View original document

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

r

DECONTROLLED AFTER SIX MONTHS

Not for Publication
H. 14

March

6 , 1967.

CAPITAL MARKETS DEVELOPMENTS
IN THE UNITED STATES

MA;
Cd&pdi^te ahd municipal bond markets. Public offerings of new corporate
anji municipal securities expected this week will exceed the average volume over
thje past year by v an ejveri wider margin than last week. Municipal offerings will
be dominated by tH5~-$116 million of Housing Assistance Administration bonds.
The corporate offerings will include Shell's $150 million of debentures and
two issues, totalling $80 million, postponed from last week. Last week's
total offerings however were augmented, on balance, because of the accelerated
offering of two issues totalling $135 million.
1/
Long-term Public Security Offerings—
(In millions of dollars)

Corporate
State and local Government
New Capital | Refunding New Capital 1 Refunding
Sold:
52 week avg.
Feb. 24
Mar. 3

217

217

1

5

r/152
265

r/347
r/365

Scheduled:
Mar.

10

385

i

344

—

1/ Federal 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 and seasoned corporate securities, unlike other selected
yields, were up last week. A few new issues carried 5 rather than 10-year call
protection, and all achieved single-day sell-outs. Southern Natural Gas
postponed indefinitely its $40 million offering scheduled for last week,and,
as indicated above, there was considerable rescheduling of offering dates last
week.
'Yields on municipals were unchanged to slightly lower last week,
and new-issue reception was improved over the previous week. The Blue List
of advertised inventories was down, though partly because issues were withdrawn for repricing.
FNMA secondary market and related operations. Mortgages offered to
the Federal National Mortgage Association for purchase from private holders




H. 14
Yields in Security Markets
Level Latest Week
Change from
preceding week

High-Grade
Notes and Bonds
Corporate
5.46
5.11

+26
+6

4.53
4.70

New
Seasoned

-2
-10

U.S. Government
Long-term
3-5 year
State and local Govt. .
. Moody's Aaa
St<h & Poor's high grade

3.53
3^64

Money Market
4.50

Federal funds
Treasury bills
3-month '
6-month

-14
-22

4.47
4.47
Corporate Bonds Still in Syndicate

.Date
Offered

Reoffering
Yield

Amount
(millions of $)

2/21

250.0

Union Carbide,
5.30=5 - 1 9 9 7

ting

Estimated p r o ^
portion soldX

Aa

5.30

Blue List of Municipal Dealers'Advertised Inventories
(In millions of dollars)
Latest Week
5.68, (3/1)




End of Previous Week

Recent High
677 (2/14/67)

9/10

H. 14

declined sharply further in January and apparently in February as mortgage
markets continued to ease. At an estimated $68 million in January, the
volume of offerings was more than two-fifths less than in December and was
the smallest for any month since markets began to tighten during the latter
part of 1965. The peak in offerings , which was reached a year earlier, was
$333.2 million.
FNMA secondary market purchases, which tend to lag behind offerings,
are estimated at about $124 million in January. While still high, this
represented a 5 per cent decline from the previous month and compared with a
record $301.4 million as recently as last March. FNMA sold mortgages (for
virtually the first time in a year) in January amounting to $166,000.
In line with the relatively
have developed9 FNMA-has twice raised
for its secondary market portfolio in
amounted to one point each, were made
respectively.

easier mortgage market conditions which
the price it pays for mortgages bought
recent months. These increases9 which
effective on February 3rd and March 6th

Also effective on March 6ths FNMA announced the availability of an
additional $380 million for the purchase of mortgages under its special
assistance functions, mainly for new low and medium priced houses. Altogether,
this further special assistance aid, which also includes some provision for
multi-family housing, will provide for an additional 25,000 units, and will
supplement the $250 million made available in late November 1966 under a
special $1 billion appropriation authorized by Congress. Nearly three-fourths
of the initial $250 million had been -committed as of February 23.
Stock prices. Common stocks, though initially continuing their
decline last week, more than regained their week ago level by the end of the
week. Friday, the Standard and Poor's index of 500 stocks closed at 88=29,
up 0.85 from the previous Friday, Trading volume, at an a v e r s e o f 10.4 ^
million shares. was heavy.
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.




