Full text of H.16 Capital Market Developments : January 23, 1967
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H.14
DECONTROLLED AFTER SIX MOUTHS
January 23, 1967.
CAPITAL MARKETS DEVELOPMENTS
IN THE UNITED STATES
Corporate and municipal bond markets. New corporate security offerings
ill be relatively light. The volume of State and local government
offerings, however, will be significantly above-average for the third consecutive WE ek. Not included in the table below are two foreign debt issues'
aggregating $70 million, expected to be offered to U.S. investors this week.
i/
Long-term Public Security Offerings—
(In millions of dollars)
Corporate
New Capital I Refunding
State and local Government
New Capital | Refunding
Sold:
52 week avg.
Jan. 13
Jan. 20
211
216
r/ 482
100
r/ 320
395
90
292
Scheduled:
Jan. 27
1/ 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.
New and seasoned corporate bond yields declined substantially last
week. The new corporate yield series dropped 33 basis points, while Moody's
Aaa-rated corporate bond series declined 17 basis points. Last week's largest
new corporate debt issue — Houston Lighting and Power Company's Aaa-rated
first mortgage b o n d s — was reoffered to investors at a yield of 5.12 per cent
and quickly sold out.
-
Municipal bond yields dropped 19 to 25 basis points last week. Moody's
Aaa-rated municipal yield series now standsnat 3.35 per cent, the lowest level
since November 1965. New York City accepted a net interest cost on its $114
million issue that was sharply below other recent city issues, but investor
response was lukewarm — more than two-fifths of the issue was unsold by
week-end.
"
f
Private housing starts and permits. Seasonally adjusted private
housing starts rose 9 per cent further in December to an annual rate of 1,102
thousand. As was the case in November* the increase reflected largely a less
than seasonal decline in the unadjusted series from the already reduced October
level. Altogether, the annual rate for the fourth quarter as a whole averaged „
H. 14
Yields in Security Markets
Level Latest Week
Change from
Preceding,week
High-Grade
Notes and Bonds
Corporate
x
New
Seasoned
5.12
5.15
-33
-17
4.37
4.66
-9
-16
3.35
3.43
-25
-19
4.75
-35
4.71"
4.70
-10
-14
U.S. Government
Long-term
3-5 year
State and local Govt.
Moody's Aaa .
Std. & Poor's high grade
. Money Market
Federal fundsL
Treasury bills:
3-month.
6 month
Corporate Bonds Still in Syndicate
-Offered
Amount
' (millions of $)
Reoffering
Yield
Rating
Estimated proportion sold
NONE
Blue List of Municipal Dealers' Advertised Inventories
(In millions of dollars)
Latest Week
328 (1/20)
End of Previous Week
328
Recent High
636 (2/17/66)
H. 14
986 thousand, compared with a rate of just 848 thousand for October alone, but
it was still below (by 10 per cent) the reduced rate in the third quarter of
. the year.
For the year as a whole, private housing starts totaled 1,220 thousand,
the lowest since 1957 and 19 per cent below the declining level a year earlier.
The relative drop froio 1965 to 1966 was about the same for Government-underwritten
starts as for starts with conventional financing. As a result, the Governmentunderwritten share of total starts shifted only slightly further from 16.6 per
cent in 1965 to 16.2 per cent in 1966.
Seasonally adjusted building permits, which had leveled off in November
from their unusually low October rate, advanced 8 per cent in December. Permits
for single family structures accounted for most of the December rise, as permits
for structures of 2 or more units changed little. Regionally, permits in all
but the Northeast states (which had shown some improvement in November) shared
iri the advance.
Stock market credit. Total customer credit with New York Stock
Exchange member firms advanced $91 million during December to a month-end level
of $7,443 million. All of this increase was attributable to a $112 million rise
in customer's net debit balances, as bank loans to other than brokers and
1
dealers declined $21 million.
Money borrowed by brokers and dealers on customers' collateral advanced $70 million, the first monthly increase since July 1966. Money borrowed on
other than customers' collateral advanced $232 million to a record high of
$801 million.
More information on stock market credit is presented in the table
on the following page.
Stock market. - Common stock prices advanced last week in very heavy
trading. Standard and Poor's index of 500 stocks registered 86.07 at the close
of trading on Friday, a gain of 1.53 points for the week. Trading volume
averaged 10.6 million shares a day.
