Full text of H.16 Capital Market Developments : June 6, 1966

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UBRABV
'UN i o 1966
,,NPt for Publication

DECOSTROLLED AFTER SIX uoims

•\'D

June 6. 1966

CAPTTAT. MARKETS DEVELOPMENTS
IN THE UNITED STATES
.

Corporate and municipal bond markets. Corporate security offerings
this week will be relatively light—about one-half the average over the
past year. Municipal offerings on the other hand, will be well above
the weekly average and approximately two-thirds more than the holidayshortened past week. A $100 million State of California revenue issue
dominates the state and local government issues expected this week.
Long-term Public Security Offerings 1/
(In millions of dollars)

Corporate
New Capital | Refunding

State and local Government
New Capital | Refunding

Sold:
52 week avg.
May 27
June 3

166

3

60r /
215

206

6

332r/
167

Scheduled;
June 10
V

85

--

274

Federal Reserve estimates based upon published reports of issues
sold and scheduled for offering; Corporate rights offerings are
included as of the date subscription rights expire.

Investors responded enthusiastically to last week's major
debt issues of corporations, as evidenced by two single day sellouts. Despite the response accorded new issues, yields on new and
seasoned corporate bonds advanced further.
Yields on prime quality municipal bonds rose 3 to 6 basis
points for the second consecutive week. Since mid -April, municipal
yields have advanced 18 to 24 basis points.
New security offerings. Corporate new capital security
financing during May aggregated an estimated $1.3 billion, down
almost $400 million from a year earlier.
Public bond offerings
amounted to about $490 million--compared with $694 million In May
1965. State and local government offerings for new c a p i t a l — a t $.9
billion--were about the same as a year earlier.




Yields in Security Markets

H. 14

Level latest week

-2-

Change from
preceding week

High-Grade
Notes and Bonds
Corporate
-28

5.29
5.04

New
Seasoned

+2

U.S. Government
Long-term
3-5 Year

+2

4.62
5.02

State and loc. govt.
Moody's Aaa
Std. & Poor's high grade

+3

3.60
3.78

+6

4.84

+12

Money Market
Federal Funds
Treasury bills
3-month
6-month

4.59
4.75

Corporate Bonds Still in Syndicate
NONE

Blue List of Municipal Dealer's Advertised Inventories
(In millions of dollars)

Latest Date
578

(6/1)




End of Previous Week
584

Recent High

620

(2/8)

H. 14

In June corporate security financing is expected to total almost
$2.6 billion, an increase of $.5 billion from the prior year. Included in
the total are stock offerings for new capital of $.9 billion. Municipal
bond issues during June are estimated to aggregate $1.2 billion, or $200
million more than a year earlier.
Stock prices. Common stock prices declined last week in light
trading. Standard and Poor's index of 500 stocks ended the wefek at
86.06—down 1.27 from a week earlier. Trading volume slowed to the
lowest level in nine months in averaging 5.1 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.




LONG-TERM

B O N D YIELDS, H I G H - G R A D E

5.5

CORPORATE Aaa

4.0

U.S. GOVERNMENT

rJ

3.0
STATE AND LOCAL GOVERNMENT Aaa

1961

1962

1963

1964

1965

1968

Exhibit A -- Part I I

State and
local
government
Aaa 3/

Spread between
U. S. Govt, and
Corporate
State and
Aaa
local Aaa

Date

Corporate
Aaa If

1959-60 - High
1962-63 - Low
1965 - Low
1966 - High
- Low

4.61 (1/29/60)
4.19 (3/29/63)
4.41 (3/12)
5.04(6/3)
4.73(1/7)

4.42 (1/8/60) 3 . 65 (9/24/59) .59 (8/5/60)
.92 (4/22/60)
3.85 (12/28/62) 2.88 (13/6/62) .21 (12/27/63)
.80 (1/5/62)
.22
4.13 (6/25)
2.94 (2/11)
.94
4.71(3/4)
3.63(3/3)
.47
1.19
4.42(1/21)
3.39(1/13)
.14
1.02

