Full text of H.16 Capital Market Developments : March 11, 1968

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Not for Publication^

DECONTROLLED AFTER SIX MONTHS
March 11, 1968

(CAPITAL J1ARKETS DEVELOIMENTS
INTHEnjniTED STATES
Corporate and municipal bond markets. The volume of new, publiclyoffered, corporate and municipal securities expected this week will be bellow
the average weekly volume over the past year. Only about one third of the
corporate volume consists of non-convertible bonds, the largest of which will
est
be Philadelphia Electric 1 s $60 million of first mortgage bonds. The large
convertible corporate offering will be the American Broadcasting Company's
$75 million issue. The reduced municipal volume will feature the $40.8 million
offering by the Pennsylvania School Building Authority.
Long-term Public Security Offerings
(In millions of dollars)

Corporate
New Capital | Refunding

y

State & local Government
New Capital | Refunding

Sold:
336

257

1

r/201

r/337

8

27

447

298

197

52 week avg.
March

Scheduled:
March 15
V

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

Although the lagging seasoned corporate yield series declined last
week and there were no issues for the new issue yield series, an issue offered
only one week before was released from syndicate, and in free market trading
its yield advanced 11 basis points. Another issue, originally offered ir.
early February, also was released and in free market trading its yield advanced
15 basis points.
Yields on seasoned municipals, meanwhile, advanced sharply — in
some cases to new post-1930 1 s high's — but the large volume of new issues
met with only a fair reception. By the end of the week, only about 53 per cent
of the competitively-offered issues had been spoken for. The industrial
revenue bonds with the new mandatory redemption clause, however, were accepted
by investors.




H. 14

-2-

Yields of Security Markets
High Grade
Notes and Bonds

Change from
preceding week

Levels Latest Week

Corporate
New
Seasoned

6.07

-

2

5.27
5.68

+ 8

+

8

4.27
4.53

+ 11
+ 5

4.70

+

1

5.04
5.25

+
+

1
4

U.S. Government
Long-term
3-5 year.
- State and local Govt.
Moody's Aaa
Std. & Poor's high grade
Money Market
Federal funds
Treasury bills
3-month
6-month

Corporate Bonds Still in Syndicate
Date
Offered

Amount
(millions of $)

10.0

2/28

Issuer

Reoffering
Yield

Western Mass. Electric,
6-3/4's - 1958

Rating

6.62

Aa

Estimated proportion sold

35%

Blue List of Municipal Dealers 1 Advertised Inventories
Latest Week
483(3/5/67)




End of Previous Week
479

Recent High
849(4/26/67)

H. 14

FNMA secondary market and other operations. Offerings of mortgages
from private holders for purchase in the secondary market by the Federal
National Mortgage Association changed very little in January, at $212.0
million. While still relatively high, the January level was substantial!)
below the recent near-peak in November when FNMA adjusted its price downward
again.
Purchases by FNMA, which trail offerings by about 6 weeks, advanced
sharply in January to $274.9 million. This was second only to the record
reached in March 1966. Indications are for some decline however, reflecting
the slackening in the offerings which are reported to have continued in
February.
Sales, by the Federal National Mortgage Association, which have
been nominal for some time were nil in January.
In connection with its other operations, FNMA on January 17, sold
$800 million of participation certificates directly to the public and an
additional $450 million directly to the Government trust and other accounts.
Of the $800 million public offering, $500 million maturing in 1971 was priced
to yield 6.00 per cent and $300 million maturing in 1988 was priced to yield
6.05 per cent. FNMA's previous participation certificate offering in latu
November carried yields ranging from 6.35 - 6.40 per cent on 2-to 20-year
maturities.
Stock prices. Common stock prices declined slightly last week
to a new recent low. At the close Friday, Standard & Poor's index of 500
stocks stood at 89.03 down 0.08 from the previous Friday. Trading
volume meanwhile advanced somewhat to 9.5 million shares a day; trading hours,
reduced by 90 minutes since January 22, returned to normal last Monday (Mirch 4).
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.




