Full text of H.16 Capital Market Developments : January 2, 1968

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r

DECONTROLLED AFTER SIX MOUTHS
"ft* ^
PnhUcjMnn
LI3RJWL4
CAPITAL MARKETS DEVELOPMENTS
IN THE UNITED STATES
#68

January 2, 1968.
dtLjQjiTeJ

lOuJmf

'/£ BANK

-JliD
frprpirate and municipal bond markets. The volume of new,
publicly offered corporate and municipal securities expected during this
holiday-shortened week will be considerably below the average weekly volume
over the past year. The especially small corporate volume consists mainly
of the $15 million Iowa Power & Light first mortgage bond issue. The
municipal volume features $78 million of New York State Highway bonds.
1/
Long-term Public Security Offerings
(In millions of dollars)
Corporate
State & local Government!
New Cap ita11Re funding New Capital | Refunding!

. I

Sold:
52 weeks avg.
December 22
29

336
r/356
" 60

1

258

Scheduled;
January
1/

3

X/103
88

- •

5

25

125

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

Yields on seasoned corporate bonds advanced slightly las week
and no new straight debt issues were offered. Since the release
December 21 of the unsold portion of the Florida Power and Light b onds,
no new issues have even been in syndicate.
Yields on municipal bonds were unchanged to slightly hig tier last
week, and the reduced volume of new issues was very well received, By the
end of the week, 94 per cent of the week's offerings had been sold
Private housing starts and permits. Seasonally adjusted housing
starts, which had moved ahead of earlier projections in recent months, rose
5 per cent further in November, to an annual rate of 1,556 thousand. The
rate, which is significantly above even the most optimistic trade expectations for 1968, reflected mainly a considerably less than seasonal drop in




H.14
starts from October to November in the South. In that region, the starts
rate advanced 23 per cent after little change in October and reached the
highest level in more than three years. All other regions showed declines
ranging to as much as 15 per cent (Northeast). While both single and
multi-family units shared in the increase in November, the advance continued to be most marked for multi-family units, which reached a four-year
high.
Government-underwritten starts accounted for 17 per cent of
total starts in November. This compared with 18 per cent, in November of
other recent years.
- Unlike starts, seasonally adjusted building permits dropped
moderately in November, to a seasonally adjusted annual rate of 1,162
thousand. Almost all of the decline was concentrated in single-family
units, however. Regionally — as in the case of starts -- only the South
showed a rise in the rate of permits — 5 per cent.
Stock market credit. During November, the growth in stock market
credit slowed considerably. Total.customer credit advanced $110 million
to $9,644 million. Of the total increase, $91 million occurred in customers1
net debit balances, which rose to $7,202, and $19 million occurred in bank
loans to non-brokers, which advanced to $2,442 million. Customers' net
free credit balances, meanwhile, declined by $13 million.
. Stock prices. Stock prices showed a strong advance last week
in extremely heavy trading. During the holiday-shortened week, Standard
and Poor's index of 500 stocks rose 1.27 to close Friday at 96.47. Trading
volume averaged 12.3 million shares a day, with the second most active day
in NYSE history -- 15.0 million shares -- occurring on Friday.
More detailed information concerning recent capital market develop-;
ments is presented in the attached exhibits.
'

f

Capital Markets Section,
Division of Research and Statistics,
Board of Governors of the Federal Reserve System.




*3-

Yields on Security Markets

High Grade
Notes and Bonds

Level Latest Week

H. 14
Change f:
preceding week

Corporate
New
Seasoned

6.24

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

5.35
5.75

State and local Govt.
Moody's Aaa
Std. & Poor's high grade

4.15
4.51

Money Market
Federal funds
Treasury bills
3-month
6-month

4.66

16

4.99
5.49

+ 5

Corporate Bonds Still in Syndicate
•

NONE

Blue List of Municipal Dealers1 Advertised Inventories
Latest Week
493(12/29/67)




End of Previous Week
514

Recent High
849(4/26/67)

H.14

STOCK MARKET CREDIT
(In millions of dollars)

