Full text of H.16 Capital Market Developments : July 15, 1968

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Not for Publication
H. 14

July 15, 1968.
DECONTROLLED AFTER SIX MONTHS

CAPITAL MARKETs/DEVELOPMENTS
IN THE UNITED STATES

JUL
Corporate and municipal bond markets. The volume of new
ahd municipal bonds expected this week will approximate
last week's advanced new issue pace. In the corporate market, the
largest issue will be J. C. Penney's $125 million convertible debenture
offering. Dominating the heavy municipal calendar are the offerings of
New York City ($106.9 million) and Pennsylvania State Highway and Bridge
Authority ($100 million). Included in the estimated corporate volume
this week is the convertible debenture offering to stockholders of
American Broadcasting Company.
1/
Long-term Public Security Offerings'
(In millions of dollars)
Corporate
.
New Capital 1 Refunding

State and local Government
New Capital I Refunding

Sold:
52 week avg.

322

July

5

145

July 12

375

1
—

253
25

1
—

415

Scheduled:
July 19
1/

365

—

417

Federal Reserve estimates are based upon published reports of
issues sold and scheduled for offering; corporate rights
offerings are included as of date subscription rights expire.

Yields on new issues of corporate bonds declined significantly
last week. The largest offering was the Standard Oil of New Jersey
issue—Aaa-rated and carrying 10-year call protection—which underwriters
priced to yield 6.50 per cent. Following the immediate sell-out of this
issue, investor interest in older issues picked up substantially and by
week-end nearly all bonds in syndicate were sold.
Municipal bond yields also declined last week, although the
lagging Moody's seasoned index showed no change. Investor interest in
last week's new issues improved as the week progressed, and about threefourth's of the new offerings were taken out of the market by the end
of trading on Friday.




H. 14

-2-

Yields on Security Markets
Change from
preceding week

High-Grade
Notes and Bonds
Corporate
6.56
6.27

New
Seasoned
U.S. Government
Long-term
3-5 year

5.10
5.51

-2

State and local Gov't.
Moody's Aaa
Std. & Poor's high grade

4.18
4.44

Money Market
Federal funds
Treasury bills
3-month .
6-month

6.03

+25

5.37
5.43

+2

Corporate Bonds Still in Syndicate
Date
Offered

Amount
(millions of $)

Issuer

Reoffering
Yield

. Estimated pro-Rating
portion sold •

NONE
Blue List of Municipal Dealers ' Advertised Inventories
Latest Week
570(7/10/68)




End of Previous Week
631

1968 High
669(6/28/68)

H. 14

Stock market. Common stock prices rose significantly
last week in very heavy trading. Standard and Poor's composite index
of 500 stocks closed the week at 102.23, a gain of 2.21 points from
the week earlier. Trading volume averaged 17.1 million shares a day,
up from 13.0 million shares a week ago. On Thursday, trading volume
registered 20.3 million shares, the third highest daily volume in
history.
More detailed information concerning recent capital market
developments is presented in the attached exhibits.
Capital Markets Section,
Division of Research and Statistics,
Board of Governors of the Federal Reserve System.




EXHIBIT

A, Part 1

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

CORPORATE Aaa

U.S. GOVERNMENT
long-term

r
STATE AND LOCAL GOVERNMENT Aaa
.

1963




1964

Moody'»

1965

1966

1967

1968

\

Exhibit A — Fart

Corporate

Aaa 1/

Date

1959-60 - High
1966 - High
1967 - High
- Low
1968

4.61(1/29/60)
5.52(9/9)
4.73(1/7)
6.24(12/29)

5.00(2/10)

~~
"| State and
U.S. Govt. |
local
long-term 2/i government
'
Aaa 3/
4.42(1/8/60) 3.65(9/24/59)
4.04(8/25)
4087(9/2)
3.39(1/13)
4.42(1/7)
4.15(12/28)
5.49(11/17)
3.25(2/9)
4.37(2/3)
5.27
5.18
5.15
5.12
5.10

6.28
14
6.29
21
6.27
28
6.27
5
July'
12%/ 6.27

p/

1/ Weekly average of daily figures.
Y/ Weekly average of daily figures.
3/

figures.

