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Not f o r Publication
1

H.lh

i95l

AFTER s i x

mouths

July 10, 1961.

t

IAPITAL MARKET DEVELOPMENTS
IN THE UKETBD i
The volume of p u b l i c s e c u r i t y f i n a n c i n g t o obtain new c a p i t a l
was l i g h t during t h e holiday-shortened week ending July 7 , and w i l l be
i n only moderately l a r g e r volume t h i s week. Last week, due p r i m a r i l y
t o t h e e x p i r a t i o n of a l a r g e r i g h t s o f f e r i n g , corporations s o l d l a r g e
s e c u r i t y i s s u e s aggregating $99 m i l l i o n ; no l a r g e S t a t e and l o c a l
government bond i s s u e was o f f e r e d . This week, ending July l b , corporate
i s s u e s , c o n s i s t i n g e n t i r e l y of t h e e x p i r a t i o n of l i g h t s o f f e r i n g s , w i l l
t o t a l %6l m i l l i o n while f o u r l a r g e S t a t e and l o c a l government bond
i s s u e s with par value of t9h m i l l i o n are on t h e calendar.
Bond y i e l d s . Changes in y i e l d s on bonds were mixed during t h e
week. While y i e l d s on both Aaa and Baa r a t e d corporate bonds i n c r e a s e d ,
with y i e l d s on Aaa r a t e d bonds e s t a b l i s h i n g a new high f o r the y e a r , y i e l d s
on long-term U. S. Government bonds declined s l i g h t l y . Yields on S t a t e
and l o c a l bonds were unchanged.
S h o r t - and i n t e r m e d i a t e - t e n s i n t e r e s t r a t e s . Yield changes
on s h o r t - and intermediate-term s e c u r i t i e s were a l s o mixed during t h e
week. Yields on Treasury b i l l s increased U b a s i s p o i n t s while t h e
y i e l d s on 3-5 y e a r U. S. Government o b l i g a t i o n s declined 2 b a s i s p o i n t s .
R e f l e c t i n g the f u l l impact i n t h e previous week's decrease in a d v e r t i s e d
i n t e r e s t r a t e s paid on d i r e c t l y placed f i n a n c e company paper, t h e weekly
average on such paper with 90-179 day m a t u r i t y declined t o 2.50 p e r c e n t .
The average e f f e c t i v e rate f o r Federal funds increased to 1,38 p e r c e n t .
Stock market. Common stock p r i c e s , a s measured by Standard
and Poor's composite index of 500 s t o c k s , increased 2 per cent l a s t week,
closing on June 7 a t 65.77• Trading volume, which had been d e c l i n i n g
ever since stock p r i c e s reached t h e i r high f o r t h e year on May 17,
picked up a f t e r t h e July l|th holiday, averaging 3 . 0 million shares a
day f o r t h e week as a whole.
hore d e t a i l e d information concerning r e c e n t c a p i t a l market
developments i s presented i n t h e a t t a c h e d e x h i b i t s .

C a p i t a l Markets Section,
Division of Research and S t a t i s t i c s ,
Board of Governors of t h e Federal Reserve System.




V
EXHIBIT A
LONG-TERM

BOND

YIELDS

HIGH-GRADE

per a nnum
LOWER-GRADE




Exhibit B - Tables f o r Exhibit A
Long-tem Bond Yields
High-grade
/

Date

U. S. Govt.
long-term 2 /

Corporate
Aaa \ /

(per cent)
1954 - Low
1957 - High
1958 - Low
1959-60 - High
i960 - Low
1961 - High
Low
June
June
,June
June
July

9
16
23
30
7 2/

2.85
4.14
3.5$
It. 61
4.23
4.39
4.21

(4/83)
(9/17)
(5/1)
(1/29/60)
(9/9)
(7/7)
(3/17)

State and
local
government
Aaa V

Spread between
U. S. Govt and
Corporate State and
Aaa
l o c a l Aaa

1.90 (9/1)
3.15 (*/*)
2.64 (VI)
3.65 (9/14/81)
2.99 (9A)
3.37(7/6)
3.12 (2/23)

.30
.60
.22
.59
.19
.57
.IjO

.30
.20
.34
.92
•53
.76
.lt6

3.86
3.86
3.90
3.93
3.92

It. 31
4.33
4.34
It. 36
it. 39

2.45 (a/*)
3.76 (10/lD
3.07 («/#>
U-1*2 (VV»)
3.75 «/W
3.93 (6/30)
3.70 (5/12)

3.35
3.37
3.37
3.37
3.37

.45
.47
.44
.lt3
.17

.Si
.49
.53
.56
.55

Lower-grade

Date

Corporate
Baa 1 /

State and
l o c a l govt.
Baa ] /

Spread between
Aaa and Baa
| State and
Corporate
1 l o c a l Kovt.