4.94
4.95
5.01
5.02
5.04

4.59
4.54
4.54
4.60
4.62

May

June

6
13
20
27
3£/

U.S. Govt.
long-term 2/

3.52
3.52
3.52
3.57
3.60

.35
.41
.47
.42
.42

1.07
1.02
1.02
1.03
1.02

p/ Preliminary.
Jy Weekly average of daily figures. Average term of bonds included is 22-24 years.
Weekly average of daily figures. The series Includes bonds due or callable in 10 year* or more*
"3/ Thursday figures. Only general obligation bonds are included; average term is 20 years,
Bote.—Highs and Iowa are for individual serieo and may be on different dates for different
series. For spreads, high refers to widest, and low to narrowest.




V
£X H1611ft.Poll
LONG-TERM

B O N D

YIELDS,

LOWER

GRADE

5.5

C O R P O R A T E Baa
5.0

4.5

4.0

S T A T E A N D L O C A L G O V E R N M E N T Baa

3.5

3.0
1962

1961

1964

1963

Exhibit B

Corporate
Baa 1/

Da te

May

June

6
13
20
27
3 £/

State and
local govt.
Baa 3/

5.36 (2/22/60)
4.93
4.80
5.04
5.54 (6/3 )
5.05(1/14)

4.46 (2/7/60)
3.57
3.51
3.79
4.17(6/3 )
3.78(1/20)

5.45
5.46
5.49
5.52
5.54

4.13
4.13
4.13
4.14
4.17

Notes
For footnotes see Exhibit



JL.

1966

Part II

(per cent)
1959-60 - High
Year end - 1962
1964
1965
1966 - High
Low

1965

Spread between
Aaa and Baa
State and
. Corporate
local govt.
.84
.70
.37
.31
.51
.31

.51
.51
.48
.50
.50

1.08
.63
.52
.39
.62
.38

.61
.61
.61
.57
.57

f

SHORT- AND INTERMEDIATE-TERM
GOVERNMENT

INTEREST

RATES

j

3-5 Y E A R I S S U E S
z

F R

-/

6

M O N T H BILLS

^

DISCOUNT RATE

3 - M O N T H BILLS
Market Yieldi

i l l

I I I i i I I i I I I

1961

1 II

1962

1 1 1 1 1 1 1 1

1 1 1 1 1 1 1 1 1 1 1

1 1 1 1 1 1 1 1 1 1 1

1 1 1 1 1 1 1 1 1 1 1 1

1964

1965

1966

1963

Exhibit C -- Part II
Discount
ra te
3-month
bills 2/
V

Date

1959-60 - High
Year end - 1961
1962
1963
1964
1965
1966 - High
Low
May

June

4.00
3.00
3.00
3.50
4.00
4.50
4.50
4.50

6
4.50
13
4.50
20
4.50
4.50
27
3£ ' 4.50

Yields
6-month
bills 2/
(per cent)

3-5/y^ar
issues 2/

Spread between yields on 3month bills and yields on
^
6-mo. billsl3-5 vr. issues

4.59 (1/8/60)
2.66
2.89
3.52
3.83
4.47
4.66(5/6)
4.50(3/25)

5 . 07(1/8/60) 5 . 00(1^/24/59) .79
2.90
3.81
.24
2.93
3.41
.04
3.64
4.07
.13
3.93
4.07
.10
4.66
4.90 i
.19
4.90(2/18) 5.04(2/25)
.24
4.68(4/8)
4.80(4/8)
.09

4.66
4.60
4.63
4.63
4.59

4.80
4.79
4.83
4.83
4.75

4.92
4.88
4.90
5.02
5.02

.14
.19
.20
.20
.16

1.81
1.15
.52
.55
.24
.43
.41
.21
.26
.28
.27
.39
.43

1 / Weekly rate shown ia that in effect at end of period at the Federal Reserve Bank of H e w Y o r k ,
y Market yields weekly arerages computed from daily closing bid prices. Series of 3-5 y e a r Issues
consists of selected notes and bonds.

