Full text of H.16 Capital Market Developments : March 6, 1967
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r DECONTROLLED AFTER SIX MONTHS Not for Publication H. 14 March 6 , 1967.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 The Blue List of advertised inventories was down, though partly because issues were withdrawn for repricing.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 New Seasoned 5.46 5.11 +26 +6 4.53 4.70 -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. Part 1 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 IXHWfT «, fan 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. fert I IWteei •» 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. EXHIBIT F. f«»i 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 Milliw el JeUeM I I I I I I I M I I I I I 1 II I II I I SALES CHASES I I I I I I E x h i b i t F - Part II Date Estimated offerings ito 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. iNumberlAm't of issues! Average of Included (mil. yield issuesI of dollars) | < W cent) v averages: 1967 - Jan. Feb. Weekly averages: High Low 496.0 481.0 5.51(1/6) 5.11 (2/10) 5.38 5.20 esls Number lAm't of iesuea| Average yield of IIncluded (mil. fper cent). IssuesI of dollars) Jan. 6 13 20 27 1 2 1 2 25.0 400; 0 40.0 31.0 5.51 5.45 5.12 5.15 Feb. 3 10 17 24 1 2 3 1 35.0 66.0 130.0 250.0 5.21 5.11 5.22 5.20 Mar. 3 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 e/1,250 e/1,350 e/2,000 April May June July . August September October November December 1st 2nd 3rd 4th Quarter Quarter Quarter Quarter e/4,600 1st half Three quarters Year Coroorate 1966 p/ 1965 >ital State and local 2/ 1966 p/ 1967 e/1,275 e/1,250 e/1,000 1965 1,184 858 868 804 872 904 1,302 1,237 2,446 795 746 1,197 1,553 1,058 2,364 1,152 1,691 ,1,946 1,194 906 1,141 826 924 972 1,039 1,670 1,382 1,290 850 1,392 699 773 1,018 986 648 966 829 1,086 1,635 924 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 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 84 7: 545 391 890 544 643 401 481 331 1,317 402 636 170 50 20 182 1,189 862 257 627 523 287 352 510 363 990 1,177 Large 55 424 399 55 106 720 60 466 582 27 5 15. 338 410 50 til 340 . 118 30 40 . 1/ , -- 55 387 50 68 40 464 669 947 .55 60 230 .93 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 - 70 271 661 30 . 80 116 Q7 611 709 681 842 , Other local Stocks Convertible (otiier than bonds convertibles) Deb, 1 s t rr.Lgo b o i 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 Maturity 15: 0 35. 0 1992 1997 6 5-3/6 100. 0 1992 5 <347 i992 19^7 5-1/8 3C-. 0 2C ,0 it. 0 0; • 7 5 ,.0 - 2 S ,, 0 5 0 ,,0 30t,0 30- 0 20 .0 5.90 5.22 A-2 - * , - - Am, , !1 q ', - ) 5 3/8 1992 1997 5.:o 1497 - -i n 1992 Rating Offering .ttUSlL. Tl«U rata or net later- A A 5,-0 A Aaa 5. 4 0 5.18 i Ac-.- 5-1/2 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 4.10-4,.50 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 G. 0. . Other Int. Bank for Reconst. & Devel. Bonds Nippon Tel. & Tel. Pub. Corp. Bonds * 7 8 8 8 30.0 March 14 71.0 11.0 March 15 March 16 12.0 ' 100.0 15.2 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.