Full text of H.16 Capital Market Developments : February 6, 1967

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Not for Publication! DECONTEOIIED APTEP SIX MOUTHS
H.14
v
. .V/.
] 1 CAPITAL MARKETSJDEVELOIMENTS
^
IN THE UNITED STATES
:

^
February 6, 1967.

Corporate and municipal bond markets. New corporate security offerings
this week will aggregate less than one-half of the average volume for such issues
over the past year. Virginia Electric and Power Co1s. first mortgage bonds in
the amount of $50 million account for one-half of the weekly volume. Municipal
securities expected this week will be in very heavy volume, more than twice the
week ago volume. Also expected in the market this week is the Export-Import
Bank's $500 million certificates of participation issue.
1/
Long-term Public Security Offerings—
(In millions of dollars)
Corporate
New Capital I Refunding

'

'

-

State and local Government
New Capital |
I Refunding

Sold:
52 week avg.
Jan. 27
Feb. 3

213
r/ 98
160

1

210

4
r/6

—

r/311
159

Scheduled:
Feb. 10
1/

100

329

—

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.

Investor response to last week's major corporate debt issues was
generally unenthusiastic, and, as a result, the two largest issues have sizable
unsold balances. Underwriters terminated syndicate price restrictions on one
older corporate issue; subsequent free market trading resulted in an upward
yield adjustment of approximately 8 basis points.
Prime-quality municipal yields declined 5 to 9 basis points last
week. Over two-thirds of last week's new municipal issues were taken out of
the market by the close of trading on Friday.
Savings Flows. The net inflow of income-yielding claims at depositary?type institutions during December aggregated nearly $4.3 billion. Commercial
banks registered a net increase in savings and time deposits of $1.9 billion,
about 13 per cent less than the net inflow recorded during December 1965. Savings
and loan associations experienced a net increase in share capital of $1.7 billion,
which approximated the year earlier experience and was in sharp contrast to net
inflows of earlier months in 1966. Regular deposits at mutual savings banks rose




H. 14

-2-

Yields in Security Markets
Level Latest Week
Change from
Preceding week

High-Grade
Notes and Bonds
Corporate
New
Seasoned

5.22
5.02

+7

4.37
4.64

-2

3.25
3.45

-9
-5

-2

*

U»S. Government
. Long-term
3-5 year

-4

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

4.25

-45

4.49
4.49

-17
-16

Corporate Bonds Still in Syndicate
Amount
(millions of $)

Date
Offered
y 2/1

.

2/2

Latest Week

Issuer

Reoffering
Yield

Rating

Estimated pro#
portion sold I

100.0

Morgan Guaranty Trust
Cap. notes, 5.00's-1992

5.11

4/5

35.0

Gulf States Utilities
1st mtg. bds, 5-3/8's,
1997

5.22

2/3

Blue List of Municipal Dealers ' Advertised Inventories
~~
~ (In millions of dollars)
.
Recent High
End of Previous Week

486 (2/1)




455

636 (2/17/66)

H. 14

-3-

nearly $.7 billion during December, or 14 per cent more than the similar month
a year ago. More detailed information on savings flows in recent months is
shown in the table on the following page.
Stock prices. Common stock prices advanced last week in continued
heavy trading. Standard and Poor's index of 500 stocks rose 1.20 points to
87.36 at the Friday close of trading. Trading volume averaged 10.8 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.




-4SAVINGS FLOWS

Year
or
Month

C i — trial Ban)cs 4/
Mutual Savings Banks 3/
Savings & Loan Assoc. 2/
Change Per cent
Per cent Current
Change
Per cent Current
Change
Current
change
from
change (millions)
from
change (millions)
from
Total (millions)
- previous
previous
previous
1/
* vear
vear J
Unadjusted

1961
62
. 63
64
65
. 66 p./

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

1966 Aug. ' r/1,003
r/ 632.
Sept.
r/-521
Oct.
r/ 286
Nov.
4,258
Dec. £/

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

1,18V
608
1,721
-493
-2,195
-4,839 .

