Full text of H.16 Capital Market Developments : June 29, 1959

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June 29, 1959.
'
CAPITAL MARKET DEVELOPMENTS

'

.

During t h e week ending June 26, corporations sold l a r g e public
s e c u r i t y i s s u e s ( i n c l u d i n g e x p i r a t i o n of s u b s c r i p t i o n r i g h t s ) t o t a l i n g
Y
$105 miHion. i S t a t e and l o c a l ^goVemmeritsrsold i s s u e s amounting t o
$58 m i l l i o n and one Canadian municipal i s s u e f o r $1+0 m i l l i o n was s o l d .
No b i d s were received on a $12 m i l l i o n S t a t e and l o c a l government i s s u e
because of a h p e r cent i n t e r e s t r a t e l i m i t a t i o n . This week only one
$L7 m i l l i o n corporate i s s u e i s expected, but l a r g e S t a t e and l o c a l
government o f f e r i n g s t o t a l i n g $280 m i l l i o n are scheduled, including a
$195 m i l l i o n Grant County, Washington, Public U t i l i t y D i s t r i c t i s s u e .
A Canadian Municipal bond i s s u e f o r $20 m i l l i o n i s a l s o expected.
Bond y i e l d s - Yields on a l l types of bonds (except Baa c o r porate) r o s e l a s t week. The i n c r e a s e was s l i g h t f o r Aaa-rated corporate
and U. S. Government bonds, but sharp f o r S t a t e and l o c a l government
bonds. Aaa-rated municipal bondcyieldfi; i n c r e a s e d :6 b a s i s p o i n t s • t o 3.45
p e r cent, a l e v e l equal t o the postwar peak e s t a b l i s h e d i n August 1957.
FNMA secondary market operations - Secondary market operat i o n s of t h e f e d e r a l National Mortgage Association in May r e f l e c t e d
some f u r t h e r p r e s s u r e i n the mortgage market. Although FNMA purchases
declined s l i g h t l y from t h e h i g h e s t l e v e l i n more than a y e a r , o f f e r ings i n c r e a s e d f u r t h e r to the l a r g e s t t o t a l i n 19 months. Sales picked
up somewhat but remained r e l a t i v e l y i n s i g n i f i c a n t . • .
INMA secondary market purchases during the f i r s t f i v e months
of 1959 t o t a l e d more than $175 m i l l i o n . As i n past p e r i o d s , most mortgages have been bought under immediate purchase c o n t r a c t s and few under
standby commitment c o n t r a c t s . Through May l e s s than 1 p e r cent of
t o t a l purchases were f o r standbys.
"
This i s i n l i n e with FNMA's s t a t u t o r y d i r e c t i v e to i s s u e advance (or standby) commitments "only a t p r i c e s which a r e s u f f i c i e n t
t o f a c i l i t a t e advance planning of home c o n s t r u c t i o n , but which a r e
s u f f i c i e n t l y below the p r i c e then o f f e r e d by the Association f o r immediate purchase t o prevent excessive s a l e s t o the Association p u r suant t o such commitments." According t o FNMA, "the o b j e c t i v e of
t h e standby procedure i s t o enable s e l l e r s , through the use of FNMA's
commitments, t o obtain c o n s t r u c t i o n funds with the expectation t h a t
t h e mortgages w i l l be sold t o p r i v a t e i n v e s t o r s i n t h e general secondary mortgage market when construction i s completed and t h e mortgages
a r e reader f o r d e l i v e r y . The s e l l e r may e l e c t t o s e l l the mortgages t o
purchasers o t h e r than FNMA, b u t during t h e term of t h e commitment
c o n t r a c t the Association i s prepared t o purchase t h e mortgages a t . t h e
c o n t r a c t p r i c e ; t h a t i s , i t occupies 4 1 standbyK,position under which
i t w i l l purchase t h e mortgages i f the s e l l e r e l e c t s not t o dispose of
them elsewhere."
"




