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Not for Publication DECONTROLLED AFTER SIX MONTHS
H. 14
yBRARY

January 28, 1963
I

JAN 3 0 1963

CAPITAL MARKET DEVELOPMENTS
IN THE UNITED STATES

FEDERAL RESERVE
OF RICHMOND
Public security financing to obtain new capital was in
—substantial volume last week but is expected to be more moderate this
week. During the week ending January^25, two large corporate issues
to obtain $75 million in new capital were offered and five State and
local government bond issues with par value of $118 million were sold.
This week, ending February 1, a $108 million State and local bond
issues and an $18 million Japan Development Bank bond issue are
scheduled. No large corporate issues for new capital are scheduled
this week, but the Dallas Power arid Light Company is expected to
offer $25 million in bonds to refund outstanding securities.
Bond yields. Yields on seasoned, long-term bonds either
rose or were stable last week. Yields on both Aaa-rated corporate
bonds and on Aaa-rated State and local government bonds rose one basis
point, while U= S. Government bond yields- increased four basis points.
Baa-rated corporate and State and local government bond yields were
stable.
Average yields on newly offered corporate bonds, adjusted
to an Aaa basis, rose nine basis points last week to 4.22 per cent,
about the same level as in early January.
Short- and intermediate-term interest rates. Rates on 3month and 6-month Treasury bills rose three and four basis points,
respectively, last week, and yields on 3-5 year U. S. Government
obligations advanced six basis points. The average rate of interest
on directly-placed finance company paper with 90-179 day maturity
declined two basis points to 3.13 per cent, reflecting the full
effect of the change in rates the previous week. The average
effective Federal funds rate was 3.00 per cent. Other short- and
intermediate-term interest rates were unchanged.
Mortgage recordings. Seasonally adjusted nonfarm mortgage
recordings of $20,000 or less continued little changed in October,
the latest month available on a three-month moving average basis.
At $2,925 million, the monthly rate was just below the peak of $2,973
million reached in July and 5 per cent above the advanced rate a
year earlier.
Government-underwritten mortgages constituted 26 per cent
of total recordings in November. This was the same share as in
October and a slightly higher proportion than in November of 1961.




-2-

Stock prices. Common stock prices advanced moderately further
last week in very active trading. Prices, as measured by Standard and
Poor's composite index of 500 stocks, rose over one per cent to
close at 65.92 on January 25. At Friday's level, average prices had
recovered two-thirds of the loss incurred between the December 1961 high
and last June's low.
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.




[EXHIBIT A, Port I

LONG-TERM BOND YIELDS, HIGH-GRADE

# U.S. COVftNMENT

m$i

mo

.Exhibit A - Part II

Date

Corporate
Aaa 1 /

U. S. Govt,
long-term 2/

State and
local
government
Aaa 3/

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

(per cent)
1957 - High
1958 - Low
1959-60 - High
1960-61 Low
1961 - High
1962 - High
Low
Dec.
Jan.
Jan.
Jan.
yJan.
Note:

28
4
11
18
25 j>/

lull* (9/27)
3.55 (5/2)
Ii.6i ( 1 / 2 9 / 6 0 )

4.21
U.U6
4.43
4.23

(3/17/61
(9/15)
(2/16)
(12/28)

4.23
4.22
4.21
4.20
4.21^

3.76

(10/18)
(4/25)
(1/8/60)
(5/12/61)
(12/29)
4.12 (2/23)
3.85 (12/28)

3.07
U.i|2
3.70
L07

3.85
3.87
3.87
3.87
3.91

For footnotes see Exhibit B.




3 . k $ (8/29)

2.66(5/1)

3 . 6 5 (9/24/59)
2.99(W60)
(7/6)
3.26 (1/4)
2.88 (11/8)

3.37

2.94
2.94
2.94
2.94
2.95.

.60
.22
.59
.19
.57

.50
.3k
.92
.1*6
.76

.47
.29

1.08
.80

.38
.35
.34
.33
.30

.91
.93
.93
.93
.96

L O N G - T E R M BOND YIELDS, LOWER-GRADE
Weekly

•V

V

E x h i b i t B - Part I I

Date

Corporate
Baa 1 /

State and
local g o v t .
Baa 3 /

Spread b e t w e e n
A a a a n d Baa
S t a t e and
Corporate
local govt.

