Full text of H.16 Capital Market Developments : March 30, 1964

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Not f o r P u b l i c a t i o n DECONTROLLED AFTER SIX MONTHS
March 3 0 , 1 9 6 4 .
CAPITAL MARKET DEVELOPMENTS
IN THE UNITED STATES

>

: • )i,D The v o l u m e of p u b l i c s e c u r i t y f i n a n c i n g t o o b t a i n new c a p i t a l
was v e r y - s u b s t a n t i a l l a s t week and w i l l b e o n l y m o d e r a t e l y s m a l l e r t h i s
week.
L a s t w e e k , e n d e d March 2 7 , f i v e l a r g e c o r p o r a t e i s s u e s ( i n c l u d i n g a n e x p i r i n g r i g h t s o f f e r ) a g g r e g a t i n g $213 m i l l i o n , f o u r l a r g e
S t a t e and l o c a l g o v e r n m e n t b o n d i s s u e s a m o u n t i n g t o $75 m i l l i o n and a
$50 m i l l i o n b o n d i s s u e of t h e I n t e r - A m e r i c a n D e v e l o p m e n t Bank w e r e s o l d .
T h i s w e e k , e n d i n g A p r i l 3 , two l a r g e c o r p o r a t e i s s u e s ( i n c l u d i n g a n
e x p i r i n g r i g h t s o f f e r ) t o t a l i n g $81 m i l l i o n and two l a r g e S t a t e and
l o c a l i s s u e s w i t h p a r v a l u e o f $156 m i l l i o n a r e on t h e c a l e n d a r .
In
a d d i t i o n , a $20 m i l l i o n b o n d o f f e r i n g o f t h e U n i t e d M e x i c a n S t a t e s i s
expected.

Bond y i e l d s .
Y i e l d s on s e a s o n e d l o n g - t e r m b o n d s e i t h e r r o s e
o r w e r e s t a b l e l a s t w e e k . A a a - r a t e d c o r p o r a t e bond y i e l d s i n c r e a s e d
a n o t h e r b a s i s p o i n t t o 4 . 3 9 p e r c e n t , t h e h i g h e s t s i n c e l a t e March 1 9 6 2 ,
w h i l e U. S . G o v e r n m e n t bond y i e l d s a d v a n c e d two m o r e b a s i s p o i n t s t o
4 . 2 0 p e r c e n t , t h e h i g h e s t s i n c e A p r i l 1960.
B a a - r a t e d S t a t e and l o c a l
g o v e r n m e n t bond y i e l d s e d g e d up a b a s i s p o i n t t o 3 . 5 8 p e r c e n t .
Yields
on h i g h - g r a d e m u n i c i p a l and on l o w e r - g r a d e c o r p o r a t e b o n d s , h o w e v e r ,
were unchanged.
Y i e l d s on new c o r p o r a t e b o n d s s o l d l a s t w e e k , a d j u s t e d t o an
Aaa b a s i s , a v e r a g e d 4 . 4 6 p e r c e n t .
T h i s was s e v e n b a s i s p o i n t s a b o v e
t h e a v e r a g e f o r t h e week e n d i n g M a r c h 1 3 , ( t h e l a s t w e e k e l i g i b l e i s s u e s
w e r e o f f e r e d ) and o n l y f o u r b a s i s p o i n t s b e l o w t h e e a r l y J a n u a r y h i g h .
S h o r t - and i n t e r m e d i a t e - t e r m i n t e r e s t r a t e s .
R a t e s on 3-month
T r e a s u r y b i l l s w e r e s t a b l e l a s t w e e k , b u t t h o s e on 6 - m o n t h b i l l s i n c h e d
up a b a s i s p o i n t t o 3 . 7 3 p e r c e n t .
Y i e l d s on 3 - 5 y e a r s U. S . G o v e r n m e n t
o b l i g a t i o n s a d v a n c e d s e v e n b a s i s p o i n t s f u r t h e r to 4 . 2 3 p e r c e n t , t h e h i g h e s t
s i n c e e a r l y J u n e 1960.
The a v e r a g e e f f e c t i v e F e d e r a l f u n d s r a t e r o s e
four basis points to 3.44 per cent.
Other r a t e s were unchanged.
Mortgage r e c o r d i n g s .
S e a s o n a l l y a d j u s t e d nonfarm mortgage
r e c o r d i n g s of $20,000 o r l e s s d e c l i n e d 3 p e r c e n t i n December, t h e
l a t e s t m o n t h a v a i l a b l e on a t h r e e - m o n t h m o v i n g a v e r a g e b a s i s .
The
d e c l i n e brought the monthly r a t e t o $3,059 m i l l i o n .
T h i s was 5 p e r
c e n t b e l o w t h e h i g h l a s t A u g u s t , b u t i t a l s o was 5 p e r c e n t a b o v e a
year e a r l i e r .




H. 14

-2-

Stock p r i c e s .
Common s t o c k p r i c e s , a s m e a s u r e d b y S t a n d a r d
and P o o r ' s c o m p o s i t e i n d e x of 5 0 0 s t o c k s , i n c r e a s e d s l i g h t l y on b a l a n c e
l a s t w e e k t o c l o s e a t 7 9 . 1 9 on M a r c h 2 6 .
T r a d i n g volume a v e r a g e d
5.3 m i l l i o n shares a day, 0.1 m i l l i o n shares l e s s than the average f o r
t h e p r e v i o u s weel^.