IXHIIIT A. P r 1
at

j

t
j CORPORATE Aaa

$ . GOVERNMENT

- 1 ~Z>yVv
STATE AND LOCAL GOVERNMENT Aaa
I I l I I

I l l l I l

1911

1963

Exhibit A —

Corporate
Aaa 1/

Date

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

3
10
17
24
Mar. 3£/

1965

1964

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

State and
local
government
Aaa 3/
(per cent)

U.S. Govt.
long-term 2/

4.61 (V29/60)
5.52 (9/9)
4.73 (1/7)
5.38(1/6)
5.00(2/10)

4.42(1/8/60)
4.87 (9/t)
4.42 (1/7)
4.55(2/24)
4.37*2/3)

3.65 (9/24/59)
4.04 (a/25)
3.39 (1/13)
3.72(1/5)
3.25(2/9)

.59 (e/S/co)
.84(12/30)
.14 (Vie)
.92
.50

.92 (4/22/eo)
1.19 (tfll)
.77 (9/2)
1.16
.74

5.02
5.00
5.01
5.05
5.11

4.37
4.41
4.49
4.55
4.53

3.25
3.25
3.50
3.53
3.53

.65
.59
.52
.50
.58

1.12
1.16
.99
1.02
1.00

Weekly eve lege of
Weekly average of
%/ Thursday figures.
Mote.—Uighs and lows
h i * refers to

daily figures. Average term of bonds Included Is 22-24 years.
dally figures. The series Includes bonds due or e»llable In 10 years or more.
Only general obligation bonds are lnoludedj average term is 20 y e a n .
are fbr individual series and may be on different dates for different series. For spreads,
widest, and low to narrowest.




53

IHf « f n
XWT , a

CORPORATE Baa

i i i I i i i I i I I I i i i I l I I i i i i i l i i l i i i i i l I
1982

1984

1983

Exhibit B —

Date

Corporate
Baa 1/

1888

1888

Part II

State and
local govt.
Baa 3/

Spread between
Aaa and Baa
=«>«"•

i

z

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

.
*©t«i

3
10
17
24
Mar. 3£/

5.36 ( W » )
5.04
6.18 (1V30)
5.05 (l/M)
6.15(1/6)
5.81 (2/3)

4.46 (l/7/eo)
3.79

5.81
5.82
5.82
5.83
5.87

For footnotes see Exhibit A.




3.78 (VW)
4.24(1/12)
3.90(3/2)

.84
.31
.81
.31
.82
.76

1.08
.39
.62
.31
.65
.37

3.90
3.90
3.90
3.90
3.90

.79
.82
.81
.78
.76

.65
.65
.40
.37
.37

4 . 5 5 (6/25)

.

GOVERNMENT

3 - 5 YEAR ISSUES
BILLS

F. I . DISCOUNT RATE

3-MONTH BILLS

1962

1961

1963
Exhibit C —

Date

4.00
4.50
4.50
4.50
4.50
4.50
4.50

4.590/*/*) 5.07 ( W « )
4.47
4.66
4.80
4.92
5.52(9/M) 5.92 (e/M)
4.39<V24) 4.53 «/l4)
4.81(1/13) 4.88(1/6)
4.47(3/3) 4.47(3/3)

4.90
4.86
5.83 (9/t)
4.80 (4/e)
4.82(1/6)
4.64(2/3)

4.50
4.50
4.50
4.50
4.50

4.49
4.54
4.61
4.61
4.47

4.64
4.67
4.76
4.80
4.70

j/i

4.49
4.54
4.66
• 4.69
4.47

s

3
10
17
24
Mar. 32/

1966

Spread between yields on 3month bills and yields on
6-mo. bills 13-5 vr. Issues

I

Feb.

1669

Part II

Discount
Yields
3-5 year
rate
1-month
1 6-month
bills 2/ 1 bills 2/
Issues 2/
1/
(per cent)

%

1959-60 - High
Year end-1965
1966
1966 - High
Low
1967 - High
Low

1964

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

.05
.08

1.81
.43
.06
.78
.01
.£3
.02
.15
.13
.15
.19
.23

y Market yields weekly averages eoeputed free daily oloilng bid prloee. Series of S-5 year Issues eonslets of
•eleeted notes and bends.
Wotev-Hlghs and lows are fer Individual series and may be en different dates for different series. For spreads,
hi#* refers to widest, and lew to narrowest.




