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-- .
.

H» 14

July 5, 1966
1 DBCOHTSOUED AFTER SIX MONTHS
£ ) 1CAPITAL MARKETS DEVELOPMENTS
IN THE UNITED STATES

Corporate and municipal bond markets. The corporate and municipal
calendar this holiday-shortened week will be relatively light. Included in the
corporate new issue volume is a $62 million convertible debt offering to stockholders by Occidental Petroleum Co. and a $15 million Govt, of Mexico offering
to U.S. investors,
Long-Term public Security Offerings _ /
1
(In millions of dollars)
Corporate
New Capital | Refunding

State and local Government
New Capital | Refunding

Sold:
52 week avg.
June 24
July 1

175

3

209

871 r/
110

130

5

192 r/
179

122

Scheduled:
July

8

1/ Federal Reserve estimates based upon published reports of issues sold and
scheduled for offering; corporate rights offerings are included as of the
date subscription rights expire.
New and seasoned corporate bond yields advanced during the past week.
The single competitive utility bond issue met with a lackluster reception and
has a large unsold balance. Underwriters terminated price restrictions on the
slow moving $15 million Metropolitan Edison Co. issue initially offered to
investors at a yield of 5.65. Free market trading resulted in an upward yield
adjustment of approximately 10 basis points.
Municipal yields rose 6 to 8 basis points, while the majority of new
issues were accorded a poor reception. Advertised inventories of municipal
dealers rose to over $60 million - - the highest level since "mid-February.
FNMA Secondary Market Operations. Offerings of eligible Governmentunderwritten mortgages by private holders for purchase of the Federal National
Mortgage Association totaled $192 million in May. While this was little
changed from April and was still unusually high, it was down substantially from
the record level reached last January ($333 million) as well as the levels
reported for most other recent months. Purchases by FNMA totaled $167 million
in May, substantally above the year-pearlier level, but appreciably under the
peak $301 million reached last March. Sales by FNMA remained nil in May.




H. 14

-2-

Yields in Security Markets
Change from
preceding week

Level 1atest week
High-Grade
Notes and Bonds
Corporate
5.64*
5.09

+33
+2

4.69
5.11

New
Seasoned

+11
+16

U.S. Government
Long-term
3-5 year
State and loc. govt.
Moody's Aaa
3.64
Std. & Poor's high grade 3.80

+6
+8

Money Market
Federal Funds
Treasury bills
3-month
6 -month

5.43

+13

4.47
4.68

+8
+15

Corporate Bonds Still in Syndicate
Date
Offered

Amount
(millions of $)

Reoffering
Yield

Issuer

6/23

150.0

Southwestern Bell Tel. Co.
Debs, 5-3/8's, 2006

6/29

50.0

Georgia Pwr. Co.,
1st mtg. bds., 5-3/4's
1996

Rating

Estimated Proportion sold

5.375

Aaa

1/4

5.75

Aa

1/4

Blue List of Municipal Dealer's Advertised Inventories
(In millions of dollars)
Latest Date
621

(6/29)




End of Previous Week
558

Recent High
636

(2/17)

-3-

H. 14

The moderation in purchasing activity by FNMA has stemmed mainly from
a number of price and other adjustments made by the Association beginning last
December, including particularly a limitation in April in eligible mortgages to
those with an unpaid balance of $15,000 per mortgaged housing unit. In an attempt
to keep its purchasing prices in line with those currently prevailing in the market,
effective June 10, F"NMA lowered its prices to sellers of eligible home mortgages
further by 2 percentage points. This reduction, which is equal to about 25
basis points in yield to the purchaser, was the second of this magnitude since
early April and the fifth--including three of 1 percentage point each--since
last December.
To insure some continuance of FNMA support to the mortgage market under
the stringent conditions now obtaining, a bill recently reviewed favorably in
Congress would permit an increase in FNMA3 s borrowing authority by 50 per cent or
$2 billion more.
Savings Flows in May. Net inflows of income-yielding claims to
depositary type institutions aggregated $2,0 billion in Ma% a decline of
over $200 million from a year earlier. Time and savings accounts at commercial
banks accounted for almost $1.5 billion or three-fourths of the total increase-compared to$1.3 billion or less than 60 per cent of the total a year ago. Savings
and loan associations and mutual savings banks both experienced an increase
substantially below the prior year--a decline of 45 per cent and 39 per cent
in their respective growth.
More information on savings flows can be found on the following table.
Stock prices. During the first four trading days last week, common
stock prices--as measured by Standard and Poor's index of 500 stocks--declined
to a level only 1,09 above the recent low of 83.63 registered May 17. Prices
advanced on the last day to close at 85.61-—0.97 below the week earlier level.
Trading volume averaged 6,0 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.




