Full text of H.16 Capital Market Developments : June 26, 1964

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Not f o r P u b l i c a t i o n
H.14

iyf

)j

^

DECONTROLLED AFTER SIxldONTHS

J u n e 26, 1964.

[ CAPITAL MARKET DEVELOPMENTS
•IN THE UNITED STATES
S e c u r i t y f i n a n c i n g . The volume of p u b l i c s e c u r i t y f i n a n c i n g
i s e x p e c t e d t o drdp s h a r p l y t h i s week from l a s t w e e k ' s s u b s t a n t i a l t o t a l .
Long-Term P u b l i c S e c u r i t y O f f e r i n g s 1/
( I n m i l l i o n s of d o l l a r s )
Week
Ending
Sold:
June
June

Corporate
New C a p i t a l | Refunding
19
26

86 r /
116

S t a t e and Local g o v t .
New C a p i t a l
Refunding
294 r /
179

—

Scheduled:
-July
3
3
79
1/ F e d e r a l Reserve e s t i m a t e s based on p u b l i s h e d r e p o r t s of i s s u e s s o l d
and s c h e d u l e d f o r o f f e r i n g ; c o r p o r a t e r i g h t s o f f e r i n g s a r e i n c l u d e d
as of t h e d a t e s u b s c r i p t i o n r i g h t s e x p i r e , r / R e v i s e d .

S e c u r i t y y i e l d s . Y i e l d s on new c o r p o r a t e bonds and on U. S.
Government s e c u r i t i e s d e c l i n e d l a s t week, w i t h t h o s e on l o n g - t e r m
Government bonds and on 6-month T r e a s u r y b i l l s f a l l i n g t o t h e i r l o w e s t
l e v e l s s i n c e l a t e l a s t y e a r . Y i e l d s on o t h e r h i g h - g r a d e s e c u r i t i e s
were unchanged.
Y i e l d s i n S e c u r i t i e s Markets
Level l a t e s t week
(per cent)

Change from
p r e c e d i n g week
(basis points)

High-Grade
Notes and Bonds
Corporate
New
Seasoned

4.41
4.41

-2
--

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

4.12
4.02

- 1
- 2

S t a t e and l o c a l g o v t .

3.11

Money Market
F e d e r a l Funds
Treasury b i l l s
3-month
6-month
F i n a n c e Company Paper
FRASER

Digitized for


3.50

• --

3.47
3.53
3.88

- 2
- 5

H. 14
FNMA s e c o n d a r y market o p e r a t i o n s . S a l e s by t h e F e d e r a l
N a t i o n a l Mortgage A s s o c i a t i o n changed l i t t l e i n May f o l l o w i n g an
advance i n A p r i l . The May l e v e l of $10.9 m i l l i o n was i n s h a r p
c o n t r a s t w i t h t h e h i g h s m a i n t a i n e d i n t h e secondary market a t t h i s
time l a s t y e a r . At t h a t t i m e , s a l e s by FNMA were r u n n i n g i n e x c e s s
of $165 m i l l i o n .
Purchases by FNMA t o t a l e d $25.8 m i l l i o n i n May, and, ( l i k e
o f f e r i n g s — a t $28.9 m i l l i o n ) were a l s o ' l i t t l e changed from A p r i l .
While p u r c h a s e s have been m o d e r a t e l y above a y e a r e a r l i e r , t h e y have
c o n t i n u e d t o r e f l e c t mainly exchanges w i t h t h e F e d e r a l Housing
A d m i n i s t r a t i o n f o r FNMA-held FHA-debentures.
Stock p r i c e s . Common s t o c k p r i c e s , as measured by S t a n d a r d
and P o o r ' s composite index of 500 s t o c k s , advanced o n e - h a l f of a p e r
c e n t f u r t h e r l a s t week t o c l o s e a t a r e c o r d h i g h of 81.46 on J u n e 26.
T r a d i n g volume averaged 4 . 6 m i l l i o n s h a r e s a day, t h e same as t h e
p r e v i o u s week.

C a p i t a l Markets S e c t i o n ,
D i v i s i o n of Research and S t a t i s t i c s ,
Board of Governors of t h e F e d e r a l Reserve System.




