Full text of H.16 Capital Market Developments : March 16, 1964
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• Not for Publication DECONTROLLED AFTER SIX MONTHS
H.14^.-^
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March 16, 1964.
\|CAPITAL MARKET DEVELOPMENTS
' l^Triffil/NITED STATES
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The -yolutne of public security financing to obtain new capital
w'^s ^fairly substantial last week* but will be very light this week.
Last week, ended March 13^/fiew capital financing consisted of four
large corporate issues>tfith gross proceeds of $121 million and two
State and local government bond issues with par value of $118 million.
This week, ending March 20, no large corporate issues are on the
calendar, but Tacoma, Washington, has scheduled a $50 million bond
issue; $32 million of the latter will be used for advance refunding
of bonds first callable in 1970 and the remainder will provide new
capital.
Bond yields. Changes in yields on seasoned, long-term bonds
were mixed but minor last week. Yields on high-grade bonds edged up
one basis point. Aaa-rated corporate bond yields averaged 4.37 per
cent, one basis point betow the January high; U. S. Government bond
yields were 4.17 per cent, the highest since May 1960; and yields on
Aaa-rated State and local government bonds were 3.13 per cent, the
highest since early last December, but six basis points below their
late November high. Yields on lower-grade municipal dropped two
basis points to 3.55 per cent, while Baa-rated corporate bonds were
stable.
Yields on new corporate bonds, adjusted to an Aaa basis,
averaged 4.39 per cent last week. This was five basis points above
the average for the week ending February 28--the last week any
eligible issues were offered--but 11 basis points under the early
January high.
Short- and intermediate-term interest rates. Rates on
3-month and 6-month Treasury bills fell two basis points each last week
to 3.54 and 3.72 per cent, respectively. Yields on 3-5 year U. S.
Government obligation, however, rose two basis points further to 4.12
per cent, the highest since June 1960. The average effective Federal
funds rate increased 30 basis points to 3.50 per cent. Other rates
were unchanged.
Mortgage yields and conventional mortgage terms. Secondary
market yields on 25-year 5-1/4 per cent FHA-insured mortgages in
February continued at the 5.44 per cent average which has prevailed in
most months since April of last year. The average was 6 basis points
below a year earlier.
Contract interest rates for conventional first mortgages oh
new homes in February also continued unchanged at an average of 5.80
per cent for new home loans and 5.85 per cent for existing home loans.
Loan amounts for conventional first mortgages changed very
;
H. 14
little from December to January-at $16,900 for new homes and S13,300
for existing property loans, according to the Federal Home Loan Bank
Board. Generally, however, maturities and loan-to-value ratios were
relaxed somewhat for new home loans and tightened for existing home
For new home loans, the increase in average maturities in
January was to 24.7 years--l.6 years more than a year earlier and
just above the previous high for this series in October of last year.
The increase in loan-to-value ratios was to 74.7 per cent, compared
with 72.3 per cent a year earlier and a previous high of 74.2 per
cent last August.
For existing home loans, maturities dipped to 19.6 years,
in January. This compared with a high of 19.7 years a month earlier
and 18.2 years in January 1963. Loan-to-value ratios this January
declined to 71.0 per cent from 71.6 per cent last* December. In
January of 1963, the average was 69.8 per cent.
Stock prices. Common stock prices increased further last
week in active trading. Prices, as measured by Standard and Poor's
composite index of 500 stocks, rose one per cent to close at a new
all-time peak of 79.14 on March 13. Trading volume averaged 5.6
million shares a day, up 0.4 million shares from the average for the
previous week.
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 BOND
YIELDS, H I G H - G R A D E
19*4
Exhibit A - Part II
Date
Corporate
Aaa y
U . 8. Govt,
long-term 2/
State and
local
government
Aaal/
Spread between
U. S. Govt, and
State and
Corporate
Aaai
local Aaa
(per cent)
1959-60 - High
1961 - High
Low
1962 - High
Low
1963 - High
Low
1961* - High
Low
Feb.
