Full text of H.16 Capital Market Developments : June 10, 1963

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Not for Publication DECONTROLLED AFTER SIX MONTHS
June 10, 1963
LIBRARY

HAPJTAT. M A R g R T DEVELOPMENTS

JUN 121963

IN THE UNITED STATES

FEDERAL RESERVE A A:
OF RICHMOND
Th e volume of public security financing to obtain new capital
w a s very snt stantial last week but is expected to be fairly light

this week. During the week ending June 7, one corporation offered $38
million in bonds to obtain new capital, two State and local government
bond issues with par value of $25 million were sold and the Federal
Home Loan Banks offered $460 million of 16-month bonds.
This week,
ending June 14, a $20 million corporate issue is scheduled for offering
and two State and local issues totaling $32 million are on the calendar.
Bond yields. Yields on seasoned, long-term bonds either rose
further or were stable last week. Yields on Aaa- and Baa-rated State
and local government bonds rose six and five basis points, respectively,
to 3.06 and 3.60 per cent, the highest levels since last August and
October. U. S. Government bond yields edged up another basis point to
4.00 per cent, the highest average since August. Corporate bond yields
were stable.
Yields on new corporate bonds, adjusted to an Aaa basis,
were 4.23 per cent last week; because of special characteristics of
the one issue on which last week's yield was based, however, it
probably is not representative.
Short- and intermediate-term interest rates. Rates on 3-month
and 6-month Treasury bills advanced two basis points further last week
and, at 3.00 and 3.08 per cent, respectively, were at the highest level
since late spring of 1960; yields on 3-5 year U. S. Government obligations
rose four basis points further to 3.68 per cent, the highest level since
early last August. The average rate on 90-179 day finance company
paper rose six basis points from the revised rate of the previous week
to 3.19 per cent as several companies increased their advertised rate
by one-eighth of a percentage point to 3-1/4 per cent. The average
effective Federal funds rate remained at 3.00 per cent. Other rates
were unchanged.
Stock prices. Common stock prices, as measured by Standard
and Poor's composite index of 500 stocks, edged off slightly last week
to close at 70.41 on June 7. Trading was very active, averaging 5.5
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,
the Federal Reserve System.

Board of Governors of



A O N G ^ E R M B O N D YIELDS, H I G H - G R A D E

A.

V\ 1
f—

C

!

1

-J

!/V
J - U 1 II 1 1 1 11 11 1 1 1 1 1 II 1111 ill
1 1 1 1 II
1»5«
its*

1 1 MII
i l1 11 1II1 1 1 II 1 mIIi
i

mi

m i

uK

2.5

no-

E x h i b i t A - Part II

Date

Corporate
A a a 1/

U. S. Govt.
long-term 2/

State and
local
government
A a a 3/

spread b e t w e e n
ti. S. Goirt. and
S t a t e and
Corporate
local A a a
Aaa

(per cent)
1958 - Low
1959-60 - High
1960-61 Low
1961 - High
1962 - Low
1963 - High
Low
May 10
H a y 17
May. 2 4
M a y 31
June 7 £/

3.55
4.61
4.21
4.46

(5/2)
(3/29/60)
(3/17/61)
(9/35)

4.23 (12/28)
4.23 (6/7)
4.19 (3/29)

3.07
4.42
3.70
4.07
3.85
4.00
3.87

4.22
4.21
4.22
4.23
4.23

3.97
3.96
3.97
3.99
4.00

i •

(4/25)
(3/8/60)
(5/12/61)
(32/29)
(1^/28)
(6/7)
(1/18)

2.64
3.65
2.99
3.37
2.88
3.06
2.93
3.01
2.97
2.97
3.00
3.06

(5/1)
(9/24/59)
(9/1/60)
(7/6)
(11/8)
(6/6)
(3/28)

.22
.59
.19
.57
.39
.35
.22

•34
.92
•46
.76
.80
1.02
.90

.25
.25
.25
.24
\23

.96
.99
1.00
.99
.94

T / Preliminary.
y
Weekly average of daily figures. Average term of bonds inoluied 1* 22-514 years#
y
Weekly average of daily figures. The series includes bonis due or callable in 10 years or more.
3/ Thursday figures. Only general obligation bonds are includedi average term is 20 years.
Rote.—Highs and lows are for individual series and may be on different dates for different
series. For spreads, high refers to widest, and low to narrowest.




