Full text of H.16 Capital Market Developments : July 3, 1967

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Not for Publication

SIX tOTTHS

J u l y 3 ; lg67.

H. 14
L

CAPITAL M A R K E D DEVELOPMENTS
IN THE UNITED STATES

Corporate and municipal bond markets. The volume of new
corporate and municipal bonds expected during this holiday-shortened
week will be considerably below the average weekly volume over the past
year. The largest corporate offering will be $75 million of debentures
by American Can Company. No municipal offerings will be for as much
as $25 million.
1/
Long-term Public Security Offerings (In millions of dollars)

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

251

June 23
June 30

390.
612

—

228

6

280
412

Scheduled:
July
1/

7

159

78

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

Yields on new and seasoned corporate bonds again advanced last
week and new issues were well received at these higher yield levels.
Even the new utility offerings sold out before the week's end. Illinois
Bell Telephone's $12^ million offering, carrying a yield higher than
any AT&T group offering in the last 45 years, sold out in one day. Price
restrictions, however, were terminated on two previously offered issues
and in free market trading, yields on these issues advanced 7 to 15
basis points.
Yields on municipals also advanced last week, but the large
supply of new issues did not sell readily. The Blue List of advertised
inventories rose also.




H.14
-2-

Yields in Security Markets
t o-.ro 1 latest Week
Change from
preceding week

High-Grade
Notes and Bonds
Corporate

+14

5.93
5.56

New Seasoned

+11

TT.S. Government
+2
+11

4.95
5.19

Long-term
3-5 year
State and local Govt.
Moody's Aaa
Std. & Poor's high grade

+2

3.85
4.09

+10

Money Market

+27
+25

3.74
4,17
mrpnrate

Date
Offered

-7

3.93

Federal funds
Treasury bills
3-month
6-month

Amount
(Millions of $)

Still In Syndicate
Ponffpr
Reoffering
Yield
Issuer

Rating.

Estimated proportion sold

Aa

90%

6/27

100.0

American Tobacco,
5-7/8 - 1992

5.95

6/20

100.0

Corn Products,
5-3/4'S - 1992

5.79

95%

6/8

50.0

Textron,
5-7/8's - 1992

5.95

75%

6/1

15.0

Wickes Corporation,
6's - 1992

6.08

85%

5/9

51.0

Flying Tiger,
6.60's - 1980

6.60

90%

Baa

*T,.. T.i At of w n - ^ n a l Dealers' Advertise Inventories
Week

Fnd of Previous Week
5 9 5

623




^cent
849

Hlfi

"

( 4 / 2 6 / 6 7 )

H. 14

FNMA secondary market operations. Secondary market operations
of the Federal,National Mortgage Association in May and the first
three weeks of June reflected the recent turnaround in the home
mortgage market. Mortgages offered to FNMA in May for purchase for
its secondary market portfolio advanced to nearly $79 million. This
was more than four times the still-declining April total, and the
largest amount for any month since last December. With FNMA keeping
its prices on secondary market purchases unchanged, weekly offerings
reached $58 million in the third week in June, the highest in more
than a year.
Stock prices. Common stock prices declined
on the average, was moderate last week. By the close
Standard & Poor's index of 500 stocks stood at 90.64,
the previous week. Trading volume averaged 9 million

in trading which,
Friday, the
down 1.36 from
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

C O R P O R A T E All

U.S. G O V E R N M E N T

,'Y/
STATE A N D L O C A L G O V E R N M E N T All

1963



1964

1965

1967

Exhibit A -- ParL II

Date

1959-60 - High
1966 - High
- Low
1.967 - .High
- Low
June

4.61(1/29/60)
5.52(9/9)
4.73(1/7)
5.56(6/30)
5.00(2/10)
5.36
5.38
5.39
5.45
5.56

2

June

9
16
23
30 £ /

4.42(1/8/60)
4.87(9/2)
4.42(1/7)




s

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

3.65(9/24/59)
4.04(8/25)
3.39(1/13)

.92(4/22/60)
1.19(2/11)
.77(9/2)

1.16

4.95(6/30)
4.37(2/3)

3.85(6/29)
3.25(2/9)

.92
.44

4.74
4.76
4.86
4.93
4.95

3.78
3.76
3.78
3.83
3.85

.62

£/ Preliminary*
1/ Weekly average of daily figures.
2/ Weekly average of daily figures.
3/ Thursday figures.