Feb.
Feb.
Mar.
/Mar.
14
21
28
6
13 £/
U. 61(3/29/60)
U.lt6(9/15)
lj.. 21(3/17)
U.U3(?/i6)
U.23(12/2^
k.37(Wz7)
U.19(3/29)
4.38(1/24)
4.35(2/28)
U.U2 (1/8/60)
it.07 (12/29)
3.70(5/12)
1^.12(2/23)
3.85(12/28)
U.16 (12/27)
3.87 (1/18)
4.17(3/13)
4.14(2/21)
3.65 (9/24/59)
3.37 (7/6)
3.12 (2/23)
3.26 (V4)
2.88 (11/8)
3.18 (11/21)
2.93 (3/28)
3.13 (3/12)
3.07(2/20)
.59
.57
.3U
•hi
.30
.35
.21 •
.23
.20
.92
.76
.1*6
1.0U
.80
1.05
.88
1.08
1.04
4.36
4.36
4.35
4.36
4.37^
4.14
4.14
4.15
4.16
4.17
3.08
3.07
3.09
3.12
3.13
.22
.22
.20
.20
.20
1.06
1.07
1.06
1.04
1.04
f
Preliminary.
Weekly average of dally figures. Average tenn of "bonds included la 22-24 years.
Weekly average of dally figures. The series includes bonds due or callable in 10 years or more#
3/ for
Thursday
figures. Only general obligation bonds are included) average term is 20 years.
Digitized
FRASER
Note.—Sighs and lows are for individual series and may be on different dates for different
http://fraser.stlouisfed.org/
series. Tor spreads, high refers to widest, and low to narrowest.
Federal Reserve Bank of St. Louis
E X H I B I T B, P o r t ^
LONG-TERM
BOND
YIELDS,
LOWER-GRADE
Exhibit B - Part II
Date
Corporate
Baa 1/
State and
local govt.
Baa 3/
Spread between
Aaa and Baa
State and
Corporate
local govt.
(per cent)
1959-60 - High
1961 - High
Loir
1962 - High
^
Low
1963 - High
- Low
196k - High
Low
5.3^(2/12/60)
5.13(10/27)
5.00(4/21)
5.11(1/5)
k. 92 (12/21)
U.93(3/4)
h. 83(11/15)
4.84(1/17)
4.82(2/7)
U.U6(l/7/60)
4.16(3/23)
^.93(U/9)
U.oU(i/n)
3.52(5/17)
3.63(6/27)
3.52(5/23}
3.57(3/5)
3.53(2/7)
.81*
.81
.66
• 7h
.63 •
.71
.18
.48
.45
Feb.
Feb.
Feb.
Mar.
/ Mar.
4.83
4.83
4.83
4.83
4.83/
3.54
3.55
3.55
3.57
3.55
.47
.47
.48
.47
.46
14
21
28
6 •
13 jd/
Note: For footnotes see Exhibit A#
1.08
.93
.57
.82
.56
.63
.a
.49
.42
.46
.48
.46
.45
.42
<f
E X H I B I T C. P a r i 1
SHORT-
AND
INTERMEDIATE-TERM
INTEREST
RATES,
GOVERNMENT
Exhibit C - Part II
I
Date
Discount
rate
y
Yields
3-month
bills 2/
6-month
, bills 2/
3-5 year
issues 2/
Spread between yields on 3month bills and yields on
6-mo. billsj3-5 yr. issues
(per cent)
U.oo
3.00
3.00
3.00
3.00
3.50
3.00
3.50
3.50
3.56(3/6)
3.50(1/31)
Feb.
Feb.
Feb.
Mar.
Mar.
