Full text of H.16 Capital Market Developments : July 31, 1967

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ation
H. 14 j
•'-at-.-

DECONTROLLED AFTER SIX MONTHS

July 31, 1 )67.

CAPITAL MARKETS DEVELOMENTS
IN THE UNITED STATES

CofiMTate atidiminicipal bond markets. New Corporate security issjies
expected to be offered this week will be in very large volume, while munici]>al
issues will fall well-below the average for such issues over the past year
Nearly one-half of the corporate volume is accounted for by American Telephj):
and Telegraph $250 million debenture offering scheduled for August 1. Also
included in the corporate total, as subscription rights expire this week, in
Radio Corporation of America's $156 million convertible debenture offering
stockholders.
Long-term Public Security Offerings
(In millions of dollars)
Corporate
New Capital | Refunding

1/

State & local Coven snt
New Capital | Re fund j:
2SL:

Sold:
52 week avg.

273

239

July
July

525
470

283
135

510

142

21
28

Scheduled:
August 4

1/ Federal Reserve estimates are based upon published reports of
issues sold and scheduled for offering; corporate right
offerings are included as of date subscription rights expire.
Corporate new issue yields advanced significantly last week. New
issues at these higher reoffering yields, however were generally well received
by investors. Two older, slow-moving utility issues were released from undarwriters price restrictions last week, and their yields advanced 10 to 13 baTis
points in subsequent free market trading.
Municipal yields were generally unchanged last week. The volume bf
new issues was relatively light last week, but only about three-fifths of t|he
issues were taken out of the market by the close of trading on Friday




H. 14

Yields in Security Markets
Level Latest Week

Change from
preceding week

High-Grade
Notes and Bonis
. Corporate
New
Seasoned

5.87
5.56

+11

4.90
5.18

+ 6

. U. F.. Government
Long-term
3-5. year

+ 2

State and local Govt.
3.85
4.02

Moody's Aaa
Std. & Poor's high grade
: Money

Market

Federal, funds
Treasury bills
3-month
6-month

3.90

+45

4.24
4.82

+ 5
+ 6

Corporate Bonds Still in Syndicate
Date
Offered

Amount
(Millions of $)

Reoffering
Yield

Issuer

7/27

25.0

Florida Pwr. Corp.,
6-1/8's - 1997

7/26

10.0

Iowa Elec. Lt. & Pwr.,
6-3/8's - 1992

Rating

Estimated proportion sold

Aa

35%

_ 6.00

6.25

90%

Blue List of Municipal Dealers' Advertised Inventories
Latest Week
.455 <7/26/67) .




End of Previous Week
457

Recent High
849(4/26/67)

H. 14

FNMA secondary market operations. Government-underwritten
mortgages offered to the Federal National Mortgage Association in June for
purchase in its secondary market portfolio expanded to $229.1 million, about
3 times the May total and the largest for any month in over a year. With the
mortgage market apparently tightening further in recent months, reflecting an
increased supply of mortgages and other factors, and with FNMA holding its
prices on secondary market purchases at above current market levels, offerings
for the first three weeks in July maintained the advanced rate reached in th<t
latter part of June. Although this rate was still substantially under that
achieved in late 1965 and early 1966, it was higher than during any other
period since FNMA was rechartered in 1954.
Reflecting the sharp shift in offerings, secondary market purchases
by FNMA in June turned upward to $26.9 million. This was the first month-tomonth increase in purchases in seven months, but given the changed level of
afferings, indications are for some further irse in the period ahead.
Stock prices. Common stock prices advanced slightly last week
in heavy trading. Standard and Poor's index of 500 stocks rose .45 points
to a Friday close of 94.49. Trading volume averaged 10.8 million shares a day.
More detailed information concerning recent capital market developments is presented in the attached exhibits.

Capital Markets Section,
Division of Research and Statistics,
Board of Governors of the Federal Reserve System.




EXHIBIT A, fori 1

, HIOH-OtADI

CIIPIRATf A M

I.S. I H f l H I I I T

h

_r

1963




1865

1111

1117

Exhibit A -- Tare il

Corporate
Aaa 1/

Date

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

30
7
14
21
28 £ /

4 0 61(1/29/60)
1 5.52(9/9)
4.73(1/7)
5.59(7/14)
5.00(2/10)
5.56
5.59
5.59
5.56
5.57

.. 1 State and
U.S. Govt. |
local
long-term 2/. government
Aaa 3/
(per cent)
4.42(1/8/60)
4.87(9/2)
4.42(1/7)
4.95(6/30)
4:37(2/3)
4.95
4.88
4.80
4.84
4.90

.

