Full text of H.16 Capital Market Developments : June 21, 1965
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Not for Publication
DECONTROLLED AFTER SIX MONTHS
H. 14
June 21, 1965
v
CAPIT^I^-MARRBTHiiEVELOPMENTS
IN THE UNITED STATES
Corporate and(municipal bond markets. The total volume of public
offerings of nevTcorpor&te securities this week will be appreciably larger
than last week, but sales of municipal bonds will be somewhat smaller. In
addition to the new corporate financing this week, approximately $300'million
in outstanding Ford Motor Company common stock will be offered for the account
of the Ford Foundation. Also to be sold this week, but not included in the
table below, is a $20 million bond issue of the Metropolis of Tokyo.
Long-term Public Security Offerings 1/
Corporate
New Capital | Refunding
State & local Government
New Capital | Refunding
Sold:
52 week avg.
June 11
June 19
96
2
185
13
17 r/
400 r/
70 r/
--
176 r/
239
140
11
159
Scheduled:
June 29
1/
Federal Reserve estimates based on published reports of issues sold and
scheduled for offering; corporate rights offerings are included as of
the date subscription rights expire.
Underwriters were successful in distributing last week's moderate
supply of new corporate securities. Limited additional sales were made from
the syndicate balance of the previous week's $250 million Chase Manhattan
Bank issue, but over $100 million of this issue still remained to be sold at
the end of the week. In the municipal market, less than one-half of last
week's new supply was spoken for by week's end. Moreover, despite reports of
considerable price cutting on older issues in dealers' inventories, the Blue
List total rose over the week. Yields on Aaa-rated bonds, however, did not
change.
H. 14
Yields in Securities Markets
Level latest week
(per cent)
Change from
preceding week
(basis points)
High-Grade
Notes and Bonds
Corporate
New
Seasoned
-4.48
—
+2
U.S. Govt.
Long-term
3-5 year
4.14
4.10
- 1
State and local Govt.
Moody's Aaa
Standard & Poor's high grade
3.16
3.25
Money Market
Federal funds
Treasury bills
3-month
6-month
--
4.12
+4
3.80
3.86
- 2
Corporate Bonds Still in Syndicate
Date
Offered
6/10
Issue
Reoffering
yield
Rating
Chase Manhattan Bank
4.60
unrated
Amount
(millions of $)
250.0
Estimated Pro
portion Sold
3/5
Blue List of Municipal Dealers' Advertised Inventories
(In millions of dollars)
Latest Date
$870 (6/17)
End of Previous Week
$835
Recent High
$901 (6/4)
Private housing starts and permits. Seasonally adjusted housing starts,
which--on the basis of revised figures--had shown some recovery from January
through April, declined 4 per cent in May to an annual rate of 1,484 thousand,
including farm. On a three-month moving average, the rate for the most recent
period was 1,506 thousand, somewhat higher than the reduced first quarter rate
and moderately below a year earlier.
H. 14
Government-underwritten starts accounted for only 15 per cent of total
starts in May, compared with 18 per cent a year earlier and 17 per cent in May
of 1963. This contrasted with developments in the first quarter of the year
when Government-underwritten starts had shown some year-to-year increase in the
relative share.
Unlike starts, seasonally adjusted residential building permits turned
up again in May, by 3 per cent, following a drop in April. All of the May increase
was concentrated in single family units; permits for multifamily units, however,
continued above the last December's low.
(Note: Census Bureau revisions of data for the period prior to
January 1965 are pending and will be included in the table on private housing
starts and permits as soon as available. Apart from minor changes in the unadjusted data for 1964, these revisions will reflect the results of a review
of seasonal factors back through 1959. )
Stock market credit. Total customer credit in the stock market rose
$84 million further during May to $7.1 billion at the month'»s end, This compares
with a peak level of $7.3 billion outstanding in November 1963. Most of last
month's increase was attributable to a $63 million advance in customers' net
debit balsv,-. j on non-Government securities. Bank loans to others than brokers
and dealers (except on U.S. Government securities) went up $21 million.
Money borrowed on customers' collateral by member firms of the New
York Stock Exchange rose $71 million in May, while customers' free credit balances changed little. More detailed information on changes in stock market
credit in recent months is shown in the table on the following page.
Stock prices. Common stock prices (as measured by Standard and Poor's
composite index of 500 stocks), which fluctuated sharply during the week, closed
at 85.34, up slightly on balance from the previous week. Trading volume averaged
6.0 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,
Board of Governors of the Federal Reserve System.