Y
LONG-TERM

BOND

YIELDS, L O W E R - G R A D E

iOtrOBATE I n
j Moody'i

N

/X
uy'

V

a /
v •

m i i i i i i i i

1,58

I I I M

X

I
STATE AND I O C A l G O V E R N M E N T l e i
Mo

l l l 1 l I

V\-

1 II 1 1 II 1 1 1 1 1 1 1 1 1 1 II 1 II 1 I I I I 1 1 I I 1 1

1*5$

19*0

lltf

1 1 1 1 1 1 1 I W A

1962

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)
1958 - Low
1959-60 - High
1960-61 Low
1961 - High
1962 - Low
1963 - High
Low

•5.13 (10/27)
4.92 (12/21)
4.93 (1/4)
4.84 (6/7)

3.60 (6/6)
3.52 (5/23)

May 10
May 17
May 24
M a y 31
June 7 £/

4.86
4.86
4.85
4.84
4.84

3.56
3.52
3.52
3.55
3.60

Note:

4.51 (7/11)
5.36 (2/12/60)
4 . 9 8 (9/9/60)

F o r footnotes see Exhibit A ,




3.64

(5/1)

4.46

(3/7/60)

3>93 (11/9/61)
4.16 (3/23)
3.52

(5/17)

.77
.84
.66
.81
.63
.71
.61

.93
1.08
.57
.93
.56
.63
.54

.64
. .65
.63
.61
.61

.55
.55
.55
.55
.54

EXHIBIT C, P a r i I
SHORT- AND INTERMEDIATI- TERM INTEREST RATES, GOVERNMENT

$ m i issues

MONTH I I U S

11111 111 III1111II111111111111111IIII11111111II11
.795?
ilisf
fTiio"
TuT

m i l l ill IIIIIIIII III III o;
m:
liis

Exhibit C "•» Bart II
Discount
rate
JJL

1958 - Low
1959-60 High
1960-61 Low
1961-62 High
1962 - Low
1963 - High
Low
May i o
May 17
May 2 4
May 31
June 7 £./

3-month
bills 2/

3.00 •
3.00
3.00
3.00
3.00

.58
4.59
2.11
2.97
2.65
3.00
2.88

3.00
3.00
3.00
3.00
3.00

2.91
2.90
2.94
2.98
3.00

1.75

4.00

(5/29)
(3/8/60)
(10/28/60)
(7/13/62)
(6/8)
(6/7)
(3/15)

Yields
6-month
bills 2/
(per cent)
3.02
5.07
2.35
3.13
2.74
3.08
2.93
2.99
2.99
3.02
3.06
3.08

3-5 year
issues 2/

Spread between yields on 3month bills and yields on
6-mo. bills13-5 vr. issues"

(1^/26)2.14(6/6)
(1/8/60)5.00 (12/24/59)
(4/26/61)3.15 (5/12/61)
(7/20/62)3.88 (2/2/62)
(6/8)
3.41 (12/28)
(6/7) 3.68 (6/7)
(3/8) 3.44 (1/18)
3.54
3.55
3.59
3.64
3.68

.26
.79
.12
.44
.02
.10
.04

.04
1.81
.38
1.51
.52
.70
•52

.08
.09
.08
.08
.08

.63
.65
.65
.66
.68

"l/ Weakly rate shoim is that in effect at and of period at the Federal Reserve Bank of Mew York.
2/ hbzkat yield; weekly averages oonputed from daily closing bid prices. Series of 3-6 year issues
hotet^HUhs and" l w S ^ r e ^ o ^ i S i v i S a l " series and may be on different dates for different series,
ior spreads, high refers to widest, and low to narrowest,
,