3.50
3.50
3.50
3.50
3.50
3.52
3.53
3.56
3.56
3.54/
14
21
28
6
13 £/
3.74(3/6)
3.61(1/31)
5.00(12/24/59)
3.86(8/11)
3.15(5/12)
3.88(2/2)
3. ia (12/28)
U.07 (12/27)
3.UU(I/IB)
4.12(3/13)
3.99(2/7)
.79
.hk
.12
.2U
.02
.17
.Oli
.18
.11
1.81
1.51
.92
1.19
.52
.70
.U2
.58
.48
3.66
3.68
3.72
3.74
3.72
4.00
4.02
4.05
4.10
4.12
.14
.15
.16
.18
.18
.48
.49
.49
.54
.58
U. 59 (1/8/60) 5.07(1/8/60)
2.90(1/29)
2 66
' i^V
2.17 (V27)
2.35(4/28)
2.97(7/13)
3.13(7/20)
2.65(6/8)
2.74(6/8)
3.55(11/13) 3.68(12/6)
2.93(3/8)
2.88(3/15)
1959-60 - High
1961 - High
Low
1962 - High
Low
1963 - High
Low
196k - High
Low
Weekly rate shown i9 that in effect at end of period at the Federal Reserve Bank of New Yorko
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 and nay be on different dates for different seriese
For spreads, high refers to widest, and low to narrowest#
S H O R T - AND INTERMEDIATE- TERM INTEREST RATES,
, B A N K S A N D OTHER PRIVATE B O R R O W E R S
Slot* EXCHANGE
CAIU OAHS
PRIME RATE
tINANCt COMPANY f APES
1 v Placed!
—
V^VV
A"\_ Z
I
V
LLL-U
Exhibit D - Part II
Stock exchange
call loan l /
Prime
rate 1 /
Finance company
paper 2 /
Federal
funds
(per c e n t )
1959-60High
1961 - High
Low
1962 - H i g h
Low
1963 - High
Low
1964 - High
Low
5.50
4.50
4.50
4.50
4.5o
4.5o
4.5o
4.50
4.50
5.00
4.50
4.50
4.50
4.50
4.50
4.5o
4.50
4.50
2.88(6/1)
Feb.
Feb.
Feb.
Mar.
Mar.
4.50
4.50
4.50
4.50
4.50
4.50
4.50
4.50
4.50
4.50
y
14
21
28
6
13 £/.
5.13(1/22/60)
3.00(12/30)
2.50(8/5)
3.25(7/21)
3.00 (12/28)
3.88(12/27)
3.13(5/31)
3.88(3/13)
3.75(2/21)
1.30 ( 3 / 2 6 )
3.50 ( 3 2 / 2 7 )
2.45 ( 7 / 2 6 )
3.50(3/13)
3.20(3/6)
3.75
3.75
3.78
3.88
3.88
3.50
3.40
3.50
3.20
3.50
LOO (5/13/60)
2.90 ( 1 1 / 3 7 )
.1*3 ( V 2 7 )
Spread between
3 - m o . bills and
finance co P&Per
1.02
.56
.11
•U5
.19
.39
.12
. 34
. 22
.23
.22
.22
.32
.34
Weekly rate shown is that in effect at end of periqd. Stock Exchange call loan rate 1, going rate
on call lqana secured by customers! stock exchange collateral at New York City banks. Prims rate
is that charged by large banks on short-term loans to business borrowers of the highest credit
standing.
in d the 6 9^179 l day r i^ge P U l , l i 8 h 8 d ^
finan0
* °°=panies for directly placed paper for varying maturities
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 i—Highs and lows are for individual series and may be on diffemnt dates for different .series, '
For spreads, high refers to widest# and low to narrowest#
2/
7
l XHIBII {. P a i l 1
SIOCK MARKET
/
zC
i
2
SIOCK MARK I CliDI
I L.I IJ-xU
E x h i b i t E - Part II
Date
Stock price
i n d e x 1/
Trading
Common
volume 3/
stock
(millions
yields 2/
(per c e n t ) of s h a r e s )
S t o c k m a r k e t customer - credit
Total
Customers'
debit b a l ances k /
Bank
loans to
"others" 5 /
(In m i l l i o n s o f d o l l a r s )
1 9 6 1 - 6 2 - High
Low
1963 - High
196U - High
Low
7U.W12/2?;
79.14(3/13)
75.50(1/3)
3.96
3.01
3.01
3.09
10.1
2.U
6.5
6.1
4.3
January
February
Feb. 28
Mar. 6
M a r . 13 £ /
76.45
77.37
77.80
78.31
79.14
3.06
3.05
3.06
3.04
3.01
5.3
4.6
5.3
5.2
5.6
72.0U12/8/61)
52.68(6/22/62)
2.80
5,602(12/61) U, 259(12/61) 1,U18( 5/9/62)
U,U2U(1/61) 3,253(2/61) 1,161(3/8/61)
7,298(11/63)5,586(11/63) 1,738(12/25)
7,250(1)
n. a.