EXHIBIT A, Pari 1_
LONG-TERM

BOND

YIELDS,

HIGH-GRADE

f\J

Exhibit A - Part I I

Date

Corporate
Aaa 1 /

U. S. Govt#
long-term 2 /

State and
local
government
Aaa 3 /

Spread between
U, S. Govt, and
State and
Corporate
l o c a l Aaa
Aaa

(per c e n t )
1959-60 - High
1961 - High
low
1962 - High
Low
1963 - High
Low
196U - High
Low
May
June
June
June
^June

29
5
12
19
26 y

U. 61(1/29/60)
11.1^6(9/15)
1^.21(3/17)
U.U3(2/16)
k.23(Wt*
U.37(iV27)
14.19(3/29)
4.41(6/26)
4.35(2/28)
4.41
4.41
4.41
4.41 y
4.41 ^

U.U2 (1/8/60)
it.07 (12/29)
3.70(5/12)
U.12(2/23)
3,85 (l?/28)
11.16(12/27)
3.87 (VM)
4.20(4/17)
4.12(6/26)
4.14
4.15
4.14
4.13
4.12

f

3 . 6 5 (9/24/59)
3.37 (7/6)
3.12 (2/23)
3 . 2 6 (1/4)
2.88 ( u / 8 )
3.18 (11/21)
2 . 9 3 (3/28)
3.16(3/26)
3.07(5/21)
3.08
3.08
3.10
3.11
3.11

•59
.57
.3k
.1*7
.30
.35
.21
.29
.19
.27
.26
.27
.28
.29

.92
•76
.46
l.Oli
.80
1.05
.88
1.09
1.01
1.06
1.07
1.04
1.02
1.01

Weekly average of d a i l y figures* Average term of bonds Included I s 22-24 y e a r s .
Weekly average of d a i l y f i g u r e s . The s e r i e s includes bonds due o r c a l l a b l e i n 10 years o r mors.
"if Thursday f i g u r e s . Only general o b l i g a t i o n bonds are included| average term i s 20 years#
Note,-—Highs
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 dates f o r d i f f e r e n t
Digitized
s efor
r i e sFRASER
. For spreads, high r e f e r s t o w i d e s t , and low t o narrowest#



4
EXHIBIT B. P o " 2
LONG-TERM

BOND

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

Mil

m i

'***

Exhibit B - Part I I

Date

Corporate
Baa 1 /

State and
l o c a l govt.
Baa 3 /

Spread between
Aaa and Baa
State and
Corporate
l o c a l govt.

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

5.3$(z/i?/60)
5.13(10/27)
5.00(4/21)
5.11(1/3)
iu 92 (12/21)
U.93(V4)
U.83(ii/is)
4.87(6/26)
4.82(2/7)

it.i*(l/7/60)
4.16(3/21}
3.93(U/9)
4.0^(1/11)
3.52(5/17)
3.63(6/27)
3.52(5/23)
3,58(3/26)
3.51(4/16)

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

May
June
June
June
June

4.84
4.85
4.85
4.86
4.87

3.53
3.53
3.54
3.54
3.55

.43
.44
.44
.45
.46

29
5
12
19
26 g/

Hotel For footnotes sea Exhibit JU




1.08
.93
.57
.82
.56
•63
.a
.49
.36
.45
.45
.44
.43
.44

SHORT-

AND

INTERMEDIATE-TERM

INTEREST RATES, G O V E R N M E N T

1 $ YEAR ISSUES

fi.».

DISC OU HI

VaiV V,

j-mohthTuI?

1 M
II
l_l_L_L_L_Li_ 1 l 1 I 1 1 II 1 11-11 • 1 1 1 I 1 I M
Exhibit C - Part I I
Discount
rate

y

1959-60 - High
1961 - High
Low
1962 - High
Low
1963 - High
Low
196U - High
Low
May
June

29
5
12
19
26

£/

ll.OO

3-month
bills 2/

6-month
bills 2/
(per c e n t )

3 - 5 year
issues 2/

Spread between y i e l d s on 3 month b i l l s and y i e l d s on
6-mo. b i l l s 1 3 - 5 yr« i s s u e s

5.00(12/24/59)

1.81

5.07(W60)
2.90(3/29)
2.35(4/28)
3.13(7/20)
2.7lt(6/8)
3.68(12/6)
2.93(3/8)
3.74(3/6)
3.53(6/26)

3.15(3/12)
3.88(2/2)
3.1|l(l?/28)
U.07 (12/27)
3.UU ( V i a )
4.23(3/27)
3.99(2/7)

.17

1.51
.92
1.19
.52
.70

3.50
3.50

U. 59 (1/8/60)
2.66(1^/29)
2.17 (V27)
2.97(7/33)
2.65(6/8)
3.55(11/13)
2.88(3/15)
3.56(3/6)
3.45(5/1)

.21
.06

.71
.48

3.50
3.50
3.50
3.50
3.50

3.47
3.47
3.47
3.49
3.47 '

3.58
3.57
3.57
3.58
3.53

4.06
4.05
4.04
4.04
4.02

.11
.10
.10
.09
.06

.59
.58
.57
.55
.55

3.00

3.00

3.00
3.00
3.50

3.00

3.86(8/11)

l a

.12

.21*

.02

.01*

.1*2

Weekly rate eh own i s that i n e f f e c t a t eni of period a t the Federal He serve Bank of Hew York.
Market y i e l d ) weekly averages computed from daily closing bid p r i c e s . Series of 3-5 year issues
consists of selected notes and bonds*
Note.—Highs and lows are f o r individual series and nay be on d i f f e r e n t dates f o r d i f f e r e n t series*
Tor spreads, high refers to widest, and low t o narrowest.