Months

Total

Outstanding:
1955-56 High

Customer
Net Debit
balances with
NYSE member
firms

Broker & Dealer Credit
Credit
Customers'
Money
Bank'loc-ns to others
net free
Borrowed
than brokers and
dealers for purchas- Cust. Other credit
ipg & carrying- secur. coll. coll. balances

I

4,047 (5/56) 2,823 (12/56)

1,255 (4/56)

1,873

430

1,069 (1/55)

1957-58 Low

3,554 (1/58) 2,482 (12/57)

1,060 (11/57)

1 ,344

188

807 (4/57)

1959
1960
1961
1962
1963
1965

4,764
4,142
5,602
4,876
7,298
6,833

1,373
1,121
1,377
1,269
1,727
1,865

2 ,044 318
1 ,801 237
2 ,572 385
1 ,856 235
3 ,892 597
2 ,882 446

-

High
Low
High
Low
High
Low

'

1964 - Dec.
1965 - Dec.
1967 - HDV.

(4)
(5)
(12)
(7)
(11)
(7)

3,401
3,004
4,259
3,562
5,586
4,863

(4)
(7)
(12)
(7)
(11)
(7)

1,974
2,184
2,442

7,053
7,705
9,644

5,079
5,521
7,202

. 50
91
-98
- 70

48
112
-39
59

393

369

2
-21
-59
11
24

101
107
240

9
8

(5)
(5)
(8)
(9)
(12)
(2)

3 ,393
2 ,889
.a.

517
687

1,,257
940
1:,508
1 ,091
1 ,211
,192
. 1,

(3)
(4)
(4) t
(9) ?
(11) j
(8) '

1,,1*9
1 ,666
2 ,500

j

Change in
outstanding:
Nov.
Dec.
1967 - Jan.
Feb.
Mar.
Apr.
May
V
June
July
Aug.
Sept..
Oct.
Nov.

161
116
248
467
. 69
293
r/372
"" 110

437
4
218
r/286

91

Note:

60
30
65
75
86

19

45
230
-382 -170
n.a. n.a.
n. a. n.a.
n. a. n.a.
n.a.
n.a.
n.a. n.a.
n.a.
n. a. n.a.
-30
76

12
105
277
22
199
-57
142
11
110

*

I
|

%
%
S
f

1
7

-60
120
112

%
Zi

-13

With the exception of bank loan data, figures are reported to the New York Stock
by, member.firms carrying margin accounts. Bank loans to others than brokers and
dealers for purchasing and carrying securities are for weekly reporting member banks. Net
debit balances and customer free credit balances are as of the end of the month; bank loans
and money borrowed are reported for the last,Wednesday of the month. Numbers in parenthesis
denote month of year. All figures exclude credits on, or to carry, U.S. Govt, securities.
Exchange

n.a. -- Not available, r/




Revised.

EXHIBIT

A, Port 1

LONG-TERM BOND YIELDS, HIGH-GRADE

CORPORATE Aaa

U.S. GOVERNMENT

STATE AND LOCAL GOVERNMENT A a a

1963




1964

1965

1966

1967

1968

Exhibit A -- fare il

Date

1959-60 - High
1966 - High
- Low
1967 - High
- Low
Dec.

I State and
U.S. Govt. |
local
long-term 2/j government
Aaa 3/

|
| Corporate
| Aaa 1/

1
8
15
22
292/

4.61(1/29/60)
5.52(9/9)
4.73(1/7)
,6.24(12/29)
5.00(2/10)
6.13
6.14

6.16
6.22
6.24

4.42(1/8/60)
4.87(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)
4.03
4.15
4.15
4.15
4.15

r/ 5.39
5.38
r/ 5.38
5.34
5.35

Spread between
U.S.. Govt,. and
State and
Corporate
local Aaa
Aaa
.92(4/22/60)
.59(8/5/60)
1.19(2/11)
.84(12/30)
.77(9/2)
.14(2/18)
.92
1.51
.74
.44
r/.74
.76
r/.78

.88
.89

r/1.36
1.23
r/1.23
1.19

1.20

£/

Preliminary.
r/ Revised.
V Weekly average of daily figures. Average term of bonds included is 22-24 years.
2/ Weekly average of daily figures. The series includes bonds due or callable in 10
years or more.
0_
3/ Thursday figures. Only general obligation bonds are included; average term is 20
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.