C a p i t a l Markets S e c t i o n ,
D i v i s i o n of R e s e a r c h and S t a t i s t i c s ,
B o a r d of G o v e r n o r s of t h e F e d e r a l R e s e r v e S y s t e m .




LONG-TERM

BOND

YIELDS, H I G H - G R A D E

Weekly

f e r cent

-LAAJ
Exhibit A - Part II

Date

Corporate
Aaa 1 /

U . S . Govt.
long-term 2 /

S t a t e and
local
government
Aaa 3 /

Spread between
U. S . G o v t , and
S t a t e and
Corporate
l o c a l Aaa
Aaa.

(per cent)
1959-60 - High
1961 - High
Low
1962 - High
Low
1963 - High
Low
1964 - High
Low

U. 61(3/29/60)
4.46(9/25)
4.21(3/17)
4.43(2/16)
4.23(12/2$
4.37(12/27)
U.19(3/29)
4.39(3/27)
4.35(2/28)

4 . 4 2 (1/8/60)
4 . 0 7 (12/29)
3.70(5/12)
4.12(2/23)
3.85(12/26)
U . 1 6 (12/27)
3.87 (Vie)
4.20(3/27)
4.14(2/21)

3 . 6 5 (9/24/59)
3 . 3 7 (7/6)
3 . 1 2 (2/23)
3 . 2 6 (3/4)
2.88-(i3/a)
3 . 1 8 (13/21)
2 . 9 3 (3/28)
3.16(3/26)
3.07(2/20)

.59
.57
•3U
.47
.30
.35
.21
.23
.19

.92
.76
.46
1.04
.80
1.05
.88
1.08
1.02

Feb.
Mar.
Mar.
Mar.
Mar.

4.35
4.36
4.37
4.38
4.39 /

4.15
4.16
4.17
4.18
4.20

3.09
3.12
3.13
3.16
3.16

.20
.20
.20
.20
.19

1.06
1.04
1.04
1.02
1.04

28
6
13
20
27 £ /

f

Preliminary,
Weekly average of d a i l y f i g u r e s . Average term of bonds inoluded it 22-24 y e a r s .
Weekly average of d a i l y f i g u r e s . The a e r i e s i n c l u d e s bonds due o r c a l l a b l e i n 10 y e a r s o r more.
y Thursday f i g u r e s . Only g e n e r a l o b l i g a t i o n bonds are i n c l u d e d ! average term i s 20 y e a r s .
Koto.—Highs and lows a r e f o r i n d i v i d u a l s e r i e s and may be on d i f f e r e n t d a t e s f o r d i f f e r e n t
s e r i e s . Tor s p r e a d s , high r e f e r s t o -widest, and low t o n a r r o w e s t .




LONG-TERM

BOND

YIELDS, L O W E R - G R A D E

C01P0IAH la

Exhibit B - Part I I

Date

Corporate
Baa 1 /

S t a t e and
local govt.
Baa 3 /

Spread between
A a a a n d Baa
S t a t e and
Corporate
local govt.

(per cent)
1959-60 - High
1961 - High
1962 - H i g h
1963 - High
- Low
196)4 - H i g h
Low
Feb.
Mar.
Mar.
Mar.
Mar.
Note r

28
6
13
20
27 ja/

5 . 3 $ (2/12/60)
5.13(10/27)
5.00(4/21)
5.1KV5)
It. 92 (12/21)
U.93(2/4)
1.83(11/15)
4.84(1/17)
4.82(2/7)

l i . 1*6 ( 1 / 7 / 6 0 )
U. 1 6 (3/23)
3.93(12/9)
U.oli(Vii)
3.52(5/17)
3.63(6/27)
3.52(5/23)
3.58(3/26)
3.53(2/7)

.8k
.81
.66
.7U
.63
.71
.1*8
.48
.44

4.83
4.83
4.83
4.83
4.83 v

3.55
3.57
3.55
3.57
3.58

.48
.47
.46
.45 .
.44

For f o o t n o t e s see Exhibit A.




1.08
.93
.57
.82
. .56
.63
. a
.49
.41
.46
.45
.42
.41
.42

b
E XHIBIl C. Pail I

SHORT-

AND

INTERMEDIATE-TERM

INTEREST RATES, G O V E R N M E N T

U-LU
Exhibit C - Part I I

Date

1959-60 - High
1961 - High
Low
1962 - H i g h
Low
1963 - High
Low
196U - H i g h
Low
Feb.
Mar.
Mar.
Mar.
Mar.

28
6
13
20
27 £ /

Discount
rate

y

U.00

3.00
3.00
3.00
3.00
3.50

3-month
b i l l s 2/

Yields
6-month
, b i l l s 2/
(per cent)

U. 59 (1/8/60)
2.66(12/29)
2.17 (V27)
2.97(7/13)

2.65(6/8)

3-5 year
issues 2/

5.00(12/24/59)
2*90ll/29)
2.35(4/28)
3.13(7/20)

2.7U(6/8)
3.68(12/6)

3.86(6/11)

3.15(5/12)
3.88(2/2)

3.11(12/28)

3.50
3.50

3.55(13/15)
2.88(3/15)
3.56(3/6)
3.50(1/31)

3.74(3/6)
3.61(1/31)

14.07(12/27)
3.UU(1/18)
4.23(3/27)
3.99(2/7)

3.50
3.50
3.50
3.50
3.50

3.56
3.56
3.54
3.54
3.54/

3.72
3.74
3.72
3.72
3.73

4.05
4.10
4.12
4.16
4.23

3.00

2.93(3/8)