EXHIBIT p ^ P o t l \_ ' SHORTBANKS

AND
AND

I N T E R M E D I A T E - TERM INTEREST RATES^
OTHER

PRIVATE

BORROWERS

FIHANtt tOMrAMY PAM» I

'

Exhibit D - Part I I
Stock exchange
c a l l loan l /

Prime
rate l /

F i n a n c e companypaper 2 /

Federal
funds 3/

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

(per cent)

5.5e
4.50
4.50
4.50
4.50
4.50
4.5o

1959-60High
1961 - High
Lew
1962 - High
Low
1963 - High
Low
1964 - High
Low

4.50
4.50

May
June
June
June
June

4.50
4.50
4.50
4.50
4.50

29
5
12
19
26 &/

4 . 0 0 (5/13/60)
2 . 9 0 (11/37)

1.02

3 . 0 0 (12/28)
1 . 3 0 (1/26)
3 . 5 0 (12/27)
2 . 4 5 (7/26)
3.50(6/26)
3,20(3/6)

.45
.19
.39

4.50
4,50

$.13(1/23/60)
3.00(12/30)
2.50(8/%)
3.25(7/21)
2.88(6/1)
3.88(12/27)
3.13(5/31)
3.93(4/3)
3.75(5/22)

4.50
4.50
4.50
4.50
4.50

3.80
3.88
3.88
3.88
3.88

3.50
3.50
3.50
3.50
3.50

.33
.41
.41
.39
.41

5.00

4.50
4.50
4.5o

-i:8

4.5o

.1*3 (V27)

•56

.11

.12
.41

• 22

3/ Weekly rata shown la that In e f f e c t a t end of perlqd. Stock Btchange c a l l loan rate i s going rate
on o a l l lpana secured by oust oners' stook exchange c o l l a t e r a l at New York City banks. Prime rate
i s that charged by large hanks on short-term loans t o business borrowers of the highest c r e d i t
Z j Average of daily r a t e s published by finance companies f o r d i r e c t l y placed paper f o r varying maturities
i n the 90-179 day range*
'
•
.
3 / Weekly average of daily e f f e c t i v e r a t e , which i s the rate f o r the heaviest volte* of purchase ant
sale FRASER
transactions as reported t o the f e d e r a l Reserve Bank of Hew York.
Digitized
for
Hotel—flighs and lows are f o r individual series and nay be on d i f f e r e n t dates f o r d i f f e r e n t . s e r i e s .
For spreads, high r e f e r s t o widest, and low to narrowest*
http://fraser.stlouisfed.org/

Federal Reserve Bank of St. Louis

STOCK

MARKET

/ ^ S I O C K MAKKH CREDIT

—

I"!

va^vz^AZJ
1

1

!

u

1 l 1 1 LI 1 i l j j - l . 1 . 1

i i i i i i i I i i i 1 11 i i i i i.-Li-i
Exhibit E - Part II

Stock p r i c e
index 1 /

Trading
Common
volume 3 /
stock
(millions
yields 2/
( p e r c e n t ) of s h a r e s )

S t o c k ma]r k e t c u s t o m s : c r e d i t
Customers1
Bank
debit balTotal
loans to
"others" 5/
ances h /
(In m i l l i o n s of d o l l a r s )

1961-62 - High
Low
1 9 6 3 - High
1961; - H i g h
Low
April
May
J u n e 12
June
19
J u n e 26 £ /

72.0li(12/8/6l|
52.68(6/22/62)
7h.bh(12/27)
81.46(6/26)
75.50(1/3)

2.80
3.96
3.01
3.00
3.10

10.1
2.k
6.5
6.1
4.0

79.94
80.72
79.60
80.89
81.46

3.00
3.01
3.07
3.03
3.01

5.6
5.0
4.0
4. 6
4.6

5 , 6 0 2 ( 1 2 / 6 1 ) It, 259(12/61)
U,li2U(l/6l) 3,253(1/61)
7,298(11/63)5,586(11/63)
7,314(4)
5,524(1)
7,120(2)
5,366(3)
7,314
7,277