More detailed information concerning recent capital market develop-.
ments is presented in the attached exhibits.
Capital Markets Section,
Division of Research and Statistics,
Board of Governors of the Federal Reserve System.
H. 14
-4-
STOCK MARKET CREDIT
(In millions of dollars)
Months
Total
Customer
Net Debit
balances with
NYSE member
firm*
Broker & Dealer Credit
Credit
Customers'
Money
Bank loins to others
net free
Borrowed
than brokers and
dealers for purchas- Cust; Other credit
m
i
l
,
coil,
balances
<"? * carrying aecur.
Outstanding:
1955-56 Higtj
4,047 (5/56) 2,823 (12/56)
1 ^ 5 5 (4/56)
1957-58 Low
3,554 (1/58) 2,482 (12/57)
1,060 (11/57)
1,344
188
1,373
1,121
1,377
1,269
1,727
1,865
2,044
1,801
2,572
1,856
3,892
2,882
318
237
385
235
597
446
1,257
940
1,508
1,091
1,211
1,192
1,974
3,393
517
2$ 4
2*,6*67 %
1,169
1,666
1,637
High
Low
High
Low
High
Low
4,764
4,142
5,602
4,876
7,298
6,833
1964 - Dec;
1965 - Dec;
1966 - Dec.'
7,053
1959
1960
1961
1962
1963
1965
-
(4)
(5)
(12)
(7)
(11)
(7)
v.ss
3,401
3,004
4,259
3,562
5,586
4,863
5,079
5,521
5,329
(4)
(7)
(12)
(7)
(11)
(7)
(5)
(5)
(8)
(9)
(12)
(2)
1,873
430
1,069 (1/55)
807 (4/57j|
(3)
(4)
(4)
(9)
(11)
(8)
Change in
outstandings
1965 - Dec.
1966 - Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
401
21
224
-127
168
-86
11
-131*
-59
-286
-223
50
91
312
30
202
-108
190
-67
2
-103
-58
-254
-186
48
112
89
-9
22
-19
-22
-19
9
-28*
-1
-32
-37
2
-21
:
90
-41
59 -92
-2
11
47
-104
42
128
-48 -29
53
42
150 -102
-45 -10
-223 -19
-232 -51
45
-30
70 232
187
64
35
57
-78
.95
-181
-63
-67
-8
>2
BSEIIBSIES
*New Series
105
IIHIIIT A. f.fl I
LONO-TIRM BOND Y I I L D I , NION-OKADI
i i i i i i i i i i i I i i i i i i i i i i i I i i i i i i i i i i i I i i i i i i i i i i i I i i i i
Exhibit A —
Part II
State and
local
government
Aaa
Spread between
0. 8. Govt, and
Corporate
State and
, A*#
.1*9*1 A M ..
Date
Corporate
Aaa y
1959-60 - High
1962-63 - Low
1965 - lev .
1966 - High
- Lew
4.61 (3/fc9/60)
4.19 (3/29/63)
4.41 (3/32)
5.52 (9/9}
y. 73 (1/7)
4.42 (a/6/60) 3.65 (9/24/59)
3i85 (12/26/62) 2.88 (U/a/62)
4.13; (6/25)
2.94 (?/il)
4.87 (9/2)
4.04(8/25)
4.43 (1/1/7) 3.39 (1/13)
.59 (e/s/60)
.92 {4/22/60)
.21 (13/27/63) .80 ( W « )
.22
.92
X.W
.14
'
.78
5.39
5.40
5.38
5.32
5.15
4.58
4.54
4.46
4.40
4.37
.81
.89
.92
.92
.78
Dec. 23
30
Jan. 6
13:/
20D/
U.S. Govt,
long-term 2/
3.74
3.74
3.72 .
3.60
3.35
.84
.80
.74
.80
1.02
Prellmlmuy,
Weekly average of daily figures. Average ten# of bonds Included is 22-24 years,
M i s s . : :
s %
- .—Sighs and lows are for individual series and may be on different dates for different
series. For spreads, high refers to widest, and loir to narrowest.
— •
IXHIIIT I, fart I
^
IONO-TIRM B O N O YIELDS, L O W IE GRADI
6.0
5.5
CORPORATE III
5.0
4.5
3.0
1963
1962
Exhibit B
Corporate
Baa 1/
Date
1959-60 - High
Year end - 1962
1964
]
1965
1966 - High
Low
Dec. 25
30
Jan. 6
13
20E/
1965
1964
1966
Part II
State and
local govt.
