Full text of H.16 Capital Market Developments : March 7, 1966

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No. ^ P u b l i c a t i o n

~ i
|

DECONTHOIiED AFTER

?

SIX M O M S

rAPTTAT. | j n r ~ - » . . i n n » , . . » .
IN THE UNITED STATES

J

Corporate and municipal bond markets. The volume
te and municipal new security offerings will be
relatively moderate this week—both markets receiving a smaller
new issue volume than the weekly average over the last year.

Long-term Public Security Offerings 1/
(In millions of dollars)
Corporate
State and local Government
New Capital1 Refunding
New Capital 1 Refunding
Sold:
52 week avg.
Feb. 25
Mar. 4

155

3

196

121
71

158 r/
165

118

160

11

Scheduled:
Mar. 11

1./ Federal Reserve estimates based upon published reports of issues
sold and scheduled for offering; corporate rights offerings are
included as of the date subscription rights expire.
A mixed reception was afforded new corporate debt issues
last week. Investors responded enthusiastically to the largest
issue of the week which also became the first single day sellout
since early February. Underwriters terminated price restrictions
on all issues still in syndicate last week, and free market trading resulted in an immediate upward yield adjustment of 12-17
basis points. New corporate security yields jumped 28 basis points
to the highest level on record for this series, although it should
be noted that neither of the two issues included in the series
offered investors call protection. Seasoned corporate bend
prices declined for the sixth consecutive week with yields advancing 3 basis points.
Yields on seasoned municipal issues also advanced last
week, and the reception of new issues was lukewarm. Over $50
million of forthcoming state and local government issues have
been postponed due to rising net interest costs for these
financial instruments.




H. 14

-2-

Yields in Security Markets
Level latest week
(per cent)

Change from
preceding week
(basis points)

High-Grade
Notes and Bonds
Corporate
New
Seasoned

5.38
4.85

+28

U.S. Govt.
Long-term
3-5 year

4.71
5.03

+5
-1

State and local Govt.
Moody's Aaa
Std. & Poor's high grade

3.63
3.81

+6

4.68

+5

4.62
4.81

-4
-6

Money Market
Federal funds
Treasury bills
3-month
6-month

+3

+1

Corporate Bonds Still in Syndicate

Blue List of Municipal Dealer's Advertised Inventories
(Millions of dollars)
Latest Date

533

(3/2)




End of Previous week

543

Recent

620

High

(2/8)

H. 14

Estimated Security Financing in March. New security
issues of corporations will total approximately $1.8 billion,
in March, and thus establish a record breaking first quarter
demand for long term funds. Municipal issues will rise from
the February level of $.9 billion to nearly $1.2 billion.
Over one-third of the municipal total is accounted for by the
massive New Jersey Turnpike Authority issue for new capital and
refunding purposes.
Capital Markets in February. Corporate security
offerings in February aggregated almost $1.5 billion-approximately a 100 per cent increase over the year earlier
level. State and local government issues totaled about .9
billion which represented a slight increase over February 1965.
Yields on both new and seasoned corporate bonds advanced
significantly during the month of February. Prime quality
seasoned corporate bond yields moved up 6 basis points while
new corporate issues yields rose 16 basis points.
Underlying weakness in the municipal market became
increasingly clear in the latter half of February and
resulted in yield increases of 23 basis points on seasoned
top-quality bonds.
Savings Flows in January. Depositary-type savings
institutions received a net inflow of income-yielding claims
in the amount of $1.4 billion during January. Almost all of
this was accounted for by commercial banks as Savings and loan
associations experienced a net outflow of $61 million, a decline
of over $300 million from the previous year. Mutual savings
banks fared somewhat better than S & L's with a net increase
of $225 in regular deposits, but this was still a decline of
37 per cent from the previous year.




_4«

H. 14

Net Increase in Savings Capital at Savings
and Loan Associations
(millions of dollars)
Unadjusted Data
Change from
previous year

Current year
1965 - Oct.
Nov.
Dec.
1965 - Total
1966 - Jan.

582
807
1,683
8,424
-61

Percentage Change
-23

-169
-52
4
-2,115
-315

-6
-20

Seasonally Adjusted Data
C-.rraat
year

Previous
year

687
813
586
259

854
863
669
557

1965 - Oct.
Nov.
Dec.
1966 - Jan.

Net Change in Regular Deposits at Mutual
Savings Banks
(millions of dollars)
Unadjusted Data

Current year
1965 - Oct.
Nov.
Dec.
1965 - Total
1966 - Jan.

