Full text of H.16 Capital Market Developments : January 6, 1964
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I Not for Publication 14 Li^hRY ^ I f JAM ] 0 DECONTROLLED AFTER SIX MONTHS L-' / n January 6, 1964. r.APTTAT. MABTfF.TR DEVELOPMENTS IN THE UNITED STATES f a l ^ , 3 ^ ^ r ^incijuding Review of Capital Markets in December) No large security issues were publicly sold during the last two weeks, as is generally the case during the holiday season. This week, ending January 10, financing will pick-up sharply with two large corporate issues totaling 9J./O million and two State and local government bond issues with aggregate par value of $95 million scheduled for sale. Bond yields. Changes _in yields on seasoned long-term bonds were mixed the past two weeks. Yields on Aaa-rated corporate bonds rose one basis point further to 4.37 per cent, the highest level since early August 1962. U. S. Government bond yields increased one basis point to a new 1963 high of 4.16 per cent, but then declined to 4.15 per cent. Yields on lower-grade bonds eased, however, with those on Baa-rated corporates edging off a basis point to 4.84 per cent, and those on similarlyrated State and local government bonds dropping six basis points to 3.56 per cent, the lowest since late May 1963. Yields on Aaa-rated municipals were stable. Short- and intermediate-term interest rates. Rates on 3-month and 6-month Treasury bills dropped one and two basis points, respectively, the past two weeks to 3.52 and 3.65 per cent. Yields on 3-5 year U. S. Government obligations, however, rose two basis points further to 4.08 per cent, the highest level since June 1960. The average effective Federal funds rate fell slightly to 3.44 per cent. Other rates were unchanged. Mortgage yields. Secondary market yields on 25-year, 5-1/4 per cent FHA-insured mortgages edged up one basis point to 5.44 per cent in November to continue little changed from the level established last April. This compared with 5.53 per cent in November 1962 when yields were tending downward. Contract interest rates on conventional first mortgages in November also continued at last spring's level, according to the Federal Housing Administration. The rates of 5.80 per cent for new home loans and 5.85 per cent for loans on existing houses were both 15 basis points under a year earlier. Stock prices. Common stock prices moved to a new peak during the past two weeks in active trading. Prices, as measured by Standard and Poor's composite index of 500 stocks, rose two per cent to close at 75.50 on January 3. Estimated January security volume. Security financing to obtain new capital by both corporations and State and local governments will be substantial in January. H. 14 Security sales by corporations are expected to total $850 . million, down two-fifths from the seasonally large December volume but two-fifths more than in January of the two previous years. Bond sales by State and local governments are estimated at $900 million this month, over twice the very light December volume and one-fourth more than a year earlier. Large issues currently scheduled for public offering total $469 million. Capital markets in December. Corporate security financing to obtain new capital was very large in December, but State and local government bond sales were unusually small. Largely reflecting this financing pattern, yields on corporate bonds rose while those on municipals declined. Corporations sold $1.4 billion of securities in December to obtain new capital, a volume three-fourths larger than the previous month and one-third more than a year earlier. Much of this financing consisted of seasonally large takedowns, of