Full text of H.16 Capital Market Developments : March 4, 1963

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

Not for Publication DECONTROLLED AFTER SIX MONTHS
H.|l4

LIBRARY '
MAR

,

6

1963

March 4, 1963.
/ C A P I T A L

M A R K E T

D E V E L O P M E N T S

U
,L RESESVT BFu\K
^ ™
^ E D STATES
OV F"'"v."* )
(Including Review of Capital Markets in February)

Public security financing to obtain new capital was in rather
light volume last week but is expected to be more substantial this week.
During the week ending March 1, no large corporate security issues
were offered but two large State and local government bond issues
amounting to $43 million and a $30 million bond issue of the Kingdom
of Denmark were sold. This week, ending March 8, two corporate issues
totaling $55 million and five State and local issues with par value of
$97 million are scheduled for offering.
Bond yields. Yields on seasoned, long-term bonds either rose
or were stable last week. Aaa-rated State and local government bond
yields rose four basis points to 3.02 per cent, their highest level
since last September, -while yields on U. S. Government bonds increased
two basis points to 2.94 per cent, also their highest level since
September. Yields on corporate bonds and on Baa-rated State and local
government bonds were stable.
Average yields on new corporate bonds, adjusted to an Aaa
basis, were 4.14 p< . cent last week, five basis points below the
average for the previous week.
Short- and intermediate-term interest rates. Changes in rates
on Treasury bills and on 3-5 year U. S. Government obligations were
mixed last week. Rates on 3-month bills were stable but 6-month bill
rates dropped two basis points. Yields on intermediate-term Treasury
obligations rose four basis points. The average effective Federal funds
rate was 3.00 per cent for the fourth consecutive week. Other rates
were unchanged.
Mortgage recordings. Seasonally adjusted nonfarm mortgage
recordings of $20,000 or less continued to change little in November,
the latest month for which data on a three-month moving average basis
are available. The monthly rate of $2,939 million remained slightly
below the peak reached in July and was 6 per cent above a year earlier.
Government-underwritten mortgages accounted for 25 per cent
of unadjusted total recordings in December. This.was very near the
November share and, continued somewhat above the proportion a year
earlier.
Stock prices. Common stock prices were off sharply in
moderately active trading last week. Prices, as measured by Standard
and Poor's composite index of 500 stocks, fell almost three per cent
to close at 64.10 on March 1. Trading volume averaged 3.8 million
shares a day, 0.4 million shares less than the average for the
previous week.




-2-

March security estimate. Security financing to obtain new
capital by corporations is expected to be rather light in March, but
bond financing by State and local governments is expected to be in
large volume.
New security financing by corporations is expected to total
$650 million in March, slightly less than the revised February estimate
and one-fifth less than in March 1962. Large issues currently scheduled
for sale this month total $142 million.
Bond sales of State and local governments are estimated at
$0.9 billion in March, two-sevenths above the revised estimate for
February and two-fifths greater than a year ago. Large issues
currently on the calendar amount to $458 million.
Capital markets in February. New security financing by
corporations was in fairly light volume in February, while bond sales
by State and local governments were moderate. Yields on corporate
bonds changed little, but those on State and local government bonds
rose somewhat.
Corporate security financing to obtain new capital totaled
$0.7 billion in February, the same as in January but close to one-fifth
less than a year earlier. Large issues for new capital sold publicly
amounted to $186 million; nonconvertible bond sales totaled $125
million, the smallest volume since last September, while a $35 million
convertible bond issue and a $26 million common stock issue sold during
the month were the largest issues of their type sold since August and
September, respectively. Several large issues, with substantial unsold
balances carried over from January, were released from syndicate price
restrictions early in the month and quickly distributed with only
small reductions in price. New issues sold early in February met with
very favorable investor demand, but several large issues sold in the
last half of the month met with indifferent reception and were still
in the process of distribution at the month-end. Therefore, syndicate
balances, although moderate, were not much smaller at the end of
February than a month earlier.
Yields on seasoned Aaa-rated corporate bonds fell two basis
points further to 4.19 per cent (daily basis) at the start of the month,
the lowest level since April 1959, where they remained throughout the
month. Yields on new corporate bonds, adjusted to an Aaa basis, rose somewhat early in February but zhey declined during the last half of the month.
Some of this fluctuation, however, reflected special characteristics
of the issues sold rather than a change in interest rate levels.
New capital bond issues of State and local governments
totaled $0.7 billion in February, the same as in January but almost
two-fifths less than the record February volume last year. Dealers
encountered little difficulty in distributing most new issues, in
contrast to the previous month, and were also able to make moderate
reductions in their advertised inventory of unsold securities which
declined almost $60 million to the still substantial total of $510
FRASER
million at month-end. "

