Full text of H.16 Capital Market Developments : June 1, 1959

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

June 1 , 1959
CAPITAL MARKET DEVELOPMENTS

• The-volume of l a r g e p u b l i c s e c u r i t y f i n a n c i n g was very heavy
l a s t week, but i s expected t o be much more moderate t h i s week. During
t h e week ending May 29, c o r p o r a t i o n s s o l d l a r g e i s s u e s ( i n c l u d i n g exp i r a t i o n of s u b s c r i p t i o n r i g h t s ) t o t a l i n g $230 m i l l i o n and S t a t e and
l o c a l governments s o l d i s s u e s w i t h a g g r e g a t e proceeds of $-59 m i l l i o n .
The S t a t e and . l o c a l government f i n a n c i n g t o t a l i n c l u d e d a $105 m i l l i o n
i s s u e of t h e P u b l i c Housing A u t h o r i t i e s which was s o l d l a s t Tuesday.
The c a l e n d a r f o r t h i s week i n c l u d e s c o r p o r a t e i s s u e s amounting t o
<^93 m i l l i o n and S t a t e and l o c a l government bonds t o t a l i n g $87 m i l l i o n .
Bond y i e l d s - Changes i n y i e l d s on seasoned bonds were mixed
l a s t week. Corporate bond y i e l d s i n c r e a s e d f u r t h e r j S t a t e and l o c a l
government bond y i e l d s remained s t a b l e , while t h o s e on U. S„ Government
obligations declined.
A l l t y p e s of y i e l d s on o u t s t a n d i n g bonds i n c r e a s e d d u r i n g May.
At t h e end of t h e month y i e l d s on c o r p o r a t e A a a - r a t e d bonds were 12
b a s i s p o i n t s h i g h e r than a month e a r l i e r and a t postwar r e c o r d l e v e l s .
Y i e l d s on U. S. Government o b l i g a t i o n s were 3 b a s i s p o i n t s h i g h e r than
a t t h e end of A p r i l and only s l i g h t l y below t h e peak reached a week
e a r l i e r . S t a t e and l o c a l government bond y i e l d s i n c r e a s e d about 12
b a s i s p o i n t s d u r i n g May with t h o s e f o r A a a - r a t e d bonds reaching t h e i r
1958 h i g h s . ( B a a y i e l d s a r e below t h o s e l e v e l s 1)
O f f e r i n g y i e l d s on new c o r p o r a t e bonds i n c r e a s e d somewhat
f u r t h e r l a s t week. On Tuesday, an A a - r a t e d , f i r s t mortgage e l e c t r i c
u t i l i t y bond i s s u e was o f f e r e d t o i n v e s t o r s t o y i e l d 5.00 p e r c e n t —
5 b a s i s p o i n t s above t h e y i e l d f o r a comparable o f f e r i n g made a week
e a r l i e r a n d . t h e same a s t h e peak reached i n mid-September 1957. The
next day, an A a - r a t e d , f i r s t and r e f u n d i n g mortgage bond i s s u e with
s i m i l a r terms was o f f e r e d t o y i e l d 5 . 0 5 p e r c e n t .
The r e c e n t o f f e r i n g of P u b l i c Housing A u t h o r i t i e s bonds p r o v i d e s an o p p o r t u n i t y t o compare t h e i n c r e a s e s i n c e February i n new
i s s u e y i e l d s on S t a t e and l o c a l government bonds of d i f f e r e n t m a t u r i t y .
I n c l u d e d i n l a s t w e e k ' s s a l e w e r e $3& m i l l i o n of bonds of t h e New York
City Housing A u t h o r i t y . The same A u t h o r i t y i n February had s o l d
s i m i l a r bonds amounting t o $33 m i l l i o n . Y i e l d s a t which s h o r t e r - t e r m
bonds have been o f f e r e d t o i n v e s t o r s have i n c r e a s e d U5 b a s i s p o i n t s over
t h e three-month p e r i o d , while t h e l o n g e r - t e r n y i e l d s have i n c r e a s e d
about 35 b a s i s p o i n t s . The i n c r e a s e s i n c e l a t e February i n y i e l d s
on o u t s t a n d i n g A a a - r a t e d bonds has been from 20 t o 25 b a s i s p o i n t s .




