Full text of H.16 Capital Market Developments : June 9, 1967

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

DECONTROLLED AFTER SIX IfOMS

June 9, 1967.

CAPITAL MARKETS) DEVELOPMENTS
IN THE UNITED STATES

1 Corporate and municipal bond markets. The volume of new, publiclyoffered r/nrpnrat^ securities expected this week will be slightly above the
average weekly volume over the past year, while that of comparable municipals
will be below average. The largest corporate issue will be a $75 million
offering by Borden, and none of the municipal offerings will be for as much
as $25 million. The week's supply will be supplemented, however, by $650
million of publicly-offered FNMA participation certificates ($250 million of
pc's will be sold to government trust accounts), and a $50 million offering
by British Columbia Hydro and Power. Thus, total public offerings should be
well above a billion this week.
Long-term Public Security Offerings—^

Corporate
New Capital | Refunding

State and local Government
New Capital | Refunding

Sold:
52 week avg.
June 2
June 9

257

—

6

229

r/ 93
415

r/ 76
430

286

176

—

Scheduled:
June 16

issues sold and scheduled for offerings; corporate rights offerings
are included as of date subscription rights expire.

Yields on new and seasoned corporate bonds were essentially
unchanged last week, but new issues were not enthusiastically received.
The Textron offering was finally made, though the amount was reduced from
$100 million to $50 million. Interstate Power's bonds were released from
syndicate, and in free market trading, the yield on these bonds advanced
6 basis points. Lastly, the two Ohio Power offerings, totalling $70 million,
which were to have been made this week, were postponed until August.




Yields in Security Markets
Level Latest WeekChange from
preceding week

High-Grade
Notes and Bonds
Corporate
New
Seasoned

-2

5.71
5.37

+1

4.76
4. 74

+2
+8

U.S. Government
Long-term
3-5 year
State and local' Govt.
Moody's Aaa
Std. & Poor's high grade

-2

3.76
3.93

-3

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

3.90

-7

3.41
3.77

+3

-2

Corporate Bonds Still in Syndicate
Date
Offered

Amount
(millions of $)

6/8

8.0

6/8

26.0

6/7

Issuer

Reoffering
Yield

Rating

Estimated proportion sold

Iowa Southern Utilities
6-1/4's - 1997

6.15

A

30%

Pennsylvania Electric
6-1/4's - 1997

6.05

Aa

307=

30.0

Lone Star Gas
6-1/8's - 1992

6.05

A

50%

6/7

40.0

Texas Gas Transmission
6-1/2 1 s - 1987

6.50

Baa

95%

6/7

150.0

Southwestern Bell Tel.
5-7/8's - 2003

5.82

Aaa

707=

6/6

30.0

Northern States Power
6-1/8's - 1995

6.00

Aa

807=

6/1

6.0

Cape & Vineyard Electric
6-1/8's - 1997 "

6.00

A

35%




-3-

H. 14

Corporate Bonds Still in Syndicate
Date
Offered
6/1

Amount
(Millions of $)
15.0

5/24

100.0

5/16

30.0

5/9

51.0

I'

Issuer

(Cont'd)

Reoffering
Estimated proYield Rating
portion sold

Wickes Corporation
6 1 s - 1992

6.08

A

75%

Atlantic Richfield
5-5/8's - 1997

5.63

Aa

70%

Kansas City P & L
5-2/4's - 1997

5.72

Aaa

75%

Flying Tiger (Equip. Tr.)
6.60's - 1980
6.60

Baa

85%

Blue List of Municipal Dealers' Advertised Inventories
End of Previous Week
Latest Week
510

End of Previous Week
560

Recent High
849 (4/26/67)

Yields on municipals were down slightly while new issues met with
a good reception last week. Of special note were the sell-out's of the
$100 million of California Water bonds and the $27 million of New York
City bonds, both with maturities stretching out as far as the year 2017.
In addition, there was a decline in the Blue List of advertised inventories.
Stock prices. Though last Monday the Middle East crisis led to a
rather substantial drop in common stock prices, throughout the rest of the
week prices advanced in active trading. By Friday's close, Standard and
Poor's index of 500 stocks stood at 91.56, a full 1.77 above the close the
previous Friday. Trading volume averaged 9.7 million shares a day.
More detailed information concerning recent capital markets
developments can be found in the attached exhibits.