Note,—Highs and Ions are for individual series and may be on different dates for different series.

For spreads, high refers to widest,



and low to narrowest.

S H O R T - A N D INTERMEDIATE-TERM INTEREST RATES,
B A N K S A N D OTHER PRIVATE B O R R O W E R S

PRIME RATE

FINANCE COMPANY PAPER

F.R. DISCOUNT RATE

/ M

1961

FEDERAL FUNDS

1962

1963
Exhibit

1988

1964
D

-- P a r t

Finance
Prime

rate

1_/

company

Federal

2/
(per

1959-60 - High
Y e a r end

- 1961

1962
1963
1964
1965
1966

- High
Low

May

June

6
13
20
27
3 jo/

5.00
4.50
4.50
4.50
. 4.50
5.00
5.50
5.00
5.50
5.50
5.50
5.50
5.50




funds 2/

Spread between
3-mo. bills end
finance

co.

cent)

3.00
3.19
3.88
4.06
4.75
5.38(6/3)
4.75(1/7)

4.00 (5/13/60)
2.88
3.00
3.50
4.00
4.63
5.05(5/20)
3.55(1/21)

5.38
5.38
5.38
5.38
5.38

4.88
4.68
5.05
4.72
4.84

5.13

1966

II

(1/23/60)

1.02
.34
.30
.36
.23

.28
.79

.20
.72
.78
.75
.75
.79

paper

STOCK MARKET

1*41-41 S»eree»=l0

100

p*v

PRICES

l

\

80

STOCK MARKET CREDIT

y-

60
* C H A N G E IN S E R I E S

1 .
VOLUME

-A.

1

z w V "
-

1
YIELDS

i i i ii i i i i i i
1961

1962

1963

1965

1964

1966

Exhibit E -- Part II

Common
Date

Stock price
index 1/

yields 2/
(per cent)

Trading
volume 3/
(millions
of shares)

Stock market customer cred i t
Customers 1
Bank
loans to
debit bal"others" 5/
ances 4/

Total

(In millions of dollars)
1961-62 - High
Low
Nov. 1963
J u l y 1965
1966 - High
Low
1966 - A p r .
Hay
May20
Hay2 7
£/june3

72.04(1^/8/61)
52.68(6/23/62)

2.82
3.96

10.1
2.4

5,60^13/61)
4,424(3/61)

4,259 (12/61)
3,253 ( J / 6 1 )

7,298
6,833

5,586
4,863

93.77(2/11)
85.43(5/20)

3.02
3.37

10.7
5.1

7,991
7,726

5,835

91.60
86.78
85.43
87.33
86.09

3.15
3.30
3.37
3.33
3.34

9.3
8.1
8.7
6.1
5.1

7,991

5,835

n.a.

n.a.

72.62
84.91

3.14
3.09

5.3
4.1

5,551

1,418(5/9/62)
1,161(3/8/61)
1,712
1,970
2,197(3/2)
2,146(5/18)
2,156
2,137
2,146
2,137
n.a.

n.a.—-Not available, v/ Preliminary!
y Standard and Poor's composite index of 500 oocmon stocks, weekly closing 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.
2( Standard and Poor's composite stock yield based on Wednesday data converted to weekly closing
prices by Federal Reserve. "Xlelds shown are for dates on which price index reached it* high
3/ Averages of dally trading volume on the New York Stock Exchange. Yeai^end figures are averages of
daily figures for the year.
4/ End of month figures for member firms of the Hew Yoit Stock Exchange which carry margin accounts;
excludes balances secured by U. 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.




FEDERAL N A T I O N A L M O R T G A G E A S S O C I A T I O N ^
S E C O N D A R Y MARKET O P E R A T I O N S
400

300

200

OFFERINGS

SALES

PURCHASES

100

1960

1961

Date

1965 - A p r .
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
1966 - Jan.
Feb.
= Mar.
Apr.

