Full text of H.16 Capital Market Developments : May 20, 1968

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Not for Publication
H. 1

DECONTROLLED AFTER SIX MONTHS

LIBRARY

May 20, 1968.

1

MAV 23 1968. c/jPITAL MARKETS DEVELOPMENTS
FEDLi-JiL RESERVE BANK
IN THE UNITED STATES
OF RICHMOND

•Oogpogflto and municipal bond markets. The volume of new, pub icly
offered, corporate securities expected this week will be belowj:he ave: age
weekly volume over the past year, while the volume of new municipals wi 1
be above average. The largest corporate issue will be the Michigan and
Wisconsin Pipeline Company's $50 million of first mortgage pipeline bonds,
while the municipal volume features $145.5 million of local housing authority bonds. The week's volume will be supplemented by the Newfoundland
and Labrador Power Commission's $25 million of debentures.
Long-term Public Security Offerings
(In millions of dollars)
Corporate
New Capital
Refunding

1/

State & local Government

Sold:
52 week avg.
May

10
17

316

t/248

r/306
262

r/294
233

220

364

Scheduled:
May

24

1 7 F e d e r a l Reserve estimates are based upon published reports of
issues sold and scheduled for offering; corporate rights offerings
are included as of date subscription rights expire.
Yields on new and seasoned corporate bonds were largely unchanged
last week; however, very few sales were made at these yield levels. Anj
indication of how miss-priced last week's issues were relative to those of
the week before is given by the performance of the Consumers Power issue
offered the week before and released from syndicate last week. In free
market trading the yield on this issue advanced 15 basis points. Market
conditions, in fact, led the Appalachian Power Company to postpone indefinitely
its $65 million offering, previously scheduled for this week.
Yields on seasoned municipals advanced sharply last week, but new
issues were very poorly received. By the end of the week, less than 50 per
cent of the week's offerings had been sold. The volume of dealer's inventories advertised in the Blue List rose.




H. 14

-2-

Yields on Security Markets
High-Grade
Notes arid Bonds

Change from
preceding week

Corporate

6.62

New
Seasoned

6.27

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

5.38
5.95

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

4.25
4.55

9
12

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

6.43

f
f

+

5.67
5.87

40
15
15

Corporate Bonds Still in Syndicate
Amount
Reoffering
(miliions of $)
Issuer
Yield
Rating

Estimated proportion sold

5/15"

35.0

Wisconsin Elec. Power,
6-7/8's - 1998

6.78

5/14

20.0

SCM Corporation,
7-1/4's - 1988

7.35

5/14

70.0

Chesapeake & Potomac Tel.
of Virginia,
6-3/4's - 2008
6.73

Aaa

35%

5/13

45.0

Northern States Power,
6-3/4's - 1998

6.75

Aa

50%

5/6

12.0

Laclede Gas
7's - 1993

6.88

Aa

80%

5/1

25.0

Dial Finance
7.30's - 1998

7.30

Aa

50%
85%

85%

. Blue List of Municipal Dealers1 Advertised Inventories
Latest

Week

578(5/14/68)




End of Previous Week
535

Recent High
849(4/26/67)

H. 14

Housing Start3 and permits. Seasonally adjusted private
starts, which had turned downward in March, reached an annual rate of
1,620 thousand in April, the highest since February of 1964. The rise
|
reflected in part a further acceleration of builder schedules at a time
j
when additional tightening in money markets seemed imminent and available
commitments outstanding and permits were still quite high. Even so, the |
rise, which may be subject to downward revision, was apparently exaggerated
by technical measurement factors. For seasonal adjustment purposes, Census
makes no explicit allowance for working days. And this year, the number
of potential working days in April (22) actually exceeded those in March
(21) for the first time since 1963.
Multifamily starts accounted for the major share of the rise
from March to April, but single family starts also participated. Regionally,
the increases in the Northeast (from an unusually reduced March rate) and !
in the West were particularly marked. Among the other regions only the
North Central states showed a month-to -month decline.
Government-underwritten starts accounted for 17 per cent of total
starts in April. This compared with 16 per cent a year earlier and some- i
what less in April of 1966.
Unlike starts, seasonally adjusted building permits, which had
been at unusually advanced rates in recent months, dropped in April—by
6 per cent. The decline affected both single-family and multifamily
structures and all regions except the West.
Stock prices. Common stock prices drifted lower last week in
fairly heavy trading volume. By the close Frid^, the Standard & Poor's
index of 500 stocks stood at 96.90, down 1.90 from the previous Friday.
Trading volume averaged 12.6 million shared 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.




