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DECONTROLLED AFTER SIX MONTHS
Not f o r P u b l i c a t i o n

/

CAPITA]
IN THF. UNITED-STATES
( i n c l u d i n g Review o f C a p i t a l M a r k e t s i n J u n e )

C o r p o r a t e and m u n i c i p a l bond m a r k e t s .
The volume o f c o r p o r a t e
s e c u r i t i e s e x p e c t e d t o b e p u b l i c l y o f f e r e d t h i s week i s m o d e r a t e and o n l y
o n e - f o u r t h a s l a r g e a s l a s t w e e k ' s s w o l l e n t o t a l , most of w h i c h c o n s i s t e d
o f t h e $266 m i l l i o n F i r s t N a t i o n a l C i t y Bank c o v e r t i b l e n o t e i s s u e on w h i c h
subscription rights expired.
The new s u p p l y of m u n i c i p a l b o n d s w i l l b e
somewhat l a r g e r t h a n l a s t w e e k , w i t h more t h a n o n e - h a l f of t h e t o t a l a c c o u n t e d
Also expected to reach the
f o r b y a $120 m i l l i o n S t a t e o f C a l i f o r n i a i s s u e .
m a r k e t t h i s w e e k , b u t n o t i n c l u d e d i n t h e t a b l e b e l o w , a r e $20 m i l l i o n i n
b o n d s o f t h e Commonwealth of New Z e a l a n d .
L o n g - t e r m P u b l i c S e c u r i t y O f f e r i n g s 1/

New

Corporate
Refunding
Capital

S t a t e and l o c a l Government
New C a p i t a l
| Refunding

Sold:
52 week a v g .

J u n e 25
July 2

186

100

113 r /
300

11

13

160 r /
119

11 r /
37

Scheduled:
July
1/

9

212

75

F e d e r a l R e s e r v e e s t i m a t e s b a s e d op p u b l i s h e d r e p o r t s o f i s s u e s s o l d and
s c h e d u l e d f o r o f f e r i n g ; c o r p o r a t e r i g h t s o f f e r i n g s a r e i n c l u d e d a s of t h e
date subscription rights expire.

Yields in S e c u r i t i e s Markets
L e v e l l a t e s t week
(per cent)
High-Grade
N o t e s and Bonds
Corporate
New
Seasoned




4.46

Change f r o m
p r e c e d i n g week
(basis points)

-1

H. 14

Yields in S e c u r i t i e s Markets (Cont'd)
Level l a t e s t week
(per cent)

Change from
p r e c e d i n g week
(basis points)

U.S. Govt.
Long-term
3-5 year

4.14
4.08

+1
+1

S t a t e and l o c a l Govt.
Moody's Aaa
Standard & Poor's high grade

3.17
3.31

+4

4.12

+44

3.81
3.85

+3
+3

Money Market
Federal funds
Treasury b i l l s
3-month
6-month

C o r p o r a t e Bonds S t i l l i n S y n d i c a t e
Date
Offered

Amount
( m i l l i o n s of $)

2/23

40.0

Issue
New J e r s e y B e l l T e l e . Co.
4-5/8's
- 2005

Reoffering
yield
4.56

Rating
Aaa

Estimated Propor Lion Sold
9/10

?

Blue L i s t of M u n i c i p a l D e a l e r s ' A d v e r t i s e d I n v e n t o r i e s
( I n m i l l i o n s of d o l l a r s )
L a t e s t Date
$806 ( 7 / 1 )

End of P r e v i o u s Week
$837

Recent High
$901

(6/4)

C a p i t a l m a r k e t s i n J u n e . C o r p o r a t e s e c u r i t y f i n a n c i n g t o o b t a i n new
c a p i t a l i n J u n e p r o b a b l y amounted t o $ 1 , 7 5 0 m i l l i o n , a r e c o r d f o r t h e month and
o n e - f o u r t h l a r g e r t h a n a y e a r e a r l i e r . A c o n t i n u i n g l a r g e volume of p u b l i c
o f f e r i n g s augmented t h e u s u a l l a r g e s e a s o n a l takedown of p r i v a t e p l a c e m e n t s .
Over t w o - t h i r d s of t h e $715 m i l l i o n i n p u b l i c o f f e r i n g s of bonds was made up
of two g i a n t commercial bank i s s u e s - - $ 2 5 0 m i l l i o n i n c a p i t a l n o t e s of t h e Chase
M a n h a t t a n Bank and $266 m i l l i o n i n c o n v e r t i b l e c a p i t a l n o t e s of t h e F i r s t N a t i o n a l
C i t y Bank of New York, t h e l a t t e r made a v a i l a b l e f i r s t t o s t o c k h o l d e r s t h r o u g h
subscription rights.
Much of t h e i n t e r e s t i n t h e c o r p o r a t e bond m a r k e t l a s t month c e n t e r e d
around t h e p r i c i n g of t h e Chase M a n h a t t a n Bank i s s u e o f f e r e d J u n e 9 . The l a t e May
announcement of t h i s i s s u e a s an a d d i t i o n t o t h e a l r e a d y s u b s t a n t i a l J u n e c a l e n d a r
had r e s u l t e d i n t h e t e r m i n a t i o n of s y n d i c a t e s on s e v e r a l slow moving o f f e r i n g s
w i t h s u b s e q u e n t d e c l i n e s i n p r i c e s on t h e s e i s s u e s . The " r i c h " p r i c i n g of t h e
Chase bonds - u n e x p e c t e d by many i n v e s t o r s - b r o u g h t a s h a r p p i c k u p i n p u r c h a s e s of <
o t h e r i s s u e s . Average y i e l d s on new c o r p o r a t e bonds (Aaa b a s i s ) r e a c h e d 4 . 6 0 p e r
t
forc e n t e a r l y i n J u n e - - 5 b a s i s p o i n t s more t h a n a t t h e end of May and t h e h i g h e s t l e v e l
FRASER