1962

1963

1964

Estimated offerings i
to FNMA
Standby
Immediate
Total
purchase
commitment
40.'
.4
35..8
47..9
.9

82!
.0

101.
.1

209..9
238..3
325.

181:1
272.8
193.0

1965

Purchases
by
FNMA

(In m i l l i o n s of d o l l a r s )
40.4
38.7
35.7
.1
31.4
47.9
39.5
52.9

If: 2

82.0

101.0

209.9
237.2
325.6

131:8

272.3
192.3

1.0

63.5
78.5
140.2
186.7

:3
.5
.7

i m
301.4
193.0

1966

Sales
by
FNMA
7.9
3.0

12.2
l:\

0.1
0.2
0.1

•—Less than $50,000.
\/ Data represent unpaid principal balances of the mortgages involved, exclusive of
premiums, discounts, or other charges. Offerings are amounts of applications received
during the period from sellers proposing that FNMA execute purchasing contractse in
immediate purchase contract covers existing mortgages which the seller mist deliver to
FNMA within 45 days. A standby ccranitment contract relates to proposed mortgagee on
housing net yet under construction which the seller must usually deliver within one
year. Purchases include thoee under both immediate purchases and standby commitment
contracts. Data exclude FNMA. activity under Special Assistance and Management and
Liquidating Programs.




I1MIIIT G, rail I
YIELD* O N N I W A N D S 1 A S O N 1 D C O t F O t A T I B O N D S

N E W ISSUES

S E A S O N E D All

I I I I I I I I lI lI II
Ll l I I I l
1982
1983

1984
Exhibit 0 - Part II

I I l l I l I II It II lI I I l I I I I
1985
1988

Yields on Mew Corporate Bond Issues Adjusted to an Aaa basis
Number A a ' t of issues Average
of
included (mil. yield
Issues of dollars) (per cent)
Monthly

Number Aa't of issues Average
of
included (mil. yield
issues. of dollars)
(per cent).

averages:

1965 - Aug.
Sept.
Oct.
Nov.
Dec.
1966 --Jan.
Feb.
Mar.
Apr.
May

7
7
5
6
4
8
10
8
14
7

Weekly averages:
1966 - High
Low

166,.5
288,.5
108,.0
267,.0
212,,0
300.,0
304.,5
263.0
702.3
341.0
5.38
4.82

4.63
4.67
4.69
4.72
4.85
4.84
4.98
5.27
5.05
5.21
(3/4)
(1/7)

Apr.
15
22

May

July

29
6
13
20
27
3
10
17
24
1

-a.

250.0
75.0
253.3
56.0

68.0

150.0
96.0
65.0
30.0
90.0

5.02
4.95
5.06
5.22
5.12
5.14
5.15
5.21
5.57*
5.29

fotei Averages of offering yields cm al^L new issues of publloly offsrsd ooip orate bonds rated Uk, Aa and ~
A by Moody's Investors Service (except sexlal and convertible is suss, offerings of natural gas pipeline
snd foreign companies, and bonds guaranteed by the Federal Government) weighted by sLso of offering.
Before averaging, new offerings are adjusted to a oooposlte Aaa basis by deducting from the actual
reoffexing yield the excess of the weekly arerags yield for seasoned tends of the appropriate lnduetryquality group over the oonposite average for seasonsd Aaa-rated tends (Maody's), Averages considered
unrepresentative because of special characteristics of the offerings included are denoted by an astertsk.




H.14

Exhibit H
Long-term Corporate ajid S"tate and Local Government
Security Offerings and Placements
(In millions of dollars)

