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LIC, {AT;
DECONTROLLED AFTER SIX M01
July 12, 1965

Not for Publication
H. 14
CAPITAL MARKET DEVELOPMENTS
I N T # n m T E D STATES

Corporate and municipal bond markets.
Public security financing by
corporations this week will be in about the same moderate volume as a week earlier,
with most of the total accounted for by a $60 million debenture offering of
the New England Telephone and Telegraph Company. The new supply of municipal
bonds, on the other hand, will be very substantial and about one-third largdr
than last week; the largest issue on the calendar for offering this week is
$70 million in bonds of the San Francisco Bay Area Transit Authority.

Long-term Public Security Offerings 1/

Corporate
New Capital
I
Refunding

State and local Government
New Capital
Refunding

Sold:
52 week avg.

July 2
July 9

188

14

305 r/
90 r/

137 r/
213

30 r/

100

288

98

Scheduled:
July 16

1/

Federal Reserve estimates based on published reports of issues sold and
scheduled for offering; corporate rights offering are included as of the
dat<6 subscription rights expire.

The limited supply of new corporate bonds reaching the market last
week was well received, fend there wtis little net change in yields on recently
distributed issues. In the municipal market, with the satisfactory reception
afforded the $120 million State of California bonds? about three-fifthd df last
week's new supply of municipals was spoken-for by. the week.4 8 end. Moreover,
dealers appear to have made further headway in reducing their large advertised
inventories of unsold securities.




H. 14

-2-

Yields in Securities Markets

Level latest week
(per cent)
High-Grade
Notes and Bonds
Corporate
New
Seasoned

Change from
preceding week
(basis points)

4.47

Long-term
3-5 year

+1

4.14
. 09

State and local Govt.
Moody's Aaa
Standard & Poor's high grade
Money Market
Federal funds
Treasury bills
3-month
6-month

+1

3.17
3.31

4.12
3.86
3.89

+5
+4

Corporate Bonds Still in Syndicate
N0N3

Blue List of Municipal Dealers' Advert.3 " Inventories
J
(In millions of dollars)
Latest Date
$748 (7/8)

End

of Previous Week
$809

Recent High
$901

(6/4)

Stock prices.
Common stock prices recovered moderately further on
balance last w e e k in moderate trading.
Closing at 85.71 on July 9, prices
(as measured by Standard and Poor's index of 500 stocks) were up about 2/3
per cent on the week and were still 5 per cent below their all-time high of
May 13. Trading volume averaged 3.9 million shares a day.




EXHIBIT A, F o r i 1

L O N G - T E R M B O N D YIELDS, H I O H - G R A D E

XV

Exhibit A —

Corporate
Aaa 1/

Part II

U. S. Govt,
long-term 2/

State and
local
government
Aaa 3/

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

(per cent)
1959-60
1961-62
1962-63
1964

-

High
High
Low
High
Low

1965 - High
Low
June 11
June 18
June 25
July 2
July 9 £/

4.42 (1/8/60),
4.12 (2/23/62)

3.65(9/24/59)
3.37l7/a/81)

t . T W
4.47 (7/9)
4.41 (3/12)

3.85 (12/28/62)
4.20 (4/17>
4.11 (U/20)

2.88(11/8/62)
3.16(3/26)
2.99(12/31)

4.16 (3/12)
4.13 (6/25)

3.17 (7/8)
2.94 (2/11)

4.46
4. 47
4.47
4.46
4.47 v

4.15
4.14
4.13
4.14
4.14 /

3.16
3.16
3.17
3.17
3.17 .

4.19 (3/29/63 )

.59
.57
.21
.33
.19
.34
.25

.92
1.04
.80
1.14
1.01
1.22
.96

.31
.33
. .34
.32
.33

.99
.98
.96
.97
.97

ZJ Weekly1average of daily figures. Average term of bonds included is 22-24 years.
TV weekly average of daily figures. The sexletf includes bonds due or callable in 10 years or no re.
V Thursday figures. Only general obligation bonds are inoludedi average term is 20 years,
tfote.—4Ughs 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.