Capital Markets Section,
Division of Research and Statistics,
Board of Governors of the Federal Reserve System.




EXHIBIT A. Pari 1
LONG-TERM BOND YIELDS, HIGH-GRADE

C O R P O R A T E All

U.S. G O V E R N M E N T

r
STATE A N D L O C A L G O V E R N M E N T Aaa

1963




1964

1965

1966

1967

1968

Exhibit A -- Fart II

Corporate
Aaa 1/

Date

1959-60 - High
1966 - High
- Low
1967 - High
- Low
May

June

12
19
26
2
9R/

State and
U.S. Govt. |
local
long-term 2/, government
Aaa 3/
(per cent)

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

4.61(1/29/60)
5.52(9/9)
4.73(1/7)
5.38 (1/6)
5.00(2/10)

4.42(1/8/60)
4.87(9/2)
4.42(1/7)
4.83(5/26)
4.37(2/3)

3.65(9/24/59)
4.04(8/25)
3.39(1/13)
3.78(6/1)
3.25(2/9)

.59(8/5/60)
.84(12/30)
.14(2/18)
.92
.44

.92(4/22/60)
1.19(2/11)
.77(9/2)
1.16
.74

5.19
5.26
5.31
5.36
5.37

4.75
4.79
4.83
4.74
4.76

3.65
3.75
3.78
3.78
3.76

.44
.47
.48
.62
.61

1.10
1.04
1.05
.96
1.00

£/ Preliminary.
1/ Weekly average of daily figures. Average term of bonds included is 22-24 years.
2/ Weekly average of daily figures. The series includes bonds due or callable in 10
years or more.
3/ Thursday figures. Only general obligation bonds are included; average term is 20
years.
Note--Highs and lows are for individual series and may be on different dates for
different series. For spreads, high refers to widest, and low to narrowestv




L O N G - T E R M B O N D YIELDS, LOWER GRADE

C O R P O R A T E Baa

STATE A N D LOCAL G O V E R N M E N T Baa

1963




1964

1965

1966

1967

Exhibit B -- Part II

Corporate
Baa 1/

Date

1 State and
local govt.
Baa 3/

Spread between
Aaa aiid Baa
State and
Corporate
local Rovt.

(per cent)
1959-60 r High
Year end- 1965
1966 - High
Low
1967 - High
Low
May

June
Note:




12
19
26
2
9%/

5.36(2/12/60)
5.04
6.18(12/30)
5.05(1/14)
6.15(1/6)
5.81(4/14)

4.46(1/7/60)
3.79
4.55(8/25)
3.78(1/20)
4.27(6/9)
3.85(4/13)

.84
.31
.81
.31
.82
.69

5.92
5.96
6.03
6.07
6.10

4.25
4.25
4.27
4.27
4.27

.73
.70
.72
.71
.73

For footnotes see Exhibit A„

.

1.08
.39
.62
.31
.65
.37
.60
.50
.49
.49
.51

S H O R T - A N D I N T E R M E D I A T E - T E R M INTEREST RATES
GOVERNMENT

6-MONTH BILLS

3-5 YEAR ISSUES

F.R. DISCOUNT RATE

3 - M O N T H BILLS

1963




1965

1966

1967

Exhibit C -- Part II

Discount
rate
1/
1959-60 - High
Year end - 1965
1966
1966 - High
Low
1967 - High
Low
May

June

12
19
26
2
9%/

4.00
4.50
4.50
4.50
4.50
4.50
4.00
4.00
4.00
4.00
4.00
4.00

3-month
bills U

Yields
6-month
bills 2/
(per cent)