-6-

L O N G - T E R M B O N D Y I E L D S , LOWER GRADE

CORPORATE Baa

STATE AND LOCAL GOVERNMENT Baa
Moody's

1963




1964

1965

1966

1967

1968

Exhibit B — Part II

1 State and
local govt.
Baa 3/

Corporate
Baa 1/

Date

Spread between
Aaa and Baa
State and
Corporate
local aovt.

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

Note:

1
8
15
22
29E/

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
.81
.31
.82
.63

1.08
.39
.62
.31
.81
.37

6.81
6.89
6.93
6.96
6.97

4.68
4.73
4.73
4.73
4.73

.68
.75
.77
.74
.73

.65
#58
.58
.58
.58

For footnotes see Exhibit A.




.

EXHIBIT

C. Pari I

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

6-MONTH BILLS
Market Yields

3 - 5 YEAR I S S U E S
F.R. DISCOUNT R A T E

3-MONTH BILLS

1963




1965

1966

1967

Exhibit C -- Part II

Date

1959-60 - High
Year end - 1965
1966
1966 - High
Low
1967 - High
Low
Dec.

1
8
15
22

292./

Discount 1
rate
3-month
bills 2/
1/

1
|
1

Yields
6-month
bills 2/
(per cent)

|
I

3-5 year
issues 2/

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

4.00
4.50
4.50
4.50
4.50
4.50
4.00

4.59(1/8/60)
4.47
4.80
5.52(9/23)
4.39(6/24)
4.99(12/29)
3.41(6/9)

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)

5.00(12/24/59)
4.90
4.86
5.83(9/2)
4.80(4/8)

.79
.19
.12
.52
.09

5.80(11/10)
4.36(4/7)

.62

.01

4.50
4.50
4.50
4.50
4.50

4.92
4.92
4.96
4.96
4.99

5.49
5.49
5.50
5.44
5.49

5.67
5.70
5.74
5.68
5.75

.57
.57
.54
.48
.50

1.81
.43

.06
.01
1.61

1/ Weekly rate shown is that in effect at end of period at the Federal Reserve Bank of
New York.
2/ Market yield; weekly averages computed from daily closing bid prices. Series of 3-5
year 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.




.78

.02

.75
.78
.78
.72
.76

EXHIBIT

D. Port

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,
B A N K S A N D OTHER P R I V A T E BORROWERS
Weekly

PRIME RATE
FINANCE COMPANY PAPER
Directly plated
3 6 Monlhi

A

f

F.R

DISCOUNT RATE

FEDERAL FUNDS

1963




1964

1967

Exhibit D —

Prime rate _1

Date

Part II

Finance
company
-paper 2/

Spread between
3-mo. bills and
Federal funds 3/ finance co. paper

(per cent)
1959-60 - High
Year end1- 1964
1965
1966
1966 - Low
1967 - High
Low
Dec.

1
8
15
22.
29 E /

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

5.13(1/22/60)
4.06
4.75
5.88
4.75(1/7)
5.75(1/6)
4.38(6/23)
5.25
5.38
5.38
5.50
5.50

4.00(5/13/60)

4.00

4.63
5.63
3.55(1/21)
5.25(1/6)
3.40(10/27)
4.48
4.30
4.55
4.50
4.66

1.02
. 23

.28

1.08

.20

1.33

.21

1.33
.46
.41
.54
.51

2/ Average5of"daily rates published by finance companies for directly placed paper




EXHIBIT E, Port

1

STOCK M A R K E T
1941-43

o v e r o g e = 10

100

PRICES

8
STOCK MARKET CREDIT

6

* CHANGE IN SERIES
4
14

VOLUME

YIELDS

1963




1964

1965

1966

1967

Exhibit E —

Date

Stock price
index 1/

Stock market customer credit
Trading
Common
Customers'
Bank
volume 3/
stock
debit bal- loans to
Total
yields 2J (millions
(per cent)
ances 4/
"others"5/
of shares)
(In millions of dollars)

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)

2.82
3.96
3.01
3.97
3.01
3.58

10.1
2.4
10.7
5.0
12.1
6.9

Oct.
Nov.

