Full text of H.16 Capital Market Developments : July 24, 1967

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DECONTROLLED AFTER SIX

MONTHS

Not

July 24, 196
f0r

HPU141Caf:l0J1

.

LIBflARY

JUL 2 % 196

"MARKETS DEVELOIMENTS
THE UNItED STATES

FEDERAL RESERVED
OK RICHMOND

Corporate and municipal bond markets. The volume of new corporate
securities expected to be offered this week will again exceed the weekly average
for such issues over the past year. Dominating the debt issues will be General
Motors Acceptance Corporation's $150 million debenture offering. New municipal
issues this week will be relatively light in dollar volume.
Long-term Public Security Offerings —^
(In millions of dollars)

State & local Government
Corporate
New Capital I Refunding New Capital 1 Refunding
Sold:
52 week avg.
July
July

14
21

273

239

r/618
~ 525

r/358
283

470

135

Scheduled:
July

V

28

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

Yields on new corporate bonds advanced last week, although this
is not reflected in the series due to a shift in the characteristics of the
issues included in the series. Investor response to last week's new issues
was generally mixed, with the poorest response accorded competitive utility
offerings. Two utility issues offered a week earlier were released from
underwriters price restrictions; and free market trading resulted in an
immediate upward yield adjustment of 11 basis points on both issues.
Yields on seasoned municipal bonds declined last week for the first
time since April. The $100 million State of California issue — the largest
offering last week -- was approximately two-thirds sold by the end of trailing
on Friday. And New York City's $102 million offering, awarded July 13, ftill
had about $15 million unsold by week-end.




H. 14

Yields In Security Markets
Level Latest Week

-2-

Change from
preceding week

' High-Grade
Notes and Bonds
Corporate
New
Seasoned

5.75
5.56

- 3

4.84
5.16

+ 4
+ 2

3.85
4.02

- 2
- 5

U.S. Government
Long-term
3-5 year
State and local Govt.
Moody's Aaa
Std. & Poor's high grade
Money Market
Federal funds
Treasury bills
3-month
6-m.onth

3.45

-45

4.19
4.76

+ 2

+ 9

Corporate Bonds Still in Syndicate
Date
Offered

Amount
(Millions of $)

Reoffering
Yield

Issuer

Rating

Estimated proportion sold

80.0

Consumers Power Co.,
6's - 1997

5.875

Aaa

25%

35.0

Public Service of Colo.,
5-7/8's - 1997

5.875

Aa

35%

7/18

50.0

Combustion Engineering,
5-7/8 1 s - 1992

5.95

7/13

30.0

Consolidated Nat. Gas,
6-1/8's - 1992

, 6.00

Aa

50%

7/6

20.0

Northern Illinois Gas,
6's - 1992

5.90

Aa

90%

7/19
•

7/18

907=

Blue List of Municipal Dealers' Advertised Inventories
Latest Week
451 (7/20/67)




End of Previous Week
467

Recent High
849(4/26/67)

H. 14

Private housing starts and permits. Seasonally adjusted housing
starts, which were revised downward by 1 per cent for May, edged upward
very slightly further in June to a seasonally adjusted annual rate of 1,302
thousand. This brought the average for the second quarter as a whole to
1,263 thousand, 4 per cent above the improved first quarter rate, though
8 per cent below a year earlier when starts were already in decline
Within the individual regions, starts advanced only in the South.
However, declines* from May rates in other regions were moderate, most
notably in the West which had experienced a two-fifths upsurge in May and
which showed a 30 per cent recovery from the first to the second quarter as
a whole.
Government-underwritten starts accounted for 19 per cent of the
total in June, This compared with not much more than 15 per cent a ypar
earlier and less than 16 per cent in other recent years.
While, nationally, the rate of starts actually changed little in
June, the rate of permits in permit-issuing areas increased 4 per cent
further and were 13 per cent above^ the reduced year earlier rate. As in
May single family structures were the dominant factor in the month-to
month rise, though multifamily permits continued to hold fairly near their
improved April rate. Regionally, the rate of all permits during June increased sharply in the Northeast and West and changed little in the North
Central States and the South.
Stock prices. Common stock prices advanced last week in vejry
heavy trading. Standard & Poor's index of 500 stocks closed on Friday at
94.04, a gain of 1.30 points for the week. Trading volume averaged 11.7
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. Port 1