I
H. 14
4 STOCK MARKET CREDIT
(In millions of dollars)
Months
Outstanding:
1955-56 High
Total
^
f
Customer Credit
Broker & Dealer Credit I
Net debit
Bank loans to others Money
Customers 1
borrowed
balances with
than brokers and
net free
NYSE member
dealers for purchas- Cust. Other
credit
firms
ing & carrying secur. soli. coll. balances
4,047(5/56)
2,823(12/56)
1,255(4/56)
1,,873
430
1,069(1/55)
807(4/57)
1957-58 Low
3,554(1/58)
2,482(12/57)
1,060(11/57)
1.,344
188
1959
1960
1961
1962
1963
4,764(4)
4,142(5)
5,602(12)
4,876(7)
7,298(11)
3,401(4)
3,004(7)
4,259(12)
3,562(7)
5,586(11)
1,373(5)
1,121(5)
1,377(8)
1,269(9)
1,727(12)
2, 044
1,801
2,572
1,856
3,892
318 1,257(3)
237 , 940(4)
385 1,508(4)
235 1,091(9)
597 1,211(11)
1963 - Dec.
1964 - Dec.
1965 - May
Changes in
Outstanding;
7,242
7,053
7,085
5,515
5,079
5,129
1,727
1,974
1,956
3,852
3,393
3, 397
597
517
633
1,210
1,169
1,208
1964 - May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
-37
-48
-69
-64
46
-41
7
-55
-113
-68
69
r/60
84
-71
-69
-81
-102
34
-36
-25
-81
-93
21
48
r/11
63
34
21
12
38
12
-5
32
26
-20
-89
21
49
21
-48
102
-94
-54
-50
-40
-59
-76
-76
-58
44
23
71
- 1
-15
-52
.15
82
-29
-43
35
-71
43
102
-64
106
-27
8
-32
-37
68
10
-24
38
38
47
10
-57
1
-
High
Low
High
Low
High
-
Note: With the exception of bank loan data, figures are reported to the New York Stock
Exchange by member firms carrying margin accounts. Bank loans to others than brokers and
dealers for purchasing and carrying securities are for weekly reporting member banks. Net
debit balances and customer free credit balances are as of the end of the month; bank loans
and money borrowed are reported for the last Wednesday of the month. Numbers in parenthesis
denote month of year. All figures exclude credits on, or to carry, U.S. Govt, securities. ,
L O N G - T E R M B O N D YIELDS, H I G H - G R A D E
•XV
Exhibit A -- Part II
1
Da te
Corporate
Aaa 1/
U. S. Govt.
long-term 2/
4.61(1/29/60)
4.46V>/15/61)
4.19 ( 3/29/63 )
4.45 12/11)
4.35(2/28)
4.48(6/18)
4.41 (3/12)
4.42 (1/8/60]
4.12 (2/23M)
3.85 (12/28/62)
4.43
4.44
4.45
4.46
4.48
(per cent)
1959-60
1961-62
1962-63
1964
-
High
High
Low
High
Low
1965 - High
Low
21
28
June 4
June 11
June 18P/
May
May
State and
local
government
Aaa 3/
Spread between
U. S. Goi/t. and
Corporate
State and
Aaa
local Aaa
4.11 (13/20)
4.16 (3/12)
4.13 (1/29)
4 . 2 0 (4/17)
3.65(9/24/39)
3.37(7/6/61)
2.88(13/8/62)
3.16 3/26)
2.99(12/31)
3.16 (6/17)
2.94 (2/11)
.59
.57
.21
.33
.19
.34
.25
.92
1.04
.80
1.14
1.01
1.22
.98
4.15
4.14
4.15
4.15
4.14 -
3.09
3.09
3.09
3.16
3.16 v
.28
.30
.30
.31
.34
1.06
1.05
1.06
.99
.98
jV Preliminary.
y Weekly average of daily figure#. Average term of bonds included is 22-24 years,
y Weekly average of daily figures. The series includes bonds due or callsble in 10 y e * r s or more,
y Thursday figures. Only general obligation bonds a r e included; a v e r a g e tera la 20 y e a r s .
Note.—Highs and lows are for individual series and may be on different dates for different
series. F o r spreads, high refers to widest, and low to narroweste
I
.