95.66
92.66

3.06
3.18 .

10.2
10.6

Dec. 15
22
29 £/

95.03
95.20
96.47

3.09
3.10
3.06

11.5
10.6
12.3

1961-62 - High
Low
1966 - High
Low
1967 - High
Low

Part II

5,602(12/61) 4,259(12/61) 1,418(5/9/62)
4,424(1/61)
3,253(1/61) 1,161(3/8/61)
7,997
5,835
2,241(7/6)
5,169
7,302
2,097(12/14)
2,507(11/1)
7,111
9,534
5,200
2,055(1/25)
7,345
r/9,534

i77,111
n.a.
n.a.
n.a.

2,423
2,442
2,451
2,445
n.a.

n.a. Not Available, p/ Preliminary. r/ Revised.
1/ Standard and Poor's composite index of 500 common 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.
If 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 New York Stock Exchange. Year-end figures are averages
of daily figures for the year.
4/ End of month figures for member firms of the New York Stock Exchange which carry margin 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 about 70 per cent of loans to
others. For further detail see Bulletin.




w
EXHIBIT F Port 1
PRIVATE H O U S I N G STARTS A N D
Monthly, annual
SEASONALLY

ADJUSTED

PERMITS

DATA

HOUSING STARTS

BUILDING PERMITS

PER C E N T O F

U N A D J U S T E D T O T A L STARTS

60;
MULTI-FAMILY

40

2*.
GOVERNMENT UNDERWRITTEN
1961

1962

1963




1966

0
1967

Exhibit F - Part II
Building
permits
Unadlusted
Tvpe of financing Tvpe o housing (seasonally
adjusted
Seasonally adjustMulti1-2
Unadjusted
annual
Other family family
FHA
VA
ed annual rate
rate) 2/ __
Starts

Total

Date

(Thousands of units)
Nov.
Dec.
- Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov. 2/

975
931
1,111
1,149
1,094
1,116
1,274
1,233
1,369
1,407
r/1,445
r/1,486
1,556

73
60
59
61
92
' 114
132
125
125
127
r/121

7/134
116

10
10
10
9
14
12
18
19
15
17
16
19
15

,

60
3
2
48
46
3
3
49
74
4
97
4
5 109
5 101
5 106
6 105
5r/10t
5r/110
4
96

715
20.1
52.7
40.3
19.8
j 759
942
41.8
17.2
19.2
I 894
42.3
I 928
68.8
22.7
30.2
I1,028
83.5
|1,033
92.3
39.8
1,109
34.8
90.6
86.8
1,093
38.4
1,127
39.5
r/ 87.8
r/82.0 r/39.8
1,159
r/86.1 r/48.4 ^1,212
70.4
45.1 1 1,162

Ji

1/ Total starts are Census estimates including farm for both permit-issuing and
non-issuing areas. A dwelling unit is started when excavation begins; all units
in an. apartment structure are considered started at that time. FHA and jVA
starts are units started under commitments by these agencies to insure or guarantee the mortgages. As reported by FHA and VA, a unit? is started when j a field
office receives the first compliance inspection report, which is made before
footings are poured in some cases but normally after the foundations have been
completed. Capehart military housing units are excluded. Other startsJare
derived as a residual, although total and FHA and VA starts are not strjictly
comparable in concept or timing; other starts iclude both units financed by conventional mortgages and units without mortgages.
2/ Building permits before January 1963 are Census estimates for about 10,000 areas
identified as having a local building permit system in 1959. Estimates beginning
January 1963, are for approximately 12,000, or all known, permit-issuing places.
Unlike starts, seasonally adjusted building permits reflect direct adjustment
for differences in the number of working days per month, as well as otljer differences in timing and coverage.
r/ Revised.
]>/ Preliminary.




EXHIBIT

G, Port

1

YIELDS O N NEW A N D SEASONED CORPORATE B O N D S
6.5

Adjusted to

Aoa . Basis

NEW ISSUES

6.0

5.5

5.0
SEASONED Aaa

4.5

4.0
1964




1965

1966

1967

1968

Yields on New Corporate Bond Issues Adjusted to an Aaa basis

Number
of

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

Am11. of issues Average
yield
included (mill.
(per cent)
of dollars)

Monthly averages:
1967

Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.

