Full text of H.16 Capital Market Developments : January 11, 1965

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Not for PublicaticBECOyTROLLED AFTER SIX MONTHS
H. 14

January 11, 1965.
CAPITAL MARKET DEVELOPMENTS
' TirfHE UNITED STATES
I (Including Savings Flows in November)

\OTtv
\
Corporate and municipal bond markets. The volume of corporate
scheduled for public offering this week ($60 million) will
about the same as last week's level. However, the new supply of
municipal bonds ($238 million) will be almost four times as large as '
last week's small volume of offerings.
Long-Term Public Security Offerings 1/

Corporate
New Capital I Refunding

State and local govt.
New Capital f Refunding

Sold:
52 week avg.
Jan.
Jan.

1
8 "

111
10 r/
60

Scheduled:
Jan. 15

1

184

--

50 r/
65

10
38 r/
--

*

60

222

16

'

1/ Federal Reserve estimates based on published reports of issues sold
and scheduled for offering; corporate rights offerings are included
as of the date subscription rights expire.
The only major corporate bond issue to reach the market since
before Christmas, a $40 million A-rated industrial, was well received
last week. The yield on this issue adjusted to a triple A basis was
about the same as that on the last previous eligible issue offered in
early December.
In the municipal market, retail demand strengthened further,
and with new issues in small supply last week, dealers' advertised
inventories of unsold securities dropped sharply to around $560 million.
Yields on seasoned Aaa-rated municipal bonds were unchanged at 2.99 per
cent, but yields on lower-grade issues edged off further.




H. 14
Yields in Securities Markets

Level latest week
(per cent)
High-Grade
Notes and Bonds
Corporate
New
Seasoned

4.48
4.44

U. S. Govt.
Long-term
3-5 year

4.16
4.07

State and local govt.

2.99

Money Market
Federal Funds
Treasury bills
3-month
6-month
Finance Company Paper

Change from
preceding week
(basis points)

n.a.
+1

4.00
3.81
3.92
4.06

- 2
- 1

Stock prices. Common stock prices advanced on balance last week
in moderately active trading. Standard and Poor's composite index of
500 stocks closed at 85.37 on January 8, up 2-1/2 per cent from the
December low,but still one per cent bo^ow the record November 20 high of
86.28. Trading volume averaged 4.7 million shares a day.
Savings flows in November. Net flows of savings to savings
and loan associations, which had fallen behind a year ago in October'
after having exceeded year-ago levels since May, showed a moderate yearover-year rise again in November. After allowing roughly for seasonal
influences, however, the November inflow still ran behind the very
large inflows that developed during the summer months.
At mutual savings banks the rate of growth in regular deposits
has also subsided a bit since the peak summer months in which special
promotional efforts were made at some banks in New York City. But a
significant year-over-year growth has been maintained, particularly in
November.
Net Increase in Savings Capital at Savings and
Loan Associations
(In millions of dollars)
Unadjusted data
Aug.
Sept.
Oct.
Nov.




1964

1963

773
1,073
750
836

643
916
795
804

•

Net Change
+ 130
+ 157
- 45
+ 32

-3"

H. 1 4

Seasonally Adjusted Data

Aug.
Sept.
Oct.
Nov.

,

1964

1963

1,069
984
854
939

907
832
888
898

Net Change in Regular Deposits at Mutual Savings Banks
(In millions of dollars)
Unadjusted Data

Aug.
Sept.
Oct.
Nov.

1964

1963

345
472
233
317

168
417
195
239

Net Change
+ 177
+ 55
+ 38
+ 78

Seasonally Adjusted Data
1964
Aug.
Sept.
Oct.
Nov.

439
330
328
367

z

1963
253
288
326
186

Growth in time and savings deposits at commercial banks, which
is usually sharply curtailed in November because of large pay-outs of
Christmas savings type accounts, amounted to $0.2 billion in November,
about the same as a year earlier.
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.




