Full text of H.16 Capital Market Developments : January 7, 1963

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

Not for Publication

DECOlTTfiOLLED' AFTER SIX MOUTHS
January 7, 196.
i:

H. 14
V CAPITAL MARKET DEVELOPMENTS
IN TMtl UNITED STATES

/

(Including Review of Capital Market Developments
in December)
7 RICIC-IOND
The volume of public security financing to obtain new capital
was virtually nil last week but is expected to be rather substantial this
week. During the week ending January 4, no large issues for new capital
were sold by either corporations or State and local governments; however,
the Columbia Gas System/offered a $25 million bond issue to refund outstanding securities. This week, ending January 11, three large corporate
issues totaling $124 million are scheduled for offering and four State
and local governmental units are expected to offer $76 million in bonds.
Also on this week's calendar is the Treasury's offering of $250 million
in 30-year U. S. Government bonds for which bids will be taken tomorrow;
this is the first time that the U. S, Government has even offered longterm securities at competitive bidding.
Bond yields. Changes in yields on seasoned, long-term bonds
were mixed but minor last week. Yields on Aaa-rated corporate bonds edged
down an additional basis point to 4.22 per cent, but yields on Baa-rated
issues were stable at 2.93 per cent. U. S. Government bond yields rose
two basis points to 3.87 per cent. State and local government bond
yields were unchanged again last week.
Yields on newly offered corporate bonds, adjusted to an Aaa
basis, were 4.19 per cent last week, six basis points below the average _
for the week ending December 14, the last week any such bonds were offered.
Short- and intermediate-term interest rates. Changes in yields
on Treasury bills and 3-5 year U. S. Government securities were also mixed
last week. Rates on 3-month bills were stable while those on 6-month
bills edged up a basis point; yields on intermediate-term Treasury
obligations rose three basis points. Last week all remaining finance
companies changed the advertised rates on their paper with 90-179 day
maturity to the 3-1/4 per cent rate announced by one company in mid-December;
as a result the average rate on such paper rose six basis points to 3.25
per cent. The Federal funds rate fell 21 basis points to 2.79 per cent.
Other short- and intermediate-term interest rates were unchanged.
Mortgage recordings. Nonfarm mortgage recordings of $20,000
or less changed very little in September, the latest month available on
a three-month moving average basis. The monthly rate of $2,929 million '
was just below the high of last July and 8 per cent above a year earlier.
Conventional mortgages accounted for 74 per cent of the unadjusted
total of recordings in October. This compared with 77 per cent last
September and 79 per cent a year earlier. Both FHA-insured and VA guaranteed
loans shared in the relatively greater rise for Government-underwritten
mortgages.




Stock prices. Common stock prices advanced sharply last week in
active trading. Prices, as measured by Standard and Poor's composite index
of 500 stocks, rose almost two per cent to close at 64.13 on January 4.
Estimated January security volume. Security financing to obtain
new capital by both corporations and State and local governments is
expected to be relatively light in January.
Corporate new issues are estimated at $750 million for January,
three-tenths more than in January "of the two previous years but slightly
less than in December, which included seasonally large takedowns of
private placements. Large issues currently scheduled for public offering
in January amount to $268 million*
Bond sales of State and local governments in January are expected
to total $600 million, one-fifth more than in December but almost onethird less than a year earlier. Large issues currently on the calendar
for sale in January total $177 million.
Capital markets in December. New security, financing by corporations was fairly substantial in December, while the volume of bond
financing by State and local governments continued to be rather light.
Yields on corporate bonds fell somewhat during the month, but yields on
State and local government bonds advanced moderately.
Long-term security financing to obtain new capital by corporations totaled $800 million in December, almost one-fourth larger than
in November but one-fifth less than a year earlier. The bulk of last
month's financing was made up of the large takedowns of private placements
which usually occur at year-end and therefore had less impact on market
yields than if more of the total had been publicly offered.
Large issues sold publicly during December totaled $198 million,
all of which were bond issues; among these was a $20 million convertible
issue, the first large convertible bond issue offered since August.
Underwriters experienced less difficulty in distributing new issues at
original offering yields than in November when some market congestion
developed and syndicatebalances rose. The volume of securities still
in syndicate was reduced to a negligible amount by the end of December
as unsold syndicate balances of issues acquired in November or early
in the month were gradually distributed with relatively minor price
concessions during the last part of the month when the supply of new
securities was quite limited.
Yields on seasoned, Aaa-rated corporate bonds rose one basis
point further to 4.26 per cent (daily basis) early in December but
then dropped off rather sharply to 4.22 per cent by the month-end, 3
basis points less than at the end of November and the lowest level since
March 1961. Yields on newly offered corporate bonds, adjusted to an
Aaa basis, however, averaged somewhat higher than in November.




