View original document

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

DECONTROLLED AFTEILSI-X-MOITTHS I

r

—

'

Not for Publication

H. 14

,

v .

^ ^2 • ' " \

'

v. -

^

V

February 4, 1963.

j —CSP'ITAL MARKET DEVELOPMENTS
STATES
(Including Review of Capital Market Developments
in January)

Public security financing to obtain new capital was in moderate
volume last week but is expected to be substantial this week. During
the week ending February 1 4 a $108 million State and local government
bond issue and $23 million of Japan Development Bank bonds were sold;
no large corporate issues were offered for new capital purposes, but
Dallas Power and Light Company offered $25 million in bonds to refund
outstanding securities. This week, ending February 8, a $50 million
corporate issue, and four State and local issues with par value of
$153 million are scheduled for offering. In addition the Federal
Land Banks are expected to offer $33 million of 15-year bonds for
new capital.
Bond yields. Changes in yields on seasoned, long-term bonds
were mixed but minor last week. Yields on Aaa-rated corporate bonds
were stable, while Baa-rated corporate yields fell one basis point to
4.90 per cent, the lowest since April 1959. Both Aaa- and Baa-rated
State and local government bonds yields rose two basis points to 2.97
and 3.57 per cent, respectively. U. S. Government bond yields declined
a basis point to 3.90 per cent.
Average yields on new corporate bonds, adjusted to an Aaa
basis, declined one basis point last week to 4.21 per cent, about
the same level as early in January.
Short- and intermediate-term interest rates. The average
effective rate on Federal Funds declined slightly to 2.9.8 per cent.
Other short- and intermediate-term interest rates were unchanged.
Recent changes in yields on municipals bonds of different
maturities. The sale of a large serial bond issue by the City of
New York (rated A) last week presents an opportunity to compare
recent changes in yields on municipal bonds of different terms to
maturity while maintaining quality and other characteristics
cons-ant, since New York also sold bonds in late October when
municipal yields were at their most recent low. Since then State
and local bond yields have risen; as indicated by the following
table this has been true for all maturities with, however, the
increase in yields on shorter maturity bonds being somewhat larger
than that in yields on long-term securities.




Bonds Maturing ins

1
2
3
4
5
10
15
20
25
30

year
years
years
years
years
years
years
years
years
years

Oct. 25 Issue
Jan. 29 Issue
(Per cent)
1.50
1.75
2.00
2.10
2.20
2.75
3.00
3.20
3.35
3.40

1.65
1.90
2.10
2.25
2.35
2.85
3.05
3.30
3.40
3.50

Changes in Yields
(Basis points)
+15
+15
+10
+15
+15
+10
+5
+10
+5
+10

FNMA secondary market operations. Purchases of mortgages
by the Federal National Mortgage Association in the secondary market
declined further in December to a level of $13.5 million, the lowest
since October of 1958. The recent decline followed a temporary
recovery during early autumn after a sharp drop through the first
seven months of 1962. Offerings also continued downward in December,
but were moderately above the reduced level of purchases. Sales
by FNMA, which had turned up in November, increased somewhat further
and, at $14.4 million, slightly exceeded the level of purchases.
Stock prices. Common stock prices advanced slightly further
on balance last week in active trading, Prices, as measured by
Standard and Poor's composite index of 500 stocks-, rose about one-half
of a per cent to close at 66.31 on February 1. Trading volume
averaged 4.3 million shares a day, 0.4 million shares less than the
average for the previous week.
Estimated February security volume. Security financing to
obtain new capital by corporations is expected to be relatively light
in February, but new bond financing by State and local governments
will be very large.
New security financing by
estimated at $650 million, slightly
one-fourth smaller than in February
scheduled for public offering total

corporations in February is
less than a month earlier and
1962. Large issues currently
$167 million.

Bond sales of State and local governments in February are
expected to total $0.9 billion, three-tenths more than in January
but one-fifth less than the record volume sold in February last year.
Large issues currently on the calendar for sale in February total.
$376 million.
Capital markets in January. New security financing by
corporations was relatively light in January, while State and local
government bond sales were in moderate volume; the U. S. Treasury's
first
FRASERsale of long-term bonds at competive bidding was a marked success.