EXHIBIT D, Pari I
S

» ? R T _ : A N D . I N T E R M E D I A T E - TERM INTEREST RATES,
A N D OTHER PRIVATE B O R R O W E R S

STOCK EXCHANGE
CALL LOANS
Going Rale
:E COMPANY PAPER
retlly Placed

I
J,
IA / \

I

m

r

IV

/\ j

F.R.n DISCOUNT
RATE
»w Y°rk

V
FEDERAL FUNDS

E

1960

1961

Exhibit D - Part II

Date

Stock Exchange
call loan J J

Prime
rate 1/

Finance company
paper 2/

Federal
funds 3/

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

(per cent)
1958 - Low
1959-60 - High
1960-61 Low
1961-62 - High
1962 - Low
1963 - High
Low

3.50
5.50
4.50
4.50
4.50
4..504.50

M a y 10
M a y 17
May 24
M a y 31
June 7 2.1

4.50
4.50
4.50
4.50
4.50

V

3.50
5.00
4.50
4.50
4.50
4.50
4.50

1.13
5.13
2.50
3.25
2.88
3.25
3.13

4.50
4.50
. 4.50
4.50
4.50

3.14
3.19
r/ 3.15
r/ 3.13
3.19

(8/8)
(3/23/6O)
(8/5/61)
(7/20/62)
(6/1)
(4/5)
(5/31)

.13
4.00
• 43
3.00
1.30
3.00
2.63
3.00
3.00
3.00
3.00
3.00

(5/29)
(5/33/60)
(3/27/61)
(12/28/62)1
( 3/26)
(6/7)
(4/5)

-.35
1.02
.11
.56
.19

.

.36
.15
.23
.29
r/. 21
r/.15
.19

rtecKiy raxs sumra ia
±u. 0 * 1 = ^
«•*
- — — --— - "
~ .
call loans scoured by oust one ra« stock exchange collate ral at New *ork City banks.. Prima rate
is that charged by large banks on abort-*era loans to business borrowers of the highest credit

on

Average**of daily rates published by finance oanpanies for directly placed paper for varying maturities
3/

Weekly a v e S g e ^ drily'effective rate, which is the rate for the heaviest volume of purchase and
sale transactions as reported to the Federal Reserve Bank of New York.
,
Note, Highs and lows are for individual series and may be on different dates for different series.
For spreads, high refers to widest, and low to narrowest. .




STOCK MARKET

Exhibit B - Part II

Stock price
index 1/

1961-62 - High
Low
1963 - High
Low
April
May
May 24
May 31
June 7 j>/

Common .
Trading
Stock market customer credit
stock
volume^3/
Customers 1
Bank
yields 2/ (millions
debit bal- loans to
(per cent) of shares)
ances 4/ "others" 5/
(In millions of dollars)

72.04(12/8/61)
52.68 (6/22/62)
70.80 (5/31)
64.10 (3/1)

2.82
3.96
3.13
3.36

10.1
2.4
5.5
3.3

68.76
70.14
70.02
70.80
70.41

3.15
3.13
3.16
3.13
3.15

5.1
4.8
4.9
4.2
5.5

5,602( 12/6I)4,259
4,876(7/62) 3,562
5,978(4/63)4,526
5,595(1/63)4,208
5,978

4,526

(12/61) 1,377(8/30/61)
(7/62) 1,269(9/26/62)
(4/63)1,492 (5/31)
(1/63)1,378 (2/23)
1,452
1,492
1,488
1,492

n.a.—Not available, jg/ Preliminary*
3/ Standard and Poor's composite index of 500 conmon stocks, weekly dosing 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.
Standard and Poor1 s composite stock yield based on Wednesday data converted to weekly closing
prices by Federal Reserve. Yields ahcwn are for dates on which price index reached its high
3/
3/

Averages of daily trading volume on the New York Stock Exchange,
End of month figures for member films of the New York Stock Exchange vfoich carry martin accounts;
excludes balances secured by U. S, Governmanb obligations.
5/ 'Wednesday figures for weekly reporting member banks. Excludes loans for purchasing or carrying
U. S. Government securities. Prior to July 1, 1959, such loaip are excluded only at banks in
Digitized for
«ew FRASER
York and Chicago. Weekly reporting banks account fbr about 70 per cent of loans to others.
For further detail see Bulletin.



