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.
July 19, 1965
Not for Publication
ft.-14

-

DECONTBOLLED AFTER

SIX

MONTHS

i
CAPITAL MARKETS DEVELOPMENTS
IN THE UNITED STATES

Corporate and municipal bond mark a ^. The volume of public s.curity
financing in both the corporate and municipal markets will be approximately the
same this week as last with most of the financing concentrated in two large
offerings. A $75 million offering of Pacific Gas and Electric Company bonds
will account for close to two-thirds of the corporate total, and a $175 million
package of New York City bonds comprises over two-thirds of the municipal
total. The giant size of the New York City issue notwithstanding, (a $190 million
State of California issue sold in April 1961 is the only larger issue ever
offered for competitive bidding), the investment community will be watching the
pricing and reception of this issue very closely since Moody's Investors Servic.
lowered the rating of New York City bonds from A to Baa on July 19.
Long-term Public Security Offerings 1/

Corporate
New Capital
|
Refunding

State and local Government
Refunding
New Capital
1

Sold:
52 week avg

July
9
July 16

99

14

2

214r/
288

8Sr/
13 Or/

2 Or/

264

--

Scheduled:
July 23

120

--

!
1

1J

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

Last week's new supply of corporate bonds was very well received at
prices which yielded a shade more than comparable issues in late June.
New
issue yields as computed from last week's offerings would show a substantially
greater increase, but this would be due to the pricing of one issue which
reflected special circumstances, especially differences of opinion concerning
quality rating. Meanwhile in the municipal market, underwriters took account
of the recent pick-up in demand for new issues and again turned aggressive in
their bidding for new issues. About seven-tenths of the total volume of new
issues offered last week had been sold by the end of the week.
This improved tone
in the new issue market spilled over into demand for seasoned issues and yields
on these issues eased slightly.




V

H. 14

-2-

Yields in Securities Markets

Level latest week
(per cent)

Change from
preceding week
(Hasis points)

High-Grade
Notes and Bonds
Corporate
New
Seasoned

4.48

+1

U.S. Govt.
Long-term
3-5 year

4.15
4.10

+1

State and local Govt.
Moody ' s Aaa
Standard & Poor's high grade

3.16
3.26

-1
-5

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

4.08

-4

3.86
3.92

+3

+1

Corporate Bonds Still in Syndicate

Date
Offered
7/14
7/15

Amount
(millions of $)
Issuer
60.0
New England
4-5/8 11.0
Mississippi
4-3/4 -

Reoffering
Yield
Tel & Tel. Co.
4.50
2005
Pwr. Co.
1995
4.66

Rating
Aaa

A

Estimated Prc^
portion sold a
9/10
?
|
l
i
1/3
|
f

Blue List of Municipal Dealers' Advertised Inventories
(In millions of dollars)
Latest Date
$741 (7/15)

End of Previous W e e k
$756

?

!

Recent High
$9Q1

(6/4)

Mortgage yields and conventional interest rates. Yields on FHA-insured,
5 - 1 / 4 per cent, 30-year mortgages edged off one basis point in June to an average
of 5.44 per cent. Over the period since April 1963, the average for this series
has fluctuated within a range of only 2 basis points.
Contract interest rates
tor conventional first mortgages on homes held at the averages which have
prevailed with minor exception for more than two years.
For new home loans, the
average was 5.80 per cent; for loans on existing properties, it was 5.85 per cent,
according to the Federal Housing Administration.




I

H. 14

-3-

Loan-to-price ratios and maturities on conventional first mortgages in
M a y generally changed little from April as well as from a year earlier. Average
loan amounts remained appreciably higher than a year earlier, reflecting
upgrading by home purchasers and higher prices.
In the case of new home loans over
the first five months of this year, loan-to-price ratios have tended to be less
liberal than a year earlifer and maturities have been liberalized only fractionally
further.

Stock prices. Closing at 85.69 on July 16, common stock prices-as measured by Standard and Poor's composite index of 500 stocks--changed little
on balance during the week. Trading volume averaged 3.8 million shares a day.
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. ran I
>. HIOH - O R A O !