H.U
Through May, t o t a l FNMA. p u r c h a s e s of mortgages under a l l i t s
programs amounted t o n e a r l y $Qh9 m i l l i o n . Secondary market p u r c h a s e s
accounted f o r a b o u t o n e - f i f t h of t h i s amount. More t h a n $673 m i l l i o n
of mortgages were p u r c h a s e s under FNMA's s p e c i a l a s s i s t a n c e f u n c t i o n s
c a r r i e d out under P r e s i d e n t i a l a u t h o r i z a t i o n or Congressional d i r e c t i o n
t o p r o v i d e s p e c i a l a s s i s t a n c e f o r f i n a n c i n g s e l e c t e d t y p e s of home
mortgages o r i g i n a t e d under d e s i g n a t e d housing programs, such a s housing f o r t h e e l d e r l y , d i s a s t e r , urban r e n e w a l , l o w - c o s t , c o o p e r a t i v e ,
and aimed s e r v i c e s housing.
Stock p r i c e s - Common s t o c k p r i c e s r o s e l a s t week, t h e f i r s t
i n c r e a s e s i n c e l a t e May. Standard and P o o r ' s index of 5>00 s t o c k s c l o s e d
Friday a t 5 7 . 9 8 , 0 . 8 5 h i g h e r than a week e a r l i e r . Trading volume i n c r e a s e d moderately from t h e very low volume of t h e p r e c e d i n g week, bub,
averaging 3 . 0 m i l l i o n s h a r e s a day, was s t i l l w e l l below t r a d i n g a c t i v ity earlier t h i s year.
More d e t a i l e d i n f o r m a t i o n concerning r e c e n t c a p i t a l market
developments i s p r e s e n t e d i n t h e a t t a c h e d e x h i b i t s .

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.




HIGH-GRADE

LOWER-GRADE

BOND

BOND

YIELDS

YIELDS




\ r-J

H;
H.li*

Exhibit b
Tables f o r Exhibit A
High-grade Bond Yields
Date

Corporate
Aaa 1 /

U. S. Govt,
long-term 2/

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

S t a t e and
l o c a l govt.
Aaa y

(Per cent)
195U - Low
1957 - High
1958 - High
Low
1959 - High
Low

2.85 (U/23)
Ji.lU (9/27)
it. 13 (10/10)
3,55 (5/2)
It. J*7 (6/26)
1.09 (1/9)

2.145(8/6)
3.76 (10/18)
3.81 (12/26)
3.07 (it/25)
i i . l l (5/22)
3.83 (1/2)

1.90
3.it5
3.31
2.61*
3.1t5
3.06

May 29
June 5
June 12
June 19
June 26 2 /

It. 1*2
k.hh
h.k7
k.k6
h.kl

it.08
It. 10
h.09
it. 09
it.10

3.31
3.31
3.32
3.39
3.15

(9/2)
(8/29)
(9/11)
(5/1)
(6/25)
(3/26)

.30
.60
.51
.22
.38
.16

.30
M
.72
.3k
.92
.65

.31
.3lt
.38
.37
.37

.77
.79
.77
.70
.65

Lower-grade Bond Yields
Corporate
Baa 1 /

S t a t e and
l o c a l govt.
Baa y

1951 - Low
1957 - High
1958 - High
Low
1959 - High
Low

3.Wt (12/31)
5.10 (11/29)
lt.96 (1/3)
it. 51 (7/11)
5.OU (6/26)
it.83 (it/17)

2.93(8/5)
it. 51 (8/29)
it. 3it (9/11)
3.6b (5/1)
it. 38 (6/25)
3.92 (3/26)

May 29
June 5
June 12
June 19
June 26 2 /

5.01
5.03
5.03
5. Oil
5.oit

it. 20
it. 20
it. 23
it. 29
it. 38

Date

Spread between
Aaa and Baa
S t a t e and
Corporate
l o c a l govt.