(per cent)
1957 - High
1958 - Low
1 9 5 9 - 6 0 - High
1960-61 Low
1961 - High
1962 - H i g h
Low
Dec.
Jan.
Jan.
Jan.
Jan.

28
4
11
18
25 j>/

5.10
U.5L
5.36
U.98
5.13

(11/29)
(7/11)
(2/12/60)
(9/9/60)
(10/27)

It.51 (8/29)
3.6U (5/1)
U.lt6 (3/7/60)

1.27

1.21
.93
1.08

3 . 9 3 (11/9/61)
l*.l6 (3/23)

.77
M
.66
.81

5.11 (1/5)
4 . 9 2 (12/21)

4 . 0 4 (1/11)
3 . 5 2 (5/17) ,

.74
.63

.57
.93
.82
.56

4.93
4.93
4.92
4.91
4.91

3.57
3.57
3.57
3.55
3.55

.70
.71
.71
.71
.70

.63
.63
.63
.61
.60

,

p/ Preliminary.
1/ Weekly average of dally figures. Average term of bonda included in 23-26 years.
f/ Weekly average of daily figure®. The aeries inoludea bonds due or callable in 10 years or more.
3/ Thursday figures. Only general obligation bonds are Included; average term is 20 years.
Notee—-Highs and lows are for individual series and may be on different dates for different
seriese for spreads, high refers to widest, and low to narrowest.




f
I

'
EXHIBIT C. Port I

SHORT- A N D I N T E R M E D I A T E - TERM INTEREST RATES, G O V E R N M E N T

S T U » isstlisj

f. I . DISCOUNT IAIE
N.w York

V;JOATHiuis
Mark.I Yield

1 I I I I I I I I I I I I I I I I II I I I I I I I I I I I I
I
I I
I I
I960

1959

1961

Exhibit C - Part I I

Bate

Discount
rate
V

1957 - H i g h
1958 - Low
1959-60 - H
1960-61 Low
1961 - High
1962 - H i g h
Low
Dec.
Jan.
Jan.
Jan.
/Jan.

28
4
11
18
25 jj/

3-month
b i l l s 2/

3.6U
.58
k.$9
2.11
2.66

Yields
6-month
bills 2 /
(per c e n t )

(10/18)
(5/29)
3.02
(1/8/60) 5 . 0 7
(10/28/60 ) 2.35
(12/29)
2.90

3-5 year
issues 2 /

Spread b e t w e e n y i e l d s on 3 m o n t h bills and y i e l d s on
6-mo. bills 13-5 y r . i s s u e s

3.50
1.75
LOO
3.00
3.00
3.00
3.00

2.97 (7/13)
2.65 (6/8)

3.13 (7/20)
2 . 7 4 (6/8)

3.88 (2/2)
3.41 (12/28)

.UU
.24
.02

3.00
3.00
3.00
3.00
3.00

2.89
2.89
2.90
2.90 y
2.93 /

2.93
2.94
2.95
2.95
2.99

3.41
3.44
3.45
3.44
3.50

.04
.05
.05
.05
.06

t|. 0U (10/18)
(12/26)
2.lil (6/6)
(1/8/60) 5 . 0 0 (12/24/59)
(4/28/61) 3.15 (5/12/61)
3.86(8/11)
(12/29)

.86
.Oil
1.81

.26
.79
.12

.38
1.51
1.19
.52

.

