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DECOHTfiMisD AFTER siz nostss Not f o r P u b l i c a t i o n (H.14 Sypplement) L 1 March 1, 1966. CAPITAL MARKET DEVELOPMENTS IN THE UNITED STATES ~ - - = = d R t t a c h e d f o r your i n f o r m a t i o n a r e s i x t a b l e s and f o u r c h a r t s on c o r p o r a t e s e c u r i t y f i n a n c i n g and two t a b l e s and t h r e e c h a r t s on S t a t e and l o c a l government bond s a l e s during the t h i r d q u a r t e r and f i r s t n i n e months f o r the y e a r s 1 9 6 0 - 6 5 . I k' C a p i t a l Markets S e c t i o n , D i v i s i o n o f Research and S t a t i s t i c s , Board of Governors o f the F e d e r a l Reserve System. Table 1 Corporate S e c u r i t y O f f e r i n g s by Type of B u s i n e s s of I s s u e r and Use of Proceeds Third Quarter 1960-65 (Net proceeds i n m i l l i o n s of d o l l a r s ) 1965 1964 1963 1962 1961 1960 Total corporate o f f e r i n g s 3,869 2,837 2,404 2,128 2,508 2,467 New c a p i t a l New money Other purposes Refunding 3,533 3,177 356 336 2,621 2,077 544 216 2,109 1,884 225 295 1,902 1,507 395 226 2,457 2,108 349 51 2,428 2,222 205 39 Foreign i s s u e s 263 94 109 55 87 38 Manufacturing New c a p i t a l New money Other purposes Refunding 1,119 979 141 121 559 444 115 89 806 661 145 79 566 381 185 49 941 715 226 37 562 504 59 10 E l e c t r i c , gas & w t r . u t i l i t i e s New c a p i t a l New money Other purposes Refunding 786 780 6 103 642 623 18 81 285 278 7 104 376 318 59 160 614 599 15 5 652 638 14 15 Communication New c a p i t a l New money Other purposes Refunding 323 315 8 59 59 35 23 21 150 136 14 77 274 222 52 8 111 99 12 1 317 314 3 63 63 89 89 76 76 85 84 1 26 26 63 63 Other t r a n s p o r t a t i o n New c a p i t a l New money Other purposes Refunding 169 163 6 2 80 74 6 2 55 42 13 58 57 1 81 76 4 130 101 29 1/ Commercial and o t h e r New c a p i t a l New money Other purposes Refunding 347 319 28 14 157 99 58 3 123 116 7 15 105 91 14 7 192 157 35 2 105 82 23 3 Memo: Railroad New c a p i t a l New money Other purposes Refunding 1 Table 1 (Cont'd) Corporate S e c u r i t y O f f e r i n g s by Type of B u s i n e s s of I s s u e r and Use of Proceeds (Cont'd) Third Quarter 1960-65 (Net proceeds i n m i l l i o n s of d o l l a r s ) Mining New C a p i t a l New money Other purposes Refunding F i n a n c i a l and r e a l e s t a t e New C a p i t a l New money Other purposes Memo: 1965 1964 1963 1962 1961 1960 86 60 26 1 109 42 67 22 21 1 1/ 25 25 1 60 42 18 30 27 3 7 639 498 141 927 671 256 591 554 37 412 329 83 432 393 39 569 494 76 1 250 37 352 35 144 144 639 20 341 47 203 13 135 22 255 2 102 22 308 7 410; 22 ; 137 1 4 - - - - New C a p i t a l by - ( S a l e s and consumer f i n a n c e c o s . ) (Banks) (Other c o s . ) Refunding If Less than $ 5 0 0 , 0 0 0 . N o t e . - - D e t a i l s may not add t o t o t a l s due t o rounding. S