(per cent)
1954 - Low
1957 - High
1958 - Low
1959-60 - High
i960 - Low
1961 - High
Low

3.44
5.10
It. 51
5.36
1|.98
5.12
5.00

June
June
June
June
July

5.03
5.03
5.0lt
5.05
5.07

9
16
23
30
7 2/

(iz/31)
(11/29)
(7/11)
(2/12/60)
(9/9)
(1/27)
(4/21)

2.93
It. 51
3.6L
It. 46
3-98
4.16
3.94
3.99
3.99
3.97
3.94
3.94

(%*)
(1/19)
(A/1)
(1/7/60)
<lV*9l
(3/23)
(7/6)

.52
1.27
.77
.84
.71
.81
.68

.96
1.21
.93
1.08

.72
.70
.70
.69
.68

.64
.62
.60
.57
.57

g/ Prellmlmary.
y Weekly a v e r s e ef deily figures. Average t e r e ef beads lssluded 1# IS *86 year*.
y Weekly average ef <UAly figures. The eerlee leoludee beads due er callable l a 10 years er more.
3/ Thursday figures. Only general obligation boide are Included) average term l e *0 years.
Hot*.—Highs and lews are for lw&vlduU eerlee and may be em differs** dates f e r d i f f e r # # series.
Kbr spreads, high refers t e widest, aad lew t e aarremest.
1




. **
.93
.57

SHORT-

AND

INTERMEDIATE-

TERM

INTEREST

RATES

GOVERNMENT
W.'klY

(V 1 - S T A I S E
E I SU )

M
\J\J

11

14
1 *V./

Z

I O N AE
S
' , 1. D C U T B T

W f t A *

V 1 - M NH
OT
i."

BANKS

AND

OTHER

PRIVATE

BORROWERS

H A C C MA J MMI
H H I O P Nf
Directly Ploted __

DISCOUNT




SO K E C A G
T C XH N E

-5Exhibit D - Tables f o r Exhibit, C
Short- and Intermediate-tem I n t e r e s t hates
Government
Date

Discount
rate
V

1951* - Low
1957 - High
1958 - Low
1959-60 - High
I960 - Low
1961 - High
Low
June
June
June
June
July

1.50
3.5b
1.75
Loo

,3.00
3.00
3.00
3.00
3.00
3.00
3.00
3.00

9
16
23
30
7 £/

v/
3-month
b i l l s 2/

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

.61 (6/11)
3.61*
.58
4.59
2.11

3-5 year
issues 2 /

Spread between y i e l d s on
3-month b i l l s and y i e l d s or
6-mo. b i l l s 1 3 - 5 y r . issues

3.7k (6/23)
3.15 (5/12)

.26
.79
.16
.25
.12

.66
.86
.Oil
1.81
.38
1.1*1*
.92

3.69
3.67
3.71
3.71
3.69

.21*
.18
.19
.18
.18

1.29
1.35
1.1*3
1.1*1*
1.38

1 . 6 6 (4/30)

ll.Olt (10/18)
2.1b (4/6)

(10/I8)
(5/29)
(1/8/60)
(10/28)

3 . 0 2 (12/26)
5 . 0 7 (1/8/60)
2 . 3 8 (12/30)

5 . 0 0 (12/24/69)
3 . 1 0 (12/30)

2.56 (3/3)
2.17 (1/27)

2.75 (3/3)
2.35 ( h / 2 8 )

2.1*0
2.32
2.31
2.27
2.31

2.61*
2.50
2.50
2.1*5
2.1a

Banks; an£, OtbervPrivate Borrowers
Date

Stock Exchange j
call- loan 1 / 1

Prime
rate 1/

Finance company
paper 3 /

Federal
funds, h/

Spread between
3-mo. b i l l s and
finance co. paper

(per cent)
1951* - Low
!
1957 - High
1958 - Low
1959-60 - High, U
I960 - Low
1961 - High
Low

3.00
It,50
3.50
5.5b
k.SO
l*.5o
l*.5b

3.00
1*.50
3.50
5.00
1*.50
l*.5o
k.So

June
June
June
June
July

l*.5o
l*.5o
l*-.5o
4.50
1*.50'

l*.5o
l*.5o
l*.5o
l*.5o
l*.5o>

9
16
23
30
7 jo/

n.a.