private placements at the year-end, but public offerings were also very substantial. Large public offerings aggregated $547 million--the largest total since April 1962; $515 million of these were nonconvertible bonds, including the first public offering of bank debt (a $100 million capital note issue of Bankers Trust Co.), and $32 million was common and preferred stock. Corporate security yields rose fairly sharply last month. Yields on new corporate bonds, adjusted to an Aaa-basis, averaged 4.49 per cent for the month, 10 basis points more than in November and the highest in nearly two years; yields on seasoned Aaa-rated bonds rose 4 basis points to 4,37 per cent, the highest since August 1962. Retail reception of most new issues was quite good, so unsold syndicate balances declined to negligible amounts following termination of price agreements on slow-moving issues offered earlier and their subsequent distribution at the higher level of yields. Bond sales of State and local governments totaled $400 million in December, two-fifths less than in November and the smallest December total since 1956. Underwritten encountered little difficulty in distributing this small volume of offerings and yields on seasoned Aaa-rated municipal bonds declined 6 basis points to 3.11 per cent, a level 7 basis points below the late November high. Despite the small volume of financing, dealers' inventories of unsold securities declined only moderately to around $510 million, only $40 million below their month earlier level. Common stock prices rose irregularly to a new all-time peak in active trading in December. Prices, as measured by Standard and Poor's composite index of 500 stocks, increased almost 2-1/2 per cent on balance to close at 75.01 on December 31, one per cent above the previous peak of late October. Trading volume averaged 4.7 million shares a day, 0.5 million shares less than the average for November but 0.7 million shares H. 14 more than in December 1962. 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. i X H I H T A, f o r t \ ItOWO-TKRM BOND YIELDS, H I O H - O R A D 1 V - h > v Weedy : mi Exhibit A - Part II Date Corporate ,Aaa 1/ U. 8. Govt, long-term 2/ State and local government Aaa 3/ E Spread between P. 8. Govt, and State i Corporate local , (per cent) 3.55 4.61 4.21 4.46 t ? , m 4.19(3/29) Dec. Dec. Dec. Dec. Jan. 4.33 . 4.34 4.36 4.37 J j 4.37 / 6 13 20 27 3 j>/ i s a s i ' 3.87(1/18) 2.64 (5/1) 3.65 (9/24/59) 2.99 (9/1/60) 3.37 (7/6) 2.88 (13/8) 3.18(11/21) 2.93(3/28) .22 .59 .19 57 .3Q .35 .21 34 .92 .46 .76 .80 1.05 .89 4.12 4.12 4.15 4.16 4.15 3.14 3.12 3.11 3.11 3.11 .21 .22 .21 >21 •22 .98 1.00 1.04 1.05 1.04 (5/2) (1/29/60) 4.42 |a/a/60) (3/17/61) 3.70 (5/12/61) (9/15) 4.07 ( 1 V » ) 1958 - Low 1959-60 - High 1960-61 Low 1961 - High 1962 - Low .. 1963 - H i # Low „ ; p/ Preliminary# TZ Weekly average of daily figures.- Average tern of tends inolxded is 22*44 years, Z/ Weekly average of daily figures. The series includes bonds due or callable in 10 years or more# 3/ Thursday figures. Only general obligation bonds are included j average tens is 20 years, "ote#—Highs and lows are f or individual series and may be on different dates fcr different series. For spreads, high refers to widest, and leir to narrowest. I LONG-TERM BOND YIELDS, LOWER-GRADE 1JJ m COiroiAii in Meed v's ' m jh w * "* A . sjr 15. xM-4 1 II 1 1 1 11 11 1 1 1 1 1 1i 1ii1 ii II 1 1 1 1 1 1Tel,, w_ 1 i 11111 1 1 1 1 1 1 II 11 II Exhibit B - Part II Date .Corporate Baa 1/ State and local govt. Baa 3/ Spread between Aaa and Baa Corporate [ ^ (per cent) 1958 - Low 1959-60 - High 1960-61 Low 1961 - High 1962 - Low 1963 - High Low 4.51 (7/11) 5.36 (2/12/60) 4.98 (9/9/60) 5.13 (10/27) 4.92 (22/21) 4.93(1/4) 4.83(11/15) ^ 3.64 (5/1) 4.46 (3/7/60) 3>93 (13/9/61) 4.16 (3/23) 3.52 (5/17) 3.63(6/27) 3.52(5/23) .77 .84 .66 .81 .63 .71 .48 Dec. Dec. Dec. Dec. Jan. 4.84 4.85 4.85 4.85 4.84/ 3.61 3.61 . 