Digitized for


Yields on lower-grade seasoned State and local government
bonds changed little during the month, but yields on Aaa-rated issues
rose five basis points to 3.02 per cent at the month-end, increasing
a single basis point at the start of the month and four basis points
last week.
Common stock prices fell moderately in active trading during
February. Prices, as measured by Standard and Poor's composite index
of 500 stocks, declined almost three per cent on balance to close
at 64.29 on February 28. Prices moved irregularly higher through midmonth, but then fell off rather sharply. This was the first monthly
decline since stock prices began the advance last October which had
recovered two-thirds of the loss sustained between their December 1961 high
and last June's low. Trading volume averaged 4.2 million shares a
day, 0.4 million shares below the January average but 0.2 million
shares more than in December.
More detailed information concerning recent capital market
developments is presented in the attached exhibits.

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




LONG-TERM BOND YIELDS, HIGH-GRADE

STATE AND 10CAI GOVtlHMEMT A««

I I I I I I I I I I

Exhibit A - Part II

Date

Corporate
Aaa 1/

U. 8. Govt,
long-term 2/

State and
local
government
Aaa 3/

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

(per cent)
1958 - Low
1959-60 - High
1960-61 Low
1961 - High
1962 - Low
1963 - Hi£h
Low

3.55
4.61
4.21
4.46
4.23
4.22
4.19

Feb.
Feb.
Feb.
Feb.
Mar.

4.21
4.19
4.19
4.19
.
4.19 i/

1
8
15
22
1 2.1

(5/2)
(3/29/60)
(3/17/61)
(9/15)
(12/28)
(1/4)
(3/1)

1

3.07
4.42
3.70
4.07
3.85
3.94
3.87
3.90
3.92
3.91
3.92
3.94

(4/25)
(3/8/60)
(5/12/61)
(12/29)
(12/28)
(3/1)
(1/18)

2.64 (5/1)
3.65 (9/24/59)
2.99 (9/1/60)
3.37 (7/6)
2.88 (13/8)
3.02 (2/28)
2.94(1/17)

.22
.59
.19
.57
.30
.35
.25

.34
.92
.46
.76
.80
.96
.92

2.97
2.98
2.98
2.98
3.02

.31
.27
.28
.27
.25

.93
.94
.93
.94
.92

Preliminary.
Weekly average of daily figures. Average tern of tonda inolifled 1B 22-24 years.
m a
A# 4
^
A«J <•
s s i m * ma.
«ote.-~Highs and lows are for individual series and may be on different dates for different
to widest, and low to narrowest.

For spreads, high refers
Digitized for series.
FRASER


6
EXHIBIT B, Port I
LONG-TERM BOND YIELDS, LOWER-GRADE

1959

19*0

1961

Exhibit B - Part II

Date

Corporate
Baa 1/

State and
local govt.
Baa 3/

Spread between
Aaa and Baa
State and
Corporate
local govt.

(per cent)
1958 - Low
1959-60 - High
1960-61 Low
1961 - High
1962 - Low
1963 - High
Low

4.51
5.36
4.98
5.13
4.92
4.93
4.88

Feb.
Feb.
Feb.
Feb.
Mar.