New Ca oital
1966

Corporate
1965

1964

January
February
March

e/1,465
e/1,450
e/2,130

795
746
1,197

938
700
778

April
May
June

e/1,550
e/1,260
e/2,525

1,152
1,691
1,946

2,237
1,095
1,405

July
August
September

1,290
850
1,392

October
November
December
1st
2nd
3rd
4th

quarter
quarter
quarter
quarter

5,042
e/5, 335

1st half
Three quarters
Year

State and local 2/
1964
1966
1965 E /

£

jj/1,175
/ 822
e/ 850

804
872
904

947
776
810

e/1,140
e/ 900
e/1,200

826
924
972

1,242
667
903

812
680
1,130

986
648
966

906
780
892

924
1,325
1,496

953
669
1,642

794
1,021

801
529
948

2,738
4,789
3,533
3,745

2,416
4,738
2,621
3,264

2,580
2,722
2,600
2,569

2,533
2,811
2,578
2,278

7,527
11,060
14,805

7,153
9,775
13,038

5,302
7,902
10,471

5,345
7,923
10,201

e/2,847
e/3,240

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

quarter
quarter
quarter
quarter

Year

2,547
4,348
3,283
3,188

2,043
4,258
2,477
2,997

13,366

11,775

e/ Estimated by Federal Reserve.
j>/ Preliminary.
1/ Securities and Exchange Commieaion estimates of net proceeds.
2/ Investment Bankers Association of America estimates of principal amounts.
3/ Total new capital issues excluding offerings of sales and consumer finance companies.




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

Gross proceeds for new capital
and refunding 1/
Bonds
Common
Memo:
Total Publicly Privately and
Foreign
Offered Placed
Pfd.
issues
stock included

Quarter
or
Month

Net proceeds
for new capital 1/2/
Mfg.

Public Communi- Other
Utility cations Issuers

2,548
4,965
2,876
3,568

978
1,312
792
531

1,269
1,755
1,590
2,629

300
1,890
494
408

29
105
94
277

429
723
559
1,061

438
856
642
509

273
1,666
59
135

1,275
1,492
1,361
1,559

1965 - I
II
III
IV

3,007
5,043
3,912
4,030

905
1,864
1,575
1,226

1,673
2,259
1,955
2,264

429
920
383
540

243
215
263
300

1,072
1,679
1,119
1,145

541
609
786
610

91
255
323
177

1,034
2,246
1,304
1,815

1966 - I
II

5,193

1,794

2,659

740

310

1,914

977

571

1,580

1965 - Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

858
791
1 ,358
1 ,233
1 ,773
2 ,038
1:,443
930
1,,538
986
1,,398
1,,646

161
187
557
422
694
748
542
369
664
287
613
326

565
450
658
648
630
980
780
468
706
574
529
1,161

131
155
143
162
449
309
122
93
168
124
257
159

49
51
143
33
49
134
27
87
150
99
101
99

385
192
494
540
698
441
399
307
414
273
402
470

97
215
229
176
248
184
202
297
287
158
209
243

21
44
26
15
143
98
102
25
196
92
43
43

292
295
448
422
602
1,223
587
222
495
401
671
741

1964 - I
II
III
IV

'

1966 - Jan. e/—^ 1,,530
480
860
190
390
94
125
500
450
1,,493
560
Feb. e/
800
250
133
82
150
625
425
2,,170
1,000
Mar. e/
753
340
417
133
295
790
705
1,600
650
Apr. e/
700
400
250
75
550
525
May
June
j>/ 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.
3/ Does not include U.S. Steel $600 million conversion of preferred stock to debentures.
Source: Securities and Exchange Commission.
Note: S.E.C. 1st Quarter 1966 data allocated among months by Federal Reserve.




Vx
Exhibit J
Other Security Offerings
(In millions of dollars)

firnnn T.nng-fprm 11

Vnrfiign Hnvprnmonf 2/
1965
1964

1966
8

218

40
40
n.a.

38
73
91
33
74
5
52
75
2

4
82
69
30
75
26
20
13
7
180
72
58

Federal Agency 1/

1966

1965

503
410
n.a.

129
185
325

1Q66

275
260
160

775
239
150
375
375
179

510

329

185

639

1,205

661

636

2,732

1,205

New short-term 4/"
State and local Goverment 5/
103
39
-238
2/565

238
91
-458
647
204
-82
119
408
152
59
274
-366

103
236
-407
442
81
-80
-9
127
176
7
-15
-208

j>/469

518

374

308
-24
450
n.a.

