Full text of H.16 Capital Market Developments : March 21, 1966
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Not for Publication ^CONTROLLED
H. 14
AFTER SIX MONTHS
March 21, 1966.
CAPITAL MARKET-DEVELOPMENTS
IR THE^UNITED STATES
,?
Corporate and municipal bond markets. Corporate
security offerings for new capital this week will aggregate
somewhat more than the weekly average over the past year.
Over1 70 per cent of this week's offerings, however, will be
accounted for by the inclusion of rights offerings which
will expire during the week. Municipal issues for new capital will total substantially less than the weekly average
in this market.
Long-term Public Security Offerings 1/
(In millions of dollars)
Corporate
State and local Govt.
New Capital I Refunding New Capital IRefunding
Sold:
52 week avg.
Mar. 11
Mar. 18
156
3
197
9
168
230
252r/
lOlr/
lr/
185
141
Scheduled:
Mar. 25
1/ Federal Reserve estimates based upon published reports of
issues sold and scheduled for offering; corporate rights
offerings are included as of the date subscription rights
expire.
A good reception was afforded all major corporate
debt issues reaching the public market last week. All issues
have been sold out and underwriters currently have no issues
in syndicate. New issue yields declined 11 basis points
while seasoned corporate bond yields advanced 5 basis points,
thus narrowing the spread between these two series to a somewhat more normal level.
The huge New Jersey Turnpike Authority offering
scheduled for last week was cancelled due to the relatively
high interest cost which was encountered in the single bid
for the issue. Municipal yields declined 4-5 basis points
as the new issues offered last week were enthusiastically
received.
H. 14
Yields in Security Markets
Level latest week
(per cent)
Change from
preceding week
(basis points)
High-Grade
Notes and Bonds
Corporate
New
Seasoned
5.27
4.93
+ 5
U.S. Govt.
Long-term
3-5 year
4.63
4.93
- 5
- 7
State and local Govt.
Moody's Aaa
Std. & Poor's high grade
3.56
3.72
- 5
- 4
Money Market
Federal funds
Treasury bills
3-month
6-month
-11
4.58
4.64
4.82
+ 1
- 1
Corporate Bonds Still in Syndicate
None
Blue List of Municipal Dealer's Advertised Inventories
(millions of dollars)
Latest Date
380 (3/16)
End of Previous Week
408
Recent High
620 (2/8)
H. 14
Stock market credit. Total customer credit in the
stock market increased $224 million to almost $8.0 billion
during the month of February. Host of this increase was due
to a $202 million advance in the level of customers' net
debit balances.
Customers' net free credit balances rose $35 million
to $1.8 billion--a r e c o r d — w h i l e member firms of the New York
Stock Exchange borrowed $11 million more over the January
level. More detailed information on changes in stock market
credit in recent months is shown in the table on the following page.
Private housing starts and permits. Seasonally
adjusted private housing starts, which had begun to decline
in January, dropped further in February to an annual rate of
1,318 thousand, the lowest rate since early 1963. The decline in February amounted to 17 per cent and was from a
January rate that had been revised upward by 3 per cent.
The continued unsettled nature of underlying
mortgage market conditions appears to have been a factor
in the decline this year. However, interpretation of the
influence of this factor on the magnitude of the drop is
difficult because of the inherent volatility of the series
and the special effect of variable weather conditions.
These were much more favorable than usual in December (when
starts soared to an annual rate of 1,769 thousand) and were
much less so in February.
On a three-month moving average basis, starts in
the December-February period were at an average annual rate
of 1,557 thousand, compared with 1,633 thousand in the
November-January period and 1,505 thousand for all of 1965.
For the first two months of this year, the average annual
rate was 1,451 thousand, about the same as the recent low
reached in the third quarter of last year.
Government-underwritten starts accounted for
19 per cent of total starts in February. This was a
somewhat higher proportion than a year earlier.
Permits also declined further in F e b r u a r y — b y
9 per cent from the revised (upward) January rate. Singlefamily and multi-family structures both showed about the
same relative decline. While all regions shared in the drop,
it was particularly sharp in the Northeast.
Stock prices. Common stock prices declined last
week in reduced trading. Gains registered in the latter
part of the week were of insufficient magnitude to erase
-4-
H. 14
STOCK MARKET CREDIT
(In millions of dollars)
Months
Outstandings
1955-56 High
Total
Customer
Net Debit
balances with
NYSE member
firm*
4,047 (5/56) 2,823 (12/56)
Broker & )ealer Credit .