SAVINGS FLOWS

Year
or
Month

Savings & Loan Assoc. 2/
Mutual Savings Banks 3/
Commercial Banks 4/
Current
Change
Per cent Current
Change
Per cent Current
Change Per cent
Total (millions)
change (millions)
from
change (millions)
change
from
previous
previous
previous
1/
year
year
• vear
! ;_nadj_us u-d

i960
61
62
6 t
64
63
196b -

14 ,62
20,035
27 889
29.12/

28
31 8 8 0
Tan,
Ft- b.
Ma r
Apt ;
May

1 - $1^1/
i-S3:
!,/
5, ?6"J
'%;/
29| r /
2,0 33

1966 • lan,
•
Peb,
Mat ,
Apr,
May

/ 339
W./4 3
9 V) I
1 1 U11
10 ,79
8/184

2.W0c/
1 .44 2':/
2 2/37/
1 i7j
1,362

-.7 7
328
838
-.'48
4 34

142
836
303
82
.123

932
1, 184
608
! 721
-493
-2.193
•331
• 31
-217
•6 33
-338

14,4
1 3. ?
- 0
18,4
••4,3
-20,?

227
-8 8
20.6
-4 3 2

"74, 3
74
•240
•6 10
- lb 6
•

1- 362
1 912
3 0 38
3. 233
4 ,2 36
3.382

9,3
32.2
- 33. 1

20 3
336
-34 1
1 13

1.74
360 r /
9 U /
2i n
168

4 1 2
3 30
1 - 126
2 I 7
98 i
-634

'-.3,4
40,4
38,9
1
30,1
-13,4

- 1 U

-36,3

• 163
-319
• / 3

-31,7
-.38,8

- 134,/
"43,4r/
1 fr,/
3-4i'/
• 18 I r / - 4 8 , 7 r /
"
-29?r/
-91,,'.'/
-70
-29.4

3-700
9.400
13.300
14.800
(4,112
19.914

3.700
3,700
6. 100
-700
688
3 802

-4 . b
41,1

1 164 r / - 1 , 36 2r / ^ '
.
821 r/
-986(7
- 34, 6 r/
2,37 37/
7 237/
39,27/
L.^8o7/
897/
6,9//
i - 4 86
199
1 3 3 *

2 - 063 ;/ " 1 -4.3b r / •41,4,/
'
2 26r',/ - I ,0637/ -81,37/
1 ,67 3V/
620t/
38,87/
70,/
1 - 226r/
6., 1 r>
872
126 '
16-9

1/ Commercial bank data are of the last Wednesday of month except June 30 and December 31; other
data are as of the last day of the month,
2/ Data are for the net increase in savings capital at all operating S&L's. Source: FHLBB.
3/ Data are for the net increase in regular deposits—excludes other deposits of a
demand nature. Source: Mutual Savings Banks Association.
4/ Data are for the net increase in savings and time deposits adjusted at all commercial banks.
for FRASER Federal Reserve.
Source:

Digitized


183,0
64r9
64.9

L O N G - T E R M B O N O YIELDS, H I G N - t l A O l

5.0

C O R P O R A T E Aaa
4.5

4.0

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

3.5

/

3.0

- S
STATE A N D LOCAL G O V E R N M E N T Aaa

2.5
1961

1962

1963

Exhibit A —

Date

1959-60 - High
1962-63 - Low
1965 - Low
1966 - High
- Low
June

3
10
17
24
July lg/

Corporate
Aaa 1/

4.61
4.19
4.41
5.09
4.73

(1/29/60)
(3/29/63)
(3/12)
(7/1)
(1/7)

5.04
5.06
5.06
5.07
5.09'

y Preliminary,




1965

1964

U.S. Govt,
long-term 2/

Part II

State and
local
government
Aaa 3/

Spread between
U. 8. Govt, and
Corporate
State and
AsaA#* ,

4.42 (1/8/60) 3,65 (9/24/59) .59 (8/5/60)
.92 (4/22/60)
3.85 (12/2Q/6?) 2.S3 (lVO/62) .21 (1^/27/63)
4,13 (6/25)
2,94 (a/11)
22
.94
4,71 (3/4)
3.64 (6/30)
49
1.19
4.42 (1/21)
3.39 (1/13)
,14
1.00
4.62
4.63
4.63
4.58
4.69 -

