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

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Not for Publication

DECONTROLLED AFTER SIX MONTHS

May 16, 1966

CAPITAL MftFFFTS nPVFTnmirjjTg
W THE UNITED STATES
BANK orporate and municipal bond markets. Corporate security offer..irtgs^ifpr n< w capital this week will be about the same as the prior week's
moderate dollar volume. The municipal market on the other hand, will
"""receive a sharply increased amount of new issues--a $75 million State of
Ohio issue represents one-fourth of the total.
Long-term Public Security Offerings 1/
(In millions of dollars)

Corporate
New Capital | Refunding

State and local Government
New Capital | Refunding

Sold:
52 week avg.

168

May

243r/
115

6
13

203

3

6

140
125

Scheduled:
May 20

110

,

280

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.
Investors responded unenthusiastically to the major corporate
debt issues offered last week, and as a result, large unsold balances
remain in syndicate. Both new and seasoned yields advanced 1 basis
point.
Municipal yields were largely unchanged to a slight decline
in some issues. Municipal dealer's advertised inventories declined
to below the $500 million mark, as a renewed investor interest appeared
to be a factor in the strength of last week's market.
Stock prices. The stock market declined significantly last
week in active trading. Standard and Poor1 s index of 500 stocks declined
2.37 to end the week at 85.47--the lowest level since August 1965.
Common stock prices have now receded approximately 7.6 per cent from the
historic high of 94.06 attained February 9. Trading volume averaged
8.6 million shares a day.
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.




H. 14

-2-

Yields in Security Markets
Level latest week

Change from
preceding week

High-Grade
Notes and Bonds
Corporate
New
Seasoned

5.15
4.95

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

4.54
4.88

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

3.52
3.66

-2

4.65

-20

4. 60
4. 79

-6

Money Market
Federal funds
Treasury bills
3-month
6-month
Date
Offered
5/4

+1
+1

Corporate Bonds Still in Syndicate
Amount
Va. Elec. & Pwr. Co.
50.0
Conv. deb.-, 3-5/8

5/11
5/12

-1
Reoffering
Yield

Est. proportion
Rating
sold

3.63

1/3
1/2

16.0

Kansas Gas & Elec. Co.
1st mtg. bds., 5-5/8, 1996

5.50

75.0

Southern Cal. Edison Co.
1st mtg. bds., 5-1/4, 1991

5.25

Aa

1/3

Blue List of Municipal Dealer's Advertised Inventories
(In millions of dollars)
Latest Date
493

(5/11)




End of Previous Week
521

Recent High
620

(2/8)

I O N G - T C R M B O N O VlilttS, M I O H - O N A D 1

5.5

5.0

CORPORATE Aaa
4.5

4.0

U . S . GOVERNMENT

3.5

3.0
S T A T E A N D LOCAL GOVERNMENT A M

1911

1862

1963

1964

State and
local
government
Aaa 3/

1965

1966

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

Date

Corporate
Aaa \J

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

4.61 (1/29/60)
4.19 (3/29/63)
4.41 (3/12)
4.99(4/1)
4.73 (1/7)

.92 (4/22/60)
4.42 (1/8/60) 3.65 (9/24/59) .59 (8/5/60)
3.85 (12/26/62) 2.88 (11/9/62) .21 (12/27/63)
.80 (1/5/62)
.22
4.13 (6/25)
2.94 (2/11)
.94
4.71(3/4)
3.63(3/3)
.46
1. 19
4.42(1/21)
3.39(1/13)
. 14
1.02

4 95
4.95
4.95
4.94
4.95

4.55
4.57
4.58
4.59
4.54

Apr. 15
22
29
May
6
13 £ /

U.S. Govt.
long-term 2/

3.42
3.47
3.50
3.52
3.52

.40
.38
.37
,35
41

1.13
1.10
1.08
1.07
1.02

uZ Preliminary,
y Weekly average of daily figures. Average term of bonds Included is 22-24 years,
TJ Weekly average o f dally figures. The series includes bonds due or callable i n 10 years or more,
j/ Thursday figures. Only general obligation bonds are included; average term is 20 years,
V o t e , — S i g n s and l o w s are for individual series and may be on different date* for different
series. For spreads, high refers to widest, and low to narrowest.