NOt !!

" |ff«:ndt




\TAeT

4.25
4.15
4.18
4.18
4.18

Spread between
U.S. Govt, and

.92(4/22/60)
.59(8/5/60)
1.19(2/11)
.84(12/30)
.77(9/2)
.14(2/18)
1.51
.92
. 74
.44

1.01

1.11
1.12

1.15
1.17

1.02
1.03
.97
.94
.92

Average tern of bonds included is 22-24 years.
The series includes bonds due or callable

Only general obligation bonds are included; average term is 20

For

t f wi^st!

EXHIBIT B, Part I

L O N G - T E R M BOND YIELDS, LOWER GRADE
W eek ly

:

-

• ;

A

CORPORATE Baa

7

"

-

iL

STATE AND LOCAL GOVERNMENT Baa
1
J
v

-

v

.

«

\

1M I N I

1111




i

v-.r<

V- " ^

1963

v

II II I 1 1 II 1 1

II 1 II 1 II 1 1 1

1964

1965

II 11 1 111 1 1 1 1 11 11 11 1 11 1
1966

1967

1 1 1 1 1 1 1 II II
1968

,

Exhibit B -- Part II

State and
local govt.
Baa 3/

Corporate
Baa 1/

Date

(per cent)

Spread between
Aaa and Baa
State and
Corporate
local zovt.

1959-60 - High
Year end- 1965
1966 - High
Low
1967 - High
Low

5.36(2/12/60)
5.04
6.18(12/30)
5.05(1/14)
6.97(1/29)
5.81(4/14)

4.46(1/7/60)
3.79
4.55(8/25)
3.78(1/20)
4.73(12/28)
3.85(4/13)

.84
.31
.81
.31
.82
.63

1.08
.39
.62
.31
.81
.37

1968 - June

7.08
7.07
7.04
7.04
7.03

5.16
4.96
4.96
4.96
4.96

.80
.78
.77
.77
.76

.91
.81
.78
.78
.78

14
21
28
5
12j>/

July
WaI*o •




f

f*•
/» n

t?vU 4 U 4 *• A

-7-

EXHIBIT

C, Part 1

S H O R T - A N D I N T E R M E D I A T E . T E R M INTEREST RATES
GOVERNMENT

6 MONTH BILLS
Market Yields

r n / N
r
*
F N. DISCOUNT R A T I

3 - 5 YEAR ISSUES

3 - M O N T H BILLS
Market Yields

III''1!,1'11
1963




1964

1965

1966

1967

Exhibit C -- Part II

Discount
rate
1/
1959-60 - High
Year end - 1965
1966
1966 - High
Low
1967 - High
Low
1968 - June
July

14
21
28
5
12 £ /

4.00
4.50
4.50
4.50
4.50
4.50
4.00
5.50
5.50
5.50
5.50
5.50

3-month
bills U
4.59(1/8/60)
4.47
4.80
5.52(9/23)
4.39(6/24)
4.99(12/29)
3.41(6/9)
5.68
5.45
5.30
5.35
5.37

Yields
6-month
bills &/
(per cent)
5.07(1/8/60)
4.66
4.92
5.92(9/23)
4.53(6/24)
5.50(12/15)
3.74(6/2)
5.75
5.58
5.51
5.43
5.43

3-5 year
issues U

Spread between yields on
3-mo. bills and yields on
6-mo. bills 13-5 yr. issues

5.00(12/24/59)
4.90
4.86
5.83(9/2)
4.80(4/8)
5.80(11/10)
4.36(4/7)
5.75
5.61
5.67
5.59
5.51

.79
•19
.12
.52
,09
,62
.01

1.81
.43
.06
.78
.01
1.61
.02

.07
.13
.21
.08
.06

.07
.16
.37
.24
.14

1/ Weekly rate shlwn is that In effect at end ot period at the Federal Reserve Bank ot
2/ Market*yield; weekly averages computed from daily closing bid prices.

j>/

Preliminary.