4.59(1/8/60)
4.47
4c 80
5.52(9/23)
4.39(6/24)
4.81(1/13)
3.41(6/9)

5.07(1/8/60)
4.66
4.92
5.92(9/23)
4.53(6/24)
4.88(1/6)
3.74(6/2)

3.65
3.59
3.50
3.43
3.41

3.83
3.78
3.74
3.74
3.77

3-5 year
issues U

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

5.00(12/24/59)
4.90 '
4.86
5.83(9/2)
4.80(4/8)
4.82(1/6)
4.36(4/7)
4.67
4.69
4.76
4.66
4.74

.79
.19
o 12
.52
o 09

1.81
.43
.06
.78
.01

.36
.01

1.33
.02

.18
.19
;24
.31
.36

1.02
1.10
1.26
1.23
1.33

"i/ Weekly rate shown is that in effect at end of period at the Federal Reserve Bank of
2/ MaVke^yieId; weekly averages computed from daily closing
" year issues consists of selected notes and bonds.
Note—Highs and lows are for individual series and may be on
different series. For spreads, high refers to widest,




bid prices. Series of 3-5
' « •
^
different dates for
and low to narrowest.

EXHIBIT D. Pari 1

.2,

S H O R T - A N D I N T E R M E D I A T E - T E R M INTEREST R A T E S ,
B A N K S A N D OTHER P R I V A T E B O R R O W E R S

PRIME RATE
FINANCE C O M P A N Y PAPER




F.R. DISCOUNT RATE

FEDERAL FUNDS

1964

1965

1966

1967

1968

Exhibit D —

Date

Prime rate 1/

Part II

Finance
company
•paper 2/

Federal funds 3/

Spread between
3-mo. bills and
finance co. paper

(per cent)
1959-60 - High
Year end- 1964
1965
1966
1966 - Low
1967 - High
Low
May

Junti

12
19
26
2
9%/

5.00
4.50
5.00
6.00
5.00(3/4)
6.00(1/6)
5.50(6/9)

5.13(1/22/60)
4.06
4.75
5.88
4.75(1/7)
5.75(1/6)
4.38(6/9)

5.50
5.50
5.50
5.50
5.50

4.38
4.38
4.38
4.38
4.38

4.00(5/13/60)
4.00
4.63
5.63
3.55(1/21)
5.25(1/6)
3.75(5/12)
3.75
4.03
3.90
r/3.97
3.90

1.02
. 23
.28
1.08
.20
v .97
.52
.73
.79
.88
.95
.97

1/ Weekly rate shown is that in effect at end of period. Prime rate is that
charged by large banks, on short-term loans to business borrowers of the highest
credit standing.
2/ Average of daily rates published by finance companies for directly placed paper
for varying maturities in the 90-179 day range.
3/ Weekly average of daily effective rate, which is the rate for the heaviest
volume of purchase and sale transactions as reported to the Federal Reserve
Bank of New York.
Note.-Highs and lows are for individual series and may be on different dates for
different series. For spreads, high refers to widest, and low to narrowest.




EXHIBIT E. Port 1

STOCK M A R K E T
1941 43 overoge= 10

PRICES

10

100

8

STOCK M A R K E T CREDIT.

6

CHANGE IN SERIES

4

Millions of »hor#i

-

''

.

•

'

. k

lfJl\

VOLUME

-

At

I

'

'

-

\
-

"
1

•

™ T

.

