Full text of H.16 Capital Market Developments : May 11, 1964
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Not for Publication DECONTROLLED AFTER SIX MONTHS
,H. 14- — |
i
\
May 11, 1964
I CAPITAL MARKET DEVELOPMENTS
IK Thfc UNITED STATES
- \ Public security financing to obtain new capital was in very
substantial volume last week, but will be in somewhat more moderate
volume this week. Last week, ended May 8< two large corporate issues
aggregating $150 million, four large S-tfate and local government bond
issues with par value of $155 million and a $15 million bond issue
of the Republic of Finland were sold to obtain new capital. In
addition, the New York State Dormitory Authority sold $21 million in
bonds to refund outstanding securities. This week, ending May 15,
three large corporate issues totaling $94 million and seven large
State and local bond issues amounting to $86 million are on the
calendar.
Bond yields. Changes in yields on seasoned, long-term
bonds were mixed but minor last week. Yields on Baa-rated corporate
bonds edged up a basis point to 4.86 per cent, but those of lowergrade municipal bonds dropped two basis points to 3.50 per cent and
U. S. Government bond yields eased a basis point to 4.18 per cent.
Aaa-rated corporate and State and local government bond yields were
unchanged.
Yields on new offerings of corporate bonds, adjusted to
an Aaa basis, rose eight basis points last week to 4.53 per cent,
the highest level since early 1962. This increase reflected in part
the sizable volume of new bonds scheduled for public offering in the
near future.
Short- and intermediate-term interest rates. Last week
rates on Treasury bills reversed their downward trend of recent
weeks and advanced, but yields on 3-5 year U. S. Government
obligations fell further. Rates on 3-month and 6-month bills
rose four and three basis points, respectively, to 3.49 and 3.63
per cent; yields on intermediate-term Treasury obligations, however,
dropped four basis points to 4.10 per cent. The average effective
Federal funds rate returned to 3.50 per cent. Other rates were
unchanged.
H. 14
-2
Common stock prices. Common stock prices, as measured by
Standard and Poor's composite index of 500 stocks, advanced one per
cent on balance last week to close at 81.00 on May 8, somewhat below
the all-time peak reached the previous day. Trading volume averaged
5.4 million shares a day, about the same as a week earlier.
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.
EXHIBIT. A.. P--. j.
^ONG-TERM BOND YIELDS, HIGH-GRADE
\ z'x
Exhibit A - Part II
Corporate
Aaa y
Date
U . S . Govt,
long-term 2/
State and
local
government
Aaa J/
Spread between
U. S. Govt, and
Corporate
State and
Aaa
local Aaa
(per cent)
1959-60 - High
1961 - High
Low
1962 - High
Low
1963 - High
Low
196U - High
Low
Apr. 10
Apr. 17
Apr. 24
May
1
/May
8
&/
U,6l(3/29/60)
4.46(9/15)
4.21(3/17)
U.U3(2/16)
4.23(13/2$
4.37(12/27)
U.19(3/29)
4.41(5/8)
4.35(2/28)
4.42 ( 1 / 8 / 6 0 )
4.07 (12/29)
3.70(5/12)
4.12(2/23)
3.85 (12/28)
4.16 (12/27)
3.87 (1/18)
4.20(4/17)
4.14(2/21)
3.65 (9/24/59)
3.37 ( 7 / 6 )
3.12 (2/23)
3.26 (1/4)
2.88 ( 1 1 / e )
3.18 (11/21)
2.93 (3/28)
3.16(3/26)
3.07(2/20)
.59
.57
.34
.47
.30
.35
.21
.23
.19
.92
.76
.46
1.04
.80
1.05
.88
1.09
1.02
4.40
4.40
4.41
4.41
4.41/
4.20
4.20
4.19
4.19
4.18
3.15
3.11
3.10
3.12
3.12
.20
.20
.22
.22
.23
1.05
1.09
1.091.07
1.06
p / Preliminary.