>

LONG-TERM BOND YIELDS, HIOH-OIAPI

Meedyi
LI 1.1 J.
1 i-LXAJ.inW.I J 1 1 J.i.lJ-1 1 1 1 I 1 1 1 l1 1l lIIl1 1 1,1 1 1 1 1 1 1 l J. 1 JLU-1
11*4
llti
ilti
1 1140
c InExhibit A - Part I I

corporate
Aaa 1/

Date

State and
local
government
Aaa y

U. S. Govt,
long-term 2/

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

(per cent)
1959-60 - High
1961 - High
Low
1962 - High
Low
1963 - High
Low
1964 - High
Low

4.61(1/29/60)
4.1*6(9/15)
4.21(3/17)
4.43(2/16)
4.23(12/2$
4.37(13/27)
4.19(3/29)
4.45(12/11)
4.35(2/28)

4.42 ( 1 / 8 / 6 0 )
4.07(12/29)
3.70 (5/12)
4.12(2/23)
3.85(12/28)
4.16(12/27)
3.87 ( V i a )
4.20(4/17)
4.11(11/20)

Dec.
Dec.
Dec.
Jan.
Jan.

4.45
4.43
4.43
4.43
4.44

4.12
4.13
4.14
4.16
4.16

11
18
25
1
8 $>/

>

v

Z

3.65 (9/24/59)
3.37 ( 7 / 6 )
M 2 (2/23)
3.26 ( 1 / 4 )
2.88 (11/8)
3.18 (11/21)
2.93 (3/28)
3.16(3/26)
2.99(12/31)
3.01
2.99
2.99
2.99
2.99

.59
.57
.34
.47
.30
.35
, .21
.33
.19

.92
.76
.46
1.04
.80
1.05
.88
1.17
1.01

.33
.30
.29
.27
.28

l.ll
1.14
1.15
1.17
1.17

jp/ Preliminary.
jlZ Weekly average of DALLY figures# JLverage t e m of bonis Included Is 22-24 years#
y Weekly average of daily figures. The series Includes bonis due or callable In 10 years or
3/ Thursday figures. Only general obligation bonds are inoladedj average t e m is 20 years#
Note.—Highs and lows are for individual series and nay be on different dates for different
series, for spreads* high refers to widest, and lew to narrowest*




son«

V)

f

•' *_•. •_? "JUL
LONG-TERM BOND Y11 lDS,_LO W i t - O K A P l "

1*40
~

Date

m i

11*1
Mil
Exhibit B - Pari II

Corporate
Baa Y

State and
local govt.
Baa 3/

11*4

Spread be1bween
Aaa and Baa
State and
Corporate
local govt.

;

1

(per cent)
1959-60 - High
1961 - High
Low
1962 - High
Low
1963 - High
- Low
196k - High
Low
Dec.
Dec.
Dec.
Jan.
Jan.

11
18
25
1.
8 £/

5.3$W W*Q)
5.13(10/27)
5.00(4/21)
5.11(1/*)
IU92(12/OL)

L.93(V4

U. 0 3 (11/15)
4.87(6/26)
4.80(12/31)
4.83
4.81
4.80
4.80
4.80.

Hotel for footnotes see Exhibit JU




Ie08
.93

3.52(3/17)
3.63(6/27)
3.52(3/23)

•8U
.81
.66
.71*

.71
•U8

.63

3.59(10/8)
3.49(11/19)

.48
.37

.14
.52
.36

3.52
3.51
3.51
3.51
3.49

.38
.38
.37
.37
.36

.51
J52
.52
.52
.50

U.U6(l/7/60)
U.16(3/23)
3.93(12/9)

U.OU(Vii)

.63

,

.57
.82
.56

-I
V
i

*

F

|
i
»
I

EXHIBIT

C. f o . t

I

SHORT- AND INTERMEDIATE-TERM INTEREST RATES, GOVERNMENT

Exhibit C - Part II

Date

1959-60 - High
1961 - High
Low
1962 - High
Low
1963 - High
Low
196U - High
Low
Dec.
Dec.
Dec.
Jan.
Jan.