'

1 YIELDS
I
.' • " .
! II 1 H I i II 11 1 "I II 1 II II 1 i1 i i i i i i i 1iiI.'Iii M i l l ill i i i ll ii il l i ii i ii i i II -i i i
1963
1964
1965
1966
1967
1968




Exhibit E — P a r t II

Stock price
index 1/
1961-62 - High
Low
1966 - High
Low
1967, - High
Low
Apr.
May
May 26
June 2
9R/

Common
stock
yields 2/
(per cent)

Trading
Stock market customer credit
volume 3/
Customers'
Bank
(millions
Total
debit bal- loans to
of shares)
ances 4/
"others"5/
(In millions of dollars)

72.04(12/8/61)
52.68(6/22/62)
93.77(2/11)
73.20(10/7)
94.44(5/5)
82.18(1/6)

2.82
3.96
3.01
3.97
3.10
3.58

10.1
2.4
10.7
5.0
11.3
6.9

90.96
92.59
90.98
89.79
91.56

3.22
3.16
3.21
3.25
3.20

9.4
9.9
9.3
8.1
9.7

5,602(12/61)
4,424(1/61)
7,997
7,302
7,969
7,345 ,

4,259(12/61)
3,253(1/61)
5,835
5,169
5,819
5,290

1,418(5/9/62)
1,161(3/8/61)
2,241(7/6)
2,097(12/14)
2,159(5/31)
2,055(2/1)

7,969
n.a.
n.a.
n.a.

5,819 ;
n.a.
n.a.
n.a.
n.a.

2,150
2,159
2,149
2,159

a. Not Available.. £/ Preliminary.
Standard and Poor's composite index of 500 common 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. Yields shown are for dates on which price index reached its hieh
6
or low.
U

3/ Averages of daily trading volume on the New York Stock Exchange. Year-end figures are averages
of daily figures for the year.
4/ End of month figures for member firms of the New York Stock Exchange which carry margin accountsexcludes 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.




CXMIIIT t. >•»! I
FEDERAL N A T I O N A L MORTGAGE A S S O C I A T I O N
SECONDARY MARKET OPERATIONS

U

300

206

OFFERINGS

W

SALES

V

1960

/ PURCHASES

1961




1962

1963

1964

1965

1966

Exhibit F - Part If

Date

I Purchases
Estimated offerings to FNMA
1
by
Standby
Immediate
Total
FNMA
commitment
purchase

Sales
by
FNMA

(In millions of dollars)
- Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
' - Jan.
Feb.
Mar.
Apr.

193.0
192.2
144.2
122.6
150.7
140.4
167.5
163.6
. 121.5
67.9
24.4
26.9
17.8

192.3
191.1
141.7
121.0
148.7
138.5
164.2
161.0
120.1
67.3
24.2
26.7
17.7

.7
1.1
2.6
1.6
2.0
1.9
3.3
2.6
1.4
.6
.2
.2
.1

193.0
167.3
131.6
213.2
112.5
95.5
107.2
132.0
130.5
125.0
84.2
50.9
20.6

—
—
—
—
' —
—
—

.2
—

.9
.8

* — L e s s than $50,000.
1/ 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
contracts. An immediate purchase contract covers existing mortgages which the
seller must deliver to FNMA within 45 days. A standby commitment contract relates to proposed mortgages on housing not yet under construction which the
seller must usually deliver within one year. Purchases include those u n d e r
both immediate purchases and standby commitment contracts. Data exclude FNMA
activity under Special Assistance and Management and Liquidating Programs.




IRNItIT C. Fen 1
VI!

Mwti»4 <« A m
•iw i s m s

r SEASONED All

II 1 1' I-1 1 1 1 1 .1 l l l l l l

1964




1 1 V 11 i ii ii i ii i ii

.1965

1966

1967

196#

Exhibit G - II
Yields on New Corporate Bond Issues Adjusted to an Aaa basis

Number
of

Number |Am't. of issues Average
yield
of
included (mill,
(per cent)
issues I of dollars)

Am 11. of issues Average
yield
included (mill.
(per, cent)
of dollars)