170
276
600
3,582
225

Change from
previous year

Percentage Change

-63
-42
-51
-654
-133

-27
-13
-8
-15
-37

Seasonally Adjusted Data

1965 - Oct.
Nov.
Dec.
1966 - Jan.




Current
year
324
277
341
172

Previous
year
376
319
410
309

-5-

H. 14

Stock prices. Common stock prices declined during the
month of February in very active trading. Standard and Poor's
index of 500 stocks ended the month 1.66 lower than the last
day of January. The monthly average of stock prices was .63
lower in February than the month earlier with trading volume
averaging 8.8 million shares a day.
Stock prices declined 1.90 last week to register
the lowest weekly average this year. Trading volume swelled
to average 10 million shares a day--unmatched since June s
1962.
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.




txmm ». p«.i i
L O N G - T E R M B O N D YIELDS, H I O H - O K A P E

5.5

5.0

CORPORATE A««

4.5

4.0

— U . S . GOVERNMENT

3.5

3.0

STATE AND LOCAL GOVERNMENT Aaa

1961

1962

1963

1964
Exhibit A —

U.S. Govt,
long-term 2/

1965

State and
local
government
Aaa 3/

Spread between
U. S. Govt, and
State and
Corporate
Aaa
lpca* Aa*

Date

Corporate
Aaa 1/

1959-60 - High
1962-63 - Low
1965 - Low
1966 - High
- Low

4.61 (3/29/60)
4.19 (3/29/63)
4*41 (3/12)
4.85(3/4)
4.73(1/7)

4.42 (1/8/60) 3.65 (9/24/59) .59 fo/S/60)
3.85 (1^/26/62) 2.88 (U/e/62) .21 (12/&7/63)
.22
2.94 (?/ll)
4.13 (6/25)
•33
.
3.63(3/4)
4.71(3/4)
.14
3.39(1/13)
4.42(1/21)

4.75
4.76
4.79
4.82
4.85^

4.53
4.58
4.65
4.66
4.71

Feb.

v

4
11
18
25
Mar. 4 g/

3.39
3.39
3.51
3.62
3.63

1966

Part II

.22
.18
.14
.16
.14

.92 (4/22/60)
.80 (1/5/62)
.94
1.19
1.02
1.14
1.19
1.14
1.04
1.08

J Weekly average of dally figures. Average term of bonds included is 22-24 years.
y Weekly average of daily figures. The series includes bonds due or callable in 10 years or more#
y Bmraday figures. Only general obligation bonds are included; average tens is 20 years,
lote.—£lghs »ad lows are for individual series and may be on different dates for different
series. For spreads, high refers to widest, and low to narrowest.




t x h u h * r»n i
L O N G - T E R M B O N D YIELDS, L O W E R G R A D E

IP

5.5

C O R P O R A T E Baa
M

45

S T A T E A N D L O C A L G O V E R N M E N T Bai

1961

1963

1962

1984

Exhibit B —

Corpora te
Baa y

Date

1965

1988

Part I I

State and
local govt.
Baa I f

Spread between
Aaa and Baa
State and
Corporate
local govt.

(per cent)
1959-60 - High
Year end - 1962
1964
1965
1966 - High
Low
Feb.

j

4
11
18
25
Mar.
4

j>/

5.36 {2/12/60)

4.46 (1/7/60)

.84

1.08

4.93
4.80
5.04
5.20(3/4)
5.05(1/14)

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

.70
.37
.31
.35
.31

.63
.52
.39
.52
.38

5.09
5; 10
5.14
5.16
5.20-

3.80
3.82
4.02
4.08
4.15

.34
.34
.35
.34
.35

.41
.43
.51
.46
.52

Not#: For footnotes a## Exhibit j u




1

S H O R T , A N P INTERMEDIATE-!:RM INTEREST RATE!
GOVERNMENT

1

3-5 YEAR ISSUES
yVjj

^ 4 F .

R. DISCOUNT RATE
f ew Ye,
i
<
^

rJf'

^

,1
'

'/

3-MONTH BILLS
Marital Vi«Ue

, 1. L.l 1 1 1 1 1 II
1 i 1 1 1 1 1 -L-IJLJ
1 1 U 1 1 1 1 -L.
• i-Ll
1 II II II 1 1 II-U.I 1 II 1 II II -l_U_i.i l M i l l
1S62

1963
Exhibit

1/

1959-60 - High
Year end - 1961
1962
1963
1964
1965
1966 - High
Low
Feb.