"W

Exhibit A —

Part II

State and
local
government
Aaa 3/

Corporate
Aaa 1/

Date

U. S. Govt,
long-term 2/

4.61(3/29/60)
4.46(9/13/61}

4.42 (1/8/60]
4.12 lt/Z3/6i)

3.65(9/24/59)
3.37(7/6/61)

4.19(3/29/63)
4.45 (12/11)
4.35 ( y a )

3.85 (12/28/62)
4.20 (4/17)
4.11 (1V20)

3.16(3/26)
2.99(12/31)

4.48 (7/16)
4.41 (3/12)

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

4.47
4.47
4.46
4.47
4.48 ,

4.14
4.13
4.14
4.14
4.15 y

Spread 1
»etween
U. S. G01/t. and
Corporate
State and
Aaa
local Aaa

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

-

High
High Low
High
Low

1965 - High
Low
June 18
June 25
July 2
July 9
July 16])/

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

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

.92
1.04
.80
1.14
1.01
1.22
.96

3.16
3.17
3.17
3.17
3-1* y

.33
.34
.32
.33
.33

.98
.96
.97
.97
.99

2.88(11/8/62)

_ _ _ — —
1/ Weekly average of daily figures. Average term of bonds included is 22-24 years.
"y Weekly average of daily figures. The series includes bonds due or callable in 10 years or more.
y Thursday figures. Only general obligation bonds are included) average terra is 20 years.
Mote.—JULgh» 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*




L O N G - T E R M B O N D Y I I L D S , LOWER GRADE

X

a A

J
0 LOCAL OOVIRNN

...w

I I I I 1 1 I 1 1 I 1 1L I 1 1 1 1 1 1 J I 1 1
I
. 1 I
1 1111111 M
.
'**'

Da te

i•*2
19*3
Exhibit B -- Part II

Ll 1 1 1 1 1 1 1 1 1 L 1 1 1
1 II..
If*4
lt*S

Spread between
Aaa and Baa
State and
Corpora te
local govt.

Corporate
Baa 1/

State and
local govt.
Baa 3/

5.36 (a/12/60)
5.10
4.93
4.85
4.80
4.87(7/16)
4.78(3/19)

4.46 (3/7/60)
4.04
3.57
3.60
3.51
3.57 (7/8)
3.40 (2/11)

.84
.66
.70
.48
.37
.40
.35

1.08
.73
.63
.49
.52
.52
.38

4.85
4.86
4.87
4.87
4.87

3.54
3.57
3.57
3.57
3.55

.38
.39
.40
.40
.39

.38
.40
.40
.40
.39

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

June 18
June 25
July 2
July 9
July 16£/
Hotel

.

For footnotes see Exhibit i..




S H O R T - AND I N T I R M I D I A T I - T I K M IN
GOVERNMENT
W..M,

Exhibit C —

Yields
6-month
bills 2/
(per cent)

Discount
3-month
ra te
bills 2/
1/

June 18
June 25
July 2
July 9
July 16 £ '

3-5 year
issues 2/

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

4.00
3.00
3.00
3.50
4.00
4.00
4.00

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

5.07 (3/9/60) 5.00(14/24%*)
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 >

3.80
3.78
3.81
3.86
3.86 /

3.86
3.82
3.85
3.89
3.92 v

.06
.04
.04
.03
.06

.30
.29
.27
.23
.24

¥i

i

1959-60 - High
Year end - 1961
1962
1963
1964
1965 High
Low

is

Da te

Part II

4.10
4.07
4.08
4.09
4.10

' Weekly zute »hoim is that in effect at end of period at the Fade eel Reserve Bank of Hew Yoik.
' Market yield) weekly average# computed from daily closing hid prices. Series of 3-5 year Issues
consists of selected notes and bonds.
Note.—Bighs and loirs are for individual series and may be on different dates for different series#
for spreads, high refers to widest, and lew to narrowest.