Digitized


H. 14
s i n c e l a t e 1 9 6 1 . , b u t e a s e d o f f 2 b a s i s p o i n t s l a t e r i n t h e month. T e r m i n a t i o n of
s y n d i c a t e p r i c e r e s t r i c t i o n s on t h e Chase i s s u e a t m o n t h ' s end w i t h o n l y t a g - e n d s
r e m a i n i n g l e f t s y n d i c a t e b a l a n c e s a t a minimum.
I n t h e m u n i c i p a l m a r k e t , S t a t e and l o c a l government bond s a l e s f o r new
c a p i t a l i n J u n e had a p a r v a l u e of $850 m i l l i o n , 5 p e r c e n t l e s s t h a n i n t h e
comparable month of 1964. Demand f o r most new i s s u e s was o n l y f a i r , and d e a l e r s ,
d e s p i t e a p p r e c i a b l e c u t t i n g of a d v e r t i s e d p r i c e s , were a b l e t o make o n l y m o d e r a t e
r e d u c t i o n s i n t h e i r s u b s t a n t i a l a d v e r t i s e d i n v e n t o r i e s of u n s o l d s e c u r i t i e s .
As a r e s u l t y i e l d s on A a a - r a t e d bonds r o s e 8 b a s i s p o i n t s t o 3 . 1 7 p e r c e n t a s t h e
month c l o s e d , t h e h i g h e s t l e v e l s i n c e l a t e November 1963, and d e a l e r s ' i n v e n t o r i e s
remained n e a r $800 m i l l i o n , down from a l l - t i m e h i g h of $901 m i l l i o n r e a c h e d e a r l y
in June.
Common s t o c k p r i c e s f e l l s h a r p l y on b a l a n c e d u r i n g J u n e i n a c t i v e
trading.
P r i c e s , as measured by S t a n d a r d and P o o r ' s c o m p o s i t e i n d e x of 500
s t o c k s , a t t h e m o n t h ' s low of 8 1 . 6 0 on J u n e 28 were 9 . 6 p e r c e n t below t h e a l l time h i g h of 9 0 . 2 7 on May 13. However, t h e s t r o n g r a l l y which s t a r t e d on
J u n e 29 had e r a s e d more t h a n o n e - t h i r d of t h e s e e a r l i e r l o s s e s by t h e J u l y 2
c l o s e . T r a d i n g volume a v e r a g e d 5 . 8 m i l l i o n s h a r e s a d a y , b u t d a i l y a c t i v i t y v a r i e d
w i d e l y - from 3 . 4 m i l l i o n t o 1 0 . 4 m i l l i o n s h a r e s .
Estimated s e c u r i t y . f i n a n c i n g , in J u l y . Corporations are expected to
f l o a t $ 1 , 0 5 0 m i l l i o n i n s e c u r i t i e s t o o b t a i n new c a p i t a l t h i s month, a b o u t
t w o - f i f t h s more t h a n t h e a v e r a g e f o r J u l y of t h e two p r e v i o u s y e a r s . S t a t e and
l o c a l governments w i l l p r o b a b l y o f f e r $900 m i l l i o n i n bonds t h i s month, a b o u t
t h e same a s a y e a r e a r l i e r . L a r g e i s s u e s c u r r e n t l y on t h e c a l e n d a r f o r o f f e r i n g
d u r i n g J u l y amount t o a l m o s t $400 m i l l i o n .
More d e t a i l e d i n f o r m a t i o n c o n c e r n i n g r e c e n t c a p i t a l m a r k e t d e v e l o p m e n t s
i s presented in the attached e x h i b i t s .

C a p i t a l Markets S e c t i o n ,
D i v i s i o n of R e s e a r c h and S t a t i s t i c s ,
Board of Governors of t h e F e d e r a l R e s e r v e System.




LONG-TERM

BOND

YIELDS,

HIGH-GRADE

"\

Exhibit A -- Part II

Corporate
Aaa 1/

1959-60
1961-62
1962-63
1964

-

High
High
Low
High

1965 - High
Low
June 4
J u n e 11
J u n e 18
J u n e 25
J u l y 2£ /

4.19
4.45
4.35
4.47
4.41

i

(3/29/63)
12/11)
(Z/2B)
(7/2)
(3/12)

4.45
4.46
A-47 '4.47
4.46 ,

U. S. Govt,
l o n g - t e r m 2/

S t a t e and
local
government
Aaa 3 /

Spread between
U. S. Govt, and
S t a t e and
Corporate
Aaa
l o c a l Aaa

(per cent)

2.88(11/8/62)

.21

.59
.57

.92
1.04

I ' M ,
4.16 (3/12)
4.13 (6/25)

3 . 1 6 3/26)
2.99(12/31)
3.17 (7/1)
2.9 4 ( 2 / 1 1 )

.33
.19
.34
.25

1.14
1.01
1.22
.96

4.15
4.15
4.14
4.13
4.14 '

3.09
3.16
3.16
3.17
3.17 /

.30
.31
r / .33
.34
.32

1.06
.99
.98
.96
.97

! « )
3 . 85 (12/28/62)

3.65
3.37

.80

p/ Preliminary.
xj Weekly average of daily f i g u r e s . Average term of bonds included i s 22-24 years.
y Weekly average of daily f i g u r e s . The series Includes bonds due or callable in 10 yeAre or more.
3 / Thursday f i g u r e s . Only general obligation bonds are includedi average term 1» 20 years.
Note.—Highs and lows are f o r individual series and may be on different dates f o r different
series.
 For spreads, high r e f e r s to widest, and low to narrowest*



Weekly

X

A A

VxJ

—

1 1 1 1 1 1 111 1 1 1 1
1

II

1 1 1

g r - ' —

1 1 l 1 LLLLMA.

