Full text of H.16 Capital Market Developments : June 19, 1967
The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
for P u b l i c a t i o n —ft-.14 ' -"j DECONTROLLED AFTER SIX MONTHS June 19, 1967. jCATITAL MARKETS. DEVELOPMENTS IN THE UNITED STATES Corporat^and .municipal bond markets. F l o t a t i o n s of new corporate s e c u r i t i e s t h i s week are expected to aggregate more than 50 per cent above the average weekly volume r e g i s t e r e d over the p a s t y e a r . Dominating t h i s week's calendar i s the $100 m i l l i o n Corn Products debenture o f f e r i n g , , The municipal volume t h i s week i s a l s o above average, with the Pennsylvania State General A u t h o r i t y ' s $75 m i l l i o n revenue i s s u e accounting f o r about o n e - f o u r t h of the t o t a l d o l l a r volume. Not included i n the t a b l e below i s the $40 m i l l i o n City of Montreal o f f e r i n g , expected i n the market t h i s week. Long-term Public S e c u r i t y Offerings',1/ (In m i l l i o n s of d o l l a r s ) Corporate S t a t e and l o c a l Government New C a p i t a l | Refunding New Capital | Refunding Sold: 52 week avg. June 9 June 16 259 227 r/512 286 r/415 ~ 176 390 280 6 Scheduled: June 23 1/ Federal Reserve e s t i m a t e s are based upon published reports of i s s u e s sold and scheduled f o r o f f e r i n g s ; corporate r i g h t s o f f e r i n g s are included as of date s u b s c r i p t i o n r i g h t s e x p i r e . Y i e l d s on new and seasoned- corporate bonds advanced l a s t week. I n v e s t o r s response t o l a s t week's new i s s u e s was mixed, as o n e - h a l f of the 12 new i s s u e s remain bound by underwriters p r i c e r e s t r i c t i o n s . Underw r i t e r s terminated p r i c e r e s t r i c t i o n s on three o l d e r , slow-moving i s s u e s and y i e l d s adjusted upward 6 to 7 b a s i s p o i n t s . Municipal bond y i e l d s a l s o advanced l a s t week. Underwriters bid a g g r e s s i v e l y f o r new i s s u e s , but were g e n e r a l l y u n s u c c e s s f u l in s e l l i n g these o f f e r i n g s t o i n v e s t o r s - - l e s s than o n e - h a l f of l a s t week's volume was spoken for by week-end. > H. 14 Y i e l d s i n S e c u r i t y Markets L e v e l L a t e s t Week High-Grade N o t e s and Bonds Change from p r e c e d i n g week Corporate New Seasoned 5.74 5.39 . +3 +1 U . S . Government Long-term 3-5 year 4.86 4.96 • - - +10 +22 State and local Govt. Moody's Aaa Stdo & P o o r ' s h i g h grade 3„78 3.94 +2 +1 4.03 +13 3.57 3.85 +16 +8 Money Market , Federal funds Treasury bills 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 o f $) 6/15 6.0 6/14 , 25.0 6/14 6/13 • • 6/8 U n i t e d Shoe Mach., 5 - 3 / 4 ' s - 1992 Rating Estimated proportion sold , 6.05 Aa 30% 5.77 Aa 90% Blackstone Valley Elec., 6 - 1 / 2 ' s - 1997 6.35 A 45% 15.0 South C a r o l i n a E l e c . & Gas b ' s - 1997 5.98 A 50% P u g e t Sound Pwr. & L t . 6 - 5 / 8 ' s - 1997 6.50 Baa 50% Pennsylvania Electric, 6 - 1 / 4 ' s - 1997. 6.05 Aa 40% 20o 0 - , Cambridge E l e c t r i c , 6 - 1 / 4 ' s - 1997 Reoffering Yield 7.0 , 6/14 . Issuer 26.0 -3H.14 r.nrporate . s t i l l i n Syndicate (Cont'd;! „ 4 Reoffering o,S«d i m s i ; _ i u u _ Estimated p r o M a n A 6/• »>•« S S R - . U M 5 6/7 30 L 6.05 6/7 -° 150.0 6/1 6 6/1 15-0 5/9 51.0 '° T - 1 / 8 ' s -al992 S 0 CaP ^ n n 6 !l/8's ne 1 T e l , , A ' 55% Aaa 75% A 35% ^ ^ A 75% 6.60 =aa 90% D e a l e r s ' Advertised I n v e n t o r i e s fnd of Previous Week ' 536 5 . 8 2 - y !997 EleCtriC 6.00 Wickes^Corporation, , i . . . T i . h o£ L a t e s t Week 2 ^ 507. ' " RecerOHigh 849 ( 4 / 2 6 / 6 7 ) 538 H. 14 P r i v a t e h o u s i n g s t a r t s and p e r m i t s . Private housing s t a r t s , which had changed v e r y l i t t l e i n r e c e n t months, r o s e 12 p e r c e n t i n May t o the h i g h e s t annual r a t e ( 1 , 3 1 0 t h o u s a n d ) t h i s y e a r . The r i s e which was g r e a t e r than a n t i c i p a t e d , b r o u g h t t h e a v e r a g e f o r the A p r i l May p e r i o d t o 1 , 2 4 1 t h o u s a n d , s u g g e s t i n g the p o s s i b i l i t y o f a t l e a s t a 4 p e r c e n t i n c r e a s e i n the second q u a r t e r a s a whole, from t h e improved f i r s t q u a r t e r a v e r a g e . A s i g n