Full text of H.16 Capital Market Developments : March 27, 1967

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Ublicatiqn

i

DECONTROLLED AFTER SIX MONTHS

March 27, 1967

(CAPITAL MARKETS] DEVELOPMENTS
IN THE U N i ™ STATES

C? ^
•
Corporatevand municipal bond markets. Public offerings of new cor^oTSfe and municipal securities expected this week will exceed the average
volume over the past year by a moderately wide margin. The corporate offerings,
will be dominated by the big $200 million Westinghouse debenture issue, while
the largest municipal offering will be the previously postponed $75 million
State of New York issue.
Long-term Public Security Offerings-^
(In million of dollars)
Corporate
New Capital | Refunding
Sold:
52 week avg.
Mar.

17
24

'

227

1

State and local Government
New Capital I Refunding
221

5

475
340

248
363

--

360

302

Scheduled:
Mar.

31

T J F e d e r a l Reserve estimates are based .upon published reports of
issues sold and scheduled for offering; corporate rights offerings
are included as of the date subscription rights expire.
Yields on new corporate bonds declined last week and, though seasoned corporates were unchanged on balance, their yields were up initially
and then down at the end of the week. Investors responded enthusiastically
to last week's negotiated corporate offerings, but the competitive utility
issues were accorded a lukewarm reception.
Yields on municipal bonds were unchanged to slightly lower last
week. Most new issues met with a rather poor reception, though the Port of
New York Authority's $100 million negotiated offering sold out quickly. The
Blue List of advertised inventories was up slightly.
Stock market credit. Total customer credit increased to $7,415
million in February, erasing about 70 per cent of its decline in January.
A more than proportionate share of the increase was accounted for by a rise
in customers' net debit balances with New York Stock Exchange member firms.
Bank loans increased only slightly. During February customers also continued to build up their net free credit balances. A new all-time high of
$1,936 million was consequently set for this statistic last month.




H. 14

Yields in Security Markets

-2-

Level Latest Week
Change from
preceding week

High-Grade
Notes and Bonds
Corporate
New
Seasoned

- 8

5.33
5.13

U.S. Government
Long-term
3-5 year .

4.42
4.45

- 5

State and Local Govt.
Moody's Aaa
Std. & Poor's high grade

3.46
3.56

- 2

4. 75

-20

4.14
4.06

-14
-15

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

Corporate Bonds Still in Syndicate
Date
Offered

Amount
(millions of $)

Issuer

Reoffering
Yield

Rating

Estimated pro*
portion sold

3/16

15.0

Western Mass. Electric,
5-3/4's - 1997

3/13

50.0

Transcontinental Gas Pipeline
6-1/4's - 1987
6.38

Ba

85%

- 3/22

75.0

Ohio Bell Telephone
5-3/8's - 2007

5.38

Aaa

50%

Union Electric
5-1/2's - 1997

5.40

Aa

80%

San Diego Gas & Electric
5-1/2's - 1997

5.38

3/22 "

. 40.0

3/7

25.0

25%

5.61

40%

Blue List of Municipal Dealers1 Advertised Inventories
(In millions of dollars)
Latest Week

End of Previous Week

607 (3/21)

599




Recent High
690 (3/10/67)

H. 14

Stock
trading last
recent high,
90.94 by the
a day.

prices. Common stock prices inched up in moderately heavy
week. The Standard & Poor's index of 500 stocks set another
advancing 0.69 points over the holiday - shortened week to
close Thursday. Trading volume averaged 9.3 million shares

More detailed information concerning recent capital market developments is presented in the attached exibits.

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




STOCK MARKET CREDIT
(In millions of dollars)

Months

Total

Customer
Net Debi
balances with
NYSE member
firms—;—

Broker & Dealer Credit
Credit
Customers'
Money
Bank lovns to others
net free
Borrowed
than brokers and
dealers for purchas- Cust. Other credit
ing & carrvine secur, coll. coll. balances

Outstanding:
1955-56 High

4,047 (5/56) 2,823 f12/56)

1,255 (4/56)

1.,873

430

1957-58 Low

3,554 (1/58) 2,482 (12/57)

1,060 (11/57)

1,344

188

1959.
1960
1961
1962
1963
1965 •

High
Low
High
Low
High
Low

1964 . Dec.
Dec.
1965
Dec.
1966
1967 • Feb.

4,764
4,142
5,602
4,876
7,298
6,833

(4)
(5)
(12)
(7)
(11)
(7)

3,401
3,004
4,259
3,562
5,586
4,863

7,053
7,705
7,443
7,415

5,079
5,521
5,329
5,349

224
-127
168

202
-108
190
-67
2
-103
-58
-254
-186
48
112
r/-39
59

(4)
(7)
(12)
(7)
(11)
(7)

*

-86
11

-131*
-59
-286
-223
50
91
r/-98
70

New Series.




