Full text of H.16 Capital Market Developments : March 28, 1966

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SIX

Not f o r ^ ^ i o n ™ ™
:<1

!
I

™

March 28, 1966.

IG&pITA^ MARKET DEVELOPMENTS
IN THE UNITED STATES

L
—
1
municipal bond markets will receive a volume of new offerings this week
substantially above the weekly average over the past year. Major
interest in the corporate market will be centered on the $250 million
American Telephone and Telegraph Co. issue. The State of California
issue in the amount of $100 million represents the major municipal
offering this week. This issue was placed on the March calendar
one day after the New Jersey Turnpike Authority cancellation.
Long-term Public Security Offerings 1/
(In millions of dollars)
Corporate
State and local Government
New Capital[Refunding New Capital|Refunding
Sold:
52 week avg.
Mar. 18
Mar. 25

159

3

195

228r/
185

102r/
141

395

235

9

Scheduled:
Apr.

1

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.
Investors responded enthusiastically to last week's lone
major corporate debt issue, which resulted in a single day sell-out.
Yields on corporate new issues declined 17 basis points--the second
consecutive weekly decline--while seasoned issue yields advanced 4
basis points.
Municipal yields on prime quality issues declined during a
week in which there was a modest volume of new issues. Since
reaching their recent high mark on March 3, municipal yields have
declined over 10 basis points.
FNMA secondary market and related operations. Purchases of
Government-underwritten mortgages by the Federal National Mortgage
Association in the secondary market soared higher in February. This
reflected the unusually heavy backlog ->f offerings accumulated from




H. 14

-2-

Yields in Security Markets
Level latest week

Change from
preceding week
(basis points)

High-Grade
Notes and Bonds
Corporate
New
Seasoned
U.S. Govt.
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

5.10

-17

4.97

+4

4.57

-6

4.88

-5

3.51
3.70

4.70

+12

4.50

-14

4.70

-12

Corporate Bonds Still in Syndicate
None

Blue List of Municipal Dealer's Advertised Inventories
(millions of dollars)
Latest Date
:T2

(3/22)




End of Previous Week
366

Recent High
620

(2/8)

-3-

H. 14

private investors in recent months and continued pressure for higher
yields. Altogether, purchases by FNMA totaled $267.3 million, more
than eight times the volume a year earlier and well above the
previous high in January.
Offerings of eligible mortgages for purchase by FNMA moved
downward in February, but--at $209.2 million—they were still about
as high as they were last October when the shift by private investors
to FNMA had already gained considerable momentum and FNMA's own
purchasing prices were more attractive then they have become this
year.
Sales by FNMA in February were nil.
Reception of the fourth public offering of FNMA participation
certificates ($410 million) on March 17 was broader than usual. However,
the annual net yield required by purchasers averaged 5.36 per cent,
compared With a cost of 4.74 per cent for the third offering ($375
million) made last November 16. The March offering was the last
scheduled for this fiscal year.
Stock prices. Common stock prices registered their first
weekly advance since mid-February in active trading. Standard and
1
Poor 8 index of 500 stocks rose 1.01 to 89.54, but this is still I
over 5 per cent below the recent high level achieved February 11*
Trading volume averaged 7.7 million shares a day.
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.




z
1
HHIHT A. »«" I
I Q N O - T I R M B O N D YIKID:, H I O H - O R A P 1

5.5

CORPORATE Alt

4.5

— U . S . GOVERNMENT

18

3Q

1 •7>/Vv

STATE AND LOCAL GOVERNMENT A m

1992

1961

Date

1959-60 - High
1962-63 - Low
1965 - Lev
1966 - High
- Low
Feb. 25
Mar. 4
11
18
25 £ /

Corporate
Aaa X /

4.61
4.19
4.41
4.97
4.73
4.82
4.85
4.88
4.93
4.97

(1/29/60)
(3/29/63)
(3/12)
(3/25)
(1/7)

