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Not for Pub 1 icatioifrgrPATROLLED AFTER SIX
H. 14

February 20, 1967.

\cAPIl
1 CAPITAL MARKETS DEVELOPMENTS
IN THE UNITED STATES
Corporate and municipal bond markets. Public offerings of new corporate
securities expected this week will exceed the average volume for such issues
over the past year by almost $100 million owing to the rescheduling for this
week rather than next of Union Carbide's $250 million offering. The volume of
municipal securities publicly offered, however, will be less than average.
New York State's $75 million offering, previously planned for this week, was
in fact postponed.
Long-term Public Security Offerings-/
(In millions of dollars)
Corporate
New Capital | Refunding

State and local Government
New Capital [^Refunding

Sold:
52 week avg.
Feb. 10
Feb. 17

212

1

5

r/ 310
373

r/ 158
205

215

r/ 20

Scheduled:
Feb. 24

305

—

134

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 corporate bonds advanced sharply last week. Syndicates
were terminated for four issues, some with large unsold balances, and in freemarket trading yields adjusted upwards by 15 to 19 basis points. By the end
of the week, One issue had advanced
22 basis points above the initially
offered yield.
Yields on municipals, meanwhile, advanced even more sharply. New
issues, except for last week's big M.B.T.A. issue, moved slowly and the Blue
List of advertised inventories set a new recent high", though it had declined
slightly by the end of the week.
Private housing starts and permits. Seasonally adjusted private
housing starts, which were revised downward by 2 per cent for December, advanced
15 per cent further in January to a seasonally adjusted annuil rate of 1,243
thousand (including farm starts). While the rate was the highest since last




Yields in Security'Markets
Level Latest Week
Change from
preceding week

High-Grade
Notes and Bonds
Corporate
5.22
5.01

+11
+1

4.49
4.76

New
Seasoned

+8
+9

3.50
3.62

+25
+15

U.S. Government
Long-term
3-5 year
State arid local Govt.
Moody's Aaa
Std. & Poor's high grade
Money Market
5.19

Federal funds
Treasury bills
3-month .
6-month

+7
+12

4.61
4.66
Corporate Bonds Still in Syndicate

Date
Offered

Amount
(millions of $)

Issuer

Reoffering
Yield

Rating

Estimated pro
portion sold

2/14

75.0

Deere & Co., Deb.,
5.40's - 1992

5.40

4/5

2/15

25.0

Duquesne Lt. Co.,
1st mtg. bds., 5-1/4's
1997

5.18

1/5

Texas Pwr. & Lt. Co.,
1st mtg. bds., 5-1/2 's
1997

5.41

30.0

2/16

Aaa

1/6

Blue List of Municipal Dealers1 Advertised Inventories
(In millions of dollars)
Latest Week
649 (2/14)




End of Previous Week
663

Recent High
677 (2/13/67)

H. 14
June, it reflected virtually no change in the unadjusted number of starts
from December to January. Beginning with February,unadjusted starts will
have to do much more than merely hold at the previous month's level in order
to show a further rise. On a three-month moving average, to allow for the
extreme volatility of the series, the seasonally adjusted annual rate for
the November-January period was 1,113 thousand.
All regions but the West shared in the rise in seasonally adjusted
• starts in January. However, the increase was especially marked in the Northeast (56 per cent) where the rate had been relatively lowest toward the end of
last year.
Government-underwritten starts accounted for 19.2 per cent of the
total in January. This compared with 18.4 per cent a year earlier, when starts
were at a relatively high rate, and with 20.2 per cent in January of 1965.
Seasonally adjusted building permits in permit-issuing places also
rose further in January (nearly a fifth) and were a fourth above the exceptionally low rate reached last October, though still almost three-tenths
below a year earlier. Both single family and multifamily structures showed
about the same relative increase from December to January.
Stock market credit. Total customers1 credit in the stock market
decreased $101 million to $7/342 million during January. Bank loans declined
$59 million and customers' net debit balances declined $42 million.
Customers 1 net free balances increased $277 million to a record
$1.9 billion. New York Stock Exchange member firms' funds borrowed against
customers' collateral were down $382 million and their funds borrowed against
other collateral were down $170 million. More detailed information on changes
in stock market credit in recent months is shown in the table on the following
page.
Stock prices. Common stocks again advanced slightly last week in
trading which was heavy though somewhat lighter than the proceeding weeks.
Standard and Poor's index of 500 stocks closed Friday at 87.89, up 0.26 from
the previous Friday. Trading volume averaged 9 million shares.