3.62 3.60 3,56 .51 .51 .49 .48 .47 6 13 20 27 3 ]>/ Note: Tot footnotes see Exhibit A. . .93 1.08 57 .93 .56 .63 .44 .47 .49 .51 .49 .45 IXHI6IT C, Foil I SHORT- AND INTIRMIDIATI-TERM INTERIST RATES, GOVERNMENT lilt I I I I I I I I' I' I' I' ' I i 'I'II' I' I I I I I I II II I I I 1,1 II Exhibit C m Pert XX Date 1958 - Low 1959-60 High 1960-61 Low 1961-62 High 1962 - Low 1963 - High Low Dec. Dec. Dec. tyc. /Jan. 6 13 20 27 3 £/ Discount rate 1/ 3month bill. 2/ Yields 3-1 year 6-month bill. 2/ -Am# ll (per cent) Spread between yields on 3lTOtfh M # # W * YlfMff 9ff H w t H U i i a - ? re- iwiwtil 1.75 4.00 3,00 3.00 3.00 3.50 3.00 .58 (5/29) 4.59 (Ve/6d) 2.11 (10/29/60) 2.97 (7/13/62) 2.65 (6/8) 3.55(11/15) 2.88(3/15) 3.02 (12/26) 2.14 (6/6) .26 5.07 (3/8/60) 5.00 (12/24/59) .79 2.35 (4/28/61)3.15 (S/lg/6l) .12 .44 3.13" (7/20/(2)3.88 (2/2/62) 2.74 (6/B) 3.41 (1^28) .02 3.68(12/6) 4.07(12/27) .17 2.93(3/8) 3.44(1/18) .04 3.50 3.50 3.50 3.50 3.50 3.52 3.50 3.53 3.52(/ 3.52 z 3.68 3.66 3.67 3.65 3.65 3.99 4.02 4.06 4.07 4.08 • 16_ .16 .14 .13 .13 .04 1.81 .38 1.51 .52 .70 .42 .47 .52 .53 ;55 .56 y Weekly rats eh m m it that In effect at and of period at the Federal Reserve Bank of Mew %rk, ' 2/ Market yield; weekly averages oonputed from dally olosing bid prices. Series of 3*6 year Issues consists of selected notes end bonds. Note.—Highs and lows are for individual series androsybe on different dates for different series* For spreads, high refers te widest, and low to narrowest. S H O R T - AND INTERMEDIATE- TERM INTEREST^ RATES, 1 BANKS AND OTHER PRIVATE BORROWERS ' w«.Ur STOCK EXCHANGE C A l l lOAMS Coins R 1 FINANCE C O M M N Y M P I I Dingily Placed F . I . DISCOUNT BATE R /-VV"" I _ l f l FEDEIAl FUNDI I I I II II I II II 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 II II I I Exhibit D - JPart II Stock Exchange call loan _!/ Prime rate \J Finance company paper 2/ Spread between 3-mo. bills and finance co. paper Federal funds 3/ (per cent) 1958 - Low 1959-60 - High - 1960-61 Low 1961-62 - High 1962 - Low 1963 - High Low Dec. Dec. Dec. Dec. Jan. ^ 6 13 20 27 3 £/ 3.50 5.50 4.50 4.50 4.50 4,50 4.50 3.50 5.00 4.50 4.50 4.50 4.50 4.50 (8/8) •13 (9/29) (l/2?/60) 4.00 (5/13/60) (8/5/61) •43 (3/27/61) (7/20/62) 3.00 (12/28/62) 2.88 (6/1) 1 30 (3/26) 3.88(12/27) 3.50(12/27) 3.13(5/31) 2.45(7/26) • 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.50 3.75 3.84 3.88 3.88 3.88 6 7 ftaW10 * 1.13 5.13 2.50 3.25 o a n p m l " for 3.25 3.15 3.50 3.50 3.44 -.35 1.02 .11 .56 .19 .36 .09 .23 .34 .35 .36 .36 p*,rter 4it ,oraif 8 " mturitl.V ri ' ™" " "- E X H I B I T I . Pa.I I STOCK MARKET / not* NAHM CHOI! HANfil IN H I U l M i l l i o n . al A>t I l l l l I I i 1 l I I I l l I I I l I l l I l I I I I1—1I.1l —1.1I1 II IJxL, Exhibit B - Part II Stock price index 1/ Stock market customer credit Common . Trading Customers11 Bank stock volume 3/ Total debit bal-| loans to yields 2/ (millions ances 4/ ["others" 5/ (per cent) of shares) (In millions of dollars) 1961-62 - High Low 1963 - High Low 72.04(12/8/61) 52.68 (6/22/62) 74*44(12/27) 64.10(3/1) 2.82 3.96 3.01 3.36 10.1 2.4 6.4 3.2 5,602(12/61)4,259 (u/61) 1,377(8/30/61) 4,876(7/62) 3,562 (7/62) 1,269(9/26/62) 7,298(11/63)5,586(11/63)1,742(12/25) 5,595(1/63) 4,208(1/63) 1,378(2/23) November December Dec. 20 Dec. 27 Jan. 3 j>/ 72.62 74.17 74.28 74.44 75.50 3.14 3.13 3.13 3.13 3.09 5.2 4.7 4.9 4.1 5.4 7,298 5,586 1,712 1,742 1,736 1,742 n.a.