View original document

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

DECONTROLLED AFTER SIX MONTHS
Not for Publication
1
-R
/

hi'

867

February 27, 1967.
CAPITAL MARKETS DEVELOPMENTS
IN THE UNITED STATES

I
-----—Cnmnrade and municipal bond markets. Public offerings of new
corporate and municipal securities expected this week, will exceed the average
volume for such issues over the past year by a wide margin. The volume will
be made up of a large number pf issues, no one issue dominating the week.
Long-term Public Security Offerings!/
(In millions of dollars)
Corporate
New Capital I Refunding

.State and local Government
New Capital 1 Refunding

Sold;
52 week avg.
Feb. 17
Feb. 24

j

216

1

212

r/ 238
305

r/220
134

310

5
r/42

265

i

Scheduled:
March 3

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 last week. Though, technically, yields on new corporate bonds declined last week, last week's series
comprised only one issue and this issue carried 10-year call protection, as
compared to recent issues carrying 5-year call protection. Syndicates were
terminated for three issues, two with unsold balances of 75%, and in freemarket trading yields advanced 15 to 25 basis points. Last week's offerings,
however, were well received.
Yields on municipals also advanced, and in general new issues were
poorly received last week. The Blue List of advertised inventories was up
slightly from the previous week.
Mortgage interest rates and other terms. Mortgage markets continued
to ease during January as indicated by available information on interest rates
and other loan terms. Average secondary market yields on FHA-insured, 30-year
mortgages fell by 15 basis points. This followed a decline of four basis points
in December and was the largest single-month drop in secondary iparket yields in




H.14
Yields in Security Markets
Level Latest Week
Change from
preceding week

. High-Grade
Notes and Bonds
Corporate
5.20
5.05

New
Seasoned

-2

+4

U.S. Government
4.55
4.80

+6

3.53
3.68

+3
+6

5.06

-13

4.61
4.69

.. Long-term
.
3-5 year

+3

+4

State and local Govt.
Moody's Aaa
Std." & Poor's high grade
Money Market
Federal funds
Treasury bills
3 -month
6-month

Corporate Bonds Still in Syndicate
Date
Offered

Amount
(millions of $)
250.0

2/21

Issuer
Union Carbide,
5.30's - 1997

Reoffering
Yield
5.30

Rating

Estimated proportion sold;

Aa

9/10

Blue List of Municipal Dealers' Advertised Inventories
(In millions of dollars)
Latest Week

End of Previous Week

654 (2/20)

639




Recent High
677 (2/13/67)

H. 14
the postwar period. At 6.62 per cent, the level was 19 basis points below the
November 1966 high, but was still 88 basis points above the figure in January
1966 when the average had already begun to rise.
Interest rates on conventional loans for both new and existing homes .
also fell off further in January according I to the Federal Housing Administration,
which reports these data rounded to the nearest five basis points. The decline
of five basis points followed an equivalent drop in December which wasv tbe^ firstsv
down-turn in the series since mortgage markets tightened in late 1965. Over the
intervening period, contract rates on conventional loans had risen appreciably
less than the secondary market yield series, and in January they were 60 basis
points above a year earlier.
The Federal Home Loan Bank Board-Federal Deposit Insurance Corporation
series, which also provides a measure of interest rates as well as other
conventional mortgage terms, indicated some general easing in January for the
first time since the middle of 1965. These series, which have tended to lag
those reported by FHA, showed mortgage interest rates off one and two basis
points respectively on new and existing home loans. Nonrate loan terms apparently eased somewhat more than interest rates, with maturities lengthening and
loan-to-price ratios increasing on both new and existing properties.
Savings flows. Total net savings inflows at depositary-type institutions totaled $4.8 billion in January. Though this inflow was dominated by the
$4.0 billion entering commercial banks, noteworthy net inflows occurred for
savings and loans and mutual savings banks. Though savings and loan experienced
a net outflow last January, they achieved a positive savings flow of $370 million
this January, and Mutual Savings Banks, with a positive savings flow of $400
million, had a record January net inflow.
Stock prices. Common stock prices declined somewhat last week in
heavier trading. Standard and Poor's index of 500 stocks closed Friday at
87.41, down 0.48 from the previous Friday. Trading volume was 9.4 million
shares.
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,




