Full text of H.16 Capital Market Developments : January 26, 1959

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

st^cJL

& 9

'

Not for Publication
DECONTROLLED AFTER SIX MONTHS
H.li+ .

January 26, 1959
CAPITAL MARKET DEVELOPMENTS

I

-t v•

-

(Including Review of State and Local
Government Financing in 1958)

During the week ending January 23, corporations sold large
issues for new capital amounting to $85 million and State and local
governments offered large issues totaling #31 million. The corporate
financing total includes a $20 million bond issue of Indiana and Michigan
Electric Company, which had been originally scheduled for sale in early
November and then postponed. The calendar for this week includes large
corporate offerings totaling $105 million and State and local government issues with aggregate proceeds of $63 million.
Bond yields - Yields increased last week for all types of
outstanding bonds, except those for Aaa-rated State and local government bonds, which remained stable. The increase for U. S. Government
obligations was substantial, but for the other categories was slight.
Two new Aa-rated first mortgage electric utility bond issues
were offered to investors last week, each at a yield of I1.6O per cent—
16 basis points above that for the last comparable issue, an offering
made in mid-December.
Stock market credit - Customer credit in the stock market
(excluding that for U. S. Government securities) increased $65 million
further in December. At a record level of $li,li88 million, customer
credit was one-fourth Higher than at the close of 1957. Customers'
net debit balances increased nearly one-third in 1958, while bank loans
to "others," rose 10 per cent.
End of Month
Dec. | Novi

-

Customer credit
excluding U. S. Government securities - total
^et debit balances
Bank loans to "others"
Net debit balances secured by U. S. Govt. securities
Bank loans to others for purchasing or carrying
U. S. Government securities
Broker and dealer credit
Money borrowed except on,U. S. Government securities
On customer collateral
Money borrowed on U. S. Government securities
Customers' net free credit balances




nhan

(Millions of dollars)

.

k,m
-3,281
1,207
1U6

W23
3,21:5
'1,178
124

+65
+36
+29
+22

63

50

+13

2,071
1,797
23U
1,159

1,923
1,677
210
1,11*8

+II18
+120
+21*
+11

H.lli

Borrowing by member firms of the New York Stock .Exchange maintaining margin accounts (excluding borrowing on U. S. Government securities) also increased last month, principally in borrowing on customer
collateral. Customers' net free credit balances increased for the
seventh consecutive month totaling $1,159 million at the end of December.
These and other data on stock market credit for December and
Novanber are shown in the table on the preceding page.
Stock prices - Stock prices continued to increase last week.
Standard and Poor's index of 500 common stocks closed at 56.00 on
January 23, <>19 points higher than the previous Friday. Trading volume
declined somewhat, averaging 3.9 million shares a day.
State and Local Government Security Offerings in 1958
Long-term security offerings by State and local governments,
including borrowings from the Federal Government, reached a record volume
of $7.8 billion in 1958, nearly one-tenth larger than in 1957. Volume
was particularly large in the early months of the year. In the fourth
quarter new issue volume was smaller than a year earlier.
The increased volume of State and local government financing
in 1958 reflected mainly a rise in the number of medium-sized issues,
as it had a year ^earlier. Last year, no issues over $100 million were
offered, while in 1957 there had been only one—a $250 million issue
of Chelan County, Washington. Nearly all bonds sold were for the purpose of raising new funds, as refunding issues continued to be small
in volume.Purpose of issue - In contrast with the 1953-5U recession,
when most of the increase in borrowing was for financing the construction of toll highways, the increase in 1958 reflected growth in the
financing of most types of community facilities. As in other recent
years, more issues were sold for school building construction than
for any other purpose. Accounting for more than one-third of total
new capital offerings, the volume of school bonds amounted to 32,61#
million, $100 million more than in 1957.
New financing for highways, bridges and tunnels aggregating
spl.2 billion, was one-eighth greater than in 1957. Issues to obtain
funds for sewer and water purposes totaled $1.1 billion, slightly more
than a year earlier. Miscellaneous public service enterprise bonds
were the only major type in smaller volume during 1958 than in the
previous year.