H.lii

— 2

—

New York C i t y Housing A u t h o r i t y Bond I s s u e s
1959

Amount
(millions
of d o l l a r s )

|

1

Y i e l d by y e a r s t o m a t u r i t y ( p e r c e n t )
Outstanding 1/
New i s s u e
10 | 20
1 10 1 20 | 30 I 40

1 5

F e b . 27

32.9

1.70

2.25

2.70

3.10

3-W

3.50

2.80

3.11

May 27

36.3

2.15

2.70

3.05

3.45

3.75

3.82

3.05

3.31

1 / Moody's A a a - r a t e d S t a t e and l o c a l government bond y i e l d a v e r a g e s .
FNMA s e c o n d a r y m a r k e t o p e r a t i o n s - I n A p r i l s e c o n d a r y market
o p e r a t i o n s of t h e F e d e r a l N a t i o n a l Mortgage A s s o c i a t i o n i n d i c a t e d some
f u r t h e r f i r m i n g i n c o n d i t i o n s . The d o l l a r volume of o f f e r i n g s and p u r - .
c h a s e s i n c r e a s e d t o t h e h i g h e s t l e v e l i n 17 months. Standby o f f e r i n g s
n e a r l y t r i p l e d t o reach t h e l a r g e s t t o t a l i n 6 months. S a l e s , which
a t t a i n e d a r e c o r d $171 m i l l i o n u n d e r e a s i e r market c o n d i t i o n s l a s t J u n e ,
were z e r o .
L a s t week FNMA announced t h a t i t would a d j u s t i t s s e c o n d a r y
market mortgage p u r c h a s e p r i c e s <by d r o p p i n g them 1 .point below e a r l i e r
l e v e l s . '-New 1 - p o i n t - l o w e r p r i c e s were, a l s o s e t f o r s t a n d b y -commit- i
merits. • These a d j u s t m e n t s , which became e f f e c t i v e May 29, r e f l e c t e d
r e c e n t t r e n d s toward g r e a t e r f i r m n e s s i n mortgage m a r k e t s and toward
h i g h e r y i e l d s i n g e n e r a l . FNMA f e l t t h e impact of h i g h e r i n t e r e s t
r a t e s l a s t week when i t p u b l i c l y o f f e r e d a $L50 m i l l i o n i s s u e of 9-month
s e c o n d a r y m a r k e t o p e r a t i o n s d e b e n t u r e s b e a r i n g h-l/2 p e r c e n t i n t e r e s t ,
t h e h i g h e s t r a t e p a i d by FNMA s i n c e September 1957. P a r t of t h e p r o ceeds w i l l be used t o redeem $100 m i l l i o n of 10-month d e b e n t u r e s i s s u e d
l a s t August a t a 2 p e r c e n t i n t e r e s t r a t e .
June s e c u r i t y volume - The June volume of c o r p o r a t e i s s u e s f o r
new c a p i t a l i s e x p e c t e d t o t o t a l $850 m i l l i o n , o n e - e i g h t h l a r g e r t h a n
t h e r e v i s e d e s t i m a t e f o r May volume, b u t li p e r c e n t below t h e volume i n
June of l a s t y e a r . Large p u b l i c i s s u e s a r e e x p e c t e d t o t o t a l o v e r $250
m i l l i o n and takedowns of p r i v a t e p l a c e m e n t s a r e e x p e c t e d t o be s e a s o n a l l y
l a r g e t h i s month. A volume .of $2.2; b i l l i o n i n t h e s e c o n d q u a r t e r ( 8 p e r
c e n t s m a l l e r t h a n a y e a r e a r l i e r ) would b r i n g t h e f i r s t h a l f new i s s u e ,
t o t a l t o $U.6 b i l l i o n , o n e - f i f t h below t h e volume i n t h e c o r r e s p o n d i n g
p e r i o d of 1958.
S t a t e and l o c a l government s e c u r i t y f i n a n c i n g i s e x p e c t e d t o
t o t a l $650 m i l l i o n i n J u n e . T h i s volume would be o n e - e i g h t h more t h a n
i n May and o n e - f i f t h l a r g e r t h a n a y e a r e a r l i e r . The June e s t i m a t e does
n o t i n c l u d e a $200 m i l l i o n i s s u e of a Grant County P u b l i c U t i l i t y D i s t r i c t
which some p r e s s r e p o r t s i n d i c a t e may be s o l d l a t e t h i s month. I n c l u d i n g
t h e e s t i m a t e f o r J u n e , t h e volume of S t a t e and l o c a l government s e c u r i t y
i s s u e s f o r new c a p i t a l i n t h e f i r s t h a l f of t h i s y e a r would t o t a l $ 4 . 3
b i l l i o n — o n l y 6 p e r c e n t below t h e r e c o r d volume of t h e f i r s t h a l f of 1958.