Baal/
(per cent)
Spread between
Aaa and Baa
1 State and
Corporate |
I local sovt« —
5.36 {2/12/60)
4.93
4.80
5.04
6.20 (12/30)
5.05 (1/14)
4.46 (1/7/60)
3.57
3.51
3.79
4.55 (8/25)
3.78(1/20)
.84
.70
.37
.31
.81
.31
1.08
.63
.52
6.19
6.18
6.15
6.08
5.92
4.26
4.26
4.24
4.11
3.91
.80
.77
.77
.76
.77
.52
.52
.50
.51
.56
Hotel Tor footnotes eee Exhibit JL.
.
• 62 '
.31
(XHIIIT C. fen I
SHORT- AND I N T l t l M D I A T I - I I t M INTIKIST 1AT1S
GOVERNMENT
3 5 YEAR ISSUES
F. R DISCOUNT RATE
/V
3-MONTH BILLS
iillll
i if i
Exhibit C
Discount
3-month
rate
bills 2/
1/
1959-60 - High
Year end - 1961
1962
1963
1964
1965
1966 - High
Low
Dec. 23
30
Jan. 6
13
4.00
4.59 ( W t O )
3.00
3.50
4.00
4.50
4.50
4.50
2.89
3.52
3.83
4.47
5.52(9/23)
4.39(6/24)
3.00
4.50
4; 50
4.50
4.50
4.50
2.66
4;81
4.80
4.80
4.81
4.71
Part II
|Spread between yields on 3Lonth bills and yields pn
j
Yields
6 month
bills 2/
(per cent
5.07(3/9/60)
2.90
2.93
3.64
3.93
4.66
5.92(9/23)
4.53(6/24)
5.00(2*feV»)
3.81
3.41,
4.07
4; 07
4.90 .
5.83(9/2)
4.80(4/8)
.79
.24
.04
.13
.10
.19
.52
.09
1.81
1.15
.52
.55
.24
.43
.78
.01
4.93
4.92
4.88
4.84
4.70
4.90
4i86
4.82
4.76
4.66
,12
.09
;12
.06
.03
.05
.05
r Yo*.
& W S - .
.01
.02
SHORT- AND INTIRMEDIATI-TERM INTBRIST RATIS,
BANKS A N D OTHKR P i l V A T I BORROWIRS
WeeH»
Ntiui
PRIME RATE
FINANCE COMPANY PAPER—
F.R. DISCOUNT RATE
FEDERAL FUNDS'
1962
1961
1963
1964
Exhibit D —
Prime rate
Date
1/
1965
1966
Part II
Finance
company
Federal funds
Spread between
3-mo. bills and
finance co. oaoer
(per cent)
1959-60 - High
Year end - 1961
1962
1963
1964
1965
1966 " High
Low
Dec. 23
30
. Jan. 6
2QE/
.
5.00
4.50
4.50
4.50
4.50
5.00
6.00(12/30)
5.00(3/4)
5.13 (1/23/60)
3.00
3.19
3.88
4.06
4.75
5.88(12/30)
4.75(1/7)
6.00
6.00
6.00
6.00
6.00
5.88
5.88
5.75
5.63
5.25
4.00 (5/13/60)
2.88
3.00
3.50
4.00
r 4.63
6.00(11/4)
3.55(1/21)
5.30
5.50
5.25
5.10
4.75
1.02
.34
.30
.36
.23
.28
1.08
.20
1.07
1.08
.75
.82
.54
1/ Weekly rata shown is thai in effect at end of period* Prime xmte is that charged by large banks
on short-tera loans t6 hisiness borrowers of the bluest credit standing*
2/ iyenge of daily rates published by finance companies for directly placed paper for varying
maturities in the 904179 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 Her York*
Hotel—flighs and lews are for individual series and may be on different dates for different series*
for
FRASER
ior spreads, high refers to widest, and low to narrowest.
Digitized
1
ixHwr«. p.* i
STOCK MARKIT
.1 t.llw.