4
11
18
25
/ Mar. 4j>/

4.oo

Yields

!l

Discount
rate
3-month
bill. 2/

(per cent

1964
II

1965

1966

ixrs,

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

3.00
3.00
3.50
4.00
4,50
4.50
4.50

4.59 ( V W )
2.66
2.89
3.52
3.83
4,47
4.66(2/25)
4.53(1/7)

5.07(1/6/60) 5.oq(i2/zVi»)
2.90
3.81
2.93
3.41
3.64
4.07
3.93
4; 07
4.66
4.90 .
4.90(2/18) 5.04(2/25)
4.68(1/28) 4.84(1/14)

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

1.81
1.15
.52
.55
.24
.43

•24
.11

.41
.25

4.50
4.50
4.50
4.50
4.50

4.63
4.63
4.66
4.66
4.62^

4.75
4.78
4.90
4.87
4.81

,12
15
24
21
19

.33
.38
.38
.38
.41

4.96
5.01
5.04
5.04
5.03

' rate shoim is that la effect at end of period at the federal Reserve Bank of New Yortc.
' Market yield; weekly averages computed frtxa daily closing bid prices# Series of W year issues
consists of selected notes and bonds.
Mote .—Highs and lows are for individual series and may be on differsnt dates for different series*
for spreads, high refers to widest, and low to narrowest.




S H O R T - A N D INTERMEDIATE-TERM INTEREST RATES,
B A N K S A N D O T H E R PRIVATE B O R R O W E R S

PRIME RATE
FINANCE COMPANY PAPER.

F.R. DISCOUNT RATE
FEDERAL FUNDS

1963

1962

1961

1965

1964

1966

Exhibit D -- Part II

Date

1959-60 - High
Year end •• 1961
1962
1963
1964
1965
1966 -• High
Low
Feb.,

4
11
18
25
Mar. 4 £,/

Prime ra te

.

1/

Finance
company
Federal funds 2/
naner
2/
(per cent)

5.00
5.00

5.13 {l/ZZ/60)
3.00
3.19
3.88
4.06
4.75
4.88(3/4)
4.75(1/7)

4.00 (3/13/60)
2.88
3.00
3.50
4.00
4.63
4.68(3/4)
3.55(1/21)

5.00
5.00
5.00
5.00
5.00

4.88
4.88
4.88
4.88
4.88

4.50
4.63
4.58
4.63
4.68-

5.00
4.50
4.50
4.50
4.50
5.00

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

1.02
.34
.30
.36
.23
.28
.31
.20
.25
.25
.22
.22
.20

2/ Weekly rate shown is that in effect at end of period. Prime rate is that charged by large banks
on short-term loans td business borrowers of the higiest credit standing.
Zt Average of daily rates published by finance companies for directly placed paper 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.
Notes—fligfrs 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.




l

STOCK M A R K I T

• 1111 • * i • I 4 • 11 • r i

(HANOI IN lltllS

I I I I I I I I I I

XALU
Exhibit E —

Date

Stock price
index 1/

Common
stock
yields 2/
foer cent)

Part II

Trading
volume 2/
(millions
of shares)

Stock mar ket customer credit
Bsnk
Customers'
iosns to
debit balTotal
"others" 5/
ances 4/
(In millions of dollars)

1961-62 - High
Low
Nov. 1963
July 1965
1966 - High
Low
1965 - Dec.
Jan.
Feb. 18
25
Mar.
4]>/

72.04(13/9/61)
52.68(6/22/62)
72*62
84.91
93.77(2/11)
89.83(3/4)

2.82
3.96

10.1
2.4

3.14
3.,09
3.02
3.21

5.3
4.1
10.1
8.2

91.73
93.32
92.41
91.14
89.24

3.02
3.03
3.08
3.13
3.21

8.7
8.9
8.8
8.1
10.1

4.259 (12/61) 1,418(5/9/62)
1,161(3/8/61)
3,253(1/61)

5,603(13/61)
4,424(1/61)
7,298
6,833

5,586
4,863

n.a.

n.a.

7,705
7,726

5,521
5,551

n.a.

n.a.

1,712
1,970
2,197(2/23)
2,173(1/19)
2,184
2,175
2,196
2,197
n.a.

^Standard and Poor1eoonposite index of 500 oeonon stocks, weekly closing prices, 1941^43-10.
Monthly data are averages of daily figures rather than of Friday*• only. Highs and lows are for
2/ Standard andSocx^s composite stock yield based on Wednesday data converted to weekly closing
prices by Poder&l R e s e m . Yields shewn are for dates on which price index reached its high
3/ Averages of daily trading volume on the Mew Y e * Stock Exchange# Yoa^-end figures are averages of
daily figures for the ye art
V end of month figures for ember firms of the New York Stock Exchange which carry margin accounts |
excludes balances secured by U. S. Government obligations*
5/ Wednesday figures for weekly reporting member banks. Excludes loans for purchasing or carrying
0, S. Government securities* Weekly reporting banks aooount for about 70 per cent of loans to
others, for further detail see Bulletin.