SAVIHGS FLOWS

8,743
9,351
11,072
10,579
8,384
3,545

1,184
608
1,721
-493
-2,195
-4,839

15.7
7.0
18.4
-4.5
-20.7
-57.7

1966-Sept.
Oct.
Nov.
Dec.
1967-Jan. £/

632
-521
286
4,258
4,756

631
-56
614
1,652
370

-409
-638
-205
9
447

-39.3

1966-Sept,
Oct.
Nov.
Dec.
1967-Jan. £/

723
227
2,408
1,162
5,814

409
56
504
635
481

-420
-636
-197
-23
339

-50.7
-91.9
-28.1
-3.5
238.7

£/
1/
""
2/
2/

Unadjusted
550
1,912
1,126
3,038
217 3,255
981
4,236
-654
3,582
-1,001
2,581

i

20,070
27,901
29,100
28,957
31,953
18,501

1961
1962
1963
1964
1965
1966

1

!

cs 4/
Commc
Mutual Savings Banks 3/
>c. 2/
& Loan Aaec
Change Per cent
Change
Per cent Current
Per cent Current
Change
Current
torn change
from
change (millions)
change (millions)
from
Total (millions)
previous
previous
previous
1/
• Tear
•ear
year
CO

Year
or
Month

40.4
58.9
-7.1
30.1
-15.4
-27.9

9,415
15,512
14,773
14,142
19,987
12,375

3,703 , 64.8
64.8
6,097
-4.8
-739
-4.3
-631
41.3
5,845
-38.1
-7,612

373
131
254
684
400

-57
-39
-22
84
173

-13.3
-22.9
-8.0
14.0
76.2

-372
-596
-582
1,922
3,986

-1,792
-2,619
-1,068
-283
2,022

Seasonally Ad lusted
213
293
255
357
345

-65
-31
-22
68
171

-23.4
-9.6
-7.9
23.5
98.3

101
-122
1,649
170
4,988

-1,723
-2,560
-863
-424
2,923

-25.4
.5
—

P r e l i m i n a r y . " ~ .
Commercial bank data are of the last Wednesday, of month except June 30 and December 31; other
data are as of the last day of the month.
Data are for the net increase in savings capital at all operating S&L's. Source: FHLBB.
Data are for the net increase in regular deposits—excludes other deposits of a
demand nature. Source: Mutual Savings Banks Association.
4/ Data are for the net increase in savings and time deposits adjusted at all commercial banks.

Source: Federal Reserve.
y



-—
—

-12.8
173.7
-94.5
—

34.4
-71.4
141.5

\

IHII A r n
XII . a
L O N G - T E R M B O N D YIELDS, H I G H - G R A D E

^

5.5

CORPORATE A n

4.0

""'U.S. GOVERNMENT

3.0
STATE AND LOCAL GOVERNMENT Aaa

2.5
1961

1963

1962

Exhibit A

Date

1959-60 - High
1962-63 - Low
1965 - Low
1966 - High
- Low
Jan. 27
Feb. 3
10
17
24j>/

Corporate
Aaa }J

4 . 6 1 (1/29/60)
4 . 1 9 (3/29/63)
4 . 4 1 (3/12)
5 . 5 2 (9/9)

4.73 (1/7)
5.04
5.02

5.00
5.01
5.05/

v/ Preliainaxy.

—

P a r t II

State and
local
U.S. Govt,
long-term 2/ government
Aaa 3/
4 . 4 2 (1/8/60)

3 . 6 5 (9/24/59)

Spread between
U. S. Govt, and
Corporate
State and
Aaa
local Aaa
.59 (8/5/60)

3i85 (15/28/62) 2.88 (ll/e/62) .21 (1^/27/63)
2.94 (2/U.) .22
4.13 J6/25)
4 , 0 4 (8/25)
.92
4.87 (9/2)
3.39 (1/13) .14
4.42 (1/7)
4.39
4.37
4;41
4.49
4.55^

1966

1965

1964

3.34
3.25
3.25

3.50
3.53 Z

.65
.65
.59
.52
.50

.92 (4/22/60)
.80 (1/5/62)

.94
1.19
.78
1.05
1.12
1.16
.99
1.02

•

j j Weekly average of dally figures. Average term of bonds Included la 22-24 years.
TJ Weekly average of dally 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.
8ote.—fllgns 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.




lrer e t» i
eni , ,
LONO-TKRM B O N D Y l l l D S , L O W I R O R A D I •

CORPORATE las

/
X

Vx.

j
I

•

i

j
V

1 1 1 II 1 1 1 1 1 1

1 l l 1 l 1 111111M1 11111
I
I
1963

11111111111
1966

1964

Exhibit B — Part II

Corporate
Baa 1/

1959-60 - High
Year end - 1962
1964
1965
1966 - High
Low
Jan. 27
Feb. 3
10
17
242/

Metes

Spread between
Aaa and Baa
State and
Corporate
local govt.