4.90
4.90
4.90
4.88
4.88

1
8
15
22
1 £/

(7/11)
(2/12/60)
( 9/9/60)
(10/27)
(12/21)
(1/4)
(3/1)

Note: for footnotes see Exhibit A,




3.64
4.46
3-93
4.16
3.52
3.57
3.55
3.57
3.57
3.57
3.57
3.57

(5/1)
(3/7/60)
(13/9/61)
(3/23)
(5/17)
(2/28)
(1/24)

.77
.84
.66
.81
.63
.71
.69

.93
1.08

.69
.71
.71
.69
.69

.60
.59
.59
.59
.55

:S
.56
.63
.55

?
EXHIBIT C. Pari I
SHORT- AND INTERMEDIATE- TERM INTEREST RATES, GOVERNMENT

Exhibit C - Part I*
Discount
rate
V

1958 - Low
1959-60 High
1960-61 Low
1961-62 High
1962 - Low
1963 - High
Low
Feb.
Feb.
Feb.
Feb.
Mar.

1
8
15
22
1 £/

3-month
bills 2/

1.75
4.00
3.00
3.00
3.00
3.00
3.00

. 58
4.59
2.11
2.97
2.65
2.95
2.89

3.00

2.93
2.95
>.93
"2.90
2.90^

3.00

3.00

3.00
3.00

y

Yields
6-month
bills 2/
(per cent)

(5/29)
(1/8/60)
(10/28/60)
(7/13/62)
(6/8)
(2/8)
(1/4)

3-5 year
issues 2/

Spread between yields on 3month bills and yields on
6-mo. blllsl3-5 vr. issues

3.02 (l?/26) 2.14 (6/6)
5.07 ( 3/8/60) 5.00 (12/24/59)
2.35 (4/28/61)3.15 (5/l2/6l)
3.13 (7/20/62)3.88 (2/2/62)
2.74 (6/8)
3.41 (12/28)
3.00 (2/8) 3.50 (3/1)
2.94 (3/1) 3.44 (1/18)
2.99
3.00
2.99
2.96
2.94

3.50
3.47
3.46
3.46
3.50

.26

.02

.04
1.81
.38
1.51
.52

.04

.52

.06

.57
.52
.53
*56

.79
.12
.44

.06

.05

.06
.06
.04

.60

.60

"i/ Weekly rate uhovra is that in effeot at end of pariod at tne Federal Reserve Bank of NewrYork,
^
Series of 3-5 year issues
14irte t yield, weekly averages oonputed from daily olosing bid prices.
H o t e ^ i g h ! I L " o " i i S i v i d u a l * s e r i e s and may be on different dates for different series.
and low to narrowest.

Digitized*for
TorFRASER
spreads, high refers to widest,


- AND INTERMEDTATE-

RATES,

I AND OTHER PRIVATE

STOCK EXCHANGE
CALL L O A N S

FINANCE C O M P A N Y PAPER

E . R . D I S C O U N T RATE

IHIlim J

New York

^

^
FT?

r iv v
— E E D E R A L EUNDS

T
Exhibit D - Part II

Date

Stock Exchange
call loan 1J

Prime
rate 1/

Finance company
paper 2/

Federal
funds 31 /

(per cent)
1958 - Low
1959-60 - High
1960-61 Low
1961-62 - High
1962 - Low
1963 - High
Low
Feb.
Feb.
Feb.
Feb.
Mar.

1
8
15
22
1 £/

3.50
5.50
4.50
4.50
4.50
4.50
4.50
4.50
4.50
4.50
4.50
4.50

"

3.50
5.00
4.50
4.50
4.50
4.50
4.50

1.13
5.13
2.50
3.25
2.88
3.25
3.13

4.50
4.50
4.50
4.50
4.50

3.13
3.13
3.13
3.13
3.13

(8/8)
(3/22/60)
(8/5/61)
(7/20/62)
(6/1)
(1/11)
(3/1)

.13
4.00
.43
3-00
1.30
3.00
2.70
2.98
3.00
3.00
3.00
3.00

(5/29)
(5/13/60)
(3/27/61)
(12/28/62)
( 3/26)
(3/1)
(1/11)

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

-.35
1.02
.11
.56
.19
.36
.18
.20
.18
.20
.23
.23

Weekly rate shown is that in effect at end of period. Stock Exchange call loan rate is going rate
on call loans secured by customers1 atoofc exchange collateral at New Y0rk City banks.. Prime rate
is that charged by large banks on short-term loans to hi sins ss borrowers of the highest credit
standing.
(
2/ Average of daily rates published by finance conpanies for directly placed paper for varying naturitiea
in the 90-179 day range.
3/ Weekly average of daily effective rate, which is the rate for the heaviest volume of purchase and
sale transactions as reported to the Federal Reserve Bank of New York.
Note.—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.