Weekly averages:
High

Low

6
7
20
20
14
23
14 .
17
10
15
13

5.38
5.20
5.31
5.39
5.66
5.79
5.78
5.89
5.88
6.12
6.53

496.0
481.d
1,073.0
916.0
570.0
993.0
772.0
1,125.0
358.0
716.0
356.5

Oct.

6
13
20
27

3
3
3
3

68.0
118.0
85.0
295.0

6.14
6.07
6.34
5.99

Nov.

3
10
17
24

3
2
4

150.0
40.0
85.0

6.13
6.37
6.59

231.5
230.0
125.0

6.51
6.55
6.42*

Dec.

15
22
i , ,, 29
r-i
—roffering yields on all new issues of publicly offered
6.59(11/17)
S.I 1(2/10)

liiliflllliilPr'
-

.

y

a,

• - 1

of the offerings included are denoted by an asterisk.




o

"l

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

New Capital
Corporate
1967E/
1966 p/

1.965

State and local l!

1967

1966 p/

1965

1,648
1,398
2,317

1,302
1,237
2,446

•

1,482
1,196
1,438

1,188
858
865

804
872
904

April
May

1,973
1,474
2,611

1,553
1,058
2,364

1,152
1,691
' 1,946

1,112
1,218
1,497

1,193
901
1,141

826
924
972

July
August
September

2,457
2,406
I,723

1,039
1,670
1,382

1,290
850
1,392

941
852
2/1,256

701
773
1,020

986
648
966

p/2,296
e/1,475
e/2,150

829
1,085
1,635

924
I,325
1,496

1/1,275
975

755
969
940

794
1,021
754

5,363
6,058
6,586
e/5,825

4,985
4,974
4,091
3,550

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

4,116
3,827
p/3,049
e/3,100

2,911
3,235
2,494
2,664

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

II,421
18,007
s/23,832

9,959
14,050
17,601

7,527
II,060
14,805

7,943
p/10,992
e/14,092

6,146
8,640
11,304

5,302
7,902
10,471

January
February
March .

October
November
December
1st Quarter
2nd Quarter.
3rd: Quarter
4th Quarter
1st half
Three quarters
' Year
.

795
746
1,-197 .

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

Quarter
Quarter
Quarter
Quarter

5,207
5,913

Year
e/ Estimated by Federal Reserve.




2,547

4,8S-'»

4,348

3,969
3,492

3,283
3,188

17,2 69

13,366

e/
el

925

•

it

Exhibit I
|
|

New Corporate Security Issues, Type of Issue
and Issuer

\

(In millions of dollars)

• Quarter
:
or
4; Month

.966 - III
.IV

Net proceed:s
Gross proceeds for new capital
and refunding 1/
for new capital :
11/ 2/
Total
Bonu s
Common Memo:
Publicly •'rivately and
Other
Foreign
Mfg. Public CommuniOffered Placed
pfd. issues
Utility cations Issuers
stock included
1,627
4,197
2)256
314
154
1,558
657
567
1,309
3,669
2,047
1,247
375
117
1,232
984
918
417

.967 - I
II
III

5,464
6,208
6,834

3,263
4,017
4,604

1,811
1,465
1,552

390
726
678

60
65
234

2,442
3,014
2,792

997
1,268
1,219

543
548
595

1966 - Nov.
Dec.

1,115
1,662

569
980

435
555

111
127

27
24

228
673

320
409

168
152

I

369
401

1967 - Jan.
1,684
F<?b.
1,418
Mar.
2,362
Apr.
2,016
• May.
1,519
June
2,673
July
2,590
Aug.
2,481
: Sept;
1,763
Oct. r/ r/2,417
!
Nov. e/ 1,520

745
900
1,618
1,368
965
1,884
1,889
1,813
902
r/1,375
620

848
362
* 601
410
396
659
487
418
647
r/572
550

91
156
143
238
158
330
214
250
.214
470
350

35
10
15
16
32
17
213
13
8
40
n.a„

624
563
1,254
1,128
588
1,298
925
1,229
637
918
675

220
274
503
394
403
471
446
509
265
573
410

293
105
145
107
91
350
39 j
356
200 j
132 |

511
456
415
343
393
492
1,046
313
620
673
335

55

1,382
1,228
1,979

I

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 otherj
transportation, real estate and finance, and commercial and other.
j
i SOURCE: Securities and Exchange Commission.
I
f £/
1/
2/




.