(Per cent)
.52
1.27
1.20
.77
.77
.56

.96
1.21
1.11
.93
.98
.86

.59
.59
.56
.58
.57

.89
.89
.91
.90
•93

2 / Preliminary.
1 / Weekly average of d a i l y f i g u r e s . Average term of bonds included i s 25-26 y e a r s .
2 / Weekly average of daily f i g u r e s . The s e r i e s includes bonds due or c a l l a b l e in
10 years or more.
J3/ Thursday f i g u r e s . Only general obligation bondc are included; average term
i s 20 y e a r s .
Note.—highs and lows a r e f o r individual s e r i e s and may be on d i f f e r e n t dates f o r
different series.




STOCK

MARKET

1956
FEDERAL

1957
NATIONAL

SECONDARY

MARKET

MORTGAGE

1951

1959

ASSOCIATION

OPERATIONS

l\
OFFERINGS

11 }]
J

J
/

V




\ \\

PURCHASES
|

M/

V"

Exhibit D - Tables f o r Exhibit C
Stock .Market
Stock p r i c e
index 1 /

1959 - High
Low

1953-1958 - High
Low

5U.11
22.95
58.68
5it.37

April
May
June 12
June 19
June 26 g/

57.10
57.96
57.29
57.13
57.98

Trading
Common
stock
volume 2 /
y i e l d s 2 / (millions
(per cent) of shares)

(12/21/58)
(9A8/53)
(5/29)
(2/6)

Stock market customer c r e d i t
Customers'
Bank
debit b a l - loans t o ances It/ "others" $ /
(Mill Lions of d o l l a r s )

Total

3.30
6.25
3.16
3.3b

1.9
0.9
it. 3
2.6 .

h,h92
2,055
it, 721
1,527

3,285
1,3U
3,it01
3,253

1,317
669
1,332
1,210

3.25
3.20
3.2k
3.25
3.21

3.it
3.h
3-1
2.6
3.0

4,721
k,711

3,it01
3,385

n.a.
n.a.

n.a.

1,320
1,326
1,320
1,303

n.a.--Not avail able.
e / Pvellmln-try.
1 / Standard and P o o r ' s oompo3lte index of 500 common s t o c k s , weekly c l o s i n g p r l o e e , 1941-43=10, Monthly date
are averages of d a i l y f i g u r e s r a t h e r than of M clays' only. High a and lows are f o r M d a y s ' data only.
2/ Standard and P o o r ' s composite stock y i e l d bused on Wednesday data oonvortcd to weekly d o s i n g p r l o e s by
Federal Reserve. Yields shown a r c for d a t e s on which p r i c e index reached i t s high or low.
3 / Averages of d a l l y t r a d i n g volume on the Now York Stock Exchange.
4 / Ehd of month f i g u r e s fev member firms of t h e Now York Stock Exchange which c a r r y margin accounts; excludes
balances secured by U. S. Government o b l i g a t i o n s .
5 / Hedncsday 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 carrying U. S .
Ooverreant s e c u r i t i e s a t banks i n New York ard Chicago. Weekly r e p o r t i n g banks account for about 70 per cent of
l o a n s t o o t h e r s . For f u r t h e r d e t a i l sec B u l l e t i n .

Date

Estimated
Total

Immediate
purchase

I

|

Federal National Mortgage Association Secondary Market Operations 1 /
Standby
commitment

Purchases
by
MIMA.

Sales
by
FNMA

(Millions of d o l l a r s )
1958 - Apr.
May
July
Aug.
Sept.
Oct.
Nov.
Dec.
1959 - Jan.
Feb.
Mar.
Apr.
...May.-

16.6
11.0
9.U
9.6
10.1
23.8
57.3
ho.7
39.7
37.7
itii.ii
52.it
57.8
80.6

16.0
10.7
9.1
9.1
.9.3
22.0
it9.6
39.2
35.3
33.9
itl.2 it9.8
50.1
73 Ji

.6
.3
' .3
.5
.7
1.8
7.7
1.5
it.>4
3.8
3.2
2.6
7.7
7, ?