1.25(12/31)
3 . 8 8 (11/15)
(8/8)
5'. 1 3 (1/22/60)
2; 8 8 (12/30)

1*.00 (5/13/60)
. 9 5 (12/2)

2.88 (3/10)
2.50 (7/7)

2.85 (2/17)
.1*3 (1/27)

2.71
2.75
2.65
2.51*
2.50

1.90
1.15
2.25
.65
1.38

1*.13

•

3 . 5 0 (11/8)

.13 (V29)

0
.63
-.35
1.02
.22
.56
.11
.31
.1*3
.31*
.27
.19

Stddk Exahange call l6ah >ate l a going rate on call loams secured by customers' stock exchange collateral a t
M w York City banks* trim* rate l a that charged by large banks on abort-tens loans t o business borrowers of
a
the hlgheut credit standing#
2/ Market yield; weekly averages computed from dally closing bid prices# Series of 3-5 year Issues consists of
selected notes and bonds,
i
3/ Average of dally r a t e s publlehed by finance companies for directly pltvoed paper for varyiag maturities in the
90-179 day rapye.
y Weekly average of dully effective r a t e , which i s the r a t e for the heaviest voiuoo of purchase and sale transactions
1
as reported to the Federal Reserve Bank of New York.
Mot*.--Highs and lows are for individual series and may be on d i f f e r e n t dates for different dates for d i f f e r e n t series,
per spreads, high r e f e r s to widest, and low to narrowest.




EXHIBIT E
STOCK

MARKET

MORTGAGE

AND

BOND

Monthly




YIELDS
Per t e n l per annum

Exhibit r - Tables f o r Exhibit L
Stock Market
Trading
Cor.uaon
stock
volume 3/
yields 2/ (millions (
( p e r cent) of shares)

Stock p r i c e
index 1 /

Stock market customer c r e d i t
Customers 1
BankTotal
debit balloans t o
ances U/
( I n m i l l i o n s of d o l l a r s )
4,76b (4/59) 3,1401 (4/E9)

1957-60 - High
Low
1961 - High
Low

60.51 ( 7 / 3 1 / 5 9 )
35U8 (12/20/57)
67.27 ( 5 A 9 )
58.1t8 (1/6)

3.08
It. 72
2.90
3.32

it.-9
5.8
2.7

5,382(5/61) 1,056(5/61) 1,3^3(6/28)
li, 1416(3/61) 3,253(1/61) 1,152(3/8)

May

66.50
6$. 62
65.16
6k. 6k
65.77

2.92
2.99
3.01
3.03
2.97

It.6
3.3
3.2
2.7
3.0

5,382
n.a.
n.a.
n.a.
n.a.

June 23
June 30
July 7 £ /

1.24

3,55k

(1/55) 2 , W

1 , 3 7 3 (5/59)
(12/67) 1 , 0 6 0 (11/57)

1,056
n.a.
n.a.
n.a.

1,32b
1,313
1,310
1,313
n.a.

n.a.,— Hot a v a i l a b l e .
]>/ Prnlie.li.ary.
1 / Standard and P o o r ' s eciaponltfl Index nf 5U0 s o n o n s t o c k s , wjcltly o l o o t i y p r l o e ? , 1911-43*10. Monthly data a r e
nvwragefl of d a l l y f i g u r e d r u t h n r t h a n of M d c y ' c o n l y . Hlglui and loirs Are f o r Fridays' data only,
2 / Standard and P o o r ' o ocopotlto stock y i e l d txiood on Wednesday data converted t o weekly c l o s i n g prlcoo by Federal
Reccrve. Yleldo ohovn a r e f o r daten on which p r i c e index rcaohod i t s high or low.
3 / Averccea of d a l l y t r a d i n g volium on t h e llou York Stock Exchange.
4/ End of month f l g u r o o f o r member f i i r . o of t h e Ibw York Stock Ecehinge t/hioh c a r r y mircln accountoj exoludsu baUnoee
coeurod by U. S . Government o b l i g a t i o n s .
5 / Wednesday f l c u r e o f o r weekly r o p o r t U g member banks. Exclude: l o i n o f o r purchasing or carrying U. S. C o v e n a n t
r o c u r i t l e e . P r i o r t o J u l y 1 , 1059, e'uth lom.i are excluded only a t fcsmlca i n Nc»f York and Cldcrgo. Weekly r e p o r t i n g
tanks account f o r about 70 per oant of l o a m t o o t h e r o . For f u r t h e r d o t a l ! oeu B u l l e t i n .