Exhibit J•
Other Security Offerings
(In millions of dollars)

Gross Long-term 1/
Federal Agency 3/
Foreign Government 2/
1965
1966
1967
1,251
783
750
650
810
650
407
250
599
708

January
February
March
:\pril

August
October
November
December

6,858

1,181

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

129
185
325

- 5,767
6,806

1,803
2,732

775
239
150
375
375
179

Year
New short-term 4%"
te and local Government
January
Fehru.iry

an si
r: l ember
October
November
December

I
!
!
i
|.
1
I
j

-179
-552
-454
-559
109
93
-158
-262
1,407
606

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

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

51

246
182

675
801

•a*
i

|

Year


Reserve.


1,286

H. 14
Exhibit K
Large Long-term Public Security Issues for New Capital
(Other than U. S. Treasury) 1/
Proceeds of Large Issues Offered
(In millions of dollars)
Corporate
Total

1966

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

Bonds

(other than
convertibles)

Convertible
bonds

363
990
611
709
1,435
956
771
1,072
890
1,288
473
897
• 4H

97
118
30
40
140
213
55
409
317
350
257
285
150

510
1,177
681
842
1,638
1,311
870
1,666
1,340
1,705
794
1,458
826

Stocks

State
and
local
governments

50
68
40
93
63
142
44
185
.133
67
65
276
215

Other

2/

55
60
230
530
1,000
540
391
825
85
221
400
50
845

464
779
947
675
669
512
496
875
483
473
847
505
865

Large Individual Issues Offered During December.

Issuer

Type 2/

Amount
(millions
of
dollars)

Corporate
Bliss & Laugh 1 in Industries Conv. Debs.
15.0
1st mtg. bds.
80.0
Pacific Gas & Electric
Twentieth Century-Fox
Conv. sub. debs.
28.1
1st mtg. bds.
Inland Steel
50.0
Virginia Electric & Power
Company
1st mtg. bds.
50.0
Pacific Northwest Bell
Telephone
Debs.
50.0
Public Service Electric
and Gas
Pfd. stk.
25.0
Conv. debs.
Ralston Purina
40.0
Conv. sub. debs.
Offshore Company
35.0
Natural Gas Pipeline of
1st mtg. p. 1. bonds 50.0
America
Control Data
Debs.& stk. units 101.0
Debs.
Bendix
125.0
Allied Supermarkets
Conv. sub. debs,
20.0:
He liner ich & Payne, Inc.
Conv. debs.
27.5
General Telephone &
Electronics
Conv. debs.
150.0




Maturity

Coupon
rate or
net inter*
est cost

Offering
vleld

1987
1999
1992
1992

5-3/4
6.92
5-3/4
6.50

5.7f»
6.8C 1
5.7f;
6.5Cl

Ba
Aa
B
Aa

1997

6.89

6.8C i

Aa

2007

6.71

6.6!

Aaa

1992
1992

4-7/8
5

4.8£
5.0C

Baa
B

1987
1987
1992
1987
1987

6-3/4
5-1/2
6-5/8
5.75
5.00

1992

5.00

Aa
Baa
A
B
B
5.00

Ba

Large Individual Issues Offered During December.

Issuer

Type

Amount
(millions
Maturity
of 1
dollars)

(Cont'd)

Coupon
rate or
Offernet inter- ing
est cost
yield

Rating

Corporate (Continued)
Granite Equipment Leasing
Revere Copper & Brass
^International Silver
Ozark Airlines

Conv.
Conv.
Conv.
Conv.

debs.
debs.
debs.
debs.