1*41-43 nmil'll
10
10#
PRICES
8
y L/'—
1 ,
l
V 6
A
y-
STOCK
MARKET CREGIT
* CHANGE IN SERIES
40
V t X A / b A
YIELDS
i i i i i 1
1961
1962
1963
i M i i i i i i i i 1i i i i i i i i i i t 1 I I 1 M JJ-LLU ,
1964
1965
1866
Exhibit B — Part II
Stock price
index 1/
1961-62 - High
Low
Nov. 1963
July 1965
1966 - High
Low
Nov.
Dec.
Jan.
1
6
13
20%/
72.04(3^/8/61)
52.68(6/22/62)
72*62
84.91
93.77 (2/11)
73,20 (10/7)
80.99
81.33
82.18
84.53
86.07
Stock mar •at customer credit
Trading
Common
Bank
Customers1
volume 2/
stock
loans to
debit bslTotal
yields %J (millions
"others"
5/
ancea 4/
(per cent) of shares)
(In millions of dollars)
2.82
3.96 3.14
3.,09
3.02
4.04
3.65
3.62
3.69
3.48
3.42
10.1
2.4
5.3
4.1
10.7
5.0
7.3
7.9
6.9
10.7
10.6
5,60glV6l)
4,424(J/61)
7,298
6,833
7,997
7,302
V . w
n.a.
n.a.
n.a.
5,586
4,863
5,835
5,169
5,217
5,329
1,418(9/9/62)
1.16l(W6l)
1,712
1,970
2,241(7/6)
2,095(12/16)
6 %
2,112
2,072
far
i T*li4sy • dfttl OB]y«
„
.J.1J V.««Jl mi
A»*a nmrnxfj^ ta HMkl* aluilai
LuwSV
3/ lianZes of dally trmdinj rolane on the HerYoifc Stockficohaage,Tau^end figures are averages of
a/ ^ ^ f ' n o n S ^ i g w ^ f er*2mber flms of the Hew Y e * Stock gxohange iti* eariy eargia aeea«a*a|
others* for further detail see Bulletin.
F 8 I V A M H O U S I N O STAETS A N D M K M I T S |
I n n m i i I I I I I I I I I M i l l |2.4
SEASONA IY ADJUSTED DATA
HOUSING STARTS
BUILDING PERMITS
" (HANOI W
C I H I j O f UNAOJUSttD TOTAl STAJTS
MUITI.FAMIIY
1
120
GOVERNMENT UNDERWRITTEN
I s"
L—:
—L_
1 m i 111 i 111111111111111
Exhibit F - Pert II
Unadjusted
Tvpe o f f i n a n c i n g
Seasonally adjust- Unadjusted
FHA
ed a n n u a l r a t e
VA
Other
1-2
family
Multifamily
Building
permit#
(seasonally
adjusted
annual
ratal 2/
(Thousands o f u n i t s )
1965 - D e c .
1 9 6 6 - Jan.
Feb.
Mar.
. Apr.
May
June ,
July
Aug.
Sept-.
Oct.
Nov.
Dec.
1,769
1,611
1,374
1,569
1,502
1,318
1,285
1,088
1,107
1,075
2/848
r/1,007
1,102
102
85
78
126
147
135
128
104
105
r/92
r/80
r/75
64
15
13
12
19
18
14
15
13
r/15
10
9
10
9
3
84
63.3
3 .
69
50.8
2
64
49.3
3
104
85.4
3
126 100.3
4
118
92.5
4
106
87.9
4
87
74.3
4
87
74.5
3
79
65.0
3
r/68 r/57,5
3
61 r / 5 3 . 1
3
53
45.1
39.0
33.8
28.9
40.9
46.8
42.9
39,7
29.7
30.9
r/27.4
r/22.7
r/21.7
19.4
-
1,292
1,255
1,1-97
1,268
1,185
1,098
954
921
844
733
714
i/715
772
without a o r t M i i *
U»UW| »r t u n m i ,
w f ] a o $ direct adJeeUest i b r i i f t m o M S i n the i
d l t t e m w e s Sa tladag si& c i n n f i *
, as w e l l as ether
YIELDS ON N1W AND SIASONID CORFORATI BONDS
A*vi«ed f. Am N.I.
NEW
SEASONED A l l
i i i i I I I I
1963
I I I I I
1966
I I I I I I I I I
1965
1962
I I I I I
Exhibit 6 - Part II
yields on Hew Corporate Bond Issues Adjusted to an Aaa basis
Monthly averages;
3.966 - Jan.