S H O R T - A N D INlfcRMIDIATI-TKRM INT1RIST RATES,
B A N K S A N D OTHER PRIVATE B O R R O W E R S

PRIME RATE
FINANCE COMPANY PAPER.

F.R. DISCOUNT RATE
FEDERAL FUNDS'

1961

1962

1963
Exhibit D —

1964
Part II

Finance
Federal funds 3/
company
paper 21
(per cent)

Date

Prime rate 1/

1959-60 - High
Year end- 1964
1965
1966
1966 - Low
1957 - High
-Low

5.00
4.50
5.00
6.00
5.00 (3/4)
6.00(1/6)
5.75(3/3 )

5.13(1/2#*)
4.06
4.75
5.884.75 (V7)
5.75 (1/6)
5.13 (3/3)

4.00 (a/13/60)
4.00
4.63
5.63
3.55 d/21)
5.25(1/6)
4.25(2/3)

5.75
5.75
5.75
5.75
5.75

5.25
5.13
5.13
5.13
5.13

4.25
5.20
5.19
5.06
4.50

Feb.

3

10
17
24
Mar. 3%/

1961

1965

Spread between
3-mo. bills and
finance co. paper
1.02
.23
.28
1.08
.20
.82
.52
•76

.59
.52
.52
.66

\j Weekly rate shorn Is that in effeot at end of period. Prim# rate la that charged by large banks on short-tens
loans to business borrowers of the higiest credit standing.
"if Average of daily rates published by finance companies for directly placed pape.r for varying Maturities 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. Tor spreads,
high refers to widest, and low to narrowest.




9

IXHIin I. f r I
et

Ite •
Wei »

STOCK MARKET CREDIT
CHANGE IN SERIES

I

,

-

W i

VOLUME
-

- A AA

„

,

-

1

YIELDS
r, i i i . i i i i i i

1

1961

1

Exhibit E —

Stock price
index JL/

Date

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

17
24
3j>/

l l l l l IJLI l l l l f i i i i i i I l 1 1 1.

i i i i i i i i i i i
1963

Part II

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

2.82

10.1
2.4
10.7

72.04(12/0/61)
52.68 (V22/«)
93.77 (2/11)
73.20 do/7)
88.29(3/3)
82.18(1/6)

3.96
3.02
!:6°94
3.32

10 J 9
6.9

84.45
87.37
87.89
87.41
88.29

3.50
3.35
3.33
3.36
3.32

9.9
9.9
9.0
9.4
10.9

5,602 (12/61)4,259(12/61) 1,418(W62)
4,424 (I/M) 3,253U/61) 1,161(3/8/61)
5,835
2,241(7/6)
7,997
7,302
§ ; , ° i W
169
n'a
2,055(2/1)
7,342

5,287

2,055
2,066
2,077

2,066

n. a.

4/ tod'if'wnth*? 1 ^ " ^ ' f o r member fine, of the Hew York Stock Exchange which carry margin aooount.j exclude,

further detail
 »ee Bulletin.


EHBT F f» I
XII . «i
XJ

PtDIRAL NATIONAL M O R T G A G i A S S O C I A T I O N
S E C O N D A R Y MARKET O P E R A T I O N S .

OFFERINGS

M l i el J U M
ilw
ee
I I I I II IM I I I I I 1 I I I I I
I
I

SALES

CHASES

I I I I I I

E x h i b i t F - Part II

Date

to
Estimated offerings i FNMA
Standby
Immediate
Total
commitment
purchase

Purchases
by
FNMA

Sales
by
FNMA

(In m i l l i o n s o f d o l l a r s )
1965 - D e c .
1966 - Jan.
Feb.
Mar.
Apr.
May

- -

July
Aug.
Sept.
Oct.
Nov.
Dec.

1967 - Jan.

325.7
333.2
209.2
272.8
193.0
192.2
144.2
122.6
150.7
140.4
167.5
163.6
121.5
e/ 68.0

325.6
333.0
209.0
272.3
192.3
191.1
141.7
121.0
148.7
138.-5
164.2
161.0
120.1
--

•

.3
.3
.5
.7
1.1
.2.6
1.6
2.0
1.9
3.3
2.6
1.4
—

.

