Full text of H.16 Capital Market Developments : January 9, 1967
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H.14
DECONTROLLED AFTER SIX MONTHS
January 9, 1967.
CAPITAL MARKETS DEVELOPMENTS
IN THE UNITED STATES
i
j
-
' -raiWratJ and municipal bond markets.
Bethlehem Steel Corporation debentures.
The volume of new corporate
In the municipal market, new issue
and Power Authority bond issue, expected to be offered at mid-week.
,y
Long-term Public Security Offerings
(In millions of dollars)
Corporate,
New Capital | Refunding
State and local Government
New Capital 1 Refunding-
Sold:
52 week avg.
209
210
20
70
13
180
445
297
Deci 30
Jan. 6
Scheduled:
Jan. 13
^ t r a s r - s i r a s . s s s s r s a f t v a s.
subscription rights expire.
below a similar offering in mid-December.
by week-end.
volume.
Yields in Security Markets
Level Latest Week
Change from
preceding week
High-Grade
Notes and Bonds
Corporate
5.51
5.38
New
Seasoned
+2
U.S. Government4.46
4.82
• Long-term
. 3-5 year
State and local Govt.
Moody's Aaa
Std, & Poor's high grade
3.72
3.76
-2
-2
5.25
-25
4.80
4.88
-4
Money Market
Federal funds
Treasury bills
3-month
6-month
"
Corporate Bonds Still in Syndicate
Date
Offered^
Amount
(millions of $)
Issuer
Reoffering
Yield
Rating
Estimated proportion sold
NONE
Blue List of Municipal Dealers' Advertised Inventories
(In millions of dollars)
Latest Week
(462 (1/4)
End of Previous Week
465
Recent High
(636 (2/17)
H.14
.
-3-
close at 82.18 on Friday. Trading volume averaged 6.9 million shares a day,
the lowest average volume in two months.
Capital Markets Section,
Division of Research and Statistics,
Board of Governors of the-Federal Reserve System.
. . . a
IXMIV A. ferl I
i
i
I O N O - T 1 1 M BOND Y l i l D S , H I O H - O t A D I
["U.S. GOVERNMENT
STATE AND LOCAL GOVERNMENT A l l
1963
Date
1959-60 - High
1962-63 - Low
1965 -Lev
1566 - High
- Low
Dec. 9
16
23
; 30
Jan. 6b/
Corporate
Aaa 1/
State and
local
U.S. Govt,
government
long-term 2/
Aaa 3/
4.61 (1/29/60)
4.19 (3/29/63)
4.41 (3/12)
5.52 (9/9)
4.73 (1/7)
4.42
3.85
4.13
4.87
4.42
5.38
5.38
5.39
5.43
5.38
4.76
4.65
4.58
4.54
4.46
196*
Exhibit A — Part II
1965
Spread between
U. S. Govt, and
State and
Corporate
local Aa^,
, „ Aaa
.92 (4/22/60)
(V8/60) 3.65 (9/24/59) .59 ( W 6 0 )
(13/28/62) 2.88 (11/9/62) "21 (12/27/63) .80 (1/5/62)
v
j94
(6/25) 2.94 (2/11)
.22
1.19
(9/2)
4.04 (8/25) .92
.78
(1/21) 3.39 (1/13) .14
3.84
3.74
3.74
3.74
3.72
.62
.73
.81
.89
.92
.92
.91
.84
•80"
.74
EXHItIT I. Fori 1
LONG-TERM B O N D YIELDS, LOWER GRADE
5.5
CORPORATE Baa
5.0
4.5
4.0
STATE AND LOCAL GOVERNMENT Baa
/ V
3.5
1961
1963
1962
Exhibit B
'
Corpora te
Baa 1/
Date
1959-60 - High
Year end
1962
1964
1965
1966 - High
Low
Dec.
