Full text of H.16 Capital Market Developments : May 15, 1961

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NotJfor Publication ~
' DECONTROLLED AFTER SIX MONTHS
May 15, 1961.
L_MA£KET DEVELOPMENTS
f THE UNITED STATES
Public s e c u r i t y f i n a n c i n g was l i g h t l a s t week but was expected
t o be i n l a r g e volume t h i s week. Subscription r i g h t s expired f o r a
$15 m i l l i o n corporate c o n v e r t i b l e debenture i s s u e during the week ending
May 12 and two State and l o c a l government bond o f f e r i n g s t o t a l i n g
million were s o l d . This week seven l a r g e corporate i s s u e s , including
those f o r which s u b s c r i p t i o n r i g h t s e x p i r e , with aggregate gross proceeds
of $L97 m i l l i o n a r e scheduled; two l a r g e S t a t e and l o c a l government bend •
i s s u e s with p a r value of $65 m i l l i o n are on the calendar. A $25 m i l l i o n
Canadian municipal i s s u e i s a l s o scheduled f o r sale in t h e United S t a t e s .
Long-term bond y i e l d s . Yields on U. S. Government and corporate
bonds declined l a s t week while y i e l d s on State and l o c a l government bends
remained s t a b l e .
Short- and i n t e r n e d i a t e - t e r n i n t e r e s t r a t e s . Yields on Treasury
b i l l s increased s l i g h t l y l a s t week while those on intermediate-term
U„ S. Government o b l i g a t i o n s declined 8 b a s i s p o i n t s t o a new low f o r
the y e a r . The e f f e c t i v e r a t e f o r Federal funds rose sharply from the low
l e v e l of t h e immediately preceding weeks, averaging 2.35 p e r c e n t . Other
s h o r t - and intermediate-term i n t e r e s t r a t e s were unchanged.
Mortgage and bond y i e l d s . Average secondary market y i e l d s
on s e l e c t e d unseasoned FHA new home mortgages declined 7 b a s i s p o i n t s
f u r t h e r i n A p r i l to 5.75 p e r c e n t , the lowest l e v e l since the summer of
1959» The spread between y i e l d s on FHA mortgages and those a v a i l a b l e
on new high-grade corporate bonds declined to 133 b a s i s p o i n t s , t h e
narrowest since December.
Stock p r i c e s . Common stock p r i c e s , as measured by Standard
and Poor's index of 500 stocks, declined s l i g h t l y l a s t week i n heavy
t r a d i n g . The Friday c l o s e of 66.1*5, however, was l e s s than one-half
of one per cent below t h e mid-April peak. Trading volume averaged 5 . 2
m i l l i o n shares a day, t h e heaviest t r a d i n g i n more than a month.
More d e t a i l e d information concerning recent c a p i t a l market
developments i s presented i n the a t t a c h e d e x h i b i t s .

Capital Markets Section,
Division of Research and S t a t i s t i c s ,
Board of Governors of the Federal Reserve System.




~x
EXHIBIT A
LONG-TERM

BOND

YIELDS

HIGH-GRADE




w

> A

Exhibit B - Tables f o r Exhibit A

-3-

Long-term Bond Yields
High-grade
Date

U. S. Govt,
long-term 2 /

Corporate
Aaa 1 /

(per cent)
1551* - Low
1957 - High
1958 - Low
1959-60 - High
1960 - Low
1961 - High
Low

2 . 8 5 (4/23)
l l . l l * (9/27)
3.55 (5/2)
l * . 6 l (1/29/60)
1*.23 (9/9)

l*.3l* (1/6)
1*. 21 ( 3 A 7 )

2.1*5
3.76
3.07
1*.1*2
3.75
3.92
3.70

Apr. ll*
Apr. 21
Apr. 28
May 5
May 12 g /

1*. 2l*
1*.26
1*. 28
1*- 29 /
k.27/

3.81
3.81
3.78
3.73
3.70

State and
local
government
*»» 3 /

Spread between
U. S. Govt and
Corporate State and
Aaa
l o c a l Aaa

2.99 (9/1)
3.30 ( V 1 3 )
3.12 (2/23)