H.lli

- 3Long-tenn Security Issues of State and Local Governments
1954 - 1958
(In millions of dollars)
1958

State
County and township
Municipality
School district
Special authority
Unidentified 1/
Total
Purpose of issue:
New capital total
Schools 2/
Highways, bridges and tunnels
Residential buildings
Hospitals and institutions
Sewer and water
Misc. public service enterprises
Veterans' aid
Other
Unidentified 1/
Refunding
Total
Type of issue:
General obligation
Revenue
Utility
Quasi-utility
Special tax
Rental
Public Housing Authority
Federal Government loans 3/
Total

I 1957~ 1956

I 1955

I 1951i

2,016
540
2,1*32
1,469
1,364

1,508
434
2,327
1,602
1,279

818.
328
1,81k
1,111
1,103
351

1,1408
472
1,313
1,005
1,097
683

2,01*7
442
1,601
828
1,463
587

7,821

7,150

5,525 " 5,976

6,969

M35

7,099

2,61*0
1,172
530
215
1,086
31U
339
1,138

2,551
1,041
299
136
1,020
503
333
1,216

—

•

—;

1,682
701
258
61
817
663
110
817
351

M m

6,789

1,516
1,362
570
98
712
169
169
637
680

1,432
2,136
456
77
674
597
162
681
576

86

50

66

65

180

7,821

7,150

5,525

5,976

6,9#

5,441
1*772
I7oS3
163
331
273
187
420

4,795

3,570
1,610

3,770
1*730

54
289
188
66
324

n. a.
n.a.
n.a.
199
146

n.a.
n.a..
n.a.
474
2

3,380
3,205
n.a.
n.a.

7,821

7,150

5,525. 5,976

374
9
6,969

n.a.—Not available*
1/ Issues of less than $500,000 not further classified in 195b, 1955 and first
half of 1956.
2/ Data for years prior to 1956 probably understate school issues by about onefourth because of unclassified small issues.
3/ Coverage for 1956-1958 is broader than for earlier years.
Note.—Details may not add to totals because of rounding. •
Source.—195b, 1955 and first half 1956, Bond Buyer and Federal Reservej July
1956-1958, Investment bankers Association of America. Data for 1956-1958 not strictlycomparable
with data for earlier years.




-H.llt

- 4 -

Type of issuer- Most major types of issuing units sold a
larger volume of bonds than in 1957. The only exception was school
districts, whose sales were nearly one-tenth smaller than a year earlier.
In 1958,. a larger proportion of bonds for educational purposes was sold
by States and special authorities than in 1957• Municipalities sold
the largest volume of bonds, accounting for over 30 per cent of all issues last year. Offerings of State governments, representing one-fourth
of* the total, showed the largest increase from 1957—one-third.
Type of issue - General obligations continued to be the most
important type' of issue. Totaling a record $5.It billion in 1958, these
obligations accounted for 70 per cent of all offerings last year,
slightly more than in 1957. Federal Government loans and Public Housing
^Authority bonds were also in larger volume than in 1957. Revenue bond
financing declined last yeair. Totaling $1.8 billion, these issues were
one-tenth smaller than in 1957.
•
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.




,EX_"i?lT *
HIGH-GRADE

BOND

YIELDS

K /

LOWER-GRADE

BOND

YIELDS




H.Ik

Exhibit B
Tables for Exhibit A
High-grade Bond Yields

Date

Corporate
Aaa 1/

U. S. Govt,
long-term 2/

Spread between
U. 6. Govt, and
Corporate State and .
Aaa
local Aaa

State and
local govt.
Aaa y

(Per cent)
1953
195k
1957
1958

-High
- Low
- High
- High
Low

3.W2 (6/1?)
2.85 ( W
li.llt (9/27)
it. 13. (10/10)
3.55 (5/2)

3.l| (6/5)
S.lA (8/6)
3.76 (10/18)
iM
(12/26)
3.07 (it/25)

2.73 (6/25)
1.90 (9/2)
3-it5 (8/29)
3.31 (9/11)
2.6b (5/1)

.38
.30
.60 .51
.22

.83
.30
.U7
.72
.3U

Dec.
Jan.
Jan.
Jan.
Jan.