H.lU

-3

-

Stock p r i c e s - Common s t o c k p r i c e s r o s e t o new h i g h s l a s t
week. S t a n d a r d and P o o r ' s i n d e x of 500 common s t o c k s c l o s e d a t j?8«68
on May 29, 0 . 6 p e r c e n t h i g h e r t h a n a week e a r l i e r and two p e r c e n t
above t h e e n d - o l ' - A p r i l l e v e l . T r a d i n g a c t i v i t y s l a c k e n e d i n l a t e May
w i t h t h e d a i l y a v e r a g e volume f o r l a s t week amounting t o 3 . 0 m i l l i o n
s h a r e s a day.
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 market
developments i s p r e s e n t e d i n t h e a t t a c h e d 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 Research 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 Reserve System.




HIGH-GRADE

BOND

YIELDS

r

LOWER-GRADE

BOND

YIELDS




r
Exhibit, U

H.lll

Tables l o r E x h i b i t A
High-grade Bond Yields

Date

Corporate
Aaa 1 /

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

S t a t e and
local govt.
Aaa 3 /

U. S. Govt,
long-term 2 /

( P e r cent)
1954 - Low
1957 - High
1958 - High
Low
1959 - High
Low

2.85
U.1U
ii.13
3.55
4.42
4.09

May
May
May
May
May

4.30
L33
4.36
It. 39
4.42

1
8
15
22
29 2 /

(4/23)
(9/27)
(10/10)
(5/2)
(5/29)
(1/9)

2.45
3.76
3.8U
3.07
4.11
3.83

(0/6)
(10/18)
(12/26)
(V25)
(5/22)
(1/2)

1.90
3.45
3.31
2.61*
3.31
3.06
3.18
3.23
3.30
3.31
3.31

U.05
4.05
it. 09
lull
4.08

(9/2)
(8/29)
(9/11)
(5/1)
(5/28)
(3/26)

,

.30
.60
.51
.22
.34
.16

.30
.47
.72
.34
.92
.65

.25
.28
.27
.28
.34

.87
.82
.79
.80
.77

Lower-grade Bond Yields
Corporate
Baa 1 /

S t a t e and
l o c a l govt.
Baa y

1954 - Low
1957 - High
1958 - High
Low
1959 - High
Low

3.44
5.10
4.96
L51
5.01
4.83

2.93
1.51
4.34
3.64
4.20
3.92

May
May
May
May
May

4.91
4.93
4.94
4.97
5.01

Date

Spread between
Aaa and Baa
S t a t e and
Corporate
local govt.

