Full text of H.16 Capital Market Developments : July 29, 1968

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H. 14

JUL

DECONTROLLED AFTER SIX MONTHS

Ju^y 29, 1968.

A v 6

o-.

lj958
CAPITAL MARKETS DEVELOEMENTS
IN THE UNITED STATES

:i:iOND .

Corporate and municipal bond markets. The volume of new corporate
security offerings expected this week is relatively light with the largest
issue represented by the rights expiration of Chemical Bank New York TrUst
Company's $52 million convertible offering. New municipal issues expected
are somewhat above the average weekly volume over the past year. Dominating
the municipal market will be the Port of New York Authority's $100 million
negotiated revenue bond offering.
1/
Long-term Public Security Offerings(In millions of dollars)

CoriDorate
New Capital Refunding

Sate and local Government
New Capital | Refunding

Sold:
52 week avg.
July

19

July

26

322
r/365

1

255

1

r/416

280 :

152

150

325

—

Scheduled:
August 2

—

issues sold and scheduled for offering; corporate rights offerings
are included as of date subscription rights expire.
Yields on new and seasoned corporate bonds declined further last
week. Last week's major issue, Pacific Telephone and Telegraph Company's
Aaa-rated $165 million debenture offering, Was sold out at a reoffering
yield of 6.45 per cent. A directly comparable telephone issue one month
ago was priced to yield 6.72 per cent.
Municipal yields declined substantially last week and are now
approximately 50 basis points below their May peaks. New issues met with
a good reception as more than two-thirds of last week's issues were sold
out by the Friday close of trading.
Home mortgage interest rates and other terms. Secondary market
yields on 6.75 per cent FHA-insured new-home mortgages averaged 7.52 per cent
in June. This was the first month since April that an official yield figure
could be developed because the FHA-regulatory ceiling on such mortgages was
raised — from 6.0 per cent — during May. While discounts required by
lenders on such mortgages in June were quite high, they compared with almost




H. 14
Yields on Security Markets
High-Grade
Notes and Bonds

Change from
preceding week

Corporate
New
Seasoned

6.41
6.22

19
4

5.03
5.27

11
24

4.00
4.27

10
14

U. S. Government
Long-term
3-5 year
State and local Gov't.
Moody's Aaa
Stdi & Poor's high grade
Money Market
Federal funds
Treasury bills
3-month
6-month

6.10

-

5.24
5.36

13
14
10

Corporate Bonds Still in Syndicate
Date
Offered

Amount
(millions of $)

Issuer

Reoffering
Yield

Rating

Estimated proportion sold

Blue List of Municipal Dealers 1 Advertised Inventories
Latest Week
449 (7/23/68)




,

End of Previous Week
551

1968 High
698(7/17/68)

H. 14

8 points in April under the previous ceiling. Also, as expected, the
competitive position of such mortgages improved; vis-a-vis new Aaa corporate
bonds, for example, the yield spread in their favor widened to 86 basis
points -- the most favorable since April 1967. 4
Interest rates on conventional loans for both new and existing
homes rose 10 basis points further in June to new highs of 7.25 per cent
and 7.30 per cent, respectively, as reported by the Federal Housing Administration. The June increases compared with record 25 basis point advances
in each case durin May. While increases continued in all regions during
the May-June period in response to pressures generally prevailing in
capital markets, a large part of the advance at that time reflected
very sharp upward adjustments by lenders in line with the new usury rate
ceiling changes inaugurated in several states concentrated mainly in
the Middle Atlantic and Northeast regions.
According to Federal Home Loan Bank data — which tend to lag
the FHA series — interest rates for conventional first mortgages on new
homes were up even more sharply in June than in May. On an effective
rate basis, the increase in June for such loans amounted to 19 basis points,
to a level of 7.03 per cent; those for existing home loans showed nearly
the same increase as in May, to 7.12 per cent. Related maturities lengthened
somewhat to 25.4 years and 22.6 years, respectively. At the same time,
loan-to-price ratios for new homes (in decline since February) turned upward
to 74.4 per cent, but those for loans on existing homes were unchanged, at
73.1 per cent. With average purchase prices holding at about their already
advanced levels, corresponding implied downpayments in June averaged $7.8
thousand and $6.8 thousand — at or not far below recent highs.
Stock Market. Common stock prices declined last week in active
trading. Standard & Poor's composite index of 500 stocks closed the week
at 98.34 a drop of 2.12 points from the week earlier. Trading volume
averaged 14.7 million shares a day.
More detailed information concerining 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