.30
.60
.22
.59
.19
.57
.10

.30
.50
.31*
.92
.53
.76
.1*6

3.30
3.24
3.21*
3.2k
3.2k

.1*3
.1*5
.51
.56
.57

.5L
.57
.53
.1*9
.1*6

1.90 (9/2)
3.1*5 (e/28)

(8/6)
(10/16)
(4/25)
(1/8/60)
(9/5)

2 . 6 4 (s/i)
3 . 6 5 (9/24/59)

(1/20)
(5/12)

Lower-grade

Date

Corporate
Baa 1 /

State and
l o c a l govt.
Baa y

Spread between
Aaa and Baa
State and
Corporate
l o c a l govt.

(per cent)
195k - Low
1957 - High
1958 - Low
1959-60 - High
I960 - Low
1961 - High
Low
Apr. Ill
Apr. 21
Apr. 28
May 5
May 12 2 /

5.36
1*.98
5.12
5.00

1*.16 (3/23)
3.95 ( 5 A D

.52
1.27
.77
.81*
.71
.81
.73

.96
1.21
.93
1.08
.a*
.93
.71

1*. 03
3.98
3.98
3.95
3.95

.76
.71*
.73
.73
.71*

.73
.71*
.71*
.71
.71

(2/12/60)

2.93
1*.51
3.61*
1+.1*6

(9/9)

3 . 9 8 (12/29)

3.1*k (12/31)
5 . 1 0 (n/20)
1*.5L ( 7 / U )

(1/27)
(V21) .

5.00

5.00
5.01
5.02
5.01/

(a/5)
(a/29)
(5/1)
(1/7/60)

g / Preliminary.
A
I / Weekly average of dally f i g u r e s . Average term of bonds Included l a 23 *26 year#.
2/ Weekly average of dally figures. The series includes bonds due or callable i n 10 years or more.
3/ Thursday f i g u r e s . Only general obligation bonds are Included* average term i s 20 years.
Mote,—Highs and lows are for i n * v i d u a l series and may be on d i f f e r e n t datss for d l f f s r s n t series*
Tor spreads, high r e f e r s t o widest, and lew to narrowest;




SHORT-

AND

I N T E R M E D I A T E ^ TERM

INTEREST

RATES

GOVERNMENT
Wl£ k | v

mis

jJiVT*

*\ji
M V ' A /

u

v

/

A

1

t

J

8 . D I S C O U N T BATE

r

X \ i-i-YEAI

M

w
A

-

V 3 - MONTH 1
M a r k e t Yie

BANKS AND OTHER PRIVATE BORROWERS

[

DISCOUNT
J
RATES
/




-5-'

Exhibit D - Tables for Exhibit C
Qtort- and Internediate-teim I n t e r e s t hates
Government
Date

Discount
rate

3-month
b i l l s 2/
.61 (6/11)

1 . 6 6 (4/30)

3.02 (12/26)

4 . 0 4 (10/18)
2.14 («/«)

5.07
2.38

5 . 0 0 (12/24/69)
3 . 40 (12/30)

1.50
3.50
1.75
3.00
3.00
3.00

4.59
2.11
2.56
2.17

lipr.

3.00
3.00
3.00
3.00
3.00

2.31
2.25
2.23
2.22 /
2.23Z

14

f-'Apr. 21
ripr.
# a y

28
12 2 /

3-5 year
issues 2/

3 . 6 4 (10/I8)
. 5 8 (5/29)

, 1954 - Low
1957 - High
- 1958 - Low
;1959-60 - High
i960 - Low
11961 - High
t
Low

4.00

Yields
6-month
b i l l s 2/
(per cent)

(1/8/60)
(10/28)
(3/3)
(1/27)

(i/e/60)
(12/30)

is l a

2.52
2.41
2.35
2.38
2.1(0 •

Spread between y i e l d s on
3-month b i l l s and y i e l d s on
6-mo. b i l l s 13-5 yr. issues

3.59 (1/20)