Mortgage' arid Bond Yields 1/
Date
1953-58 - High
1959-60 - High
Low
1961 - February
. March
April
May

FtlA

mortgages 2/ •

tn w

Spi'eud between now
Aaa corporate
corporate bonds ami
bonds 1/
New 37|'Seasoned~lI7l^lA mortf'aj[^ocJ"S>.:ason«Jd bonds

6.2h (1/60)
5.57 ( 3 / # )

lt.81
2.71
5.29
1.29

5.88
5.82
5.75
n.a.
n.a.

It. 31
1+. 26
It. 1:2
It. 51
It. 65

(6/57)
(3/5W
(9/59)
(2/59)

it. 12
2.Bit (V51t)
It. 61 (1/60)
It. 12 (1/59)

1.96
.5U
1.76
.83

.90
-.12
.77
.08

It. 27
It.22
It. 25
It. 27
It.33

1.57
1.56
1.33

.01*
.01+
.17
.21
.32

n.a.

\f Nalthnr mortgage nor bond y i e l d s take lrrto account s e r v i c i n g coatc which a r e m u e h h l g h e r f o r m o K ^ e e than
bondn. G e n e r a l l y , bond, pay l n t e r e n t Beml-nnnuallyt movt B a R n», monthly. MortRnf<e y i e l d * , I f computed a s e q u i v a l e n t
t o a aemtannual lnt-,reBt investment, would bo s l l f l h t l y hlghor than given I n th* t a b l e .
2/ Dxund on FHA f l o l d - o r r i o e o p i n i o n , about average bid p r i c e s I n the p r i v a t e secondary market f o r now-home

vr.a; K 5 . i 5 r 5 : 5 3 t i 2 f
1 1

'3/
Digitized for Hootly ! Inventora S e r v i c e . Monthly
FRASER


averi».fV

o a t e c o r i e s and those on aaa-'rated bonds.
o t o . of new o f r « r l n « 3 .
an*™.
of d u l l y d a t a . See Exhlblt-B.

The :

Exhibit 0
Long-term Corporate and State and Local Government
Security Offerings and Placements
(In millions of dollars)

1*61
January
February
March

Mw cap i t a l
e
Corporate 1/
State and l o c a l 2/
1961
1 I960
1 1959
1 I960
! W59

April
May
June

2,115
e/1,000
e/1,100

July
August
September

821
738
6#

ss

8

860

e/1,000

*691*
577
.-l.Oto .

quarter .
quarter
quarter
quarter

1 s t half
Three quarters
Year

%

1

October
November
December
1st
2nd
3rd
Lth

£

890

2,lk5
2,382
2,1.28
2,698

e/6,330

1 1

pis

;

618 .

s

719
5it$
991 .

^550

3
987

192
606
683

e/T,050

703

5)70

to)

31*8

S:

'g
1,809
e/h,21$

700
611
568

708
661
7kQ

ISO
1.78

s

900 '

IS

2,109
e/2,025

1,771
6,750
9,392

1,880
3)256

e/li,U3U

i'Ja.

•

n

1,631.
6,067
7,588

Excluding finance companies J /
1st
2nd
3rd
Uth

quarter
quarter
quarter
quarter

2/l$5h
e/k,06$

Tear

§

a .
2,016
2,317

1,9992,412
1,716
2,503

8,216

8,630

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 H
Other Security Offerings
( I n m i l l i o n s of d o l l a r s )
Gross long-term 17*
Foreign government 2/
Federal agency 3 /
1961
I
I960
1961
|
1960
1
1959
1
January
February
March

6
29
20

1959

2
17 5
70

81
60
2

April
Hay
June

31*
72
1*0

58
50
1*2

July
August
September

25
1
36

85
1
35

199

October
November
December

31*
2
1*1 '