LONG-TERM BOND

YIELDS, L O W E R G R A D E

Weakly

r,

- CORPORATI

X

Vv

-

>--u< 1 1 1 1 1 1 11 11 1 1 1 1 1 II 1 1
If40
If41
If 42

. /
•

II 1 1 1 II II 1 1 1 I I 1 1 1 1 1 1 1
1
If 43

Exhibit B —

If44

II M 1 II 1 / ^ .
If4l

Part II

Spread between
Aaa and Baa
State and
Corporate
local govt.

Corporate
Baa 1/

State and
local govt.
Baa 3 /

5.36 (2/12/60)
5.10
4.93
4.85
4.80

4.46 (1/7/60)
4.04
3.57
3.60
3.51

.84
.66
.70
.48
.37

1.08
.73
.63
.49
.52

4.87 (7/9)
4.78 (3/19)

3.57 (7/8)
3.40 (2/11)

.40
.35

.52
.38

4.85
4.85
4.86
4.87
4.87

3.54
3.54
3.57
3.57
3.57

.39
.38
.39
.40
.40

.38
.38
.40
.40
.40

Da te

(per cent)
1959-60 - High
Year end - 1961
1962
1963
1964
1965

High
Low

June 11
June 18
June 25
July
2
July 9 £/

Notes

Tor footnotes see Exhibit A.




S H O R T - AND INTERMEDIATE-TERM INTEREST RATES
GOVERNMENT
Weekly

Exhibit C —

Date

1959-60 - High
Year end - 1961
1962
1963
1964
1965 High
Low
June 11
June 18
June 25
July 2
July 9 £/

Discount
3-month
ra te
bills 2/
1/

Part II

Yields
6-month
bills 2/
(per cent)

3-5 year
issues 2/

Spread between yields on 3month bills and vields on
6-mo. bills 13-5 vr. issues

4.00
3.00
3.00
3.50
4.00
4.00
4.00

4.59 ( W 6 0 )
2.66
2.89
3.52
3.83
3.99 (2/26)
3.78 (6/25)

5.07(3/8/60) 5.00(13/24%*)
3.81
2.90
2.93
3.41
4.07
3.64
4.07
3.93
4.04 (2/26) 4.13 (3/12)
3.82 (6/25) 4.04 (1/22)

.79
.24
.04
.13
.10
.13
.03

1.81
1.15
.52
.55
.24
.30
.11

4.00
4.00
4.00
4.00
4.00 v

3.80
3.80
3.78
3.81
3.86 /

3.88
3.86
3.82
3.85
3.89 /

.08
.06
.04
.04
.03

.30
.30
.29
.27
.23

4.10
4.10
4.07
4.08
4.09

Weekly rate shown ie that in effect at end of period at the Federal Reserve Bank of New Yoik#
Market yields weekly averages computed from daily olosing hid prices. Series of 3-Q year issues
consists of selected notes and bonds»
Note.—411ghm and lows are for individual series and may be on different dates for different series*
Tor spreads, high refers to widest, and low to narrowest.




S H O R T . A N D INTSRMIDIATI- T E R M INTIR1ST RAT**
B A N K S A N D O T H E R PRIVATE B O R R O W E R S

Date

1959-60 - High
Year end - 1961
1962
1963
1964
1965 - High
Low
June 11
June 18
June 25
July 2
July 9 £/

Prime rate

5.00
4.50
4.50
4.50
. 4.50
4.50
4.50
4.50
4.50
4.50
4.50
4.50

1J

Finance
company
Federal funds "jj
caper
2/
(per cent)
5.13 (1/23/60)
3.00
3.19
3.88
4.06
4.25 (7/9)
4.00 (2/12)

4.00 (3/13/60)
2.88
3.00
3.50
4.00
4.12 (7/9)
3.68 (6/25)

4.25
4.25
4.25
4.25
4.25

4.08
4.12
3.68
4.12
4.12

Spread between
3-mo. bills and
finance co. paper .

1.02
.34
.30
.36
.23
.47
.10
.45
.45
.47
.44
.39

V Weekly rate shown la that la effect at end of period* Prime rate Is that charged by large tanks
on short-term loans to business Wrrowere of the bluest credit standing*
2/ Average of dally rates published by finance oonpenles for directly placed paper for varying
maturities in the 90-179 day range.
3/ Weekly average of daily effective rate, which Is ths rate for the heaviest volxsss of purchase and
sale transactions as reported to the federal Reserve Bank of *ew York*
Notes—Highs and lore are for individual series and may be on different dates for different series,
for spreads, high refers to widest, and low to narrowest.