M O R T O A O I A N D B O N D YIIIDS*-

HOME MORTGAGES:

A n CORPORATE BONDS:

1960l_

1959

1958

1957

1961

Exhibit P

Conventional
oort25-year 30-year gageFHA
mortgages 2/

1956
1957
1958
1959-60
1961-65

'

Low
High
Low
High
High
Low

1965- Sept.
Oct.
Nov.
Dec.
1966- Jan.

4.68
5.63
5.35
6.24
6.00
5.43
5.46
5.49
5.51
5.63
5.72

__

1963

1962

Aaa Corporate
Spread beBonda
tween yielde
on conv. &
N e w y Seaaonad^/
FHA mortsaeea
3.08
4.94
3.65
5.25

--

5.20
6.00
5.55
6.30

.47
.47
.15
.23

5.70
5.44

6.10
5.80

.39
.25

4.85
4.12

5.46
5.49
5.51
5.62
5.70

5.80
5.85
5.90
6.00
6.00

.34
.36
.39
.38
.30

4.67
4.69
4.72
4.85
4.84

—•

y

neither mortg&g* nor bond yield# Uk»

y

S T £ S 2 ^ . % » i &

1966

1965

1984

Part II

into aooetat eerviaiag


Moody's*Investor Service. Monthly aiermgei «f dally data*


Spread between
yielda on new coroorate bonda and
FHA rntga.ISeaaoned
4/
1 bonda
--

.76
1.58
.88
1.69

1.03
.05
.73

4.68
4.19

1.48
.77

.39
-.16

4.52
4.56
4.60
4.68
4.74

.79
.80
.79
.77
.88

.15
.13
.12
.17
.10

3.08
4.12
3.57
4.61

w e vuhjbltfherttr a o r t M M

1«1, * ^ r
See fc&ibit k»

-rt«..

**wwn f. ft* m
CQNVINTIONAL MORTOAOI T U M I ^
Jl

MEW

EXISTIN8

J.8
IP A N M I C I / « A T I O

NEW
EXISTING

Exhibit P

Niaw Homes
Con- Fees &
tract Charges Maturity
(Years)
Rate (Per
(Per
2/

Loan/
Price amt.
ratio (Thous.)
(Per
cent)

Bxi.
Fees &
tract Charges Maturity
(Years)
Rate (Per
cent)
(Per
cent)
2/

Loan/ Loan
Price
ratio (Thous.)
(Per
cent)