916
. 23
30
Jan. 62./
5.36 (3/12/60)
4.93
/ 4.80
5.04
6.20 (12/30)
5.05 (1/14)
6.-17
6.19
6.19
6.20
6.15
1964
—
1965
State and
local govt.
BaajZ
(per cent)
Spread between
Aaa and Baa
State and
Corpora te
local govt.
4.46 (3/7/60)
3.57, '
3.51
3.79
4.55 (4/25)
3.78 (1/20)
.84
.70
•37
.31
.81
.31
4.30
4.26
4.26
4.26
4.24
.79
.81
.80
.77
.77
-
Net#*
For footnotes see Exhibit i .
1966
P a r t II
1.08
.63
.52
.39
.62 ^
.31
.46
.52
.52
.52
.50
4
SHORT- AND INT
GOVERNMENT
3 - 5 YEAR I S S U E S
6 - MONTH BILLS
I M.rk.lYi.ldi
F. R. DISCOUNT RATE
3-MONTH BILLS
Mark*! Yi«W«
I I I I
I I I I I
I II '
I I I I I
1963
1 1 1
'
1 1 1
1964
Exhibit C — Part II
Date
1959-60 - High
Year end - 1961
1962
1963
1964
1965
1966 - High
Low
Discount
3-month
rate
bills 2/
1/
3
3
3.).
4.00
4.50
4.50
4.50
4.50
9
4.50
16
4.50
23
4.50
30
Jan. 6EJ 4.50
Dec.
'i.59 /E/60) 5.07(3/8/60)
2.90 _
.66
2.93
£.89
3.64
3.52
3.93
3.83
4.66
4.47
5.52 (9/23) 5.92 (9/23)
4.39 (6/24) 4.53 (6/24)
5.16
4.97
4.81
4.80
4.80
http://fraser.stlouisfed.org/
PI
Federal Reserve Bank
of St. Louis
Spread between yields on 3month billf and yields on
j
billsl?-p yr. issuer i
Yields
6-month
bills 2I
(per cent)
5.26
5.06
4.93
4.92
4.88
.
5.0Q(I^2^®)
3.81 *
3.41
4.07
4; 07
4.90 . ,
5.83 (9/2)
4.80 (4/8)
5.30
5.06
4.90
4.86
4.82
.79
.24
.04
.13
.10
.19
.52
.09
1.81
1.15
.52
.55
.24
.43
.78
.01
.10
.09
.12
.12
.08
.14
.09
.09
.06
.02
SHORT- A N D INTERMEDIATE-TERM INTEREST RATES,
B A N K S A N D OTHER PRIVATE BORROWERS
PRIME RATE
FINANCE COMPANY PAPER
F R . DISCOUNT RATE FEDERAL FUNDS
—
1961
1963
1962
1964
Date
Prime ra te
1/
Finance
company
Daper
1965
1966
Part II
Exhibit D
2/
Federal funds 3/
Spread between
3-mo. bills and
finance co. oaoer
(per cent)
1959-60 - High
Year end - 1961
.
1962
1963
1964
1965
1967 - High
'
Low
Dec.
9
16
23
30
Jan. •• 6£/
5.00
4.50
4.50
4.50
. 4.50
5.00
6.00 (1/6)
5.00 (3/4)
6.00
6.00
6.00
6.00
6.00
-
5.13 (1/23/60)
3.00
3.19
3.88
4.06
4.75
5.88 (12/30)
4.75 (1/7)
4.00 {5/33/60)
2.88
3.00
3.50
4.00
4.63
6.00 (11/4)
3.55 (1/21)
1.02
.34
.30
.36
.23
.28
1.08
.20
5.88
5.88
5.88
5.88
5.75
5.35
5.30
5.30
5.50
5.25
.72
.91
1;07
1.08
.75
V Weekly rate shown is that in effect at end of period. Prims rate is that charged by large hanks
on short-term loans to business borrowers of the bluest credit standing*
2/ Average of daily rates published by finance companies for directly placed paper for varying
maturities 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#
Motet
Highs and lnrs are for individual series and may be on different dates for different series#
for
FRASER
For spreads, high refers to widest, and ldw to narrowest.