5,524(1)
11. a.
1,768(3/4)
1,720(1/22)
7,250
5,524
1,726
1,736
1,736
1,768
n.a.—Not available, p/ Preliminary.
*
__
1/ Standard and Poor'soomposite index of 500 ocmnon stooka, weekly closing pricea, 1941-43-10.
Monthly data are averagea of daily figurea rather than of Friday*a only. Highs and lows are for
2/ Standard and Poor^s oompoaite atook yield baaed on Wednesday data converted to weekly olcsing
prices by Federal Reserve. Yields shorn are for dates on which price index .reached its high
3/
4/
5/
Averages of daily trading volume on the New York Stock Exchange.
End of month figures for romber firms of the New York Stock Exchange which carry margin accounts;
excludes balances secured by U. S. Government obligations.
^
,
. .
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.
M OliTG A G £ AND UGUD YIELDS
1956
1957
1958
1959
I960
1961
1962
1963
Exhibit F - Part II
FHA
Date
1956
1957
1958
1959-60
1962-63
-
Low
High
Low
High
High
Low
1963 - November
December
1964 - January
February
j7
2/
3/
4/
"%!
Conven- Spread between yields
on conv. &
FHA mtgs.
gages
eaees5/
2/
Aaa Corporate
New^/
Seasoned—^
Spread between yields on
new corporate bonds and
FHA mtgs.
Seasoned bds.
--
5..20
6.,00
5,.55
6.,30
5,.95
5.,80
.47
.47
.15
.23
.38
.23
3.08
4.94
3.65
5.25
4.72
4.12
3.08
4.12
3.57
4.61
4.45
4.22
.76
1.58
.88
1.69
1.50
.95
.39
-.16
5.44
5..80
5.44-—-5.,80
5.44
5.,80
5.44
5. 80
.36
.36
.36
.36
4.39
4.49
4.50
4.38
4.33
4.35
4.37
4.36
1.50
.95
.94
1.06
.06
.14
.13
.02
4.68
5.63
5.35
6.24
5.72
5.43
1.03
.05
.73
Neither mortgage nor bond yields t a k e into aooount sei-rioing ooa ts which are m i oh h i g h e r f o r mortgages
than bonds. Generally, bonds pay interest semi-annually* mortgages, monthly. Mortgage yields, if compute.d as equivalent t o a aemi—annual interest investment, would be slightly h i g h e r t h a n given in tto
Based'on FHA field-office opinions about average bid prices in the private secondary market f o r
new-homa rortgages for immediate delivery. Data relate only to 2 5 - y 8 s f mortgages with down payments
of 10 per cent or more, -weighted b y probable volume of transactions• Yields computed by F E B ,
assuming 25—year mortgages are paid, off in 12 years. Dashed lines indicate periods of adjustment
to changes in the contractual interest rate.
Based on FHA field office opinion on t y p i c a l interest rates (rounded) on conventional first
mortgages prevailing i n the market areas of insuring office cities. Beginning with Apli 1 1961,
rate relates only to new-hemo mortgages) prior to that date, rate related to both new as w e l l &#
existing-homo mortgages. Dashed line indicates this change i n the series.