186.7
229.2
" 267.3
301.4
193.0
167.3
131.6
213.2
112.5
95.5
107.2
132.0
130.5
e/ 124.0

__

0.1

——

-0.2

•—Less than $50,000.
e/ Estimated by F e d e r a l R e s e r v e .
V
Data represent unpaid"prinoipal balances of the mortgages involved, exclusive of
premiums, discounts, or other charges. Offerings are amounts of applications received
during the period from sellers proposing that FNMA execute purchasing contracts. An
immediate purchase contract covers existing mortgages which the seller mnet deliver to
TNMA within 45 days. A standby o cranitment contract relates to proposed mortgagee on
housing nob yet under construction -which the seller mast usually deliver within one
year. Purchases inolvde those under both immediate purchases and standby commitment
contracts. Data exclude FNM1 activity under Special Assistance and Management and
Liquidating Programs,




rf

EXHIBIT 6. tart 1
YIIIDS ON N1W AND SIAfONID COEFOEATI »ONOS

I

NEW ISSUES

SEASONED A M

Exhibit 6 - Part XI
Yields on New Corporate Bond Issue. Adjusted to an Aa.

esls

Number lAm't of iesuea| Average
yield
of
IIncluded (mil.
fper cent).
IssuesI of dollars)

iNumberlAm't of issues! Average
of
Included (mil.
yield
issuesI of dollars) | < W cent)
v averages:




5.51(1/6)

5.11 (2/10)

5.38

5.20

1
2
1
2

25.0
400; 0
40.0
31.0

5.51
5.45
5.12
5.15

1
2
3
1

35.0
66.0
130.0
250.0

5.21
5.11
5.22
5.20

Mar. 3
Weekly averages:
High
Low

496.0
481.0

Jan. 6
13
20
27
Feb. 3
10
17
24

1967 - Jan.
Feb.

4

213.0

5.46

\V

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

5

I

1967
January
February
March

State and local 2/
1966 p/
1967

e/1,275
e/1,250
e/1,000

1965

1,184
858
868

804
872
904

1st half
Three quarters
Year

1,152
1,691
,1,946

1,194
906
1,141

826
924
972

1,290
850
1,392

699
773
1,018

986
648
966

924
1,325
1,496

747
965
855

794
1,021
754

4,985
4,974
4,091
3,550

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

2,910
3,241
2,490
2,567

2,580
2,722
2,600
2,569

9,959
14,050
17,601

e/4,600

795
746
1,197

829
1,086
1,635

October
November
December

1,302
1,237
2,446

1,039
1,670
1,382

July
. August
September

Quarter
Quarter
Quarter
Quarter

1965

>ital

1,553
1,058
2,364

e/1,250
e/1,350
e/2,000

April
May
June

1st
2nd
3rd
4th

Coroorate
1966 p/

7,527
11,060
14,805

6,151
8,641
11,209

5,302
7,902
10,471

e/3,525

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

Quarter
Quarter
Quarter
Quarter

Year

4,924
4,884
3,969

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

p/ Preliminary.
1/.Securities and Exchange Commission estimates of net proceeds.
2/ Investment Bankers Association of America estimates of principal amounts.
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)
Gross proceeds for new capital
and;refunding 1/
Common Memo:
and Foreign
Publicly Privately
pfd. issues
Offered Placed
stock included

Net proceeds
for new capital 1/ 2/

Quarter
or
Month

Total

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

1,034
2,246
1,304
1,815

I
II
III
IV

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

1,774
1,941
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

Oct.
Nov.
Dec.

986
1,398
1,646

287
613
326

574
529

124
257
159

99
101
99

273
402
470

158
209
243

92
43
43

401
671
741

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
555

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

93
118
133
86
33
49
69
22
62
66
27
24

353
530
977
692
376
1,137
397
518
643
331
228
673

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

Jan. e/
Feb.
Mar.

1,280

730

450

100

500

175

275

300

Mfg.

Public Communi- Other
Utility cations Issuers

1967 - I

j>/
e>
1/
2/

1,161

I-'
>

\

.