•
11 11 1111111. I I I M M M I I

Exhibit B — Part I I

Date

1959-60 - High
Year end - 1961
1962
1963
1964
1965
High
Low
June 4
June 11
June 18
June 25
July 2£/

Corpora te
Baa y

Spread between
Aaa and Baa

S t a t e and
l o c a l govt.
Baa 2 /
(per cent)

5.36 (2/12/60)
5.10
4.93
4.85
4.80
4.87 ( 7 / 2 )
4.78 ( 3 / 1 9 )

4.46 (1/7/80)
4.04
3.57
3.60
3.51
3.57 ( 7 / 1 )
3.40 ( 2 / U )

4.83
4.85
4.85
4.86
4.87

3.51
3.54
3.54
3.57
3.57

Corporate

Hotel Tor footnotes see exhibit A.




.84
.66
.70
.48
.37
.40
.35

'

.38
.39
r/.38
.39
.40

|

J ™

.

1.08
.73
.63
.49
.52
.52
.38
.42
.38
.38
.40
.40

Z t .

i X H 11 IT C. P a r i 1
SHORT-

AND

INTKRMKD IATI-TCRM

INTEREST R A T * *

; GOVERNMENT
I Weekl,

1 a/ v TUV

tH
y

F. * . DISCOUNT RATI

' \ k j d

j

I I 1 1 1 1 1 1 1 11 11 i i

19*1

19*1

1111111

1
1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1

19*3

19*4

E x h i b i t C - - Part I I
Discount
ra te
3-month
b i l l s 2/
1/
1959-60 - High
Year end - 1961
1962
1963
1964
1965 High
Low
June 4
June 11
June 18
June 25
J u l y 2&/

r

J-MONTH B i l l *

I I I I I I I I I I I
If40

• MONTH S l l l t
M.rk.1 YWd.

Yields
6-month
b i l l s 2/
(per cent)

3-5 year
i s s u e s 2/

19*1

'
Spread between y i e l d s on 3 aonth b i l l s and y i e l d s on
6-W9- H U f l ? - ? YP

4.00
3.00
3.00
3.50
4.00
4.00
4.00

4.59 ( W # > )
2.66
2.89
3.52
3.83
3.99 (2/26)
3.78 (6/25)

5.07(1/8/60)
2.90
2.93
3.64
3.93
4.04 (2/26)
3.82 (6/25)

5.00(13/2^59)
3.81
3.41
4.07
4.07
4.13 (3/12)
4 . 0 4 (1/22)

4.00
4.00
4.00
4.00
4.00 v'

3.86
3.80
3.80
3.-78
3.81 v

3.92
3.88
3.86
3.82
3.85 v

4.10
4.10
4.10
4.07
4.08

.79
.24
.04
.13

.13
.04

1.81
1.15
.52
.55
.24
.30
.11

.06
.04
.04

.24
.30
.30
.29
.27

.10

1/ Weekly rate shown i s that in effect at end of period at the federal Reserve Bank of *ew York,
7/ Market yields weekly average# computed from daily closing bid prices. Series of 3-8 year issues
consists of selected notes and bonds.
Note,—Highs and lews are for individual series and may be on different dates for different series,
for spreads, high refers to widest, and lew to narrowest.




EXHIBIT h, F a , I I

SHORT- AND INTERMEDIATE- TERM INTEREST BATES,
BANKS AND
Weekly

OTHER P R I V A T E B O R R O W E R S

A

Date

1959-60 - High
Year end - 1961
1962
1963
1964
1965 - High
Low
June 4
June 11
June 18
June 25
J u l y 2 ja/

Prime r a t e

5.00
4.50
4.50
4.50
4.50
4.50
4.50
4.50
4.50
4.50
4.50
4.50

1/

Finance
company
Federal funds 3/
paper
2/
(per c e n t )
5.13 (1/22/60)
3.00
3.19
3.88
4.06
4.25 (7/2)
4.00 (2/12)
4.25
4.25
4.25
4.25
- 4.25

4.00 (5/13/60)
2.88
3.00
3.50
4.00
4.12 (7/2)
3.68 (6/25)
4.09
4.08
4.12
3.68
4.12

Spread between
3-mo. b i l l s and
f i n a n c e co. oaoer
1.02
.34
.30
.36
.23
.47
.10
.39
.45
.45
.47
.44

2 / Weekly rate shewn is that in effect at end of period. Prime rate i s that charged by large banks
on short-term loans to business borrowers of the highest oredit standing*
2/ Average of daily rates published by finanoe companies for directly placed paper for varying
maturities in the 90-179 day range.
3/ Weekly average of daily effective rate, whioh i s the rate f o r the heaviest volant of purchase and
sale transactions as reported to the Federal Reserve Bank of New York*
Notes—flighs and lows are f o r individual series and may be on different dates for different series*
For spreads, high refers to widest, and low to narrowest.




I X N I S I T 1. f e n I

( H A N O I IN < 1 1 1 1 1

YIIISI

i ii

i««o

M i i I i i i

i i i i i it

ifsi

Exhibit B -

Stock price
index U

1961-62 - High
Low
Year end
1963
1964
1965 - High
Low
May
June
June 18
June 25
p/ July 2

1 I I 1 1 1 I I I I 1 11 I I 1 I I 1 1 J - L A .

i i i i 1

II«I

lest
Part II

Trading
Common
volume 2J
stock
yields %) (millions
fpar cent) of

if*4

i •a s

Stock mar tat customer credit
Bank
Customers1
loans to
debit balTotal
"others" 5/
ances 4/
(In millions of dollsrs)
5,60g2g/6l) 4,259 (lg/61)
4,424(3/61) 3.253(j/61)

72.04(1^/0/61)
32.68(6/2t/to)

2.80
3.96

10.1
2.4

74.44
84.75
90.10 (5/14)
83.06 (6/25)