1

M O R T G A G E A N D B O N D YIELDS

• P

1959

1940

I

1941

E x h i b i t F - Part II
FHA

gages
2/

1956
1957
1958
1959-60
1962-63
1963

C o n v e n - S pread b e tween y i e l d s
tional
on conv. &
mortFHA m t g s .
gages 3/

Aaa C o r p o r a t e

New£/

Seasoned^/

Spread b e t w e e n y i e l d s on
new c o r p o r a t e b o n d s and
FHA m t g s .

4.68
5.63
5.35
6.24
5.72
5.44

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

3.08
4.12
3.57
4.61
4.45
4.22

.76
1.58
.88
1.69
1.50

February 5.50
5.47
March
5.44
April
May.

5.85
5.85
5.80

.35
.38
.36
n. a.

4.21
4.28
4.28
4.30

4.19
4.19
4.21
4.22

1.29
1.19
1.16

-

Low
High
Low
High
High
Low

--

n. a.

iZ

1
existing-hone mortgages.

Dashed line indicates this change in the series.


%
S o d y J ^ I n v e s t S ^ e r v i c e . Monthly


averages of daily data.

See Exhibit 1.

Seasoned b d s .
--

1.03
.05
.73
.39
-.16
.02
.09
.07
.08

A

I

. #

EXHIBIT G, P a : ; 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

y

SEASONED

•

Lxi/,11111111.11
Exhibit 6 - Part II
Yields on Hew Corporate Bond Issues Adjusted to an A a a basis
N u m b e r A m ' t o f issues A v e r a g e
of
included (mil.
yield
issues o f d o l l a r s )
toer c e n t ) '

N u m b e r A a ' t o f issues A v e r a g e
included (mil.
of
yield
issues
of dollars)
(per c e n t )

W e e k l y averages:
1963 - J a n . 4
11
18
25
Feb. 1
8
15
22
Mar. 1
8
15
22
29

1
1
1
2
1
2
4
1 "
2
. 2
3
2

:

25.0
70.0
35.0
75.0
25.0
64.0

4.19
4.23
4.13
4.22
4.21
4.27*

100.0
12.0
55.0
24.4
87.0
222.0

4.19
4.14
4.25*
4.16
4.16
4.36*

Apr. 5
12
19
26
May 3
10
17
24
31
June 7

2
1
3
3
1
2
1
3
1

45.0
6.0
95.0
128.0
25.0
266.0
30.0
76.0

4.23
4.18
4.28
4.30
4.22
4.31*
4.27
4.27

50.0

4.23*

'

1 0 A v e r a g e s 01 ozxerang yiejLoe en
ueir laouou o* puiuuiy
w i p u n w w w w ) m w o u *#»,
aa»
A by Moody's Investors Service (except serial and convertible issues, offerings of natural gas pipeline
1
and foreign companies, and bonds guaranteed by the Federal Government) weighted by aLae of offering,
Before averaging, new offerings are adjusted to a composite laa basis by deducting from the actual
reoffering yield the excess of the weekly average yield for seasoned bands of the appropriate industryquality group over the composite average for seasoned Aa*-rated bonds (Moody's), Averages considered
unrepresentative because of special characteristics of "the offerings included are denoted by an asterisk^




w
Long-term Corporate and State and Lctc;Government
Security Offerings and Place rants
(In millions of dollars)'
Corporate If
1 1962
1

613
595
1,144

592
859
807

580
667
562

e/850
e/ 750
e/1,000

1 ,113
760
1 ,132

2,118
1,259
1,318

582
749
579

1st half
Three quarters
Year

State and local 2/
I 1961
1 1962
711
689
764

873
912
786

722
640
1 ,034

1,028
762
647

612
544
427

486
604
734

835
703
1 ,103

1 = 090
948
1,000

650
578
550

679
789
610

2,351
e/ 2,600

2 3 258
3 >005
1 ,910
2 ,641

1,809
4,695
2,437
3,038

2/2,422
e/2,4L2 .

