Full text of H.16 Capital Market Developments : February 5, 1968

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DECONTROLLED A m ^ S Z ^ O N T H l
Not for Publication
H. 14

February 5

1968.

DEVELOPMENTS
UNITED STATE".
Corporate and municipal bond markets. The volume of new, publiclyoffered, corporate securities expected this week will be below the average
weekly volume over the past year,while the municipal volume will be about
average. The bulk ot ; ha corporate volume consists of two outsized is sues;
the largest will be Michigan Bell Telephone's $125 million of debentures,
while a close second will be Southern California Edsion's $100 million of
first mortgage bords. The largest municipal offering will be $81 mil:.ion of
New York State Housing, Finance Agency revenue bonds.
Long-term Public Security Offerings —^
(In millions of dollais)

Corporate
New Capital f Refunding

State & local Government
New Capital | Re unding

Sold:
52 weekr avg.
January 26
• February 2

340

249

r/197
183

r/361
218

273

253

Scheduled:
- February
JL/

9

Federal Reserve estimates are based upon published reports of
issues sold and scheduled for.offering; corporate rights offerings
are inclv-ea as of date subscription rights expire.

Although yields on seasoned corporate bonds were unchanged Last
week, yields on new issues declined. New issue reception, however, was
notably poor. The only fresh offerings to sell out were convertible bonds;
all straight-debt issues were reported to be moving very slowly.
Yields on seasoned municipals declined last week, but in this
market also new issues met with a very lukewarm reception. By week's end,
only 55 per cent of the week's offerings had been sold.
Savings Flows. Data on the December experience at depositary
institutions are contained in the table on page 4.




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

Change from
preceding week

Levels Latest Week .

Corporate

6.20

New
Seasoned

13

6.12

U.S. Government
5.15
5.54

Long-term
3-5 year
State and local Govt.

3.90
4.23

Moody's Aaa
Std. & Poor 1 s high grade
Money Market
Federal funds
Treasury bills
3-month
6-month

4.65

-

4.85
5.00

- 12
- 16

3

Corporate Bonds Still in Syndicate
Amount
(millions of $)

Date
Offered

Reoffering
- Yield

Issuer

Rating

Estimated proportion sold

2/1

10.0

Hartford Electric Light,
6-1/2*8 - 1998

6.45

Aa

25%

1/31

50.0

Commonwealth Edison,
6-1/4's - 1998

6.20

Aaa

20%

1/30

16.0

Texas Electric Service,
6-5/8's - 1993

6.55

A

30%

18.0

Minn. Power & Light,
6-1/2*8 - 1998

6.43

A

95%

i/n

;

Blue List of Municipal Dealers 1 Advertised Inventories
Latest Week
381(1/30/68)




End of Previous Week
346

Recent High
849(4/26/67)

H. 14

Stock prices. Common stock prices continued to decline lkst
week in slightly moderated trading activity-. At the close Friday, Standard &
Poor's index of 500 stocks stood at 92.27, down 1.18 points from thjs previous
Friday, and down 5.5 per cent from the high of 97.59 reached on September
25 of last year. Trading volume averaged 10.0 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.




,/>

TOfeEPLA.CESAVINGS FLOWS TABLE APPEARING IN THE H. 14 OF FHHKBUK 5, 1968.
;

Year
or
Month

SAVINGS FLOWS

Conmcircial Banks 4/
Mutual Savings Banks 3/
Che. from 1Prev. Year
Che. from Prev. Yr. Current
Current
Che» from !>rev. Yr. Current
In
(millions)
In
(millions)
Total (millions)
In
millions
Per
Per
millions
i/
Per
millions
$
Cent
Cent
, Cent
$
$
Unadlusted
20,070
27,901
29,100
28,957
32,067
19,465
38,707

