Full text of H.16 Capital Market Developments : February 19, 1968

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Not f

February 19, 1968.

^Publication DECONTROLLED AFTER SIX MONTHS
14

(CAPITAL MARKETS DEVELOPMENTS
ITED STATES
pbrate and municipal bond market. Although the volume of n
publicly-offered municipal bonds expected during this holiday-shortened
week will be somewhat above the average weekly volume over the past year
the corporate volume will be extremely reduced. The only notable corpor ate
offering will by Duquesne Light Company's $35 million of first mortgage bonds,
The largest municipal offering will be New York State's $80 million of h ighway
and mental health construction bonds, postponed from last week. The wee k's
long-term offerings will be supplemented by a $20.2 million offering of
equipment trust certificates by the Canadian Pacific Railway. *

y

Long-term Public Security Offerings—
(In millions of dollars)

Corporate
New Capital
Refunding

Stgte & local Government
New Capital [ Refunding

Sold:
52 weeks avg.
February

9
16

343

252

r/309
210

r/303
~ 220

Scheduled:
February

23

47

293

.17Federal Reserve estimates are based upon published reports of issues
sold and scheduled for offering; corporate rights offerings ajre
included as of date subscription rights expire.
While yields on seasoned corporate bonds were essentially unchaoged
last week, yields on new issues were somewhat higher. With these higher yields,
issues were generally well received by investors who quickly bought up all but
one offering, and pushed yields on these issues to a slight premium by week's
end. Offered late in the week, Duke Power's first mortgage bonds — onjly
25 per cent sold — were the notable exception.
Yields on municipals were also higher last week, but new issues met
with only a fair reception. By the end of the week, only about 63 per (pent
of the week's offerings had been sold.




H. 14
Yields of Security Markets
High Grade Notes and Bonds

Change from
preceding week

Levels Latest Week

Corporate
-

6.28

New
cSeasoned

+
-

5
1

5.13
5.56

-

4

-

5

4.00
4.36

.+

5

6 10

U.S. Government
Long-term
3-5 year
State and local Govt.
Moody's Aaa
Std. & Poor's high grade

+

6

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

Date
Offered

Amount
(millions of $)

2/15

2/7

2/6

75.0

125.0

100.0

14

4.59
-

4.97
5.14
Corporate Bonds Still in Syndicate
Reoffering
Issuer
Yield

Rating

3
8

Estimated pro^f
portion sold

Duke Power
6-3/8's - 1998

6.32

Aaa

25%

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

6.32

Aaa

35%

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

5.35

Aa

45%

Blue List of Municipal Dealers' Advertised Inventories
Latest Week
468(2/15/68)




End of Previous Week
463

Recent High
849(4/26/67)

H. 14

• "P**

Private housing starts and permits. Seasonally adjusted housing
starts, which had dropped sharply in December, turned np by one-sixth in
January. The rise brought starts to an annual rate of 1,445 thousand, juslt
above the improved average in the fourth quarter of 1967 and three-tenths
higher than in January cf that year.
Among individual regions, the advance from December was quite
slight in the Southern states, but it ranged upward sharply in all the other
areas and exceeded two-fifths in the Northeast. By type of structure-, the
advance was sharpest—a fifth—for multifamily units. However, single
family starts also increased in January—by over a tenth.
Government-ass is ted starts accounted for 21 per cent of the totjal
in January. This was virtually the same proportion as in January of 1967.
and one of the largest shares for January in recent years.
Some further advance in the over-all rate of starts seems possible
for February, even though the rate of building permits in permit-issuing areas
appreciably in January. Actually, the permits declined followed an exceptionally
advanced rate in December and, at 1,111 thousands, the January rate of pejrmits
was still relatively high.
Stock prices. Common stock prices experienced some sharp fluctju
tions last week, but advanced slightly on balance. At the close Friday, tti
Standard & Poor's index of 500 stocks stood at 89.96, up 0.10 from the
previous Friday. During the week, the major Exchanges announced that thiy
would continue indefinite!.- the shortened trading hours in effect since
January 22. Trading volume last week averaged 10.3 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.