3.65(9/24/59)
4.04(8/25)
3.39(1/13)
3.87(7/13)
3.25(2/9)
3.85
3.85
3.87
3.85
3.85

j
1

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

.59(8/5/60)
.84(12/30)
.14(2/18)
.92
.44
.61
.71
.79
.72
.67

.92(4/22/60)
1.19(2/11)
.77(9/2)
1.16
.74
1.10
1.03
1.07
.99,
1.05

£/ Preliminary*
1/ Weekly average.of daily figures. Average term of bonds included is 22-24 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 20years.
Note--Highs and lows are for individual series and may be on different dates for
different series. For spreads, high refvrs to widest, and low to narrowest.




EXHIBIT B, Pari I

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

CORPORATE

STATE AND LOCAL GOVERNMENT Baa

_/

1963




1964

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 - 1465
1966 - High
Low
1967 - High
Low
June
July

Mz-t f a •

Note:

30
7
14
21
28%/

5.36(2/12/60)
5.04
6.18(12/30)
5.05(1/14)
6.27(7/28)
5.81(4/14)

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

6.21
6.27
6.26
6.26
6.27

4.45
4.45
4.46
4.40
4.40

.65
.68
.67
.70
.70

f i r>
f / \ ^ !• M A <
For
footnotes see Exhibit A.




Spread between
Aaa and Baa
State and
Corporate
local Rovt.

,

1.08
.39
.62
.31
.65
.37
.60
.60
.59
.55
.55

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

n 6-MONTH BILLS

3-5 YEAR ISSUESj
F R. DISCOUNT RATE
7 X
3-MONTH BILLS

1963




1964

1965

1966

1968

Exhibit C -- Part II

Discount
rate
M

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

30
7
14
21
28£/

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 U .

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)
3.74
4.20
4.17
4.19
4.24

Yields
6-month
bills 2/
(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)
4.17
4.62
4.67
4.76

4.82

3-5 year
issues U

Spread between yields on
3-mo. bills and yields on
6-mo. billsI3-5 vr. issues

.79
.19
.12
.52
. 09

1.81
.43
.06
.78
.01

5.22(7/7)
4.36(4/7)

.58
.01

1.61
.02

5.19
5.22
5.14
5.16
5.18

.43
.42
.50
.57
.58

1.45
1.02
.97
.97
.94

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

1/ Weekly rate s h L n Is that in effect at end of period at the Federal Reserve Bank of
2/ M a r k e ^ y i e I d ; weekly averages computed from daily closing bid prices.




Series of 3-5

EXHIBIT D Pan 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 S

PRIME RATE
J~\

FINANCE COMPANY PAPER

F.R. DISCOUNT RATE

FEDERAL FUNDS

1963




1964

1965

1966

1967

Exhibit D —

Prime rate 1/

Part II

Finance
company
paper 2/

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

(per cent)
1959-60 - High
Year end- 1964
1965
1966
1966 - Low
1967 - High
Low
June
July

30
7
. 14
21
28£/

5.00
4.50
5.00

6.00
5.00(3/4)

6.00(1/6)
5.50(7/28)
5.50
5.50
5.50
5.50
5.50

5.13(1/22/60)
4.06
4.75
5.88
4.75(1/7)
5.75(1/6)
4.38(6/23)
4.50
4.50
r/4.75
r/4.75
4.75

4.00(5/13/60)
4.00
4.63
5.63
3.55(1/21)
5.25(1/6)
3.45(7/21)
3.93
3.94
3.90
3.45
3.90

1..02
23
,28
l!,08
,20
.97
.30
.76
.30
£/ .58
£/ .56
.51

1/ Weekly rate snown 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.




EXHIBIT E. Pari I

STOCK MARKET

10

100

PRICES

8
i STOCK MARKET CREDIT

6

CHANGE IN SERIES
4

-

iaA-aaPy y f
VOLUME

-

-

f h j \

-

1

!

!

