Full text of H.16 Capital Market Developments : January 8, 1962

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Not for PublicationflffcoNTROUEDAFTER SJX MOHTHS
K.liT

!

1

J
13 V3&
I , CAPITAL MARKET DEVELOPMENTS
, n .„ :
BANK I
— IN THE UNlTEi) STATES
""" ur MCi-usoNO
|

January 8, 1962.

'

The volume of public security financing to obtain new capital
was l i g h t l a s t week but i s expected to be moderately neavy t h i s week.
During the week ending January 5, no large corporate security issue was
offered but three large State and l o c a l government bond i s s u e s aggregating $65 million were sold. This week, ending January 12, two corporate
issues t o t a l i n g $90 million are scheduled to be offered and three State
and l o c a l bond issues with par value of # 0 million are on the calendar.
Bond y i e l d s . Changes in bond y i e l d s were mixed, l a s t week with
those on the highest quality s e c u r i t i e s generally declining. Yields on
Aaa-rated corporate bonds and long-term U. S. Government bonds declined
one basis point each. Aaa-rated State and l o c a l government bond y i e l d s
declined 5 bpsis points to t h e i r mid-November l e v e l . - Yields on Baa-rated
corporate bonds increased one b a s i s point while y i e l d s on similarly rated
State and l o c a l i s s u e s were unchanged.
Short- and intermediate-term i n t e r e s t rates. Yields on 3-mcnth
and 6-month Treasury b i l l s reached t h e i r highest l e v e l since June I960,
increasing 6 basis points each, while y i e l d s on 3-5 year U. S. Government
i s s u e s declined 2 basis points. The average rate of interest on Federal
funds declined 25 basis points to 2.63 per cent. Other short- and
intermediate-term i n t e r e s t rates were unchanged.
f
Stock prices. Common stock prices, as measured by Standard
and Poor's composite index of 500 stocks, declined 3 per cent l a s t week,
closing on January 5 at 6?,66, the lowest l e v e l since l a s t November 3.
Trading volume was f a i r l y heavy, averaging 3.9 million shares a day.
More detailed information concerning recent c a p i t a l market
developments i s presented in the attached exhibits.

Capital Markets Section,
Division of Research and S t a t i s t i c s ,
Board of Governors of the Federal Reserve System.




HIGH-GRADE

STATE AND 1 0 C A I
60VEINMENT Aee

Moody'».|

LOWER-GRADE




STATE AND I O C A 1

"iomNMHU Da*

1.5

Exhlbit B - Tables f o r Exhibit A

-3-

•

Long-tena Bond Yields
High-grade
Date

Corporate
Aaa 1 /

U. S. Govt.
long-tena 2 /
(per cent)

1954 - Low
1957 - High
1958 - Low
1959-60 - High
I960 - Low
1961 - High
Low
Dec. 8
Dec. 15
> Dec. 22
Dec. 29 .
/ a n . 5 fi/

2 . 8 5 (4/23)
4 . 1 4 (9/27)

2.45 (8/6)
3.76 (lo/is)

l . 6 l (1/29/60)

3 . 0 7 (4/25)
4 . 4 2 (1/0/60)

3.55 (5/2)

4.23 (9/9)
4.46 (9/15)
2i. 21 (3/17)
4.39
4,42
4.44'
4.44'
4.43/

3.75(4/5)
4.07 (12/29)
3.70 (5/12)
4.05 4.06
4.06
r/4.07 4.06

State and
local
government
Aaa 3/
1.90
3.45
2.64
3.45
2.99
3.37
3.12

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

(9/8)
(t/ae)
(9/1)
(9/24/59)
(9/1)
(7/6)
(2/23)

3.32
3.33
3.32
3.31
3.26

.30
.60
.22
.59
.19
.57 ,
.34

.30
.50
.34
.92
•53
.76
.46

.34
.36
.38
.36
.37

.73
.73
.74
.76
.80

-

Lower-grade
Date

Corporate
Baa 1 /

State and
l o c a l govt.
Baa y

> Spread between
Aaa and Baa
State and
Corporate
| local govt.