E*HIBIT

A. Pari 1

LONG-TERM BOND YIELDS, HIGH-GRADE

C O R P O R A T E Aaa

;V

! rJ

STATE AND LOCAL GOVERNMENT Aaa

ISf




13GS

vai;

Exhibit A —

Corporate
Aaa 1/

Date

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

19
26
2
9
16n

jfarL il

State and
U.S. Govt, j
local
long-term 2/| government
Aaa 3/
(per cent)

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)
6.24(12/29)
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)
4.15(12/28)
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

6.14
6.12
6.12
6.11
6.10

5.18
5.20
5.15
5.17
5.13

4.03
3.98
3.90
3.95
4.00

.96
.92
.97
.94
.97

1.15
1.22
1.25
1.22
1.13

£ / Preliminary.
1/ Weekly average of daily figures.
—/ Weekly average of daily figures.
years or more.
3/ Thursday figures.

Average term of bonds included is 22-24 years.
The series includes bonds due or callable in 10

Only general obligation bonds are included; average term is 20

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.




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

1963



C O R P O R A T E Baa

STATE A N D LOCAL G O V E R N M E N T
Moody i

"t

1964

1965

1967

1968

Exhibit B ~

State and
local govt.
Baa 3/

Corporate
Baa 1/

Date

Part II

1
1

Spread between
Aaa and Baa
State and
Corporate
local govt.

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

1968 - Jan.
Feb.
Note:

19

26

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)

G.79

4.65

6.80
6.80
6.80

2
9
6.79
_162l
For footnotes see Exhibit A




4.62
4.60
4.64
4.69

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

.65

.68

.68
.69
.69

1.08
.39
.62
.31
.81
.37

.62
.64
.70
.69
.69

EXHIBIT

C. 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
GOVERNMENT
Weekly

6 - M O N T H BILLS
Market Yieldt

3-5 YEAR ISSUES

F.R. DISCOUNT RATE

3-MONlii

CILLS

MarLcl Y lelJi

Ar .
1963




1964

1965

1966

1967

1968

Exhibit C —

Discount
rate

Date

1959-60 - High
Year end - 1965
1966
1966 - High
Low
1967 - High
Low
1968-Jan.
Feb.

-/

.00
4.50
4.50
4.50
4.50
4*50

19
26
2
9
162J
16£/

4.00
50
50
50
50
50
4.50

Weekly rate s i n




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)
5.02
4.97
4.85
5.00
4.97
4.7/

Part II

Yields
6-month
bills U
(per cent)
.07(1/8/60)
4.66
4.92
5.92(9/23)
4.53(6/24)
5.50(12/15)
3.74(6/2)
5.25
5.16

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

5.54

5.61

.

I Spread between yields on
" 3-mo. bills and yields on
I 6-mo. b i n = H - 5 vr. issues

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

i:il

5.00
5.22
5.14

3-5 year
issues U

5.56

.79
.19
.12
.52
,09

1,81
.43
.06
.78
.01

.62
.01

1,61
.02

.23
.19
.15
.22
.17

.50
.58
.69

is that In ettect at end of period at tne federal Reserve banc •»

-9-

.61
.59

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 P R I V A T E BORROWERS

PRIME RATE
FINANCE C O M P A N Y PAPER
Directly

placed

1963



F.R. DISCOUNT RATE

FEDERAL FUNDS

1964

1965

1966

1968

Exhibit D -- Part II

Prime rate 1/

1959-60 - High
Year end- 1964
1965
1966
1966 - Low
1967 - High
Low

- Jan.

1968

Feb.

19

26
2
9
16p/

-

Finance
company
paper 2/

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

5.00

5.13(1/22/60)

4.00(5/13/60)

4.50

4.06

4.00

5.00
6.00

4.75

4.63

5.00(3/4)

5.88

5.63

1.02
.23

.28

1.08

.20

4.75(1/7)

3.55(1/21)

6.00(12/29)

5.75(1/6)

5.25(1/6)

5.50(12/1)

4.38(6/23)

3.40(10/27)

6.00

5.50

4.73

5.38

4.68

.41

4.65

. .40

6.00

6.00
6.00

5.25

.21
.48

.25

5.2D

4.59

6.00

1.33

_2&_

chargld'^lMge"b!inks h on s h o r t - t e ^ l o ^ s to business borrower, of the highest

2/ Average 5 of"daily rates published by finance companies for directly placed paper




: : s s r j r s r

EXHIBIT

E. For!

STOCK MARKET




1941-43 o v e r o g f = 10

100

PRICES

STOCK M A R K E T CREDIT
* CHANGE IN SERIES

VOIL'ME

YIELDS

196

13C7

1968

Part II -

Exhibit E —

Stock price
index \/

Date

1961-62 - High
Low
1966 - High
Low ,
1967 - High
Low
1967 - Dec.
1968 - Jan.
1968 - Feb.