11
18
25
1
8 j>/

Yields

Discount
rate
y

3-month
bills 2/

6-month
bills 2/
(per cent)

3-5 year
issues 2/

U.oo
3.00
3.00
3.00
3.00
3.50
3.00
4.00
3.50

4.59(1/8/60) 5.07(1/8/60)
2.90(1/29)
2 66
z
- \H(V27)
V
2.17
2.35(4/28)
2.97(7/13)
3,13(7/20)
2.65(6/8)
2.7U(d/8)
3.55(11/15) 3.68(12/6)
2.93(3/8)
2.88(3/15)

5.00(12/24/39)
3.86(8/11)
3.15(5/12)
3.88(2/2)
3.hl(l?/28)
a. 07(12/27)
3.UU(l/lfl)

3.86(12/25) 3.97(12/4)
3.43(7/17) 3.52(7/3)

4.00
4.00
4.00
4.00
4.00

3.81
3.86
3.86
3.83
3.81 /

3.94
3,95
3.94
3.93
3.92 v

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

4.23(3/27)
3.98(8/7)

.79
.uu
.12
.2U
.02
#17
.ok
.21
.04

1.81
1.51
.92
1.19
.52
.70
.U2
.71
.20

4.06
4.06
4.07
4.07
4. 07

.13
.09
.08
.10
.11

.25
.20
.21
.24
.26

Weekly rate shown is that in effect at end of period at the federal Reserve Bank of Mew Tork.
Market yield) weekly averages computed from daily closing bid prices. Series of 3-5 ye*r< issues
consists of selected notes and bonds*
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*




SHORT-

AND

BANKS AND

I N T E R M E D I A T E - TERM INTEREST RATES,
OTHER

PRIVATE BORROWERS

\|" vuvJv.
I\ININV\I

Y

Exhibit D - Part II

Date

Stock exchange
call loan 1/

Prime
rate 1/

Federal
funds 3/

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

5.13(1/22/60)
3.00(12/30)
2.50(8/5)
3.25(7/21)
2.68(6/1)
3.88(12/27)
3.13(5/31)
4.06(12/31)
3.72(9/11)

U.00 (5/13/60)
2.90 (11/17)
.U3 (V27)
3.00(12/28)
1.30 (3/26)
3.50 (12/27)
2.U5 (7/26)
4.00(12/31)
3.07(10/16)

1.02
.56
.11
•U5
.19
.39
.12
. 41
. 08

3.94
3.94
4.06
4.06
4.06

3.30
4.00
4.00
4.00
4.00

Finance company
.paper 2/

(per cent)
1959-60
1961 - High
Low
1962 - High
Low
1963 - High
Low
196U - High
Low

5.5e
W O
a.so
U.5o
U.5o
a.50
U.50
4.50
4.50

Dec.
Dec.
Dec.
Jan.

4.50
4.50
4.50
4.50
4.50

fao

11
18
25
1

2/

.

5.00
U.5o
U.5o
L.50
U.50
U.50
U.50
4.50
4.50
4.50
4.50
4.50
4.50
4.50

.

.13
.08
.20
.23
.25

Weekly rate shown is that In effect at end of period* Stock Exchange call loan rate is going rat#
on call lpans secured by customers1 stock exchange collateral at New York City banks. Prime rat#
is that charged by la%%e banks on short-term loans to business borrowers of the highest credit
standing.
2J Average of daily rates published by finance companies for directly placed paper, for varying maturitie
in the 90-179 day range*
jy Weekly average of daily effective rate, which is the rate for the heaviest volume of purchase an*
sale transactions as reported to the federal Reserve Bank of New York.
Note;—aighs and lows are for individual series and may be on different dates for different series.
for FRASER
For spreads, high refers to widest, and Tow to narrowest#