Digitized for


-3-

Yields on corporate bonds fell somewhat further on balance during the
month, while State and local government bond yields contined to rise
moderately.
Corporate long-term security financing to obtain new capital
totaled $700 million in January, .one-third less than the large
December volume, when seasonally large takedowns of private placements
accounted for the bulk of the total, but about one-fifth more than
in either of the two preceding Januaries. Large issues sold publicly
for new capital in January amounted to $234 million, consisting of
$215 million in nonconvertible bonds and a $19 million preferred
stock issue--the first large stock issue sold since October. An
additional $85 million in bonds were sold to obtain funds to retire
outstanding securities. 'Most new issues met with indifferent investor
reception and were still in the process of being distributed at
month-end. Because of the small volume "of new offerings, however,
unsold syndicate balances, although larger than at the end of December,
were moderate.
Yields on seasoned Aaa-rated corporate bonds declined two
basis points further to 4.20 per cent (daily basis) by mid-month, the
lowest level since April 1959, but edged up a basis point to 4.21
per cent soon after mid-month, where they remained throughout the
rest of the month. Yields on new corporate bonds, adjusted to an
Aaa basis, also were somewhat lower at mid-month than later.
New capital bond issues by State and local governments
totaled $700 million in January, two-fifths more than in December,
but one-fifth less than a year earlier. In addition, $163 million
of bonds were sold by Memphis, Tennessee, to obtain funds for later
retirement of outstanding high-coupon securities.
Dealers encountered considerable difficulty both in
distributing new issues and moving the considerable volume of
inventory carried over from earlier months. As a result their
advertised inventory of unsold securities rose $50 million during
the month to $570 million and yields on seasoned Aaa-rated State
and local government bonds rose three basis points to 2.97 per cent.
Common stock prices advanced further during January
in active trading. Prices, as measured by Standard and Poor's
composite index of 500 stocks, rose over four per cent to close at
66.20 on January 31. At their end of January level, average prices
had recovered 68 per cent of the loss incurred between the December
1961 high and last June's low. Trading volume averaged 4.6 million
shares a day, 0.6 million shares above the December average and
appreciably higher than in most other months of 1962.
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,.




3 "

| E X HI B IT- A, Port I
jLONG-TBRW B O N D YIELDS, H I G H - G R A D E
I Weekly

COIPORATi A M

1!"

..
.

1951

.!«»

Jf»l

mi

.

_
•

. m

E x h i b i t A - Part II

D

Corporate
A a a 1/

U. S. Govt.
long-term 2/

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

Sp r e a d b e t w e e n
U. S. Go\rt. and
C o r p o r a t e 1 S t a t e and
Aaa
1 local A a a

(per cent)
1958 - Low
1959 -60 - H i g h
1 9 6 0 -61 Low
1961 - High
1962 - Low
1 9 6 3 - High
Low
Jan.
Jan.
Jan.
Jan.
/Feb.

4
11
18
25

1 £/

3.55
4. 61
4.21
4.46

(5/2)
(1/29/60)
(3/17/61)
(9/15)

4.23 (12/28)
4.22 (1/4)
4 . 2 0 (1/1.8)

3.07
4.42
3.70
4.07
3.85
3.91
3.87

4.22
4.21
4.20
4.21
4.21/

3.87
3.87
3:87
3.91
3.90

(4/25)
(3/8/60)
(5/12/61)
(12/29)
(12/28)
(1/25)
(1/18)

2.64
3.65
2.99
3.37
2.88
2.97
2.94
2.94
2.94
2.94
2.95
2.97

(5/1)
(9/24/59)
(9/1/60)
(7/6)
(11/8)
(1/31)
(1/17)

.22
.59
.19
.57
.30
.35
.30

.34
.92
.46
.76
.80
.96
.93

.35
.34
.33
.30
.31

.93
.93
.93
.96
.93

Preliminary.
Weekly average of daily figures. Average tern of tends inoluied is 22-24 years*
2/ Weekly average of daily figures. The series includes bonds due or callable in 10 years or nore.
If Thursday figures. Only general obligation bonds are includedi average term is 20 years.
«ote.—High s and lows are f o r individual series and may be on different dates for different
series. For spreads, high.refers to widest, and low to narrowest.