IXHIBIt ». f * , ; I
L O N G - T E R M B O N D YIELDS, LOWER GRADE
V
- cotroaaii
—
X
r
•
J \
v
- ^ y v
V\J
v™'
—
1 1 1 11 1 .1
,i U 1J J-l U 1.1 1.1 1 1 1 1J l.J J-i-
1 1 1 1 1 1 1 1 1 11
I960
11*1
11*1
19*3
19*4
19*1
Exhibit B — Part II
Corporate
Baa 1/
Date
1959-60 - High
Year end •• 1961 '
1962
1963
1964
1965
High
Low
May 21
May 28
June 4
June 11
June 18P/
Note *
5 . 3 6 (2/12/60)
S ta te and
local govt.
Baa 3/
(per cent)
Spread between
Aaa and Baa
Corporate
I ^
5.10
4.93
4.85
4.80
4.85 (6/18)
4.78 (3/19)
4.04
3.57
3.60
3.51
3.54 (6/17)
3.40 (2/11)
.84
.66
.70
.48
.37
.39
.35
1.08
.73
.63
.49
.52
.52
.38
4.81
4.82
4.83
4.85
4.85
3.51
3.51
3.51
3.54
3.54
.38
.38
.38
.39
.37
.42
.42
.42
.38
.38
For footnotes see Exhibit JL.
4.46 (1/7/60)
.
.V
?
I X H I i l l C. Part I
S H O R T - A N D IN T I R M K D I A T I - T E R M I N
GOVERNMENT
Exhibit C -- Part II
V/
u
If
Discount
re te
1959-60 - High
Year end - 1961
1962
1963
1964
1965
High
Low
4.00
3.00
3.00
3.50
4.00
4.00
4.00
M a y 21
M a y 28
June 4
J u n e 11
J u n e 18P/
3.90
4.00
3.88
4.00
4.00
3.86
3.80
4.00
4.00 - 3.80 /
4.59 (3/9/60)
2.66
2.89
3.52
3.83
3.99 (2/26)
3.80 (6/18)
Yields
6-month
bills 2/
3-5 year
Issues 2/
Spread between yields on 3aonth bills and yields
6-mo. billsj3-5 vr. issues
2.90
2.93
3.64
3.93
4.04 (2/26)
3.86 (6/18)
5.00(lS/24/bo) .79
.24
3.81
.04
3.41
.13
4.07
.10
4.07
.13
4.13 (3/12)
.05
4.04 (1/22)
3.95
3.94
3.92
3.88
3.86 -
4.11
4.10
4.10
4.10
4.10
5.07 (1/8/60)
.05
.06
.06
.08
.06
1.81
1.15
.52
.55
.24
.30
.11
.21
.22
.24
.30
.30
Weekly zmte shown is that in effect at end of period at the Federal Reserve Bank of Hew Yoric.
Market yield; weekly averages computed from daily closing bid prices. Series of 3-8 year issues
consists of selected notes and bonds.
,
Note.—aighs 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.
V
S H O R T - A N D I N T E R M E D I A T E - TERM I N T E R E S T R A T E S ,
B A N K S A N D OTHER PRIVATE B O R R O W E R S
n
|
y v z x v i f
3
(COUNT • AT1
||
"WYe"
f
A
A
/ M
T
*"
X
i
Y
11
y "yW
n
t
'1
i i i i i i i ii i i1 II
lit1 1 1 1 1
1 1 1 II 1 1 1 1 1 1
1961
I960
1**4
1*6)
!*«•
Exhibit D -- Part II
Date
Prime rate
1/
Finance
company
paper
2/
Federal funds 2/
(per cent)
4.00 (5/13/60)
2.88
1959-60 - High
Y e a r end - 1961
1962
1963
1964
1965 - High
Low
5.00
4.50
4.50
4.50
4.50
4.50
4.50
5.13 (1/22/60)
3.00
3.19
3.88
4.06
4.25 (6/18)
4 . 0 0 (2/12)
4.12
3.88
-
4.50
4.50
4.50
4.50
4.50
4.25
4.25
4.25
4.25
4.25
4.05
4.10
4.09
4.08
4.12
M a y 21
M a y 28
June 4
J u n e 11
J u n e 18P/
3.00
3.50
4.00
(6/18)
(2/26)
Spread between
3-mo. bills and
finance co. paper
1.02
.34
.30
.36
.23
.45
.10
.35
.37
.39
.45
.45
1/ Weekly rate shown is that in effect at end of period# Prime rate Is that charged by large banks
on abort-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 90-3.79 day range.
3/ Weekly average of daily 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.