Digitized


I X HI BIT

t, Pm

STOCK MARKET
1
ini el d el 1 * n

—>

'

I

' ••

1

y^itoci .urn

!•

-

(000

—

voieei;

^«*Mt IB $1111$

—

Willi**! •• »fc

PVXM

•

Q

I I I I II II I I I I I I LIk I
U I* I I I

A H

Exhibit E - Part II

Date

Stock price
index 1/

Trading
Common
volume 3/
stock
yields 2 / (millions
(per cent) of shares)

Stock market customs credit
Customers'
Bank
debit balloans to
ances k/
"others" 5/

Total

(In millions of dollars)
1961-62 - High
Low
1963 - High
High
196U Low
Nov.
Dec.
Dec.
Jan.
Jan.

25
1
8 B/

72*0U|12/8/6l)
52.68(6/22/62)
7U.Uli(i?/2^
86.28(11/20)
75.50(1/3)
85.44
83.96
84.15
84.75
85.37

2.80
3*96
3.01
2.95
3.10

10.1
2.U
6.5
6.1
3.6

2.96
r/ 3.0 6
3.04
3.02
3.00

4.9
4.7
4.3
5.1
4.7

5,602(12/61)U,259(12/61)
U,U2U(1/61) 3,253(1/61)
7,298(11/63)5,586(11/63)
7,314(4)
5,524(1)
7,096(8)
5,160(11)
7,108

5,160

l,Ul8(3/W)
1,161(3/0/61)
1,738(1^/25)
1,974(12/30)
1,720(1/22)
1,948
1,974
1,946
1,974

n.a.—Not available, p/ Preliminary.
~"
"
~ ~ ~ ~ ~
1/ Standard and Poor's ootspoeite Index of 500 oomon stocks, weekly closing prices, 1941-43#10.
Monthly data are averages of dally figures rather than of Friday's only. Highs and lows are for
Friday's datC only*
2/ Standard and Poor's composite stock yield based on Wednesday data converted to weekly closing
prices by Federal Reserve. Yields shown are for dates on which price index reached its high
or low.
3/ Averages of daily trading volume on the Few York Stock Exchange.
Aj End of month figures for member firms of the New York Stock Exchange which carry iargin 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. Government securities* Weekly reporting banks account for abort 70 per cent of loans to
others. For further detail see Bulletin.

%




MORTGAGE AND BONO YIELDS

An tOlFOlATl I0NDS

II.IIIIIIMJJ s
1151

IHO

M41

Exhibit F

FHA
2/ Conventional
mortgages
mortgages
25-vear 30-vear 3/

Date

1956 1957 1958 1959-601961-64-

September
October
November
December

Low
High
Low
High
High
Low

4.68
5.63
5.35
6.24
5.72
5.43

5.44
5.44
5.44
n.a.

Mtl

Part"!!

Spread beAaa Corporate
tween yields
on conv. &
25-year FHA
N e * ^ Seasoned—''
mortgages

Spread between
yields on new corporate bonds and
25-year
Seasoned
FHA mtgs. bonds

5.70
5.45

5.20
6.00
5.55
6.30
5.95
5.80

.47
.47
.15
.23
.38
.23

3.08
4.94
3.65
5.25
4.72
4.12

3.08
4.12
3.57
4.61
4.45
4.22

.76
1.58
.88
1.69
1.50
.94

1.03
.05
.73
.39
-.16

5.46
5.45
5.45
n.a.

5.80
5.80
5.80
n.a.

.36
.36
.36
n.a.

4.49
4.46

4.42
4.42
4.43
4.44

.95
.98

.07
.04

n.a.