Digitized
STOCK MAtKIT
'!
'
"
' PRICES
-
100
I--
80
L
\
/
Y-
|
I STOCK MARKET CREDIT
|
I
60
* C H A N G E IN S E R I E S
j
40
YIELDS:
L
^
~
1 I 1 I I 1 I 1 M1i l
I lI I1. Li-LuJ 1 I 1 II 1 1 II 1 1 1
1963
1964
Exhibit E —
Common
stock
yields 2/
(per cent)
Stock price
index Ij
I
11 ' '' i i i i M M
I , , , , , ,
Part II
Stock market <
Customers'
debit balances 4/
Trading
volume 2/
(millions
of shares)
Total
losns to
"others" 5/
(In millions of dollars)
1961-62 - High
Nov. 1963
J u l y 1965
1966 - High
Low
Nov.
Dec.
Dec. 16
23
30
10.1
2.4
72.04(13/8/61)
52.68(6/22/«)
2.82
3.96
72*61
84.91
3.14
3,09
5.3
4.1
93.77 (2/11)
73.20 (10/7)
3.02
4.04
10.7
5.0
80.99
81.33
81.58
81.47
80.33
3.65
3.62
3.59
3.60
Jot &TKll*bl*._ ,
Standard and Poor's — ,
• are aiexa*
MflatUy
—.— —
•
5,602[y/6l)
4,424(3/61)
7,298
6,833
7.3
7.9
8.2
7.6
fl.2
Z-o
fiJl—
1,418(5/8/62)
4,259(12/61)
3,253(1/61)
1,161(3/0/61)
5,586
4,863
1,712
1,970
7,997
7,302
5,835
5,16S
2,241 (7/6)
2,095(12/16)
7,352
5,217
2,135
2*,095
n.a.
i
nth
n.fl.
i
to weekly olosimg
rsaohedlts high
3/
of a a i r
n
w
others. For further detail see BuBetin.
node t * w .
«<"•• » "
"
I
' - -
tXH«IT f. Pari 1
FEDERAL NATIONAL MOtTGAGE ASSOCIATION
SECONDARY MARKET OPERATIONS
JJ
II I I II I I I I I III I I I M I I I I
OFFERINGS
SALES
PURCHASES
1962
1961
1963
1964
Exhibit F - Part II
Estimated offerings to FNMA
Immediate
Standby
Total
purchase
commitment
Purchases
by
FNMA
Sales
by
FNMA
(In millions of dollars)
1965 - Oct.
Nov.
Dec.
1966 - Jan.
Feb.
.
Mar.
- Apr.
May
June
July
Aug.
Sept.
Oct.
209.9
238]. 3
325.7
333.2
209.2
272.8
193.0
192.2
144.2
122.6
150.7
140.4
167.5
209.9
237.2
325.6
333.0
209.0
272.3
192.3
191.1
141.7
121.0
——•
1.0
.3
.3
.5
.7
1.1
2.6
1.6
2.0
1.9
3.3
78.5
140.2
186.7
229.2
267.3
301.4
193.0
167.3
131.6
213.2
112.5
95.5
107.2
""
0.1
, -
mammm
L i q u i d a t i n g Pro g r a n s .
148.7
138.5
164.2
—
/#
YIELDS ON NEW AND SEASONED CORPORATE BONDS
NEW ISSUES
SEASONED A m
I I I I I I
Exhibit 6
Part II
Yields cm Hew Corporate Bond Issues Adjusted to an Aaa basis
Number |Aa't of issues| Average
of
[included (mil. I yield
lasuesI of dollars) Kner cent)
KumberlAm't of issues Average
of
I included (mil. yield
foer cent)
Issues! of dollars)
Monthly averages:
300.0
8
1966 - Jan.
304.5
10
Feb;
513.0
9
Mar;
452.3
13
Apr.