Credit
Customers'
Money
Bank loirns to others
net free
Borrowed
than brokers and
dealers for purchas- Cust; Other credit
coll. coll. balances
1,255 (4/56)
1,873
1,060 (11/57)
1,344
188
1,373
1,121
1,377
1,269
1,727
1,865
2,044
1,801
2,572
1,856
3,892
2,882
318
237
385
235
597
446
1,257
940
1,508
1,091
1,211
1,192
3,393
2,889
2,959
517
687
593
1,169
1,666
1,765
-58
43
44 102
23 -64
71 106
-1 182
-297 -320
9
23
-130
26
-96 -23
48
76
-41
90
59 -92
11
-2
47
10
-57
1
89
-64
-40
176
106
4
187
64
35
1957-58 Low
3,554 (1/58) 2,482 (12/57)
1959
19&0
1961
1962
1963
1965
- High
- Low
- High
- Low
- High
- Low
4,764
4,142
5,602
4,876
7,298
6,833
1964 - Dec;
1965 - Dec.
1966 - Feb4
7,053
7,705
7,950
5,079
5,521
5,753
1,974
2,184
Changes in
Outstanding:
1965 - Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
1966 - Jan.
Feb.
-68
69
60
$4
-1
-251
41
162
81
187
401
21
224
21
48
11
63
-15
-251
23
108
79
136
312
30
202
-89
21
49
21
14
(4)
(5)
(12)
(7)
(11)
(7)
3,401
3,004
4,259
3,562
5,586
4,863
(4)
(7)
(12)
(7)
(11)
(7)
18
54
2
51
89
-9
22
(5)
(5)
(8)
(9)
(12)
(2)
430
1,069 (1/55).
807 (4/57#
(3)
(4)
(4)
(9)
(11)
(8)
?
7
f;
7
%
Yi
|
^
-i
|
Note: With the exception of bank loan data, figures are reported to the New York Stock
J
Exchange by member firms carrying margin accounts. Bank loans to others than brokers and
V
dealers for purchasing and carrying securities are for weekly reporting member banks. Net
debit balances and customer free credit balances are as of the end of the month; bank loans *
and money borrowed are reported for the last Wednesday of the month. Numbers in parenthesis (•
denote month of year. All figures exclude credits an, or to carry, U.S. Govt, securities.
H.I'
losses experienced earlier, and as a result Standard and
Poor's index of 500 stocks declined for the fifth consecutive
week--down 0.32 to 88.53.
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.
1, H I 0 H - 0 » A P »
C O R P O R A T E Aaa
U.S. O O V I R N M C N I
C R N M C N T Aaa
1»M
1162
1163
#64
HIT
!##?
Exhibit A -- Part H
State and
local
government
Aaa 3/
Date
Corporate
Aaa 1/
1959-60 - High
1962-63 - Low
1965 - Low .
1966 - High
- Low
4.61 (1/29/60)
4.19 (3/29/63)
4.41 (3/12)
4.93 (3/18)
4.73 (1/7)
4.42
3.85
4.13
4.71
4.42
(1/8/60) 3.65
(12/28/62) 2.88 ( U / B / « )
2.94 ( # 1 )
(6/25)
(3/4)
3.63 (3/3)
(1/21) 3.39 (1/13)
4.79
4.82
4.85
4.88
4.93
4.65
4.66
4.71
4.68
4.63
3.51
3.62
3.63
3.61
3.56
Feb.
Mar.
18
25
4
11
18 £ /
U.S. Govt.
long-term 2/
Spread b<ktween
0. 8. Govt, and
Corporate
State and
Aaa
.59 ( W 6 0 )
.21 (3^7/63)
.22
.33
.14
.92 (4/22/60)
.60 ( W « )
.94
1.19
1.02
.14
.16
.14
.20
.30
1.14
1.04
1.08
1.07
1.07
W, Preliminary#
jy Weekly average of daily figures, Average tens of bonds Included is 22-24 years*
in 10
or ears*
j/m Weekly average of dally figures,. The series includes bonds due or oallablo .
- years
.
f/ BxursdsY figure#* Only general obligation bonds are inoludedj average t e m is 20 years*
Sote*—fligfcs and lows are for ialiiiivu series and may be on different dates for different
series. For spreads, high refers to widest, and low to narrow si*
EXHIBIT I. Fori I
LONG-TERM 1 Q N D VULPS, L O W I R OK A D I
v\^V"\
STATE A N D LOCAL G O V E R N M E N T Baa
l I i I I l I i i i i I I I i i I I I I l l I I I l l l I I i I I ' I 1 I I I I I I I I I I I I I I I
1961"
1982
Corpora te
Baa y
Date
1959-60 - High
Year end - 1962
1964
1965
1966 - High
Low
Feb.,
Mar.