5.36 (3/13/60)
4.93
4.80
5.04
6.20 (12/30)
5.05 (1/14)

4.46 (3/7/60)
3.57
3.51
3.79
.4.55 (8/25)
3.78 (1/20)

.84
.70
.37
.31
.81
.31

1.08
.63
.52
.39
.62
.31

5.83
5.81
5.82
5.82
5.83'

3.90
3.90
3.90
3.90
3.90

.79
.79
.82
.81
.78

.56
.65
.65
.40
.37

Tor footnotes see Exhibit i .




State and
local govt.
Baa If
(per cent)

7

GOVERNMENT

3-5 YEAR ISSUES
MONTH BILLS

Mrcl * . »
.f. i M

F. R. DISCOUNT RATE

3-MONTH BILLS

Exhibit C -- Part II
JDLSiai

I S

(per cent)

1959-60 - High
Yeer end - 1961
1962
1963
1964
1965
1966 - High
Low
Jan. 27
Feb. . 3
10
17
24£/

4.00
3.00
3.00
3.50
4.00
4.50
4.50
4.50

4.59 ( W 6 0 )
2.66
2.89
3.52
3;83
4.47
i
5.52 (9/23)
4.39 (6/24)

4.50
4.66
4.50
4.49
4.50
4.54
4.50 y 4.61
4.50/ 4.61/




I

Spread between yields onn 3YimldB °

5.07 (3/8/60) 5.00(1^24/50)
3.81
2.90
3.41
2.93
4.07
3.64
4; 07
3.93
4.90
4.66
5.92 (9/23) 5.83 (9/2)
4.53 (6/24) 4.80 (4/8)
4.65
4.49
4.54
4.66 y
4.69

4.68
4.64
4.67
4.76
4.80

.79
.24
.04
.13

.10

.19
.52
.09'
.01
.05
.08

1.81
1.15
.52
.55
.24
.43
.78
.01
.02
.15
.13
.15
.19

S H O R T . A N D INTERMEDIATE-TERM INTKRKS1
B A N K S A N D OTHER P R I V A T E B O R R O W E R S

PRIME RATE

-FINANCE

V" IT"

F.R. DISCOUNT RATE
_a

1961

a.

I
I

1

~~ FEDERAL FUNDS

1965

1964

1962

Exhibit D —

Part II

Finance
Federal funds 2 /

Prime rate

Date

1966

paper

Spread b e t w e e n
3-mo* b i l l s and
paper
finance c o

(per c e n t )
1959-60 - High
Y e a r end - 1961

1962
1963
1964
1965
1966 * High
low
Jan.
Feb.

3
10
17
24£/

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


For spreado, high refers


5.13 (1/2^/60)
3.00
3.19
3.88
4.06
4.75
5.88 (12/30)
4.75 (1/7)
5.25
5.25
5.13
5.13
5.13

to widest, and lew to narrowest.

4.00 (5/13/60)

2.88
3.00

3.50
4.00
4.63
6.00 (11/4)
3.55 (1/12)
4.70
4.25
5.20
5,19
5.06 /

1.02
.34
.30
.36
.23

:!
l
.20
.59
.76
.59
.52
.52

IHIT E Pr 1
XII . at
STOCK MARKET

I44 .•..1
t)1 »»,'0

lilli.ai . 1 W . l l . u

PRICES

STOCK MARKET CREDIT
* CHANGE IN SERIES

r
.
1

YIELDS

1 I I I I I i I I I I I

1
i i
i
1
1 i i i iiiiiiii i i ii ii 111IIi111 M i ¥
i
1966

1965

1964

1963

1962

1961

Exhibit B -- Part II

Common
Stock price
index 1/

Date

yields 2/
(ner cent)

Trading
volume 2 /
(millions
of shares)