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




H.14

-4-

STOCK MARKET CREDIT
(In millions of dollars)

Months

Outstanding:
1955-56 High
J 1957-58 Low

Total

Customer
Net Debit
balances with
NYSE member
firms

Credit
Bank lotas to others
than brokers and
dealers for purchasing & carrvinp secur.

dealer Credit .
Broker & 1
Customers'
Money
net free
Borrox*ed
Cust; Other credit
coll. 9911. balances

4,047 (5/56) 2,823 (12/56)

1,255 (4/56)

1,873

430

1,069 (1/55)

3,554 (1/58) 2,482 (12/57)

1,060 (11/57)

1,344

188

807 (4/57)

1,373
1,121
1,377
1,269
1,727
1,865

2,044
1,801
2,572
1,856
3,892
2,882

318
237
385
235
597
446

1959
1960
1961
1962
1963
1965

- High
- Low
- High
- Low
- High
- Low

4,764
4,142
5,602
4,876
7,298
6,833

1964
1965
1966
1967

- Dec;.
- Dec.
- Dec.1
- Jan.

7,053
7,705
7,443
7,342

(4)
(5)
(12)
(7)
(11)
(7)

3,401
3,004
4,259
3,562
5,586
4,863
5,079
5,521
5,329
5,287

(4)
(7)
(12)
(7)
(11)
(7)

1,974
2,184
2,114
2,055

(5)
(5)
(8)
(9)
(12)
(2)

3,393 517
2,889 687
r/2,673 799r/
2,291 629

1,257
940
1,508
1,091
1,211
1.192

(3)
(4)
(4)
(9)
(11)
(8)

1,169
1,666
1,637
1,914

Change in.
outstanding:.
64
59 -92
-9
30
21
1966 - Jan.
-2
35
22
11
202
224
Feb.
57
;
47
-104
-19
-108
-127
Mar.
42
128
"78
-22
190
168
Apr.
95
-48 -29
-19
-67
-86
May
-181
"
42
53
2
9
11
June
150 -102
-28*
-103
-131*
July
.
-45 -10
-1
-58
Aug.
-59
-223 -19
-67
-32
-254
-286
Sept.
-232 -51
-8
-37
-223
-186
Oct.
12
2
-30
45
48
* 50
Nov.
105
r/76 230r/
-21
112
91
Dec.
-382 -170
-59
-42
-101
1967 - Jan.
— 2 2
1
Note: With the exception of bank loan data, figures are reported to the New York Stock
Exchange by member firms carrying margin accounts. Bank loans to other than brokers and
dealers for purchasing and carrying securities are for weekly reporting member banks. Net
debit balances and customer free credit balances are as of the end of the month; bank loans
and money borrowed are reported for the last Wednesday of the month. Numbers in parenthesis
denote month of year. All figures exclude credits on, or to carry, U.S. Govt, securities.
* New Series.




MHIIIT A. F.RI I

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

5.5

CORPORATE A m

—

4.0

U . S . 60VERNMENT

3.0

1

2.5
1961

1962

1963

1965

1966

Exhibit A — Part II

D a t a

1959-60 - High
1962-63 - Low
1965 - low
1966 - High
Low
Jan. 20
27
Feb. 3
10
17j>/

Corporate
Aaa 1/

State and
local
U.S. Govt,
government
long-term 2/
Aaa 3/

Spread between
D. S. Govt, and
Corporate
State and
local Aaa
Aaa

4.41 (3/12)
5.52 (9/9)
4.73 (1/7)

. 9 2
.59 (8/S/60)
3.65 (9/24/59)
(1/8/60)
. 8 0
3; 85 (l?/26/62) 2.88 (ll/e/62). 2 1 ( 1 3 / 2 7 / 6 3 )
. 9 4
2.94 (2/11) . 2 2
4.13
(6/25)
1.19
4.87 (9/2)
4.04 (8/25) .92
.78
3.39 (1/13) .14
4.42 (1/7)

5.15
5.04
5.02
5.00
5.01

4.37
4.39
4.37
4.41
4.49

4.61 (1/29/60)
4.19 (3/29/63)