STOCK MARKET

>ei

Exhibit E -- Part II

Da te

1961-62 - High
Low
Year end
1963
1964
1965 - High
Low
May
June
June 25
July 2
July 9

Stock price
Index y

Common
stock
yields 2/
foer cent)

Trading
volume 2/
(millions
of shares)

Stock mar ket customer credit
Customers1
Bank
debit balloans to
ances 4/
"other#" 5/
(In millions of dollars)

Total

72.04(12/8/61)
52.68(6/22/62)

2.80
3.96

10.1
2.4

74.44
84.75
90.10
83.06

3.13
3.02
2.89
3.15

4.7
4.7
6.8
3.9

7,242
7JJ53
7 ,085
6,872

5,515
5.099
5,129
4,986

1,727
1.974
1,974 (6/9)
1,848 (3/3)

2.92
3.07
3.15
3.07
3.05

5.5
5.8
4.4
6.8
3.9

7.085

5,129

1,956
1,954
1,954
1,970

(5/14)
(6/25)

89.28
85.04
83.06
85.16
85.71

5,603(12/61) 4,259(12/61) 1,418(9/9/62)
4,424(]/6l) 3,253(1/61)
1,161(3/8/61)

n.
n;a.
n^Ae-WIOt ITlliADlfi« Jy
y Standard and Poor'ftoqpoeits Index of 500 eemnon stocks. weakly olosing prices, 194L-*3"10.
Monthly data are average• of daily figures rather than of Friday *s only. Highs and lows %x% for
Friday's data only.
y Standard and Poor's composite stock yield based on Wednesday data converted to weekly closing
prices by federal Reserve. "fields shewn are for dates on which price Index reaohedlts high

3/ Averages of daily trading volume on the lew Yexk Stock Exchange* Yeast-end figures are averages of
daily figures for the year*
End of month figures for manber firms of the lew York Stock exchange which carry margin accounts)
excludes balances secured by V. S. Gove nana nt obligations.
5/ Wednesday figures for weekly reporting member banks, excludes loans for porotesing or oarryiM
U. S. Government securities* Weekly reporting banks account for about 70 per cent of leans to
others. Tor further detail see Bulletin.

y




I X H I I I T 9. F . r l I

xi/
M O R T O A O I AND BOND YIELD*

Exhibit F

Conventional
mortgages
25-vear 30-vear1 3/
FHA
mortgages 2/

Date

1956 1957 1958 1959-601961-64-

Low
High
Low
High
High
Low

4.68
5.63
5.35
6.24
5.72
5.43

---

5.70
5.45

Spread beAaa Corporate
tween yields
on conv. &
New^
Seasoned—^
25-year FHA
mortgagee
.47
.47
.15
.23
.38
.23

3.08
4.94
3.65
5.25
4.72
4.12

3.08
4.12
3.57
4.61
4.45
4.22

Spread between
yields on new corporate bonds and
25-year
1Seasoned
FHA mtgs.1 bonds
.76
1.58
.88
1.69
1.50
.94

1.03
.05
.73
.39
-.16

5.45
4.42
1.01
-.01
5.80
4.43
.37
1.02
5.45
5.80
.37
4.41
4.41
4.42
.98
5.80
4.45
.03
5.45
.37
.03
4.46
.97
5.45
5.80
.37
4.43
.92
.07
4.51
4.44
5.45
5.80
.37
Ui*,.
4,58
n.ai
4,46
t.a.
.12
.Tune
- P * a - — [ f . - , -. n*a» Neither mortgage nor ooad yield* talc* into account ssrvioing oosts whioh are much higher for mortgage#
than bonds. Generally, bonds pay interest semi-annually; mortg«is, monthly. Mortgage yields, if computed us equivalent to a semi-annual interest investment, would be slightly higher than given in the
table.
y
Based on IH>-field-offloe opinions about average bid prices in the private secondary market for new*hoos mortgages for immediate delivery* Separate data available for 25-year and—begin!ng July 196L—
30-year mortgages with
downpayments, 'weighted by probable volume of transact ions • Yields computed by IUi, assuming prepayment period of 12 years for 25-year mortgagee and 15 years for 30 year
mortgagee. Over the period for ifcich they can be compared, the movement of the two mortgage yield
series has been similar* Dashed lines Indicate peri ode of adjustment to changes in contractual interest
rates.
3/ Based on TEA field office opinion on typical interest rates (rounded) on conventional first mortgagee
prevailing in the market areas of insuring office cities. Beginning with April I960, rate relates only
to newborns mortgagesi prior to that date, rate related to both new as m i l as existing-home mortgages.
Dashed line indicates this change in the series.
See note for Exhibit 6.
Moody's Investor Service. Monthly averages of daily data. See Exhibit A.
1965-January
February
March
April
May