.66
.86

.26

.04

11

1.81

3.15 (5/12 )

.12

.25

i : 2

3.40
3.38
3.32

.21
.16
.12
.16

1.09
1.13
1.09

.92

1.01
.92

.17

Ifei&s an^. OtherrPrivate Borrowers
Date

Stock Exchange
c a l l loan 1/

354 - Low
' J 5 7 - High
%?58 - Low
1^959 -60 - High,
I 9 6 0 - Low
>,1961 - High
;
Low

3,00
4,50
3.50
5.50
4.50
4.50
4.50

3.00
4.50
3.50
5.00
4.50
4.5o
4.50

'[Apr. 14
fApr. 21
Apr. 28
May 5
May 12 jo/

4.50
4.50
4.50
4.50
4.50

4.50
4.50
4.50
4.50
4.50

Finance company
paper ] /

Prime
rate 1/

Federal
funds 4 /

Spread between
3-mo. b i l l s and
finance co. paper

(per cent)

%

1/

n.a.
3«£0 (11/8)
.13 (V29)

1 . 2 5 (12/31)
3 . 8 8 (n/15)
1'. 13 (8/8)
5 . 1 3 (1/22/60)
2v 8 8 (12/30)

2.88 3/10)
2.50 ( 5 A 2 )
-

2.64
2.53
2.50
2.50
2.50

'

4 . 0 0 (5/13/60)
. 9 5 (12/2)

.

2.85 (2/17)
.43(1/27)
2.35
1.15
.75
.60
2.35

0

.63
-.35

1.02

.22
.56
.15

•:S
.27
.28
.27

Weekly rate show*
In e f f e c t a t end of period. Discount rate i s for federal Reserve Bark of Men York.
Stock Exchange call l t * h > a t e I s going rate on call loans secured by customers' stock exchange collateral a t
Neil York City banks, Mme rate I s that charged by large banks on ahort-ter* loans t o business borrowers of
the highest credit standing.
2/ Market yield; weekly averages computed from dally closing bid prices. Series of 3-5 year Issues consists of
selected notes and bonds.
»
3/ Average of dally r a t e s published by finance companies for directly pitied paper for varyisg matirltles in the
90-179 day rapye.
.
^
4/ Weekly average of dally effective r a t e , which i s the rate for the heaviest voluse of purchase and sals transactions
1
as reported to the Federal Reserve Bank of New York.
Not-*.—Highs and lows are for Individual series and may be on d i f f e r e n t dates for different dates for d i f f e r e n t t o r l e s .
Ftor spreads, high r e f e r s to widsst, and low to narrowest.




STOCK MARKET CREDIT
'-X-CHANGE

MORTGAGE

AND

BOND

YIELDS

Monthly

New

Issues

I

, ir /
\

, .




/

„

Seasoned

Exhibit r - Tables f o r Exhibit E.
Stock Market

Date

1957-60 - High
Low
1961 - High
Low
: March
April
; Apr. 28
; May 5
i May 12 g /

Trading
Common
volume 3/'
stock
yields 2/ (millions
(per cent) of shares)

Stock price
index 1 /

3.08
lj.72
2.92
3.32

6 0 . 5 1 (7/31/69)
3 9 . 1 8 (12/20/57)

66.52 (5/5)

58.1*8 (1/6)

ilf
6li . 1 2

2.97
2.92
2.92

66.52
66.15

k.9
1.1*

ht76h
3,551A

•5.1i

1,774
n.a.
n.a.
n.a.

!:«

23.9°i

Stock market customer c r e d i t
Customers1
Bank
debit b a l loans to
ances It/
"others" $/
(In millions of dollars)

Total

if. 5

1*.6

(4/59) 3,1401 (4/69) 1 , 3 7 3 ( 5/59)
(1/59) 2,1*82 (12/57) 1 , 0 6 0 (11/57)

3,6ol*
n.a.
n.a.
n.a.
n.a.