1963
1964
Exhibit B — Part II
18
25
4
11
18£/
Stat* and
local govt.
Baa 2/
(per cent)
1965
Spread between
Aaa and Baa
1 State and
Corporate | l o c a l a o v t .
5.36 (2/12/60)
4.93
4.80
5.04
5.34 (3/18)
5.05(1/14)
4.46 (1/7/60)
3.57
3.51
3.79
4.15(3/10)
3.78(1/20)
.84
.70
.37
.31
.41
.31
5.14
5.16
5.20
5.26
5.34
4.02
4.08
4.15
4.15
4.13
.35
.34
.35
.38
.41 '
Motel
For footnotes see Exhibit
i.
1966
1.08
.63
.52
•39 x
.57
.38
.51
.46
.52
.54
.57
EXHIBIT C. f a / I I
S H O R T - A N D INTER M E DIA T I - T f R M INTEREST RATES
GOVERNMENT
Jl
3-5 YEAR ISSUES
%
• MONTH BILLS :
F. REDISCOUNT RATE
/V
|
J
3-MONTH BILLS
II II f II M 1 1
1961
1962
1963
1964
1965
1986
Exhibit C -- Part II
Discount
rate 3-month
bills 2/
It
Da te
Spread between yields on 3Yields
,
3-ST^ar month bills and Yields on
6-month
6-mo.
bills 13-5 vr. Issues .
issues
2/
bills 2/
(per cent)
1959-60 - High
Year end - 1961
1962
1963
1964
1965
1966 - High
Low
4.00
3.00
3.00
3.50
4.00
4.50
4.59(1/8/60)
2.66
2.89
3.52
3.83
4.47
4.50
4.50
4.66(2/25)
4.53(1/7)
4.90(2/18)
4.68(1/28)
18
25
4
11
18 £ /
4.50
4.50
4.50
4.50
4.50
4.66
4. 66
4.62
4.63
4.64
4.88
4.89
4.81
Feb.
Mar.
5.07 (3/8/60)
2.90
2.93
3.64
3.93
4.66
4.83
4.82
5.00(12/2469) .79
.24
3.81 •
.04
3.41
.13
4.07
.10
4; 07
.19
4.90 .
1.81
1.15
.52
.55
.24
.43
5.04(2/25)
4.84(1/14)
.24
.11'
.41
.25
5.04
5.04
5.03
5.00
4.93
.22
.23
.19
i 20
.18
.38
.38
.41
.37
.29
\f Weekly rata shown 1# that in effect at end of period at the Federal Reserve Bank of New York#
y Market yield; weekly averages computed from daily closing bid prices. Series of 3-5 year Issues
consists of selected notes and bonds.
Notee—Highs and lows are for individual series and may be on different dates for different series.
Tor spreads, high refers to widest, and low to narrowest.
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 PRIVATE B O R R O W E R S
PRIME RATE
FINANCE COMPANY PAPER
F.R. DISCOUNT RATE
FEDERAL F U R O S
Date
Prime rate
1959-60 - High
Year end - 1961
1962
1963
1964
1965
1966 - High
Low
Feb.
Mar.
1963
1114
Exhibit D -- Pare IZ
1962
1961
18
25
4
11
18£Z
5.00
4.50
4.50
4.50
. 4.50
5.00
5.50
5.00
5.00
5.00
5.00
5.50
5.50
1
1/
1961
Finance
company
ftderel funds 1 )
naoer
2/
(per cent
Spread between
3-mo. bills end
5.13 (1/22/60)
3.00
3.19
3.88
4.06
4.75
5.13(3/18)
4.75(1/7)
3*00
3.50
4.00
4.63
4.68(3/4)
3.55(1/21)
1.02
.34
.30
.36
.23
.28
.49
.20
4.88
4.88
4.88
4.88
5.13
4.58
4.63
4.68
4.60
4.58
• 22
.22
.20
.25
.49
iXHieif i. r«f» 1
STOCK M A R K I T
• 1111. • i . 1 d . 11. r •
I 'I I l
I I I I I I I I
II I I I I II II
I 1 1 I I I I I1 11 II II I I I I II
Exhibit B -
Common
stock
yields 1/
foer cent)
Trading
volume 2/
(millions
of aharea)
Stock mar ket customer credit
Bank
Total
loana to
"othera" 5/
(In million* of dollars)
|5»
Stock price
index \J
111
Da te
Part II
1961-62 - High
Low
Nov. 1963
July 1965
1966 - High
Low
72.04(1^/8/61)
52.68(6/2?/62)
72*62
84.91
93.77(2/11)
88.53(3/18)
2.82
3.96
3.14
3.09
3.02
3.25
10.1
2.4
5.3
4.1
10.1
7.2
5 , 602[ig/6l) 4,259(1^/61)
4.424(3/61) 3,253(1/61)
7,298
5,586
6,833
4,863
7,950
5,753
7,726
5,551
19^6 - Jan.