<f
XHIBIT I, Pi,| |
STOCK MARKET
Exhibit E -- Part II
Common
Stock price
index If
yields 2/
(per cent)
Trading
volume J /
(millions
of shares)
Stock mar ket customer credit
Customers'
Bank
debit balloans to
ances 4/
"others" 5/
Total
(In millions of dollars)
1961-62 - High
Low
Year end
1963
1964
1965
- High
Low
Apr.
May
June 4
J u n e 11
J u n e 18 £ /
72.04(1^8/61)
52.68(6/22/62)
2.80
3.96
10.1
2.4
74.44
84.75
9 0 . 1 0 (5/14)
85.12 (6/11)
3.13
3.02
4.7
4.7
6.4
87.97
89.28
87.11
85.12
85.34
2.89
3.08
4.7
2.95
2.92
3.00
3.08
3.06
5.7
5.5
5.5
5.8
6.0
5,60a[ig/6l) 4,259(12/61)
4,424(]/6i) 3,253(1/61)
7,242
7 JQ53
5,515
5.099
7,085
6,872
5,129
4,986
r/7,001
7,085
n.a.
n.a.
n.a.
r/5,066
5,129
n.a.
n.a.
n.a.
1,418(5/9/62)
1,161(3/8/61)
1,727
1.974
1 , 9 7 4 (6/9)
1,848 (3/3)
1,935
1,956
1,957
1,974
n.a.
n«a.—Not available* v/ Preliminary.
y Standard and Poor's composite Index of 500 cannon stocks, weekly olosing prices, 1941-43-10.
Monthly data are averages of daily figures rather than of Tiidsy's only. Highs and lows are for
Friday's data only*
Zj Standard and Poor's composite stock yield based on Wednesday data converted to weekly closing
prices by federal Reserve* Yields shewn are for dates on which price index reached Its high
3/ Averages of daily trading volume on the Mew Yexfc Stock Exchange, Yeai*-end figures are averages of
daily figures for the year,
4/ End of month figures for man be r firms of the Mew York Stock Exchange which carry margin accounts i
excludes balances secured by D. S. Government obligations,
5/ Wednesday figures for weekly reporting member banks. Excludes loans for purchasing or carrying
U . S . Government securities. Weekly reporting banks account for about 70 per cent of loans to
others. For further detail see Bulletin.
0
IXHieil f, fori I
PRIVATE H O U S I N G STARTS A N D PERMITS
S E A S O N A L L Y A D J U S T E D DATA
PER C E N T O F U N A D J U S T E D TOTAL STARTS
1140
mi
Mil
Exhibit F - Part II
TvPe
Unadjusted
of financing
Seasonally adjustUnadjusted
ed annual rate
1-2
family
Building
permits
housing (seasonally
adjusted
Multiannual
family
r a t e ) 2/
(Thousands of u n i t s )
1964
May
July
Aug.
Sept.
Oct.
Nov.
Dec.
1965 - Jan.
Feb.
Mar.
Apr.
May
1,529
1,611
1,505
1,430
1,457
1,591
1,455
1,646
r/ 1,-442
r/ 1,482
r/ 1,489
r/ 1,546
1,484
158
159
143
142
123
141
111
99
82
85
r/121
r/152
154
23
19
20
18
18
19
16
13
13
12
16
17
19
129
134
117
119
100
117
90
82
65
70
r/100
r/130
130
106.1
107.2
96.1
94.3
83.1
95.2
73.6
62.9
54.5
54.4
80.0
108.1
51.5
51.3
46.6
47.3
39.5
45.9
37.8
35.5
26.9
.31.1
39,1
44.5
1,271
1,306
1,242
1,281
1,222
1,220
1,258
1,173
r/1,280
r/1,224
r/1,269
r/1,187
1-220
without mortgagee.
2/ Building permits before January 1963 are Census estimate a far about 10,000 areas identified as
having a leoal building permit system in 1959, Estimates beginning January 1963, are fee approximately
.12,000, or all known, permit-Issuing places. Unlike starts, seasonally adjusted Wilding permits
reflect direct adjustnent for differences in the nunber *f working days per month, as well as other
differences in timing sni coverage.
YIELDS O N
NEW
A N D SEASONED CORPORATE BONDS
Exhibit 0
Part II
Yields on Hew Corporate Bond Issues Adjusted to an Aaa baste
70.0
4.46
3
3
3
7
4
8
140.0
94.0
111.0
157.8
115.0
315.0
4.47
4.42
4.41
4.45
4.46
4.51
Apr. 2
9
16
23
30
May
7
14
21
28
June 4
11
18
1
2
.