1915

1994
1993
Exhibit A — Part II

U.S. Govt.
long-term 2/

State and
local
government
Aaa 3/

4.42
3.85
4.13
4.71
4.42

(1/8/60) 3.65
(13/28/62 ) 2.88
(6/25)
2.94
3.63
(3/4)
3.39
(1/21)

4.66
4.71
4.68
4.63
4.57

3.62
3.63
3.61
3.56
3.51

(9/24/59)
(lW«)
(t/11)
(3/3)
(1/13)

1901

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

.59 (e/s/fco)
.21 (14/27/63)
.22
.40
.14

.92 (4/22/60)
.80 (1/5/62)
.94
1.19
1.02

.16
.14
.20
.30
.40

1.04
1.08
1.07
1.07
1.06

t/ Preliminary*
j / W e e k l y a v e r a g e of daily figures# Average term of bonds included it 22-24 years,
TJ Weekly average of dally figures. The series includes bonds due or callable in 10 years or a
f/ Thursday figures. Only general obligation bonds are included; average term is 20 years.
Bote.—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.




tXMIilT I. fan
L O N G - T E R M B O N D VIE1PS, L O W E R G R A D E

-

CORPORATE Baa

STATE AND LOCAL GOVERNMENT

I l l I I
1963

1964

1965

Exhibit B -- Part II

Date

Corporate
Baa 1/

State and
local govt.
Baa I f
(per cent)

1959-60 - High
Year end - 1962
1964
1965
1966 - High
Low

Feb. 25
Mar. 4
11
18
25 £ /

Hotel

5.36 (2/12/60)

4.46 (1/7/60)

4.93
4.80
5.04
5.37 (3/25)
5.05 (1/14)

.84

3.57
3.51
3.79
4.15 (3/10)
3.78 (1/20)

.70
.37
.31
.41
.31

1.08
.63
.52
.39
.57
.38

5.16
5.20
5.26
5.34
5.37

4.08
4.15
4.15
4.13
4.08

.34
.35
.38
.41
.40

.46
.52
.54
.57
.57

For footnotes see Exhibit j u




Spread between
Aaa and Baa
State and
Corpora te
local eovt.

KHIIU C. »«n I
S H O R T - A N D IN
GOVERNMENT

F. R. 0ISC0UMT_RATE

1983
Exhibit C —

Date

1959-60 - High
Year end - 1961
1962
1963
1964
1965
1966 - High
Low
Feb. 25
Mar. 4
11
18
25£/

Discount
3-month
rate
bills 21
1/

1964
Part II

Yields
6-month
bills 2/
(per cent]

; : 2 ' u
....

1965

1966

Spread between yields on 3nonth bills and vields on
6-»o. bills 13-5 vr. issues
,

.79
.24
.04
.13
.10
.19

1.81
1.15
.52
.55
.24
.43

4.90 (2/18) 5.04 (2/25)
4.68 (1/28) 4.84 (1/14)

.24
.11

.41
.25

4.89
4.81
4.83
4.82
4.70

.23
,19
.20
.18
.20

.38
.41
.37
.29
.38

4.00
3.00
3.00
3.50
4.00
4.50

4.59 (l/e/60) 5.07 (1/8/60)
2.90
2.66
2.93
2.89
3.64
3.52
3.93
3.83
4.66
4.47

4.50
4.50

4.66 (2/25)
4.3D (3/25)

4.50
4.50
4.50
4.50
4.50

4.66
4.62
4.63
4.64
4.50

5.00(12/246*)
3.81
3.41
4.07
4; 07
4.90 .

5.04
5.03
5.00
4.93
4.88

j rate thorn is that in effect at end of period at the federal Reserve Bank of Her Yoifc*
TJ Market yield; meekly average# computed from daily closing ULd prices. Series of 3-9 year issues
consists of selected notes and bonds.
^
Mete*—Highs and lows are for individual series and may be on different dates for different series*
rear spreads, high refers to widest, and low to narroweet.