Feb i
Mar;
Apr.
May
•June
July
Aug.
Sept.
Oct;
Nov.
Dec.
Weekly avfera^es
Number Am't of issues Average
yield
included (mil.
of
issues of dollsrs)
(per centl
is't of issues Average
yield
included (mil.
of
(per cent)
dollars)
mass!
10
9
13
7
11
5
5 .
8
8
5
6
300.0
304.5
513.0
452.3
341.0
596.0
155.0
680.0
280.0
333.5
285.0
270.0
2 : 8 8 %
4.84.
4.98
5.13
5.08
5.21
5.38
5.62
5.70
5.82
5.77
5.72
5.74
Dec. 2
9
16
23
30
Jan. 6
11
1
2
1
50.0
105.0
115.0
5.86
5.77
5.63
25^0
400.0
40.0
5.51
5.45
5.12
pohlloly off«z«d oorporata boodi rtttinSTi
iM.
.offerings of aatuzml g w ripellne
IV
Exhibit fl
H. 14
Long-term Corporate and State and Local Government
Security Offerings and Placements
(In millions of dollars)
1967
January
February
March
Corporate
1066 P/
e/1,300
Hew Capital
1965
1,302
1,237
2,446
795
746
1,197
April
May
June
1,533
1,058
2,364
July
August
September
*
1967
e/1,150
State and local 6/
1966 o/
1965
1,184
858
868
804
872
904
1,152
1,691
1,946
1,211
906
1,140
826
924
972
1,039
1,670
1,382
1,290
850
1,392
698
773
1,017
986
648
966
October
November
December
2/
925
924
1,325
1,496
738
922
e/750
794
1,021
754
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/2,410
, 2,580
2,722
2,600
2,569
9,959
14,050
e/ 17,974
7,527
11,060
14,805
6,167
8,655
e/11,065
Quarter
Quarter
Quarter
Quarter
1st half
Three quarters
Year
5,302
7,902
10,471
Excluding finance companies 2
1st
2nd
3rd
4th
Quarter
Quarter
Quarter
Quarter
Year
sJ
1/
2/
3/
4/
4,924
4,884
3,969
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 co^anies.
Includes $135 million Pennzoil note issue.
/ 3
Exhibit I
New Corporate Security Issues, ..Type of Issue
and Issuer "
(In millions of dollars)
Quarter
or
Month
Gross proceeds for new capital
and refunding U
Common Memos
Bonds
Total
Foreign
Publitily Privately and
pfd. issues
Placed
Offered
stock included
Net proceeds
Mfg.
Public CommuniUtility 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
1,55?
1965 - I
II
III
IV
3,007
5,043
3,912
4,030
905
1,864
1,575
1,673
2,259
1,955
2,264
429
920
383
540
243
215
263
300
1 j072
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 e/
5,094
5,115
4,197
4,048
1,774
1,941
2,256
2,098
2,586
2,083
1,627
734
1,090
314
349
345
1,860
2,205
1,558
1,275
969
960
657
999
602
392
567
482
1,553
1,418
1,309
1,169
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
122
93
168
124
257
159
27
, 87
150
99
399
307
414
273
402
47.0
202
297
287
158
209
243
102
25
196
92
43
43
587
222
495
401
671
741
187
130
417
210
69
811
110
137
67
136
113
100
93
118
133
86
33
49
69
22
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- 2/
Feb
Mar
Apr
May
June
July
Aug.
Sept,
Oct; £/
Nov; b /
Dec. ej
1,339
1,273
2,482
1,582
1,106.
2,427
1,085
1,712
1,400
989
1,129
1,930
1,226
460
560
753
628
481
832
440
1,140
676
499
569
1,030
1,601
1,161
692
583
1,311
743
556
784
535
tl'y
354
447
800
E/ Preliminary.
i
\ EE1EHEB35
dividend.
SOURCE: Securities and Exchange Commission.
168
153
101
99
62
70
26
... ^ ,
Exhibit J
Other Security Offerings
(In millions of dollars)
r
-" n f l g T r m o - f p r m
17/vro-Ign flnwmmpn)- 2/
1Q66
1QA5
January
February
March
April .