:

EXHIBIT

A, Port 1

LONG-TERM BOND YIELDS, HIGH-GRADE

C O R P O R A T E All

U.S. G O V E R N M E N T

r

STATE A N D LOCAL G O V E R N M E N T A##

1963



1964

1965

1966

1967

1111

Exhibit A -- fare xi

1 Corporate
j Aaa 1/

Date

1959-60 - High
1966 - High
- Low
1967 - High
- Low
1968 - Apr.
May

j
j 4.61(1/29/60)
| 5.52(9/9).
4.73(1/7)
6.24(12/29)
5.00(2/10)

19
26
3
10
17 £ f

6.20
6.22
6.25
6.25
6.27

State and
U.S. Govt. |
local
long-term 2/j government
Aaa 3/
(per cent)

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

4.42(1/8/60)
4.87(9/2)
4.42(1/7)
5.49(11/17)
4.37(2/3)

3.65(9/24/59)
4.04(8/25)
3.39(1/13)
4.15(12/28)
3.25(2/9)

.59(8/5/60)
.84(12/30)
.14(2/18)
.92
,44

5.28
5.33
5.32
5.32
5.38

4.08
4.18
4.20
4.16
4.25

.92
.89
.93
.93
.89

.92(4/22/60)
1.19(2/11)
.77(9/2)
1.51
.74
1.20
1.15
1.12
1.09
1.13

p/ Preliminaryc
#
1/ Weekly average of daily figures. Average term of bonds included is 22-24 years.
2/ Weekly average of daily figures. The series includes bonds due or callable in 10
years or more.
3/ Thursday figures. Only general obligation bonds are included; average term is 20
Note--Highs 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.




-4-

EXHIBIT B, Port 1

L O N G - T E R M B O N D Y I E L D S , LOWER GRADE
Weekly

CORPORATE Baa

STATE AND LOCAL G O V E R N M E N T Baa

Moody »

——

_-V~S

1963




1966

1967

1111

Exhibit B —

State and
local govt.
Baa 3/

Corporate
Baa 1/

Date

Part II

(per cent)

Spread between
Aaa and Baa
State and
Corporate
local govt.

1959-60 - High
Year end- 1965
1966 - High
Low
1967 - High
Low

5.36(2/12/60)
5.04
6.18(12/30)
5.05(1/14)
6.97(12/29)
5.81(4/14)

4.46(1/7/60)
3.79
4.55(8/25)
3.78(1/20)
4.73(12/28)
3.85(4/13)

.84
.31
.81
.31
.82
.63

1.08
.39
.62
.31
.81
.37

1968 - Apr.

6.95
6.96
7.00
7.01
6.99

4.83
4.84
4.84
4.83
4.85

.75
.74
.75
.76
.72

.75
.66
.64
.67
.60

May

Note:

19
26
3
10
17j>/

For footnotes see Exhibit A.




EXHIBIT

C, Pari 1

S H O R T - A N D I N T E R M E D I A T E - T E R M INTEREST RATES
GOVERNMENT
<r

6 - M O N T H BILLS

3-5 YEAR ISSUES

F *. DISCOUNT RATI
3-MONTH BILLS
Market Yields

1963



Exhibit C -- Part II

Date

1 Discount
rate
1/

1959-60 -High
Year end - 1965
1966
1966 - High
Low
1967 - High
Low

4.00
4.50
4.50
4.50
4.50
4.50
4.00

1968 - Apr.
May

19
26
3
10

5.50
5.50
5.50
5.50
f 5.50

3-month
bills 2/

Yields
6-month
bills 2/
(per cent)

