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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Not for Publication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.