Feb.
Feb. 25
Mar.
4
11
18 £ /
93.32
92.69
91.14
89.24
88.85
88.53
3.02
3.06
3.13
3.21
3.22
3.25
8.9
8.7
8.1
10.1
9.0
7.2
7,726
7,950
5,551
5,753
n.a.
n.a. .
1,418(3/9/62)
i,16l(S/e/6l)
1,712
1,970
2,197(3/2)
2,173(1/19)
2,175
2,197
2,197
2,197
2,195
jy Standard and Poor** composite Index of 500
•took*g weekly closing prices, 1942^-43»10.
data are aremgds of dally figures rather than of Friday's only. Highs and lews are fer
Monthly i
, Friday's data only.
2/ Standard and Poor's composite stock yield based on Wednesday data converted to weekly eleeiag
prices by Federal Reserve, TOLelds shown are for dates on which price Index reached its kl0i
3/ Averages of dally trading volume on the Mew Yoifc Stock Exchange, Y»ar-eaA flgwwa are mmrmfm
dally figures for the yearw
V Ind of month figures for maaber fixes of the Mew York Stock Exchange whldi enny eastHs
excludes balances secured by U, 3. Government obligations.
3/ Wednesday agores for weekly reporting member banks. Excludes loans for p m h r i i g
U. S. GoveniMnt securities, Weekly reporting banks account for ahest TO per wet «
others. Tor further detail see Bulletin.
e€
PilVATI H O U
I
SEASONALLY ADJUSTED DATA
/
W
II
I
II
IIII 11
\
BUILDING PERMITS
n
i
PER CENT Of UNADJUSTED TOTAL STARTS
MUITI-FAMILY
G O V E R N M E N T UNDERWRITTEN
liiniiiiiiiLiiijn.mil
1883
Part II
Exhibit F
Starts
Total
Type of financing Type o
Seasonally adjust- Unadjusted
FHA
ed annual rate
1965 - Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
1966 - Jan.
Feb.
1,482
1:SS
1,516
1,566
1:8?
1,453
1,411
1,547
MS
VA
Other
(Thousands of unite)
70
4
12
85
100
4
16
121
130
5
17
152
134
5
19
158
131
5
19
156
119
5
17
141
112
5
18
135
103
4
17
124
112
4
18
134
96
4
16
116
84
3
15
102
r/68
3
13
rJBU
61
2
12
Building
pemlte
housing (seasonally
adjusted
Multiannual
fast ly
yff) V -
54.4
80.5
104.7
107.6
105.2
98.7
93.0
83.9
91.0
74.7
64.5
31.1
40.2
47.5
49.9
50.3
42.5
41.6
40.4
42.6
40.6
35.5
tsssBSBBmu
J total itirti r# C.nsu. ..tlmat., iaoladiatf t a m fer both pemlt-lMule< « d
A
without mortgag##.
LZeOOO, or t u meim, psran/s-aa innj p w i M t "au*» • wri«|
nji
^fleet direct adjusfcasnt f*r dtfferwee in the nwber ef muklaf days per •
differences 1b tirintf ad eeteimtfs.
, as well as ether
IX MI lit O, fart I
YIELDS O N NEW AND SEASONED C O R P O R A T E BONDS
!• A##
Niw I1SUIS
j J
i i i i i i i 1 ,i ,i
i i i i i
Exhibit G - Part II
Yields on Mew Corporate Bond Issue* Adjusted to an Aaa basis
averages:
Number Aart of Issues Average
of
included (mil. yield
issues of dollars) (per cent)
1965 - July
8
Aug.
7
Sept. 7
Oct.
5
Nov.
6
'Dec.
4
1966 - J a n .
8
Feb. 10
278.0
166.5
288.5
108.0
267.0
212.0
300.0
304.5
4.61
4.63
4.67
4.69
4.72
4.85
4.84
4.98
Number Am't of Issues Average
included (mil. yield
of
Issues of dollars) (per cent)
Jan.
7
14
21
175.0
40.0
40.0
45.0
4.82
4.89*
4.84
4.85
Feb. 4
11
18
68.5
130.0
41.0
65.0
4.91
4.98
5.02
5.10
43.0
5.38
5.38
5.27
28
25
Weekly averages
1966 - High
Low
5.38 (3/4)
4.82 (1/7)
Kar. 4
11
18
25
80.0
90.0
Motel Averages of offering yield# on *11 new iMuee of publioly Offered ooxporate bonda rated la*. Aa and
1 by Moody's Investors Serrioe (except serial and convertible issues, offerings of natural gas pipeline,
•ad foreign companies, and bonds guaranteed by the Federal Government) weighted by < s e of offering.