4
EXHIBIT

B, PQMJ_

LONG-TERM BOND YIELDS, LOWER-GRADE

PORATE Boo

W

A-

I

V

vx

R

V

1

1 ,A
rV
i5
"
v' \jJ "STATE "AM 10CAT 6O^VlRNHI
ENT

FOT

X A v .

1958

1959

1960

Exhibit B - Part II

Date

Corporate
Baa If

State and
local govt.
Baa 3/

Spread between
Aaa and Baa
State and
Corporate
local govt.

(per cent)
1958 - Low
1959-60 - High
1960-61 Low
1961 - High
1962 - Low
1963 - High
Low
Jan.
Jan.
Jan.
Jan.
^Feb.

4
11
18
25
1 £/

4.51
5.36
4.98
5.13
4.92
4.93
4.90

(7/11)
(2/12/60)
(9/9/60)
(10/27)
(liy2l)
(1/4)
(2/1)

4.93
4.92
4.91
4.91
4.90-

Note: For footnotes see Exhibit A.




3.64
4.46
3, 93
4.16
3.52
3.57
3.55
3.57
3.57
3.55
3.55
3.57

(5/1)
(1/7/60)
(11/9/61)
(3/23)
(5/17)
(1/31)
(1/24)

.77
.84
.66
.81
.63
.71
.69

.93
1.08
.57
.93
.56
.63
.60

.71
.71
.71
.70
.69

.63
.63
.61
.60
.60

EXHIBIT C, P.„ 1
S H O R T , A N D I N T E R M E D I A T E - TERM INTEREST KATES, O O V 1 R N M E N T
I W..kly 1

k. MONTH HtlS
Yield
I • S VIA! ISSUES

DISCOUNT KATE
3 • MONTH IlllSj
Morkel Yleldl ^

I I I I I I I I I I I I I I I I I 1 II I I I Il II I I l l I l II I IIII II I J
I I I
I I I
I
I LI
I1S8

J «L'
E x h i b i t C m Part II

Date

1958 - Low
1 9 5 9 - 6 0 High
1960-61 Low
1961-62 H i g h
1962 - Low
1963 - H i g h
Low
Jan.
Jan.
Jan.
Jan.
Feb.

4
11
18
25
1 ji/

Discount
rate

V

3-month
b i l l s 2/

Yields
6-month
b i l l s 2/

3-5 year
issues 2/

Spread b e t w e e n yields o n 3 m o n t h b i l l s and y i e l d s o n
6-mo. b i l l s 13-5 vr. issues

(per c e n t )

1.75
4.00
3.00
3.00
3.00
3.00
3.00

•58 (5/29)
3.02 (12/26) 2 . 1 4 (6/6)
4.59 ( 2/8/60)
5 . 0 7 (3/8/60 ) 5 . 0 0 (12/24/59)
2.11 (10/28/60) 2.35 (4/28/61)3.15 (5/12/61)
2.97 (7/13/62) 3.13 (7/20/62)3.88 (2/2/62)
2.65 (6/8)
2.74(6/8)
3.41(1^28)
2.93 (2/1)
2.99 (2/1)
3 . 5 0 (2/1)
2.89 (1/4)
2 . 9 4 (1/4)
3 . 4 4 (1/18)

.26
.79
.12
.44
.02

.04
1.81
.38
1.51
.52

.06
.05

.57
.54

3.00
3.00
3.00
3.00
3.00

2.89
2.90
2.90
2.93
2.93 /

.05
,05
05
06
06

.55
.55
.54
.57
.57

1/
V

2.94
2.95
2.95
2.99
2.99

3.44
3.45
3.44
3.50
3.50

"aekly rate shown ia that in effect at and of period at the Federal Reserve Bank of New York.
yield; weekly averages conputed from daily closing bid prices. Series of 3-5 year issues
consists of selected notes and bonds*
liote.-tiighs and l o w are for individual series and may be on different dates for different series.
Tor spreads, high refers to widest, and low to narrowest.