-9-

Series of 3-5

EXHIBIT

D. Port

1

S H O R T - A N D I N T E R M E D I A T E - T E R M INTEREST RATES,
B A N K S A N D OTHER P R I V A T E BORROWERS
Weekly

PRIME RATE

FINANCE COMPANY PAPER
DiraClly plated

F.R. DISCOUNT R A T I

FEDERAL FUNDS

l l ll M M
1963




1964

1965

1966

II I M I M
1967

• I I 1 I I I I I I
1 I II t 1
llll

Exhibit D —

Prime rate 1/

Date

Part II

Finance
company
-paper 2/

Spread between
3-mo. bills and
Federal funds 3/ finance co. paper

(per cent)
1959-60 - High
Year end- 1964
1965
1966
1966 - Low
1967 - High
Low
1968 - June
July

14
21
28
5
12£/

5.00 ,
4.50
5,00
6.00
5.00(3/4)
6.00(12/29)
5.50(12/1)
6.50
6.50
6.50
6.50
6.50

5.13(1/22/60)
4.06
4.75
5.88 .
4.75(1/7)
5.75(1/6) 4.38(6/23)

4.00(5/13/60)—r ! 1.02
.23
4.00
.28
4.63
1.08
5.63
.20
3.55(1/21)
1.33
5.25(1/6)
.21
3.40(10/27)
6.23
6.28
5.90
5.78
6.03

6.00
6.00
6.00
6.00
6.00

.32
.55
.70
.65
.63

a 4e
1/ weeKiy race snown is luql j.u
au
v*. f*-*•
—
~ charged by large banks on short-term loans to business borrowers of the highest
credit standing.
j
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.
Note.-Highs 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.
£/ Preliminary.




-11-

EXHIBIT

E, Port 1

STOCK MARKET
1M

PRICES

STOCK MARKET CREDIT

Williem

•< i k e r e e

VOLUME

YIELDS

1 1 1 11 1i 1
i i 1r i i i H
1I 111 111 1III
1
1964
1963




i i

, i i i i i i i i i i
1965

1

i i i i i i i i i i ii i i i i i i i i l i
1966

1967

i i i II i i i l l l
111!

Exhibit E —

Stock price
index If
1961-62 - High
Low
1966 - High
Low
1967 - High
Low

72.04(12/8/61)
52.68(6/22/62)
93.77(2/11)
73.20(10/7)
97.26(10/6)

82.18(1/6)

97.87
100.53

May
June
June
July

28 98.58
5 100.91
1^1102.34

Part II

Stock market customer credit
Trading
Common
Bank
Customers'
volume 3>/
stock
debit bal- loans to
Total
yields 2/ (millions
"others"5/
ances 4/
of shares)
(per cent)
(In millions of dollars)
5,602(12/61)
4,424(1/61)
7,997
7,302
10,347(12/67)
7,345(1/6)

4,259(12/61) 1,418(5/9/62)
3,253(1/61) 1,161(3/8/61)
5,835
2,241(7/6)
5,169
2,097(12/14)
7,883(12/67) 2,057(11/1)
5,290(1/67) 2,055(1/25)

2.82
3.96
3.01
3.97
3.01
3.58

10.1
2.4
10.7
5.0
12.3
6.9

3.08
3.00

13.4
15.1

10,588
n«a.

8,231
n. a.

2,357
2,417

3.03
n. a.
2.94

13.2
13.0
17.1

n. a.
n. a.
n. a.

n. a.
n. a.

r/2,410
r/2,407

n.a. Not Available. £/ Preliminary.
~~
~ ~ ^ . i n / 1
/ Q in
1/ Standard and Poor's composite index of 500 common stocks, weekly closing prices, 1941-43=10.
- Monthly data are averages of daily figures rather than of Friday's only. Highs and lows are
.

for Friday's data only.