6.00
5.50
5.00
6.75

15.0
56.0
35.6
15.0

1987
1992
1993
1988

28.0

1969-86

30. C1
52.0
54.7
11.0
79.4
22.6
30.0
10.0

1969-93
4.59
3.75-4.60
1971-83
4.22
3.90-4.20
1969-2016
4.40
3.70-4.50
1968-87
4.22
3.60-5.50
6
1990
6.00
1971-78
4.60-5.15 4.60-5.15
1969-89
4.46
3.75-4.40
1968-88
4-1/4
3.70-4.25

Aaa
Aaa
Aa
Aa
Baa
Baa
Aaa
Aa

138.7
17.0
13.9
23.0
12.0
17.8
25.0
21.8
20.4
25.6

1968-2008
1969-88
1992
1987
1970-76
1987
1976-98
1969-92
1970-80
1992 .

4.38
4.19
5.40
4.40
4.40
5-3/4
4.28
4.67
n. a.
n. a.

Aaa
Aaa

362.0
250.0
15.0

1970
1969
1982

6.20
6.10
7-1/4

6.00
5-1/2
. 5
. 6-3/4

B
——

Ba
B

State & local Government
Chicago, Illinois
G.O.
Los Angeles Unif. Sch. Dist^
California
G.O.
Maryland (State of)
G.O.
Massachusetts' (State of)
G.O.
Henrico C 3., Virgina
G.O.
Scottsville, Alabama
Rev.-Rent.
Scottsville, Alabama
Rev.-Rent.
San Antonio, Texas
Rev.-Rent.
Middlesex Co., Mass.z
G.O.
Housing Assistance Administration
Bonds
Richmond, Virginia
G.O.
Huntsville, Alabama
Rev.-Rent.
Spartanburg Co., S. C.
Rev.-Rent.
Spartanburg,Co., S. C.
Rev.-Rent.
Iberville Parish, Louisiana Rev.-Rent.
Texas (State of)
G.O.
Georgia Education Auth.
G.O.
Union City, Tennessee
Rev. -Rent.
Union City, Tennessee
Rev.-Rent.
Other
Federal Land Banks
Bonds
Bonds
FNMA
Komatsu Mfg., Tokyo,
Conv. debs.

;

4.63 . 4.60-4.70

3.40-4.42
. 3.65-4.20
5.40
4.40
4.40-5.00
5.75
3.90-4.40
3.70-4.72
4.40-5.15
5.38
6.20
6.10
7.25

A

.<

—

A
A
A
Aaa
Aa
A
A
—*

* Rights offering.
_1/ Includes corporate and other security offerings of $15 million and over; State and
local 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 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/ Units, comprising $50 of debentures and one-third share of stock, priced at
$90. Outstanding stock trading at about $155 per share.




! .

H.14

-2
sExhibit L

1
•i

Forthcoming Large Long-term Public Security Offering for Haw Capital
(OthertiianU.S. Treaaury) 1/
Ejected Proceed* from Forthcoming Large Xaauea
(In milliona of dollara)

i
During month following
date shown
State and
Corporate
Other 2/
local stovt.

i

56 - Nov.
Dec.
57 - Jan.
Feb.
Mar.
1
Apr.
May
;
June
July
Aug.
f.
Sept.
Oct.
Nov.

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

496
939
780
508
227
326
596
401
512
783
768
505
865

1,098
656
486
1,410
767
963
1,449
1,636
1,261
694
534
1,357
826

80
530
250
70
100
40
--

100
65
50
845

Corporate
1,133
811
706
1,534
905
1,262
2,065
1,922
1,576
1,335
1,090
2,694
2,129

Subsequent to
date shewn
State and
local govt.
571
- 1,154
851
528
247
346 616
402
575
903
889
743
1,684

Other 2/
65
95
545
265
15
85
115
70
150
, 159
126
260
875

Forthcoming Large Offerings as of December 29,1967.