Spread between
U.S. Govt, and
State and
Corporate
local Aaa
Aaa

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

| Corporate
| Aaa 1/

.74
.96

1.00

.61

1.08
1.10
1.10

.53
.52

.61

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

s

s

n

z

/

z

z

.

.

\

EXHIBIT B, Port 1

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

1963



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

•Moody's —

;

_/

1965

1966

1967

1968

Exhibit B —

State and
local govt.
Baa 3/

Corporate
Baa 1 /

Date

Part II

^per cent)
1959-60 - High
Year end- 1965
1966 - High
Low
1967 - High
Low
June

Note:

2
9
16
23
302/

5.36(2/12/60)
5.04
6.18(12/30)
5.05(1/14)
6.21(6/30)
5.81(4/14)

4.46(1/7/60)
3.79
4.55(8/25)
3.78(1/20)
4.45(6/29)
3.85(4/13)

.84
.31
.81
.31
.82
.69

1.08

6.07
6.11
6.13
6.18
6.21

4.27
4.27
4.27
4.30
4.45

.71
.73
.74
.73
.65

.49
.51
.49
.47

For footnotes see Exhibit A.




Spread between
Aaa and Baa
State and
Corporate
local govt.

.39

.62

.31
.65
.37

.60

EXHIBIT

C, 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
GOVERNMENT
Weekly

6-MONTH BILLS

3-5 YEAR ISSUES

F.R. DISCOUNT R A T E
3 - M O N T H BILLS

1963



1964

1965

1967

1968

Exhibit C -- P»rt II

Discount
rate
_A/

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

2
9
16
23
30 £ /

4.00
4.50
4.50
4.50
4.50
4.50
4.00

4.00
4.00

4.00
4.00

4.00

3-month
bills ! !

4.59(1/8/60)
4.47
4.80
5.52(9/23)
4.39(6/24)
4.81(1/13)
3.41(6/9)
3.43
3.41
3.57
3.47
3.74

Yields
6-month
bills lJ
(per cent)
5.07(1/8/60)
4.66
4.92
5.92(9/23)
4.53(6/24)
4.88(1/6)
3.74(6/2)
3.74
3.77
3.85
3.82
4.17

3-5 year
issues U

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

5.00(12/24/59)
4.90
4.86
5.83(9/2)
4,80(4/8)
5.08(6/23)
4.36(4/7)
4.66
4.74
4.96
5.08
5.19

1.81
.43
.06
.78
.01

.79
.19
.12
.52
.09
.36
.01

1.61
.02

.31
.36
.28
.35
.43

1.23
1.33
1.39
1.61
1.45

1/ Weekly rate shown Is that in effect at end of period at the Federal Reserve Bank of
2/ Markec'yleId; weekly averages computed from daily closing bid prices.




Series of 3-5

EXHIBIT

D, P . H

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 B O R R O W E R *

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




ploced

F.R. DISCOUNT RATE

FEDERAL FUNDS

1964

1965

IMS

Exhibit D

Prime rate 1/

Date

Part II

Finance
company
-paper 2j

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

(per cent)
1959-60 - High
Year end- 19b4
1965
1966
1966 - Low
1967 - High
Low
June

2
9
16
23
30£/

5.00
4.50
5.00
6.00
5.00(3/4)
6.00(1/6)
5.50(6/23)

5.13'l/22/( 0)
4.06
4.75
5.88
4.75(1/7)
5.75(1/6)
4.38(6/23)

4.u0(5/13/60)
4.00
4.63
5.63
3.55(1/21)
5.25(1/6)
3.75(5/12)

5.50
5.50
5.50
5.50
5.50

4.38
4.38
4.38
4.38
4.50

3.97
3.90
4.03
4.00
3.93

1.0/
.23
.28
1.08
.20
.97
.52
.95
.97

.81
.91
.76

1/ Weekly rate shown is Lh.it i. effect at end of period. Prime rate is ilia'
chrrged 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.