807 (4/57)

1,373(5)
1,121 (5)
1,377 (8)
1,269(9)
1,727 (12)
1,865 (2)

2 ,044 318
1 ,801 237
2 ,572 385
1 ,856 235
3 ,892 597
2:,882 446

1,257
940
1,508
1,091
1,211
1,192

1,974
2,184
2,114
2,066

3 ,393
2 ,889
2:,673
n,,a.

517
687
799
n.a.

1,169
1,666
1,637
1,936

-2
11
47
-104
42
128
-48 -29
53
42
150 -102
-45 -10
-223 -19
-232 -51
45
-30
76 230
-382 -170
n,a .n.a.

35
57
-78
95
-181
-63

Change in
outstanding:
1966 - Feb.
Mar.
Apr.
HayJune
July
Aug.
Sept.
Oct.
,
• Nov.
Dec.
1967 - Jan.

1,069 (1/55)

22

-19
-22

-19
9
-28*
-1
-32
-37
2

-21
-59
11

-

(3)
(4)
(4)
(9)
(11)
(8)

%

--

-67
-8
12
105
277
22

Jl

EXHIBIT A, Port I

L O N G - T E R M BOND YIELDS, H I G H - G R A D E

C O R P O R A T E Aaa

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

1963




1965

1966

1967

1968

Exhibit A —

Corporate
Aaa 1/

Date

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

24
3
10
17
24 £ /

4.61 (1/25/60)
5.52 (9/9)
4.73 (1/7)
5.38(1/6)

5.00(2/10)
5.05
5.11
5.12
5.13
5.13

State and
local
government
Aaa 3/
(per cent)

U.S. Govt,
long-term 2/

4.42(1/8/60)
4.87 (9/2)
4.42 (1/7)
4.55(2/24)
4.37(2/3)
4.55
4.53
4.47
r/4.42
4.42

high refers to widest, and low to narrowest.




Part II

3.65 (9/24/59)
4.04 (8/25)
3.39 (1/13)
3.72 (1/5)
3.25(2/9)
3.53
3.53
3.48
3.48
3.46

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

. 59 (8/5/60)
.84(12/30)
. 14(2/ie)
.92
.50
.50
.58
.65
r/.71
~ .71

.92 (V2?/eo)
1.19 (g/n)
.77 (9/2)

1.16
.74

1.02
1.00

.99
.94
.96

V"~" '
IIWM KF-rt 1

.

%

'

LONO-TtRM

6.0

5.5

5.0

S 4.0
STATE AMI LOCAL IOVEMMENT laa
/ V.
3.5

iiii
1S62




IN#

INS

1N6

;

t

Exhibit B —

Corporate
Baa V

State and
local govt.
Baa 3/

Spread between
Aaa and Baa
1 State
• . •
Corporate
| local

(per cent)
1959-60 - High
Year end- 1965
1966 - High
Low
1967 - High
Low
Feb,
Mar.

Notet

24
3
10
17
24£/

5.36 (2/12/60)

4 . 4 6 (1/7/60)

5.04

3.79

6 . 1 8 (12/30)

4 . 5 5 (8/25)

5.05 (1/14
6.15(1/6)
5.81(2/3)

3.78 (1/20)
4.24(1/12)
3.85(3/23)

5.83
5.87
5.86
5.84
5.85

For footnotes see Exhibit A.




3.90
3.90
3.85
3.85
3.85

.84
.31
.81
.31
.82
.71

1.08
.39
.62
.31
.65
.37

.78
.76
.74
.71
.72

.37
.37
.37
.37
.39

il

Date

Part II

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
GOVERNMENT

6 - M O N T H BILLS

3-5 YEAR ISSUES

F.R. DISCOUNT RATE
3-MONTH BILLS

2
1963

1964




1965

1966

1967

1968
I :>

Exhibit C —

Discount
Yields
6-month
rate
3-month
3-5 year
bills 2/
bills 2/
11
issues 2/
(per cent)

Date

1959-60 - High
Year end -1965
1966
1966 - High
Low
1967 - High
Low
Feb.
Mar.

Part II

24
3
10
17
242/

Spread between yields on 3^
month bills and yields on
6-mo. bills 13-5 yr. issues

4.00
4.50
4.50
4.50
4.50
4.50
4.50

4.59(1/8/60) 5.07 (1/V60)
4.66
4.47
4.80
4.92
5.52(9/«) 5 . 9 2 (9/23)
4.39(6/24) 4.53 ( V24)
4.81(1/13) 4.88 (1/6)
4.14(3/24) 4.06 (3/24)

5 . 0 0 (12/24/59) _

.79

4.90
4. 86
5.83 (9/2)
4*80 (4/6)
4.82(1/6)
4.45(3/24)

.19
. 12
.52
.09
.08
.01

4.50
4.50
4.50
4.50
4.50

4.61
4.47
4.37
4.28
4.14

4.80
4.70
4.61
4.50
4.45

.08

4.69
4.47
4.37
4.21
4.06

•—

.07
.08

1.81
.43
.06
.78
.01
.31
.02
.19
.23
.24
.22
.31

2 j Mnrket y i e l d ; weekly averages computed from daily closing bid prices. Series of 3-5.year Issues consists of
selected notes and bonds.
Note.—Hitfis and 1M»S are f o r individual series and nay be on different dates for different series. For spreads,
high refers to widest, aiid low to narrowest.




