Full text of H.16 Capital Market Developments : June 25, 1963

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Not for Publication

DECONTROLLED AFTER SIX MONTHS

H.14

June 25, 1963.

LIBRARY

CAPITAL MARKET DEVELOPMENTS
JJ 1HJL UBlllLl) STATES

JUN 28 1963
FEDERAL RESERVE 2A:;X f

CF p.rcMr»:o;o
The volume of public security financing to obtain new capital was
fairly substantial last week, and will be even larger this week. During
the week ending June 21, four corporations offered large security issues
totaling $190 million and four State and local government bond issues
amounting to $69 million were sold. This week, ending June 28, a $50 million
corporate issue is scheduled to obtain new capital, while eight large State
and local government issues totaling $346 million are on the calendar. In
addition, the Southern California Gas Company is expected to offer $40 million
of bonds to refund outstanding securities.

Bond yields. Yields on most seasoned long-term bonds rose last
week. Yields on Aaa- and Baa-rated State and local government bonds increased
two and one basis points, respectively, to 3.10 and 3.63 per cent, their
highest levels since last August and October. U. S. Government bond yields
edged up a basis point to 4.00 per cent, matching their high for the year,
while yields on Baa-rated corporate bonds also rose a basis point to 4.84
per cent, their first advance since late March. Aaa-rated corporate bond
yields, however, dropped a basis point to 4.22 per cent.
Average yields on new corporate bonds, adjusted to an Aaa basis,
fell a basis point last week to 4.24 per cent.
Short- and intermediate-term interest rates. Rates on 3-month
Treasury bills were stable last week, while those on 6-month bills inched
up a basis point to 3.08 per cent, matching their high for the year; yields
on 3-5 year U. S. Government securities rose two basis points to 3.68 per^,
cent, also matching the high for the year. Late last week the last two
major finance companies adopted the 3-1/4 per cent rate on directly-placed
paper with 90-179 day maturity announced by the other companies three weeks
earlier; as a result the average rate on such paper rose two basis points
to 3.21 per cent. The average effective Federal funds rate continued at
3.00 per cent.
Housing starts. Private housing starts increased 5 per cent
further in May and, at a seasonally adjusted annual rate of 1,722 thousand
(including farm starts), were 9 per cent above last year's high reported for
May and November. The rise, which may reflect seasonal adjustment problems,
has extended for four consecutive months, marking the longest sustained
movement in the history of this extremely volatile series.
On
high rate of
of last year
rates during
thousand.

a three-month moving average basis, starts were at the unusually
1,634 thousand, 6 per cent above the October-December average
and 4 per cent above the early 1959 high. Including the low
the beginning of this year, the average through May was 1,485




H. 14

-2-

Government-underwritten starts averaged 17 per cent of the total
starts in May. This compared with 22 per cent a year earlier and 25 per
cent in Hay of 1960 and 1961.
Building permits in permit-issuing areas turned up by 12 per cent
in May to more than regain the decline registered earlier this year. The
annual rate of 1,346 thousand was 3 per cent above the advanced December
1962 rate and about matched the record reported for this series in March
of 1959.
Stock market credit. Customer credit in the stock market increased
$251 million further during May to a new peak of $6.2 billion at the month-end.
This brings the advance in customer credit since last July when margin
requirements were lowered from 70 to 50 per cent to $1.4 billion and brings
the amount outstanding $0.6 billion above the December 1961 peak. Most of
the May increase was accounted for by a $211 million rise in customers net
debit balances (excluding those on U. S. Government securities) to a record
level of $4.8 billion. Bank loans to other than brokers and dealers (except
on U. S. Government securities) rose $40 million during the month.
Borrowings by member firms of the New York Stock Exchange (excluding
those on U. S. Government securities) advanced $416 million further during
May; customers free credit balances, however, fell $35 million. More detailed
information on stock market credit during April and May are shown in the
following table.
End of month
May
I April
Customer credit
Excluding U. S, Government securities - total
Net debit balances
Bank loans to "others"
Net debit balances secured by U. S. Govt, securities
Bank loans to "others" for purchasing or carrying
U. S. Government securities
Broker and dealer
Money borrowed
On customer
Money borrowed
Customers' net
cj

credit
except on U. S. Govt, securities
collateral
on U. S. Government securities
free credit balances

Change

6 ,229
4,737
1,,492
24

5.,978
4.,526
1.,452
27

+251
+211
+ 40
- 3

75

99

- 24

Z
3. ,655 - 3.,239
3.,150
2.,889
33
33
1 .,166
1,,201

+416
+261
- 35

Corrected.