20.9
12.7
9.7
8.4
7.0
6.0
10.8
20.0
33.2
33.7
27.6
36.5
39.6
3&.J-

75.it
108.7
171.3
15.9
15.5
7.9
.8
1.1
«9
.3
.8
*y>.o
1.0

•—Less t h a n $50,000.
\ J Dita r e p r e s e n t unpnld p r i n c i p a l balances of the mortgages Involved, exclusive of premiums,
d i s c o u n t s , o r other 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 during the period from
s e l l e r s proposing t h a t FNMA execute ourchaslnn c o n t r a c t s . An immediate purchase c o n t r a c t oovers
e x i s t i n g mortpnpeo which the s e l l e r must d e l i v e r t o FNMA w i t h i n 45 days. A standby commitment cont r a c t r e l a t e a to proponed mortgages, on housing not y e t under c o n s t r u c t i o n , whloh the s e l l e r must
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 . Purchases include those under both immediate purchase and standby
oommltmcnt c o n t r a c t s . Data exclude FNMA a c t i v i t y under Special Assistance and Management and
L i q u i d a t i n g Programs.




Exhibit E
Long-term Corporate and State and Local Government
Security Offerings and Placements
( I n millions of d o l l a r s )

1959
January
February
March
April
May
June

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

1959

S t a t e and l o c a l 2/
1 1958
1 1957

728
857
1,553

1,060
1,065
1,320

636
856
6hh

812
. 953
511

71*2
572
506

2/826
a/750
e/850

1,11*0
597
887

931
765
1,1:53

927
2/580
e/800

798
.895
551

765
51*6
393

1,107
5ii0
l,llk

1,003
92li
973

806
1*03
651

529
581*
1*31

862
518
920

1,090
789
1,076

1*56
1#
1+35

698
633
698

2,216
e/2,l426

3,139
2,623
2,760
2,300

3 ,1*1*5
3,ll*9
2,899
2,95k

2,136
S/2,307

2,276
2,216
1,860
1,365

1,820
1,701*
1,51*1*
2,029

e/l*,622

5,762
8,522
10,823

6,59k
9A93
12,1*1*7

e/h»bh3

1*,520
6,380
7,71*6

3,521*
5,069
7,099

October
November
December
quarter
quarter
quarter
quarter

New ca p i t a l
1957

8U0
7l*5
631

July
August
September

1st
2nd
3rd
Uth

Corporate .1/
1 1958 r / |

Excluding finance companies 1&/
1st
2nd
3rd
Uth

quarter
quarter
quarter
quarter

2,011
®/2,l76

Year

2,899
2,586
2,731
2,213

3,237
2,889
2,582
2,810

10/129

11,518

X

e / Estimated.
p / Preliminary.
r j Revised.
'
1 / S e c u r i t i e s and Exchange Commission estimates of net proceeds.
2/ Investment Bankers Association of America estimates of p r i n c i p a l amounts.
3/ Includes $718.3 million AT&T convertible debenture i s s u e .
h / Total new c a p i t a l i s s u e s excluding o f f e r i n g s of s a l e s and consumer finance
companies.




H.lU

Exhibit F
Other Security Offerings 1 /
( I n m i l l i o n s of d o l l a r s )
Long-term
Foreigi i government 2/
Federal agency 3/
I
1959
1 1958
1957
1959
1 1958
1 1957

Januaiy
February
March

77
59
2

197
5k

—

—

April
May
June

56

139
200.
120

123
U8
k2

523

125

9
5
17

28
7
30

16k

October
November
December

57
123
7k

k
60
1

220

Year

992

507

2,321

July
August
September

—

8k
k9
30

199
175

60

215

—

100

—

—

572

Federal agency 3/

233
k60
273

326
155
lk7

359
500
1*89

371
208
lkk

638
k30
505

357
35k
26k

205
337
153

486
675

209
161
329

336
1*69
501

July
August
September

289
123
369

272
272
252

k37
206
330

October
November
December

231
1£5
243

303
9k
k59

k5k
ill*
137

1,238
255
116

3,910

3,27k

3,098

5,5k3

April
May
June

. 190

#8'
,2#
£/k97

Year

'