3-5 year
issues 2_/

Spread between yields on
3-mo. bills and yields on
6-mo. bills I 3-5vr. issues

4.59(1/8/60)
4.47
4.80
5.52(9/23)
4.39(6/24)
4.99(12/29)
3.41(6/9)

5c07(1/8/60)
4.66
4.92
5.92(9/23)
4.53(6/24)
5.50(12/15)
3.74(6/2)

5.00(12/24/59)
4.90
4.86
5.83(9/2)
4.80(4/8)
5.80(11/10)
4.36(4/7)

.79
.19
o 12
.52 \
= 09
.62
.01

5.39
5.50
5.50
5.52
5.67

5.51
5.63
5.66
5.72
5.87

5.70
5.88
5.88
5.88
5.95

. 12
.13
.16
.20
.20

1.81
.43
.06
.78
.01
1.61
.02

\J Weekly rate shown is that in effect at end of period at the Federal Reserve Bank of
New York,
2/ Market yield; weekly averages computed from daily closing bid prices. Series of 3-5
year issues consists of selected notes and bonds.
Note--Highs 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.




.19
.38
.38
.36
.28

EXHIBIT

D, Part 1

S H O R T - A N D I N T E R M E D I A T E - T E R M INTEREST RATES
B A N K S A N D OTHER P R I V A T E BORROWERS

PRIME RATE
FINANCE COMI
Directly

placed




F.R. DISCOUNT RATE
FEDERAL FUNDS

1964

1967

1118

Exhibit D —

Date

Prime rate 1/

Part II

Finance
company
paper 2/

Federal funds 3/

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

(per cent)
1959-60 - High
Year end- 1964
1965
1966
1966 - Low
1967 - High
Low
1968 - Apr.
May

19
26
3
10
17j>/

5.00
4.50
5.00
6.00
5.00(3/4)
6.00(12/29)
5.50(12/1)

5.13(1/22/60)
4.06
4.75
5.88
4.75(1/7)
5.75(1/6)
4.38(6/23)

4.00(5/13/60)
4.00
4.63
5.63
3.55(1/21)
5.25(1/6)
3.40(10/27)

6.50
6.50
6.50
6.50
6.50

5.63
5.75
6.00
6.00
6.00

5.70
5.68
6.22
6.03
6.43

1.02
.23
.28
1.08
.20
1.33
.21
.24
. 12
.50
.48
.33

I/ Weekly rate shown is that in effect at end of period. Prime rate is that
charged by large banks on short-term loans to business borrowers of the highest
credit standing.
2/ 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.
Note.-Highs 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.




-10-

EXHIBIT

E, Port 1

STOCK M A R K I T
Billions

of

1941-43 «*#**##= 10

dollar*

111

PRICES

STOCK MARKIT CREDIT
* CHANCE IH SERIES
Million* of skeres

VOLUME

YIELDS
1 1 1 1 1 -J1 1—1—I—1—L—
1 11 11| |M
11
1963




| 1 II M H
1964

1 1 1 1 II 1 II
1965

VI

1 1 1 1 ! 1 1 1 1 1 1 1 .1 i r i i i i i i i i

1966

1967

iiiiiiiiiii
1861

Exhibit E —

Stock price
index 1/

Date

1961-62 - High
Low
1966 - High
Low
1967 - High
• Low
1968 - Mar.
Apr.
1968 - May

3
10
17£/

Part II

Stock market customer credit
Common
Trading
Customers'
Bank
stock
volume 3/
Total
debit bal- loans to
yields 2/ (millions
"others"5/
(per cent)
ances 4/
of shares)
(In millions of dollars)

72.04(12/8/61)
52.68(6/22/62)
93.77(2/11)
73.20(10/7)
97.26(10/6)
82.18(1/6)

2.82
3.96
3.01
3.97
3.01
3.58

10.1
2.4
10.7
5.0
12.3
6.9

89.09
95.67

3.34
3.12

9.2
14.7

98.66
98.50
96.90

3.04
3.06
3.12

14.6
12.8
12.6

4,259(12/.61)
3,253(1/61)
5,835
5,169
7,883(12/67)
5,290(1/67)

1,418(5/9/62)
1,161(3/8/61)
2,241(7/6)
2,097(12/14)
2,057(11/1)
2,055(1/25)

9,586
n.a.