S p r e a d b e t w e e n y i e l d s on 3 month b i l l s and y i e l d s on
6-mo. b i l l s | 3 - 5 y r . i s s u e s

•79
.Uli

.12

.21*
.02
.17

.ok

1.81
1.51
.92
1.19
.52
.70

.U2

.19

.69
.48

.16
.18
.18
.18

.49
.54
.58
.62
.69

.11

.19

Weekly r a t e shown, i s t h a t I n e f f e c t a t end. of period a t t h e F e d e r a l Reserve Bank of New York.
Market y i e l d ; weekly averages computed from d a i l y c l o s i n g bid p r i c e s . S e r i e s of 3 - 5 y e a r i s s u e s
c o n s i s t s of s e l e c t e d n o t e s and bonds.
Note*—Sighs and lows are f o r i n d i v i d u a l s e r i e s and may be on d i f f e r e n t d a t e s f o r d i f f e r e n t s e r i e s *
For s p r e a d s , high r e f e r s t o w i d e s t , and low t o narrowest*




SHORTBANKS

AND
AND

INTERMEDIATEOTHER

PRIVATE

TERM INTEREST

RATES,

BORROWERS

flKANCt COMPANY PAP I R
Diiedly Hluled
f

I

1\^

Mil

11 11 l.J.l l i l t LL1_LL1.11 I M i

Exhibit D - Part II

Stock e x c h a n g e Prime
c a l l loan 1 /
I r a t e 1/

Federal
funds 3/

Spread between
3-mo. b i l l s and
finance co.

U . 0 0 (5/13/60)
2 . 9 0 (13/17)
*h3 (1/27)
3 . 0 0 (12/28)
1 . 3 0 (3/26)
3 . 5 0 (12/27)
2 . L 5 (7/26)
3.50(3/13)
3.20(3/6)

1.02
.56
.11
.1*5
.19
.39
.12
.34
.22

3.50
3.20
3.50
3.40
3.44

F i n a n c e companypaper 2 /

(per cent)
1959-60High
1961 - High
Low
1962 - H i g h
Low
1 9 6 3 - High
196k - High
Low
Feb.
Mar.
Mar.
Mar.
Mar.

^

28
6
13
20
27

])/

5.5o

5.00
L50

5.13(1/22/60)
3.00(12/30)
2.50(8/5)
3.25(7/21)

a . 50
U.5o
U.5o
L.50
U.5o
L.5o
4.50
4.50

4.50
4.50

3.88(12/27.)
1.11(5/31)
3.88(3/27)
3.75(2/21)

4.50
4.50
4.50
4.50
4.50

4.50
4.50
4.50
4.50
4.50

3.78
3.88
3.88
3.88
3.88

1.50
i*-50

L.50
l.5o
a. 50

i I e S f 9oil7tidayr^"erbllShed ^




2.68(6/1)

companio3

f o r

.22
.32
.34
.34
.34

d i r e c t l y placed p a p e r f o r varying m a t u r i t i e s

STOCK

MARKET

1
on* ol dollois

Exhibit E - Part II

Date

Stock p r i c e ,
index 3/

Trading
volume 3 /
stock
(millions
yields 2/
( p e r c e n t ) of s h a r e s )

S t o c k m a r k e t customs: c r e d i t
Customers'
Bank
debit balloans to
ances k /
"others" 5/

Total

(In millions of d o l l a r s )
4 1961-62 - High
j
Low
i 1963 - High .
? 196U - H i g h
!>i
Low

72.0Ufl2/8/6l)
52.68(6/22/62)
74.16(12/2%)
79.19(3/26)
75.50(1/3)

2.80
3.96
3.01
3.01
3.09

10.1
2.4
6.5
6.1
4.3

,f
/,
1
%
1

76.45
77.37
79.14
78.92
79.19

3.06
3.05
3.01
3.03
3.02

5.3
4.6
5.6
5.4
5.3

i January

February
M a r . 13
Mar. 20
M a r . 27 &/

5,602(12/61)14,259(12/61) l , U l 8 ( 5 / 9 / 6 2 )
it,U2U(1/61) 3 , 2 5 3 1 3 / 6 1 ) 1 , 1 6 1 ( 3 / 8 / 6 1 )
7,298(12/63)5,586(13/63) 1,738(12/25)
7,250(1)
7,120(2)

5,524(1)
5,384(2)

1,775(3/18)
1,720(1/22)

7,250
7,120

5,524
5,384

1,726
1,736
1,773
1,775

n.a*—Not a v a i l a b l e , jj/ P r e l i m i n a r y .
' Standard and P o o r ' s composite Index of 500 ocnmon stooka, weekly d o s i n g p r i c e s , 1941-43"10.
Monthly data are averages of d a i l y f i g u r e s r a t h e r t h a n of F r i d a y ' s o n l y . Highs and lows a r e f o r
F r i d a y ' s d a t a only.
,
2 / Standard and P o o r ' s composite stook y i e l d based on Wednesday d a t a converted t o wfeekly c l o s i n g
;
p r i c e s by F e d e r a l Reserve. Yields shown a r e f o r d a t e s on nhioh p r i c e index reached i t s h i g h
or low*
, 3 / Averages of d a i l y t r a d i n g volume on t h e Hew York Stock Exchange.
1 %f End of month f i g u r e s f o r member firms of t h e Hew York Stock Exchange which o a r r y margin a c c o u n t s ;
excludes
balances secured by U. S. Government o b l i g a t i o n s .
i
5/ Wednesday f i g u r e s f o r weekly r e p o r t i n g member banks. Excludes loans f o r purchasing o r c a r r y i n g .
U. S. Government s e c u r i t i e s . . Weekly r e p o r t i n g banks account f o r about 70 p e r c e n t of loans t o
o t h e r s . For f u r t h e r d e t a i l see B u l l e t i n .
i
f




MORTGAGE

r e c o r d i n g s

a n d

l o a n s

v

Exhibit F - Part II
Total
Da t e

1 - Jan.
Feb.
Mar.
Apr.
Hay
July
Aug.
Sept.
Oct.
Nov.
Dec.