33
30
70

160
11*9
181

86

51*7

1,672

707

Year

533

252
100

182
150
150

199
175

11*8
351*
—

98
150

—

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

160
195
368

58
11*0
-80

April
May
June

103

70
-11*6
-157

197
-25
-197

July
August
September

1*8
1*15
-175

October
November
December
Year
g/
1/

-114*
-162
-171*

-196
-202
-59

-82
176
33

-79

-277
170
320

. 50
368
286

57
392
131

95
23
-201

362
133
79

-16
50
-189

-81
-176
-117

-23
-33
-250

280
2W
11
**

18

362

-633

1

-1*
181
1
*

1,969

Preliminary.
These date d i f f e r f r e e thoie i n Bchlblt 0 I n that re f u n d i * lasuea, a s well a s new capital Issues, are Included.
Long-term e e e i r l t l e s are defined ae those maturing l a more than one y e a r .
2 / Includes s e e u r l t l e s o f f e r e d i n the United S t a t e s by foreign goverments and t h e i r subdivisions and by I n t e r national organizations. SourceI S e c u r i t i e s and Exchange Coemleslon.
3 / Issues not gvyrantned by the U. S, Covermeat. Sourcei long-term, Securities and Exchange Commissi on; shortt s n s , Treaatry Department and federal Reserve.
4 / These data d l f f s r from those in Echlblt 0 and abovs in that they represent new offerings lebe retirements, whether
from the proceeds of refunding leause or from other funds, ftita Include only Issues with original maturity of one
y e w or l e s s .
5 / Principally tax and bond anticipation notes, warrants or c e r t i f i c a t e s and Public Housing Authority notes. Ia
8oou lnstanoee P A notes Included may have a somewhat longer term than one year. Sources Bond Buyer and
H
Kddernl
firaerve.
• 1" *




-10-

Exhibit I
Large Long-term Public Security Issues f o r New Capital
(Other than U. S. Treasury) 1 /
Proceeds of Large Issues Offered
(In m i l l i o n s of d o l l a r s )
Month

Corporate

i960 - June
July
August
Septembe 1
October
November
December
1961 - January
February
March
April
May
June

State and
local
government
561
191
2#
367.
ht>
186
222
391
360
JU05
383
2#
616

Wi2
303
#1
266
566
165
26o
11*7
26?
70
1,572
557
532

Other 2/
30
75
25
77
150
99
67
25
151

Large Individual Issues Offered July 1 through 7

'Issuer

Type 3 /

Amount
Coupon
Offering
(millions
Maturity net i n t e r - y i e l d
Rating
of
dollars)
est cost

CORPORATE
P a c i f i c Gas & Elec. Co.
Jim Walters Corp.
General Acceptance Corp.

Com. s t k .
63.6
1 s t sub.deb. 20.0
Conv.cap.deb. 15.0

STATE' ANL LOCAL GOVElttttiKUT
None
OTHER
None




1981
1981

5-7/8
5

5.85
5.00

1-2

1/
2/
J/

-11-

Includes corporate and other s e c u r i t y o f f e r i n g s of #15 million and over;
S t a t e and l o c a l government s e c u r i t y o f f e r i n g s of -ylO million and over.
Includes f o r e i g n government and I n t e r n a t i o n a l 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.
In t h e case of S t a t e and l o c a l government s e c u r i t i e s , G. 0. denotes general
o b l i g a t i o n s ; Rev.-Ut., levenue o b l i g a t i o n s secured only by income from
p u b l i c 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 ; Rev.-S.T., revenue bonds secured by revenue from s p e c i f i c
taxes cnly; Rev.-Rent., revenue uonds secured solely b) l e a s e payments.




Exhibit J
Forthcoming Large Long-term Public Security Offerings f o r New Capital
(Other than U. S. Treasury) 1 /
Expected Proceeds from Forthcoming Large Issues
Date of
computation
1960 - June 30
July 29
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 30
1961 - Jan. 31
Feb. 28
Mar. 31
Apr. 28
May 31
June 30

During month following
date shown
Corporate
237
#6
216
576
ao
260
91
110
55
1 ,

5 ^

487
521

[other 2j
180
275
283
212
258

Subsequent to
date shown
State and
Corporate local govt,

30
77
50

21*2

4l2
181
307

%

15
75

431
195

380
324
283
336
391
560
682
360
638
806
579
771
291

455
1,006
731
836
585
335
1,036
l,o46
1,125
1,700
687
611
666

30
127
50

15
75

Forthcoming Large Offerings, as of July 7
Type

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

CORPORATE
Northern I l l i n o i s Gas Co.

Com. s t k .

22.3
38.8

hunt Foods and I n d u s t r i e s Inc.

Conv. sub. deb.

Automatic Canteen Co. of America

Conv. sub. deb.

Shell Oil Co.
Union E l e c t r i c Co.
Long Island Lighting Co.
Northern Natural Gas Co.
Consumer Power Co.
Northern State Power Co.
Clark equipment Credit Corp.
Commerce Oil Refining Corp.
Realty Collateral. Corp.
Texas eastern Transmission Co.