5.75
5.76

.55
.59

24.7
25.2

74 .5
74 .9

17.4
17.8

5.94
5.92

.57
.56

20.3
20.1

71.4
71.7

13.8
13.7

5.79
5.79
5.72
5.74
5.77
5.76
5.77
5.76
5.75
5.75
5.80

.59
.61
.49
.51
.53
.49
.55
.50
.56
.53
.54

24.7
24.9
24.0
24.0
24.0
24.6
25.0
24.5
24.9
24.8
25.0

74 .0
74 .0
73,.7
73..7
74.,4
73.,9
75.,0
73. 8
73. 7
73. 8
74. 9

17.5
17.6
18.5
18.1
18.2
17.5
18.3
18.3
18.1
18.3
18.5

5.95
5.93
5.91
5.89
5.88
5.86
5.86
5.86
5.89
5.87
5.91

,54
.54
.55
.49
.48
.49
.49
.46
.47
.48
.50

19.9
20.3
20.9
20.4
20.3
20.6
20.6
20.4
20.1
19.9
19.4

71.6
72.6
72.7
71.8
71.9
72.1
72.1
72.1
71.6
71.3
72.0

13.6
13.8
14.6
14.0
14.1
14.3
14.5
14.1
13.7
13.9
13.9

1

1965
Jan.
Feb.
Mar.
Apr.
May

Part IV

I

1964
Nov.
Dec.

1966

1964

1962

July
Aug.
Sept.
Oct.
Nov.
Dec.
24:6
5.*81
ft;*
1966 - Jan.
\'i.t
? IS;S
m
fx
1/ Corapiled by Federal Home Loan Bank Board in oooperation with federal Deposit Insurance Corporation. I*
sre weighted averages based en probability sanple survey of characteristics of conventional first
mortgage# originated by major institutional lender groups, (including mortgage ooemaniee) for purchase
of single fsadly homes. Data exclude loans far refinancing, reconditioning, or modernisation!
construction loans to home-builds re; and—in this exhibit—permanent loans *ioh ars coupled with
oonstmotion loses to ownez^buillers. Data are still in a developmental stage and may reflect
seasonal Influences which cannot yet be measumd because the series go back only to end of 1962.
Related series on conventional mortgage rates only, based on unweighted opinions of regional-office
directors of the federal Housing Administration, are available somewhat sooner than the results of
THLBB-rniC survey, «ad are included—in the case of new heme mortgage sates—In exhibit T, Parts I

%:

Zj fSes^and charges—emressed as a percentage of the principal mortgage amount—include loan commissions,
fees, discount#, and othsr charges which provide added income to the lender and are paid by the
borrower. They exclude any closing costs related solely to transfer of property ownership.




1

,

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

Exhibit 0 - Part XX
Yields on Mew Corporate Bond Iisuee Adjusted to an A a a basis
Am't of Issues Average
included (mil.
yield
iSSSSSL of dollars) (per cent)

Am't of Issues Average
of
included (mil.
yield
Issues of dollars)
(key cent)

of

1965 - July
Aug.
Sept.
Oct.
- Nov.
Dec.
1966 - Jan.
Feb.

8
7
7
5
6
4
8
10 '

278 .0
166,.5
288..5
108.,0
267.,0
212. 0
, 300.0
304. 5

Weekly average*
1965 - High
Low

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

4.61
4.63
4.67
4.69
4.72
4.85
4.84
4.98

Dec.

3
10
17
24
31
Jan. 7
14
21
28
4
11
18

40.0
40.0
132.0

4.79
4.80
4.86

175.0
40.0
40.0
45.0
68.5
130.0
41.0

4.82
4.89*
4.84
4.85
4.91
4.98
5.02

8:8
U
L
Not#* Average# of offering yields a t t U M f Issues of publicly offered corporate bond* rated iaa, j U m£S
k by Moody's Investors Service (except serial u d convertible Issues, offering# of natural gas pipeline
and foreign oonpanles, and bonds guaranteed by the Federal Government) weighted by M. me of offering. 1
Before averaging, new offerings are adjusted to a eoepoeite iaa basis by deducting from the aotml
reoffering yield the excess of the weekly average yield for seasoned tends of the appropriate indnstzyquality group over the composite average for seasoned Aas-rat#d tends (Moody's). Averages considered
unrepresentative because of special characteristics of t o offerings inoluied are denoted by an asterisk^




Exhibit H

H. 14

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

New Capital
Corporate
1965

1964

795
746
1,197

938
700
778

April
May
June

1,152
1,691
1,946

July
August
September
October
November
December

1966
January
February
March

1st
2nd
3rd
4th

quarter
quarter
quarter
quarter

e/1,300
e/1,500
tl/1,775

e/4,575

1st half
Three quarters
Year

1966

State and Local 2/
1965
1964
a/804
&Z872
a/904

947
776
810

2 ,237
1 ,095
1 ,405

2/826
E/924
2/972

1,242
667
903

1,290
850
1,392

812
680
1,130

E/986
E/648
a/966

906
780
892

924
1,325
1,496

953
669
1 ,642

a/794
e/800

801
529
948

;

a/1,021

a/2,580
a/2,722
a/2,600
e/2,615

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

'

a/5,302
a/7,902
e/10,517

5,345
7,923
10,201

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

2 ,416
4 ,738
2 ,621
3 ,264

7,527
11.060
14,805

7.,153
9,,775
13,,038

i/l,200
7/ 900
E V

900

,1/3,000

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

quarter
quarter
quarter
quarter

Year
e/
£./
1/
2_/
3/

2,547
4,348
3,283

e/3,245
e/13,423

2, 043
4,258
2, 477
2,997
11, 775

Estimated by Federal Reserve.
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.




'

;

H.14

/7

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

Quarter
Tota 1

Gross proceeds for new
capital and refunding 1/
Common Memo:
Bonds
Foreign
Publicly Privately
Pfd. issues
Placed
Offered
stock included
109
287
1,251
898
47
367
1,780
1,319

Month
1963 - III
IV

2,436
3,466

1964 - I
II
III
IV

2,548
4,965
2,876
3,568

978
1,321
792
531

1,269
1,755
1,590
2,629

300
1,890
494
408

1965 - I
II
III
IV

3,007
5,043
3,912
4,(530

906
1,864
1,575
1,226

1,673
2,259
1,955
2,264

Sept.
Oct.
Nov.
Dec.