7,212
n.a.

2,374
2,346

n. a.
n. a.
n.a.

n.a.
n.a.
n.a.

r/2,327
r/ 2,346
n.a.

5,602(12/61)
4,424(1/61)
7,997
7,302
10,347(12/67)
7,345(1/6)

n.a. Not Available. p/ Preliminary, r/ Revised.
1/ Standard and Poor's composite index of 500 common stocks, weekly closing prices, 1941-43=10.
Monthly data are averages of daily figures rather than of Friday's only. Highs and lows are
for Friday's data only.
2J Standard and Poor's composite stock yield based on Wednesday data converted to weekly closing
pricfes by Federal Reserve. Yields shown are for dates on which price index reached its high
or low.
3/ Averages of daily trading volume on the New York Stock Exchange. Year-end figures are averages
of daily figures for the year.
4/ End of month figures for member 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
U.S. Government securities. Weekly reporting banks account for about 70 per cent of loans to
others. For further detail see Bulletin.




-12-

PRIVATE HOUSING STARTS AND PERMITS
2.0
SEASONALLY

ADJUSTED

DATA

HOUSING STARTS

1.6

1.2
BUILDING PERMITS

PER C E N T

OF

UNADJUSTED

TOTAL

STARTS

M1jLTI-FAMILY

GOVERNMENT UNDERWRITTEN
1961

1962




1963

1964

1965

1966

1967

1968

Exhibit F - Part II

Total

housing
Tvpe nf financing Tvpe
Multi1-2
Seasonally adjust- Unadjusted
Other family family
VA
FHA
ed annual rate

Date

illding
mnits
Ktasonally
icljusted
annual
2/ -

(Thousands of units)

1967 - Apr.
- May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
1968 • Jan.
Feb.
Mar.
Apr. £/
V

1/

1,116
1,274
1,233
1,369
1,407
1,445
1,496
1,590
1,250
r/1,456
r/1,537
1,500

114
132
125
125
127
122
135
118
80
r/81
r/85
126
164

12
18
19
15
17
lb
19
1.5
16
14
r/17
20
23

4
5
5
5
6
5
5
4
4
3
4
5
5

83.5
97
92.3
109
90.6
101
86.8
106
87.8
105
82.0
101
86.7
111
72.3
99
50.2
61
63 r/47.8
r/66 r/58.8
83.0 %
"102
136,. 104.8

30.2
39.8
34.8
28.4
39.5
39.8
48.7

46.1
29.9
32.7

HHH
erences in timing and coverage.

£/

Preliminary.

r/

Revised.




-14-

1,028
1,033
1,109
1,093
1,127
1,159
1,212
1,158
1,323
1,102
1 ^ 1 , 3 6 0
1,376
1 907
i)d
units
guar5ield
e
been
conareas
ginning
aces,
nt
<jliff-

EXHIBIT

G, Port I

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

IS

Adjusted lo

Aao

Bo

NEW ISSUES

II

55

S.I

SEASONED All
Moody's

4.5

1964




1965

1966

1967

1968

Exhibit G - II
Yields on New Corporate Bond Issues Adjusted to an Aaa basis

Number
of
Monthly averages;
1968 - Jan.
Feb.
Mar.
Apr.

13
13
10
7

Am't. of issues Average
included (mill.
yield
of dollars)
(per cent)
567.0
564.5
350.0
415.0

6.24
6.29
6.56
6.49

Number |Am't. of issues Average
of
included (mill.
yield
issues 1 of dollars)'
(per cent)
Apr. 5
12

19
26
May

3
10

!

17£/:

50.0
25.0
215.0
125.0

6.58
6.41
6.42
6.65

75.0
71.0
170.0

6.63
6.64
6.62

Weekly averages:
High
6.65(4/26/68)
Low
6.18(1/12/68)
Note: Averages of offering yields on all new issues of publicly offered corporate bonds rated Aaa,
Aa, and A by Moody's Investors Service (except serial and convertible,issues, offerings of natural
gas pipeline and foreign companies, and bonds guaranteed by the Federal Government) weighted by
size of offering. Before averaging, new offerings are adjusted to a composite Aaa basis by
deducting from .the actual reoffering yield the excess of the weekly average yield for seasoned
bonds of the appropriate industry-quality group over the composite average for seasoned Aaarated bonds (Moody's). Averages considered unrepresentative because of special characteristics
of the offerings included are denoted by an asterisk.
j>/ Preliminary.