5,510
5,439

1,U18( 5/9/62)
1,161(3/8/61)
1,738(12/25)
1,852(6/17)
1,720(1/22)
1,804
1,838
1.851
1.852

1 / Standard and Poor*s composite index of 500 comon 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 averages of d a i l y f i g u r e s r a t h e r t h a n of F r i d a y ' s o n l y . Highs and lows a r e f o r
Friday's data only.
2 / Standard and P o o r ' I composite s t o c k y i e l d based on Wednesday d a t a converted t o weekly^ o3asing
p r i c e s by F e d e r a l Reserve. Yields shown are f o r d a t e s on T&ioh prf.ce index reached i t s h i g h
3/
4/

Averages of d a i l y t r a d i n g volume on t h e New York Stock Exchange.
End of month f i g u r e s f o r number firms of t h e New York Stock Exchange which c a r r y margin a c c o u n t s ;
excludes balances secured by U. S. Government o b l i g a t i o n s .
, -

2/

o t h e r s . For f u r t h e r d e t a i l see B u l l e t i n *


s s r t X s z * W o ' W i S M

FEDERAL N A T I O N A L M O R T G A G E
SECONDARY

MuKihlr

MARKET

ASSOCIATION-^

OPERATIONS

Millions of do

Exhibit F - Part

Date

II

E s t i m a t e d o f f e r i n g s 1t o FNMA
Standby
Immediate
purchase
commitment

Total

Purchases
by
FNMA

by
FNMA

( I n m i l l i o n s of d o l l a r s )
1 9 6 3 - May
July
Aug.
Sept.
Oct.
Nov.
Dec.
1964 - J a n .
Feb.
Mar.
Apr.
May

21.9
21.2
15.8
18.8
20.1
18.5
12.0
14.1
15.6
15.1
20.1
28.5
28.9

21.8
20.7
15.7
18.3
19.8
18.4
11.8
14.0
15.5
15.0
19.9
28.5
28.9

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

c/

19.9
20.7
14.9
16.9
15.3
16.3
7.7
10.9
11.1
13.0
16.8
26.4
25.8

169.4
61.3
35.7
8.5
1.6
2.2
.6
15.8
8.8
2.3
3.8
12.7
10.9

•—Less than $50,000.
l / Data r e p r e s e n t unpaid p r i n c i p a l b a l a n c e s of t h e mortgages i n v o l v e d , e x c l u s i v e of
premiums, d i s c o u n t s , o r o t h e r c h a r g e s . O f f e r i n g s a r e amounts of a p p l i c a t i o n s r e c e i v e d
d u r i n g t h e p e r i o d f r o m s e l l e r s proposing t h a t FNMA execute purchasing c o n t r a c t s . An
imnediate purchase contract covers e x i s t i n g mortgages which t h e s e l l e r must d e l i v e r t o
FNMA w i t h i n 4 5 d a y s . A standby o omnitoent c o n t r a c t r e l a t e s t o proposed mortgages on
housing not y e t under c o n s t r u c t i o n which the s e l l e r o u s t u s u a l l y d e l i v e r w i t h i n one
y e a r . P u r c h a s e s i n c l u d e t h o e e u n d e r b o t h immediate purchases and standby ccoraitmant
c o n t r a c t s . Data exclude FNMA. a c t i v i t y u n d e r S p e c i a l A s s i s t a n c e and Management and
L i q u i d a t i n g Programs.




H

EXHIBIT G. F o i l I
YIELDS O N

NEW

AND

SEASONED

CORPORATE BONDS

kULJ._l_J_l.l-.
Exhibit 0 - Part II
Yields on New Corporate Bond leaves Adjusted to an Aaa baala

Number Am't of Issues Average

Number Am r t of Issues Average
yield
Included (oil.
of
Issues of dollars) (per cent)
Weekly averages;
1964 - Mar.

Apr.
-

6
13
20
27
3

60.0
35.0

4.45
4.44

19

55.0

26

2

80. 0

4.43
4.41

June 5
81.0

4.39

85.0

4.46

13.0
8.0
50.0
89.0
95.0
36.0

4.48
4.45
4.53
4.45
4.43
4.45

yield
included (mil.
(per cent)
of dollars)

2
2
2

1,2

10

17
24
May

of

issues

1

8
15
22
29

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 o l y o f f e r e d oorporate bond# r a t e d Aaa. 4a and
A by Moody's I n v e s t o r s Service (except s e r i a l and convertible i s s u e s , o f f e r i n g s of n a t u r a l gas pipeline,
and f o r e i g n companies, and bonds guaranteed by the Federal GoTsranent) weighted by A e e of o f f e r i n g .
Before averaging, new o f f e r i n g s a r e adjusted to a composite Aaa basis by deducting from t h e a o t u a l
roof f a r i n g y i e l d the excess of t h e weekly average y i e l d f o r seasoned tends of the 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 t h e oonmoslte average f o r seasoned Aaawated bonds (Moody's). Averages considered
u n r e p r e s e n t a t i v e became of s p e c i a l c h a r a c t e r i s t i c s of tte o f f e r i n g s included a r e denoted by an a s t e r i s k ^