341.0
7
May
596.0
. 11
June
155.0
5
July
5 . ' 680.0
Aug.
280.0
8
Sept.
333.5
8
Oct.
285.0
5
Nov.
270.0
6
Dec.
Weekly average
5.98(9/2)
High
4.82cl/7i
T.nw
IOXSI
w
.——
Jl by Moody's
%vie#
and foreign eo^peales, »nl
4.84
4.98
5.13 ,
5.08
5,21
5.38
5.62
5.70
5.82
5.77
5.72
5.74
Jan. 6
25.0
5.51
' -
Exhibit H.
H. 14
Long-term Corporate and State and Local Government
Security Offerings and Placements
(In millions of dollars)
New Capital
Corporate
1066 P/
1965
1967
1,302
1,237
2,446
795
746
1,197
e/1,150
April
May
June
1,553
1,058
2,364
July .
August
September
1967
January
February
March
e/1,300
£/
October
November
December
1st
2nd
3rd
4th
1st half
Three quarters ,
Year
1,184
858
868
804
872
904
1,152
1,691
1,946
1,194
905
1,140
826
924
972
1,039
1,670
1,382
1,290
850
1,392
698
773
1,010
986
648
966
925
924
1,325
1,496
724
ss-
794
1,021
754
2,738
4,789
3,533
/ 3,745
2,910
3,239
2,481
e/2,474v
2,580
2,722
2,600
2,569
6,149
8,630
e/11,104 '
5,302
7,902
10,471
t/MOO^A
4,985
4,974
4,091
e/3,900
Quarter
Quarter
Quarter
Quarter
7,527
9,959
11,060
14,050
e/ 17,950V 14,805
Excluding finance companies 2
1st
2nd
3rd
4th
Quarter
Quarter
Quarter
Quarter
Year
e/
2/
1/
2/
3/
4/
State and local =J
1966 P/
1965
4,924
4,884
3,969
!
.
2,547
4,348
3,283
3,188
13,366
Estimated-by Federal Reserve.
L
Preliminary.
^
Securities and Exchange Commission estimates of net proceeds.
Investment Bankers Association of America estimates ofprincipal amounts.
Total new capital issues excluding offerings of sales and consumer finance companies.
Includes $135 million Pennzoil note issue.
Exhibit I
New Corporate Security Issues, Type of Issue
and Issuer
(In millions of dollars)
Quarter
or
Month
Gross proceeds for nevr capital
and refunding 1/
Common Memo:
Boiids
Total
Mfg.
Foreign
Publicly Privately and
pfd. issues
Placed
Offered
stock included
Net proceeds
for new capital — z
Public CommuniUtility cations
59
135
1,361
1,559
541
609
786
610
91
255
323
177
1,034
2,246
1,304
1,815
1,860
2,205
1,558
1,387
969
960
657
954
602
392
567
476
1,553
1,418
1,309
1,083
399
307
414
273
402
470
202
297
287
158
209
243
102
25
196
92
43
43
587
222
495
401
671
741
353
530
977
692
376
1,137
397
518
6&3
362
350
675
388
241
340
364
274
322
263
313
81
304
275
375
141
160
301
76
40
276
52
318
198
91
160
225
1964 - III
IV
2,876
3,568
792
531
1,590
2,629
494
408
94
227
559
1,061
642
509
1965 - I
II
3,007
5,043
3,912
4,030
905
1,864
1,575
1,226
1,673
2,259
1,955
2,264
429
920
383
540
243
215
263
300
1,072
1,679
1,119
1,145
I
s1966 - I
|
II
i
H I
XV
5,094
5,115
4,197
4,019
1,774
1,941
2,256
2,079
2,586
2,083
1,627
1,604
734
1,090
314
336
345
168
153
n.a.
11965 - July.
A
i
"6Sept.
Oct.
Nov.
i
Dec.