1961
1962
1963
1964
1965
1966
1967
1967 - August
Sept.
Oct.
Nov.
Dec. j>/

3,595
2,156
2,165
1,873
3,097

1967 - August
Sept.
Oct.
Nov. £/
Dec. £/

3,4*7
2,148
' 3,123
4,194
573

r/
T/
~~
2/
3/
7~
4/

8,743
9,351
11,072
10.579
8,498
3,625
10,549
646
1,193
495
582
1,612

550
1,126
217
981
-654
-1,025
2,497

40.4
58.9
7.1
30.1
-15.4
-28.6
97.7

9,415
15,512
14,773
14,142
19,987
13,283
23,104

3,703
6,097
-739
-631
5,845
-6,452
9,821

64.8
64.8
-4.8
-4.5
\ 41.3
J
• -32.3
73.9

165
325
177
550
*«•
121
210
-5.2
321
67
620
-40
-6.9
Seasonally Adiusted

103.1
47.5
60.3
26.4
-6.1

2,624
413
1,460
970
865

915
785
2,026
1,532
-1,915

265.0

170
162
74
87
cj -139

77.1
76.1
25.3
, 34.1
C/*61.8

2,433
942
1,994
3,541
-1,159

1,875
831
2,116
1,892

1,184
608
1,721
-493
2,081
-4,873
7,023

15.7
7.0
18.4
-4.5
-19.7
-57.3
191.0

522
562
541
-32
-120

421.0
89.1

649
525
534
831
574
742
-60
331
500 £/ , 214

.

423.4
179.8
341.7
-15.3
-30.0

1,912
3,038
3,255
4,236
3,582
2,557
5,054

384
375
387
322
86

Revised, p/ Preliminary, c/ Corrected.
,^
Commercial tank 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.
Data are for the net increase in savings and time deposits adjusted at all commercial banks.
FRASER
Source: Federal Reserve.

Digitized for


—

——

-68.9
336.0
832.7
—

114.7

EXHIBIT

A. Pari 1

L O N G - T E R M B O N D YIELDS, H I G H - G R A D E

CORPORATE A l l

U.S. GOVERNMENT

v/
STATE AND LOCAL GOVERNMENT A l l

1963




1964

1965

1966

1967

Exhibit A -- Fart II

Date

1959-60 - High
1966 - High
Low
1967 - High
Low

Corporate
Aaa 1/

4.61(1/29/60)
5.52(9/9)
| 4.73(1/7)
6.24(12/29)
5.00(2/10)

State and
U.S. Govt. |
local
long-term 2/, government
Aaa 3/
(per cent)
4.42(1/8/60)
4o 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(12/29)
3.25(2/9)

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

1.01
5.23
4.15
1.08
6.24
5
4.08
1.08
5.12
6.20
1.04
12
.96
4.03
5.18
6.14
1.15
19
3.98
.92
5.20
6.12
1.22
26
3-90
5.15
.97
Feb.
2?/ . 6.12
Preliminary.
weekly average of daily figures. Average term of bonds included is 22-24 years.
Weekly average of daily figures. The series includes bonds due or callable in 10
years or more.
Thursday figures. Only general obligation bonds are included; average term is 20

Jan.

j)/
If
2/
3/

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.




I

L O N G - T E R M B O N D YIELDS, LOWER GRADE
Weekly

_ _

CORPORATE Baa

STATE ANO LOCAL GOVERNMENT B a a

'

1963




1964

\

1965

1966

mi

1968

Exhibit B —

Part II

Spread between
Aaa aiid Baa
State
Corporate
local

11

State and
local govt.
Baa 3/

Corporate
Baa V

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

5
12
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)

.84
.31

1.08

.31

.31

6.96

4.73
4.65
4.65
4.62
4.60

.72

6.86
6.79

6.80
6.80

Feb.
2g/
Note: For footnotes see Exhibit A.