26
2
9
16
23 2/

li.09
It. 10
L09
it. 11
It. 12

3.61
3.83
3.8k
3.89
3.95

3.12
3.12
3.19
3.19
3.19

.25
.27
.25
.22
.17

.12
.71
.65
.70
.76

Lower-grade Bond Yields
Date

Corporate
Baa 1/

State and
local govt.
Baa 2/

- Spread between
Aaa and Baa
State and
Corporate
local govt.

(Per cent)
1953
195k
1957
1958

- High
- Low
- High
- High
Low

3.89 (9/18)
3.hk (12/31)
5.10 (11/29)
L96 (1/3)
It. 51 (7/11)

3.79 (6/25)
2.93 (8/5) it.5l (8/29)
it.3it (9/11)
3.6it (5/1)

Dec.
Jan.
Jan.
Jan.
Jan.

26
2
9
16
23 E/

U.86
h. 87
li.85
it. 86
it. 88

ii.10
it. 10
it.12
U.08
it.10

.69
.52
1.27
1.28
.77

1.21
.96
. 1.21
1.11
.93

.77
.77
.76
.75
.76

.98
.98
.93
.89
.91

.

2/ Preliminary.
1/ Weekly average of daily figures. Average term of bonds included is 25-26 years.
2/ Weekly average of daily figures. The series includes bonds due or callable in
10 years or more.
..
2/ Thursday figures. Only general obligations bonds are included; average term
is 20 years.
Note.—Highs and lows are for individual series and may be on different dates for
different series.




STOCK

MARKET

,

1941-43 Averoge.10
1
1

Ho,.

N / V

t
X.
STOCK

MARKET

CIIDIT

'X/"-

Millions of Shorei_
— ^

rU-

v

M

' j
115*

S

O

M




i S
1157

D

M

J

S
M5I

-

D

M

J

S
1151

D

Exhibit 1)
Table for Exhibit C
Stock Market
Date

Stock price
index 1/

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

1958 - High •
Low

26.5k (1/2)
22.95 (9/18)
35.98 (12/31)
21.93 (1/8)
45.89 (12/9)
35.28 (1/14)
49.64 (8/3)
1*3.22 (1/20)
49.08 (7/12)
39.48 (12/20)
54.11 (12/26)
40.37 (1/10)

2.5
0.9
3.7
1.4
4.6
1.5
3.1
1.5
4.2
1.4
4.9
1.7

5.38
6.25
4.32
5.82
4.08
4.41
3.82
4.34
3.91
4.72
3.30
4.58

2,455
2,0#
3,436
2,405
4,030
3,537
4,047
3,914
4,031
3,576
4,488
3,554

1,665
1,314
2,388
1,653
2,805
2,517
2,823
2,740
2,887
2,482
3,281
2,487

November
December
Uan. 9
Jan. 16
Jan. 23 £/

52.50
53.49
55.77
55.81
56.00

4.1
3.6
4.2
4.2
3.9

3.42
3.35
3.21
3.20
3.19

4,423
4,488

3,245
•3,281

n.a.

n.a.

1953 - High
Low
1954 - High
Low
1955 - High
Low
1956 - High
Low
1957 - High

780
664
1,048
746
1,241
1,018
1,267
1,155 ,
.1,163
1,054
1,317
1,051
1,178
1,207
1,210
1,230
n.a.

n.a.—Not available.
* jd/ Preliminary.
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
Fridays' only. Highs and lows are for Friday's data only.
2/ Averages of -daily trading volume on the.New York Stock Exchange.
3/ 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.
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 at banks in New York and
Chicago. Weekly reporting banks account for about 70 per cent of loans to others.
For further detail see Bulletin.
Note.—Highs and lows are for individual series and may be on different dates
for different series.