1,443
930
1,538
986
1,398
1,646
542
369
664
287
613326
780
468
, 706
574
529
1,161
122
93
168
124
257
159
27
8.7
150
99
101
99
|1966 - Jan. 2/ 1,339
1,273
i
Feb,
2-482
I
Mar.
1,582
Apr.
1,106
my
i
2,427
X
June
1,085
i
July
1,712
Aug.
1,400
Sept •
989
Oct. 2/
Nov; e/ 1,100
Dec. e/ 1,930
460
560
753
628
481
832
440
1,140
676
499
550
1,030
692
583
1,311
743
556
187
130
417
210
69
811
110
137
67
136
100
100
93
118
133
86
33
49
69
22
62
70
n. a.
n.a.
r
I
\
I '
I
in
IV •
. .
•3?
Sf
354
450
800
_/
£/
1/
2/
'
Other
Issuers
,
-
420
306
827
421
368
629
x 327
522
460
168
290
625
Preliminary.
Estimated by Federal Reserve.
Gross proceeds exceed net proceeds by the cost of flotation.
For total see Exhibit H; other issuers are extractive, railroad and other
transportation, real estate and finance, and commercial and other.
3/ Does not include U.S. Steel $600 million conversion of preferred stock to debentures.
4/ Includes $229 million Consolidation Coal issue for partial payment of a liquidating
i
dividend.
SOURCE: Securities and Exchange Commission.
Exhibit J
Other Security Offerings
(In millions of dollars)
= T.onpr-fprm 1/
TTo-ro-igh r.nwrnmPnt 2/
1966
1QG4
January .
• February
March
.April
May •
June ,
July
August
September
October
November
December
12
40
40
66
69
76
72
7
50
218
4
503
410
392
699
1,030
1,084
799
400
450
82.
38
73
69
30
75
91
33
74
5
52
75
26
20
13
7
VaAa-ra 1 AffPnr.y 3/
1964 .
1965
129
185
325
275
260
160
775
239
150
375
375
179
510
2
180
72
58
Jan. - Nov.
659
578
2,553
1,205
•Year
661
636
2,732
1,205
New short-term 4/
State and local Goverment 5/
January
- February
March
April
May
June
July
August
September
October
November
December
Jan.
Nov.
103
39
-319
580
462
-334
-103
270
E /-161
p/"53
496
2/980
238
91
-458
647
204
-82
119
408
152
59
274
-366
-80
-9
127
176
7
-15
-208
-308
-336
23
97
183
239
-333
167.
1
525
113
-3
-137
-174
117
-11
509
237
132
206
105
-309
202
-76
1,652
661
877
371
1,286
453
801
368
lose in axniDit n j-u u w l
Reserve."
308
-24
450
718
85
284 -590
-270
-652
-555
n.a.
103
236
-407
442
81
Federal Agency 3/=
.—>
—
•
-
.
•
Exhibit K
Large long-term Public Security Issues for K M Capital
(Other than U. 8. Treasury) 1/
Proceeds of Large Issues Offered
(In millions of dollars)
State
and
local
governments
Corporate
Total
1965 - Dec.
1966 - Jan.
Feb.
Mat.
Apr.
May .
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Bonds
Convertible
(other than
bonds
convertibles)
212
370
391
544
481
351
636
170
862
287
352
363
990
262
485
545
890
643
401
1,317
402
1,189
627
523
510
1,177
50
84
75
55
50
20 .
182
257
340
116
97
118
Stocks
413
787
424
399
720
466.
582
338
410
. 611
387
464
669
. -—
115
70
271
106
661
50
80
--
55
50
68
—
-r
55
60
275
.15
•
Corporate
L
i Western Union Tel. Co.
Rohr Corp.
Tenneco, Inc.
New Jersey Bell Tel. Co.
Gen. Aniline & Film Corp
Commonwealth Edison Co.
: Gen. Public Utilities
. Detroit Edison Co.
, Dana Corp.
Braniff Airways, Inc.