C O R P O R A T E Aaa
Moody s

U.S. G O V E R N M E N T
Long-term

r

S T A T E A N D L O C A L G O V E R N M E N T Aaa
' Moodyi

1963




1964

1965

.

1966

1967

1968

Exhibit A -- Jfaru n

Corporate
Aaa 1 /

Date

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

| 4.61(1/29/60)
i 5.52(9/9)
|
4.73(1/7)
6.24(12/29)
5.00(2/10)

28
5
12
19
26 £ /

6.27
6.27
6.27
6.26
6.22

State and
U.S. Govt. |
local
long-term 2/i government
Aaa 3/
(per cent)
4.42(1/8/60)
4.87(9/2)
4.42(1/7)
5.49(11/17)
4.37(2/3)

3.65(9/24/59)
4.04(8/25)
3.39(1/13)
4.15(12/28)
3.25(2/9)

5.15
5.12
5.10
5.14
5.03

4.18
4.18
4.18
4.10
4.00

Spread between
U.S. Govt, and .
State and
Corporate
local Aaa
Aaa
.59(8/5/60)
.84(12/30)
.14(2/18)
.92
.44
1.12
1.15
1.17
1.12
1.19

.92(4/22/60)
1.19(2/11)
.77(9/2)
1.51
.74
.97
.94
.92
1.04
1.03

2/ Preliminary.
1/ Weekly average of daily figures.. Average term of, bonds included is LL-LU, years.
2/ Weekly average of daily figures. The series includes bonds due or callable in 10
years or more.
. -.
3/ Thursday figures. Only general obligation bonds are included; average term is 20
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 narrowestc




EXHIBIT B , . P o r l 1

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

C O R P O R A T E Baa

STATE A N D LOCAL G O V E R N M E N T Baa

1963



1964

1965

1966

1967

1968

Exhibit B -- Part I I

State and
local govt.
Baa 3/

Corporate
Baa 1/

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

Note:
£/

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

28
5

7.04
7.04
1.2
7.03
19
6.99
26£Z_ JS.95

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
i 81
.31
.82
.63

1.08

4.96
4.96
4.?6
4.90
4.80

.77
.77
.76
.73
.73

.78
.78
.78

For footnotes see Exhibit A.

Preliminary.




Spread between
Aaa and Baa
State and
Corporate
local govt.

-7-

.39

.62
.31

.81

.37

.80
.80

EXHIBIT

SHORT-

C, Port 1

A N D I N T E R M E D I A T E - T E R M INTEREST RATES

GOVERNMENT
Weekly

6 - M O N T H BILLS
Market Y i e l d i

3-5 YEAR ISSUES

F.R. DISCOUNT R A T E
New York

3 - M O N T H BILLS
Market Y i e l d i

1963



1964

1965

1966

1967

1968

Exhibit C —

Discount
rate
1/

1959-60 - High
Year end - 1965
1966
1966 - High
Low
1967 - High
Low
1968

June
July

4.00
4.50
4.50
4.50
4.50
4.50
4.00

28
5
12
19
26 £ /

1/ Meekly rate s i n

5.50
5.50
5.50
5.50
5.50

3-month
bills V

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)
5.30
5.35
5.37
5.38
5.24

Part II

Yields
6-month
bills U
(per cent)

|
1

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)

3-5 year
issues U

Spread between yields on
3-mo. bills and yields o n
6-mo. billx]3-5 vr. 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)
5.67
5.58
5.51
5.51
5.27

5.51
5.43
5.43
5.46
5.36

Preliminary.




1.81

.52
.09

.78

.43

.06

.12
.62
.01

•

.01

1.61

.21

.08
.06

.08

.12

is that in ettect at end of period at the Federal Reserve „an K

2/ Market'yield; weekly averages computed from daily closing bid prices.