3.60
3.60
3,59
3*58
3.64/

.42
.43
.43
.49
,40

1.02
1.03
1.04
1.00
1.05

L O N G - T E R M B O N D YIELDS, L O W E E G R A D E

6.0

5.5

C O R P O R A T E §14
5.0

4.5

A
4.0
STATE

LOCAL G O V E R N M E N T 8 ^

/ V,
1

—'""V-x ,

r"

3.0
1961"

1963

1962

1964

Exhibit B «

Corporate
Baa y

Date

1968

1965

Part II

State and
local govt.
Baa 3/

Spread between
A a a and Baa
Corporate

|

£ r .

(per cent)
5.36 {2/12/6Q)
4.93
4.80
5.04
5.61 <7/1)
5.05 (1/14)

.84
.70
.37
.31
.54
.31

1.08

3.57
3.51
3.79
4.18 (6/9)
3.78 (1/20)

3
10
17
24

5.54
5.56
5.59
5.61

4.17
4.18
4.15
4.13

.50
.50
.53
.54

.57
.58
.56
.55

July 1 £/

5.61/

4.16

.52

.52

1959-60 - High
Year end - 1962
1964
1965
1966 - High
Low
June

Hotel

For footnotes see Exhibit a.




4.46 (3/7/60)

.63
.52
.39
.62
.38

3-5 Y E A R I S S U E S

1961

1962

1963

1964

Exhibit C —

Discount
3-month
ra te
bills 2/
M

July

S e t

3
10
17
24
1 E/

4.59 (V9/60)
2.89
3.52
3.83
4.47
4.66 (5/6)
4.39 (6/24)

5.07 (2/8/60)
2.90
2.93
3.64
3.93
4.66
4.90 (2/18)
4.53 (6/24)

4.50
4.50
4.50
4.50
4.50'

4.59
4.57
4.52
4.39
4.47/

4.75
4.73
4.64
4.53
4.68^

J-ST.-^ar
la»M(9,2/

8

June

Yields
6-month
bills 2/
(per cent)

4.00
3.00
3.00
3.50
4.00
4.50
4.50
4.50

2.66

1966

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

I

1959-60 - High
Year end - 1961
1962
1963
1964
1965
1966 - High
Low

1965

3.81
3.41
4.07
4; 07
4.90 .
5.11 (7/1)
4.80 (4/8)
5.02
5.02
4.97
4.95
5.11

.79
.24
.04
.13
.10
.19
.24
.09'
.16
.16
.12
.14
.21

1.81
1.15
.52
.55
.24
.43
.64
.21
.43
.45
.45
.56
.64

yield) weekly averages e ^ u t e d fnxn dally closing bid price., Series of 3-5 year l . w «

Hot«!^ighs 0 and e iSm e ar«for lUdlvidill series and may be on different dates for different series,
for spreads, high refers to widest, and lmr to narrowest.




S H O R T - A N D INTERMEDIATE-TERM INTEREST RATES,
B A N K S A N D OTHER PRIVATE B O R R O W E R S

PRIME RATE

FINANCE COMPANY P A P E R _

F.R. DISCOUNT R A T I
FEDERAL FUNDS

1961

1962

1963

1964

1965

1966

E x h i b i t D -- Part II

Da t e

Prime rate

1959-60 - High
Y e a r end - 1961
1962
1963
1964
1965
1966 - H i g h
Low
June

July

3
10
17
24
1 2.1

:,

5.00
4.50
4.50
4.50
4.50
5.00
5.75
5.00
5.50
5.50
5.50
5.50
5.75

1/

Finance
company
Federal funds 3/
paper
2/
(per c e n t )
5.13 (1/23/60)
3.00
3.19
3.88
4.06
4.75
5 . 4 5 (7/1)
4.75 (1/7)

4 . 0 0 (5/13/60)
2.88
3.00
3.50
4.00
4.63
5.43 (7/1)
3.55 (1/21)

5.38
5.38
5.38
5.38
5.45

4.84
4.90
5.13
5.30
5.43 ^

Spread b e t w e e n
3 - m o . bills and
finance co. paper

1.02
.34
.30
.36
.23
.28
.99
.20
.79
.81
.86
.99
.98

3/ Weekly rate shown Is that in effect at end of period. Prime rate la that charged by large banks
on short-term loans to business borrowers of the bluest 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, whioh is the rate for the heaviest volume of purchaee and
sale transactions as reported to the Federal Reserve Bank of New York.
Note:—Highs and lo*ra are for individual series and may be on different dates for different series.
For spreads, high refers to widest, and low to narrowest.