; Gen. Tel. 6 Elec. Corp.
• Consol. Edison Co. of
New York
Southern Calif. Gas Co.
1st & ref. mtg.
bds.
1st mtg. bds.
75.0
40.0
--
55
60
Issuer
40.0
1st mtg. bds
21.1
Com. stk.
50.0
S.F. deb.
15.0
Conv. sub. deb
1st mtg. p.1- bds. 60.0
55.0
Deb.
50.0
Deb.
50.0
1st mtg. bds."
27.0
Com. stk.
100.0
1st mtg. bds.
35.0
Deb.
60.0
Sub. deb.
125.0
S. F. deb.
'•
50
Large Individual Issues Offered December 1 through January 6
Coupon
Amount
Offerrate or
Msturity
(millions
Type If
ing
net interof
Yl«W
ft W *
Florida Power & Lt. Co.
Other 2/
Bating
1996 .
6
5.90
Aa
1989
1986
1987
2006
1991
1996
6-1/2
5-1/4
6-3/4
5-7/8
5-7/8
5-3/4
6; 50
5; 25
6.75
5.83
5; 95
5.75
Baa
Ba
Baa
Aaa
1996
1991
1986
1991
6.
6
5-3/4
6-1/4
6; 00
6; 00
" 5.75
6.16
Aa
A6
Ba
Baa
1996
1996
5.90
5-7/8
5.90
5.72
A
Aaa
A
Aa
f6
K-2
Large Individual Issues Offered December I through January 6 (Cont'd)
Issuer
Type 3/
Amount ;
(millions
of
dollars)
Maturity
Coupon
Offerrate or
Ratin
net inter- ing
Yield
est cost
• i
Corporate (Cont'd)
United.Air Lines
(Pacific Tel. & Tel. Co.
Pennzoil Corp.
Associates Investment Co,
N.Y. State Elec. Gas Corp.
Conv. sub. deb.
Con. stk.
Notes
Notes
1st mtg. bds.
103.4
20,3
215,0
35.0
25.0
Baa y
5.00
1991
5.
1968
1970
1997
6-1/2 6.59
6-1/4 6.25
5-5/8 5.54
1975-2006
2UU6
4.50
4.92
4,25-4.45
4.70-5.00
1967-91
1968-92
1968-97
1968-87
1967-2007
4.02
4.09
4.68
3.81
3.74
3.80-3.96
3.85-4.00
4.50-4.60
3.65-3.75
Aa
State and local Government
MuniCo of Metro.; Seattle, Wash,
Oklahoma Turnpike Auth.
Oklahoma Turnpike Auth.
Gae Univ. System Bldg. Auth.
State of Mississippi
New York State Dorm. Auth.
State of Tennessee
Housing Assistance Admin.
Puerto Rico. Urban Renewal & ;Housing Corp.
Metro. Fair Exposition Auth.,
Illinois
Los Angeles Co. Flood Control
Dist., California
Belridge Wtr. Storage
District, California
Richmond, Virginia
State of Vermont
Calif. Toll Bridge Auth.,
-Sacramento
Univ. of Mass. Bldg. Auth.
Fairfax Co., Virginia
State of. Oregon
King Co. S.ch. Dist., Wash.
State of Ohio
Soc Carolina Pub. Sch. Serv.
Auth.
Rev.-Ut.
Rev. -Q. -Ut.
Rev. -Qe -Ut.
Rev.-Rent.
G . 0.
Rev.-Rent.
G.O.
Bonds
15.0
40.0
36.0
25.5
26.2
30.1
28.0
115.4
—
Baa'
Ba ,
i
:'
Aa '
Aa •;
- : - It,
Aa v,
Aaar
Rev.-Rent.
15,0
1969-92
4.59
4.40-4.50
Rev.-Rent.
15.0
1995
5.00
5,90
G.O.