Seasonally
a d j u s t e d 2/
2,876
2,869
2,907
2,986
3,066
3,121
3,183
3,213
3,189
3,134
3,149
3,059
n.a.

Unadjusted

2,658
2,424
2,751
3,065
3,233
3,177
3,515
3,525
3,177
3.534
2,880
2,987
2,758

FHA

VA

( M i l l i o n s of d o l l a r s )
504
254
400
202
416
219
392
245
260
415
226
419
511
265
508
278
505
267
568
316
445
258
487
255
543
268

Unadlusted
Average s i z e of
recordings
( 1 9 5 9 = 100) 3 J

Other

1,900
1,822
2,116
2,428
2,558
2,532
2.738
2.739
2,404
2,650
2,177
2,245
1,947

109.8
108.7
110.4
110.6
111.7
112.8
112.6
113.5
111.2
111.5
110.7
111.3
110.5

us.—Not a v a i l a b l e .
/ T o t a l recordings d a t a are estimates based on r e p o r t s from about 450 a r e a s and i n c l u d e
mortgages of $20,000 o r l e s s secured by nontaim r e a l e s t a t e , p r i m a r i l y r e s i d e n t i a l
p r o p e r t i e s . FHA-insured loans r e p r e s e n t gross amount of insurance w r i t t e n , and VAguaranteed loans the g r o s s amount of loans c l o s e d , on 1 - 4 family bouses. Other recordings
d a t a are derived a s a r e s i d u a l , although t o t a l recordings aid VA and FHA loans a r e n e t
s t r i c t l y oonparable i n concept or t i m i n g .
Three-month moving a v e r a g e , aeasonally adjuated by F e d e r a l Reserve.
This index r e l a t e s t h e average s i z e of mortgage recordings f o r each month ( t o t a l d o l l a r
recordings d i v i d e d by number of mortgage recordings) t o t h e average s i z e during 1959.
Source.—Federal Home Loan Bank Board, Federal Housing Administration and Veterans A d m i n i s t r a t i o n .

%




T
EXHIBIT O. Rati 1
YIELDS O N

NEW

AND

SEASONED

CORPORATE BONDS

Exhibit 0 - Part II
Yields on New Corporate Bond Issues Adjusted to en Aaa basis
Number Ain't of issues Average
of
included (mil.
yield

Number Am't of iaauea Average
included (mil.
yield
of
(per cent)
issues of dollars)

Weekly averages;
J a n . 17
5.0
4.44
1963 - O c t . 4
2
33.5
4.32
24
15.0
4.41
11
31
18
Feb. 7
25
1
40.0
4.37
14
4.33
Nov. 1
2
75.0
21
4.35
io0:8
- 8
28
1
30.0
4.41
IIS
15
22.0
1
4.21*
Mar. 6
22
, 115.0
4
4.42
13
81.0
4.39
29
20
Dec. 6
2
60.0
4.41
27
85.0
4.46
13
2
95.0
4.45
20
1
150.0
4.54*
27
1964 - J a n . 3
UQ,Q
10
4,50
Notes Araragoa of offering yield# on ml^L ne* issues of publioly offered ooxp orate bonds rated Aaa, i t and
1 by Moody's Investors Senrioe (except serial and convertible Is sues, offerings of natural gas pipeline
and foreign companies, and bonds guaranteed by the federal Government) weighted by U s e of offering,
•
Before averaging, new offerings are adjusted to a composite laa basis ty deducting from the actual
reoffaring yield thn excess of the weekly average yield f o r seasoned tends of the appropriate industxyquality group over the oonmosite average f o r seasoned Aas^rated bonds (Moody's). Averages considered
unrepresentative beoaiae ox special characteristics of t e offerings included are denoted by an asterisk^




H. 14
Exhibit H
L o n g - t e r m C o r p o r a t e and S t a t e and L o c a l G o v e r n m e n t
S e c u r i t y O f f e r i n g s and P l a c e m e n t s
( I n m i l l i o n s of d o l l a r s )