XT Weekly average of daily figures, Ire rage 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 mors*
jy Thursday figures. Only general obligation bonds are included; average term is 20 years.
and loirs are for individual series and may be on different dates for different
Digitized Note,—Highs
for FRASER
. series, For spreads, high refers to widest, and low to narrowest.
EXHIBIT «;
I
LONG-TERM BOND YIELDS, LOWER-GRAOf
V
Exhibit B - Part II
Date
Corporate
Baa 1/
State and
local govt.
Baa 1 /
Spread between
Aaa and . Bam
State and
Corporate
local govt.
(per cent)
1959-60 - High
1961 - High
Low
1962 - High
Low
1963 - High
- Low
1961* - High
Low
Apr. 10
Apr. 17
Apr. 24
May
1
May
8 g/
.81*
5.36(2/12/60)
5.13(10/27)
5.00(4/21)
5.11(1/5)
U. 92(12/21)
it.93(1/4)
U. 83 (11/15)
4.86(5/8)
4.82(2/7)
li. 1+6(1/7/60)
U. 16 (3/23)
3.93(11/9)
l*.0l*(l/ll)
3.52(5/17)
3.63(6/27)
3.52(5/23)
3.58(3/26)
3.50(5/7)
.71*
.63
.71
.1*8
.48
.44
»kh
.49
.36
4.85
4.85
4.85
4.85 ^
4.86/
3.51
3.51
3.52
3.52
3.50
.45
.45
.44
.44
.45
.36
.40
.42
.40
.38
Hotei For footnotes see Exhibit JL,
.81
•66
.93
:S
:«
SHORT-
AND
INTERMEDIATE-TERM
INTEREST RATES, GOVERNMlENT^
1
i
w
-
t - M O N I H III
V
y
1-5 YUS issues
c C
|
oistoum
3 . 1 , M 0 S I H IIUS:
./ M o r l i . l Y i • 1 d |
w
!
i
1 1 1 1 1 1 1 1 1 1 1
mo
1 1 1 1 II
1 1 II
mi
1i i i i ill
i i i.i
i M
1 II 1 1 1 1 M M.11-
1 1 1 M
i
Exhibit C - Part II
Discount
rate
y
Date
1959-60 - High
1961 - High
Low
1962 - High
Low
1963 - High
Low
196U - High
Low
Apr. 10
Apr. 17
Apr. 24
May
1
^ay
8
E/
3-month
bills 2/
Yields
6-month
, bills 2/
(per cent)
3-5 year
issues 2/
Spread between yields on 3month bills and yields on
6-mo. bills|3-5 yr. issues
3.00
5.07(1/6/60)
2.90(1/29)
2.35(4/28)
3.13(7/20)
2.65(6/8) 2.7U(6/8)
3.55(11/15) 3.68 (12/6)
2.88(3/15) 2.93(3/8)
5.00(12/24/39)
3.66(8/11)
3.15(5/12)
3.88(2/2)
3.10.(1^28)
1.07 ( W 2 7 )
3.UU(l/lfl)
.79
.UU
.12
• 2U
.02
.17
.oa
1.81
1.51
.92
1.19
.52
.70
.1*2
3.50
3.50
3.56(3/6)
3.45(5/1)
3.74(3/6)
3.60(5/1)
4.23(3/27)
3.99(2/7)
.21
.11
.71
.48
3.50
3.50
3.50
3.50
3.50
3.48
3.47
3.45
3.45
3.49/
3.69
3.67
3.64
3.60
3.63
4.19
4.18
4.16
4.14
4.10
.21
.20
.19
.15
.14
.71
.71
.71
.69
.61
U.OO
3.00
3.00
3.00
3.00
3.50
U#59(1/8/60)
•
2.17 ( V 2 7
2.97(7/13)
oonsists of selsoted notes and bonds.
Note#—Sighs aal laws are for Individual series and may be on different dates for different series#
spreads, high refers to widest, and low to narrowest#
Digitized forfor
FRASER
SHORT.