STOCK MARKET

STOCK MARKET C E B I T

Exhibit E - Part II

Date

Stock price
index 1/

Stock market customer credit
Trading
Common .
Bank
Customers 1
volume 3/
stock
Total debit bal- loans to
yields 2/ (millions
ances 4/ "others" 5/
(ner cent) of shares)
(In millions of dollars)

1961-62 - High
Low
1963 - High
Low

72.04(12/8/61)
52 . 68 ( 6/22/62)
66.41 (2/15)
64.10 (3/1)

2.82
3.96
3.23
3.36

January
February
Feb. 15
Feb. 22
Mar. 1 j>/

65.06
65.92
66.41
65.92
64.10

3.31
3.26
3.24
3.26
3.36

.

10.1
2.4
4.8
3.8
4.6
4.2
4.5
4.2
3.8

5,602( 12/6I) 4,259 (12/61) 1,377(8/30/61)
4,876(7/62) 3,562 (7/62) 1,269(9/26/62)
1,413 (1/2)
1,378 (2/23)
n.a.
n.a.
5,595

4,208

1,387

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

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

1,381
1,384
n.a.

I/6'Standard^nd^oor's^composit^inlex of 500 ooranon stocks, weekly doe ing prioea, 1941-43«10.
Monthly data are averages of daily figures rather than of Friday's only. Highs and lows are for
2/

Standazti tZd *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

3/ Averages of daily trading volume on the New York Stock Exchange.
.
% find of rronth figures for member fims of the New York Stock Exchange viiioh carry margin accounts;
excludes balances secured by U. S. Government obligations.
•
5/ •,Wednesday figures for weekly reporting mamber banks. Excludes .loans for purchasing or carrying
J
u. S. Government securities. Prior to July 1, 1959, such loans are excluded only at banks in
and Chicago. Weekly reporting banks account for about 70 per cent of loans to others.
Digitized New
for York
FRASER
For further detail see Bulletin.
.



MORTGAGE RECORDINGS AND LOANS V

L-f—-J\

Exhibit F - Part II
Date

Total
Seasonally
Unadjusted
adjusted 2/

Unadjusted
FHA

VA

Conv.

(Millions of dollaj?s)
1961 - Dec.
1962 - Jan.
Feb.
Mar.
Apr.
May
July
Aug.
Sept.
Oct.
Nov.
Dec.

2,763
2,696
2,682
2,670
2,745
2,836
2,891
2,973
2,933
2,929
2,925
2,939
n.a.

2,579
2,459
2,238
2,627
2,704
2,983
3,075
3,134
3,333
2,861
3,208
2,883
2,682

426
480
398
418
372
403
404
433
465
431 .
546
492
429

197
227
175
205
182
184
207
219
247
231
285
254
236

1,957
1,752
1,665
2,004
2,151
2,397
2,464
2,482
2,621
2,199
2,376
2,137
2,017

n.a.—Not availabl

?/
""
are not strictly comparable In concept or tim
6
ihl*6G-mOnth moving
movlntf average,
averadA.flAO
Qriflfll 1>radjusted
or) 4^e4.«4
ti-,3 Reserve.
1 r>
V
Three-month
seasonally
by U.
Federal
Board
» Federal Housing Administration and Veterans


Source:


YIELDS ON NEW AND SEASONED CORPORATE BONDS

StASOHtD toe

Exhibit 0 - Part II
Yields on Mew Corporate Bond Issues Adjusted to an Aaa basis
Number A a r t of issues Average
of
included (mil.
yield
issues of dollars)
(per cent)
Weekly averages:
1962 - Sept. 7
14
21
38
Oct. 5
- 12
19
26
Nov. 2
9
16
23
30

1
1

12.0
50.0

4.23
4.22

1
1

4.9
75.0

4.16
4.22

2
3 *
2
2
2

, 275.0
85.0
37.0
19.8
72.5

4.29
4.14
4.13
4.00*
4.17

»

Number Am't of issues Average
of
included (mil.
yield
of dollars)
fper cent)
Dec. 7
14
21
28
Jan. 4
11
18
. 25
Feb. 1
8
15 '
22
Mar. 1

.