3co note for Exhibit G .
/.body's Investor Service. Monthly averages of daily data. See Exhibit A.
1
EXHIBIT G. P o r t I
YIELDS O N
NEW AND SEASONED CORPORATE BONDS
J
Exhibit G - Part II
|
Yields on New Corporate Bond Issues Adjusted
N u m b e r Ain't o f i o o u e o
of
included (mil.
iooueo
of dollars)
Average
N u m b e r Ain't o f i s s u e s
yield
(per cent)
W e e k l y avern^eo:
1963
- Oct.
4
of
Jan.
2
33.5
4.32
18
25
1
• 8
15
22
1
Average
included (mil.
yield
(per cent)
of dollars)
5.0
4^44
15.0
4.41
31
Feb.
1
2
1
40.0
4.37
75.0
4.35
4.41
4.21*
1
30.0
22.0
4
115.0
4.42
2
60.0
4.41
2
95.0
1
150.0
7
14
21
28
Mar.
1
15.0
1
1
50.0
60.0
3
81.0
4.33
:
4.30
4.34
6
13
29
13
20
17
24
11
Nov.
to an Aaa basis
4.39
4.45
4.54*
•
27
1964 - Jan.
3
110.0
A.5Q
..1
in
Note: Avoraf!o3 of offering ylelda on all na.r iecuoo of publloly offered corporate bondo rated Aaa, Aa and
A by I'ocdy'a Investors Sarvioe (except oorlal and oonvortibla I s s u o b , offering# of natural gam pipeline
and foi-oi£a compajnieo, and bondo guaranteed by tha Federal Government) weighted by aLze of offering#
tiaforo avtirtifrinff, noir offerlngo are adjusted to a composite Aaa basis by deducting from the actual
reofferlng yield thj exoooa of the weekly average yield for seasoned bonds of the appropriate industryquality group over the oomnonite avorago for ocaoonad Aaa-rated bonis (Moody's). Averages considered
unrapreuantatlvo b e c a m e of spacdal characteristics of the offerings included are denoted by an asterisk^
H. 14
Exhibit H
Long-term Corporate and State and Local Government
Security Offerings and Placements
(In millions of dollars)
New Capital
State and Local 2/
1962
I
1963
Corporate 1/
1963
1964
January
February
£/
e/
e/
April
May
June
925
700
750
2/
2/
732
74:
976
876
1,133
628
1,113
760
1,132
2.1
2/
&/
869
860
930
873
912
786
676
637
795
582
749
579
&/
£/
%/
66:'
708
4#
612
544
427
1 ,013
819
1 ,415
835
703
1,103
&/l,C51
2/
729
£ / 416
650
578
550
2 ,351
2 ,847
2 ,109
3 ;,246
2,258
3,005
1,910
2,641
2/2,454
2/2,665
2/1,837
2/2,197
2,637
2,571
1,582
1,779
5 ,198
;
7.,307
.10. ,553
5,264
7,173
9,814
2/5,118
2/6,955
2/3,151
5,208
6,790
8,568
613
594
1 ,m
592
859
807
930
904
1 ,013
July
• August
September
October
. November
December
1st
2nd
3rd
4th
quarter
quarter
quarter
quarter
e/2,
1st half
Three quarters
Year
e/
e/
e/
950
750
850
e/2,550
£/
finance companies
1st
2nd
3rd
. 4th
Year
quarter
quarter
quarter
quarter
e/2,C
2,284
2, 529
1, 768
2 , 854
2,199
2,919
1,775
2,410
9, 434
9,303
e/ Estimated by Federal Reserve.
, £/' Preliminary.
1J Securities and Exchange Commission 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)
Quarter
Month
Gross proceeds for net
capital and refunding 1/
Common
Bonds
Foreign
Total Publicly Privately
pfd.
offered offered
included
Net proceeds for
new capital 1/ 2/
Mfg.