EXHIBIT

A, Port 1

LONG-TERM BOND Y I I I D S , HIGH-GRADE

CORPORATE Aa*

u\7

U.S. GOVERNMENT

/ V

STATE AND LOCAL GOVERNMENT Aaa

1963



1964

1965

1967

1968

Exhibit A -- Fart. 11

|
Date

I

1959-60 - High
1966 - High
Low
1967 - High
Low
1968 - Feb .
Mar .

9
16
23
1
8j>/

Corporate
Aaa 1/

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

4.61(1/29/60)
5.52(9/9)
4.73(1/7)
6.24(12/29)
5.00(2/10)

4.42(1/8/60)
4.87(9/2)
4,42(1/7)
5.49(11/17)
4.37,(2/3)

6.11
6.10
6.09
6.09
6.07

5.17
5.13
5.14
5.19
5.27

3.65(9/24/59)
4.04(8/25)
3.39(1/13)
4.15(12/28)
3.25(2/9)
3.95
4.00
4.06
4.16
4.27

Spread between
U.S. Govt, and
| State and
Corporate
| local Aaa
Aaa
.59(8/5/60)
.84(12/30)
.14(2/18)
.92
.44
.94
.97
.95
.90
.80

.92(4/22/60)
1.19(2/11)
.77(9/2)
1.51
.74
1.22
1.13
1.08
1.03
1.00

p/ Preliminary.
, , . 0 0 oy
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.
n.
3/ Thursday figures. Only general obligation bonds are included; average term is 20
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 6, Port

L O N G - T E R M B O N D Y I E L D S , LOWER GRADE
Weekly

CORPORATE Baa

STATE AND LOCAL GOVERNMENT Baa

1963



1964

1965

1966

1967

1968

Exhibit B —

State and
local govt.
Baa 3/

Corporate
Baa V

Date

Part II

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

5.36(2/12/60)
5.04
6.18(12/30)
5.05(1/14)

4.46(1/7/60)
3.79
4.55(8/25)
3.78(1/20)

5.81

4. 73f12/28)
3.85(4/13)

1968 - Feb.

6.80

Mar.
Note:

9
16
23
1
8£/

6.79
6.79

6.80

6.81

For footnotes see Exhibit A.




4.64
4.69
,4.73
4.78
4.81

Spread between
Aaa and Baa
State and
Corporate
local govt.

.84
.31

1.08

,31

.31

.81
.82
.63

.69
.69
.70
.71
.74

.39

.62
.81
.37

.69
.69
.67

.62
.54

EXHIBIT

C, Port 1

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
a

3

GOVERNMENT
Weekly

&

6-MONTH BILLS
M a r k e t Yields

3-5 YEAR ISSUES

F R. DISCOUNT RATE
3-MONTH BILLS
Market Y i e l d :

1963



1964

Exhibit C -- Part II

Discount
rate
—L/
1959-60 - High
Year end - 1965
1966
1966 - High
Low
1967 - High
Low
1968 - Feb.
Mar.

9
16
23
1
8EZ

3-month
bills 2/

4.00
4.50
4.50
4.50
4.50
4,50
4.00

4.59(1/8/60)
4.47
4.80
5.52(9/23)
4.39(6/24)
4.99(12/29)
3.41(6/9)

4.50
4.50
4.50
4.50
4.50

5.00
4.97
4.96
5.03
5.04

Yields
6-month
bills 2/
(per cent)

|
I

5.07(1/8/60)
4.66
4.92
5.92(9/23)
4.53(6/24)
5.50(12/15)
3.74(6/2)
5.22
5.14
5.16
5.21
5.25

3-5 year
issues U

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

5.00(12/24/59)
4.90
4.86
5.83(9/2)
4.80(4/8)
5.80(11/10)
4.36(4/7)
5.61
5.56
5.57
5.60
5.68

.79
.19
.12
.52
o 09
.62
.01

1.81
.43
.06
.78
.01
1.61
. 02

.22
.17
.20
.18
.21

.61
.59
.61
.57
.64

1/ Weekly rate shown is that in effect at end of period at the Federal Reserve Bank of
New York.
.
2/ Market yield; weekly averages computed from daily closing bid prices. Series of 3-5
™~ year issues consists of selected notes and bonds.
Note--Highs and lows are for individual series arid may be on different dates for
different series. For spreads, high refers to widest, and low to narrowest.
£/ Preliminary.