New bond issues by State and local governments totaled $500
million in December, about one-tenth less than in November and one-sixth
less than a year earlier. Underwriters of municipal securities encountered
little difficulty in the distribution of this small volume of new
securities but were able to make only moderate reductions in their rather
sizeable advertised inventory of unsold securities. Inventory, which
had increased substantially in November, declined about $35 million on
balance in December to around $525 million, after having been as low as
$500 million at mid-month. Yields on Aaa-rated municipal bonds rose five
basis points to 2.94 per cent at the month-end; all of the increase took
place during the first three weeks of December when virtually all new •
issues were sold.
Common stock prices inched up slightly further on balance in
December in generally active trading. Prices, as measured by Standard
and Poor's composite index of 500 common stocks, rose slightly more than
one per cent to close at 63.10 on December 31. After moving up during
the first week of the month, prices moved irregularly lower through midmonth before climbing to their recovery high at month-end. At their end
of December level, stock prices were 21 per cent above their late-June
low but were still 13 per cent below the record level of December 1961.
Trading volume averaged 4.0 shares a day, 0.8 million shares below the
very high November average but appreciably higher than in most other
months last year.
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.




.EXHI_B_IT_A, Pof» '
LONG-TERM

BOND

YIELDS,

HIGH-GRADE

COirOIAlE

list

mo

mi

Exhibit A - Part II

Date

Corporate
Aaa 1/

U. S. Govt.
long-term 2/

1957 - High
1958 - Low
1959-60 - High
1960-61 Low
1961 - High
1962 - High
Low

k.lk (9/27)
3.55 (5/2)
It. 61 (1/29/60)
It. 21 (3/17/61
U.lt6 (9/15)
4.43 (2/16)
4.23 (12/28)

3.76
3.07
lt.li2
3.70
it.07
4.12
3.85

4.26
4.25
4.24
4.23
4.22/

3.89
3.88
3.86
3.85
3.87

State and .
local
government
Aaa 3/

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

(per cent)

Dec.
Dec.
Dec.
Dec.
V Jan.
Note:

7
14
21
28
4 j>/

For footnotes see Exhibit B




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

3.U5 (8/29)
2.64(5/1)
3.65 (9/24/59)
2.99 (9/1/60)
3.37 (7/6)
3.26 (1/4)
2.88 (11/8)

.60
.22
.59
.19
.57
.47
.29

.50
.31
.92
.lt6
.76
1.08
.80

2.92
2.93
2.94
2.94
2.94

.37
.37
.38
.38
.35

.97
.95
.92
.91
.93

EXHIBIT B. Parr I

LONG-TERM BOND YIELDS, LOWER-GRADE

Exhibit B - Part II

Coiporate
Baa 1 /

State and
local govt.
Baa 3/

Spread between
Aaa and Baa
State and
Coiporate
local 1

(per cent)
1957 - High
1958 - Low
1959-60 - High
1960-61 Low
1961 - High
1962 - High
Low
7
14
Dec. 21
Dec. 28
Jan. 4 £ /

5.10
4.51
5.36
U.98
5.13
5.11
4.92

(11/29)
(7/11)
(2/12/60)
(9/9/60)
(10/27)
(1/5)
(12/21)

4.93
4.92
4.92
4.93 ,
4.93/

U.51
3.61
Lb6
3.93
It.16
4.04
3.52
3.57
3.57
3.57
3.57
3.57

(8/29)
(5/1)
(2/7/60)
(11/9/61)
(3/23)
(1/11)
(5/17)

1.27
.77

.81*
.66

1.21
.93

1.08

.74
.63

.57
.93
.82
.56

.67
.67
.68
.70
.71

.65
. 64
.63
.63
.63

.81

p7 Preliminary.
y
Weekly average of daily figures. Average term of bonds included in 23-26 years.
2/ 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; average t e m is 20 years.
Note.—Highs 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.