LONG-TERM BOND YIELDS, HIGH-GRADE

j CORPORATE Aaa

] - U . S . GOVERNMENT

r
STATE AND LOCAL GOVERNMENT Aaa

1963




1964

1966

1967

Exhibit A -- Part II

Corporate
Aaa 1/

Date

1959-60 - High
1966 - High
Low
1967 - High
Low
June
July

4.61(1/29/60)
1 5.52(9/9)
4.73(1/7)
5.59(7/14)
5.00(2/10)

4.42(1/8/60)
4/87(9/2)
4=42(1/7)
4.95(6/30)
4.37(2/3)

4.93
4.95
4.88
4.80
4.84

5.45
5.56 5.59
5.59
5.56

23
30
7
14
21p/

1/ Weekly average of daily figures.
2/ Weekly average of daily figures.
3/ Thursday figures.

" • - • i k r ,




s

.

Spread between
IT„S. Govt, and
| State and
Corporate
| local Aaa
Aaa

I State and
U.S. Govt. |
local
j long-term 2/| government
Aaa 3/
(per cent)

.92(4/27/60)
1.19(2/11)
.77(9/2)
1.16
.74

.59(8/5/60)
.84(12/30)
.14(2/18)
.92
.44

3.65(9/24/59)
4.04(8/25)
3.39(1/13)
3.87(7/13)
3.25(2/9)

1.10
1.10
1.03
1.07
.99

.52
.61
.71
.79
.72

3.83
3.85
3.85
3.87
3.85

Average term of bonds included is 22-24 years.
The series includes bonds due or callable in 10

Only general obligation bonds are included; average term is 20

r

%

r

c

L

'

z

z

,

.

L O N G - T E R M B O N D YIELDS, LOWER GRADE




CORPORATE Baa

S T A T E AND LOCAL G O V E R N M E N T Baa

1963

1964

1965

1966

1967

1968

Exhibit B -- Part II

Date

State and
local govt.
Baa 3/

Corporate
Baa 1/

Spread between
Aaa and Baa
State and
Corporate
local ELOVt.

(per cent)
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)
6.27(7/7)
5.81(4/14)

6.18
23
6.21
30
6.27
July 7
6.26
14
6.26
2l£/
Note: For footnotes see Exhibit A.
June




4.46(1/7/60)
3= 79
4.55(8/25)
3.78(1/20)
4.46(7/14)
3.85(4/13)

.84
.31
.81
.31
.82
.65

1.08
.39
.62
.31
.65
.37

4.30
4.45
4.45
4.46
4.40

.73
.65

.47

.67
.70

.59
.55

.68

.60
.60

EXHIBIT C, Pari 1

SHORT- AND INTERMEDIATE-TERM INTEREST RATES
GOVERNMENT




MONTH BILLS

3 - 5 YEAR ISSUES

F.R. DISCOUNT RATE

3 - M O N T H BILLS

1963

1964

1965

1966

1967

1968

Exhibit C -- Part II

Date

Discount
rate

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

4.00
4.50
4.50
4.50
4.50
4.50
4.00

Yields
6-month
bills V
(per cent)

4.59(1/8/60)
4.47
4.80
5.52(9/23)
4.39(6/24)

5.07(1/8/60)
4.66
4.92
5.92(9/23)
4.53(6/24)

4.81(1/13)
3.41(6/9)

4.88(1/6)
3.74(6/2)

3-5 year
issues U

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

5.00(12/24/59)
4.90
4.86
5.83(9/2)
4.80(4/8)
5.22(7/7)
4.36(4/7)

.79
.19
o 12
.52
.09
.57
.01

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

1.61
.35
5.08
3.82
1.45
.43
5.19
4.17
1.02
.42
5.22
4.62
July
5.14
4.67
• I L
5.16
4.76
Weekly rati s h l w A s V a t ^ e f f e c t at end'of period at the Federal Reserve Bank of
June

y

3-month
bills U

23
30
7
14

4.00
4.00
4.00
4.00

3.47
3.74
4.20
4.17

2/ M a r k e t ' y i e l d ; weekly averages computed from daily closing bid prices.