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 B O R R O W E R S

PRIME RATE

FINANCE COMPANY PAPER.

F.R. DISCOUNT RATE
FEDERAL F U N D S '

1961

1962

1963

Date

1959-60 - High
Y e a r end - 1961
1962
1963
1964
1965
1966 - High
Low

Feb. 25
Mar. 4
11
18
25£/

Prime rate

.

1/

Finance
company
Federal funds 3/
naoer
2/
(per c e n t )
5.13 (i/as/ao)
3.00
3.19
3.88
4.06
4.75

5.50

5.13
4.75

5.00
5.00
5.50
5.50
5.50

4.88
4.88
4.88
5.13
5.13

(3/25)
(1/7)

1966

Part II

5.00
4.50
4.50
4.50
4.50
5.00
5.00

1965

1964

Exhibit D —

4 . 0 0 (3/13/60)
2.88
3.00
3.50
4.00
4.63
4.70 (3/25)
3.55 (1/21)
4.63
4.68
4.60
4.58
4.70

Spread b e t w e e n
3-mo. bills and
finance co. paper

1.02
.34
.30
.36
.23
.28
.63
.20
.22
.20
.25
.49
.63

2 / Weekly rate shown is that in effect at end of period. Prime rate is that charged by large banks
on short-term loans to tusiness borrowers of the highest credit standing.
Average of daily rates published by finance companies for directly placed paper for varying
maturities in the 9<V*!79 day range.
3/ Weekly average of daily effective rate, whioh 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 a n for individual series and may be on different dates for different series.
For spreads, high refers to widest, and low to narrowest.

y




EXHIBIT I, Pact 1

STOCK MARKET

Billion* e I dollori

I I I I I 1 I I I I • I I I I I I I I
If*4

If 45

Exhibit E -- Part II

Common
Stock price
index 1/

yields 2/
(per cent)

Trading
volume 2/
(millions
of shares)

cet customer credit
Customers
Bank
debit balloans to
ances 4/
"others" 5/
(In millions of dollars)

1961-62 - High
Nov. 1963
J u l y 1965

1966 - High
Low

1966 Mar.

Jan.
Feb.

11
18
25 £/

72.04(12/8/61)
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

93.32
92.69
88.85
88.53
89.54

3..02
3.,06
3..22
3,,25
3.,21

10.1
2.4
5.3
4.1
10.1

7.2
8.9
8.7
9.0
7.2
7.7

5,602(13/61) 4,259(12/61)
4,424(3/61)

3.253 (3/61)

7,298
6,833
7,950
7,726

1,418(5/9/62)
1.161(3/8/61)

5,586
4,863
5,753
5,551

1,712
1,970
2,197 (3/2)
2,173 (1/19)

7,726
7,950

5,551
5,753

2,175
2,197
2,195
2,190

n.a.

n.a.

n.a.—Not available. 2 / Preliminaxy.
2/ Standard and Poor's composite index of 500 oommon stooka, weekly closing prices, 1941m43"10.
Monthly data are averagds of daily figure# rather than of Friday*• only. High# and lews are for
Friday's data only.
2/ Standard and Poor's composite a took yield based on Wednesday data converted to weekly 0losing
prices by Federal Reserve. Yields shown are for dates on which price index reached its high
3/ Averages of daily trading volume on the New York Stock Exchange. Yeax^-end figures are averages of
dally figures for the year.
4/ End of month figures for member firms of the New York Stock Exchange whidx carry margin accounts|
excludes balancea 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.




I l_U_L

*

Fl D f R A I N A TIO N A L , M O R T O A G E A S S O C I A T I O N
SECONDARY MARKET OPERATIONS
m

lio

OFFERINGS

80
SALES
PURCHASES \

x

1961

1960

1963

1962

1964

1966

1965

Exhibit F - Part II

Date

Estimated offerings to FNMA
S tandby
Immediate
purchase
commitment

Total

Purchases
by
FNMA

Sales
by
FNMA

(In m i l l i o n s of d o l l a r s )
1965 - F e b .
Mar.
Apr.
May
July
Aug.
Sept.
Oct.
Nov.
Dec.
1966 - J a n .
Feb.