15.7
7.0
18.4
-M.5

-20.7
-57.7

124
631
-56
r/614
1,652

-430
-409
-3 38
-205
9

-77.6
-39.3

348
409
56
r/504
635

- -422
-420
-636
r/-197
-23

-54.8
-50.7
-91.9
r/-28.1
-3.5

-25.4
.5

1,912
3,038
3,255
4,236
3,582
2,581
160
373
131
254
684

550
40.4
58.9
1,126
217 • - 7.1
30.1
981
-654 - -15.4
-1,001
-27.9
-50
-57
-39
-22
84

"23.6
-13.3
-22.9
-8.0
14.0

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

3,703
6,097
-739
-631
5,845
-7,612

64.8
64.8
-4.8
-4.3
41,3
-38.1

r/719
r/-372
r/-596
r/-582
1,922

-906
-1,792
-2,619
-1.068
-283

-55.4
--

--

-12.8

Seasonally Adjusted
1966 Aug.
Sept.
Oct.
Nov.
Dec. 2J

r/1,120
r/723
r/227
r/2,408
1,162

214
213
293
255
357

-47
-65
-31
-22
68

-18.0
-23.4
-9.6
-7.9
23.5

r/-929
£/-1,723
r/-2,560
rj -122
r/-863
r/1,649
-424
170
r/558
r/101

T/ 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.
*
2/ Data are for the net increase in savings capital at all operating SSL1 s. Source: FHLBB.
*3/ Data are for the net increase in regular deposits—excludes other deposits of a
"* demand nature. Source: Mutual Saving? Banks Association.
4/ Data are for the net increase in savings and time deposits adjusted at all commercial banks.
"" Source: Federal Reserve.
FRASER

Digitized for


xi~r-2

\

r/-94/
--

r/3/ .4
-71.4

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

5.5

CORPORATE All

—

v

'Y>'v

4.0

"U.S. G O V E R N M E N T

v

STATE A N D LOCAL G O V E R N M E N T
2.5
1961

1962

1963

1966

1965

1964

Exhibit A — Part II

Date

1959-60 - High
1962-63 - Low
1965 - Low
1966 - High
Low
6
13
20
27
Feb. 3&/

Jan.

Corporate
Aaa JL/

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

U.S. Govt.
long-term 2/

State-and
local
government

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

5.52 (9/9)
4.73 (1/7)

4.42 (1/8/60) 3.65 (9/24/59) .59 (6/5/60)
.92 (4/22/60)
3;85 (13/26/62) 2.88 (ll/e/62) . 2 1 (12/27/63)
.80 (1/5/62)
4.13 (6/25) 2.94 ( 2 / 1 1 )
.22
.94
4.87 (9/2)
4.04 (8/25)
.92
1.19
4.42 (1/7)
3.39 (1/13)
.14
.78

5.38
5.32
5.15
5.04
5.02

4.46
4.40
4.37
4.39
4.37

4.41

(3/12)

3.72
3.60
3.35
3.34
3.25

.92
.92
.78
.65
,65

.74
.80
1.02
1.05
1.12

Preliminary.
Weekly average of dally 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 years,
te.—Eigne and lows are for Individual series and may be on different dates for different
for FRASER
series# For spreads, high refers to widest, and low to narrowest.

Digitized


.
IXHI1IT t, Pari 1
L O N G - T E R M B O N D YIELDS, L O W E R G R A D E

C O R P O R A T E Baa
5.0

A

—

45

STATE AND LOCAL GOVERNMENT Baa

3.5

3.0
1961

1963

1962

1964

1965

1966

Exhibit B --Part II

Date

Corpora te
Baa 1/

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

1959-60 - High
Year end - 1962
1964
1965
1966 - High
Low
Jan.

6
13
20
27
Feb. '3j>/

Spread between
Aaa and Baa
Corporate I State and
r y

5.36 (V12/60)
4.93
4.80
5.04
6.20 (12/30)
5.05 (1/14)

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

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

1,08
.63
.52

6.15
6.08
5.92
5.83
5.81

4.24
4.11
3.91
3.90
3.90

.77
.76
.77
.79
.79

.50
.51
.56
.56
.65

Ketei
P e r footnotes see Exhibit a.



