Full text of H.16 Capital Market Developments : July 13, 1964
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V
Not f o r P u b l i c a t i o n DECONTROLLED AFTER SIX MONTHS
H. 14
Z Z Z
JL
'L
/
'964
J u l y 13, 1964.
CAPITAL MAMBT
/ i n
t h e
DEVELOPMENTS
u n i t e d
s t a t e s
S e c u r i t y f i n a n c i n g . The t o t a l supply of p u b l i c s e c u r i t y
f i n a n c i n g conang~^tTr-market t h i s week w i l l be only s l i g h t l y s m a l l e r
t h a n l a s t w e e k ' s r a t h e r s u b s t a n t i a l volume, b u t t h e mix of o f f e r i n g s
w i l l be more h e a v i l y c o n c e n t r a t e d i n S t a t e and l o c a l Government i s s u e s .
Long-Term P u b l i c S e c u r i t y O f f e r i n g s 1/
( I n m i l l i o n s of d o l l a r s )
Week
Ending
Sold:
Corporate
New C a p i t a l
I Refunding
July 3
J u l y 10
2 r/
178
S t a t e and l o c a l g o v t .
New C a p i t a l 1 Refunding
80 r /
118
--
Scheduled:
J u l y 17
223
32
-1/ F e d e r a l Reserve e s t i m a t e s based on p u b l i s h e d r e p o r t s of i s s u e s s o l d
and s c h e d u l e d f o r o f f e r i n g ; c o r p o r a t e r i g h t s o f f e r i n g s a r e i n c l u d e d
as of t h e d a t e s u b s c r i p t i o n r i g h t s e x p i r e , r / R e v i s e d .
S e c u r i t y y i e l d s . Average y i e l d s on l a s t w e e k ' s new i s s u e s
of c o r p o r a t e bonds ( a d j u s t e d t o a t r i p l e - A - b a s i s ) were down 4 b a s i s
p o i n t s from t h e week of June 2 6 - - t h e l a s t p r e v i o u s week i n which
e l i g i b l e i s s u e s were o f f e r e d . Y i e l d s on A a a - r a t e d m u n i c i p a l b i n d s a l s o
d e c l i n e d l a s t week, d r o p p i n g back t o t h e i r 1964 low. O t h e r w i s e , y i e l d s
on h i g h - g r a d e s e c u r i t i e s showed mixed, b u t minor changes.
Y i e l d s i n S e c u r i t i e s Markets
Level l a t e s t week
(per cent)
Change from
p r e c e d i n g week
(basis points)
High-Grade
Notes and Bonds
Corporate
Seasoned
4.37
4.40
U.S. Govt.
Long-term
3-5 year
4.12
3.99
+ 1
- 1
S t a t e and l o c a l g o v t .
Money Market
F e d e r a l Funds
Treasury b i l l s
3-month
6-month
F i n a n c e Company Paper
FRASER
Digitized for
3.50
3.48
3.53
3.86
+ 1
-
2
.H.14
-2-
I n t e r e s t r a t e s on mortgages (FHA S e r i e s ) : Secondary market
y i e l d s on 3 0 - y e a r , 5 - 1 / 4 p e r c e n t new home m o r t g a g e s , i n s u r e d by t h e
FHA, remained a t an a v e r a g e of 5 . 4 5 p e r c e n t i n J u n e . This was t h e
f o u r t e e n t h c o n s e c u t i v e month of no change. C o n t r a c t r a t e s on conv e n t i o n a l mortgages a l s o c o n t i n u e d unchanged i n J u n e , a t an a v e r a g e
of 5 . 8 0 p e r c e n t f o r l o a n s on new homes and 5 . 8 5 p e r c e n t f o r l o a n s
on e x i s t i n g homes.
Stock p r i c e s . Common s t o c k p r i c e s , as measured by S t a n d a r d
and P o o r ' s composite index of 500 s t o c k s , r o s e almost one p e r c e n t
f u r t h e r l a s t week t o c l o s e a t a new h i g h of 83.36 on J u l y 10. ' T r a d i n g
volume averaged 5 . 1 m i l l i o n s h a r e s a d a y , up 0 . 3 m i l l i o n from t h e
a v e r a g e f o r t h e p r e v i o u s week.
More d e t a i l e d i n f o r m a t i o n c o n c e r n i n g r e c e n t c a p i t a l market
developments i s p r e s e n t e d 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 S e c t i o n ,
D i v i s i o n of Research and S t a t i s t i c s ,
Board of Governors of t h e F e d e r a l Reserve System.
LONG-TERM BOND YIELDS, HIGH-GRADE
STATI AND LOCAL 60VtlNlliNT A..
^Lvl 1 I 1 1 1 1 1111 1 1 1 l.l—LI 1 1 I ' '
i 1111
! ..to
1
1 1
1:1 1 'I 1 1 1 1 1 ' 1.1-1 1-I11 1 1 1 1J 1 i.i,
| 1**3
E x h i b i t A - Part I I
Date
Corporate
Aaa y .