Stock prices. Common stock prices as measured by Standard and Poor's
composite index of 500 stocks, closed at 70.25 on June 21, the same as a week
earlier. Trading was moderately active, averaging 4.1 million shares a day.
Capital Markets Section
Division of Research and Statistics
Board of Governors of the Federal Reserve System




EXHIBIT B. J>art.I.

LONG-TERM BOND YIELDS, LOWER-GRADE

lOlPOIMi !•«

My
F / x V'
V

v

x

1
Mo

-UAI 1 II 1 1 111111111111
1
ns«

1 1

' V"-v

1 1 1 1 1 1 11111111111
1 II
1940

111111 M i ii II 1 1 II 1 I W A

m ,

Exhibit B - Part II
A
•!

1
1
1
*•
:

1

Date

•

1958 - Low
1959-60 - High
1960-61 Low
1961 - High
1962 - Low
1963 - High
Low
May 24
May 31
June 7
June 14
/ J u n e 21 j>/

Corporate
Baa 1/

State and
local govt.
Baa 3/

4.51
5.36
4.98
5.13
4.92
4.93
4.83

3.64
4.46
3>93
4.16
3.52
3.63
3.52

Spread between
Aaa and Baa
I State and
Corporate
1 local govt.

(per cent)
(7/12)
(2/12/60)
(9/9/60)
(10/27)
(22/21)
(1/4)
(6/14)

4.85
4.84
4.84
4.83
4.84 /

Note: For footnotes see Exhibit A*




3.52
3.55
3.60
3.62
3.63

(5/1)
(1/7/60)
(13/9/61)
(3/23)
(5/17)
(6/20)
(5/23)

—

.77
.84
.66
.81
.63
.71
.60
.63
.61
.61
.60
.62

::
.56
.63
.53
.55
•55
.54
.54
.53

EXHIBIT A, Part I

L O N G - T E R M BOND YIELDS, H I G H - G R A D E

r j

I960

1961

Exhibit A - Part II

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)
1958 - Low
1959-60 - High
1960-61 Low
1961 - High
1962 - Low
1963 - High
Low
M a y 24
M a y 31
June 7
June 14
June 21 j>/

3r55
4.61
4.21
4.46
4.23
4.23
4.19

(5/2)
(1/29/60)
(3/17/61)
(9/15)
(12/28)
(6/14)
(3/29)

4.22
4.23
4.23
4.23
4.22

'

3.07 (4/25) 1
4.42 (3/8/60)
3.70 (5/12/61)
4.07 (12/29)
3.85 (12/28)
4.00 (6/21) .
3.87 (1/18)
3.97
3.99
4.00
3.99
4.00

2.64 (5/1)
3.65 (9/24/59)
2.99 (9/1/60)
3.37 (7/6)
2.88 (13/8)
3.10 (6/2p)
2.93 (3/28)
2.97
3.00
3.06
3.08
3.10

.22
.59
.19
.57
.30

.34
.92
.46
.76
.80

.35
.22

1.02
.90

.25
.24
.23
,24
.22

1.00
.99
.94
.91
.90

p/ Preliminary.
y
Weekly average of daily figures. Average term of bonds included is 22-24 years.
j figures
The series includes bonds due or callable in 10 years or more.
o
y
Weekly average of daily
is^20^years.
"3/ Thursday figures. Only general obligation bonds are includedj. average^term
i. Highs and lows are for individual a erica and may be on different dates for different
series, for spreads, high refers to widest, and low to narrowest.