EXHIBIT

D. Part 1

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,
B A N K S A N D OTHER P R I V A T E BORROWERS

PRIME RATE
FINANCE COMPANY PAPER

Directly

placed

L_

F.R. DISCOUNT RATE
FEDERAL FUNDS

1963



1864

1965

1966

1967

1968

Exhibit D —

Prime rate 1/

Date

Part II

Finance
company
paper Ij

Spread between
3-mo. bills and
Federal funds 3/ finance co. paper

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

5.00
4.50
5.00
6.00
5.00(3/4)
6.00(12/29)
5.50(12/1)

5.13(1/22/60)
4.06
4.75
5.88
4.75(1/7)
.5.75(1/6)
4.38(6/23)

4.00(5/13/60)
4.00
4.63
5.63
3.55(1/21)
5.25(1/6)
3.40(10/27)

1968 - Feb.

6.00
6.00
6.00
6.00
6.00

5.25
5.25
5.25
5.25
5.25

4.73
4.59
4.69
4.70
4.95

Mar.

9
16
23
1
®E

1.02
.23
.28
1.08
.20
1.33
.21
.25
.28
.29
.22
.21

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.
2./

Preliminary.




EXHIBIT

E, Port 1

STOCK M A R K E T
1941-43 o v e r a g e = I O

100

PRICES

10

8

STOCK MARKET CREDIT

6

* CHANGE IN SERIES
4

Million!

of shores

VOLUME

\

YIELDS

1 i.1 i i i i i i Mi Mi i i ii 1.1 ii' i II i i i i ii ii ii i i i i. i ii ii ii i i i i i i i i
1 1 1 1 1 .1 1 I'll
1968
1967
1966
1965
1964
1963



Exhibit E - - P a r t II

Stock price
index 1/

1961-62 - High

Common
stock
yields 2/
(per cent)

Trading
Stock market customer credit
volume 2/
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)
97.26(10/6)

10.1
2.4
10.7
5.0
12.3
6.9

5,602(12/61) 4,259(12/61) 1,418(5/9/62)
4,424(1/61)
3,253(1/61) 1,161(3/8/61)
7,997
5,835
2,241(7/6)
7,302
5,169
2,097(12/14)
10,347(12/67) 7,883(12/67) 2,507(11/1)
7,345(1/6)
5,290(1/67) 2,055(1/25)
10,193
n. a.

82.18(1/6)

2.82
3.96
3.01
3. 97
3.01
3.58

1968

Jan.
Feb.

95.04
90.75

3.10
3.28

11.9
9.2

1968

Feb.
Mar.

23
90.89
1
89.11
8£/ 89.03

3.28
3.32
3.36

8.5

1966 - High
Low
1967 - High'

8.0
9.5

7,761
n. a.
n.a.
n. a.
n.a.

2,432
n. a.
r/2,437
r/2,421
n. a.

.a. Not Availab
£/ Preliminary, r/ Revised.
~~
1/ 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 high
or low.
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 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.




-13-

EXHIBIT f. Po"

1

FEDERAL NATIONAL MORTGAGE ASSOCIATION
s e c o n d a r y market o p e r a t i o n s

Million, ol dollars

• 1111 n 400;

OFFERINGS

.Til

I PURCHASES V

SALES
1962




1964

1966

\ \

Exhibit F - Part [I

Dal r

Estim.iLud offerings 1to'FNMA
Immediate
Standby
Total
purchase
commitment

1967 - Jan.
67.9
Feb.
24.4
26.9
Mar.
Apr,
17.8
May
78.7 .
229.1
June
July
232.8
261.0
Aug.
Sept. r/168.2
260.6
Oct.
Nov.
324.7
Dec.
209.4
1968 - Jan.
212.6