4.42

3.35
3.34
3.25
3.25
3.50

.78
.65
.65
.59
.52

(4/22/60)
(1/5/62)

1.02
1.05
1.12
1.16
.99

5/ Weekly average of dally figures. Average tern of bonds Included la 22-24 years.
</ Weekly average of daily figures. The series includes bonds due or callable in 10 years or more*
S/ Thursday figures. Only general obligation bonds are included; average term is 20 years.
Bote* fllmi 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 O - T I K M B O N D Y l i l D S , LOWKR G R A D I

CORPORATE B M

STATE AND LOCAL GOVERNMENT Baa

I I I I I I I I I I I I I I I I I I I 1 I I I I I I I I I I M
1961

1962

1963

I I I I I I I I I I I I I I I t 1 I I I I I I 1 I I

1964

1965

1966

Exhibit B — Part II

Date

1959-60 - High
Year end - 1962
1964
1965
1966 - High
Low
,
Jan. 20
27
3
10
,17£/

Feb.




Corporate
Baa 1/

State and
local govt.
Baa 3/
(per cent}

Spread between
A a a and Baa
Corporate

1 ^la? llL

5.36 (2/12/60)
4.93
4.80
5.04
6.20 (12/30)
5.05 (1/14)

4.46 ( 3 / 7 / 6 0 )

.84

3.57
3.51
3.79
4.55 (8/25)
3.78 (1/20)

.70
.37
.31
.81
.31

1.08
.63
.52
.39
.62 '
.31

5.92
5.83
5.81
5.82
5.82

3.91
3.90
3.90
3.90
3.90

.77
.79
.79
.82
.81

.56
.56
.65
.65
.40

>
EXHIBIT C.

I

S H O R T - AND I N T I f t M i D I A T I - T I R M INTEREST RATES
GOVERNMENT
#

3-5

YEAR

ISSUES
6-

MONTH B I L L S

M r , T.d
o i I ili

F . R. DISCOUNT RATE

-

z

v
3-MONTH

BILLS

M I I I I 1 I I I
I
1963

.

1964

Exhibit C — Part II

Date

1959-60 - High
Y e a r e n d - 1961

1962
1963
1964
1965
1966 - High
Low

Discount
3-month
rate
bills 2/
1/

4,00
3.00
3.00
3.50
4.00
4.50
4.50
4.50

4.50
4.50
4.50
Feb. 3
4.50
10
17B/ 4.50

Jan. 20
27

# & s r




4.59 (3/9/60)
2.66
2.89
3.52
3.83
4.47
5.52 (9/23)
4.39 (6/24)
. 4.71
4.66
4.49
4.54
4.61

r-s.nssits

Yields
6-month
bills 2/
(per cent)

3^7jtear

issues 2/

Spread between yields on 3month bills and vields on
6-mo. bill*|3-S vr. issues >

5.07(2/8/60) 5.00(l#W»)
3.81 '
2.90
3.41
2.93
4.07
3.64
4:0?
3.93
4.90 .
4.66
.
5.92 (9/23)
4.53 (6/24)
4.70
4.65
4.49
4.54
4.66

4.65
4.68
4.64
4.67
4.76

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

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

.1
0

- .06

.01
.01

.02
.15
.13
.15

.05

Yoxtc,
3-8 year leeuee

£

-<-—"""

S H O R T - A N D INTERMEDIATE-TERM INTEREST RATES,
B A N K S AND OTHER PRIVATE B O R R O W E R S

PRIME RATE

FINANCE COMPANY PAPER

Ordy P e e
iel i c d

F.R. DISCOUNT RATE

FEDERAL FUNDS

1963

1962

1961

Exhibit D —

Date

Prime r a t e

1959-60 - High
Year end - 1961
1962
1963
• 196.4
'
1965
1966 - High
Low
J a n . 20
•27
Feb. 3
10
17
E

-

.