o u r c e . - - S e c u r i t i e s and Exchange Commission and F e d e r a l R e s e r v e . f Table 2 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 by Manufacturing Companies Third Quarter 1960-65 (Net proceeds i n m i l l i o n s of d o l l a r s ) A l l manufacturing Chemicals T e x t i l e s and apparel Primary i r o n and s t e e l N o n e l e c t r i c a l machinery Paper Foods S t o n e , c l a y and g l a s s Petroleum and r e f i n i n g E l e c t r i c a l machinery Primary nonferrous metals Rubber products Lumber, wood products Beverages Motor v e h i c l e and equipment F a b r i c a t e d metal products Other t r a n s p o r t a t i o n equipment Printing Tobacco Other 2/ 1965 1964 1963 1962 1961 1960 1,119 170 152 102 99 80 78 53 52 47 43 32 26 25 22 16 15 7 559 66 43 54 84 33 31 13 7 50 2 8 16 2 58 19 7 27 1 38 806 147 44 5 70 34 15 6 48 20 73 15 27 4 33 5 76 23 566 134 38 33 26 28 22 17 15 14 48 33 5 13 6 42 1/ 13 941 84 29 10 70 46 99 8 218 74 123 9 12 8 20 11 14 21 562 63 43 151 34 18 20 8 3 49 161 79 85 66 100 1/ Less than $ 5 0 0 , 0 0 0 . 2 / I n c l u d e s i s s u e s of f o r e i g n manufacturers not f u r t h e r c l a s s i f i e d . N o t e . - - D e t a i l s may not add t o t o t a l s due to rounding. S o u r c e . - - S e c u r i t i e s and Exchange Commission and F e d e r a l Reserve. 1 4 6 1/ 71 11 14 • Table 3 - $ H.14 T o t a l Corporate S e c u r i t y O f f e r i n g s by Type of I s s u e Third Quarter - 1960-65 (Gross proceeds i n m i l l i o n s of d o l l a r s ) Type of i s s u e 1965 1964 1963 1962 1961 1960 3,912 2,876 2,436 2,167 2,575 2,520 1,823 2,089 1,183 1,692 1,099 1,337 1,150 1,017 1,369 1,205 1,713 807 3,529 1,575 1,955 (194) 2,382 792 1,590 (103) 2,149 898 1,251 (84) 1,858 852 1,006 (153) 1,912 768 1,144 (199) 2,091 I 1,336 754 ; '116) ; Preferred stock 151 137 79 108 83 Common s t o c k 231 357 208 201 580 T o t a l corporate o f f e r i n g s Tvne of o f f e r i n g Public Private Tvne of s e c u r i t y Bonds and n o t e s Public Private (Memo: C o n v e r t i b l e ) S o u r c e - - S e c u r i t i e s and Exchange Commission. 92 ; 337 ; Table 4 Long-term S e c u r i t y I s s u e s of S t a t e and Local Governments Third Quarter - 1960-65 ( I n m i l l i o n s of d o l l a r s ) 1965 1964 1963 1962 1961 1960 775 202 652 340 811 230 H8 790 276 1,249 358 104 614 305 791 155 113 679 284 422 538 131 513 255 398 269 125 508 308 574 2,781 2,663 2,172 1,653 1,836 1,784 2 ,600 2 ,578 1 ,837 1,582 1 824 1 ,788 Schools 609 Highways, b r i d g e s and t u n n e l s 271 Residential buildings 144 H o s p i t a l s and i n s t i t u t i o n s 30 Sewer and w a t e r 273 Misc. p u b l i c s e r v i c e e n t e r p r i s e s 125 Veterans 1 aid 50 Other 1 ,099 769 149 133 27 329 528 712 132 181 14 246 132 492 126 113 20 270 113 644 420 448 724 173 117 19 261 66 100 364 523 477 56 27 269 65 50 310 84 335 71 12 6 1 ,784 Issuing