Full text of H.16 Capital Market Developments : June 1, 1964

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Not for Publication DECONTROLLED AFTER SIX MONTHS
H. 14

June 1, 1964.
CAPITAL MARKET DEVELOPMENTS
*~IN~THE UNITED STATES
\

(Including Review of Capital Markets in May)

" \

•v
\ Security financing. The volume of public security financing
to pbtain new capital will rise sharply this week from last week's
relatively small amount. The feature of this week's calendar is the
$200 million common stock offering* of the Communications Satellite
Corporation.
New Bond Offerings—^
Week
ending

Amount

Corporate
| No. of issues

May 22
May 29

$132
76

4
3

$26
24

2
1

Scheduled:
June 5

260

3

82

3

State and local govt,
Amount
|No. of issues

Sold:

1/ Public offerings of large long-term issues sold to obtain new
capital; amounts in millions of dollars.
Yields in securities markets.
were mixed but mostly minor last week.

Changes in yields on securities

Yields in Securities Markets
Level latest
week
(per cent )

Change from
preceding week
(basis points)

High-Grade
Notes and Bonds
Corporate
New
Seasoned

4.45
4.41

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

4.14
4.06

- 1

State & local gcvt.

3.08

+1

Money Market
Federal funds
Treasury bills
3-month
6-month
Finance Company Paper




+ 2
--

3.50
3.47
3.58
3.78

- 2
+ 3

H. 14

-2-

FNMA secondary market operations. Sales by the Federal
National Mortgage Association in the secondary market advanced in
April. Although the total ($12,7 million) was the highest this year,
it was only a £.action of the more than SI65 million level maintained
last spring.
~
Purchases by FNMA totaled $26.4 million in April. This was
the largest amount for any month since November of 1962, but it was
still quite small by most earlier standards and reflected mainly
deliveries from the Federal Housing Administration in exchange for
FNMA-held FHA-debentures. Offerings to FNMA, which reached an April
total of $28.5 m i l l i o n — w e r e also mainly from FHA.
Stock prices. Common stock prices, as measured by Standard
and Poor's composite, index cf 500 stocks „ eased slightly on balance
last week to close, at 80,37 on May 28
Trading volume averaged 4.3
million shares a day, off 0,5 million shares from the average for the
previous week and the lowest since early February,
Estimated security financing in June.. - Both corporate and
State and local government security financing to obtain new capital
will be in larger volume in June than May, but the increase in supply
is considerably larger for corporate offerings.
New capital financing of corporations is expected to total
$1.4 billion, nearly 50 per cent larger than in May and three-tenths
larger than the June average f or the two previous years - Most of the
May-June expansion is attributable t.r, large takedowns of private
placements which are customarily greater in June.
In addition, the
$200 million Communications Sattelite Corporation common stock issue
will be sold in June, and other large issues currently scheduled
amount to S400 million. Combined public offerings of $600 million
are one-third more than in May and aimost twice the total offered
last year
June financing in this v-tume wouId bring the April-June
total to 3 5 billion, almost three-;it;hs more than in the. corresponding period last year and only 6 per cent under the 1961 record
second quarter volume,
State and local government security financing is estimated
at $750 million for June, one-fifth more than the revised total for
May, but one-fifth loss chan a year ea-lier. If this estimate is
correct, municipal bond financing would total $2,5 billion in the
second quarter, 8 per cert: below last year's record April-June total.
Capital irarkets in May. N-r-.v capital financing cf corporations
totaled $950 million in May, iest than half the near record April total
which included the $1^ billion AT&T st:ck issue, Large public offerings
of non-convertible bonds, on the other land, amounted to $415 million
in May, the largest monthly volume since las: December.
Early in May average offering yields on new corporate bonds
(adjusted to an Aaa basis) rose to their r.igr.f.st level since January
1962--apparently in anticipation of t'.-e increased volume of public
offerings - Subsequently the yield average turned down again, as