1 YIELDS

M

M M 111M
1963




11 1 •! 1 I I 1 I ' l l i ' 1' 1 1 '! 1 ' I I i 1 .1' " I I 1• 1 I I 1 1 1 1" 1 ! ! i 1 1 1 1 1 1 1 1 1 1 1 11 11 1 1 1 I I 1 1 1 1 1
1964

1965

1966

1967

1968

A)

Exhibit E —

Date

Stock price
index 1/

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

14
21
282/

Common
stock
yields 2/
(per cent)

Pare II

Stock market customer credit
Trading
Customers
Bank
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)
93.77(2/11)
73.20(10/7)
94.58(5/8)

10.1

82.18(1/6)

2.82
3.96
3.01
3.97
3.10
3.58

92.59
91.43
92.74
94.04
94.49

3.16
3.20
3.16
3.11
3.10

9.9
9.7
11.5
r/11.6

2.4
10.7
5.0

11.6
6.9

~ 10.8

5,602(12/61)
4,424(1/61)
7,997
7,302
8,333
7,345
8,085
8,333
n. a.
n. a,
n.a.

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
2,173
2,187
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.




'

'

'

.

EXHIBIT F, Pari 1

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 ^
S E C O N D A R Y MARKET O P E R A T I O N S

OFFERINGS

I 200

I PURCHASES V

SALES
1962




1964

1966

1968

Exhibit F - Part II
Estimated offerings to FNMA
Standby
Immediate.
Total
commitment
purchase

Purchases
by
FNMA

Sales
by
FNMA

(In millions of dollars)
1966 - June
July
Aug.
Sept.
Oct.
Nov.
Dec.
1967 - Jan.
Feb.
Mar.
•Apr.
Hay
June

144.2
122.6
150.7
140.4
167.5
163.6
121.5
67.9
• 24.4
26.9
17.8
78.7
229.1

141.7
121.0
148.7
138.5
164.2
161.0
120.1
67.3
24.2
26.7
17.7
78.5
228.8

2.6
1.6
2.0
1,9
3.3
2.6
1.4
.6
.2
.2
.1
.2
.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
26.9

—
-—

—
--

.2

warn



—

.9

.8

1.5
6.0

LB ive
In:
cations
Rasing
the
rethe
4er
FNMA

YIELDS O N N E W A N D SEASONED CORPORATE B O N D S
6.5

NEW ISSUES
6.0

5.5

5.0
SEASONED Aaa

4.5

1964




4.0
1965

1966

1967

1968

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

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

6
7
20
20
14
23

Am't. of issues Average
included (mill.
yield
of dollars)
(per cent)
496.0
481.0
1073.0
916.0
570.0
993.0

5.38
5.20
5.31
5.39
5.66
5.79

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

July

2
9
16
23
30

3

7
14
21
28

1
4
6
3

6

51.0
294.0

7
5
2

255.0
225.0

168.0

5.74
5.72
5.74
5.79
5.92

75.0

5.86

300,0
115.0

,5e75
r/5.76
5.87

282.0

Weekly averages;
High
5.92(6/30)
Low
5.11(2/10)
Note: Averages ot offering yields cm all new issues of'publicly1offered corporate bonds rated Aaa
, A a > a " d 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
1967^/
1966

1965

State and local ll
1967 p/
1966 r/

1965

1,648
1,399
2,317

1,302
1,237
2,446

795
746
1,197

1,461
1,176
1,426

1,184
858
868

804
872
904

April
MayJune

&/1,952
£./1,459
e/2,400

1,553
1,058
2,364

1,152
I,691
1,946

1,082
E./l,147
a/1,400

1,211
901
I,141

826
924
972

July '
August
September

e/2,300
e/2,250.

1,039
1,670
1,382

1,290
850
1,392

e/1,100
1/ 950

701
773

986
648
966

829
1,096
1,635

924
1,325
1,496

7 55
965
940

794
1,021
754

January
February
March

October
November
December

1,020

Quarter
Quarter
Quarter
Quarter

5,364
e/5,811

4,985
4,974
4,091

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

r/4,062
[/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
II,060
14,805

8/7,541

6,145
8,640
II,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

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

17,269

13,366

ej Estimated by.Federal R e s e r v e . ~




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 refunding 1/
Common Memo:
Bonus
Foreign
Publicly Privately and
pfd. issues
Offered Placed
stock included

Mfg.

Public Communi
Utility cations

Other
Issuers

392
567
417

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

35
10
15
11
8
n. a.