1
STOCK M A R K E T

100

PRICES

STOCK MARKET CREDIT
C H A N G E IN S E R I E S

4

VOLUME

YIELDS

1961

1962

1963

1964

1965

1966

Exhibit E -- Part II

Common
Date

1961-62 - High
Low
Nov. 1963
July 1965
1966 - High
Low
1966 May
June
June 17
24
July 1 £/

Stock price
index If

72.04(1^/8/61)
52.68(6/23/62)
72.62
84.91
93.77 (2/11)
85.43 (5/20)
86.78
86.06
86.51
86.58
85.61

yields 2/
(per cent)

2.82
3.96
3.14
3.09
3.02
3.37
3.30
3.36
3.33
3.33
3.37

Trading
volume 5/
(millions
of shares)

10.1
2.4
5.3
4.1
10.7
5.1
8.1
6.4
7.4
7.1
6.0

Stock mar cet customer credit
Customers 1
Bank
Total
debit balloans to
ances 4/
"others" 5/
(In millions of dollars)

5,60% is/61)
4,424(3/61)
7,298
6,533
7,991
7,726
7,905
n.a.
n.a.
n.a.

4,259(12/61)
3,253(2/61)
5,586
4,863
5,635
5,551
5,768
n.a.
n.a.
n.a.

1,418(5/9/62)
1,161(3/9/61)
1,712
1,970
2,197 (3/2)
2,137 (5/27)
2,137
2,146
2,145

n.a.—Not available.
Preliminary.
2/ Standard and Poor's composite index of 500 ootuaon stocks, weekly closing prices, 1941^*3*10.
Monthly data are averages of daily figures rather than of Friday's only. Highs and lows are for
Friday's data only.
7j Standard and Poor's composite stock yield based on Wednesday data converted to weekly olosing
prices by Federal Reserve. Yields shown are far dates on which price index reached its high
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 accountsj
excludes balances secured by U. S. Government obligations.
j/ 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 leans to
for others. For further detail see Bulletin.
FRASER

Digitized


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

MARKET

OPERATIONS

400

300

200

OFFERINGS

SALES

RCHASES
100

1962

1961

1960

1963

1964

1966

1965

Exhibit F - Part II

Date

1966 - May
J une
July
Aug.
Sept.
Oct.
Nov.
Dec.
1966 - Jan.
'
Feb.
Mar.
Apr.
May

Estimated offerings to FNMA
Standby
Immediate
Total
commitment
purchase
35.8
47.9
52.9
82.0
101.1
209.9
238.3
325.7
333.2
209.2
272.8
193.0
192.2


Liquidating
http://fraser.stlouisfed.org/Pro grans.
Federal Reserve Bank of St. Louis

Purchases
by
FNMA

(In millions of dollars)
31.4
.1
35.7
39.5
47.9
36.7
52.9
47.2
82.0
63.5
101.0
78.5
209.9
140.2
1.0
237.2
186.7
325.6
229.2
.3
333.0
267.3
.3
209.0
301.4
.5
272.3
193.0
.7
192.3
167.3
1.1
191.1

Sales
by
FNMA
3.0
12.2
3.4
0.2
0.1
0.2
0.1

YIELDS O N N E W A N D S E A S O N E D C O R P O R A T E B O N D S

N E W ISSUES

S E A S O N E D Aaa

I l I i I l

Exhibit 0 - Pert II
Yields on Hew Corporate Bond Issues Adjusted to en Aaa bests
Number Aa't of issues Average
yield
Included (all.
of
(per cent).
issues of dollars)

Number Aa't of Issues Average
yield
Included (all.
of
(per cent)
Issues of dollars)
Monthly averages;
1965 - Aug.
Sept.
Oct.
Nov.
Dec.
1966 - -Jan.
Feb.
Mar.
Apr.
May
Weekly averages:
1966 - High
Low

166.5
288.5

108.0

267.0
212.0
300.0
304.5
263.0
702.3
341.0
596.0
5.43
4.82

4.63
4.67
4.69
4.72
4.85
4.84
4.98
5.27
5.05
5.21
5.38
(6/17)
(1/7)

Apr.