Purchases
by
FNMA

(In millions of dollars)
67.3
125.0
.6
84.2
.2
24.2
50.9
26.7
.2
20.6
.1
17.7
.2
17.8
78.5
228.8
.3
26.9
81.2
232.6
.2
' 260.6
198.3
.4
192.4
167.9
£/3
260.1
.5
215.1
.6
186.9
324.1
200.1
206.6
2.8
212.0
.5
274.9

Sales
by
FNMA
.2
--

.9
.8
1.5
6.0
.9
.8
.2
.3
.1
--

* — L e s s than $50,000.
r/ Revised.
I/ 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 under
both immediate purchases and standby commitment contracts. Data exclude FNMA
activity under Special Assistance and Management and Liquidating Programs.




-15-

EXHIBIT

G, Pari 1

YIELDS O N NEW A N D SEASONED CORPORATE B O N D S
Weekly




:

6.5

Adjusted to

Aaa

Bai

NEW ISSUES

6.0

5.5

5.0
SEASONED Aaa
4.5

4.0
1965

1967

1968

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

Number
of

Number |Ain't, of issues Average
yield
of
included (mill.
(per cent)
issues 1 of dollars)

Am't. of issues Average
yield
included (mill.
(per cent)
of dollars)

Monthly averages:
1968 - Jan.
Feb.

13
13

567.0
564.5

6.24
6.29

Feb.

Mar.

2
9
16
23
1
2
8jg /

76 0
237.0
205.0
42.5

5.21
6.23
6.30
6.29

70.0

6.48

Weekly averages:
High
6.48(3/1/68)
6.18(1/12/68)
Low
Npte: Averages of'offering yields on all new issues of publicly offered corporate bonds rated Aaa,
Aaj 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.
£/

Preliminary.




-17-

Exhibit H
Long-term Corporate and State and Local Government
Security Offerings and Placements
(In millions of. dollars)
New Capital
1968P/
e/ 1,750
e/ 1,600
e/ 1,800

Corporate
1967p/

195(>

1,482
1,194
1,439

1,188
858
865

1,553
1,058
2,364

1,111
1,222
1,497

1,193
901
1,141

2,454
2,407
1,723

1,039
1,670
1,382

943
858
1,324

701
773
1,020

2,289
1,467
2,336

829
1,085
1,635

974
1.424
. 1,060

755
969
940

5,364
6,058
6,584
6,092

4,985
4,975
4,091
3,550

4,115
3,830
3,125
3,458

2,911
3,235
2,494
2,664

11,421
18,007
24,584

9,959
14,050
17,601

7,945
11,070
14,529

6,146
8,640
11,304

1,648

till

1,302
1,237
2,446

April
May
June

1,973
1,474
2,611

July
August
....
September
October
November
December

January
February
March

1st
2nd
3rd
4th

Quarter
Quarter
Quarter
Quarter

e/ 5,150

1st half
Three quarters
Year

State and local 2/
1966
1968p/
196 7_r/

e/1,107
e/1,200
e/1,100

e/3,407

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

Quarter
Quarter
Quarter
Quarter

Year

i

4,924
4,884
3,969
3,188

5,207
5,913
6,338

17,269

Preliminary, r/ Revised.
Securities an3 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^.




-18-

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

'3
!

Quarter
or
Month

1966 - III
IV
1967 - I
II
III
IV

Net proceeds
Gross proceeds for new capital
for new capital 1/ 2/
and refunding 1/
Common Memo:
Bond s
Total
Other
Mfg. Public CommuniForeign
Publicly Privately and
Utility cations Issuers
pfd. issues
Offered Placed
stock included
4,197
1,309
657
567
2,256
1,627
314
1,558
154
918
3,669
984
417
2,047
1,247
375
117
1,232
5,464
6,208
6,833
6,294