5.43
5.43
5.43
5.43
5.43

5.20
6.00
5.55
6.30
5.95
5.80

Part" II




1
I X HI BIT 0 . P » , i I

YIELDS O N N I W

AND SEASONED CORPORATE BONDS

Exhibit 0 - Part XX
Tields on lew Corporate Bond Xssues Adjusted to an Aa* basis
of
Monthly i
1964 - Oct.
Nov.
Dec.
1965 - Jan.
Feb.
Mar.
Apr.
May

Am't of issues Average
included (mil.
yield
(per cent)
off
lays)

Weekly averages
1965 - High
Low

70.0

4.46

140.0
94.0
111.0
157.8
115.0
315.0
100.0

4.47
4.42
4.41
4.45
4.46
4.51
4.58

4.60(6/11)
4.33(1/29)

Apr. 2
9
16
23
30
May 7
14
21
28
June 4
11
18
25
July 2
9

Number Aa v t of Issues
of
included (mil
issues
' 1
25.0
2
60.0
1

70.0
40.0
199.0
6.0

2

35.0

2

65.0

--

4.43
4.44

30.0

2
2
3
1

Average
yield

4.47
4.54*
4.51
4.49*
4.55
4.60
4.58

--

Hotel

A. 1

uh
Brf
2r* * T e r B F H » *** offerings »re e&jamteA t a mamomlte A m
i
*>.*
reofferln* yield tfe exoeaa of the weekly era rage yield for a




by

% 5rs*s 5J.85.
turn the soteil
aatertakt

Exhibit H

H.14

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

New Can ital
1965
January
February
March
April
May
June
July
August
September

quarter
quarter
quarter
quarter

1st half
* Three quarters
•
Year

1963

•/
State and Local 2/
1963
1965
1964

795
746
1,197

930
685
754

613
594
1,144

J&/800
e/ 800
e/850

2 / 1,250

2,178
1,069
1,378

930
904
1,013

e/800
e/900
e/850

1,242
667;
903

780
661

e/900

1,109

676
637
795

906
780
892

680
708
449

949
646
1,419

1,013
819
1,415

2,369
4,625

2,351
2,847
2,109
3,246

6,994

5,198
7,307
10,553

y

869
866
930

£/ 1,550
e / 1,700

e / 1,050

October
November
December
1st
2nd
3rd
4th

Corporate
1964

W

2,738
4,500

2,550
3,013
£/ 7,238

9,544
12,557

947
776
810

801
529
948
e/2,450

e/2,550

e/5,000

732
746
976

v

1,051
729
416

, 2,533
; 2,811'
2,578
2,278

2,454
2,665
1,837
2,197

5,345

5,118
6,955
9,151

7,923
10,201

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

quarter
quarter
quarter
quarter

2,547
b/ 4,100

Year
e/
£/
1/
2/
3/

1,996
4,170
2,755

2,284
2,529
1,768
2,854

11,332

9,434

2,411

—J

Estimated by Federal Reserve.
Preliminary.
Securities and Exchange Commiesion estimates of net proceeds.
Investment Bankers Association of America estimates of principal amounts.
Total new capital issues excluding offerings of ssles and consumer finance compaAie#.




I'
H. 14
Exhibit I
New Corporate Security Issues, Type of Issue
and Issuer
(In millions of dollars)
f
Quarter
or
Month

Gross proceeds for new
capital and refunding 1/
Common
Bonds
and
Publicly Privately
pfd.
Total
Offered
Offered
stock

Net pr<oceeds for
new ca]
aital 1/
2/
Memo:
Foreign
issues
included

Mfg.