CORPORATE B M

STATE AND LOCAL GOVERNMENT Baa

1961

1962

1963
1964
Exhibit B -- Part II

Corpora te
Baa 1/

Date

State and
local govt.
Baa 3/

1965

1966

Spread between
Aaa and Baa
State and
Corporate

(per cent)
1959-60 - High
Year end - 1962
1964
1965
1966 - High
Low
Apr. 15
22
29
May 6
13j>/

5.36 (3/12/60)

4.46 (1/7/60)

.84

1.08

4.93
4.80
5.04
5.46(5/ 13)
5.05(1/14)

3.57
3.51
3.79
4.15(3/10)
3.78(1/20)

.70
.37
.31
.51
.31

.63
.52
.39
.62
.38

5.40
5.41
5.41
5.45
5.46

4.03
4 06
4.09
4. 13
4. 13

.45
.46
.46
.51
.51

.61
.59
.59
.61
.61

Vote i For footnotes see Exhibit A.




CIHIIIT C. Ull I

SM
GOVERNMENT

3 - 5 YEAR I S S U E S
8 - MONTH B I L L S

F . R . D I S C O U N T RATE

&
3 MONTH BILLS

1963
Exhibit C —

1964
Part II

Discount

V

1965
1966 - High
Low
Apr. 15
22
29
Hay
6
13j>/

3-S.y^ar

ISBMtf,V

Spread between yields on 3month bills and yields on
6-mo. blllsl3-5 vr. Issues

.79
.24
.04
.13
.10
.19
.24
.09

4.50
4.50
4.50
4.50
4.50

4.64
4.65
4.64
4.66
4.60

4.85
4.87
4.90
4.92
4.88

. 13
.09
. 10
.14
.19

.21
.22
.26
.26
.28

4.77
4.74
4. 74
4.80
4.79

1

3.81
3.41
4.07
4.07
4.90 .
5.04(2/25)
4.80(4/8)

1.81
1.15
.52
.55
.24
.43

4.50
4.50

4.59 (1/9/60)
2.90
2.66
2.93
2.89
3.64
3.52
3.93
3.83
4. 66
4.47
4.90(2/18)
4.66(5/6)
4.68(4/8)
4.50(3/25)

8

4.00
3.00
3.00
3.50
4.00
4.50

6-month
bills 2/
(per cent)
I
o

1959-60 - High
Year end - 1961
1962
1963
1964

3-month
bills 21

.41
.21

V Weekly rate ehoim 1» that In effect at end of period at the federal Reserve Bank of Mew Yoik,
"y Maxket yield* weekly average* oooputed from dally oloslng bid prices. Series of 3-6 year Issues
consists of selected notes and bonds.
Mote#—Sighs and laws, are for Individual series and may be on different dates for different series,
for spreads, high refers to widest, and low to narrowest.




SHORTBANKS

AND
AND

INTERMEDIATE-TERM
OTHER

PRIVATE

INTERS]

BORROWERS

PRIME RATE

FINANCE COMPANY PAPER

F.R. DISCOUNT RATE
FEDERAL FUNDS

1961

Date

1959-60 - High
Year end - 1961
1962
1963
1964
1965
1966 - High
Low
Apr. 15
22
29
6
May 13£/

1962

Prime rate

.

1963

\f

1964

1965

Finance
company
Federal funds 3/
paper
2/
(per cent)

5.00
4.50
4.50
4.50
4.50
5.00
5.50
5.00

5.13 (1/22/60)
3.00
3.19
3.88
4.06
4.75
5.38(5/13)
4.75(1/7)

5.50
5.50
5.50
5.50
5.50

5.25
5. 25
5. 25
5.38
5. 38

4.00 (5/13/60)
2.88
3.00
3.50
4.00
4.63
4.88(5/6)
3.55(1/21)
4. 75
4.82
4.33
r/4.88
4.68

1966

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

1.02
.34
.30
.36
.23
.28
. 78
.20
.61
.60
.31
. 72
. 78

2 / Weekly rate shorn Is that in effect at end: of period. Prime rate la that charged by large banks
on short-term loans to business borrowers of the hi^xest credit starting,
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 effeotive rate, which is the rate for the heaviest volume of purchase and
sale transactions as reported to the Federal Reserve Bank of New York.
Hotel—Highs and lows are for Individual series ami may be on different dates for different series,
for spreads, high refers to widest, and low to narrowest.