Exhibit H
L o n g - t e r m C o r p o r a t e and £ t a t e and L o c a l Government
S e c u r i t y O f f e r i n g s and P l a c e m e n t s
( I n m i l l i o n s of d o l l a r s )
New C a p i t a l
1964
January
February
March
April
May
June

C o r p o r a t e 1/
1963

1

1st half
Three q u a r t e r s
Year

I

S t a t e and L o c a l 2 /
1
1962
1963
876
1,133
628

613
594
1,144

549
860
819

£ / • 944
R/ 772
789
£ /

732
746
976

.2^2,111
e/
950
e/1,400

930
904
1,013

1,153
771
1,132

e/1,100
e/
600
800

869
866
930

676
637
795

573
773
557

680
708
449

612
544
427

1,013
819
1,415

819
678
1,064

1,051
729
416

650
578
550

2/2,369
e/4,461

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

2,228
3,0561,902
2,561

R/2,505
e/2,500

2,454
2,665
1,837
2,197

2,637
2,571
l,5i28
1,779

e/6,830

5,198
7,307
10,553

5,284
7,186
9,747

e/5,005

5,118
6,955
9,151

5,208
6,790
8,568

October
November
December
quarter
quarter
quarter
quarter

1964

930
685
754

£/
£/
£/

July
August
September

1st
2nd
3rd
4th

1962 .

-

873
912
786

E x c l u d i n g f i n a n c e companies—^
1st
2nd
3rd
4th
Year
e/
r/
1/
2/
3/

quarter
quarter
quarter
quarter

E/1,996
e/4,OH

2,284
2,529
1,768
2,854

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

9,434

9,236

E s t i m a t e d by F e d e r a l R e s e r v e .
Preliminary.
S e c u r i t i e s and Exchange Commission e s t i m a t e s of n e t p r o c e e d s .
I n v e s t m e n t B a n k e r s A s s o c i a t i o n of America e s t i m a t e s of p r i n c i p a l a m o u n t s .
T o t a l new c a p i t a l i s s u e s e x c l u d i n g o f f e r i n g s of s a l e s and consumer f i n a n c e c o m p a n i e s .




11. 14

w

12xlii|>ir'I'
New Corporate Security Issues, Type of Issue and Issuer
(In millions of d o l l a r s )
Gross proceeds for new
c a p i t a l and refunding 1/
Common Memo:
Foreign
Mfg.
Privately pfd. i s s u e s
Publicly
stock included
offered
offered

• Jan.
Feb.
Mar.
April £./
Hay e /

Net proceeds tor
new cap it»nl 1/ 2/
Public Communi Other v
u t i l i t y cations i s s u e r s

1,139
1,424

654
845

69
62

935
792

595
836

104
147

893
1,263

716
1,024
1,568

507
639
307
300

68
257
56
179

655
996
601
769

430
983
375
568

456
231
275
321

717
794
659
986

1,108
1,389
898
1,319

1,306
1,820
1,251
1,780

287
424
287
367

128
434
109
47

947.
591
806
968

326
794
285
530

236
221
150
118

842
1,241
868
1,629

2,499

978

1,221

300

29

418

418

273

I,*40

630
922
632
976
784
1,197

200
477
176
539
286
264

366
363
295
314
446

67
82
161
123
52
125

13
43
46
34
99

217
218
166
153
271
345

118
110
148
141
175
252

120
67
260
4
57

159
301
199
282
253
451

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

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

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

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

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

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

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

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

238
191
412
369
373
499
187
240
441
531

985
710
805
2,175
970

338
279
361
383
470

526

121
88
81
1,363
120

5
16
8

!S!
1.46

109

157
83
36
1,369
10

515
324
400

2,566
3,236

772
967

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

1,155
1,389
853
1,089

700
634
436
466

1,222

342
333
429
380

r 32

157

150

cce.fc of f l o t a t i o n . 2/For t o t a l see ExiUbit u; ocner issuer* ate m i
•transportation, real
renl e s t a t e and
mid finance and commercial and other.
Digitized
forCommission.
FRASER
Exchange



s i
150

420

1

435

370

S o u r c e . - - S e c u r i t i e s and

\ t

H. 14
^

Exhibit J

Other S e c u r i t y O f f e r i n g s
( I n m i l l i o n s of d o l l a r s )

1964
January
February
April
May .

jeZ
e/

4
82
69
2i
65

July
August
September
October
November
December
J a n . - May

e / 247

Year

Gross l o n g - t e r m 1/
F o r e i g n government 21
F e d e r a l agency 3/
1QM
|
1963
|
|
196?
I 964. y'
1 962
232
133
76
57
114
11
63
83

2

142
10
35
10
86
50
25
8
3,1
151
88
101

612

283

771

737

-

e T "

July
August
September
October
November
December
Jan.
Year

- May

n.a.