Before averaging, new offerings are adjusted to a coanoelte iaa basis by deducting from the actual
reoffering yield the excess of the weekly average yield for seasoned toads of the appropriate indaetzyquality group over the composite average for seasoned iaer-rated bands (Moody's), Averages considered
unrepresentative because of special oharaoteristios of t o offerings included are denoted by an asterisk^
Exhibit H
V;
H.14
Long-term Corporate and State and Local Government
Security Offerings and Placements
(In millions of dollars)
New Capital
1966
January
February
March
938
700
778
April
May
June
1.152
1,691
1,946
July
August
September
October
November
December
quarter
quarter
quarter
quarter
e/4,446
1st half
Three quarters
Year
State and local 2/
1966
1965
1964
1964
795
746
1,197
1st
2nd
3rd
4th
2/1,346
e/1,325
e/1,.775
Corporate
1965
&/1.155
2/804
2/872
2/904
947
776
810
2,237
1,095
1,405
2/826
2/924
2/972
1,242
667
903
1,290
850
1,392
812
680
1,130
2/986
2/648
2/966
906
780
892
924
1,325
1,496
953
669
1,642
2/794
2/1,021
801
529
948
2,738
4,789
3,533
3,745
2,416
4,738
2,621
3,264
7,527
11,060
14,805
7,153
9,775
13,038
ej
e/
900
900
2/751
e72,955
2/2,580
2/2,722
2/2,600
2/2,566
2/5,302
2/7,902
2/10,468
2,533
2,811
2,578
2,278
5,345
7,923
10,201
Excluding finance companies %/
1st
2nd
3rd
4th
quarter
quarter
quarter
quarter
Year
e/
2/
1/
If
3/
2,547
4,348
3,283
3,188
2,043
4,258
2,477
2,997
13,366
11,775
Estimated by Federal Reserve.
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.
,14
Exhibit I
New Corporate Security Issues, Type of Issue
and Issuer
(In millions of dollars)
Quarter
or
Total
Month
Net proceeds for
new caiaital 1/ 2/
Mfg.
Public CommuniUtility cations
Other
Issuers
1963 - III
IV
2,436
3,466
898
1,319
1,251
1,780
287
367
109
47
806
968
285
530
150
118
1964 - I
II
III
2,548
4,965
2,876
3,568
978
1,321
792
531
1,269
1,755
1,590
2,629
300
1,890
494
408
29
105
94
227
429
723
559
1,061
438
856
642
509
273
1,666
59
135
1,275
1,492
1,361
1,559
3,007
5,043
3,912
4,030
906
1,864
1,575
1,226
1,673
2,259
1,955
2,264
429
920
383
540
243
215
263
300
1,072
1,679
1,119
1,145
541
609
786
610
91
255
323
177
1,034
2,246
1,304
1,813
1964 - July
Aug.
Sept.
Oct.
Nov.
Dec.
902
748
1,226
1,036
727
1,805
234
183
376
181
30
320
443
453
693
642
645
1,342
225
112
156
213
52
143
24
27
44
82
29
116
150
176
234
250
203
607
207
138
296
297
40
172
23
16
19
82
21
32
432
349
580
323
405
831
1965 - Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
858
791
1,358
1,233
1,773
2,038
1,443
930
1,538
986
1,338
1,646
161
187
557
422
694
748
542
369
664
287
613
565
450
658
648
630
980
780
468
706
574
529
1,161
131
155
143
162
449
309
122
93
168
124
257
159
49
51
143
33
49
134
27
87
150
9#
101
"99.
385
192
494
540
698
441
399
307
414
253
402
470
97
215
229
176
248
184
202
297
287
158
209
243
21
44
26
15
143
98
102
25
196
92
4B
43
292
295
448
422
602
1,223
587
222
495
491
671
741
F i
iv
/ . 1965 - I
II
III
IV
1966
if"
w
;
Gross proceeds for new
capital and refunding 1/
Common Memo:
Bonds
Publicly Privately and
Foreign
issues'
Placed;
Offered
Pfd.
stock included
>
.
868
1,629
"1
326
1966 - "Van. j>/ 1,410
125
430
403
388
94
480
740
190
550
150
Feb.e/
450
175
200
1,400
600
600
Mar.
2./ 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 & other transportation,
real estate & finance, & commercial & other.
