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Not for Publication SIX tOTTHS J u l y 3 ; lg67.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.