%

E X H I B I T D. P o r M
S H O R T - A N D I N T E R M E D I A T E - TERM INTEREST RATES,
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
Weekly

CLL'^LULL

n. y. discount)

K\

! 1951
E x h i b i t D - Part II

Date

Stock Exchange
call l o a n JL/

Prime
rate 1/

Finance c o m p a n y
p a p e r 2/

Federal
funds 3/

Spread b e t w e e n
3 - m o . b i l l s and
finance co. o a o e r

(per c e n t )

4.50'
4.50

3.50
5.00
4.50
4.50
4.50
4.50
4.50

1.13
5.13
2.50
3.25
2.88
3.25
3.13

4.50
4.50
4.50
4.50
4.50

4.50
4.50
4.50
4.50
4.50

3.25
3.25
3.15
3.13
3.13

1958 - Low
1959-60 - High
1960-61 Low
1961-62 - High
1962- - Low
1963 - High
Low

3.50
5.50
4.50
4.50
4.50

Jan.
Jan.
Jan.
Jan.
Feb.

4
11
18
25
1 2.1

T7

(8/8)
(3/22/60)
(8/5/61)
(7/20/62)
(6/1)
(1/11)
(2/1)

.13 (5/29)
4 . 0 0 (5/33/60)
.43 (3/27/61)
3 - 0 0 (12/28/62)
1 . 3 0 (3/26)

-35;
1.02
.11
.56
.19

3 . 0 0 (1/25)
2 . 7 0 (1/11)

.36
.20

2.79
2.70
2.98
3.00
2.98

.36
.35
.25
. 20
.20

Weekly rate shorn is that in effect at end of period. Stock Exchange call loan rate io going rate
on call loans secured by customers' stock exchange collateral at New York City bante .. Prime raxe
is that charged by large banks on short-term loans to business borrowers of the highest credit
standinge
.
2/ Average of daily rates published by finance companies for directly placed pqier for vtrying maturities
in the 90-179 day range•
3/ Weekly average of daily effective rate, whioh is the rate for the heaviest irolume 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 narroweste




E X H I B I T E, Part I
STOCK M A R K E T

.STOCK M AUK E T CRfD

*

C HA I

E x h i b i t E - Part II

I

S t o c k m a r k e t customer credit
Common
Trading
stock
v o l u m e 3/
Customers1
Bank
yields 2/
(millions
Total
debit b a l loans to
(per c e n t ) of shares)
ances 4/
" o t h e r s " 5/

1961-62 - High
Low
1963 - H i g h
Low
December
January
,Jan. 18
Jan. 25
. Feb. 1 2.1

(In m i l l i o n s of d o l l a r s )

72.04(12/8/61)
52.68 ( 6/22/62)
66.31 (2/1)
64.13 (1/4)

2.82
3.96

10.1
2.4

3.23
3.34

4,8
4.3

62.64
65.06
65.18
65.92
66.31

3.40
3.31
3.28
3.25
3.23

4.0
4.6
4.8
4.7
4.3

5,602( 12/6I)4,259 (l^/ei) 1 >377(8/30/61)
4,876(7/62) 3 , 5 6 2 (7/62) 1,269(9/26/62)
n.a.

n.a.

5,494

4,125

1,413
1,378

(1/2)
(1/23)

1,369
1,381
1,378

n. a.

n. a.

n.a.-—Not available# j>/ Preliminary.
3/ Standard and Poor's composite index of 500 oonmon stocks, weekly closing prices, 1941-43-10.
Monthly data are averages of daily figures rather than of Friday's only. Highs and lows are for
Friday's data only.
2/ Standard and Poor1 s composite stock yield, based on Wednesday data converted to weekly closing
prices by Federal Reserve. Yields shewn are for dates on which price index reached its high
or low.
3/ Averages of daily trading volume on the New York Stock Exchange.
~$J End of month figures for member films of Hie New York Stock Exchange n&ioh carry imrg.ii 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, Goveromont securities. Prior to July 1, 1959, such loans are excluded only at banks in
New York and Chicago. Weekly reporting banks account for about 70 per cent of loans to others. "
For further detail see Bulletin.