S H O R T - AND INTERMEDIATE- TERM INTEREST RATES,
BANKS AND OTHER PRIVATE BORROWERS

Exhibit D —

Da te

1959-60 - High
Year end - 1961
1962
1963
1964
1965 - High
Low
June 18
June 25
July 2
July 9
July 16^/

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

1/

Part II

Finance
company
Federal funds 2/
caper
2/
(per cent)
4.00 (3/13/60)
2.88
3.00
3.50
4.00

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

1.02
.34
.30
.36
.23

5.13 (1/23/60)
3.00
3.19
3.88
4.06
4.25 (7/16)
4.00 (2/12)

4.12 (7/9)
3.68 (6/25)

.47
.10

4.25
4.25
4.25
4.25
4.25

4.12
3.68
4.12
4.12
4.08

.45
.47
.44
.39
.39

V Weekly rate shown is that in effect at end of period. Prime rate ia that charged by large banks
on short-term loans to business borrowers of the falsest credit standing# •
2/ Average of daily rates published by finance companies for directly placed paper fop varying
maturities in the 90-3.79 day range.
3/ Weekly average of daily effective rate, which is the rate for the heaviest vofcme of purchase and
sale transactions as reported to the Federal Reserve Bank of New York#
Motel—tilths 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.




:
|

EXHIBIT E. Pari I

STOCK MARKET
• 11 • * i • I d e I e 1
11
l
1

1V4I- 43 ewereee

CMANOI IN tltlll

Exhibit E --Part II

Common
Stock price
index \!

1961-62 - High
Year end
1963
1964
1965 - High
Low
May
June
July -2
July 9
July 16b/

yields 2/
(per cent)

2.80

Trading
volume 2/
(millions
of shares)

Stock market customer credit
Bank
Customers 1
loans to
debit balTotal
"others" 5/
ances 4/
(In millions of dollars)

72.04(12/8/61)
52.68(6/23/62)

3.96

10.1
2.4

74.44
84.75
90.10 (5/14)
83.06 (6/25)

3.13
3.02
2.89
3.15

4.7
4.7
6.8
3.8

7,242
7 J)53
7,085
6,872

5,515
5.099
5,129
4,986

89.28

2.92
3.07
3.07
3.05
3.06

5.5
5.8
6.8
3.9
3.8

7,085

5,129

If:?!'
85.71
85.69

5,60*12/61) 4,259(12/61)
4,424(1/61) 3,253(1/61)

1,418(5/9/62)
1.161(3/8/61)
1,727
1.974
1,974 (6/9)
1,848 (3/3)
1,956
1,954
1,970
1,963

High# .
1
Friday's data_only.
3/ A w S e s of daily trading rolvw on the Hew Y e * Stock Exchange. Year^end figures are averages of
4/ ^ 1 ?f f ^Sth S fiS*ii e f £*£aber fines of the Hew York Stock Exchange wfal* carry margin account.,

others. For
 further detail see


Bulletin.

M O R T O A O I AND BOND YIILDS

Exhibit F

Conventional
mortgages
25-vear 30-vear 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

1965 February
March
April
May
June

5.43
5.43
5.43
5.43
5.43

Part II

Spread beAaa Corporate
tween yields
on conv. &
Ne*4/ Seasoned-^
25-year FHA
mortgages

Spread between
yields on new corporate bonds and
25-year
Seasoned
FHA mtgs. bonds

5.70
5.45

5.20
6.00
5.55
6.30
5.95
5.80

.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

.76
1.58
.88
1.69
1.50
.94

5.45
5.45
5.45
5.45
5.44

5.80
5.80
5.80
5.80
5.80

.37
.37
.37
.37
.37

4.41
4.45
4.46
4.51
4.58

4.41
4.42
4.43
4.44
4.46

1.02
.98
.97
.92
.85

--

1.03
.05
.73
.39
-. 16

.03
.03
.0)
.12

than bond a. Generally, bonds pay interest semi-annually; mortgages, monthly. Mortgage yields. If computed as equivalent to a semi-annual Interest investment, would be slightly higher than given In the
table.
2/ Based on
eld-offioe opinions about average hid prices in the private secondary market for newborne mortgages for immediate delivery* Separate data available for 25-year and—begin!ng July 1961—
30-year mortgages with minimum donnpayments, 'weighted by probable volume of transactions . "Yields computed by ISA, assuming prepayment period of 12 years for 25-year mortgagee and 15 ysare for 30-year
mortgages. Over the period for * l o h they can be oonpared, the movement of the two mortgage yield
series has been similar* Dashed lines Indicate periods of adjustment to changes In contractual interest
3/ Based'on J"HA field office opinion on typical interest rates (rounded) on conventional first mortgagee
prevailing in the maiteet areas of insuring office cities. Beginning with April 1960, rate relates only
to new-home mortgages; prior to that date, rate related to both new as m i l as exist!ng-home mortgages.
Dashed line indicates this change in the series,
4/ See note for Exhibit

!y Moody's Investor Service. Monthly averages of daily data. See Exhibit A.