U. S . Govt,
long-term 2 /
S t a t e and
local
government
Aaa J /
Spread between
D. S . Govt, and
S t a t e and
Corporate
Aaa
l o c a l Aaa
(per cent)
1 9 5 9 - 6 0 - High
1961 - High
Low
1962 - High
Low
1963 - High
Low
196U - High
Low
June
12
June
July
July
26
3
10 £ /
U. 61(3/29/60)
U.U6(9/15)
lw 21(3/17)
U.U3(?/i6)
U.23(13/2$
U.37(a^/27)
1.19(3/29)
4.41(6/26)
4.35(2/28)
U.U2 (1/8/60)
U.07 (12/29)
3 . 7 0 (5/12)
U.12 (2/23)
3 . 8 5 (12/28)
U.16 (12/27)
3 . 8 7 (ViB)
4.20(4/17)
4.11(7/3)
3 . 6 5 (9/24/59)
3 . 3 7 (7/6)
3 . 1 2 (S/23)
3 . 2 6 (1/4)
2.88 ( u / 8 )
3 . 1 8 (13/21)
2 . 9 3 (3/28)
3.16(3/26)
3.07(7/9 )
.59
.57
•3U
•U7
.30
.35
.21
.29
.19
.-92
.76
.I46
1.0U
.80
1.05
.88
1.09
1.01
4.41
4.41
4.41
4.40
4.40
4.14
4.13
4.12
4.11
4.12
3.10
3.11
3.11
3.10
3.07
.27
.28
.29
.29
.28
1.04
1.02
1.01
1.01
1.05
f
Preliminary.
Weekly average of daily 11 gores. Average term of bonds included i s 22-24 years#
Weekly average of daily figures. The series Includes bonds due or callable i n 10 years or more.
3f Thursday figures. Only general obligation bonds are included* average term i s 20 years.
Note.—Sighs and lows are for individual series and nay be on different dates for different
s e r i e s . Tor spreads, high refers to widest, and lew to narrowest.
LONG-TERM BOND YIELDS, LOWER-GRADE
iroiui i»«
—X/^
\
\ suit m io<it fioviiaiiiHT
V A 2
^• i-KA L Li.l_l.L-l
mo
mi
mi
• n»
nt<
Exhibit B - Part I I
</
Date
Corporate
Baa 1/
State and
l o c a l govt.
Baa 3/
Spread between
Aaa and Baa
State and
Corporate
l o c a l govt.
(per cent)
1959-60 - High
1961 - High
1962 - High
Low
1963 - High
- Low
196k - High
Low
June 12
June 26
July 3
J u l y 10 2/
5.3$(?AV60)
5.13(10/27)
5.00(4/21)
5.11(1/5):
U. 9 2 W 2 1 )
U.93(V4)
U.83(u/i5)
4.87(6/26)
4.82(2/7)
1.16(3/7/60)
1.16(3/23)
3.93(13/9)
U.QU(Vai)
3.52(5/17)
3.63(6/27)
3.52(5/23)
3.58(3/26)
3.51(4/16)
4.85
4.86
4.87
4.86
4.84
3.54
3.54
3.55
3.55
3.55
Xotei Tor footnotes see Exhibit i«
.
.8U
.81
.66
•7U
.63
.71
.U8
.48
.43
1.08
.93
.57
.82
.56
.63
.a
.49
.36
.44
.45
.46
.46
.44
.44
.43
.44
.45
.48
SHORT- AND INTERMEDIATE-TERM INTEREST RATES, GOVERNMENT
r
Exhibit C - Fart I I
Biaoount
rate
i J L
1959-60 - High
1961 - High
Low
1962 - High
Low
1963 - High
Low
196U - High
Low
June
July
July
26
3
10 jj/
3-month
b l l l a 2/
Yialda
6-month
3-5 yea*
iaauaa 2/
(per oent)
3.50
3.50
2.97(7/13)
3,13(7/20)
2,65(6/6)
2.7UJ6M
3.55(13/15) 3.68(12/6)
2.88(3/13) 2.93(3/e)
3.56(3/6)
3.74(3/6)
3.45(5/1)
3.52(7/3)
5.00(12/24/S»>
3,86(8/11)
3,15(81/12)
3.88(2/*)
3„la(i?/2e>
14.07 (1V27)
3.Uii(V»)
4.23(3/27)
3.99(7/10)
3.50
3.50
3.50
3.50
3.50
3.47
3.49
3.47
3.48
3.4B
4.04
4.04
4.02
4.00
3.99
il.00
3.00
3.00
3.00
3.00
3.50
3.00
Bpread between y i e l d s on 3month b i l l a and y i e l d s on
|6-mo, b i l l # | 3 - 5 yr. i s s u e s
u. 59(1/8/60)
1 . 1 , w
3.57
3.58
3.53
3.52
3.53
•79
.1lb
.12
%2li
.02
.17
.Olt
.21
.04
.10
.09
.06
.04
. .05 r
1.81
1.51
.92
1.19
.52
.70
.U2
.71
.48
.57
.55
.55
.52
.51!