May

150.0
96.0
65.0
30.0
50.0
46.0

68.0

80.0

July

370.0
50.0

Motet
A
and foreign companies, and bonds guaranteed by
ag/new' offerings are adjusted to a composite Aaa basis by deducting f t h e
Before averaging,




5.02
4.95
5.06
5.22
5.12
5.14
5.15
5.21
5.57*
5.36
5.34
5.43
5.31
5.64*

250.0
75.0
253.3
56.0

aotual

Exhibit H

H. 14

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

1966

Cornorate
1965

Hew Canital
1964

1965 R /

1966

January
February
March

1,302
1,237
2,446

795
746
1,197

938
700
778

2/1 ,175
J / 822
>
£ / 850

April ,
May
\
June {

£/ 1,554
e/1,260
1/2,525

1,152
1,691
1,946

2,237
1,095
1,405

e/1,
,140
e / 900
e/1, ,200

July
*
August
September

1,290
850
1,392

October
November
December
1st
2nd
3rd
4th

quarter
quarter
quarter
quarter

1964

826
924
972

1,242
667
903

812
680
1,130

986
648
966

906
780
892

953
669
1,642

794
1,021

801
529
948

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

2,416
4,738
2,621
3,264

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

2,533
2,811
2,578
2,278

7,527
11,060
14,805

1st half
Three quarters
Year

947
776
810

924
1,325
1,496
4,985
e/5, 335

804
872
904

7,153
9,775
13,038

5,302
7,902
10,471

5,345
7,923
10,201

e/2,847
e/3,240

.

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

quarter
quarter
quarter
quarter

Year
e/
b/
1/
2/
3/

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

2,043
4,258
2,477
2,997

13,3 66

11,775

Estimated by Federal Reserve.
Preliminary.
Securities and Exchange Commission estimates of net proceeds.
Investment Bankers Association of America estimates of principal amounts.
Total new capital issues excluding offerings of sales and consumer finance companies.




!

a

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

Quarter
or
Month
' 1964 - I
II
III
IV

Gross proceeds for new capital
Net proceeds
and refunding 1/
for new capital
Total
Bonds
Common Memo:
Publicly Privately and Foreign Mfg. Public CommuniOffered Placed
pfd. issues
Utility cations
stock
273
438
429
29
300
1,269
978
2,548
1,666
856
723
105
1,890
1,755
4,965 1,312
59
642
559
94
494
1,590
792
2,876
135
509
408
277 1,061
2,629
531
3,568

1/ 2/
Other
Issuers
1,275
1,492
1,361
1,559

1965 - I
II
III
IV

905
3,007
5,043 1,864
3,912 1,575
4,030 1,226

1,673
2,259
1,955
2,264

429
920
383
540

243
215
263
300

1,072
1,679
1,119
1,145

541
609
786
610

91
255
323
177

1,034
2,246
1,304
1,815

1966 - I

5,094 1,774

2,586

734

345

1,860

969

602

1,553

1,233
1,773
2,038
1,443
930
1,538
986
1,398
1,646

422
694
748
542
369
664
287
613
326

648
630
980
780
468
706
574
529
1,161

162
449
309
122
93
168
124
257
159

33
49
134
27
87
150
99
101
99

540
698
441
399
307
414
273
402
470

176
248
184
202
297
287
158
209
243

15
143
98
102
25
196
92
43
43

422
602
1,223
587
222
495
401
671
741

1,339
1,273
2,482
1,592
1,290

460
560
753
628
490

692
583
1,311
754
700

187
130
417
209
100

93
118
133
55
n.a.

353
530
977
653
400

388
241
340
361
325

141
160
301
76
50

420
306
827
465
485

III
! 1965 - Apr.
May
June
July
Aug.
Sept.
Oct.
Nov,
Dec*
1966 - J a n . 3 /

Feb.
Mar.
Apr.j>/
May e/
June
July
Aug.
Sept.

£/ Preliminary.
e/ Estimated by Federal Reserve.
1/ Gross proceeds exceed net proceeds by the cost of flotation.
2/ For total see Exhibit H; other issuers are extractive, railroad and other transportation,
real estate and finance, and commercial and other.
3/ Does not Include U.S. Steel $600 million conversion of preferred stock to debentures,
curities and Exchange Commission.




Exhibit J
Other Security Offerings
(In millions of dollars)

g-rprm Ii
firrmfi T.nn

1966

196S

1964

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

r/12
40
40
66
n.a.