BANKS
AND
AND
I N T E R M E D I A T E - TERM INTEREST RATES,
OTHER
PRIVATE
BORROWERS
STOCK l l t H A H G l
t i l l lOtNS
v
LJ._L1_1_L1_1_L
VvVV
f
I I I I I I I
I I I I I I I I
Exhibit D - Part II
Date
Stock exchange
call loan 1/
1959-60High
1961 - High
Low
1962 - High
Low
1963 - High
Low
196U - High
Low
5.56
U.50
iw50
14.50
U.5o
U.5o
U. 5o
4.50
4.50
5.00
14.50
14.50
14.50
14.50
14.50
14.50
4.50
4.50
5.13(1/22/60)
3.00(12/30)
2.50(8/5)
3.25(7/21)
2.88(6/1)
3.88(12/27)
1.13(5/31)
3.93(4/3)
3.75(5/8)
U.OO (5/13/60)
2.90(11/17)
.I43 (3/27)
3.00 (12/28)
1.30 (3/26)
3.50 (12/27)
2.U5 (7/26)
3.50(5/8)
3.20(3/6)
Apr. 10
Apr. 17
Apr. 24
May
1
May
8
4.50
4.50
4.50
4.50
4.50
4.50
4.50
4.50
4.50
4.50
3.83
3.75
3.75
3.75
3.75
3.42
3.50
3.45
3.42
3.50
.
2/
2/
Prime
rate 1/
Finance company
paper 2/
Federal
funds 2 /
Spread between
3-mo. bills and
finance co. paper
[per cent)
1.02
.56
.11
.45
.19
.39
.12
•41
22
.35
.28
.30
.30
.26
Weekly rata shown ia that in effect at end of periqd. Stock Exchange call loan rate 1# going rat#
on call lqans scoured by cuatonora1 atook exchange collateral at Hew York City banka. Prime rat#
ia that charged by large banka on short-term loans to buaineaa borrowers of the higheat credit
atanding.
Zf Average of daily ratea published by finance companies for directly placed paper for varying maturities
in the 90-179 day range,
"U Weekly average of daily effective rate, which is the rate for the heaviest volume of purchase and
sale transactiona aa 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*
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis
1
STOCK MARKET
1000
I
/
/ — * - ^ 1r —
:T0(K MA1KE1 CREDIT ~~
*H*W0l IN HIIIS
.91 |he
VOlUMf
vti\H
Exhibit £ - Part II
Date
Stock price
index 3/
Common
stock
yields 2/
(per cent)
Trading
volume 3/
(millions
of shares)
Stock ma:•ket aa atone; credit
Bank
Customers1
loans to
debit bal"others"
anoes \j/
Total
(In millions of dollars)
1961-62 - High
Low
1963 - High
196U - High
Low
£3M
March
April
April 17
April 24
May
1
nay
°
May
8 p/
78.80
79.94
80.55
79.75
80.17
81.00
7U.Ui(i?/2^
81.00(5/8)
75.50(1/3)
2.80
10.1
3.96
3.01
2.96
3.09
6.1
4.3
3.03
3.00
2.97
3.01
2.99
2.96
_____
other#. For further detail see Bulletin*
=
a
m
5.4
5.6
5.4
5.8
5.5
5-4
$,602(12/6l)U,2$9(12/6i) 1,1*18(5/9/62}
lt,lt2U(Vei) 3,2$3(V6i) 1,161(3/8/61)
7,298(13/63)5,586(u/63) 1.738(13/25)
5,524(1)
1,810(4/15)
7,250(1)
7,120(2)
5,366(3)
1,720(1/22)
7,141
5,366
1,775
1,810
1,796
1,804
» - S R
n.fl.
'«
MORTGAGE AND BOND
Monthly
US'
I'sa
YIELDS
MS9
1160
1161
ill!
1*61
1*64 I
Exhibit F - Part II
Conven- spread beAaa Corporate
tween yields
gag a
on conv. &
New^/ Seasoned—/
eaRCsl/ FHA mtRS.