i f i c a n t f a c t o r i n the May i n c r e a s e was an e x p a n s i o n of more than t w o - f i f t h s i n the r a t e o f s t a r t s i n t h e West. A l l o t h e r r e g i o n s shared i n t h e r i s e e x c e p t t h e N o r t h e a s t s t a t e s , which showed no c h a n g e . G o v e r n m e n t - u n d e r w r i t t e n s t a r t s r o s e more r a p i d l y than c o n v e n t i o n a l s t a r t s i n May and a c c o u n t e d f o r 15 p e r c e n t of the t o t a l 0 This compared w i t h 13 p e r , c-nt a y e a r e a r l i e r when a l l t y p e s o f s t a r t s were a l r e a d y moving s u b s t a n t i a l l y downward c B u i l d i n g p e r m i t s i n p e r m i t - i s s u i n g a r e a s edged up o n l y s l i g h t l y f u r t h e r i n May, but a t a s e a s o n a l l y a d j u s t e d annual r a t e of 1 , 0 4 6 t h o u s a n d , were w i t h i n 5 p e r c e n t of the d e c l i n i n g r a t e a y e a r earlier. A l l of the i n c r e a s e was i n l - t o - 4 f a m i l y s t r u c t u r e s , which edged above the y e a r - e a r l i e r l e v e l . Among the r e g i o n s , p e r m i t movements were mixed--down i n die N o r t h e a s t and North C e n t r a l s t a t e s b u t up f a i r l y s h a r p l y i n the South and VJest = Stock p r i c e s . Common s t o c k p r i c e s advanced l a s t week i n v e r y heavy.trading. Standard and P o o r ' s i n d e x o f 500 s t o c k s c l o s e d F r i d a y a t 9 2 . 5 4 , a g a i n of 0.V3 p o i n t s f o r the week. Common s t o c k p r i c e s a r e now a b o u t 2 . 2 p e r c e n t below the r e c e n t h i g h o£ 9 ^ . 5 8 r e g i s t e r e d on May_8L Trading volume a v e r a g e d 1 0 . 9 m i l l i o n s h i r i s m d a y . 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 markets d e v e l o p m e n t s can be found i n the a t t a c h e d e x h i b i t s . Capital Markets Section, Division of Research and Statistics,. Board of Governors of the Federal Reserve System. V EXHIBIT A, Port 1 LONG-TERM BOND YIELDS, H I G H - G R A D E CORPORATE Aaa U.S. GOVERNMENT r S T A T E AND LOCAL G O V E R N M E N T A a a 1963 1964 1965 1966 1967 1968 E x h i b i t A - - farL i l j i Corporate ! Aaa 1/ Date i 1 9 5 9 - 6 0 - High 1966 - High 1967 - High - Low May June 19 26 2 9 16E./ 4.61(1/29/60) 5.52(9/9) 4.73(1/7) 5.39(6/16) 5.00(2/10) i 5.26 5.31 5.36 r£.38y 5.39 / • 1 S t a t e and U.S. Govt. j local l o n g - t e r m 2 / | government Aaa 3 / (per c e n t ) j | Spread between U;S. Govt, and Corporate | S t a t e and Aaa j l o c a l Aaa 4.42(1/8/60) 4.87(9/2) 4c 4 2 ( 1 / 7 ) 4.86(6/16) 4.37(2/3) 3.65(9/24/59) 4.04(8/25) 3.39(1/13) 3.78(6/15) 3.25(2/9) .59(8/5/60) .84(12/30) .14(2/18) .92 .44 .92(4/22/60) 1.19(2/11) .77(9/2) 4.79 4.83 4.74 4.76 4.86/ 3.75 3.78 3.78 3.76 3.78 / .47 .48 .62 .61 .53 1.04 1.05 .96 1.00 1.08 , 1.16 .74 £ / Preliminary,. V Weekly average of d a i l y f i g u r e s . Average term of bonds i n c l u d e d i s 2 2 - 2 4 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 in 10 y e a r s or more. 3 / 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 are i n c l u d e d ; average term i s 20 years. N o t e - - H i g h s and lows are 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 different series. For s p r e a d s , high r e f e r s to w i d e s t , and low t o narrowest. EXHIBIT B. Fori I L O N G - T E R M B O N D YIELDS, t O W i l t GRADE CORPORATE B a a S T A T E AND LOCAL GOVERNMENT B a a 1963 1965 1966 1967 E x h i b i t B - - Part I I S t a t e and local govt. Baa 3 / Corporate Baa 1 / (per cent) 1959-60 - High Year end- 1965 1966 - High Low 1967 - High Low May 19 26 2 9 16B/ June Note: 5.36(2/12/60) 5.04 6.18(12/30) 5.05(1/14) 6.15(1/6) 5.81(4/14) 5.96 6.03 6.07 r/6.11 / 6.13V 4.46(1/7/60) 3.79 4.55(8/25) 3.78(1/20) 4.27(6/15) 3.85(4/13) .84 .31 .81 .31 .69 1.08 .39 .62 .31 .65 .37 4.25 4.27 4.27 4.27 4.27 .70 .72 .71 .73 .74 .50 .49 .49 .51 .49 For f o o t n o t e s s e e E x h i b i t Ac Spread between Aaa and Baa S t a t e and Corporate local govt. \ .82 EXHIBIT C, Port 1 SHORT- AND INTEItMIDIATE-TERM INTEREST RATES GOVERNMENT 6-MONTH BILLS Market Yieldi 3 - 5 YEAR I S S U E S F . R . DISCOUNT RATE 3 - M O N T H BILLS Market Yields 1963 1964 1965 1966 1967 1968 Exhibit C - - Part I I Discount rate Date —L/ 1 9 5 9 - 6 0 - High Year end - 1965 