common Memo:
C]ther
Mfg. Public CommuniPublicly Privately and
Foreign
Utility cations Is:suers
Offered Placed
pfd. issues
stock included
4,197
] ,309
2,256
1,627
314
154
657
1,558
567
3,669
2,047
1,247
375
117
1,232
984
417
918

1967 - I
II
III
IV e/

5,464
6,208
6,834
6,237

3,263
4,017
4,604
3,070

1,811
1,465
1,552
2,122

390
726
678
1,045

1967 - J a n .
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
1968 - Jan.ie/

1,684
1,418
2,362
2,016
1,519
2,673
2,590
2,481
1,763
2,417
1,493
2,300
1,810

745
900
1,618
1,368
965
1,684
1,889
1,813
902
1,375
645
1,075
885

848
362
601
410
396
659
487
418
647
572
543
1,000
700

91
156
143
238
158
330
214
250
214
470
305
225
225

60
65
234
59

2,442
3,014
2,792
2,693

997
1,268
1,219
1,203

543
548
595
392

35
10
15
16
32
17
213
13
8
40
19
n. a.
n.a.

624
563
1,254
1,128
588
1,298
925
1,229
637
918
522
1,100
745

220
274
503
394
403
471
446
509
265
573
404
220
405

293
105
145
107
91
350
39
356
200
132
70
205
150

]1,382

],228

],979
],733

»;

,£/ Preliminary, e/ Estimated by Federal Reserve.
JL/ Gross proceeds exceed net proceeds by the cost of flotation.
2/ For total see Exhibit H; other issuers are extractive, railroad and other
transportation, real estate and finance, and commercial and other.
SOURCE; Securities and Exchange Commission.




•20-

511
456
415
343
393
492 .
,046
313
620
673
465
725
450

Exhibit J
Other Security Offerings
(In millions of dollars)
Gross Long-term 1/
Federal Agency 3/
Foreign Government 2/
1966
1965
1966
1965
1967
1967
January
February
March
April
May
*
June
July
Augus t
September
October
November
December
Jan. - Nov.

196
——

222
27
13
170
22
586
193
66
139
1,635

January
February
March April
May
June
July
August
September
October.
November J>/
December p/
Jan. - Dec. j>/
Year

—

38
73
—

91
33
74
5
52
75
2

74

7,568

659

529
597

Year

1,251
783
750
650
810
650
407
250
599
708
710

218

12
40
40
66
69
76
72
7
50

"

661

'

503
410
392
699
1,030
1,084
799
400
450
800
239

2,318

1,286

660

—

775
—

239
150
375
375
179

6,567

2 ,553

6,806

2 ,732

New short-term 4/
Federal Agency
State and local Government 5/
-179
308
179
238
103
-552
387
-24
91
39
-454
-594
450
-458
-319
-559
827
718
647
580
109
85
515
204
462
93
284
-128
-82
-334
-158
-590
219
119
-103
-262
593
-270
408
270
1,407
200
-652
152
-161
606
r-555
464
59
-48
573
503
-283
-33
274
219
-570
36
-366
-311
310
660
- 1,288
2,318
422
422

129
185
325

310

3/
-137
-174
117
-11
509
237
132
206
105
-309
202
-76
801

#

801

>

jd/ Preliminary, e/ Estimated by Federal Reserve. 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, jf
2/ Includes securities offered in the U.S. by foreign governments and their political
subdividions 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.data 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. J>/ 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, n.a. -- Not available.


.


-21-

.

H. 14
Exhibit K

-22-

Large Long-term Public Security Issues for New Capital
(Other than U. S. Treasury) 1/
Proceeda of Large Issues Offered
(In millions of dollars)

Total

1967 -Jan.
Feb.
Mar.
Apr.
May
J une
July
Aug.
Sept.
Oct.
Nov.
Dec.
- Jan.