Series of 3-5

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




P R I M E RATE
FINANCE COMPANY PAPER

F R. D I S C O U N T RATE

FEDERAL FUNDS

1963

1964

1965

1966

1967

1968

\'
Exhibit D —

Date

Prime rate 1/

Part II

Finance
company
-paper 2/

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

(per cent)
1959-60 r- High
Year end- 1964
1965
1956
1966 - Low
1967 - High
Low

5.00
4.50
5.00
6.00
5.00(3/4)
6.00(1/6)
5.50(7/21)

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)
4.00
4.63
5.63
3.55(1/21)
5.25(1/6)
3.45(7/21)

1.02
.23
.28
1.08
.20

.91
.30

.91
4.00
4.38
5.50
23
.76
3.93
4.50
5.50
30
.30
3.94
4.50
5.50
July
7
.33
3.90
4.50
5.50
14
.31
3.45
4.50
5.50
zip/
1/ Weekly rate shown is that in effect at end of period. Prime rate is that
~ charged by large banks on short-term loans to business borrowers of the highest
credit standing.
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.
June







100

PRICES

STOCK MARKET CREDIT
* CHANGE IN SERIES

VOLUME

YIELDS

1963

1964

1965

1966

/

1967

1968

Exhibit E —

Stock price
index 1/

1961-62 - High
Low
1966 - High
Low
1967 - High
Low
May
June
July

7
14
2l£/

72.04(12/8/61)
52.68(6/22/62)
93.77(2/11)
73.20(10/7)
94.58(5/8)

Common
stock
yields 2/
(per cent)

2.82

Part II

Trading
stock market customer credit
volume 3/
Customers'
Bank
(millions
Total
debit bal- loans to
of shares)
ances^/
"others"5/
(In millions of dollars)

82.18(1/6)

3.96
3.01
3.97
3.10
3.58

10.1
2.4
10.7
5.0
11.7
6.9

5,602(12/61)
4,424(1/61)
7,997
7,302
8,333
7,345

92.59
91.43
91.32
92.74
94.04

3.16
3.20
3.19
3.16
3.11

9.9
9.7
9.2
11.5
11.7

8,085
8,333

4,259(12/61)
3,253(1/61)
5,835
5,169

6,166
5,290
5,926

6,166
n.a.
n.a.
n. a.

1,418(5/9/62)
1,161(3/8/61)
2.241(7/6)
2,097(12/14)
2,204(6/7)
2,055(2/1)
2,159
2,167
2,158
2,173
n.a.

n.a. Not Available. j>/ Preliminary.
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
or low.
3/ Averages of daily trading volume on the New York Stock Exchange. Year-end figures are averages
of daily figures for the year.
4/ End 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.




H

EXHIBIT F. Port 1

PRIVATE H O U S I N G STARTS A N D PERMITS
2.0
S E A S O N A L L Y ADJUSTED DATA
HOUSING STARTS
1.6

BUILDING P E R M I T S

PER CENT OF UNADJUSTED TOTAL STARTS

MULTI-FAMILY

GOVERNMENT UNDERWRITTEN
t

1
1961

1962

1963




1964

1965

1966

1967

1968

Exhibit F - Part II
IIfill

Bui
pei
Unadjusted
Tvoe of financing Tvoe o f housing (sc
ad
Seasonally adjustMulti1-2
Unadjuated
a
Other family family
VA
FHA
ed annual rate
ri
Start!I

Total

Date

(Thousands of units)
1966 - June
July
Aug.
Sept.
Oct.
Nov.
Dec.
1967 - Jan.
Feb.
Mar.
Apr.
May
June

1,285
1,088
1,107
1,075
848
1,012
1,089
1,297
1,163
1,167
r/ 1,190
r/ 1,298
1,302

.