Co

EXHIBIT F. Poll I
FEDERAL

NATIONAL

SECONDARY

MORTGAGE

MARKET

ASSOCIATION V

OPERATIONS

Monthly

1955

M i l l i o n ! of d o l l a r s

1956

1957

1958

Exhibit F
Estimated
" Date

Total

1959

- Part

o f f e r i n g s to
Immediate
purchase

I960

1961

1962

II
FNMA

Purchases

Standby

( I n m i l ]L i o n s o f

Sales

by

commitment

by

FNMA.

FNMA

d o ]L i a r s )

1961

- Dec.

120.0

117.7

2.3

107.2

2:4

1962

- Jan.

118.3

116.6

1.7

104.7

1.4

Feb.

82^5

80.8

1.7

Mar.

68.6

66.3

2.3

81.6

75.9

Apr.

51.1

50.0

1.1

51.5

105.7

May

89.0

7.3

40.3

38.8

1.5

42.0

64.0

33.0

31.7

1.3

29.0

56.3

29.0

27.9

1.1

21.9

38.5

Aug.

40.8

39.9

1.0

29.6

6.3

Sept.

35.9

35.2

.7

25.0

8.4

Oct.

43.5

42.7

.8

33.1

4.5

July

Nov.

25.7

24.6

1.2

26.6

8.1

Dec.£/

19.7

19.3

.4

13.5

14.4

. • — L e s s than $50,000.
V
Data represent unpaid principal balances of the mortgages involved, exclusive of
premiums, discounts, o r other charges. Offerings are amounts of applications received
during the period from sellers proposing that FNMA execute purchasing contracts. A n
inmediate purchase contract covers existing mortgages which the 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 imnadiate purchases and standby commitment
contracts. Data exclude FNMA activity under Special Assistance and Management and
Liquidating Programs.




EXHIBIT O. Port 1
YIELDS ON NEW AND SEASONED CORPORATE BONDS

NEW ISSUES

Exhibit G - Part II
Yields on New Corporate Bond Issues Adjusted to an Aaa basis
Number lAm't of issues Average
yield
of
1included (mil.
(per cent).
Issues I of dollars)

Number A m r t of Issues Average
yield
Included (mil.
of
fner cent)
of dollars)
Weekly averages:
1962 - Sept. 7
14
21
38
Oct. 5
- 12
19
26
Nov. 2
9
16
23
•
30

1
1

12.0
50.0

4.23
4.22

1
1

4.9
75.0

4.16
4.22

2
3 *
2
2
2

, 275.0
85.0
37.0
19.8
72.5

4.29
4.14
4.13
4.00*
4.17

»

Dec. 7
14
21
28
Jan. 4
11
18
. 25
Feb. 1
8
15
22

3
1

.

87.0
45.0

4.24
4.25

1
1
1
2
1

25.0
70.0
35.0
75.0
25.0

4.19
4.23
4.13
4.22
4.21

'

ing
m in
Note: Averages of offering yields on ajJL new issues ox puDXioxy oixoroa eoxpoxvco oenoe nrou
Service (except serial and convertible issues, offerings of natural gas pipeline,
A by Moody's Inventors Service (
<
and foreign companies. and bonds guaranteed by the Federal Government) weighted by sise of cffexing#
Before'averaging, new' offerings are adjusted to a mmnoaite Aaa basis ly deducting from the actual
reoffering yield tie excess of the weekly average yield for seasoned tends of the appropriate industryquality group over
(Maody's). Averages considered
the oonmosite average for seasoned Aasr-ratedjondsincluded are denoted by an asterisk^
unrepresentative because a T special oharaoterlsties of " h offerings
te



1-u

Long-term Corporate and State and Local Government
Security Offerings and Placements
(In millions of dollars)
New ca oital
1963
January
February
March