902
748
1,226
1,036
727
1,805

234
183
376
181
30
320

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

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

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

Net proceeds for
new capital 1/ 2/
Mfg.

Public CommuniUtility cations

Other
Issuers

806
968

285
530

150
118

868
1,629

29
105
94
227

429
723
559
1,061

438
856
642
509

273
1,666
59
135

1,275
1,492
1,361
1,559

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
1,813

443
453
693
642
645
1,342

225
112
156
213
52
143

24
27
44
82
29
116

150
176
234
250
203
607

207
138
296
297
40
172

23
16
19
82
21
32

432
349
580
323
405
831

565
450
658
648
630
980
780
468
706
574
529
1,161

131
155
143
162
449
309
122
93
168
124
257
159

49
51
143
33
49
134
27
87
150
99
101

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

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

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

1966 -• I
1964 - July
Aug.

99.

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

,

500
115
360
325
250
700
430
1966 -™l/an.e/ 1,380
Feb.
Mar.
2./ Preliminary, e/ Estimated by Federal Reserve.
1/ Gross proceeds exceed net proceeds by the cost of flotation.
railroad & other transportation,
2/ For total see Exhibit H; other issuers are extractive, railrc
real estate & finance, & commercial & other.
3/ Does not include U.S. Steel $600 million conversion of preferred stock to debentures.
~~ Source: Securities & Exchange Commission.




Exhibit J
Other Security Offerings
(In millions of dollars)

1QGA
January
February
March
April
May
June
July
August
September
October
November
December

1Q64

218

91
33
74
5
52
75
2

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

239
150
375
375
179

661

636

2,732

• —

38
73
--

Year

1Q66

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

E/262

1965

1Q6S

238
91
-458
647
204
-82
119
408
152
59
274
]>/-366

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

1QG4

129
185
325

--

—

--

--

—

275
260
160

775
—

•—

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

368
801
453
Year
p/1.286
2/ Preliminary, e/ Estimated by Federal Reserve, n.a.--Not available. 1J These data
differ from those in Exhibit H in that refunding issues, as well as new capital issues,
are) included. Long-term securities are defined as those maturing in more than one year.
2/ Includes securities offered in the U.S. by foreign governments and their political
subdivisions and international organizations. Source: Securities and Exchange Commission.
3// Issues not guaranteed by U.S. Government. Source: Long-term, Securities and Exchange
Commission; short-term, Treasury Dept. & Fed. Reserve.
4/ These data differ from those
in Exhibit H and above in that they represent new offerings less retirements, whether
from the proceeds or refunding issues or from other funds. Data include only issues with
original maturity of one year or less.
5/ Principally tax and bond anticipation notes,
warrants, or certificates and Public Housing Auth. notes. In some instances PHA notes
included may have a somewhat longer maturity than 1 year. Source: Bond Buyer & Federal
Reserve.




,
i!
;•
V
I
4

%
:

H.14
Exhibit K
Large Long-term Public Security Issues for New Capital
(Other than U. 8. Treasury) 1/
Proceeds of Large Issues Offered
(In millions of dollars)

Total

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

Coroori•te
Bonds
Convertible
(other than
convertibles)
bonds
131
233
210
560
343
455
211
530
190
559
212
370
391

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

Stocks

State
and
local
government#

315
138
-26

—

16
144
-115
70

40
33
50
84

1/

130
19
260
40
340
20
50
170
43
95

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

86
280
97
53
320
22
62

Other

--

--

Large Individual Issues Offered February 1 through March 4
Issuer

Type 2/

Amount
(millions
of
dollsrs)

Maturity

Coupon
rate or
net intereat cost

Offering
vield

Rating

forppm*
Ohio Bell Tele. Co.
*Western Union Tel. Co.
Texas Elec. Serv. Co.
Jones & Laughlin
Rockwell-Std. Corp.
Atlantic City Elec. Co.
Central 111. Light, Co.
Texas Eastern Trans. Co.
Duquesne Lt. Co.
*Storer Broadcasting Co.
Long Island Lt. Co.
*Madison Fund Inc.
Public Serv. Co. of Okla
Monongahela Pwr. Co.
Arkansas Pwr. & Lt. Co.