-16-

Exhibit H

(In millions of dollars)
New Ca
Corporate

January
February
„ March
April
May
June

r A 1,706 v
r/ 1,570 v
E/ 1,739 <

1,648
1,399
2,317

1,302
1,237
2,446

1,134
£/1,173
£/1,356

1,482
1,194
1,439

1,188
858
865

e/ 1,675

1,973
1,474
2,611

1,553
1,058
2,364

e/1,100

1,111
1,222
1,497

1,193
901
I,141

2,454
2,407
1,723

1,039
1,670
1,382

943
858
1,324

701
773

1,020^

2,289
1,467
2,336

829
1,085
1,635

974
I,424
1,060

755
969
940

5,364
6,058
6,584
6,092

4,985
4,975
4,091
3,550

4,115
3,830
3,125
3,458

2,911
3,235
2,494
2,664

11,421
18,007
24,098

9,959
14,050
17,601

7,945
II,070
14,529

6,146
8,640
II,304

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

Quarter
Quarter
Quarter
Quarter

1st half
Three quarters
Year

1st
2nd
3rd
4th

5,015

Excluding finance companies 3/

Quarter
Quarter
Quarter
Quarter

Year
e/

State a

5,207
5,913
6,338
5,657

4,924
4,884
3,969
3,188

23,115

17,269

Estimated by Fealral Reserve.

•




-17-

2/3,663-

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

Total

Net proceeds
Gross proceeds for new capital
for new capital 1/ 2/
and refunding 1/
Bonus
Common Memo:
Other
Publicly Privately and
Foreign Mfg. Public CommuniUtility cations Issuers
Offered Placed
pfd.
included
stock

3,669

2,047

1,247

375

117

1,232

984

417

918

5,464
6,208
6,833
6,294

3,263
4,017
4,604
3,107

1,811
1,465
1,551
2,137

390
726
678
1,051

60
65
234
93

2,442
997
3,014 1,268
2,792 1,219
2,527 1,255

543
548
595
269

1,382
1,228
1,976
2,040

5,491

2,465

1,724

989

313

1,854 1,394

411

1,356

2,362
2,016
1,519
2,673
2,589
2,481
1,763
2,409
1,500
2,385

1,618
1,368
965
1,684
1,889
1,813
902
1,375
645
1,087

601
410
396
659
486
418
647
566
551
1,020

143
238
158
330
214
250
214
469
304
278;

15
16
32
17
213
13
8
34
19
40

1,254
1,128
588
1,298
925
1,229
637
906
. 512
1,109

503
394
403
471
446
509
265
573
404
278

145
107
91
350
39
356
200
119
82
68

415
343
393
492
1,044
313
619
690
469
881

1968 - Jan.r/ 1,757
Feb'.r/ 1,604
Mar. £ 2,060
Apr. eh., 710

903
796
766
710.

16
61
236

r/537
r/556
r/761
" 635

r/417
r/546
r/431
"225

r/186
r/147
r/ 78
175

r/ 566
r/ 321
r/ 469
640

r/546 r/322
585 r/226
r/593 r/441
~ 700.
300

£/ Preliminary, e/ Estimated by Federal Reserve,ri,a. - Not available, r/ Revised
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.




Exhibit J
Other Security Offerings
(In millions of dollars)
Gross Long-term 1/
Federal Agency 3/
Foreign Government 2/
- 1966
1967
1968 2/
1967
1968
January
February
March
•
April
May

103r/
49
30

July
.
Augus t
September * ,
. October
November
December
Jan. - Mar.