Public
Utility

Communi- Other
cations
issuers

1962 - III
IV

2,167
2,875

852
1,088

1,006
1,510

308
277

55
135

566
747

376
552

274
317

685
945

1963 - I
II
III
IV

2,700 .
3,634
2,436
3,466

1,108
1,389
898
1,319

1,306
1,820
1,251
1,780

287
424
287
367

128
434
109
47

947
591
806
968

326
794
285
530

236
221
150
118

842
1,241
868
1,629

2,499
4,851
2,802
3,311

978
1,321
792
531

1,221
1,640
1,516
2,372

300
1,890
494
408

29
105
85
223

418
723
547
1,045

438
856
642
509

273
1,663
59
128

1,240
1,383
1,303
1,332

1965 - I
II e/

3,007
4,730

905
1,852

1,673
2,074

429
803

243
n.a.

1,072
1,620

541
544

91
252

1,034
2,084

1963 - Oct.
Nov.
Dec.

1,116
891
1,459

511
183
626

481
549
751

125
159
83

10
10
27

240
214
515

201
131
198

41
13
64

531
461
637

1964 - Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

985
710
805
2,234
1,155
1,461
869
728
1,204
1,032
702
1,577

338
279
361
383
470
468
234
183
376
181
30
320

526
342
353
480
537
623
411
433
672
638
620
1,114

121
88
91
1,372
148
370
225
112
156
213
52
143

5
16
8
34
36
35
21
21
44
82
27
114

149
123
146
186
206
332
149
164
234
249
188
607

109
155
174
151
441
264
207
138
296
297
40
172

157
83
34
1,377
27
258
23
16
19
81
17
30

515
324
400
463
395
525
401
342
560
321
401
610

1965 - Jan.
Feb.
Mar.
Apr. 2 /
May e/
June <_/

858
791
1,358
1 ,'360
1,610
1,760

161
187
557
422
710
720

565
450
658
774
500
800

131
155
143
163
400
240

1

1964 - I
II

i

i n

49
51
143
35
n.a.
n.a.

385
192
494
5 70
650
400

97
215
229
164
230
150

21
44
26
12
140
100

292
293
448
504
530
1 - 050

£/ Preliminary. e/Estimated by Federal Reserve.
1/ Gross Proceeds exceed net p r o c e e d s by the cost of flotation.
2/ For total see Exhibit H; other issuers are extractive, railroad & other, transportation,
real estate & finance, & commercial & other.
Source: Securities & Exchange Commission.




H. 1 4
Exhibit J
Other Security Offerings
(In m i l l i o n s of d o l l a r s )

Grggg
F o r e i g n g o v e r n m e n t 2/

_13£5_

1964
January
February
March
April
May
June
July
August
September
October
November
December

.

218

Jan.

e/'46B

4

82
38
£ / 72
e/ 40
e/100

69
30
75

26
20
13
7

232
133
76
57
114

11

129
185
2/325
e/ -e/250

If
F e ^ r a i a g e n c y 3/
1964

148

186
275

180

509

72
58

Year

186

623

459

260
160

63
83

636

- June

lgng-tena

e/889

771

174

200

275

793

1,204

1,167

New s h o r t - t e r m 4/
Federal a c e n c v 3/
S t a t e and local g o v e r n m e n t 5/
January
February
March
April
May
June
July
August
September
October
November
December
Jan.

- June

238
91

-208

-458
647
£/ 304
n.a.

n.a.