-3-

H. 14

general bond market sentiment shifted to the view that near-term
advances in interest rates stemming from the tax cut were less likely
then had previously been expected. At the end of May the new issue
yield average was 4.45 per cent, little changed from the previous
month, but 8 basis points below the early May peak. Investor demand,
however, which has picked up early in the month on rising new offering
yields,was sluggish for most issues sold after offering yields started
to fall,and yields on seasoned issues showed little change. As a
result, syndicate balances rose rather sharply during the second half
of May.
Bond sales of State and local governments totaled $0.6
billion in May, down almost one-half from the near-record April sales
and one-third less than the 1962-63 June average. Yields on highgrade municipal bonds, which began to ease after peaking in late March,
were 3.08 per cent at month-end, four basis points below the preceding
month and down eight basis points from their late March peak. Although
investors c o d e d somewhat to current offering yields on new issues late
in the month, retail distribution of most issues was favorable.
Dealer's, however, made only modest inductions in their sizable inventories of unsold securities, which totaled about $580 million near the
end of May.
After recovering their late April losses and inching up to
a new peak at mid-May, common stock prices, as measured by Standard and
Poor's composite index of 500 stocks, drifted off somewhat. At 80.37
on May 28, prices were about one per cent higher than at the end of
April, but one per cent under their mid-May peak and about the same as
in mid-April. Trading volume averaged 4.5 million shares a day, 1.1
million shares a day less than in April.
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.




r
EXHIBIT *. P
LONG-TERM BOND YIELD^ HIGH-GRADE

J rs
1 Lll-LU-Azt
L_ '_L 1 1 1 1 1 1 1M I
1 N1I 1 1,10.1 1 1 11 1. LJ. 1 ,ULLJ_J—Li
-J/4 I U 1 U 1
, 1941
. :""
Exhibit A - Part II

Date

Corporate
Aaa 1/

U . S . Govt.
long-term 2/

State and
local
government
Aaa 3/

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

(per cent)
1959-60 - High
1961 - High
Low
1962 - High
Low
1963 - High
Low
196U - High
Low
May
May
May
May
May

1
8
15
22
29 £/

4.61(3/29/60)
4.46(9/13)
4.21(3/17)
4.1*3(2/16)
4.23(12/2#
4.37(l?/27)
4.19(3/29)
4.41(5/29)
4.35(2/28)

4.42 (1/8/60)
4.07 (12/29)
3.70 (5/12)
4.12 (2/23)
3.85(12/28)
4.16 (12/27)
3.87 (Vis)
4.20(4/17)
4.14(5/29)

3.65 (9/24/59)
3.37 (7/6)
3.12(?/23)
3.26 (3/4)
2.88 (u/8)
3.18 (11/21)
2.93 (3/28)
3.16(3/26)
3.07(5/21)

.47
.30
.35
.21
.27
.19

.92
.76
.46
1.04
.80
1.05
.88
1.09
1.02

4.41
4.41
4.41
4.41 /
4.41/

4.19
4.18
6 16
4.14
4.14

3.12
3.12
3.10
3.07
3.08

.22
.23
.25
.27
.27

1.07
1.06
1.06
1.07
1.06

.59
•57

•3k

p / Preliminary.
TJ Weekly average of d a l l y f i g u r e s , Average term of bonds Included l a 22-24 years#
y Weekly average of dally figures. The series" includes bonds due or callable la 10 years or mors*
3/ Thursday figures. Only general obligation bonds are includedl average tena is 20 years.
Kote.—Highs and lews are for individual series and may be on different dates for different
series. Tor spreads, high refers to widest, and lew to narrowest*


I


LONG-TERM BOND YIELDS, LOWER-GRADE

Exhibit B - Part II

Date

Corporate
Baa 1/

State and
local govt.
Baa 3/

Spread between
Aaa and Baa
State and
Corporate
local govt.