.52
.55
.55
.54
.57

Weekly rate shown is that in effect at end of period at the Federal Reserve Bank of New York.
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 loirs are for individual series and may be on different dates for different series.
For spreads, high refers to widest, and low to narrowest.
2/




t X H i n i T D. Foil I
SHORTBANKS

Date

AND
AND

INTERMEDIATE -TERM
OTHER

INTEREST

RATES,

PRIVATE BORROWERS

Stock Exchange
call loan 1 /

Prime
rate 1 /

Finance
paper

company
2/

Federal
funds 3/

Spread
3-mo.

between
bills and

finance

Co.

naoer

(per cent)
1957

- High

1958

- Low

1959-60

- High

a.50

3.6ti (11/15)

3.50

3.50

1 . 1 3 (8/8)

5.50

L.50

5.00

5 . 1 3 (1/22/60)

3.50(11/8)

.63

.13(5/29)
L o o (5/13/60)

-.35
1.02

.1*3 (1/27/61)

.11

1960-61 Low

It. 5 o

L 5 0

2 . 5 0 (8/5/61)

1961

- High

L 5 o
4.50

2 . 8 8 (12/29)

-High

L 5 o
4.50

3 . 0 0 (12/29)

1962

3.25

(7/20)

3.00

(12/28)

.45

4.50

4.50

2.88

(6/1)

1.30

(1/26)

.19

Low

.56

Dec.

28

4.50

4.50

3.19

3.00

.30

Jan.

4

4.50

4.50

3.25

2.79

.36

Jan.

11

4.50

4.50

3.25

2.70

.35

Jan.

18

4.50

4.50

3.15

r/ 2.98

.25

Jan.

25 £ /

4.50

4.50

3.13

3.00

.20

] 7 W e e k l y rate shown is that in effect at end of p e r i o d . S t o c k Exchange call loan rate is going rate
on c a l l loans secured by customers 1 stock exchange collateral at New York City banks. Prime rate
is that charged by large banks on short-term loans to business borrowers of the highest credit
standing.
2/ Average of daily rates published by finance companies for directly placed paper for varying maturities
in the <50-179 day range.
3 / Weekly average of daily effective rate, which is the rate for the heaviest volume of purchase and
sale transactions as reported to the Federal Reserve Bank of New York.
N o t e . — H i g h s 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.




STOCK MARKET

Exhibit E - Part II

Date

Stock price
index 1/
.

1961-62 - High
Low
1963 - High
Low
November
December
Jan. 11
J a n . 18
Jan. 25 j>/

Common .
Trading
S t o c k m a r k e t customer credit
Customers 1
Bank
stock
v o l u m e 3/
yields 2/
Total
debit balloans to
(millions
(per c e n t ) of shares)
ances 4/
" o t h e r s " 5/
.
(In m i l l i o n s of d o l l a r s )

72.04(12/8/61)
52.68 ( 6/22/62)
6 5 - 9 2 (1/25)
64.13 (1/4)

2.82
3.96
3.25
3.34

10.1
2.4
4.8
4.5

60.04
62.64
64.85
65.18
65.92

3.50
3.40
3.30
3.28
3.25

4.8
4.0
4.8
4.8
4.7

5,602( 12/6I) 4,259 (12/61) 1,377(8/30/61)
4,876(7/62) 3,562 (7/62) 1,269(9/26/62)
1,413 (1/2)
1 , 3 8 1 (1/16)
n. a.
5,285
5,494

3,951
4,125

n.a.

n.a.

1,334
1,369
1,383
1,381
n.a.

n.a.—-Not available, jg/ Preliminary#
1/ Standard and Poor's composite index of 500 oonmon stocks, weekly dosing prioea, 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.
2/ Standard and Poor s composite stock yioDh based on Wednesday data converted to weekly closing
prices by Federal Reserve. Yields shown are for dates on which prioe index reached its high
3/ Averages of daily trading volume on the New York Stock Exchange.
"Aj End of month figures for member films of -the New York Stock Exchange vixioh 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. Prior to July 1, 1959, such loans are excluded only at banks in
New York and Chicago. Weekly reporting banks account fi>r about 70 per cent of loans to others.
For further detail see Bulletin.




EXHIBIT f. Pa

MORTGAGE RECORDINGS AND LOANS -V

t—f~—-J\

-r

I960
E x h i b i t F - Part I I
Total
Seasonally
Unadjusted
adjusted 2/

1

!

Date

FHA

VA

Conv.