New C a p i t a l
1964
January
February

%/
el
e/

925
700
750

April
May
Juno

1

C o r p o r a t e 1/
1963
1

1962

613
594
1,144

592
859
807

930
904
1,013

1st
2nd
3rd
4th

quarter
quarter
quarter
quarter

•»
e/ 2,375

1st half
Three q u a r t e r s
Year

|

S t a t e and L o c a l 2 /
1963p/ 1
1962
732
746
976

876
1,133
628

1,113
760
1,132

869
866
930

873
912
786

676
637
795

582
749
579

680
708
449

612
544
427

1,013
819
1,415

835
703
1,103

1 ,051
729
416

650
578
550

2,351
2,847
2,109
3,246

2,258
3,005
1,910
2,641

2 ,454
2 ,665
1 ,837
2, ,197

2,637
2,571
1,582
1,779

5,198
7,307
10,553

5,264
7,173
9,814

5 . ,118
6.,955
9 j,151

5,208
6,790
8,568

July
August
September
October
November
December

1964
e/
e/
e/

950
750
850

e/ 2,550

Excluding f i n a n c e companies 3/

1st
2nd
3rd
4th
Year
ef
£/
1/
2/
3/

quarter
quarter
quarter
quarter

e/ 2,035

2,284
2,529
1,768
2,854

2,199
2,919
1,775
2,410

9,434

9,303

^

E s t i m a t e d by F e d e r a l R e s e r v e .
Preliminary.
S e c u r i t i e s and E x c h a n g e C o m m i s s i o n e s t i m a t e s o f n e t p r o c e e d s .
I n v e s t m e n t Bankers A s s o c i a t i o n of America e s t i m a t e s of p r i n c i p a l amounts.
T o t a l new c a p i t a l i s s u e s e x c l u d i n g o f f e r i n g s o f s a l e s and c o n s u m e r f i n a n c e c o m p a n i e s .




%

New C o r p o r a t e S e c u r i t y I s s u e s , Type of I s s u e and I s s u e r
( I n m i l l i o n s of d o l l a r s )

#

jp
-|

Quarter
or
Month

i
?

1

z

1

|
*

1961 - I
11

i n
1962-1
II
III

Gross p r o c e e d s f o r n e t
c a p i t a l and r e f u n d i n g 1/
Common Memo:
Total Publicly Privately
arid F o r e i g n
offered offered
pfd.
issues
included
1,992
5,352
2,566
3,236

662
2,303
772
967

880
1,275
1,139
1,424

1,155
1,389
853
1,089

716
1,222
1,024
1,568
1,306
1,820
1,251
1,780

1

iv

2,378
3,250
2,184
2,957

f
:

1963 - I
II
III
IV

2,700
3,634
2,436
3,466

1,108
1,389
898
1,319

1962 - Apr.
May

1,217
801
1,232
630
922
632
976
784
1,197

654
247
488
200
477
176
539
286
264

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

July
Aug.
Sept.
Oct.
Nov.
Dec.
1963 - J a n .
Feb.
Mar.
Apr.
May
July
Aug.
Sept.
Oct.
Nov.
Dec.
1964 - J a n . J>/
Feb. e /
Mar.

991
720

338
280

227
420
575
366
363 .
295
314
446
808
243
289
774
452
694
• 675
431
318
501
481
549
751
533
340

Net proi ceeds f o r
iiew cap:L t a l 1/ 2/
Mfg.

' P u b l i c CommuniOther
u t i l i t y cations
issuers

76
449
1,774 .,,155
69
654
62
845

515
1,466
935
792

381
1,081
595
836

' 81
1,095
10.4

507
639
307
300

68
257
56
179

655
996
601
769

430
983
375
568

456
231
275
321

717
794
659
986

287
.424
287
367

128
434
109
47

947
591
806
968

326
79,
285
530

236
221
150
118

842
1,241
868
1,629

336
134
169
67
82
161
123
52
125

10
147
100
13

384
270
342
217
218
166
153 y
271
345

37 j
196
410
•118
110
148
141
175
252

88
64
79
88
120
. 67
260
4
57

102
94
91
• 217
95
. 113
100
100
87
.
125
159
83

25
43
60
56
182
196
46
21
42
10
10
27

43
46
34
99

!

120
100

• 5•

.135
220
592
148
216
227
297
272
237
240
214
515

114
115
97
341
222
230
107
100
78
201
131
198

153
150

160

lou

125
68
43
71
92
. • 58
86
25
39
41
13
64

832
1,052 "
893
1,263

264
229
301
159
301
199
282
253
451

.

1

1-52
80

'

.

238
191
412
369
373
499
187
240
441
531
461
637
512
310.

c o s t of f l o t a t i o n . 2 / For t o t a l s e e E x h i b i t H; o t h e r i s s u e r s a r e e x t r a c t i v e , r a i l r a a d and o t h e r
t r a n s p o r t a t i o n , r e a l e s t a t e and f i n a n c e a n d commercial and o t h e r . S o u r c e . - - S e c u r i t i e s and
Exchange Commission.




\

\1/

Other Securitv O f f e r i n g s
( I n m i l l i o n s u£ d o l l a r s )

F o r e : £n g o v e r n m e n t 2 /
1964
1963
|
January
February

232
133
76
57
114
11
63
83

£/

2
365

152

2/ "

77.1

737

July
August
September
October
November
December
- Feb.

e/ 5 4

Year

January
February
April
May
July
August
September
October
November
December
Jan.
Year

- Feb

1964

142
10
35
10
86
50
25
8
31
151
88
101

£/
4
e / 50

April
May

Jan;

; Cross 1
:
1962

e/

-

1

1962

148

246
156

186

461

1
I

--

459
-.--

150
175

i

174
200
--

Net s h o r t - term 4/
S t a t e and l o c a l g o v e r n m e n t 5 /
75
2.1 " 6 1
18
12
272
466
; - -. >9
-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