1966 1966 - High Low 1967 - High Low May June 4.00 4.50 4.50 4.50 4.50 4.50 4.00 19 26 2 9 I62./ 1/ weekly rate s h L 4.00 4.00 4.00 4.00 4.00/ 3-month hills V 4.59(1/8/60) 4.47 4c 80 5=52(9/23) 4.39(6/24) 4.81(1/13) 3.41(6/9) 3.59 3.50 3.43 3.41 3.57 J Yields 6-month b i l l s 1/ (per cent) 5c 0 7 ( 1 / 8 / 6 0 ) 4.66 4.92 5.92(9/23) 4.53(6/24) 4.88(1/6) 3.74(6/2) 3.78 3.74 3.74 3.77 3.85 / 3-5 year issues U Spread b e t w e e n y i e l d s on 3-mo. b i l l s and y i e l d s on 6-mo. b i l l s l 3 - 5 y r . i s s u e s 5.00(12/24/59) 4.90 4.86 5.83(9/2) 4.80(4/8) 4.96(6/16) 4.36(4/7) 4.69 4.76 4.66 4.74 4.96 1.81 .43 .06 .78 .01 .36 .01 1.39 .02 .19 .24 .31 .36 .28 1.10 1.26 1.23 1.33 1.39 I s t h a t i n e t t e c t a t end of p e r i o d a t the F e d e r a l Keserve » a n k of 2 / M a r k e t ^ y i e l d ; w e e k l y a v e r a g e s computed f r o . d a i l y c l o s i n g b i d p r i c e s . .79 .19 «12 .52 ,09 S e r i e s of 3-5 EXHIBIT D. Port 1 S H O R T - A N D I N . T E R M E D I A T I - T E R M INTEREST RATES B A N K S A N D OTHER P R I V A T E B O R R O W E R S PRIME RATE FINANCE COMPANY PAPER Directly ploced DISCOUNT RATE FEDERAL FUNDS 1963 1964 1965 1966 1961 E x h i b i t D — Part I I Prime r a t e 1/ Finance company paper 2/ Spread between 3-mo. b i l l s and F e d e r a l fuilds 3 / f i n a n c e c o . pap6r (per c e n t ) 1959-60 - H i g h Year end- 1964 1965 1966 1966 - Low 1967 - High Low May June 19 26 2 9 16R/ 5.00 4.50 5.00 6.00 5.00(3/4) 6.00(1/6) 5.50(6/16) 5.13(1/22/60) 4.06 4.75 5.88 4.75(1/7) 5.75(1/6) 4.38(6/16) 4.00(5/13/60) 4.00 4.63 5.63 3.55(1/21) 5.25(1/6) 3.75(5/12) 5.50 5.50 5.50 5.50 5.50 4.38 4.38 4.38 4.38 4.38 4.03 3.90 3.97 3.90 4.03 z 1.02 .23 .28. 1.08 •20 .97 .52 .79 .88 .95 .97 .81 1/ Weekly r a t e shown i s t h a t i n e f f e c t a t end of p e r i o d . Prime r a t e i s t h a t ~ charged by l a r g e banks on s h o r t - t e r m loans t o b u s i n e s s borrowers of the h i g h e s t credit standing. 2/ Average of d a i l y r a t e s p u b l i s h e d by f i n a n c e companies f o r d i r e c t l y p l a c e d paper ~ f o r v a r y i n g m a t u r i t i e s i n the 90-179 day range. , , . 3 / Weekly average of d a i l y e f f e c t i v e r a t e , which i s the r a t e f o r the h e a v i e s t volume of purchase and s a l e t r a n s a c t i o n s as reported t o the F e d e r a l Reserve N o t e . - H i g h s and lows are 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 different series. For s p r e a d s , h i g h r e f e r s t o w i d e s t , and low t o n a r r o w e s t . EXHIBIT E. Pari I 100 PRICES „ STOCK MARKET CREDIT * CHANGE IN S E R I E S VOLUME YIELDS i i i i i i i i i i i 1963 1964 i i i ii ^ ii <1965 ii ir li ii it ii 1966 it i'i i II II i i II-II 1967 i i ' i rii 1968 ii i i ,1 E x h i b i t E — Part I I Stock price index 1/ Date 1961-62 - High Low 1966 - High Low 1967 - H i g h Low Apr. May June 2 9 16g/ Common stock y i e l d s 2/ (per c e n t ) S t o c k market customer c r e d i t Trading Customers' Bank volume 3/ debit balloans to Total (millions "others"5/ ances 4 / of s h a r e s ) ( I n m i l l i o n s of d o l l a r s ) 72.04(12/8/61) 52.68(6/22/62) 93.77(2/11) 73.20(10/7) 94.44(5/5) 82.18(1/6) 2.82 3.96 3.01 3.97 3.10 3.58 10.1 2.4 10.7 5.0 11.3 6.9 5,602(12/61) 4,424(1/61) 7,997 7,302 7,969 7,345 90.96 92.59 89.79 91.56 92.54 3.22 3.16 3.25 3.20 3.16 9.4 9.9 8.1 9.7 10.9 7,969 n.a. n.a. n.a. 4,259(12/61) 1,418(5/9/62) 3,253(1/61) 1,161(3/8/61) 5,835 2,241(7/6) 2,097(12/14) 5„ 169 2,204(6/7) 5,819 5,290 2,055(2/1) 5,819 n.a. n.a. n.a. n.a. 2,150 2,159 2,159 2,204 n.a. n . a . Not A v a i l a b l e . ja/ P r e l i m i n a r y . 1 / Standard and P o o r ' s composite index of 500 common s t o c k s , weekly c l o s i n g p r i c e s , 1941-43=10. Monthly data are a v e r a g e s of d a i l y f i g u r e s r a t h e r than of F r i d a y ' s o n l y . Highs and lows are f o r F r i d a y ' s data o n l y . 2/ Standard and P o o r ' s composite s t o c k y i e l d based on Wednesday d a t a converted t o weekly c l o s i n g p r i c e s by F e d e r a l R e s e r v e . Y i e l d s shown are f o r d a t e s on which p r i c e index reached i t s h i g h or low. 3 / Averages of d a i l y t r a d i n g volume on the New York Stock Exchange. Year-end f i g u r e s are averages of d a i l y f i g u r e s f o r the y e a r . 