3
1

87.0
45.0

4.24
4.25

1
1
1
2
1
2

25.0
70.0
35.0
75.0
25.0
64.0

4.19
4.23
4.13
4.22
4.21
4.27*

4
1

100.0
12.0

4.19
4.14

Before averaging, new offerings are adjusted to a oonmoaite 4aa baaia by deduct lug from the actual
reofferlng yield tha exoeaa of the weekly average yield for aeaaoned tenia of the appropriate induatryquality group over the eonmoeite average for aeaaoned Aatwrated band a (Moody1 a ) . Average® oonaidered
unrepregeatatiTtt beo&uae of special oharaoteristios of ihe offerings included are denoted by an asterisk^




H. 14

Exhibit H
Long-term Corporate and State and Local Government
Security Offerings and Placements
(In millions of dollars)
New ca pital
1963

January
February
March

e/700
e/ 700
e/ 650

April
May
June
July
August
September
October
November
December
1st
2nd
3rd
4th

quarter
quarter
quarter
quarter

e/2,050

1st half
Three quarters
Year

Corporate 1/
1 1962
|

1961

592
859
807

580
667
562

1,113
760
1,132

1963

State and local 2/
1 1962
|

e/700
e/700
e/900

1961

2/876
2/1,133
2/630

713
689
764

2,118
1,259
1,318

2/873
2/915
2/788

723
641
1,034

582
749
579

1,028
762
647

2/61
2/544
2/426

485
604
734

835
703
1,103

1,090
948
1,000

2/ 6<>0
2/577
e/520

678
789
606

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

1,809
4,695
2,437
3,038

2/2,639
2/2,575
2/1,581
e/1,737

2,166
2,397
1,823
2,073

5,264
7,173
9,814

6,504
8,941
11,979

2/5,214
2/6,795
e/8,532

4,563
6,387
8,460

e/2,300

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

quarter
quarter
quarter
quarter

e/1,950

Year
e/
V
2/
3/

2,199
2,919
1,715
e/2,241

1,554
4,552
2,337
2,807

e/9,134

11,253

Estimated by Federal Reserve.
JD/ 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.




Exhibit I
New Corporate Security Issues, Type of Issue and Issuer
(In millions of dollars)

Quarter
month

Total

Gross proceeds for new
I
Net proceeds for
capital and refunding 1/
1
new capital 1/ 2/
Common [Memo:
Bonds
Public Communiforeign
Publicly Privately
Mfg. utility cations
pfd.
issues
offered offered
included

Other
issuers

1960 - II
III
IV

2,537
2,520
2,832

1,074
1,336
1,462

770
754
955

692
429
416

27
38
17

511
562
625

808
652
696

149
317
381

913
896
997

1961 - I
II
III
IV

1,992
5,352
2,566
3,236

662
2,303
772
967

880
1,275
1,139
1,424

449
1,774
654
845

76
155
69
62

515
1,466
935
792

381
1,081
595
836

81
1,095
104
147

832
1,052
803
1,263

1962 - I
II
III
IV

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

1,155
1,389
853
1,089

716
1,222
1,024
1,568

507
639
307
300

68
257
56
179

655
996
601
769

430
983
375
568

456
231
275
321

717
794
659
986

2,231
1,342
1,779
1,075
813
678
1,155
987
1,094

713
666
924
424
225
123
336
414
217

348
355
572
392
411
336 ,
509
348
567

71
35
49
52
7
10
25
12
25

574
447
446
428
255
252
271
215
306

254
439
389
269
215
111
306
362
168

994
85
16
16
13
75
25
80
42

297
289
467
315
279
209
487
291
485

647
884
847
1,217
801
1,232
630
922
632
976
784
1,197

273
497
386
654
247
488
200
477
176
539
286
264

232
232
253
227
420
575
366
363
295
314
446
808

143
155
209
336
134
169
67
82
161
123
52
125

3
12
54
10
147
100
13
43
46
34
99

205
131
318
384
270
342
217
218
166
153
271
345

89
148
193
377
196
410
118
110
148
141
175
252

73
362
21
88
64
79
88
120
67
260
4
57

225
218
275
264
229
301
159
301
199
282
253
451

800

340

375

85

n.a.