5.2

m

1,271

. ..Hot a v a i l a b l e .
g / Prnlln-lwry.
Standard and Poor's ccmpoelte index of 500 ocaraon rtockJ, weekly olooli-j p r l e e t , 19tl-43«10. Monthly data are
avirages of d a l l y figure0 rathor than of M d e y ' s only. Hielm and lows are for M d a y e ' data only.
Standard and Poor's ocopoz.lt6 stock y i e l d baoed on Wednesday data converted t o weekly closing prices by Fodoral
Reoerve. Yields ohovn ore f o r dateo on which prloe Index reached l t a high or low.
3 / Averages of dally t r a d i n g volixie on the Mew York Stock Bcchaiye.
4 / End of month f i g u r e s f o r member flitsa of the Haw York Stock Exchange which carry margin accountsj exclude# balances
secured by U. S. Government o b l i g a t i o n s .
5 / Wednesday figure0 f o r weekly roportli-g member banks. Exeludea loans for purchasing or e a r r j l r g 0 . S. Ooverimeiit
r o e u r l t i e s . Prior t o July 1, 1959, such losnn are excluded only a t banks I n Hew York and Chicago. Weekly reporting
banks account f o r about 70 per coot of loans t o o t h e r s . For f u r t h e r d e t a i l see Bulletin.

v
y

Mortgage and Bond Yields 1/
FHA
mortgages 2/ •
*1953-58 - High
Low
7
1959-60 - High
"
Low

5.63
lt.56
6.21*
5.57

11960 - December
1961 - January
February
March
April

6.0l*
6.00
5.88
5.82
5.75

(11/57)
(2/55)
(1/60)
(3/59)

Spread between now
Aaa corporate
corporate bonds and
bonds 1/
New 3/ |Seasoned~li7 FHA mortr»r?esTSfaagon»d bonds
It.81
2.7I*
5.29
It.29
1*. 79
1*.35
It. 31
It. 26
lt.lt2

il oomp u o i v i i ' i i , ih-^.1 j v j ,

Service.

(6/57)
(3/51*)
( 9/59)
(2/59)

vr-»

4.12
2.81*
It.61
It. 12

x

f k

1.76

• .83
1.25
1.65
1.57
1.56
1.33

It. 35
lt.32
It. 27
It. 22
It. 25

Monthly <iverf>r/» of dally datn.

Mooity'a Invefltora
DigitizedA/for
FRASER


(9/57
(V51*)
(1/60)
(1/59)

.... .

ti

See Exhibit B.

.90
-.12
.77

.08
.1*1*

.Olt
.17

Exhibit G

-8-

Long-term Corporate and S t a t e and Local Government
Security Offerings and Placements
(In m i l l i o n s of d o l l a r s )

1961
JanuaryFebruary
March.
April
May .
June

Mew c a p i t a l
S t a t e and l o c a l 2/
Corporate 1 /
1 I960 . I 1959
1961
1 I960
1 1959

560..
66?
%

577
715
860

821
738
646

708
634
e/800

e/2,000
e/950

766
567
1,034

894
785
887

®/725
e/550

July
August
September

727
962
738

October
November
December
1st
2nd
3rd
4th

quarter
quarter
quarter
quarter

'
1,%09

1st half
Three q u a r t e r s
Year

535
740
703

-

871*
959
876

879
864
900

2,151
2,367
2,427
2,709

2,204
.2,567
1,979
2,642

4,519
6,945
?,o55

'

4,771
6,750
9,392

.

e/2,142

700
611
568

648
859
638

545
991

934
568
987

492
606
683

443
521
470

348
501
491

593
450
478

1,880
2,256
1,780
1,340

2,145
2,488
1,433
1,521

4,136
5,916
7,257

4,634
6,067
7,588

Excluding f i n a n c e companies
1st
2nd
3rd
4th

quarter
quarter
quarter
quarter

Year
e/

1/
2/
.3/

BOUOJIld VGU.,

1,722
2,150
2,017
2,358 • .

1,999
2,412
1,716
2,503

8,248

8,630

i j.<wa--uiiiaaiua.jr ,

S e c u r i t i e s and Exchange Commission estimates of net proceeds.
Investment Bankers Association of America estimates of p r i n c i p a l amounts.
Total new c a p i t a l i s s u e s excluding o f f e r i n g s of s a l e s and consumer f i n a n c e
companies.