(Per c e n t )

1
8
15
22
29 p /

•qJ

(12/31)
(11/29)
(1/3)
(7/11)
(5/29)
(4/17)

4.09
4.12
4.19
L 20
It. 20

(8/5)
(8/29)
(9/11)
(5/1)
(5/28)
(3/26)

.52
1.27
1.20
.77
.77
.58

.96
1.21
1.11
.93
.98
,86

.61
.60
.58
.58
.59

.91
.89
.89
.89
.89

Preliminary.
1 / Weekly average of d a i l y f i g u r e s . Average term of bonds included i s 25-26 y e a r s .
2 / Weekly average of d a i l y f i g u r e s . The s e r i e s i n c l u d e s bonds due or c a l l a b l e i n
10 y e a r s o r more.
j i / Thursday f i g u r e s . Only g e n e r a l o b l i g a t i o n bonds a r e included5 average term
i s 20 y e a r s .
Note.—iiiphs and lows a r e f o r i n d i v i d u a l s e r i e s and may be on d i f f e r e n t d a t e s f o r
d i f f e r e n t series.




STOCK

MARKET

FEDERAL

NATIONAL

SECONDARY

MARKET

MORTGAGE

ASSOCIATION

OPERATIONS

OFFERINGS

1

1

\\

!\

J
/




i
I

PURCHASES

J

;h

M/

/
V

Exhibit

D - Tables f o r Exhibit

C

Stock Market

Stock p r i c e
index 1/

Common
Trading
stock
volume
yields 2/ (millions
( p e r c e n t ) of shares)

Stock market customer c r e d i t
Customers1
Bank
debit balloans to ances 4 /
"others" 5/
( M I : i o n s of d o l l a r s )

Total

1953-1958 - High
Low
- High
Low

5U.il (12/24/58)
2 2 . 9 5 (9A8/23)
5 8 . 6 8 (5/29)
5 U . 3 7 (2/6)

3.30
6.25
3.16

4.9
0.9
4.3
3.0

4,492

3,285

It,719
4,527

3,399
3,253

March
April
May 1 5
May 2 2
M a y 29 Jd/

56.15
57.10
58.16

3.25

3.9
3.4
3.6
3.2
3.0

4,597
4,719
n.a.
n.a.
n.a.

3,305
3,399

1959

3.3b

3.25

3.20
3.19
3.16

58.33
58.68

2,055

1,317
669
1,332
1,210

1,314

1,292
1,320
1,320
1,324

n.a.

n.a.—Not a v a i l a b l e .
g / Preliminary.
1 / Standard and Poor's composite index of 500 common stocks, weekly o l o s l i ^ p r i o e s , 1941-43=10, Monthly data
are averages of daily f i g u r e s r a t h e r than of t>ldays' only. Highs and lows are for M d a y s ' data only.
2/ Standard and Poor's composite stock yield based on Wednesday data converted to weekly closing p r i c e s by
Federal Reserve. Yields shown are for dates on which price index reached i t s high or low.
3/ Averages of daily t r a d i n g volume on the Now York Stock Exchange.
Aj Did of month f i g u r e s f o r member firms of the Now York Stock Exchange which carry margin accounts; excludes
balances secured by U. S. Government o b l i g a t i o n s .
5 / Wednesday .figures f o r weekly reporting member banks. Excludes loans f o r purchasing or carrying U. S.
Government s e c u r i t i e s a t banks I n New York and Chicago. Weekly reporting banks account for about 70 per cent of
loans t o o t h e r s . For f u r t h e r d e t a i l see B u l l e t i n .
F e d e r a l N a t i o n a l Mortgage A s s o c i a t i o n

Date

S e c o n d a r y M a r k e t O p e r a t i o n s 1/

E s t i m a t e d O f f e r i n g s t o FNMA
Standby
Immediate
Total
purchase
commitment

Purchases
by
FNMA.

Sales
by
FNMA

(Millions of d o l l a r s )
1958 - Apr.
May
July
•Aug.
Sept.
Oct.
Nov.
Dec.
1959 - J a n .
Feb.
Mar.
Apr.