148

402

1,167

1,138

F e d e r a l 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

347

484

-295

91

692

375

1,600

1,004

%
#
%
y-

/

2./
P r e l i m i n a r y , e / E s t i m a t e d by F e d e r a l R e s e r v e ,
n. a - --Not _ a v a i l a b l e . 1/ These d a t a d i f f e r f r o m t h o s e i n E x h i b i t H i n t h a t r e f u n d i n g i s s u e s , a s w e l l a s new c a p i t a l i s s u e s a r e i n c l u d e d .
L o n g - t e r m s e c u r i t i e s a r e d e f i n e d a s t h o s e m a t u r i n g i n more t h a n o n e y e a r
2/ I n c l u d e s s e c u r i t i e s o f f e r e d i n t h e U n i t e d S t a t e s by f o r e i g n g o v e r n m e n t s and t h e i r p o l i t i c a l s u b d i v i s i o n s
and i n t e r n a t i o n a l o r g a n i z a t i o n s .
S o u r c e : S e c u r i t i e s ^ a n d Exchange Commission. 3/ I s s u e s n o t
g u a r a n t e e d b y t h e U. S. G o v e r n m e n t .
S o u r c e : l o n g - t e r m , S e c u r i t i e s and E x c h a n g e C o m m i s s i o n ;
s h o r t - t e r m , T r e a s u r y D e p a r t m e n t and F e d e r a l R e s e r v e . 4 / T h e s e d a t a d i f f e r f r o m t h o s e i n
E x h i b i t H and a b o v e i n t h a t t h e y r e p r e s e n t new o f f e r i n g s l e s s r e t i r e m e n t s , w h e t h e r f r o m t h e
p r o c e e d s of r e f u n d i n g i s s u e s o r f r o m o t h e r f u n d s .
Data i n c l u d e o n l y i s s u e s w i t h o r i g i n a l
m a t u r i t y of one y e a r o r l e s s . 5 / P r i n c i p a l l y t a x and bond a n t i c i p a t i o n n o t e s , w a r r a n t s o r
Digitized
c e r t i f ifor
c a t FRASER
e s and P u b l i c H o u s i n g A u t h o r i t y n o t e s
I n some i n s t a n c e s . PHA n o t e s i n c l u d e d may
h a v e a somewhat l o n g e r m a t u r i t y t h a n o n e y e a r .
S o u r c e : Bond B u y e r and F e d e r a l R e s e r v e ,



•

'/?>

;

H. 14

I
*

.

Exhibit K
L a r g e L o n g - t e r m P u b l i c S e c u r i t y I s s u e s f o r New C a p i t a l
( O t h e r t h a n U. S . T r e a s u r y ) 1 /

jy
^

P r o c e e d s of Large I s s u e s O f f e r e d
( I n r ' m i l l i o n s of d o l l a r s )

r
Total
i

:

Corporate
Bonds
Convertible
(Other than
bonds
convertibles

i 1963 - F e b r u a r y

i
1
I

•"?

j
j

125
372
263
149
348
180
218
215
380
117
515
225
200

186
394
409
149
348
199
July
Augus t
236
S e p t e m b e r 237
446
October
November 180
December 547
307
1964 - J a n u a r y
F e b r u a r y 263
April
May

State
and
local
government
26
22
146

35

367
570
431
389
372
279
329
135
734
J373
111
577
358

19
18
22
66
63
32
22
28

60
35

O t h e r 2/
63
134
43
460
60
20
174
200
--

L a r g e I n d i v i d u a l I s s u e s O f f e r e d March 1 t h r o u g h 27

Issuer
5

Type

Amount
(millions
of
dollars)

Maturity

Coupon
Offerr a t e or net
ing Ratinterest
yield ing.
cost

Corporate

t S o u t h w e s t e r n P . S . Co.
Anheuser-Busch Inc.
B e n e f i c i a l F i n a n c e Co.
Potomac E d i s o n Co.
P a n h a n d l e E a s t e r n P. L. Co.
*United U t i l i t i e s Inc.
T e x a s U t i l i t i e s Co.
F l o r i d a Pwr. & L t . Co.
C r o c k e r - C i t i z e n s N a t ' 1 Bank
S t a t e and L o c a l G o v e r n m e n t
L o u i s i a n a S t a t e Bond & B l d g .
Comm.
M i n n e a p o l i s , Minn.
S t a t e of K e n t u c k y
S t a t e of C o n n e c t i c u t

1st mtg. bds.
Deb.
Deb.
1 s t mtg. & c o l l .
Deb.
Com. s t k .
Com. s t k
1 s t mtg. bds.
Cap. n o t e s

Rev.-S.T.
G.O.
G.O.
G.O.




tr.

15.440.0
50.0
bds.
16.0
40.0
20.8
17.3
35.0
100.0

15.0
10.7
50.0
50.0

1994
1989
1992
1994
1984

4-1/2
4-1/2
4-1/2
4-5/8
4.60

4.50
4.47
4.58
4.50
4.60

1994
1989

4-5/8
4.60

4.50
4.60

Aa

1965-84
1965-89
1972-90
1968-87

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

A
A
A
A

--

v-l
H. 14
K-2
L a r g e I n d i v i d u a l I s s u e s O f f e r e d March 1 t h r o u g h 27 ( C o n t ' d )

Issuer

Type

Amount
(millions
of
dollars)

Coupon
r a t e or
Maturity net interest cost

Offering
yield

Rating

S t a t e and L o c a l G o v e r n m e n t
J a c k s o n v i l l e Expressway
Auth.j Flai
C i t y of Tacoma, W a s h i n g t o n
R o c h e s t e r , New York
El Paso I n c . Sch. D i s t . ,
Los A n g e l e s D e p t of W t r . &
Pwr., C a l i f .
I l l i n o i s B l d g , , Auth.