.81

.82
.63

.66

.65

,68
.68

.39

.62

.81
.37
.58
.58

.62

.64

,70

EXHIMI

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

3 - 5 YEAR ISSUES

F.R. DISCOUNT RATE
New York'

3-MONTH BILLS
Market Yields

1963




1964

1965

1966

1967

1968

i

Exhibit C r- Part II

Discount
rate
_o/
1959-60 - High
Year end - 1965
1966
1966 - High
Low
1967 - High
Low
5
12
19
26
2P„Z

4.00
4.50
4.50
4.50
4.50
4.50

4.00
4.50
4.50
4.50
4.50
4.50

3-month
bills U
4.59(1/8/60)
4.47
4.80
5.52(9/23)
4.39(6/24)
4.99(11/29)
3.41(6/9)
4.99
5.06
5.02
4.97
4.85

Yields
6-month
bills 1/
(per cent)
5.07(1/8/60)
4.66
4.92
5.92(9/23)
4.53(6/24)
5.50(12/15)
3.74(6/2)
5.39
5.30
5.25
5.16
5.00

3-5 year
issues &/

Spread between yields on
3-mo. bills and yields on
6-mo. bills 13-5 yr. issues

5.00(12/24/59)
4.90
4.86
5.83(9/2)
4.80(4/8)
5.50(12/15)
4.36(4/7)
5.61
5.48
5.52
5.55
__5—54-

2/ M a r k e t e d ; weekly averages computed from daily closing bid prices.




.79
.19

1.81
.43

.06

-12

.78

.52
.09

.01

.62
.01

1.61

.40
.24
.23

.62

_ a L
Series of 3-5

.02

.42
.50
.58

EXHIBIT

D, Part 1

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

PRIME RATE
FINANCE COMPANY PAPER
Directly

placed

—

F.R. DISCOUNT RATE
New

York

FEDERAL FUNDS

1963




1964

1965

1966

1967

Exhibit D —

Date

Prime rate 1/

Part II

Finance
company.
paper 2/

Federal funds 3/

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

(per cent)
1959-60 - High
Year end- 1964
1965
1966
1966 - Low
1967 - High
Low

5.00
4.50
5.00
6.00
5.00(3/4)
6.00(12/29)
5.50(12/1)

5.13(1/22/60)
4.06
.
4.75
5.88
4.75(1/7)
5.75(1/6)
4,38(6/23)

4.00(5/13/60)
4.00
4.63
5.63
3.55(1/21)
5.25(1/6)
3.40(10/27)

1.02
.23
.28
1.08
.20
1.33
.21

6.00
5.50
4.56
.51
5
6.00
5.50
4.53
12
.45
5.50
6.00
4.73
.48
19
4.68
5.38
6.00
.41
26
5.25
4.65
6.00
Feb.
2p/
.40
1/ Weekly rate shown is that in effect at end of period. Prime rate is that
charged by large banks on short-term loans to business borrowers of the highest
credit standing.
2/ Average of daily rates published by finance companies for directly placed paper
for varying maturities in the 90-179 day range.
3/ Weekly average of daily effective rate, which is the rate for the heaviest
volume of purchase and sale transactions as reported to the Federal Reserve
Bank of New York.
Note.-Highs and lows are for individual series and may be on different dates for
different series. For spreads, high refers to widest, and low to narrowest.
Jan.




EXHIBIT

E. Port 1

STOCK MARKET
Billions

of

dollars

100

PRICES

STOCK MARKET CREDIT
* CHANGE IN SERIES
Millions

VOLUME

YIELDS

1963




1964

1965

1966

1967

1968

of shores

Exhibit E ~

Stock price
index 1/

1961-62 - High
Low
1966 - High
Low
1967 - High
Low
Nov.
Dec.
1968 - Jan.

19

26

Common
stock
yields 2/
(per cent)

Part II

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

2^82
3.96
3.01
3.97
3.01
3.58

10.1
2.4
10.7
5.0
12,3
6.9

5,602(12/61)
4,424(1/61)
7,997
7,302
10,347
7,345

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

5,200

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)

92.66
95.30

3.18
3.09

10.6
11.5

9,495
10,347

7,055
7,883

2,442
2,464

95.24
93.45

3.09
3.18

12.8
10.9

n. a.
n.a.

n. a.
n.a.