3,263
4,017
4,604
3,107

1,811
1,465
1,551
2,137

390
726
678
1,051

60
65
234
93

2,442
3,014
2,792
2,527

997
1,268
1,219
1,255

543
548
595
269

105
274
362
156
10
563
1,418
900
1967 - Feb.
503
145
601
15
1,254
Mar.
2,362
1,618
143
16
107
1,128
394
2,016
1,368
410
238
Apr.
91
965
396
588
403
May
1,519
158
32
350
1,298
471
June
2,673
1,684
659
330
17
446
39
925
July
1,889
213
2,589
214
486
509
356
1,229
Aug.
250
13
2,481
1,813
418
265
too
637
Sept. 1,763
8
902
647
214
906
119
566
34
573
Oct.
469
1,375
2,409
82
512
404
Nov.
645
551
304
19
1,500
68
278
1,109
40
Dec.
278
2,385
1,087
1,020
1968 - Jan. e/ 1,810
225
n.a.
745
405
885
150
700
540 , 125
460
h.a.
200
700
755
Feb.e/ 1,655
£/ Preliminary, e/ Estimated by Federal Reserve.
JL7 Gross proceeds exceed net proceeds by the cost
flotation.
2/ 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.




-19-

1,382
1,228
1,976
2,040

456
415
343
393
492 .
1,044
313
619
690
469
881
450
475

Exhibit J
Other Security Offerings
(In millions of dollars)
Gross Long-term 1/
Federal Agency ]7=
Foreign Government 2/
1965
1966
1967
1965
1966
1967
January
February
March
April
May
June
July
August
September
October
November
December

January
February
March *
April
May
June •
- July
August
September
October
November
December p/

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

129
185
325

91
33
74
5
52
75
2

1,251
783
750
650
810
650
407
250
599
708
710
612

661

8,180

6 ,806

2,732

218

223
27
13
170
22
586
193
66
142
18

12
40
40
66
69
76
72
7
50
23
74
68

1,656

597

196

38
73

—— .

--

•

775
--

239
150
375
375
179

New short-term 4/
~
Federal Agency V
State and local Government 5/
TTT
-i/y
308
238
103
1 7 T
-174
-552
-24
91
39
387
117
-454
450
-458
-594
-319
-11
-559
718
647
580
827
509
109
85
204
462
515
237
284
93
-82
-334
-128
132
-590
-158
119
-103
219
206
-262
-270
408
593
270
105
-652
1,407
152
200
-161
-309
606
-555
59
464
-48
202
-283
. 573
503
274
50
219
-76
36
-366
-570
-431

•ell
2,281

Reserve.
n.a. - — N o t available.



422

1,286

-20-

660

310

801

Exhibit K
Large Long-term Public Security Iaauea for New Capital
(Other than U. S. Treaaury) 1/
Proceeda of Large Iaauea Offered
(In millione of dollare)

Total

• 1967 - Feb.
Mar.
Apr.
- May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
1968 - Jan.
Feb.

SaiRaiMXL
Bonki
(other than
Convertible
convertlblea)
bonda

• 842
1,638
1,311
870
1,666
1,340
1,705
794
1,458
826
978
904
757

709
1,435
956
771
1,072
890
1,288
473
897
461
460
652
575

Stocka

40
140
213
55
409
317
350
257
285
150
437
168
105

State
and
local
government#

93
63
142
44
185
133
67
65
276
215
81
85
77

675
669
512
496
875
483
473
847
505
865
633
785
591

Other

g/

530
1,000
540
391
825.
85"
221
400
50
845
627
1,095
389 .

*

Large Individual issues Offered March 1 through March 8, 1968
leaner

Type 1/

Amount
(milliona
of
dollars)

Maturity

Coupon
rate or
net interest coat

Offering
yield

Rating

Corporate
Computer Sciences
Baxter Laboratories, Inc.
State and Local Government
Cornell Township, Michigan
Cornell Township, Michigan
Illinois Bldg. Auth.
State of Hawaii
Prince George's Co., Md.
Ft. Lauderdale, Fla.
Housing Assistance Admin.
Opelika, Alabama
Los Angeles Dept. of
Water & Power
Other
Federal Land Banks

Com. stk.
19.4
Conv. sub . debs. 25.0

Rev.-Rent
Rev.-Rent
Rev. -Rent,
G • 0.
G.O.
Rev.-Rent,
Bds.
Rev.-Rent,
Rev. -Ut.
Bds.