(XHIIIT D. Port
SHOI

•ATE
FINANCE CIMPANV W E I

F.R. DISCOUNT RATE

YM1

1M2




ftftl

tm

Exhibit D —

Prime rate 1/

111

Date

Part II

Federal funds 3/

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

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

24
3
10
17
24£/

5.00
4.50
5.00
6.00
5.00(3/4)
6.00 (1/6)
5.50 (3/24)

5.13
4.06
4.75
5.88
4.75
5.75
5.00

5.75
5.75
5.75
5.75
5.50

5.13
5.13
5.00
5.00
5.00

(V22/60)

(1/7)
(1/6)
(3/24)

4.00 (5/13/60)
4.00
4.63
5.63
3.55 (V2l)
5.25(1/6)
4.25(2/3)
5.06
4.50
4.70
r/4.55
4.75

1.02
.23
.28
1.08
.20
.86
.52
.52
.66
.63
.72
.86

loans to business borrowers of the hltfieat credit standing.
7 / Awrage of daily r»tes published by finance oompanies f o r direotl> placed paper f o r varying maturities in the
90-175 day mnge.
3/ Weekly average of d a i l y effective rate, which is the rate f o r the heaviest volume of purchase and sale transactions
as reported to the Federal Reserve Bank of New York.
Note.—Highs and lows are f o r individual series and may be on different dates for d i f f e r e n t seriss. For spreads,
high refers to widest, and low to narrowest.




II

CXMMr H ten I
STOCK M A R K I T

1941-43 overogs*10
100

MICES

t T t a I M I T CIIIIT
CMANIf IN SEHIES

mm

i

1111

1112




1113

1*4

INS

HOME MORTGAGES: |
Conventional 1

Aaa C O R P O R A T E BONOS:

19571

1958

19591

"90




1992

| 1993

| 19S4_

| 1995

|.1999

IS
Exhibit E —

Stock price
index 1/

Date

1961-62 - High
Low
1966" - High
Low
1967 - High
Low
Jan.
Feb.
Mar.

10
17
• 24£/

Part II

Stock market customer credit
Trading
Common
Bank
Customers'
stock
volume 3/
Total
debit bal- loans to
yields 2/ (millions
"others"5/
ances 4/
(per cent)
of shares)
(In mil]Lions of do]Liars)

72.04(1^/8/61)
2.82
52 . 68 ( 6/22/62) 3.96
93.77 (2/11)
3.02
73. 20 do/7)
4.04
90. 94 (3/24)
3.24
82.18 (1/6)
3.69

10.1
2.4
10.7
5.0
11.3
6.9

84.45
87.37

3.50
3.35

9.9
9.9

88.89
90.25
90.94

3.28
3.25
3.24

11.3
10.6
9.3

5,602 (12/61)4,259(12/61) 1,418 ( 5 / W )
4,424 (1/61) 3,253(1/61) 1,161 (3/e/6i)
2,241(7/6)
5,835
7,997
2,097 (1?/14>
5,169
7,302
1',345
2,112(1/4)
5,349
1',415
2,055(2/1)
5,290
r/7,345
7,415
n .a.
n . a.
n .a.

r/5,290
- 5,349

2,055
2,066

n.a.
n.a.
n.a.

2,063
2,063
n.a.

h.K .Not Available, g/ Preliminary.
•
'
1/ Standard and Poor's composite index of 500 common stocks, weekly closing prices, 1941-43-10. Monthly date,
are averages of daily figures rather than of Friday's only. Hitfis and lows are for Friday's data only.
2/ Stpr.darti 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 t n ding volume on the New York Stock Exchange. Year-end figures are averages of daily
figures for the year.
tj End of month figures for member firms of the New York Stock Exchange which carry margin accounts; excludes
balrrices 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.




1?