4.46 (2/7/60)

'.I'
.31

. ,

CX HI!IT C. #w« I
S H O I T - A N D I N T I K M I D I A T I - T I R M INTKRIST RATIS
GOVERNMENT
w.aw

3-5 YEAR ISSUES
M O N T H BILLS
M«Wi VI. W«
F. R. DISCOUNT RATE
N

" te "

/V
3-MONTH BILLS
M.rk.l Yield

I
' •
' ' ' ' ' ' ' ' ' I

I I I I I II II II I I I I II II 1I II 1 1 11.11 I

I I I I I I I I I II

Exhibit C -- Part II
Discount
rate 3-month
bills 2/
17

1

Jan. 6
13
20
27
Feb. 32./

io

1959-60 - High
Year end - 1961
1962
1963
1964
1965
1966 - High
Low

Spread between yields on 3Yields
month bills and vields on
3-^ar
6-month
issues 2/ 6-mo. billsl3-5 vr. issues ,•
bills 2/
(per cent)

4.00
3.00
3.00
3.50
4.00
4.50
4.50
4.50

4.59 (3/8/60)
2.66
2.89
3.52
3.83
4.47
5.52 (9/23)
4.39 (6/24)

2.90
3.81
2.93
' 3.41
3.64
4.07
3.93
4:07
4.66
4.90
5.92 (9/23) 5.83
4.53 (6/24) 4.80

4.50
4.50
4.50
4.50
4.50

4.80
4.81
4.7:
4.66
4.49

4.88
4.84
4.70
4.65
4.49

4.82
. 4.76
4.65
£/4.68
r/4.64

•

:
(9/2)
(4/8)

.79
.24
.04
.13
•10
.19
.52
.09'
.08
.03
.01
.01
—

1.81
1.15
.52
.55
.24
.43
.78
.01
.02
.05
. r/;06
r/,02
.15

r rate shorn Is that in effect at end of period at the Federal Reserve Bank of Maw York#
i yield} weekly averages computed from daily doming bid price*# Series of 3-5 year issues
consists ef selected notes and bonds,
Tfntn. nitfhs and lows are for individual series and may be on different dates for different series*
Tor spreads, high refers to widest, and lew to narrowest.




%

iXHIIIT 0. fmtt I
SHORT- A N D INTERMEDIATE-TERM INTER:*
B A N K S A N D OTHER PRIVATE B O R R O W E R S

PRIME RATE

FINANCE COMPANY -PAPER

F.R. DISCOUNT RATE
A

A

A M

FEDERAL FUN

Exhibit D —

Da te

1959-60 - High
Year end - 1961
1962
1963
1964
1965
1966 - High
Low
Jan.

6
13
20
27'
Feb. 3g/

Prime rate

1/

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

Part II

Finance
company
Federal funds 3/
paper
2/
(per cent)
5.13 (1/22/60)
3.00
3.19
3.88
4.06
4.75
/ 5.88(12/30)
4.75 (1/7)
5.75
5.63
5.25
5.25
5.25

4.00 (3/13/60)
2.88
3.00
3.50
4.00
4.63
6.00(11/4)
3.55 (1/21)
5.25
5.10
4.75
4.70
4.25

/

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

1.02
.34
.30
.36
.23
.28
.99
.20
.75
.82
.54
•59
.76

1/ Weekly rate shown is tl*t in effect at end of period. Prime rate is that charged by large beaks
on short-term loans td business borrowers of the bluest credit standing,
2/ Average of daily rates published by finance companies for directly placed paper for varying
maturities i a 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 Hew York.
Botes—Highs and lours are for Individual series and may be on different dates for different series*
Tor spreads, high refer* to widest, and low to narrowest.




IXNIIIT I. f.rtl
STOCK M A 1 K I T
tiUiant el debwi

STOCK MARKET
C H A N G E IN S E R I E S

-

,

U

:

\

VOLUME
- y .