(per cent)

1962 - High
Low
1963 - High
- Low
196U - High
Low

5.3$(2/l%/60)
5.13(10/27)
5.00(4/21)
5.11(1/5):
it. 92 (12/21)
U.93(i/4)
U.83(11/15)
4.86(5/15)
4.82(2/7)

1*. 1*6(1/7/60)
U*16(3/23)
3.93(11/9)
U.oU(Vu)
3.52(5/17)
3.63(6/27)
3.52(3/23)
3.58(3/26)
3.51(4/16)

.8U
.81
.66
.7U
.63
.71
.1*8
.48
.43

1.08
.93
.57
.82
.56
.63
.Wi
.49
.36

May
May
May
May
May

4.85
4.86
4.86
4.84
4.84,

3.52
3.54
3.55
3.52
3.53

.44
.45
. 45
.43
.43

.40
.42
.45
.45
.45

1959-60 - High
1961 - High

1
8
15
22
29 £/

Notes Tor footnotes see Exhibit A«




EXHIBIT C, Port 1
SHOUT- AND INTERMEDIATE-TERM INTEREST BATES, GOVERNMENT

]
k

_6-*0NTH III
a
1

VS.
_L

r
1

Distown

-

1

Jr--

J-M0HTH IIUS'
Marlt.l Vi.ldi

111111111111
I»*0_

11111111111
1961

1 1 1 1 1 1 1 111111111111
1 1 1
1161
1164

1162

"<T

Exhibit C - Part II

Date

Discount I
rate J
1/
I

1959-60 - High 1|.00
1961 - High
3.00
3.00
Low
1962 - High
3.00
3.00
Low
1963 - High
3.50
Low
3.00
196U - High
3.50
Low
3.50
May
May
May
May
..May

1
8
15
22
29 £/

3.50
3.50
3.50
3.50
3.50

3-month
bills 2/

2.17
2.97(7/33)

2.65(6/8)

Yields
6-month
, bills 2/
(per cent)

2.35(4/28)
3.13(7/20)
2.7U(6/8)

3-5 year
issues 2/

3.15(5/12)

3.88(2/2)

Spread between yields on 3month bills and yields on
|6-mo* bills|3-5 yr» issues

.79
.W*
.12
.21*

.02
•17
.0l|

3,55(13/15) 3.68(12/6)
2.88(3/15) 2.93(3/8)
3.56(3/6)
3.74(3/6)
3.45(5/1)
3.58(5/29)

3.1|1 (12/28)
1.07 (l?/27)
3.a(l/3B)
4.23(3/27)
3.99(2/7)

.21
.11

3.45
3.49
3.47
3.47
3.47^

4.14
4.10
4.04
4.07
4.06

.15
.14
.12
.13
.11

*




3.60
3.63
3.59
3.60
3.58

1.81
1.51
.92
1.19
.52
.70
.h2
.71
.48

.69
.61
.57
.60
.59

« - - a _

EXHIBIT D, Pari 1

BANKS AND OTHER PRIVATE B O R R O W E R S

T

Stock exchange
call loan 1 /

Date

Prime
rate 1 /

Finance company
paper 2 /

Federal
funds 3/

Spread between
3 - m o . b i l l s and
finance co. paper

iper c e n t )
1959-60High
1961 - High
1962 - H i g h
1963 - High
196U - H i g h
- Low
May
May
May
May
May

1
8
15
22.
28

j>/

5.5e
U.5o
U.50
U.5o
U.50
U.5o
U.5o

5.00
U.50
U.50
U.50
U.5o
U.50
U.50

5.13(1/22/60)
3.00(12/30)
2.50(8/5)
3.25(7/21)
2.88(6/1)
3.88(12/27)
3.13(5/31)

U.00
2.90
.U3
3.00
1.30
3.50
2.U5

4.50
4.50

4.50
4.50

3.93(4/3)
3,75(5/22)

3.50(5/29)
3.20(3/6)

.41
.22

4.50
4.50
4.50
4.50
4.50

4.50
4.50
4.50
4.50
4.50

3.75
3.75
3.75
3.75
3.78

3.42
3.50
3.50
3.50
3.50

.30
.26
.28
.28
.31

3/

(5/13/60)
(11/37)
(3/27)
(12/28)
(3/26)
(12/27)
(7/26)

1.02
.56
.11
.U5
.19
.39
.12

Weekly rate shown is that In effect at end of perlqd. Stock Exchange call loan rate Is going 'rate
on call Ipana secured by oust oners' stock exchange collateral at New York City banks. Prime rat#
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*
2 / Weekly average of daily effective rate, which' is the rate for the heaviest vclxne of purchase an*
sale transactions as reported to the federal Reserve Bank of Sew York.
Notes—fiighs and lows are for individual series and nay be on different dates for different .seii.ee*
Tor spreads, high refers to widest, and low to narrowest*