(Millions of dollars)
1961 - N o v .
Dec.
1962 - J a n .
Feb.
^
Mar.
Apr.
May
July
Aug.
Sept.
Oct.
Nov.

2,779
2,763
2,696
2,682
2,670
2,745
2,836
2,891
2,973
2,933
2,929
2,925
n.a.

&

,

2,754
2,579
2,459
2,238
2,627
2,704
2,983
3,075
3,134
3,333
2,861
3,208
2,883

484
426
480
398
418
372
403
404
433
465
431
546
492

206

2,064

197
227
175
205
182
184
207
219
247
231
285
254

1,957
1,752
1,665
2,004
2,151
2,397
2,464
2,482
2,621
2,199
2,376
2,137

n.a.-—Not available.
y
Total recordings data are estimates based on reports from about 450 areas and
include mortgages of $20,000 or less secured by nonfanm real estate, primarily
residential properties. FHA-insured loans represent gross amount Of insurance
written, and VA-guaran teed loans the gross amount of loans closed, on 1-4 family
houses. Conventional data are derived as a residual, although total recordings
and VA and FHa loans are not strictly comparable in concept or timing.
2/ Three-month moving average, seasonally adjusted by Federal Reserve.
Source: Federal Home Loan Bank Board, Federal Housing Administration and Veterans
Administration.




YIELDS O N N E W A N D S E A S O N E D C O R P O R A T E B O N D S

V
J
.-l. 1 i

J

1 1 Uv

Exhibit G - Part II
Yields on New Corporate Bond Issues Adjusted

to a n A a a b a s i s

Number A m ' t of issues
Average
of
included (mil.
yield
(per c e n t )
of dollars)

N u m b e r A m ' t of issues
Average
of
Included (mil.
yield
of d o l l a r s )
(per c e n t )

W e e k l y averages:
1962 -

Aug. 3
10

4
2

107.3
115.0

17
24

3
2
I
1
1

70.0
52.0
60.0
12.0
50.0

4.28
4.23
4.22

1
1

4.9
75.0

4.16
4,22

31
Sept. 7
14
21
28
Oct. 5
12
19
26

2

275.0

4.33
4.45
4.27
4.29

4.29

Nov.

2

3
2

9
16
23
Dec.

30
7
14
21
28

11
18
25

.

37.0

4.14
4.13

2
2
3
1

19.8
72.5
87.0
45.0

4.17
4.24
4.25

1
1

25.0
70.0

4.19
4.23

1
2

35.0
75.0

4.22

85.0

4.00*

.

4.13

Note; Averages of offering yields on all new issues of publicly offered corporate bonds rated Aaa, Aa and
A by Moody's Investors Service (except serial and convertible Is sues, offerings of natural gas pipeline
and foreign companies, and bonds guaranteed by the Federal Government) weighted by size of offering.
Before averaging, new offerings are adjusted to a composite Aaa basis by deducting from the actual
reoffaring yield the excess of the weekly average yield for seasoned tends of the appropriate industryquality group over the composite average for seasonsd Aaa-rated bonds (Moody's). Averages considered
unrepresentative because of special characteristics of "the offerings included are denoted by an asterisk.




H.14

Exhibit K
Long-term Corporate and State and Local Government
Security Offerings and Placements
(In millions of dollars)
New capital
1963

J anuary
February
March

e/7.0

Corporate 1/
1
1962
I

1961

713
689
764

1,113
760
1,132

2,118
1,259
1,318

2/873
2/914
2/788

723
641
1,034

582
749
579

1,028
762
647

2/611
2/543
2/423

485
604
734

October
November
December

888
2/737
f/1,073

1,090
948
1,000

2/627
e/550
e/500

678
789
606

1st
2nd
3rd
4th

2,258
3,005
1,910
jo/2,698

1,809
4,695
2,437
3,038

2/2,638
2/2,574
2/1,577
e/1,677

2,166
2,397
1,823
2,073

5,264
7,173
2/9,--

6,504
8,941
11,979

2/5,213
2/6,789
£/8,466

4,563
6,387
8,460

July
August
September

quarter
quarter
quarter
quarter

1st half
Three quarters
Year

580
667
562

State and local 2/
1 1961
1
1962
£/876
2/1,133
2/629

April
May
June

592
859
807

1963

e/700

Excluding finance companies 3/
ls-t
2nd
3rd
4th

quarter
quarter
quarter
quarter

Year
e/
If
If
3/

2,199
2,919
1,775
e/2,223

1,554
4,552
2,337
2,807

e/9,17-

11,253

Estimated by Federal Reserve.
j>/ 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.