3.13
3.02
2.89
3.15

4.7
4.7
6.8
4.4

7,242
7J353
7,085
6,872

89.28
85.04
85.34
83.06
85.16

2.92
3.07
3.06
3.15
3.07

5.5
5.8
6.0
4.4
6.8

7,085
n.a.
n. a.
n.fli

1,418(8/9/62)
l,161(W6l)

5,515
5.099
5,129
4,986
5,129

, ,

1,727
1.974
1,974 ( 6 / 9 )
1,848 ( 3 / 3 )
1,956
1,954
1,966
1,954
JUft,

n.a.
n.a.
RtfU

V Standard and Poor's oonpoait* Index of 500 eeemen stocks, weekly closing prices, 194L-43*10#
Monthly data are averages of dally figures rather than of Trf.4«y»s only. Highs and lows are for
2/ Standard and*Poor's composite stock yield based ee Wednesday data converted to weekly olosing
prices by federal Re erw. Holds shawm are for dates on which prloe Index reached its high
3/ f r i g e s of daily trading rolmw on the *ew York Stock Exohange. Tsar^snd flgww#are averages of
' v ^^f'menS^iSuwe'f er*iNnbev fixes of the lew Ye* Stook Exchange WUh oarry margin aooeeatsi
excludes bah noes secured by 0. 8. Oorsmeint obligations.
*

W S ^ S ^ S S S S L

 further detail see
others. For


r - * "*

s ^ M S w s i x ! » s 2 2 &

IXHISlT F. P a r i 1

MORTGAGI AND
Mewthly

BOND

YIELDS

v..

r\

Exhibit F

FHA
mortgages 2/

Date

25-vear 30-vear
1956 1957 1958 1959-601961-64-

Low
High
Low
High
High
Low

4.68
5.63
5.35
6.24
5.72
5.43

1965-January
February
March
April
May
June

5.43
5.43
5.43
5.43
5.43

__

Conventional
gages
3/

Part I I

Spread beAaa Co;r p o r a t e
Spread between
tween y i e l d s
Bon<is
y i e l d s on new c o r on conv. &
nni-A t # hnnrfa and
"»
25-year FHA New*' Seasoned—^ 25-year
Seasoned
morteacea
FHA mt%s.

5.70
5.45

5.20
6.00
5.55
6.30
5.95
5.80

.47
.47
.15
.23
.38
.23

3.08
4.94
3.65
5.25
4.72
4.12

5.45
5.45
5.45
5.45
5.45
n.a.

5.80
5.80
5.80
5.80
5.80
n.a.

.37
.37
.37
.37
.37

4.42
4.41
4.45
4.46
4.51
4,58 ,

3.08
4.12
3.57
4.61
4.45
4.22

.76
1.58
.88
1.69
1.50
.94

1.03
.05
.73
.39
- . 16

4.43
1.01
-.01
4.41
1.02
4.42
.98
.03
4.43
.97
.03
.92
4.44
.07
.
..
4,46
.12
than bonds. Generally, bonds pay interest seal-annually; mortg^es, monthly. Mortgage yields. If computed as equivalent to a semi-annual Interest investment, would be slightly higher than given in the
Based on THj^-field-offioe opinions about average bid prioes in the private secondary market for nen*home mortgages for immediate delivery. Separate data available for 25-year and—begin!ng July 1961—
30-year mortgages with minimum downpayments, weighted by probable volume of transaction . Yields computed by IHA, assuming prepayment period of 12 years for 25-year mortgages and 15 years for 30-^rear
mortgages. Over the period for ifcloh they can be oompar«d, the movement at the two mortgage yield
series has been similar# Dashed lines indioate periods of adjustment to changes in contractual Interest
rates.
Based on TEA field office opinion on typioal interest rates (rounded) on conventional f i r s t mortgages
prevailing in the market areas of insuring office c i t i e s . Beginning with April 1960, rate relates only
to new-home mortgages; prior to that date, rate related to both new as **11 as exi sting-home mortgages.
Dashed line indicates this change in the series.
See note for Exhibit 0.
X
jjy
0 Moody's Investor
 Service, Monthly averages of dally data. See Exhibit A,



i

YIILDI ON NIW AND t I A S O N I D CORFOKATI BONOS

AdWited i# Aee l e i l i
NIW I I I U I I

jJI
inhibit 0 - i e r t X
X
Yields on lev Corporate Bond Issues Adjusted to en Aee bests

Monthly averages:

1964 - Oct.
Nov.

Dec.
1965 - J a n .
Feb.
Mar.
Apr.
May
June

Number Aa't of Issues
of
Included (mil.
illSBUL JZLSSIISBLL-

yield
( m

70.0
3
3
3
7
4
8
4

4.46

140.0
94.0

4.47
4.42
4.41
4.45
4.46
4.51
4.58

111.0

157.8
115.0
315.0
100.0

Weekly a v e r a g e s
1965 - High
Low

4.60(6/11)
4.33(1/29)

Of
Apr. 2
9
16

23
30
May 7
14
21
28

June 4

Hunt

Aa't of Issues Average
included (mil. yield
9t foUfFf ) < b w
25.0

60.0

4.43
4.44

30.0

4.47

70.0
40.0
199.0

4.54*
4.51
4.49*
4.55

6.0

11
18

35.0

4.60

25

65.0

4. 58

July 2

Motes Aver*ge« of offering yield# on al% new Issues of publioly offered oorporate bonds rated i u . i t and
1 by Moody* t Investors Service (except serial and convertible is sues. offerings of natural gas pipeline,
end foreign oonpanies, and bonds guaranteed by the federal Government) weighted by tf.se of offering. 1
Before averaging, new offerings are adjusted to a mmmosite iaa basis by deducting from the actual
reeffering yield tie excess of the weekly average yield f o r seasoned bands of the appropriate industryquality group over the composite average f o r seasoned Aaa-rated bonds (Moody's). Averages considered
unrepresentative because of special characteristics of #»e offerings included are denoted by am asterisk^