Federal Agency 3/
-137
-174
117
-11
509
237
132
206
105
-309
202
-76
-205

-308
-336
23
. 97
183
239
-333
167
1
525
113
-3
-524

368
453
2_/ Preliminary.e/ Estimated by Federal Reserve.n.a.--Not a v a i l a b l e . 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 U.S. by foreign governments and their political
subdivisions and international organizations. Source: Securities and Exchange Commission.
3/ Issues not guaranteed by U.S. Government. Source: Long-term, Securities and Exchange
Commission; short-term, Treasury Dept. & Fed. 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 maturity of one year or less.
5/ Principally tax and bond anticipation notes,
warrants, or certificates and Public Housing Auth. notes. In some instances PHA notes
included may have a somewhat longer maturity than 1 year. Source: Bond Buyer & Federal
Reserve.




\1
H. 14
Exhibit K
Large Long-term Public Security Issues for New Capital
(Other than U. S. Treasury) If
Proceeds of Large Issues Offered
(In millions of dollars)

Total

IVj5 - May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
1966 - Jan.
Feb.
Mar.
Apr.
May

,

Cornoriite
Bonds
(other than
Convertible
convertibles)
bonds
560
343
455
211
530
190
559
212
370
391
544
481
351

928
801
477
299
530
246
736
262
485
545
890
643
401

Stocks

315
138

53
320
22
62

26
16

--

40
33
50

--

144
115
70
271
106

84
75
55
50

State
and
local
governments

Other

1/

40
430
20
50
170
43
95

492
. 377
655
312
563
409
538
413
787
424
339
720
466

--

55
60

Large Individual Issues Offered May 1 through June 3

Issuer

Type 2/

Amount
(millions
of
dollars)

Maturity

Coupon
rate or
net interest cost

Offering
vield

Rating

Corporate
Weyerhaeuser Co.
Virginia Elec. & Pwr. Co.
Bank of the Commonwealth,
Detroit, Michigan
Kansas Gas & Elec. Co.
Southern California Ediso
Company
Public Serv. Co. of Colo.
Union Elec. Co
Michigan Consol. Gas Co.
Potomac Elec. Pwr, Co.
GATX Corporation
United Air Lines
Mountain States Tel. & Te
Company

150.0
50.0

1991
1986

5.20
3-5/8

5.20
3.63

Acl
A

15=0
16,0

1991
1996

5- 7/8
5-5/8

6.00
5.50

Aa

lst&ref.mtg, bds.75,0
1st mtg. bds
35.0
1st mtg. bds.
30.0
1st mtg. bds
30.0
26.1
Conv. pfd. stk.
Equip- tr, cert, 40.0
70.9
Com. stk.

1991
1996
1996
1991

5-1/4
5-3/8
5-1/2
5-7/8

5.25
5.32
5.33
5,80

Aa
Aa
Aa
A

1986

5.45

5.45

50,0

2005

5-1/2

5.45

S.F. deb.
Conv. deb.
Cap, notes
1st mtg. bds.

Deb.




Aaa

K-2
Large Individual Issues Offered May 1 through June 3 (Cont'd)

Amount
Issuer

Type 3/

(millions

Maturity

do?fars)

Coupon
Offerrate or
Rating
net inter- ing
Yield
est cost

State and local Government
Dallas, Texas
Cleveland, Ohio
Evansville-Vanderburgh Bldg.
Auth., Ind.
Ala. Highway Fin. Corporation,
Montgomery, Alabama
Kearney St. Coll., Neb.
State of Ohio
Suffolk Co., N.Y.
Ashdown, Arkansas
Yuba Co., Calif. Wtr. Agency
Santa Clara Co. Fid. Control &
Wtr. Conservation Dist., Calif.
Baltimore Co., Md.
Jersey City, New Jersey
New Orleans, La.
State of Hawaii
State of Tennessee
Fhila., Pa.
Ann Arbor, Mich.
New York State Dorm. Auth.

G.O.
G.O.