3 / Weekly rate shown i t that In e f f e c t at end ef period at the Federal Reserve Basic of Heir York.
j J Market y i e l d ) weekly averages computed from dally closing bid prices. Series of 3-6 year Issues
consists of selected notes and bonds.
Note,—flighs and lows are for individual series and m y be on different dates for different series*
f o r spreads, high refers to widest a and l o r to narrowest e
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 ,
B A N K S AND OTHER PRIVATE B O R R O W E R S
Exhibit D - Part I I
Stock exchange ! Prime
c a l l loan 1 / {rate l /
Date
Finance companypaper 2 /
Federal
funds 3 /
Spread between
3-mo. b i l l s and
f i n a n c e co. paper
(per cent)
1959-60 High
1961 - High
5.13(1/22/60)
3.00(12/30)
2.50(8/5)
3.25(7/21)
2.88(6/1)
3.88(12/27)
U.50
U.50
U.50
U.50
1961 - High
Low
5.00
U.50
U.50
U.50
U.50
U.50
u.50
4.50
4.50
4.50
4.50
3.13(5/31)
3.93(4/3)
3.75(5/22)
June
12
June
26
4.50
4.50
4.50
4.50
4.50
4.50
4.50
4.50
4.50
4.50
1965 - High
1963 - High
July
July
3
10 jV
5.50
L.50
U.50
3/
U.00
2.90
.U3
3.00
1.30
3.50
2.US
(5/13/60)
(13/17)
(3/27)
(12/28)
(3/26)
(12/27)
(7/26)
1.02
.56
.11
.U5
.19
.39
3.50(7/10)
3.20(3/6)
.12
• 41
• 22
3.88
3.88
3.88
3.88
3.50
3.50
3.50
3.50
.41
.39
.41
.40
3.86
3.50
.38
Weekly r a t e shown i s t h a t i n e f f e c t a t e n d o f p e r i o d . S t o c k Exchange c a l l l o a n r a t e l a g o i n g r a t e
on c a l l lQans s e c u r e d b y c u s t o m e r s ' s t o c k e x c h a n g e c o l l a t e r a l a t New York C i t y b a n k s . Prime r a t e
i s t h a t c h a r g e d by l a r g e banks on s h o r t - t e r m l o a n s t o b u s i n e s s b o r r o w e r s o f t h e h i g h e s t c r e d i t
standing.
2J Average of d a i l y r a t e s p u b l i s h e d b y f i n a n c e c o m p a n i e s f o r d i r e c t l y p l a c e d p a p e r f o r v a r y i n g m a t u r i t i e s
i n t h e 9 0 - 1 7 9 day r a n g e .
j y Weekly a v e r a g e of d a i l y e f f e c t i v e r a t e , w h i c h i s t h e r a t e f o r t h e h e a v i e s t volume o f p u r c h a s e and
s a l e t r a n s a c t i o n s a s r e p o r t e d t o t h e F e d e r a l R e s e r v e Bank o f New Y o r k .
N o t e s — H i g h s and l o w s a r e f o r i n d i v i d u a l s e r i e s and n a y be on d i f f e r e n t d a t e s f o r d i f f e r e n t s e r i e s ,
f o r s p r e a d s , h i g h r e f e r s t o w i d e s t , and l o w t o n a r r o w e s t .
STOCK MARKET
mo
mi
mi
mm
mm
Exhibit E - Part I I
Stock p r i c e
index 1/
Date
1961-62 - High
Low
1963 - High
1964 - High
Low
May
June
July
July
3/
26
3
10 g /
Common
Trading
stock
volume 3/
y i e l d s 2/ (million s
(per cent) of shares)
l t : T m
7 U. Ul4(l2/27)
83.36(7/10)
75.50(1/3)
2.80
3.96
3.01
2.94
3.10
10.1
80.72
80.24
81.46
82.60
83.36
3.01
3.05
3.01
2.97
2.94
5.0
4.4
4.6
4.8
5.1
Stock market customs: credit
Customers'
Bank
debit b a l loans to
ances k /
"others"
(In m i l l i o n s of d o l l a r s )
Total
2.k
6.5
6.1
4.0
^'^4(4)
7,120(2)
5,524(1)
5,366(3)
1,865(7/1)
1,720(1/22)
7,277
5,439
1,838
1,859
1,859
1,865
Average8 of d a l l y t r a d i n g volume on t h e New York Stock Exchange.
{ .