'

Exhibit ti

• f r -

Other Security Offerings
(In millions of dollars)
Proas long-term 1 / **
Foreign government 2 /
Federal agency 3 /
1961
! I960
1 1959
1961
I I960
1
" January
' February
' March

. 6
29
20

1959

2
17 5
70

81
60
2

/•. April
V May
v, June

3k
72
l*o

58
50
1*2

11*8
351*

> July
August
September

25
1
36

85
1
35

199

<1 October
y November
U' December
w
Tear

3h
2
1*1

33
30
70

160
11*9
181

86

533

51*7

1,672

707

252

182
150
150

199
175

—

98
150

—

Net short-term U/
State and l o c a l government 5 /
Federal agency 3/

if
«January
1
February
^ March

160
195

'4, April
v May
' June

70
-11*6
-157

•\ July
, August
f September

>8
iil5
-175

v October
November
December

-16
5b
-189 ' •

Year
E/
1/

-1*
181
1*

58
11*0
-80

18

,

-196
-202
-59

-82
176
33

-277
170
320

50
368
286

95
23
-201 .

362
133
79

-81
-176
-117

-23
-33
-250

280
210
a

362

-633

1,969

197
-25
-197
57
392
131

-W*
-162
-171*

Preliminary.
These data d i f f e r from those In Exhibit 0 In that refunding Issues, as w i l l ae new capital Issues, are included*
Long-term seourltles are defined as those maturing l a more than one year.
y
Includes s e c u r i t i e s offered in the United States by foreign governments and their subdivisions and by International organisations. Source* Securities and Bcehmge Commission.
3 / Issues not guaranteed by the 0 . S. Government. Sources long-term, Seourltles and Btchaage Commission; shortterm , Treasury Department and Federal Deserve.
1 / These data d i f f e r f r e e those i n Exhibit 0 and above i n that they represent new offerings l e s s retirements, whether
from the proceeds of refunding Issues or from other funds. Data include only i s s u e s with ertglaal n a t i v i t y e f o n e
year or l e e s .
5 / Principally tax and bond anticipation notes, warrants or c e r t i f i c a t e s and Public Housli* Authority notes. I »
hai
p Z r & T S Z v e * * *°Ua ln°luded
* * s < ** 1 , h B t l e w term than one year. Sourcei Bend Buyer and




-10-

Exhibit I
Large Long-term Public Security Issues f o r New Capital
(Other than U. S. Treasury) 1 /
Proceeds of Large Issues Offered
(In millions of dollars)
Month

State and
local
government

Corporate

I960 - A p r i l
May

309
139
1*1*2
303
581
266
566
1*65
260
11*7
26?
70
1,572

July
August
September
October
November
December
1961 - January
February
March
April

Other 2/

370
231*
561
191
298
367
1*6
186
222
391
360
1*05
383

71
28
30
75
25
77
150
99
67

Large Individual Issues Offered May 1 through 12
Issuer

Type y

Coupon
Amount
Offering
( m i l l i o n s Maturity r a t e or
Rating
net inter- yield
• of
dollars)
e s t cost

CORPORATE
Deb.
Bell Tel. of Pa.
20.0
Ex. bds.
Nippon Tel. & Tel. Corp.
15.0
Washington Gas Light Co.
Ref.mtg.bds.
15.0
Deb.
100.0
Continental Oil Co.
Conv.sub.deb. I5.lt
U. S. Freight Co.
STATE AND LOCAL GOVERNMENT
Los Angeles Unif. Sch.
Dist., Calif.
Grand Rapids, Mich.
Port of New York Auth.
C i n c i n n a t i , Ohio
Puerto Rico Wtr. Resoures
Auth.