1

EXHIBIT E, Port 1

STOCK MARKET

/

—

STOCK MARKET[ CREDIT
CHANGE IN SEIIIS^

y \

to

\f*\
W \ f

0

1

3

1961

1942
Exhibit E - Part II

Common
Stock price

Date

index 1/

stock
yields 2/

S t o c k mairket c u s t o m s ]p c r e d i t

Trading
volume 3/
(millions

Customers1
Total

(per c e n t ) of s h a r e s )

debit balances k/

Bank
l o a n s to
"others" 5 /

(In millions o f dollars)
1961-62

-

High

2.80
3.96
3.01

10.1

2.h
6.5

5,602(12/61)1*, 2 5 9 (12/61) 1 , U . 8 ( 5/9/62)
U , U 2 U ( V 6 1 ) 3,253(1/61) 1,161(3/8/61)
7,298(13/63)5,586(11/63) 1,738(13/25)

-

High

ih.mwn)

196U -

High

81.01(5/15)

3.00

6.1

7,314(4)

Low

5,524(1)

1,810(4/15)

75.50(1/3)

3.09

4.3

7,120(2)

5,366(3)

1,720(1/22)

79.94
80.72

3.00

5.6

7,314

3.01

4.5

81.01

3.00

5.1

1963

April
May
May

15

May

22

May

29

£/

80.73

3.03

4.7

80.37

3.05

4.3

1,804
1,831

*
~ ~
n . a . — N o t available, p / Preliminary.
1 / Standard and Poor*# composite Index of 5 0 0 common etooka, 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 olosing
prices by Federal Reserve. Yields shown are for dates on T&ioh price index reached its h i g h
V
A/

Averages of daily trading volume on the New York Stock Exchange,
End of month figures for member firms of the N e w York Stock Exchange which carry margin accounts $
excludes balances secured b y TJ. S. Government obligations*
Wednesday figures for weekly reporting member banks. Excludes loans for purchasing- o r carrying
U . S. Government securities* Weekly reporting banks account for abort 70 p e r cent of loans to
others. For further detail see Bulletin*

5/



!

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 ^

mo

mi

""
Exhibit F - Part IX

Date

Estimated offerings to FNMA
S tandby
Immediate
Total
commitment
purchase

Purchases
by
FNMA

by
FNMA

(In millions of dollars)

- Jan.
Feb.
Mar.

14:1
21.9
21,2
15.8
18.8
20.1
18.5
12.0
14.1
15.6
15.1
20.1

Apr.

28.5

Apr.
May
July
Aug.
Sept.
Oct.
Nov.

13.5
21.8
20.7
15.7
18.3
19.8
; 18.4
11.8
i. 14.0
: 15.5
15.0
19.9
28.5

.6
.1
.5
.1
.4
.2
.1
.1
.1
.1
.1
.3

12.3
19.9
20.7
14.9
16.9
15.3
16.3
7.7
10.9
11.1
13.0
16.3

165.2
169.4
61.3
35.7
8.5
1.6
2.2
.6
15.8
8.8
2.3
3.8

.1

26.4

12.7

FNMA within 45 days. A tAtA&dby o ommitment contract relates to proposed mortgages on
housing not yet under ooineufcmction which the seller must usually deliver nithin one
year. Purchases include, tihoee under both inmediate purchases and =t&ndby omritment
contracts.. Data exclude.&NMA activity under Special Assistance and Management and
Liquidating Programs.




II
EXHIBIT B, t a n 1

XJE1PS^ O N N E W A N D SEASONED CORPORATE B O N D S

m w ISSUES

II II

U—I—I—I—I—I—LJ

Exhibit G - Part II
Yields on Hew Corporate Bond leaves Adjusted to an Aaa basis

Weekly averages;
1963 - Dec. 6
13
20
27
1964 - Jyjci. 3
10
17
24
31
Feb. 7
14
21
28

Number Am't of issues Average
of
Included (mil.
yWd
laauea of dollars)
(per cent)

60.0

95.0
150.0

4.41
4.45
4.54*

130.0
5.0
15.0

4.50
4.44
4.41

15.0
50.0

4.33
4.30
4.34

60.0

Number Am't of issues Average
of
included (mil,
yield
(per cent)
issues of dollars)
Mar.