(EXHIBIT C, Pari I
S H O R T - A N D I N T E R M E D I A T E - TERM INTEREST R A T E S , G O V E R N M E N T

& - MONTH I I U S

3 - $ YEAI ISSUIS

1*41

Exhibit C - Part II
rate

: ,57 - High
1958 - Low
1959-60 - H
ly60-61 Low
1961 - High
1962 - High
Low
Dec.
Dec.
Dec.
Dec.
Jan.

7
14
21
28
4 j>/

Discount
rate
1/

3-month
bills 2/

3.50
1.75
ii.00
3.00
3.00
3.00
3.00

3.61t
.58
ii.59
2.11
2.66
2.97
2.65

3.00
3.00
3.00
3.00
3.00

2.85
2.84
2.88
2.89
2.89

Yields
6-month
bills 2/
(per cent)

3-5 year
issues 2/

Spread between yields on 3month bills and yields on
6-mo. bills13-5 yr. issues

(10/18)
li.OM 10/18)
(5/29)
3.02 (12/26) 2.1h (6/6)
(1/8/60) 5.07 (3/8/60) 5.00 (12/24/59)
(10/28/60) 2.35 (4/28/61) 3.15 ( 5/12/61)
(12/29) 2.90 (12/29) 3.86(8/11)
(7/13)
3.13 (7/20) 3.88 (2/2)
(6/8)
2.74 (6/8) 3.41 (12/28)
2.91
2.88
2.90
2.93
2.94

3.48
3.44
3.41
3.41
3.44

.24
.02

.86
.OU
1.81
.38
1.51
1.19
.52

.06
.04
.02
.04
.05

.63
.60
.53
.52
.55

.26

.79
.12

Weekly rate shown is that in effect at end of period at the Federal Reserve Bank of New York.
Market yieldj weekly averages computed from daily closing bid prices. Series of 3-5 year issues
consists of selected notes and bonds•
Note.—Highs and lows are for individual series and may be on different dates for different serlei.
For spreads, high refers to widest, and low to narrowest.
2/




S J i O R T - A N ^ I N T E R M E D I A T E - T E R M INTEREST RATES,
B A N K S AND OTHER PRIVATE B O R R O W E R S

STOCK IlCHAHSt
CAU 10ANS
FINANCE CO Br AN T PAPft

N . t . DISCOUNT.

FIOEBAl FUNDS

rL1_LU

1111

Exhibit D
Date

Stock Exchange
call loan 1/

Prime
rate 1/

I I II I I I U1 I I I I I I 11

Part II

Finance company Federal
paper 2/
funds 3/

Spread between
3-mo. bills and v-.
finance Co. oaner ,

(per cent)
1957 - High
19$8 - Low
1959-60 - High
1960-61 Low
1961 - High
1962 - High
Low
Dec.
Dec.
Dec.
Dec.
Jan.

7
14
21
28
4 2/

1.50
3.50
5.5b

It. 50
4.50
4.50
4.50
4.50
4.50
4.50
4.50

4.50
4.50

3.50 (11/8)
.13(5/29)
L 0 0 (5/13/60)
.1*3 (1/27/61)
2.88 (12/29)
3.00 (12/28)
1.30 (1/26)

4.50
4.50
4.50
4.50
4.50

3.13
3.14
3.19
,3.19
3.25

2.73
2.90
3.00
3.00
2.79

L50
k.50

%
3

1.13 (8/8)
5.13 (1/22/60)
2.50 (8/5/61)
3.00 (12/29)
3.25 (7/20)
2.88 (6/1)

li.50
3.50
5.00

3.88 (u/15)

.63
-.35
1.02
.11
.56
.45
.19

m

#

.

.28
.30
.31
.30
.36

3 / W e e k l y rate shown is that in effect at end of period. Stock Exchange call loan rate Is going rate
on call loans secured by customers' stook 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 maturiti
in the 90-179 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,
Note.—Highs 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.




I

$
$

!

1

EXHIBIT E, P a r i I

STOCK MARKET
1941-43 Averoge=IO

70
n« of D o l l a r s

r
r+rfZ

X"

/

•' -Se*

—

> - » * r ^ S T 0 C E MA1IET CBID

|

—

v

.