128
104
105
92
80
75
64
65
64
96
r/116
t[ 134
129

15
13
14
10
9
10
10
r/10
7/ 9
7/14
7/12
7/18
19

4
4
4
3
3
3
3
3
3
5
5
5
5

108
87.9
87
74.3
87
74.5
65.0
79
68
57.5
62
53.4
42.4
51
42.5
r/52
42.6
7/52
7/72
68.5
99 r/81.9
r/116 r/93.5
93.4
104

39.7
29.7
30.9
27.4
22.7
21.9
21.3
22.6
21.5
26.9
r/34.3
r/40,4
35.4

954
921
844
733
714
715
759
942
894
928
1, 028
r/1, 033
1,074

1/ Total starts are Census estimates including farm for both permit-issuing anc
non-issuing areas. A dwelling unit is started when excavation begins; all
in an apartment structure are considered started at that time. FHA and VA
starts are units started under commitments by these agencies to insure or gujarantee the mortgages. As reported by FHA and VA, a unit is started when a fii id
office receives the first compliance inspection report, which is made before
footings are poured in some cases but normally after the foundations have be,
completed. Capehart military housing units are excluded. Other starts are
derived as a residual, although total and FHA and VA starts are not strictly
comparable in concept or timing; other starts iclude both units financed by
ventional mortgages and units without mortgages.
2/ Building permits before January 1963 are Census estimates for about 10,000 a
; inning
identified as having a local building permit system in 1959. Estimates begi
January 1963, are for approximately 12,000, or all known, permit-issuing pla ces.
Unlike starts, seasonally adjusted building permits reflect direct adjustmeri t
for differences irt the number of working days per month, as well as other di fferences in timing and coverage.




EXHIBIT G, Pari 1

YIELDS O N NEW A N D SEASONED CORPORATE B O N D S

NEW I S S U E S

6.0

5.5

5.0
SEASONED Aaa

4.5

4.0
1964




1965

1966

:/

1967

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

Number
of

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

Number
of
issues

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

Monthly averages;
1967

Jan.
Feb.
Mar.
Apr.
Hay
June

6
7

20
20
14
23

496.0
481.0
1073.0
916.0
570.0
993.0

5.38
5.20
5.31
5.39
5.66
5.79

Jane

July

2
9
16
23
30
7
14
21

51.0
294.0

255.0
225.0

5.74
5.72
5.74
5.79
5.92

75.0

5.86

168.0

282.0
300.0

Weekly averages:
5.92(6/30)
High
5.11(2/10)
Low
nei issues of publicly offered corporate bonds rated Aaa,
Note: Averages of offering yields on all new
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.




H

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

New Capital
Corporate
1966
1967 p/

1,184
858
868

804
872
904

1,082
EL/1,147
e/1,400

1,211
901
1,141

826
924
972

a/1,100
1,,290
850
• i.,392.
;

701
773
1,020

986
648
966

7 55
969
940

794
1,021
754

1,302
1, 237
2,446

795
746
1,,197

April
May .
June

2/1,952
2/1,459
e/2,400

1 553
1 058
2 364

1,,152
1,,691
.1,, 946

July
August
September

e/2,300

1 039
1 670
1,,382

October
November
December

1965

1,461
1,176
1,426

1,648
1,399
2,317

January
February
March

State and local 2/
1966 r/
1967 p/

1965

829
1 ,096
1 ,635

924
i,,325
i3,496

1

Quarter
Quarter
Quarter
Quarter

5,364
e/5,811

4.,985
4.,974
4.,091

2,,738
4 j,789
3j,533
3S,745

r/4,062
a/3,479

2,910
3,235
2,494
2,664

2,580
2,722
2,600
2,569

1st half
Three quarters
Year

e/11,175

9.,959
17;,601

7.,527
- 11,,060
14.,805

a/7,541

6,145
8,640
11,303

5,302
7,902
10,471

1st
2nd
3rd
4th

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

Quarter
Quarter
Quarter
Quarter

5,207

Year

4 ,924
4 ,884
3:,969

17 ,269

'

2,,547
4 :,348
,283
3:
3 ,188
13 ,366

p/ Preliminary.
1/ Securities and Exchange Commission estimates of net proceeds.
2/ Investment Bankers Association of America estimates of principal amounts.
3/ T o t a i new capital issues excluding offerings of sales and consumer finance companies.