Exhibit E

H.Ik

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

1959
January
February
March

1

e/700

New Capital
Corporate 1/
State and Local 2/
1958
1 1958 1 1957
1 1957
1959
723
1,56^/

April
May
June

l.tiil
600
881

July
August
September
October
November
December
1st
2nd
3rd
kth

quarter
quarter
quarter
quarter

1st half
Three quarters
Year

1,060
1,065
1,320

812

e/650
.

six

7k2
572
506 ,

765
1,453

798
.895
551

765
5k6
393

1,102
536
l,ikk

1,003
92k
973

806
kQ3
65o

529
58k
k31

£/8l5
E/U75
e/950

1,090 r-;
789
1,076 -

k53
>72
E/k30

698
633
698

3,135
2,622
2,78k
e/2,2k0

.3,kk5
3,119
2,899
2,95k

2,276
2,2a
1,859
2/1,355

1,820
1,70k
l,5kk
2,029

5,757

6,59k
9,k93
12,kk7

k,520
6,379
2/7,735

3,52k
5,069
7,099

8,5a

e/10,781

Excluding finance companies k/
1st
2nd
3rd
Uth

quarter
quarter
quarter
quarter

Year

2,891
2,583
2,753
e/2,165

3,237
2,889
2,582
2,810

a/10,395

11,518

e/ Estimated.
1/ Securities and Exchange Commission estimates of net proceeds.
2/ Investment Bankers Association of America estimates of principal amounts.
3/ Includes $718.3 million AT&T convertible debenture issue.
k/ Total new capital issues excluding offerings of sales and consumer finance
companies.




.

x

H.Ik

Exhibit frOther Security Offerings 1/
(In millions ol' dollars)
Long-term
Foreign government 2/
Federal agency 3/
1958
1 1957 1 1956
1958
1 1957 1

January
February
March

196
53

April
May
June
July
August
September
October
November
December

81,
1*9
30

37

139
198
120

123
1*8
1*2

50

9
5
17

28
7
30

2
39

161*

58
123

k
60
1

kk
5
21

220

507

300

—

Year

8

1,163
251

. 95

—

523

125

—

__

72

—

—

60

60
109

215

Short-1ierm
State and local government kf

1956

—

100
—

—

572

I69

Federal agency 3/

JanuaryFebruary
March

233
460
273

326
155
11*7,

196
357
21*9

371
208
ia

638
130
505

380
220
203

April
May
June

357
35k
26k

205
337
153

125
252
176

209
161
329

336
1*69
501

323
311*
260

July
August
September

289
2*23
369

272
252

195
207
179

437
206
330

22k
370
512

222
1*25
273

303
9k
159

29k
328
ll*8

k$k
111

1,238
255
116

1*07
222
128

5,51*3

3,1*57

October
November
December

231
E/l*Ik

Year

3,27 k

2,706.

1/ Data presented in this exhibit differ from those .m Erdiibit E in that refunding issues, as well as new capital issues, are included. Long-term securities are defined as those maturing in more th'-n one year.
2/ Includes securities offered in the United States by foreign governments and
their subdivisions and by international organizations. Sourcei Securities and Exchange Commission.
2/ Issues not guaranteed by the U. S. Government. Source: long-term, Securities
and Exchange Commission; .short-term, Federal Reserve.
k/ 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 term than one year. Sources Bond Buyer.



'

H.lU

k

iM.iu.ii 11 >;
Largo Long-L m m Public SueurII,;/ latinos l'or Now Capital
(Oilier Uv.ui il. S. Txxauury) 1/
Pruecud:. of'Lurgu isuueu' offered
(Million;! of dollars)

Hon th

Corporate

1957 - December
1958 - January
February
March
April
May
June
July
August
September
October
November
December

39?
318
605
1,093
725
356
281
771
209
825
259
227
305

State and
1
local governmentI

Wk
Uio
#3
182
300
505
195
275
109
288
172
259
229

.