.03

--

4.47

Neither mortgage nor bond yields take into account servicing costs which are much higher for mortgages
than bonds. Generally, bonds pay interest semi-annually* mortgages, monthly. Mortgage yields, if computed as equivalent to a semi-annual interest investment, would be slightly higher than given in the
table.
Based on THAp-field-offioe opinions about average bid prices in the private secondary market for newborns mortgages for imnediate delivery. Separate data available for 25-year and—begining July 196L—
30-year mortgages with minimum downpayments, weighted by probable volume of transactions . %elds computed byffil,assuming prepayment period of 12 years for 25-rear mortgages and 15 years for 30-year
mortgages. Over the period for ifcioh they can be oompared, the movement of the two mortgage yield
series has been similar. Dashed lines indicate periods of adjustment to changes in contractual interest
rates.
Based on ERA field office opinion on typical interest rates (rounded) on conventional first mortgagee
prevailing in the market areas of insuring office cities. Beginning with April 1960, rate relates only
to neir-home mortgages) prior to that date, rate related to both new as mil as exist!ng-home mortgages.
Dashed line indicates this change in the series.
See note for Exhibit 6,
Moody's
Investor Service, Monthly averages of daily data. See Exhibit A,
FRASER

Digitized for


EXHIBIT O, f o r t I

' YIELDS ON NEW AND SEASONED COSEOKAT1 I Q W D l j

U N USUI*

SMS ONI* in
M.#W

Exhibit 0 - Part II
Yields on Hew Corporate Bond Issues Adjusted to an Aaa baais
Number Aa't of issues Average
yield
included (mil.
of
(per c o n #
issues of dollars)

Number Am't of issues Average
yield
included (mil.
of
(per cent)
issues of dollars)
Monthly averages:
1964 - Jan..
Feb.
Mar.
Apr.
Hay
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Weekly averages
1964 - High

3
3
6
1
10
8
3
4
7
3

, .Low.

150.0
125.0
166.0
130.0
278.0
230.0
75.0
239.0
70.0

4.50
4.38
4.43
4.48
4.46
4.43
4.37
4.39
4.49
4.46

140.0

4.47

60.0

Dec.

4
11
18
25
Jan. 1
8

140.0

4.47

40.0

4.48

4.53(5/8)

Not*; Averages of offering yields on all
publioly offered oorporate bonds rated i u . is ac3
A by Moody's Investors Servioe (except serial sad convertible Isroes,offering* of natural gam pipeline
and foreign companies, and bonds guaranteed by the Federal Government) weighted by
of offering.
Before averaging, new offerings are adjusted to a omposite Aaa basisfcydeducting from the actual
reeffering yield tie excess of the weekly average yield for seasoned loads of the appropriate indssttyquality group over the composite average for seasoned Aaa-ratod toad* (Moody's), Averages considered
unrepresentative because ct speedal oharaotsristioe of tie offerings included are denoted by aa asterisk^




H. 14

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

New Cap tal
1965
January
February

e/800

Corporate
1964

State and Local 2/
1963

1964

1963

946
772
809

732
746
976

,216
666
903

869
866
930

930
685
754

613
594
1,144

£/
£/
£/

April
May
June

2,178
1,069
1,378

930
904
1,013

£/
£/
£/

July
August
September

780
661
1,035

676
637
795

£/
£/
£/

906
756
892

680
708
449

October
November
December

£/
951
e/
650
e/ 1,150

1,013
819
1,415

e/
e/
e/

850
550
950

1 ,051
729
416

1st
2nd
3rd
4th

. 2,369
4,625
2,476
e/ 2,751

2,3)1
2,847
2,109
3,246

£/
£/
£/
e/

,527
,785
,554
,350

2 ,454
2 ,665
1 ,837
2 ,197

6,994
9,470
e/12,221

5,198
7,307
10,553

£/ 5 ,312
£/ 7 ,886

5 ,118
6:,955
9:,151

quarter
quarter
quarter
quarter

1st half
Three quarters
Year

1

2
2
2
2

e/10,216

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

quarter
quarter
quarter
quarter

Year
e/
2./
1/
2/
3/

1,996
4,170
£/ 2,226
e/ 2,501

2,284
2,529
1,768
2,854

e/10,893

9,434

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.