' ^ ~ £ r S 3 S i F i ™
:
^
«•*»
•=s-~-=-~-Tr=rw-cre
MORTGAGE AND BOND YIELDS ^
Exhibit F
Part I I
yields
mortgages 2/
Aaa Corporate
Spread be
yields on
porate bo
Seasoned— 25-year
Seasoned
FHA mtgs. bonds
25-year FHA
1956 1957 1958 1959-601961-64-
Low
High
Low
High
High
Low
1964 - March
April
May
4.68
5.63
5.35
6.24
5.72
5.43
5.44
5.44
5.44
5.44
---
5.70
5.45
5.45
5.45
5.45
5.45
5.20
6.00
5.55
6.30
5.95
5.80
5.80
5.80
5.80
5.80
.47
.47
.15
.23
.38
.23
.36
.36
.36
.36
3.08
4.94
3.65
5.25
4.72
4.12
4.43
4.48
4.46
4.43
3.08
4.12
3.57
4.61
4.45
4.22
4.38
4.40
4.41
4.41
.76
1.58
.88
1.69
1.50
.94
1.01
.96
.98
1.01
1.03
.05
.73
.39
- . 16
.05
.08
.05
.02
N e i t h e r mortgage n o r bond y i e l d s t a k e I n t o a c c o u n t s e r v i c i n g o o s t e which a r e much h i g h e r f o r mortgages,
t h a n bonds. G e n e r a l l y , bonds p a y I n t e r e s t s e m i - a n n u a l l y ; mortgages, m o n t h l y . Mortgage y i e l d s , i f 0computed a s e q u i v a l e n t t o a s e m i - a n n u a l i n t e r e s t i n v e s t m e n t , would b e s l i g h t l y h i g h e r t h a n g i v e n i n the
Based on F H J b « f i e l d - o f f l o e o p i n i o n s a b o u t average b i d p r i c e s i n t h e p r i v a t e secondary market f o r newhome mortgages f o r immediate d e l i v e r y * S e p a r a t e d a t a a v a i l a b l e f o r 2 5 - y e a r and—-begin!ng J u l y 1961—
3 0 - y e a r mortgagee w i t h minimum downpaymente, "weighted by probable volume of t r a n s a c t i o n s . Y i e l d s computed by IHA, assuming prepayment p e r i o d at 12 y e a r s f o r 2 5 - y e a r mortgages and 15 y e a r s f o r 3 0 - y e a r
m o r t g a g e s . Over the p e r i o d f o r 1*1 i c h t h e y can be compared, the movement of t h e two mortgage y i e l d
s e r i e s h a s been s i m i l a r . Dashed l i n e s i n d i c a t e p e r i o d s of a d j u s t m e n t t o changes i n c o n t r a c t u a l i n t e r e s t
Based on FRA f i e l d o f f i c e o p i n i o n on t y p i c a l i n t e r e s t r a t e s (rounded) on c o n v e n t i o n a l f i r s t mortgages
p r e v a i l i n g i n the market a r e a s of i n s u r i n g o f f i c e c i t i e s . Beginning w i t h A p r i l 1960, r a t e r e l a t e s o n l y
b o t h new as m i l a s e x i s t i n g - h o m e mortgages.
t o new-home m o r t g a g e s ; p r i o r t o t h a t d a t e , r a t e r e l a t e d t o
DigitizedDashed
for FRASER
l i n e i n d i c a t e s t h i s change i n t h e s e r i e s .
4 / See n o t e f o r E x h i b i t S .
http://fraser.stlouisfed.org/
2/ Moody's I n v e s t o r S e r v i c e , Monthly a v e r a g e s of d a i l y d a t a .
Federal Reserve Bank of St. Louis
See E x h i b i t A.
YIELDS O N NEW AND SEASONED CORPORATE BONDS }
ld|vile<< It Aoo
i i v issms
u
Exhibit 0 - Pert II
Yields o n ffew Corporate Bond Issues Adjusted to en Aee bee is
Number Aa't of Issues Average
yield
included (mil.
of
of do H e r s )
(per fenf),
Nuober Aa't of ieeuea Average
yield
included (mil.
(per cent)
of dollere)
M o n t h l y averages;
1964 - J a n .
Feb.
Mar.
Apr.
May
Weekly a v e r a g e s
1964 - High
Apr.
May
150.0
125.0
166.0
130.0
278.0
230.0
50.0
50.0
3
10
17
24
4.50
4.38
4.43
4.48
4.46
4.43
1
8
15
22
29
12
19
26
4.53(5/8)
July 3
4.30(2/21)
10
8.0
50.0
89.0
95.0
36.0
60.0
35.0
55.0
80.0
4.45
4.53
4.45
4.43
4.45
4.45
4.44
4.43
4.41
30.0
4 37
13.Q
4,40
Koto i
A by Moody's Investors Service (except s e r i a l 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 oonpanies, end bonds guaranteed by the Federal Goiermeni) weighted by * s e of o f f e r i n g #
Before averaging, new o f f e r i n g s are adjusted to a composite Aaa basis by deducting from t h e a c t u a l
r e o f f e r i n g y i e l d tbs e x c e s s of t h e weekly average y i e l d f o r seasoned toads of the appropriate i n d a s t x y q u s l i t y group over t h e composite average f o r seasoned i a a - r a t e d tends (Moody's), Averages considered
unrepresentative because of s p e c i a l c h a r a c t e r i s t i c s of 1be o f f e r i n g s Included arc denoted by an a s t e r i s k ^
H i g h a n d low r e f e r o n l y t o y i e l d s , a n d n u m b e r s a n d a m o u n t o f i s s u e s a r e t h o s e o n w h i c h
these averages are based.