authority: State County and township Municipality School d i s t r i c t Special authority Total P u r p o s e of i s s u e : New c a p i t a l t o t a l Refunding 180 Total 2 ,781 2 ,663 2 ,172 1,653 1 ,836 Type of I s s u e : General o b l i g a t i o n Revenue Utility Quasi-utility Special tax Rental P u b l i c Housing A u t h o r i t y F e d e r a l Government Loans 1 ;,918 694 196 260 140 99 132 36 1 ,340 1.,149 612 369 40 128 130 44 1 ,188 806 421 236 10 139 116 61 998 511 217 178 75 42 106 37 1.,311 383 153 135 28 67 112 30 1.,198 510 141 346 1/ 23 50 26 Total 2 , 781 2, 663 2, ,172 1,653 1,836 1, 784 JJ Less than $ 5 0 0 , 0 0 0 . N o t e . - - D e t a i l s may not add t o t o t a l s b e c a u s e of r o u n d i n g . S o u r c e . - - I n v e s t m e n t Bankers A s s o c i a t i o n of A m e r i c a . Table 5 Corporate S e c u r i t y O f f e r i n g s by Type of Business of I s s u e r and Use of Proceeds F i r s t nine months - 1960-65 (Net proceeds i n m i l l i o n s of d o l l a r s ) 1965 1964 1963 1962 1961 1960 Total corporate o f f e r i n g s 11,818 10,266 8,656 7,666 9,696 7,146 New c a p i t a l New money Other purposes Refunding 11,060 9,767 1,292 758 9,775 8,604 1,170 492 7,307 6,376 932 1,349 7,186 6,177 1,008 480 8,939 7,946 993 757 6,955 6,375 580 191 Foreign i s s u e s 722 228 671 376 290 134 Manufacturing New c a p i t a l New money Other purposes Refunding 3,870 3,434 436 293 1,712 1,416 295 178 2,344 1,941 403 164 2,211 1,728 483 171 2,907 2,320 587 235 1,372 1,194 178 26 E l e c t r i c , gas & wtr. u t i l i t i e s New c a p i t a l New money Other purposes Refunding 1,936 1,898 38 259 1,936 1,897 39 206 1,405 1,385 20 582 1,790 1,642 148 262 2,049 1,989 60 58 2,058 2,009 49 39 669 649 20 68 1,998 1,867 131 29 607 540 67 349 958 897 62 1,291 1,265 25 378 655 651 4 1 219 219 271 271 260 238 23 80 169 168 1 109 109 153 153 Memo: Communication New c a p i t a l New money Other purposes Refunding Railroad New c a p i t a l New money Other purposes Refunding 18 21 Other t r a n s p o r t a t i o n New c a p i t a l New money Other purposes Refunding 471 394 77 5 436 337 100 22 386 370 17 229 222 7 1/ 394 347 47 12 360 324 36 3 Commercial and other New c a p i t a l New money Other purposes Re funding 769 694 75 44 397 294 103 11 398 357 40 38 493 415 78 18 567 464 103 30 399 314 85 12 Table 5 (Cont'd) Corporate S e c u r i t y O f f e r i n g s by Type %)f B u s i n e s s of I s s u e r and Use of Proceeds F i r s t nine months - 1960-65 (Net proceeds i n m i l l i o n s of ddllars) Mining New c a p i t a l New money Other purposes Refunding F i n a n c i a l and r e a l e s t a t e New c a p i t a l New money Other purposes Memo: 1965 1964 1963 1962 1961 1960 220 157 63 5 283 173 110 1 172 127 45 1 128 116 12 2 172 140 32 1 188 114 74 8 2,905 2,322 583 2,741 2,349 392 1,735 1,418 317 1,207 988 219 1,451 1,312 139 1,770 ! 