EXHIBIT

E, Port 1

STOCK MARKET
'•illiem

of

1941-43 everoge= 10

dollars

110

PRICES

II

8

STOCK M A R K E T P R E G H

6

* C H A N G E IN SERIES
4




Million!

T

~~

VOLUME

YIELDS

1964

1966

1965

/

1967

1968

of l h a r t i

n

I*

Exhibit E —

Stock price
index 1/

1961-62 - High
Low 1966 - High
Low
1967 - High
Low
Apr.
May
June

16
23
30 £ /

Common
stock
yields 2/
(per cent)

Part II

Stock market customer credit
Trading
Bank
Customers1
volume 3/
debit bal- loans to
Total
(millions
"others"5/
ances 4/
of shares)
(In millions of dollars)

72.04(12/8/61)
52.68(6/22/62)
93. 7 7(2/i n
73.20(10/7)
94.44(5/5)

82.18(1/6)

2.82
3.96
3.01
3.97
3.10
3.38

10. 1
2.4
10.7
5.0
11 3
6.9

90.96
92.59
92.54
92.00
90.64

3.22
3.16
3.16
3.18
3.22

9.4
9.9

11.0
9.5
9.0

5,602(12/61)
4,424(1/61)
7,997
7,302
8,085
7,345
7,969
8,085
n.a.
n.a.
n.a.

4,259(12/61)
3,253(1/61)
5,835
5,169
5,926
5,290
5,819
5,926
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)
2,150
2,159
2,187
n. a.
n. a.

n.a. Not Available. £/ Preliminary.
1/ Standard and Poor's composite index of 500 common stocks, weekly closing pi ices, 1941-43-10.
~ Monthly data art- averages
daily r igurus rather than of Friday's only. Highs and lows are
for Friday's dr.t.a only.
2/ Standard m d Poor's composite st^:l. 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.




FEDERAL N A T I O N A L M O R T G A G E A S S O C I A T I O N ^
SECONDARY
Monthly -

MARKET

OPERATIONS
Million: of dollar:

400

300

200

OFFERINGS

SALES

i

100
\l X
7 / PURCHASES

I960

1961




1962

1963

1964

1965

1966

ISExhibit F - Port I f
Estimated offerings i
to FNMA
Standby
Immediate
purchase
commitment

Datr

To L A I

Purchases
by
FNMA

Sales
by
FNMA

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

192.2
144.2
122.6
150.7
140.4
167.5
163.6
. 121.5
67.9
24.4
26.9
17.8
78.7

191.1
141.7
121.0
148.7
138.5
164.2
161.0
120.1
67.3
24.2
26.7
17.7
78.5

1.1
2.6
1.6
2.0
1.9
3.3
2.6
1.4
.6
.2
.2
. 1

.2

167.3
131.6
213.2
112.5
95.5
107.2
132.0
130.5
125.0
84.2
50.9
20.6
17.8

ww

#*«*
^ w
ww
WW
WW

.2
: WW

.9
.8
1.5

* — L e s s than $50,000.
JL/ 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.




XHIBIT

G, Fcil

1

YIELDS O N N E W A N D SEASONED CORPORATE B O N D S




6.5

Adjusted to

Aoa

Bo

N E W ISSUES

6.0

5.5

if

5 0

ill; / : : a c s

4.5

1967

i i i i i' i i i .i i i 1 4.0
1968

i\

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

Number
of

Number |Am't. of issues Average
yield
ofincluded (mill.
(per cent)
issues I of dollars)

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

Monthly averages:
1967 - Jan.
Feb.
Mar.
Apr.
May

6
7

20
20
15

496.0
481.0
1073.0
916.0
570.0

5.38
5.20
5.31
5.39

5.66

May

70.0

5.58

6

77.0
305.0
51.0
294.0

7
5
2

255.0
225.0

5.70
5.71
5.73
5.71
5.74
5.79
5.93

3
3
3

6

June

3

118.0

168.0

5.61

Weekly averages:
5.79(0/23)
High
5.11(2/10)
Low
Ngte: Averages of'ofiering yields on all new issues oi publicly offer< <1 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.