1J

5.00
4.50
4.50
4.50
4.50
5.00
6.00 (12/30)
5.00 (3/4) t
6.00
6.00
5.50-5.75
5.50-5.75
5.75

. ? S u i p Z & £




m

1966

1965

Part II

5 . 1 3 (3/23/60)
3.00
3.19
3.88
4.06
4.75
5.88 (12/30)
4.75 (1/7)

""°°°
2^™!Sfc

-

Finance
company
Federal funds 3/
oaoer
2/
1
(per cent)

5.25
5.25
5.25
' 5.13
5.13

SZSlllll

1964

Spread between
3-mo. bills and
finance co. paper

4.00 (5/33/6O)
2.88
3.00
3.50
4.00
4.63
6.00(11/4)
3.55 (1/21)

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

4.75
4.70
4.25
5.20
5.19

.54
.59
.76
.59
.52

•ta** * ^
^
«>"<>«/H*<»« paper for Varying

* S ? & ! £ ? £ £ z £ Z oTn^YS;^"'

to1u

" "

—

I I H W T I.

I

14-1
*14

STOCK MARKET

STOCK MARKET CREDIT

CHANGE IN S E R I E S

Exhibit E —

Stock price
index \J

Date

1961-62 - High
Low
Nov. 1963
July 1965
1966 - High

Low

Feb.

3
10

17&/

stock
yields 2/
(percent)

2.82

72.04(12/8/61)
52.68(6/Z>/62)
72*62
84.91
93.77 (2/11)
73.20 (10/7)

3.96
3.14
3,09
3.02
4.04

81.33
84.45
87.36
87.63
87.89

3.62
3.50
3.36
3.34
3.33

Part II

credit
Bank
Customers1
loans to
debit bal"others" 5/
ances 4/
(In millions of dollars)

Stock mar

Trading
volume 3/
(millions
of shares)

Total

10.1

5,602(12/61)
4,424(3/61)
7,298
6,833

4,259(12/61)
3,253(3/61)
5,586
4,863

10.7
5.0

7,997
7,302

5,835
5,169

7.9
9.9

7,443
7,342

5,329
5,287

2.4
5.3
4.1

10.8
10.1

U712
1,970
2,241 (7/6)
2,095 (12/16)
2,114
2,055
2,075
2,070

9.0

• s c - r t r s

»


other.. F o r further
http://fraser.stlouisfed.org/ detail »ee Bulletin.
Federal Reserve Bank of St. Louis

1,418(5/9/62)
1,161(3/8/61)

m

_ ^

m

?

for

l»H O U S I N G STARTS AND PERMITS

111111111II!11111111111! 2.4
S E A S O N A L L Y A D J U S T E D DATA

H O U S I N G STARTS

. - V
A / V i / ^

A '

/ X / Z

^

i U I L D I N G PERMITS

I

V

• c h a n g e in suiis

I

PER C E N T O F U N A D J U S T E D T O T A L S T A R T S

\
\

I

MULTI-FAMILY

GOVERNMENT UNDERWRITTEN

I

1962

• -I

1963

I i ' " n 11 i i 11 1 11 i i i
1
1 1 1

1964

Exhibit F - Part II
Start
Total
Date

Unadlusted
Tvpe of financing Type o

Seasonally adjustUnadjusted
FHA
ed annual rate

VA

Other

1-2
family

Building
permits
housing (seasonally
adjusted
Multiannual
family
rate! 2/

(Thousands of unite)
1966 - Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
1967 - J*tn.

1,611
1,374
1,569
1,502
1,318
1,285
1,088
1,107
1,075
848
r/1,012
r/1,085
. 1,243

85
78
126
147
135
128
104
105
92
80
75
r/63
• 63

13
12
19
18
14
A
15
I
13
r r/14
;
10
.
9
10
r/10
;
9
.

3
2
3
3
4
4
4
4
3
3
3
3
3

69
64
104
126
118
108
87
87
79
68
r/62
r/51
51

50.8
33.8
49.3 ' 28.9
85.4
40.9
100.3
46.8
92.5
42.9
87.9
39.7
74.3
29.7
74.5
30.9
65.0
27.4
57.5
22.7
u/53.4
21.9
r/42.2 r/21.2
44.1
18.8