1961

1963

State and local 2/
1 1961
1962
1
2/876
E/1,133
j>/629

713
689
764

2,118
1,259
1,318

2/873
2/914
2/788

723
641
1,034

582
749
579

1,028
762
647

2/611
2/543
2/423

485
604
734

888
2/737
£/1,073

1,090
948
1,000

2/627
e/550
e/500

678
789
606

2,258
3,005
1,910

e/700
e/650

July
August
September
October
November
December
quarter
quarter
quarter
quarter

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

2/2,639
2/2,574
2/1,577
e/1,677

2,166
2,397
1,823
2,073

6,504
8,941
11,979

2/5,213
2/6,789
e/8,466

4,563
6,387
8,460

592
859
807

580
667
562

1,113
760
1,132

April
May
June

1st
2nd
3rd
4th

Corporate 1/
1
1962
I

£/2,698
5,264
7,173
E./9, 871

1st half
Three quarters
Year

e/700
e/900

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

quarter
quarter
quarter
quarter

Year

4

2,199
2,919
1,775
e/2,298

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

e/9,191

11,253

Estimated by Federal Reserve.
j>/ 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.




Exh ibi:
New Corporate Security Issues, Cype of Issue ard Issuer
(In millions cf dcliars)

Quarter
or
month

Total

Gross proceeds fcr new
capital and refunding 1/
Common Memo:
foreign
Publicly Privately
pfd.
issues
offered
sr.cck
included

Net proceeds for
new capital 1 / 2 /
Mfg.

Public Communiutility cations

Other
issuers

1960 - 2
II
III
IV

2,265
2,537
2,520
2,832

934
1,074
1,336
1,462

795
770
754
955

536
,692
429
416

69
27
38
IT

298
511
562
625

598
808
652
696

189
149
317
381

1,059
913
896
997

1961 - I
II
III
IV

1,992
5,352
2,566
3,236

662
2,303
772
96?

880
1,275
1,139
1,424

449
1,774
65843

76
15 5
69
62

515
1:
,466
935
792

381
1,081
595
836

81
1,095
104
147

832
1,052
803
1,263

1962 - I
II
III
IV e/

2,378
3,250
2,184
;,007

1.155
1,389
353
l,i„>

716
1,222
1,024
1,5*4

507
639
307

430
983
375
CCO

456
231
275
310

717
794
659
982

1961 - Jan.
Feb.
Mar.
Apr.
May

601
695
696
2,231
1,342
1,779
1,075
813
678
1,155
987
1,094

178
273
211
713
666
924
424
225
123
336
414
217

294
255
331
348
355
572
392
411
336
509
348
567

129
167
' 154
1/170
320
283
259
17?
218
310
225
310

169
99
248
574
447
446
428
255
252
271
215
306

137
160
84
254
439
389
269
215
111
306
362
168

21
41
19
994
85
16
16
13
75
25
80
42

253
368
. 211
297
289
467
315
279
209
487
291
485

647
884
847
1,217
801
1,232
630
July
922
Aug.
Sept.
632
Oct.2/ 1,037
824
Nov. 2/
Dec.e/ 1,145

273
497
386
654
247
488
200
477
176
540
295
278

232
232
253
227
420
575
366
363
295
372
477
735

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

205
131
318
384
270
342
217
:
218
166
170
266
:
370

89
148
193
377
196
410
118
110
148
141
193
266

73
362
21
88
64
79
88
120
67
257
3
50

225
218
275
264
229
301
159
301
199
320
275
387

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

68
257
56
r..a.
54
19
3
71
35
49
52
10
25
12
25
3
12
54
10
147
100
13
43
47
34
r
- a-

655
996
601
: 06

:

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




Exhibit

*1

:

H.14

Other Security C;fferings
(In millions of dollars)
Gross Ione-term 1/
Foreign government 2/
Federal agency 3/
1962
1961
1962
1961
1960
January
February
March
April
May
June
July
August
September
October
November
December
Year

142
10
35
10
86
50
25
8
31
I>/151
2/87
e/75
e/710

6
29
20
2
66
29
5
2

2
1-75
70
34
72
40
25
1
36
34
2
-4:

43
34

236

.

2/
£,/-

533

je/i 5 1 8 8

18
466
-186
127
-84
-118
78
339
-406
71
2/233
g_/-138'

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

Year

p./370

520

j>/
1/

3/
4/

5/

:

58
140
80
70
-146
-157
. 48
415
-175
-16
50
-189
18

252
100
149
278

461

150
175

182
150
150
148
354

.