72.04(12/8/61)

52.68(6/22/62)
93.77(2/11)
73.20(10/7)

97 26(10/6)
82.18(1/6)

2,432
r/2,430

n. a.
10.0
3.22
92.27
Feb.
2£/
n.a. Not Available. £/ Preliminary, r/ Revised.
~
1/ Standard and Poor's composite index of 500 common stocks weekly closing prices, 1941-43-10.
Monthly Q data are*averages of daily figures rather than of Friday's only. Highs and lows are

3/ Averages of daily trading volume on the New York Stock Exchange.

Year-end figures are averages

4/ End <1 o£ 1 monA U figures for member firms of the New York Stock Exchange which carry margin accounts;

; E~LEE^ sxi'iS ES-jErm m O T
others.

For further detail see Bulletin.




FEDERAL N A T I O N A L MORTGAGE ASSOCIATION
. S E C O N D A R Y MARKET OPERATIONS

OFFERINGS

PURCHASES V

SALES
1962




1964

1966

Exhibit F - Part II

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

Purchases
ntcd offerings to FNMA
by
S tandby
Immediate
FNMA
Total
commitment
purchase
(In millions of dollars)
132.0
2.6
161.0
163.6
130.5
1.4
120.1
121.5
125.0
.6
67.3
67.9
84.2
.2
24.2
24.4
50.9
.2
26.7
26.9
20.6
.1
17.7
17.8
17.8
.2
78.5
78.7
26.9
.3
228.8
229.1
81.2
.2
232.6
232.8
198.3
.4
260.6
261.0
192.4
.4
167.9
168.3
215.1
.5
260.1
260.6
186.9
.6
324.1
324.7
200.1
2.8
206.6
209.4

Sales
by
FNMA

.2
.9

.8

1.5

6.0
.9

.8
.2

em*



n

.3

.1

sive
cations
asing
ti the
t rethe
er
FNMA

YIELDS O N NEW A N D SEASONED CORPORATE BONDS
6.5

Adjusted to Aoo

Basis

NEW ISSUES
6.0

5.5

5.0
SEASONED Aaa

4.5

1964




1965

4.0
1966

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

Number
of
Monthly averages;
1967 - Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct*
Nov.

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

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

7
20
20
14
23
14
17
10
15
13

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

5.20
5.31
5.39
5.66
5,79
5.78
5.89
5.88
6.12
6.53
6.51
6.24

1

8
15
22
29
Jan

5
12
19

1
4
3
3

231.5
230.0
125.0

6.51
6.55

15,0
353.0
63.0
70.0

6.32
6.18
6.21
r/6.33

6.42*

1968 - S I S :
ii
Feb. 2jj /
3
76.0
6.20
Weeklv averages:
High
6.59(11/17)
Low
y i e l d s on a / l ° n e w issues
Note; Averages of offering
*•'
*
J
w xy &
^ ** ww U 11U O 1 L» CU
*iC*C& ^
Aa, and A by Moody s Investors Service (except serial and convertible issues, offerings 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 unrepresentative because of special characteristics
of the offerings included are denoted by an asterisk.
R/ Preliminary.




Revised.

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

January

and local

e/1,150
1,100

/ 1,800
e/ 1,775

1,438

March
1,973
1,474

XDril
Juno
July
August
September
lT-v«rber
c --r.ber
1st
2nd
3rd
4th

1st
2nd
3rd
4th

1,058
2,364

2,457
2,406
1,723

1,039
1,670
1,382

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

1.085
1,635

9,959
14,050
17,601

11,421
18,007
e/24,014

Excluding finance companies 3/

Quarter
Quarter
Quarter
Quarter

4,924
4,884
3,969
3,188

5,207
5,913
6,338

17,269

Year
Estimated by Federal Reserve.