43.8
12.9
35.4
30.0
24.0
11.5
143.8
45.0
24.0
130.0

1988

4-1/2

4.50

Ba

1995
1971-78
1968-90
1971-88
1969-93
1971-97
1968-2008
1971-93

5-1/2
5-1/2
4.86
4.41
4.51
5.02
4.43

-5.50
4.50-5. 10
3.25-4. 90 Aa
3.70-4.50 A
3.40-4.6 3 ^ A
3.90-5.00 A*
3.10-4.63 Aaa
4.75-5.75 —

1969-98

4.71

4.1044.8 5 ^ A a

1970

6.00

5.97

•

i
1

--

K-2

FOOTNOTE:
*
y

5/

Bonds due 1969-74 were not reoffered.




-22-

H. 1 4

Exhibit L
Forthcoming Large Long-term Public Security Offering for K M Capital
(Other than U.S. Treaaury)
Expected Proceed* from forthcoming Large Iaaisea
(In millions of dollara)
During month following

1967

Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
1968 - Jan.
Feb.

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

Corporate

State and
local govt.

1,410
767
963
1,449
1,636
1,261
694
534
1,357
826
968
531
873

508
227
326
596
401
512
783
768
505
865
633
449
683

Other 2/
250
70
100
40
100
65
50
845
402
60
130

Corporate
1,534
905
1,262
2,065
1,922
1,576
1,335
1,090
2,694
2,129
1,892
736
1,105

Subsequent to
—
State and
local govt.

Other g/
265
15.
85
115
70
150
159
126
260
875
502
75
265

528
247
346
616
402,
575
903
889
743
1,684
1,076
937
1,079

Forthcoming Large Offerings as of March 8.

(millions

Approximate date of
offering

dollara)

American Broadcasting Company
Philadelphia Electric Company
White Motor Corporation
: White Motor Corporation
Sundstrand Corporation
Union Tank Car
Graphic Sciences
General Telephone of the Southeast
Diversified Metals
Poineer Natural Gas
A.M.Kr Corporation
*Shell Oil Co.
Consolidated Edison
Utah Power & Light Co.
Pacific Gas & Electric
Louisiana Power & Light Co.•
McCulloch Oil Corp. of California
*Union Electric Co.
United Utilities




Conv. sub. debs.
1st mtg. bds.
Conv. debs.
S.F. debs.
Conv. sub. debg.
Equip, tr. cert.
Conv. debs.
1st mtg. bds.
Conv. sub. debs.
1st mtg. bds.
Debs.
Com. stk.
Cum. pfd stk.
1st mtg. bds.
1st & ref. mtg. bds.
1st mtg. bds.
Conv. sub. debs.
1st mtg. bds.
Conv. debs. _23-

75,.0
60,.0
25,.0
25 .0
30,.0
20.,0
15. 0
25.,0
20.,0
15. 0
30. 0
95. 0
93. 1
20. 0
50.0
35. 0
15. 0
50. 0
50.0

March
March
March
March
March
March
March
March
March
March
March
March
March
March
March
March
March

11
11
11
11
12
12
12
13
13
14
14
18
18(rts.exp.)
19
20
21
25

March
March

26
26

L-2
Forthcoming Large Offerings as"of March 8. (Cont'd)

Issuer

Amount
(millions
of
dollars)

Type

Approximate date of offering

Corporate (Cont'd)
Kansas City Power & Light Co. 1st mtg. bds.
Houston Lighting & Power Co. 1st mtg. bds.
Hawaiian Telephone Co.
1st mtg. bds.
*New Jersey Bell Telephone Ca Debs.
*Potomac Edison Co.
1st mtg. & coll.
tr. bds.
Montana Power
1st mtg. bds.
^Container Corp. of America
S.F. debs.
*SCM
Conv. debs.
*Tenneco, Inc.
Cum. pfd. stk.
^Fidelity Corporation
Conv. debs.