218

91
33
74
5
52
75
2

4
82
69
30
75
26
20
13
7
180
72
58

Jan. -May

n. a.

329

260

661

636

Year

--

38
73

1966
503
410
n.a.
n.a.

103
39
E/-238
jo/565
£/469

Jan. - May

£./ 938

129
185
325

--

275
260
160

775
—

239
150
375
375
179

238
91
-458
647
204
-82
119
408
152
59
274
-366

103
236
-407
442
81
-80
-9
127
176
7
-15
-208

308
-24
450
718
n.a.

722

455

n. a.

510

639

1,205

2,732

n. a.

New short-term 4/
State and local Goverment 5/
January
February
March
April
May
June
July
Augus t
September
October
November
December

Federal Agency 3/
1964
1965

1,205

-mm

1

Federal Agency 3/
-137
-174
117
-11
. 509
237
132
206
105
-309
202
-76
304

-308
-336
23
97
183
239
-333

167
1
525
113
-3
-341

1,286
368
Year
453
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
subdivisions 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
fron 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.




-

i n

H. 14
Exhibit K
Large Long-term Public Security Issues for New Capital
(Other than U. S. Treasury) 1/
Proceeds of Large Issues Offered
(In millions of dollars)

Total

Conor;
ate
Bonds
(other than
Convertible
convertibles)
bonds

801
1965 - June
July
47 7
Aug.
299
Sept.
530
246
Oct.
Nov.
736
262
Dec,
1966 - Jan.
485
Feb.
545
890
Mar.
643
Apr.
401
May
June
1,317

Stocks

320
22
62

343
455
211
530
190
559
212
370
391
544
481
351

138

636

377
655
312
563
409
538
413
787
424
339
720
466
582

--

26
16

40
33
50
84
75
55
50
20

State
and
local
governments

--

144
115
70
271
106
661

Other gf
430
20
50
170
43
95
--

55
60
275

Large Individual Issues Offered During June

Issuer

Corporate

Potomac Elec. Pwr. Co.
GATX Corporation
United Air Lines
Mountain States Tel. &
Tel. Company
Louisville Gas & Elec.Co.
Pa. Pwr. i Lt. Co.
x
*Boeing Co.
Metropolitan Edison Co.
Northern Natural Gas Co.
Gulf Power Co.
*New England Tel. & Tel.Co.
*I.B.M.
-Fairchild Camera
National Cash Register
Pub. Serv. Elec.& Gas Co.
Commercial Solvents Corp.

J Type 2/

Amount
(millions
of
dollars)

Conv . p f d stk.
o
Equip, tr 0 cert.
Com. s tko
Deb.
1st mtgo bds c
1st mtg. bds o
Com. s tk.
1st mtg. bds.
S.F. deb.
1st • mtg. bds.
Com. stk.
Com. stk.
stk.
S.F. deb.
1st mtg. bds.
Conv. sub . deb.




26 .1
40 .0
70,
.9
.0
50, i
,0
16,
30.
,0
,8
114,
,0
15.
50.0
,0
15.
43.0
377. 4
29. 1
60. 0
60.0
20.0

Maturity

Coupon
rate or
Offernet inter- ing
est cost
vield

Rating

1986

5.45

5 .45

2005
1996
1996

5-1/2
5-5/8
5-5/8

5 .45
5,
.45
5,
.47

Aaa
Aa
A
A

1996
1986
1996

5-3/4

5-3/4
6

5,
.65
5.
.75
5.
.85

1991
1991
1991

5.60
5-3/4
4-1/2

,60
5u
5.65
4. 50

Aaa

Aa

A

A
--

K-2
Large Individual Issues Offered During June (Cont'd)

3/
Issuer

Type

Coupon
Amount 1
Offerrate or
(millions
Maturity net inter- ing
of
est cost
Yield
dellars) J

Rating

Corporate (Cont'd)
Southwestern Bell Tele Co.
C-ulf Oil Co.
Georgia Pwr. Co.

Deb
150.0
100.0
S, F. deb v
1st •ntg. bdSo 50.0

2006
1991
1996

25.0
G o 0.
28.8
G.O.
15.0
G.Oo
Rev. -Rento
24.5
25.0
Rev. -Rent.
Rev, -Q. -Ut. 16.6
100.0
G.O.
G.O.
19.8
C-.O.
15.7
Bond s
109.5
Rev. -Q."Ut.
24.1
Rev. -Q. -'Ut. 20.0
35.0
Go 0c
Rev. -Rentu
47.0
Rev. -Rent.
15.5
ReVv -Rent
39.1
Rev. -Rent
11.4
25.0
Rev,
'Ut.