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

j anuary
February
March

June
July
August
September

1,461
c/1,176
r/1,426

1,237

SJ1»952
e/1,600
e/2,400

1,058

1,691

1,082
1,147
a/1,250
/I,000

1,039
1,670
1.382

/2,000

st-ate and local

1,020
1,021

October
November
1st
2nd
3rd
4th

Quarter"
Quarter
Quarter
Quarter

1st half
Three quarters
Year

2,738 - jr/4,0.62
4,789 b/3,479
3,533
3,745

5.363
e/5,952

e/11,315

9,959
17,601

7,527
11,060
14,805

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

Quarter
Quarter
Quarter
Quarter

5,207

Year
Estimated by Federal Reserve.




4,924
4,884
3,969

2,547
4,348
3,283
3,188

17,269

13,366

bZ7,541

6,145
8,640
11,303

5,302
7,902
10,471

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

Quarter
or
• Month

Total

Gross proceeds for new capital
and refunding 1/
Common Memo:
Publicly Privately and
Foreign
Offered Placed
pfd. issues
stock included

Net proceeds
2/
Mfg.

Other
Public CommuniUtility cations Issuers

2,083
1,627
1,247

1,090
314
375

168
154
117

2,205
1,558
1,232

960
657
984

392
567
417

1,418
1,309
918

1,811

390

60

2,442

997

543

1,382

628
481
832
440
1,140
676
499
569
980

743
556
784
535
435
657
256
435
555

210

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

745
900
1,618
1,368
955

848
362

35
10
15

624
563
1,254
1,123
625

220
274
503
395
400

293
105
145
107
60

511
456
415
327
515

1966 - II
III
IV

5,115
4,197
3,669

1,941
2,256
2,047

1967 - I
II

5,464 . 3,263

1966 - Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

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

1967 - Jan.
Feb.
Mar.
Apr.j>/
May ej
June

1,684
1,418
2,362
1,994
1,655

601
393

600

69
811
110
137
67
137
111
127
91
156
143
231
100

11

£/ Preliminary, e/ Estimated by Federal Reserve.
1/ Gross proceeds"~exceed net proceeds by the cost of flotation.
"if 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.




Exhibit J
Other Security Offerings
(In millions of dollars)

196 7
January
February
MarchApril
May
June
July
August
September.
October
November
December
Jan.

Apr.

196
—

223
26

445

Year

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

Gross Long-term 1/
Foreign Government 2/
Federal Agency 3/
1966
1965
1966
1967
1965
12
40
40
66
69
76
72
7
50
23
74
68

218
38
73

1,251
783
750
650

——

91
.'33
74
5
52
75
2

158

329

598

661 -

3,434

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

Year

422

—

775
—

239
150
375
375
179

1,305

639

6,806

2 ,732

New short-term 4/
State and local Government 5/
Federal Agency
308
238
103
-179
179
91
-24
39
-552
2 ] 378
-458
450
-319
-454
p/r-678
-559
647
718
580
p/ 818
85
462
204
£/ 404
284
-82
j
-334
-590
-103
119 .-I
408
-270
270
-652 .
152
-161
59
-555
-48
-283
274
503
219
-366
-570
-1,744
1,452
518
403
£/ 697
1,286

129
185
325

-748

3/
-137
-174
117
-11
509
237
132
206
105
-309
202
-76

x

.