6
13
20
27
Apr. 3
10
17
24
May
1
15
22
29

2
1
1
3 '
2

81.0

4.39

85.0

4.46

13.0
8.0
50.0
89.0
95.0
36.0

Is!
4.45
4.43
4.45

Notei Averages of offering yields on aljLnew issues of publioly offered ooxporato bond* rated Aaa, Aa ai2P
A by Moody's Investors Serrioe (except serial and convertible issues, offerings of natural gas pipeline
and foreign companies, and bonds guaranteed by the Federal Government) weighted by <se of offering*
Before averaging, new offerings are adjusted to a composite Aaa basis ty deducting from the actual
reoffexdng yield the exoess of the weekly average yield for seasonedtendsof the appropriate industryquality group over the composite average for seasoned Aaa»rated tends (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
1964

Corporate 1/
1963
1

1

1962 r/

e/1,100
e/ 600
e/ 750

869
866
930

873
912
786

573
773
557

680
708
449

612
544
427

1,013
819
1,415

519
678
1,064

1,051
729
416

650
578
550

2,351
2,847
2,109
3,246

2,228
3,056
1,902
2,561

5,198
7,307
10,553

5,284
7,186
9,747

613
594
1,144

549
860
819

April
May
June

e/2,100
e/ 950
e/1,400

930
904
1,013

1,153
771
1,132

676
637
795

July
August
September

1st half
Three quarters
Year

2/2,369
e/4,450

e/6,819

2/
1962
876
1 ,133
628

930
685
754

quarter
quarter
quarter
quarter

State and
1963
1
732
746
976

£/
£/
2/

1st
2nd
3rd
4th

|

944
772
789

January
February
March

October
November
December

1964
£/

HZ
E/

E/2,505
e/2,350

2,4542,665
1,837
2,197

2.,637
2,,571
1.,528
1,,779

5,118
6,955
9,151

5, 2 0 8
6, 790
8, 568

Excluding finance companies—^
1st
2nd
3rd
4th
Year

quarter
quarter
quarter
quarter

e/2,019
e/4,000

2,284
2,5291,768
2,854

2,169
2,970
1,767
2,330

9,434

9,236

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




•|

V

Exhij.it I
New Corporate Security Issues, Type of .Issue and Issuer
(In millions of dollars)

Quarter
Total

Net proceeds tor
new capital 1/ 2/

Public Communi Other
utility cations issuers

1961 - III
IV

2,566
3,236

772
967

1,139
1,424

654
845

69
62

935
792

595
836

104
147

893
1,263

1962

2,378
3,250
2,184
2,957

1,155
1,389
853
1,089

716
1,222
1,024
1,568

507
639
307
300

68
257
56
179

655
996
601
769

430
983
375
568 -

456
231
275
321

717
794
659
986

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

2,499

978

1,221

300

29

418

43 8

273

1,240

630
922
632
976
784
1,197

200
477
176
539
286
264

366
363
295
314
446
808

67
82
161
123
52
125

13
43
46
34
99

217
218
166
153
271
345

118
110
148
141
175
252

88
120
67
260
4
57

159
301
199
282
253
451

695
642
1,363
1,049
1,340
1,246
810
756
871
1,116
891
1,459

350
259
499
380
550
459
279
336
283
511
183
626

243
289
774
452
694
675
431
318
501
481
549
751

102
94
91
217
95
113
100
100
87
125
159
83

25
43
60
56
182
196
46
21
42
10
10
27

135
220
592
148
216
227
297
272
237
240
214
515

114
115
97
341
222
230
107
100
. 78
201
131
198

125
68
43
71
92
58
86
25
39
41
13
64

238
191
412
369
373
499
187
240
441
53.1
461
637

I
II
III
IV

1 1963 - I
II
3
i
HI
I
IV
| 1964 - I
«
II
1962
\
|
|
P
•;

Gross proceeds for new
capital and refunding 1/
Common Memo:
Bonds
Foreign
Publicly
1 Privately pfd. issues
Mfg.
offered
|offered
included

July
Aug.
Se
Pt.
Oct.
Nov.
Dec.

i 1963 - Jan.
}
Feb.
I
Mar.
j
Apr.
;
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

.