£/

.79
.19

Series of 3-5

.02
.37
.23
.14
.13
.03

EXHIBIT

D. 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,
B A N K S A N D OTHER P R I V A T E BORROWERS
Weekly

PRIME RATE
FINANCE C O M P A N Y PAPER
Directly

placed

.

F.R. DISCOUNT RATE

FEDERAL FUNDS

1963



1964

1965

1966

1967

Exhibit D —

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 - High
Year end- 1964
1965
1966
1966 - Low
1967 - High
Low
1968 - June
July

5.00
4.50
5.00
6.00
5.00(3/4)
6.00(12/29)
5.50(12/1)

6.50
28
6.50
5
6.50
12
6.50 ^ „„
19
26£ ' 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)
4.00
4.63
5.63
3.55(1/21)
5.25(1/6)
3.40(10/27)
5.90
5.78
6.03
6.23
6.10

6.00
6.00
6.00
6.00
5.88

1.02
.23
.28
1.08
.20
1.33
.21
.70
.65
.63
.62
.64

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
and
low
to
narrowest.
different series. For spreads, high refers to widest,
=
p/

Preliminary.




-10-

EXHIBIT

E, Port

1

STOCK M A R K E T
Billiom

of

1941-43

dollars

a v e r o g e = 10

100

PRICES

STOCK M A R K E T CREDIT

60
C H A N G E II [SERIES
Millions

VOLUME

YIELDS

1963



1964

1965

1966

1967

1968

of

shares

Exhibit E -- Part II

Date

1961-62 - High
Low
1966 - High
Low
1967 - High
Low

Stock price
index 1/

Common
stock
yields 2/
(per cent)

Trading
Stock market customer credit
volume 3r/
Customers'
Bank
(millions
Total
debit bal- loans to
of shares)
ances 4/
"others"5/
(In millions of dollars)

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)

2.82
3.96
3.01
3.97
3.01
3.58

10.1
2.4
10.7
5.0
12.3
6.9

97.87
100.53

3.08
3.00

13.4
15.1

10,588
r/11,101

1968 - July 12 102.34
19 100.46
26^j 98.34

2.94
3.00
3.06

17.1
14.7
13.7

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

May
June

5,602(12/61)
4,424(1/61)
7,997
7,302
10,347(12/67)
7,345(1/6)

4,259(12/61)
3,253(1/61)
5,835
5,169
7,883(12/67)
5,290(1/67)
8,231
r/8,691
n. a.
n. a.
n.a.

1,418(5/9/62)
1,161(3/8/61)
2,241(7/6)
2,097(12/14)
2,057(11/1)
2,055(1/25)

2,357
r/2,410
r/2,411
n. a.
n.a.

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
bf 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.




EXHIBIT F. Port I

MORTGAGE A N D B O N D YIELDS

V

I H O M E MORTGAGES:

I Aaa CORPORATE BONDS:

.

1959

1960

^ 1 9 6 1




"

1962

*

1963

_____

1964

-_

1965

! 1J11LUJ

1966

1967

1968

\

Exhibit F

Conventional
mort25-year 30-year gages 3/
FHA
mortgages

1957
1958
1959-60
1961-66
1966
1967

1968

1/

y.

3/

4/

1/

-

High
Low
High
Low
High
High
Low

Feb.
Mar.
Apr.
May
June

5.63
5.35
6.24
5.43
6.73

1/

6.00
5.44

6.81
6.81
6.29

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

6.78
6.83
6.94
7.52

5.55
6.30
5.80
6.70
6.65
6.40
6.75

6.80

6.90
7.15
7.25

Part II

Spread between yields
on coriv. &
FHA mort-^y
gages
~

Spread between
yields on new corporate bonds and
6/
Seasoned- FHA mtgs. Seasoned
4/
bonds

Aaa Corporate
Bonds

^z

Ne1

.47
.15
.23
.25
.30
.11
.12

4.94
3.65
5.25
4.12
5.82
6.53
5.20

4.12
3.57
4.61
4.19
5.49
6.07
5.03

1.58
.88
1.69
.77
1.11
1.26
.24

1.03
.05
.73

.03
.03
.04

6.29
6.56
6.52
6.66
6.66

6.10
6.11
6.21
6.27
6.28

.49
.27
.42

.19
.45
.31
.39
.38

.27

Neither mortgage nor bond y i e l d s ^ k e Into account servicing costs
"onds.