182

196
—

223
27
13
170
22
586
193
66
142
18
419
1,656

Year

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

-

•

12
40 :
40
66
69
76
72
7
50
23
74
68
92
597

999
550
1,370

2,919

1966

1,251
783
750
650
810
650
407
250
599
708
710
612
2,784

503
410
392
699
1,030
1,084
799
400
450
800
239
913

8,180

6,806

'•"ef

1
i

New short-term 4/
. Federal Agency 3/ .
State and local Government 5/
179
' 103
490
-179
308
300^/
387
39
-552 .
-24
436
89jj)/
-594
-319
-593
-454
450
-604j>/
827
580
-559
718
515
462
109
85
i: 93
' -334
-187
284
-103
>15820
-590
270
-262
593
-270
-161
32
1,407
-652
-48
606
414
-555
503
49
573
-283
-570
36
-514
219
-28
-215
-177
333
-1,185
734

Year

1,721

422

660

310

jo/ 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.
2J ' Includes securities offered in the U.S. by foreign governments and their political
subdividions and international organizations. Source: Securities arid 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 jin 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 mav have a somewhat longer maturity than 1 year. Source; Bond Buyer & Federal

Reserve.
-19-



H. 14
Exhibit K
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

1967 - Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
1968 - Jan.
Feb.
Mar.
Apr.

Conor*ite
Bonds
(other than
Convertible
convertibles)
bonds

1,311
870
1,666
1,340
1,705
794
1,458
826
978
904
757
788
696

956
771
1,072
890
1,288
473
897
461
460
652
575
415
500

Stocks

213
55
409
317
350
257
285
150
437
168
105
135
723

State
and
local
governments

142
44
185
133
67
65
276
215
81
85
77
238
73

512
496
875
483
473
847
505
865
633
785
591
736
794

Other

2/

540
391
1
825
85
221
400
50
845
627
1,095
389
1,030
370

Large Individual Issues Offered May 1 through May 17.
Issuer

Type 2/

Amount
(millions
of
dollars)

Maturity

Coupon
rate or
net interest cost

Offer ing |
yield

Rating

Corporate
Dial Finance Company
Universal Oil Products Co.
Columbia Gas System
Chase Manhattan Bank
Consumers Power Co.
Nevada Power Co.
El Paso Electric Co.
Fidelity Corporation
Northern States Power Co.
Northern States Power Co.
Chesapeake & Potomac Tel.
Company of Virginia
SCM
-x-SCM
Wisconsin Elec. Power Co.
LTV Ling-Altec Inc.
Burroughs Corporation

Debs.
25.0
S.F. debs.
25.0
Debs.
50.0
Conv. cap.notes 150.0
1st mtg. bds.
55.0
1st mtg. bds.
15.0
1st mtg. bds.
16.0
.Conv. debs.
16.0
1st mtg. bds.
45.0
20.0
Pfd. stk.

1988
1993
1993
1993
1998
1998
1998
1988
1998

7.30
6-5/8
7-1/4
4-/78
6-/78
7-/8
6-/4
5-1/2
6-/34

7.30
6.66
7.25 '
4.88
6.70
7.25!
6.75]
5.50!
6.8Q

Debs.
70.0
S.F. debs.
20.0
Conv. debs.
41.5
1st mtg. bds.
35.0
Sub. debs, w/wts.15.0
Conv. debs.
. 50.0

2008
1988
1988
1988
1988
1993

6.79
7-1/4
5-1/2
6.84
6-3/4
3-3/4

6.73
7.35
n. sf.i
6-7/8




-20-

3.75

A
A
-—

Aaa
Baa
Aa
Aa
Aa
Aaa
Baa

K-2
Large Individual Issues Offered May 1 through May 17. (Cont'd)

Issuer

Type

3/

Amount
(millions
of
dollars)

Maturity

Coupon
Offerrate or
net intering
yield
est cost

Ratir^

* State & local Government
Kansas City, Missouri
Rev. -Rent.
Delaware, State of
G.O.
East Baton Rouge Parish, La. G.O.
Los Angeles Flood Control
District
G.O.
California, State of
G.O.
Jefferson, La., Parish-wide
School District #1
G.O.
Dallas Co. Jr. Coll. Dist.,
Texas
G.O.
Detroit, Michigan
G.O.
Los Angeles Co. S.E. Gen'1.
Hospital Authority
Rev. -Rent.
.Cincinnati, Ohio
G.O.
Medford, Massachusetts
G.O.
Austin, Texas

10.0
22.2
21.0

G.O.