H. 14
Exhibit H
i
Long-term Corporate and S t a t e and Local Government
S e c u r i t y O f f e r i n g s and Placements
j"
It
-?
( I n m i l l i o n s of d o l l a r s )
•n
New C a p i t a l
Corporate 1/
1963
1964
January
February
March
£/
930
685
754
613
594
1,144
549
860
819
April
May
June
E/ 2 , 1 1 1
e/
950
e/ 1,400
930
904
1,013
1 ,153
771
1 ,132
July
August
September
§J
800
676
637
795
573
773
557
1,013
819
1,415
819
678
1 ,064
£/ 2 , 3 6 9
2,351
2,847
2,109
3,246
2 ,228
3 ,056
1 ,902
2 ,561
e/ 6,830
5,198
7,307
10,553
5 ,284
7.,186
9j,747
£/
E/
October
November
December
1st
2nd
3rd
4th
quarter
quarter
quarter
quarter
1st half
Three q u a r t e r s
Year
-
1st
2nd
3rd
4th
quarter
quarter
quarter
quarter
e/ 4,461
1962
r,
732
746
976
876
1,133
628
3
•;
E/ 1 ,180
600
e/
800
e/
869
866
930
873
912
786
'
900
680
708
449
612
544
427
;
-
1 ,051
729
416
650
578
550
J
H
-j
E/ 2.,529
e / 2,,580
2 ,454
2 ,665
1 ,837
2 ,197
2,637
2 , 5 7 1 •<;
1,528 >
1,779 !
E/ 5, ,109
5 ,118
6 ,955
9 ,151
5,208;
6 , 7 9 0 ;*
8,568 ;
E/
£/
E/
e/
Excluding f i n a n c e companies—^
E/ 1 , 9 9 6
e/ 4,011
Year
e/
E./
1/
2/
3/
S t a t e and Local 2 /
1963
944
773
812
1964
1962
2,284
2,529
1,768
2,854
2, ,169
2 , 970
1, 767
2 , 330
9.434
9 , 236
E s t i m a t e d by F e d e r a l R e s e r v e .
Preliminary.
S e c u r i t i e s and Exchange Commission e s t i m a t e s of n e t p r o c e e d s .
I n v e s t m e n t B a n k e r s A s s o c i a t i o n of America e s t i m a t e s o f p r i n c i p a l amounts.
T o t a l new c a p i t a l i s s u e s e x c l u d i n g o f f e r i n g s of s a l e s and consumer f i n a n c e companies.
\
Y\
1
1
f
j
j
v,
Exhibit I
New C o r p o r a t e S e c u r i t y I s s u e s , Type of I s s u e and I s s u e r
( I n m i l l i o n s of d o l l a r s )
Quarter
or
/-
Total
Month
Gross p r o c e e d s f o r new
caDi'tal anH re fundi hp 1/
Common
and
Publicly Privately
pfd.
Offered
Offered
stock
Net p r o c e e d s f o r
new rapi '1-al 1 / 2
Memo:
Foreign
issues
Mfg. P u b l i c Communi- Other
included
U t i l i t y cations issuers
1962 - I
II
III
IV
2,378
3,250
2,184
2,957
1,155
1,389
853
1,089
716
1,222
1,024
1,568
507
639
307
300
68
257
56
179
655
996
601
769
430
983
375
568
456
231
275
321
717
794
659
986
•1963 - I
II
III
t
- 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
896
968
326
794
285
530
236
221
150
118
842
1,241
868
1,629
.1964 - I
I I e/
III
2,499
4,595
978
1,313
1,221
1,459
300
1,823
;
29
n. a .
418
557
438
840
273
1,629
1,240
1,435
1962 - J u l y
Aug.
Sept.
Oct.
Nov.
630
922
632
976
784
1,197
200
477
176
539
286
264
366
363
295
314
446
808
67
82
161
123
52
125
13
217
218
166
153
271
345
118
110
148
141
175
252
88
120
67
260
4
57
159
301
199
282
253
451
1963 - J a n .
Feb.
Mar.
Apr.
May
695
642
1,363
1,049
1,340
1,246
810
756
.871 .
1,116
891
1,459
350
259
499
380
550
459
279
336
283
511
183
626
243
289
774
452
694
675
431
318
501
481
549
751
102
94
91
217
95
113
100
100
87
- 125
159
83
25
135
220
43
60
592
56
148
182
216
227
196
46 . 297
272
21
237
42
240
10
io
:214
27
515
114
115
97
341
222
230
107
100
78
201
. 131
198
125
68
43
71
92
58
86
25
39
41
13
64
238
191
412
369
373
499
187
240
441
531
461
637
July
Aug.
Sept.
Oct.
Nov.
Dec.
43
46
34
99
515
157
109
5
121
149
526
338
985
1964 - J a n .
324
83
155
16
88
123
342
279
Feb.
710
400 s
34
174
91
8
146
353
805
Mar.
361
435
1,369
150
1,363
32
LS7
429
383
2,175
Apr. £ /
370
10
420
120
150
380
970
470
May e /
630
250
270
n. a .