P R I V A T E H O U S I N G STARTS A N D P I R M U l l
"TT1 1 I I I I I 1 1l l l l l l ITTTT

Monthly, annual rales

S E A S O N Al LY A D J U S T E D D A T A '

0 m
|

H O U S I N G !5 T A R T S U
r

z\

A

A
l\

/

l' V ^
I w - - ^ IUILDING P EiIMJTS
(in inuing area l l
v

3

x

M / = X

Z

-

IN SERIES

"

—

\

X

T
:
r"
Imulti-famuy

PER C E N T OF - U N A D J U S T E D T O T A L STARTS

, 6OVe.NMtNTUH0ERWI.imN

19591

19601

J96.




m i

Jl»4

!1!51

m i

L W 6

f

l

Exhibit F

Conventional
mort25-year 30-year gages 3 /
FHA
mortgages 2/

1956
1957
1958
1959-60
1961-65
1966
-

- Low
- High
-Low
- High
- Low
- High
Low

4.68
5.63
5.35
6.24
5.43

5.44

5.20
6.00
5.55
6.30
5.80

6.73
5.72

6.81
5.70

6.70
6.00

----

1 %

Part II

Aaa Corporate
Spread beBonds
tween yields
on conv. &
Seasoned^
FHA mort. N e ^
gagea
.47
.47
.15
.23
.25
.30
-.12

Spread between
yields on new corporate bonds and
FHA mtgs. Seasoned
bonds
4/
--

3.08
4.94
3.65
5.25
4.12

3.08
4.12
3.57
4.61
4.19

.76
1.58
.88
1.69
. 77

1.03
.05
.73
- .16

5.82
4.84

5.49
4.74

1.11
.73

.46
.09

—— .
mmmm
—
—
.36
6.70
5.41
5.77
1966 - Oct.
6.81
5.72
6.70
-.11
5.35
n. a.
Nov.
1.09
.37
.35
6.65
1.03
-.12
5.74
5.39
6.77
Dec.
n. a.
.18
1967 - Jan.
5.38
5.20
1.24
6.60
6.62
.02
5.43
5.20
1.26
12
6.50
Feb.
.04
•
—6.46
1/ Meither moAg&ge nor bond yield* take Into account servicing oasts .which are mooh higher fer me*t£
s
than bends. Generally, bonds pay interest seal-ammaUyi mortgagee, monthly. Mortgage yields, if
ooarputed as equivalent to a sont-«nmis1 interest investment* w i l d be slightly higher that given im

zj m#ed*on*FEAmfleld-offloe opinions about storage 144 pribes in the private secondary martcetfc r new*,
heme mortgagee for l m d i a t e delivery. Separate data available for 29-year and—beginning Jtiy 196fr30-year mortgages with
downpsjaents, weighted by probable volte* of transactions, Holds cosenoted by IHA, assuring prepayment period ef 12 years for 29—year mortgages and H years for 3 0 year mortgages* Over the period fcr idiioh they oan be compared, the movement ef the two mortgage
^ L e M series has bean similar. Dashed lime indicate periods of adjustment to changes in contractual
3/ Based on IHA field office opinion on typical interest rates (rounded) on convent!coal first mortgagee
prevailing in the market areas of insuring office cities. Beginning with Jpril lfiflO, rate relate#
only to new-home mortgages| prior to that date, rate related to both new am well as existing home
mortgagee. Hashed line indicates this change in the series.
^
^
AJ iha wrtgsge yield data are for 23-year mortgagee through June 1961; 30-year mortgagee thereafter.
3/ See note for tmhlblt G.
.
f / Moody's Investor Service. Monthly averages ef daily data. See Exhibit A.




It
E x h i b i t F - P a r t II
Building
permits
Unadlusted
(seasonally
f
housing
T v p e o f financing T v o e 0
adjusted
Seasonally adjustMulti1
2
Unadjusted
annual
Other
VA
FHA
ed annual r a t e
family
family
r a t e ) 2/ .
Starts

Total

Date

(Thousands o f u n i t s )
1966

1967

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

1,611
1,374
1,569
1,502
1,318
1,285
1,088
1,107
1,075
' 848
1,012

85
»

78
126

13
12

3
2
3
3
4
4
4
4
3
3
3
3
3
3

r/1,089

147
135
128
104
105
92
80
75
< r/64

r/1,282

r/64

19
18
14
15
13
14
10
9
10
10
9

61

8

"

1,089

69
54
104
126
118
108
87
87
79
68
62
51
r/52
50

50.8
33.8
49.3
28.9
85.4
40.9
100.3
46.8
92.5
.42.9
87.9
39.7
74.3
29.7
74.5
30.9
65.0
27.4
57.5
22.7
53.4
21.9
r / 4 2 . 4 r/21.3
r/42.3 r/22.1
44.7

16.7

1,255
1,197
1,268
1,185
1,098
954
921
844
733
714
715
•
759
r/942
" 847

u rot a J. i x i n i are wensue eeiimatee w e M u a g *•** *«* »«•» j*,*™*,-*-—*-* ~ ~ - — — I T T " "IjIIIj
dwelling unit is started when excavation begins | all units in an apartment structure are considered
started at that tins. IHA end VA starts are units started under ocnmitmei*e by these agencies to ins«*»
or guarantee the mortgages* As reported b y iHA and VA, a unit is started when a field of fie# receives
the first compliance inspection report, which is made before footings are poured in some oases W t
normally after the foundations have keen completed# Capehart military housing units areexoluded*
Other starts are derived as a residual* although total and JHA and VA starts are not strictly comparable
in oonoept or timings other starts include both unite financed by conventional mortgages and unite
without mortgages*
2/ jjuilding permits before January 1963 are Census estimates for about 10,000 areas identified as
having a local building permit system in 1959, Estimates beginning January 1963, are fee approximately
12,000, or all known, permit-issuing places. Unlike starts, seasonally adjusted building permits
reflect direct adjustment for differences in the nunfcer of working days per moxrth, as well as ether
differences in timing and coverage,
*.