75
272
-367
589
-30
-10
62
208
-173
259
146
-339

246
156

186

461

459
150
175
174
200
--

e/ ~

Net s h o r : - t e r m 4/
S t a t e and l o c a l government 5 /
January
103
February _ /
236
March
-407
April
PL/ 427
May

148

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

12
-459
198
E/ 97
E/167

539

341

15

692

378

334

863

1,167

1,188

F e d e r a l aeencv 3/
-106
-189
-482
292
195
319
414
327
258
123
-102
551

/-

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

-290

35

1.600

1,004

4

/
t

h

i
Si\

„.£rom t h o s e i n E x h i b i t H i n t h a t r e f u n d i n g 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 a r e i n c l u d e d *
Long-term s e c u r i t i e s a r e d e f i n e d as t h o s e m a t u r i n g i n more t h a n one y e a r . ^ / 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 t h e United S t a t e 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 s u b d i v i s i o n s V
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 Commission. ^ / I s s u e s n o t "h
g u a r a n t e e d by t h e U. S. Government. S o u r c e : l o n g - t e r m , S e c u r i t i e s and Exchange Commission;
s h o r t - t e r m , T r e a s u r y Department and F e d e r a l R e s e r v e . 4/These d a t a d i f f e r from t h o s e i n
^
E x h i b i t H and above i n t h a t 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 t h e v>
p r o c e e d s of r e f u n d i n g i s s u e s or from o t h e r f u n d s . 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 y e a r or l e s s . 5 / P r i n c i p a l l y t a x and bond a n t i c i p a t i o n n o t e s , w a r r a n t s or
Digitized
c e r t i ffor
i c aFRASER
t e s and P u b l i c Housing A u t h o r i t y n o t e s . In some i n s t a n c e s PHA n o t e s i n c l u d e d may
have a somewhat l o n g e r m a t u r i t y than one y e a r . Source: Bond Buyer and F e d e r a l R e s e r v e .
http://fraser.stlouisfed.org/

Federal Reserve Bank of St. Louis

Exhibit K
Large Long-term P u b l i c S e c u r i t y I s s u e s f o r New Capita 1
(Other t h a n U. S. T r e a s u r y ) ; 1/
Proceeds of Large I s s u e s O f f e r e d
( I n m i l l i o n s of d o l l a r s )

Total
1963 - May
July
August
September
October
November
December
1964 - J a n u a r y
February
March
April
May

Coroo r a t e
Bonds
Convertible
(Other than
convertibles)
bonds

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

149
348
180
218
215
280
117
515
225
200
296
235
415

Stocks

State
and
local
governments
389
372
279
329
135
734
373
111
577
358
282
698
274

19
18
22
66
63
32
22
28
38
1,271
37

60
35
51

Other

V

43
460
60
20
174
200 x
——
- -

50
20
15

Lcrge I n d i v i d u a l I s s u e s O f f e r e d J u n e 1 t h r o u g h 26

Type 3/

Coupon
Amount
Offer(millions
Maturity net i n t e r - ing
of
dollars)
vield

Rating

Corporate
Communications S a t e l l i t e Corp.
Long I s l a n d L i g h t i n g Co.
G e n e r a l Telephone Co. of C a l i f .
Michigan W i s c o n s i n P i p e Line C:
General Motors Acceptance Corp.
L o u i s i a n a Pwr. & L t . Co.
C o n s o l i d a t e d E d i s o n Co.
P u b l i c S e r v i c e Co. of Colo.
L a c l e d e Gas Co.
Deere & Co.
C a r o l i n a Pwr. / L t . Co.

Com. s t k .
1 s t mtg. b d s .
1 s t mtg. b d s .
1 s t mtg. b d s .
Deb.
1 s t mtg. b d s .
Pfd. stk.
1 s t mtg. b d s .
1 s t mtg. b d s .
Deb.
1 s t mtg. b d s .

200,0
25.0
35.0
20.0
150.0
25.0
60.0
35.0
20.0
50.0
30.0

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

37.4
35.0
10.0
25.0

1994
1994
1984
1986
1994

4-5/8
4-1/2
4-7/8
4-5/8
4-5/8

4.53
4.56
4.73
4.64
4.58

A

1994
1984
1989
1994

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

4.48
4.57
4.50
4.44

Aa
A
A
Aa

2. 4 0 - 2 . 9 5
3.50
2. 1 0 - 3 . 1 5
2. 1 5 - 3 . 3 5

Aaa
A
Aa
Aa

Aa
A
Baa
--

S t a t e and Local Government
S t a t e of Maryland
New York P o r t Auth.
D a l l a s I n d . Sch. D i s t . , Tex.
Los Angeles Un. Sch. D i s t . , C a l .