Stock marl
Total

Customers 1
debit balances 4/

credit
Bank
loans to
"others" 5/

^

(In millions of dollars)

1961-62 - High
Low
N o v . 1963 .
J u l y 1965
1966 - H i g h
Low
Dec.
Jan.
F e b . 10
17
24j>/

72.04(3^/8/61)
52.68(6/22/62)
72*62
84.91
9 2 . 7 7 (2/11)
73.20 (10/7)
81.33
84.45
87.63
87.89
87.41

2.82
3.96
3.14
3,09
3.02
4,04
3.62
3.50
3.34
3.33
3.36

10.1
2.4
5.3
4.1
10.7
5.0
7.9
9.9
10.1
9.0
9.4

5 , 602[iV6l) 4,259 (12/61) 1,418(5/9/62)
1,161(3/9/61)
4,424(3/61) 3,253(1/61)
5,586
7,298
1,712
4,863
6,833
1,970
2,241 (7/6)
5,835
7,997
2,097 (12/14).
5,169
7,302

7,342

5,329
5,287

n.a.
n. a.

n.a.
n.a.

7,443

2,114
2,055
2,070
2,077
n.a.

= » saws
3/
V

of daily trading r l z e on the Hew Y r c Stock Exchange. Ybaz^nd figure, are averse, of
oxn
of
of t h . J I . w Y . A M o a B e d * * * l < h ~ « y - r f l ,


other*. For further
http://fraser.stlouisfed.org/ detail see BriUetln.
Federal Reserve Bank of St. Louis

^

-

i

HNIIlT t, f r I
ot

HOME MORTGAGES:

HI I 1 I I I I I I I I I I
1
I 1960

11961;

1962

1965;

1963

1966|

E x h i b i t F ^ Part II

Conventional
mort25-year130-year gage- 2/

1956
1957
1958
1959-60
1961-65
1966

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

• 1966 - Sept.
Oct.
Nov. Dec.
1967 - Jan

4.68
5.63
5.35
6.24
5.43
6.73
5.72
6.73

5.20

6.00

5.44

6.81

5.55
6.30
5.80
6.70

5.70

6.00

6.63

6.65
6.70
6.70
6.65 .
6.60 /

6.81
6.77
6-62/

Spread between yields
on cony. &
FHA morteases
*
.47
.47
.15
.23
.25
.30

-.12

.2
0
-.11
-.12

-.02

Spread between
yields on new corporate bond# and
Seasoned^ FHA ntgi.ISeasoned
4/
I bond#
.

ida
Bo:

3.08
4.94
3.65

3.06

4.12

.76
1.58

.88 .

1.03

tn
5.82
4.84

3.57
4.61
4.19
5.49
4.74

5.82
5.77
5.72
5.74

5.49
5.41
5.35
5.39

1.09
1.03

.33
.36
.37
.35

5,36

5.20

1,24

*12-

1.69
.77

1.11
.73

.81

. 5
.46
.09

•0SMSaBK6aiK



C O N V E N T I O N A L MORTGAGE TERM*

I I I I II I II I

MATURITY

LOAN P R I C E / R A T I O

I I I I I I I I I I I I I I I I I I
Exhibit F

New Homes
Con- Fees &
tract Charges Maturity
(Years)
Rate
(Per
cent)
(Per
2/

Part IV

Loan/
Price amt.
(Thous.)
(Per
cent)

, Existing Homes
Loan/ Loan
Con- Fees &
tract Charges Maturity Price amt.
(Years) ratio (Thous.)
Rate (Per
cent)
(Per
(Per
cent)
cent)
2/

1966
Jan.
Feb.
Apr.
May
July
Aug.
Sept.
Nov.
Dec.

5.81
5.85
5.90
5.99
6.02
6.07
6.12
6.18
6.22
6.32
6.40
6.44

.51
.55
.56
.57
.57
:57
.67
.83
.83
.80
.89
.91 .