Monthly average's:
1967 - Jan.
Feb.
Mar.
Apr.
May

6
7
20
20
15

496.0
481.0
1073.0
916.0
570.0

5.381
*5.20
5.31
5.39
r/5.66

May

June

5
12
19
26
2
9

3
3
3
6
3
6

70.0

5.58

r/5. 61

118.0

77.0
305.0
51.0
294.0

V

5.70
5.71
5.73
5.71

Weekly averages:
5.73 (6/2)
High
5.11(2/10)
Low
_____
Note: Averages of offering yields on ai:1 new issues of publicly offered corporate bonds rated Aaa,
Aa, and A by Moody's Investors Service (except serial and convertible issues, offerings of natural
gas pipeline and foreign companies, and bonds guaranteed by the Federal Government) weighted by
size of offering. Before averaging, new offerings are adjusted to a composite Aaa basis by
deducting from the actual reoffering yield the excess of the weekly average yield for seasoned
bonds of the appropriate industry-quality group over the composite average for seasoned Aaarated bonds (Moody's). Averages considered unrepresentative because of special characteristics
of the offerings included are denoted by an asterisk.




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

New Cat>ital
1967
January
February
March
April
May
June
July
August.
September
October
.November
December

Corporate
1966

1965

State and local 2/
1966
2/1967

1965

1,648
1,399
2,317

1,302
1,237
2,446

795
746
1,,197

1,461
1,174
1,425

1,188
858
865

804
872
904

e/2,100

1,553
1,058
2,364

1,,152
1,,691
1.,946

e/1,083
1/1,175
e/1,250

1,194
902
1,141

826
924
972

1,039
1,670
1,382

1,,290
850
1,,392

m
. 773
1,074

986
648
966

829
1,096
1,635

924
1,325
1,496

747
967
940

794
1,021
754

•

.

Quarter
Quarter
Quarter
Quarter

5,363
e/6,100

4,985
4,974
4,091
3,550

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

4,060
e/3,508

2,911
3,237
2,548
2,654

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

1st half
.Three quarters'
Year

e/11, 463

9,959
14,050
17,601

7,,527
11,,060
14,,805

£/ 7,568

6,148
8,696
11,350

5,302
7,902
10,471

1st
2nd
3rd
' 4th

V

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

£/
1/
2/
3/

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

4,924
4,884
3,969
3,492
17,269

'

-

13,366

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 and consumer finance companies*




n

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

Quarter
Total
Month

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

Net proceeds
for new capital 1/
Mfg.

2/

Other
Public CommuniUtility cations Issuers

1966

II
III
IV

5,115
4,197
3,669

1,941
2,256
2,047

2,083
1,627
1,247

1,090
314
375

168
154
117

2,205
1,558
1,232

960
657
984

392
567
417

1,418
1,309
918

1967

I
II

5,464

3,263

1,811

390

60

2,442

997

543

1,382

1966 f Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

1,582
1,106
2,427
1,085
1,712
1,400
892
1,115
1,661

628
481
832
440
1,140
676
499
569
980

743
556
784
535
435
657
256
435
555

210
69
811
110
137
67
137
111
127

86
33
49
69
22
62
66
27
24

692
376
1,137
397
518
643
331
228
673

364
274
322
263
313
81
254
320
409

76
40
276
52
318
198
97
168
152

421
368
629
327
522
460
147
369
401

1967 - Jan.
Feb.
Mar.
Apr.e/
May-e/
June"

1,684
1,418
2,362
2,155
1,655

745
900
1,618
1,355
955

848
362
601
600
600

91
156
143
200
100

35
10
15
n.a.
n.a.

624
563
1,254
1,265
625

220
274
503
400
400

293
105
145
85
60

511
456
415
350
515

2/
1/
2/

Preliminary, e/ Estimated by Federal Reserve.
Gross proceeds exceed net proceeds by the cost of flotation.
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
Other Security Offerings
(In millions of dollars)

Gross Long-term 1/
Federal Agency 3/
Foreign Government 2/
1965
1966
1967
1965
1966
1967
January
February
March
April
May
June
• .
July
August
September
October
November
December -

130
114

-Jan, - Apr.

January
February
March
April
, May
June
July
August
September
• OctoberNovember
December
Jan. - Apr.