16.6
11.0
9.4
9.6
10.1
23.8
57.3
40.7
39.7
44.4
52.4

16.0
10.7
9.1
9.1
9.3
22.0
49.6
39.2
35.3
33.9
41.2
49.8

57.8

50.1

37.7

.6

2.6

20.9
12.7
9.7
8.4
7.0
6.0
10.8
20.0
33.2
33.7
27.6
36.5

7.7

39.6

.3
.3
.5
.7
1.8
7.7
1.5
4.4
3.8

3.2

75.4
108.7
171.3
45.9
15.5
7.9
.8
1.1
.9

.3

.8
—

•—Less than $50,000.
1 / Dita represent unpaid principal balances of the mortgages involved, exclusive of premiums,
discounts, or other charges. Offerings are amounts of applications received during the period from
s e l l e r s proposing t h a t FNMA execute purchasing contracta. An immediate purchase contract covers
e x i s t i n g mortgages which the s e l l e r murt deliver t o FNMA within 45 days. A standby commitment cont r a c t r e l a t e s to proposed mortgages, on housing not yet under construction, which the s e l l e r must
usually deliver within one y e a r . Purchases Include those under both immediate purchase and standby
commitment c o n t r a c t s .




ExJiib.il K

H.lli

Lon-j-ter.n Corporate and S t a t e and Local Government
S e c u r i t y O f f e r i n g s and Placements
( I n m i l l i o n s of d o l l a r s )

1959
January
February
March
April
May

723
851.
l,56ll/

1,060
1,065
1,320

855
639

812
953
511

742
572
506

l,l4l

931
765
1,^53

2/910
e/575
e/650

798
895
551

765
546
393

1,003
924
973

806
403
651

529
584
431

1,090
789
1,076

456
474
435

698

473
914
2,216
e/2,400

3,1#
2,622
2,78k
2,2#

3,445
3,149
2,899
2,954

2,130
e/2,135

2,276
2,244
1,860
1,365

1,820
1,704
1,544
2,029

e/4,616

5,757
8,5a
10,791

6,594

5/4,265

4,520

9,493
12,447

3,524
5,069
7 , 099

8U0
7 45
631
e/800
e/750
e/8#

July
August
September

quarter
quarter
quarter
quarter

1st half
Three Quarters
Year

600

881

l,l4h

October
November
December
1st
2nd
3rd
4th

New c a p i t a l
S t a t e and l o c a l 2 /
Corporate 1 /
1
1958
I
1957.
1959*
1
1958
1|
1957

858

636

6,380 .
7,746

633
698

Excluding ; f i n a n c e companies h/
1st
2nd
3rd
4th

quarter
quarter
quarter
quarter

e/2,016

e/2,150

Year

2,89k

3,237

2,161

2,810

2,583
2,753

10, 391

2,8892,502

11,518

e / Estimated
_
1 / S e c u r i t i e s and Exchange Commission e s t i m a t e s of n e t p r o c e e d s .
2 / I n v e s t m e n t Bankers A s s o c i a t i o n of America e s t i m a t e s of p r i n c i p a l amounts.
3 / I n c l u d e s 35718.3 m i l l i o n AT&T c o n v e r t i b l e d e b e n t u r e i s s u e .
"k/ T o t a l new c a p i t a l i s s u e s e x c l u d i n g o l f e r i n g s of s a l e s and consumer f i n a n c e
companies.




H.lii

Exhibit F
Other S e c u r i t y O f f e r i n g s 1 /
( I n m i l l i o n s of d o l l a r s )
Long-term
Federal agencj 3 1
Foreijci government 2 /
~195>9~
i w r
"19^9
19W
1957
I
195B
1