y




STOCK

MARKIT

1
4 —

PRICES

STOCK MARKET CREDIT
* CHANGE IN SERIES "

1
A/vsA n
VOLUME

1

\ P \ j N A
1

W

1

1963
4964
Exhibit E -- Part II

Common
Stock price
index 1/

1961-62 - High
Low
Nov. 1963
July 1965
1966 - High
Low

72.04(12/8/61)
52.68(6/22/62)
72.62
84.91
93.77(2/11)
85.47(5/13)

yields 2/
(per cent)

2.82

3.96
3.14
3.09
3.02
3 36

Trading
volume 3/
(millions
of shares)

10.1

2.4
5.3
4.1
10.7
7.2

cet customer credit
Customers *
Bank
debit balloans to
ances 4/
"others" 5/
(In millions of dollars)

5,60%14/61)
4,424(3/61)
7,298
6,833
7,950
7,726

4,259(13/61)
3.253(1/61)
5,586
4,863
5,753
5,551

1,418(5/9/62)
1,161(3/9/61)
1,712
1,970
2,197(3/2)
2,156(5/6)

1966 -Mar.
88.88
3.23
8.3
7,823
5,645
2,184
Apr.
91.60
3.15
9.3
2,156
Apr.22
92.27
3.13
9.3
2,164
29
91.06
3.17
7.7
2,156
May 6
87.84
3.29
9.6
2,156
13p/
85.47
8.6
3.36
—Not and 1*bio. p/Preliminary.
y Standard and Poor's composite Index of 500 common stocks. weekly closing price#, 1941f43»10.
Monthly data are averages of daily figures rather than of Fxlday's only. Highs and lews are for
Friday's data only.
y Standard and Poor's composite stook yield baaed on Wednesday data converted to weekly closing
prices by Federal Reserve. TQLelds shewn are for dates on which price index reached Its high
3/ Averages of daily trading volume on the New Ye* Stock Exchange. Yeax*-end figures are averages of
daily figures for the year.
V End of month figures for umber fins of the Hew York Stook Exchange whldi carry margin accountsj
excludes balances secured by U. S. Government obligations.
5/ Wednesdayfiguresfor weekly reporting member banks. Excludes loans for purchasing or carrying
U. S. Government securities• Weekly reporting banke account for about 70 per cent of loans to
others. For further detail see Bulletin.




M O R T G A G E A N D I O N 0 YIi 10$ *

HOME MORTGAGES:

Aaa CORPORATE BONOS:

1957

1858

1959

1960

FHi\
mortallees 2/

Conventional
mort25-year 30-year gages

1956
1957
1958
1959-60
1961-65
1966

- Low
- High
-'Low
- High

4.68
5.63
5.35
6.24
5.43

High
Low

6.04
5.72

1966 - Jan.
Feb.
Mar.
Apr.

5.44
6.00
5.70

5.72

5. 70

6.04

6.00

1961

1962

1963

1964

Spread beAaa Corporate
tween yields
on cony. &
FHA mort. Nev^/ Seasoned^
Rauee
Sf

5.20
6.00
5.55
6.30
5.80

.47
.47
.15
.23
.25

3.08
4.94
3.65
5.25
4.12

3.08
• 4.12
3.57
4.61
4.19

6.15
6.00

.30
. 15

5.27
4. 74

4.96
4.96

.30

4.84
4.98
5.27
5.05

4.74
4.78
4-92
4.96

6 00
6.05
6. 15
n.a.