(per cent)
1954 - Low
1957 - High „
1958 - Low
1959-60 - High
1960 - Low ;
1961 - High
•
Low
Dec.
Dec.
Dec.
Dec.
/Jan.

8
15
22
29
5 2/

3.44
5.10
4.51
5.36

(12/31)
(11/29)
(7/11)
(2/12/60)
(9/9)

4.98
5.13 (10/27)
5.00 (4/21)
5.10
5.11
5.11

tS/;

2.93 (a/*)
4 i 5 l (8/29)
3.64 (6/1)
4 . 4 6 (1/7/60)
3 . 9 8 (12/29)

4.16 (3/23)
3.93 (11/9)
4.03
4.04
. 4.04
4.o4
4.04

.96
1.21
.93
1.08

.52
1.27
.77
.84

1

.86

:

.71
.71
.68

g / Preliminary.
1 / Weekly average of dally figure*. Average term of bonds Included l a 23 *26 year*.
2 / Weekly average of dally figures. The aerlea include* bond* due or callable i n 10 years or s o r t .
3 / Thursday figure a. Only general obligation bond* are lnoludedj average term i s 20 years.
Mote.—-High* and low* are for Individual series and may be on different dates far different eerles.
for epread*, high refer* t o wldeet, and lew to narrowest.




.93
.57

• : «
.78

1
EXHIBIT C
SHORT-

AND

INTERMEDIATE- TERM

INTEREST RATES

GOVERNMENT

BANKS

AND

OTHER"PRIVATE

BORROWERS

'.Weekly

|«*— Going Rate
5.0

'\J

MS7,




Exhibit D - Tables for Exhibit, C
Qiort- and Intermediate-tern Interest hates
Government
Date

i

1954 - Low
1957 - High
1958 - Low
1959-60 - High
i960 - Low
19 61 - High
Low

'

1 Dec. 8
" Dec. 15
Dec. 22
j Dec. 29
;wJan. 5 E/

Discount
rate
__1Z_

3-month
b i l l s 2/

1.50

.61 (6/11)
3.6U (10/18)

2.17 U / 2 7 )
2.58
2.59

2.88
2.89

2.72^

2.96

. 5 8 (5/29)

Loo

3.00
3.00
3.00
3.00
3.00

3-5 year
issues 2/

1.66
4.04
3.02 (12/26)
2.1U
5.07 (I/I/") 5.00
2.38 (12/30)
3.#
2.90 112/29) 3.86
2.35 (14/28) 3.15

ii75

3.00
3.00
3.00

Yields
6-month
b i l l s 2/
(per cent)

It. 59 (1/8/60)
2.11 (10/21)

2.66 (12/29)

2.61
2.66

Spread between yields on
3-month b i l l s and yields on
6-mo. billsI3-5 yr. issues

(V*)
(io/ii)
<V»)
(11/24/99)
(12/30)
(8/11)
(5/12)

.26
•79
.16
.44
..12

3.82

.30
.30
.25
.24'
.24

3.81*
3.81
3.81
3.79

2.86
2.90

Banks anflaOtfaeivPrivate Borrowers
Prime
rate 1 /

Date

Stock Exchange
c a l l loan 1 /

1954 - Low
1957 - High
1958 - Low
1959-60 - High,
1960 - Low
1961 - Higi
Low

3.00
4,50
3.50
5.50
4.50
4.50
4.50

3.00
4.50
3.50
5.00
4.50 * .
4.50
4.50

Dec.
Dec.
Dec.
Dec.
Jan.

4.50
4.50
4.50
4.50
4.50

4.50
4.50
4.50
4.50
4.50

Finance company
paper ] /

Federal
funds 1 /

.66
.86
.04
1.81
.38
1.51
.92
1.24
1.25
1.20
1.20
. 1.07

Spread butwten
3-eo. b i l l s and
finance co. paper

(per cent)

y
y
V

8
15
22
29
5 £/ .