'

1 ^1

-

YIELDS

i M i i M i II I M I I II I i I I i I l 1 i i i i I I l I I I
1963

1964

Exhibit E —

Date

Stock price
index If

Common
stock
yields 2/
fner cent)

Part II

Trading
volume 3/
(millions
of shares)

—
Stock marl<et customer credit
Customers 1
Bank
debit balloans to
ances 4/
"others" 5/

Total

(In millions of dollars)
1961-62 - High
Low
Nov. 1963
July 1965
1966 - High
Low

72.04(13/8/61)
52.68(6/23/62)
72.6 i
84.91
93.77 (2/11)
73.20 (10/7)

2.82
3.96
3.14
3.09
3.02
4.04

10.1
2.4
5.3
4.1
10.7
5.0

5,602[:u>/6l)
4,424(3/61)
• 7,298
6,833
7,997
7,302

4,259(12/61)
3,253(1/61)
5,586
4,863
5,835
5,169

1,418(5/9/62)
1,161(3/8/61)
1,712
1,970
2,241 (7/6)
2,095 (12/16

5,329
2,114
3.62
7,443
7.9
81.33
Dec.
3.50
84.45
9.9
Jan.
2,055
2,072
3.48
10.7
84.53
Jan. 13
2,067
3.42
10.6
20
86.07
2,055
3.42
10.4.
27
86.16
n.a.
n.a.
n.a.
3.36
10.
Feb. 3b/ 87.36
n.1.—Not available, p/ Preliminary.
y Standard and Poor's composite index of 500 common stocks, weekly closing price a, 1941-43-10.
Monthly data are averages of daily figures rather than of 7ziday's only. Highs and lews are for
Friday's data only.
2/ Standard and Poor'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,
3/ Averages of daily trading volume on the Mew Yeifc Stock Exchange. Yeax^eni figures are averages of
, daily figures for the year.
A/ End of month figures for amber firms of the Mew Yoric Stock Exchange which carry margin accountsi
excludes balances secured by U. S. Government obligations.
5/ Wednesday figures for weekly reporting msmber banks. Excludes loans for purchasing or carrying
U. S. Government securities. Weekly reporting banks account for about 70 per cent of leans to
others. For further detail see Bulletin.




IKNIIIt F. fefl I
FEDERAL N A T I O N A L MORTGAGE A S S O C I A T I O N
SECONDARY MARKET OPERATIONS

If

MllilMI #1
11 I I I I I I I I I I M > I L.IKW I I I

PURCHASES

ill
1961

1960

1965

1962
Exhibit F - Part II

Date

Purchases
F.sHmated offerings :o FNMA
by
Standby
Imnediate
Total
FNMA '
commitment
nurchase
(In millions of dollars)

1965 - Dec.
1966 - Jan.
. Feb.
Mar.
Apr.
1 May
' July
Aug.
Sept.
Oct.
Dec!

325.7
333.2
209.2
272.8
193.0
192.2
144.2
122.6
150.7
140.4
167.5
163.6
121.5

Hi


Liquidating Piogrene.


325.6
333.0
209.0
272.3
192.3
191.1
141.7
121.0
148.7
138.5
164.2
161.0
120.1

-- .

.3
.3
.5
.7
1.1
- 2.6
1.6
2.0
1.9
3.3
2.6
1.4

186.7
229.2
267.3
301.4
193.0
167.3
131.6
213.2
112.5
95.5
107.2
132.0
130.5

Sales
by
FNMA

—

0.1 §

EXHIBIT C, fen I
YIELDS ON NEW AND SEASONED

Aejwsl" •• *"• "
N E W ISSUES

SEASONED Am#

Exhibit G - Part II
Yields on Hew Corporate Bond tseuee Adju.ted to «n Ae* baeie
'

.

fftnnhttrl Ain't of issues1 Average
of
IIncluded (oil. I yield
^ aaiiAM 1 of dollars) uoer centl

Number1Am't of leaves| Average
of
I included (mil. | yield
(per cent)

Weekly averages:
1967 - Jan.

6

496.0

Meeklv averages:
High
Low




5.51(1/6)
5.12(1/20)

5.38

Jan. 6
13
to
27

1
2
1
2

25.0
400;0
40.0
31.0

5.51
5.45
5.12
5.15

Feb. 3

1

35.0

5.22

ia. Aa ana

Exhibit H
H. 14
Long-term Corporate and State and Local Government
Security Offerings and Placements
(In, millions of dollars)

Corporate
1967

January
February
March

1966 P /

e/1,300
e/l»025

April
May
June
July
•August
September

New Capital
1Q65

1,302
1,237
2,446

795
746
1,197

1,553
1,058
2,364
1,039
1,670
1,382

1967

e/1,275
e/1,050

State and local £/
1966 D/

1,184
858
868

804
872
904

1,152
1,691
1,946

1,211
906
1,140

826
924
972

1,290
850
1,392

698
773
1,017

986
648
966

924
1,325
1,496

738
922
e/8S0 '

October
November
December

£/

1st
2nd
3rd
4th

4,985
4,974
4,091
e/3,924

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

2,910
3,257
2,488
e/2,510

9,959
14,050
e/ 17,974

7,527
11,060
14,805

6,16%
8,655
e/11,165 /

Quarter
Quarter
Quarter
Quarter

1st half
Three quarters
Year
.