250
650
340
June e/
460
1,450
July
Aug.
Sept.
£ / P r e l i m i n a r y . e / E s t i m a t e d by F e d e r a l R e s e r v e . _1/Gross P r o c e e d s exceed n e t p r o c e e d s by t h e
c o s t of f l o t a t i o n . 2 / F o r t o t a l s e e E x h i b i t H; o t h e r i s s u e r s a r e e x t r a c t i v e , r a i l r o a d and o t h e r
t r a n s p ofor
r t a tFRASER
i o n , r e a l e s t a t e and f i n a n c e and commercial and o t h e r . S o u r c e , - - S e c u r i t i e s and
Digitized
, Exchange Commission.
H. 14
Exhibit J
Other S e c u r i t y O f f e r i n g s
( I n m i l l i o n s of d o l l a r s )
Gross l o n g - t e r m 1/
i
January
February
March
April
May
July
August
September
October
November
December
Jan. - J u n e
r/
e/
e/
e/
1964
4
82
69
27
65
75
322
7r-.gr
January
February
March
April
May
103
236
-407
442
79
E/
July
August
September
October
NO;e:nber
December
Jan. - June
F o r e i g n government 2/
1963
232
133
76
57
114
11
63
83
2
1962
142
10
35
10
86
50
25
8
31
151
88
101
623
333
F e d e r a l aigency 3/
1963
1964
148
1962
246
156
--
186
461
275
459
--
--
- -
E/
&/
e/
150
175
174
200
e/
2 75
—
--
793
863
771
737
1 .167
1 . 188
New s h o r t - t e r m 4/
S t a t e and l o c a l government 5/
F e d e r a l agencv 3/
75
18
12
-106
247
272
466
-459
-189
-156
-367
-186
198
-482
226
589
127
97
292
-364
-30
-84
195
82
183
228
-10
-118
319
284
62
261
78
414
208
339
327
227
-173
-406
258
-157
259
71
123
379
146
234
-102
55
-339
-161
551
-80
n.a.
529
223
259
29
i
>
::
|
*
319
692
378
1..004
Tear
1. 600
£/Preliminary. e / E s t i m a t e d by F e d e r a l R e s e r v e . n . a . - - N o t a v a i l a b l e . JL/These d a t a d i f f e r
•from those in E x h i b i t H i n t h a t r e f u n d i n g i s s u e s , as w e l l as new c a p i t a l i s s u e s , a r e i n c l u d e d . .
Long-term s e c u r i t i e s a r e d e f i n e d as t h o s e m a t u r i n g i n more t h a n one y e a r , 2 / l n c l u d e s s e c u rities offered 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 p o l i t i c a l s u b d i v i s i o n s
and international o r g a n i z a t i o n s . Source: S e c u r i t i e s and Exchange Commission. 3 / I s s u e s not
guaranteed by t h e U. S. Government. Source: l o n g - t e r m , S e c u r i t i e s and Exchange Commission;
sh.-t-tarm, T r e a s u r y Department and F e d e r a l R e s e r v e . 4/These d a t a d i f f e r from t h o s e i n
'
Exhibit H and above i n t h a t t h e y r e p r e s e n t new o f f e r i n g s l e s s 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 . Data i n c l u d e o n l y i s s u e s w i t h o r i g i n a l
|
maturity of one y e a r 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
t
certificates and P u b l i c Housing A u t h o r i t y n o t e s . I n some i n s t a n c e s PHA n o t e s i n c l u d e d may
1
have a somewhat l o n g e r m a t u r i t y t h a n one y e a r . Source: Bond Buyer and F e d e r a l R e s e r v e .
i
H. 14
Exhibit K
Large Long-term P u b l i c S e c u r i t y I s s u e s f o r New C a p i t a l
(Other t h a n U. S. T r e a s u r y ) 1/
Proceeds of Large I s s u e s O f f e r e d
( I n m i l l i o n s of d o l l a r s )
Total
1963 - J u n e
July
;
Aug.
Sept.
Oct.
(
Nov.
Dec.
•
1964 - J a n .
Feb.
Mar.
Apr,
May
June
Corporate
Bonds
Convertible
(Other t h a n
convertibles)
348
199
236
237
446
180
547
307
263
335
1,557
452
650
Stocks
State
and
local
governments
__
348
180
218
215
380
117
515
225
200
296
235
415
390
19
18
22
66
63
32
22
28
38
1 ,271
37
260
- '
60
35
51
"
Other 2/
372
279
329
135
734
373
• 111
577
358
282
698
274
384
460
60
20
174
200
50
' 20
15
275
Large I n d i v i d u a l I s s u e s O f f e r e d J u l y 1 t h r o u g h 10
Type
3/
Amount
(millions
of
dollars)
Coupon
Maturity
O f f e r - Ratn e t inter- i n g
ing
est cost yield
Corporate
* P a c i f i c Gas & E l e c . Co.
B a l t i m o r e Gas & E l e c . Co.