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

Quarter
or
Month

1966 - II
III
IV
- I
lie/
1966 - Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
- Jan.
Feb.
Mar.
Apr.ji/
May E /
June e/

Total

Gross proceeds for new capital
and refunding 1/
Common Memo;
Foreign
Publicly Privately and
pfd. issues
Offered Placed
sf?ck included

1,418
1,309
' 918

60
19

997
2,442
2,566 1,,222

543
499

1,382
1,592

210
69
811
110
137
67
137
111
127

86
33
49
69
22
62
66
27
24

692
376
1,137
397
518
643
331
228
673

364
274
322
263
313
81
254
320
409

76
40
276
52
318
198
97
168
152

421
368
629
327
522
460
147
369
401

91
156
143
234
157
275

624
35
.
563
10
1,254
15
11
1,123
568
8
875
n.a.

220
274
503
395
402
425

293
105
145
107
92
300

511
456
415
327
397-

2,083
1,627
1,247

1,090
314
375

168
154
117

5,464
5,973

3,263
3,983

1,324

1,811

390
666

1,582
1,106
2,427
1,085
1,712
1,400
892
1,115
1,661

628
481
832
440
1,140
676
499
569
980

743
" 556
784
535
435
657
256
435
555

601

-

393
381
550

Other
Public CommuniUtility cations Issuers
392
567
417

1,941
2,256
2,047

848
362

Mfg.

960
657
984

5,115
4,197
3,669

745
1,684
900
1,418
2,362 1,618
1,995 1,368
965
1,503
2,475 1,650

Net proceeds
for new capital 1/

2,205
1,558
1,232

Pi/ Preliminary, e/ 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.




800

Exhibit J
Other Security Offerings
(In millions of dollars)

Gross Long-term 1/
Federal Agency 3/
Foreign Government 2/
1966
1967
1965
1966
1967
January.
February
March
April
May %/
June
July
August
September
October
November
December

130

Jan. - May

284

114
27
13

Year

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

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

218

158

329

598

661

38
73

1,251
783
750
650
810

91
33
74
5 '
52
75
2
4,244

—

—

129
185
325

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

775
• —

239
150
375
375
179

1,305

639

6,806

2,732

New short-term 4/
1
Federal Agency
State and local Government 5/ "|08
-179
238
103
179
-24
91
-552
39
£./ 378
450
-458
-454
-319
p/-678
718
-559
647
580
£/ 818
85
204
462
f/ 404
284
-82
-334
2 ] 495
-590
119
-103
-270
408
270
-652
152
-161
-555
59
-48 :
-283
- 274
503
219
-366
-570
1,452
-1,744
518
403
1,596

3/
T 5 T

-174
117
-11
509
237
132
206
105
-309
202
-76

mmm
Jan. -June

Year

Reserve.



422

1,286

-748

-205
801

H.1
Exhibit K

Proceed! of large leeuee Offered
(In millions of dollars)

Total

1966 - May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
1 1967 - Jan.
!
Feb.
Mar.
; ;
Apr.
May

Corporate.
Bonds
Convertible
(other than
bonds
convertibles

401
1,317
402
1,189
627
523
510
1,177
681
842
1,638
1,311
870

50

351
636
170
862
287
352
363
990
611
709
1,435
956
771

20

182
257
340
116
97
118
30
40
140
213
55

State
and
local
|,/wwwiant»

Stocks

Other

1/

466
582
338
410
611
387
464
779
947
675
669
512
496

661
50

80

55
50
68
40
93
63
142
44

Large Individual Issues offered July 1 through July 21.