12
40
40
66
69
76
72
7
50

218
• 38
73

1,,251
783
750

—

503
410
392
699
1,,030
,084
1;
799
400
450
800
239

—

775

74
68

91
33
74
5
52
75
2

158

329

1:,305

639

598

661

6,,806

2,732

New short-term 4J
Federal Agency
State and local Government 5/
308
238
-179
103
ST 179
-24
91
-552
39
eJ 35i
450
-458
-454
-319
p/-678
718
647
580
£/ 818
85 .
204
462
284
-82
-334
-590
119
-103
-270
408
270
-652
152
-161
-555
59
-48
-283
274
503
219
-366
-570
1,452
518
403
£ / 670

Year.

129
185
325

422

1,286

-748

239
150
375
375
179

3/
-137
-174
117
-11
509
237
132
206
105
-309
202
-76
-205
801

. p/ Preliminary, e/ Estimated by Federal. Reserve, n . a . — Not available, j./ ^These da tat
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
lubdividions and international organizations. Source: Securities and Exchange^CommissiOA
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
ose
in Exhibit H and above in that they represent new offerings less retirements, whet er
^
from the proceeds or refunding issues or from other funds. Data include^ only issues witti>
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.


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

Total

1966 - May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
1967 - Jan.
Feb.
Mar.
Apr.
May

Conor*ite
Bonds
(other than
Convertible
convertibles)
bonds

• 401
1,317
402
1,189
627
523
510
1,177
681
842
1,638
1,311
870

Stocks

50
20
182
257
340
116
97
118
30
40
140
213
55

351
636
170
862 .
287
352
363
990
611
709
1,435
956
771

Stiate
and
local
governments

—

55
50
68
40
93
63
142
44

2/

• *

466
582
338
410
611
387
464
779
947
675
669
512
496

661
50
80

Other

275
15
—

50
—

55
60
230
530
1,000
540
391

Large Individual Issues Offered June 1 through 9

Issuer

Type 2/

Amount
(millions
of
dollars)

Maturity

Coupon
rate or
net interest cost

Offering
yield

Rating

Corporate
Okonite Company
Wickes Corporation
*Kerr-McGee Corporation
United" Utilities, Inc.
Northern States Pwr. Co.
Southwestern Bell Tel. Co.
Texas Gas Trans. Corp.
Lone Star Gas Co.
Broadway-Hale Stores, Inc.
Textron, Inc.
Pennsylvania Elec. Co.

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

30.0
15.0
95.2
36.0
30.0
150.0
40.0
30.0
25.0
50.0
26.0

1992
1992
1992

4-3/4
6
3-3/4

4.75
6.08
3.75

A
Ba

1995
2003
1987
1992
1992
1992
1997

6-1/8
5-7/8
6-1/2
6-1/8
4-1/2
5-7/8
6-1/4

6.00
5.82
6.50
6.05
4.50
5 = 95
6.05

Aa
Aaa
Baa
A
Baa
A
Aa.

1968-97

3.94

2,.75-4.05^

A

1978-2017
1968-2017

4.09
4.74

3..60-4.05
3.,40-4.69

Aa
Baa

—

State and local Govt.
Harris County, Texas
Metro. Wtr. Dist. of
So. California
New York City, New York

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




10.0
100.0
28.9

.

K-2
Large Individual Issues Offered June 1 through 9 (Cont 'd)

Issuer

Type 3/

Amount
(millions
of
dollars)

Coupon
Offerrate or
Maturity net inter- ing
yield
est cost

Ratir

• State and- local. Govt (Cont'd)
University"of Wyoming
New York State Dorm. Auth.
Housing Assistance Admin.
SOo Louisiana Port Comm.

Rev.-Rent.
Revo-Rent,
Bonds
Revo -Q<> -Uto

24.8
14.9
116.7

3.50-4.40,

11.0

1971-2000
1969-99
1968-2008.
1970-92

4.10
4.80
3.75
4.35

n.a.
3.40-4.35

50.0

1993

6-1/4

6.29

%

Other
Quebec Hydro-Electric Comm.

Deb.