24.6
24.6
24.7
24.6
24.7
24.8
24.2
25.4
24.3
23.6
23.6
23.2

73.4
73.2
74.3
73.9
73.4
74.4
72.1
74.0
71.1
71.0
71.5
71.4

18.0
18.8
18.9
18.2
19.2
19.7
19.3
20.1
19.0
19.2
18.7
18 io

5.97
5.97
6.01
6.09
6.16
6.18
6.24
6.35
6.40
6.49
6.50
6.52

.49
.51
.53
.54
.56
.47
.52
.61
.64
.71
.74
.70

20.6
20.3
20.9
20.6
20.6
20.0
19.9
19.8
19.4
19.2
19.5
19.1

72.6
72.0
72.5
72.2
71.8
70.6
70.5
70.6
69.5
69.5
69.5
69.4

6.43

.87

23.9

72.3

19.%

6.50

.72

19.6

70.3

14.3
14.4
14.7
14.5
14.7
14.7
14.3
14.7
14.0
14.1
14.1
13.8

14.0

1967
Jan.

seasonal Influences which cannot yet be measu»d because the series gobaok only to end of 1962.
fHLBB-TDIC surrey, m d are included—in Hie case of new heme mortgage rates—in Exhibit i, Parts I


b o r r o w e r * They e x p l
http://fraser.stlouisfed.org/o d e a n y c l o s i n g
Federal Reserve Bank of St. Louis

c o s t s r e l a t e d s o l e l y t o t r a n s f e r of p r o p e r t y ownership.

1
1

. 1

YIELDS O N N I W A N D S E A S O N E D C O R P O R A T E B O N D S

NEW ISSUES

SEASONED All

I II I I I I II II

II II I I II II I

1963

I I I I I I I I I I I I I I I I I

1964

Exhibit 0 - Pert II
Yields on Mew Corporate Bond Issues Adjusted to an Aaa baa la
Number

of

Weekly averages;

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

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

25.0

5.51
5.45
5.12

35.0

5.21

17
24

5.38

400:0
40.0
31.0

Feb. 3

496.0

Jan. 6
13

1967 - J a n .

130.0
250.0

20
27

10

Weekly averages:
•
. High

66.0

5.15

5.11
5.22 z
5.20 /

5.51(1/(5.)

5 . 1 1 (2/10)
lot*i Avenges of offering yields on alJL new issue# of pA ilioly offered ooxporate bonds rated i u . Aa and
A by Moody's Investors 8*rrioe(exoept serial and convertible is sees, offerings of natural gas pipeline
and foreign companies* and bonds guaranteed by the FedStofcl Goteronent). neighted by U s e of of foxing*
Before averaging, new offerings are adjusted to a osmdilte Aaa basis by dwduotlng from the M t n a l ^
reoffezing yield the *%o»*S of the weekly average yield tor seasoned tends of the appropriate indnstzyquality group over the bbtiposite average for seasoned Aaa-rated tends (Moody1*). Averages considered
unrepresentative beoatii*tit; special oharaotszistios of the offerings included are denoted by an asterisk^




Exhibit H
Long-term Corporate and State and Local Government
Security Offerings and Placements
(In millions of dollars)
New Capital
Corporate
1966 pI
1967

1965

1,302
1,237
2,446

795
746
1,197

April
May
June

1,553
1,058
2,364
1,039
1,670
1,382
829
1,086
1,635
4,985
4,974
4,091
3,550

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

9,959
14,050
17,601

7,527
11,060
14,805

1st
2nd
3rd
4th

Quarter
Quarter
Quarter
Quarter

e/1,250
2/1,350
e/2,000

e/4,600

1st half
Three quarters
Year

1,184
858
868

804
872
904
826
924
972

699
773
1,018

924
1,325
1,496

January
February
March

1965

1,194 .
906
1,141

1,290
850
1,392

October
November
December

e/1,275
e/1,250'
e/1,000 /

1,152
1,691
,1,946

July
August
September

State and local 2/
1966 p/
1967

986
648
966

747
965
855 /
e/3,525 •

794
1,021
754

2,910
3,241
2,490
2,567 /

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

6,151
8,641
11,209^

5,302
7,902
10,471

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

Quarter
Quarter
Quarter
Quarter

Year
e/
j>/
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.




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

Gross proceeds f<

1/
Common Memo:
inds
B<
and Foreign
Publicly Privately
pfd. issues
Offered Placed
stock

Quarter
or
Month

Total

11965 - I
II
III
5
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

243
215
263
300

1,679
1,119
1,145

541
609
786
610

91
255
323
177

2,246
1,304
1,815

1966 - 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

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

11965 - Oct.
Nov.
i
i
Dec.