925"

Excluding finance companies 2
1st Quartet
2nd Quarter
3rd ^Quarter
4th Quarter
Year
E/
1/
2/
2/
4/

4,924
4,884
3,969

196S

794
1,021
754
2,580
2,722
2,600
2,569
5,302
7,902
10,471

j
f
\
-i

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

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
Includes $135 million Pennzoil note issue. '
= i




/>

Exhibit I
New Corporate Security l88|itte,..Type of Issue
and Issuer
f•

.

*

(In millions of dollars)

Quarter
or
Month

Gross proceeds for new capital
and refunding 1/
Common Memo:
Bonds
Total
Foreign Mfg.
Publitily Privately and
pfd# issues
Placed
Offered
included

Net proceeds
Public Communis
Utility cations

1/2/
Other
Issuers

1964 - III
IV

2,876
3,568

792
531

1,590
2,629

494
408

94
227

559
1,061

642
509

59
135

1,361
1,559

1965 - 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

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

1966 - I
!
II
III
IV a/

5,094
5,115
4,197
4,048

1,774
1,941
2,256
2,098

2,586
2,083
1,627

345
168
153

1,601

734
1,090
314
349

n.a.

1,860
2,205
1,558
1,275

969
960
657
999

602
392
567
482

1,553
1,418
1,309
1,168

1965 - July.
Aug.
Sept.
Oct.
Nov.
Dec.

1,443
930
1,538
986
1,398
1,646

542
369
664
287
613
326

780
468
706
574
529
1,161

122
93
168
124
257
159

27
87
150
99
101
99

399
307
414
273
402
470

202
297
287
158
209
243

102
25
196
92
43
43

587
222
4?5
401
671
741

460
560
753
628
481
832
440
1,140
676
499
569
1,030

692
583
1,311
743
556
784
535

187
130
417
210
69
811

93
118
133
86
33
49
69
22
62
70
26
n.a.

353
530
977
692
376
1,137
397
518
643
362
238
675

388
241
340
364
274
322
263
313
81
304
320
375

141
160
301
76
40
276
52
318
198
91
166
225

420
306
827
421
368
629
327
522
460
168
375
625

1966 - Jan. ^ 1,339
1,273
Feb.
2,482
Mar.
1,582
Apr.
1,106
May
2,427
June
1,085
July
1,712
Aug.
1,400
Sept.
989
Oct. £/
1,129
Nov; B.''
r
Dec. ej 1,930

354
447

800

110
137
67
136
113

100

yj Preliminary.

dividend.


SOURCE:
Securities and Exchange Commission.


Exhibit j
Other Security Offerings
(In millions of dollars) ^
j-f-A-rm 1 /
IQfifi
January
February
March
April
May
June
July ,
August
September
October
Ifovember
December

T£nv#»1 on finwrninpnt- 2 /
1964
10AS

12
40
40
66
69
76
72
7
50
74
n.a.

218
—

38
73
91
33
74
5
52
75
2

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

Aopncv 3 /
1 Qfi-5
1964
——

;

503
410
392
699
1,030
1,084
799
400
450
800
n.a.

--

129
185
325
775
—

239
150
375
375
179

275
260
160]
—j
510

•J
Year

January
February
March *
April
May
June
July
August .
September
October
November
December

n.a.

661

636

n.a.