1,497

1,141

1,020
960
2/1,353
e/1,050
4,116
3,827
3,050
e/3,363

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

Quarter
Quarter
Quarter
Quarter

Jet half
Three quarters
Year

2,611

-20-

7,943
10,992
e/14,356

6,146
8,640
11,304

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

Quarter
or
Month

1966 - III
IV

Net proceeds
Gross proceeds for new capital
for new capital 1'/ 2/
and refunding 1/
Bonu s
Common Memo:
Total
Other
Mfg. Public CommuniForeign
Publicly Privately and
Utility cations Issuers
Offered Placed
pfd. issues
stock included
4,197
2,256
1,627
1,558
314
154
657
567
1 1,309
3,669
2,047
1,247
375
1,232
117
984
417
918

1967 - I
II
III
IV e/

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

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

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

1966 - Dec.

1,662

980

555

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

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

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

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

60
65
234
59

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

997
1,268
1,219
1,203

543
548
595
392

1,382
1,228
1,979
1,733

127

24

673

409

152

401

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

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

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

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

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

511
456
415
343
393
492 .
1,046
313
620
673
465
725

' 390
726
678
1,045

£/
1/
2/

Preliminary, e/ 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 comnercial and other.
SOURCE: Securities and Exchange Commission.




-21

Exhibit J
Other Security Offerings
(In millions of dollars)

1967
196
February
March
April.
May
Jtine
July
August
September •
October
November
December

„

--

223
27
13
170
22
586
193
66
139
1,635

Jan. - Nov.
Y- -if.

July
August,
September
October •
November £,/
December £/

Year

218
-38
73

12
40
40
66
69
76
72
7
50

—

91
33
74
5
52
75
•2

*—

74
529

659

597

661 .

New
State and local Government 5/
179
238
103
387
91
39
-594
-458
-319
827
647
580
515
462
204
-128
-82
-334
219
-103
119
593
408
270
200
152
-161
464
59
-48
503
-33
274
-570
-366
-311

January
February
March
April '
May

Jan.' - Dec.

Gross Long-term 1/
Federal Agency 3/ .
Foreign Government 2/
1966
1966
1965
1965
1967

£/

2,318

422

2,318

422

*

1

1,251
783
750
650
810
650
407
250
599
708
710
7,568

129
185
325

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

239
150
375
375
179

6,567

2 ,553

6,806,

2 ,732

short-term 4/
Federal Agency
-179
30*
-552
-24
-454
450
-559
718
109
85
I
93
284
!
-158
-590
!
-262
-270
1,407
-652
606
-555
573
-283
219
36

—

775

31
-137
-174
117
-11
509
237
132
206
105
-309
202
-76

1,286

660

310

801

1,286

660

310

Ml

<

p/ Preliminary, e/ Estimated by Federal Reserve.
1/ These data
differ from those in Exhibit H in that refunding issues, as well as new capital issues,
ate included. Long-term securities are defined as those maturing in more than one year. V
2/ Includes securities offered in the U.S. by foreign governments and their political
subciividiohs 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, n. a. — Not available.




Exhibit K
Large Long-term Public Security Issues for New Capital
(Other than U. 8. Treaaury) 1/
Proceeda of Large Iaauea Offered
(In milliona of dollara)

Total

,966 - Dec.
,967 - Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov..
Dec.

Corporate
Bonks
Convertible
(other than
bonda
convertiblea)
990
611
709
,435
956
771
,072
890
,288
473
897
461
460

1,177
681
842
1,638
1,311
870
1,666
1,340
1,705
794
1,458
826
978

Stocks
68
40
93
63
142
44
185
133
67
65
276
215
81

118
30
40
140
213
55
409
317
350
257
285
150
437

.