- 986
1,398
1,646

287
613
326

574
529
1*161

124
257
159

99
101
99

273
402
470

158
209
243

92
43
43

401
671
741

1 1966 - Jan. 3/
Feb.
Mar.
Apr.
May
June
July
• .
Aug.
j
Sept,
Oct.
Nov.
j
Dec.
i

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
6574/
256
435
555

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

93
118
133
86
33
49
69
22
62
66
27
24

353
530
977
692
376
1,137
397
518
643
331
228
673

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

1 1967 - Jan. e/
Feb.
Mar.

1,280

450

100

500

175

275

300

I1967- I

#

730

j>/
e/
• 1/
2/

Mfg.

Public Communi- Other
Utility cations Issuers

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




4

Exhibit J
Other Security Offerings
(In millions of dollars)

•

firnnfl

T.nn
AMiirv 1/

IQAA
January
February
March :
April
May
June
July
August
September
October
November
December

1Q6S
218

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

1066
4
82
69
30
75
26
20
13
7
180
72
58

--

38
73
—

91
33
74
5
52
75
2

599

661

Iff
Qii

1Q6S

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

129
185
325

6,806

636
1

1

:-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
R/489
j>/-590

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

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

308
-24
450
718
85
284
-590
-270
-652
-555
-283
-219

IQftA

---

--

--

775

275
260
160

--

239
150
375
375
179

510

2,732

1,205

. ••
-

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

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

1,286
-748
E./388
' 368 .
Year
453
m
2/ Preliminary, e/ Estimated by Federal Reserve. n.a.—Not available. 1/ These data
differ from those in Exhibit H in that refunding issues, as well as new capital issues,
are included. Long-term securities are defined as those maturing in more than one year.
2/ Includes securities -offered in the U.S. by foreign governments- and their political
subdivisions and international organizations. Source: Securities and Exchange Commission.
3/ Issues not guaranteed by U.S. Government. Source: Long-term, Securities and Exchange
Commission; short-term, Treasury Dept. & Fed. Reserve.
4/ These 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.




H.14
Exhibit K
Large Long-term Public Security Issues for New Capital
(Other than U. 8. Treasury) 1/
Proceeds of Large Issues Offered
(In millions of dollars)
Cornonite
Bonds
Convertible
(other than
bonds
convertibles)

Total

485
545
390
643
401
1,317
402
1,189
627
523
510
1,177
681

! 1966 - Jan.
1 Feb.
•
Mar,
I
Apr.
May
I
June,
f
July
Aug,
Sept.
Oct,
Nov,
Dec.
;1967 - Jan.

.

370
391
544 .
481
351
636
170
862
287
352
363
990
611

State
and
local
governments

Stocks

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

115
70
271
106

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

661
50
80
55
50
68
40

Other

jZ

---

55
60
275
15
50
55
60
230

Large Individual Issues Offered February I through 24

Issuer
i

.

ieount
(millions
of
dollars)

^Jersey Cefttral Power &
Deb.
I Light Co.
1st mtg. bds.
\Gulf States Utilities
;Morgan Guaranty Trust
Cap. notes
I Co. of New York
i Virginia Elec. & Pwr.Co, 1st & ref.
mtg. bds.
i Northern Indiana P.S.Co, Conv. deb.
i Louisiana Pwr„ & Lt, Co, 1st mtg. bds.
| J. C. Penny Credit Corp, Deb.
Deb.
Deere & Co.
1st mtg. bds.
; Duquesne Light Co.
Com. stk.
Southern Company1st mtg, bds.
Texas Pwr. & Lt. Co.
;
Capital notes
Phila. National Bank
'•Citizens & Southern
Conv. deb.
National Bank




Coupon
rote or
met inter-

Offering

ttliSlL.

Maturity

Ti'W

Asting

15. 0
,0
35.

1992
1997

6
5-3/8

5.80
5.22

Baa
Aa

,0
100.

1992

5

5.11

--

,0
50,
,0
20.
,0
16.
50.
.0
,0
75,
,0
25.
,0
50.
,0
30.
,0
30.

1997
1992
1997
1987
1992
1997

5-1/8
4-1/4
5-5/8
5-3/8
5.40
5-1/4

5.11
4.25
5.43
5.40
5.40
5.18

Aa
A
A

1997
1992

5-1/2
5-1/2

5.41
5.50

Aaa

20.
,0

1992

5

5.00

—

A
Aaa

.