3/ Does not include U.S. Steel $600 million conversion of preferred stock to debentures.
Source: Securities &
Exchange Commission.
•
Exhibit J
Other Security Offerings
(In millions of dollars)
1%fi
January
February
March
April
May
June
July
August
September
October
November
December
firnns T.nng-fprm 1 (
F o r e i g n finvpirnmpnf 2 /
1Q f>L
IQfiS
218
--
38
73
--
91
33
74
5
52
75
2
661
Year
4
82
69
30
75
26
20
13
7
180
72
58
p/262
238
91
-458
647
204
-82
119
408
152
59
274
E./-366
636
103
236
-407
442
81
-80
-9
127
176
7
-15
-208
1965
129
185
325
--
775
275
260
160
--
New short-term 4/
State and local Goverment 5/
January
February
March
April
May
June
July
August
September
October
November
December
Fpriprfll Agency M
308
—
—
239
150
375
375
179
510
2,732
1,205
*-
••
•—
Federal Agency 37"
-137
-174
117
-11
509
237
132
206
105
-309
202
-76
-308
-336 •
23 >
97 '
183 ;
239
-333
167 $
1 ,i
525,4
113,
-3^
(;
368 /
453
801
Year
E/1.286
2J Preliminary, e/ Estimated by Federal Reserve. n . a . — N o t 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 U.S. by foreign governments and their political
subdivisions and international organizations. Source: Securities and Exchange Commission.
3/ Issues not guaranteed by U.S. Government. Source: Long-term, Securities and Exchange
Commission; short-term, Treasury Dept. & Fed. Reserve.
4/ These data differ from those
in Exhibit H and above in that they represent new offerings less retirements, whether
from the proceeds or refunding issues or from other funds. Data include only issues with
original maturity of one year or less.
5/ Principally tax and bond'anticipation notes,
warrants, or certificates and Public Housing Auth. notes. In some instances PHA notes
included may have a somewhat longer maturity than 1 year. Source: Bond Buyer & Federal
DigitizedReserve.
for FRASER
/y
H. 1 4
Exhibit K
Large Long-term Public Security Issues for Hew Capital
(Other than U. 8. Treasury) 1/
$
&
Proceeds of Large Issues Offered
(In millions of dollsrs)
f
Corporate
Bonds
Convertible
(other than
bonds
convertibles)
Total
1965 - Feb.
Mar.
Apr.
May
210
560
343
455
801
July
Aug.
Sept.
Oct.
Nov.
Dec.
1966 - Jan.
Feb.
477
299
530
246
736
262
485
545
Stocks
86
131
233
217
513
307
928
State
and
local '
280
97
53
320
315
138
22
62
26
40
33
50
190
559
212
370
391
84
130
19
446
395
411
492
377
655
312
563
409
538
413
787
424
16
144
115
70
Other 2J
260
40
340
20
50
170
43
95
Large Individual Issues Offered March 1 through 18
Issuer
Type 1/
Amount
(millions
of
dollars)
Maturity
Coupon
rate or
net interest cost
Offering
vield
Bating
Corporate
Monongahela Pwr. Co.
Arkansas Pwr. & Lt. Co.
La. Pwr. & Lt. Co.
Appalachian Pwr. Co.
Anheuser - Busch, Inc.
Deere & Co.
Pacific Gas & Elec. Co.
Reynolds Metals Co.
Northwest Nat. Gas Co.
I
1st mtg. bds.
1st mtg. bds.
1st mtg. bds.
S. F. Deb.
Deb,
Com. stk.
1st mtg. bds.
Conv. sub. deb.
1st mtg, bds.
18.0
25.0
35.0
30.0
45.0
51.3
75.0
75.0
16.0
1996
1996
1996
1996
1991
5-1/2
5-3/4
5-3/4
6
5.45
5.42
5.60
5.60
5.81
5.45
A
A
A
Baa
A
1998
1991
1991
5-3/8
4-1/2
5-3/4
5.35
4.50
5.87
Aa
Ba
Baa
Rev.-Rent.
G.O.
50.0
15.0
1969-93
1968-91
4.00
3.53
3.40-4.05
3.10-3.60
Aa
Aaa
G.O.
20.0
1967-96
3.78
3.10-3.85
Aa
State and local Govt.
Iwfi Penna. Gen. State Auth.
• Texas Water Dev. Bd.
,'4:1, East Bay Mun. Util.Dist.
Calif.
\%
K-2
Large Individual Issues Offered March 1 through 18 (Cont.)
Type 3/
Issuer
Amount
(millions
of
dollars)
Maturity
Coupon
rate or
net interest cost
Offering
yield
Rating
State and local Govt.(con t.)