4 / End of month f i g u r e s f o r member f i r m s of the New York Stock Exchange which carry margin a c c o u n t s ; e x c l u d e s b a l a n c e s secured by U. S. Government o b l i g a t i o n s . 5/ Wednesday f i g u r e s f o r weekly r e p o r t i n g member banks. Excludes loans f o r purchasing or c a r r y i n g U.S. Government s e c u r i t i e s . Weekly r e p o r t i n g banks account f o r about 70 per c e n t of l o a n s t o others. For f u r t h e r d e t a i l s e e B u l l e t i n . • \i • EXHIBIT F, Tort I PRIVATE H O U S I N G Monthly, annual roles STARTS A N D PERMITS Million! of units 2.4 SEASONALLY ADJUSTED DATA 2.0 H O U S I N G STARTS ^ v v v V V ^ ' PER C E N T OF U N A D J U S T E D 1/V7XB U I L D I N G PERMITS TOTAL STARTS MULTI-FAMILY GOVERNMENT UNDERWRITTEN 1959 1960 1961 1962 1963 1964 1965 1966 1 Exhibit F - Part II Building permits Unadlusted Type of financing Tvoe of housing (seasonally adjusted Seasonally a d j u s t Multi1-2 Unadjusted annual FHA VA Other family family ed annual r a t e rate) 2 / __ Starts Total Date 1966 - May June July Aug. Sep to Oct. Nov. Dec. 1967 - Jan. Feb. Mar. Apr. May 1,318 1,285 1,088 1,107 1,075 848 1,012 1,089 1,297 1,163 r / 1,167 r / 1,173 1,310 (Thousaiids oJE u n i t s ) 135 14 4 92.5 118 128 15 4 108 87.9 104 13 4 87 74.3 105 14 4 87 74.5 92 3 10 79 65.0 80 3 9 68 57.5 75 10 3 62 53.4 64 3 10 51 42.4 65 3 53 9 42.5 64 3 8 53 42.6 r/96 11 5 r/80 r/68.5 r/115 11 5 99 r / 8 0 . 5 135 15 5 115 95.9 42.9 39.7 29.7 30.9 27.4 22 . 7 21.9 21.3 22.6 21.5 r/26.9 r/34.1 39.1 1,098 954 921 844 733 714 715 759 942 894 928 r/1,028 1,046 1/ Total s t a r t s are Census e s t i m a t e s including farm f o r both p e r m i t - i s s u i n g and "" n o n - i s s u i n g areas. A d w e l l i n g u n i t i s s t a r t e d when e x c a v a t i o n b e g i n s ; a l l u n i t s i n an apartment s t r u c t u r e are considered s t a r t e d at that time. FHA and VA s t a r t s are u n i t s s t a r t e d under commitments by these agencies to insure or guarantee the mortgages. As reported by FHA and VA, a u n i t i s s t a r t e d when a f i e l d o f f i c e r e c e i v e s the f i r s t compliance i n s p e c t i o n r e p o r t , which i s made b efore f o o t i n g s are poured i n some c a s e s but normally a f t e r the foundations have been completed. Capehart m i l i t a r y housing u n i t s are excluded. Other s t a r t s are derived as a r e s i d u a l , although t o t a l and FHA and VA s t a r t s are not s t r i c t l y comparable i n concept or timing; other s t a r t s i c l u d e both u n i t s financed by conv e n t i o n a l mortgages and u n i t s without mortgages. 2 / Building permits before January 1963 are Census e s t i m a t e s f o r about 10,000 areas "" i d e n t i f i e d as having a l o c a l building permit system i n 1959. Estimates beginning January 1963, are f o r approximately 12,000, or a l l known, p e r m i t - i s s u i n g p l a c e s . Unlike s t a r t s , s e a s o n a l l y adjusted b u i l d i n g permits r e f l e c t d i r e c t adjustment f o r d i f f e r e n c e s in the number of working days per month, as w e l l as o t h e r d i f f erences i n timing and coverage. YIELDS O N N E W AMD S E A S O N E D C O R P O R A T E B O N O S NEW I S S U E S w - SEASONED A a a • .. - - e . 1 1 1 1 II I I 1 1 II . i i i i i i i i i f i . 1964 1965 . 1966 1967 1968 Exhibit G - II Y5elds on New Corporate Bond I s s u e s Adjusted t o an Aaa b a s i s Number of Number |Am't. of i s s u e s Average of included ( m i l l . yield (per cent) i s s u e s I of d o l l a r s ) Am't. of i s s u e s Average included ( m i l l . yield (per c e n t ) of d o l l a r s ) Monthly a v e r a g e s : Jan. Feb. Mar. Apr. May 6 7 20 20 15 496.0 481.0 1073.0 916.0 570.0 5.38 5.20 5.31 5.39 .5.66 May 5 12 19 26 2 9 16 3 3 3 6 3 6 7 70.0 118.0 77.0 305.0 51.0 294.0 168.0 5.58 5. 61 5.70 5.71 5.73 5.71 . 5.74 / Weekly a v e r a g e s : 5. 