72

—

Short-t ;erm
S t a t e and l o c a l government h/
January
FebruaryMarch

1,163
251

•

22k
370
512

£/ P r e l i m i n a z y . '
1 / Data presented i n t h i s exhibit d i f f e r from those i n Exhibit E i n t h a t r e f u n d ing 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 included. Long-term s e c u r i t i e s are def i n e d a s those maturing i n more than one y e a r .
2 / Includes s e c u r i t i e s o f f e r e d i n the United S t a t e s by f o r e i g n governments and
t h e i r subdivisions and by 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.
y Issues n o t guaranteed by the U. S. Government. Source: long-term, S e c u r i t i e s
and Exchange Commission; short-term, Federal Reserve.
kf 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 , warrants or c e r t i f i c a t e s and Public
Housing
Authority n o t e s . In some i n s t a n c e s PtiA n o t e s included may have a somewhat

l o n g e r t e r n than one y e a r . Source: Bond Buyer.



J

li.llt •

'

inhibit 0
Large Long-tern Public Security Issues f o r New Capital
(Other than U. S. Treasury) 1 /
Proceeds of Large Issues Offered
(Millions of d o l l a r s )
Corporate

Month

1958 - May

S t a t e and
l o c a l government

356
281
771
209
825
259
227
305
369
3U0
215
#9
312

July
August
September
October
November
December
1959 - January
February
March
April
May

505
195
275
109
288
172
259
229
335
551
369
563
258

Other 2/

164
86
U.
18
209
100
79
17k
35
176
20
50

Large Individual Issues Offered June 1 through 26
Issuer

Type 3/

Amount
Coupon
Offering
(millions Maturity r a t e or
of
net i n t e r - y i e l d
dollars)
est cost

Rating

'CORPORATE
Pub. Service Elec. & Gas
Florida Power Corp.
Florida Power & Light Co.
Duke Power Co.
Consolidated Nab. Gas Co.
Virginia Elec. & Pwr. Co.
Spiegel, Inc.
Philadelphia E l e c t r i c Co.
P h i l i p Morris, Inc.
Northern I l l i n o i s Gas Co.

l s t & r e f . mtg, bds .50.0
Com.stk.
17.6
1 s t mtg. bds. 25.0
Pfd. s t k .
25.1
Cap. s t k .
3'3,6
Coin. s t k .
23.4
Conv. sub. deb. 15.1*
Com. s t k .
29.1
S.F. deb.
40.0
1 s t mtg. bds. 20.0

5.00

Aa

5

U-95

Aa

198k

5

5.00

1979
1984

17/8
5

L95
4.95

1989
1989

51/8

A
Aa

STATE AND LOCAL GOVERNMENT
Los Angeles Co. Flood Cont r o l D i s t . , C a lifo rn ia
Memphis, Tennessee
Pennsylvania S t a t e tiwy. &
Bridge Authority
New York, New York

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




ItO.O 1961-89
16.0 1960-89

3.9l
3.51

10.0 1961-79/67 3.55
27.0 1960-71 3.57

2.40-4.00 . Aa
2.30-4.20_ir Aa
2.60-3.65 • Aa
A ~
2.40-3.69

H.lh

G-2
Large Individual I s s u e s Offered June 1 through 26 (Cont'd)
Issuer

Type

Coupon
Amount
Offering
( m i l l i o n s Maturity
net i n t e r - y i e l d
of
dollars)
e s t cost