1 . 2 5 (12/31)

3.88 (11/I6)
1.13 (Va)
51.13 (1/22/60)
2; 8 8 (12/30).

3.00 (12/29)
2.50 (7/28)
2.83
2.93
r/3.00

vj 3.00
3.00

n.a.
3.50 (li/e)
.13 (V2»)
L O O (5/13/60)

.95 112/2)
2.88 (12/29)
.43 (1/27)

2.20

1.60

2.55
2.88
2.63

• » » " « • ' frcw d*Uy •loalna bid priaea. farlaa «f W »aar

0
.63
-.35

1.02

.22
.56
.11
.23
.34
*34

- .28

eoealeta • '

ivvras^r^dllly'mta^publlahad b> flnaaee aampwlaa far directly plaaad papar far • • • » « « . a t i r l t l e e «» » a
d.11, a f f a a t l ~ rata. . h i d . la tha r.«a far «ha h a . * . . , , " — , f

itr apreade, high refers to widest, »nd lew te nerrewesi.




"»• «™>—«"»

STOCK MARKET

'-vX"
^

vW i
1157

MORTGAGE

195$

AND

1959

B O N D YIELDS

Seasoned




I960

Mil

Exhibit r - Tables f o r Exhibit L
Stock Market
Stock prico
index 1 /

Date

1957-60 - High
Low
1961 - high
•
Low
| November
" December
1 Dec. 22
Dec. 29
Jan. 5 2 /

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

6 0 . 5 1 (7/31/59)

3.08
4.72

39.48 (12/20/57)
72.04 (12/8)
58.48 ( 1 / 6 )
71.07
71.74
70.91
fe/M.55
69.66

,2.82

-4/9
1.4
5.8
2.7

2.82
2.84
2.89

4.4
4.1

3.32

•

2.86
2.94

11

3.9

Stock market customer credit
Customers1
Bank
debit b a l loans to
ances 4 /
others" 5 /
(In m i l l i o n s of dollars)

Total

4,764

(4/59) 3 , 4 0 1 (4/69)

1 , 3 7 3 ( 3/59)

3,554 (I/so) 2,482 (12/57) 1,060 (11/57)
5,460(11/61)4,141(11/61)1,377(6/30)
4,424(1/61) 3,253(1/61) 1,161(3/8)
5,460
n.a.
n.a.
n.a.
n.a.

4,141
n.a.
n.a.
n.a.
n.a.

1,319
1,343
1,335
1,343
n.a.

..-•Hot available.

2 / hwlie-ii.ary.
prices, 19(1-43*10. Monthly data ure
of dally fi C uroo rather than of tirldcy's only, Hlehii and Ion# are for f H days' data only,
and Poor's ocmpofclto otoek yield baoed on Wsdnsaday data converted to weekly elect«*• prices by Federal
Yields shown ore for datee on which prlei Index reached I t s high or low.
of <hlly trading volvae on the Mew York Stook Bcehans*.
Kl,<! o f ttonth
flfiwroo f o r member flir.s of the Haw York Stock Eeehange whloh carry iwrfiln actountsi excludes balances
: -.ourod by U. S. Oovcrimr.t oblleatlons.
v,<lnead.\y ficureo for weekly reporting Member bank*. Bcoludes loans for purchasing or e a r r j l r j j U. 8, Oov<ri;iu.i«t
l u c u r l t l e c . Prior to July 1, 1059, such loans art excluded only a t banlto In Hew York and Chjir^o, Weekly MFortlr-j.
l.i,les account for about 70 per coot of loans to others. For further detail see Bulletin.