74 (6/L&) High 5.11(2/10) Low Note: Averages of o f f e r i n g y i e l d s on a l l new i s s u e s of p u b l i c l y o f f e r e d c o r p o r a t e bonds r a t e d Aaa, Aa, and A by Moody's I n v e s t o r s S e r v i c e ( e x c e p t s e r i a l and c o n v e r t i b l e i s s u e s , o f f e r i n g s of n a t u r a l gas p i p e l i n e and f o r e i g n companies, and bonds guaranteed by the Federal Government) weighted by s i z e of o f f e r i n g . B e f o r e a v e r a g i n g , new o f f e r i n g s a r e a d j u s t e d to a composite Aaa b a s i s by d e d u c t i n g from the a c t u a l r e o f f e r i n g y i e l d the e x c e s s of the weekly average y i e l d f o r seasoned bonds of t h e a p p r o p r i a t e i n d u s t r y - q u a l i t y group over the composite average f o r seasoned Aaar a t e d bonds (Moody's). Averages c o n s i d e r e d u n r e p r e s e n t a t i v e because of s p e c i a l c h a r a c t e r i s t i c s of the o f f e r i n g s i n c l u d e d are denoted by an a s t e r i s k . & E x h i b i t H. Long-term 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 ) New Catf i t a l 1967 January February March . April May June 1,648 1,399 2,317 B/l,952 V e/1,600 e/2,400 Corporate 1966 1965 2/1967 S t a t e and l o c a l 2/ 1966 1965 1,302 1,237 2,446 795 746 1,197 1,461 1,174 1,425 1,188 858 865 804 872 904 1,553 1,058 2,364 1,152 1,691 1,946 e/1,083 e/1,175 e/1,250 1,194 902 1,141 826 924 972 : July August September 1,039 1,670 1,382 1,290 850 1,392 7m 773 1,074 986 648 966 October November December 829 1,096 1,635 924, 1,325 1,496 747 967 940 794 1,021 754 5,363 a/5,952v 4,985 4,974 4,091 3,550 2,738 4,789 3,533 3,745 4,060 e/3,508 2,911 3,237 2,548 2,654 2,580 2,722 2,600 2,569 e/11,315 ^ 9,959 14,050 17,601 7,527 11,060 14,805 e/ 7,568 6,148 8,696 11,350 5,302 7,902 10,471 1st 2nd 3rd 4th Quarter Quarter Quarter Quarter 1st half : Three q u a r t e r s Year Excluding f i n a n c e companies 3/ 1st 2nd 3rd 4th Quarter Quarter Quarter Quarter 5,207 Year 4,924 4,884 3,969,' 3,492 17,269 2,547 4,348 3,283 3,188 13,366 p/ Prelim in a r y . 1/ S e c u r i t i e s and Exchange Commission e s t i m a t e s of net proceeds. Exhibit I New Corporate S e c u r i t y I s s u e s , Type o f I s s u e and I s s u e r (In m i l l i o n s of d o l l a r s ) Quarter or Month Total Gross proceeds f o r new c a p i t a l and refunding 1/ Bono s Common Memo: P u b l i c l y P r i v a t e l y and Foreign Offered Placed issues pfd. s t o c k included Mfg. Other P u b l i c CommuniU t i l i t y cations Issuers 2,205 1,558 1,232 . 960 657 984 392 567 417 1,418 1,309 918 390 60 2,442 997 543 1,382 743 ' 556 784 535 435 657 256 435 555 210 69 811 110 137 67 137 111 127 86 33 49 69 22 62 66 27 24 692 376 1,137 397 518 643 331 228 673 364 274 322 263 313 81 254 320 409 76 40 276 52 318 198 97 168 152 421 368 629 327 522 460 147 369 401 848 362 601 393 600 ' 91 156 143 233 100 35 10 15 11 n.a. 624 563 1,254 1,123 625 220 274 503 395 400 293 105 145 107 60 511 456 415 327 515 5 =,115 4, ,197 3S,669 1,941 2,256 2,047 2,083 1,627 1,247 1,090 314 375 1967 - I II 5,,464 3,263 1,811 Apr. May June July Aug. Sept. Oct. Nov. Dec. 1,582 1,106 2,427 1,085 1,712 1,400 892 1,115 1,661 628 481 832 440 1,140 676 499 569 980 Jan. Feb. Mar. Apr. May e j June 1,684 1,418 2,362 1,994 1,655 745 900 1,618 1,368 955 P r e l i m i n a r y , e / Estimated by Federal Reserve. Gross proceeds exceed net proceeds by the c o s t of f l o t a t i o n . For 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 are e x t r a c t i v e , r a i l r o a d and 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 and f i n a n c e , and commercial and o t h e r . SOURCE: S e c u r i t i e s and Exchange Commission.. 2/ 168 154 . 117 1966 - I I III IV £/ Y/ 2/ Net proceeds f o r new c a p i t a l 1/ j -v- Exhibit J Other S e c u r i t y O f f e r i n g s (In m i l l i o n s of d o l l a r s ) Gross Long-term 1/ Federal Agency 3/ F o r e i g n Government 2/ 1966 1966 1967 1965 1967 1965 January February March April ^ May J7 June July August September October November December 196 223 26 445. J a n . ; - Apr. Year January February . - March April May , June July . . August September October November December Jan. - Apr. ' 12 40 40 66 69 76 72 7 50 23 74 68 .218 158 329 598 661 - - 38 73 , 1,251 783 750 650 • - - 91 33 74 5 52 75 2 3,434 503 410 392 699 .1,030 1,084 799 400 450 800 239 422 1,286 - — 775 - — 239 150 375 375 179 1,305 639 6,806 2,732 New is h o r t - t e r m 4 / S t a t e and l o c a l Government 5/ Federal Agency 238 308 103 -179 £ / 179 -24 91 39 -552 £ / 378 450 -458 -319 p/-678 -454 718 647 580 n. a. £ / 818 204 85 462 