200

100

80

320

1963 - I
1961 - Apr.
May
July
Aug.
Sept.
Oct.
Nov.

1962 - Jan.
Feb.
Mar.
Apr.
May
July
Aug.
Sept.
Oct.
Nov.
Dec.
1963 - Jan. e/
Feb.
Mar.

1,170
. 320
283
259
177
218
310
225
310

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 and other transportation, real estate and finance and
commercial and other. Source. --Securities 'and Exchange Commission.




Exhibit J

H.14

Other Security Offerings
(In millions of dollars)
Gross long-term 1/
Foreign government 2/
Federal agency 3/
1963
1
1962
|
1961
1963
1
1962
I
J angary
February
March
April
May
June
July
August
September
October
November
December

e/185

— -

Year

142
10
35
10
86
50
25
8
31
151
88
101
737

6
29
20
2
66
29
5
2

e/--

Year

n.a.

150
175

160
195
=8
-103
-42
-155
109
518
-86
-6
54
-116

2/370

520

£/
1/

-- fe
—
252
100
149
278
250
" 193

1,188

2/-283

1,448

{

t

Federal agency 3/
247
-156
226
-364
82
284
261
227
-157
379
55
-80
1,004

-144
-162
-174
-79
-87
207
22
193
108
~ 98
56
-114
-76

Preliminarye/ Estimated by Federal Reserve.
n.a,--Not available.
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.
21 Included securities offered in the United States by foreign governments and their
political subdivisions and international organizations. Source: Securities and
Exchange Commission.
3/ Issues not guaranteed by the U. S. Government. Source; Long-term, Securities
and Exchange Commission; short-term, Treasury Department and Federal Reserve.
4/ -These data differ from those in Exhibit H and above in that they represent new
offerings less retirements, whether from the proceeds of refunding issues or from
other funds = Data include only issues with original maturity of one year or less.
5/ Principally tax and bond anticipation notes, warrants or certificates and Public
Housing Authority notes. In some instances PHA notes included may have a somewhat longer maturity than one year. Source; Bond Buyer and Federal Reserve.




1

225

236

18
466
-186
127
-84
-118
78
339
-406
71
2/233
2/-168

1961

246
156
-461

43
34

Net she:rt-term 4/
State and local government 5/
J anuary
February
March
April
May
J"_ne
July
August
September
October
November
December

I

;

Exhibit K

H. 14

Large Long-term Public Security Issues for New Capital
(Other than U. S. Treasury) 1/
Proceeds of Large Issues Offered
(In millions of dollars)
Co rporate
Total

Month

1962 - February
March
April
May
July
August
September
October
November
December
1963 - January
February

(other than
convertibles)
425
330
430
170
387
135
226
100
398
178
178
215
125

425
366
648
200
472
165
286
191
434
178
198
234
186

Convertible
bonds

Stocks

State
and
local
government
662
259
423
373
266
321
272
153
320
217
193
344
367

21
167
30
85
30

15
51

60
91
36
20
19
26

35

Other
u
64
30
55
88
•30
20
194
25

.

75
48
63

Large Individual Issues Of fered d - ring month of February

Issuer

Type 3/

Coupon
Amount
Offering
(millions
Maturity
of
net inter- yield
dollars)
est cost

Rating

CORPORATE
Bell Tel. Co. of Pa.
Greatamerica Corp.
Potomac Electric Pwr. Co.
Ashland Oil & Ref. Co.

Deb.
Com.stk.
1st mtg. bds.
Conv.deb.
S.F.deb.