Januaiy
February
March

81+
1*9
30

1,163
251

72

523

125

120

123
1*8
1*2

—

60

9
5
17

28
7
30

161*

October
November
December

57
123
7k

1*
60
1

220

Year

995

77
59
2

April
May

197
Sk
—

139
200

July
August
September

April
May

175

—

215

—

100
—

—

2,321

507

Short-"!
S t a t e and l o c a l government 1*/
Januaiy
February
March

199

572

F e d e r a l agency 3 /

190
M 2#

233
1*60
273

326
1*55
11*7

359
500
1*89

371
208
11*1*

1*30
505

E/1*97

357
351*
26k

205
337
153

1*86

209
161
329

336
1*69
501

289
1*23

221*
370
512

July
August
September

369

272
272
252

1*37
206
330

October
November
December

231
1|15
2L3

303
9k
1*59

1*51*
111*™
137

3,910

3,271*

Year

3,098

638

1,238
255
116
~

5,51*3

1 / Data p r e s e n t e d i n t h i s e x h i b i t d i f f e r from t h o s e i n E x h i b i t E 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 .
2 / I 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 United S t a t e s by f o r e i g n governments and
t h e i r s u b d i v i s i o n s and by 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 . Source: S e c u r i t i e s and Exchange Commission.
2 / I s s u e s n o t guaranteed by t h e U. S. Government. Source: l o n g - t e r m , S e c u r i t i e s
and Exchange Commission; s h o r t - t e r m , F e d e r a l Reserve.
k/ 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 o r i t y n o t e s . I n some i n s t a n c e s PtiA n o t e s i n c l u d e d may have a somewhat
l o n g e r term t h a n one y e a r . Source; Bond Buyer.
http://fraser.stlouisfed.org/

Federal Reserve Bank of St. Louis

Exhibit 0
Lar^u Lon^-term i'ublic SucuriLy iusuus l o r hew C a p i t a l
( o t h e r than U. S. Treasury) 1 /
Proceeds of Large I s s u e s O f f e r e d
( M i l l i o n s of d o l l a r s )

Month

Corporate

1958 - A p r i l
May

S t a t e and
l o c a l government

300
505
195
275
109
288
172
.259
229
335
551
369
563

725
3#
281
771
209
825
2#
227
305
369
30
215
3#

July
August
September
October
November
December
1959 - January
February
March
April

Large I n d i v i d u a l I s s u e s O f f e r e d May 1 through

Type 3 /

Other 2 j

653
I6I4
86
111
18
209
100
79
nk
35
176
20

'

29

Amount
Coupon
Offering
(millions
r a t e or
Maturity
net i n t e r - yield
of
dollars)
est cost

Rating

CORPORATE
Alabama Power Co.
Textron, I n c .
Idaho Power Co.
Southwestern E l e c . Pwr.Co.
Gen. Amer. O i l Co. of Tex.
Gulf S t a t e s U t i l i t i e s Co.
Baltimore Gas & E l e c . Co.
Consolidated Edison Co.
Potomac E l e c t r i c Power Co.
N a t i o n a l S t e e l Corp.
So. Elec. Generating Co.

1 s t mtp. bds. 20.0
Sub. deb.
?5.5
1 s t mtg. b d s . 15.0
1 s t mtg. bds. 16.0
Sub.conv.deb. 20.0
Com. s t k .
15.If
Conv. deb.
19.9
1 s t & ref.nrtg.bcfc75,0
Com. s t k .
30.2
1 s t mtg. b d s . 80.0
1 s t mtg. bds. 25.0

1989
19%
1969
1989
1981

h 7/8
5
5 1/8
h'3/k

L85
5.00
ii.95
5.06
1.75

A
Ba
Aa
A

1971A
1989

5 1/8

k l/U

ii.25
5.05

Aa
Aa

1989
1992

L5/8
5 i/h

U.69
5.15

Aa
A

STATE AND LOCAL GOVERNMENT
Los A n r e l e s , C a l i f o r n i a
C i n c i n n a t i , Ohio
S Lit p. of New J e r s e y
Kino- Go., Washington
Kanawha Co. Bd. of Educ.,
West V i r g i n i a




G.O.
G.O.
G.O.

0.0.

15.0 1961-89/69
26.9
1960-89
25.0 196I1-8I4/75
ii4.5 1961-79/69

G.O.

18.0

1960-69

til

3.66

Aa
2.10-3.95
Aaa
2.20-3.70
2 . 5 0 - 3 . 3 5 , / -Aaa
,
2.60-3.75V A

3.25

2.1,0-3.25

3.2ii

Aa

H.ll;

G-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 May 1 t h r o u g h 29 ( C o n t ' d )

Issuer

type

3/

Amount
- Coupon
(millions
r a t e or Offering
Maturity
of
net i n t e r - yield
dollars)
est cost

Rating

STATE AND LOCAL GOVERNMENT
(Cont'd)
G.O.
G.O.
Rev.-Ut.
G.O.