—Not available, jj/ Preliminary, V Standard and poor's composite index of 500 oomoon stocks, weekly doming prices, 1941-43• 10. Monthly data are averages of daily figures rather than of Friday'* only. Highs and lows are for Friday's data only. 2/ Standard and Poor a composite stook yield based on Wednesday data converted to weekly closing prices by Federal Reserve. Yields shorn are for dates on unioh price index reached its higi or low. „• 3/ Averages of daily trading volums on the New Yoxtc Stock Exchange, y End of month figures for member fisns of tie New York Stook Exchange tfcioh carry margin accounts| excludes balances secured by U. S, Govemmsob 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 M ew York and Chicago. Weekly reporting banks account & r about 70 per cent of loans to others. For further detail see Bulletin, EXHIBIT F, tail I MORTGAGI AND BOND YIELDS Monthly 1 NOSI eoneieis: , 1I - A ~u liif TisT "mo "mT TUT W Exhibit F - Part II FHA Date 8 1956 1957 1958 1959-60 1962-63 - Low High Low High High Low 2/ 4.68 5.63 5.35 6.24 5.72 5.43 Conven- Spread between yields on conv. & gages3/ FHA mtgs. 5.20 6.00 5.55 6.30 5.95 5.80 5.44 5.80 1963 - August September 5.43 5.80 5.43 5.80 October 5.44 5.80 November n.a. ' December 3/ Neither n than bonds, puted as equivalent 1 Aaa Corporate NewbJ Seasoned^/ Spread beltween yields on new corp<arate bonds and FHA mtgs. .47 .47 .15 .23 .38 .23 3.08 4.94 3.65 5.25 4.72 4.12 3.08 4.12 3.57 4.61 4.45 4.22 .76 1.58 .88 1.69 1.50 1.05 .36 .37 .37 .36 4.29 4.34 4.35 4.39 4.49 4.29 4.31 4.32 4.33 4.35 1.15 1.09 1.08 1.05 n.a. Seasoned bds. -- 1.03 .05 * 73 .39 • -.16 .03 .03 .06 .14 2/ Based*on THA fleia-offloe opinions about average bid prices in the private secondary market for new-home nurtgages for imnedlate delivery. Data relate only to 2 5-year mortgages with down payments of 10 per cent or more, weighted by probable volume of transactions. Yields computed by FHB, assuming 25-year mortgages are paid off in 12 pars. Dashed lines Indicate periods of adjustment to changes in the contractual interest rate, ^ 3/ Based on fHA field office opinion on typical interest rates (rounded) on conventional first mortgages prevailing in the market areas of insuring office cities. Beginning with Apxil 1961, rate relates only to new-hems mortgages* prior to that date, rate related to both new as well as existing-home mortgages. Dashed line indicates this change in the series. 4/ See note far Exhibit 0. Moody's Investor Service. Monthly averages of daily data. See Exhibit -1. EXHIBIT O. P a r i I YIELDS ON NEW AND SEASONED CORPORATE BONDS I II I I I II II II II II I I II II II II II II I II it« itu Exhibit 0 - Part II Yields cm New Corporate Bond tasues Adjusted to an Aaa basis Weekly averages: 1963 - Aug- 16 23 30 Sept. 6 13 - 20 27 Oct. 4 11 18 25 Nov. 1 8 15 Number Aa't of Issues Average of Included (mil. yield (per cent) of dollara) 50.0 12.0 4.33* 4.35 15.0 100.0 33.5 4.34 4.34 4.32 40.0 75.0 30.0 22.0 4.37 4.35 4.41 4.21* Number Aa't of issues Average of Included (mil. yield (per cent) isissi of follqrs) Nov. 22 29 13 20 27 19M " 115.0 4.42 60.0 4.41 4.45 4.54* 95.0 150.0 t«« Average* of offering yield# on al& ne* issues of publioly offend corporate bands rated i M . JU iql A by Moody's Inrwatore Serrlo* (except aerial and oomrertlble issues, offerings of natural gas pipeline 1 and foreign ooopanlea, and bonds guaranteed W the federal Government) weighted by A so of of foxing* Before averaging* new offerings are adjusted to a conposite Aaa basis ty deduoting from the aotwl 1 reoffering yield the excess of the weekly average yield f — * '—•— appropriate industry^ quality group ore* the composite average for seasoned Aaa . Averages considered unrepresentative because of special characteristics of * e offerings lnolaled are denoted by an asterisk^ H. 14 Exhibit H Long-term Corporate and State and Local Government Security Offerings and Placements (In millions of dollars) ?