May
June
July
August
September
October
November
December
Jan. - Nov*
12
40
40
218
38
73
66
69
76
72
7
50
91
33
74
5
52
75
2
74
586
Year
4
82
69
30
75
26
20
13
7
180
72
58
659
578
661
636
1/
federal
1965
503
410
392
699
1,030
1,084
799
400
450
800-
129
185
325
6,5*7
New short-term 4/
State and local Goverment 5/
January
February
March
April
May
June
July
August
September
: October'
November
December
103
39
-319
580
462
-334
-103
270
2./-161
E./ -53
E./ 496
238
91
-458
647
204
-82
119
408
152
59
274
-366
Agpnr.v 3 /
_12ta_
775
1964
275
260
160
239
150
375
375
179
510
2,553
1,205
2,732
1,205
Federal Agency 37~
103
236
-407
442
81
-80
-9
127
176
7
-15
-208
308
-24
450
718
85
284
-590
-270
-652
-555
-283
-137
-174
117
-11
509
237
132
206
105
-309
202
-76
661
-529
877
-308
-336
23
97
183
239
-333
167
1
525
113
"3
371
1,652
£/980
Jan. - Nov.
368
1,286
453
Year
.
|
J-**-00
4->j
— , 801
— :
p/ 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/ 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 wit
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./
/jT
H* 14
Kxhiblt K
Large Loug-tem Itibtlc Security laeuea for W m Capital
(Other than U. 8. freeeury) 1 /
Proceed# of U r g e Iasues Offered
(In ailliooa of dollara)
Total
1965 - Dec.
1966 - Jan.
Feb.
Mar.
Apr.
May
June
July ,
Aug.
Sept.
Oct,
Nov.
Dec.
Sonde
Convertible
(other than
bonds
convertibles)
262
485
545
890
643
401
1,317
402
1,189
627
523
510
1,177
Stocks
50
212
370
391
544
481
351
636
170
862
287
352
363
990
State
aed
local
413
787
424
399
720
466
582
338
410
611
387
464
669
115
70
271
106
84
75
55
50
20
182
257
340
661
50
80
116:
. 55
50
68
97
118.
Other
1/
55
60
275
15
50
55
60
Large Individual Issues Offered December 1 through January 20
immHit
(•lllions
of
Issuer
Maturity
Coupon
rate or
met interw r Wtt
Cornor.t.
Associates Investment Ca
N.Y. State E-lec. Gas
Corp.
American Tel. & Tel. Co.
Bethlehem Steel Corp.
Collins Radio Co.
Seaboard Finance Co.
Ferro Corp.
Houston Lighting & Pwr.
Co.
Carolina Pwr. & Lt. Co.
Notes
1st mtg. bds.
Deb.
Deb.
Conv. sub. deb.
S.F. 4eb.
S.F. deb.
1st mtg; bds.
Cum. pfd. stk.
'
Bating
Offeri»S
I W 4 .
6.25
-
35.0
1970
6-1/4
25.0
250.0
150.0
30.0
25.0
20.0
1997
1997
1992
1987
1982
1992
5-5/8
5-1/2
5.40
4-7/8
6-1/8
5r7/8
5.54
-5.40
5.40
, 4.88
6.13
5.88
Aa
Aaa
Aa
Ba
40.0
25.0
1997
5-1/4
5.12
Aaa
14.8
30.0
1968-92
1981-82
4.03
3.70
3.85^3.95
3.60-3.64
Baa
Aa
34.0
1969-87
3.90
3.70-3.85
—
Baa
State and local Govt.
G.O.
Fairfax Co., Virginia
G.O.
State of Oregon
King COo School Dist., '
G.O.
Washington
-A
K-2
: Large Individual Issues Offered December
Type
Issuer
3/
through January 20 (Cont'd)
z Amount
(millions
of
dollars)
Maturity
Coupon
Offerrate or
Ratinv
net inter- ing
Yield
est cost
State and loc. Govt* (Con'd)
State of Ohio
So. Carolina Pub. Sch. Serv.
Auth,
Los Angeles USD,- Calif.
Milwaukee Co., Wisconsin
Milwaukee, Wisconsin
State of Connecticut
Puerto Rico Pub. Imp.
State of Washington
State of California
State pf North Carolina
Georgia State Sch. Bldg.
. Auth.