10U.8

A l b e r t a Mun. F i n a n c i n g Corp S . F . deb,

50.0

P u b l i c Housing A u t h o r i t i e s
Oakland C o . , Michigan
Chicago, I l l i n o i s
O y s t e r Bay C.S.D.#it, N.Y.

12.7

30.0

11.3

1960-2000
1960-89/7U
1960-81;
1959-87

3.78
k.hO
lu05
h.l$

2.15-3.88 Aaa

2.60-1; .40
2.W-L00
2.30-4.20

A
A
Baa

OTHER
1984

h 3/k

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 of $15 m i l l i o n and o v e r ;
S t a t e and l o c a l government s e c u r i t y o f f e r i n g s of $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 government 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
Development 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 and l o c a l government 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 . - U t . , revenue o b l i g a t i o n s s e c u r e d o n l y by income from 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 bonds 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 3
R e v . - S . T . , r e v e n u e bonds s e c u r e d by revenue f r o m s p e c i f i c t a x e s o n l y ; R e v . - R e n t . ,
revenue bonds s e c u r e d s o l e l y by l e a s e payments.
k / 1/Us of 1979 n o t r e o f f e r e d .




11. Ill

Exhibit H
Forthcoming Large Long-term Public S e c u r i t y O f f e r i n g s f o r New C a p i t a l
(Other than U. S. Treasury) 1 /
Expected Proceeds from Forthcoming Large I s s u e s
Subsequent t o
d a t e shown

During month f o l l o w i n g
date shown

Ltate of
computation

Corporate

- May 29
June 30
J u l y 31
Aug. 29
S e p t . 30
Oct. 31 .
Nov. 28
Dec. 31
— J a n . 30
Feb. 27
Mar. 31
Apr. 30
May 29

266
768
l6l
765
113
20l*
301
210
270
198
396
21*6
287

Other Zj
177
225
55
21*1
2#
258
229
261
551
292
550
251*
21*7.

Corporate

36

71
75
1*5
20
50
—

1*61*
1,01*8
381
911*
216
326
1*01
370
365
279
1*76
31*6
332

;[other 2/
208
235
125
1*35
521*
675
683
515
856
1*81
761
517
761

36

71
75
1*5
20
50
• —

Forthcoming Large O f f e r i n g s , a s of May 29
Issuer

P u b l i c Service E l e c t r i c & Gas Co.
F l o r i d a Power Corp.
F l o r i d a Power & L i g h t Co.
Duke Power Co.
Consolidated N a t u r a l Gas Co.
V i r g i n i a E l e c t r i c & Power Co.
Spiegel, Inc.
P h i l a d e l p h i a E l e c t r i c Co.
•^Northern I l l i n o i s Gas Co.
*Long I s l a n d L i g h t i n g Co.
I n t e r n a t i o n a l R e c r e a t i o n Corp.
Commerce O i l R e f i n i n g Corp.




Type

Amount
Approximate d a t e
(millions
of o f f e r i n g
of d o l l a r s )

1 s t & r e f . nrtg. b d s .
Com. s t k .
1 s t mtg. bds.
Pfd. stk.
Cap. s t k .

50.0

17.6
25.0

25.0
38.6

Com. s t k .

23.it

Conv. sub. deb.

I5.lt

Com. s t k .