University of Nebraska
Rev.-Rent
13.0
1969-2001
4.22
Bonds
Debs.
20.0
35.0
1986
1996
6-1/2
5-1/2
3.50-4.20
Other
Govt, of New Zealand
Province of Ontario
6.87
5.50
*--Rights offering.
n.a.--Not available.
V Includes corporate and other security offerings of $15 million and over; State and
local government security offerings of $10 million and over.
2/ Includes foreign government and International Bank for Reconstruction and Development issues and non-guaranteed issues by Federal Agencies.
3/ In the case of State and local government securities, G.O. denotes general obligations ; Rev. -Ut . , revenue obligations secured only by income from public utilities;
Rev.-Q.-Ut., revenue bonds secured only by revenue from quasi-utilities; Rev.-S.T.,
revenue bonds secured by revenue from specific taxes only: Rev.-Rent, revenue bonds
secured solely by lease payments.
A
Exhibit L
Forthcoming Large Long-term Public Security Offering for Key Capital
(Other than U.S. Treasury) }J
Expected Proceeda from Forthcoming Large Iaauea
(In milliona of dollara)
During month following
Corporate
1965 - Feb. 26
Mar. 31
Apr. 30
May
28
June 30
July 30
Aug. 31
Sept.30
Oct. 29
Nov. 30
Dec. 31
1966 - Jan. 31
Feb. 28
State and
local govt.
316
212
411
328
397
248
404
269
343
398
501
340
366
407
267
852
765
363
193
312
206
412
297
553
530
828
Other 2/
6€l
25
70
20
15
25
20
20
20
Corporate
Subsequent to
date ehown
State and
local govt.
504
792
852
923
410
340
636
303
489
344
676
931
1,176
599
373
635
474
524
353
450
331
578
458
582
461
504
Other U
60
25
70
20
15
25
20
20
20
90
Forthcoming Large Offerings as of March 18
Issuer
Type
Amount
(milliona
of
dollara)
Approximate Tftfte of
offering \
09TP9Ifte
Williams Brothers
Commonwealth Edison Co.
Celanese Corp.
American Tel. & Tel. Co.
General Tel. & Elec. Co.
Stauffer Chemical Co.
Indianapolis Pwr. & Lt. Co.
Idaho Pwr. Co.
Niagara Mohawk Pwr.
Mich.-Wise. Pipeline Co.
New Orleans Pub. Serv. Co.
Carolina Pwr. & Lt. Co.
Tampa Elec. Co.
C. & P. Tel. Co. of Va.
Allied Chemical Corp.
Southern Cal. Ed. Co.
Kentucky Investors Inc.
Conv. sub. deb.
1st mtg. bds.
Com. stk.
Deb.
Com. stk.
Sub. deb.
1st mtg. bds.
Bonds
Com. stk.
1st mtg. p.l. bds.
1st mtg. bds.
1st mtg. bds.
1st mtg. bds.
Deb.
Deb.
1st mtg. bds.
Com. stk.
28.8
50.0
115.0
250.0
105.0
35.0
20.0
20.0
34.0
45.0
23.2
30.0
20.0
50.0
150.0
75.0
17.7
Mar. 21 (rts. ex.)
Mar. 23
Mar. 29 (rts. ex.)
Mar. 30
Mar.
Apr.
4 (rts. ex.)
Apr.
6
A p r . 13
Apr. 13
Apr. 13
Apr. 1.4
Apr. 15
A p r . 20
A p r . 28
Apr.
May
11
Indefinite
I
L-2
Forthcoming Large Offerings as of March 18 (Cont'd)
Issuer
Type
Amount
(millions
of
dollars)
Approximate
date of offe,fine
State and local Government
Peralta Jr. College Dist., Calif
Santa Clara Co., Calif.
Nassau County, New York
Detroit, Michigan
Rochester, New York
Allegheny County, Pa.
Prince Georges Co., Md.
*New York State Dorm. Auth.
Ball State Univ., Ind.
Columbus, Ohio
*San Diego Stadium Auth.
*Los Angeles City Flood Con. Dist., Cal
*Pa. Pub. School Bldg. Auth.
State of Maryland
Milwaukee, Wise.
University of California
*State of Oregon
Dade County, Fla.
Austin, Texas
Lake Charles Harbor & Ter. Dist. La.
G.O.
G.O.
G.O.
G • Oe
G.O.
G . 0.
G.O.
Rev.-Rent.
Rev.-Rent.
G.O.
Rev.-Rent.
G.O.
Rev.-Rent.
G.O.
G • 0.
Rev.-Rent.
G.O.
G.O.
Rev.-Ut.