2
9
16j>/

Common
stock
yields 2/
(per cent)

Stock market customer credit
Trading
Customers'
Bank
volume 3/
debit bal- loans to
Total
(millions
"others"5/
ances 4/
of shares)
(In millions of dollars)
5,602(12/61)
4,424(1/61)
7,997
7,302
10,347(12/67)
7,345

4,259(12/61)
3,253(1/61)
5,835
5,169
7,883(12/67)
5,200

72.04(12/8/61)
52.60(6/22/62)
93.77(2/11)
73.20(10/7)
97.26(10/6)
82.18(1/6)

2.82
3.96
3.0.1
3.97
3.01
3.58

10.1
. 2-4
10.7
5.0
12.3
6.9

95.30
95.04

3.09
3.10

11.5
11.9

10,347
n.a.

7,883
n.a.

92.27
89.86
89.96

3.22
3.31
3.31

10.0
9.5
10.3

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

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

1,418(5/9/62)
1,161(3/8/61)
2,241(7/6)
2,097(12/14)
2,507(11/1)
2,055(1/25)
2,464
n.a.

2,432
r/2,438
n.a.

n.a. Not Available. j>/ Preliminary, r/ Revised.
1/ SUmd.ird and l-ooi' - composite indu.: oi 500 common blocks, weekly closing prices, 1941-43=10.
~~ Monl hV dnt * art
of daily figures rather than oi Friday's only. Highs and lows arc
for Friday's dat
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
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-

EXHIBIT F. Port 1

PRIVATE H O U S I N G STARTS AND PERMITS
Mnnlhly. onnunl rolei
SEASONALLY

ADJUSTED

DATA

HOUSING STARTS

BUILDING PERMITS
(in niu'ng ofeol)

PER

CENT

OF

UNADJUSTED

TOTAL

STARTS

GOVERNMENT UNDERWRITTEN
1961

1962

1963




1964

1965

1966

1967

1968

Exhibit F - Part II

Building

Starts

permits
Unadjusted
1
Type of financing Type of housing (scanonal v

Total
Date

Seasonally adjustUnadjusted
ed annual rate

FHA

VA

Other

1-2
Multifamily family

adjusted
annual
date) 21

(Thousands of units)
; 1967 - .T in.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.,
Oct.
Nov.
.{
Dec.
1968 - Jan. j>/

1,111
1,149
1,094
1,116
1,274
1,233
1,369
1,407
1,445
r/1,496
r/1,590
~ 1,243
1,445

10

59
ul
92
114
132
125
125
127
r/!22 .
7/135
r/118
r/ 80
~ 80

9
14
12
18
19
15
17
1.6.

19
15
16
14

46
49
74
97
109
101
106
105
101
5 r/111
4 7/ 99
4 ""

60

3

63

r/48.7
r/46.1
r/29.8

1/ Total starts are Census estimates including farm for both permit-issuing and
non-issuing areas. A dwelling unit is started when excavation begins; all units
in an apartment structure are considered started at that time. FHA and VA
starts are units started under commitments by these agencies to insure or guarantee the mortgages. As reported by FHA and VA, a unit is started when a field
office receives the first compliance inspection report, which is made before
footings are poured in some cases but normally after the foundations have been
completed. Capehart military housing units are excluded. Other starts are
derived as a residual, although total and FHA and VA starts are not strictly
comparable in concept or timing; other starts iclude both units financed by conventional mortgages and units without mortgages.
J
2/ Building permits before January 1963 are Census estimates for about 10,000 areas
identified as having a local building permit system in 1959. Estimates beginning
January 1963, are for approximately 12,000, or all known, permit-issuing places.
Unlike starts, seasonally adjusted building permits reflect direct adjustment
for differences in the number of working days per month, as well as other differences in timing and coverage.
r/

Revised.