EXHIBIT C. Port

SHORT- AND INTERMEDIATE- TERM INTEREST BATES, GOVERNMENT
Weekly

Percent

!«»

1)60

19*1

l«*»

Exhibit C m Part IX
Discount
Bate
1/

1958 - Low
1959-60 High
1960-61 Low
1961-62 High
1962 - Low
1963 - High
Low
May 24
May 31
June 7
June 14
June 21 ]>/

3-month
bills 2/

1.75
4.00
3.00
3.00'
3.00
3.00
3.00

.58
4.59
2.11
2.97
2.65
3.00
2.88

(5/29)
(1/8/60)
(10/28/60)
(7/13/62)
(6/8)
(6/7)
(3/15)

3.00
3.00
3.00
3.00
3.00

2.94
2.98
3.00
2.98
2.98- /

Yields
6-month
bills 2/
(per cent)

3-5 year
issues 2/

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

.26
.79
.12
.44
.02

.04
1.81
.38
1.51
.52

3.08 (6/21) 3.68 (6/21)
2.93 (3/8) 3.44 (1/18)

.10
.04

.70
.52

3.02
3.06
3.08
3.07
3.08

.08
.08
.08
.09
.10

.65
.66
.68
.68
.70

3.02
5.07
2.35
3.13
2.74

(12/26) 2.14
(1/8/60)5.00
(4/28/61)3.15
(7/20/62)3.88
3.41
(6/8)

3.59
3.64
3.68
3.66
3.68

(6/6)
(12/24/59)
(5/12/61)
(2/2/62)
(l?/28)

.

1/ Weekly rate shown is that in affect at aid of period at the Federal Reserve Bank of New York.
2/ Lb licet yield; wedcly averages oonputed from daily closing bid prices. Series of 3-5 year issues
consists of selected notes and bonds.
Note.—Highs and lows are for individual series and may be on different dates for different series.
For spreads, high refers to widest, end low to narroweste




SHORT- AND INTERMEDIATE- TEEM INTEREST RATES,
BANKS A N D OTHER PRIVATE BORROWERS

11*58
Exhibit D - tart II
Stock Exchange
call loan 1/

Finance company
paper 2/

Prime
rate 1/

Federal
funds 3/

Spread between
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
May 24
May 31
June 7
June 14
June ^ l j>/

3.50
5.50
4.50
4.50
4.50
4.50'
4.50
4.50
4.50
4.50
4.50
4.50

3.50
5.00
4.50
4.50
4.50
4.50
4.50
4.50
4.50
4.50
4.50
4.50

.13 (5/29)
(8/8)
(1/22/60) 4.00 (5/13/60)
.43 (3/27/61)
(8/5/61)
(7/20/62) 3.00 (12/28/62)
1.30 (3/26)
(6/1)
3.00 (6/21)
3.25 (4/5)
2.63 (4/5)
3.13 (5/31)
3.00
3.15
3.00
3.13
3.00
3.19
3.00
3.19
3.00
3.21

1.13
5.13
2.50
3.25
2.88

-.35

1.02
.11
.56
.19
.36
.15

.21
.15
.19

.21

.23

2/ lieSg^of daily rates published by finance oanpanies for directly placed piper for varying maturities
in the 90-179 day range,
- • -


rir 0 p «ad=, hlih refers to widest, and


lor to narrowest,

EXHIBIT E, Port I

1

STOCK M £ 6 K 6 T

—

— STOCK • A I K I T CUBIT

M i l l i o n ! o l sho

J

! 1 f j j | i i 1M11J1 II II 1 II I
| 1158

I9S1

.

w
Exhibit E - Part II

Stock price
index 1/

1961-62 - High
Low
1963 - High
Low
April
May
June 7
June 14
June 21 j>/

H'O

IW

Stock market customer credit
Common .
Trading
Customers
Bank
volume 3/
stock
loans to
Total debit balyields 2/ (millions
(per cent) of shares)
ances 4/ "others" 5/
(In millions of dollars)
5,602( 12/61)4,259 ( i z / 6 1 ) 1,377(8/30/61)
4,876(7/62) 3,562 ( 7/62) 1,269(9/26/62)

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

6,229(5/63)4,737(5/63) 1,493 (6/12)
5,595(1/63)4,208(1/63) 1,378 (2/23)

68.76
70.14
70.41
70.25
70.25

3.15
3.13
3.15
3.16
3.16

5.1
4.8
5.5
4.6
4.1

5,978
6,229
n.a.
n.a.
n.a.