19.0
20.2

1967-86
1967-86

3.63
3.62

3.20-3.604/ Aa
Aa
3.20-3.,63

Rev.-Rent.

19.3

1970-2006

3.89

3.50-3,,88

Aa

25.0
10.0
75.0
19.4
46.0
160.7

1967-76
1967-2006
1966-76
1967-95
1969-88
1971-2016

3.80
4.37
3.71
3.77
4.80
4.07

3.40-3.,65
3.70-4.,30
3.10-3.63
3.35-3. 75
4.10-4. 75
3.65-4.00

Aa
A

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

14.2
13.0
15.0
19.0
10.0
25.0
28.8
15.0
24.5

1967-2006
1968-96
1967-91
1968-91
1969-86
1967-91
1967-91
1971-91
1969-97

3.89
3.76
3.86
3.88
3.69
3.94
3.84
4.26

3.40-3.955/
3.55-3. 75
3.85-4.35
3.50-3.85
3.70-3.85
3.35-3. 70
3.50-3. 90
3.60-3.80
4.00-4. 20

Bonds

30.0

1991

5-5/8

5.88

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

Aa

--

A
A
A
Baa
A
A
Aa
A
A

Other
City of Montreal, Canada

—

*—Rights offering.
n.a.-rnot available.
1/ Includes corporate and other security offerings of $15 million and over; State and local
government security offerings of $10 million and over.
2/ 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.
4/ Bonds maturing 1986 not publicly reoffered.
5/ Bonds maturing 2006 not publicly reoffered.




H.14
Exhibit L
forthcoming Large Long-term Public Security Offering for New Capital
(Other than U.S. Treaeury) J\J
Expected Froceede from Forthcoming Large Xsauea
(In millions of dollars)
During month following
date ahown
State and
Corporate
Other 1/
local govt.
1965 - May 28
June 30
July 30
Aug. 31
Sept.30
Oct. 29
Nov. 30
Dec. 31
1966 - Jan. 31
Feb. 28
Mar. 31
Apr. 30
May 31

765
363
193
312
206
412
297
553
530
828
489
248
1,261

328
397
248
404
269
343
398
501
340
366
253
399
584

70
20
.

——
——

15
25
20
20
--

20
—-

30

Corporate

Subaequent to
date ahown
State and
local eovt.

923
410
340
636
303
489
344
676
931
1,176
606
1,034
1,261

Other If
70
20

474
524
353
450
331
578
458
582
461
504
334
546
584

-—

15
25
20
20
20
90
55
55
85

Forthcoming Large Offerings as of June 3

Ieeuer

Type

Amount
(millions
of
dollare)

Approximate date of
offering

C9TP9HM
Louisville Gas & Elec. Co.
Pa. Pwr. & Lt. Co.
Occidental Petroleum Corp.
Boeing Co.
Metropolitan Edison Co.
Northern Natural Gas Co.
Gulf Power Co.
New England Tel. & TeU Co.
I.B.M.
*Pub. Serv. Elec. & Gas.Co..
*Conn. Solvents
Southwestern Bell Tel. Co.
•Georgia Pwr. Co.
Illinois Bell Tel. Co.
*Harvey Alum. Inc.




1st mtg. bds.
1st mtg. bds.
Conv. sub. deb.
Com. stk.
1st mtg. bds.
S. F. deb.
1st mtg. bds.
Com. stk.
Com. stk.
1st mtg. bds.
Conv. sub. deb.
Deb.
1st mtg. bds.
Com. stk.
Conv. sub. deb.

16.0
30.0
62.0
114.8
15.0
50.0
15.0
143.2
377.4
60.0
20.0
150.0
50.0
83.0
25.0

June 8
June 9
June 9 (rts. ex.)
June 14(rts. ex.)
June 15
June 15
June 16
June 20 (rts. ex.
June 21 (rts. ex.
June 22
June 22
June 23
June 29
June (rts. ex.)
Indefinite

L-2

Forthcoming Large Offerings as of June 3 (Cont'd)

Issuer

Type

Amount
(millions of
dollars)

Approximate date of offering

State and local Government
Fla. St. Bd. of Ed., Tallahassee
Georgia St. Highway Auth.
State of Calif.
Albuquerque, N.M.
Jacksonville Port Auth., Fla.
Public, Housing Auth.
State of Michigan
*Md. State Rds. Comm.
State of North Carolina
'Pa. State Highway & Bridge Auth.
111. Bldg. Auth.
Kentucky Turnpike
-La. Cap. Const. & Imp. Comm.