15,0
1967-89
3.88
3,40-3.75
6.20
3.55
3 c 57
5.75, • - - 4
3,50^ Aaa:
3.40-3.50 Aaa>
G.O.
Go Oo
Go Oe
10.3 1970-2006
14.3. 1968-87
20.0 1968-86
A
Aflj
G.O.
G.O.
G.O,
G»0o
47.6
10.4
14.8
30.0
34.0
75.0
2003
1967-99
1968-92
1981-82
1969-87
1967-76
5,24
3.82
4* 03
3.70
3,90
3,70
— — :,'.y
5.11
3,60-3.75 Aa •/
3,85-3.95 Baa
3.60-3.64 Aa .
3,70-3.85 A ;
3.50-3.70 Aa r»
Rev, -Q. -Ut.
51,6
1973-2006
4c 14
4.00-4,10
Deb.
60.0
1993
6-1/4.
Rev. -Q. -Ut.
Revo-Rent.
A
i
A
'
Other
Quebec Hydro-Electric Comm.
6.29
FOOTNOTES;
* — U | h t » offering.
K-2
v
by Ua»e pweeots.
4/ Bonds, maturing 1968-71 not publicly reoffered.
H. 14
Exhibit L
Forthcoming Large Long-term Public Security Offering for Mew Capital
(Other than U.S. Treaaury)
Expected Proceed* from Forthcoming Large lasues
(In million# of dollar#)
During month following
date shown
State and
Other y
Corporate
local govt.
1965 -Dec. 31
1966 - Jan. 31
Feb. 28
Mar. 31
Apr. 30
May 31
June 30
July 29
Aug. 31
Sept.30
Oct. 31
Nov. 30
Dec.- 30
553
530
828
489
248
1,261
317
677
662
687
397
1,098
656
20
501
340
366
253
399
584
• 337
403
515
300
140
496
939
.
--:
20
30
15
40
•
• - - -
80
-
Corporate
676
931
1,176
606
1,034
1,261
619
697
853
'
767
457
1,133
811
iSubsequent to
dete shown
State and
local mowt.
582
461
504
334
546
584
353
403
685
380
175
571
1,154
Other U
20
20
90
55
55
85
50
35
90
35 .
' 35
65
95
7
Forthcoming Large Offerings as of January 6
Iaauer
American Tel. & Tel. Co.
Bethlehem Steel Corp.
Collins Radio Co.
Seaboard Finance Co.
Ferro Corp.
Houston Lighting & Power Co.
SCM Corporation
MSL Industries
^
Oklahoma Gas & Electric Co.
Dallas Power & Light Co.
Oklahoma Gas & Electric
•Jersey Central Pwr. & Lt. Co.
*Gulf States Utilities
*Va. Elec. & Pwr. Co.
*Northern Indiana Pub. Serv. Co.
Type
Deb.
Deb.
Conv. sub. deb.
S.F. deb.
S.F. deb.
1st mtg. bds.
S.F. deb.
S.F. deb.
1st. mtg. bds.
1st mtg. bds.
Cum pfd, stk.
Deb.
1st mtg. bds.
1st mtg. bds.
Deb.
Amount
(milliona
of
dollara)
250.0
150.0
30.0
25.0
20.0
40.0
20.0
15.0
15.0
16f0
15.0
15.0
35.0
50.0
20.0
Approximate date of
offering
January 11
^
January 11
January 11
January 11
January 17
January 18
January 24
January 24
January 25
January 26
January
February 1
February 2
February 8
February 8 (rts. exp.
Forthcoming Large Offerings as. of January 6 (Cont'd)
Type "
Issuer
Amount
(millions
of-'
dollars)
Approximate date of offering
Corporate (Cont'd)
McCall Corporation
United Nuclear -Corp.
Conv. pfd. stk. •
Conv. sub. deb.
20.0
15.0
Indefinite
Indefinite
30.0
16.8
16.5
50.0
25.0
24.8
12.5
75.0
60.0
January
January
January
January
January
January
January
January
January
12.0
January 19
30;0
114.1
January^ 19
January 19
20.0
\25.0
75.6
15.0
January
January
January
January
State and local Government
G.O.