2/ Standard and Poor's composite stock yield based on Wednesday data converted to weekly closing
- prices by Federal Reserve.- Yields shown are for dates on which price index reached its high
3/ Averages of daily trading volume on the New York Stock Exchange. Year-end figures are averages
of daily figures for the year.
.
4/ E n d of month figures for member firms of the New York Stock Exchange which carry margin accounts
~ excludes balances secured by U. S. Government obligations.
5/ Wednesday figures for weekly reporting member banks. Excludes loans for purchasing or carrying
. ~ U.S. Government securities. Weekly reporting banks account for about 70 per cent of loans to
others. For further detail see Bulletin.




-13-

v-l

FEDERAL N A T I O N A L MORTGAGE, A S S O C I A T I O N ^
SECONDARY MARKET OPERATIONS

400

OFFERINGS

300 ;

200
- \ \

j PURCHASES V - I \

SALES
1962




1964

1966

1968

Exhibit F - Part IT.
Date

Estimated offerings to FNMA
Standby
Immediate
Total
purchase
commitment

Purchases
by
FNMA

Sales
by
FNMA

(In millions of dollars)
1967 - May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
1968 - Jan.
Feb.
Mar.
Apr.
May

78.7
229.1
232.8
261.0
168.2
260.6
324.7
209.4
212.6
164.4
212.9
214.3
104.8

78.5
228.8
232.6
260.6
167.9
260.1
324.1
206.6
212.0
164.0
212.2
210.1
103.6

.2
.3
.2
.4
.3
.5
.6
2.8
.5
.4
.7
4.2
1.2

17.8
26.9
81.2
198.3
192.4
215.1
186.9
200.1
274.9
245.2
188.9
185.7
176.7

1.5
6.0
.9
.8
.2
.3
.1
——
——

-—

*—Less than $50,000.
1/ Data represent unpaid principal balances of the mortgages involved, exclusive
of premiums, discounts, or other charges. Offerings are amounts of applications
received during the period from sellers proposing that FNMA execute purchasing
contracts. An immediate purchase contract covers existing mortgages which the
seller must deliver to FNMA within 45 days. A standby commitment contract relates to proposed mortgages on housing not yet under construction which the
seller must usually deliver within one year. Purchases include those under
both immediate purchases and standby commitment contracts. Data exclude FNMA
activity under Special Assistance and Management and Liquidating Programs.




•15-

FNMA Weekly "Auction" Results
Amounts (In millions of dollars)
Accepted
Offered
61
90total
Total
Day
Month
Year

Week
ended

90-

6-

Day

Month

1
Year

May

6
13
20
27

173.4
168.8
176.8
206.8

40.3
49.9
49.5
51.6

19.7
15.6
10.5
6.1

18.3
27.4
28.3
35.5

. 2.4
6.9
10.7 .
10.0

7.10
7.38
7.48
7.53

7.15
7.39
7.48
7.53

7.05
7.32
7.38
7.47

June

3
10
17
24

231.8
179.7
145.3
135.4

60.7
74.6
80.2
80.4

7.7
14.4
15.1
15.9

40.0
44.8
49.8
50.4

13.1
15.4
15.3
14.1

7.62
7.68
7.70
7.63

7.66
7.72
7.70
7.61

7.58
7.63
7.65
7.57

July

1
8

148.0

89.0 16.3
(90.0)

60.5

12.2

7.51

7.49

7.47

Notes Total accepted shown in parenthesis for most recent week indicates FNMA
announced limit before the "auction" date.• Yields are gross to FNMA and are
based on successful bid prices after allowance for commitment fees and initial
stock purchase requirements and assuming a prepayment period of 15 years for
30-year mortgages. One-year commitments are for new homes only.