*--Rights offering.
n.a.--Not availableo
1/ Includes corporate and other security offerings of $15 million and over;
State and local 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 income 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.maturity 1996-97 not publicly reoffered.
5/ Bonds maturing 1991-2000 not publicly reoffered.




A

H. 14

^ 5

Exhibit L
Forthcoming Large Long-term Public Security Offering for New Capital
(Other than U.S. Treasury) 1/
Expected Proceeds from forthcoming Large Issues
(In millions of dollers)

During month following
date
State and
Other 2/
Corporate
local
1966 - May 31
June 30
July 29
Aug. 31
Sept.30
Oct. 31
Nov. 30
Dec. 30
1967 - Jan. 31 .
Feb. 28
Mar.- 31
Apr..30
May 31

1,261
317
677
662
687
. 397
1,098
656
486
1,410
767
963
1,449

584
337
403
515 .
300
140
496
939
780
508
227
326
596

30
15
40

80
530
250
70
100

Corporate
1,261
619
697
853
767
457
1,133
811
706
1,534
905
1,262
2,065

Subsequent to
4*te shown
State and
local govt.

J" Other 1 /
85
50
35
90
35
35
65
95
545
265
15
85
115

584
353
403
685
390
175
571
1,154
851
528
247
346
616

Forthcoming Large Offerings as of June 9
(millions

Approximate date of
offering

dollars)
Corporate
Union Tank Car
Consolidated Electronics
State Loan and Finance
Great Western Financial
*Trailer Trane
Mountain Fuel Supply
Puget Sound Power & Light
Mid-Continent Telephone
South Carolina Elec. & Gas
United Shoe Machinery
Airlift International
Washington Gas Light
Scientific Data Systems
Pet, Incorporated
Boston Edison
*Corn Products
Public Service Elec. & Gas.
Automatic Sprinkler




30.0
Equip, trust cert.
31.6
Conv. deb.
35.0
Deb.
18.0
Conv. deb.
36.0
Equip, tr. cert.
20.0
Deb.
20.0
1st mtg. bds.
20.0
Conv. deb.
1st & ref. mtg. bds. 15.0
25.0
S.F. deb.
20.0
Conv. deb.
20.0
1st mtg. bds.
25.0
Conv. sub. deb.
25.0
Deb.
40.0
1st mtg. bds.
100.0
Deb.
75.0
1st mtg. bds.
23.0
Conv. sub. deb.

June
June
June
June
June
June
June
June
June
June
June
June
June
June
June

12
12
12
12
13
13
13
14
14
14
14
15
15
19
20

June
June

20
21

June

21

I

L-2
Forthcoming Large Offerings as of June 9

.Issuer

Type

Amount
(millions
of
dollars)

(Cont'd)

Approximate date of offering

Corporate (Cont'd)
Borden Co.
Pub.Serv.Co. of New Hampshire
Continental Oil
Family Finance
Illinois Bell Telephone
Sierra Pacific Power
S.S. Kresge
C.I.T.Financial Corporation
- Arizona Public Service
"Teledyne
''American Tobacco
Northern Illinois Gas
-United Airlines
"Iowa-Illinois Gas
*k.C.A..
American Tel. & Tel.
Montgomery Ward Credit Corp.
, Philadelphia Elec. Company
-'Groiier, Inc.
-American- Airlines.
-Commonwea11h Oil Refining

Deb.
75.0
1st mtg. bds. 15.0
Com. stk.
180.0
Deb.
25.0
1st mtg. bds. 125.0
1st mtg. bds. 15.0
Conv. sulydetvr 41.0
Deb.
75.0
1st mtg. bds. 25.0
Conv. deb.
50.0
Deb.
• 100.0
j1st mtg. bds. 25.0
I Conv. sub. deb. 130.0
!1st mtg. bds. 22.0
1 Conv. sub. deb. 156.0
(Deb.
'
250.0
Deb.
. 50.0
1st. mtg. bds. 75.0
Conv. deb.
30.0
Conv. deb.
157.0
Deb.
20.0

June 21
June 22
June 27 (rts. exp.)
June 27
June 28
June 29
June 29
(rts. exp.)
June
June
June
June
July
7
July 10 (rts. exp.)
July 12
July
(rts. exp.)
August 1
Indefinite
Indefinite
Indefinite
Indefinite (rts. exp.)
Indefinite

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

21.0
14.0
13.4
24.0

June
June
June
June

14
15
15
15

;
'

Rev.-Rent
G.O.