25.0.
35.0
20.0
50.0

March
March
March
April

25.0
30.0
30.0
41.5
40.0
16.0

27
28
28
2

April
9
Indefinite
Indefinite
. Indefinite(rts. exp.)
Indefinite
Indefinite

State & local Government
\*West Virginia State Bldg.
Commission
Rev. -Rent.
Pennsylvania State Sch. Bldg.
Authority
Rev. -Rent.
Peralta Jr. Coll. Distr.,
California
G.O.
State of Maine
G.O.
State of Minnesota
G.O.
Allegheny County Port Auth.,
Pennsylvania
Rev. -Q.-Ut.
St. Louis, County, Missouri G.O.
Anne Arundel Co., Annapolis,
Maryland
G.O.
Rochester, New York
G.O.
, Cleveland City School Dist. G.O.
*New York City
G.O.
State of Alaska
G.O.
^Nassau Co., New York
G.O.
*San Francisco, California^
G.O.
*Detroit, Michigan
G.O.
^Washington Suburban Sani.
Distr., Md.
Rev. -Ut.
Calcasieu Parish, Louisiana Rev. -Rent.
^California Dept. of Water
Resources
G.O.
Chester Co., South Carolina Rev. -Rent.
Kentucky Turnpike Authority Rev. -Q.-Ut.

24 .2

,

March

11

40 .0

March

12

18 .5
11 .7
33 .8

March
March
March

12
12
12

20 .0
25 .5

March
March

19
21

12,.0
16..2
15..0
45..2
15.,5
35.,0
31. 8
13. 9

March
March
March
March
March
March
April
April

26
26
26
27
27
28
i
2

25. 0
20. 0

April
April

2
2

150. 0
35. 0
120. 0

April
3
Indefinite
Indefinite

15. 0
120. 0

Indefinite
Indefinite

Other
New Zealand
^International Nickel Co.




Bonds
Debs.
-24-

L-3

FOOTNOTES:
Included in table for first time.
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-guaranteed issues of Federal Agencies.

JL/




-25-

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

Sale Date

Amount
(millions
of
dollars)

Issuer and Description of Issue

A.

,

1/11

60.0

1/23

—35.0

Public Offerings

Sold:

Jan. 1 through Mar.

8, 1968.

Quebec Hydro - Electric Commission 6-7/8%
debentures maturing 1989, reoffered to
yield 7.00%.
Province of Nova Scotia — 7% S.F. debentures
maturing 1993, reoffered to yield 7.10%.

2/1

15.0

New Brunswick Electric Power Commission —
6-7/8% S.F. debentures maturing 1993,
reoffered to yield 7.00%.

2/13

25.0

Montreal, Canada — 7-1/8% S.F. debentures
maturing 1988, reoffered to yield 7.06%.

' 2/20

20.0

Canadian Pacific Railway -- 6.90% equipment
trust certificates — maturing March 1, 1983;
reoffered to yield 6.90%.

B.
Indefinite
Indefinite

Prospective Offerings
New Zealand — Bonds ***
international Nickel Co.

15.0
120.0

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




• 26 -

M-2
PART lis

Private Placements - Reported January 1 through March 8, 1968.

Date Reported

Amount
(millions
of
dollars)

1/1/68

1.5

1/8/68

12.0

Issuer and Description of Issue

Nicaraguan Hotel Co. — U.S. guaranteed
6% note, maturing June 1, 1987.
Republic of Portugal —

notes due 1968.

1/15/68

7.0

Home Oil Co. Ltd. (Canada) -- Secured
15 year bonds.

2/5/68

1.5

Caribbean Finance Co. (Puerto Rico) Senior
notes due 1/15/80.

2/26/68

6.0

Aluminio, S.A. de C.V. (Mexico) U.S.
debentures — 7-1/2%, maturing 1980.

3/1/68

12.0

Edmonton (City of Alberta, Canada),
U.S. 6-3/4% debentures maturing Ja:n., 1993.

Note: For retrospective data on aggregate foreign corporate and government secur Lty
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 jthe 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 pjlacement
is reported.