Exhibit H

H.14

Long-term Cifcrporate and State and Local Government
:
Security Offerings and Placements
(In m i l l i o n s of d o l l a r s )

1965
January
February
March

Corporate
1Q64

New Can l t a l
1963

1965

State and Local 2/
1^64
1963

S
s
s
1

795
746
1,197

930
685
754

613
594
1,144

&/800
e / 800
e/850

April
May
June

E/ 1,240
e / 1,550
e / 1,750

2,178
1,069
1,378

930
904
1,013

e/800
e/900
e/850

July
August
September

e / 1,050

780
661
1,109

676
637
795

e/900

949
646
1,419

1,013
819
1,415

2,738
e / 4,540

2,369
4,625
2,550
3,013

2,3*1
2,847
2,109
3,246

e/2,450
e/2,550

£/
£/
J>/
e/

e/ 7,278

6,994
9,544
12,557

5,198
7,307
.10,553

e/5,000

October
November
December
1st
2nd
3rd
4th

quarter
quarter
quarter
quarter

1st half
Three quarters
Year

947
776
810

732
746
976

1,242
667:
903
906
780
892

680
708
449

850
550
950

1,051
729
416

2,533
2,811
2,578
2,350

2,454
2,665
1,837
2,197

£ / 5,344
£ / 7,922
e/10,272

5,118
6,955
9,151

>

869
866
930

;

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

quarter
quarter
quarter
quarter

2,547
8/ 4,140

Year
e/
£/
1/
2/
3/

1,996
4,170
2,411
2,755

2,284
2,529
1,768
2,854

11,332

9,434

Estimated by Federal* Reserve.
Preliminary.
S e c u r i t i e s and Exchange Commiesion estimates of net proceeds.
Investment Backers Association of America estimates of principal amounts.
^
Total new c a p i t a l issues excluding o f f e r i n g s of s a l e s and consumer finance companies.




H. 14
Exhibit I
New C o r p o r a t e S e c u r i t y I s s u e s , Type of I s s u e
and I s s u e r
( I n m i l l i o n s of d o l l a r s )

Quarter
or
Month

G r o s s p r o c e e d s f o r new
c a p i t a l and r e f u n d i n g 1 /
Common Memo:
Bonds
and F o r e i g n
pfd. issues
Total Publicly Privately
included

Net p r o c e e d s f o r
new c a p i t a l 1 /
2/
Mfg.

Public
Utility

Communi- O t h e r
cations
issuers

1962 - I I I
IV

2,167
2,875

852
1,088

1 ,006
1 ,510

308
277

55
135

566
747

376
552

274
317

685
945

1963 - I
II
III
IV

2,700
3,634
2,436
3,466

1,108
1,389
898
1,319

1 ,306
1 ,820
1 ,251
1 ,780

287
424
287
367

128
434
109
47

947
591
806
968

326
794
285
530

236
221
150
118

842
1,241
868
1,629

1964 - I
II
III
IV

2,499
4,851
2,802
3,311

978
1,321
792
531

1,221
1 ,640
1 ,516
2 ,372

300
1,890
494
408

29
105
85
223

418
723
547
1,045

438
856
642
509

273
1,663
59
128

1,240
1,383
1,303
1,332

1965 - I
II

3,007

905

1 ,673

429

24S

1,072

541

91

1,034

1963 - O c t .
Nov.
Dec.

1,116
891
1,459

511
183
626

481
549
751

125
159
83

10
10
27

240
214
515

201
131
198

41
13
64

531
461
637

1964 - J a n .
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

985
710
805
2,234
1,155
1,461
869
728
1,204
1,032
702
1,577

338
279
361
383
470
468
234
183
376
181
30
320

526
342
353
480
537
623
411
433
672
638
620
1,114

121
88
91
1,372
148
370
225
112
156
213
52
143

5
16
8
34
36
35
21
21
44
82
27
114

149
123
146
186
206
332
149
164
234
249
188
607

109
155
174
151
441
264
207
138
296
297
40
172

157
83
34
1,377
27
258
23
16
19
81
17
30

515
324
400
463
395
525
401
342
560
321
401
610

97
21
49
385
131
161
292
565
858
1965 - J a n .
215
192
155
51
44
295
450
187
Feb.
791
494
229
26
143
143
448
658
557
1,358
Mar.
5 70
35
164
774
163
422
12
504
Apr. £>
1 , 360
1>40
650
230
n.a.
530
400
710
500
1,610
May e /
June
£/ Preliminary.
e / E s t i m a t e d by F e d e r a l R e s e r v e .
1 / G r o s s P r o c e e d s e x c e e d n e t p r o c e e d s by t h e c o s t of f l o t a t i o n .
2 / F o r t o t a l s e e E x h i b i t H; o t h e r i s s u e r s a r e e x t r a c t i v e , r a i l r o a d & o t h e r t r a n s p o r t a t i o n ,
r e a l e s t a t e & f i n a n c e , & commercial & o t h e r .
S o u r c e : S e c u r i t i e s & E x c h a n g e Commission.




\u
H.14
Exhibit J
Other S e c u r i t y O f f e r i n g s
( I n m i l l i o n s of d o l l a r s )

196*)

•Cr998 l o n g - t e m 1 /
F o r e i g n government 2 /
F e d e r a l agency 3 /
1964
1961
1965
1964

.

J a n . - May

e/368

38
£ / 72
e / 40.