EXHIBIT

G, Pari 1

YIELDS O N NEW A N D SEASONED CO RP O RA T E B O N D S
Weekly

Adjusted to

Aaa

Bo

NEW ISSUES

II

1.1

IJ
SEASONED A l a

4.1

4.1
1964




1966

1967

1*11

Exhibit G - II
Yields on New Corporate Bond Issues Adjusted to an Aaa basis

Monthly averages:
1968 - Jan.
Feb.
Mar.
Apr.
May
June

Number
of
issues
13
13
10
7
11
13

Am't. of issues Average
included (mill.
yield
of dollars)
(per cent)
567.0
564.5
350.0
415.0
531.0
872.0

6.24
6.29
6.56
6.52

6.66
6.66

Number
of
issues
June

July

7
14
21
28
5
12£

Am't. of issues Average
included (mill.
yield
of dollars)
(per cent)

600.0

6.66

100.0
122.0

6.67
6.78

300.0

6.56

50.0

6.61

Weekly averages:
High
6.83(5/24/68)
Low
Note: Averages of offering yields^on^all^new issues of publicly offered corporate bonds rated Aaa,
Aa, and A by Moody's Investors Service (except serial and convertible issues, offerings of natural
gas pipeline and foreign companies, and bonds guaranteed by the Federal Government) weighted by
size of offering. Before averaging, new offerings are adjusted to a composite Aaa basis by
deducting from the,actual reoffering yield the excess of the weekly average yield for seasoned
bonds of the appropriate industry-quality group over the composite average for seasoned Aaarated bonds (Moody's). Averages considered unrepresentative because of special characteristics
of the offerings included are denoted by an asterisk.
B./ Preliminary.
r/ Revised.




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

January
February
March
April
May
June
July
August
September

1,706
1,568
1,740

1,648
1,399
2,317

1,302
1,237
2,446

r/1,134
r/1,134
r/1,357

1,482
1,196
1,438

1,188
858
865

1,413
e/1,900
e/2,375

1,973
1,474
2,611

1,553
1,058
2,364

1,273
e A , 104
e/1,325

1,111
1,229
1,497

1,193
901
I,141

e/2,050

2,454
2,407
1,723

1,039
1,670
1,382

e/1,300

943
858
1,330

701
773
1,020

2,289
I,467
2,336

829
1,085
1,635

974
I,400
1,182

755
969
940

5,364
6,058
6,584
6,092

4,985
4,975
4,091
3,550

r/3,625
e/3,702

4,119
3,837
3,131
3,556

2,911
3,235
2,494
2,664

II,421
18,007
24,098

9,959
14,050
17,601

e/7,327

7,956
II,087
14,643

6,146
8,640
II,304

October
November
December
1st
2nd
3rd
4th

Quarter
Quarter
Quarter
Quarter

1st half
Three quarters
Year

1st
2nd
3rd
4th

17

Quarter
Quarter
Quarter
Quarter

and local i/

e/10,702

Excluding finance companies 3/
4,943

5,207
5,913
6,338
5,657

4,924
4,884
3,969
3,188

23,115

17,269

Estimated by Federal Reserve.




-19-

Exhibit I
New Corporate Security Issues, Type of Issue
and Issuer
(In millions of dollars) .
Quarter
Total
|

Month

41967 - I
1
II
1
III
1
IV

5,464
6,208
6,833
6,294

Gross proceeds for new capital
and refunding 1/
Bonus
Common Memo:
Publicly Privately and
Foreign
Offered Placed
pfd. issues
stock included
3,263
1,811
390
60
4,017
1,465
726
65
4,604
1,551
678
234
3,107
2,137
1,051
93

Net proceeds
for new <:apital 1/
Mfg.

2/

Other
Public CommuniUtility cations Issuers

2,442
997
3,014 1,268
2,792 1,219
2,527 1,255

543
548
595
269

1,382
1,228
1,976
2,040

;.968 - I

5,178

2,465

1,724

989

313

1,854 1,394

411

1,356

.967 - May
<
June
1
July
Au
j
8«
.1
Sept.
{
Oct.
\
Nov.
Dec.

1,519
2,673
2,589
2,481
1,763
2,409
1,500
2,385

965
1,684
1,889
1,813
902
1,375
645
1,087

396
• 659
486
412
647
566
551
1,020

158
330
214
250
214
469
304
278

32
17
213
13
8
34
19
30

588
1,298
925
1,229
637
906
512
1,109

403
471
446
509
265
573
404
278

91
350
39
356
200
119
82
68

393
492
1,044
313
619
690
469
881

1,771
.1,607
1,800
1,453
2,000
2,500

903
796
766
719
1,040
1,350

546
585
593
465
650
700

322
226
441
269
310
450

16
61
236
30
n. a.
n.a.