Public CommuniOther
utility cations
issuers
i
1 1961 - I
II
III
IV
1,992
5,352
2,566
3,236
662
2,303
772
967
880
1,275
1,139
1,424
449
1,774
654
845
76
155
69
62
515
1,466
935
792
1962 - I
II
III
j
IV
2,378
3,250
2,184
2,957
1,155
1,389
853
1,089
716
1,222
1,024
1,568
507
639
307
300
68
257
56
179
655
996
601
769
430
983
375
568
456
231
275
321
717
794
659
986
I 1963 - I
II
III
IV
1
2,700
3,634
2,436
3,466
1,108
1,389
898
1,319
1,306
1,820
1,251
1,780
287
424
287
367
128
434
109
"47
947
591
806
968
326
794
285
530
236
221
150
118
842
1,241
868
1,629
1962 - Apr.
May
June
July
Aug.
Sept.
1
Oct.
1
Nov.
Dec.
1,217
801
1,232
630
922
632
976
784
1,197
654
247
488
200
477
176
539
286
264
227
420
575
366
363
295
314
446
808
336
134
169
67
82
161
123
52
125
10
147
100
13
43
46
34
99
384
270
342
217
218
166
153
271
345
377
196
410
118
110
148
141
175
252
88
64
79
88
120
67
260 .
4
57
264
229
301
159
301
199
282
253
451
1963 - Jan.
Feb.
Mar.
Apr.
1
May
695
642
1,363
1,049
1,340
1,246
810
756
871
1,116
891
1,459
350
259
499
380
550
459
279
336
283
511
183
626
243
289
774
452
694
675
431
318
501
481
549
751
102
94
91
217
95
113
100
100
87
125
159
83
25
43
60
56
182
196
46
21
42
10
10
27
135
220
592
148
216
227
297
272
237
240
214
515
114
115
97
341
222
230
107
100
78
201
131
198
125
68
43
71
92
58
86
25
39
41
13
64
238
191
412
369
373
499
187
240
441
531
461
637
991
720
338
280
533
340
120
100
5n.a.
153
150
108
160
152
80
512
310
1
I
:
1
f
1
July
Aug.
Sept.
Oct.
Nov.
Dec.
1964 - Jan. £/
Feb. e/
Mar.
81
381
1,081 „ 1,095 ,
104
595
147
836
832
1,052
893
1,263
£-/ 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. Source.--Securities and
Exchange Commission.
H. 14
Exhibit J
Other Security Offerings
(In millions of dollars)
1964
January
February
March
April
May
£./ 4
e/ 50
July
August
September
October
November
December
Jan. - Feb.
e/54
Year
January
February
April
May
July ;
August
September
October
November
December
Jan. - Feb.
Year
j
I
I
8
Cross 1
1963
t 2/
1
1964
1962
fi/ —
2
142
10
35
10
86
50
25
8
31
151
88
101
365
152
' c/ --
77],
737
232
133
76
57
114
11 63
83
e/ --
347
6°?-
148
186
461
--
--
--
--
150
175
174
200
--
--
--
148
402
1,167
484
375
1962
246
156
459
Net short-term 4/
State and local gover:iment 5/
75
£/ *61
18
12
272
. 466
£/ 22
-367
-186
589
127
-30
-84
-10
-118
62
78 ,
208
339
-173
.
-406
259
71
146
^ 234
-339
-161
n.a.
Federal agency 3/
1
1963
1
£/ 34
j
Federal agency 3/
-106
-189
-482
292
195
319
414
327
258
123
-102
551
247
-156
226
-364
82
284
261
227
-157
379
55 __
-80
-295
91
1,600
1,004
:
]V Preliminary, e/ Estimated by Federal Reserve, n.a.--Not available. 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 United States by foreign governments and their political subdivisions
and international organizations. Source: Securities and Exchange Commission. 3/ Issues not
guaranteed by the U. S. Government. Source: long-term, Securities and Exchange Commission;
short-term, Treasury Department and Federal Reserve. 4/ These data differ from those in
Exhibit H and above in that they represent new offerings less retirements, whether from the
proceeds of 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 Authority notes. In some instances PHA notes included may
Digitized
FRASER
have a for
somewhat
longer maturity than one year. Source: Bond Buyer and Federal Reserve.