d

Exhibit I

H. 1 4

New Corporate^Security Issues, Type of Issue
and Issuer
' IONA L F I N A N C E

Quarter
H. 13
or
Month

1962 - I
II
III
IV

1963 - I
II
III
IV

1964 - I .
II
III
IV

1963 - Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

Total

Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.2/

B O A R D OF G O V E R N O R S

Gross proceeds for new
Net EpreceeietFtoS y s t e m
capital and refunding L /
new capital 1 / 2
Common Memo:
Bonds
and
Foreign
Public
CommuniOth»r
P u b l i G # 'PfAtatWW
EkiftttEN THSfcBR IMlllty cations
issuers
stock included
Offered Offered

2,345
3,317
2,167
2,875

1,114
1,386
852
1,088

724
1,289
1,006
1,510

508
642
308
277

70
251
55
135

649
996
566
747

429
984
376
55yk~

456
228
274
317

694
848
685
945

2,700
3,634
2,436
3,466

1,108
1,389
898
1,319

1,306
1,820
1,251
1,780

287
424
287
367

128
434
109
47

947
591
896
968

326
794
285
530

236
221
150
118

842
1,241
868
1.C&9

2,499
4,851
2,728
2,900

978
1,321
792
516

1,221
1,640
1,442
2,033

300
1 ,890
494
352

29
105
85

418
723
547
6 68

438
856
642
52 6

273
1,663
59
112

1,240
1,383
.1,229
1,445

1,049
1,340
1,246
810
756
871
1,116
891
1,459

380
550
459.
279
336
283
511
183
626

452
694
675
431
318
501
481
549
751

217
95
113
100
100
87
125
159
83

56
182
196
46
21
42
10.
10
27

148
216
227
297
272
237
240
214
515

341
222
230
107
100
78
201
131
198

71
92
58
86
25
39
41
13
64

369
373
499
187
187
441
531
461
637

338
279
361
383
470
468
234
183
375
181
30
305

526
342
353
480
537
623
411
433
598
633
600
800

121
88
91
1 ,372
148
370
225
112
156
217
50
85

5
16
8
34
36
35
21
21
44
101

149
123
146
186
206
332
149
164
234
218
200
250

109
155
174
151
441
264
207
138
296
306
50
170

157
83
34
1,377
27
258
23
16
19
82
10
20

515
324
400
463
395
525
401
342
486
345
3?0
710

985
710
805
2,234
1,155
1,461
8 69
728
1,130
1,030
680
Dec.e/ 1,190

1964 - Jan.

(In pillions of dollars)

T

!>/ 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 & other transportation,
real estate & finance, & commercial & other.
< Source: Securities & Exchange Commission.




vV

H. 14
Other Security Offerings
(In millions of dollars)

1964
January
February
March
April
May
June
July
August
September
October
November
December

Year

V

Gross long-term If
Federal agency 3/
Foreign government 2/
1963
1964
1962

JJ&L

4
82
69
30
75
26
20
13
7
180
44

232
133
76
57
114

550

771

11
63
83

142
10
35
10
86
50
25

246
156

186

461

459

509

174
200

^1,204

1,167

£/

88
101

737

148

275
260
160

8
31
151

1962

150
175

1,188

New short-term 4 7
State and local government 5/
Federal agency 37"
January
February
March
April
May
June
July
August
September
October
November
December

103
236
-407
442

-9
127
176
7
jV-15

75
272
-367
589
-30
-10
62
208
-173
259
146
-339

18
466
-186
127
-84
-118
78
339
-406
71
234
-161

-78
-336
23
97
183
239
-333
16 7

s
B/-200

-106
-189
-482
292
195
319
414
327
258
123
-102
551

247
-156
226
-364
82
284
261
227
-157
379
55
-80

p/ 401
692
1.600
378
Year
JLQfii.
R,a,
£./ 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,/lncludes securities offered in the U.S. by foreign governments and their political subdivisions' and international organizations. Source: Securities & Exchange Commission. 3/
Issues not guaranteed by the U.S. Government. Source: Long-term, Securities & Exchange
Commission; short-term, Treasury Dept. & Federal 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 maturing of one year or less. 5/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 1 year. Source: Bond Buyer & Federal
Reserve.