1,615 155: & New C a p i t a l by - ( S a l e s and consumer f i n a n c e c o s . ) (Banks) (Other c o s . ) Refunding 883 775 1,247 67 997 497 1,247 46 727 89 919 134 • 1 / Less than $500,000. N o t e . - - D e t a i l s may not add t o t o t a l s due t o rounding. S o u r c e . - - S e c u r i t i e s and Exchange Commission and Federal Reserve. F 281 95 831 18 493 68 890 21 1,055 %" 106$ 609 % 6 8 1 | | Table 6 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 by Manufacturing Companies F i r s t nine months - 1960-65 (Net proceeds i n m i l l i o n s of d o l l a r s ) All Manufacturing Chemicals N o n e l e c t r i c a l machinery Motor v e h i c l e and equipment T e x t i l e s and apparel Petroleum and r e f i n i n g Paper E l e c t r i c a l machinery Foods Primary i r o n and s t e e l Primary nonferrous m e t a l s Other t r a n s p o r t a t i o n equipment S t o n e , c l a y and g l a s s Printing Rubber products Lumber, wood products F a b r i c a t e d metal products Beverages Tobacco Other 1/ 1965 1964 1963 1962 1961 1960 3,870 663 348 314 302 277 276 243 194 191 183 99 88 84 78 75 64 50 11 330 1,711 178 220 73 101 12 85 151 70 125 173 60 21 61 31 26 78 42 27 178 2,344 239 197 36 110 338 66 119 156 22 211 193 47 41 100 45 55 11 1 357 2,211 304 190 12 145 211 88 218 107 126 68 45 85 43 45 19 65 44 2,907 165 190 49 70 395 134 274 171 449 146 133 99 75 36 35 26 11 47 402 1,371 171 112 13 67 9 35 172 54 182 32 74 31 22 26 57 110 6 396 i 1/ I n c l u d e s i s s u e s of f o r e i g n manufacturers not f u r t h e r c l a s s i f i e d . N o t e . - - D e t a i l s may not add t o t o t a l s due t o rounding. S o u r c e . - - S e c u r i t i e s and Exchange Commission and Federal Reserve. 198 Table 7 T o t a l Corporate S e c u r i t y O f f e r i n g s by Type of I s s u e F i r s t nine months - 1960-65 (Gross .proceeds i n m i l l i o n s of d o l l a r s ) Type of i s s u e T o t a l corporate o f f e r i n g s 1965 1964 11,962 10,389 1963 1962 1961 1960 8,770 7,829 9,898 7,322 4,179 4,591 4,747 3,082 6,362 3,536 4,826 2,495 Tvpe of o f f e r i n g Public Private 5,785 6,177 5,577 4,812 Tvpe of s e c u r i t y Bonds and n o t e s Public Private (Memo: C o n v e r t i b l e ) P r e f e r r e d Stock Common Stock 10,231 7,706 7 , 7 7 3 6 , 3 7 1 7 , 0 0 1 5 , 6 6 5 4,344 3,092 3,395 3,352 3,731 3,344 5,886 4,614 4,378 3,019 3,270 2,320 (1,091) (330) (272) (397) (500) (321) 538 329 225 300 369 303 1,193 2,354 773 1,158 2,528 1,354 S o u r c e . - - S e c u r i t i e s and Exchange Commission. Table 8 Long-term S e c u r i t y I s s u e s of S t a t e and Local Governments F i r s t nine months - 1960-65 (In m i l l i o n s of d o l l a r s ) 1965 1964 1963 1962 1961 1960 1,900 586 1,975 1,391 2,826 1,113 482 2,313 1,275 3,156 1,223 421 2,312 1,189 2,878 1,094 495 2,194 1,292 1,923 1,560 476 1,889 1,125 1,362 954 403 1,674 1,172 1,739 8,678 8,339 8,024 6,997 6,412 5,942 7,902 7,923 6,955 6,790 6,385 