FHA
Date
1956
1957
1958
1959-60
1962-63
- Low
- High
- Low
- High
- High
1964 - January
February
March
April
4.68
5.63
5.35
6.24
5.72
5.43
5.20
6.00
5.55
6.30
5.95
5.80
.47
.47
.15
.23
.38
.23
3.08
4.94
3.65
5.25
4.72
4.12
3.08
4.12
3.57
4.61
4.45
4.22
5.44
5.44
5.44
n.a.
5.80
5.80
5.80
no-
.36
.36
.36
n.a.
4.50
4.38
4.43
4.48
4.37
4-36
4.38
4.40
Spread between yields on
new corporate bonds and
FHA mtga. Seasoned bds.
.76
1.58
.88
1.69
1.50
.95
.94
1.06
1.01
__
1.03
.05
.73
.39
- .16
.13
.02
.05
.08
Neither mortgage nor bond yields take into account servicing ooate which are jrnch higher for mortgagee
than bonds. Generally, bonds pay interest semi-annually) mortgages, monthly. Mortgage yields, if computed as equivalent t o a aend-annual interest investment, would be slightly higher than given in the 1
'
Based on FHA field-office opinions about average bid prices in the private secondary market for
new-homo mortgages for Immediate delivery. Data relate only to 2 5-year mortgages with down payments
of 10 per cent or more, weighted by probable volume of transactions. Yields computed by FRB,
assuming 25-year mortgages are paid off in 12 jears. Dashed lines indicate periods of adjustneat
, to changes in the contractual interest rate.
Based on FHA field office opinion on typical interest rates (rounded) on conventional first
mortgages prevailing i n the market areas of insuring office cities. Beginning with Apxi 1 1960,
rate relates only to new-homo mortgages; prior to that date, rate related to both new as w e l l at
existing-homo mortgages. Dashed line indicates this change in the series.
4 / See note for Exhibit G.
j/ Moody's Investor Service, Monthly averages of daily data. See Exhibit A ,
tx m m
o. ran i
U l F k D S O N NEW AND SEASONED C O R P O R A ? ? B O N D S I
I I I
I I
I I IL-L I
I
Exhibit 0 - Part II
Yields on Hew Corporate Bond Issues Adjusted to an Aaa baais
Number Affl't of issues Average
yield
included (mil,
of
(per cent).
issues of dollars)
Number Ain't of Issues Average
included (mil. yield
of
(per cent)
of dollars)
Weekly averages:
1963 - Dec. 6
13
20
27
1964 - Jap. 3
10
17
24
31
Feb. 7
14
21
28
60.0
95.0
150.0
4.41
4.45
4.54*
130.0
5.0
!
15.0
4.50
4.44
4.41
15.0
50.0
4.33
4.30
4.34
81.0
4.39
85.0
4.46
Apr,
60.0
Hotel
reo/ferlng
May
8.0
50.0
1.53
w
H. 14
Exhibit H
Long-term Corporate and State and Local Government
Security Offerings and Placements
(In millions of dollars)
New Capital
1964
January
February
March
April
May
June
E/
£/
p/
925
750
734
e/2,100
e/1,100
July
August
September
October
November
December
1st
2nd
3rd
4th
quarter
quarter
quarter
quarter
d/2,409
1st half
Three quarters
" Year
Corporate 1/
1963
613
594
1,144
1964
592
859
807
IHE
e/1,100
e/ 850
State and Local 2/
1962
1963 p/
732
746
976
876
1,133
869
866
930
873
912
786
628;
930
904
1,013
1,113
760
1,132
676
637
795
582
749
579
680
708
449
612
544
427
1,013
819
1,415
835
703
1,103
1,051
729
416
650
578
550
2,351
2,847
2,109
3,246
2,258
3,005
1,910
2,641
2,454
2,665
1,837
2,197
2,637
2,571
1,582
1,779
5,198
7,307
10,553
5,264
7,173
9,814
5,110
6,955
9,151
5,208
6,790
'8,568
11/2,368
3/
Excluding finance companies —'
1st
2nd
3rd
4th
quarter
quarter
quarter
quarter
e/2,059
Year
e/
£/
V
2/
3/
2,284
2,529
1,768
2,854
2,199
2,919
1,775
2,410
9,434
9,303
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
New Corporate Security Issues, Type of Issue and Issuer
(In millions of dollars)
!