30.0

1 s t mtg. b d s .
1 s t mtg. b d s .
Com. s t k .
Deb., b d s . & common

20.0
25.0

17.2

1*5.0

Jun e 3
June 3
( r i g h t s expire)
June It
June 10
June 10
(rights expire)
June 16
( r i g h t s expire)
June 19
( r i g h t s expire)
June 23
( r i g h t s expire)
June 21*
June 25
June
Summer

H.lb

H-2
Forthcoming Large O f f e r i n g s , a s of May 29 ( C o n t ' d )
Issuer

Type

1 Amount
Approximate d a t e
(millions
of o f f e r i n g
I of d o l l a r s )

STATE AND LOCAL GOVERNMENT
Los Angeles Co. Flood Control D i s t . ,
California
Memphis, Tennessee
Pennsylvania S t a t e Highway and
Bridge A u t h o r i t y
New York, New York
S t a t e of Maryland
^ / ^ S t a t e of C a l i f o r n i a
C a l i f o r n i a T o l l Bridge A u t h o r i t y
-^Territory of Hawaii
Chesapeake Bay Ferry Commission .
Commonwealth of Pennsylvania
New York Thruway A u t h o r i t y
Grant Co. P u b l i c U t i l i t y D i s t . No.2,
Washington

G.O.
G.O.

1*0.0
10.0

June 2
June 2

Rev.-Ut.
G.O.
G.O.
G.O.
Rev.—Ut.
G.O.
Rev.-Ut.
G.O.
Rev.-Ut.

10.0
10.0
io.5
100.0
3Lo
15.0
ibk.o.
120.0
5o.o

June 3
June b
June 9
June 10
June 2k
June 25
Summer
Summer
Summer

Rev.-Ut.•

200.0

Summer

None
-«<•—Included i n t a b l e f o r f i r s t t i m e .
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 of $15 m i l l i o n and o v e r ; S t a t e and
l o c a l government i s s u e s of §10 m i l l i o n and o v e r .
y I n c l u d e s f o r e i g n government 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 Development i s s u e s and non-guaranteed i s s u e s by F e d e r a l a g e n c i e s .
Note. — D e l e t i o n s f o r reasons o t h e r t h a n s a l e of i s s u e : None.




Exhibit I

h . Ul

Yields on New and Outstanding
E l e c t r i c Power Bonds, Rated Aa and A 1 /

Date
1952 - 1958
High
Low
1958 - May
June
July
August
September
October
November
December
1959 - J a n . 7
20
28
Feb. 18
Mar. 1 1
25
26
31
Apr. 3
15
16
29
May 1
14
20
21
26

Aa-rated o f f e r i n g y i e l d s
A-rated o f f e r i n g y i e l d s
Amount above
Amount above
Actual
Actual
( p e r c e n t ) seasoned y i e l d s ( p e r cent) seasoned y i e l d s
(basis points)
(basis points)
5.00 ( 9 / 1 4 / 5 7 )
2.93 ( 3 / 3 1 / 5 4 )
3.87
3.87,,
4.07^/

5.50 (11/7/57)
3.00 ( 3 / 1 7 / 5 4 )

18
17
28

4.47^/
*4.44

87
-3

4.07

•

123
-15
6

4.162/

15

4.75^/

23

4.67

18

4.85
5.06

17
13

5.13

27

18
-

23

4.60

34

4 %
4.4O£/
4.43
4.43
4.47

^4
II
9
9
13

4.6o

22

4.95
4.95

38
34

5.00

- 38

,

*—Single o b s e r v a t i o n , n o t an a v e r a g e .
1 / Covers only 30-year f i r s t mortgage bonds, a s r e p o r t e d i n Moody's Bond
Survey. Except where i n d i c a t e d , t h e a c t u a l y i e l d f i g u r e and t h e amount above
seasoned y i e l d s a r e a v e r a g e s of o f f e r i n g s during t h e i n d i c a t e d p e r i o d and of .
t h e d i f f e r e n c e s between t h e s e new o f f e r i n g y i e l d s and y i e l d s on seasoned i s s u e s
of s i m i l a r q u a l i t y f o r t h e same day.
Average m a t u r i t y f o r t h e seasoned i s s u e s
v a r i e s from 26 t o 28 y e a r s .
2 / Provides f o r a 5 - y e a r p e r i o d d u r i n g which i s s u e may n o t be c a l l e d f o r
r e f u n d i n g a t a lower coupon r a t e . Monthly a v e r a g e s so marked i n c l u d e one o r
more i s s u e s with such a p r o v i s i o n . Other i s s u e s have no such p r o v i s i o n .