Corporate
Bon^s
Convertible
(other than
bonds
convertibles)

ther

947
675
669
512
496
875
483
473
847
505
865
633
785

230
530
,000
540
391
825
85
221
400
50
845
627
,095

40
93
63
142
44
185
133
67
65
276
215
81
85

30
40
140
213
55
409
317
350
257
285
150,
437
168

611
709
1,435
956
771
1,072
890
1,288
473
897
461
460
652

681
842
1,638
1,311
870
1,666
1,340
1,705
794
1,458
826
978
904

Stocks

State
and
local
governments

2/

Large Individual Issues Offered Feb. 1 through Feb. 9,1968

Iasuer

Corporate
I.S. Smelting Refining &
Mining Company
louthern California Edison
Company
Michigan Bell Tel. Co.
United Nuclear Corporation
N.Y. State Electric and
Gas Company

Type 2/

Amount
(millions
of
dollars)

Conv. debs.
1st mtg. bds.
Debs.
Conv. debs.

60.0
100.0
125.0
30.0

Coupon
rate or
net intereat cost

Offering
yield

5-3/4

5.75

1993
2005
1998

6.42
6.38
5

6.35
6.32
5.00

1993

Pfd. stk.

30.0

G.O.

30.0

1969-

4.04

3.25-4.40

Rev.-Rent.
G.O.

18.0
13.0

19731969-

4.76
3.73

4.25-4.80
3.10-3.75

Rev.-Rent.

81.0

1968-

4.78

3.40-4.7!i

S.F. Debs.

15.0

1993

6-7/8

State & local Government
Memphis, Tennessee
Los Angeles Convention
Authority, California
State of South Carolina
N.Y. State Housing Finance
Agency
Other

New Brunswick Electric
http://fraser.stlouisfed.org/
Power Commission

Maturity

Federal Reserve Bank of St. Louis

7.00

Rating

Aa
Aaa

A
Aaa

K-2
FOOTNOTE:
* Rights offering.
1/ Includes corporate and other security, offerings of $15 million and over;
State and local 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
obligation; 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., revenue bonds secured solely by lease payments.




-23-

H.I 4
Exhibit L
Forthcoming Urge Long-term Public Security Offering for New Capital
(Other then U.S. Treeeury) 1/
Expected Proceeds from Forthcoming Large Issues
(In millions of dollars)
During month following
date shown
State and
Other 2/
Corporate
locel govt.
Jan. 31
Feb. 28
Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 31
Sept.30
Oct. 31
Nov. 30
Dec. 31

486
1,410
767
963
1,449
1,636
1,261
694
534
1,357
826
968

Corporate
706
1,534
905
1,262
2,065
1,922
1,576
1,335
1,090
. 2,694
2,129
1,892

530
250

780
508
227
326
596
401
512
783
768
505
865
633

--

70
100
40
--

100
65
50
845
402

Subsequent tc
date shown
State and
local govt
851
528
247
346
616
402
575
903
889
743
1,684
1,076

Other 2/
545
265
15
85
115
70
150
159
126
• 260
875
502

Forthcoming Large Offerings as of February 9, 1968.
Issuer

Corporate
Gulf States Utilities Company
Gulf States Utilities Company
Dallas Power & Light Company
Potomac Electric Power
Duke Power Company
Duquesne Light Company
Riegle Textile Corporation
Ohio Power Company
Graphic Sciences
International Harvester Company
Montana Power
Piedmont Aviation
*Texas Eastern Transmission
^Baxter Laboratories, Inc.
*Diversified Metals




Amount
(millions
of
dollars)

Type

1st mtg. bds.
Com. stk.
Debs.
1st mtg. bds-.
1st & ref. mtg. bds.
1st mtg. bds.
Conv. sub. debs.
1st mtg. bds.
Conv. debs.
S.F. Debs.
1st mtg. bds.
Conv. debs.
Debs.
Conv. sub. debs.
Conv. sub. debs.
-24-