£/

Preliminary.




-15-

\

EXHIBIT

G. Pari 1 .

Y I E L D S O N N E W A N D SEASONED C O R P O R A T E B O N D S

 1964


6.3

N E W ISSUES

I.I

5.5

5.0

SEASONED Aaa

4.5

4.0

1966

Exhibit G - IT
Yields on New Corporate Bond Issues Adjusted to a.x Aaa basis

Number |Arr.'t. of issues Average
yield
of
|included (mill.
(per cent)
issues 1 of dollars)

Number ! Am't. of issues' Average
1
yield
of
included (mill.J
issues 1 of uollars)
I(per cent)
Monthly averages:
1967 - J a n .
1967 - Feb,
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.

6
7
20
20
14
23
14
17
10
15
13

496.0
481.0
1,073.0
916.0
570c 0
993.0
772.0
1,125.0
358.0
716.0
3JG t 5
555.0
567.0

:
5.38
5.20
5.31
5.39

Dec.

15
22
29

5.66
5.79
5.78
5.89
5.88
6.12
v.J?
<'.?!
0.24

1

8

Jan

5
12
19

231.5
230.0
125.0

6.51
6.55
6.42*

15.0
353.0
63.0
70.0

6.32

6.18

6.21

6 . 33

1968 - SIS:
76.0.
1J
Weekly averages:
9
237.0
6.23
6.59(11/17/67)
High
205.0
r/6.30
lu£/
Low
Note: Averages of offering yields on a l l new issues of ' publicly offered cc_porate bonds rated Aaa,
Aa, and A by Moody's Investors Service (except serial and convertible issues, offer., n^s 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 urtropresenta *-J vc- L 'cause of special characteristics
of the offerings included are denoted by an as^orisk.
p/ Preliminary.

£/

Revised.




-17-.

' !

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

New Capital
1968P/
January
February
March

e/ 1,750
e/ 1,775

April
May
June
July
August
September
October
November
December
1st
2nd
3rd
4th

Quarter
Quarter
Quarter
Quarter

1st half
Three quarters
Year

Corporate
1967p/

1966

Quarter
Quarter
Quarter
Quarter

1,188
858
865

1,553
1,058
2,364

1,112
1,218
1,497

1,103
901
I,141

2,457
2,406
1,723

1,039
1,670
1,382

942
852
1,256

701
771
1,020

rj 2,289 /
r/1,467 /
572,336/

829
1,085
1,635

- 960
£/1,353
e/1,050

755
969
940

5,363
6,058
6,586
P/6,092 "

4,985
4,975
4,091
3,550

4,116
3,827
3,050
e/3, 363

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

11,421
18,007
2/24,099 v .

9,959
14,050
17,601

1,302
1,237
2,446

1,973
1,474
2,611

e/

5,207
5,913
6,338

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

Year
Estimated by Federal Reserve.




1966

1,482
1,196
1,438

1,648
1,398
2,317

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

State and local
1967p/
1968p/

-19-

e/1,150
e/1,100

7,943
10,992
e/14,356

6,146
8,640
II,304

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

.966 - III
IV

Net proceeds
Gross proceeds for new capital
for new capital 1/ V
and refunding 1/
Bonus
Common Memo:
Publicly Privately and
01 her
Foreign
Mfg. Public CommuniOffered . Plactid
pfd. issues
Utility cations Is suers
stock included
4,197
2,256
1,627
314
154
1,558
657
567
1,309
3,669
2,047
1,267
375
117
1,232
984
417
918

1967 - I
II
HI
IV

5,464
6,208
6,834
6,295

Quarter
or
Month

!