State
and
local
ttovernmenta

Other

2/

60
230
530
,000
540
391
825
85.
221
400
50
845
627

779
947
675
669
512
496
875
483
473
847
505
865
633

Large Individual Issues Offered January 1 through February

Issuer

Corporate
iowa Power and Light
•entral Power & Light
rucible Steel
orthwestern Bell
i Telephone
bbott Laboratories
tandard Oil of Indiana
Connecticut Light & Power
Company
onnecticut Light & Power
outhern California
Edison
Illinois Power Co.
El Paso Natural Gas
Minnesota Power & Light
Ibisney Productions

Type 2/

Amount
(milliona
of
dollars)

Maturity

Coupon
rate or
net interest coat

Offering
yield

15.0
28. 0
30. 0

1998
1998
1993

6.60
6-5/8
6-7/8

6. 50
6. 50
6. 90

Aa
Aa
Baa

100. 0
25. 0
200. 0

2007
1993
1998

6-1/4
6-1/4
6.00

6.,25
6.,29
6.,07

Aaa
Aa
Aaa

1st mtg. bds.
Pfd. stk.

20.,0
15.,0

1998

6-1/2

6,,40

Aaa

Com. atk.
1st mtg. bds.
Conv. debs.
1st mtg. bds.
Conv. debs.

53.,8
25..0
60,.0
18,.0
40,.0

1998
1993
1998
1993

6-3/8
6
6-1/2
4-1/2

6,.38
6 .00
6 .43
4 .50

Aa
B
A
Ba

1st mtg. bds.
1st mtg. bds.
Debs.
Debs.
S.F. debs.
Debs.




-23-

K-2
Large Individual Issues Offered Jan. 1 through February 2 (Cont *d)

Issuer
Corporate

Type 3/

Amount
(millions
of
dollars)

Maturity

Coupon
Offerrate or
ing Rating
net interyield
est cost

(Cont'd)

Arizona ; ublic Service
Texas Po„:er & Light
^Carolina lal. & Tel.
Central Soya Company
General Telephone of Illinois
Zapata Off-Shore
Trunkline Gas Company
Oklahoma Gas & Electric
Western Airlines Texas Electric Service
Commonwealth Edison
U.S. Smelting- Refining &
Miring Company

Pfd. stk.
1st mtg. bds.
Conv. sub. debs.
S.F. Debs.
Debs.
Conv. debs.
1st mtg. p.l.bds.
1st mtg. bds.
Conv. deb.
S.F. debs.
1st mtg. bds.

16 .0
25 .0
22,.6
20,.0
20..0
15..0
35..0
25.,0
30.,0
16.,0
50. 0

• 1V08
1988
1993
1992
1988
1.987
V>98
r
"93
1193
1998.

Conv. debs.

60. 0

1993

6.56
5-3/4
. 6-3/8
6-3/4
4-3/4
6-3/4
6.44
5-1/4
6.62
6.27
5-3/4

6 .50
-5,.03
6,.46
6..81
4..75
6..73
6.,38
5.,25
6.,55
6. 20

Aaa
A
A
Baa ;
B
i
A
Aa
Ba
;
A
:
Aaa |

5. 75

B

I

?

• Stare and Local Government
Zl. v .s Jr. Coll. Dist., Mo.
> t" : o J Ne.w York
rail fax County, Virginia
•'Houston I.S.D., Texas
Milwaukee County, Wisconsin
State of Washington
State of Washington
Honolulu, Hawaii
Omaha Public Power Dist.
Alabama Highway Auth.
St. Louis, Missouri
N.Y. State Dorm. Auth.
State of California
Montgomery County, Maryland
State of Oregon
New York City .
Montpelier, Vermont
Texas Wtr. Development Board
S tate of Kentucky
Jackson, Mississippi
Penn. General State Auth.
State of Tennessee
5aIt -River Project Dist. , Ariz.




Rev. -Rent.
3.0.
G.O.
G.O.
G.O.
G.O.
G.O.
G.O.
Rev. -ut.
Rev. -S.T.
G.O.
Rev. -Rent.
Bonds
G.O.
G.O.
G.O.
G.O.
G.O.
G.O.
G.O.
Rev. -Rent.
G.O.
Rev. -Q.-Ut.