11.8
16.0

June
June

15
20

\
'

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

75.0
34.7
10.8
20.0
75.0
30.0
70.0

June
June
June
June
June
June
June

20
20
21
27
28
28
28

Rev.-Ut.

12.0

June

G.O.

20.0

Indefinite

(G.O.

10.8

June

State and local Government
• lie us ton, Texas • -Univ. of Texas
:;d i s on, Wisconsin
"Colleges of State of Texas
-Brookhavon & Smithtown, N.Y.,
Central Sch. Dist. #1,N.Y.
. Allegheny Co. , Pa.
Pa. General State Auth.,
Harrisburg . "State of Maryland.
-Oklahoma Inst. Bldg.
Dallas T.S.D. , Texas
'Chicago, City Sch. Dist., 111.
Los- Angeles City U.S.D., Calif.
San Francisco. BARTS, Calif.
Los Angeles Dept. of Water &
Power. CalIfornia
.Metro. St. Louis Sewer Dist.,
Missouri
•State of Oklahoma




21

\
•
'
I

L-3
Forthcoming Large Offerings as of June 9

Issuer

Type

Amount
(millions
of
dollars)

(Cont'd)

Approximate date of offering

0£he-*
British Columbia Hydro &
Power Commission
Bonds
Part, certs.
*F.N.M. A.
*Province of Nova Scotia
Deb.
*City of Montreal
S.F. deb.
Nippon Tel. & Tel. Pub. Corp. iBonds

50.0
650.0
35.0
40.0
15.0

June 14
June 15
June 28
Indefinite
Indefinite

* — 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-guatanteed issues
of Federal Agencies.
Note: Delections for reasons other than sale of issue; None.




I

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

Part I:

Sale

Date

Public Offerings

Amount
(millions
of
dollars)

Issuer and Description of Issue

A.

Sold April 1 through June 9

4/20

25.0

Government of-Mexico — 7% external sinking fund b o n d ^
maturing 1982, reoffered to yield 7.11%.

6/1

50.0

Quebec Hydro - Electric Commission -- 6-1/4% debenture*
maturing 1993, reoffered to yield 6.29%.

50.0
35.0
15.0
40.0

British Columbia Hydro & Power Commission — Bonds
Province of Nova Scotia — Debentures.
Nippon Telegraph and Telephone Public Corp. — Bonds#
City of Montreal,Canada — S.F. deb.

B.
, June 14
*June 28
Indefinite
^Indefinite

Prospective Offer ngs

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




M-2
PART II:

Date Reported

Amount
(millions
of
dollars)

Private Placements - Reported April 1 through June 9

Issuer and Description of Issue

4/17

15.0

4/17

6.0

Ralston Purina of Canada, Ltd. — 6-3/4% debentures
maturing 1987 — no information available on takedown.

5/8

25.0

British Columbia School Districts Capital Financing
Authority — % (U.S.) guaranteed debentures
maturing 1 9 8 7 — no information available on takedown.

5/8

5.1

Northern and Central Gas Company — 6% debentures
with warrants maturing
— n o information
available on takedown.

Sorenco Ltd. —
% secured notes maturing 1987 -- no
information available on takedown.

Note: For retrospective data on aggregate foreign corporate arid government security
offerings in the United States see Exhibits I and J. There is no simple relationship
between the data shown in the Exhibit and that shown in Exhibits I and J because the latter
includes privately placed securities in the period in which funds are actually taken down
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 takedown.
Full or partial takedown may take place both prior and subsequent to the date a placement
is reported.