1964 - Jan.
526
985
338
121
5
109
157
515
149
Feb.
1.23
342
710
279
88
16
155
83
324
Mar.
353
146
174
805
361
91
8
3.4
400
April e/
2,140
38u
400 1:,360
n.a.
220
140
1,330
410
May
June
£./ Preliminary. e/Estimated by Federal Reserve. 1/Gross Proceeds exceed net proceeds by the
cot'.t of flotation. 2/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.




h. 14
Exhibit J
Other Security Offerings
(In millions of dollars)

1964
January
February
April
May

£/
E/

£/;
e/

4
81
69
25

July
August
September
October
November
December
Jan. - April

232
133
76
57
114
11
63
83

1964

142
10
35
10
86
50
25
8
31
151

fi/
£/
it

Federal agency 3/
1962
1963
148

25

246
156

186
459
150
175
174
200

88

101
e/

179

Year

498

e/

197

25

33A

771

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

one-term 1/

Foreign government 2/
19,63
1962

Net short-term 4/
State and local government 5/
Federal agency 3/
103
75
18
12
-106
236
272
466
-459
-189
r/ -458
-367
-186
198
-482
589
127
292
£/
92
-30
-84
195
-10
-118
319
62
78
414
208
339
327
-173
-406
258
259
71
123
146
234
-102
-339
-161
551

- April

Year

569

425

692

378

j

1,600

247
-156
226
-364
82
284
261
227
-157
379
55
-80

1 .00-:

E./ Preliminary. e/Estimated by Federal Reserve. n. a. --Not available. Y/These data differ
from those in Exhibit H in that refunding issues, as well as new capital issues are included.
ong term securities are defined as those maturing in more than one year. 2/Includes securities offered in the United States by foreign governments and their political subdivisions
an international organizations. Source: Securities and Exchange Commission. 3/lssues not
guaranteed by the U. S. Government. Source: long-term, Securities and Exchange Commission;
short term, Treasury Department and Federal Reserve. 4/These data differ from those in
Exhibit H and above in that they represent new offerings less retirements, whether from the
proceeds of 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 Authority notes. In some instances PHA notes included may
have a somewhat longer maturity than one year. Source: Bond Buyer and Federal Reserve.



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

Statue
Corporate
and
'Bonds
(Other than
local
Convertible Stocks
bonds
governments
convertibles)
—
-389
149
•372
348
19
180
279
18
218
329
22
135
215
66
380
734
63
373
117
32
111
515
60
22
577
225
28
358
200
35
282
38
296
698
235
1,271
51
274
37
415
Large Individual Issues Offered May 1 through 29

Total
i 1963 - May
']
June
1
July
I
August
]
September
October
}
)
November
December
\
] 1964 - January
?
February
March
I
April
§
May

149
348
199
236
237
446
180
547
307
263
335
1,557
452

Type
Corporate
' C.I.T. Financial Corp.
Columbia Gas System, Inc.
Puget Sound Pwr. & Lt. Co.
Philadelphia Elec. Co.
Alabama Pwr. Co.
Virginia Elec. & Pwr. Co.
Central 111. Pub. Ser. Co.
Potonjac Elec. Pwr. Co.
Michigan Consol. Gas Co.
Texas Eastern Tran. Co.
Wisconsin P. S. Corp.
Mountain Fuel Supply Co.

State and Local Government
G.O.
State of California
N

Y. State Pwr. Auth.

Rev.-Ut.

G.O.
Cincinnati, Ohio
Maryland State Roads Comm. Rev.-S.T.
Rev.-Ut.
Denver, Colo.
G.O.
Columbus, Ohio




43
460
60
20
174
200
---

50
20
15

;

Coupon

Amount
(millions
of
dollars

Deb.
Deb.
1st mtg. bds.
1st & ref. mtg. bds.
1st mtg. bds.
Com. stk.
1st mtg. bds.
1st mtg. bds.
1st mtg. bds.
Deb.
1st mtg. bds.
Deb.