--

.86

-.16
.46
.46
.17

are mucK

SSilP
SlliiSgssSf'
m - r t g a g f y l e i r ^ t a are for 25-year mortgages through June 1961; 30-year mortgages thereafter.
Moody^^Investor'service o




Monthly averages of daily data^

-13

See Exhibit A.

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

..

6.5

Adjusted to

Aoo

Boi

N E W ISSUES

6.0

5.5

5.0
S E A S O N E D Aaa

4.5

4.0
1964



1965

1966

1967

1968

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

Number
of
Monthly averages;
1968 - Jan.
Feb..
Mar.
Apr.
May
June

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

7
14

50.0

28

100.0
122.0

5
12
19
26jg|/

300.0
75.0
165.0

21

July

600.0

6.66
6.61
6.67
6.78

6.56

6.60
6.41

Weekly averages;
High
6.83(5/24/68)
Low
,6t18(1/12/68)
elds on all new issues of publicly offered corporate bonds rated Aaa,
Note; Averages of offering yields
' 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 o£ 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.
E./ Preliminary.




Exhibit H
Long-term Corporate and State and Local Government
Security Offerings and Placements
(In millions of dollars)
New Capital
1968p/

Corporate
1967

T96g"

State and local W
1966
19680/
1967

1,706
1,568
1,740

1,648
1,399
2,317

1,302
1,237
2,446

1,134
1,134
1,357

1,482
1,196
1,438

1,188
858
865

April
May
June

1,413
2/1,840 '
e/2,375

1,973
1,474
2,611

1,553
1,058
2,364

. 1,273
e/1,104
e/1,325

1,111
1,229
1,497

1,193
901
1,141

July
AugustSeptember

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
1,467
2,336

829
1,085
1,635

974
1,400
1,182

755
969
940

January
February
March

October
November
December
Quarter
Quarter
Quarter
Quarter

2/5,014
e/5,628 /

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

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

3,625
e/3,702

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

1st half
Three quarters
Year '

e/10,642 '

11,421
18,007
24,098

9,959
14,050
17,601

e/7,327

7,956
11,087
14,643

1st
2nd
3rd
4th

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

Quarter
Quarter
Quarter
Quarter

4,943

Year
Estimated by Federal Reserve.
Preliminary, r / Revised.




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

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

23,115

17,269

.

2,911
3,235
2,494
2,664
6,146
8,640
11,304

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

Quarter
or
Month

Total

Gross proceeds for new capital
• and funding
Common Memo:
Bonus
Foreign
Publicly Privately and
pfd. issues
Offered Placed •
stock included
60
390
1,811
3,263
65
726
1,465
4,017
234
678
1,551
4,604
93
1,051
2,137
3,107
313

1,854 1,394

411

1,356

158
330
214
250
214
469
304

32
17
213
13

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

322
226
441
269
269
450

16
61
236
30
89
. n.a.

417
546
431
178
547
375

186
147
78
189
103
225

5,178

2,465

1,724

989

1967 - May
June
July
Aug.
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

1,771
.1,607
1,800
1,453
1,852
2,500

903
796
766
719
1,046
1,350

SOURCE:

278

Securities and Exchange Commission.




1,382

1,976
2,040

1968 - I

546
585
593
465
537
700

Other
Public CommuniUtility cations Issuers
543
548
595
269

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

Jan.
Feb.
Mar.
Apr. E /
May £ /
June e/

Mfg.