Quarter
\
or
Total
Month
Gross proceeds for new
capital and refunding 1/
Common Memo:
Foreign
and
Mfg.
Privately
pfd. issues
Publicly
stock included
offered
offered
Net proceeds tor
new capital \f 2/
Public Communi Other
utility cations issuers
2,566
3,236
772
967
1,139
1,424
654
845
69
62
935
792
595
836
104
147
893
1,263
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
2,700
3,634
2,436
3,466
1,108
1,389
898
1,319
1,306
1,820
1,251
1,780
287
424
287
367
128
434
109
47
947
591
806
968
326
794
285
530
236
221
150
118
842
1,241
868
1,629
1964 - I £ /
II
2,556
982
1,282
292
29
440
424
245
1,300
"! 1962 - July
I
Aug.
Sept.
7
Oct.
\
Nov.
v
Dec.
630
922
632
976
784
1,197
200
477
176
539
286
264
366
363
295
314
446
808
. 67
82
161
123
52
125
13
43
46
34
99
217
218
166
153
271
345
118
110
148
141
175
252
88
120
'167
260
4
57
159
301
199
282
253
451
! 1963 - Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
695
642
1,363
1,049
1,340
1,246
810
756
871
1,116
891
1,459
350
259
499
380
550
459
279
336
283
511
183
626
243
289
774
452
694
675
431
318
501
481
549
751
102
94
91
217
95
113
100
100
87
, 125
159
83
25
43
60
56
182
196
46
21
42
10
10
27
135
220
592
148
216
227
297
272
237
240
214
515
114
115
97
341
222
230
107
100
. 78
201
131
198
125
68
43
71
92
58
86
25
39
41
13
64
991
779
786
2,140
338
279
365
380
533
413
336
400
120
87
85
1,360
5
16
8
n.a.
153
137
150
220
108
156
160
140
:<• i 9 6 i - i n
K
. i v
1962 - I
II
III
H
^
#
% 1963 - I
I
II
j
.i
i
i
1964 - Jan.
Feb.
Mar.
April
May
j>/
£/
£/
e/
£/
152
88
5
1,330
-
238
191
412
369
373
499
187
240
441
531
461
637
512
369
419
410 .
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.
H. 14
Exhibit J
Other Security Offerings
(In millions of dollars)
Gross
——Foreien government 2/
|
1963 ,
1962
1964
January
February
March
April.
May
£/
£/
e/
e/
4
81
50
25
July
August
September
October
November
December
Jan. - April
e/
160
July
August
September
October
November
December
Jan. - April
1964
142
10
35
10
86
50
25
8
31
151
88
101
E/
498
197
e/
771
737
2
Year
January
February March
April
May
232
133
76
57
114
11
63
83
one*-term 1/
e/
e/
|
Federal aeencv 3/
1963
|
1962
148
246
156
186
461
--
25
459
150
175
174
200
--
25
334
863
1,167
1,188
Net she)rt-term 4/
State and local government 5/
Federal aeencv 3/
75
18
103
12
-106
272
466
236
-189
-459
-186
-367
-482
198
£/ -458
127
589
292
92
E/
-84
-30
195
-118
-10
319
78
62
414
339
208
327
-406
-173
258
71
259
123
234
146
-102
-161
-339
551
n. a.
Year
569
425
692
378
j
•>S 0
1,600
247
-156
226
-364
82
284
261
227
-157
379
55
-80
i
*
:>•/
1,004
2./ Preliminary. e/Estimated by Federal Reserve, n. a. --Not available. JL/These data differ $
from those in Exhibit H in that refunding issues, as well as new capital issues are include
Long-term securities are defined as those maturing in more than one year. 2/lncludes securities offered in the United States by foreign governments and their political subdivisions;
and international organizations. Source: Securities and Exchange Commission. 3/Issues notV,
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.