1967-79
1995
, 1965-84
1965-89

2.93
3.54
3.04
3.22

Issuer

Type

Amount
(millions Maturity
of
dollars)

Coupon
r a t e or
O f f e r - Ratin fc
n e t i n t e r - ing
yield
est cost

S t a t e and Local Government
N o r f o l k , Va.
Minnesota S t a t e C o l l e g e Bd.
Orange Co. Spec. Tax Sch. D i s t # 1 , F l a .
Penna S t a t e Highway & B r i d g e Auth.
P u b l i c Housing Auth.
New York C i t y , N. Y.
T a r r a n t C o . , Texas
Milwaukee C o . , Wise.
Jacksonville, Fla.
Omaha Met. U t i l . D i s t . , Neb.

12.0
10.0
25.0
25.0
-119.8
Rev. - R e n t . 13.9
12.0
G.O.
G.O.
17.2
25.0
Rev. - U t .
Rev. - U t .
17.0
G.O.
Rev. - R e n t .
Rev. - - S . T .
Rev. - Q . - U t .,

1965-89
1968-2003
1966-84
1964-83
1965-2004
1965-2013
1965-84
1965-84
1965-78
1969

3.14 2.15-3.
3.89 2.80-3.
3.26 2.40-3.
3.06 2.00-3.
3.34 2.10-3.
3.67 2.20-3.
3.11 . 2.15-3.
3.04 2.10-3.
3.05 2.15-3.
2.90
1/

1966

4-1/4

4/
25
Aa
855/
Aa
Aa
45
Aa
A
Aa
10
Aaa
Aa
10
Aa

&

Other
F e d e r a l Home Loan Banks

i *
1/
J
2/
3/

4/
5/
6/
7/

-Rights o f f e r i n g , n.a.--Not available.
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 government 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 .
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 d by F e d e r a l a g e n c i e s .
I n t h e c a s e of S t a t e and l o c a l government s e c u r i t i e s , G.0. 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 . , revenue 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 revenue 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 . , revenue bonds s e c u r e d s o l e l y
by l e a s e payments.
Bonds m a t u r i n g 1988-89 not p u b l i c l y r e o f f e r e d .
Bonds m a t u r i n g 1981-83 not p u b l i c l y r e o f f e r e d .
1/10 p e r c c n t bonds m a t u r i n g 1984 r e o f f e r e d t o y i e l d 4 . 1 0 p e r c e n t .
E n t i r e i s s u e ti. t p u b l i c l y r e o f f e r e d .




H. 14
Exhibit L
Forthcoming Large Long-term P u b l i c S e c u r i t y O f f e r i n g s f o r New C a p i t a l
(Other t h a n U. S. T r e a s u r y ) 1/
Expected P r o c e e d s from Forthcoming Large I s s u e s
( I n m i l l i o n s of d o l l a r s )
During "month f o l l o w i n g
d a t e shown
2/
S t a t e and
local govt.
Other
Corporate

i

i

i 1963 -

May
June
July
s
Aug.
!
Sept.
Oct.
?
Nov.
|
Dec.
1 1964 - J a n .
1
Feb.
\
Mar.
;j
Apr.
|
May

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

233
170
221
158
240
145
392
305
155
224
1,587
651
600

460
75
20

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

25
15

Subsequent t o
d a t e shown
S t a t e and
l o c a l govt.
Corporate
288
215
267
183
240
145
1,992
1,905
1,771
1,649
1,837
844
668

-

Other

582
287
512
468
757
401
349
731
667
646
953
575
598

460
75
20

25
15

Forthcoming Large O f f e r i n g s as of J u n e 26

,

Issuer

Amount
(millions
of
dollars)

Type

Approximate d a t e
of o f f e r i n g

Corporate
P a c i f i c Gas. & E l e c . Co.
B a l t i m o r e Gas & E l e c . Co.
Milwaukee Gas L i g h t Co.
^ N o r t h e r n 111. Gas. Co.
Nationwide Corp.
* J . C. Penny C r e d i t Corp.
^ N o r t h e r n S t a t e Pwr. Corp.

Com. s t k .
1 s t mtg.
1 s t mtg.
1 s t mtg.
Com. s t k .
Deb.
1 s t mtg.

bds.
bds.
bds.
bds.

64.1
30.0
18.0
20.0
35.0
50.0
15.0

July
July
July
July
July
July
July

7 (rts. ex.)
8
22
30

10.0
13.6
14.0
10.0
32.5
45.0
36.0

July
July
July
July
July
July
July

8
8
14
14 v . /
15
15
15

S t a t e and Local Government
Alabama Highway Auth.
S t a t e of Oregon
Memphis, Tenn.
Houston I n d . Sch. D i s t . , Tex.
Met. Denver Sewage D i s t . , # 1 , Colo.
S e a t t l e , Wash.
Merced I r r . D i s t . , C a l .