..V Standard rind Poor1# eempofsits lndax of 500 oeisnon stock*, weekly sleet
W

a^ra-jos
SL-mtird
lii tcvve,
Avercaee

,v

Mortgage and Bond Yields 1 /
FtiA
mortgages 2 /
1 l9i?3-58 - High
Low
1959-60 - high
Low
^ 1961 - August
\
September
,|
October
November
f
December

i:U

m

6.24 (1/60)
5.57 (3/59)

5.71
5.72
5.72
5.72
n.a.

Aaa corporate
bonds 1 /
New 3/ 1 Seasoned

SiSmKIZS
5.29 (9/59) 4.61 (1/60)
4.29 (9/59) 4.12 (1/59)
4.59
4.3b
4.26
4.32
4.39

4.45
4.45
4.42
4.39
4.41

Spread between uuw
~
corporate bonda ;»inl _____ __
tllA mort('M^eB|Suaooni;d _I»ojuL-j
1.96
.54
1.76
.83

.90
-.12
.77
-.16

1.12

.14
-.07
-.16
—.0?
-.02

1.34 .
1.46
1.40

1
1/ Neither mortgage nor bond yields take Into account servicing cooto whl ch are e.uoh higher for moi'tp/iy.# a than
ebonds. Generally,' bonds pay Interest ceni-nnnually; mortgages, monthly. Mortgage yields, If computed as equivalent
to a semiannual Interest investment, would be slightly higher than given in the table.
2/ Based on FMA fiold-offioe opinions about average bid prices in the private secondary market for new.home
, mortgages for immediate delivery. Since l a t e 1955, data relate only to 25-yeor mortgagee with downpmyments of 10
Yields computed by FOB, assuming 25-ycmr mortgage
; per oent or more, weighted by probable volume of transactions.
are paid off in 12 years. Dashed lines indicate periods of adjustment to chengee i n the contractual Interest r a t e .
3/ First National City Bank of New York. Averages of offering yields of a l l new Issues of pwblloly-sold bonds
; rated Aaa, Aa or A by Moody's Inventors Service (except serial and convertible issues and offerings of natural gas
f and foreign companies) weighted by size of issue. Yields on Aa and A issues are f i r s t adjusted to an Aaa basis
' by the spvrod between yields of outstanding bonds in these categories and those on saa-rated bonds. The series ref l e c t s clvmf/na in industrial oomp osltlon, toitiirity, type, e t c . of new offerings. ,
4 / Moody's Investors Service, Monthly aver a r m of daily data. See Exhibit B.




Exhibit G
Yields on New Corporate Bond Issues Adjusted t o an Aaa Basis
Amount
Average
Number of issues
yield
of issues included
(per
included (millions
.cent)
of dollars)
Monthly averages:
1961 - January
February
March
April
May
June
July
August
September
October
November
^
December
Weekly averages:
1961 - January 6
13
20
27
February 3
10
17
March 3
10
17

k
k

2
7
9
3

1
1
1
1
2
3

;

10.0
7.0
12.0
6.8
iiB.O
U.Q

2k

k

108.0

Ik
21

3
3
. 2

90.0
82.0
312.0
79.0
165.0
30.0
91.0
165.0

31
April 7

May 5
12
19
26

2k

29.0
97.8
108.0
563.0
1&L.0
701.5
273.0
115.0
78.8
200.0
229.0
115.0

3
6
It
12
15
' 18

28

k

3
1
6
5

June 2
9
16
23
30 .
July 7
.
lit
21
28
August it
11
18
25
September 1
8
it.it5
15
22
it.ito
it. 27
29
it. 61* October 6
it.32
13
20
it. 27
27
November 3
10
17
it. 26
2it
December 1
8
it. 28
it.itO
15
22
it.it2
it.5it
29
- it.it9 1962
it.it? January 5
12
it.it?
19
it. 55'
26

Amount
Average
Number of issues
yield
of issues included.
(per
included (millions
cent)
of dollars)