Total

3,263
4,017
4,604
3,107

1,811
1,465
1,552
2,137

390
726
678
1,051

1967 - Jan.
Feb.
Mar.
Apr.
If ay
June
July
Aug.
Sept.
Oct. r,
Nov. Xj

1,684
745
848
91
1,418
900
362
156
2,362
1,618
601
143
2,016
1,368
4 10
238
3.46
1,519
965
158
2,673
1,684 .
659
330
2,590
1,889
487
214
2,481
1,813
418
250
1,763
902
647
214
2,410
1,375
r/566 r/469
1,500
645
7/551 7/304
Dec
-I- 2,385 r/1,087 r/1,020 r/278
1968 - Jan.
1,810
885
700
225

60
65
234
93

2,442
3,014
2,792
2,527

997
1,268
1,219
1,255

35
624
10
563
15
1,254
16
1,128
32
588
17
1,298
213
925
13
1,229
8
637
r/34
r/906
19
7/512
r/40 r/1,109
n. a.
745

220
274
503
394
403
471
446
509
265
573
404
r/278
"*405

543
548
595
270

293
511
105
456
145
415
. 107
343
91
393
350
492
39
:i,046
356 . • [ 313
200
620
r/119
l:/690
7/ 82
6r/469
r/ 69
i:/88i
" 150
r*450

Preliminary, e/ Estimated by Federal Reserve, r/ Revised.
Gross proceeds exceed net proceeds by the cost oT flotation.
For total see Exhibit H; other issuers are extractive, railroad and other
transportation, real estate and finance, and commercial and other.
JOURCE: Securities and Exchange Commission.
J
J
J




-20~

1,382
1,228
1,979
2,040

Exhibit J
rvher Security Offerings
( n millions of dollars)

Gross Long-term ! /
Federal. Agency 3/
b'i ruign Government 2/
1966
196^
1966
1967
1965
1967
-January
February
March
April
May
June
July
Angus t
September.
October
November
December

19f
--

223
27
13
170
22
586
193
66
r/142
18

12
40
40
66
69
76
72
7
50
23
74
68

' 91
33
74
5
52
75
2

1.251
783
750
650
810
650
407
250
599
708
710
612

218
38
73
--

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

129
185
325
775
—

239
15C
375
375
179

Jan. t Dec.

1,656

597

661

8,180

6,806

2 ,732

Year

1,656

597

661

8,180

6,806

2 ,732

New short-term 4/
St it.e and local Government 5/ 1
Federal Agency
-179
179
308
238
:
103
-552
387
-24
39
91
i
-454
-594
450
-458
-319
-559
827
718
647
580
109
515
85
204
462
93
-128
284
-82
-334
-158
219
-590
119
-103
-262
593
408
-270
270
1,407
200
-652
152
-161
606
• 464
59
-555
-48
573
.00
503
274
-283
219
-431
-570
36
-366

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

£/

4

4
3/
-137
-174
117
-11
509
237
132
206
105
-309
202
-76

2,231

422

1,286

660

310

801

2.28-1

422

1,286

660

310

801

&

;

A"

1

p/ Preliminary, e/
Estimated by Federal Reserve. rj
Revised.
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 internal ion.:: organizations. Source: Securities and Exchange Commission.
3/ Issues not guaranteed by ij.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. 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.
n. a. -- Not available.
•
-21 http://fraser.stlouisfed.org/

Federal Reserve Bank of St. Louis

H.14

Exhibit K
Large Long ;eno Public Security Isauee for New Capital
(Other than U. S. Treasury) 1/
P i d s of Large Iaauea Offered
(V- i <111 tone of dollar a)

Total

1967 - Jan.
Feb.
' iV.
Apr.
y.iv
in tie
J-ly
Aur fc- V:p L .
0-1 .
N.iv.
1 u. r .
1968 - ) :n. •

Conors ite
Bond r
(other
Convertible
bonda
conver lblea)
6 JI
70°>

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

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

l/.':
9t"
7; •
1,07/
890
1,288
473
897
461
460
"5.

Large Indi\

'

Stocks

State
and
local
government#

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

Other

y

230
530
1,000
540
391
825
85
221
400
50
845
627
1.095

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

Issues Offered Feb. 1 through Feb. 16, 1968

Typv

Amount
(millions
of
dollars)

Maturity

Coupon
rate or
net intereat cost

Offer
ing

Rating

Corporate
U.S. Smelting Refining &
Mining Company
Southern California
Edison Company
Michigan Bell Telephone
Company
United Nuclear Corporation
N.Y. State Electric and
Gas Company
Gulf States Utilities Co.
Gulf States Utilities Co.
Dallas Power & Light Co.
Potomac Electric Power
Duke Power Company

Co iv. d* bs.

60.0

1993

5-3/4

5. 75

B
Aa

1st ait;',. Ids.