(4
H. 14
Exhibit K
Large Long-term Public Security Issues for New Capitel
(Other than U. S. Treasury) I/
Proceeds of Large Issues Offered
(In millions of dollars)

Total

1963 - Dec.
1964 - Jan.
Feb.
Mar.
Apr.
May
June
July
i
Aug.
Sept.
Oct.
Nov.
Dec.

Cornoriate
Bonds
(other than
Convertible
convertibles)
bonds

547
307
263
335
1,557
452
650
291
142
376
VM

515
225
200
296
235
415
390
178
125
269
108

51
-. --

230

200

30

60
35
--

State
and
local
governments

Stocks
32
22
28
38
1,271
37
260
113

17
25

81
79
--

--

Other
__

111
577
358
282
698
274
284
544
459
558
419
226
541

<r

2/

-—

50
20
15
275
260
104
15
502
15

'

Large Individual Issues Offered January 1 through 8
Issuer

Type &/

Amount
(millions
of
dollsrs)

Maturity

Coupon
rate or
net interest cost

Offering
yield

Rating

Corporate
Times Mirror Co.

S.F. deb.

State and local government
Los Angeles, Calif.
G.O.

40.0

1990

4-1/2

15.0

1966-85

2.99

4.57

2.20-3.05

Aa

Other
None.
•--Rights offering. n.a.--Not available.
1/ Includes corporate and other security offerings of $15 million and over; State & 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 & local govt, securities, G.0. denotes general obligations; Rev.-Ut.,
revenue obligation secured only by income from public utilities; Rev.-Q.-Ut., revenue bond,
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 least payments.




Exhibit L
Forthcoming Large Long-term Public Security Offering for New Capital
(Other than U.S. Treasury) 1/
Expected Proceeds from Forthcoming Large Issues
(In millions of dollars)

1963 - Dec.
1964 - Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

31
31
28
31
30
28
30
31
31
30
30
30
31

During month following
da te shown
State and
Corporate
Other 2/
local govt.
-305
469
-W
155
316
224
-454
1,587
669
25
651
345
15
600
-341
292
-539
92
-120
402
511
15
-186
500
-254
90
360
25
105
306
215

Corporate

Subsequent to
date shown
State and
local eovt<

1,905
1,771
1,649
1,837
844
668
307
167
442
186
--

130
105

Other 2/
__

731
667
646
953
575
598
716
588
680
626
549
563
435

25
15

15

25
215

Forthcoming Large Offerings as of January 8
(millions

Issuer

Approximate date of
offering

dollars)
Corpora te
United California Bank
Conn. Yankee Atomic Pwr. Co.
State and Local Government
State of New Jersey
Milwaukee, Wise.
Montgomery Co., Md.
Georgia Univ. System Bldg. Auth
*Oklahoma City, Okla.
El Paso, Texas
*New York City, New York
Columbus City Sch. Dist, Ohio
Met. St. Lewis Sewer Dist., Mo.
Penna. State Publ. Sch. Auth.
^Alabama State Highway Auth.
Dallas, Texas




Deb.
1st mtg. bds.

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

35.0
40.0

Jan.
Jan.

14
27

45.0
26.8
10.0
25.0
19.5
10.0
124.3
12.7
20.0
20.0
15.0
15.0

Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.