It. 35
it. 31
It. 26
lt.it2
It. 51
It. 65
It. 62
lt.59
L 38
it. 26
it.32
it. 39

3
it
6
3
2
1
1
2
2
1
1
—
——

,

60.0
307.0
137.0
130.0
67.5

it. 66
it. 68
it.68
it.56
it. 58

8.0
200.0
65.0
55.0
20.0
itO.O

it. 60
it.6it it.U6 ;
it.5it ?
it. 73*:
it. 60 t

——
——

1

18.0

it.it6|

1
2 '

60.8
it5.o

it.36 I
it. 25 3

2
3
3

60.0
95.0
it5.o

k.2l
it. z8
it 21

9it.O
60.0
30.0
75.0

it.<9
it. 35
k.ko
it.%9r
it.55* ^

'k

1
1
2
1

ko.o

—

Note: Averages of o f f e r i n g y i e l d s on a l l new i s s u e s of public 1;y .sold bonds rated Aaa,
and A by Moody's*Investors Service (except s e r i a l , equipment t r u s t and convertible i s s u e s ,
o f f e r i n g s of n a t u r a l gas p i p e l i n e and f o r e i g n companies, and i s s u e s guaranteed by the
Federal Government) weighted by s i z e of i s s u e s . Yields on Aa- and A-rated bonds a r e f i r s t
a d j u s t e d to an Aaa b a s i s , using the comparable spreads in y i e l d s on seasoned bonds (Moody1,
averages). Averages r e f l e c t changes in i n d u s t r i a l composition, type, maturity, and c a l l
provisions of new o f f e r i n g s . Weekly averages considered unusually u n r e l i a b l e as
I
i n d i c a t o r s of i n t e r e s t r a t e s on new issues because of the small number or s p e c i a l
Digitized
c h a r afor
c t eFRASER
r i s t i c s of o f f e r i n g s included e t c . a r e marked with an a s t e r i s k .



;

-9--

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

'

New c a p i t a l

Corporate 1 /
| 1961
1 I960

1962
January
February
March

e/600

580
66?
562

570
715
860

2,118
1,259
1,318

State and l o c a l 2 /
1962
1 1961 , 1 I960
715
689
763

700
611
568

761
577
i,oa

720
61*1
1,085

719
545
991

1,028
762
61*7

736
967
726

EZ476
2/601
£/701

492
606
683

October
November
December

fi/1,033
e/800
e/875

890
956
852

e/600
e/800
e/550

348
501
491

1st
2nd
3rd
lith

1,809
4,695
2,137
e/2,708

2,145
2,382
2,1*28
2,698

2,168
2,446
2/1,777
e/1,950

1,880
2,256
1,780
1,340

6,504
8,911
e/ll,61i9

4,527
6,955
9,653

4,613
2/6,391
g/8,34l

4,136
5,916
7,257

April
May
June

,

July
August
September

quarter
quarter
quarter
quarter

1 s t half
Three quarters
Year

2/550

•

i
i

Excluding finance companies 3 /
1st
2nd
3rd
itth

quarter
quarter
quarter
quarter

Year
e/
1/
2/
2/

1,551
4,552
2,337
e/2,608

1,716
2,165
2,018
2,347

e/ll,0l*6

8,216

Estimated,
S e c u r i t i e s and Exchange Commission estimates of net proceeds.
Investment Bankers Association of America estimates of principal amounts.
Total new c a p i t a l i s s u e s excluding o f f e r i n g s of s a l e s and consumer finance
companies.




Exhibit I

-10-

New Corporate Security Issues, Type of Issue and Issuer
(3h millions of dollars)
Nfet proceeds for
Gross proceeds for new
capital and refunding 1 /
new capital 1 / 2 /
Bonds
•Common
Mfg. Public Communi- Other
Total Publicly Privately and
u t i l i t y cations issuers
offered offered pfd,
atk.