J . C. Penney C r e d i t Corp.
Nationwide Corp.
Com. s t k .
1 s t r e f . mtg. bds;.
Deb.
Com. s t k .
64.1
30.0
1994
5 0 . 0 ~ 1984
33.9
G.O.
G.O.
Rev.-Q.-Ut.
13.6
15.0
18.0
4-1/2
4-1/2
4.40
4.57
Aaa
S t a t e and Local Government
Oregon S t a t e Bd of Higher Ed.
San J u a n , P u e r t o Rico
A t l a n t a F u l t o n Co. Rue. Auth.
4/
1967-94 3 . 1 5 2 . 4 0 - 3 . 3 0 " Aa
1965-87' 3 . 5 0 2 . 2 0 - 3 . 5 5 A
1966-93i 3.2.8 2 . 3 5 - 3 . 4 0 - Aa
Other
F e d e r a l Home Loan Bank
Bonds
260.0
1966
4-1/8
4.13
.
ry
K-2
Footnotes:
*--Rights offering, n.a.--Not available.
1/ I n c l u d e s c o r p o r a t e and o t h e r s e c u r i t y o f f e r i n g s of $15 m i l l i o n and o v e r ; 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 $10 m i l l i o n and
2/ I n c l u d e s 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 R e c o n s t r u c t i o n and Development
i s s u e s and n o n - g u a r a n t e e d i s s u e d by F e d e r a l a g e n c i e s .
3/ In t h e c a s e of S t a t e and l o c a l government s e c u r i t i e s , G.O. d e n o t e s g e n e r a l o b l i g a t i o n s
Rev.-Ut., revenue o b l i g a t i o n s s e c u r e d o n l y by income from p u b l i c u t i l i t i e s ; R e v . - Q . - U t
r e v e n u e bonds s e c u r e d o n l y by revenue from q u a s i - u t i l i t i e s ; R e v . - S . T . , r e v e n u e bondss e c u r e d by revenue from s p e c i f i c t a x e s o n l y ; R e v . - R e n t . , r e v e n u e bonds s e c u r e d s o l e l y
by l e a s e payments.
4/ 1/10 p e r c e n t bonds m a t u r i n g 1994 not p u b l i c l y r e o f f e r e d .
H. 14
Exhibit L
Forthcoming Large Long-term P u b l i c . S e c u r i t y O f f e r i n g s f o r New C a p i t a l
(Other t h a n U . S . T r e a s u r y ) 1/
Expected P r o c e e d s from Forthcoming Large I s s u e s
( I n m i l l i o n s of d o l l a r s )
During month f o l l o w i n g
d a t e shown
S t a t e and
Corporate
local eovt.
Other 2/
;! 1963 - J u n e
July
Aug.
^
Sept.
Oct.
£
Nov.
Dec.
1964 - J a n .
Feb.
Mar.
Apr.
"
May
June
28
31
31
30
31
29
31
31
28
31
30
28
30
170
221
158
240
145
392
305
155
224
1,587
651
600
292
142
329
210
561
255
137
469
316
454
669
345
341
539
75
20
25
15
Subsequent t o
d<ate shown
S t a t e and
Corporate
l o c a l govt. Other 2/
215
267
183
240
145
1,992
1,905
1,771
1,649
1,837
844
668
307
287
512
468
757
401
349
731
667
646
953
575
598
716
75
20
25
15
Forthcoming Large O f f e r i n g s as of J u l y 10
Issuer
Type
Amount
(millions
of
dollars)
Approximate d a t e
of o f f e r i n g
Corporate
^ N o r t h e r n S t a t e Pwr. Corp
Marine Midland Corp.
Milwaukee Gas L i g h t Co.
N o r t h e r n 111. Gas. Co.
Northern S t a t e Pwr. Co.
Utah Pwr. & L t . Co.
*Wells Fargo Bank
S t a t e and Local Government
•^Oklahoma C i t y , Okla.
Memphis, Tenn.
Houston I n d . Sch. D i s t . , Tex.
Alabama Highway Auth.
Met, Denver Sewage D i s p . D i s t . , # 1 , Colo.
S r - a t t l e , Wash.
Merced I r r . D i s t . , C a l .
F l o r i d a Dev. Comm.
Pfd. stk.
Deb.
1 s t mtg. b d s .
1 s t mtg. b d s .
1 s t mtg. b d s .
1 s t mtg. b d s .
Con v . cap. n o t e
& com. s t k .
15.0
60.0
18.0
20.0
15.0
15.0
100.0
July
July
July
July
Aug.
Aug.
Aug. -
12
22
22
30
12
13
Sept.
G.O.
G.O.
G.O.
Rev.-Q.-Ut.
Rev.-Ut.
Rev.-Ut.
Rev.-Q.-Ut.
Rev.-0.-Ut.