Los Angeles USD* Calif.
Milwaukee County, Wisconsin G.O.
G.O.
Milwaukee, Wisconsin
G.O.
State of Connecticut
G.O.
State" of Washington
G.O.
*Puerto Rico Pub. Imp.
G.O. •
San Diego USD, California
G.O.
*State of California
G.O.
State of North Carolina
Oakland, Washtenaw, et al.
Comm. Coll. Dist., Mich. G.O.
^Georgia State Sch. Bldg.
G.O.
Auth.
G.O.
*New York City, New York.
Metro. St. Louis Sewer Disfc
G.O.
Missouri
Rev.-S.T.
Florida St. Bd, of'Educ.
Pennsylvania Gen. St. Auth, Rev.-Rent.
G.O.
* Montgomery County, Md.
Los Angeles Dept. of Water
Rev.-Rent.
and Power, California
G • 0.
^Peoples Comm..Hosp. Auth.
- Middletown Growth, Inc.,
Rev.-Rent.
Ohio
G.O.
*State of Maine
G.O.
*Buffalo, New York
G.O.
*State of Maryland
G.O.
*Hartford, Connecticut
Rev. -Q. -Ut.
*Mass. Bay Trans. Auth.
••
:
15i0
18.0
80.0
. 14.5
1
21.0
53.3
11.0
115.0
10
10
10
11
11
12
17
17
18
20
24
24
24
January 25
January 26
. January
February
February
February
February
February
1
2
7
7
Other
British Columbia Hydro. &
Gtd. S.F. deb.
Power Auth.
S,F. deb.
Province of Nova Scotia
Nippon Tel. & Tel. Pub. Corp.
50.0
30.0
January 11
January 24
L-3
Footnotes:
*--Included in table for first time.
1/ Includes corporate and other issues of $15 million and over; State and local
government issues of $10 million and over.
2/ Includes foreign government and International Bank for Reconstruction and
~~ Development issues and non-guaranteed issues of Federal Agencies.
Note: Deletions for reasons other than sale of issue: Vigo County High School
Building Corp., Indiana, $19 million issue -- postponed.
J
I "
I
i
,•
'
•
•••,
Exhibit M
• .
,
.
.
0
. •
, •
:
'
,
H.14
r
3
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.
t
Public Offerings
^
Sold November 1 through January 6
11/15
10.0
Government of Mexico -- 7-1/4% external sinking fund
bonds,, maturing 1981, reoffered to yield 7.65%.
11/16
15.0
New Brunswick Electric Power Commission
6% sinking
fund debentures maturing 1991, reoffered to yield 6.16%.
11/16
30.0
City of Montreal, Canada •— 6% sinking.fund debentures
maturing 2006, reoffered to yield 6.35%.
vJ '
12/14
60.0
Quebec Hydro-Electric Commission -- 6-1/4 debentures
maturing 1993, reoffered to yield 6.297..
January 11
January 24
Indefinite
50.0
30.0
15.0 ,
* ** *** -
B.
Prospective Offerings
*
British Columbia Hydro and Power Auth. — Gtd. S.F= deb.
Province of Nova Scotia — S.F. deb".
Nippon Telegraph and Telephone Public Corp. -- Bonds
M-2
- Part II:
Date Reported
Private Placements - Reported November 1 through January 6
Amount
(millions
of
dollars)
Issuer and Description of Issue
None
Note:
For retrospective data on aggregate foreign corporate and government security offer1^
ings in the United States see Exhibits I and J. There is no simple relationship
between the data shown in the Exhibit and that shown in Exhibits I and J because
the latter includes privately placed securities in the period in which funds are
actually taken down 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 takedown. Full or partial takedowns may take place
both prior and subsequent to the date a placement is reportedj
@FedFRASER