2001
1976
1986
1991
1981

li-3/1*
6
I1-I/8
h-1/2
5

Aaa

1*. 60
6.17
1*.85
1*.55
5.00

A
Aa
Ba

——

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

30.0 ' 1962-86
13.1 1962-82
35.0 1962-81
21.5 1962-2001

3.1*2
3.31
3.1*1
3.18

1.50-3.60
1.60-1*. 10
1.60-3.60. ,
1.1*0-3.1*0=/

Aa
Aa
A
Aaa

Rev.-Ut.

22.0

1*.08

2.15-LlO.

A

OMR




1963-98

;-2

footnotes
1/

Includes corporate and other s e c u r i t y o f f e r i n g s of $15 m i l l i o n and over;
S t a t e and l o c a l government s e c u r i t y o f f e r i n g s of 4>10 million and over.
2 / Includes f o r e i g n government and I n t e r n a t i o n a l Bank f o r Reconstruction and
Development i s s u e s and non-guaranteed i s s u e s by Federal agencies,
2 / In t h e case of S t a t e and l o c a l government s e c u r i t i e s , G. 0. denotes general
o b l i g a t i o n s ; Rev.-Ut., revenue o b l i g a t i o n s secured only by income from
p u b l i c u t i l i t i e s ; Rev.-Q.Ut., revenue bonds secured only by revenue from
q u a s i - u t i l i t i e s ; Rev.-S,T., revenue bonds secured by revenue from s p e c i f i c
taxes only; Rev.-Rent., revenue bonds secured s o l e l y bj l e a s e payments.
h / 3 p e r cent bonds of 1990-2001 not r e o f f e r e d .




i'ur; booming Large Long-term Public Security Offerings f o r New Capital
(Other than U. S. Treasury) 1/
Expected Proceeds from Forthcoming Large Issues
During month following
date shown
State and
Corporate l o c a l govt. Other 2/

Date of
computation
I960 - A p r . 29
May 31
June 30
July ?9
Aug. 31
Sept. 30
Oct. 31
Wov. 30
Dec. 30
1/'6l — Jan. 31
i e b . 20
Mar. 31
Apr. 23

202
1*83
237
596
216
5#
khO
260
91
110
55
1,500
Sh2

243
277
ieo
275
203
212
.
258
^ 242
ill 2
181
307
559
236

Subsequent t o
date shown
S t a t e and
Corporate local govt. Other 2/

30
30
77
50

15

357
553
L55
1,006
731
836
505
335
1,036
1,02:6
1,125
1,700
687

258
502
380
32li
283
336
391
560
602
360
638
800
579

60
30
127
50

15

Forthcoming Large O f f e r i n g s , as of May 12
Issuer

Luke Powers Co.
Tennessee Gas Transmission Corp.
New York Sta te Elec. & Gas Co.
Aerojet-General Corp.
Federal Paper Board Co.
New England Tel. & Tel. Co.
Ohio Edison Co.
Armco Steel Corp.
Allegheny-Ludlum Corp.
Michigan Consolidated Cas Co..
Consolidated Natural Gas Co.
New Orleans Public Service Corp.
-::-P. L o r i l l a r d Co.
Aldens, Inc.
Clark Ecuipment Credit Corp.
i-ndiana and Mchigan E l e c t r i c Co.
Columbia uas System Inc.
Brooklyn Union Gas Co.
--Consolidated Edison Co.
-"-Southern E l e c t r i c Generating Co.




Type

Com. s t k .

Amount Approximate date
(millions
of o f f e r i n g
of d o l l a r s )

16.6

Deb.
1st mtp. bds.
S. F. deb.
S.i'. deb.
Com. s t k .

75.0
25.0
15.0
20.0
1*5.0

1 s t mtg. bds.
S.1-. deb.
S.F. deb.
1 s t mtg. bds.
Deb.
1 s t mtg. bds.
S.F„ deb.
S.F. deb.
Deb.
S.F. deb.
Deb.
1 s t mtg. bds.
1st r e f . m t g . b d s .
1 s t mtg. bdc.