537
556
761
364
675
1,000

417
546
431
178
475
375

186
147
78
189
75
225

566
321
469
681
725
775

.968 - Jan.
;
Feb.
J
Mar.
|
Apr.
t
May e/
j
June e/

I

j>/ Preliminary, ej Estimated by Federal Reserve.
1/ Gross proceeds exceed net proceeds by the cost of flotation.
2/ For total see Exhibit H; other issuers are extractive, railroad and other
*~
transportation, real estate and finance, and commercial and other.
SOURCE: Securities and Exchange Commission.




-20-

Exhibit J
Other Security Offerings
(In millions of dollars)
Gross Long-term 1/
Federal Agency 3/
Foreign Government 2y
lOfift £ /
1967
1967
1 S5F"
1968 2/
103
49
30
75

January
February
March
April
May
June
July
August
September
October
November
December
Jan. - Apr

257

Year

223
27
13
170
22
586
193
66
142
18
419

12
40
40
66
69
76
72
7
50
23
74
68
92

1,656

597

196

999
550
1,370
225

3,144

1966

1,251
783
750
650
810
650
407
250
599
708
710
612
2,784

503
410
392
699
1,030
1,084
799
400
450
800
239
913

8,180

6,806

New short-term 4/
Federal Agency
State and local Government 5/
-179
490
103
179
30%/
-552
39
436
387
89£/
-454
-593
* -319
-594.
-604j>/
-559
580
827
681
109
121
462
515
490
93
-334
-187
-158
-103
20
-262
270
593
1,407
-161
32
606
-48
414
573
503
49
36
-570
-514
-1,185
1,135
-177
-28
275

January
February
March
•
April
May
*
June
July
August
September ""
October
November
. December

3/
308
-24
450
718
85
284
-590
-270
-652
-555
-283
219
734

HBBK
Jan. - May

p/

1,721

Year
p7

Preliminary,

e/

422

Estimated by Federal Reserve,

Reserve.




"21"

310

660

n.a.--Not available.

±/

These data

Exhibit K
Large Long-term Public Security Issues for New Capital
(Other than U. S. Treasury) 1/
Proceeds of Large Issues Offered
(In millions of dollars)

Total

|l967 - June
July
Aug.
j
Sept.
Oct.
Nov.
Dec.
1 1968 - Jan.
Feb.
Mar.
Apr.
i
j
May
June

|

Corooriite
Bonds
(other than
Convertible
convertibles)
bonds

1,666
1,340
1,705
794
1,458
826
978
904
757
788
696
1,009
1,461

1,072
890
1,288
473
897
461
460
652
575
415
500
656
1,161

Stocks

409
317
350
257
285
150
437
168
105
135
723
283
120

State
and
local
governments

185
133
67
65
276
215
81
85
77
238
73
70
180

Other

2/

825
85
221
400
50
845
627
1,095
389
1,030
370
145
500

875
483
473
847
505
865
633
785
591
736
794
571
758

Large Individual Issues Offered July 1 through July 12, 1968.

Issuer

I

Type 2/

Amount
(millions
of
dollars)

Maturity

Coupon
rate or
net interest cost

Offering
vield

Rating

Corporate

..evin-Townsend Computer
Corporation
iWhittakar Corporation
iNytronics
.Baltimore Gas & Electric
; Commonwealth Edison Co.
! Standard Oil of New Jersey
. Houston Lighting & Bower
Company
General American Transportation Corporation
General Mills Inc.

20.0
S.F. debs.-/
60.0
kConv. debs.
Conv. subT debs,, 25:0
Conv. pfd. stk~. ~ 30.0
1st mtg. bds.
50.0
250.0
Debs.
Cum. pfd. stk.