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/ Does not include U.S. Steel $600 million conversion of preferred stock to debentures.
4/ 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)

IQfifi

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

Year

1965

1964

218

12
40
40
66
69
76
72
7
50

—

38
73
--

91
33
74
5

23

52

74
68

75

598

661

2

i

1966

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

636.

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

|

6,806

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

103
39
-319
' 580
!

238
91
-458

462

204
-82
119
408
152
59
274
-366

-334
-103
270

-161
-48
B/489
E/-590

647

103
236
-407

442
81
-80
-9
127
176
7

-15
-208

308
-24
450
718
85

284
-590
-270
-652
-555
-283
-219

Forfarfll Aapncv 3/
196S
1964 .
.

129
185
325

—
--

—

• r 17

—

275
260
160

775
-239
150
375
375
179

2,732

»—

510

1,205
^

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

1,286
-748
2/388
368
Year
453
801
E/ Preliminary, e/ 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
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
Sxhibit K
U r g e Long-term Public Security I i w m for New Capital
(Other than 0 . S. Treasury) If
Proceeds of U r g e Issues Offered
(In millions of dollars)
State
Total

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

end

391
544

643
401

481
331

1,317
402

636
170

50
20
182

1,189

862

257

627
523

287
352

510

363
990

1,177

Large

55

55

720

60

466
582

.

27 5
15.

338
410

50

til

340

,

--

55
50
68
40

464
669
947

.55
60
230

.93

. 118
30
40

387

67.5

530

:s= v ^ Ol'iVree Febru&:y 1

Ini

Amount
(millions
of
dallw)

Issuer

foiwritf
' Jersey Central P o w e r &
Lt. Co.
I Gulf States Utilities
> Morgan Guaranty Trust
]
Co. of New York
- Virginia Elec. & Pwr.,
Co.
Northern I n d i a n a P. S. C:,
) Louisian? Pwr. & Lt. Co,
; j . c . Penney Credit Curp,
• Deere & Co.
- Duquesne Light Co»
; Southern Company
Texas Pwr. & Lt, Co.
; Phila. National Bank
'^Citizens & Southern
•
National Bank

-

399

1/

424

661
30
.
80

116
Q7

611
709

681
842

,

70
271
106

84
7:

545
890

Other

local

Stocks

Convertible
(otiier than
bonds
convertibles)

Maturity

t

&

r e f:.
ntg. bdh *
t„
C , c . ' , :»
1 =.:
Debc
Deb,
Is: r n L g . b d = . ,
C o r f 1 . , 5tke
:

n.ies

Conv, deb




15: 0
35. 0

1992
1997
1992

5

<347
i992
19^7

5-1/8

5.90
5.22

6
5-3/6

100. 0

Deb,
1 s t rr.Lgo b o i

Rating

Offering
.ttUSlL. Tl«U
rata or
net later-

3C-. 0
2C ,0
it. 0
0; •
7 5 ,.0
- 2 S ,, 0
5 0 ,,0
30t,0
300
20 .0

A-2
- * , -

-

Am,

, !1

q

' -)
,

5 3/8

1992
1997

5.:o

1497

5,-0
A
Aaa

5. 4 0

- -i n

5.18

i Ac-.-

5-1/2

1992

A
A

5.50

5

5,00

|

K-2
Large Individual -Issues Offered February 1 through Marc:. 3 (Cont'd)

Type

3/

Amount
(mill ions
of
dollars)

I CouT on
• rate or

~

Maturity' interest
cost

Offering
yield

Rating

Corporate (Cont'd)
Union Carbide Corp.
Eastern Airlines
Western Pwr. & Gas. Co.
Chesapeake & Potomac Telephone
Co. of Virginia
Borg Warner Corp.
Honeywell, Inc.
Hawaiian Electric Co., Inc.

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

250.0: 1997
42.8
20.0 1987
65.0
75.0
60.0
13,0

2007
1992
1992
1997

5,30

Aa

4-3/8

4.38

Ba

5-5/8
5.50
5.60
5-3/4

5.55
5.50
5.60
5.75

5.30

.