4,526
4,737

1,452
1.492
1,489
1.493

n.a.—Not available, jg/ Preliminary.
1/ Standard and Poor's composite index of 500 common 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 Poor s composite stock yield based on Wednesday data converted to weekly closing
II
prices by Federal Reserve. Yields shown are for dates on which price index reached its higx
3/ Averages of daily trading volume on the Hew York Stock Exchange,
Aj End of month figures for member films of "the New York Stock Exchange vbich carry nnrgLn accounts;
excludes balances secured by U. S. Govemmsnb 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 loam are excluded only at banks in
New York and Chicago. Weekly reporting banks account fbr about 70 per cent of loans to others.
For further detail see Bulletin.
.




• PRIVATE H O U S I N G STARTS A N D PERMITS
S E A S O N A L L Y A DJUSTED D A T A

<_IUI16IW6 MIMIIS

PER C_!f4T P F U N A D J U S T E D T O T A L STARTS
GOVERNMENT UNOEIWIIIIEN

'—

K

=

•uui-umit
(3 or more )

-

Exhibit F - Part II
Building
permits
Unadlusted
Type of financing Type of housing (seasonally
adjusted x
Seasonally adjust1-2
MultiUnadjusted
annual
Other
ed annual rate
FHA
VA
family
family
rate) 2/
Starts

Total

Date

(Thousands of units)
1962 - May
June
July
Aug
Sept.
Oct.
Nov.
Dec.
1963 - Jan.
Feb.
Mar.
Apr.
May

1,579
1,625
1,466
1,529
1,289
1,550
1,586
1,472
1,242
1,280
r/ 1,534
r/ 1,647
1,722

154
136
136
146
114
134
120
94
81
87
r / 124
r / 157
168

26
24
25
28
20
23
19
16
14
13
17
21
22

8
7
7
8
6
7
6
5
4
4
5
7
7

rI
ri

120
105
103
110
87
104
96
73
63
7.0
102
128
139

112.3
41.9
99.8
36.3
36.4
99.4
105.1
40.9
33.7
79.9
94.9
38.6
38.3
82.0
59.9
33.7
30.5
50.1
r/ 55.1 r/ 31.5
84.9
39.5

1,128
1,137
1,160
1,123
1,174
1,170
1,261
1,313
1,277
1,228
1,229
p / U l . 3 p/ 45.6 r/1,200
1,346
n.a.
n.a.

V Total starts are Census estimates including farm for both peunit-issuing and non-issuing areas,
dwelling unit is started when excavation begins; all units in an apartment structure are considered
started at that time. IHA and VA. starts are units started under commitment a by these agencies to insure
or guarantee the mortgages. As reported b y THA and VA, a unit is started when a field office receives
the first compliance inspection report, which is made before footings are poured in some oases but
normally after the foundations have been completed. Capehart military housing units are excluded.
Other starts are derived as a residual, although total and IHA and VA starts are not strictly comparable
in concept or timing) other starts include both unit* financed by conventional mortgages and units
without mortgages.
2/ Building permits are Census estimates £or all of the approximately lOjOOO areas in the United
States which were identified as having a local building permit system in 1959, Unlike starts,
seasonally adjusted building permits reflect a direct measure of the influence of changes in the
number of working days per month, along with other differences in timing and coverage.