2,281

787
960
807
1,00k

835
89k
859
1,0 W*

660
811
396
691

358
750
1*68
361*

813
979
1*70
927

105
1*3
99
1*60

928
791*
91*2
890

2,265
93l*
2,537 1,07k
2,520 1,336
2,832 1,1*62

795
770
75k
955

536
692
1*29
1*16

298 ;
511
562
625

598
808
652
696

189
11*9
317
381

1,059
913
896
997

662
2,303
772

880
1,275
1,139

1*1*9

515

381

81

321*
253
357
31*8
186
51*0
1*15
592
329
621
518
323

190
291*
311
232
220
319
236
229
289
157
357
1*1*1

126
189
221
226
202
265
127
175
128
150
131*
131

59
67
172
171
92
21*9
182
220
161
185
21*9
191.

155
21*5
198
303
11*1*
362
126
222
303
203
311*
180

36
85
68
52
36
61
57
165
91*
251*
27
100

319
318
1*22
236
301*
373
370
359
168
• 21*9
366
381

291*
255
331
31*8
355
572
392
l*il
336
1*58
280
1*50

129
167
151*
1,170.
320
283
• 259
177
218
30b
170
310

169
99
21*8
571* .
1*1*7
1*1*6
1*28
255
.252
293
210
31*0 .

137
160
81*
251*
1*39
389
269
215
111
282
260
120

21
ia
19
991*
85
16
16
13
75
25.
70
25

253
368
211
297
289
1*67
315
279
209
h3h
21*0
390

2,665

2,062
2,739

1,992

I960 - Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

61*1
735
889
805
608
1,121*
' 777
996
71*7
928
1,009
895

1961 - Jan.
Feb.
Mar.
Apr.
May
June
.
July
Aug.
Sept. •
Oct. g /
Nov. e /
Dec. i f

601
178 695
273
696
211
2,231
713
1,3U2 . 666
92k
1,779.
1*21* ,
1,075
225
813
123
678
1,101
•336
370
820
190
950

H l k

^ ^

832

^

1/ Gross proceeds exceed net proceeds
2 / Preliminary.
2 / Estimated.
by the cost of f l o t a t i o n .
2 / For t o t a l see Exhibit Hj other issuers are
extractive, railroad and other transportation, real estate and finance and
commercial and other.
Source. —Securities and Exchange Commission.




Exhibit J

-11-

Other Security Offerings
(In millions of dollars)
Gross, long-term l7*"
Foreign government 2/
Federal agency* 3/
1961
19^0
1961
|
I960
|
19FF
January
February
Ha rch

6
29
20

April
May
June

2
66
29

34
72.

5
2

25
1
36

July
August
September
October
November
December

—

39

Year

2
175
70

81
60
2
.

ko

3h

2
ia
533

'

1959

182
150
150

175

h2

100
1U9
,278

II48
35U

—-

85
1
35

250
193;

199

58
50.

•
252

199

—

98.
150

33
30
70

160
1U9
181

86

517

1,672

707

Net short-term I4/
Federal agency 3/
State and l o c a l government 5/
January
February
March

160
" 195
-8

April
May
June

-103

58
1U0
-80

-k

181

h

-Ikk
-162

-174

-1#

-157

197
-25
-197

July
August
September

109
518
-86

W
ZO-5
-175

57
392
131

22
193
108

October
November
December

-6

-16
50
-189

-81
-176
-117

98
56

18

362

-h2

Year
2/
1/

-82
176
33

-196
-202
-59

. 50
368
286 .

-lk6

-79
-87
207

-277
170 •
320
95
23
-201 -

362
133
79.

-23
-33
-250

280
2I4O
141

-633

1,969

70

.