State and local Government
G10 <
•
G.O;
G.O.
G.O.
G.O.
G.O.
G.O.
G.O.
G.Oo
G.O.
Rev.-Q.-Ut.
G.O.
G.O.
G.O.
G.O.
G.O.
G.O.
Rev. -Q. -Ut.
G.O.
Cleveland City S = D., Ohio
Puerto Rico Indus. Devel. Corp G.O.
Rev.-Rent.
Middletown, Ohio
G.O.
Honolulu, Hawaii
jRev.-Rent.
• University of Texas
jG.O.
Prince Georges County, Md.
| G.O.
Glendale U.S.D. , California
G.O.
State of Pennsylvania
St. Louis jr. Coll Dist., Mo. Go 0.

Colleges of the State of Texas
Houston I.S.D., Texas
State of Maryland
Nassau County 9 New York
Chicago Sch. Dist., Illinois
, State of New Jersey
• Clark Co. S.D., Nevada
State of California
Monroe County 5 New York
Buffalo, New York
Atlanta, Georgia
Fort Worth, Texas
State of Washington
Mass. Bay Transportation Auth.
Utica, New York
St. Louis, Missouri
State of New Hampshire
San Francisco BART, California

•

'

Other-

Grace Line, Inc.
Export-Import Bank




Mer. Mar. bds
Parto C e rt.

16.1

20.0
53.3
25.4
25.0
45.1
13.0

10.0
10.7

21.0
12.5
17.4
14.0
70.0

10.0
10.0
28.8
70.0
15.0

20.0
82.5

10.0
16.5
23.0
12.9
23.0

10.0
30.0
500.0

3.16
1968-76
3.38
1968-92
3 .13
1970-82
3.36
1968-96
3.35
1969-86
3.21
1969 -89
4.40
1968-86
3.42
1972-97
3.18
1968-86
3.13
1967-96
4.13'
1968-97,
3.47
1968-92
3 . 78
1968-85
1968-2007 3.79
3.47
1968-91
3.38
1.968-87
3.38
1968-97
: 1972 -99 3.74
3.61
1968-87
4.55
1968-92
4.54
1970-92
3.81
1970-87
1971 -2007 4.15
3.74
1968-92
3.66
1969-87
3.36
1973-87
3.44
1968-87

1992
1971-82

5.10
5 5. 10

•

2.80-3, 10
2.75-3. 45
2.80-3. 14
2.70-3. 45
2.90-3, 40
2,70-3, 20
3.50-4 25
3.00-3. 50
2.65-3. 15
2.60-3. 40
3.10-4. 10
2.85-3. 50
2.90-3. 75
2.80-3. 85
2.80-3. 50
2.80-3. 40
2.70-3. 45
3.10-3. 80
3.10-3, 65
3.10-4 .50
.50
4.10-4,
3.25-3 .80
3.40-4
3.00-3
3.00-3
3.30-3
2.80-3 ,50

5.10
5-5/10

Aaa
Aa
A

Aa
A
Aaa
A
A
Aaa'
Baa
Aa
Aaa r
Aa
Baa
Aa
A :
Aa
Aa
Aa Aaa
Aa
A

A
A
A
A
Aa
Aa

K-3

FOOTNOTES:

,

*--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.
2/ 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 quasiutilities; Rev.-S.T., revenue bonds secured by revenue from specific taxes
only; Rev. -Rent., revenue bonds secured solely by le.ase payments.
4/ Bonds due 1992 were not reoffered.
5/ Bonds due 1973-81 and 1983-85 were not reoffered.




H. 14
Exhibit L
Forthcoming Large Long-term Public Security Offering for New Capital
(Other than U.S. Treaaury) 1/
Expected Proceed# from Forthcoming Large Issues
(In millions of dollars)

During month following
date shown
State and
Corporate
Other 2J
local govt.
1966 - Feb. 28
Mar. 31
Apr. 30
May 31
June 3C
July 29
Aug. 31
Sept.30
Oct. 31
Nov. 30
Dec. 3C
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 15 034
1,261
619
697
853
767
457
1,133
811
706
1,534

Subaequent to
date ahown
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 3

Issuer

Type

Amount
(millions
of
dollara)

Approximate date of
offering

Corporate
Baxter Laboratories
Transcontinental. Gasi Pipeline
Corp.
•Southwestern Public Serv. Co.
Teledyne. Inc.
Panhandle Eastern Pipeline Co.
General Tel. Co. of California
Pullman, Inc.
San Diego Gas & Elec:. Co.
Shell Oil
Ampheno1 Corp.
Fruehauf Corp.
TransWorld Airlines
Western Massachusetts Co.
Eaton Yale & Towne, Inc.