2.,637
2,,571
1,,582
1,,779

2,,165
2.,396
1,,826
2-,078

e/4,951

5.,264
7.,173
9 :,814

6,504
8,941
11,979

e/4,855

5,208
6,790
8,568

4.,561
6,385
8,,463

October
November
December
quarter
quarter
quarter
quarter

7.963

876
1 ,133
628

July
August
September

1st
2nd
3rd
4th

1961

3

April
May
June

E

1

January
February
March

1963

2/732
fi/722
2/968
2./812

e/850
e/750

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

quarter
quarter
quarter
quarter.

e/2,050
,
s/2 300

Year

2,199
2,919
1,775
•2,410
9 5303

13554.
A, 552
2,337
2,807
11,253

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 rnd consumer finance
comprnies.




§
?
4

?

Exhibit I

H. 14

If

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

Quarter
or
;r.onth

Total

Gross proceeds for new
capital and refunding 1/
Common Memo: *
and
foreign
Publicly Privately
pfd.
offered offered
stock 1 included

Net proceieds for
new caoit.al 1/ 2/
Mfg.

19dC - III
IV

2,520
;2,832

1,336
1,462

754
955

429
416

38
17

1951 - I
II
III
IV

1,992
5,352
2,566
3,236

: 662
2,303
772
967

880
1,275
1,139
1,424

449
1,774
654
845

76
155
69
62

515
1,466
935
792

1962 - I
II
III
IV

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

1963 - I

2,700

1,108

1,306

287

128

1961 - July
Aug;
Sept.
Oct.
Nov.
Dec.

l',075
813
678
1,155
987
1,094

424
225
123
336
414
217

392
411
336
509
348
567

259
177
218
310
225
310

273
497
386
. 654
247
488 200
477
176
539
286
264

232
232
253
227
420
575
366
363
295
314
446
808

143
155
209
336
134
169
67
82
161
123
52
125

3
12
54
10
147
100
13

350
259,
499
380
540

243
289
774
350
450

102
94
91
190
90

25
43
60

1962 - Jan.
Feb.
Mar,
Apr.
May
July
Aug.
Sept.
Oct.
Nov.
Dec.

647
884
847
1,217
801
1,232
630
922
632
976
784
1,197!

1963 - Jan.
695
Feb,
642
. Mar. 1,363
Apr.e/
920
May e/ 1,080
June

52
7
10
25
12 •
25

43
46
34
99

Public Communiutility cations

562 ^ 652
625_
696

Other
issuers

317
381

896
997

381
1,081
595
836

81
1,095
104
147

832
1,052
803
1,263

655
996
601
769

430
983
375
568

456
231
275
321

717
794
659
986

947

326

236

842

428
255
252
271
215
306

269
215
111
306
362
168

16
13
75
25
80
42

315
279
209
48?
291
485

205
131
318
384
270
342
217
218
166
153
271
345

89
148
193
377
196
410
118
110
148
141
175
252

73
362
21
88
64
79
88
120
67
260
4
57

225
218
275
264
229
301
159
301
199
282
253
451

135
220
592
200
250

114
115
97
320
100

125
68
43
60
30

238
191
412
270
370

P./ Preliminary,
e/ Estimated by Fedieral 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. Source.--Securities and Exchange Commission.




Exhibit J

H. 14

Other Security Offerings
(In millions of dollars)
Foreign government 2/
1963
1962
|
January
February
March
April
May
June
July
August
September
October
November
December

232
133
76
e/100
e/120

Year
Jan.-May

e/661

Gross long-term 1/
Federal agency 3/
1961
1962
1
1963
1

142
10
35
10
86
50
25
8
31
151
88
101

6
.29
20
2
66
29
5
2

737

236

283

123

148
e/186
e/--

246
156
461

150
175

43
34

1961

252
100
149
278
250
193
225

~~

—

e/334

--

1 ,188

1,448

863

501

Net short-term 4/
State and local government 5/
Federal agency 3/
January
February
March
April
May
July
August
September
October
November
December
Year
Jan.-May