Rev. -Q. -Ut.
10.0
14.8
20.0
10.0
13.6
13.0
15.0
10.0
10.7
20.6
27.0
20.0
16.0
30.3
10.9
15.7
25.0
46.0
14.0
21.4
Mar. 22
Mar. 22
M a r . 22
Mar. 22
Mar. 24
Mar. 29
Mar. 29
Mar. 29
Mar. 30
Mar. 31
Apr.
7
Apr. 12
Apr. 19
Apr. 19
Apr. 19
Apr. 20
Apr. 21
Indefinite
Indefinite
Indefinite
Other
Republic of Ireland
Nippon Tel. & Tel. Public Corp.
Bonds
Bonds
20.0
15.0
Indefinite
Indefinite
*--Included in table for first time.
JL/ 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.
Note: Deletions for reasons other than sale of issue: $26.5 million Rev.-Q.-Ut. issue
of the State of Florida and the $108.0 million S.F. bonds issue of New Jersey Turnpike
Authority--cancelled.
V
a. 14
Exhibit M
Foreign Government end Corporate Security Offerings
and Placements In the United States
Part I:
Sale Date
Amount
(millions
of
4ell«xcL.
Issuer and Description of Issue
A.
1/12
7.5
3/15
20.0
3/15
35.0
Public Offerings
Sold January 1 through March 16
G o v t , o f Jamalca--6-3/4X b o n d s , m a t u r i n g
1981, r e o f f e r e d t o y i e l d 7.10%.
**
Govt, of New Zealand--6-l/2% bonds, maturing
1986, reoffered to yield 6.87%.
Province of Ontario--5r1/2% debentures,
maturing 1996, roeffered to yield 5.50%.
B.
Prospective Offerings
Indefinite
20.0
Republic of Ireland - Bonds
Indefinite
15.0
Nippon Telegraph & Telephone Public Corp. - Bonds
*--Included in table for first time.
**--Issue sold to investors outside U.S.
***--issues
for FRASER subject to interest equilleation tax.
Digitized
M-2
Part II:
Date Reported
Private Placements
1 Amount
j(millions
1
- Reported J a n u a r y 1 t h r o u g h M a r c h
18
I s s u e r and D e s c r i p t i o n of Issue
°f
1 dollars)
P i l k i n g t o n B r o t h e r s L t d . - - 5 - 1 / 2 % secured n o t e s ,
m a t u r i n g 1981--no i n f o r m a t i o n a v a i l a b l e on
takedown.
1/3
. 23.0
2/4
23.2
C i t y of M o n t r e a l - - 5 - 1 / 2 % S.F. d e b e n t u r e s ,
maturing 1986-91--no information available on
takedown.
2/21
10.0
P r o v i n c e of New B r u n s w i c k - - 5 % d e b e n t u r e s ,
maturing
--no information a v a i l a b l e on
takedown.
2/25
25.0
Consolidated Paper Corp. Ltd.--5,10% debentures,
m a t u r i n g 1990--no i n f o r m a t i o n a v a i l a b l e on
takedown.
2/25
25. 0
C a n a d i a n Pacific Railway--5.% e q u i p m e n t trust
c e r t i f i c a t e s , m a t u r i n g 1967-81--no i n f o r m a t i o n
a v a i l a b l e on takedown.
3/14
28.0
Be 11 T e l e p h o n e Co. of C a n a d a - - 4 . 8 5 % n o t e s ,
mi Curing 1985--no i n f o r m a t i o n a v a i l a b l e on
takedown.
3/14
14.5
Manitoba T e l e p h o n e S y s t e m - - 5 % guaranteed b o n d s ,
m a t u r i n g 1991--no i n f o r m a t i o n a v a i l a b l e on
takedown.
Note: F o r retrospective data o n a g g r e g a t e foreign corporate and g o v e r n m e n t s e c u r i t y
o f f e rings in the United States see E x h i b i t s I and J.
T h e r e is no simple re*
lationship b e t w e e n the data shown in the Exhibit and that s h o w n in E x h i b i t s I
and J because the latter includes p r i v a t e l y placed s e c u r i t i e s in the period in
w h i c h funds are a c t u a l l y t a k e n d o w n but o n l y in the a m o u n t of t a k e d o w n w h i l e t h e 1
p l a c e m e n t s shown in this exhibit are included w h e n r e p o r t e d , f r e q u e n t l y w i t h
little or no information c o n c e r n i n g timing of takedowns.
Full of p a r t i a l taked o w n s m a y take place both p r i o r and subsequent to the date a p l a c e m e n t is
reported.
|
t
I
}
{
\
»
•
@FedFRASER