EXHIBIT G, Perl 1

YIELDS O N NEW AND SEASONED CORPORATE BONDS

SEASONED Ado

Exhibit 6 - Part II
Yields on Hew Corporate Bond Issues Adjusted to an Aaa basis
Number A m r t of issues Average
of
included (mil.
yield
issues of dollars)
foer cent)

Number Ain't of issues Average
included (mil.
of
yield
issues of dollars)
/oer cent)

Weekly averages:
1963 - Feb. 1
8
15
22
Mar. 1
8
15
22
29
Apr. 5
12
.
19 '
26

1
2
4'
1
2
2
3 .
2
2
1
3
3

25.0
64.0

4.21
4.27*

100.0
12.0
55.0
24.4
- 87.0
222.0
45.-0
6.0
95.0
128.0

4.19
4.14
4.25*
4.16
4.16
4.36*
4.23
4.18
4.28
4.30

May

3
10
17
24
31
June 7
14
21

•

1
2
1
3

25.0
266.0
30.0
76.0

4.22
4.31*
4.27
4.27

1
3
2

50.0
34.0
115.0

4.23*
4.25
4.24

1

*»»» JW
Hotel _.__iges ox ozxerug yiexoa on ay. new XBBOOB ox puoxiojqr oixeiw ooipor»w bodu
A by Moody1 s Investors Service (except serial and convertible la sues, offerings of natural gas pipeline
and foreign companies, and bonds guaranteed by the Federal Government) freighted by el ae of offering* 1
Before averaging, new offerings are adjusted to a composite Aaa basis ty deducting from the actual
reoffaring yield the excess of the weekly average yield for seasoned tends of the appropriate lndnstxyquality group over the composite average for seasoned Aaaerated bands (Moody's). Averages considered
unrepresentative
because of special characteristics of % e offerings included are denoted by an asterisk^




1
H. 14

Exhibit H
Long-term Corporate and State and LocrJ. Government
Security Offerings and Placements
(In millions of dollars)

1963
January
February
March
April
May
June

1st half
Three quarters
Year

1962

1 1961

876
1 ,133
628

711
689
764

873
912
786

722
640
1 ,034

592
859
807

580
667
562

.2/915
e/ 750
e/1,100

1 ,113
760
1 ,132

2 ,118
1 ,259
1 ,318

582
749
579

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/2,765

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

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

2/2,422
e/2,462

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

2 ,165
2 ,396
1 ,824
2;,078

e/5,1.16

5 ,264
7 ,173
9, ,814

6.,504
8.,941
11.,979

e/4,905

5.,208
6S,790
8.,568

4 ,561
6:,385
8.,463

October
November
December
quarter
quarter
quarter
quarter

1

613
595
1,144

July
August
September

1st
2nd
3rd
4th

New capital
VUlMUiOCC 1/
1963
1 1962
1 1961
fi/732
2/722
2/968
jj/812
e/850
e/800

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

quarter
quarter
quarter
quarter.

e/2,050
e/2,4 65

Year
e/
JL/
2/
3/

2.,199
2.,919
1,,775
2 a,410

1,,554
4,552
,337
2j
2,807

9,303

11,253

Estimated by Federal Reserve.
~
£/ Preliminary.
Securities and Exchange Commission estimates of net proceeds.
Investment Bankers Association of America estimates of principal amounts.
Total new capital issues excluding offerings of sales mid consumer finrnce
companies.




i!

a. 14

Exhibit I
New Corporate Security Issues, Type of Issui and Issuer
(In millions of dollars)

Net proceeds for
new capital 1/ 2/

Gross proceeds for new
Bonds
Publicly Privately
offered offered

"Common
and
pfd.

Memo:
foreign
issues
included

Mfg.

Public Communi-j Other
utility cations j issuers

754
955

429
416

38
17

562
625

652
696

317
381

896
997

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

381
1,081
595
836

81
,095
104
147

832
1,052
803
1,263

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
*59
986

2,700

1,108

1,306

287

128

947

326

236

842

1,075
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

52
7
10
25
12
25

428
255
252
271
215
306

269
215
111
306
362
168

16
13
75
25
80
42

315
279
209
487
291
485

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

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

3
12
54
10
147
100
13

161

43
46
34
99

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

695
642
1,363
1,067
1,080

350
259
499
380
540

243
289
774
468
450

102
94
91
218
90

135
220
592
155
250

114
115
97
363
100

125
68
43
72
30

238
191
412
325
370

2,520
2,832

1,336
1, ',62

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

.