7-1/2
4-1/2
6-1/2

7.50
4.50
6.50

Ba

1998
1998

6-3/4
6-1/2

6.70
6.50

Aaa
Aaa

1989

6.95

6.95

A

--

•» —

'

25.0

Equip, tr, cert. 50.0
43.3
Com. stk.




1979
1988
1983

-22-

.

K-2
Large Individual Issues Offered July 1 through July 12, 1968. (Cont'd)

Type 3/

Amount
(millions
of
dollars)

Maturity

Coupon
Offer- Rating
rate or
net inter- ing
yield
est cost

State and local Government
State of New York
Dade County Port Auth., Fla.
Los Angeles, Calif. Unified
School District
Passaic Co., New Jersey
*State.of California

78.0
50.5

1969-1998
2007

4. 27
5.54

3.50-4.50
5.50

G.O.
G.O.
G.O.

30.0

1969-1993
1969-2008
1978-2018

4..42

13.7

3.65-4.50 Aa
3.60-4.90 Aa
4.05-4.85 Aa

75.0

1998

7-1/8

100.0

Other
Debs.

Province of Ontario ,

:/

%:l:Lf::p:lte

and other security Offerings of

;

$ 15

4..77

7.19

A l l i e n and over; State and local

B a n U J o r Reconstruction and Development

y

W
warrants at $75. ,




Aa
Baa

G.O.
Rev.-Q.-Ut.

-

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
Corporate
Other 2!
local govt.
596
; 1967 - May 31
100
1,449
1,636
June 30
401
40
-1,261
512
i
July 31
Aug. 31
694
783
100
Sept. 30
768
65
534
1,357 •
505
50
{
Oct. 31
826
865
i
Nov. 30
845
968
633
402
f
Dec. 31
1968 - Jan. 31
60
531
449
Feb. 29
683
873
130
Mar. 31
758
494
15
Apr. 30
695
1,103
45
May 31
1,193
485
500
1,068
597
75
June 30

Forthcoming
Issuer

Corporate
2,065
1,922
1,576
1,335
1,090
2,694
2,129
1,892
736
1,105
935
1,612
1,403
1,380

Subsequent to
date shown
State and
local govt.
616
402
575
903
889
743
1,684
1,076
937
1,079
624
1,069
640
1,042

Other 2/
115
70
150
159
126
260
875
502
75
265
125
60
515
110

Large Offerings as of July 12.
Type

Amount
(millions
of
dollars)

Conv. debs
Conv. sub. debs.
Conv. sub. debs.
1st mtg. bds.
Conv. debs
Conv. debs
1st mtg. bds.

47.5
. 50.0
20.0
20.0
125.0
35.0
25.0

Approximate date of
offering

Cornora te
American Broadcasting Company
American Export Industries, Inc.
Allegheny Beverage Corporation
New England Power Company
J.C. Penney
Metro-Goldwyn-Mayer Inc.
Public Service of Colorado
Pacific Lighting Service & Supply
Company •
Pacific Telephone & Telegraph Co.
Beneficial Finance
Packaging Corporation of America
General Telephone of Ohio
Chemical Bank New York Trust Co.
McDonald's Corporation
Lone Star Cement
Computer Applications
National Fuel Gas Company
General Public Utilities Corp.
Wyle Laboratories




S.F. debs.
Debs.
,
Debs.
Debs.
Debs.
Conv. cap. notes
Conv. debs.
Conv. debs.
Conv. debs.
S.F. (iebs.
stk.
Com. i
Conv. sub. debs.
-24-

1

30.0
165.0
25.0
25.0
15.0
52.0
20.0
30.0
15.0
15.0
25.5
15.0

July
July
July
July
July
July
July

15 (rts.exp.)
15
15
15
16
16
16

July 18
July 23
July 23
July 23
July 24
July 29 (rts. exp.)
July 30
July
August 1
August 6
August 9 (rts. exp.)
Indefinite

L-2
Forthcoming Large Offerings as of July 12. (Cont'd)

Issuer

Type

Amount
(millions
of
dollars)

Approximate date of
offering

Corporate (Cont'd)
Okonite Company
LTV Aerospace Corporation
Piedmont Aviation
Commonwealth United Corporation
Apco Oil Company

Debs,
Debs,
Conv.
Conv.
Conv.

w/wts.
w/wts. .
debs.
debs.
debs.