. 15

1965

1966

Spread between
ylelda on new corporate bonds and
FHA atge.|Seasoned
4/
I bonds
.76
1.58
.88
1.69
•77

1.03
.05
.73
-.16

.88
. 73

. 35
.09

.88

. 10
. 20

.73
:o9

Neither aaortgage nor bond ylolda take Into aooouat aerrlelag oeata .whloh i n aaaoh higher f er
than bends. Generally, bonds pay latere at aeri-axmuallyf mortgagee, monthly. Mortgage yield a, it
computed as equivalent te a aead-«annal lsteraat investment, mmld be slightly higher than given in
the table.
y Based on IHAj-field-offiee opinions about average 144 primes in the private secondary market far new*,
hoaae mortgagee for Immadiate delivery. Separate data available for 25-year and,.beginning Jaly 1 W 1 —
30-year moartgagea with «1n1,wim downpajaenta, weighted by probable v o l m of traaeaotiona. Yields eo»>
puted by IHA, aaBurning prepayment period rf 12 ye are for 25—year mortgages and 19 years for SO—
year mortgagee. Over the period tap which they can be compared, the movement of the two mortgage
yield aerie a has be on similar* Dashed lima indicate periods of adjnstzaea* to changes in ceatraotual
Lsteraat ratea.
3/ Baaed on THi. field office opinion on typioal latereet ratea (rounded) on oonventlocal flret mortgagee
prevailing In the market areas of insuring office oltlea* Beginning with ipzil I960, rate relates
only to new-fecne mortgageei prior to that date, rate related to both new as well aa exiatlag-fcame
nortgagee. Daahed line indicatea this change in the aeries.
V THA mortgage yield data are for 23-year aaortgages through Jane M6lj 30-year mortgagee thereafter,
V See note for Exhibit Q.
%f Moody's Investor Service* Monthly averages of daily data. See Exhibit Ju




C O N V E N T I O N A L

MONIHIJT

MORTGAGE

TERMS

^

NEW

EXISTING

NEW

I

EXISTING

1962

1964
Exhibit F Part IV

New Homes
Con- Fees &
tract Charges Maturity
(Years)
Rate (Per
cent)
(Per
2/
1965
Jan.
Feb.
Mar.
Apr.
May

1966

Existing Homes
Loan/
Con- Fees &
Loan/
tract Charges Maturity Price amt.
Price
(Years) ratio (Thous.)
ratio (Thous.) Rate (Per
cent)
(Per
(Per
(Per
2/
cent)
cent)
.

July
Aug.
Sept.
Oct.
Nov.
Dec.

5.79
5.79
5.72
5.74
5.77
5.76
5.77
5.76
5.75
5.75
5.80
5.78

.59
.61
.49
.51
.53
.49
.55
.50
.56
.53
.54
.58

24.7
24.9
24.0
24.0
24.0
24.6
25.0
24.5
24.9
24.8
25.0
24.8

74.0
74.0
73.7
73.7
74.4
73.9
75.0
73.8
73.7
73.8
74.9
74.0

17 .5
17 .6
18,.5
18 .1
18,.2
17,.5
18,.3
18,,3
18,,1
18,,3
18,,5
18.,4

5 .95
5,.93
5 .91
5 .89
5,.88
5,.86
5,,86
5..86
5.,89
5.,87
5.,91
5.,91

.54
.54
.55
.49
.48
.49
.49
.46
.47
.48
.50
.51

19.9
20.3
20.9
20.4
20.3
20.6
20.6
20.4
20.1
19.9
19.4
20.2

71.6
72.6
72.7
71.8
71.9
72.1
72.1
72.1
71.6
71.3
72.0
72.4

13.6
13.8
14.6
14.0
14.1
14.3
14.5
14.1
13.7
13.9
13.9
14.5

1966
Jan.
Feb.

5.81
5.85

.51
.55

24.6
24.6

73.4
73.2

18.,0
18.8

5. 97
5. 97

.49
.51

20.6
20.3

72.6
72.0

14.3
14.4




YIELDS

O N

N E W

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

NEW I S S U E S

SEASONED A M

1966

1965

1964

1963

Exhibit 0 - Part II
Yields on New Corporate Bond Issues Adjusted to an Aaa basis
Number Ain't of issues Average
included (mil, yield
of
(per cent)
Issues of dollars)

Number Am't of issues Average
included (mil. yield
of
(per cent)
Issues of dollars)
Monthly Average
1965 - Aug.
Sept.
Oct.
Nov.
Dec.
1966 - -Jan.
Feb.
Mar.
Apr.