10.0 • 1972-2001
78.0
1969-88 .
15.0
1969-93
39.8
1969-92
1969-88
13.7
l°69-88
,
16.5
25.0
1968-921/
10.0
1971-88
45.0
1970-1997
' 30.0 1969-88
20.0
1972-2001
48.1
1969-98
100.0
1969-93
17.0
1969-88
10.7
1971-97
114.3
1969-1998
20.0
1969-1987
15.0
1969-83
30.0
1969-95
10.0
1969-93
50.0
1970-97—'
35.0
1969-88,.
32.0
1970-98 —

—24"*

5 .14
4 .20
4 .89
4..36
4,.00
4,.10
4..67
4..30
4..32
4..48
5.,14
5.,19
4.34
4.33
4..11
4.>79
3.,86
3. 71
4. 03
4.62
4.55
3.81
4. 24

4 .10-5.30
3 .65-4.2.1
Aa
3 .90-4.90
Baa
3 .70-4.40
A
3 .60-4.05
Aaa E
3 .50-4.10
Aa
3 .60-4.70
Aa
3,.90-4.35
A
3,.70-4.37
Aa
3,.70-4.50
A
4,.10-5.30
Aa
-4..10-5.10
3..50-4.70
Aa
3..50-4.40
A
3,.60-4.25
Aa
4..40-4.90
Baa
3..35-3.90
Aaa
3.,30-3.75
Aaa •j
3.,25-4.10 = Aa
3.,60-4.80
Baa
—
3.,50-4.70
3. 15-3.90
Aa
3. 50-4.38
A

&
&

#

K-3
Large Individual Issues Offered Jan. 1 through February 2

Issuer

Type 3/

Amount
(millions
of
dollars)

Coupon
Offe:
rate or
Maturity net inter- ing
yield
est cost

Rating

Other
Quebec Hydro-Elec. Commission
Fed. Home Loan Bank
FNMA
FNMA
Province of Nova Scotia
New. Brunswick Elec. Pwr.
Comm.

Deb.
Bonds
Part, certs.
Part, certs.
Deb.
S.F. deb.

60.0
200.0
300.0
500.0
35.0

1989
1970
1988
1971
1993

6-7/8
6
6.05
6
7.00

7. )0
5. )6
6. )8
6. )0
7. L0

15.0

1993

6-7/8

7. )0

* Rights offering.
l/_ Includes corporate and other security offerings of $15 million and over; Sta
local security offerings of $10 million and over.
2/ Includes foreign government and International Bank for Reconstruction and Dev ilopment
issues and non-guaranteed issues by Federal Agencies.
3/ In the case of State and local Government Securities, G.O. denotes general ob igation;
Rev.-Ut., revenue obligations secured only by income from public utilities; R v.-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.
4/ 47o bonds due 1992 reoffered to yield 4.10%.
5/ 3% bonds due 1997 reoffered at 4.90%.
6/ 3% bonds due 1998 were not reoffered.




-25-

H.14
Exhibit L
Forthcoming Large Long-term Public Security Offering for New Capital
(Other than U.S. Treasury) 1/
Expected Proceeds fro* Forthcoming Large Issues
(In Billions of dollare) .

During month following
„
_
Corporate
1966 - Dec. 30
1967 - Jan. 31 '
Feb. 28
Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 31
Sept.30
Oct. 31
Nov. 30
Dec. 31

1 State and
| l M a l Bovt.

656
486
1,410
767
963
1,449
1,636
1,261
694
534
1,357
826
968

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

date .bono

Other If

Corporate

80
530
250

811
706
1,534
905
1,262
2,065
1,922
1,576
1,335
1,090
2,694
2,129
1,892

70
100
40
100
65
50
845
402

1oth"
1,154
851
528
247
346
616
402
575
903
889
743
1,684
1,076

95
545
265
15
85
115
70
150
159
126
• 260

875
502

Forthcoming Large Offerings as of February 2, 1968
(millions

Ieeuer

Approximate date of
offering

dollare)
Corporate
Southern California Edison Co.
Michigan Bell Telephone Co.
N.Y. State Electric & Gas Co.
Gulf States Utilities Company
Gulf States Utilities Company
United Nuclear Corporation
Potomac Electric Power
Dallas Power & Light Co.
Duke Power Company
- Duguesne Light Company
Riegle Textile Corporation
Ohio Power Company
international Harvester Co.
Montana Power
*Graphic Sciences.
Piedmont Aviation