Other 2/

Maturity
net inter
est cost

100.0 1989
50.0 1989
15.0 1994
50.0 1994
29.0 1994
37.2
20.0 1994
45.0 1999
30.0 1989
40.0 - 1994
18.0 1994
18.0 1989

50.0
50.0
4.8
11.2
21.3
17.5
10.0
13.2

1966-90
1974-2014
1967-84
2006
1965-97
1965-79
1974-99
1965-99

Offering
vield.

4-5/8
4-5/8
4-3/4
4-1/2
4-5/8

4.68
4.64
4.75
4.45
4.55

4-1/2
4-1/2
4-3/4
5
4-1/2
4.60

4.45
4.46
4.60
5.00
4.48
4.60

Rating

A

A
Aa
Aa
Aa
6a
Aa
A

3.21
3.53
3.55

4/
2. 25-3.407.
2. 95-3.63-/
2. 50-3.30
3. 55

A

3.16
3.15
3.30
3.19

2. 15-3.40
2. 15-3.13
2. 95-3.40^/
2. 15-3:40

Aa
Aa
Aa
Aa

A

H. 14

Large Individual Issues Offered May 1 through 29

Type

State and Local Government (Cont'd)
Boston, Mass.
Puerto Rico Wtr. Resources Auth.
State of Hawaii
Oklahoma City, Okla.
New Orleans, La.
Houston, Tex^
Other
Republic of Finland

Amount
(millions Maturity
of
dollars

G.O.
10:6
20.0
Rev. -Ut.
G.O.
15.0
G.O.
11.9
G.O.
14.5
G.O.
13.5
Rev. -Q.-UT. 10.0

15.0

1965-94
1966-99
1967-84
1966-89
1966-89
1965-84
1975-95

1976

Coupon
net inter-

3..45
3,.68
3.,21
3. 22
3. 11
3. 65

Offering Rating
yield

7/
3.30-3. 602.40-3. 70
2.60-3.
2.40-3.
2.50-3. 40
2.15-3.
3.25-3.

>

>

Baa
A
A
A
A
Aa
A

6.24

*--Rights offering. n;a.--Not available.
!•/ Includes corporate and other security offerings of $15 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.
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 revenue from quasinutilities; Rev.-S.T., revenue bonds
secured by revenue from specific taxes only; Rev.-Rent., revenue bonds secured solely
by lease payments.
4/ Bonds maturing 1989-90 not publicly reoffered.
5/ Bonds maturing 2014 not publicly reoffered.
6/ Bonds maturing 1974-76 not publicly reoffered.
7/ Bonds maturing 1965-79 not publicly reoffered.
8/ Bonds maturing 1988-89 not publicly reoffered.
9/ 1/10 per cent bonds maturing 1995 reoffered to yield 4.40 per cent.




H. 14
Exhibit L
Forthcoming Large Long-term Public Security Offerings for New Capital
(Other than U. S. Treasury) 1/
Expected Proceeds from Forthcoming Large Issues

Corporate
|
S
'
•
!
!

j

|
I
|
1

1963 - May
31
June 28
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 29
Dec. 31
1964 - Jan. 31
Feb. 28
^
Ma?' 31
x
Apr. 30
May
28

During month following
date shown
State and
Other 2/
local govt.

223
170
221
158
240
145
392
305
155
224
1,587
651
600

460
75
20

255
142
329
210
561
255
137
469
316
454
669
345
341

25
15

Corporate
288
215
267
183
240
145
1,992
1,905
1,771
1,649
1,837
844
668

Subsequent to
date shown
State and
local eovt.
582
287
512
468
757
401
349
731
667
646
953
575
598

Other 2/
460
75
20

25
15

Forthcoming Large Offerings as of May 29

Issuer

Corporate
. Communications Satellite Corp.
Long Island Lighting Co.
General Tel. Co. of Cal.
Michigan-Wisconsin Pipe Line Co.
Louisiana Pwr. & Lt. Co.
Public Ser. Co. of Colorado
Laclede Gas Co.
Carolina Pwr. & Lt. Co.
Consolidated Edison Co.
General Motors Accept Corp.
Pacific Gas. & Elec. Co.