30.6
36.9
40.4
35.8
47.9
52.9
82.0
101.1
209.9
238.3
325.7
333.2
209.2

30.6
36.9
40.4
35.7
47.9
52.9
82.0
101.0
209.9
237.2
325.6
333.0
209.0

.1

1.0
.3
.3

28.5
36.5
38.7
31.4
39.5
36.7
47.2
63.3
78.5
140.2
186.7
229.2
267.3

12.5
5.1
7.9
3.0
12.2
3.4
0.2
0.1
0.2
0.1

•—Less than $50,000.
V
Data represent unpaid principal balances of the mortgages Involved, exclusive of
premiums, discounts, or other charges. Offerings are amounts of applications receive!
during the period from sellers proposing that FNMA execute purohasing contracts. An
inmediate purchase oonfcr&ot covers existing mortgages which the seller oast deliver te
FNMA within 45 days. A standby o onmitment 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.




R

-

YIELDS O N N E W A N D S E A S O N E D C O R P O R A T E B O N D S

II I I

I I I I I I
Exhibit G - Part II

Yields on Hew Corporate Bond Issues Adjusted to an Aaa basis
Number A m r t of Issues Average
of
included (oil.
yield
Issues of dollars)
(per cent)

Number Aa't of Issues Average
Included (mil.
yield
of
(per cent)
Issues of dollars)

werattes:
1965 - July
8
Aug.
7
Sept. 7
Oct.
5
Nov.
6
** Dec.
4
1966 - Jan.
8
Feb. 10

.

Weekly averages
1966 - High
Low

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

Jan.

7
14
21
28

Feb.

4
11
18
25

Xar.
5.38 (3/4)
4.82 (1/7)

4
11
18
25

•

3
1
2
2

175.0
40.0
40.0
45.0

4.82
4.89*
4.84
4.85

2
4
2
2

68.5
130.0
61.0
65.0

4.91
4.98
5.02
5.10

2
2
3
1

43.0
80.0
90.0
50.0

5.38
5.*38
5.27
5.10

A by Moody1 s Investors Service Iexcept serial and convertible issues, offerings ox natural gas pipeline
and foreign companies, and bonds guaranteed by the federal Government) weighted by slse of offering.
Before averaging, new offerings are adjusted to a composite laa basis by deducting from the actual
reoffaring yield ths excess of the weekly average yield for seasoned bands of the appropriate industryquality group over the composite average for seasoned iaa-rated bonds (Moody's). Averages considered
unrepresentative because of special characteristics of 1he offerings included are denoted by an asterisk^




Exhibit H

H. 14

Long-term Corporate and State and Local Government
Security Offerings and Placements
(In millions of dollars)

New Canital
State and local 2/
1965
1966
1964

Corporate
1966

1965

1964

795
746
1,197

938
700
778

April
May
June

1,152
1,691
1,946

July
August
September
October
November
December

January
February
March

1st
2nd
3rd
4th

quarter
quarter
quarter
quarter

I>/1,346
e/1,325
e/1,.775

e/4,446

1st half
Three quarters
tear

B/1,155

a/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

'
X

2/2,566

2,533
2,811
2,578
2,278

7,527
11,060
14,805

7,153
9,775
13,038

2/5,302
2/7,902
2/10,468

5,345
7,923
10,201

e/

900

e/

900

2/751

e/2,955

2/2,580
2/2,722
2/2,600

i
|

\

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

quarter
quarter
quarter
quarter

Year
e/
I>/
1/
2/
3/

2,547
4,348
3,283
3,188

2,043
4,258
2,477
2,997

13,366

11,775

•j

Estimated by Federal Reserve.
Preliminary.
t
Securities and Exchange Commission estimates of net proceeds.
Investment Bankers Association of America estimates of principal amounts.
;f
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
or
Month

Total

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

Net proceeds for
new capital 1/ 2/
Mfg.