,

I X H 111T 0. Pari I
Y l l l D t O N Nl

I I II il I I I I I I I I I I I I I I I I I I I I I I I I
I
I I I

II I I I I I I

Exhibit 0 - Part IX
Yields on Mew Corporate Bond Xssues Adjusted to en Aaa basis
1

Monthly averages:
1964 - Oct.
Nov.
Dec.
1965 - Jan.
Feb.
Mar.
Apr.
May

70.0

3
3
3
3
7
4
8
4 •

,

Weekly averages
1965 - High
Low

4.46

140.0
94.0
111.0
157.8
115.0
315.0

4.47
4.42
4.41
4.45
4.46
4.51

100.0

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
16

Average
Number
Included (mil.
yield
of
(»ar cent)
issues of dollars)
25.0
1
4.43
60.0
2
4.44
0

!

Number A a r t of Issues Average
Included (mil.
yield
of
Issues of dollars)
fner cent)

1

30.0

2
2
3
1

70.0
40.0
199.0
6.0

2

35.0

4.60

2

65.0

4.58

3

121.0

4.47
4.54*
4.51
4.49*
4.55

4.67* .

ana lorwxgn o Q m M i | •«* uwee
»/
~
Befom averaging,
offerings ere adjusted to a msmosite A m basis by deducting from the actual
reeffering yield the excess of the weekly are rage yield for seasoned toads of the appropriate lndnrtryquallty group over the composite average for seasoned Aa*-rated toads (Moody's), Averages considered
unrepresentative because of special oharactexisties of 1he offerings included are denoted by an asterisk^




H. 14

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

New Can ital
1965
January
February
March

Corporate
1964

1963

1965

State and Local 2/
1964
1963

795
746
1 ,197

930
685
754

613
594
1,144

&/800
e/ 800
e/850

947
776
810

732
746
976

April
May
June

E7 l ,250
£/ 1 ,680
e/ 1 ,700

2,178
1,069
1,378

930
904
1,013

e/800
e/900
e/850

1,242
667
903

869
866
930

July
August
September

e/ 1 ,050

780
661
1, 109

676
637
795

e/900

906
780
892

680
708
449

949
646
1,419

1,013
819
1,415

801
529
948

1,051
729
416

2,369
4,625
2,550
3,013

2,3^1
2,847
2,109
3,246

e/2,450
e/2,550

2,533
2,811
2,578
2,278

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

6,994
9,544
12,557

5,198
7,307
10,553

e/5,000

5,345
7,923
10,201

5,118
6,955
9,151

October
November
December
1st
2nd
3rd
4th

quarter
quarter
quarter
quarter

1st half
Three quarters
Year

2,,738
§/ 4,, 630

B/ 7, 36B

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

quarter
quarter
quarter
quarter

2, 547
e/ 4, 230

Year
e/
j>/
1/
If
2/

1,996
4,170
2,411
2, 755

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

11,332

9,434

Estimated by Federal Reserve.
Preliminary.
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.




1

H. 14
Exhibit I
New Corporate Security Issues, Type of Issue
and Issuer
(In millions of dollars)
1
Quarter
or
Month

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

Net proceeds for
new capital 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

1964 - I
II
III
IV

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
4,884

905
1,836

1,673
2,197

k 29
851

243
n.a.

1,072
1,660

541
558

91
254

1.034
2 5/

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 J
May y_j
June

858
791
1,158
1, 360
1, 764
1,760

161
187
557
422
694
720

565
450
658
774
623
800

131
155
143
163
448
240

49
51
143
35
49
n.a.