100.0

1993

6.42

6.35

Debs.
C'inv, debs.

125.0
30.0

2005
1998

6.38
5

6.32
5.00

Aaa

1998

6.52

6.45

Aa
Aa
Aa

6.32

Aaa
Aa

Pfd. stk.
1st i.tg. bds.
Con;. stk.
Debs.
J st ntg. bds.
1st & ref. mtg.
bds.
International Harvester Co. S.F. debs.




30.0
25.0
31.0
15.0
40.0

1993
2003

6.70
6.54

6.60
6.56

75.0
50.0

1998
1998

6-3/8
6-1/4

6,2i

-22-

K-2
Large Individual Issues Offered Feb. L i lirough Feb. I<v. (.Cont'd**

Type 3/

Coupon
Ot l tr
rate or
ing
net inter• »si ri'si
Vi-M

Amount
(millions
of
dollars)

Maturity

30,.0

1969-91

4..04

3..25-4,.40

An

18,,0
13.. 0

1971-2003
196"-82

4,, 7f«
3..73

4..25-4..80
3..10-3.. / ' .

.

81., Q .
45,,0

1968-9X
1970-9;

3.,40-4..75
4.,78
4. f'3 • 3 .70-5.,00

A

14. 8

1969-88

4. 22

3..40-4., 2 5

Afi

12., 0

1970~'tt

4.,47

3.,70-4.,60

Aa

15. 0
25.0
65. 0

1993
1988
1970

State ^ local Government
Memphis, Tennessee.
G.O.
Los A r m i e s Convention Auth.,
Call for i n
Rev. - R r n f : .
State of South Carolina
G.O.
N.Y. St-af-c Housing Finance
Agency
Rev. -Rent.
Philadelphia School District G.O.
Co lor a^"1 ".f 'ings Sch. Dist.
#11,
'florado
G.O.
San F r r n r i s c o B.A.R.T.
Speci.il :.'M-vice Dist. #1
G.O.

\
i.
-•

Other
New Rru ••
l« E l e c t r i c Power
Commi
1 n
Montreal
Federal I1**"" Loan Bank Board

S.F.
S.FCons

ilehs.
dobs.

o1. notes

6-•7/8
7. 18
00

. 6.

7.00
7.06

A
A

5.91

—

Right r oi feeing. '
TncJiidfvr corporate and other security offerings of $15 million and over; State and local
securitv 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.
V
In the case of State and local Government Securities, G.O. denotes general obligation;
Rev. ";TTf.. , 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.

If




H. 14
Exhibit L
forthcoming Large Lung tern Public Security Offering for New Capital
(Other than U.S. Treaaury) y
tuptitrad Propeeda from Forthcoming Large laeuea
(In milllone of dollara)

Duriufe month following
4ai£ .ihais—
6t#ta and
Other 2/
Corporate
IULMI govt.
Jan. 31
Feb. -8
Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 31
Sept. 10
Oct. 31
Nov. 30
Dec. 31
Jaii. 31
•
lyuii

1 Vh7

48b
1,410
It)'/

963
1,449
1 ,63b
1,261
h94
.134
1,3S7
82 n
968
!>U

530
250

780
508
227
326
596
401
512
783
7 68
505
865
b33
449

70
100
40
100
65
50
845
402
60

Subaequent to
Corporate
^
*
706
1,534
905
1,262
2,065
1,922
1,576
1,335
1,090
2,694
2,129
1,892
736

,d*w
[State and
local govt.
851
5-'8
24/
346
616
402
5/5
•jut
889
743
t ,684
1 ,076
937

Other 2 /

545
2h5
15
85
115
/O
150
159
126
260
875
502
?b

Fort.icomu* Large Offerings ae of February lb, 19ob.

laauer

Amount
(milllone
of
dollara)

Type

Approximate date of
offering

ftqraorate
juquesne Light Company
iegle Textile Corporation
Ihio Power Company
Jexas Eastern Transmission
Baxter Laboratories, Inc.
Potomac Electric
graphic Sciences
Tenneco, Inc.
Philadelphia Electric Company
•Consolidated Edison
-Utah Power & Lighr Company
Montana Power
Piedmont Aviation
Diversified Metals
•Pioneer Natural Gas
•General Telephone of the Southwest
*A.M.K. Corporation