-205
801

'

£/ Preliminary, e/ Estimated by Federal Reserve, n.a.—Not available. _1/ These data
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 j
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
may have a somewhat longer maturity than 1 year. Source: Bond Buyer & Federal
Reserve.
http://fraser.stlouisfed.org/

Federal Reserve Bank of St. Louis

</

H. 14
Exhibit K
Large Long-term Public Security Issues for New Capital
(Other than U. S. Treasury) If
Proceeds of Large Issues Offered
(In millions of dollars)

Total
1966 - May
July
Aug.
Sept.
Oct.
Nov.
Dec.
1967 - Jan,
Feb,
Mar.
' Apr.
May

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

Corner ate
Bonds
(other than
Convertible
convertibles)
bonds
351
536
170
862
• 287
352
363
990
. 611
709
1,435
956

Stocks

I
State !
and
1
local
1 governments

__

50
20
182
257
340
116
97
118
30
40
140
213
55

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

661
50
80
—. —

55
50
68
40
93
53
142
44

Other

If

275
15
50
55
60
230
530
1,000
540
391

Larce Individual Issues Offered June 1 through 30
Issuer

Type 2/

Amount
(millions
of
dollars)

Maturity

Coupon
rate or
net interest cost

Offering
yield

Rating

Corporate
Okonite Company
Wickes Corporation
*Kerr-McGee Corporation
United Utilities, Inc.
Northern States Pwr. Co.
Southwestern Bell Tel. Co.
Texas Gas Trans. Corp.
Lone Star Gas Co.
Broadway-Hale Stores, Inc.
Textron, Inc.
Pennsylvania Elec. Co.
^Consolidated Electronics
Industries Corp.
State Loan & Finance Corp.
Trailer Train Co.
Mountain Fuel Supply
Borden Co.
Puget Sound Pwr. & Lt. Co.
Mid-Continent Tel. Corp.




Conv. sub. deb.
Deb.
Conv. sbu„ deb.
Com. stk.
1st mtg. bds.
Deb.
F. deb.
S.F. deb.
Conv. sub.
S.F. deb.
1st mtg. bds.

30.0
15.0
95.2
36.0
. 30.0
150.0
40.0
30.0
25.0
50.0
26.0

r
onv. sub. deb.
S.7. veb.
Equip, tr. cert.
S.F. deb.
S.F. deb.
1st mtg. bds.
:onv. sub. deb.

20.4
25.0
36.0

20.0

75.0

20.0

20.0

1992
1992
1992

4-3/4
6
3-3/4

4.75
6.08
3.75

A
Ba

1995
2003
1987
1992
1992
1992
1997

6-1/8
5-7/8
6-1/2
6-1/8
4-1/2
5-7/8
6-1/4

6.00
5.82
6.50
6.05
4.50
5.95
6.05

Aa
Aaa
Baa
A
Baa
A
Aa

1992
1987
1982
1992
1997
1997
1987

6.80
6-1/2
6-1/4
5-3/4
6-5/8

4.00
6.84
6.50
6.19
5.75
6.50

Ba
A
A
Aa
Baa

4-3/8

4.38

Ba

i

K-2
Large Individu.. 1 Iss.ies Offered June 1 thro"L i 30 (Cont'd)

Issuer .

| Type 3/
1

Corporate - (Cont'd)
South Carolina Elec. & Gas Co.
United Shoe Machinery Corp.
Washington-Gas Light Comparv
Scientific Data Systems
• Pet Incorporated
- Great Western Financial
" Boston Edison Co.
Corn Products Co.
Public Service Elec. & Gas Co.
Airlift International, Inc.
Public Service Co. of N. H.
^Continental Oil Co.
Illinois Bell Tel.
American Tobacco .
Teledyne
Automatic Sprinkler
Commonwealth Oil Ref.
Sierra Pacific Power
*S.S. Kresge
Grolier
State and local Government
Harris County, Texas
Metro Wtr. Dist. of So. Calif.
New York City, New York
University of Wyoming
New York State Dorm. Auth.
Housing Assistance Admin.
So. Louisiana Port Comm.
Houston, Texas
.Colleges of State of Texas
Brookhaven"& Smithtown, C.S.D.
#1, New York
Warren Co., Kentucky
Allegheny Co., Pa.,
Pa. General State Auth.
State of,Maryland
N.Y. State Housing Fin. Agency
State of Oklahoma
Georgia Ed. Auth.
Los Angeles Unit Sch. Dist.
Dallas Indep. Sch. Dist.
Chicago City Sch. Dist.
San Francisco BART