624
563
1,254
1, 123
568
875

220
274
503
395
402
425

293
105
145
107
92
300

511
456
415
327
397
800

II
III
IV

5,115
4,197
3,669

1,941
2,256
2,047

2,083
1,627
1,247

1,090
314
375

168
154
117

1967

I
lie/

5,464
5,973

3,263
3,983

1,811
1,324

390
666

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

628
481
832
440
1,140
676
499
569
980

743
' 556
784
535
435
657
256
435
555

1967 - Jan.
Feb.
Mar.
Apr. £/
May g j
June e/

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

848
362
601
393
381
550

2,205
1,558
1,232

preliminary, e/ Estimated by Federal Reserve.
Gross proceeds~~exceed net proceeds by the cost of flotation.
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.




2/

960
657
984

1966

~/
1/
2/

Net proceed
for new capital 1/

1°
Exhibit J
Other Security Offerings
(In millions of dollars)

Gross Long-term 1/
Federal Agency 3/
Foreign Government 2/
1966
1966
1965
1965
1967
1967
January
February
March
April
May £/
June
July
Augu's t
September
October
November
December

130

Jan. - May

284

*«

114
27
13

Year

218

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

--

38
73
' --

.

91
33
74
5
52
75
2
-329

158
598

-

1,251
783
750
650
810

4,244

661

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

639
21,732

Jan. -June

0/1,596

Year

422

518
1,286

-1,744

239
150
375
375
179

1,305

New short-term 4/
State and local Government 5/
Federal Agency
308
238
103
-179
179
-24
91
39
-552
2 ! 378
450
-458
-319
p/-678
-454
-559
718
647
580
£/ 818
85
462
204
p./ 404
284
-82
-334
£/ 495
-590
119
-103
-270
408
270
-652
-161
152
59
-555
-48
-283
274
503
219
-366
-570
•

--

775

6,806

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

403

129
185
,325

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

1,452

-205

-748

801

I
i

.£/ Preliminary, e/ Estimated by Federal Reserve, n.a.--Not available. If These data I
differ from those in Exhibit H in that refunding issues, as well as new capital issues,
I
are included. Long-term securities are defined as those maturing in more than one year. |
2J 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 may have a somewhat longer maturity than 1 year. Source;. Bond Buyer & Federal
Reserve.




</

a. ii4
Exhibit K
Large Long-term Public Security Issues for New Capital
(Other than U. 8. Treasury) 1/
Proceeds of Large laaues Offered
(In millions of dollars)

Total

.966 - May
June
July
Aug.
Sep to
Oct.
Nov.
Dec.
.967 - Jan.
Feb.
Mar.
Apr.
May

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

(other than
convertibles)

Convertible
bonds

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

Stocks

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

State
and
local
governments
466
582
338
410
611
387
464
779
947
675
669
512
496

661
50

80

55
50
68
40
9.3
63
142
44

Other

y

275
15
50
55
60
230
530

1,000
540
391

Large Individual Issues Offered July 1 through July 28.

Issuer

Type 2/

Amount
(millions
of
dollars)

Maturity

Coupon
rate or
net interest cost

Offering
yield

Rating

Corporate
Union Tank Car
;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

Equip, tr.
cert.
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.




6.05

20.0

1987

25.0
167 * 4

1987
1992
1992
1997
1997

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

1992
1992
1997
1997

5.78
5.94
5.94

5.95
5.88
5.88

1992
1992

6-1/4
4-3/4

4.75

20.0
75.0

200.0
• 24.0
50.0
50.0
35.0

80.0
20.0
25.0

100.0

Ba
Aa
A
Aaa

6.00

6.10

A
A
Aa
Aaa
A
B.

*

.

Y k

K-2
Large Individual Issues Offered July 1 through July 28 (Cont'd)

Type 3/

Issuer

Amount
(millions
Qf
dollars)

Maturity

Coupon
rate or
net interest cost

Offering
Yield

Rating

Corporate (Cont'd)
Owens Corning Fiberglass Corp
Consolidated Edison
Consolidated Edison ,
Joy Manufacturing
Columbia Pictures
Florida Power Corp.
General' Motors Accept. Corp.
Northrop Corp.
Iowa Elec. Lt. & Pwr. Co.
GATX
Wilson
State and local.Government
Wisconsin State Agencies
Building Corpe
Wickliffe, Kentucky
Florida State Board of Educ.,
Tallahassee
Metro. St.. Louis Sewer Dist.,
Missouri
Md 0 National Capital Park
Planning Commission
. New York City
Kentucky State Property &
Bldg. Commission
Chicago Jr. Coll. Sch. Dist.
Minn. St. Paul Airport Comm.
State of Texas
State of California
State of Oregon
Alabama Highway "Au th.
Ohio State University
Cook County, 111.
.