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

'!>
18.0
12.6
10.0

1992
2003
2010-14
1964-77
1965-89

3.86
3.40

4.00
4.10
6/
2.90-3.90"
1.95-3.00
2.15-3.45

22.0
25.0

1965-94
1965-89

3.34
3.51

2.15-3.50
2.25-3.65

50.0

1984

4-1/2

4.50

4.12

Baa
Aaa
A

Other
I n t e r - A m e r i c a n Dev. Bank

*--Rights offering,
n.a.--Not available.
\J I n c l u d e s c o r p o r a t e and o t h e r s e c u r i t y o f f e r i n g s of $15 m i l l i o n and o v e r ; S t a t e and
l o c a l g o v e r n m e n t s e c u r i t y o f f e r i n g s o f $10 m i l l i o n and o v e r .
2/ I n c l u d e s f o r e i g n g o v e r n m e n t and I n t e r n a t i o n a l Bank f o r R e c o n s t r u c t i o n and D e v e l o p m e n t i s s u e s and n o n - g u a r a n t e e d i s s u e s b y F e d e r a l a g e n c i e s .
3 / I n t h e c a s e o f S t a t e and l o c a l g o v e r n m e n t s e c u r i t i e s , G. 0 . d e n o t e s g e n e r a l o b l i g a t i o n s ;
R e v . - U t . , r e v e n u e o b l i g a t i o n s s e c u r e d o n l y by income f r o m p u b l i c u t i l i t i e s ; R e v . - Q . U t . ,
r e v e n u e bonds s e c u r e d o n l y by r e v e n u e from q u a s i - u t i l i t i e s ; R e v . - S . T . , r e v e n u e bonds
s e c u r e d by r e v e n u e from s p e c i f i c t a x e s o n l y ; R e v . - R e n t . , r e v e n u e bonds s e c u r e d s o l e l y
by l e a s e p a y m e n t s .
4 / An a d d i t i o n a l $ 9 . 6 m i l l i o n i n b o n d s s o l d t o r e f u n d o u t s t a n d i n g s e c u r i t i e s .
5 / An a d d i t i o n a l $ 6 6 . 6 m i l l i o n i n b o n d s s o l d t o r e f u n d o u t s t a n d i n g s e c u r i t i e s .
6/ Bonds m a t u r i n g 2 0 1 2 - 1 4 not! p u b l i c l y r e o f f e r e d .




\<
H. 14
Exhibit L
F o r t h c o m i n g L a r g e L o n g - t e r m P u b l i c S e c u r i t y O f f e r i n g s f o r New C a p i t a l
( O t h e r t h a n U. S . T r e a s u r y ) J./
Expected Proceeds from Forthcoming Large I s s u e s

During month f o l l o w i n g
d a t e shown

1

Corporate
* 1963 - F e b .
A
Mar.
Apr.
3
May.
<
June
i
July
"]
Aug.
)
Sept.
<
Oct.
&
Nov.
•j
Dec.
\] 1964 - J a n .
I}
Feb.

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

S t a t e 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
45
40
460
75
20

• --

Subsequent to
d a t e shown

2/

Corporate
572
421
234
288
215
267
183
240
145
1 , 992
1 , 905
1> 771
1 ,649

S t a t e and
local govt.
755
763
599
582
287
512
468
757
401
349
731
667
646

Other
45
40
460
75
20

. — —.

F o r t h c o m i n g L a r g e O f f e r i n g s , a s o f March 27

•,

Issuer

Type

Amount
(millions
of
dollars)

Corporate
Northwest A i r l i n e s Inc.
•/ A s s o c i a t e s I n v e s t m e n t Co.
f American T e l . & T e l . Corp.
* T e n n e s s e e Gas T r a n s . Co.
i P a c i f i c T e l . & T e l . Corp.
l> X e r o x C o r p .
j C o m m u n i c a t i o n s S a t e l l i t e Co.
^ C o l u m b i a Gas S y s t e m . I n c .
^ W a s h i n g t o n W t r . Pwr. Co.
" S t a t e and L o c a l G o v e r n m e n t
I P u b l i c Housing Auth.
} M e t r o p o l i t a n S e a t t l e , Wash.
i D e t r o i t ) Mich.
\ B a l t i m o r e C o . , Md.
» P h i l a d e l p h i a , Pa.
New York S t a t e H o u s i n g F i n a n c e
Agency

1




Approximate d a t e
of o f f e r i n g

-

Com. s t k .
Deb.
Com. s t k .
Deb. & p f d . s t k .
Deb.
Conv. s u b . d e b .
Com. s t k .
Deb.
1 s t mtg. b d s .
Bonds
Rev.-Ut.
G.O.
G.O.
G.O.
Rev.-Rent.

31.0
50.0
1,225.0
65.0
100.0
51.4
200.0
50.0
30.0

April
April
April
April
April
April
April
April
April

1 (rts. ex,)
2
6 (rts. ex.)
7
22
28 ( r t s . e x . )

141.4
15.0
18.3
13.0
20.8

April
April
April
April
April

1
2
7
7
8

93.0

April 8

2/

H. 14
L-2
F o r t h c o m i n g L a r g e O f f e r i n g s , a s of March 27 ( C o n t ' d )

Issuer

Type

Stat-B and L o c a l G o v e r n m e n t
N a s s a u C o . , N. Y.
G.O.
S a b i n s R i v e r ' A u t h . , New
O r l e a n s , La.
G.O.
^ V i r g i n i a Pub. Sch. Auth.
Rev.-Rent.
S a b i n e R i v e r A u t h . of T e x a s ,
Orange. Tex.
G.O.
U n i v e r s i t y of C a l i f o r n i a
Rev.-Rent.
- Esi>.zo Mun. Imp. D i s t . , C a l . . R e v . - Q . U t .
C l e v e l a n d , Ohio
G.O.
W a s h i n g t o n Sub. S a n . D i s t . , Md. G.O.
F l o r i d a Dev. Comm.
Rev.-Q.Ut.
D e l a w a r e R i v e r & Bay A u t h .
Rev.-Q.Ut. *Stat.a of C a l i f o r n i a
G.O.
*Denver, Colo.
Rev.-Ut.
-New O r l e a n s , L a .
G.O.
P i t t s b u r g h , Pa.
G.O.
Dade C o u n t y , F l o r i d a
G.O.
F o r t h Worth, Texas
G.O.
Houston, Texas
G.O.