Rev.-Q.-Ut.
GO.
G.O.
G.O.
Rev. - U t .
Rev.-Ut.
Rev. -Q. - U t .

I/

•

•

.

v

°

L-2
F o r t h Coming Large O f f e r i n g s as of June 26 (Cont'd)

Issuer

Type

Amount
(millions
of
dollars)

Approximate d a t e of
offering

S t a t e and Local Government (cont'd)
*San J u a n , P u e r t o Rico
A t l a n t a F u l t o n Co. Rec. A uth, Ga.
F l o r i d a Dev. Comm.
Va. S t a t e Highway Auth.
Mass. T u r n p i k e Auth.
San F r a n c i s c o , C a l i f .
P i t t s b u r g h , Pa.
Dade County, F l a .
F o r t h Worth, Tex.

G.O.
Rev.-Q.-Ut.
Rev.-Q.-Ut.
Rev. -Q. - U t .
Rev.-Q.-Ut.
G.O.
G.O.
G.O.
G.O.

15.0
18.0
12.7
31.0
35.0
15.8
35.0
46.0
14.1

J u l y 18
J u l y 18
J u l y 20
July
July
Aug. 10
Indefinite
Indefinite
Indefinite

Other
1
- I n c l u d e d i n Table f o r f i r s t t i m 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 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 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 f o r F e d e r a l a g e n c i e s .
N o t e : - - D e l e t i o n s f o r r e a s o n s o t h e r t h a n s a l e of i s s u e : None.




n
H. 14
Exhibit *

..

Foreign Goverdment and Corporate Security Offerings
and Placements in the United States
P#rt I:

1'

Sale
Date

Public Offerings

Amount,
(millions of
dollar*)

Issuer and Description of Issue
A.

Sold April 1 through June 26

4/1

25.0

United Mexican States--6-l/2% sinking
fund debentures, maturing 1979
offered to yield 6.75%

5/7

15.0

Republic of Finland--6% bonds, maturing
1976, offered to y i e l d 6.24%




B.
None

Prospective Offerings

U. 14
M-2
Part I I :

P r i v a t e P l a c e m e n t - - R e p o r t e d A p r i l 1 through J u n e 26

Date
reported

Amount
(millions
of
dollars)

4/1

12.5

5/8

4.0

5/8

10.0

P a c i f i c G r e a t E a s t e r n R a i l r o a d Co.—
4-1/2% s i n k i n g fund d e b e n t u r e s ,
m a t u r i n g 1994—no i n f o r m a t i o n a v a i l a b l e
on takedown.

5/18

21.0

Upper Lakes S h i p p i n g Ltd.—6% i n s t a l l m e n t
n o t e s , m a t u r i n g 1966-79—no i n f o r m a t i o n
a v a i l a b l e on takedown.

6/2

50.0

Q u e b e c - H y d r o - E l e c t r i c Power A u t h o r i t y - 4-1/2% d e b e n t u r e , m a t u r i n g 1984--no
i n f o r m a t i o n a v a i l a b l e on takedown.
a

*6/23

25.0

C i t y of Montreal—4-7/8% d e b e n t u r e s ,
m a t u r i n g 1966--no i n f o r m a t i o n a v a i l -

I s s u e r and D e s c r i p t i o n of I s s u e

C. I t o h & Co. L t d - - 6 - l / 2 % c o n v e r t i b l e
u n s e c u r e d d e b e n t u r e s , m a t u r i n g 1984—
no i n f o r m a t i o n a v a i l a b l e on takedown.
I s r a e l D i s c o u n t Bank L t d . — 5 - 1 / 2 % c a p i t a l
n o t e s , m a t u r i n g 1979—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 d a t a on a g g r e g a t e 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 t h e 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 s i m p l e r e l a t i o n s h i p
between t h e d a t a shown i n t h i s 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 b e c a u s e
t h e l a t t e r i n c l u d e s p r i v a t e l y p l a c e d s e c u r i t i e s i n t h e p e r i o d i n which f u n d s a r e
a c t u a l l y takendown b u t only i n t h e amount of takedown, w h i l e t h e p l a c e m e n t s shown
i n t h i s e x h i b i t a r e 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 o r no i n f o r m a t i o n
c o n c e r n i n g t i m i n g of takedowns. F u l l o r p a r t i a l takedowns may t a k e p l a c e b o t h p r i o r
and s u b s e q u e n t t o t h e d a t a a placement i s r e p o r t e d .
* - - I n c l u d e d in t a b l e f o r T i r s t time.