123
52
125

25
43
60
59

£/' 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 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 21
1963
1962
I
January
February
April
May

232
133
76
£./ 57
e/120

" July
August
September
October
November
-December
Year
Jan.-May

e/6is

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

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

I

6

29
20

148

2

p/186
e/--

66
29
5

75
78
589
E./-151 .

July
August
September
October
November
December
Year
Jan.-May

2/224

461

150
175

2

43
34

737

236

283

123

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

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

378

520

341

203

252
100
149
278
250
193
225

e/334

State and local government 5/
January
February
March
April
May

246
156

1,188

1,448

863

501

Federal agency 3/
-106
-189
-482
292
2/380

£/-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

£-/ Preliminary.
e/ Estimated by Federal Reserve.
n. a. --Not available.
1/ 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/ for
Principally
Digitized
FRASER tax and bond anticipation notes, warrants or certificates and Public
Housing Authority notes. In some instances PHA notep included may have a somehttp://fraser.stlouisfed.org/
what longer maturity than one year. Source: Bond Buyer and Federal Reserve.

Federal Reserve Bank of St. Louis

V

.

-

.
H. 14

Exhibit K

D

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

1962 - May
July
August
September
October
November
December
1963 - January
February
March
April
May

Total

Corporate
Bonds
Conventible
(Other than
bonds
convertibles)

200
472
165
286
191
434
178
198
234
186
394
409
149

170
387
135
226
100
398
178
178
215
125
372
263
149

Stocks

State
and
local
government

30
85
30

60

373
266
321
272
153
320
217
193
344
367
570
431
489

91
36
20
19
26
22
146

35

Other 2/
88
30
20
194
25
75
48
63
134
43

Large Individual Issues Offered June 1 through 21
Issuer

Type 3/

Amount
(millions Maturity
of
dollars)

Coupon
rate or
net interest cost

Offering Rating
yield

CORPORATE
Southern Railway Co.
Indiana Bell Tel. Co.
Coastal States Gas Prod.Co.
Tennessee Gas Trans. Co.
Public Service Elec.&Gas.Co.
State Loan & Finance Co.
Firestone Tire & Rubber Co.

lst&gen.mtg.bds.
Deb.
1st mtg. bds.
Deb.
lst;&ref.mtg.bds.
S.F. deb.
Deb.
Deb.

37.8^
20.0
50.0 c
45.0
40.0
15.0
15.0
75.0

1988
2003
1983
1983
1993
1983
1983
1988

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

4.63
4.27
5.00
5.00
4.32
4.70
5.30
4.30

A
Ba
Aa
Aa

STATE AND LOCAL GOVT.
Louisiana State Bond & Bldg.
Ccirar.o

Sacramento Mun. Util. Dist.,
Cal.
Oklahoma City, Oklahoma

Rev.-S.T.

15,0

1964-83

3.33

1.75-3.55

Rev.-Ufc.
G.0.

10.0 . 1966-83
15.1
1965-88

2.98
3.11

2.80-3.1514a
2.00-3.30 A




A

H. 14
Large Individual Issues Offered June 1 through 21
Type 3/

Amount
(millions Maturity
of
dollars)

Coupon
net interest cost

Offering Rating
yield

STATE AND LOCAL GOVT.
(Cont'd.)
S£„ Petersburg, Florida
Virginia Public Sch. Auth.
Nassau Co., N.Y.
Univ. of Illinois
Jacksonville, Fla.

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

17.0
15.0
21.4
10.8
22.0

1964-83
1965-84
1964-92
1969-93
1964-76

3..26
2.,93
3.,13
. 3.50
2.92

1..80-3.40^/
1..90-3.10
1.,70-3.