385
192
494
5 70
690
400

97
215
229
164
244
15Q

21
44
26
12
142

292
293
448
S04
603

100

1,050

]>/ Preliminary. e/Estimated by Federal Reserve.
1J Gross Proceeds exceed net proceeds 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. 14
Exhibit J
Other Security Offerings
(In millions of dollars)

1Q6S
January
February
March
April
May

Gross lo ng-term 1/
Foreign government 2/
Federal aeencv 3/
1QAS
1Q61
1QAA
IQfiA

218
38
72

£/

e/100

July
August
September
October
November
December
Jan. - J u n e

y

428

Year

4
82
69
30
75
26
20
13
7
180
72
58

232
133
76
57
114
11
63
83

586

623

636

.

Jan. - June

238
91
-458.
< • 647
£ / 204.

n.a.-

Year

--

771

129
185
E/325
p/ -e/250

—

---275
260
160

148
186
459

509
--

174
200

275

793

1,204

—

1,167

2

New
State and local government 5/
January
February
March
April
May
June
July
August
September
October
November
December

i
I

""

e/889

short-term 4/
Federal aeencv 3/

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

-137
-174
117
-11
509
£/ 120

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

375

529

• 424

-502

-32

453

692

368

1 ,539

103
236
-407
442
81
-80
-9
127
176
7
-15
-208

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

those in Exhibit H in that refunding issues, as well as new capital issues, are included.
Long-term securities are defined as those maturing in more than one year. 2/lncludes securities offered in the U.S. by foreign governments and their political subdivisions and international organizations. Source: Securities & Exchange Commission. 3/lssues not guaranteed by
the U.S. Government. Source: Long-term, Securities- & Exchange Commission; short-term, Treasury
Dept. & Federal Reserve. 4/These data differ from those in Exhibit H and above in that they
represent new offerings less retirements, whether from the proceeds or refunding issues or
from other funds. Data include only issues with original maturing of one year or less. j>/
Principally tax and bond anticipation notes, warrants or certificates and Public Housing Auth.
notes.
In some instances PHA notes included may have a somewhat longer maturing than 1 year.
Source; Bond Buyer & Federal Reserve.




H. 14
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

1964 - June
July
Aug.
|
Sept
Oct.
E
Nov.
V
Dec.
1965 - Jan.
i'
Feb.
g
Mar.
Apr.
May
June

Cornoriite
Bonds
Convertible
(other than
bonds
convertibles)

650
291
142
376
187
-230
130
217
513
307
928
801

390 .
178
215
269
108
-200
115
131
233
210
560
343

State
and
local
governments

Stocks

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

210
113
-81
79
--15
86
--

17
25
—

-30
—
--

280
97
53
320

315
138

Other

U

275
260
104
15
502
15
-235
130
19
260
40
340

Large Individual Issues Offered July 1 through 16
Issuer

Type 2/

Amount
(millions
of
dollars)

Maturity

Coupon
rate or
net interest cost

Offering
vield

Rating

fisomts
*R. H. Macy Co.
Burlington Industries
New England Tel. & Tel.Co
Lone Star Cement Corp.
State and Local Govt.

Conv. sub . deb. 21.9
50.0
S. F. deb
60.0
Deb.

1990
1990
2005

4-1/4
4-3/4
4-5/8

4.25
4.80
4.58

S. F. deb.

1990

4-7/8

4.88

50.0

2.85-3 40
3.50
2.55-3,.40
2.40-3,.30
2.50-3,.15
2.50-3 .204/

--

Baa
Aaa
A
Aa

G. 0.
State of Minnesota
G. 0.
Memphis, Tenn.
San. Fran. Bay Area
Rev.-y.-Ut
Trans. Auth.
,
•v. 0.
Commonwealth of Penna.
Maryland State Roads Commj Rev.-St.

17.5
12.5
70.0
50.0
54.8
25.0

1970-94
2004
1967-91
1966-85
1967-85
1966-90

3.31
3.21
3.10
3.13

70.0
27.0
20.0

1972-99
1971-85
1966-80

3.03'
3.21

2.90-3 .451/ Aa
Aa
2.75-3. 10
Aa
2.45-3., 15

Other
Commonwealth of New Zealand

20.0

1985

5-3/4

5.97

Sacramento Mun. Ut.il.
Dist., Calif.
State of California

Rev.-Ut.
G. 0.