IKHMIT O, Fwf I

6.0

5.5

NEW ISSUES

4.5

4.0
1M2




1161

IMS

IMS

Exhibit G - Part II
Yields on New Corporate Bond Issues Adjusted to an Aaa basis
Number Am't of issues I Average
included (mil.I yield
of
issues of dollars^ Ifoer cent!

Number Am't of issuesI Average
included (mil• I yield
of
issues of dollar^ I(per cent)
Weekly averages;
1967 - Jan.
Feb.

496.0
481.0

5.38
5.20

Jan.

Feb.

13
20
27

400.0
40.0

5.45
5.12
5.15

35.0

5.21
5.11
5.22

31.0
66.0

130.0
250.0
Mar.

Weekly averages:
High
Low

5.51 (l/6>

5.11 (2/10)




213.0
190.0
210.0
165.0

5.20
5.45
5.31
5.41
5.33

Exhibit H
Long-term Corporate and State and Local Government
Security Offerings and Placements
(In millions of dollars)
New Capital
1967

Corporate
1966 p/

1965

State and local 2/
1966 p/
1967

1965

1,184
858
868

804
872
904

1,194
906
1,141

826
924
972

January
February
March

2/1,666
e/1,550 /
e/2,500 v

1,302
1,237
2,446

795
746
1,197

e/1,360
e/1,150
e/1,200

April
May
June

e/1,800 y

1,553
1,058
2,364

1,152
1,691
1,946

e/

July t
August
September

1,,039
1,,670
1,,382

1,290
850
1,392

699
773
1,018

986
648
966

October
November
December

829
1,086
1,635

924
1,325
1,496

747
965
855

794
1,021
754

43,985
4j,974
4,,091
3:,550

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

9j,959
14.,050
17:,601

7,527
11,060
14,805

. 1st Quarter
2nd. Quarter
3rd Quarter
4th Quarter

e/5,716

1st half
Three quarters
Year

850 •

e/3,710

2,910
3,241
2,490
2,567
6,151
8,641
11,209

2,580
2,722
2,600 r
2,569 |
5,302
7,902
10,471

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

Quarter
Quarter
Quarter
Quarter

Year

4,,924
4S,884
3a,969
3:,492
17.,269

.

2 ,547
j
4j,348
3j,283
3j,188
13;,366

e/ .Estimated by Federal Reserve.
f
p/ Preliminary.
1/ Securities and Exchange Commission estimates of net proceeds.
v2/ Investment Bankers Association of America estimates of principal amounts.
V
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)

|
1

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

Net proceeds
for new capital 1/ 2/

Quarter
or
Month

Total

1965 - I
II
III
IV

3,007
5,,043
3,,912
4,,030

905
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

2,246
1,304
1,815

5,,094
5.,115
4.,197
3 ,669

L ,774
L ,941
2.,256
2:,047 .

2,586
2,083
1,627
1,247

734
1,090
314
375

345
168
154
117

1,860
2,205
1,558
1,232

969
960
657
984

602
392
567
417

1,553
1,418
1,309
918

; 1965 - Oct.
Nov.
1
Dec.

986
1,398
1,646

287
613
326

574
529
1,161

124
257
159

99
101
99

273
402
" 470

158
209
243

92
43
43

401
671
741

1966 - Jan. 3/
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
!
Oct.
Nov.
.
Dec.

1,339
1,273
2,482
1,582
1,106
2,427
1,085
1,712
1,400
892
1,115
1,661

460
560
753
628
481
832
440
1,140
676
499
569
980

692
583
1,311
743
556
784
535
435
6571/
256
435
555

187
130
417
210
69
811
110
137
67
137
111
127

93
118
133
86
33
49
69

353
530
977
692
376
1,137
397
518
22
' 643
62
331
66
228
29 •
673
24

388
241
340
364
274
322
263
313
81
254
320
409

141
160
301
76
40
276
52
318
198
97
168
152

420
306
827
421
368
629
327
522
460
147
369
401

1967 - Jan. £/
Feb. e/
Mar.

1,688
1,580

712
830

"896
600

80
150

49
n. a.