1,255
1,197
1,268
1,185
1,098
954
921
844
733
714
715
- r/759
893

Swelling unit 1* started when excavation beginsj *31 unite in an apartment structure i n considered
started at that tine. IHA and VA etarts are unite! started under eeeadteenfce by these agenoies to Issue
or guarantee the mortgages. As reported by IHA a m VA, a unit is started when a field office reoeivee
the first ooflmlianee lnspeotion report, which Is ekde before footings are poured la some oases bet
normally after the foundations have been complete*. Capehartrilitaryhousing unite are excluded.
%
Other starts a n derived as a residual, although total and IHA and VA starts are not strictly comparable
in oonoept or timing# other starts include both units financed by conventional mortgagee and unite
without mortgages.
I
2/ guilding permits before January 1963 are Censiii 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, perait-lssuing places* Dnlike starts, — a d j u s t e d building permits
reflect direct adjustment for differences in the inunber of working days per menth, as well as ether
dlfferenoee in timing sod coverage*
j




* * * o. f i I
**
w
YIKLOS O N NEW A N D SEASONED

NEW ISSUES

SEASONED Aaa

I II II I II I I I 1 I I I I I I I I 1 I I II I f I 1 I I I I I I I I M I 1 I I I I 1 I I
1962

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

Weekly averages;

Number Am'tof issues Average
of
included (mil. yield
issues i of dollars) (per cent)

1967 - Jan.

496.0

5.38

Number Ain't of issues Average
of
included (mil. yield
issues of dollars) (per cent)
Jan. 6
13
20
27

1
2
1
2

25.0
400; 0
40.0
31.0

5.51
5.45
5.12
5.15

Feb. 3
10
17

2
3

1

35.0
66.0
130.0

5. .21
5.11
5.22

Weekly averages:
High
5.51(1/6)
Low
5.11 (2/10)
Votes Are rages of offering yields cn alJL new issues of publioly offered ooxp orate bonds rated Aaa. it and
A by Moody1 • Investors Service (except serial and convertible Issues, offerings of natural gas pipeline
sad foreign eonpanles, and bends guaranteed by the Federal Goverxment) -weighted by cd.se of offering.
Before averaging, new offerings are adjusted to a osmosite Aaa basis by deducting from the actual
reoffering yield the excess of the weekly average yield for seasoned bonds of the appropriate industryquality group over the composite average for seasoned iaa-rated bonds (Moody's)* Averages considered
unrepresentative because or special characteristics of fee offerings Included are denoted by an asterisk^




1%-

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

1967
January
February
March

e/1,250
e/1,025

Corporate
1966 p/

New Capital
1965

1,302
1,237
2,446

795
746
1,197

April
May
June

1,553
1,058
2,364

July
August
September

•

State and local 2/
1966 p/
1967
e/1,275
e/1,050

1965

1,184
858
868

804
872
904

1,152
1,691
1,946

xj 1,194
906
r/ 1,141

826
924
972

1,039
1,670
1,382

1,290
850
1,392

r/

699
773
r j 1,018

986
648
966

October
November
December

829
1,086
1,635

924
1,325
1,496

xj
r/

747
965
908

794
1,021
754

1st
2nd
3rd
4th

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

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

2,910
r/ 3,241
r/ 2;490
2,620

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

7,527
11,060
14,805

r/ 6,151
r/ 8,641
11,261

5,302
7,902
10,471

Quarter
Quarter
Quarter
Quarter

1st half
Three quarters
Year

9,959
14,050
17,601 .

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

Quarter.
Quarter
Quarter
Quarter

Year
&/
£/
1/
2/
3/

4,924
4,884
3,969

2,547
4,348
. 3,283
3,188
13,366

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.




Exhibit I
New Corporate Security Issues, Type of Issue
and Issuer
(In millions of dollars)
Net proceeds
for new capital 1/ 2/

Gross proceeds for new capital
Common Memo:
Bonds
and Foreign
Publicly Privately
pfd. issues
Offered Placed
stock

Quarter
or
Month

Total

- 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

429
920
383
540

- I
II
III
IV

5,094
5,115
4,197
3,669

1,774
1,941
2,256
2,047

2,586
2,083
1,627
1,247

734
1,090
314
375.

986
1,398
1,646

287
613
326

574
529
li 161

1966 - Jan. 3/
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

1,339
1,273
2,482
1,582
1,106
2,427
1,085
1,712
1,400
892
1,115
1,661

460
560
753
628
481
832
440
1,140
676
499
569
980

692
583
1,311
743
556
784
535
435 ,

1967 - Jan. e/
Feb.
Mar.

1,280

730

Mfg.