Rev.-Rent.
Rev.-Q.-Ut.
G.O.
G.O.
G.O.
Bonds
Rev.-Q.-Ut.
Rev.~Q.»Ut.
G.O.
.
Rev.-Q.-Ut.
Rev.-Rent.
Rev.-Q.-Ut.
Rev.-Rent.

25.0

June
June
June
June
June
June
June
June
June
June
June
June
July

16.6
100.0
19.8
15.7
109.5
24.1

20.0

35.0
25.0
39.1
115.0
30.0

7
8
8
14
14
15
21
21
22
29

6

Other
Republic of Ireland
Nippon Tel. & Tel. Public Corp.
Industrial Dev. Bank of Israel

Indefinite
Indefinite
Indefinite

20.0
Bonds
15.0
Bonds
Cum. pfd. stk.20.0

*—Included in table for first time.
1/ Includes corporate and other issues of $15 million and over; State,and local government
f
issues of $10 million and over,
2/ Includes foreign government and International Bank for Reconstruction and Development issuef
and non-guarantted issues of Federal Agencies.
f
Note:

Deletions for reasons other than sale of issue;




None.

H. 14

Exhibit M
Foreign Government and Corporate Security Offerings
and Placements in the United States
Part Is

Sale Date

Amount
(millions
of
dollars)

Public Offerings

Issuer and Description of Issue

A.

Sold April 1 through June

3

4/14

60.0

Quebec Hydro-Electric Commission—5-3/8% debentures,
maturing 1992, reoffered to yield 5.45%.

6/2

30.0

City of Montreal, Canada--5-5/8% debentures, maturing
1991, reoffered to yield 5.88%.

B.

Prospective Offerings

Indefinite

20.0

Republic of Ireland--Bonds.

Indefinite

15.0

Nippon Telegraph and Telephone

Indefinite

20.0

Industrial Development Bank of Israel—Cum. pref. stk.

*--Included in table for first time.
**--Issue sold to investors outside of U.S.
***--Issues subject to interest equalization tax.




Public Corp --Bonds,

M-2
Patt II:

Date Reported

Private Placements - Reported April 1 through June

Amount
(millions
of
dollars)

3

Issuer and Description of Issue

5/2

30.0

Northwestern Pulp and Pwr. Ltd.--5-5/8% senior notes,
maturing 1985--no information available on takedown.

5/2

46.5

Prince Albert Pulp Co Ltd.--5, 20%notes, maturing
1989~-no information available on takedown.

5/4

15.0

New Brunswick Elec. Power Commission-- % S. F. deb,
maturing 1991--no information available on takedown.

5/10

20.0

British Columbia School Dist„, Capital Financing A u t h . —
5-1/2% debentures maturing 1986-=no information available
on takedown.

5/17

11.5

International Pub. Corp.--5.90% notes, maturing 1977
and 1981—no information available on takedown,

5/31

15.0

Budd Auto, Co. of Canada, Ltd.--6-3/4% gtd„ debentures,
maturing 1986--no information available on takedown.

5/31

15.0

New Brunswick Power. Commission--5-l/2% debentures
1991, no information available on takedown.

6/1

14.0

Govt.
of the Bahama lslands~-bondsr maturing 1981r no
information available on takedown.

maturing?

Note: For retrospective data on aggregate foreign corporate and government security
offerings in the United States see Exhibit? 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 exhibit are included
when reported, frequently with little or no information concerning * iming of t akedownsc
Full or partial takedowns may +:ake place both prior and subsequent to the date a placement
is reported
c




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