2/

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

1967 - I
II
III
IV

1968

Net proceeds
for new capital 1/

-18-

8

34
19
30

537
556
761
364
565

1,000

1,228

566
321
"469
681
624
775

Exhibit J
Other Security Offerings
(In millions of dollars)

Gross Long-term 1/
Foreign Government 2/
Federal Agency 3/
1966
1967
1968
1968
1967
January
February
March
April
May
. June
July
August
September
October
November
December
Jan." - May g/

103
49
r/107
75 E./
142 2/

476

Year

196
——

223
27
13
170
22
586
193
66
142
18
459
1,656

!
3,888

State and local Government 5/
179
103
300
387
39
89
-594
-319
-604
827
580
3 2/
462
515
490 £/
-378 £/
-187
-334
-103
io
-270
593
• -161
32
-48
414
503
49
-570
-514
531
-100
1,127
531
1.127

.

1,251
783
750
650
810
650
407
250
599
708
710
612
4,244

503
410
392
699
1,030
1,084
799
400
450
800
239
2,004

8,180

6,806

1

Year

—

1

.Jan. - June.

__

999
! 550
1,370
225
744

597
i

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

i

12
40
40
66
69
76
72
7
50/
23
74
68
227

1966

490
436
-593
681
121&/

Federal Agency 3/
-179
308
-552
-24
-454
450
-559
718
109
85
93
284
-158
-590
-262
-270
1,407
-652
606
-555
573
-283
36
. 219
-1,542
1,821
660

^

310

jV Preliminary, e/ Estimated by Federal Reserve, n.a.--Not available. \J These data K
differ from 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/ Includes securities offered in the U.S. by foreign governments and their political
subdividions and international organizations. Source: Securities and Exchange Commission.
3/ Issues not guaranteed by U.S. government. Source; Long-term, Securities and Exchange
Commission; short-term, Treasury Dept. & Fed. 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 maturity of one year or less. 5/ Principally tax and bond anticipation notes,
warrants, or certificates and Public -Housing Auth. notes. In some instances PHA notes
included mav have a somewhat longer maturity than 1 year. Source: Bond Buyer & Federal
Reserve.
~19~ .




H. 14
Exhibit K
Large Long-term Public Security Iaaues for New Capital
(Other than U. S. Treaaury) 1/
Proceeda of Large Iaauea Offered
(In aillione of dollara)

Total

1967 - June
July
, Aug.
Sept.
Oct.
Nov.
Dec.
1968 - Jan.
Feb.
Mar.
Apr.
May
June

Cornoriite
Bonda
Convertible
(other than
bonda
convertiblea)
1,072
890
1,288
473
897
461
460
652
575
415
500
656
1,161

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

v

Stocke

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

State
and
local
governmenta

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 26, 1968.

laauer

Type 2/

Amount
(milliona
of
dollars)

Maturity

Coupon
ra te or
net interest coat

Offering
yield

Rating

Corporate
Levin-Towns end Computer
Corporation
Whittaker Corporation
Nytronics
Baltimore Gas & Electric
Commonwealth Edison Co.
Standard Q U of Mew Jersey
Houston Lighting & Power
Company
General American Transportation Corporation
General Mills Inc.
*American Broadcasting Co.
New England Power Company
J.C. Penney Company
Metro-Goldwyn Mayer, Inc.
Lone Star Cement Company
Public Serrice Co. of Colo,

4/
20.0
S.F. debs.—
60.0
Conv. debs.
Conv. sub.' debs. 25:0
Conv. pfd. s t K ' 30.0
50.0
1st mtg. bds.
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

1993
1998
1993
1993
1993
1998

5.00
7-1/8
4-1/4
5.00
5-1/8
6-/34

5.00
6.96
4.25
5.00
5.125
6.67

Ba
Aa
A
Ba
Baa
Aa

-—

--

25.0

Equip, tr. cert. 50.0
43.3
Com. stk.
Conv. sub. debs. 50.0
20.0
1st mtg. bds.
Conv. sub. debs. 125.0
Conv. sub. debs. 35.0
Conv. sub. debs. 30.0
25.0
1st mtg. bds.




1979
1988
1.983

-20-

K-2
Large Individual Issues Offered July 1 through July 26, 1968. (Cont'd)

Issuer

Type

3/

Amount
(millions
of
dollars)

Maturity

Coupon
rate or
net interest cost

OfferRating
ing
yield

Corporate (Cont'd)
Pacific Lighting Service &
, Supply Company
Pacific Telephone & Telegraph
Company
General Telephone of Ohio
Apco Oil Company
Restaurant Associates Industries, Inc.