Deb.
1st mtg. bds.
1 s t mtg. bds.
S.l'. deb.
1 s t mtgy bds.
1st mtg. bds.
Deb.
Deb., bds. k com.
Coll. t r . notes
Deb. & p f d . s t k .

STATE AND LOCAL GOVERNMENT
Los Angeles, California
Memphis, Tennessee
New York State Housing Fin. Agency




G.O.
G.O.
Rev.

20.8
200.0
30.0
25.0
35.0
40.0
20.0
20.0
45.0
20.0
50.0
18.8
13.5
51.9

July 11
( r i g h t s expire)
July 14
( r i g h t s expire)
July 18
( r i g h t s expire)
July 19
July 26
July
July
A U g . 16
Aug. 9
Indefinite
indefinite
indefinite
Indefinite
July 11
July 11
July 13

-13-

J-2
Forfchcoming Large O f f e r i n g s , as of July 7 (Cont'd)
Type

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

STATE AND LOCAL GOVERNMENT (Cont'd)
Milwaukee County, Wisconsin
S t a t e of Kentucky
S t a t e of Michigan
State of Alaska
S tate of North Carolina
*State of Maryland
^Public Housing Auth.
Orleans Parish School D i s t . , La.
Dade County, Florida
Jacksonville Expressway Auth.

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

11. h

35.0
35.0
1U.0

17.2

16.9
60.3
10.0

1*6.0

iiO.O

J u l y 13
July 18
July 26
July 26
July 26 .
Aug. 2
Aug. 2
Indefinite
Indefinite
Indefinite

OTHER

*—Included i n t a b l e f o r f i r s t time.
1 / Includes corporate and other i s s u e s of ipl5 m i l l i o n and over; S t a t e 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 f o r e i g n government and i n t e r n a t i o n a l Bank f o r Reconstruction and
Development i s s u e s and n on-guaranteed i s s u e s by Federal agencies.
Note.—Deletions f o r reason o t h e r t h a n sale of i s s u e : none.




Exhibit K
Yields on New and Outstanding
E l e c t r i c hover Bonds, Rated Aa and A 2y
Date

1952-1959 - High
Low
I960 - Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
1961 - Jan. 12
18
25
Feb. 8
16
16
Mar. 23
2h
Apr. 13
21
26
27
May 17
18
19
23
26
June 8
13
23
1/

2/

A-rated o f f e r i n g y i e l d s
Aa-rated o f f e r i n g y i e l d s
Amount above
Amount above
Actual
Actual
( p e r cent) seasoned y i e l d s 1 ( p e r cent) seasoned y i e l d s
(basis points)
(basis points)
5.30 (12/8, m
2.93 (3/31/5U)

87
-8

5.09
It. 82
li.91
*1.88
4.83

1*5
25
37
32
26

4.65%/
If. 82
*5.oo
It. 60
lt.55
k.Uh

22
23
37
U9
117
-2

5.65 (9/18/59)
3.00 (3/17/510
*5.30^/

28

lt.97
5. lit
5.15
*lt.95
lt.87

9
35
29
11
6

*lt.80

2lt

lt.97

35

It. 60

5.65

It. 37

1.80
it. 57
it. 65

1.87

8

U3
29
13
20
27

la

123
-15

lt.lt7
lt.50

'

'

5
-5

17
32

It. 802/
It. 72

-2
5
-13

.

19

It. 80

27

lt.9lt
5.12
lt.92

55
36

Uo.

Covers only 30-year f i r s t mortgage bonds, as r e p o r t e d in Moody's Bond Survey,
Except where i n d i c a t e d , the a c t u a l y i e l d f i g u r e and t h e amount above seasoned
y i e l d s a r e averages of o f f e r i n g s auiing the i n d i c a t e d period and of t h e d i f f e r ences between t h e s e new o f f e r i n g y i e l d s and y i e l d s on seasoned i s s u e s of
s i m i l a r q u a l i t y f o r t h e same day. Average maturity f o r the seasoned i s s u e s
v a r i e s from 26 to 28 y e a r s .
Provides f o r a 5 - y e a r p e r i o d during which i s s u e may n o t be c a l l e d f o r r e f u n d ing a t a lower coupon r a t e . Monthly averages so marked include one or more
i s s u e s with such a p r o v i s i o n . Other i s s u e s have no such p r o v i s i o n .





Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102