5,911 2,823 Schools 608 Highways, b r i d g e s and t u n n e l s 435 Residential buildings 164 H o s p i t a l s and i n s t i t u t i o n s 1,066 Sewer and water 336 Misc. p u b l i c s e r v i c e e n t e r p r i s e s 50 Veterans 1 a i d 2,420 Other 2,558 628 575 72 1,195 771 90 2,032 2,361 573 587 170 1,090 559 1,615 2,377 990 402 107 936 354 125 1,500 2,281 714 266 87 978 333 413 1,314 1,886 874 327 85 829 195 201 1,514 776 416 1,069 208 27 31 8,678 i8 , 3 3 9 -8 , 0 2 4 6,997 6,412 5,942 5,500 2,700 903 1,124 191 482 374 104 <4,776 2,868 1,268 1,228 75 297 533 162 <4 , 3 7 4 :3,219 1,496 1,024 38 661 254 177 4,524 :2 , 0 4 1 683 1,017 90 251 320 112 -4 ,457 1,633 678 657 57 242 235 87 3,885 :1,770 839 734 56 141 204 83 8,678 ($,339 8,024 6,997 6,412 5,942 Issuing authority: State County and township Municipality School d i s t r i c t Special authority Total Purpose of i s s u e : New c a p i t a l t o t a l Refunding Total Tvoe of i s s u e : General o b l i g a t i o n Revenue Utility Quasi-utility S p e c i a l tax Rental P u b l i c Housing A u t h o r i t y Federal Government loans Total N o t e . - - D e t a i l s may not add to t o t a l s because of rounding. S o u r c e . - - I n v e s t m e n t Bankers A s s o c i a t i o n of America. CHART 1 CORPORATE SECURITY OFFERINGS USE OF PROCEEDS F i r s t Nine Months 1960-65 B i l l i o n s of d o l l a r s 12.0 Refunding 10.0 - 1 8.0 - New Money 6.0 — 4.0 - 2.0 Other Purposes 1965 1964 1963 1962 1961 1960 CHART 2 CORPORATE SECURITY OFFERINGS FOR NEW CAPITAL BY TYPE OF BUSINESS F i r s t Nine Months 1960-65 B i l l i o n s of d o l l a r s 12.0 10.0 Manufacturing 8.0 6.0 Public Utilities Communication 4.0 -Real E s t a t e and Financial 2.0 m Other 1965 1964 1963 1962 1961 1960 CHART 3 CORPORATE SECURITY OFFERINGS BY TYPE OF ISSUE F i r s t Nine Months 1960-65 B i l l i o n s of d o l l a r s 12.0 10.0 8.0 Common Stock Preferred Stock Convertible Bonds 6.0 Nonconvertible 4.0 2.0 1965 1964 1963 1962 1961 1960 n CHART 4 PERCENTAGE DISTRIBUTION OF BONDS SOLD BETWEEN THOSE PUBLICLY OFFERED AND PRIVATELY PLACED F i r s t Nine Months 1960-65 Per cent 100 80 Public 60 40 Private 1965 1964 1963 1962 1961 1960 LONG-TERM SECURITY ISSUES OF STATE AND LOCAL GOVERNMENT BY ISSUING AUTHORITY F i r s t Nine Months 1960-65 B i l l i o n s of d o l l a r s 10.0 8.0 Special Authority 6.0 Municipality 4.0 State 2.0 Other 0 1965 1964 1963 1962 1961 1960 CHART 6 LONG-TERM SECURITY ISSUES OF STATE AND LOCAL GOVERNMENT BY PURPOSE OF ISSUE F i r s t Nine Months 1960-65 B i l l i o n s of d o l l a r s 10.0 Refunding 8.0 6.0 w Highways, Bridges & Tunnels Sewer and Water i II i 2.0 1965 1964 1963 1962 • 1960 CHART 7 LONG-TERM SECURITY ISSUES OF STATE AND LOCAL GOVERNMENT BY TYPE OF ISSUE F i r s t Nine Months 1960-65 B i l l i o n s of d o l l a r s 10.Oi 8.0 - _ General Obligation 4.0 — 2.0 - Pub. H. Auth. 0lfedt E 1965 1964 •zz. 1963 a . 1962 a 1961 1960