Issuer

Type 2/

Amount
(millions
of
dollars)

Maturity

Coupon
rate or
net interest cost

Offer
ing
yield

Corporate
Union Tank Car

Equip, tr.
cert.

Leasco Data Processing
Equipment
American Airlines
Northern Illinois Gas
American Can
Texaco
Foremost-McKesson
Anheuser-Busch
Combustion Engineering
Public Service of Colo.
Consumers Power
Gulf States Utilities
Brooklyn Union Gas
Occidental Petroleum

Deb.(w./wts.)
Conv. sub. deb.
1st mtg. bds.
Deb.
Deb.
Com. stk.
Deb.
Deb.
1st mtg. bds.
1st mtg. bds.
Pfd. stk.
1st mtg. bds.
Conv. sub. deb.




6

6.05

A

1987
1992
1992
1997
1997

5.3/4
4-1/2
6
6
5-3/4

5.75
4.50
5.90
6.00
5.75

Ba
Aa
A
Aaa

1992
1992
1997
1997

6.00
5.78
5.94
5.94

5.95
5.88
5.88

A
A
Aa
Aaa

1992
1992

6-1/4
4-3/4'

6.10
4.75

A
B

20.0

1987

25.0
167.4

20.0
75.0

200.0
24.0
50.0
50.0
35.0

80.0
20.0
25.0
100.0

Large T n ^ ^ H . u . 1 Issues Offered July 1 through July 21. (Cont'd)
i

Type 3/

Issuer

"

Rfate and

.

Prrnnnn
Coupon
rate or
I OfferRating
Maturity net inter- ing
est cost I Yield
dollars)

Amount
(millions

i

Government

Wisconsin State Agencies
Building Corp.
Wickliffe, Kentucky
Florida State Board,of Educ.
Tallahassee
Metro. St. Louis Sewer Dist.
Missouri
Md. National Capital Park
Planning Commission
New York City
Ky. State Property & Bldg.
Commission
Chicago Jr. Coll. Sch. Dist.
Minn. St. Paul Airport Comm.
State of Texas
State of California
State of Oregon

Rev.-Rent.
Rev.-Rent.
Rev.-Rent.
G.O.

80.0

1967-2004
1972-92

12.4

1970-88

14.0

1968-87

3.995

1992
1998

4.17
4.50

17.0
102.0

GcO.
G.O.

10.7
16.5
23.0

Rev.-Rent.
G.O.
G.O.
G.O.
Rev.-Rent.
G.O.

3.00
5-1/8

21.4

10.0

100.0
30.0

Aa
4.40-4.70

4.25-4.45 3.60-4.30

4.90
1970-97
4.16
1969-87
3.95
1970-97
1972-98 4/3'»l
1977-2017- 4.09
1972-79 .- 3.81

3.20-4.00

30.0=^1992
25.0 1982

Deb.
Eq. tr.

6-1/2
6-3/8

' Aa

3.20
4.60

A
Baa

4.00-4.875
3.50-4.15
3.40-4.00
3.50-3.80
3.75-4.10
3.60-3.75

A
Aa
Aaa
Aa
Aa

Other
MacMillan Bloedel
Canadian Pacific Railroad

Aa

6.50
6.39

A
Aa

wmmmss
*--Rights offering.

.

and other security offerings of $15 million and over; State and

bonds secured solely by lease payments.
4/ -Bonds due 2015-16 were not reoffered.
5/ Amount reduced from $40.0 to $30.0.




.

H. 14
Exhibit L
Forthcoming U r g e Long-term Public Security Offering for Haw Capital
(Other than U.S. Treasury) 1/
Ixpected Proceeds free Forthcoming Large Issues
(In millions of dollars)
During month following
State and

Corporate

584
337
403
515
300
140
496
939
780
508
227
326
596

1966 - May 31 1,261
317
June 30
677
July 29
662
Aug. 31
687
Sept.30
397
Oct. 31
Nov. 30 1,098
656
Dec. 30
486
1967 - Jan. 31
Feb. .28 1,410
767
Mar. 31
963
Apr. 30
May 31 1,449

Other 2/
30
15
40
——
—— -

80
530
250
70
100

„
Corporate
1,261
619
697
853
767
457
1,133
811
706
1,534
905
1,262
2,065

date shown
I State and
| locel eovt.