1
3
•8
1 9 6 4 - Oct.
Nov.
Dec.
1965 - J a n .
Feb.
Mar.
Apr.
May
Number
Average
of
included (mil.
yield
issues of dollars)
(per cent)
£
Monthly averages:
Number Ain't of Issues Average
of
included (mil. yield
issues of dollars)
(per cent)
25.0
60.0
1
30.0
2
2
3
1
70.0
40.0
199.0
6.0
2
35.0
4.43
4.44
4.47
4.54*
4.51
4.49*
4.55
4.60
Weekly averages
1965 - High
Low
4.60(6/11)
4.33(1/29)
iox.o« ATvngvi ox Bitanng y*e*o» w u f now leeuee o* puBUBJtjr
www
a*», m m n
A by Moody*• Investors Service (except serial and convertible is sue*, offerings of natural gas pipeline
and foreign companies, and bonds guaranteed by the Federal Government) weighted by A s e of offering*
Before averaging, new offerings are adjusted to a composite Aaa basis by deducting from the actual
reoffering yield the excess of the weekly average yield for seasoned bands of the appropriate industryquallty group over the composite average for seasoned Asa-rated bonds (Moody's), Averages considered
unrepresentative because of special characteristics of the offerings included are denoted by an asterisk^
Exhibit H
H. 14
Long-term Corporate and State and Local Government
Security Offerings and Placements
(In millions of dollars)
New Can ital
1965
January
February
March
Corporate
1964
1963
State and Local 2/
1963
1965
1^64
795
746
1,197
930
685
754
613
594
1,144
&/800
e/ 800
e/850
£/ 1,240
e/ 1,550
e/ 1,750
2,178
1,069
1,378
930
904
1,013
e/800
e/900
e/800
July
August
September
780
661
1,109
October
November
December
April
May
June
2
732
746
976
947
776
810
1,242
667:
903
869
866
930
676
637
795
906
780
892
680
708
449
949
646
1,419
1,013
819
1,415
850
550
950
1,051
729
416
2,738
e/ 4,540
2,369
4,625
2,550
3,013
2,351
2,847
2,109
3,246
e/2,450
e/2,500
£/
£/
£/
e/
2,533
2,811v
2,578
2,350
2,454
2,665
1,837
2,197
1st half
Three quarters
Year
e/ 7,278
6,994
9,544
12,557
5,198
7,307
10,553
e/4,950
£/ 5,344
£/ 7,922
e/10,272
1st
2nd
3rd
4th
e/ 2,438
e/ 4,140
1st
2nd
3rd
4th
quarter
quarter
quarter
quarter
5,118
6,955
9,151
Excluding finance companies £/
quarter
quarter
quarter
quarter
Year
e/
£/
1/
2/
3/
1,996
4,170
2,411
2,755
2,284
2,529
1,768
2,854
11,332
9,434
-
Estimated by Federal" Reserve.
Preliminary.
Securities and Exchange Commission estimates of net proceeds.
Investment Bankers Association of America estimatea of principal amounts.
Total new capital issues excluding offerings of sales and consumer finance companies.
j
1
{
H. 14
Exhibit I
New Corporate Security Issues, Type of Issue
and Issuer
(In millions of dollars)
1962 - III
IV
Gross proceeds for new
capital and refunding 1/
Common
Bonds
and
Publicly
Privately
pfd.
Total
Offered Offered
stock
2,167
852
1,006
308
2,875
1 ,088
1,510
277
1963 - I
II
III
IV
2,700
3,634
2,436
3,466
1 ,108
1 ,389
898
1 ,319
1,306
1,820
1,251
1,780
1964 - I
II
III
IV
2,499
4,851
2,802
3,311
978
1.,321
792
531
1965 - I
II
3,007
1963 - Oct.
Nov.
Dec.
Quarter
or
Month
Net proceeds for
new capital 1/
2/
Memo:
Foreign
issues
included
Mfg.