6
K-2

Large Individual Issues Offered February 1 through 24 (Cont'd)

Issuer

Type 3/

Amount
(millions
of
dollars)

Maturity

Coupon
rate or Offerinterest ing
cost
yield

Rating

Corporate (Cont'd)
Union Carbide Corp.
Eastern Airlines -

S. F. deb.
Com. stk.

1997

5.30

5.30

Aa

44.0

- State and local Govt.
Colleges of the State of Texas
Houston I.S.D. , Texas
State of Maryland
Nassau County, New York
Chicago Sch, Dist., Illinois
State of New Jersey
Clark. Co. S.D. , Nevada
State of California
Monroe County, New York
Buffalo, New York
Atlanta, Georgia
r
Fort Worth/ Texas
State of Washington
Mass.Bay Transportation Auth.
Utica, New York
St. Louis, Missouri
S.tate of New Hampshire
San Francisco BART, California
Cleveland City S.D., Ohio
Puerto Rico Indus. Bevel. Corp.
Middletown, Ohio
yiono] ulu, Hawaii
University of Texas

G.O.
G.O.
G.O.
G.O.
G.O.
G.O.
G.O.
G.O.
G.O.
G.O.
Rev. -Q. -Ut.
G.O.
G.O.
G.O.
G.O.
G.O.
G.O.
Rev.-Q.-Ut.
G.O.
G.O.
Rev.-Rent.
G.O.
Rev.-Rent.

16.1.

1968^76
1968-92 53.3
1970-82
1968-96
25.4
1969-86
25.0
1969-89
45.1
1968-86
13.0
10.0
1972-97
1968-86
10.7
1967-96
. 21.0
1968-97
12.5
1968-92
17.4
14.0 .
1968-85
70.0
1968-2007
10.0 •1968-91
10.0
1968-87
28.8
1968-97
70.0
1972-99
1968-87 .
15.0
20.0
1968-92
1970-92
82.5
10.0
1970-87
16.5
1971-2007

20.0

3.16
3.38
3.13
3.36
3.35
3.21
4.40
3.42
3.18
3.13
4.13
3.47
3.78
3.79
3.47
3.38
3.38
3.74
3.61
4.55
4.54
3.81
4.15

2.80-3.10
2.75-3.45
2.80-3.14
2.70-3.45
2.90-3.40
2.70-3.20
3.50-4.25
3.00-3.50
2.65-3.15
2.60-3.40
3.10-4.10
2.85-3.50
2.90-3.75
2.80-3.85
2.80-3.50
2.80-3.40
2.70-3.45
3.10-3.80
3.10-3.65
3.10-4.50
4.10-4.50
3.25-3.80
3.40-4.15

Aa •
L
A
Aaat
A
Aaa.f
Baa';
Aa j
Aaa;
Aa i

H
Fl

Other
Grace Line, Inc.
Export-Import Bank

Mer. Mar. bds. 30.0
Part. Cert.
500.0

1992
1971-82

5.10
5-5.10

5.10
5-5.10

: '.

*

J

*--Rights offering,
n. a.--Not available.
I/ Includes corporate and other security offerings of $15 million and over; State and localg^
government security offerings of $10 in.illion and over.
2/' Includes foreign government and International Bank for Reconstruction and Development is|S
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 income from quasi-utilities; Rev.-S.T., revenue bonds secured
Digitized revenue from specific taxes only; Rev.-Rent*, revenue bonds secured solely by lease
for FRASER
by
payments.
http://fraser.stlouisfed.org/

Federal Reserve Bank of St. Louis

H.14
Exhibit L
Forthcoming Large Long-term Public Security Offering for New Capital
(Other than U.S. Treaaury) J/
Expected Proceed* from Forthcoming Large Iaauea
(In million# of dollar#)
During month following
date afaiown
State and
Corporate
Other If
local govt.
Jan. 31
Feb. 28
Mar. 31
Apr. 30
May 31
June 30
July 29
Aug. 31 .
Sept.30
Oct. 31
Nov. 30
Dec. 30
Jan. 31

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

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

-—

20
--

30
15
--

40
--

— '
• —

'

80
530

Corporate

Subaequent to
date ahown
State and
local govt.