30.0
50.0

i5.o

30.0
liO.O
15.0
Lo.o
15.0
20.0
20.0

30.0

20.0

50.0

20.0

May 15
( r i g h t s expire)
. May 16
May 17
May 17
May 18
May 19
( r i g h t s expire)
May 23
May 23
May 2k
May 2 h
May 25
May 26
May 31
May
May
June
June
June
June

2
5
13
15

-13-

J-2
Forthcoming Large O f f e r i n g s , a s of May 12 (Cont'd)

Approximate date
of o f f e r i n g

Issuer

CORPORATE (Cont'd)
Michigan-Wisconsin Pipe Line Co.
Union Tank Car Co.
ttGimbel B r o s . , I n c .
Commerce Oil Refining Corp.
Realty C o l l a t e r a l Corp.

1st mtg.p.l.bds.
S.F. deb.
S.F. deb.
Deb., bds. & com.
C o l l . t r . notes

30.0
iiO.O
17.2
i£.o
20.0

June 15
June
June
Indefinite
Indefinite

Uo.o
2k. 6
25.0
32.0
17.2
50.0

May
May
May
May
May
May

STATE AND LOCAL GOVERNMENT
Chicago Board of Education, 111.
Penn. S t . Public School Bldg. Auth.
Owensburg, Kentucky
S t a t e of Ohio
Houston, Texas
New York S t a t e Housing Fin. Agency
Monroe County Wtr. Resources Auth.,
New York
Sacramento Mun. U t i l . D i s t . , C a l i f .
^Louisiana State Bond & Bldg. Comm.
^Milwaukee, Wisconsin
-xiXassau County, New Yoik
Massachusetts Turnpike Auth.
Orleans Parish School D i s t . , La.
Dade County, Florida
Jacksonville Expressway Auth.

Q.O.
Rev.-Rent.
Rev.-Ut.
G.O.
G.O.
Rev.
Rev.-Ut.
Rev.-Ut.
Rev.-S.T.
G.O.
G.O.
Rev.
G.O.
G.O.
Rev.-Ut.

17.0
30.0
1U.0
10.0
20.0
175.0
10.0
46.0
ijO.O

S.F. deb.

25.0

15
17
23
2k
2k

June 1
June 1
June 1
June 6
June
Indefinite
Indefinite
Indefinite
Indefinite

OTHER
C i t y of Montreal, Canada

May 18

*—Included i n t a b l e f o r f i r s t time.
1/

Includes corporate and o t h e r i s s u e s of $15 m i l l i o n and over; S t a t e and l o c a l
government i s s u e s of $10 million and over.
Includes foreign government and I n t e r n a t i o n a l Bank f o r Reconstruction and
Development i s s u e s and non-guaranteed i s s u e s by Federal agencies.
Note.—Deletions f o r reasons o t h e r than s a l * of i s s u e : none.
2/




-la-

Exhibit K
Yields on New and Outstanding
E l e c t r i c Power Bonds, Rated Aa and A 1/
,-rated o f f e r i n g yields
Amount above
Actual
seasoned y i e l d s
Actual
seasoned y i e l d s
(per cent) ( b a s i s p o i n t s ) (per cent) (basis points)
Aa-rated o f f e r i n g y i e l d s

Date

1952-1959 - High
Low
1959 - OcX,
Nov.
Dec.
1960 - Jan.
Feb.
Mar.
Apr.
May
June
July 8
13
Sept. 15
23
28
Oct. 5
21
Nov. 1*
16
17
18
Dec. 7 .
• Jan. 12
18
25
Feb. 8
16
16
itar. 23
2h
Apr. 13

2/



Amount a b o v e

5.30 (12/8/59)
2.93 (3/31/5U)

87

5.132/
*5.08
*5.30

36
42
63

5.09
li.82

45
25
37
32
26

• h.91
*4.88
1.63

5.33

1*3

5.k5,,

51
28

*5.302/
4.97
5.1U
5.15
*1.95
4.93
U-88

ii

4.80

27
17
24
22

4.78
4.85

33
ho

5.00
4.60
4.55
4.44

49

4.37

9
35
29
11

11
8
24

4.88
5.05

1*3

11.

7

-2

;

4.60
14.65
4.1*7
4.50
U.Uo
it. 65

- 5
17