Bonds

'

46

3.38

Aa
Aa
Aa
Aaa

--

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-giarnteed issues by Federal agencies.
3/ In the case of State & local government securities, G.O. 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 securcd solely by
lease payments.
4/ 0.1 per cent bonds maturing "1988-90 not publicly reoffered.
5/ 1-1/2 per cent bonds maturing 1999 not publicly reoffered.




17

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
Corporate
Other 2/
local govt.
1964 - June 30
July 31
Aug. 31
Sept 30
Oct. 30
Nov. 30
Dec. 31
i1965 - Jan. 29
Feb. 26
Mar. 31
Apr. 30
May 28
June 30

292
92
402
186

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

--

90
105
169
407
267
852
765
363

.

Corporate

716
588
680
626
549
563
435
382
599
373
635
474
524

307
167
442
186

--

15
-T
•

Subsequent to
date shown
State and
local govt.

--

25
215

130
105
253
504
792
852 .
923
410

---

60
25
70
20

Other 2/

--

15
---

25
215

Forthcoming Large Offerings as of July 16

Issuer

Type

Amount
(millions
of
dollars)

Approximate date of
offering

OtTPMtte
Northern 111. Gas . Co.
Atlanta Gas Light Co.
nd Elec. Co.
Pacific Gas ai
c
Baltimore Gas 6 Elec. Co.
Montgomery Ward & Co.
Southern Counties Co.
*Southern Cal. Edison Co.
General Mills Inc.
Macy Credit Corp.
Great Western Financial Corp.




1st mtg. bds.

25.0

1st mtg. bds.
15.0
1st & ref. mtg . bds.75.0
S. F. deb.
30.0
S. F. deb.
150.0
1st mtg. bds.
40.0
1st & ref. mtg . bds.37.1
S. F. deb.
35.0
Deb.
25.0
Deb.
22.0

Julv 2
July 27
July 22
July 28
July 28
Aug.
4
Aug. 18
Aug.
Indefinite
Indefinite

---

60
25
70
20

H. 14
L-2
Forthcoming Large Offerings as of July 16 (Cont'd)

Issuer

Type

Amount
(millions
of
dollars)

Approximate date
of
offering

State and local Government
Brevard Co. Spec. Tax Sch. Dist., Fla
New York, New York
Philadelphia, Pa.
*Phoenix, Arizona
Los Angeles Dept. of Airports, Cal.
*Ala. Pub. Sch. & College Auth.
Pittsburgh, Pa.
Hamilton Co., Ohio
*Newark, New Jersey
San Francisco, Cal.
*Cuyahoga Co. , Ohio
Dade County, Fal.
Florida Dev. Comm.

Rev.-S. T.
G. 0.
G. 0.
Rev.-Q-Ut.
Rev.-Rent.
Rev.-Rent.
G. 0.
G. 0.
G. 0.
G. 0.
G. 0.
G. 0.
Rev.-S. T.

20.0
175.0
28.0
14.0
30.0
25.0
10.0
30.0
12.0
12.7
13.0
46.0
33.8

July 20
July 20
July 27
July 27
July 28
Aug. 4
Aug. 4
Aug. 10
Aug. 10
Aug. 16
Sept. 9
Indefinite
Indefinite

Other
None

*--Included in table for first time
1/ Includes corporate and other issues of $15 million and over; State and local
government issues of $10 million and over.
2/ Includes foreign government and International Bank for Reconstruction and
Development issues and non-guranteed issues of Federal agencies.
Note:--Deletions for reasons other than sale of issue: None.




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 !,6

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%.**

7/7

20.0

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

B.

*
**

Prospective Offerings

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




H. 14 *

\P

M-2
Part II:

Private Placement--Reported May I through July 16

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
bonds, maturing 1985, placed to yield 5.09%--no
information available on takedown.

Issuer and Description of Issue

Note: For retrospective data on aggregate foreign corporate and government security offerings in the United States see Exhibits I and J. There is no simple relationship
between the data shown "in thfe Exhibit and that shown in Exhibits I and J because the
latter includes privately placed securities in the period in which funds are actually
takendown 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 takedowns.
Full or partial takedowns may take place both prior and subsequent 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