75
78
-367
ja/414

18
466
-186
127
-84
-118
78
339
-406
71 .
234
-161
378
341

160
195
-8
-103
-42
-155
109
518
-86
-6
54
-116

-106
-189
-482
292
2/380

520
203

E./-105

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

-144
-162
-174
-79
-87
207
22
193
108
98
56
-114

1:,004

-76

35

-646

e/ Estimated by Federal Reserve.
n.a. --Not available.
2.J Preliminary.
\J 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 United States by foreign governments and their
political subdivisions and international organizations. Source: Securities and
Exchange Commission.
3/ Issues 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.
http://fraser.stlouisfed.org/

Federal Reserve Bank of St. Louis

I f
Exhibit K

H.14

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

Month

Total

1962 - May

Bonds
Convertible
(other than
bonds
convertibles)

200
472
165
286
191
434
178
198
234
186
394
409

July
August
September
October
November
December
1963 - January
February
March
April
May

170
387
135
226
100
398
178
178
215
125
372
263

Stocks

State
and
Other
local
2/
government 1

30
85
30

60

373
266
321
272
153
320
217
193
344
367
570
431

91
36
20
19
26
22
146

35

88
30
20
194
J5
75
48
63
134

Large Individual Issues Offered June 1 through 7

Issuer

Type 3/

Amount
Coupon
Offering
(millions
rate or
Maturity
of
net inter- yield
est cost
dollars)

Rating

CORPORATE
Southern Railway Co.

1st&gen.mtg.bds. 37.8^ 1988

4-5/8

4.63

STATE AND LOCAL GOVERNMENT
Louisiana State Bond & Bldg.
Comm.
Sacramento Mun. Util. Dist.,
Cal.

Rev.-S.T.

15.0

1964-83

3.33

1.75-3.55

A

Rev.-Ut.

10.0

1966-83

2.98

2.80-3.1^

Aa

Oct.1964

3.50

OTHER
Federal Home Loan Banks




Bonds

460.0

3.60

4*f
K-2

H.14

Footnotes
*—Rights offering.
n.a.—Not available.
V
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
quasi-utilities; Rev.-S.T., revenue bonds secured by revenue from specific
taxes only; Rev.-Rent., revenue bonds secured solely by lease payments.
4/ An additional $12.2 million in bonds sold to refund outstanding securities.
5/ Bonds maturing 1966-73 not publicly reoffered.




>5~
H. 14
Forthcoming Large Long-term Public Security Offerings for New Capital
(Other than U. S. Treasury) 1/
Expected Proceeds from Forthcoming Large Issues
Subsequent to
During month following
date shown
date shown
State and
State and
Other 2/ Corporate local govt.
Corporate
local govt.

Date of
computation

1

1962 - May 31
June 29
July 31
Aug. 31
Sept. 28
Oct. 31
Nov. 30
Dec. 28
1963 - Jan. 31
Feb. 28
Mar. 29
Apr. 30
May 31

587
120
302
170
363
203
170
269
167
142
376
149
223

55

184
202
273
61
187
96
194
177
376
458
381
447
255

175
75
25
45
40
460

337
377
427
215
387
243
328
311
843
755
763
599
582

692
458
477
312
546
328
360
314
412
572
421
234
288

Other 2/
55
25
175
75
25
33
45
40
460

Forthcoming Large Offerings, as of June 7
Type

Issuer

Amount
Approximate date
(millions
of offering
of dollars)

CORPORATE
Indiana Bell Tel. Co.
Tennessee Gas Trans. Co.
Coastal States Gas Co.
State Loan and Finance Co.
^Firestone Tire & Rubber Co.
Public Service Elec. & Gas Co.
*Texas Eastern Trans. Co.
Pacific Northwest Bell Tel. Co.

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

20.0
45.0
50.0
30.0
75.0
40.0
50.0 .
20.0

*Hitachi, Ltd.
Commerce Oil Refining Corp.

Com.stk.
Deb., bds. & com.