Conv. sub. deb.

25.0

March

6

Deb.
1st mtg. bds.
S.F. deb.
Deb.
Deb,
Deb.
1st mtg. bds.
Deb.
Conv. sub. deb.
Deb.
Conv. sub. deb.
1st mtg. bds.
Deb.

50.0
15.0
30.0
40.0
50.0
60.0
25.0
150.0
15.0
50.0
100.0
15.0
* 40.0

March
March
March
March
March
March
March
March
March
March
March
March
March

6
7
7
7
8
8
8
8
8
13
14
14^
14

Forthcoming Large Offerings as of March 3 (Cont'd)

Issuer.

Type

Amount
(millions
of
dollars)

:

Approximate date of offering

Corporate (Cont'd)

Pacific Gas & Elec. Co.
Central Illinois Ltr. Co.
Arkansas Pwr. & Lt. Co.
Union Electric Co.
Ohio Bell Telephone Co.
Commonwealth Edison Co.
*Long Island Lighting Co.
*Bangor Punta Corp.
^Frontier Airlines
*Lockheed Aircraft Corp.
^Sunbeam Corp.
*Midland-Ross
*Black & Decker
Duval Corporation

1st mtg. bds.
1st mtg. bds.
1st mtg. bds.
1st mtg. bds.
Debs.
1st mtg. bds.
1st mtg. bds.
Conv. sub. deb.
Deb.
Deb.
Deb.
Deb.
Deb.
Deb.

80.0
20.0
30.0
30.0
75.0
50.0
35.0
15.0
15.0
125.0
50.0
25.0
24.2
25.0

March 15
March 15
March 15
March 22
March 23
March 28
March 30
March
March
March
Indefinite
Indefinite
Indefinite (rts. exp.)
Indefinite

17.0
19.8
116.9
38.9

March
March
March
March

State and local Government
^State of Maine
.
G.O.
Hamilton County, Ohio
G.O.
Housing Assistance Admin.
Bonds
-Tacoma Lt. & Pwr., Washington
Rev.-Q. -Ut
Louisiana;Capital Construction
and Imp." Comm.
G.O.
.*New York State Housing Finance
Agency
Rev.-Rent.
..South Louisiana Port Comm.
Rev. & G.O,
.
Oakland, Washtenaw, et. al.
Comm.Coll. Dist., Michigan
G.O.
- *State of California
G.O.
Santa Clara County, Calif.
G.O.
*Wisconsin State Agencies Bldg.
"Corp., Milwaukee
Rev.-Rent.
East Baton Rouge Parish, La. ' i
G.O.
_J4etro. St. Louis Sewer Dist.,
Missouri
i 0.
G.
.

Other
Int. Bank for Reconst. & Devel. Bonds
Nippon Tel. & Tel. Pub. Corp.
Bonds




7
8
8
8

30.0
71.0
11.0

March 15
March 16

12.0 '
100.0
15.2
*

March 14

March 16
March 21
March 21

25.8
20.0

\

March 22
March 22

20.0

Indefinite

250.0
15.0

March
Indefinite

•

L-3

FOOTNOTES:
^--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: Southern Natural Gas
Company's $40.0 million issue, Tennessee State School Boards Authority's $27,0
million issue and Texas Water Development Board's $15.0 million issue -- postponed.




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 Offerings

.Issuer and Description of Issue

A.

Sold January 1 through March 3

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%. ,

B.

March

Indefinite

250.0

15.0

Prospective Offerings

International Bank for Reconstruction and DevelopmentBonds.

Nippon Telegraph and Telephone Public Corp. —

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




Bonds.

M-2
PART II:

H. 14

Private Placements - Reported January 1 through March 3

Date Reported

Amount
(millions
of
dollars)

1/16

12.5

Issuer and Description of Issue

Republic of Peru -- 7-3/4% external notes,
maturing 1971 -- 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 tne 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.





Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102