Public CommuniOther
Utility cations
, Issuers

1964 - I
II
III
IV

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

1965 - I
II
III
IV

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
1,815

858
791
1,358
1,233
1,773
2,038
1,443
930
1,538
986
1,398
1,646

161
187
557
422
694
748
542
369
664
287
613
326

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
99
101
99

385
192
494
540
698
441
399
307
414
273
402
470

97
215
229
176
248
184
202
297
287
158
209
243

21
44
26
15
143
98
102
25
196
92
43
43

292
295
448
422
602
1,223
587
222
495
401
671
741

1966 -^an.]>/ 1,410
Feb.e/ 1,400
Mar.
Apr.
May
June

480
600

740
600

190
200

94
n.a.

403
450

388
175

125
150

430
550

1966 - I
II
1965 - Jan.
Feb.
Mar.
Apr.
Hay
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

£/ Preliminary, ej Estimated by Federal Reserve.
JL/ 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. ])/ Does not include jff.S. Steel $600
million conversion of preferred stock to debentures. Source; Securities and Exchange
Commission.




V

Exhibit J
Other Security Offerings
(In millions of dollars)

frfflHB T.nna-lrrm 1 (
Foreign finvpmmpnf 2/
1Q f*L
19 fifi
JJSLM1965

91
33
74
5
52
75
2

4
82
69
30
75
26
20
13
7
180
72
58

239
150
375
375
179

510

661

636

2,732

1,205

January
February
March
April
May
June
July
August
September
October
November
December

218

Year

38
73

129
185
325

E./262

238
91
-458
647
204
-82
119
408
152
59
274
E./-366

103
236
-407
442
81
-80
-9
127
176
7
-15
-208

275
260
160

775

New short-term 4/
State and local Goverment 5/
January
February
March
April
May
June
July
August
September
October
November
December

Fedprnl Agency V
1965

308

Federal Agency 3/
-137
-174
117
-11
509
237
132

206

105
-309
202
-76

-308
-336
23
97
183
239
-333
167
1
525 .
113
-3

368
801
453
Year
tt/1.286
2/ Preliminary, e/ Estimated by Federal Reserve, n.a.—Not available. 1J 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
Reserve.




H. 14
Exhibit K
Large Long-term Public Security Issues for New Capital
(Other than U. 8. Treasury) 1/
Proceeds of Large Issues Offered
(In millions of dollars)
C o m o n •te
Bonds
(other than
Convertible
convertibles)
bonds

Total

1965 - Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
1966 - Jan.
Feb.

131
233
210
560
343
455
211
530
190
559
212
370
391

217
513
307
928
801
477
299
530
246
736
262
485
545

Stocks

State
and
local
governments

86
280
97
53
320
22
62

315
138

--

--

—-

26
16
144

--

115
70

--

84

%!

130
19
260
40
4'30
20
50
170
43
95

446
395
411
492
377
655
312
563
409
538
413
787
424

--

40
33
50

Other

-—-

Large Individual Issues Offered March 1 through 25
Issuer

Type 1 )

Amount
(millions
of
dollars)

Maturity

Coupon
rate or
net intereat coat

Offering
yield

Rating

Corporate
Monongahela Pwr. Co.
Arkansas Pwr. & Ltc Co.
La. Pwr. & Lt. Co.
Appalachian Pwr. Co.
Anheuser-Busch, Trie.
Deere & Co.
Pacific Gas & Elec. Co.
Reynolds Metals Co.
Northwest Nat. Gas Co.
General Tel. & Elec. Co.
Commonwealth Edison Co.

1st mtg. bds.
18.0
1st mtg. bds.
25.0
35.0
1st mtg. bds.
30.0
S.F. Deb.
Deb.
45.0
51.3
Com. stk.
75.0
1st mtg. bds.
Conv.:sub . deb. 75.0
16.0
1st mtg. bds.
104.4
Com. stk.
50.0
1st mtg. bds.