7
7
5
6
4
8
10
8
14

Weekly Avgs.
1966 - High
Low

166.5
288.5
108.0
267.0
212.0
300.0
304.5
263.0
702.3
5.38 (3/4)
4.82 (1/7)

4.63
4.67
4.69
4.72
4.85
4.84
4.98
5.27
5.05

Feb. 18
25
4

Mar.

Apr.

May

2

2
2

41.0
65.0
43.0

80.0

11

2

18

3
1
1
3
5
3

90.0
50.0
250.0
75.0
253.3
56.0

1
3

150.0
96.0

25
1
15
22
29
6
13
20

2

68.0

5.02
5.10
5.38
5.38
5.27
5.09
5.02
4.95
5.06
5.22
5.12
5.14
5. 15

Notai AT*rages of offering yield# on all new issues of publioly ofiered corporate bond® rated laa.
A. by Moody's Investors Service (except serial and convertible issues, offerings of natural gas pipeline
end foreign companies, and beads guaranteed by the Federal Government) weighted by A s e of offering.
Before averaging, new offerings are adjusted to a composite Aaa basis by deducting from the aotual
reofferlng yield t h excess of the weekly average yield for seasoned bands of the expropriate industryquality group over the composite average for seasoned Aa&-rated tends (Moody's), Averages considered
unrepresentative b e c a m e at special characteristics of fee offerings included are denoted by an asterisk.,




Exhibit H

H.14

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

New Ca oital
1966

Cornorate
1965

1964

State and local 2/
1966
1965 P/
1964

January
February
March

2/1,346
£/l,450
e/2,025

795
746
1,197

938
700
778

2/1,175
2/ 822
e/ 850

804
872
904

947
776
810

April
May
June

e/1,550
1/1,475

1,152
1,691
1,946

2,237
1,095
1,405

^a/1,140
e/ 900

826
924
972

1,242
667
903

1,290
850
1,392

812
680
1,130

986
648
966

906
780
892

924
1,325
1,496

953
669
1,642

794
1,021
754

801
529
948

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

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

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

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

7,527
11,060
14,805

7,153
9,775
13,038

5,302
7,902
10,471

5,345
7,923
10,201

July
August
September
October
November
December
1st
2nd
3rd
4th

quarter
quarter
quarter
quarter

e/4,821

1st half
Three quarters
Year

e/2,847

;

i

;?

;

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

quarter
quarter
quarter
quarter

Year
e/
EJ
1/
2/
3J

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

2,043
4,258
2,477
2,997

13,366

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.




!

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

Quarter
or
Month

Total

Gross proceeds for new
capital and refunding 1/
Bonds
Common Memo:
Publicly Privately
and Foreign
Offered Placed
Pfd. issues
stock included

Net proceeds for
new capital 1/ 2/
Mfg.

Public CommuniUtility cations

Other
Issuers

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

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

1965 - I
II
III
IV

3,007
5,043
3,912
4,030

906
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

1966 - I e/
if"

5,020

1,825

2,465

730

n.a.

1,703

988

625

1,480

1965

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

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
99

385
97
192
215
494
229
540
176
698
248
441
184,
399
202
307 . 297
414
287
273
158
402
209
470
243

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

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

1966 --^an.jgi/ 1.410
Feb.©/ 1,500
Mar,e/ 2 ,110
1, 600
Apr.
May
June

480
560
785
650

190
140
400
250

94
82
n.a.
n.a.

403
625
675
525

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

740
800
925
700

388
250
350
400

, 125
, 150
350
75

430
425
650
550

j>/ 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. 3/ Does not include U.S. Steel $600
million conversion of preferred stock to debentures. Source: Securities and Exchange
Commission.




Exhibit J
Other Security Offerings
(In millions of dollars)
f-rnss T.nno-fprm 1 /
Fn-rA-fon ilnvprnmpnt- 2/
1964
1966
196S

1966

January
February
March
April
May
June
July
August
September
October
November
December
Jan.-Mar.

8
40

91
33
74
5
52
75
2

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

256

155

661

636

218
38
73

n.a.

Year '

503

E/102
£/ 38
£/-238

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

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

1965

1964

129
185
325

--

775

275
260
160

---

—

239
150
375
375
179
n.a.