1967-91
1967-91
1971-91
1969-97
1967-96
1968-90
1976-2016
1967-86
1967-96
1967-2006
1967-94
1967 -81
1977-85
1967-96
1966-2003
1967-88
1969-87
1968-87

5 -3/8
5 .35
5 -3/4

5,
,38
,35
5.
5. 75

Aaa
Aaa
Aa

3<
,
35-3 .70
3, 50-3,
.90
3. 60-3\80
,20
4. 00-4,
3. 50-4,
.00
3. 50-3,
.80
3. 70-4,
,10
3. 60-3,
,95
,25
50-4.
3c
3. 40-3.
,70
3. 50-3.
,85
3. 50-3.
,70
40-3.
3u
,45.±/
3.85-4. 05

Aa
A
A

State and local Government
State of Tennessee
Philadelphia, Pa.
Ann Arbor5 Michigan
New York St. Dorm. Auth.
Fla. St. Bd. of Education
Georgia St. Highway Auth.
State of California
Albuquerque, New Mexico
Jacksonville Port Auth., Fla.
Public Housing Auth„
State of Michigan
Mde State Roads Commission
State of North Carolina
N.Y. Sto Housing Fin. Agency
Univ. of Washington, Seattle
Illinois Bldgo Auth.
Fla0 St. Board of Education
Pa. St. Hwy. & Bridge Auth.

3 .69
3 .94
3 .84
4 .26
3 .99
3 .83
3 .93
3 = 97
3,
.99
3,
.64
3.
,91
3,
.75
3,
,47
4,
,13
nc
,13
4,
n«
,
3. 77

3. 70-4. 10
3. 75-3. 85
3. 50-3. 7 5

Aa
Aa
Aa
A
A
Aaa
A
Aa
Aaa
--

As.
Aa

Other
City of Montreal, Canada
Indus. Devel. Bank of Israel
Int. Bk= for Rec. & Devel.
British Col. H y d r o P w r . Auth.

Bends
30.0
Cum. p re f. sk.20.0
t
Bond s
175.0
50= 0
SvFu bonds

\~rr_

5 5/8

88

1991
1991

5-3/8
55/8

5 u39
78

Ao a
A

-Rights offeringn,a.--nct available,
1/ Includes corporate and other security offerings of 515 million and over- State and
local government 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=
1/ In the case of State and local Government securities, G.O. denotes general obligations;
Rev.-Ute, revenue obligations secured only by income from public utilities; Rev. -Q. -Ut . ,
,
revenue bonds secured only by revenue from quasi-utilities; Rev. -S.T., revenue bonds
secured by revenue from specific taxes only? Rev.-Rene., revenue bonds secured solely
by lease payments.
4/ Bonds maturing 1967-76 not public!v teeffered.




11

H. 14
Exhibit L
Forthcoming Large Long-term Public Security Offering for New Capital
(Other than U.S. Treasury) j /
^
Expected Proceeds from Forthcoming Large Issues
(In millions of dollars)
During month following
date ahown
State and
Corporate
Other 2/
local govt.
1965

June 30
Juiy 30
Aug. 31
Sep:.30
Oct. 29
Nov. 30
Dec. 31
1963 - Jan. 31
Feb. 28
Mar. 3!
Apr. 30
May 3.
..
June 30

397
2-3
-0269
3'-3
396
501
340
366
253
399
586
j3 7

363
193
312
206
4i2
297
553
530
828
489
248
1 261
3:7

p. r :-c:m;ng

fimsntt

v

:.

rWuglas A: r c ra i: : .

Harvey Aluminum Inc.
Ccnsume r i T-:we r Cc.
C %
T r It c • nc . o
^'No: :-ern S:a: r s - v . C .
* ' - r Ids t ..We r C r: .
Fi
'.Jersey Centra: ;:wr. i 1:. C:.
'Amer. Tel. 6
. Z .
N" r i beast Air. : tu s

;

=

15
25
20
20
20
- -

30
15

410
340
636
303
489
344
6 76
931
1,176
606
1 ,034
1.261
619

524
353
450
331
578
458
582
461
504
334
546
584
353

: nv. =ub« deb.
I r.Vo sub. de.h.
C . r.v. subo deb.
. s* rcg. blio
1 s m: g. bc-5 c
2eb.
is: mtg. bds.
T

iDeb.