Public
Utility
Communi- Other
cations issuers
55
135
566
747
376
552
274
317
685
945
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
1,221
1,640
1,516
2,372
300
1,890
494
408
29
105
85
223
418
723
547
1,045
438
856
642
509
273
1,663
59
128
1,240
1,383
1,303
1,332
905
1,673
429
24S
1,072
541
91
1,034
1,116
891
1,459
511
183
626
481
549
751
125
159
83
10
10
27
240
214
515
201
131
198
41
13
64
531
461
637
1964 - Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
985
710
805
2,234
1,155
1,461
869
728
1,204
1,032
702
1,577
338
279
361
383
470
468
234
183
376
181
30
320
526
342
353
480
537
623
411
433
672
638
620
1,114
121
88
91
1,372
148
370
225
112
156
213
52
143
5
16
8
34
36
35
21
21
44
82
27
114
149
123
146
186
206
332
149
164
234
249
188
607
109
155
174
151
441
264
207
138
296
297
40
172
157
83
34
1,377
27
258
23
16
19
81
17
30
515
324
400
463
395
525
401
342
560
321
401
610
1965 - Jan.
Feb.
Mar.
Apr. £ >
May e/
June
858
791
1,358
1, 360
1,610
161
187
557
422
710
565
450
658
774
500
131
155
143
163
400
49
51
143
35
n. a.
385
192
494
5 70
650
97
215
229
164
230
21
44
26
12
140
292
295
448
504
530
£/ Preliminary. e/Estimated by Federal Reserve.
1/ Gross Proceeds exceed net proceeds by the cost of flotation.
2/ For total see Exhibit H; other issuers are extractive, railroad & other transportation,
real estate & finance, & commercial & other.
Source: Securities & Exchange Commission.
j
H. 14
Exhibit J
Other Security Offerings
(In millions of dollars)
1Q6S
January
February
March
April
Hay
June
July
Augus t
September
Oc tober
November
December
.
Jan. - May
e/368
Gross lo ng-term 1/
Foreign government 2/
Federal aeencv 3/
IQfiS
1QAA
1966
218
--
38
£/ 72
e/ 40
Year
4
82
69
30
75
26
20
13
7
180
72
58
232
133
76
57
114
11
63
83
260
612
636
771
129
185
2/325
—
—
1
1963
148
-—
186
—
275
260
160
459
--
---
174
200
—
334
509
—
2
"
e/639
1,204
1,167
New ihort-term 4/
Federal aeencv 3/
State and local government 5/
January
February
March
April
May
June
July
Augus t
September
October
November
December
238
91
-458
fi./ 645
Jan. - May
n.a.
n.a.
Year
75
272
-367
589
-30
-10
62
208
-173
259
146
-339
-137
-174
117
-11
B/ 350
-308
-336
23
97
183
239
-333
167
1
525
113
-3
455
539
£/ 167
-341
-351
453
692
3*6
1 - 539
103
236
-407
442
81
-80
-9
127
176
7
-15
-208
-332
-255
-161
202
195
319
415
326
258
123
-102
551
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/lncludes securities offered in the U.S. by foreign governments and their political subdivisions and international organizations. Source: Securities & Exchange Commission. ^/issues not guaranteed by .j
the U.S. Government. Source: Long-term, Securities & Exchange Commission; short-term, Treasury
Dept. & 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 or refunding issues or
from other funds. Data include only issues with original maturing of one year or less. 5/
Principally tax and bond anticipation notes, warrants or certificates and Public Housing Auth.
notes.
some instances PHA notes included may have a somewhat longer maturing than 1 year.
Digitized for In
FRASER
Source; Bond Buyer & Federal Reserve.
=<
H. 14
Exhibit K
Large Long-term Public Security Issues for New Capital
(Other than U. S. Treasury) JL/
Proceeds of Lat^e Issues Offered
(In millions of dollars)
Total
1964 - May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
1965 - Jan.
Feb.
Mar.
Apr.
May
Cornori•te
Bonds
Convertible
(other than
bonds
convertibles)
415
390
178
125
269
108
452
650
291
142
376
187
--
--
230
130
217
513
307
928
200
115
131
233
210
560
Stocks
37
210
113
-81
79
--
17
25
30
15
86
--
280
97
53
315 '
State
and
local
governments
274
284
5 44
459
558
419
226
541
419
446
395
•
411
492
Other
%j
15
275
260
104
15
502
15
235
130
. 19
260
40
Large Individual Issues Offered June 1 through 18
Issuer
Chase Manhattan Bank
^Controls Data Corp.
Consolidated Edison Co.
Central 111. P. S. Co.
Gen. Tel. Co. of Florida
Manufacturers^-Traders Tr.
-Washington Gas Light Co.
-Twentieth Century Fox
Film Co.