2,732

1 ,205 5

New short-term 4 /
Federal Agencv 3 /
i
State and local Goverment 5/
. 1
-308
-137
308
- 103
238
103
-336.
-174
-24
236
91
39
117
450
-407
-458
23
-319
i
-11
97J
442
718
647
580
183
j
509
81
85
204
462
239 \
237
284 3
-80
-82
-334
1
-333
132
-590
-9
119
-103
167
206
-270
127
408
270
105
-652
176
152
-161
525
-309
7
-555
59
-48
113
202
-283
-15
274
r/489
-3
-76
-208
-366
2/-590

1,286
368
2/388
801
453
Year
2/ Preliminary, e/ Estimated by Federal Reserve.
differ from those in Exhibit H in that refunding issues, as well as new capital issues,
fare 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.



a. 14
Exhibit K
Large Long-tern Public Security Issues for *sw Capital
(Other than D. 8. Treasury) \f
Proceeds of Lsrge Issues Offered
(la millions of dollars)

Total

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

Stocks

Convertible
(other then
bonds
convertible#)

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

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

Stete
end
local
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

Other

If

imPffftfrf

* 661
50
80
55
. 50
68
40

55
60
275
15
50
55
60
230

Large Individual issues Offered January 1 through February 3
Amount
(•tlllou
of

Issuer

ftnww
Associates Investment Co.
N.Y. State Elec. Gas
Corp.
American Tel. & Tel. Co.
Bethlehem Steel Corp.
Collins Radio Co.
Seaboard Finance Co.
Ferro Corp.
Houston Lighting & Pwr.
Co.
Carolina Pwr. 5c Lt. Co.
SCM Corporation
MSL Industries
Oklahoma Gas & Elec. Co.
Dallas Pwr. & Lt. Co.
Oklahoma Gas & Elec.
Co.

Hiosrtty

Offerrets or
ing
net leterj a m fgt t f f t

Bating

1970

6-1/4

6.25

25.0
250.0
150.0
30.0
25.0
20.0

1997
1997
1992
1987
1982
1992

5-5/85-1/2
5.40
4-7/8
6-1/8
5-7/8

5.54
5.40
5.40
4.88
6.13
5.88

1st mtg. bds.
Cum. pfd. stk.
S.F. deb.
S.F. deb.
1st mtg. bds.
1st mtg. bds.

40.0
25.0

1997

5-1/4

5.12

Aaa

15.0
15.0
16.0

1987
1997
1997

5.80
5.95
5.05
5.22

Baa
Baa
Aa
Aaa

Cum. pfd. stk.

15.0

Notes
1st mtg. bds.
Deb.
Deb,
Conv. sub. deb.
S.F. deb.
S.F. deb.




20.0 1987 .

5-3/4
5-7/8
5-1/8
5-3/8

Aa
Aaa
Aa
Ba
Baa

Large Individual Issues Offered January 1.through February 3 (Cont'd)

Issuer

Type

3/

Amount
(millions
of
dollars)

Coupon
Offerrate or
net, inter- ing
yield
est cost

Maturity

Ra tin-

Corporate (Cont'd)
Jersey Central Pwr. & Lt. Co.
Gulf States Utilities
Morgan Guaranty Trust Co. of
New York

Deb.
1st mtg. bds.

15.0
35.0

1992
1997

Capital notes

100.0

1992

6
5-3/8

5.80

5.22

Baa
Aa

5.11

State and local Government
G.O.
Fairfax County, 'Virginia
G.O.
State of Oregon
. King Co. Sch. Dist., Washington G.O.
G.O.
State of Ohio ^
So. Carolina Pub. Sch. Serv.
Rev.-Q.-Ut.
Auth.
G.O.
Los Angeles-USD, California
G.O.
MiIwaukee Co., Wisconsin
G.O.
Milwaukee^ Wisconsin
G.O.
State of Connecticut
G.O.
Puerto Rico Pub. Imp
G.O.
State of Washington
G.O.
G.O.
State of California
G.O. .
.-.State, of North Carolina
Georgia State Sch. Bldg. Auth. G.O.
G.O.
New York City, New York
Greater New Orleans Expressway G.O.
G.O.
San Diego USD, California
Rev.-S.T.
Fla. State Board o f Educ.
Rev.-Rent.
Pennsylvania Gen. St. Auth.
G.O.
Albany, New York
Los Angeles Dept. of Wtr. &
Rev.-Rent.
Pwr., California
Rev.-Rent.
Peoples Comm. Hosp. Auth.
G.O.
Montgomery County, Maryland
Rev.-Rent.
New York Dorm. Auth.
G.O.
Buffalo,1 New York Rev. -Q. -U t.
Atlanta, Georgia
,