20
90
55
55
85
50
35
90
. 35
35
• 65
95
545

461
504
334
546
584
353
403
685
380
175
571
1,154
851

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

Other If

Forthcoming Large Offerings as of February 24

Iaauer

Type

Amount
(milliona
of
dollara)

Approximate date of
offering

Coroorate
1Teledyne, Inc.
Western Power & Gas Co.
• Southern Natural Gas Co.
Chesapeake & Potomac Telephone
Co. of Virginia
General Tel. Co. of California
Baxter Laboratories
Transcontinental Gas Pipeline
Corp.
Berg-Warner Corp,
panhandle Eastern Pipeline Co.
Pullman, Inc.
San Diego Gas & Elec. Co.
Honeywell, Inc.
*Shell Oil




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

30.0
20.0
40.0

February 27
February 28
March 1

Deb.
Deb.
Conv. sub. deb.

65.0
50.0
25.0

MarchMarch
March

1
2
6

50.0
75.0
40.0
60.0
25.0
60.0
150.0

March
March
March
March
March
March
March

6
6
7
8
8
8
8

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

1

t

L-2

.

.

1?

Forthcoming Large Offerings as of February 24 (Cont'd)

Issuer

Type

Amount
(Millions
of
dollars)

Approximate date of offering :

Corporate (Cont'd)
Amphenol Corp.
Fruehauf Corp.
Trans World Airlines
Western Massachusetts Co.
*Ea;ton Yale & Towne , Inc.
Arkansas Pwr. & Lt. Co=
Pacific Gas & Elec. Co.
Central Illinois"Lt. Co.
Union Electric Co.
Ohio Bell Telephone Co.
^Commonwealth Edison Co.
Duval Corporation

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

15.0
50.0
100.a
15.0
40.0
30.0
80.0
20.0
30.0
75.0
50.0
25.0.

March 8
March 13
March 14
March 14
March 14
March 15
March 15
March 15
March 22
March 23
March 28
Indefinite

23*0
12.9
23.0
27.0
15.1
15.0
19.8
116.9
38.9

February
February
February
February
February
March 1
March 8
March 8
March 8

30.0
11.0

March 14
March 16

12.0
15.2
20.0

March .16
March 21
March 22

20.0

Indefinite

250.0
•15.0

March
Indefinite

•State and local Government
Prince Georges County, Md.
G.O.
Glendale U.S.D., California
G.O.
State of Pennsylvania
Go 0e
Tennessee State Sch. Bds. Auth. Rev.-Rent.
. State of Alaska
G.O.
Texas Water Development Board
G.O.
Hamilton County, Ohio
G.O.
7
Housing Assistance Admin.
Bonds
Tacoma Lt; & Pwr., Washington
Rev.-Q.-Ut .
^Louisiana Capital Construction
,
& Imp; Comm.
G.O.
South Louisiana Port Comm.
Rev. & G.O
Oakland, Washtenaw, et. al.
Comm. Coll. Dist., Michigan
G.O.
Santa Clara County, Calif.
G.O.
East Baton Rouge Parish, La.
G.O.
Metro. St. Louis Sewer Dist.,
Missouri
G.O.

28
28
28
28

Other
Int. Bank for Reconst. & Devel.
Nippon Tel. & Tel. Pub. Corp.

Bonds
Bonds

, - ' - JUL.
*--Included in table, for first time.
'
1/ Includes corporate and other issues of $15 million and over; State and local Governmen||
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: State of New York's $75.0 million
issue -- postponed and$6.2 million of the $12.2 million issue of Lafayette, La. -- rejectdpi?




Exhibit5 M

_

•

•

B-IA

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

Sale Date

Amount
(Millions
of
dollar*)

Public Offerings

Issuer and Description of Issue
A.

Sold December 1 through February 24

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.

*March
Indefinite

250.0
15.0

Prospective Offerings:

International Bank for Reconstruction and Development
Bonds
Nippon Telegraph and Telephone Public Corp. — Bonds

* -- Included in table for first time.
Vr* -- fssue 8old to investors outside of U.S.
*** -- Issue subject to interest equalization tax.




• M-2 -

PART II:

Date Reported

" 1/16"

NOTE:

Private Placements - Reported December 1 through February 24

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 offer
ings in the United States see Exhibits I and J. There is no simple relationship
between the data shown in the Exhibit and that shown in Exhibits I and J because
the 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