Other




1997

6-1/4

6.25

A

1992
1987
1997
1988
1987
1992
1987

6-1/2
4-3/4
6-1/8
6-1/4
4-3/4 '
6-3/8 .
6-1/2

6.50
4.75
6.00
6.25
4.75
6.25
6.50

Baa
B
Aa

4.25-4.45 3 .60-4.30

Aa

21.,4
80=,0

Rev. -Rent.

.

12-,4

1970-88

G.O.

14.,0

1978-87

3.99

G.O.
G.O.

17.,0
102. 0

1992
1998

4.17
4.50

Rev. -Rent.
G.O.
G.O.
G.O.
Rev. -Rent.
G.O.
Rev. -S .To
Rev. -Rent.
G.O.

10. 7
16. 5
23. 0
10. 0
100. 0
30. 0
25.0
10. 5
10. 0

4.90
1970-97
4.16
1969-87
3.95
1970-97
1972-98 4/3.81
1977-2017- .4.09
3.81
1972-79
4.22
1968-85
1968-2006 4.50
3.92
1968-77

5/
30. 0~ 1992
25. 0 1982
30. 0 1992

A
A

Aa

•

Deb.
Eq. tr. cert.
S.F. deb.

—

n 0 a.
4 .40-4.70

1967-2004 3.00
' 5-1/8!
1972-92

Rev. -Rent.
Rev. -Rente

.

MacMillan Bloedel
Canadian Pacific Railroad
Lakehead Pipe Line Co.

26 .0
80 .0
40 .0
20 „0
20 .0
25 .0
150 = 0
30,.0
10,.0
25,.0
23.0

Com. stko
1st mtg. bdSo
Pfd. stk.
S«F. deb.
Conv. sub. deb.
-1st mtg. bds.
Deb
Conv. sub. deb.
S.F. deb.
Eq. tr. certo
Com stk.

6-1/2
6-3/8
6-1/2

•

3,,20-4.00
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
3.,25-4.20
3.,30-4.50
3.,25-3.90

A.
Aa
Aaa,
Aa
Aa
A
. A
A

6.50
6.39
6.50

--

A
Aa
A

K-3

FOOTNOTES:
*--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.
3/ In the case of State and local Government Securities, G.O. denotes
general obligations; Rev.-Ut., revenue obligations secured only by
income from public utilities; Rev.-Q.-Ut., revenue bonds secured only
by income from quasi-utilities; Rev.-S.T., revenue bonds secured by
revenue from specific taxes only; Rev.-Rent., revenue bonds secured
solely by lease payments.
4/' Bonds due 2015-16 were not reoffered.
5/ Amount reduced from $40.0 to $30.0.




l i
H. 14
Exhibit L
Forthcoming Large Long-term Public Security Offering for New Capital
(Other than U.S. Treasury) 1/
Expected Proceeds from Forthcoming Large issues
(In millions of dollars)

During month following
State and
local eovt.

Corporate
1966 - May . 31
June 30
July 29
Aug. 31
Sept.30
Oct. 31
Nov. 30
Dec. 30
1967 - Jan. 31
Feb. 28
Mar. 31
Apr. 30
May 31

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

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

date shown
Corporate

Other 2/
30
15
——

40

——

80
530
250
——

70
100

,

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

85
50
35
90
85
35
65
95
545
. 265
15
85
115

Forthcoming Large Offerings as of July 28.
(millions

Approximate date of
offering

dollars)
Corporate
R.C.A.
American Tel. & Tel..
Cessna Aircraft
Ashland Oil
Murphy Oil*
National Fuel Gas
Toledo Edison Co.
Standard Oil of California
Baltimore Gas & Electric
- Pettibone Mulliken
Monogahela Power
Mountain States Tel. & Tel.
Ohio Power
Ohio Power .
Bemis Co.
Howmet Corp.
*Miles~ Laboratories, Inc.

Niagara.Mohawk Power Corp.



Conv. sub. deb.
Deb.
Conv. deb.
Deb.
Cum. pfd. stk.
Deb.
1st mtg. bds.
Deb.
1st mtg. bds.
Conv. deb.
1st mtg. bds.
Deb.
1st mtg. bds.
Deb.
S.F. deb.
Conv. sub. deb.
Deb.
1st mtg. bds. ___

156.0
250.0

20.0
60.0

17.2
18* 0
35.0

200.0
30.0
15.0
15.0
85.0
50.0
20.0
25.0
25.1

20.0
40.0

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

1 (rts. exp.*
1
1
1
7 (rts. exp.;

8
9
10
15
15
16
16
16
16 (rts. exp.)
16
22

L-2
Forthcoming Large Offerings as of July 28.