Amount
I Coupon
I
j Offer(millions
Mcturit • 1
net
intering
or
1
| yield
dollars)
1

j
11st & ref.
15.0
1 mtg. bds.
25.0
S.F. deb.
j1st mtg. bds.
20.0
Corv. sub. deb . 25.0
IS.P. deb.
25.0
!Conv. sub. deb . 18.0
40.0
1 st mtg. bds.
IS.F. deb.
100.0
1st & ref.
mtg. bds.
75.0
Conv. sub. deb,, 20.0
1st mtg. bds.
15.0
Com. stk.
148.8
1st mtg. bds. 125.0
3.F. deb.
1.00.0
Conv. sub. deb., 60.0
Conv. deb.
25.0
Conv. sub. deb. 20.0
1st mtg. bds.
15.0
Conv. deb.
40.2
Conv. deb.
30.0

1997
1
992
1992
1992
1992
1937
1997
1992

6
5-3/4
6-1/4
5-1/2
5-7/8
4-3/A
6-1/8
5-3/4

5.93
5.77
6.20
3.50
5.95
4.75
6.00
5.79

Aa

1997
1987
.1997

6-1-/4
5-3/4
u-1/4

6.10
n. a*
6.15

Aa
B
.A

1998
1992
1992
1992
1992
1997
1992
1987

6
5-7/8
3-1/2
4-3/8
4-1/4
6-1/2
4-1/8
4-1/4

6.00
5.95
3.50
4.38
4.25
o. 50
4.. 13
4.25.

3.94
4.09
4. 74
4.10
;.so
3.75
A.35
3.81
3.74

4/
2.75-4.05
3.60-4.05
3.40-4.69
3.50-4.401-/
3-. 50-4.75—
n. a.
3.40-4.35
2.60-3.90
2.75-3.75

:

1
Rev.-S.T.
Rev.-Ut.
G.O.
Rev.-Rent.
Rev.-Rent.
Bonds
Rev.-Q.-Ut.
G.O.
Rev.-Rent.
Rev.-Rent.
Rev.-Rent.
G.O.
Rev. -Rent.
G.O.
Rev.-Rent.
G.O.
Rev.-Rent.
Rev.-Rent.
G.O.
G.O.
G.O.

10.0
100.0
28.9
24.8
14.9.116.7
11.0
21.0
24.0

Rating

1968-97
1978-2017
1968-2617
1971-2000
1C59-99
1968-2008
1970-92 •
1968-87
1968-87

11.8 1968-96
30.0 1970-92
16.0 1968-97
75.0 1970-94
34.7 1970-82
68.4 1968-98
10.8 1971-92
32.1 1968-89
30.0 1968-92
20.0 1968-87
75.0 1969-87
70.0 1972-99

4.22
n. a.
4.04
4.10
3.66
4.36
3.86
4.06
3.95
3.85
4.16
4.14

3.15-4.25
3.90-4.50
2.90-4.10
3.20-4.70
3.10-3.70
3.00-4.38
3.15-3.88
3.00-4.10
3.00-4.00
3.00-3.90
3.40-4.20
3.60-4.50

A
Aa
A
——

A
——

Aa
Ba
B
Ba
Baa
Baa
n.a.

A
Aa
Baa
A
Aaa
Baa
A
Aaa
Baa
A
-

Aaa
—

Aa
Aaa
Aa
Aa
A
Aa

Z 3

K-3
Large Individual Issues Offered June 1 through 30 (Cont'd)

Issuer

Type 3/

Amount
(millions
of
dollars)

Maturity

Coupon
rate or
Offernet intering
yield
est cost

Rating

State and local Govt. (Cont'd)
Livonia, Michigan
Wyoming Valley Sani. Auth.