60.0
Deb.
37.6
Pfd. stk.
15.0
1st mtg. bds.
1st mtg. bds. 100.0
50.0
S• F. Deb.
Conv. sub. deb. 50.0
10.0
1st mtg. bds.
16.0
1st mtg. bds.
50.0
1st mtg. bds.
25.0
1st mtg. bds.
Conv. sub. deb. 34.4
40.0
1st mtg. bds.
32.1
Pfd. stk.
25.0
1st mtg. bds.
18.0
1st mtg. bds.
25.0
1st mtg. bds.




2006

4.94

Aaa

1996
1991
1991
1991
1996
1996
1986
1996
1986
1996

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

5.00
5.07
5.18
4.25
5.04
5.08
5.35
5.05
4.50
5.13

Aa
A
Baa
Ba
Aa
Aa
Baa
Aaa
Ba
Aa

1996
1996
1996

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

5.23
5.42
5.60

Aa
A
A

• A°
K-2
Large Individual Issues Offered February 1 through March 4 ;Cont'd)

Issuer

Type

3/

Amount
(millions
of
dollars)

1

Maturity

Coupon
Offerrate or
ing
Rating
!net inter- Yield
|.e.st..ra.te-,.

State and local Govt.
State of Maine
La. Cap... Const. & Imp. Comm.
State of California
Colorado Springs, Colo.
State of North Carolina
State of Georgia
Albany Co., New York
Los Angeles Co., Calif.
Md. Nat. Cap. Pk. & Plan. Comm.
Los Rios Jr. Coll. Dist., Calif.
East Baton Rouge Parish, La.
Clinton, Iowa
Arlington, Va.
Comm. of Puerto Rico
Penna. Gen. State Auth.

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

G!O.

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

13.0
30.0
100.0
16.0
18.0
10.0
70.0
23.3
11.5
11.0
12.0
60.0
11.9
37.2
50.0

1908-2006
1967-91
1967-91
1967-89
1967-85
1974-86
1967-90
1967-85
1967-91
1968-86
1967-96
1969-91
1967-86
1967-91
1969-93

3.38
3.86
3.63
3.58
3.25
3.59
3.85
3.64
3.93
3.63
3.96
4.25
3.81
4.20
4.00

2 .95-3.504/ Aaa
3 .00-3.85
A
3 .00-3.70
Aa
3,.00-3.60
Aa
2,.85-3.255/ Aaa
3,.25-3.60
Aa
3,.00-3.80
Aa
3,,00-3.65
Aa
3..10-3.90
A
3.,10-3.65
Aa
3.,10-4.006/ A
3. 80-4.20
3. 10-3.85
A
3. 25-4.20
A
3. 40-4.05
Aa

Other
None
*--Rights offering.
n.a.--Not available.
1/ Includes corporate and other security offerings of $15 million and over; State and
local government security offerings of $10 million and over.
2/ Includes foreign government and International Bank for Reconstruction and Development
issues and non-guaranteed issues by Federal Agencies.
3/ In the case of State and local government securities, G.O. denotes general obligations;
Rev.-Ut., revenue obligations secured only by income from public utilities; Rev. -Q.-Ut.,
revenue bonds secured only by revenue from quasi-utilities; Rev.-S.T., revenue bonds
secured by revenue from specific taxes only; Revi-Rent. revenue bonds secured solely
by lease payments.
4/ Bonds maturing 2005-06 not publicly reoffered.
5J Bonds maturing 1983-85 not publicly reoffered.
6J Bonds maturing 1996 not publicly reoffered.




I

V
H. 14
Exhibit L
Forthcoming Large Long-term Public Security Offering for Hew Capital
(Other than U.S. Treaaury)
Expected Proceeds from Forthcoming Large Ieeuee
(In milliona of dollara)

During month following
date ahown
State and
Corporate
Other 2/
local govt.

F

1965 - Feb. 26
Mar, 31
Apr. 30
May 28
June 30
July 30
Aug, 31
Sept,,30
Oct, 29
Nov, 30
Dec „ 31
1966 - Jan, 31
Feb. 28

407
267
852
765
363
193
312
206
412
297
553
530
828

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

--

60
25
70
20

15
25
20
20
--

20

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

,

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

Other If
60
25
70
20
-• --

15
25
20
20
20
90

Forthcoming Large Offerings as of March 4

Ieeuer

Type

Amount
(milliona
of
dollara)

Approximate date of
offering

Coroorate
La. Pwr. & Lt, Co,
Appalachian Power Coc
;; Anheuser-Busch, Inc.
Pacific Gas & Elec. Co.
J *Reynolds Metals Co.
Northwest Nat, Gas- Co,
Williams Brothers
Commonwealth Edison Co.
Ce'lanese Corp,
American Tel & Tel. Co,
•\ar->spacc Corp,
Deere & Co,
Stauffer Chemical Co,
Indianapolis Pwr, & Lt, Co.
*Idaho Pwr, Co,
*New Orleans Publ, Serv, Co,
Allied Chemical Corp,
Southern Cal. Ed= Co.
Macy Credit Corp,




1st mtg. bds.
S. F. deb,
Deb.
Bonds
Conv. sub. deb.
1st mtg, bds.
Conv, sub. deb.
1st mtg. bds.
Com. stk.
Deb.
Com. stkCom. stk.
Sub, deb,
1st mtg. bds.
Bonds
1st mtg. bds
Deb.
1st mtg, bds.
Deb.