1st mtg. bds.
Conv. sub. debs.
1st mtg. bds.
Debs.
Conv. sub. debs.
Com. stk.
Conv. debs.
Cum. pfd. stk.
1st mtg. bds.
Cum. pfd. stk.
1st mtg. bds.
1st mtg. bds.
Conv. debs.
Conv. sub. debs.
1st mtg. bds.
1st mtg. bds.
_24_

35.0
15;0

60.0
50.0
25.0
15.8
15.0
98.2

60.0
93.1
35.0
30.0
15.0
20.0
15.0
25.0
30.0

February 20
February 27
February 27
February 27
February 28
February 28(rts.exp.
4
March
5
March
11
March
18(rts.exp.
March
19
March
Indefin:i te
Indefin:ite
Indefin:ite
Indefin:ite
Indefin:i[te
ludef inilte

L-2
Forthcoming Large Offerings as of February 16. (Cont'd)

Issuer

Type

Amount
(millions
of
dollars)

Approximate dnie <

State and local Government
New York State
G.O.
Minneapolis-St. Paul Airport
Comm., Minnesota
Rev.-Rent.
State of Connecticut
G.O.
*Georgia Education Authority
Rev. -Rent.
New Orleans, Louisiana
Rev. -Rent.
Dallas, Texas .
G.O.
Charlotte, North Carolina
G.O.
*Albany Co., Albany, New York
G.O.
Port of New York Authority
Rev.-Q.-Ut.
*State of Ohio
G.O.
Chesterfield Co., Chesterfield,
Virginia
G.O.
Illinois Building Authority
Rev. Rent.
* Prince Georges Co., Maryland
G.O.
Housing Assistance Administration
Bonds
*Los Angeles Dept. of Water &
Power
Rev. -Ui..
*Pennsylvania State School
Building Authority
Rev.-Bent.
Anne Arundel Co., Anapolis,
Maryland
G.O.
Chester Co., South Carolina
Rev. -Rent.
Kentucky Turnpike Authority
Rev.-Q.-Ut.
Calcasieu Parish, Louisiana
Rev.-Rent.

80.0

February

10

.16.0
50.0
18.0
12.0
30.0
12.1
70.0
100.0
75.0

February
February
February
February
February
February
February
February
February

19
20
20
21
26
27
27
28
29

14.6
35.4
24.0

February
Mcirch
March

29
5
5

143.8

March

6

24.0

March

6

March

12

- 40.0
12.0
35.0
120.0
62.7

March
12
Indefinite
Indefinite
Indefinite

Equip, tr. cert. 20.0
Bonds
15.0

February 20
Indefinite

Other
^Canadian Pacific Railway
' New Zealand

!
* — I n c l u d e d in table for first time.
'
~
'
. %
U
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.




-25-

Exhibit M
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;

Jan. 1 Lhrcugh Feb. 16, 1968.

1/11

60.0

Quebec Hydro - Electric Commission 6 -7/87
debentures maturing 1989, reoffere d to
yield 7.00%.

.1/23

35.0

Province of Nova Scotia — 7% S.F. c ebentures
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%.

2/13

25.u

Montreal, Canada — 7 - 1 / 8 % S.F. debentures
maturing 1988, reoffered to yield 7.06%.

B.
Indefinite
2/20

15. )

20.0

Prospective Offerings
New Zealand — Bonds ***
Canadian Pacific Railway —

* - Included in table for first time. . .
** - Issues sold to investors outside of 1J.S.
*** - Issue subject ot interest equalization tax.




• 26-

equip. tr. certs.

M-2
PART II:

Private Placements - Reported January 1 through February !6, 1968.

Date Reported

Amount
(millions
of
dollars)

Issuer and Description of Issue

1/1/68

1.5

Nicaraguan HoUiI 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

Home Oil Co. Ltd. (Canada) —
15 year bonds.

2/5/68

1-5

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

Secured

Note; For retrospective data on aggregate foreign corporate and government security
offerings iu 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
but only in the amount of takedown while tfie placements shown in this exhibit are included
when reported, frequently with little or no information concerning timing of takedown.
Full or partial takedown may take place both prior and subsequent to the date a placement
is reported.




-27-