Rev.-Rent.
Rev.-Rent.

33.0
17.0

1972-77
1970-87

6.19
n.a.

n. a.

50.0

1993

6-1/4

6.25

A

50.0
350.0
300.0
40.0
35.0

1992
1969
1972
1992
1992

5-1/4
5-1/4
5-1/2
6-3/8
6-1/4

5.25
5.25
5.50
6.50
6.45

A

Other
Quebec Hydro-Electric Comm.
Deb.
British Columbia Power & Hydro
Authority
Bonds
Fed. National Mortgage Assoc. Part. Cert.
Part. Cert.
City of Montreal, Canada
S.F. deb.
Province of Nova Scotia
S.F. deb.

*—Rights offering.
n . a . — Not available.
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.




A
A

H. 14
Exhibit L
rortbcoring U r g e long-term Public Security Offering for New Capital
(Other than U.S. Treasury) 1/
Expected Proceeds free Forthcoming U r g e Issues
(In millions of dollars)

During month following
date-ifcflSB
r—
State and
Other 1/
Corporate
local

I

1966

1967

May •31
June 30
July 29
Augo 31
Sept ,30
OCte 31
Novo 30
Dec. 30
• Jan. 31
Feb. 28
Mar. 31
. Apr. 30
May 31

1,261
317
677
662
687
397
1,098
656
486
1,410
767
963
1,449

30
15

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

40

80
530
250
70
100

Corporate

Subsequent to
ahown
State and
local govt.

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

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

Other 2/
85
50
35
90
35
. 35
65
95
545
265
15
85
115

Forthcoming Large Offerings as of June 30

Issuer

gomorate
Union Tank Car. .
Le4sco Data Processing Equipment
American Airlines
Northern Illinois Gas
United Airlines
^
Natural/Gas Pipeline
Cincinnati Gas & Electric
Crowe11 Collier & MacMillan
FMC Corporation
American Can Company
Iowa-Illinois Gas
Consolidated-Natural Gas
Hart Schaffner & Marx
Public Service of Colorado
Consumers Power
Gulf States Utilities
Brooklyn
Union Gas




Type

Equip, trust cert.
Senior sub. deb.
Conv. deb.
1st mtg. bds.
Conv. sub. deb.
1st mtg. p.l. bds.
1st mtg. bds.
Conv. sub. deb.
Conv. deb..
S.F. deb.
1st mtg. bds.
Deb.
Conv. sub. deb.
1st mtg. bds.
1st mtg. bds.
pfd. stk.
1st mtg. bds.

(millions
of
dollars)

30.0
25.0
157.0
20.0
130.0
50.0
30.0
25.0
100.0
75.0
22.0
30.0
19.0
35.0
80.0
20.0
25.0

Approximate date of
offering

July
July
July
July
July
July
July
. July
July
July
July
July
July
July
July
July
July

6
6
7 (rts. exp.)
7
10
11
11
11
11
12
12
13
14
18
19
20
20

{

£jrL-2
Forthcoming Large Offerings as of June 30 (Cont'd)

Issuer

Type

Amount
(millions
of
dollars)

Approximate date of offering

Cornorate (Cont'd)
Consolidated Edison
•Consolidated Edison
•Consolidated Edison
Florida Power
•Anheuser-Busch
R.C. A.
American Tel. & Tel.
Montgomery Ward Credit Corp.
Philadelphia Elec. Company
Foremost - McKesson
•Combustion Engineering
•Armco Steel
•Charter New York Corp.
•Texaco
•Owens-Corning
•Occidental Petroleum
C.I.T. Financial Corporation
Arizona Public Service

1st mtg. bds.
1st mtg. bds.
Pfd. stk.
1st mtg. bds.
Deb.
Conv. sub. deb.
Deb.
Deb.
1st mtg. bds.
Com. stk.
Deb.
S.F. deb.
Deb.
Deb.
Com. stk.
Conv. deb.
Deb.
1st mtg. bds.