40

so"
40
• * . CH# NOE IN SERIES

1
^rM i l l i o n t of She ,r4r
"~W
I
_..L
"*7
L
1
0

YltlOS

I IS 7

1958

"19 61

19 42

Exhibit E - Part II

Date

1960-61 - High
Low
1962 - High
Low
November
December
Dec. 21
Dec. 28
Jan. 4 j)/

Stock price
index 1/

72.01*
53.32
70.94
52.68

(12/8/61)
(10/21/60)
(3/16)
(6/22)

60.04
62. 64
62.64
62.98
64.13

Common
Trading
stock
volume 3/
yields 2/ (millions
(per cent) of shares)

2.82
3.62
2.93
3.96

5.8
2.2
10.1
2.4

3.50
3.40
3.41
3.39
3.34

4.8
4.0
3.8
4.1

Stock market customer credit
Customers 1
Bank
debit bal- loans to
ances k/ "others" 5 /
(In millions of dollars)

Total

5,602 (12/61)14,259 (12/6I) 1,377
k,lb2 (5/60) 3,001; (7/60) 1,121
5,491 (4) 4,111 (1)
1,418
4,876(7) 3,562(7)
1,269
5,285
n. a.
n.. a.
n. a-

3,951

(e/so/ei)
(5/25/60)
(5/9)
(9/26)

1,334
1,369
1,358
1,369

n.a.—Not available. jyPreliminary.
3/ Standard and Poor's composite index of 500 common stocks, weekly closing prices, 1941-43a10J
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 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
3/ Averages of daily trading volume on the New York Stock Exchange.
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. Prior to July 1, 1959, such loans are excluded only at banks in
New York and Chicago. Weekly reporting banks account for about 76 per cent of loans to others.
For FRASER
further detail see Bulletin.
Digitized for



MORTGAGE RECORDINGS AND LOANS ^

i f — A —

195$

Hit

19S7

195 8

1959

)9*0

1961

19*J,

Exhibit F - Part II

Date

1961 - Oct.
Nov.
Dec.
1 9 6 2 - Jan.
Feb.
Mar.
Apr.
May
July
Aug.
Sept.
Oct.

Unadjusted
Total
Seasonally
Unadjusted
VA
FHA
adjusted 2/
(Millions of d o l l a r s )
2,775
2,779
2,763
2,696
2,682
2,670
2,745
2,836
2,891
2,973
2,933
2,929
n.a.

2,961
2,754
2,579
2,459
2,238
2,627
2,704
2,983
3,075
3,134
3,333
2,861
3,208

432
484
426
480
398
418
372
403
404
433
465
431
546

201
206
197
227
175
205
182
184
207
219
247
231
285

Conv.

2,328
2,064
1,957
1,752
1,665
2,004
2,151
2,397
2,464
2,482
2,621
2,199
2,376

n.a.—Not availabl
1/ Total recordings data are estimates based on reports from about 450 areas and
include mortgages of $20,000 or less secured by nonfarm 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.
2j Three-month moving average, seasonally adjusted by Federal Reserve.
Source: Federal Home Loan Bank Board, Federal Housing Administration and Veterans
Administration.




ft
EXHIBIT G. P a r i I

YIELDS O N NEW AND SEASONED CORPORATE BONDS
Weekly

Exhibit G - Part II
Yields on New Corporate Bond Issues Adjusted to an Aaa basis
Number A m f t of issues Average
of
included (mil.
yield
(per cent)
of dollars)
Weekly averages:
1962 - Aug. 3
10
17
24
31
Sept. 7
14
21
28
Oct. 5
12
19
26

4
2
3
2
1
1
1

107.3
115.0
70.0
52.0
60.0
12.0
50.0

4.33
4.45
4.27
4.29
4.28
4.23
4.22

1
1

4.9
75.0

4.16
4.22

2

275.0

4.29

Number Ain't of issues Average
included (mil.
yield
of
(per cent)
issues of dollars)
Nov. JL
9
16
23
30
Dec. 7
14
21
28
Jan. 4
11
18
25

3
2

' .

85.0
' 37.0

4.14
4.13

2
2
3
1

19.8
72.5
87.0
45.0

4.00*
4.17
4.24
4.25

1

25.0

4.19

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
reoffering yield the excess of the weekly average yield for seasoned tends of the appropriate industryquality group over the composite average for seasoned Aaa-rated bonds (Moody's). Averages considered
unrepresentative
because of special characteristics of the offerings included are denoted by an asterisk.