12
12
12
12
12
14
19
19
20
21
21
25

Forthcoming Large Offerings as of January 8

Issuer

State and Local Government (Cont'd)
Texas Wtr. Div. Bd.
Palm Beach Co., Fla.
Los Angeles Harbor Dist., Calif.
Dayton City Sch. Dist., Ohio
Va. State Highway Auth.
Pittsburgh, Pa.
Dade County, Fla.
Forth Worth, Texas
Florida Dev. Comm.
Other
Intl. Bank for Recon. & Dev.
,Republic of the Philippines

Type

Amount
(millions
of
dollars)

Approximate date of
offering
1

Rev.-Ut.
G.O.
Rev.-Q.-Ut.
G.O.
Rev. -Q. -Ut.
G.O.
G.O.
G.O.
Rev.-S.T.

Bonds
Bonds

16.0
26.8
11.0
15.3
31.0
35.0
46.0
14.1
33.8

200.0
15.0

Jan. 26
Jan. 26
Jan. 27
Jan. 28
Jan.
Indefinite
Indefinite
Indefinite
Indefinite

Jan.
Jan.

18
19

*--Included in Table for first time.
'
JJ 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 for Federal Agencies.
Note:--Deletions for reasons other than sale of issue: None.




^
|
>
J
4
'

;

p
^
|
§
yf

H. 14

19

Exhibit M
Foreign Government and Corporate Securitjy Offerings
and Placements in the United States
Part I:

Sale
Da te

Amount
(millions
of
dollars)

Issuer and Description of Issue

A.
11/25

15.0

12/15

25.0

12/11

20.1

200.0

1/19

15.0

Sold Nov. 1 through January 8

Republic of Finland--6% bonds maturing 1979--reoffered
to yield 6.26%.
^European Investment Bank--5-l/2% bonds maturing in 1984,
reoffered to yield 4.85% to investors in the U. S. and '
5.54% to other investors.
Home Oil Co. Ltd.--5-1/8% convertible subordinate
debenture maturing 1984, offered to stockholders of
record November 19 to yield 5.13%.

B.
1/18

Public Offerings

Prospective Offerings

International Bank for Reconstruction & Development - bonds
Republic of tshe Philippines - bonds

Difference in reoffering yields on bonds sold to U.S. citizens and those sold to
foreign citizens reflects an upward adjustment of 8.83 per cent in the price paid by
U. S. citizens. This premium was collected by the underwriters in accordance with the
provisions of the new Interest Equalization Tax. This tax is collected--undep a scale
of rates which rises with maturity--when U. S. lenders buy new security offerings from
borrowers in certain designated "developed" countries.




M-2
Part II:

Date
reported

.

11/4

11/5

1

Private Placement--Reported Nov. 1 through January 8

Amount
(millions
of
dollars)
60.0

7.9

Issuer and Description of Issue

City of Montreal--57= sinking.fund debenture, maturing
2004--no information available on takedown.
Montreal Catholic School Comm.--5% sinking fund
debenture, maturing 1989--no information available
on takedown.
•

11/11

25.0

Toronto--Dominion Tower, Ltd.--4.85% first mortgage
sinking fund bonds, maturing 1989--no information
available on takedown.

11/18

29.1

Banco Nacional Hipotecario Urbano y de Obras Publicas,
S.A.--promissary notes, maturing 1965-69--no information available on takedown.

12/21

25.0

Note:

Prince George Pulp & Paper Ltd.--1st mtg. sinking fund J
'..<***'M b-onds, maturing 1985--'no information available on
takedown.

For retrospective data on aggregate foreign corporate and government security
offerings in the United States see Exhibits I and J. There is no simple relationship
between the data shown in this Exhibit and that shown in Exhibits I and J because the
latter includes privately placed securities in the period in which funds are actually
takendown 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 takedowns. Full or partial takedowns may take place both prior and
forsubsequent
FRASER to the data a placement is reported. ^--Included in table for first time.

Digitized