Iaauer

1
Corpw^e
; Iowa Power & Light
i Crucible Steel
;
Central Power & Light
' Northwestern Bell Telephone
j Abbott Laboratories
; *Connecticut Light & Power Co.
•Connecticut Light & Power Co.
! *Illinois Power Co.
*E1 Paso Natural Gas
^Minnesota Power & Light
*Texas Power & Light
*0klahoma Gas & Light
; ^Carolina Tel. & Tel.
f *United Nuclear Corp.
i *Standard Oil of Indiana
Montana Power
U.S. Steel
General Tel. Co. of Illinois
•Western Airlines




Type

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

Amount
(milliona
of
dollara)

15.0
30.0
28.0
100.0
25.0
20.0
15.0
25.0
60.0
18.0
25.0
25.0
22.6
30.0
200.0
30.0
225.0
20.0
30.0

Approximate date of
offering

January 3
January 9
January 9
January 10
January 10
January 16
Janaury 16
January 16
Janaury 17
January 17
January 23
January 24
January 30 (rts. exp.)
January
January
Indefinite1
Indefinite
Indefinite
Indefinite

r

L-2
Forthcoming Large Offerings as of December 29. (Cont'd)

Issuer

Type

Amount
(millions
of
dollars)

Approximate date of offering

State & local Government
G.O.
*State of New York
G.O.
Columbus, Ohio
G.O.
*.Fairfax Co., Virginia
*Houston I.S.D., Texas
G.O.
Milwaukee Co., Wisconsin
G.O.
G.O.
*State of Washington
G.O.
Honolulu, Hawaii
Rev. -Ut.
Omaha Public Power Dist.
*St. Louis, Missouri
G.O,
*Montogomery Co., Rockville, Md. G.O.
*State of Oregon
G.O.
*Jackson, Mississippi
G.O.
Rev.-Q.-Ut.
Kentucky Turnpike Authority
Rev. -Rent.
Calcasieu Parish, Louisiana

78.0
17.7
15.0
17.0
13.7
41.5
10.0
45.0
20.0
17.0
10.7
10.0
120.0
62.7

January 3
January 3
January 3
Januaryf
January 9
January 10
January 10
January 11
January 16
Janaury 23
January 23
January 30
Indefinite
Indefinite

j

Other
•Province of Nova Scotia
*Quebec Hydro-Electric
Commission
New Zealand

Debs.

35.0

January

*

Debs.
Bonds

50.0
15.0

January
Indefinite

1
I

•
• 1
*—Included in table for first time.
j
1/ Includes corporate and other issues of $15 million and over; State and local Governme~
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; New York State Dormitory Authority's $48 million issue and Cheyenne Wyoming's $65 f
million issue were postponed.
'
1




-zt-

I

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

Sale Date

Public Offerings

Amount
(millions
of
dollars)

Issuer and Description of Issue
A. Sold October 1 through December 29, 1967.

10/4

15.0

New Brunswick Electric Power Commission
6-1/2% S.F. debentures maturing 1992,
reoffered to yield 6.60%.

.10/17

35.0

Province of Nova Scotia -- 6-1/2% of S.F.
debentures maturing 1992, reoffered to
yield 6.75%.

11/14

75.0

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

12/5

15.0

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

B. Prospective Offerings
Indefinite

New Zealand —

15.0

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




- f

Bonds ***

M-2
PART lis

Private Placements - Reported November 1 through December */9, 1967.

Date Reported

-

Amount
(millions
of
dollars)

Issuer and Description of Issue

.11/27

.8

Metropolitan Corp. of Greater Winnepeg
(Canada) 6-1/2% debentures maturing
November 1, 1982 -- nd information available on takedown.

11/27

4.2

Metropolitan Corp. of Greater Winnepeg
(Canada) 6-1/27= debentures maturing
November 1, 1987 -- no information available on takedown. T ^

12/1

30.0

ALgoma Steel Corp., Ltd. (Canadian)--7-3/8%
debentures maturing Oct. 1, 1987 -- no
information available on takedown.

12/1

12.0

Institute Nacional de Industria (an autonomos
entity of the Spanish State) -- loan due
1971-72.

12/18

16.2

12/18

3.5

12/25

10.0

Ottawa, Canada —

debentures maturing 1968-97,

Vancouver, British Columbia —
tures maturing 1992.

6-1/2% deben-

Twin Falls Power Corp, Ltd.. — 1st 6-1/4%
maturing January 30, 1989, no information
available on takedown.

Note; For retrospective data on aggregate foreign corporate and government s e c u r i t y f
offerings in the United States see Exhibits I and U. 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. Ful!
or partial takedown may take place both prior and subsequent to the date a placement is
reported.
—7"