<
I3>
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)
I
Month
i
I
1963 - February
March
April
May
June
July
Augus t
September
October
November
December
1964 - January
February
State
and
local
government
CorDorate
. Bonds
f
Total |(Other than
Convertible
bonds
convertibles) j
186
394
409
149
348
199
236
237
446
180
547
307
263
125
372
263
149
348
180
218
215
380
117
515
225
200
35
26
22
146
19
18
22
66
63
32
22
28
-——
60
35
367
570
431
389
372
279
329
135
734
373
111
577
358
Other 2f
63
134
43
460
60
20
——
174
200
——
——
Large Individual Issues Offered March 1 through 13
Type
i
\
Amount
(millions
of
dollars)
OfferCoupon
Maturity rate or net ing
•Rating
interest
yield
cost *
Corporate
I Southwestern P. S. Co.
Anheuser-Busch Inc.
f Beneficial Finance Co.
1 Potomac Edison Co.
1st mtg, bds.
Deb.
Deb.
1st mtg. & coll.
tr. bds.
15.4^/
40.0
50.0
1994
1989
1992
4-1/2
4-1/2
4-1/2
4.50
4.47
4.58
A
A
16.0
1994
4-5/8
4.50
A
Rev.-S.T.
G.O.
G.O.
G.O.
15.0
10.7
50.0
50.0
1965-84
1965-89
1972-90
1968-87
; State and Local Government
Louisiana State Bond & Bldg.
Comm.
Minneapolis, Minn.
State of Kentucky
State of Connecticut
3.43
2.92
3.24
3.00 .
2.20-3.50
2.10-3.20
2.75-3.30
2.45-3.15
A
Aaa
A
Aaa
H. 14
K-2
Large Individual Issues Offered March 1 through 13 (Cont'd)
Issuer
Type
Amount
(millions Maturity
of
dollars
Coupon
rate or net
interest
cost
Offering
yield
Rating
\State and Local Government
Jacksonville Expressway
Auth., Fla.
Rev.-Q.Ut.
V
7.3—
1992
2003
4.12
4.00
4.10
*—Rights offering, n.a.—Not 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.0. 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/ An additional $9.6 million in bonds sold to refund outstanding securities.
5/ An additional $66.6 million in bonds sold to refund outstanding securities.
H. 14
Forthcoming Large Long-term Public Security Offerings for New Capital
(Other than U. S. Treasury) 1/
Expected Proceeds from Forthcoming Large Issues
Subsequent to
date shown
During month following
date shown
Corporate
- Feb.
Mar.
Apr.
May
July
Aug.
Sept.
Oct.
Nov.
Dec,
- Jan.
Feb.
28
29
30
31
28
31
31
30
31
29
31
31
28
State and
local govt.
142
376
149
223
170
221
158
240
145
392
305
155
224
458
381
447
255
142
329
210
561
255
137
469
316
454
Other 2/
--
45
40
460
75
20
-
--
State and
local govt.
Corporate
572
421
234
288
215
267
183
240
145
1,992
1,905
1,771
1,649
755
763
599
582
287
512
468
757
401
349
731
667
646
Other 2/
--
45
40
460
75
- 20
--
Forthcoming Large Offerings, as of March 13
Type
Amount:
(:: 11 ions
of
dollars)
Approximate date
of offering
Corporate
Com. stk.
Deb.
Com. stk.
1st mtg. bds.
Texas Utilities Co.•
*Panhandle Eastern P. L. Co.
*United Utilities Inc..
Florida Pwr & Lt. Co.
Pennsylvania Railroad Co.
National Airlines Inc.
American Tel. & Tel. Corp.
^Tennessee Gas Trans. Co..
Pacific Tel. & Tel. Co.
Xerox Corp.