684
800

226
300

281
50

400

1966 - I
II
HI
IV

r.

:

Mfg.

Public Communi- Other
Utility cations Issuers

; 1967 - I

1

475

Preliminary.
Estimated by Federal Reserve.
Gross proceeds exceed net proceeds by the cost of flotation.
For total see Exhibit H; other issuers are extractive* railroad and other
transportation, real estate and finance, and commercial and other.

3/
4/

Does not include U.S. Steel $600 million conversion of preferred stock to debentures.
Includes $229 million Consolidation Coal issue for partial payment of a liquidating
dividend.
SOURCE: Securities and Exchange Commission.




Exhibit J
Other Security Offerings
(In millions of dollars)
Gross Long-term 1/
Federal Agency 3/
Foreign Government 2/
1966
1965
1967 .
1966
1965
1967
January
February March
April
May
June
July
August
September
October
November
December
Jan. - F e b .

EL/196
n. a.

.

n. a.

Year

= January
February .
March
April,
May
June
July
August
September
October
November
December
Jan. - Feb.

12
40
40
66
69
76
72
7
50
23
74
68
52

218

598

661

--

£/1,251
n.a.

38
73
--

91
33
74
5
52
75
2
218

n.a.

239
150
375
375
179
129

6,806

2,732

New short-term 4/
State and local Government 5/
Federal Agency
n.a.
308
2/179
238
103
91
39
.
n.a.
"24
2/351
450
-458
-319
718
647
580
85
462
204
284
-82
-334
-590
119
-103
-270
408
270
-652
-161
152
59
-555
-48
-283
274
503
-219
-366
E /-570
142
329
2/530
n.a.
284

Year;

£/422

1,286

129
185
325

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

-748

—

775
—

3/
-137
-174
117
-11
509
237
132
206
105
-309
202
-76
-311
801

£/ Preliminary. £/ 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 U.S. by foreign governments and their political
subdividions 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
Reserve.




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

"

Total

Conor*ite
Bonds
(other than
Convertible
bonds

~l
Stocks

1

1
1966 - Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
1967 - Jan.
Feb.

• 545
890
643
401
1,317
402
1,189
627
523
510
1,177
681
842

391
544
481
351
636
170
862
287
352
363
" 990
611
709

,

State
and
local
governments
424
399
720
466
582
338
410
611
387
464
669
947
675

70
271
106

84
75
55
50
20
182
257
340
116
97
118
30
40

—

661
50
80
——

55
50
68
40
93

Other

2/

55
60
-275
15
50
-55
60
230
530

Large Individual Issues Offered March 1 through 24
Issuer

Type 1/

Amount
(millions
of
dollars)

Maturity

Coupon
rate or
net interest cost

Rating

Offering
yield

Coroorate
Chesapeake & Potomac Tel
65.0
Deb.
Co. of Virginia
S.F. deb.
75.0
Borg Warner Corp.
60.0
S.F. deb.
Honeywell, Inc.
150.0
Deb.
Shell Oil Co.
Panhandle Eastern Pipe
Deb.
40.0
Line Co.
30.0
S.F. deb.
Teledyne, Inti.
San Diego Gas & Elec. Co .1st mtg. bds. 25.0
Southwestern Pub.Service
1st mtg. bds. 15.0
Co.
General Tel. Co. of
50.0
S.F. deb.
California
Conv.sub.deb. 15.0
Amphenol Corp.
25.0
Deb.
Midland-Ross Corp.
Transcontinental Gas
Pipeline Corp.
Deb.
50.0




2007
1992
1992
1992

5-5/8
5.- tl
5,60
5.30

5.55
5,50
5.60
5.32

Aaa

1987
1992
1997

5-3/4
6-1/2
5-1/2

5.75
6.50
5.38

A
Baa
Aa

1997

5.70

5.70

A

1992
1992
1992

5-3/4
4-1/4
5-3/4

5.80
4.25
5.71

Baa
Ba
A

1987

6-1/4

6.38

Ba

Aaa
Aa

ub
K-2
Large Individual Issues Offered March 1 through 24 (Cont d)

;

Issuer

Type 3/

Amount
(millions
of
dollars)

Maturity

Coupon
Offerrate or
net inter- ing
yield
est cost

Rating

Corporate (Cont'd)
Trans World Airlines, Inc.
Western Massachusetts Co.
Eaton Yale & Towne, Inc.
Pacific Gas & Electric Co.
Central Illinois Lt. Co.
Arkansas Pwr. & Lt. Co.
Baxter Laboratories
Pullman, Inc.
Lockheed Aircraft Corp.
Sunbeam Corp.
Duval Corporation
Union Electric Co.
Ohio Bell Telephone Co.
Frontier Airlines, Inc.