5,42
5.60
5.60
5.81
5.45

A
A
A
Baa
A

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

5.35
4.50
5.87

Aa
Ba
Baa

1996

5-1/4

5.15

Aaa

1996
1996
1996
1996
1991

5-1/2
5-3/4
5-3/4
6
5.45

1998
1991
1991

•

State and local Govt.
Penna. Gen. State Auth.
Texas Water Dev. Bd.
East Bay Mun. Util Dist.,
California

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.L0-3. 85

Aa




K-2
Large Individual Issues Offered March I through 25 (Cont'd)

Type 3/

Issuer

Amount
(millions
of
dollars)

Maturity

Coupon
rate or
Offer- Rating
net intering
est cost
Yield

State and local Govt, (Cont1d)
University of Nebraska
Peralta Jr. Coll. Dist
Santa Clara Co., Calif,
Nassau Co., New York
Milwaukee, Wise.
Rochester, New York

Calif.

Rev.-Rent.
G.O.
G.O.
G.O.
G.O.
G.O.

13.0
10.0
14.8
20.0
10.1
13.6

1969-2001
1967-83
1967-86
1967-95
1967-81
1966-80

4.22
3.64
3.72
3.72
3,41

Bonds
Debs.

20.0
35.0

1986
1996

6-1/2
5-1/2

3.50-4.20
3. 15-3.60
3.15-3.704/
3. 15-3.75
3. 10-3.40
3.85-3.30

A
Aa
A
A
Aaa ~
Aaa

\

Other
Govt, of New Zealand
Province of Ontario

6.87
5.50

wm mm

*--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.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.
4/ Bonds maturing 1985-86 not publicly reoffered.




^

j

n
H. 14
Exhibit L
Forthcoming Large Long-term Public Security Offering for New Capital
(Other than U.S. Treaaury) U
Expected Proceeds from Forthcoming Large Ieeuee
(In mllllone of dollara)
During month following
date ahown
State and
Corporate
Other %f
local govt.
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

316
212
411
328
397
248
404
269
343
398
501
340
366

407
267
852
76 5
363
193
312
206
412
297
553
530
828

60
25
70
20

15
25
20
20
20

Corporate

Subsequent to
date ahown
State and
local govt.
599
373
635
474
524
353
450
331
578
458
582
461
504

504
792
852
923
410
340
636
303
489
344
676
931
1,176

Other y

60
25
70
20

15
25
20
20
20
90

Forthcoming Large Offerings as of March 25

Issuer

Corporate
Celanese Corp.
American Tel. & Tel. Co.
Stauffer Chemical Co.
Indianapolis Pwr. & Lt.Co.
Idaho Pwr. Co.
Niagara Mohawk Pwr.
Micti. - Wise. Pipeline Co.
New Orleans Pub. Serv. Co.
Carolina Pwr. & Lt. Co.
Tampa Elec. Co.
*Potomac Edison Co.
C & P Tel. Co. of Va.
Allied Chemical Corp.
*W.T. Grant
Southern Cal. Ed. Co.
Kentucky Investors Inc.




Type

Com. stk.
Deb.
Sub. deb.
1st mtg. -bds.
Bonds
Com. stk.
1st mtg. p.l. bds.
1st mtg. bds.
1st mtg. bds.
1st mtg. bds.
1st mtg. bds.
Deb.
Deb.
Com. stk.
1st mtg. bds.
Com..stk.