232
133
76
57
114
11
63
83

260

218

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

612

636

January
February
March
April
May
June
July
Augus t
September
October
November
December

771

1961
148

129
185
B/325

186
275
260
160

459

509

174
200

2
334

e/639
1,204

New
S t a t e and l o c a l government 5 /

1,167

F e d e r a l aeencv 3 /

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

238
91
-458
647
£ / 204

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

75
272
-367
589
-30
-10
62
208
-173
259
146
-339

-137
-174
117
-11
509

-308
-336
23
97
183
239
-333
167
1
525
113
-3

-332
-255
-161
202
195
319
415
326
258
123
-102
551

J a n . - May

&/ 722

455

539

304

-341

-351

1.539
368
453
692
Year
£ / P r e l i m i n a r y . e / E s t i m a t e d by F e d e r a l R e s e r v e . n . a i. -Not a v a i l a b l e . l / T h e s e d a t a d i f f e r from
t h o s e i n E x h i b i t H i n t h a t r e f u n d i n g i s s u e s , a s w e l l a s .new c a p i t a l i s s u e s , a r e i n c l u d e d .
Long-term s e c u r i t i e s a r e d e f i n e d a s t h o s e m a t u r i n g i n more t h a n one y e a r , % / l n c l u d e s s e c u r i t i e s o f f e r e d i n t h e U.S. by f o r e i g n governments and t h e i r p o l i t i c a l s u b d i v i s i o n s and i n t e r •
n a t i o n a l o r g a n i z a t i o n s . S o u r c e : S e c u r i t i e s & Exchange Commission. 3 / I s s u e s n o t g u a r a n t e e d by
t h e U.S. Government. S o u r c e : L o n g - t e r m , S e c u r i t i e s - & Exchange Commission; s h o r t - t e r m , T r e a s u r y
D e p t . & F e d e r a l R e s e r v e . 4 / T h e s e d a t a d i f f e r from t h o s e i n E x h i b i t H and above i n t h a t t h e y
r e p r e s e n t new o f f e r i n g s l e s s r e t i r e m e n t s , w h e t h e r from t h e p r o c e e d s o r r e f u n d i n g i s s u e s o r
firom o t h e r f u n d s . Data i n c l u d e o n l y i s s u e s w i t h o r i g i n a l m a t u r i n g of one y e a r o r l e s s . £ /
P r i n c i p a l l y t a x and bond a n t i c i p a t i o n n o t e s , w a r r a n t s o r c e r t i f i c a t e s and P u b l i c Housing A u t h .
n o t e s . I n some i n s t a n c e s PHA n o t e s i n c l u d e d may have a somewhat l o n g e r m a t u r i n g t h a n 1 y e a r
S o u r c e ; Bond Buyer & F e d e r a l R e s e r v e .




H. 14

Exhibit K
Large Long-term Public Security Xaauea for New Capital
(Other than U. 8. Treaeury) 1/
Proceed# of Large Xaauea Offered
(In milliona of dollara)

Total

1964 - June
July
Aug,
Sept.
Oct,
Nov
Dec.
1965 - J a n .
Feb.
Mar.
Apr.
May
June

Cornoriite
Bonde
Convertible
(other than
convertiblea)
bonde

650
291
142
376
187

390
178
125
269
108

*•»

230
130
217
513
307
928
801

Stocka
210
113

- -

17
25

- -

30

15
86

- —

280
97
53
320

- -

315 '
138

Other 2/
275
260
104
15
502
15

284
544
459
558
419
226
541
419
446
395
411
492
377

81
79

- -

200
115
131
233
210
5$0
343

State
and
local
aovernmenta

2J5
130
19
260
40
340

Large I n d i v i d u a l I s s u e s O f f e r e d June 1 through J u l y 2

laauer

Type 2/

Amount

(milliona
of
dollara)

c m m t t
250.0
Cap. n o t e s
Chase Manhattan Bank
2^.5
Pfd. s t k ,
*Cout . vl Da
Corp,
75.0
C o n s o l i d a t e d Edison Co. Pfd. s t k .
15.0
C e n t r a l +11. P. S, Co, 1 s t mtg. bds,
G
20.0
e n . T e l . Co. of F l o r i d a ' 1 s t mtp. bds.
Manufacturers & Traders ,
Tr. Co.
'
pap. nuces
18,0
15. 7
^Washington Gas L i g h t Co. PCd. s t k .
^ T w e n t i e t h Century Fox
Film Co.
:onv, svb, deb, 18:1
W. T. Grant Co,
Gcmv. eub. deb. 3 5 . 0
40.0
New Jersey B e l l Tel, Co, Deb,
* F i r s t N a t i o n a l C i t y Bank
Conv. cap. n t s . 2 6 6 . 3
of New York
22.5
••Pacific T e l . & T e l . Co. Com. s t k .




Maturity

Coupon

rate or
net intereat coat

Offering
vield

Rating

1990

4. 60

4. 60

- -

1995
1995

4-5/8
4-5/8

4.59
4.69

Au
A

1990

4-3/4

4. 7"i

- -

199P
1990
2005

4-1/2
4
4*5/8

4.50
4,00
4.55

Baa
Ada

4 '

4.00

, 1990

Vt
K-2
Large I n d i v i d u a l I s s u e s O f f e r e d June 1 througl

Issuer

Type 3 /

Amount
(millions
of
Maturity
dollars)

July 2 (Cont'd)

|Coupon
r a t e or
net inter
est cost

Offering
Yield

Rating

S t a t e & Local Government

1
G.O.
Rev.-Rent..

47.9
11.0

1965-87
1969-96

2.99
3.48

2.50-3.10
2.75-3.50

A

Rev.-Rent.
Rev. -Q. - U t .