J

IfLH. 14

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

January
February
March

^ —

e/750

April
May
June
July
August
September
October
November
December
1st
2nd
3rd
4th

quarter
quarter
quarter
quarter

1st half
Three quarters
Year

Corporate 1/
1
1962
I
1

1961

1963

State and local 2/
1962
I 1961
1
2/8^6
2/1,133
2/629

713
689
764

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
2/422

485
604
734

888
e/650
e/800

1,090
948
1,000

el 625
e/550
e/500

678
789
606

2,258
3,005
1,910
e/2^338

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

2/2,638
2/2,574
2/1,576
e/1,675

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

5,264
7,173
e/9,511

6,504
8,941
11,979

2/5,213
2/6,789 e/8,464

4j,563
6;,387
8;
,460

592
859
807

580
667
562

1,113
760
1,132

e/600

Excluding finance companies 3/
1st
2nd
3rd
4th

quarter
quarter
quarter
quarter

Year
e/
1/
2/
3/

2,199
2,919
1,775
e/2,088

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

e/8,981

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

Gross proceeds for new
capital and refunding 1/
Bonds
Common Memo:
foreign
Total Publicly Privately and
issues
pfd.
offered offered
included

1960 - I
II
III
IV

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

934
1,074
1,336
1,462

795
770
754
955

1961 - I
II
III
IV

1,992
662
5,352 2,303
2,566.; 772
3,236
967

880
1,275
1,139
1,424

1962 - I
II
III
IV e/

2,378
3,250
2,184
2,607

1,155
1,389
853
1,090

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

647
884
847
1,217
801
1,232
630
July
922
Aug.
632
Sept.
Oct. £/ 1,037
740
Nov. e/
830
Dec. e/

273
497
386
654
247
488
200
477
176
540
290
260

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

Net proc<aeds for
new capiltal 1/ 2/
Mfg.

Public Cbmmuniutility cations

Other
issuers

189
149
317
381

1,059
913
896
997

81 .
1,095
104
147

832
1,052
803
1,263

69
27
38
17

298
511
562
625

598
808
652
696

449 '
1,774
654
845

76
155
69
62

515
1 ,466
.935
792

381
1,081
595
836

716
1,222
1,024
1,272

507
639
307
246

68
257
56
n.a.

655
996
601
620

430
983
375
421

456
231
275
307

717
794
659
990

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

54
19
3
71
35
49
52
7
10
25
12
25

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

143
155
209
336
134
169
.67
82
161
128
50
70

3
12
54
10
147
100
13

205
131
318
384
270
342
217
218
166
170
220
230

89
148
193
377
196
410
118
110
148
141
160
120

73
362
21
88
64
79
88
120
67
257

225
218
275
264
229
301
159
301
199
320
270
400

232
232
253
227
420
575
366
363
295
372
400
500

536 .
692
429.
416

43
.93.

50

Gross proceeds exceed
_
e/ Estimated by Federal Reserve.
j)/
Preliminary.
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.




Other Security Offerings
(In millions of dollars)
Foreign government 2/
1962—
1961
1960
January
February
March
April
May
July
August
September
October
November
December
Year

142
10
35
10
86
50
25
8
31
2/151
e/100
e/75

6
29
20
2
66
29
5
2
43
34
--

el 122

236

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

Federal agency 3/
1961
1962
246
156
461

150
175
£ / ~

e/--

£/—

e/1,188

1960

__

182
150
150
148
354

252
100
149
278
250
193

199

--

160
149
181

1 ,448

1,672

225

Net short-term 4/
Federal agency 3/
State and local government 5/
January
February
March
April
May
July .
August
September
October
November
December
Year

!/
2/
3/
4/
5/

18
466
-186
127
-84
-118
78
339
-406
71
2/233
n.a.

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
jj/54
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

n.a.

520

18

ej 1,053

-76

-633

Preliminary.
e/ Estimated by Federal Reserve.
n.a.--Not available.
These data differ from those inJExhsbit 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.




rjf
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)
Corporate
Month

Total

(other than
convertibles)

391
255
195
425
366
648
200
472
165
286
191
434
178
198

320
125
170
425
330
430
170
387
135
226
100
398
178
178

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

Convertible
bonds

Stocks
45
130
25

26

21
167
30
85
30

15
51
---

60
91
36
20

--

-

State
and
local
government
480
307
561
662
259
423
373
266
321
272
153
320
. 217
193

Other
2/
250
145
64
30
55
88
30
20
194
25
75

Large Individual Issues Offered during Month of December

Issuer

Type 3/

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

Rating

CORPORATE
1st mtg. bds. 15 .0
Metropolitan Edison Co.
1st & ref.mtg.bds .60,.0
Consol. Edison Co.
30.0
Sen.deb.
Beneficial Finance Co.
Deb.
45 .0
Southern New Eng. Tel.Co.
**Tokyo Shibaura Elec. Co.,
20..0
Conv<.deb.
Ltd.
.0
U.S. Govt .Ins.Bonds28.
Grace Lines, Inc.