S.F. debs.

30.0

1988

7.00

6.82

A

6.45
7.00
5.00

Aaa
Baa

4.88

Debs.
Debs.
Conv. debs.

165.0
15.0
20.0

2003
1993
1988

6-1/2
7.00
5.00

Conv. debs.

15.0

1993

4-7/8

G.O.
State of New York
Dade County Port Auth., Fla. Rev.-Q.-Ut.
Los Angeles, California
G.O.
Unified School Dist.,
G.O.
Passaic Co., New Jersey
G.O.
State of California
Ontario (Calif.) Motor SpeedRev. -Rent.
way Corporation
Rev. -Rent.
Iberville Parish, Louisiana
G.O.
New York City
Pennsylvania State Highway
Rev.-Q.-Ut.
and Bridge Authority
G.O. ~
State of Maryland
Nashville and Davidson County,
Rev.-Ut.
Tennessee
Rev.-Ut;
Atlanta, Georgia
Los Angeles Dept. of Airports Rev.-Rent.

78.0
50.5

1969-1998
2007

4.27
5.54

3..50-4.,50
5.50

Aa
Baa

30.0
13.7
100.0

1969-1993
1969-2008
1978-2018

4.42
n.a.
4.77

3.,65-4.,50
3.,60-4.,90
4.,50-4.,85

Aa
Aa
Aa

25.5
20.0
106.9

1998
1971-78
1970-99

7-1/2
5.63
4.756

5.63
3..75-5.,00

Baa-!

100.0
44.5

1970-91
1971-83

4.34
3.949

3,,70-4. 75
3,.60-4.,00

Aa
Aaa

12.0
12.0
35.0

1971-98
1970-99
1968-97

4.579
4.434
5.020

3,.60-4.,70
3.45-4.60
3..40-5.,10

Aa
A-1
Baa

1998
1978
1988

7-1/8
6-1/8
6.20

7.19
6.13
6.20

Aa

1993

7-1/4

7.20

A

—

State & local Government

——

--

Other
Province of Ontario
F.N.M.A.
F.N.M.A.
Husky Oil Canada Ltd.
Province of Nova Scotia

Debs.
Part. Certs.
Part. Certs.
Com. stk.
S.F. debs.

75.0
,300.0
500.0
20.0
25.0

—
—

= Kigncs oriering.
1/ Includes corporate and other security offerings of $15 million and over; State and local
security offerings of $10 million and over.
2/ Includes foreign government and International Bank for Reconstruction and Development
~~
issues and non-guaranteed issues by Federal Agencies.
3/ In the case of State and local Government Securities, G.O. denotes general obligation;
"
Rev.-Ut., revenue obligation secured only by income from public utilities; Rev.-S.T.,
fctivenue bonds secured by revenue from specific taxes only; Rev.-Rent., revenue bonds
secured solely by lease payments.
4/ These debentures were sold with warrants; the debentures were priced at $1,000, the
warrants at $75.




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
(Iri millions of dollars)

During month following
date shown
State and
Corporate
Other 2/
local govt.
1967 - May 31
June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
1968 - Jan. 31
Feb. 29
Mar. 31
Apr. 30
May 31
June 30

100
40

596
401
512
783
768
505
865
633
449
683
494
695
485
597

1,449
1,636
1,261
694
534
1,357
i
826
968
531
873
758
1,103
1,193
1,068

--

100
65
50
845
402
60
130
15
45
500
75

Corporate
.

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

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

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

Forthcoming Large Offerings as of July 26, 1968.