1st mtg. bds.
Debs.
Pfd. stk*
1st mtg. bds.
Com. stk.
Conv. debs.
1st mtg. bds.
Bebs.
1st & ref. mtg bds.
1st mtg. bds.
Conv. sub. debs.
1st mtg. bds.
S.F. debs.
1st mtg. bds.
Conv. debs.
Conv. debs.
-26-

100.0
125.0
30.0
25.0
31.0
30.0
40.0
15.0
75.0
35.0
15.0
60.0
50.0
30.0
15.0
15.0

February
6
February
7
February
7
February 13
February 13
February 13
February 14
February 14
February 15
February 20
February 20
February 27
March
Indefinite
Indefinite
Indefinite

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

Issuer

Type

Amount T
(millions
of
dollars)

Approximate date of offering

State and local Government
G.O.
Memphis, Tennessee
Los Angeles Convention Auth.,
Rev. -Rent.
California
G.O.
State of South Carolina
N.Y. State Housing Finance
Rev. rRent.
Agency
G.O.
*New York State
San Francisco B.A.R.T, Special
G.O.
Service District #1
G.O.
Philadelphia School District
Minneapolis - St. Paul Airport
Rev. -Rent.
Comm., Minn.
Rev. -Rent.
\ New Orleans, Louisiana
G.O.
•Dallas, Texas
G.O.
•Charlotte, North Carolina
; Chesterfield Co., Chesterfield,
C. 3.
Virginia
Rev. -Rent.
(Illinois Building Authority
Rev. -Rent.
Chester Co., South Carolina
-Q.-Ut.
Kentucky Turnpike Authority
Rev. -Rent.
Calcasieu Parish, Louisiana

30.0

February

6

18.0
13.0

February
February

6
6

81.0
75.0

February
February

7
14

12.0
45.0

February
February

14
15

16.0
12.0
30.0
12.1

February
February
February
February

15
21
26
27

14.6
35.4
35.0
120.0
62.7

February 29
March
5
Indefinite
Indefinite
Indefinite

15.0
Bonds
Equip. Tr. Cert. 20.0
25.0
S.F. debs.

Indefinite
Indefinite
February 13

Other
New Zealand
•"Canadian Pacific Railway
Montreal

\/

include^corporate Ind other S u e s of $15 million and over; State and local G

2/

Includes'foreign'goverment'and International Bank for Reconstruction and Deve
issues and non-guaranteed issues of Federal Agencies.




-27-

Dvernment
lopment

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:

Nov. 1, 1967 through Feb. 2, 1968.

75.0

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

15.0

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

1/11

60.0

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

1/23

35,0

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

2/i

15.0

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

11/14
12/5

.

B.
Indefinite
Indefinite
February 13

15.0
20.0
25.0

Prospective Offerings
New Zealand —

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




Bonds ***

^Canadian Pacific Railway—equip, tr. certs. ;
Montreal, Canada — S.F. debs.
;

M-2
PART lis

Private Placements - Reported January 1 through February 2, 1968

Date Reported

Amount
(millions
of
dollars)

Issuer and Description of Issue

1/1/68

1.5

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

1/8/68

12.0

Republic of Portugal -- notes due 19(58.

1/15/68

7.0

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

Secured

Note: For retrospective data on aggregate foreign corporate and government security
offerings in the United States see Exhibits I and J. There is nosimple 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 talaen 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 takedown may take place both prior and subsequent to the date a placement
is reported.




-29-