New York City, New York
Greater New Orleans
Expressway
San Diego USD, California
Other
1
G. 0.
75.0
1967-76
3.70
3.,50-3.70
Aa
Rev.-Q.-Ut.
G.O.
G.O.
G.O.
G.O.
G.O.
G.O.
G.O.
G.O.
G.O.
51.6
30.0
16.8
16.5
50.0
49.8
15.0
10.0
75.0
60.0
1973-2006
1967-92
1968-87
1968-82
1967-86
1968-92
1968-85
1968-87
1968-87
1968-87
4.14
3.77
3.69
3.65
3.43
4.04
3.83
3.54
3.43
3.20
4.00-4.10
3.60-3.75
3. 20-3.60
3.,20-3.60
3. 00-3.40
3. 50-4.00
3. 25-3.75
3. 20-3.50
3. 00-3.40-^2. 70-3.20
A
Aa
Aaa
Aaa
Aaa.
-A
%
A
Aa ,
Aaa
Aa Baa!
;
G.O.
G.O.
30.0
114.1
1969-90
1968-97
3.39
3.91
3. 00-3.40
3. 10-3.90
G.O.
G.O.
34.4
12.5
2006
1970-89
5.19
3.49
4. 90-5.50
3. 10-3.47— A
Deb.
60.0
1993
6-1/4
6. 29
Bonds
Bonds
50.0
50.0
1992
1992
5-7/8 j g
5.20 ^
J
^
^
Quebec Hydro-Elec. Comm.
British Columbia Hydro. &
Pwr. Auth.
*
Inter-American Devel. Bank
A
95
20
A
3%
Aaa-, %
—
Footnotes;
j •
'
:\
|
*—Rights offering.
^
ii. a . — N o t available.
1j Includes corporate and other security offerings of $15 million and over; State and
local government security offerings of $10 million and over.
K
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 obligations5*
Rev.-Ut., revenue obligations secured only by income from public utilities; Rev.-Q.-Ut.,
revenue bonds secured only by revenue from quasi-utilities; Rev.-S.T., revenue bpnds
secured by revenue from specific taxes only; Rev.-Rent., revenue bonds secured solely
J
by lease payments.
/]
4/ Bonds maturing 1983-87 not publicly reoffared.
'^
5/ Bonds maturing 1989 not publicly reoffered.
H. 14
Exhibit L
Forthcoming Large Long-tern Public Security Offering for Hew Capital
(Other than U.S. Treasury) 1/
Expected Proceeds from Forthcoming Large Iseuea
(In million# of dollara)
- Subsequent to
date shown
During month following
Corporate
1965 - Dec. 31
1966 - Jan. 31
Feb. 28
Mar. 31
Apr. 30
May 31
June 30
July 29
Aug. 31
Sept.30
Oct. 31
Novo 30
Dec. 30
State and
local govt.
501
340
366.
253
399
584
337
403
515
300
140
496
939
553
530
828
489
248
1,261
317
- 677
662
687
397
1,098
656
Other 2/
Corporate
20
676
931
1,176
606
1,034
1,261
619
697
853
767
457
1,133
811
20
30
15
40
80
582
461
504
334
546
584
353
403
685
380
175
571
1,154
20
20
90
55
55
85
50
35
90
35
• 35
65
95
Forthcoming Large Offerings as of January 20
(millione
Approximate date of
offering
dollara)
Corporate
; SCM Corporation
MSk Industries
Oklahoma Gas & Electric Co.
Dallas Power and Light Co.
Oklahoma Gas & Electric
Jersey Central Pthr. and Lt. Co.
Gulf States Utilities
Va Elec. & Pwr. Co.
Northern Indiana Pub. Serv. Co.
Louisiana Pwr. and Lt. Co.
*Duquesne Light Co.
*Texas Pwr. & Lt. Co,
•Citizens & Southern Nat 1 1 Bank
McCall Corporation
United Nuclear Corp.
S.F. deb.
S.F. deb.
1st mtg. bds.
1st mtg. bdso
Cum. pfd. stk.
Deb.
1st mtg. bds.
1st. mtg. bds.
Deb.
1st mtg, bds.
1st. mtg. bds.
1st. mtg. bds.
Conv. deb.
Conv. pfd. stko
Conv, sub. deb.