Preliminary,
These data d i f f e r from those i n Exhibit 0 i n t h a t ro fundi % i s s u e s , a s well a s new c a p i t a l I s s u e s , a r e includes!.
Long-term s e c i r l t l e e a r e d e f i n e d a s those maturing i n core t h a n one y e a r .
2 / I n c l u d e s s e c u r i t i e s o f f e r e d i n t h e . U n i t e d S t a t e s by f o r e i g n governments and t h e i r s u b d i v i s i o n s and by I n t e r n a t i o n a l o r g a n i z a t i o n s . Souroe* S e c u r i t i e s and Exchange Commission.
3 / I s s u e s not g t ^ r a n t n e d by t h e U, S . Government. Sourcei long-term, S e c u r i t i e s and Exchange Commission; s h o r t term , Treasury Department and Federal Reserve.
4 / These d a t a d i f f e r from those I n Exhibit 0 and above I n t h a t they r e p r e s e n t new o f f e r i n g s lebe r e t i r e m e n t s , whether
from t h e proceeds of r e f u n d i n g i s s u e s or from o t h e r f u n d s , feta Include only i s s u e s w i t h o r i g i n a l m a t u r i t y of one
year or l e s s .
5 / P r i n c i p a l l y t a x and bond a n t i c i p a t i o n n o t e s , w a r r a n t s or c e r t i f i c a t e s and P u b l i c Housing Authority n o t e s . I a
000,8
I n s t a n c e s PHA n o t e s Included may have a somewhat longer term t h a n one y e a r . Source1 Bond Buyer and
Federal fie s e r v e .
.
——•
"




-12-

Exhibit K
Large Long-term Public Security Issues l o r New Capital
(Other than U. S. Treasury) 1 /

^

Proceeds of Large Issues Offered
(In millions of dollars)

Month

Total

i960 - December
1961 - January
February
March
April
May
June
July
August
September
October
November
December

Corporate
Bonds
(other than Convertible
bonds
convertibles)

260
lit?
267
70
1,572
#7
532
1*75
185
168
354
391 r
255

235
. 106
230
25
560
1*80
1*35
285
165
78
205
320
125

Stocks

State
and
local
government
222
391
360
1*05
383
250
616
179
281
1*35
326
1*80 307

.

——

. 1*0
15
75
33
67
26

25
10.
37
5
1,010
62
97
115
20
58
81
1*5
130

Other 2 /

99
07
25
151
100
73
1*0
250

Large Individual Issues Offered January 1 through 5
Issuer

type 1 /

Amount
Coupon
(millions Maturity
rate or Offering
net i n t e r - yield
of
dollars)
est coat

Ikt line

CORPORATE
None
STATE AND LOCAL GOVERNMENT
Commonwealth of Puerto Ric< 1
Port of New York Auth,,N.Y '
Puerto Rico Indus. Develop
OTHER
None




G.O.
Rev.
Rev.

* 25.0
25,0
15.0

1963-81*
1992
1963-82

3.1*5
3.62
n.a.

1.85-1*.00 A
3.58 , , A
l4.OO-l4.liO-/ —

Footnotes
*—Rights o f f e r i n g .
1 / Includes corporate and other security offerings of $L5 million and over3
State and l o c a l government security o f f e r i n g s of $10 million and over.
2/ Includes foreign government and International Bank f o r Reconstruction and
Development i s s u e s and non-guaranteed i s s u e s by Federal agencies.
y
In the case of State and l o c a l government s e c u r i t i e s , 0 . 0 . denotes general
obligationsj Rev.-Ut., revenue obligations secured only by income from
public u t i l i t i e s ; Rev.-Q.Ut., revenue bonds secured only by revenue from
q u a s i - u t i l i t i e s j Rev.-S.T., revenue bonds secured by revenue from s p e c i f i c
taxes only; Rev. -Rent., revenue bonds secured s o l e l y by l e a s e payments.
\x/ Privately placed with i n s t i t u t i o n s .
.