Other 2/

1,357
266
653
I61i
86
hi

.

18
209
100
79

Large Individual Issues Offered January 1 through 23
Issuer

CORPORATE
Washington Wtr. Pwr. Co.
Household Finance Corp.
C. I. T. Financial Corp.
San Diego Gas & Elec. Co.
Sheraton Corp. of America
Commonwealth Edison Co.
Southern Calif. Edison Co.
Southern Natural Gas Co.
Indiana & Mich. Elec. Co.

Type 3/

Amount
Coupon
(millions Maturity rate or Offering
hating
of
net inter- yield
dollars)
est cost

-

1st mtg. bds. 15.0
S.F. deb.
30.0
Deb.
75.0
S.F. deb.
15.0
S.F. deb.
2l.O
Deb.
20.0
Com. stk.
30.0
1st mtg.p.1.bds35.0
1st mtg. bds. 20.0

1989
1981*
1979
19 8H
1989
2009

it. 75
h 3A
U.69
k 5/8
L 5/8
L70
h 5/8 ; I*. 63
7 1/2 7.50-7.70
It 5/8
k.Sk

1979
1988

k 3A
h 3A

it. 75
, h. 60

200.0 :
1965-2006

ii.22

3.20-rii.20

18.0 1960-89/67

3.61

2.00-3.75

A
A
Aa
A
Aa

STATE AND LOCAL GOVERNMENT
New York State Power Auth. Rev.-Ut.
Los Angeles Dept. of Wtr.
and Pwr., California
Rev.-Ut.




Aa

11

H.1J+

G-2
Large Individual Issues Offered Januaiy 1 through 23 (Cont'd)
Issuer

Type y

Coupon
Amount
(millions Maturity rate or Offering Rating
net inter- yield
of
est cost
dollars)

STATE AND LOCAL GOVERNMENT
(Cont'd)"
Sacramento Mun. Ut. Dist.,
California
Rev.-Ut.
Dallas, Texas
Rev.-Ut.
State of Oregon
G.O.

25.0 1966-99/69 3.58
11. &
1959-79 3.29
20.0
1964-65 2.78

2.90-3.70
1.75-3.W
2.60-2;70

Aa
Aa
Aa

OTHER
Province of Ontario

Ext. deb.

75.0

1984

4 3/4

4.85

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.
2/ 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 quasi-utilities;
Rev.-S.T., revenue bonds secured by revenue from Specific taxes only; Re v.-Rent.,
revenue bonds secured solely by lease payments.




H.lli

Exhibit H
Forthcoming Large Long-term Public Security Offerings for New Capital
(Other than U. S. Treasury) 1/
Expected Proceeds from Forthcoming Large Issues

Date of
computation

1957 - Nov. 29
Dec. 31
1958 - Jan. 31
Feb. 28
Mar. 31
Apr. 30
May 29
June 30
July 31
Aug. 29
Sept. 30
Oct. 31
Nov. 28
Dec. 31

Subsequent to
During month following
date shown
date shown
State and Other 2/ Corporate „ Stf\te a n d Other 2/
local govt.
local govt.
_

Corporate
383
378
1*98
1,123

II
266
768
161

'4
20k
301
210

is

370
131
298
193
177
225

18
150
110

558
561*
187
3141
330
193
208
235

1*61*

&

295
258
229
261

1,193
1,161
1,378
1,208
670
561

71
75

1,01*8
381
91k
216
326
1*01
370

63
165
110
150
36

if

521*
675
683
515

; 71
75

Forthcoming Large Offerings, as of Januazy 23
Issuer

Type

Amount
Approximate date
(millions
of offering
of dollars)

CORPORATE
Transcontinental Gas Pipe Line Co.
Inland Steel Co.
Champion Paper and Fiber Co.

_

Universal Oil Processes, Inc.
Southern Company
Reynolds Metals Co.
Avco Manufacturing Co.
Consolidated Edison Co.
^Public Service Co. of Indiana, Inc.
Connecticut Light and Power Co.
Montana Power Co.
Commerce Oil Refining Corp.