Issuer

Type

Amount
(millions
of
dollars)

(Cont'd)

Approximate date of offering

Corporate (Cont'd)
Niagara Mohawk Power Corp.
< Peoples Gas Light & Coke Co.
.^National Distillers & Chem. Corp.
Georgia Power Co.
;*Northern Ind. Pub. Ser. Co.
Grumman Aircraft
„ New York Telephone Co.
; Philadelphia Elec. Company
: Armco Steel
C.I.T. Financial Corporation
Florida Gas Transmission

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

25.0
50.0

60.0
60.0
35.0
50.0
75.0
75.0

60.0
75.0

1st mtg. p. 1. bds. 30.0

Aug. 22
Aug. 23
Aug. 24 (rts. exp.)
Aug. 29
Aug. 30
Aug.
Sept. 6
Indefinite
Indefinite
Indefinite
Indefini te

State and local Government
San Francisco, California
Modesto Irrigation Dist., Calif.
Turlock Irrigation Dist., Calif.
Chino Basin Muni. Water Dist.,
California
Washington Sub. Sani. Dist.,
Hyattsville, Maryland
^Maryland State Rds. Comm.
*Lyons Twp. H.S.D. #204, 111.
New York State Housing
Iowa State Bd. of Regents
Madison, Wisconsin
*State of Minnesota
State of North Carolina
New Orleans, Louisiana
Port of Tacoma, Washington
Lansing Sch. Dist., Mich.
Kansas City, Mo.
Kentucky Turnpike Auth.
^Fairfax County, Virginia
Pa. State Hwy. & Bridge Auth.

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

45.0
28.0
18.5

Aug.
Aug.
Aug.

Rev.-Rent

10.0

Aug.

G.O.
G.O.
G. 0.
G.O.
Rev.-Rent
G.O.
G.O.
G.O.
Rev.-Q.-Ut.
Rev.-Q.-Ut.
G.O.
Rev.-Rent
Rev.-Q.-Ut.
G.O.
Rev.-Q.-Ut.

15.0
17.5
10.5
50.0
12.5
13.4
20.0
60.0
15.0
10.0
14.0
53,0
120.0
16.0
75.0

Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug. 2|3
Aug.
Sept.
Sept.

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




Bonds
Bonds

15.0
15.0

Indefin ite
Indefin:ite

1>
L-3
Footnotes:
*-•? 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.
NOTE: Deletions for reasons other than sale of issue: Crane's $40.0 S.F.
debentures, postponed indefinitely. New York Telephone Co. reduced the
amount of its scheduled offering on September 6 to $75.0 million from
$100 million.




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 JuneI through July 28, 1967.

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

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.
debentures maturing 1992, reoffered to yield
6.45%.

7/19

30.0

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

7/19

25.0

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

7/26

30.0

Lakehead Pipeline Company — 6-1/2% S.F.
debentures maturing 1992, reoffered to yield
6.50%.

Indefinite

15.0

Indefinite

15.0 .

B.

Prospective Offerings
Nippon Telegraph and Telephone Public Corp. —
Bonds
New Zealand -- Bonds ***

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




M-2
PART II:

Date Reported

^

Private Placements - Reported May 1 through July 28, 1967.

Amount
(millions
of
dollars

' 5/8

25.0

5/8

5.1

6/23

120.0

7/24

40.0

7/25 /

4.5

Issuer and Description of Issue

British Columbia School Districts/Capital Financing
Authority — % (U.S.) guaranteed debentures.
maturing 1987 — no information avaiable on takedown.
Sorenco Ltd. — %secured notes maturing 1987 — n o
information available on takedown.
Trans. Canada Pipe Lines Ltd.. - 6-5/8% debentures
maturing 1987 — $50.0 million was taken down by
Metropolitan Life Insurance Company.
Electric Reduction Company of Canada Ltd.
1st mtg. bds.
and debentures maturing 1986 — no information available
on takedown.
Dunlop Canada Ltd. — debentures maturing 1987 —
information available on takedown.

no

Note; For retrospective data on aggregate foreign corporate and government security
offerings in the United States see Exhibits I and J. There is no simple relationship
between the data shown in 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.