75
272
-367
589
-30
-10
62
208
-173
259
146
-339

375

529

103
236
-407
442
81
-80
-9
127
176
7
-15

-137
-174
117
-11
509
2/ 120

• 424

-308
-336
23
97
183
239
-333
167
1
525
113
-3
-L02

J
-332
-255
-161
202
195
319
415
326
258
123
-102
551
-32

692
453
Year
1,539
3*8
J
£ / P r e l i m i n a r y . e / E s t i m a t e d b y F e d e r a l Reserve,
n.a.-Not a v a i l a b l e . ,1/These data d i f f e r f r o m v
those in E x h i b i t H in that r e f u n d i n g issues, as w e l l as.new capital issues, are included.
J
L o n g - t e r m s e c u r i t i e s are d e f i n e d as those m a t u r i n g in m o r e than one y e a r . 2 / I n c l u d e s s e c u r i - 4
,
ties o f f e r e d in the U . S . b y foreign g o v e r n m e n t s and their p o l i t i c a l s u b d i v i s i o n s and international organizations.
S o u r c e : S e c u r i t i e s & E x c h a n g e C o m m i s s i o n . 3 / l s s u e s not g u a r a n t e e d b y J
the U.S. G o v e r n m e n t . S o u r c e : L o n g - t e e n , Securities- & E x c h a n g e C o m m i s s i o n ; s h o r t - t e r m , T r e a s u r y
D e p t . & F e d e r a l R e s e r v e . 4 / T h e s e data d i f f e r from those in E x h i b i t H and a b o v e in that they
r e p r e s e n t new o f f e r i n g s less r e t i r e m e n t s , w h e t h e r from the p r o c e e d s or r e f u n d i n g issues o r
from o t h e r funds.
Data i n c l u d e only issues w i t h o r i g i n a l m a t u r i n g of one y e a r or less. £ /
P r i n c i p a l l y tax 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 Public H o u s i n g A u t h .
m a y h a v e a s o m e w h a t longer m a t u r i n g than 1 y e a r .


notes.
In some instances PHA n o t e s included
Source:
Bond Buyer
http://fraser.stlouisfed.org/& F e d e r a l R e s e r v e .
Federal Reserve Bank of St. Louis

0
H. 14
Exhibit K
Large Long-term Public Security Issues for New Capital
(Other than U. S. Treasury) U
Proceeds of Large Issues Offered
(In millions of dollars)

Total

1964 - June
July
AugSept
Oct.
Nov,
Dec.
1965 - Jan,
Feb,
Mar.
Apr.
May
June

Cornori•te
Bonds
Convertible
(other thsn
convertibles)
bonds

650
291
142
376
187

390
i/d
125
269
108

230
130
217
513
307
928
801

State
and
local
governments

Stocks

210
113

.

200
115
131
233
210
560
343

17
25

30

--

—

15
86

280
97
53
320

315
138

2/
i

275
260
104
15
502
15

284
544
459
558
419
226
541
419
446
395
411
492
377

81
79

—

Other

.

235
130
19
260
:40
340

Large Individual Issues Offered July 1 through 9

Issuer

Type U

Amount
(all H o n s
of
dollars)

Maturity

Coupon
rate or
net Inter-

Offering

*R. Ha Macy Co,
Burlington Industries

Conv. sub. deb,
S, F. deb.

21.9
50.0

1990
1990

State and Local Cc,;
Sacramento Mun, V til Dist.j Calif,
State of California

R5 r. -Ut.
G, 0.

17.5
12.5
70.0
50.0

1970-94
2004
1967-91
1966-85

3.31
3.21

2.85-3.40
3.50
2.55-3.40
2.40-3.30

20.0

1985

5 3/4

5.97

4 1/4
4 3/4

3.46

4.25
4.80

Other
Commonwealth of New Zealand




Rating

Aa
Aa
Aa

\

vl

H. 14
K-2

FOOTNOTES

*--Rights offering.
n.a.--Not available.
1/ Includes corporate and other security offerings of $15 million and over;
State & 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 & local government securities, G.0. denotes general
obligations; Rev.-Ut. revenue obligation 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




H. 14
Exhibit L
Forthcoming Large Long-term Public Security Offering for New Capital
(Other than U.S. Treasury) 1/
Expected Proceeds from Forthcoming Large issues
(In millions of dollars)

During month following
date shown
State and
Other 2/
Corporate
local govt.
1964 - Jun~
July
Aug.
Sept
Oct.
Nov.
Dec.
196.5 - Jan.
Feb.
Mar.
Apr.
May
June

30
31
31
30
30
30
31
29
26
31
30
28
31

292
92
402
186

539
120
511
500
254
360
306
242
316
212
411
328
397

--

90
105
169
407
267
852
7 65
363

15

Corporate

307
167
442
186

.

--

25
215

60
25
70
20

130
105
253
504
792
852
923
410

Subsequent to
date shown
State and
local govt.
716
588
680
626
549
563
435
382
599
373
635
474
524

Issuer

Type




Deb.
1st mtg. bds.
S. F. deb.
1st mtg. bds.
1st 6 ref. i n . . bds.
c
r'g
S. F. deb.
S. F. deb.
1st mtg. bds.
S. F. deb.
Deb.
Dab.