Exhibit I
New Corporate Security Issues, Type of Issue and Issuer
(In millions of dollars)

Quarter
or
month

Total

Gross proceeds for new
capital and refunding 1/
Common
and
foreign
Publicly Privately
pfd.
offered offered
included

Net proceeds for
new capital 1/ 2/
Mfg.

Public Communiutility cations

Other
issuers

1960 - I
II
III
IV

2,265
2,537
2,520
2,832

934
1,074
1,336
1,462

795
770
754
955

536
692
429
416

69
27
38
17

298
511
562
625

598
808
652
696

189
149
317
381

1,059
913
896
^_997

1961 - I
II
III
IV

1,992
5,352
2,566
3,236

662
2,303
772
967

880
1,275
1,139
1,424

449
1,774
654
845

76
155
69
62

515
1 ,466
935
792

381
1,081
595
836

81
1,095
104
147

832
1,052
803
1,263

1962 - I
II
III
IV e/

2,378
1,155
3,250
1,389
2,184
. 853
3,007 • 1,113

716
1,222
1,024
1,584

507
639
307
311

655
996
601
806

430
983
375
600

456
231
275
310

1961 - Jan.
Feb.
Mar.
Apr.
May

601
695
696
2,231
1,342
1,779
1,075
813
678
1,155
987
1,094

178
273
211
713
666
924
424
225
123
336
414
217

294
255
331
348
355
572
392
411
336
509
348
567

129
167
, 154
1,170
320
283
259
177
218
310
225
310

169
99
248
574
447
446
428
255
252
271
215/306

137
160
84
254
439
389
269
215
111
306
362
168

21
41
19
994
85
16
16
13
75
25
80
42

253
'368
211
297
289
467
315
279
209
487
291
485

647
884
847
1,217
801
1,232
630
July
922
Aug.
632
Sept.
Oct.£/ 1,037
Nov. j)/
824
Dec.e/ 1,145

273
497
386
654
247
488
200
477
176
540
295
278

232
232
253
227
420
575
366
363
295
372
477
735

143
155
209
336
134
169
67
82
161
125
52
134

205
131
318
384
270
342
217
218
166
170
266
370

89
148
193
377
196T
410
118
110
148
141
193
266

73
362
21
88
64
79
88
120
67
257
3
50

225
218
275
264
229
301
159
301
199
320
275
387

July
Aug.
Sept.
Oct.
Nov.
Dec.
1962 - Jan.
Feb.
Mar.
Apr.
May

68
257
56
n.a.
54
19
3
71
35
49
52
7
10
25
12
25
,3
12
54
10
147
100
13
43
47
34
n.a.

.

717
794
6SQ
982 .

j>/ Preliminary.
e/ Estimated by Federal Reserve.
1/ Gross proceeds exceed
net proceeds by the cost of flotation.
2J For total see Exhibit H; other issuers
are extractive, railroad and other transportation, real estate and finance and
commercial and other. Source.--Securities and Exchange Commission.




H. 14

Exhibit :
Other Security Offerings
(In millions of dollars)
Gross 1ong-term 1/
Foreign government 2/
Federal agency 3/
1961
1962
1960
1962
1961
January
February
March
April
May
July
August
September
October
November
December
Year

142
10
35
10
86
50
25
8
31
2/151
£ / 87
e/75

6
29
20
2
66
29
5
2
43
34

e/710

236

2
175
70
34
72
40
25
1
36
34
2 _
_
41
533

1960
182
150
150
148
354

246
156
461

252
100
149
278

--

150
175

--

--

250
193

--

199

£/-"