20. 0
15. 0
15. 0
16. 0
15.,0
15,,C
35,,0
50.,0
20.,0
16,,0
25.,0
30,,0
20,,0
20.,0
15.,0
January 24
January 24
January 25
January 26
January 26
February 1
February 2
February 8
February 8
February 9
February 15
February 16
February 24
Indefinite
, Indefinite
L-2
Forthcoming Large Offerings as of January 20 (Cont'd)
Issuer
Type
Amount
(millions
of
dollars)
Approximate date of offering
State and Local Government
Fla. State Board of Education
. Pennsylvania Gen. St. Auth.
Montgomery County, Maryland
*Albany County, New York
Los Angeles Dept. of Water &
Power, California
Peoples^ Comm. Hosp. Auth.
New York.Dorm. Auth.
*State of Alaska
Middletown Growth, Inc., Ohio
State of Maine
Buffalo, New York
State of Maryland
Hartford, Connecticut
*Nassau County, New York
^Chicago Sch. Dist., Illinois
Clark County, South Dakota
Fort Worth, Texas
*San Francisco BART, Calif.
Mass. Bay Trans. Auth.
Oakland, Washtenaw, et. Al.
Comm. Coll. Dist., Mich.
Metro. St.. Louis Sewer Dist.,
Missouri
Rev.-S.T.
Rev.-Rent.
G.O.
7
G.O.
Rev.-Rent.
GiO.
Rev.-Rent.
G.O.
Rev.-Rent.
G.O.
| G.O.
G.O.
G.O.
G.O.
G.O.
G.O.
G.O.
Rev.-Q.-Ut.
Rev.-Q.-Ut.
25.0
75.0
15.0
70.0
15.0
18.0
22.0
15.1
80.0
14.5
•21.C1
53.3
11.01
25.4
25.0
13.0
17.4
70.0
115.0
January
January
January
January
24
24
24
25
January 25
January 26
January 31
January 31
January
February 1
February 2
February 7
February 7
February 8
= February 8
February 9
February 14
February 16 j]
February
G.O.
12.0
March 16
G.O.
20.0
Indefinite
Other
Province of Nova Scotia
*Cifcy of Montreal, Canada
*Export«Import Bank
*Grace Line Inc.
Nippon Tel. & Tel. Pub. Corp.
S. F. deb.
S. F. deb.
Part. Cert.
Mer. Marine bds.
Bonds
30.0
40.0
500.0
30.0
15.0
January 24
January 26
February 7
February
Indefinite
j
J
*—Included in table for first time.
. \
.If Includes corporate and other issues of $15 million and over; State and local government;
issues of $10 million and over.
2/ includes .foreign government and International Bank for Reconstruction and Development
issues and non-guaranteed issues of Federal Agencies.
Note; Deletions for reasons other than sale of issue:
None
H. 14
Exhibit H
Foreign Government and Corporate Security Offerings
and Placements in the United States
,
Sale Date
.
Part I:
Amount
(millions
of
dollars)
-
Public Offerings
Issuer and Description of Issue
A.
Sold November 1 through January 20
11/15
10.0
Government of Mexico -- 7-1/4% external sinking fund
bonds, maturing 1981, reoffered to yield 7.65%.
11/16
15.0
New Brunswick Electric Power Commission -- 6% sinking
fund debentures maturing 1991, reoffered to yield 6.14%.
11/16
30.0
City of Montreal, Canada — 6 % sinking fund debentures
maturing 2006, reoffered to yield 6.35%.
12/14
60.0
Quebec Hydro-Electric Commission -- 6-1/4 debentures
maturing 1993, reoffered to yield 6.29%.L
12/11
50.0 .
"British Columbia Hydro & Power Authority —
maturing 1992, reoffered %o yield 5.95%.
50.0
Inter-American Development Bank —
1992, reoffered to yield 5.20%.
*1/17
B.
* . ,\r.ur;y 26
January 24
Indefinite
40,0'
30.0
15.0
5.20% bonds maturing
Prospective Offerings
City of Montreal, Canada -- S.F. deb.
Province of Nova Scotia -- S.F. deb.
,
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.
5 7/8 bonds
M-2
Pa%t II:
Date Reported
Private Placements - Reported November 1 through January 20
Amount
(millions
of
dollars)
Issuer and Description of Issue
|
None
I Note:
1
'
!
For retrospective data on aggregate foreign corporate arul government security offer-"it
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.
@FedFRASER