1st mtg. p. 1. bds.
1st mtg. bds.
Conv. deb.
Cap. stk.
Common stk.
Conv. pfd. stk.
Conv. deb.

35.0
50.0
20.0
60.0
1*0.0
55.0
15.0

Conv. deb.

59.8

1st mtg. bds.
Common stk.

25.0
15.0

1 1st mtg. bds.
20.0
|Deb., bds. and common 1*5.0

Jan. 28
Jan. 28
Jan. 29
(rights expire)
Feb. It
Feb. 5
Feb. 6
Feb. 10
(rights expire)
Feb. 13
(rights expire)
Feb. 18
Feb. 21*
(rights expire)
Winter
Winter

H.llt
Forthcoming Large Offerings, as of January 23 (Cont'd)
Issuer

Type

Amount
(millions Approximate date
of dollars) of offering

STATE AND LOCAL GOVERNMENT
*New York City Housing Authority
Houston, Texas
Commonwealth of Puerto Rico
-^Milwaukee Co., Wise.
*Los Angeles, California
Louisiana Dept. of Highways
•^State of Minnesota
*State of Washington
State of New Jersey
*Los Angeles Co. Flood Control Dist.,
California
-55-San Antonio, Texas

Massachusetts Port Authority
•HMetro. Water Dist. of So. California
*State of California
^Public Housing Authorities
Chesapeake Bay Ferry Commission
Chicago, Illinois
Detroit-Metro. Expressway

-

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

20.3
20.2
20.0
1U.0
14.0
20.0
22.9
3k.9
25.0

Jan. 27
Jan. 28
Jan. 28
-Feb. 2
Feb. 3
Feb. h
Feb. 10
Feb. 10
Feb. 16

10.0
10.8
50.3
26.a
100.0
103.0
ill.o
120.0
35.0

Feb. 19
Feb. 26
Feb.
Mar. 10
March
Winter
Winter
•Winter
Winter

15.0

Feb. 5

OTHER
Kingdom of Denmark

Ext. loan bds.

*—Included in table for first time.
1/ 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 by Federal agencies.
Note.—Deletions for reasons other than sale of issue: None.




H.lfc

Exhibit I
Yields on New and Outstanding
Electric Power Bonds, Rated Aa and A 1/
Date

1952 - 1957
High
Low
1958 - January
February
March
April
May 7
13
15
16
20
21
22
28
June 10
17
25
July 2
9
18
23
Oct. 7
15
28
29
Dec. 17
1959 - Jan. 7
19

Aa-rated offering yields A-rated offering yields
Amount above
Amount above
Actual
Actual seasoned yields
(per cent) seasoned yields (per cent) (basis points)
(basis points)
5.00(8/14/57)
2.93(3/31/5U)

87
-3

*3.60 ,
3.89^
U.08
3,91

-8
22
35
18

3.90

21

3.85
3.85

16
16

3.85
3.82
3.95

17
12
21*

Loo
li.10
1*.10
1*,57
It. 50

25
28
29
25
22
12
1U
23

L a
u.60

5.50(11/7/;>7)
3.00(3/17/54)
3.962/
lt.07
1.16
l*.0l
>.00

:

123
-15
3
9
-1
. 8
1
3

1*.07
1*.35

1*
32

i*.oo
3.95

wl
-6

3.982/

1

U.352/

31

k.7&

23

31*

•--Single observation, not an average.
1/ Covers only 30-year first mortgage bonds, as reported in Moody's Bond
Survey. Except where indicated, the actual yield figure and the amount above
seasoned yields are averages of offerings during the indicated period and of the
differences between these new offering yields and yields on seasoned issues of
similar quality for the same day. Average maturity for the seasoned issues
varies from 26 to 28 years.
2/ Provides for a 5-year period during which issue may not be called for
refunding at a lower coupon rate. Monthly averages so marked include one or more
issues with such a provision. Other issues have no such provision.