Amount
(mllllone
of
dollara)

115.0
250.0
35.2
20.0
20.0
34.0
45.0
23.2
30.0
20.0
18.0
50.0
150.0
24.0
75.0
17.7

;

Approximate date of
offering

Mar. 29 (rts. ex.)
Mar. 30
Apr. 4 (rts. ex.)
Apr. 6
Ap c. 13
Apr. 13
Apr. 13
Apr. 14
Apr. 15
Apr. 20
Apr. 27
Apr. 28
Apr.
Apr.
May 11
Indefinite

\fc
L-2
Forthcoming Large Offerings as of March 25 (Cont'd)

Type

Amount
(millions
of
dollars)

Approximate date
of Offering

State and local Government
Allegheny County, Pa.
G.O.
Prince Georges Co., Md.
G. 0.
New York State Dorm Auth.
Rev.-Rent.
Ball State Univ., Ind.
Rev.-Rent.
*State of California
G.O.
Columbus, Ohio
G.O.
San Diego Stadium Auth.
Rev.-Rent.
*Murray State College. Ky.
Rev.-Rent.
*Southern 111. Univ.
Rev.-Rent.
*Kansas City Metro Jr. College
Rev.-Rent.
Los Angeles City Flood Con. Dist., Cal. G.O.
Pa. Publ. School Bldg. Auth.
Rev.-Rent.
State of Maryland
G.O.
University of California
Rev.-Rent.
State of Oregon
G.O.
Dade County, Fla.
G.O.
Austin, Texas
Rev.-Ut.
Lake Charles Harbor & Ter. Dist., La.
Rev.-Q.-Ut.
G.O.
Detroit, Michigan
Other
Republic of Ireland
Nippon Tel. & Tel. Public Corp.

Bonds
Bonds

13.0
15.0
10.0
10.7
100.0
20.6
27.0
12.7
12.0
10.0
20.0
16.0
30.3
15.7
25.0
46.0
14.0
21.4
10.0

Mar. 29
Mar. 29
Mar. 29
Mar. 30
Mar. 30
Mar. 31
Apr. 7
Apr. 7
Apr. 7
Apr. 12
Apr. 12
Apr. 19
Apr. 19
Apr. 20
Apr. 21
Indefinite
Indefinite
Indefinite
Apr. 19

20.0
15.0

Indefinite
Indefinite

^--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.
!"
If Includes foreign government and International Bank for Reconstruction and Development
,4
issues and non-guaranteed issues of Federal Agencies.
Note:

Deletions for reasons other than sale of issue:




None.

If
H. 14

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

Sale Date

Amount
(millions
of
dollars)

Public Offeringsi

Issuer and Description of Issue

A.

Sold January 1 through March 25

1/12

7.5

Govt, of Jamaica--6-3/4% bonds, maturing
1981, roeffered to yield 7.10%.

3/15

20.0

Govt, of New Zealand—6-1/2% bonds, maturing
1986, roeffered to yield 6.87%. **

3/15

35.0

Province of Ontario--5-l/2% debentures,
maturing 1996, reoffered 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 subject to interest equilization tax.




M-2
Part II:

Date reported

Amount
(millions
of
dollars)

Issuer and Description of Issue

1/3

23.0

Pilkington Brothers Ltd.--5-1/2% secured notes, maturing
1981--no information available on takedown.

2/4

23.2

City of Montreal--5-1/2% S.F. debentures, maturing 1986-91
--no information available on takedown.

2/21

10.0

Province of New Brunswick--5% debentures, maturing
no information available on takedown.

2/25

25.0

Consolidated Paper Corp. Ltd.--5.10% debentures, maturing
1990--no information available on takedown.

2/25

25.0

Canadian Pacific Railway--5% equipment trust certificates,
maturing 1967-81--no information available on takedown.

3/14

Note:

Private Placements - Reported January 1 through March 25

28.0

Bell Telephone Co. of Canada--4.85% notes, maturing 1985,
no information available on takedown.

3/14

14.5

Manitoba Telephone System--5%, guaranteed bonds, maturing
1991--no information available on takedown.

3/21

11.0

Canadian Gas & Oil Ltd.--5-7/8% bonds, maturing 1983-no information available on takedown.

3/21

36.5

% bonds, maturing
Intercontinental Pulp Co. Ltd.-1986--no information available on takedown.

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 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 data a placement is
reported.




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