284 -82 -334 -590 119 -103 -270 408 270 -161 152 -652 59 -555 -48 274 283 503 219 -366 -570 n.a. 1,452 518 403 £ / 697 Year 129 185 325 -748 3/ -137 -174 117 -11 509 237 132 206 105 -309 202 -76 -205 ; 801 r £/ Preliminary, e j Estimated by Federal Reserve, n . a . - - N o t a v a i l a b l e . _1/ These datai d i f f e r from those i n E x h i b i t H i n that refunding i s s u e s , as w e l l as new c a p i t a l i s s u e s , < ' are i n c l u d e d . Long-term s e c u r i t i e s are d e f i n e d as those maturing i n more than one y e a r . If 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 the 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 i s u b d i v i d 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 . Source; S e c u r i t i e s and Exchange Commissiol J3/ I s s u e s not guaranteed by U.S. government. Source; Long-term, S e c u r i t i e s and Exchange • Commission; s h o r t - t e r m , Treasury Dept. . & Fed. Reserve. 4 / These data d i f f e r from those i n E x h i b i t H and above i n that they 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 , whether from the proceeds or refunding i s s u e s or from other funds. Data i n c l u d e only i s s u e s w i t h o r i g i n a l m a t u r i t y of one year o,r l e s s . 5/ P r i n c i p a l l y tax and bond a n t i c i p a t i o n n o t e s , warrants, or c e r t i f i c a t e s and Public Housing Auth. n o t e s . In some i n s t a n c e s PHA n o t e s included" may have a somewhat longer maturity than 1 y e a r . Source; Bond Buyer & Federal Reserve. " H. i 4 Exhibit K Large Long-term Public Security Iaauea for New Capital (Other than U. S. Treaaury) 1/ Proceeds of Large Iaauea Offered (In milliona of dollara) Total 1966 - May June | July [ Aug. t Sept. | Oct. 1 Nov. Dec. 1967 - Jan.. Feb. Mar. Apr. May Corooriite Bonds Convertible (other than bonda convertiblea) 351 636 170 862 287 352 363 990 611 709 1,435 956 771 401 1,317 402 1,189 627 523 510 1,177 681 842 1,638 1,311 870 Stocka 50 20 182 257 340 116 97 118 30 40 140 213 55 State and local governmenta 661 50 80 • —— 55 50 68 40 93 63 142 44 466 582 338 410 ^ 611 387 464 779 947 675 669 512 496 Other 2/ 275 15 50 —— 55 60 230 530 1,000 540 391 Large I n d i v i d u a l I s s u e s Offered June 1 through 16 Ieeuer Type 2/ Amount (millions of dollars) Maturity Coupon rate or net interest cost Offering vield Rating Corporate - Okonite Company r Wickes Corporation ''Kerr-McGee Corporation | United U t i l i t i e s , Inc. I Northern S t a t e s Pwr. Co. j Southwestern B e l l T e l . Co. 1 Texas Gas Trans. Corp. • Lone S t a r Gas Co. ; Broadway-Hale S t o r e s , Inc. •j Textron, I n c . ; Pennsylvania E l e c . Co. .'Consolidated E l e c t r o n i c s a I n d u s t r i e s Corp. - S t a t e Loan & Finance Corp. j T r a i l e r "Train Co. i Mountain Fuel. Supply Borden Co. Puget Sound Pwr. & Lt. Co. Mid-Continent Tel. Corp. Conv. sub. deb. Deb. Conv. sub. deb. Com. s t k . 1 s t mtg. bds. Deb. S.F. deb. S.F. deb. Conv. sub. S.F. deb. 1 s t mtg. bds. 30.0 15.0 95.2 36.0 30.0 150.0 40.0 30.0 25.0 50.0 26.0 1992 1992 1992 4-3/4 6 3-3/4 4.75 6.08 3.75 A Ba 1995 2003 1987 1992 1992 1992 1997 6-1/8 5-7/8 6-1/2 6-1/8 4-1/2 5-7/8 6-1/4 6.00 5.82 6.50 6.05 4.50 5.95 6.05 Aa Aaa Baa A Baa A Aa Conv. sub. deb. S.F. deb. Equip, t r . c e r t . S.F. deb. S.F. deb. 1 s t mtg. bds. Conv. sub. deb. 20.4 25.0 36.0 20.0 75.0 20.0 20.0 1992 1987 1982 1992 1997 1997 4 6.80 6-1/2 6-1/4 5-3/4 6-5/8 Ba 1987 4-3/8 4.00 6.84 6.50 6.19 5.75 6.50 4^38 —— A A . Aa Baa Ba 2 y 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 through 16 ( C o n t ' d ) 'issuer Type 3 / Amount Coupon Offer (millions r a t e or Maturity of net i n t e r ing dollars) yield est cost Rating ) Corporate - ( C o n t ' d ) S o u t h C a r o l i n a E l e c . & Gas. Co. 1 s t & r e f . mtg. bds U n i t e d Shoe Machinery Corp. S.F. deb. Washington Gas L i g h t Company 1 s t mtg. b d s . S c i e n t i f i c Data Systems Conv.sub.deb. 15.0 25.0 20.0 25.0 1997 1992 1992 1992 6 5-3/4 6-1/4 5-1/2 5.98 5.77 6.20 3.50 A I An 1 A - - 'I 1968-97 1978-2017 1968-2017 1971-2000 1969-99 1968-2008 1970-92 1968-87 1968-87 3.94 4.09 4.74 4.10 4.80 3.75 4.35 3.81 3:74 2: . 7 5 - 4 . ,05=/ 31.60-4. ,05 _ 31.40-4. • 69 31 . 5 0 - 4 . 4 0 , , 3 .50-4. 75ni. a . 3 . 4 0 - 4 . 35 2 . 6 0 - 3 . 90 2 . 