13
Large Long-term Public Security Issues for New Capital
(Other than U. S. Treasury) 1/
Proceeds of Large Issues Offered
(In millions of dollars)
Total
1963 - April
May
July
Augus t
September
October
November
December
964 - January
February
March
April
409
149
348
199
236
237
446
180
547
307
263
335
1,557
Corporate
Bonds
Convertible
(Other than
bonds
convertibles)
-
Stocks
146
263
149
348
180
218
215
380
117
515
225
200
296
235
19
18
22
66
63
32
22
28
38
1,271
--
60
35
51
State
and
local
governments
Other 2/
431
389
372
279
329
135
734
373
111
577
358
282
698
134
43
460
60
20
174
200
--
50
20
Large Individual Issues Offered May 1 through 8
,
%
Amount
(millions Maturity
of
dollars)
Coupon
Offering
rate or
yield
net interest cost
Rating
Corporate
^.I.T. Financial Corp.
"Columbia Gas System, Inc.
{
Type
Issuer
'
Deb.
Deb.
100.0
50.0
G.O.
50.0
50.0
4.8
11.2
21.3
17.5
1989
1989
4-5/8
4-5/8
4.68
4.64
1966-90
1974-2014
1967-84
2006
1965-97
1965-79
3.21
3.53
2.25-3.40^
2.95-3.631/
2.50-3.30
3.55
2.15-3.40
2.15-3.13
State and Local Government
State of California
H. Y. State Pwr. Auth.
Rev.-Ut.
Cincinnati, Ohio
Maryland State Roads Comm.
G.O.
Rev.-S.T.
3.55
3.16
3.15
Aa
A
Aa
Aa
14
H. 14
K-2
Large Individual Issues Offered May 1 through 8
Issuer
Type
Amount
(millions
of
dollars)
Maturity
Coupon
rate or
net interest
cost
Offering
yield
Rating
Other
Republic of Finland
Bonds
15.0
1976
6
6.24
"
*--Rights offering, n.a. -- Not available.
If 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/ Bonds maturing 1989-90 not publicly reoffered.
5/ Bonds maturing 2014 not publicly reoffered.
;
:
H. 14
Exhibit L
Forthcoming Large Long-term Public Security Offerings for New Capital
(Other than U. S. Treasury) If
Expected Proceeds from Forthcoming Large Issues
During month following
date shown
State and
Corporate local govt.
Other 2/
1963 - Apr.
May.
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
1964 - Jan.
Feb.
Mar.
Apr.
30
31
28
31
31
30
31
29
31
31
28
31
30
149
223
170
221
158
240
145
392
305
155
224
1,587
651
Corporate
Subsequent to
date shown
State and
Other 2/
local govt.
234
40
447
288
460
255 "
215
142
75
20
267
329
183
210
561
240
255
145
1,992
137
1,905
469
1,771
316
1,649
454
1,837
25
669
844
345
15
Forthcoming Large Offerings as of May 8
issuer
Type
Amount
(millions
of
dollars)
599
582
287
512
468
757
401
349
731
667
646
953
575
40
460 .
75
20
25
15
Approximate date
of offering
Corporate
Puget Sound Pwr. & Lt. Co.
Philadelphia Elec. Co.
Alabama Pwr. Co.
Virginia Elec. & Pwr. Co.
Central 111. Pub. Ser. Co.
Potomac Elec. Pwr. Co.
Michigan Consol. Gas Co.
Texas Eastern Trans. Co.
Mountain Fuel Supply Co.
Wisconsin Pub. Ser. Corp.
Long Island Lighting
^General Tel. Co. of Cal.
Michigan-Wisconsin Pipe Line Co.
Louisiana Pwr. & Lt. Co.
Public Ser. Co. of Colorado
Laclede Gas Co.