25.0
50.0
15.0
15.0
15.0

Indefinite
Indefinite
Indefinite
Indefinite
Indefinite

State & local Government
State of Texas
G.O.
New York City
G. 0.
Pennsylvania State Highway & Bridge
Authority
Rev.-Q.-Ut.
State of Maryland
G.O.
Nashville and Davidson County, Tenn G.O.
Atlanta, Georgia
Rev. -Ut.
Los Angeles Dept. of Airports
Rev. -Rent.
*New York State Housing Finance
Rev.-Rent.
Cook Co., Thornton Twp. H.S.D. #205
Illinois .
G.O.
-State of Oklahoma
G.O.
East Baton Rouge Parish, La.
Rev.-Rent.
State of Oklahoma
G.O.
^Hillsborough Aviation Auth.,
Tampa. Florida
Rev.-Rent.
State of Minnesota
G.O.
Consumers Public Pwr. Dist., Neb.
Rev.-Rent.
^Kentucky Turnpike Authority
Rev.-Q.-Ut.
Ardmore Development Authority
Rev.-Rent.
Iberville Parish, Louisiana
Rev.-Rent.

16.0
106.9

July
July

15
16

100.0
44.5
12.0
12.0
35.0
74.0

July
July
July
July
July
July

16
16
16
23
23
24

10.0
16.5
30.4
16.0

July
July
July
July

24
29
31

41.0
20.3
250.0
120.0
75.0
20.0

August 1
August 6
August
Indefinite
Indefinite
Indefinite

25.0
15.0
20.0

July 25
Indefinite
Indefinite

Other
*Province of Nova Scotia
Canadian Utilities, Ltd.
Husky Oil Canada, Ltd.

Debs.
S.F. debs, w/wts.
Com. stk.

*--Included in table for first time.
If
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.




-25-

Exhibit M

Foreign Government and Corporate Security Offerings
and Placements in the United States
Part Is

Sale Date
v

Amount
(millions
of
dollars)

Issuer and Description of Issue
A.

i
V

i

j
1
!
I

Sold: May 1 through July 12, 1968.

May

15

20.0

Montreal Catholic School Commission—7-1/2% S.F. debs,
maturing 1993, reoffered to yield 7.88%.

May

21

25.0

Newfoundland and Labrador Power Commission—7-3/4%
S.F. debentures, maturing 1993, reoffered to yield
8%.

May

28

100.0

July

10

75.0

1

i

Public Offerings

Canada, Government of, 6-7/8% bonds maturing 1988,
reoffered to yield 6.90%.
Province of Ontario, 7-1/8% debentures maturing 1998,
reoffered to yield 7.19%.

t

B.
Indefinite
Indefinite
*july 25

15.0
20.0
25.0

'

Prospective Offerings
Canadian Utilities, Ltd., -- S.F. debs, with warrants.
Husky Oil Canada, Ltd. -- Common Stock.
Province of Nova Scotia -- Debs.

* - Included in table for first time.
** - Issues sold to investors outside of U.S.
*** - Issue subject to interest equalization tax.




-26-

M-2
. PART, II:

Date Reported
^

Private Placements -- Reported May 1 through July 12, 1968.

Amount
(millions
of
dollars)

6/68 "

Issuer and Description of Issue

29.4

Seaboard Finance Co. of Canada, Ltd., Sr. notes
maturing 1983, take down at various dates
through 1969.

7/1/68

25.0

Argentina, Government of —
June, 1973.

7/1/68

1.4

British Columbia Forest Products, Ltd. —
secured notes.

20 year

7/1/68

.5

British Columbia Forest Products, Ltd. —
secured notes.

10 year

external bonds maturing

NOTE: For retrospective data on aggregate foreign corporate and government security
offerings in the United States see Exhibits I and U. 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 take!*
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 takedown may take place both prior and subsequent to the date
a placement is reported.




-27-