--

160
149
181

e/1,188

1 ,448

1,672

£/"

225

Net sh<Drt-term 4/
Federal agency 3/
State and local government 5/
J anuary
February
March
April
May
July
August
September
October
November
December
Year
j>/
1/

2/

3/
4/

5/

18
466
-186
127
-84
-118
78
339
-406
71
2/233
£/-163

160
195
-8
-103
-42
-"-155
109
518
-86
-6
54
-116

58
140
-80
70
-146
-157
48
415
-175
-16
50
-189

247
=156
226
-364
82
284
261
227
-157
379
55
e/-30

-144
-162
-174
-79
-87
207
22
193
108
98
56
-114

-196
-202
-59
-277
170
320
95
23
-201
-23
-33
-250

2/370

520

18

e/l,054

-76

-633

Preliminary.
e/ Estimated by Federal Reserve.
n.a.--Not available.
These data differ from those in Ex?ibi\ 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.
Included securities offered in the United States by foreign governments and their
political subdivisions and international organizations. Source: Securities and
Exchange Commission.
Issues not guaranteed by the U. S. Government. Source: Long-term, Securities
and Exchange Commission; short-term, Treasury Department and Federal Reserve.
These data differ from those in Exhibit H and above in that they represent new
offerings less retirements, whether from the proceeds of refunding issues or from
other funds. Data include only issues with original maturity of one year or less.
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 one year. Source: Bond Buyer and Federal Reserve.
for FRASER

Digitized


Exhibit K

H. 14

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

Month

Total
•

1961 - December
1962 - January
February
March
April
May
July
August
September
October
November
December

255
195
425
366
648
200
472
165
286
191
434
178
198

Co]
rporate
Bonds
Convertible
(other than
bonds
convertibles)
__

125
170
425
330
430
170
387
135
226
100
398
178
178

Stocks

State
and
local
government

130
25

--

307
561
662
259
423
373
266
321
272
153
320
217
193

21
167
30
85
30

15
51

Other
2/

60
91
36
20

145
64
30
55
88
30
20
194
25
75

Large Individual Issues Offered January 1 through 25

Issuer

CORPORATE
Chesapeake & Potomac Tel.Co.
Gen. Amer. Trans. Corp.
New York Telephone Co.
Genesco, Inc.
Illinois Power Co.
Tennessee Gas Trans. Co,
STATE AND LOCAL GOVERNMENT
Oklahoma City, Oklahoma
Phila. Sch. Dist., Pa.
State of Louisiana
Memphis, Tenn.
Montgomery Co., Md.
St. Louis Sch. Dist., Mo.
Metro. Seattle, Wash.
Cleveland City Sch. Dist.,
Ohio
City of Milwaukee, Wis.
State of Oregon
Los Angeles Dept. of Wtr.
& Pwr., Cal.
New Jersey Expressway Auth,

Type 3/

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

Deb. .
Equip.tr.cert.
Ref.mtg.bds.
Pfd.stk.
1st mtg.bds.
1st mtg.p.l,bds.

G.O.
G 0.
G 0.
Rev.-Rent. .
G 0.
G.O.
Rev,-Uto
G.O.
G.O.
G,0.
Rev,-Ut.

Rev.-Ut.



25,08/
35.0
70.0
18.5
35.0
50.0

Rating

2002
1983
2000

4-3/8
4.30
4-1/4

4.20
4.30
4.21

A

1993
1983

4-1/4
4-7/8

4.20
4.80

Aa
Baa

15.0 1965-88
15.0 1965-88
15.0 1964-88
32.81/1965-85
15.7 1964-88
10.7 1964-83
15.0 1966-2002

2.88
2 97
3.08
2.89
2.96
2.91
3.54

10.0
12.4
37.0

1964-83
1964-78
1966-95

2.78
2,53
2.85

12.0 1964-93
46.82/ 2002

3.12
n.a.