Communications Satellite Co.
Pacific Gas. & Elec. Co.
1st mtg. bds.
1st & ref. mtg. bds.
1st mtg. bds.
Com. stk.
1st mtg. bds.
1st mtg. bds.
1st mtg. bds.
Deb.
Deb.
1st mtg. bds.
1st mtg. bds.
1st mtg. bds.
1st mtg. bds.
1st mtg. bds.
1st mtg. bds.
1st mtg. bds.
Com. stk.
Com. stk.
15.0
50.0
29.0
36.0
20.0
45.0
30.0
40.0
18.0
18.0
25.0
35.0
20.0
25.0
35.0
20.0
200.0
68.0
May 13
May 13
May 15
May 20
May 20
May 21
May 22
May 26
May 27
May 28
June 3
June 4
June 10
June 11
June
June
July
(rts. ex.)
H. 14
L-2
Forthcoming Large Offerings, as of May 8 (Cont'd)
Type
Amount
(millions
of
dollars)
Approximate date
of offering
State and Local Government
Denver, ColoJ
Alabama Tech. Sch. & Jun. Coll Auth.
Columbusj Ohio
Atlanta-Fulton Co. Rec. Auth., Ga.
Boston, Mass.
Puerto Rico Water Resources Auth.
State of Hawaii
Oklahoma City, Okla.
New Orleans, La.
Houston, Texas^
Florida Dev. Comm.
Los Angeles Un. Sch. Dist., Calif.
Penna. State Highway & Bridge Auth.
Orange Co. Spec. Tax Dist. #1, Fla.
*Va. State Highway Auth.
Seattle, Wash.
*Merced Irr. Dist., Cal.
Pittsburgh, Pa.
Dade County, Florida
Forth Worth, Texas.
Rev.-Ut.
Rev.-Rent.
G.O.
Rev.-Q.-Ut.
G.O.
Rev.-Ut.
G-O.
G.O.
G.O.
G.0.„
Rev.-Q.-Ut.
G.O.
Rev. -Q. -Ut.
Rev.-S.T.
Rev. -Q. -Ut.
Rev.-Ut.
Rev.-Q.-Ut.
G.O.
G.O.
G.O.
10.0
14.5
13.2
18.0
10.6
20.0
15.0
11.9
14.5
23.5
17.0
25.0
25.0
25.0
31.0
60.0
36.0
35.0
46.0
14.1
May 12
May 12
May 12
May 12
May 12
May 13
May 13
May 19
May 20
May 27
May
June 2
June 16
June 29
Spring
July 15
July 15
Indefinite
Indefinite
Indefinite
Other
None
^--Included in Table for first time.
If 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 for Federal agencies.
Note.--Deletions for reasons other than sale of issue: None.
n
H. 14
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 . S o l d March 1 through May 8
Inter-American Development Bank-4-1/2
bonds, maturing 1984, offered to
yield 4.507.
3/23
50.0
4/1
25.0
United Mexican States--6-1/2%, sinking
fund debentures, maturing 1979
offered to yield 6.75%
* 5/7
15.0
Republic of Finland--6% bonds, maturing
1976, offered to yield 6.24%
B.
None
Prospective Offerings
H. 14
M-2
Part II:
Date
reported
Private Placement—Reported March 1 through May 8
Amount
(millions of
dollars)
Issuer and Description of Issue
4/1
12.5
* 5/8
4.0
Israel Discount Bank Ltd.--5-1/2% capital
notes, maturing 1979—no information
available on takedown.
* 5/8
10.0
Pacific Great Eastern Railroad Co.—4-1/2%
sinking fund debentures, maturing 1994-no information available on takedown
C. Itoh & Co. Ltd--6-l/2% convertible
unsecured debentures, maturing 1984-no information available on takedown.
Note: For retrospective data on aggregate foreign corporate and government security
offerings in the United, States see Exhibit 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 data a placement is reported.
^--Included in table for first time.
:
@FedFRASER