35.0
30.0
45.0
75.0
75.0
16.0
28.8
50,0
115.0
250.0
15.0
50.0
35,0
20.0
20.0
23,2
150.0
75,0
25.0

9
Mar,
Mar, 10
Mar, 10
Mar. 16
Mar. 16
Mar. 17
Mar, 21 (rts. ex.)
Mar. 23
Mar. 29 (rts, ex.)
Mar. 30
Mar
Mar.
Apr. 4 (rts, ex,)
6
Apr
Apr, 13
Apr, 14
Apr.
May 11
Indefinite

nS

L-2
Forthcoming Large Offerings as of March 4 (Cont'd)

Issuer

Type

Amount
(millions
of
dollars)

Approximate date of
Offering

State and local Government

Texas Water Dev. Bd.
East Bay Municipal Util. Dist., Calif.
Kanawha Co, Bd. of Ed., W. Va.
University of Nebraska
Prince Georges Co., Md.
*New Jersey Turnpike Auth.
Peralta Jr. College Dist., Calif.
Santa Clara Co., Calif.
Nassau County, New York
*Rochester, New York
^Allegheny County, Pa.
*Columbus, Ohio
State of Florida*State of Maryland
Dade County, Fla.
Austin, Texas
Lake Charles Harbor and Ter. Dist.,La.

G.O.
G.O.
G.O.
Rev.-Rent.
G.O.
S.F. bds.
G.O.
G.O.
G.O.
G.O.
G.O.
G.O.
Rev.-Q.-Ut.
G.O.
G.O.
Rev.-Ut.
Rev.-Q.-Ut.

15.0

20.0
22.9
13.0
25.0

108.0
10.0
14.8

20.0
13.6
13.0

20.6
26.5
30.3
46.0
14.0
21.4

Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
Apr.
Apr.

8
9
9
15
15
17
22
22
22
24
29
31
5
19

i u u c j-j-iij.Lt:

Indefinite
Indefinite

Other
Govt, of New Zealand
Republic of Ireland
Nippon Tel. & Tel. Public Corp.
^Province of Ontario

Bonds
Bonds
Bonds
Bonds

20.0
20.0
15.0
35.0

Mar. 8
Indefinite
Indefinite
Indefinite

^--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.
2j 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: $20.0 million general obligation
issue of St. Louis Jr. College Dist., Missouri--bids rejected. $11.8 million, general
obligation issue of Pima Co., Arizona and $10.0 million general obligation issue of
Kansas City Metro. Jr. College Dist., Missouri--cancelled.




1
«

' O

H. 14

Exhibit M
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.
1/12

7.5

8

Sold January 1 through March 4
Govt, of Jamaica --6-3/4% bonds, maturing
1981, reoffered to yield 7.10%.

B.

Mar.

Public Offerings

Prospective Offerings

20.0

Govt, of New Zealand - Bonds

Indefinite

20.0

Republic of Ireland - Bonds

•Indefinite

35.0

Province of Ontario - Bonds

Indefinite

15.0

Nippon Telegraph & Telephone Public Corp. - Bonds

•--Included in table for first time.
**--Issue sold to investors outside U.S.
***--Issues subject to interest equilization tax.




H. 14

M-2

Part II:

Date Reported

Private Placements - Reported January 1 through March 4

! Amount
(millions

Issuer and Description of Issue

o£
I
1 dollar")

1/3

23.0

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

2/4

23.2

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

2/21

10.0

Province of New Brunswick--5% debentures,
maturing
— n o information available on
takedown.

2/25

25.0

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

2/25

25/0

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

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 the Exhibit and that shown in Exhibits I
and J because the latter includes privately placed securities in the period in
which funds are actually takendown but only in the amount of takedown while the
placements shown in this exhibit are included when reported, frequently with
little or no information concerning timing of takedowns. Full of partial takedowns may take place both prior and subsequent to the date a placement is
reported.




i

j

1