50.0
26.4
50.0
35.0
, 25.0

2003

4-3/8

4.29

Aaa

1998
1993
1988

4-3/8
3-7/8
4.35

4.27
3.88
4,35

Aa
Baa
A

89.1
11.0
12.4

1965-2006
1963-76
1964-91

3.59
2.40
2.93

1 .90-3.70
1 .50-2.65
1 .55-3.10

STATE AND LOCAL GOVERNMENT
N.Y. State Housing Fin.
Agency
Buffalo, New York
Monroe Co., New York
"Triborough Bridge & Tunnel
Auth.
St. Louis, Mo.
State of New Jersey
Los Angeles, Cal.
Erie County, N. Y.
El Paso Co. Sch. Dist.
No. 11, Colo.

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

Aa
Aa

Rev.-Ut.
G.O.
G.O.
G.O.
G.O.

100c0
14.8
58.0
14.8
12.9

1970-85
1964-83
1966-85
1964-83
1964-83

3.39
2.90
2.73
2.90
2.71

2 .60-3.45
1 .60-3.00
1 .85-2.95
1 .60-3,00
1 .55-3,00

Aaa
Aaa
Aa

G.O.

11c7

1964-83

2.92

1 .65-3.05

Aa




A
K-2

H.14

Large Individual Issues Offered during month of February

Issuer

Type 3/

Coupon
Amount
Offering
rate or
(millions
Maturity net inter- yield
of
dollars)

Rating

STATE AND LOCAL GOVERNMENT
(CONT'D)
State of Maryland
Prince George's Co., Md.

G.O.
G.O.

30.5 1966-78
12.7 ' 1964-88

2.59
3.02

33.0
30,0

4-1/8
5-1/4

1.80-2.75
Aaa
1.65-3.25^ A

OTHER
Federal Land Banks
Kingdom of Denmark

Bonds
Bonds

1978
1978

4.13
5.37

*--Rights offering
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/ 1/4 per cent bonds due 1987-88 reoffered at 4=20 per cent.




Exhibit L

H. 14

Forthcoming Large Long-term Public Security Offerings for New Capital
(Other than U. S. Treasury) IJ
Expected Proceeds from Forthcoming Large Issues

1962 - Feb. 28
Mar. 30
Apr, 30
May :31
29
July 31
Aug. 31
Sept . 28
Oct. 31
Nov. 30
Dec. 28
1963 - Jan. 31
Feb. 28

During month following
date shown
State and
Other 2/
Corporate
local govt.
222
628
185
587
120
302
170
363
203
170
269
167
142

.153
453
333
184
202
273
61
187
96
19k
177
376
458

95
55
-~
--

175

75
25

Subs*aquent to
dat:e shown
State
Corporate
local

11

Date of
computation

341
693
598
692
458
477
312
546
328
36*0
314
412
572

239
539
452
337
377
427
215
387
243
328
311
c/843
755

Other 2/

95
55
25
175

75
25
33

Forthcoming Large Offerings, as of March 1

Type

Northwestern Bell Tel. Co.
Atlantic City Elec. Co.
Oklahoma Gas & Elec. Co.
Kansai Elec. & Power Co. (foreign)
*Crown Cork & Seal Corp.
*Texas Electric Service Co.
Pacific Northwest Bell Tel. Co.
^Consolidated Edison Co.
Consolidated Natural Gas Co.
Socony Mobil Oil Co.
Commerce Oil Refining Corp.

Amount
(millions
of dollars)

Deb.
1st mtg. bds.
1st mtg. bds.
Com.stk.
S.F.deb.
1st mtg. bds.
Deb.
Com.stk.
S.F.deb.
Deb.
Deb.* bds. & com.

40.0
15.0
15.0
20.0
30.0
22.0
50.0
100.0
,

35.0
200.0
45.0

Approximate date
of offering

March 6
March 7
March 13
March 13
March 19
MarchApril 2
April 9
(rights expire)
April 24
April
Indefinite

STATE AND LOCAL GOVERNMENT
State of Minnesota.
De Kalb Co. Ind. Sch. Dist., Ga.
Penna. General State Auth.
Louisiana Fiscal Auth.
Boston Metropolitan Dist., Mass.
State of Illinois
San Francisco, Cal.
Public Housing Auth.