Public Communi- Other
Utility cations Issuers

- 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

345
168
154
117

1,860
2,205
1,558
1,232

969
960
657
984

602
392
567
417

1,553
1,418
1,309
918

124
257
159

99
101
99

273
402
470

92
43
43

401
671
741

435
555

187
130
417
210
69
811
110
137
67
127
111
127

353
93
530
118
977
133
692
86
376
33 ;
1,137
49
397
69
518
22
643
62
331
66
228
27
673
24

388
241
340
364
274
322
263
313
81
254
320
409

141
160
301
76
40
276
52
318
198
97
168
152

420
306
827
421
368
629
327
522
460
147
369
401

450

100

n.a.

500

175

275

300

- I
1 - Oct.
Nov.
Dec.

j>/
e/
1/
2/

158
209
243 .

Preliminary.
Estimated by Federal Reserve.
Gross proceeds exceed net proceeds by the cost of flotation.
For total see Exhibit H; other issuers are extractive, railroad and other
transportation, real estate and finance, and commercial and other.

3/
4/

Does not include U.S. Steel $600 million conversion of preferred stock to debentures.
Includes $229 million Consolidation Coal issue for partial payment of a liquidating
dividend.
SOURCE: Securities and Exchange Conmission.




Exhibit J
Other Security Offerings
(In millions of dollars)

firr°°T inrr f - o r m 1 1
r-nvor-nmpnf 2/
1966
January
February
March
April
May
June
July
August
September
October
November
December

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

218
38
73
91

%

74
5
52
75
2

82
69
30
75
26
20
13
7
180 •
72
58

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

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

103
39
-319
580
462
-334
-103
270
-161
-48
2/489
2./-590

238
91
-458
647
204
-82
119
408
152
59
274
-366

2/388

1,286

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

Acrpnrv 3/
-LSL65-

1QG4

129
185
325
775
239
150
375
375
179

275
260
160
510

Federal Agency 3

308
-24
450
718
45
284
-590
-270
-652
-555
-283
-219

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

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

-748

801

368

**1»»
Year

Reserve.




A T

H.U
Inhibit K
Large Long-tern Public Security Issues for *ew Cspitsl
(Other then U. 8. Treasury) 1/
Proceeds of Large Issues Offered
(In Billions of dollars)

Total

1966 - Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
1967 - Jan.

CWMMtt
Bonds
Convertible
(other then
COOTWtlbU.)
370
391
544
481
351
636
170
862
287
352
363
990
611

485
545
890
643
401
1,317
402
1,189.
627
523
510
1,177
681

84
75
55
50
20
182
257
340
116
97
118
30

lute
snd
leeei

Stocks

787
424
399
720
466
582
338
410
611
387
464
669
947

115
70
271
106
. • 661
50
80
•

Other 2/

-•-

55
50
68
40

55
60
275
15
50
55
60
230

Large Individual Issues Offered February 1 through February 17
Issuer

Type 1/

Aaount
(•il Hoes
of

t w i m w
Jersey Central Power &
Deb.
Light Co.
1st mtg. bds.
Gulf States Utilities
Morgan Guaranty Trust
Cap, notes
Co. of New York
Virginia Elec. & Pwr. Co. 1st & ref.
mtg. bds.
Northern Indiana P.S.Co. Conv. deb.
Louisiana Pwr. & Lt. Co. 1st mtg. bds.
J . C . Penney Credit
Deb.
Corp.
Deb.
Deere.& Co.
1st mtg. bds.
Duquesne Light Co.
Com. stk.
Southern Company
1st mtg. bds.
Texas Pwr. & Lt. Co.




Maturity

Coupon
Offerrate or
ing
net inter7tfW
H i Kit

6
5-3/8

5.80
5.22

mating

Baa

,0
15.
35. 0

1992
1997

,0
100.

1992

,0
50.
20.
,0
,0
16.