Rating

STATE AND LOCAL GOVERNMENT
(Cont •' fl)
S tate of Maryland
S t a t e of C a l i f o r n i a
Port of New York Authority
S tate of Connecticut
Yonkers, New York
Los Angeles Dept. of Wtr.
& Pwr., C a l i f o r n i a
Birmingham, Alabama
T e r r i t o r y of Hawaii

G.O.
10.5
1962-74
• 100.0 1961-85/80
G.O.
Rev.-Ut.
30.0 1960-79/68
Rev.—S.T.
62.2 1964-97/69
11.6
G.O.
1960-79

3.15
3.94
4.09
4.30
3.96

2.50_-3.25
2.50-4.00
2.50-4.15
3.25-4W#
2.50-4.10

Aaa
Aa
A
A
A

Rev.-Ut.•
Rev.-Ut.
G.O.

4.12
4.87
4.06

2.50-4.15
3.10-4.85
3.00-4.10

Aa
Baa
A

4.13-5.18

A

15.0
22.8
19.8

1960-89/64
1960-99/69
1962-79

40.0

1960-89

OTHER
Mun. of Metro. Toronto,
Canada

Deb.

n.a.—Not a v a i l a b l e .
1 / Includes corporate 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 over;
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 over.
2/ Includes 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 Reconstruction and
Development i s s u e s and non-guaranteed i s s u e s by Federal a g e n c i e s .
In t h e case of Sta te and l o c a l government s e c u r i t i e s , G.O. denotes general
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 secured only by income from public u t i l i t i e s ; Rev.-Q.Ut., revenue bonds secured only by revenue from q u a s i - u t i l i t i e s ;
Rev.-S.T., revenue bonds secured by revenue from s p e c i f i c t a x e s only; Rev.-Rent.,
revenue bonds secured s o l e l y by l e a s e payments.
k/ l/hs of 1989 not p u b l i c l y r e o f f e r e d .




Exhibit li

11. Ill

Forthcoming Large Long-term Public Security O f f e r i n g s f o r New Capital
(Other than U. S. Treasury) 1 /
Expected Proceeds from Forthcoming Large Issues

- May 29
June 30
July 31
Aug. 29
Sept. 30
Oct. 31
Nov. 28
Dec. 31
— Jan. 30
'Feb. 27
Mar. 31
Apr. 30
May 29

Subsequent t o
date shown

During month following
date shown

Date of
computation

Corporate

i

^

266
768
161
785
113
201
301
210
270
198
396
246
287

^
177
225
55
241
295
258
229
261
551
292
550
25k
247

Other 2 /
36

71
75
45
-

20
50
—

Corporate
464
1,018
381
91k
216
326 ,
401
370
365
279
476
346
332

Forthcoming Large O f f e r i n g s , a s of
Issuer

Type

g"yt.|otter U
208
235
125
435
524
675
683
515
856
481
761
517
761

36

71
75
45
20
50
.

June 26

Amount
Approximate date
(millions
of o f f e r i n g
of d o l l a r s )

CORPORATE
I n t e r n a t i o n a l Recreation Corp.
Com. s t k .
United S t a t e s Plywood Corp.
Conv. sub. deb
•^Transcontinental Gas Pipe Line Corp. 1 s t mtg. p . 1 . bds.
Pennsylvania E l e c t r i c Co.
1 s t mtg. bds.
*Pan American World Airways
Conv. sub. deb
Commerce Oil Refining Corp.
Long Island Lighting Co.

17.2
15.0
20.0
15.0
47.0

June 30
July 17
July 29
Aug. 4
Aug. l4
( r i g h t s expire)
Deb., bds. & common 45.0
Summer
1 s t mtg. bds.
Indefinite
25.0

STATE AND LOCAL GOVERNMENT
S t a t e of New York
Maryland S ta te Roads Commission
Grant Co. Public U t i l i t y Dist. No.2,
Washington
J e f f e r s o n Parish S. D. No. 1, La.
State of Ohio
University of C a l i f o r n i a
T e r r i t o r y of Hawaii
*State of Ohio
C a l i f o r n i a Toll Bridge Authority




—:

G.O.
Rev.-Ut.