7 5 - 3 . 75 A . Aa Bail A > S t a t e and l o c a l Government H a r r i s County,, Texas M e t r o . Wtr. D i s t . of So. C a l i f . New York C i t y , New York U n i v e r s i t y of Wyoming New York S t a t e Dorm. Auth. Housing A s s i s t a n c e Admin. S o . L o u i s i a n a Port Comm. Houston, Texas C o l l e g e s of S t a t e o f Texas Brookhaven & Smithtowh, C . S . D . # 1 , New York Warren C o . , Kentucky Rev.-S.T. Rev.-Ut. G.O. Rev.-Rent. Rev.-Rent. Bonds Rev.-Q.-Ut G.O. Rev.-Rent. 10.0 100.0 28.9 24.8 14.9 116.7 11.0 21.0 24.0 Rev.-Rent. Rev.-Rent. 11.8 30.0 1968-96 n. a. n. a. n.a. 3 . 1 5 - 4 . 25 3 . 9 0 - 4 . 50 Deb. 50.0 1993 6-1/4 6.29 A 50.0 350.0 300.0 1992 1969 1972 6-1/4 5-1/4 5-1/2 6 .25 5 .25 5 .50 A Aa£' Ba^' A Aad •f Bay Other Quebec H y d r o - E l e c t r i c Comm. B r i t i s h Columbia Power & Hydro Authority Fed. National Mortgage Assoc. Bonds P a r t . Cert Part. C e r t . "--Rights offering. ' n . a . —Not a v a i l a b l 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 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 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 / In t h e c a s e o f 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 . , r e v e n u e 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 income from 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 bonds s e c u r e d by r e v e n u e from s p e c i f i c t a x e s o n l y ; R e v . - 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 payments. 4 / Bonds m a t u r i t y 1 9 9 6 - 9 7 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 9 1 - 2 0 0 0 n o t p u b l i c l y r e o f f e r e d . § H.14 Exhibit L — - - s = - - " " " ' Ixpected ftoeeede from Forthcoming Urge I»»u« (In million# of dollars) During mouth following dgSS-ltof State and Other %) 1966 - May 31 June 30 J u l y 29 ; Aug. 31 | Sept.30 | O c t . 31 Nov. 30 Dec. 30 1967 • J a n . 31 F e b . 28 Mar. 31 Apr. 30 May 31 584 337 403 515 300 140 496 939 780 508 227 326 596 ,261 317 677 662 687 397 1,098 656 486 1,410 767 963 1,449 40 80 530 250 70 100 Subsequent to Corporate 1,261 619 697 853 767 457 1,133 811 706 1,534 905 1,262 2,065 State and Other If 584 353 403 685 390 175 571 1,154 851 528 247 346 616 85 .50 35 90 35 35 65 95 545 265 15 85 115 Forthcoming Large O f f e r i n g s as o f June 16 Type leaner jfrraorate Pet, Incorporated Great Western F i n a n c i a l Boston Edison Corn P r o d u c t s P u b l i c S e r v i c e E l e c . & Gas Automatic S p r i n k l e r Pub. S e r v . G o . o f New Hampshire Continental Oil Family Finance American Tobacco I l l i n o i s B e l l Telephone S i e r r a P a c i f i c Power S . S . Kresge Teledyne Commonwealth O i l R e f i n i n g C.I.T. Financial Corporation Arizona Public S e r v i c e Union Tank Car Digitized G r o l i efor r , FRASER Inc. N o r t h e r n TlHr-Cxs Cas' http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Deb. Conv. d e b . 1 s t mtg. b d s . Deb. 1 s t mtg. b d s . Conv. sub. d e b . 1 s t mtg. bds. Com. s t k . Deb. Deb. 1 s t mtg. b d s . 1 s t mtg. bds. Conv.sub.deb. Conv. d e b . Deb. Deb. 1 s t mtg. bds. . Equip, t r u s t c e r t . I Conv. d e b . 1 s t mtg. bds. (million# of dollara) 25.0 18.0 40.0 100.0 75.0 23.0 15.0 148.8 25.0 100.0 125.0 15.0 40.2 50.0 20.0 75.0 25.0 30.0 30.0 25.0 I Approximate d a t e of offering June June June June June June June June June June June June June June June June June June July July 19 20 20 20 21 21 22 27 27 27 28 29 29 29 29 5 7 (rts. exp.) (rts. exp.) Forthcoming Large O f f e r i n g s as of June 16 (Cont'd) ' Issuer Type Amount (millions of dollars) Approximate date of o f f e r i n g Corporate (Cont'd) United A i r l i n e s *Natu%al Gas P i p e l i n e s ^ C i n c i n n a t i Gas & E l e c t r i c I o w a - I l l i n o i s Gas ^Consolidated Natural Gas * P u b l i e S e r v i c e of Colorado ; R.C.A. ^Consumers Power American T e l . & T e l . Montgomery Ward" Credit Corp. P h i l a d e l p h i a E l e c . Company American A i r l i n e s *Leasco Data P r o c e s s i n g Equipment *Hart S'chaffner & Marx *Crowell C o l l i e r & Macmillan Conv. sub. , deh. . 130.0 1 s t mtg, pJ..bds. 5 0 . 0 1 s t mtg. bds. 30.0 1 s t mtg. bds 22.0 Deb. . 