199

250
193
225

160
149
181

1,448

£/'-•

Net ah:
State and local government 5/
January
February
March
April
May
June
July
August
September
^October
November
December

1960

246
156

1,6 2

4/
Federal agency 3/
247
-156
226
-36*
82
284
261
227
-157
379
55
- 60

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

-196
•202
59
-237
170
320
95
23
-201
-23
-33
-250

. V-v

= 76

-633

Preliminary.
e/ Estimated by Federal Reserve.
n. a. — N o : available.
These data differ from those in Ex. • . : H ir. that refunding issues, as well as
.
new capital issues, are included. Long-term securities are defined as those
maturing in more than one year.
Included securities offered in the United -States by foreign governments and their
political subdivisions and international organizations=
Source; Securities and
Exchange Commission.
Issues not guaranteed by the U. S. Government, Source; Long-term, Securities
and Exchange Commission; short-term, Treasury Department and Federal Reserve.
These data differ from those in Exhibit H and above in that they represent new
offerings less retirements, whether from the proceeds of refunding issues or from
other funds = Data include only issues with original maturity of one year or less,
Principally tax and bond anticipation notes, warrants or certificates and Public
Housing Authority notes. In some instances PHA notes included may have a somewhat longer maturity than one year
Source
Bond Buyer and Federal Reserve. ~




Exhibit K

H.14

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

Month

Total

1962 - January
February
March
April
May

Corporate
Bonds
Convertible
(other than
bonds
convertibles)

195
425
366
648
200
472
165
286
191
434
178
198
234

July
August
September
October
November
December
1963 - January

170
425
330
430
170
387
135
226
100
398
178
178
215

Stocks

State
and
local
government

25
15
51

Other

561
662
259
423
373
266
321
272
153
320
217
193
344

21
167
30
85
30

60
91
36
. 20
19

1/
145
64
30
55
88
30
20
194
25
75
48

Large Individual Issues Offered During Month of January

Issuer

Type 3/

Amount
Coupon
Offering
(millions
Maturity
net inter- yield
of
est cost
dollars)

Rating

CORPORATE
Gen. Amer. Trans. Corp.
New York Telephone Co.
Genesco, Inc.
Illinois Power Co.
Tennessee Gas Trans. Co.
Chesapeake & Potomac Tel.
Co.

Equip.tr.cert.
Ref.mtg.bds.
Pfd.stk.
1st mtg. bds.
1st mtg.p.1.bds.
Deb.

35.0
70.0'
18.5
35.0
50.0

1983
2000

4.30.
4-1/4

4.30
4.21

A
Aaa

1993
1983

4-1/4
4-7/8

4.20
4.80

Aa
Baa

25.08/

2002

4-3/8

4.20

Aaa

STATE AND LOCAL GOVERNMENT
Oklahoma City, Oklahoma
Phila. Sch. Dist., Pa.
State of Louisiana
Memphis, Tenn.
Montgomery Co., Md.
St. Louis Sch. Dist., Mo.
Metro. Seattle, Wash.
Cleveland City Sch. Dist.,
Ohio
City of Milwaukee, Wis.

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




G.O.
G.O.

15.0 1965-88
15.0 1965-88
15.0 1964-88
30.81/1965-85
15.7 1964-88
10.7 1964-83
15.0 1966-2002

2.88
2.97
3.08
2.89
2.96
2.91
3.54

1. 85-3.10 A
;
1.
,75-3.20i!/A
,70=3.20 A
1.
1. 75-3.00 Aaa
,
1.
.60-3.20£/A
.,
1.55-3.00 Aa
2. 00=3.60 A

10.0
12.4

2.78
2.53

1. 65-3.00
1. 60-2.70

1964-83
1964-78

Aa
Aaa

%
K~2

H.14

Large Individual Issues Offered During Month of January (Cont'd)

Issuer

Type 3/

Coupon
Amount
Offering
(millions
Maturity
net inter- yield
of
est cost
dollars)

Rating

STATE AND LOCAL GOVERNMENT
(Cont'd)
State of Oregon
Los Angeles Dept. of Wtr.
& Pwr., Cal.
New Jersey Expressway Auth.
New York City, New York