120.0
80.0
40.0
25.0
50.0
156.0
250.0
50.0
75.0
24.0
50.0
60.0
40.0
200.0
* 27.0
100.0
75.0
25.0

July 25
July 25
July 25
July 27
July
Aug. 1 (rts. exp.)
Aug. 1
Indefinite
Indefinite
Indefinite
Indefinite
Indefinite
Indefinite
Indefinite
Indefinite
Indefinite
Indefinite
Indefinite

State and local Government
Wisconsin State Agencies Bldg.
Corp.
New York State
Florida State Board of Education,
Tallahassee
Metro. St. Louis Sewer Dist., Mo.
•State of Ohio
•Maryland National Capital Park
Planning Commission
Kentucky State Property & Bldg.
Commission
State of Texas
•State of Oregon
•State of California
Los Angeles Dept. of Water and
Power, California
State of Ohio
Madison, Wisconsin
Wickliffe, Kentucky




Rev.-Rent.
Rev.-Rent.

21.4
48.0

July 5
July 11

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

12.4
14.0
50.0

July 11
July 12
July 12

Rev.-Rent.

17.0

July 12

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

10.7
10.0
30.0
100.0

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

12.0
75.0
13.4
80.0

July
July
July
July

13
17
18
18

July 19
July 20
Indefinite
Indefinite

L-3
Forthcoming Large Offerings as of June 30 (Continued)

Issuer

Type

Amount
(millions
of
dollars)

i

i
Approximate date of
offering

Other
MacMillan Bloedel
Nippon Tel. & Tel. Pub. Corp.
*Lakehead Pipeline
•Canadian Pacific Railroad

Debt
Bonds
Deb.
Equip, tr. cert.

40.0
15.0
30.0
25.0

July 24
Indefinite
. Indefinite
Indefinite

*—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-guaranteed issues of Federal Agencies.
None.
NOTE: Deletions for reasons other than sale of issue:




i

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

Part Is

Sale

Date

Public Offerings

Amount
(millions
of
dollars)

Issuer and Description of Issue

A.

Sold April 1 through June 30

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 Commission -- 6-1/4% debentures
maturing 1993, reoffered to yield 6.29%.

6/14

50.0

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

6/22

40.0

City of Montreal, Canada — 6-3/87= S.F. debentures
maturing 1992, reoffered to yield 6.50%.

6/27

35.0

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

B.
Indefinite
Indefinite
Indefinite
July 24

30.0
25.0
15.0
40,0

Prospective Offerings

Lckehead Pipeline -- debentures.
Canadian Pacific Ry. — equip, trust certs.
Nippon Telegraph and Telephone Public; Corp.
MacMillan Bloedel — Debentures

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




I

Bonds

n
M-2
PART II:

. Amount
(millions
of
dollars)

D^te Reported

Private Placements - Reported April 1 through June 30

Issuer and Description of Issue

15.0

Northern and Central -Gas Company — 67» debentures
with warrants maturing
--no information
available on takedown.

6.0

Ralston Purina of Canada, Ltd. -- 6-3/4% debentures
maturing 1987 — no information available on takedown.

5/8

25.0

British Columbia School Districts Capital Financing
Authority — % (U.S.) guaranteed debentures.
maturing 1987 — no information available on takedown.

5/8

5.1

Sorenco Ltd. -- % secured notes maturing 1987 —
information available on takedown.

6/23

120.0

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

4/17

4/17 .

-

.

no

Note: For retrospective data on aggregate foreign corporate and government security
s
offerings in the United States see Exhibits I and J. There is no simple relationship
;
between the data shown in the Exhioit 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 onl)- in the amount of takedown while the placements shown in this exhibit are included ?"
•when reported, frequently with litLie or no information -concerning timing of takedown.
. '
Full or partial takedown may cake place both prior anu subsequent to the date a placement
is reported.