14.8
30.0
34.0
75.0
51..6
30.,0
16..8
16..5
50..0
49.,8
15.,0
10..0
75..0
60.,0
30.,0
114..1
34..4
12..5
25.,0
75..0
70..0

3.85-3.95
3.60-3.64
3.70-3.85
3.50-3.70

Baa
Aa
A
Aa

1968-92
1981-82
1969-87
1967-76

4.03
3.70
3.90
3.70

1973-2006
1967-92
1968-87
1968-82
1967-86
1968-92
1968-85
1968-87
1968-87
1968-87
1969-90
1968-97
2006
1970-89
1967-96
1970-94
1968-91

4.14
3.77
3.69
3.65
3.43
4.04
3.83
3.54
3.43
3.20
3.39
3.91
5.19
3.49
3.62
3.64
3.75

4.00-4,.10 A
3.60-3..75 Aa
3.20-3,.60 Aaa
. 3.20-3,.60 Aaa
3.00-3,.40 Aaa
3.50-4..00 -- .y
3.25-3..75 A
3.20-3,.50 A to
3.00-3., 40-tz Aa
2.70-3,.20 Aaa ,
3.00-3..40 Aa
3.10-3..90 Baa
4.90-5,-50 Baa
3.10-3.. 47— A
.
2.75-3..60 Aa ^
3.10-3,.70 -- 3.00-3..80 A

3.61
4.90
- 3.40
4,03
3.13
4.13

3.00-3..65 Aa(.'.
4.75-5..00
2.90-3.40 A
3.40-4..00 A
2.60-3.,40 -Aa^'
3.10-4,.10 B a ^

15.,0
]1 .6
14. 0
1 /..0
21.,0
12.,5

1968-97
1968-89
1968-87
19/0-99
1967-96
1968-97

Deb.

60..0

1993

6-1/4

6.29

A

Bonds
Bonds
S.F. deb.
S.F. deb.
Mer. Mar. bds.

50.,0
50..0
30.,0
40..0
30.,0

1992
1992
1992
1987-92
1992

5-7/8
5.20
5-7/8
6
5.10

5.95
5.20
5.84
5.95
5.10

A
Aaa
A
A

Other

Quebec Hydro-Elec. Comm.
.British Columbia Hydro &
Pwr. Auth.
I.rjr.er-American Devel. Bank
Province of Nova Scotia
City of Montreal, Canada
Grace Line, Inc;




FOOTNOTES:
*--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 quasiutilities; Rev.-S.T., revenue bonds secured by revenue from specific taxes
only: Rev.-Rent., revenue bonds secured solely by lease payments. 4/ Bonds
maturing 1983-87 not publicly reoffered. 5/ Bonds maturing 1989 not publicly
reoffered.




4

H. 14
v

Exhibit L

Forthcoming Large Long-term Public Security Offering for Maw Capital
(Other than U.S. Treaaury) }J
Expected Proceed* from Ibrthceeieg Large Iaauea
(In milliona of dollar#)
During month following
date shown
State and
Corporate
Other
local aovt.
1965 - Dec, 31
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

553
530
828
489
248
1,261
317
677
662
687
397
1,098
656
486

,

501
. 340
366
253
399584
337
403
515
300
140
-496
939
780

ihibaeguent

Corporate

20
20
---

30
15
40
r80
530

.

676
931
1,176
606
1,034
1,261
619
697
853
767
457
1,133
811
706

to
date a h e m
Stat# and
local govt.

Other 2J
20
20
90
55
55
85
50
35
90
.35
35
65
95
545

582
461
504
334
546
584
353
403
685
380
175
571
1,154
851

Forthcoming Large Offerings as of February 3
(mill!

la#

Approximate date of
efiaring

dollar#)

Va. Elec. & Pwr. Co.
Northern Indiana Pub. Serv. Co.
Louisiana Pwr. & Lt. Co.
Duquesne Light Co.
J. C. Penney Credit Corp.
Southern Company
Texas Pwr. • & Lt. Co.
Citizens & Southern Natc8l Bank
Morgan Guaranty Trust Co.
*Deere & Co.
Chesapeake & Potomac Telephone
Co. of Virginia
General Tel. Co. of Calif.
^Panhandle Eastern Pipeline Co.
*San Diego Gas & Elec. Cc.