Other U
85
50
• 35
90
85
35
65
95
545
265
. 15
85
115

584
353
403
685
390
175
571
1,154
851
528
247
346
616

Forthcoming Large Offerings as of July 21.

(millions

Issuer

Approximate dat
offering

dollara)
Corporate
Owens-Corning
Consolidated Edison
Consolidated Edison
Joy Manufacturing
Crane
Columbia Pictures
Pettibone Mulliken
Florida Power
General Motors Acceptance Corp.
GATX
R.C.A.
American Tel. & Tel.
Cessna Aircraft
Ashland Oil
Northrop Corp.
Murphy Oil
National Fuel Gas
•Toledo Edison Co.
Howmet Corp.




Com. stk.
1st mtg. bds.
Pfd. stk.
Deb.
S.F. deb.
Conv. deb.
Conv. deb.
1st mtg. bds
Deb.
Eq. trust cert.
Conv. sub. deb.
Deb.
Conv. deb.
Deb.
Conv. deb.
Cum. pfd. stk.
Deb.
1st mtg. bds.
Conv. sub. deb.

27.0
80.0
40.0.
20.0
40.0
20.0
15.0
25.0
150.0
25.0
156.0
250.0
20.0
60.0
30.0
17.2
18.0
35.0
25.1

,

July
July
July
July
July
July
July
July
July
July
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.

25
25
25
25
26
26
27
27
28
1 (rts. exp.)
1
1
1
2
7 (rts. exp.)
8
8
9 (rts. exp.)

Forthcoming Large Offerings as of July ?l. (Cont'd)

.

Issuer

Type

Amount
(millions
of
dollars)

Approximate date of offering

Corporate (Cont'd)
Baltimore Gas & Electric
Monongahela Power
:Mountain States Tel. & Tel.
Ohio Power
Ohio Power
Bemis Co.
;
^Niagara Mohawk Power Corp.
^Niagara Hohawk Power Corp.
*Peoples Gas Light & Coke Co.
^Georgia Power Co.
Grumman Aircraft
*New York Telephone Co.
Philadelphia Elec. Company
Armco Steel
C. I.T. Financial Corporation
Wilson . Florida Gas Transmission

1st mtg. bds.
30.0
1st mtg. bds.
15 .0
85.0
Deb.
1st mtg. bds.
50.0
Deb.
20 .0
S.F, deb.
.25.0
1st mtg. bds.
40 .0
Pfd. stk.
25 .0
1st mtg. bds:.
50 .0
1st mtg. bdsi.
60 .0
Conv. deb.
50,.0
Deb.
100,.0
1st mtg. bds
75 .0
60,.0
S.F. dels.
Deb.
75,.0
Com. stk.
20,.0
1st mtg. p. 1. bds.
30,
,0

Aug.
9
Aug. 15
Aug. 15
Aug. 16
Aug. 16
Aug. 16
Aug., 22
Aug. 22
Aug. 23
.Aug. 29
Aug.
Sept. 6
Indefinite
Indefinite
Indefinite
Indefinite
Indefinite

State and local Government
Alabama Highway Auth.
Ohio State Univ. Dorm.
*Cook County, Illinois
San Francisco, California
Modesto Irrigation Dist., Calif.
Turlock Irrigation Dist., Calif.
Chino Basin Muni. Water Dist., Calif.
Washington Sub. Sani. Dist.,
Hyattsville, Maryland
Iowa State Bd. of Regents
Madison, Wisconsin
Kansas City, Mo.
State of North Carolina
New Orleans, La.
Port of Tacoma, Washington
*Lansing Sell. Dist., Mich.
•Kentucky Turnpike Auth.
*Pa. State Hwy. & Bridge Auth.