- New Capital Corporate 1/ 1964 1 1963 January February March e/ 850 quarter quarter quarter quarter 1st half Three quarters Year 1964 592 -859 807 e/ 900 930 904 1,013 676 667 795 732 726 974 876 1,133 628 1,113 760 1,132 jV £/ £/ 866 861 945 873 912 786 I 582 749 579 £/ £/ £/ 647 706 448 612 544 427 V 835 703, tV 1,103 2/1,052 e/ 700 e/ 400 650 578 550 2,351 2,847 2,138 e/3,312 2,258 3,005 1,910 2,641 2/2,431 2/2,672 2/1,800 e/2,152 2,637 2,571 1,582 1,779 5,198 7,337 e/10,649 5,264 7,173 9,814 2/5,103 2/6,903 e/9,055 5,208 6,790 8,568 - July August September 1st 2nd „3.rd 4th 1 £/ r/ £/ April May June October November December 1962 613 594 1,144 M State and Local 2/ 1962 1 1963 1 e/1,062 e/ 850 ^e/1,400 !: i, ' -f Excluding finance companies 3_/ 1st 2nd 3rd 4th quarter quarter quarter quarter Year e/ 2./ If 2/ 3/ 2,284 2,529 1,797 e/2,812 2,199 2,919 1,775 2,410 e/9,422 9,303 Estimated by Federal Reserve. Preliminary. Securities and Exchange Commission estimates of net proceeds. Investment Bankers Association of America estimates of principal amounts. Total new capital issues excluding offerings of sales and consumer finance companies. 1 •f • | I3> H.14 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 1/ Common and Total Publicly Privately pfd. offered offered stock Net jpr<iceeds for new/cailital 1/ 2/ Memo: foreign Mfg. Public; utility Communi- Other cations issuers 381 1,081 595 #36 81 1,095 104 147 832 1 ,052 893 1 ,263 included 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 1962 - I II III IV 2,378 3,250 2,184 2,957 1 ,155 1.,389 853 1,,089 716 1 ,222 1 ,024 1:,568 507 639 307 300 68 257 56 179 655 996 601 769 430 983 375 . 568 456 231 275 321 717 794 659 986 1963 - I II III IV 2,700 3,634 2,466 1,,108 1,,389 898 1,,306 1,,820 1,,281 287 424 287 128 434 109 947 591 806 326 794 285 236 221 150 842 1,,241 897 647 884 847 1,217 801 1,232 630 922 632 976 784 1,197 273 497 386 654 247 488 200 477 176 539 286 264 232 232 253 227 420 575 366 363 295. 314 446 808 143 155 209 336 134 169 67 82 161 123 52 125 3 12 54 10 147 100 13 205 131 318 384 270 342 217 218 166 153 271 345 89 148 193 377 196 410 118 no 148 141 175 252 73 362 21 88 64 79 88 120 .67 260 4 57 225 218 275 ^ 264 229 301 159 301 199 282 253 451 695 642 1,363 1,049 1,340 1,246 810 786 871 1,170 910 350 259 499 380 550 459 279 . 336 283 511 210 102 94 91 217 95 113 100 100 87 127 160 25 43 60 56 182 196 46 21 42 .7. n. a. 135 220 592 148 216 227 297 272 237 266 240 114 115 97 341 222 230 107 100 78 198 170 125 68 43 71 92 58 86 24 39 42 10 238 191 412 369 373 499 187 270 441 556 430 - Jan. Feb. Mar. Apr. May July . Aug. Sept. Oct. Nov. Dec. - Jan. Feb. Mar. Apr. May July Aug. Sept. Oct. j)/ Nov.e/ Dec. 243 289 774 452 694 675 431 349 501 532 540 43 46 34 99 : . 2? Preliminary, e? Estimated by Federal Reserve. T7 Gross proceeds exceed net proceeds by the cost of flotation. 2/ 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 Other Security Offerings (In millions of dollars) Gross long-term 1/ Foreig;n government 2/ 1963 1962 | 1961 1963 January February March April May July August September October November December 232 133 76 57 114 11 63 83 &/ -- e/ 50 Year Jan.-Nov. January February March April May July^ August September October November December -- 737 236 43 34 __ 148 246 156 186 461 459 -- 150 175 E/174 e/200 636 75 272 -367 589 -30 -10 62 208 -173 259 £./r!5 . 