State & Local Government
State of Connecticut
Univ. of Utah
Louisiana State Bond &
Bldg. Comm
Type 2/
Coupon
rate or
net interest cost
Offering
vield
1990
4.60
4.60
1995
1995
1990
4-5/8
4-5/8
4-3/4
4, 59
4.69
4.75
1990
4-1/2
4.50
9
11. 0
1965-87
1969-96
2.99
3.48
2,,50-3.10
2..75-3.50
Aaa
A
10. 0
1966-90
3-.53
2, 30-3.60—^
A
Amount
(millions
of
dollars)
250.0
Cap. notes
24.5
Pfd. stk.
75.0
Pfd. stk.
15..0
1st mtg. bds.
20..0
1st mtg. bds.
18 0
Cap. notes
15.. 7
Pfd. stk.
Conv. sub. de 18.. 3
G.O.
Rev.-Rent
Maturity
Rating
Aa
A
--
K-2
Large Individual Issues Offered June 1 through 18 (Cont'd)
Issuer
Type 3/
Amount
(millions
of
dollars)
State & Local Governmen
(Cont'd)
Port of New York Auth. Rev.-Q.-Ut.
Anaheim Community Cente:
Authority, Calif.
Rev.-Rent.
Ala. Trade Sch. & Jr.
College Auth.
Rev.-Rent.
Texas Turnpike Auth.
Rev.-Q.-Ut.
Denver Colo.
G.0.
State of Utah
G.O.
Ga. Univ. System Bldg.
Auth.
Rev.-Rent.
Louisville, Ky.
Rev.-Ut.
Penna. Gen. State Auth. Rev.-Rent.
Maturity
Coupon
rate or
Offering
net inter • Yield
est cost
Rating
25.0
1966
3.54
3.50
A
14. 5
1967-95
n. a.
3.35-3.752/
Baa
15.0
33.7
10.6
67.0
1966-91
2005
1966-75
1968-80
3.74
4.07
2.91
2.92
2.50-3.75i
4.00
2.35-2.95
2.50 " v :
Aa
20.5
18.0
20.3
1966-90
1966-2000
1966-83
3.31
3.41
3.19
2.45-3.40
2.40-3.45
2.40-3.25
Aaa
Aaa
Aa
Aa
--
Other
Federal Home Loan Banks Bonds
4-3/8
250.0
1968
4.41
Quebec Hydro-Elec. Comm Deb.
50.0
4-5/8
4.75
1985
A
Kingdom of Denmark
20.0
6
Bonds
1985
6.09
*--Rights offering.
n.a.--Not available.
1/ Includes corporate and other security offerings of $15 million and over; State & local
government security offerings of $10 million and over.
2/ Includes foreign government and international Bank for Reconstruction and Development issue
and non-guaranteed issues by Federal agencies.
3/ In the case of State & local govt, securities, G.0. denotes general obligations; Rev.-Ut.,
revenue obligation 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/ Bonds maturing 1990 not publicly reoffered.
5/ Bonds maturing 1967-76 and 1995 not publicly reoffered.
C7
H. 14
Exhibit L
Forthcoming Large Long-term Public Security Offering fot New Capital
(Other than U.S. Treasury) 1/
Expected Proceeds from Forthcoming Large Issues
(In millions of dollars)
¥-
1
f 1964 - May 28
June 30
July 31
Aug. 31
1
Sept..30
Oct. 30
i
Nov. 30
Dec. 31
,.965 - Jan. 29
Feb. 26
,1
Mar. 31
Apr. 30
May 28
During month following
date ahown
State and
Corporate
Other 1/
local govt.
—
600
341
-292
539
92
120
-402
511
15
186
500
-254.
90
360
25
105
306
215
-169
242
407
316
267'
212
60
852
411
25
765
328
70
Corporate
668
307
167
442
186
130
105
253
504
792
852
923
Subsequent to
date ahown
State and
local govt.
598
716
588
680
626
549
563
435
382
599
373
635
474
Other U
__
15
25
215
-—
60
25
70
Forthcoming Large Offerings as of June 18
Issuer
toner*
V . T. Grant Co.
New Jersey Bell Tel. Co.
First Nat'l City Bank of N.Y.
^Pacific Tel. & Tel.
R. II. Macy Co.
Burlington Industries Inc.
New England Tel; & Tel. Co.
Pacific Gas & Elec. Co.
Macy Credit Corp.
Great Western Financial Corp.
Type
Conv. sub. deb.
Deb.
Conv. cap notes
Com. stk.
Conv. sub. deb.
Deb.