Communications Satellite Co.
Com. stk.
Com. stk.
Deb. & pfd. stk.
Deb.
Conv. sub. deb.
Com. stk.
State and Local Government
City of Tacoma, Wash.
Rev.-Ut.
24.0
40.0
20.0
35.0
50.0
31.9
1,225.0
65.0
100.0
51.4
200.0
18,0
March
March
March
March
March
April
April
April
April
April
April
24
24
24 (rts. ex.)
26
1 (rts. ex.)
6 (rts. ex.)
7
22
28 (rts. ex.)
March 17
H. 14
L-2
Forthcoming Large Offerings, as of March 13 (Cont'd)
Type
Amount
(millions
of
dollars)
Approximate date
of offering
State- and Local Government
Sabine River Auth., New
Orleans, La.
Sabine River Auth. of Texas,
Orange, Tex.
Rochester, New York
El Paso Ind. Sch. Dist.,
Tex.
Los Angeles Dept. of Wtr.
& Pwr., Gal.
Illinois Bldg., Auth.
G.O.
15.0
March 24
G.O.
G.O.
15.0
12.6
March 24
March 24
G.O.
10.0
March 24
Rev.-Ut.
Rev.-Ut.
22.0
25.0
March 25
March 25
March
April 1
April 1
Delaware River & Bay Auth.
Florida Dev. Comm.
public Housing Auth
I Rev.-Q.Ut.
1 Rev.-Q.Ut.
Bonds
105.0
17.0
141.4
Metropolitan Seattle, Wash.
Detroit, Mich.
*Philadelphia, Pa.
Nassau Co., N. Y.
Univ. of California
Washington Sub. San. Dist., Md.
New York State Housing Finance
Agency
Pittsburgh, Pa.
Dade County, Florida
Forth Worth, Texas
Houston, Texas
Rev.-Ut.
G.O.
G.O.
G.O.
Rev.-Rent.
G.O.
15.0
18.3
20.8
20.0
19.6
16.0
April
April
April
April
April
April
Rev.-Rent.
G.O.
G.O.
G.O.
93.0
35.0
46.0
14.1
11.1
April
Indefinite
Indefinite
Indefinite
Indefinite
Bonds,
S.F. bonds
50.0
20.0
March 30
April 2
^ Other
*Inter-American Dev. Bank
*Govt. of Mexico
G.O.
2
7
8
14
15
30
^--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 nonrguaranteed issues of Federal agencies.
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 I:
Sale
Date
Amount
(millions of
dollars)
Issuer and Description of Issue
A.
2/6
8.0
Public Offerings
Sold January 1 through March 13
Tubos de Acero de Mexico, S.A. - 7% convertible debenture,
maturing 1970, offered to yield 7.00%
B«
Prospective Offerings
* 3/30
50.0
Inter-American Development Bank - bonds
* 4/2
20.0
Govt, of Mexico - sinking fund debenture
H. 14 ""
M-2
Part II:
Date
reported
Private Placement--Reported January
Amount
(millions of
dollars)
1 through March 13
Issuer and Description of Issue
1/7
14.0
Laurentide Financial Corp., Ltd.--5-1/4% collateral turst
notes, maturing 1989--no information available on takedown
2/3
28.0
Manitoba Hydro-Electric Board--4-l/4% debentures, maturing
1986--no information available on takedown
2/3
5.0
Scottish United Investors, Ltd.--5% notes, maturing 1969-79-no information available on takedown
2/10
8.0
British American Construction Co.--promissory notes, maturing
1979--no information available on takedown
2/10
4.0
British Assets Trust Ltd. (Scotland)--5% notes, maturing
1981--takedown in February
Note: For retrospective data on aggregate foreign corporate and government security
offerings in the United States see Exhibits I and J. There is no simple relationship
between the data shown in this 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 timing of takedowns. Full or partial takedowns may take place both
prior and subsequent to the date a placement is reported.
^--Included in table for first time.
@FedFRASER