50.0 1 s t mtg. bds. 35.0 Conv. sub.deb. 156.0 1 s t mtg. bds 80.0 Deb. 250.0 Deb. 50.0 1 s t mtg. bds. 75.0 Conv. deb. 157.0 Senior sx±>. debt 25.0 Conv. sub. deb. 19.0 Conv. sub. deb. 25.0 July 10 ( r t s . e x p . ) July 11 July 11 July 12 July 13 J u l y 18 July 18 ( r t s . e x p . ) ; July 19 Aug. 1 ' : Indefinite | Indefinite t Indefinite (rts. exp.# Indefinite |* Indefinite (rts. e x p . ^ Indefinite |k G.O. Rev.-Rent. G.O. G.O. 16.0 75.0 .34.7 10.8 June June June June 20 20 20 21 Rev. -Rent. G.O. G.O. G.O. G.O. G.O. 68.4 10.8 20.0 75.0 30.0 70.0 June June June June June June 21 21 27 28 28 28 Rev.-Ut. G.O. 12.0 13.4 June June G.O. G.O. 20.0 75.0 July July S . F . deb. Deb. Deb. Bonds 40.0 35.0 40.0 15.0 June 22 June 28 June Indefinite S t a t e and l o c a l Government ' Allegheny Co., Pa Pa. General S t a t e A u t h . , Harrisburg S t a t e of Maryland Oklahoma I n s t . ' B l d g . *New York S t a t e Housing Finance , Agency S t a t e of Oklahoma "Dallas I . S . D . , Texas Chicago., City Sch. D i s t . , 111. Los Angeles C i t y U . S . D . , C a l i f . San F r a n c i s c o BARTS, C a l i f o r n i a Los Angeles Dept. of Water & Power, C a l i f o r n i a Madison, Wisconsin Metro. S t . Louis Sewer D i s t . , Missouri * S t a t e of Ohio 12 20 Other C i t y of Montreal Province of Nova S c o t i a ^MapMillan B l o e d e l Nippon T e l . & T e l . Pub. Corp. , ' 25 L-3 Footnotes: * - - Included i n 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 other 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 over. 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 non-guaranteed i s s u e s of Federal A g e n c i e s . Note: 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. Exhibit M F o r e i g n Government and Corporate S e c u r i t y O f f e r i n g s and Placements i n the United S t a t e s Part I : Sale 1 Public O f f e r i n g s Amount (millions of dollars) Date 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. S o l d A p r i l 1 through June 16 4/20 25.0 Government of Mexico — 7% e x t e r n a l s i n k i n g fund bonds ? maturing 1982, r e o f f e r e d t o y i e l d 7.11%. < . 6/1 50.0 Quebec Hydro - E l e c t r i c Commission — 6-1/4% debenture^ maturing 1993, r e o f f e r e d t o y i e l d 6.29%. - . if 50.0 B r i t i s h Columbia Power & Hydro Authority — 6-1/4% bonds maturing 1992, r e o f f e r e d t o y i e l d 6.25%. 6/14 - B. Prospective Offerings June 28 35.0 Province of Nova S c o t i a — Debentures. 15.0 Nippon Telegraph and Telephone Public Corp. - - Bonds Indefinite 40.0 City of Montreal,Canada — S . F . deb. June 22 40.0 Mac M i l l i a n B l o e d e l - - Debentures June * - I n c l u d e d i n t a b l e f o r f i r s t time. * * - I s s u e s s o l d to i n v e s t o r s o u t s i d e of U.S. * 4 * - I s s u e s u b j e c t to i n t e r e s t e q u a l i z a t i o n t a x . M-2 PART I I : Date Reported Amount (millions of dollars) P r i v a t e Placements - Reported A p r i l 1 through June 16 I s s u e r and D e s c r i p t i o n o f I s s u e Northern and Ce n t r a l Gas Company — 6% debentures w i t h warrants maturing —no i n f o r m a t i o n a v a i l a b l e on takedown. 4/17 15.0 4/17 6.0 R a l s t o n Purina of Canada, Ltd. - - 6-3/4% debentures maturing 1987 — no i n f o r m a t i o n a v a i l a b l e on takedown. 5/8 25.0 B r i t i s h Columbia School D i s t r i c t s C a p i t a l Financing A u t h o r i t y — % ( U . S . ) guaranteed debentures maturing 1987 — no i n f o r m a t i o n a v a i l a b l e on takedown. 5/8 5.1 Sorenco Ltd. — % secured n o t e s maturing 1987 — no i n f o r m a t i o n a v a i l a b l e on takedown. Note; For r e t r o s p e c t i v e data on aggregate f o r e i g n c o r p o r a t e and government s e c u r i t y o f f e r i n g s i n the United S t a t e s s e e E x h i b i t s I and J. There i s no simple r e l a t i o n s h i p between the data shown i n the 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 because the l a t t e r " i n c l u d e s p r i v a t e l y placed s e c u r i t i e s i n the period i n which funds are a c t u a l l y taken down but o n l y i n the amount of takedown w h i l e the placements shown i n t h i s e x h i b i t are 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 or no i n f o r m a t i o n concerning timing of takedown. F u l l or p a r t i a l takedown may take p l a c e both p r i o r and subsequent t o the d a t e a placement i s reported. '