25.0
31.0
15.0
40.0
75.0
35.0
15.0
60.0
15.0
50.0
30.0
15.0
50.0
25.0
20.0

Approximate date of
offering

February 13
February 13
February 14
February 14
February 15
February 20
February 20
February 27
4
March
March
Indefinite
Indefinite
Indefinite
Indefinite!
Indefinite:

L-2
Forthcoming Large Offerings as of February 9. (Cont'd)

Issuer
-

Amount
(millions
of
dollars)

—-Type

Approximate date of offering

State and local Government

^Colorado Springs School
District #11, Colorado
G.O.
San Francisco B.A.R.T. Special
Service District #1
G.O.
Philadelphia School District
G.O.
Minneapolis-Sto Paul Airport
Comm., Minnesota.
Rev. -Rent.
*State of Connecticut
G.O.
New Orleans, Louisiana
Rev. -Rent.
Dallas, Texas
G.O.
Charlotte, North Carolina
G.O.
*Port of* New.York Authority
Rev. -Q.-Ut.
Chesterfield C.o*, Chesterfield,
Virginia G.O.
Illinois Building Authority
Rev. -Rent.
*Housing Assistance Admin.
Bonds
*Aime Arundel Co., Anapolis,Md. G.O.
Chester Co., South Carolina
Rev. -Rent.
Kentucky Turnpike Authority
Rev.-Q.-Ut.
Calcasieu Parish, Louisiana
Rev. -Rent.
New York State
G.O.
Other
New Zealand
' Montreal
Canadian,Pacific Railway

14.8

February

14

12.0
45.0

February
February

14
15

16.0
50.0
12.0
30.0
12.1
100.0

February
February
February
February
February
February

15
20
21
26
27
28

14.6
35.4
143.8
12.0
35.0
120.0
62.7
80.0

Bonds
15.0
25.0
S.F. Debs.
Equip. tr„ cert. 20.0

1

February 29
March
5
March
6
March
12
Indefinite.
Indefinite
Indefinite
February 19
Indefinite
February 13
February 20

" -- Included in table for first time.
f
_1 / Includes corporate and other issues of $15 million and over; State and local Government
issues of $10 million and over.
F
2/ Includes, foriegn government and International Bank for Reconstruction and Development F
issues and non-guaranteed issues of Federal Agencies.
f




-25-

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

Sale Date

Amount
(millions
of
dollars)

Public Offerings

Issuer and Description of Issue

A.

Sold:

/r.

Nov. 1, 1967 through Feb. 9 ,1968.

11/14

75.0

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

12/5

15.0

Komatsu Manufacturing, Tokyo, 7-1/4% convertible debentures, maturing 1982, reoffered to yield 7.25%.

1/11

60.0

Quebec Hydro - Electric Commission 6-7/8%
debentures maturing 1989, reoffejred to
yield 7.00%.

1/23

35.0

Province of Nova Scotia
7% S.F, debentures
maturing 1993, reoffered to yield 7.10%.

2/1

15.0

New Brunswick Electric Power Commission -6-7/8% S.F. debentures maturing 1993,
reoffered to yield 7.00%.
B.

Indefinite
Indefinite
February 13

15.0

20.0

25.0

Prospective Offerings
New Zealand —

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




Bonds ***

*Canadian Pacific Railway--equip. tr. certs.
Montreal, Canada — S.F. debs.

-26-

M-2
PART II:

Private Placements - Reported January 1 through February 9, 1968.

Date Reported

Amount
(millions
of
dollars)

Issuer and Description of Issue

1/1/68

1.5

Nicaraguan Hotel Co. — U.S. guaranteed
6% note, maturing June 1, 1987.

1/8/68

12.0

Republic of Portugal— notes due 1968.

1/15/68

7.0

' r2/5/68

Home Oil Co. Ltd. (Canada) -- Secured
15 year bonds.

1.5

Caribbean Finance Co. (Puerto Rico) Senior
notes due 1/15/80.

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 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 i
•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.
3
Full or partial takedown may take place both prior and subsequent to the date a placement v
is reported.
«




-27-