Deb.
1st & ref. mtg. bds.
Deb.
Deb.
Amount
(millions
of
dollars)
35.0
40.0
266.3
22.5
23.0
50.0
60.0
75.0
25.0
22.0
Approximate date of
offering
June 22
June 23
June 28 (rts. ex.)
June 30 (rts. ex.)
July 6 (rts. ex.)
July 8
July 14
July 22
Indefinite
Indefini te
\i
L-2
Forthcoming Large Offerings as of June 18 (Cont'd)
Issuer
State and Local Government
Jacksonville, Fla.
Minneapolis Spec. S.D. #1, Minn.
State of M s sissippi
New York State Dorm.Auth.
Colorado Univ.
*State of California
State of Minnesota
*Memphis, Tenn.
San Fran. Bay Area Trans. Auth.
Sacramento Mun. Util. Dist., Cal.
Brevard Co. Spec. Tax Sch. Dist., Fla.
Los Angeles Dept. of Airports, Cal.
Pittsburgh, Pa.
*San Francisco, Cal.
Dade County, Fla.
Florida Dev. Comm.
Va. State Highway Auth.
Other
Metropolis of Tokyo
Type
lev. -ut.
3.0.
i3.0.
lev. -Rent
lev. -Rent
Amount
(millions
of
dollars)
16.0
11.0
11.8
20.0
22.0
120.0
Approximate date of
offering
3.0.
3.0.
lev. -Q.-Ut.
lev. -Ut.
lev. -S.T.
lev. -Rent
?.o.
i3.0.
3.0.
lev. -S.T.
lev. -Q.-Ut.
54.9
25.0
70.0
30.0
20.0
30.0
35.0
12.7
46,0
33.8
31.0
June 22
June 23
June 28
June 29
June 29
July 7
July 13
July 13
July 14
July 15
July 20
July 28
Aug. 4
Aug. 16
Indefinite
Indefinite
Indefinite
londs
20.0
June 22
3.0.
*--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.
"r
*
HI
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 April 1 through June ?.u
4/6
25.0
Govt, of Malaysia--5-1/2% bonds, maturity 1966-70,
reoffered to yield 5.65%.
4/7
20.0
Nippon Tel. & Tel. Public Corp.--5-3/4% bonds,
maturing 1978, reoffered to yield 6.08%.
4/20
15.0
Republic of Venezuela--6-1/4% bonds, maturing
1980, reoffered to yield 6.35%.
5/6
25.0
Govt, of Australia--5-1/2% bonds, maturing 1985,
reoffered to yield 5.63% to residents outside the
U.S. and 4.98% to residents of the U.S.
5/26
15.0
City of Oslo, Norway--5-3/4% bonds, maturing 1985,
reoffered to yield 5.86%.**
k
6/15
50.0
Quebec Hydro-Electric Commission--4-5/8% debenture,
maturing 1985, reoffered to yield 4.75%.
f
6/17
20.0
Kingdom of Denmark--6% bonds, maturing 1985,
reoffered to yield 6.09%.**
B.
6/2 2
20.0
Prospective Offerings
Metropolis of Tokyo - bonds
*
Included in table for first time.
** Issue sold is entirely to investors outside U.S.
n
M-2
Part II:
Date
reported
Private Placement--Reported April 1 through June :3
Amount
(millions
of
dollars)
Issuer and Description of Issue
4/6
65.0
Pacific Petroleum Corp.--5-1/4% notes, maturing
1985--no information available on takedown.
4/12
34.0
Labrador & Newfoundland Power Comm.-5-l/4% sinking
fund bonds, maturing 1997--no information
available on takedown.
4/27
15.0
New Brunswick Elec. Pwr. Comm.--5% sinking fund
debenture, maturing 1990--no information available
on takedown.
5/26
25.0
City of Montreal--5% sinking fund debentures,
maturing 1985-90--no information available on
takedown.
5/28
30.0
Trans-Canada Pipe Lines Ltd.--5-1/4% first mortgage
bonds, maturing 1985, placed to yield 5.09%--no
information available on takedown.
Note:
For retrospective data on aggregate foreign corporate and government security offer- '*
ings in the United States see Exhibits I and J. There is no simple relationship
\
between the data shown in the 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 ex- I
hibit are included when reported, frequently with little or no information concerning^
timing of takedowns. Full or partial takedowns may take place both prior and sub4n
sequent to the date a placement is reported. ^--Included in table for first time.
f»
@FedFRASER