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

25..0
10.,5
10.,0
45.0
28. 0
18. 5
10.0
15.0
12.5
13.4
53.0
60.0
15.0
10.0
14.0
120.0
75.0

July 25
. July 25
July 26
Aug.
1
Aug.
1
Aug.
1
Aug.
3
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
• Aug.
Aug.
Aug.
Sept.

8
10
10
15
16
16
16
17
7

-

L-3
Forthcoming Large Offerings as of July 21 (Cont'd)

Issuer

Type

Amount
(millions
of
dollars)

Approximate date of offerin S

Other
Nippon Tel. & Tel. Pub. Corp.
Lakehead Pipeline
New Zealand

Bonds
Deb.
Bonds

15.0
30.0
15.0

IndefinitesIndefinite
Indefinite

^ / " ' i n c l u d e s ^ c o r p o r a t e a n d o t h e r issues of $15 million and over; State and local

30.0,

-w Jersey
$15.1 —

postponed indefinitely




IV

Exhibit M
Foreign Government and Corporate Security Offerings
and Placements in the United States

Part I:

Amount
(millions
of
dollars)

Sale Date

Public Offerings

Issuer and Description of Issue

A.

Sold April 1 through July 21, 1967.

4/20

25.0

Government of Mexico — 7% external sinking fund
bonds maturing 1982, reoffered to yield 7.11%.

6/1

50.0

Quebec Hydro - Electric C o m m i s s i o n — 6-1/4%
debentures maturing 1993, reoffered to yield 6.29%.

6/14

50.0

British Columbia Power & Hydro Authority -- 6-1/4%
bonds maturing 1992, reoffered to yield 6.25%.

4

6/22

40.0

City of Montreal, Canada — 6-3/8% S.F. debentures
maturing 1992, reoffered to yield 6.50%.

6/27

35.0

Province of Nova Scotia, Canada
6-1/4% S.F.
v
debentures maturing 1992, reoffered to yield 6.45%.|

7/19

30.0

MacMillan Bloedel — 6-1/2% S.F. debentures
ma turing 1992, reoffered to yield 6.50%.

Si?

7/19

25.0

Canadian Pacific Railway — 6-3/8% equipment
trust certificates maturing 1982, reoffered
to yield 6.39%.

t.
r:
|

B.
Indefinite
Indefinite
Indefinite

J

15.0
15.0
30.0

Prospective Offerings

Nippon Telegraph and Telephone Public Corp. -- Bondsf.
New Zealand -- Bonds ***
/
Lakehead Pipeline — Debentures
<?

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




[

.
'.

>!.
k
4

M-2
PART II:

Date Reported

Private Placements - Reported April 1 through July 21, 1967

Amount
(millions
of
dollars)

4/17

15.0

j

4/17

6.0

s
I

5/8

25.0

}

5/8

5.1

!
1

j

'

. •

6/23

120.0

Issuer and Description of Issue

Northern and Central Gas Company — 6% debenture:s
with warrants maturing
--no information
available on takedown.
Ralston Purina of Canada, Ltd. — 6-3/4% debenti res
maturing 1987 — no information available on 1:akedown.
British Columbia School Districts Capital Finane ing
Authority —
% (U.S.) guaranteed debentures,
maturing 1987 — no information available on 1: akedown.
Sorenco Ltd. — % secured notes maturing 1987 —
information available on takedown.

no

Trans, Canada Pipe Lines Ltd, -- 6-5/8% debenturei
maturing 1987 — $50.0 million was taken down by
Metropolitan Life Insurance Company.

1
Note; For retrospective data on aggregate foreign corporate and government seciirity
i offerings in the United States see Exhibits I and J. There is no simple re1atiimship
i between the data shown in the Exhibit and that shown in Exhibits I and J becausii the
latter includes privately placed securities in the period in which funds are ac :ually
taken down but only in the amount of takedown while the placements shown in thi j 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.