20.0
45.0

June 12
June 17
18
June 18
June 19
June 19
26
July 3
(rights expire)
July 10
Indefinite

STATE AND LOCAL GOVERNMENT
Oklahoma City, Oklahoma
St. Petersburg, Florida
Univ. of Illinois
*Nassau Co., N. Y.
Virginia Public School Auth.
*Wauwatossa, Wise.
Jacksonville, Florida
Atlanta, Georgia


http://fraser.stlouisfed.org/
I
Federal Reserve Bank of St. Louis

1

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

15.1
17.0
10.9
21.4
15.0
18.1
22.0
39.0

June
June
June
June

11
11
18
18
18
19
20
June 25

lb

•

L-2
Forthcoming Large Offerings, as of June 7 (Cont'd)
Type

Amount
Approximate date
(millions
of offering
of dollars)

STATE AND LOCAL GOVERNMENT (CONT'D)
Cleveland, Ohio
State of Minnesota
*State of Maine
Nevada Irr. Dist., Cal.
^Fairfax Co., Virginia
Chicago Public Bldg. Comm., 111.
New York State Housing Finance Agency
*Racine, Sturtevant etc. Unif. Sch.
Dist. No. 1, Wise.
Pittsburgh, Pa.
Jefferson County, Colorado
Dade County, Florida
Jacksonville Expressway Auth., Fla,
Southern 111. Univ.

June
June
June
June
June
June
July

25
25
25
26
26
26
10

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

13..2
40..6
14..0
57..2
10.,0
75.,0
108.,0

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

10. 6
35.,0
12.9
46. 0
40. 0
10.5

July 10
Indefinite
Indefinite
Indefinite
Indefinite
Indefinite

20.0

June

OTHER
*Milan, Italy.

*—Included in table for first time.
1/ Includes corporate and other issues of $15 million and over; State and local
government issues of $10 million and over.
2/ Includes foreign government and International Bank for Reconstruction and
Development issues and non-guaranteed issues of Federal agencies.
Note.--Deletions for reasons other than sale of issue: None.




Exhibit M
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.
4/2
4/9

5.2
15.0

4/10
4/24

30.0
10.0

4/24
4/25

1.8
25.0

5/1

27.5

5/22

15.0

10.0
20.0
20.0

Sold April 1 through June 7

Sony Corp.--common stock
Copenhagen Tel. Co.—5-3/8% bonds, due 1978, reoffered at
5.57%
Govt, of Australia—5% bonds, due 1983, reoffered at 5.20%
Mitsui & Co.—6-3/8% convertible debentures, due 1978,
reoffered at 6.38%
Mitsui & Co.--common stock
Kingdom of Norway—5-1/4% bonds, due 1978, reoffered to
yield 5.42%
Government of Japan--5-l/2% bonds, due 1980--reoffered to
yield 5.71%
Copenhagen, Denmark—5-3/8% bonds, due 1978—reoffered to
yield 5.55%

B.
6/12
*6/
*7/10

Public Offerings

Prospective Offerings

Oslo, N o r w a y — b o n d s
Milan, I t a l y — b o n d s
Hitachi, Ltd.--common stock




M-2
Part II:
Date
reported
4/3

Amount
(millions
of dollars)
10.0

4/4

4.7

5/1

50.0

5/2

10.0

5/6

20.0

5/14

16.3

*6/4

18.0

H.14

Private Placements—Reported April 1 through June 7
Issuer and Description of Issue

Industrial Acceptance Corp. , Ltd. --5-1/8% secured q,otes,
maturing 1988--no information available on takedown
City of Vancouver--4-3/8% & 5% serial debentures, maturing
1964-83--no information available on takedown
Bell Telephone Company of Canada--4-7/8% first mortgage
bonds, maturing 1988--no information available on takedown
Laurentide Financial Corp.--5% senior notes, maturing
1978--no information available on takedown
Province of 0ntario--4% debentures, maturing 1966-69-no information available on takedown
Delta Acceptance Corp., Ltd.--notes, maturing 1975--no
information available on takedown
Consolidated Gold Fields of South Africa, Ltd.--promissory
notes, maturing 1971--no information available on takedown

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 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 this exhibit are included when reported, frequently with
little or no information concerning timing of takedowns. Full or partial
may take place both prior and subsequent to the date a placement
Digitizedtakedowns
for FRASER
is reported.
^--Included in table for first time.
http://fraser.stlouisfed.org/

Federal Reserve Bank of St. Louis

'J