£/

2.50-3.
1. 70-3.00

A
Aa
A
A
Aa

OTHER
Federal Home Loan Banks

460.0

Oct. 1964

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.
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.
An additional $12.2 million in bonds sold to refund outstanding securities.
Bonds maturing 1966-73 not publicly reoffered.
0.1 per cent bonds maturing 1983 reoffered to yield 4.40 per cent.
1.2
per cent bonds maturing 1993 reoffered to yield 4.40 per cent.
1/

I




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
Date of
computation
1962 - May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
1963 - Jan.
Feb.
Mar.
Apr.
May

31
29
31
31
28
31
30
28
31
28
29
30
31

During month following
date shown
State and
Corporate
Other 2/
local govt.
587
120
302
170
363
203
170
269
167
142
376
149
223

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

55
175
75
25
45
40
460

Subsequent to
date shown
State and
Corporate
local govt.
692
458
477
312
546
328
360
314
412
572
421
234
288

Other 2/
55
25

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

175
75
25
33
45
40
460

Forthcoming Large Offerings, as of June 21
Issuer

Type

Amount
(millions
of dolla rs)

Approximate date
of offering

CORPORATE
Texas Eastern Trans. Co.
Pacific Northwest Bell Tel. Co.
* Illinois Bell Tel. Co.
Hitachi, Ltd.
•Northern 111. Gas. Co.
•Northern Natural Gas. Co.
Commerce Oil Refining Corp.

1st mtg..bds.
Com. stk.
Deb.
Com. stk.
1st mtg. bds.
S.F. deb.
Deb., bds.&com.

30.0
45.0

June 26
(rights
July 3expire)
July 9
July 10
July 24
July
Indefinite

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

14.8
13.2
40.6
14.0
57.2
10.0
87.0

June
June
June
June
June
June
June

Rev.-Rent.
Rev.-Rent.

108.7
22.5

50.0

20.0
50.0

20.0
20.0

STATE AND LOCAL GOVERNMENT
Atlanta, Georgia
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
*New York State Dormitory Auth.




25
25
25
25
26
26
26

June 26
July 2

\\a

Forthcoming Large Offerings, as of June 21 (Cont'd)
Issuer

Type

Amount
(millions
of dollars)

Approximate date
of offering

STATE AND LOCAL GOVERNMENT (Contd.)
Memphis, -enn
Penna. Gen. State Auth.
Racine, Sturtevant etc. Unif.
Sch. Dist. No. 1, Wise.
Pittsburgh, Pa.
Jefferson County, Colorado
Dade County, Florida
Jacksonville Expressway Auth.,
Fla.
Southern 111. Univ.

G.O.
Rev.-Rent.

10.0
50.0

July 9
July 9

G.O.
G. 0.
G. 0.
G.O.

10.6
35.0
12.9
",.0

July 10
Indefinite
Indefinite
Indefinite

Rev.-Ut.
Rev.-Rent.

40.0
10.5

Indefinite
Indefinite

20.0
35.0
20.0

July 10
July 17
July

OTHER
Milan, Italy
Govt, of Mexico
Nippon Tel. & Tel. Public Corp.

Bonds
Bonds
Bonds

*—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

H. 14

Foreign Government and Corporate Security Offerings
and Placements in the United States
Part I:
Sale
Date

Amount
(millions
of dollars)

Public Offerings

Issuer and Description of Issue
A. .Sold April 1 through June 21

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

6/12

10.0

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%
Oslo, Norway--5-l/4% bonds, due 1978-- reoffered to yield
5.47%

B. Prospective Offerings
7/10
7/10
*7/17
*7/

20.0 Milan, Italy--bonds
20.0 Hitachi, Ltd.—common stock
35.0 Govt, of Mexico—bonds
20.0 Nippon Tel. & Tel. Public Corp.--bonds




H.14
Part II:
Date
reported

Amount
(millions
of dollars)

4/3

10.0

4/4

4.7

5/1
5/2
5/6
5/14
6/4
6/13
*6/20

Private Placements—Reported April 1 through June 21
Issuer and Description of Issue

Industrial Acceptance Corp., Ltd.--5-1/8% secured notes,
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
^^jiotes, maturing 1971--no information available on takedown
Nippon Express Co.--6-1/2% convertible debentures, maturing
1978--no information available on takedown
Mitsubishi Electric Corp—6-1/2% convertible debentures,
maturing 1978—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
takedowns may take place both prior and subsequent to the date a placement
is reported.
*--InclUded in table for first time.