C-.O.
G= 0.
Rev.-Rent.
Rev.-Q.Ut.
G.O.
G.O.
G.O.
--

29.4
12.0
25.0
20.0
10.9
150.0
37.2
137.9

March
March
March
March
March
March
March
March

5
5
5
6
7
12
18
20

H.1'4

Issuer

Type

Amount
(millions
of dollars)

Approximate date
of offering

STATE AND LOCAL GOVERNMENT (CONT'D)
*Los Angeles Dept. of Wtr. & Pwr.
^Florida Development Comm.
City of Detroit, Mich.
Washington Public Power Supply
System
Washington Sub. San. Dist.
Pittsburgh, Pa.
Jefferson County, Colorado
Dade County, Florida
Jacksonville Expressway Auth., Ela.

Rev.-Ut.
Rev.-Ut.
G.O.
!

Rev.-Ut.
G.O.
G.O.
G.O.
G.O.
Rev. -Ut/

21.0
15. 0
18.5
130.0
14.0
35.0
12.9
46.0
40.0

March 20
March 25
April 16
April 17
April 22
Indefinite
Indefinite
Indefinite
Indefinite

OTHER
None.
*--Included in table for first time.
1/ Includes corporate and other issues of $15 million and over; State and local
government issues of $10 million and over.
2/ Includes foreign government and International Bank for Reconstruction and
Development issues and non-guaranteed issues of Federal agencies.
Note.--Deletions for reasons other than sale of issue: none.




Exhibit M

H.14

Foreign Government and Corporate Security Offerings
and Placements in the United States
Part I:
Sale
Date

Amount
(millions
of dollars)

Issuer and Description of Issue

A.
1/14

25.0

1/29
1/30

6.7
22.5

2/26

30c 0
, v

10.0
20.0
6.0_„

Sold January 1 through March 1

City of Montreal, Canada--5% bonds, due 1983 and 1988,
reoffered at 4.9,0%
Nippon Electric Co., Ltd.—common stock
Japan Development Bank--6% bonds , due 1975, reoffered
at 6.37%
Kingdom of Denmark—5-1/4% bonds, due 1978, reoffered
at 5 . 3 7 %

B.
3/11
3/13
4/

Public Offerings

Prospective Offerings

Republic of Finland--bonds
Kansai Electric Power Co.—common stock
Sony Corp. - -common stock




M-2
Part II:
Date
reported
1/3

Amount
(millions
of dollars)
9.0

1/14

35.0

1/29

20.0

2/4

300.0

2/4

3.0

2/12

9.0

2/18

-

25.0

2/19

5.0

2/25

2.5

H. 14

Private Placements--Reported January 1 through March 1

Issuer and Description of Issue

Republic of Panama--4-1/2% bonds, due 2001--no information
available on takedown
Massey-Ferguson, Ltd.--Senior notes, due 1983--no
information available on takedown
Alberta Government Telephone Commission--4-7/8%
debentures, due 1988—no information available on
takedown
Quebec Hydro-Electric Commission--5% bonds, due
1988, placed to yield 5.13%--$100 million to be
taken down in February with the remainder to be
taken down by the end of 1964
Government of Jamaica--7% sinking fund debentures-no information available on takedown
Federation Chemicals, Ltd="-subordinated notes,
due 1977--$5.9 million to be taken down in February
with the remainder to be taken down by the end
of January 1964
Province of Saskatchwan, Canada--5% bonds, due 1983--~
no information available on takedown
Tabor de Acero de Mexico, S. A.--7-1/2% convertible
debentures, due 1975--no information available on
takedown
Quebec Natural Gas Corp.--5-1/2% first mortgage bonds,
due 1980--no information available on takedown

Note: For retrospective data on aggregate foreign corporate and government
security offerings in the United States see Exhibits I and J. There is no simple
relationship between the data shown in this Exhibit and that shown in Exhibits I
and J because the latter includes privately placed securities in the period in
which funds are actually takendown but only in the amount of takedown, while the
placements shown in this exhibit are included when reported, frequently with
little or no information concerning timing of takedowns. Full or partial
takedowns may take place both prior and subsequent to the date a placement
is for
reported.
*—Included in table for first time.
Digitized
FRASER