T-nv. sub. deb.

Amount
(millions
of
dollars)

•Ala. .Tub„ ach.

C'ilegr A -: - .




20
- -

15
25
20
20
20
90
55
55
55
50

62.C
75.0
25.0
65.0
2 5.0
45.0
20.0
30.0
250.0
22.0

Approximate date of
offering

Julv 5
Jul v 7
Jul y 7
Julv 13

JulV 14
July 2g
July 29
August: 3
Augus t 4
Indefinite

and ;. ca . g_ vemm^n;
.

Lao Cap. Onst» ^ Imp. C :mnu
Warren C n? 1. 6c". Dis:., M i c .
1 r; . . I >xa:
.

Other %)

g= I raring s as oi July 1

Type

Issuer

Occidents l r c t - . u n
ft.'ci

20

Subsequent to
date shown
State and
Corporate
local govt.

Rev.- Bent.

30.0

J_ly6

• • - •

Rrv. -Rent .

11.0
: i.o

Rev. Rent.

2 5.0

J.ly6

July t
July 6

Forthcoming Large Offerings as of July 1 (Cont'd)

Amount
(millions of dollars)

Approximate
date of
Offering

State and lee. Govt, fCont. 'd
*Metro. Water Dist. of
Southern California
Reus t on , Texas
State of Texas
State cf Oklahoma
State of Mississippi
*Cnondaga County^ New York
Kentucky Turnpike
^Nashville & Davidson Co.
Metro. Govt. Tennessee

G.O.
G.Oo
G.O.
G.O.
G.O.
G.O.
Rev.~Q.

70.0
21.0
10.0
12.0
17.4
15.0
115.0

July
July
July
July
July
July
July

12
13
18
19
20
20

G.O.

15.9

August 2

S.F. bonds
Bonds

15.0
20.0

July 7
Indefinite

Bonds

15.0

Indefinite

Other
Govt, of Mexico
Republic of Ireland
Nippon Tel. & Tel. Pub.
Corp.

-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 fcr reasons other than sale of issue;




None.

ft
Exhibit M

H.14

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

Sale Date

Amount
(millions
of
dollars)

Issuer and Description of Issue
A.

I

6/2

Sold May 1 through July 1

30.0

City of Montreal, Canada-- 5-5/8% debentures,
maturing 1991, reoffered to yield 5.88%,
Industrial Development Bank of Israel--Cum. pref. stk.

6/6

20.0

6/28

175.0

6/29

I

Public Offerings

50.0

International Bank for Reconstruction and Development-5-3/8% bonds, maturing 1991, reoffered to yield 5.39%,
British Columbia Hydro.and Power Auth.--5-5/8% S.F.
bonds, maturing 1991, reoffered to yield 5.78%.

,4

B.

Prospective Offerings

July 7

.0
15,

Govt, of Mexico--S.F. bonds

Indefinite

20.
,0

Republic of Ireland--bonds

Indefinite

15.
,0

Nippon Telegraph and Telephone Public Corp.--bonds

-Included in table for first time.

•kk- -Issue sold to investors outside of U.S.
***-

-Issues subject to interest equalization tax.




M-2
Part II:

Date Reported

Private Placements - Reported May 1 through July 1
Amount
(millions
of
dollars)

Issuer and Description of Issue

5/2

30.0

Northwestern Pulp and Pwr» Ltd.--5-5/8% senior notes,
maturing 1985--no information available on takedown.

5/2

46.5

Prince Albert Pulp Co. Ltd.--5.20% notes, maturing
1989--no information available on takedown.

5/4

15.0

New Brunswick Elec. Power Commission-- % S.F. deb,
maturing 1991--no information available on takedown.

5/10

20.0

Brit ish Columbia School Dist., Capital Financing Auth.- 5-1/2% debentures maturing 1986--no information available on takedown.

5/17

11.5

International Pub. Corp.--5.90% notes, maturing 1977 and
1981--no information available on takedown.

5/31

15.0

Budd Auto. Co. of Canada, Ltd.-- 6-3/4% gtd. debentures,
maturing 1986--no information available on takedown.

5/31

15.0

New Brunswick Power Commission -- 5-1/2% debentures,
maturing 1991, no information available on takedown.

14.0

Govt, of the Bahama Islands-- bonds, maturing 1981, no
information available on takedown.

- 6/1

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
takendown 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 takedowns. "Full or partial takedowns may take place both prior and subsequent to the
date a placement is reported.





Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102