18 466 -186 127 -84 -118 78 339 -406 71 234 -161 160 195 -8 -103 -42 -155 109 518 -86 -6 54 -116 378 520 £/ 870 . 539 636 -- —— -- 236 <L/1,167 Net Short-term 4/ State and local government 5/ e M 9 Year Jan.-Nov. 6 29 20 2 66 29 5 2 142 10 35 10 86 50 25 8 31 151 88 101 Federal agency 3/ | 1962 | 1961 .. 252 100 149 278 250 193 225 -- -- 1,188 1,448 1,188 1,447 Federal agency 3/ -106 -189 -482 292 195 319 414 327 258 12? £/-99 247 -156 226 -364 82 284 261 227 -157 379 55 -80 -144 -162 -174 -79 -87 207 22 193 108 98 56 -114 1,004 -76 f/1,052 1,084 38 jV 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 United States by foreign governments and their political subdivisions and international organizations. Source: Securities and Exchange Commission. 3/ Issues not guaranteed by the U. S. Government. Source: long-term, Securities and Exchange Commission; short-term, Treasury Department and Federal Reserve. 4/ These data differ from those in Exhibit H and above in that they represent new offerings less retirements, whether from the proceeds of refunding issues or from other funds. Data & include only issues with original maturity of one year or less. 5/ Principally tax and bond anticipation notes, warrants or certificates and Public Housing Authority notes. In f some instancejs^PHA notes included may have a somewhat longer maturity than one year. http://fraser.stlouisfed.org/ Source: Bond Buyer and Federal Reserve. Federal Reserve Bank of St. Louis 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) Month 1962 - December 1963 - January February March April May July August September October November December Total Corporate Bonds (Other than convertibles) 198 234 186 394 409 149 348 199 236 237 446 180 547 1 Convertible bonds 178 215 125 372 263 149 348 180 218 215 380 117 515 Stocks __ 20 35 —— . 19 26 22 146 19 18 22 66 63 32 State and local government 193 344 367 570 431 389 372 279 329 135 743 373 Ill Other 2J 75 48 63 134 43 460 60 20 174 200 . Large Individual Issues Offered during the month of December Issuer Corporate Tennessee Gas Trans. Co. Type Amount (millions of dollars) Maturity Coupon rate or net interest cost Offer- Rating ing yield Baa 1st mtg. p.1. bds. Pfd. stk. Deb. Deb. 35.0 15.0 20.0 50.0 1983 4-7/8 4.84 Clark Equip. Credit Corp. Pacific Northwest Bell Tel. 1983 2000 4-7/8 4-1/2 4.90 - 4.43 Aaa ^Pacific Power & Lt. Co. Virginia Elec. & Pwr. Co. Consolidated Edison Co. Republic National Corp. Sinclair Oil Corp. Bankers Trust Co. Com. stk. 1st & ref.mtg.bds. 1st & ref.mtg.bds. Mort. notes Deb. Cap. notes 17.1 30.0 75.0 55.0 150.0 100.0 1993 1993 1988 1988 1988 4-1/2 4-5/8 4-1/2 4.60 4-1/2 4.47 4.50 4.50 4.60 4.50 State and Local Government Oyster Bay, N.Y. State of Minnesota San Francisco Bay Rapid Tran. Dist., California. State Univer. of Iowa Santa Clara Co. Fid. Cont. & Wtr. Dist., Cal. Aa Aa A -- G.O. G.O. Rev.-Q.Ut. 12.3 12.4 50.0 1964-93 1973-83 1972-99 3.06 3.37 00-3.50 A 2.80-3.10 Aa 4/2.75-3.50 Aa Rev.-Rent. Rev.-Q.Ut. 16.5 19.9 1966-2003 1965-2003 3.65 3.38 5/2. 40-3.85 2. 15-3.65 A Other - None Ik H.14 K-2 Footnotes *--Rights offering. n.a.r-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. ^ 3/ In the case of State and local government securities, G.O. denotes general obliga.tior*' Rev.-Ut.j 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; Rev.-Rent., revenue bonds secured solel} „ by lease payments. % 4/ 2 per cent bonds due 1999 not publicly reoffered. 