11.9
14.0
10.0
10.0
. 32.5
45.0
36.0
12.7
July
July
July
July
July
July
July
July
14
14
14
14
15
15
15
20
F o r t h Coming Large O f f e r i n g s as of J u l y 10 ( C o n t ' d )
Type
Amount
(millions
of
dollars)
4
Approximate d a t e
of o f f e r i n g
/
S t a t e and Local Government ( C o n t ' d )
S t a t e of C a l i f o r n i a
New York S t a t e Housing F i n . Agency
New York C i t y , N. Y.
F l o r i d a S t a t e Bd. of Ed.
San F r a n c i s c o , C a l i f .
Va. S t a t e Highway Auth.
Mass. T u r n p i k e Auth.
P i t t s b u r g h , Pa.
Dade County, F l a .
F o r t h Worth, Tex.
G.O.
Rev.-Rent.
G.O.
Rev.-Rent.
G.O.
Rev.-Q.-Ut.
Rev.-Q.-Ut.
G.O.
G.O.
G.O.
100.0
70.0
123.2
25.0
15.8
31.0
35.0
35.0
46.0
14.1
July
21
July
22
July
22
July
28
Aug. - 10
Summer
Summer
Indefinite
Indefinite
Indefinite
Other
None.
* - - I n c l u d e d i n T a b l e f o r f i r s t time.
1/ I n c l u d e s c o r p o r a t e and o t h e r i s s u e s of $15 m i l l i o n and o v e r ; 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 o v e r .
2/ I n c l u d e s 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 R e c o n s t r u c t i o n and Development
i s s u e s and n o n - g u a r a n t e e d i s s u e s f o r F e d e r a l a g e n c i e s .
N o t e : - - D e l e t i o n s f o r r e a s o n s o t h e r t h a n s a l e of i s s u e : None.
-4
|
'*•§
J''
H. 14
F o r e i g n Government and C o r p o r a t e S e c u r i t y O f f e r i n g s
and Placements i n t h e United S t a t e s
Part I:
Sale
Date
Amount
( m i l l i o n s of
dollars)
Public Offerings
I s s u e r and D e s c r i p t i o n of I s s u e
Sold May 1 through J u l y 10
5/7
R e p u b l i c of Finland--6% b o n d s , m a t u r i n g
1976, o f f e r e d t o y i e l d 6.24%
B.
None
Prospective Offerings
H. 14
H
M-2
Part I I :
Date
reported
Amount
( m i l l i o n s of
dollars)
I s s u e r and D e s c r i p t i o n of I s s u e
5/8
4.0
5/8
10.0
P a c i f i c Great Eastern Railroad Co.--4-1/2%
s i n k i n g fund d e b e n t u r e s , m a t u r i n g 1994-no i n f o r m a t i o n a v a i l a b l e on takedown.
•
5/18
21.0
Upper Lakes S h i p p i n g L t d . --6% i n s t a l l m e n t
n o t e s , m a t u r i n g 1966-79--no i n f o r m a t i o n
a v a i l a b l e on takedown.
*'
_6/2
6/23
* 7/8
Ncte:
P r i v a t e P l a c e m e n t - - R e p o r t e d May 1 through J u l y 10
. 50.0
I s r a e l D i s c o u n t Bank L t d . - - 5 - 1 / 2 % c a p i t a l
n o t e s , m a t u r i n g 1979--no i n f o r m a t i o n
a v a i l a b l e on takedown.
Q u e b e c - H y d r o - E l e c t r i c Power A u t h o r i t y - 4-1/2% d e b e n t u r e , m a t u r i n g 1984--no
i n f o r m a t i o n a v a i l a b l e on takedown.
25.0
C i t y of M o n t r e a l - - 4 - 7 / 8 % d e b e n t u r e s ,
m a t u r i n g 1966--no i n f o r m a t i o n a v a i l a b l e
on takedown.
45.0
I n t e r n a t i o n a l M i n e r a l s and Chemicals Corp.
(Canada) L t d . - - n o t e s , m a t u r i n g 1982--no
i n f o r m a t i o n a v a i l a b l e on takedown
For r e t r o s p e c t i v e d a t a on a g g r e g a t e f o r e i g n c o r p o r a t e and government s e c u r i t y
o f f e r i n g s i n t h e United S t a t e s s e e E x h i b i t s I and J . There i s no s i m p l e r e l a t i o n s h i p
between t h e d a t a shown i n t h i s E x h i b i t and t h a t shown i n E x h i b i t s I and J b e c a u s e t h e
l a t t e r i n c l u d e s p r i v a t e l y p l a c e d s e c u r i t i e s i n t h e p e r i o d i n which f u n d s a r e a c t u a l l y
takendown b u t only i n t h e amount of takedown, w h i l e t h e p l a c e m e n t s shown i n t h i s
e x h i b i t a r e i n c l u d e d when r e p o r t e d , f r e q u e n t l y w i t h l i t t l e or no i n f o r m a t i o n c o n c e r n ing t i m i n g of takedowns; F u l l or p a r t i a l takedowns may t a k e p l a c e b o t h p r i o r and
s u b s e q u e n t t o t h e d a t a a placement i s r e p o r t e d . ^ - - I n c l u d e s i n t a b l e f o r f i r s t t i m e .
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@FedFRASER