308
-24
450

~-

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

Jan. - Mar.
734
-129
—68
j>/-98
-194
-621
1,286
368
453
801
Year
£/ 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.




j

-•

314
2,732

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

Federal Aaencv 3/

|

I
1 ;
I
i
?
;
#
'

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

Total

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

Coroorjate
Bonds
(other than
Convertible
convertibles)
bonds
210
560
343
455
211
530
190
559
212
370
391
544
481

307
928
801
477
299
530
246
736
262
485
545
890
643

Stocks

97
53
320
22
62

State
and
local
governments

--

26
16
--

144
--

115
70
271
106

—-

84
75
55

2/

260
40
430
20
50
170
43
95

411
492
377
655
312
563
409
538
413
787
424
339
720

315
138

40
33
50

Other

---

55
60

Large Individual Issues Offered May 1 through 13
Issuer

Conors te
Weyerhaeuser Co.
Virginia Elec. & Pwr. Co.
Bank of the Commonwealth,
Detroit, Michigan
Kansas Gas & Elec. Co.
Southern Calif. Edison Co.

Type 2/

Amount
(millions
of
dollara)

Maturity

Coupon
rate or
net interest cost

Offering
yield

Reting

150.0
50.0

1991
1986

5.20
3-5/8

5.20
3.63

Aa
A

Cap. notes
15.0
16.0
1st mtg. bds.
1st & ref. mtg. bds.75.0

1991
1996
1991

5-7/8
5-5/8
5-1/4

6.00
5.50
5.25

Aa
Aa

1967-86

3.63

3.20-3.604/

Aa

S.F. deb.
Conv. deb.

State and local Government
G.O.
Dallas, Texas

19.0

G.O.

20.2

1967-86

3.62

3.20-3.63

Aa

Rev.-Rent.

19.3

1970-2006

3.89

3.50-3.88

Aa

Rev.-Rent.

25.13

1967-76

3.80

3.40-3.65

Aa

Cleveland, Ohio
Evansvilie-Vanderburgh
Bldg.Auth., Ind.
Ala. Highway Fin. Corp.,
Montgomery, Ala.
Other
NONE




•A

AV
*--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; Rev.-Rent.,
revenue bonds secured solely by lease payments.
4/ Bonds maturing 1986 not publicly reoffered.




(7
H. 14
Exhibit L
Forthcoming Large Long-term Public Security Offering for Hew Capital
(Other than U.S. Treaaury) 1/
Expected Proceeda from Forthcoming Large Iaauea
(In million# of dollara)
During month following
date ahown
State and
Corporate
Other %!
local govt.

}
V 1965 - Apr. 30
May 28
June 30
July 30
I
Aug. 31
Sept.30
Oct. 29
1
Nov. 30
Dec. 31
j 1966 - Jan. 31
Feb. 28
Mar. 31
Apr. 30

&

»

I

852
765
363
193
312
206
412
297
553
530
828
489
248

411
328
397
248
404
269
343
398
501
340
366
253
399

25
70
20
——
——

15
25
20
20
-—

20
-—
--

Corporate

Subaequent to
date ahown
State and
local govt.

Other y
25
70
20

635
474
524
353
450
331
578
458
582
461
504
334
546

852
923
410
340
636
303
489
344
676
931
1,176
606
1,034

---

15
25
20
20
20
90
55
55

Forthcoming Large Offerings as of May 13

Iaauer

toreem*
Pub. Serv. Co. of Colo.
Union Elec. Co.
Mich. Consol. Gas Co.
United Air Lines
Mountain States Tel.&Tel. Co.
Louisville G. & E. Co.
Pa. Pwr. & Lt. Co.
Boeing Co.
Metropolitan Edison Co.
Gulf Power Co.
Occidental Petroleum Corp.
I.B.M.
Southwestern Bell Tel. Co.
%ATX Corp.




Type

1st mtg. bds.
1st mtg. bds.
1st mtg. bds.
Com. stk.
Deb.
1st mtg. bds.
1st mtg. bds.
Com. stk.
1st mtg. bds.
1st mtg. bds.
Conv. sub. deb.
Com. stk.
Deb
Equip, trust cert.