Conv. sub. deb.
1st mtg. bds.
Deb.
1st & ref.
mtg. bds.
1st mtg. bds.
1st mtg. bds.
Conv. sub. deb.
Deb.
Deb.
Deb.
Deb.
1st mtg. bds.
Deb.
Deb.

100.0
15.0
40.0
80.0
20.0
30.0
25.0
60.0
125.0
50.0
25.0
30.0
75.0
15.0

1992
1997
1992
1999
1997
1997
1987
1997
1992
1992
1982
1997
2007
1987

Ba

4
5-3/4
5-1/2 .

4.00
5.61
5.50

5-1/2
5-1/2
5-7/8
4
5-7/8
4-1/4
5-1/2
6-1/2
5-1/2
5-3/8
5-1/2

5.45
5.43
5.75
n.a.
5.96
4.25
5.54
6.50
5.40
5.38
5.50

Baa
Ba
A
Ba
Aa
Aaa
B

2.70-3.42
2.75-3.45
n.a.
3.15-4. 35
2.08-3. 50

Aaa
Aaa
Aaa
Baa
Aa

A
Aa
Aa
A

State and local Government
G.O.
State of Maine
G.O.
Hamilton Co., Ohio
Bonds
Housing Assistance Admin.
Rev. - Ut.
Tacoma, Washington
St. Louis Jr. Coll. Dist., Mo. G.O.
Louisiana Cap* Const, and
G.O.
Imp. Comm.
. New York State Housing
Rev.-Rent
Finance Agency, Oakland, Washtenaw, & Lapeer
Cos. Comm. Coll. Dist., Mich. G.O.
G.O.
State of California
Nashville & Davidson Co.'s
G.O.
Metro. Govt., Tennessee
Rev. - Q.Ut.
Port of New York Authority
Wise. State Agencies Bldg.
Rev.-Rent
Corp.,Milwaukee
G.O.
East Baton Rouge Parish, La.
G.O.
fJ^uth Louisiana Port Comm.
Other
International Bank for Recon.
and, Devel.
FNMA




Bonds
P.C. 's

1968-97 3.32
17.0
1968-90 3.40 .
19.8
116.9 1967-2007 3.48
38.9 1970-2014 4.07
1968-87 3.44
. 10.0
30.0

1968-87

3.90

3.00-3. 90 A

70.8

1967-98

3.99

3.00-4.00 —

1969-96
12.0
100.0 1977-2007

3.84
3.69

3.00-4. 20 A
3.25-3. 90 Aa

24.3 1968-98
2002
100.0

3.57
4.04

2.75-3. 70 Aa
A
4.00

25.8 1967-2006
1968-96
20.0
1970-92
• 11.0

n.a.
3.77
ri.a.

2.75-3. 70 =Aa
2.90-3.90 A
3.30-4.00 — -

1992
250.0
750,0 1969,'72,

5.35
5-3/8
4-3/4,5, 4-2/4-

Aaa
—

K-3

*—Rights offering.
n.a.—Not available.
V
Includes corporate and other security offerings of $15 million and over; State and
local security offerings of $10 million and over.
2J Includes foreign government and International Bank for Reconstruction and Development
issues and non-guaranteed issues by Federal Agencies.
3/ In the case of State and local Government Securities, G.O. denotes general obligations
Rev.-Ut., revenue obligations secured only by income from public utilities; Rev.-Q.-Ut.
revenue bonds secured only by income from quasi-utilities; Rev.-S.T., revenue bonds
secured by revenue from specific taxes only; Rev.-Rent., revenue bonds secured solely
by lease payments.




H. 14
Exhibit L
Forthcoming Large Long-term Public Security Offering for New Capital
(Other than U.S. Treasury) 1/
Expected Proceeds from Forthcoming Large Ieeuee
(In millions of dollars)
During month following
date shown
State and
Corporate
Other 2/
local govt.
1966 - Feb. 28
Mar. 31
Apr. 30
May 31
June 30
July 29
Aug. 31
Sept.30
Oct. 31
Nov. 30
Dec. 30
1967 - Jan. 31
Feb. 28

828
489
248
1,261
317
677
662
687
397
1,098
656
486
1,410

366
253
399
584
337
403
515
300
140
496
939
780
508

20
30
15
40
—
-—
80
530
250

.

Corporate
1,176
606
1,034
1,261
619
697
853
767
457
1,133
811
706
1,534

Subsequent to
date shown
State and
local govt.

Other 2/
90
55
55 ,
85
50
35
90
35
35
65
95
545
265

504
334
546
584
353
403
685
380
175
571
1,154
851
528

Forthcoming Large Offerings as of March 24
leaner

type

Amount
(millions
of
dollara)

Approximate date of
offering

Corpsm®
Commonwealth Edison Co.
Westinghouse Elec. Corp.
Long Island Lighting Co.
Bangor Punta Corp.
Harsco Corp.
Fairchild Hiller
Texas Eastern Trans. Corp.
TRW, Inc.
Tenneco Corp.
Caterpillar Tractor Co.
Allegheny Airlines
Ohio Power Co.
Hartford Electric Lt. & Pwr.
Ohio Power Co.
Black and Decker
*Indiana Bell Telephone Co.