1.85-3.10 A
1.75-3.204/A
1.70-3;20 A
1:75-3:00 Aaa
1.60-3.20£/A
1.55-3.00 Aa
2.00-3.60 A
:

1.65-3.00 Aa
1.60-2.70 Aaa
1.60-3.251/Aa
1.60-3.35
4,75

Aa
. --

H. 14

K-2
Large Individual Issues Offered January 1 through 25

Issuer

Type 3/

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

Rating

OTHER
City of Montreal, Canada

Bonds

9,0
16.0

1983
1988

5.00

4.90

*—Rights offering.
If 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 r„on~guaranteed issues by Federal agencies.
3/ la the case of State and local government securities, G. 0. denotes general
obligations; R e v . , revenue obligations secured only by income from
public utilities; Rev.-Q.Uto, revenue bonds secured only by revenue from
quasinutilities; Rev.-S.T., revenue bonds secured by revenue from specific
taxes only; Rev.-Rfat., revenue bonds secured solely by lease payments.
4/ 1/20 per cent bonds maturing 1988 not reoffered.
5/ An additional $160=5 million in bonds were sold to refund outstanding
securities.
J5/ 1/10 pet cent bonds maturing 1987-88 reoffered to yield 4.25 per cent.
7/ 0.1 per cent bonds maturing 1995 not reoffered.
8/ An additional $25 million in bonds sold to refund outstanding securities.
9/ Placed privately.




A

Exhibit L

H. 14

Forthcoming Large Long-term Public Security Offerings for New Capital
(Other than U. S. Treasury) 1/
Expected Proceeds from Forthcoming Large Issues
During month following
date shown
State and
Other 2/
local govt.

Date of
computation

Corporate

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

161
480
222
628
185
587
120
302
170
363
203
170
269

223
465
153
453
333
184
202
273
61
187
96
194
177

Subsiaquent to
datte shown
State and
Corporate
local govt.

--

64

95
55
——
—-

175

75
25

591
525
341
693
598
692
458
477
312
546
328
360
314

Other 2/
__

415
567
239
539
452
337
377
427
215
387
243
328
311

64

95
55
25
——

175

75
25

Forthcoming Large Offerings, as of January 25

Issuer

Type

Amount
(millions
of dollars)

Approximate date
of offering

CORPORATE
Bell Tel. Co. of Pa.
Potomac Electric Power Co.
*Ashland Oil & Refining Corp.
*Socony Mobil Oil Co.
Commerce Oil Refining Corp.

Deb.
1st mtg. bds.
Bds. & com. stk.
Deb.
Deb., bds. & com.

.0
50,
.0
50,
.0
67.
200.
.0
,0
45.

Feb. 6
Feb. 11
Late Feb.
April
Indefinite

108. 2
15. 5
11. 0
37. 2
89- 0
12. 4
14.8

Jan.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.

STATE AND LOCAL GOVERNMENT
New York City, New York
Lafayette, La.
Buffalo, New York
Washington Toll Bridge Auth.
New York State Housing Fin. Agency
*Monroe Co., New York
St. Louis, Mo.




G.O.
Rev.
G.O.
Rev. -Ut.
Rev. -Rent.
G.O.
G.O.

29
5
7
7
9
14
19

H. 14

L-2
Forthcoming Large Offerings, as of January 25

Issuer

Type

Amount
(millions
of dollars)

Approximate date
of offering

STATE AND LOCAL GOVERNMENT (CONT'D)
*Triborough Bridge & Tunnel Auth.
*E1 Paso Sch. Dist. No. 11, Colo.
*Louisiana Fiscal Auth.
^Washington Public Power Supply
System
Pittsburgh, Pa.
Jefferson County, Colorado
Dade County, Florida
Jacksonville Expressway Auth.
Fla.

Rev.-Ut. .
G.O.
Rev.-Q.Ut.

100.0
11.5
20.0

Feb. 19
Feb. 20
March 6

Rev.-Ut.
G.O.
G.O.
G.O.

130.0
35.0
12.9
46.0

April 17
Indefinite
Indefinite
Indefinite

Rev.-Ut.

40.0

Indefinite

OTHER
*Japan Development Bank

17.5

*—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 of Federal agencies.
Note.--Deletions for reasons other than sale of issue: None.





Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102