1st mtg. bds.
Deb.
1st mtg. bds.
1st mtgo bds.
Deb.
Com. stk.
1st mtg. bds.
Conv. deb.
Cap. notes
Deb.

50,.0
20,,0
16,,0
25,.0
50.,0
50.,0
30.,0
20.,0
100.,0
75.,0

Deb.
Deb.
Deb.
1st mtg. bds.

65. 0
50. 0
40. 0
25. 0

February
February
February
February
February
February
February
February
February
February
March
March
March
March

1
2
7
8

8
8 (rts. exp.)
9
15
15
15
16
24

L-2

IP

Forthcoming Large Offerings as of February 3 (Cont'd)

Issuer

Type

Amount
(millions
of
dollars)

Approximate date of offering

Corporate (Cont'd)
|
>

Duval Corporation
United Nuclear Corp.

Deb. ^
Conv. sub. deb.

25.0
15.0

Indefinite
Indefinite

State and local Government
Colleges of the State of Texas G.O.
Houston I.S.D., Texas
G.O.
State of Maryland
G.O.
Hartford, Connecticut
G.O.
Nassau County, New York
G.O.
Chicago Sch. Dist., Illinois
G. 0.
State of New Jersey
G.O.
Clark County, South Dakota
G.O.
State of California
G.O.
Fort Worth, Texas
G.O.
*State of Washington
G.O.
*Mass. Bay Trans. Auth.
G.O.
*Utica, New York
G. 0.
Monroe County, New York
G.O.
St. Louis, MissouriG.O.
State of New Hampshire
G.O.
San Francisco BART, Calif.
Rev. -Q. -Ut.
Lafayette, Louisiana
G.O.
*Cleveland City S/D, Ohio
G.O.
*State of New York
G.O.
*Univ. of Texas, Austin
Rev.-Rent.
*Prince Georges County, M^.
G.O.
*Glendale U.S.D., California
G.O.
. Hldaiet.uwn uivWL.., Inc., Ohio Rev.-Kent.
State of Alaska
G.O.
*Tacoma, Wash., Lt. & Pwr.
Rev.-Ut.
Oakland, Washtenaw, et. al
Comm. Coll. Dist. , Michigan
G.O.
Metro. St. Louis Sewer Dist.,
Missouri'
G.O.

16.1
20.0
53.3
11.0
25.4
25.0
45.1
13.0
10.0
. 17.4
14.0
115.0
10.0
10.7
10.0
28.8
70.0
12.2
15.0
75.0
16.5
23.0
"12.9

February 6
February 7
February 7
February 7
February 8
February 8
February 8
February 9
February 9
February 14
February 14
February 15
February 15
February 15
February 15
February 15
February 16
February 21
February 21
February 23.
February 23
February 28
February 28

80.0
15.1
38.9

February
February
March.8

12.0

March 16

20.0

Indefinite

Other
Export-Import Bank
Nippon Tel. & Tel. Pub. Corp.

Part. Cert.
Bonds

500.0
15.0

February 7
Indefinite

•
i
*Included in table for first time. \J Includes corporate and other issues of $15 million '
over:; State and local government issues of $10 million and over. 2/ Includes foreign gover
ment and International Bank for Reconstruction and Development issues and non-guaranteed 'a
issues, of Federal Agencies.
NOTE: Deletions for reasons other than sale of issue: M c C a l #
Corp s $20.0 million convertible subordinated debenture issue--cancelled, & State of Maine|
$14.5 General Obligation issue -- temporarily postponed.
*




1%

Exhibit M

H. 14

Foreign Government and Corporate Security Offersings
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 3

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%;

2/2

30.0

Grace Line Inc., --5.10% Merchant Marine bonds
maturing 1992, reoffered to yield 5.10%.

B.

Indefinite

15.0

Prospective Offerings

Nippon Telegraph and Telephone Public Corp. -- Bonds

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




,

.. ,J

M-2

PART II:

Date Reported

Private Placements - Reported December 1 through February 3

Amount
(millions
of
dollars)

Issuer and Description of Issue
|

NONE

NOTE:

For retrospective data on aggregate foreign corporate and government security offet$L
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.