1st mtg. bds.
Deb.
1st mtg. bds.
Conv. sub. deb.
Deb.
Deb.
1st mtg. p.1. bds.
Deb.
Pfd. stk.
Deb.
Sub. deb.
1st mtg. bds.
1st mtg. bds.
Deb.
Deb.
Deb.

50,,0
200,,0
35.,0
15.0
30.0
25.,0
25.0
50.0
50.0
150.0
22.0
. 50.0
50.Q i
20.0
24.2
40.,0

March
March
March
March
April
April
April
April
April
April
April
April
April
April
April
April

28
29
30
30
3
3
4
4
5
5
10
12
4
14
17
19

L-2

Forthcoming Large Offerings as of March 24 (Cont'd)

Issuer

Type

Amount
(millions
of
dollars)

Approximate date of offering

Corporate '(Cont'd)
^Southern Union Gas Co.
. Dayton Pwr. & Lt. Co.
"National Cash Register
*Public Service of New Mexico
"Interstate Power Co.
"Hawaiian Telephone Co,.
"Northern Natural Gas
State and local Government
Dallas, Texas
Colorado Springs, Colorado
Santa Clara County, Calif..
Texarkana, Arkansas
'fState of New York
"New York State Dormitory Author.
Los Angeles Dept. of Wtr. &
Pwr., California
- Washington Suburban-Sanitary
Dist., Maryland
Penn. State Pub. Sch. Bldg.
-Auth.
Los Angeles County Flood
.Control Dist., California
^Detroit, Michigan
^Detroit School Dist.j Michigan
*Cleveland, Ohio
Metro. St. Louis Sewer Dist.,
Missouri
Other
Nippon Tel. & Tel. Pub. Corp.

Deb.
1st mtg. bds.
Conv. debs.
1st mtg. bds.
1st mtg. bds.
1st mtg. bds.
Deb.

15.0
40.0
90.0
20.0
17.0
16.0
50.0

.

April 20
April 27
April (rts. exp.)
Indefinite
Indefinite
Indefinite
Indefinite

G.O.
Rev.-Q.-Ut.
G.O.
Rev.-Rent
G.O.
Rev. -Rent

19.7
12.0
15.2
14.0
75.0
31.5

March
March
March
March
March
March

Rev.-Ut.

15.0

March 29

G.O.

24.0

April

27
28
28
28 .
28
28

4

l
)

G.O.

24.0

April

4

G.O.
G.O.
G.O.
G.O.

10.0
15.2
15.0
36.7

April
April
April
April

11
11
11
18

G.O.

20.0

Indefinite
.

Bonds

15.0

j

;

Indefinite

/

*--Included in table for first time. 1/ Includes corporate and other issues of $15 million s
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 nonguaranteed issues of Federal Agencies.
NOTE; Deletions for reasons other than sale of
issue: None.
'
j




H
H. 14
Exhibit M
Foreign Government and Corporate Security Offerings
and Placements in the United States
Part Is

Sale Date

Amount
(millions
of
dollars)

Public Offerings

Issuer and Description of Issue

A.

Sold January 1 through March 24

1/17

50.0

Inter-American Development Bank — 5.20% bonds
maturing 1992, reoffered to yield 5.20%.

1/24

30.0

Province of Nova Scotia — 5?7/8% S.F. debentures
maturing 1992, reoffered to yield 5.84%.

1/26

40.0

City of Montreal, Canada — 6% debentures maturing
1987-92, reoffered to yield 5.95%.

3/14

'250.0

3/21

75.0

International Bank for Reconstruction and Development-5-3/8% debentures maturing 1992, reoffered to
yield 5.35%.
Province of Ontario -- 5-5/8% debentures maturing
1997, reoffered to yield 5.625%.

B.

Indefinite

15.0

Prospective Offerings

Nippon Telegraph and Telephone Public Corp. —

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




Bonds.

M-2
, PART II:

Date Reported

H.14

Private Placements - Reported January 1 through March 24

Amount
(millions
of
dollars)

Issuer and Description of Issue

2/16

12.5

Republic of Peru —
7-3/4% external notes,
maturing 1971 - - n o information available
on takedown.

3/1

45.0

Province of Quebec — 5-7/8% bonds,
maturing 1997 — no information available
on takedown.
»

Note;r 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 the Exhibit and that shown in Exhibits I and J because the
latter includes privately placed securities in the period in which funds are actually
taken down but only in the amount of takedown while the placements shown in this
exhibit are included when reported, frequently with little or no information concerning
timing of takedown. Full or partial takedowns may take place both prior and subsequent
to the date a placement is reported.