60. 0
25.0
50.0
15.0
75.0
30.0
150.0
40.0
35.0
25.0
22.0

25
215
--

' 60
25
70
20

Approximate date of
offering

Corporate
England
1. &
Co.
Northern 111. Gas. Co.
L n; Star Cement Corp.
Atlanta Gas Light Co.
Elec. Co.
Pacific Gas and 1
Elec. Co.
Baltimore Gas & :
*Mvntgcmerv Ward & Co.
*3c-ath -rn C:untie s Gas. Co.
r -nj.ra 1 Mills Im
Macy Cr-dit Ccrp
Gr.-.at West -rn Financial Corp.

--

15

.

Forthcoming Large Offe rings as of July 9
Amount
(millions
of
dollars)

Other 2/

July 14
July 20
July 20
July 21
July 22
July 28
July
Aug.
4
Aug.
Indefinite
Indefinite

V\\j
H. 14
L-2
Forthcoming Large Offerings as of July 9 (Cont'd)

Issuer

Type

Amount
(millions
of
dollars)

Approximate date of
offering

State and Local Government
State of Minnesota
Memphis, Tenn.
San Fran. Bay Area Trans. Auth.
Commonwealth of Penna.
Maryland State Roads Comm.
'
Brv.vard Co. Spec. Tax Sch. Dist. , Fla .
-New York, New York
^Philadelphia, Pa.
Los Angeles Dept. of Airports, Cal.
Pittsburgh, Pa.
^Hamilton Co., Ohio
San Francisco, Cal.
Dade County, Fla.
Florida Dev. Comm.

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

54.9
25.0
70.0
27.0
20.0
20.0
175.0
28.0
30.0
10.0
30.0
12.7
46.0
33.8

July 13
July 13
July 14
July 14
July 14
July 20
July 20
July 27
July 28
Aug.
4
Aug. 10
Aug. 16
Indefinite
Indefinite

i
i

^
f

Other
NONE

-Included in table for first time.
1/ Includes corporate and other issues of $15 million and over;State and lacal 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.




;
;
j
\

f)
H. 14
Exhibit M
Foreign Government and Corporate Security Offerings
and Placements in the United States
Part I:

Sale Date

Public Offerings

Amount
(millions
of
dollars)

Issuer and Description of Issue

A.

Sold May 1 through July 9

5/6

25.0

Govt, of Australia--5-1/2% bonds, maturing 1985,
reoffered to yield 5.63% to residents outside the
U.S. and 4.98% to residents of the U.S.

5/26

15.0

City of Oslo, Norway--5-3/4% bonds, maturing 1985,
reoffered to yield 5.86%.**

6/15

50.0

Quebec Hydor-Electric Commission--4-5/8% debenture,
maturing 1985, reoffered to yield 4.75%.

6/17

20.0

Kingdom of Denmark--6% bonds, maturing 1985,
reoffered to yield 6.09%.**

6/22

20.0

Metropolis of Tokyo--6% bonds, maturing 1980,
reoffered to yield 6.50%.**

20.0

Commonwealth of New Zealand--5-3/4% bonds, maturing
1985, reoffered to yield 5.97%.**

*7/7

B.

Prospective Offerings

NONE

*
**

Included in table for first time.
Issue sold is entirely to investors outside U.S.




H. 14
M-2
Part II:

Private Placement--Reported May 1 through July 9

Date
reported

Amount
(millions
of
dollars)

5/26

25.0

City of Montreal--5% sinking fund debentures,
maturing 1985-90--no information available on
takedown.

5/28

30.0...

Trans-Canada Pipe Lines Ltd.--5-1/4% first mortgage 1
bonds, maturing 1985, placed to yield 5.09%--no I
information available on takedown.
t|

Issuer and Description of Issue

;

$
r

i

i,

Note: For retrospective data on aggregate foreign corporate and government security offer-%
ings in the United States see Exhibits I and J. There is no simple relationship
f
between the data shown in the Exhibit and that shown in Exhibits I and J because the|<
s
latter includes privately placed securities in the period in which funds are actualI
takendown but only in the amount of takedown, while the placements shown in this e x - |
hibit are included when reported, frequently with little or no information concernin
timing of takedowns.
Full or partial takedowns may take place both prior and sub|
sequent to the date a placement is reported.
^--Included in table for first time.




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