10.0
25.0

1966-90
1966

3.53
3.54

2.30-3.604/
3.50

A
A

S t a t e of C o n n e c t i c u t
U n i v , of U t a h
L o u i s i a n a S t a t e Bond &
B l d g , Comm.
P e r t of New York A u t h .
Anaheim Community C e n t e r
Authority, Calif,
Ala T r a d e Sch = & J r .
College Auth,
Texas T u r n p i k e Auth.
Denver, Colo,
S t a t e of U t a h .
Ga- U n i v . S y s t e m B l d g .
Auth <
L o u i s v i l l e , Ky,
Penna = Gen. S t a t e A u t h .
S t a t e of M i s s i s s i p p i
W i l l i n g b o r o Twp. Mun.
U t i l i t i e s Auth.j N.J.
J a c k s o n v i l l e , Fla»
M i n n e a p o l i s Spec. Sch.
D i s t , # 1 , Minn.
S t a t e of V i r g i n i a
New York S t a t e Dorm A u t h .
Other
F e d e r a l Home Loan Banks
Q u eb ec Hyd r o ' E l e c , Comm.
Kingdom of Denmark
M e t r o p o l i s of Tokyo

Bonds
Deb.
Bonds
Bonds

Rev.-Rent.

14.5

1967-95

n.a.

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

15.0
33.7
10.6
67.0

1966-91
2005
1966-75
1968-80

3.74
4.07
2.91
2.92

2: . 5 0 - 3 . 7 5
4.00
2 35-2.95
2 .50-2.95

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

20.5
18.0
20.3
11.8

1966-90
1966-2000
1966-83
1966-95

3.31
3.41
3.19
n.a.

2 .45-3.40
2 . 40-3.45
2.40-3.25
2 .70-3.60

Aa

Rev.-Ut.
Rev.-Ut.

10.5
16.0

1966-2005
1966-78

4.32
3.15

6/
2.45-3.15

Aa

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

11.0
33.9
20.0

1967-77
1966-90
1963-97

2.97
n.a.
3.57

2 .55-3.00
2.50-3.60
2 .80-4.30

1968
1985
1985
1980

4-3/8
4-5/8
6
6

4.41
4.75
6 .09
6 .50

250.0
50.0
20.0
20.0

1.35-3.755/

Baa
Aa
- -

Aaa
Aaa
Aa
Aa

:
!

Aaa

f

*

A

'•'--Rights o f f e r i n g .
n.a. --not available
1/
I n c l u d e s c o r p o r a t e and o t h e r s e c u r i t y o f f e r i n g s o f $15 m i l l i o n and o v e r ; S t a t e & l o c a l
g o v e r n m e n t s e c u r i t y o f f e r i n g s o f $10 m i l l i o n and o v e r .
i
2/
I n c l u d e s f o r e i g n g o v e r n m e n t and
n t e r n a t i o n a l Bank f o r R e c o n s t r u c t i o n and D e v e l o p m e n t %
i s s u e s and n o n - g u a r a n t e e d i s s u e s by F e d e r a l a g e n c i e s .
,
3/
I n t h e c a s e of S t a t e & l o c a l g o v t , s e c u r i t i e s , G.O. d e n o t e s g e n e r a l o b l i g a t i o n s ; R e v . - I
r e v e n u e o b l i g a t i o n s e c u r e d o n l y by i n c o m e f r o m p u b l i c u t i l i t i e s ; R e v . - Q . - U t . , r e v e n u e J
b o n d s s e c u r e d o n l y by r e v e n u e f r o m q u a s i - u t i l i t i e s ; R e v . - S . T . , r e v e n u e b o n d s s e c u r e d b;
r e v e n u e f r o m s p e c i f i c t a x e s o n l y ; Rev. R e n t . , r e v e n u e b o n d s s e c u r e d s o l e l y by l e a s e p a y m t s .
4/
Bonds m a t u r i n g 1990 n o t p u b l i c l y r e o f f e r e d .
6/
Bonds n o t p u b l i c l y r e o f f e r e d ,
%
5/
Bonds m a t u r i n g 1 9 6 7 - 7 6 and 1995 n o t p u b l i c l y r e o f f e r e d .
f




n
H. 14

Exhibit L
Forthcoming Lirge 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
date shown
State and
Corporate
Other £/
local govt.
.964 - J u n e 30
J u l y 31
Aug. 31
;
Sept.30
j
O c t . 30
J
Nov. 30
}
Dec. 31
*1965 - J a n . 29
\
. Feb. 26
•
Mar. 31
A p r . 30
v
May 28
|
J u n e 30
;

292
92
402
186
90
105
169
407
267
852
765
363
i li

539
120
511
500
254 .
360
306
242
316
212
411
328
397

'

Subsequent to
date shown
State and
Corporate
local govt.
307
167
442
186

15
- -

716
588
680
626
549
563
435
382
599
373
635
•- 474
524

- -

25
215

130
105
253
504
792
852
923
410

- ~

60
25
70
20

Other y

15
- - -

25
215
- - -

•

• 60
25
70
20

F o r t h c o m i n g L a r g e . O f f e r i n g s a s of J u l y 2

Issuer

Amount
(millions
of

Type
,

CWMHtf
R. H. Macy Co.
Burlington Industries Inc.
Nqw E n g l a n d T e l . & T e l . Co
^ N o r t h e r n 111. Gas. Co.
A t l a n t a Gas L i ^ h r Co.
P a c i f i c Gas and E l e c . Co.
* B a l t i m o r e Gas & E l e c . Co.
*Lone S t a r Cement C o r p .
^General Mills Inc.
Macy C r e d i t C o r p .
G r = a t W e s t e r n F i n a n i c a l Coi




Approximate date of
offering

M l m l —

Con. s u b . d e b .
Deb.
Deb.
1 s t mtg. bds.
1 s t mtq;. bds .

23.0
50.0
60.0
25.0
15.0

July 6 (rts
July 8
J u l y 14
J u l y 20
J u l y 7.1

1 s t & r e f . mtg. b d s .

75.0

J t . l v ?9

S.F. deb.
S.F. deb.
S. F. d e b .
Deb.
Deb.