1997
1992
1997

5-1/8
4-1/4
5-5/8

5.11
4.25
5.43

Aa
A
A

.0
50,
,0
75,
25,
,0
,0
50.
,0
30,

1987
1992
1997

5-3/8
5.40
5-1/4

5.40
5.40
5.18

A
Aaa

1997

5-1/2

5.41

Aaa

Aa

5.11

K-2
Large Individual Issues Offered February 1 through February 1

Type

3/

Amount
(millions
of
dollars)

(Cont'd)

Coupon
Offerrate or
Rating
Maturity net inter- ing
yield
est cost

State and local Govt. (Cont'd)
Colleges of the State of Texas
Houston I.S.D.3,Texas
State of Maryland
Nassau County," New York
Chicago Sch. Dist., Illinois
State of. New Jersey
Clark Co6 S.D., Nevada
S ta te of Ca1ifornia
Monroe County, New York
Buffalo,* New YorkAtlanta, Georgia
Fort Worth, Texas
State of Washington
Mass.Bay Transportation Auth.
Ut.ica, New York
St. Louis, Missouri
State of New Hampshire
San Francisco BART, Calif.

G.O.
G.O.
G.O.
G.O.
G.O.
G.O.
G.O.
G.O.
G.O.
G.O.
Rev.-Q.
G e 0.
G.O.
G.O.
G.O.
G.O.
G.O.
Rev. -Q.

16.1
20.0
53.3
25.4
25.0
45.1
13.0
10.0
10.7
21.0
12.5
17.4
14.0
70.0
10.0
10.0
28.8
70.0

1968-76
1968-92
1970-82
1968-96
1969-86
1969-89
1968-86
1972-97
1968-86
1967-96
1968-97
1968-92
1968-85
1968-2007
1968-91
1968-87
1968-97
1972-99

30.0
500.0

1992
1971-82

3,
,16
.38
3.
,13
3,
.36
3,
,35
3;
,21
3,
.40
4,
,42
3.
3,
,18
3,
.13
.13
4,
,47
3,
3,
.78
3,
.79
3,
.47
.38
3,
.38
3,
3,
.74

2,
.10
,80-3.
2.
,45
,75-3.
2.
,14
,80-3;
2,
,45
,70-3,
2,
,40
,90-3.
,20
2,
,70-3.
,25
.50-4.
3,
,50
.00-3.
3,
2,
,15
.65-3.
2.
,40
.60-3.
.10
.10-4;
3,
2,
,50
.85-3.
2,
.75
.90-3.
2,
.85
.80-3.
,50
2,
.80-3.
,40
2,
.80-3.
,45
2,
.70-3.
,80
3,
.10-3,

.10
5,
5 -5.10
<

5 .10
5 -5.10

Aa
A
Aaa
A
A
Aaa
Baa
Aa
Aaa
Aa
Baa
Aa
A
Aa
Aa
Aa
Aaa
Aa

Other
Grace Line, Inc.
Export-Import. Bank

Mer. Mar. bds.
Part. Cert.

--

*:--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. 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.
•




n
H. 14
Ixhlblt L

forthcoming Large long-tin Public Security Offering for Van Capital
(Other then U.S. Treasury) 1/
Inpected Proceed# from Forthcoming U r g e leeeee
(In mtllloee of dellere)
During month following
, ,4»Mi A

Corporate
1966 - Jan. 31
Feb. 28
Mar. 31
Apr. 30
May 31
June 30
July 29
Aug. 31
Sept.30
Oct. 31
Nov. 30
Dec. 30
1967 - Jan. 31

State

530
828
489
248
1,261
317
677
662
687
397
1,098
656
486

m

340
366
253
399
584
337
403
515
300
140
496
939
780

Other 2/
20
30
15
40

80
530

Corporate
931
1,176
606
1,034
1,261
619
697
853
767
457
1,133
811
706

1

to
JUL
State end
leeel asvt.
461
504
334
546
584
353
403
685
380
175
571
1,154
851

r

Other!/
20
90
55
55
85
50
35
90
35
35
. 65
95
545

Forthcoming Large Offerings as of February 17
(million#

leeuer

Approximate date of
offering

fortOTltf
*Philadelphia National Bank
Citizens & Southern Nat'l Bank
*Western Power & Gas Co.
Union Carbide Corp.
•Southern Natural Gas Co.
Chesapeake & Potomac Telephone
Co. of Virginia
General Tel. Co. of Calif.
Panhandle Eastern Pipeline Co.
•Pullman, Inc.
San Diego Gas & Elec. Co.
Honeywell, Inc.
Western Massachusetts Co.
Arkansas Pwr. & Lt. Co,




Capital notes
Conv. deb.
Deb.
S.F. deb.
1st mtg. bds.