-Ill-

Exhibit L
Forthcoming Large Long-term Public Security Offerings f o r New Capital
(Other than U. S. Treasury) 1 /
Expected Proceeds from Forthcoming Large Issues
During month following
date shown
State and
Corporate l o c a l govt. Other 2 /

Date of
computation

91
110
55
1,580

I960 - Dec. 30
1961 - J a n . 31
Feb. 28
Mar. 31
Apr. 28
May 31
June 30
July 31
Aug. 31
Sept. 29
Oct. 31
Nov. 30
Dec. 29

ShZ

487
521
170
175
358
346
356
161

Subsequent t o
date shown
State and
Corporate l o c a l govt.
682
360
638
806
579
771
291
537

1,036

142
181
307
559
236
431
195
406
399
251
597
295
223

1,046

1,125
15
75

1,700

73
35

687
611
666
255
240
50U

•a

421
591

498
10-5

ai

15
75
73
35

Forthcoming Large Offerings, as of January 5
Issuer

type

Amount
Approximate date
(millions
of o f f e r i n g
of d o l l a r s )

CORPORATE
New York Telephone Co.
Natural Gas Pipeline Co. of Amer.
*Grant (W. T.) Co.
Shamrock Oil & Gas Corp.
Garrett Corp.
Southern C a l i f . Edison Co.
American Tel. & Tel. Co.
Duke Power Co.
Stokely-Van Camp Inc.
Commerce Oil Refining Corp.
Realty C o l l a t e r a l Corp.

Ref .mtg.bds,
1 s t p.L. mtg bds.
S.F, deb.
S.F. deb.
Deb.
Com. stk.
Deb.
1 s t mtg. bds.
Conv. sub. deb.
D e b . b d s . & com,
Coll. t r . notes

60.0
30.0
35.0
25.0
20.0
26.0
300.0
50.0
15.0
45.0
20.0

Jan. 10
Jan. 10
Jan. 23
Jan. 24
Jan* 25
Jan.
Feb. 15
Feb. 21
Feb.
Indefinite
Indefinite

STATE AND LOCAL GOVERNMENT
East Bay Mun. U t i l . D i s t . , C a l i f .
San J o s e , California
New York State
*State of Washington
Ascension-St. James Bridge & Ferry
Auth.
Montgomery Co., Maryland
Georgia Rural Roads Auth.




0.0.
G.O.
G.O.
Rev.-S.T.
Rev. -Ut.
G.O.
Rev.-S.T.

30.0
20.0
33.0
22.6

Jan.
Jan.
Jan.
Jan.

30.8
13.2
13.0

J a n . 15
Jan. 16
J a n . 23

9
10
10
15

-15-

L-2
Forthcoming Large Offerings, as of Januaiy 5 (Cont'd)
Issuer

Type

Amount
Approximate date'
(millions
of offering
of dollars)

STATE AND LOCAL GOVERNMENT (Cont'd)
Kansas City, Mo.
Rev. -Ut.
Rev. -Q.Ut.
Los Angeles, California
State of New Jersey
G.O.
Rev.-S.T.
State of Michigan
*St. Louis, Mo.
G.O.
Los Angeles School B i s t . , C a l i f .
G.O.
City and County of San Francisco, Cal,
sG.O.
Orleans Parish Sch. B i s t . , La.
G.O.
Badie- County, Florida
G.O,
Jacksonville Expressway Auth. '
Rev.-Ut.
•"tos Angeles Dept. of Wtr. &.Pwr.
Rev.-Ut.

18.5
lli.O
1*2.0
25.0
12.7
35.0
27.0
10.0
1*6.0
1*0.0

16.0

Jan. 2k
JaK 31
Feb. 6
Feb. 6 .
Feb. 7
Feb. 13
Feb. 13
Indefinite
Indefinite
Indefinite
Indefinite

OTHER
•^Tennessee Valley Authority

Bonds

50.0

Jan. 25

*—Included i n . t a b l e for f i r s t time.
1 / Includes corporate and other i s s u e s of $15 million and over; State and
l o c a l government i s s u e s of $10 m i l l i o n and over.
2/ Includes foreign government and International Bank f o r Reconstruction and
Development issues and non-guaranteed i s s u e s by Federal agencies.
Note. —Beletions f o r reasons other than sale of i s s u e : None.