30.0
50.0
35-0
25-0
22-0

J u l y 28
July
July
Indefinite
Indefinite

Forthcoming Large O f f e r i n g s a s of J u l y 2

Issuer

Type

Amount
(millions
of
dollars)

(Cont'd)

Approximate d a t e of
offering

S t a t e and Tor.nl '"ov^rnment

S t a c e of C a l i f o r n i a
S t a t e of Minnesota
Memphis, Tenn.
San F r a n . Bay A r e a T r a n s . A u t h .
Commonwealth of P e n n a .
M a r y l a n d S t a t e Roads Comm.
S a c r a m e n t o Mun. U t i l . D i s t . , C a l .
B r e v a r d Co. S p e c . Tax Sch. D i s t . , F l a
Los A n g e l e s D e p t . of A i r p o r t s , C a l .
P i t t s b u r g h , Pa.
San F r a n c i s c o , C a l .
Dade C o u n t y , F l a .
F l o r i d a Dev. Comm.

G. 0.
G.O.
G.O.
Rev. - 0 . - U t .
G.O.
R e v . - S . T.
Rev. - U t .
Rev. - S . T.
Rev.-Rent
G. 0
G.O.
G.O.
Rev. - S . T.

120.0
54.9
25.0
70. 0
27.0
20.0
30.0
20.0
30.0
35.0
12. 7
46.0
33.8

Other
Commonwealth o f New Z e a l a n d

Bonds

20.0

~

July
7
J u l y 13
J u l y 13
J u l y 14
J u l y 14
J u l y 14
J u l y 15
J u l y 20
J u l y 28
Aug.
4
Aug. 16
Indefinite
Indefinite

July

7

IncludeJ in t a b l e f o r f i r s t time.
1 / I n c l u d e s c o r p o r a t e and o t h e r i s s u e s o f $15 m i l l i o n and o v e r ; S t a t e and l o c a l g o v e r n m e n t t
i s s u e s o f $10 m i l l i o n and o v e r .
2 / I n c l u d e s f o r e i g n g o v e r n m e n t and I n t e r n a t i o n a l Bank f o r R e c o n s t r u c t i o n and D e v e l o p m e n t
i s s u e s and n o n - g u a r a n t e e d i s s u e s of F e d e r a l a g e n c i e s .
N o t e : - - D e l e t i o n s f o r r e a s o n s o t h e r than s a l e of i s s u e :
None.
«




H.14
Exhibit M
F o r e i g n Government and C o r p o r a t e S e c u r i t y O f f e r i n g s
and P l a c e m e n t s i n t h e U n i t e d S t a t e s
Part I:

S a l e Date

Public Offerings

Amount
(millions
of
dollars)

I s s u e r and D e s c r i p t i o n of I s s u e
A.

Sold May 1 t h r o u g h J u l y 2

5/6

25.0

Govt, of A u s t r a l i a - - 5 - 1 / 2 % b o n d s , m a t u r i n g 1985,
r e o f f e r e d t o y i e l d 5.63% t o r e s i d e n t s o u t s i d e t h e
U.S. and 4.98% t o r e s i d e n t s of t h e U.S.

5/26

15.0

C i t y of O s l o , Norway--5-3/4% b o n d s , m a t u r i n g 1985,
r e o f f e r e d t o y i e l d 5.86%.**

6/15

50.0

Quebec H y d o r - E l e c t r i c Commission--4-5/8% d e b e n t u r e ,
m a t u r i n g 1985, r e o f f e r e d t o y i e l d 4.75%.

6/17

20.0

Kingdom of Denmark--6% b o n d s , m a t u r i n g 1985,
r e o f f e r e d t o y i e l d 6.09%.**

6/22

20.0

M e t r o p o l i s of Tokyo--6% b o n d s , m a t u r i n g 1980,
r e o f f e r e d t o y i e l d 6.50%.**

B.
7/7

*
**

20.0

Prospective Offerings

Commonwealth of New Zealand - b o n d s .

Included in t a b l e f o r f i r s t time.
I s s u e s o l d i s e n t i r e l y t o i n v e s t o r s o u t s i d e U.S.




H. 14
M-2

Part II:

P r i v a t e P l a c e m e n t - - R e p o r t e d May 1 t h r o u g h J u l y 2

Date
reported

Amount
(millions
of
dollars)

5/26

25.0

C i t y of M o n t r e a l - - 5 % s i n k i n g f u n d d e b e n t u r e s ,
m a t u r i n g 1 9 8 5 - 9 0 - - n o i n f o r m a t i o n a v a i l a b l e on
takedown.

5/28

30.0

Trans-Canada Pipe Lines L t d . - - 5 - 1 / 4 % f i r s t mortgage
bonds, m a t u r i n g 1985, p l a c e d t o y i e l d 5.09%--no
i n f o r m a t i o n a v a i l a b l e on t a k e d o w n .

I s s u e r and D e s c r i p t i o n of I s s u e

N o t e : F o r r e t r o s p e c t i v e d a t a on a g g r e g a t e f o r e i g n c o r p o r a t e and g o v e r n m e n t s e c u r i t y o f f e r i n g s i n t h e U n i t e d S t a t e s s e e E x h i b i t s I and J .
T h e r e i s no s i m p l e r e l a t i o n s h i p
b e t w e e n t h e d a t a shown i n t h e E x h i b i t and t h a t shown i n E x h i b i t s I and J b e c a u s e t h e
l a t t e r i n c l u d e s p r i v a t e l y p l a c e d s e c u r i t i e s i n the p e r i o d i n which funds a r e a c t u a l l y
takendown b u t o n l y i n t h e amount o f t a k e d o w n , w h i l e t h e p l a c e m e n t s shown i n t h i s e x h i b i t a r e i n c l u d e d when r e p o r t e d , f r e q u e n t l y w i t h l i t t l e o r no i n f o r m a t i o n c o n c e r n i n g
t i m i n g of t a k e d o w n s .
F u l l o r p a r t i a l t a k e d o w n s may t a k e p l a c e b o t h p r i o r and s u b sequent to the date a placement is reported.
^ - - I n c l u d e d in t a b l e f o r f i r s t time.




U>

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