5/' 1/2 per cent bonds due 1993 reoffered to yield 4.50 per cent; bonds due 2002-03 not . , ^ publicly reoffered. ' '* i? , > H. 14 Exhibit L Forthcoming Large Long-term Public Security Offerings for New Capital (Other than U. S. Treasury) 1/ Expected Proceeds from Forthcoming Large Issues computation - Dec. 28 - Jan. 31 Feb. 28 Mar. 29 Apr. 30 May 31 28 July 31 Aug. 31 Sept. 30 Oct. 31 Nov. 29 Dec. 31 Durin;I month following d ate shown State and Corporate Other 2/ local govt. 269 167 142 376 149 223 170 221 158 240 145 392 305 25 177 376 458 381 447 255 142 329 210 561 255 137 469 45 40 460 75 20 -- Corporate 314 412 572 421 234 288 215 267 183 240 145 1,992 1,905 Subsequent to date shown State and local govt. 311 843 755 763 599 582 287 512 468 757 401 349 731 Other 2/ 25 33 45 40 460 75 - 20 -- Forthcoming Large Offerings, as of January 3 Corporate General American Trans. Corp. New York Tel. Co. Transcontinental Gas P.L.Corp, Pan American World Airways *Texas Pwr. & Lt. Co. *Potomac Elec. Pwr. Co. American Tel. & Tel. Corp. State and Local Government State of California Alabama Highway Auth. Public Housing Auth. Greater Johnstown Wtr. Auth., Pa. Farmington, N. Mex. *St. Louis Met. Swr. Dist.,Mo. Dallas, Texas *New York City, N.Y. *Duva1 Co. Spec. Tax Sch.Dist. No. 1, Fla. ^Commonwealth of Puerto Rico *Toledo Lucas Co. Port Auth., Ohiofor FRASER Digitized Type Equip, tr. cert. Deb. 1st mtg. p .1. bds. Conv. sub. deb. S.F. deb. Com. stk. Com. stk. Amount (millions of dollars) 40.0 130.0 40.0 60.0 15.0 20.0 1,600.0 Approximate date of offering January 7 January 8 January 16 January 22 (rts. January 22 January 23 (rts. April (rts. ex.) Rev.-Ut. 80.0 15.0 140.0 11.8 January January January January 7 7 15 15 Rev.-Ut. G.0. G.0. G.O. Rev.-S.T. 16.5 16.0 12.0 114.4 10.0 January January January January January 15 16 20 21 28 G.O. Rev.-Rent. 53.0 70.0 G.0. Rev.-Q.Ut. -- January 29 January-February Forthcoming Large Offerings, as of January 3 (Cont'd.) Type State and Local Government (cont'd.) Penna. Gen. State Auth. Alabama State Docks Dept. Pittsburgh, Pa. Dade County, Florida Jacksonville Expressway Auth., Fla. Houston, Tex. (millions of dollars) Approximate date of offering Rev. Rev. -Q.Ut. G.O. G.O. Rev. -Ut. 50,.0 10..0 35.,0 46.,0 40.,0 February 18 February 27 Indefinite Indefinite Indefinite G.O. 11. 1 Indefinite Other ^--Included in table for first time. \J Includes corporate and other issues of $15 million and over; State and local government issues of $10 million and over2/ 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 M Foreign Government and Corporate Security Offerings and Placements in the United States Part I: Sale Date Amount (millions of dollars) Issuer and Description :of Issue A. 12/24 3.0 7.5 Sold October 1 through january-3 ' Province of Sante Fe, Republic of Argentina - 7% Treasury bonds, maturing 1969, offered to yield 9.45% B. 2/2? Public Offerings Prospective Offerings Ttibos de Acero de Mexico, S.A. convertible debenture M-2 Part II: Date reported 11/27 Amount (millions of dollars) 15.0 H. 14 Private jflacement--Reported October 1 through January 3 Issuer and Description of Issue Home Oil Co., Ltd.—6-1/4% collateral trust bonds, • maturing 1983, placed at par--no information available on takedown Note: For retrospective data on aggregate foreign corporate and government security offerings in the United States see Exhibits I and J. There is no simple relationship between the data shown in this Exhibit and that shown in Exhibits I and J because the latter includes privately placed securities in the period in which funds are actually takendown but only in the amount of takedown, while the placements shown in this exhibit are included when reported, frequently with little or no information concerning timing of takedowns. Full or partial takedowns may take place both prior and subsequent to the date a placement is reported. •--Included in table for first time.