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

1966-95

2.85

1.60-3.25%/Aa

12.0 1964-93
46.81/ 2002
108.2 1964-93

3.12

1.60-3.35
4.75
1.65-3.50

37.0

2.93

OTHER
City of Montreal, Canada
Japan Development Bank

9.0
16.0
22.5

1983
1988
1978

5.00
6.00

4.90
6.37

-Rights offering.
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 payments4/ 1/20 per cent bonds maturing 1988 not reoffered.
5/ An additional $162.5 million in bonds were sold to refund outstanding ~
securities.
6/ 1/10 per cent bonds maturing 1987-88 reoffered to yield 4,25 per cent.
]_/ 0.1 per cent bonds maturing 1995 not reoffered.
8/ An additional $25 million in bonds sold to refund outstanding securities.
9/ Placed privately.
JL/




Aa
A

If
Exhibit L

. H. 14

Forthcoming Large Long-term Public Security Offerings for New Capital
(Other than U. S. Treasury) 1/
Expected Proceeds from Forthcoming large Issues
Date of
computation

During month following
date shown
State and
Corporate
Other 21
local govt.

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

480
222
628
185
587
120
302
170
363
203
170
269
167

465
153
453
333
184
202
273
61
187
96
194
177
376

Subsequent to
date shown
State and
Corporate
local govt.

64

95
55

175

75
25
--

525
341
693
598
692
458
477
312
546
328
360
314
412

567
239
539
452
337
377
427
215
387
243
328
311
943

Other 2/
64
95
55
25
175

75
25
33

Forthcoming Large Offerings, as of February 1

Type

Amount
(millions
of dollars)

Approximate date
of offering

CORPORATE
Bell Tel Co. of Pa.
Potomac Electric Power Co.
Ashland Oil & Refining Corp.
Socony Mobil Oil Co.
Commerce Oil Refining Corp. -

Deb.
1st mtg. bds.
Bds. & com. stk.
Deb.
Deb., bds. & com.

50.0
50.0
67.0

200.0
45.0

Feb. 6
Feb. 11
Late Feb.
April
Indefinite

STATE AND LOCAL GOVERNMENT
Lafayette, La.
New York State Housing Fin. Agency
Buffalo, New York
Washington Toll Bridge Auth.
Monroe Co., New York
St. Louis, Mo.
Triborough Bridge & Tunnel Auth.
*State of New Jersey
*City of Los Angeles, Cal.
El Paso Sch. Dist. No. 11, Colo.
*Prince George's Co., Md.
Louisiana Fiscal Auth.
*State of Illinois
*City of Detroit, Mich.
Washington Public Power Supply

System



Rev.
Rev .-Rent.
G .0.
.
Rev .-ut.
G .0.
G.
.0.
Rev. -ut.
.
G.
,0.
G.
.0.
G. 0.
G. o.
Rev. -Q.Ut.
G. o.
G. o.

15,
.5
.0
89,
.0
11,
.2
37.
12.
,4
.8
14.
,0
100.
58. 0
14. 0
11. 5
12. 8
20. 0
150. 0
18. 5

Feb. 5
Feb. 6
Feb. 7
Feb. 7
Feb. 14
"Feb. 19
Feb. 19
Feb. 19
Feb. 19
Feb. 20
Feb. 26
March 6
March 12
April 16

Rev. -ut.

130. 0

April 17

L-2

.

•

H.14

Forthcoming Large Offerings, as of February 1 (cont'd)

Type

Amount
(millions
of dollars)

Approximate date
of offering

STATE AND LOCAL GOVERNMENT (CON'D)
^Washington Sub. San. Dist.
Pittsburgh, Pa.
Jefferson County, Colorado
Dade County, Florida
Jacksonville Expressway Auth.,
Fla.

14.0
35.0
12.9
46.0

April 22
Indefinite
Indefinite
Indefinite

40.0

G.O.
G.O.
G.O.
G.O.

Indefinite

33.0

Feb. 7

OTHER
^Federal Land Banks

Bonds

*--Included in table for first time.
Includes corporate and- other issues of $15 million and over; State and local
government issues of $10 million and over.
2/ Includes foreign government and International Bank for Reconstruction and
Development issues and non-guaranteed issues of Federal agencies.
Note.—Deletions for reasons other than sale of issue: None.




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