Type

Com. stk.
1st mtg. bds.
1st mtg. bds.
1st mtg. bds.
1st mtg. bds.
1st mtg. bds.
1st mtg. bds.
1st mtg. bds.
Pfd. stk.
Deb.
Com. stk.

Amount
(millions
of
dollars)
200.0
25.0
35.0
20.0
25.0
35.0
20.0
30.0
60.0
150.0
68.0

Approximate date
of offering

June
June
June
June
June
June
June
June
June
June
July

2
3
4
10
11
17
19
24

(rts. ex.)

H. 14
L-2
Forthcoming Large Offerings, ai3 of May 29 (Cont'd)

Issuer

State and Local Government
*State of Maryland
*Port of New York Auth.
Dallas Ind. Sch. Dist., Tex.
Atlanta Fulton Co. Rec. Auth., Ga..
Penna. State Highway & Bridge Auth.
Public Housing Auth.
-Tarrant Co., Tex.
*Omaha Met., Utah Dist., Neb.
Orange Co. Spec. Tax Dist. #1, Fla.
Los Angeles Un. Sch. Dist., Calif.
Florida Dev. Comm.
Va. State Highway Auth.
Seattle, Wash.
Merced Irr. Dist., Cal.
*Mass. Turnpike Auth.
Pittsburgh, Pa.
Dade County, Florida
Forth Worth, Texas

Type

G.O.
Rev.-Q.-Ut.
G.O.
Rev.-Q.-Ut.
Rev.-Q.-Ut.
--

G.O.
Rev.-Ut.
Rev.-S.T.
G.O.
Rev.-Q.-Ut.
Rev.-Q.-Ut.
Rev.-Ut.
Rev.-Q.-Ut.
Rev.-Q.-Ut.
G.O.
G.O.
G.O.

Amount
(millions
of
dollars)

37.4
35.0
10.0
18.0
25.0
119.1
12.0
18.0
25.0
25.0
17.0
31.0
60.0
36.0
35.0
35.0
46.0
14.1

Approximate date
of offering

June
2
June
4
June
4
June
6
June 16
June 17
June 18
June 25
June 29
June
June
Spring
July 15
July 15
July
Indefinite
Indefinite
Indefinite

Other
None.
*--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 for Federal agencies.
Note.--Deletions for reasons other than sale of issue: None.




;

i

!

i
i

11

»

f

H. 14

Exhibit M
Foreign Government and Corporate Security Offerings
and Placements in the United States

Part I:

Sale
Date

^

Public Offerings

Amount
(millions of
dollars)

Issuer and Description of Issue
A.

Sold March 1 through May I..

3/23

50.0

Inter-American Development Bank-4-1/2
bonds, maturing 1984, offered to
yield 4.50%

4/1

25.0

United Mexican States--6-l/2% sinking
fund debentures, maturing 197.9
offered to yield 6.75%

- 5/7

15.0

Republic of Finland--6% bonds, maturing
197K, offered to yield 6.24%




Prospective Offerings

None

Part II:

reported

Pviva te Placement - - Reported March 1 throinxh May ?9

Amount
(millions of
do!iars)

4/1

12.5

5/8

Issuer and Description of Issue

C. Itoh & Co. Ltd--6-l/2% convertible '
unsecured debentures, maturing 1984-no information available on takedown.
Israel Discount Bank Ltd.--5-1/2% capital
notes, maturing 1979--no information
available on takedown.

5/8

10.0

Pacific Great Eastern Railroad Co.--4-1/2%
sinking fund debentures, maturing 1994-no information available on takedown

5/18

21.0

Upper Lakes Shipping Ltd.--6% installment
notes, maturing 1966-79--no information
available on takedown.

Note: For retrospective data on aggregate foreign corporate and government security
offerings
the United States see Exhibit I and J. There is no simple relationship
between the data shown in this 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 thib 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 data a placement is reported.
••--Included in table for first time.