1992
1992
1988
2001

4-3/8
4-3/8
4.45
4-3/8

4.26
4.33
4.45
4.32

Aa
Aa
A
Aa

1978
1987

6-3/8
4.20

6.38
4.20

Aaa

1..50-2.,85
1,.50-3,,35
1,.70-3.,60
3.44
1.,60-3.52
1.,50-2.80

Aaa
Aaa
A
A
A
Aaa

STATE & LOCAL GOVERNMENT
State of New York
Public Housing Auth.
Tampa, Florida
Port of New York Auth.
New York City, N. Y.
Richmond, Virginia

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

30. 0
95. 0
10. 0
25. 0
21.8
11.3

1964-83
1963-2003
1964-92
1993
1964-2012
1964-83

2.63
3.11
3.30
3.47
3.48
2.60

OTHER
Inter-Amer. Devel. Bank




Bonds

75. 0

1982

4-1/4

4.25

Aaa

*--Rights offering.
**-Foreign issue.
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
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; Rev.-Rent., revenue bonds secured solely by lease payments.




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
Date of
computation
1961 - Nov. 30
Dec. 29
1962 - Jan. 31
Feb. 28
Mar. 30
Apr- 30
May 31
June 29
July 31
Aug. 31
Sept. 28
Oct. 31
Nov. 30
Dec. 28

During month following
date shown
State and
Corporate local govt. Other 2/
356
161
480
222
628
185
587
120
302
170
363
203
170
269

295
223
465
153
453
333
184
202
273
61
187
96
194
177

Subsequent to
date shown
State and
Corporate
local govt.

64
95
55
——
-—

175
75
25

^

421
591
525
341
693
598
692
458
477
312
546
328
360
314

498
415
567
239
539
452
337
377
427
215
387
243
328
311

Other 2/

64
95
55
25
--

175
75
25

Forthcoming Large Offerings,' as of January 4
Type

Gen- American Trans. Corp.
New York Tel. Co.
*Genesco Inc.
Illinois Power Co.
Tennessee Gas Trans. Co.
Chesapeake & Potomac Tel. Co.
*Texas Eastern Trans. Corp.
Commerce Oil Refining Corp.

Amount
(millions
of dollars)

Approximate date
of offering

35 .0
70 .0
18 .5
35 .0
50.0
25,.0
35 ;0
45..0

Jan; 8
Jan: 8
Jan. 9
Jan; 16
Jan; 22
Jan. 23
Jan. 23
Indefinite

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

15.,4
15.,0
15.0
30.8
15. 7
10. 7
15.0

Jan;
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.

G.O.
G.O.

10.0
37.0

Jan. 21
Jan. 22

Rev.-Ut.

12.0

Jan. 23

Equip.tr.cert.
Deb.
Pfd.stk.
1st mtg. bds.
1st mtg. bds.
Deb.
Deb.
Deb., bds. & com.

STATE AND LOCAL GOVERNMENT
Oklahoma City, Oklahoma
Philadelphia Sch. Dist., Pa.
State of Louisiana
Memphis, Tenn.
*Montgomery Co. , Md.
St. Louis Sch. Dist., Mo.
Metropolitan Seattle, Wash.
Cleveland Consolidated Sch. Dist.,
Ohio
State of Oregon
Los Angeles Dept. of Wtr. & Pwr.,
Cal.




8
8
9
10
15
16
18

L-2

H.14

Forthcoming Large Offerings, as of January 4 (cont'd)
Type

Amount
(millions
of dollars)

Approximate date
of offering

STATE AND LOCAL GOVERNMENT (CONT'D")
Pittsburgh, Pa.
Jefferson County, Colorado
Dade County, Florida
Jacksonville Expressway Auth., Fla.

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

35.0
12.9
46.0
40,0

Indefinite
Indefinite
Indefinite
Indefinite

25.0

Jan. 14

OTHER
City of Montreal, Canada

Bonds

*—Included in table for first time.
V
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.




k

&