50.0
25.0

Rev.-Ut.
G.O.
Rev.—S.T.
Rev.-Q.Ut.
Rev.-Ut.
G.O.
Rev.-Ut.

195.0
10.0
31.0
18.0
12.5
30.0
34.0

June 30
June 30
July
July
July
July
July
July
July

1
2
15
17
21
21
28

H-2

H.1U

Forthcoming Lai-ge O f f e r i n g s , a s of June 26 (Cont'd)
Type

Amount
Approximate date
(millions
of o f f e r i n g
of d o l l a r s )

STATE AND LOCAL GOVERNMENT (Cont'd)
Michigan Highway Department
Commonwealth of Pennsylvania
Chesapeake Bay Ferry Commission
New York Thruway Authority

Rev,—S.T.
G.O.
Rev.-Ut.
Rev.-Ut.

130.0
1W1.0
50.0

#.o

July
Aug. It
Summer
Summer

20.0
5o.o

June 30
July 15

OTHER
Montreal, Canada
-^Quebec Hydro-Electric Conjmission

S.F. deb.
Deb.

*—Included i n t a b l e ' f o r f i r s t time.
1 / Includes corporate and other i s s u e s of $15 m i l l i o n and over; 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 / Includes 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 Reconstruction
and Development i s s u e s and non-guaranteed i s s u e s by Federal agencies.
Note.--Deletions f o r reasons o t h e r than s a l e of i s s u e : Florida S t a t e
Board of Education — no b i d s r e c e i v e d .




h.lh

• -

Exhibit I
Yields on New and Outstanding
E l e c t r i c Power Bonds, Rated Aa and A 1/
Date

1952 - 1958
High
Low
1958 - May
June
July
August
September
October
November
December
1959 - Jan. 7
20
28
Feb. 18
Mar. 11
25
26
31
Apr. 3
15
16
29
May 1
13
lli
20
21
26
June h
17
26

Aa-rated o f f e r i n g y i e l d s
A-rated o f f e r i n g y i e l d s
Amount above
Amount above
Actual
Actual
seasoned
y
i
e
l
d
s
( p e r cent)
( p e r cent) seasoned y i e l d s
( b a s i s points)
( b a s i s points)
5.00 (9/11/57)
2.93 (3/31/2W

87
-3

3.87
3.87./
U.07i/ .

18
17
28

k.hl*/

18

*k.kk

5.50 (11/7/57)
3.00 (3/17/51)

123
-15

li.07

6

14.162/

15

k.l&

23

I4.67

18

14.85
5.06

17
13

5.13

27

U.9 7^
5.10

7
2U

23

It.60

3h

b.hoi/
k.h3
h.kl
li.U7

11
9
9
13

I4.6O

22

L5S2/

1

k.95
h.95

38
3k

5.00
4.95

38
29

.

,

*—Single observation, not an average.
1 / Covers only 30-year f i r s t mortgage bonds, a s reported i n Moody's Bond
Survey. Except where i n d i c a t e d , the a c t u a l y i e l d f i g u r e and the amount above
seasoned y i e l d s a r e averages of o f f e r i n g s during the i n d i c a t e d period and of
the d i f f e r e n c e s between these new o f f e r i n g y i e l d s and y i e l d s on seasoned i s s u e s
of s i m i l a r q u a l i t y f o r the same day.
Average maturity f o r the seasoned i s s u e s
v a r i e s from 26 t o 28 y e a r s .
2/ Provides f o r a 5-year period during which issue may not be c a l l e d f o r
refunding a t a lower coupon r a t e . Monthly averages so marked include one or
more i s s u e s with such a p r o v i s i o n . Other i s s u e s have no such p r o v i s i o n .
3/ Provides f o r a 7-year period during which issue may not be c a l l e d f o r
Digitizedrefunding
for FRASER
a t a lower coupon r a t e .