Amount
(milliona
of
dollara)

35.0
30.0
30.0
100.0
50.0
16.0
30.0
160.0
15.0
15.0
62.0
350.0
150.0
40.0

Approximate date of
offering

May
May
May
June
June
June
June
June
June
June
June
June
June
June

17
18
25
2 (rts. ex)
2
8
9
14 (rts. ex.)
15
16
20 (rts. ex.)
21 (rts. ex.)
23

L-2
Forthcoming Large Offerings as of May 13 (Cont'd)

Issuer

Type

Amount
(millions
of
dollars)

Approximate date
of
Offering

State and Local Government
Kearney St. Col.>Kearney, Neb.
Charlotte, North Carolina
State of Ohio
Suffolk County, N.Y.
*Penn
Hills Sch. Auth., Pa.
Yuba County, Calif. Water Agency
Santa Clara Co. Fid. Control and Wtr.
Conservation Dist., Calif.
Fla. St. Bd. of Ed., Tallahasse
Baltimore County, Maryland
Jersey City, New Jersey
New Orleans, La.
-*Phila. , Pa.
*New York State Dorm. Auth.
Georgia St. Highway Auth.
Kentucky Turnpike

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

10.0
10.3
75.0
19.4
10.0
160.0

May
May
May
May
May
May

16
17
18
19
19
24

G.O.
Rev.-Rent.
G.O.
G. 0.
G.O.
G.O.
Rev, -Rent.
Rev.-Q.-Ut.
Rev.-Q.-Ut.

14.2
25.0
13.0
15.0
19.0
28.8
24.5
16.6
130.0

May
May
May
May
May
June
June
June
June

24
24
24
24
25
1
1
8

Other
City of Montreal, Canada
Republic of Ireland
Nippon Tel. & Tel. Public Corp.
Industrial Dev. Bank of Israel

Bonds
Bonds
Bonds
Cum. pfd. stk.

30.0
20.0
15.0
20.0

June
Indefinite
Indefinite
Indefinite

|
f
'

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
I
issues and non-guaranteed issues of Federal Agencies.
Note:

Deletions for reasons other than sale of issue:




None

Exhibit M

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.

Sold March 1 through May 13

3/15

20.0

Govt, of New Zealand—6-1/2% bonds, maturing 1986,
reoffered to yield 6.87%. ***

3/15

35.0

Province of Ontario--5-1/2% debentures, maturing 1996,
reoffered to yield 5.50%.

4/14

60.0

Quebec Hydro-Electric Commission--5-3/8% debentures,
maturing 1992, reoffered to yield 5.45%.

B.

Prospective Offerings
"V

June

30.0

City of M e n t m l , Canada - Bonds.

Indefinite

20.0

Republic of Ireland - Bonds.

Indefinite

15.0

Nippon Telegraph and Telephone Public Corp. - Bonds,

Indefinite

20.0

Industrial Development Bank of Israel -Clin, pref. stk,

*--Included in table for first time.
**-~Issue sold to investors outside of U.S.
***—Issues subject to interest equalization tax.




M-2
Part lit

Date Reported

Private Placements - Reported March 1 through May •" 3

Amount
(millions

Issuer and Description of Issue

of dollars)'
3/14

28.0

Bell Telephone Co. of Canada—4.83% notes, maturing
1985, no Information available on takedown.

3/14

14.3

Manitoba Telephone System^-5% guaranteed bonds, maturing
1991—no information available on takedown.

3/21

11.0

Canadian Gas & Oil Ltd.— 3-7/8% bonds, maturing
1983—no information available on takedown*

3/21

36.3

Intercontinental Pulp Co. Ltd.— % bonds^ maturing
1986—no information available on takedown.

3/2

30.0

Northwestern Pulp & P V T . Ltd.—5/58% senior notes, maturing
1983—no information available on takedown,

3/2

46*3

Prince Albert Pulp Co, Ltd.—3.20 notes, maturing
1989—no Information available 6n takedown,

3/4

13.0

New Brunswick Blec. Power Commission— % 8.F. deb, maturity
1991—no information available on takedown.

5/10

20.0

British Columbia Sch. Dist., Capital Financing Auth-5-1/2% debentures, maturing 1986--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 Eh'e:*.E*hlbit 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 date a placement
is reported.