Amount
(millions
of .
dollars)

Approximate d a t e
of o f f e r i n g

20.0

A p r i l 14

15.0
10.0

A p r i l 15
A p r i l 15

15.0
19.6
10.1
11.0
16.0
17.0
105.0
100.0
10.0
14.5
35.0
46.0
14.1
11.0

A p r i l 15
A p r i l 15
A p r i l 22
A p r i l 24
A p r i l 30
April
April
May 5
May 12
May 20
Indefinite
Indefinite
Indefinite
Indefinite

Other
United Mexican S t a t e s

S . F . bonds

20.0

April 2

- - - I n c l u d e d in Table f o r f i r s t time.
If I n c l u d e s c o r p o r a t e and o t h e r i s s u e s o f $15 m i l l i o n and o v e r ;
S t a t e and l o c a l
g o v e r n m e n t i s s u e s of $10 m i l l i o n and o v e r .
2 / I n c l u d e s f o r e i g n g o v e r n m e n t and I n t e r n a t i o n a l Bank f o r R e c o n s t r u c t i o n a n d
D e v e l o p m e n t i s s u e s and n o n - g u a r a n t e e d i s s u e s o f F e d e r a l a g e n c i e s .
N c ^ e . - - D e l e t i o n s . f o r r e a s o n s o t h e r t h a n s a l e of i s s u e :
None.




f
j
s.
|
f,
i

'I?

F o r e i g n G o v e r n m e n t and C o r p o r a t e S e c u r i t y O f f e r i n g s
and P l a c e m e n t s i n t h e U n i t e d S t a t e s

Part I:

»

Sale

Public Offerings

Amount
( m i l l i o n s of
dollars)

I s s u e r and D e s c r i p t i o n o f I s s u e
S o l d J a n u a r y 1 t h r o u g h March 27

2/6

Tubos d e A c e r o d e M e x i c o , S . A . - 7% c o n v e r t i b l e
d e b e n t u r e , m a t u r i n g 1 9 7 0 , o f f e r e d t o y i e l d 7.00%
I n t e r - A m e r i c a n D e v e l o p m e n t Bank-4% b o n d s , m a t u r i n g
1 9 8 4 , o f f e r e d t o y i e l d 4.50%

B.
4/2

20.0




Prospective Offerings

United Mexican S t a t e s

- sinking fund debenture

it
H. 14
M-2
Part II:

. Date
reported

.

P r i v a t e Placement--Reported January

Amount
( m i l l i o n s of
dollars)

I t h r o u g h March 27

I s s u e r and D e s c r i p t i o n of I s s u e

1/7

14. 0

Laurentide Financial Corp., Ltd.--5-1/4% c o l l a t e r a l t u r s t
n o t e s , m a t u r i n g 1 9 8 9 - - n o i n f o r m a t i o n a v a i l a b l e on t a k e down

2/3

28.0

Manitoba H y d r o - E l e c t r i c B o a r d - - 4 - l / 4 % d e b e n t u r e s , m a t u r i n g
1 9 8 6 - - n o i n f o r m a t i o n a v a i l a b l e on takedown

2/3

5.0

S c o t t i s h United I n v e s t o r s , Ltd.--5% n o t e s , maturing 1969-79-no i n f o r m a t i o n a v a i l a b l e on takedown

2/10

8.0

B r i t i s h American C o n s t r u c t i o n C o . - - p r o m i s s o r y n o t e s , m a t u r i n g
1 9 7 9 - - n o i n f o r m a t i o n a v a i l a b l e on takedown

2/10

4.0
' <4*

B r i t i s h Assets Trust Ltd. (Scotland)--5% n o t e s , maturing
1981--takedown i n February

N o t e : For r e t r o s p e c t i v e d a t a on a g g r e g a t e f o r e i g n c o r p o r a t e and government s e c u r i t y
o f f e r i n g s i n t h e u n i t e d S t a t e s s e e E x h i b i t s I and J .
T h e r e i s no s i m p l e r e l a t i o n s h i p
between t h e d a t a shown i n t h i s E x h i b i t and t h a t shown i n E x h i b i t s I and J b e c a u s e
t h e l a t t e r i n c l u d e s p r i v a t e l y p l a c e d s e c u r i t i e s i n t h e p e r i o d i n which f u n d s a r e
a c t u a l l y takendown b u t o n l y i n t h e amount of takedown, w h i l e t h e p l a c e m e n t s shown
i n t h i s e x h i b i t a r e i n c l u d e d when r e p o r t e d , f r e q u e n t l y w i t h l i t t l e o r no i n f o r m a t i o n
c o n c e r n i n g t i m i n g of takedowns. F u l l o r p a r t i a l takedowns may t a k e p l a c e b o t h
p r i o r and s u b s e q u e n t t o t h e d a t e a p l a c e m e n t i s r e p o r t e d .
* - - I n c l u d e d in t a b l e f o r f i r s t time.