30.0
20.0
20.0
250.0
40.0

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

65.0
50.0
40.0
60.0
25.0
60.0
15.0
30.0

February 21
February 24 (rts. exp.)
February 28
March 1
March 1
March 1
. 1
March 2 . . !
March 7
1
March 8
• i
March 8
i
\ '
March.' 8 '
March 14
s
March 15

..
.

L~2
For the :tning Large. Offerings as of February 17 (Centsd)

Type

Issuer

Amount
(millions
' of .
dollars)

Approximate date of offering

Corp rate CCunt:d)
Pacific Gas & Elec. Co.
Central Illinois Lt. Co.
*Union Electric Cc.
*0hio Bell Telephone Co.
^Baxter Laboratories ' ;
*Amphenol Corp.
-Transcontinental Gas Pipeline
Corp.
.
.
.
*Fruehauf Corp.
*Trans World Airlines
•^Borg-Warner Corp.
• Duval. Corporation
Teledyne, Inc.
Eastern Airlines

1st mtg. bds.
1st mtg. bds.
1st mtg. bds..
Debs.
Conv. sub. deb.
Conv. sub. deb.

80.0
20.0
30.0
75.0
25.0
15.0

Deb.
Deb.
Conv. sub. deb.
Deb.
Deb.
S.F. deb.
Com. stk.

50.0
*50.0
100.0
75.0
25.0
30.0
40.0

March
March
March
March
March
March

15
15
22
23

March
March
March
March
Indefinite
Indefinite
Indefinite

. State and local Government
Lafayette,: Louisiana
Cleveland City S . D . O h i o
State of New York
1
Rev. Rent.
Univ. cf Texas. Austin
.Pririce Georges Coun::y, Md.
Glendale U.S.D., California
State of Pennsylvania
^Tennessee Stare Sch." Bds. Auth. Rev.-Rent.
Middle town Growth, .Inc. , Ohio
-State of Alaska
*Te;x;as Water Development Board
^Hamilton County, 0hi<
Bonus
Housing Assistance Admin,
lacoma, Washington Lt.& Pwr.
*Sout.h Louisiana Port'Comm.
Oakland, Washtenaw, et. al.
Comm. Coll. Dist. /Michigan
*Sant.a Clara County, Calif.
*East Baton Rouge Parish, La.
Metro. St. Louis Sewer Dist.,
Missouri

12.2
15.0
75.0
16.5
23.0
12.9
23.0
27.0

80.0

15.1
15.0
19.8
116.9
,38.9 ,

11.0

12.0
15.2

February
February
February
February
February
February
February
. February
February
February
March 1
March 8
March 8
March 8
March 16

21
21
23
23
28
28
28
28

20.0

Maich 16
March 21
March 22

20.0

Indefinite

15.0

Indefinite

Other
Nippon Tel. & Tel

Pub. Ccrp.

Bends

-Included'-in table 'for first time.
If Includes corporate and other issues cf $15 million
and over5 State and local Government, issues of $10 million and over. 2/ Includes foreign
government and International Bank f r Reconstruction and Development issues and non-guaranteed
:
reasons other than sale of issue: None
issues uf; Federal Agencies. NOTE: Deletion;




f?.
ExhititTM

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 December 1 through February 17

12/14

60.0

Quebec Hydro-Electric Commission — 6 - 1 / 4 % debentures
maturing 1993, reoffered to yield 6.29%.

12/11

50.0

British Columbia Hydro and Power Authority -- 5-7/8%
bonds maturing 1992, reoffered to yield 5.95%.

1/17

50.0

Inter-American Development Bank -- 5.20% bonds
maturing 1992, reoffered to yield 5.20%.

1/24

30.0

Province of Nova Scotia --5-7/8% S;F. debentures
maturing 1992, reoffered to yield 5.84%.

1/26

40.0

City of Montreal, Canada - - 6 % debentures maturing
1987-92, reoffered to yield.5.95%;

B.

Indefinite

15.0

Prospective Offerings:

Nippon Telegraph and Telephone Public Corp. -- Bonds

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




.,

. "

.

. . .

M-2
PART II: - Private Placements - Reported December 1 through February 17

Date Reported

1/16

NOTE:

-

Amount
(millions
of
dollars)
" 12.5

Issuer and Description of Issue
'

Republic of Peru -- 7-3/4% external notes, maturing
1971 -- no information available on takedown.

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 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.





Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102