Issuer

Type

Amount
(millions
of
dollars)

Approximate date of
offering

Corporate
American Export Industries, Inc.
Chemical Bank New York Trust Co.
McDonald's Corporation
Packaging Corp. i
of America
Beneficial Finance
*Boothe Computer Corporation
Allegheny Beverage Corporation
National Fuel Gas Company
LTV Aerospace Corporation
Okonite Company
General Public Utilities Corp.
Computer Applications, Inc.
Syle Laboratories
*Texas Eastern Transmission Corp.
Wisconsin Telephone Co.
Long Island Lighting Company
Beech Aircraft Corporation
Ashland Oil & Refining Company
Commonwealth United Corporation
Piedmont
Aviation




Conv. sub. debs.
Conv.. cap. notes
Conv. debs.
Debs.
Debs.
Conv. sub. debs.
Conv. sub. debs.
S.F. debs.
Debs. w/wts.
Debs. w/wts.
Com. stk.
Conv. debs.
Conv. sub. debs.
G.O.
Debs.
Debs.
Conv. debs.
Conv. d # s .
Conv. debs.
Conv. debs. -22-

50.0
52.0
20.0
25.0
25.0
18.0
20.0
15.0
50.0
25.0
25.5
15.0
15.0
50.0
50.0
30.0
30.0
60.0
15.0
15.0

t

July 29
July 29 (rts . exp.)
July 30
July
July
Aug.
1
Aug.
5
6
Aug.
6
Aug.
Aug.
8
Aug.
9 (rts. exp.)
Aug. 12
Aug. 12
Aug. 12
Aug. 13
Aug. 13
August
August
Indefinite
Indefinite

L-2

Forthcoming Large Offerings as of July 26. (Cont'd)

Issuer-

Type

Amount
(millions
of
dollars)

Approximate date of
offering

State & local Government
*State of Oklahoma „
State of Oklahoma
*New York State Housing Finance
Agency
Boston, Massachusetts
*Monroe County, New York
East Baton Rouge Parish, La.
Florida State Bd. of Education
^Hillsborough Aviation Ai*th.,
Tampa, Florida
State of Minnesota
*New York State Dormitory Authority
estate of Oklahoma
Philadelphia, Pennsylvania
*Brq'war<j County Sch. Dist., Fla.
*Los.Angeles Dept. of Wtr. & Pwr.
Cook Co., Thornton Twp. H.S.D.
#205, Illinois ;
Maryland State Roads Comm.
Housing Assistance Administration
Colleges of the State of Texas
State of Mew York
"
Consumers Public Pwr. Dist., Neb.
Ardmore Development Authority
Kentucky Turnpike Auth.

G.O.
G.O.

16.5
16.0

July
July

29
29

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

74.0
12.2
21.3
30.4
29.2

July
July
July
July
July

30
30
30
31
31

Rev.-Rent.
G.O.
Bonds
G.O.
G.O.
Debs.
Debs.

41.0
20.3
13.3
35.0
29.2
20.0
24.0

Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.

1
6
6
13
13
13
14

G.O.
Rev. -Rent.
Bonds.
Rev.-Rent.
Rev.-Rent.
Rev.-Rent.
Rev.-Rent.
Rev.-Q.-Ut.

10.0
18.5
129.0
14.7
81.0
250.0
75.0
210.0

Aug. 14
Aug. 14
Aug. 14
Aug. 19
Aug. 19
August
Indefinite
Indefinite

15.0

Indefinite

Other
Canadian Utilities, Ltd.

i
S.F. debs, w/wts.

* -- 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 Debelopment
issues and non-guaranted issues of Federal Agencies.




-23-

Exhibit M

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

Sale Date

Amount
(millions
of
dollars)

Public Offerings

Issuer and Description of Issue

A.

Sold:

May 1 through July 26, 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

May

28

100.0

July

10

75.0

8%.

Canada, Government of, 6-7/8% bonds maturing 1988,
reoffered to yield 6.90%.

July

23

20.1

Province of Ontario, 7-1/8% debentures maturing 1998,
reoffered to yield 7.19%.
Husky Oil Canada Ltd.

July

25

25.0

Province of Nova Scotia -- debentures.

B.
Indefinite

15.0

Prospective Offerings
Canadian Utilities, Ltd., —

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




-24-

S.F. debs, with warrants.

M-2
PART II:

Date Reported

"

6/68

Private Placements —

Amount
(millions
of
dollars)

Reported May 1 through July 26, 1968.

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, L t d . —
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 taken
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.