1969-98
1969-1988
1969-98

4.90
4.05
4.80

3.80-5.15
3.50-4.15
3.75-4.90

AAa ;

10.0
100.0

1969-95
1970-94

4.58 .
4.54

3.65-4.65
3.75-5.00

Aa
Aa

15.0

1971-98

5.54

4.10-5.50

Bar

26.5
32.0

1969-91 -{,4.31
1970-2002— 4.80

3.60-4.40
3.75-4.90

Aa i
Aa ,•

22.4
13.9
15.8

1971-92
1969-98
1969-88

4.91
4-3/8
4.48

4.00-5.00
3.70-4.60
3.75-4.50

Aa >
Aa|

16.0

1969-88

4.51

3.70-4.60

20.0

1993

7-1/2

7.88

Other
Montreal Catholic Sch. Comm. S.F, debs.

1/
2/
3/

4/
5/
*

Includes .corporate and other security offerings of $15 million and over; State and
local security offerings of $10 million and over.
„t
Includes foreign government and International Bank for Reconstruction and Development j
issues and non-guaranteed issues by Federal Agencies.
Z
In the case of State and local Government Securities, G.O. denotes general obligation
Rev.-Ut., revenue obligations secured only by income from public utilities; Rev.-Q.-Ut
revenue bonds secured only by income from quasi-utilities; Rev.-S.T., revenue bonds
>>
secured by revenue from specific taxes only; Rev.-Rent., revenue bonds secured solely
lease payments.
<
Bonds maturing only at 2001 reoffered,
Bonds maturing only at 1990-91 reoffered.
)
Rights offering.
'




-21-

H. 14
Exhibit L
Forthcoming Large Long-term Public Security Offering for Mew Capital
(Other than U.S. Treasury) 1/
Expected Proceeds from Forthcoming Large Issues
(In millions of dollars)
During month following
date shown
State and
Other 2/
Corporate
local govt.

,

1967 - Apr.
.May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
1968 - Jen.
Feb.
>lar.
Aor.

30
31
30
31
31
30
31
30
31
31
29
31
30

963
1 ,449
1 ,636
1 ,261
694
534
1 357
826
968
531
873
758
I,103

326
596
401
512
783
768
505
865
633
449
683
494
695

70
100
40
100
65
50
845
402
60
130
15
45

Corporate

1,262
2,065
1,922
1,576
1,335
1,090
2,694
2,129
1,892
... 736
1,105
935
1,612

Subsequent to
date shown
State and
local govt,

346
616
402
575
903
889
743
1,,684
1,,076
937
- 1,,079
624
L 069

Other 2/

85
115
. 70
150
159
126
260
875
502
75
265
125
60

Forthcoming Large Offerings as of May 17,
Issuer

Type

Corporate
Indianapolis Power & Light Co.
1st mtg. bds.
Midwestern Gas Transmission Co.
Debs.
American Hoist & Derrick
Conv. debs.
Virginia Electric & Power Company
Com. stk.
Michigan Wisconsin Pipeline Co.
1st mtg. p.1. bds.
Ipwa-Illinois Gas ,
6c Electric Co.
Debs.
Alloys Unlimited Conv. sub. debs.
Monongahela Power Co.
1st mtg. bds.
Debs.
Northern Natural Gas
Dow Chemical Co.
Debs.
Union Oil of California
Debs.
Girard Trust Bank
Conv. cap. notes
1st mtg. bds.
Louisville Gas & Electric
Ogden Corporation
Conv. debs.
Southwestern Bell Telephone
Debs.
Wisconsin Michigan Power & Light Co, 1st mtg. bds.
Florida Power Corporation
1st mtg. bds.
Arkansas Power & Light
1st mtg. bds.
Columbus & Southern Ohio Elec.
1st mtg. bds.
-22-




Amount
(millions
of
dollars)

25.0
20.0
15.0
50.0
50.0
20.0
15.0
20.0
50.0
100.0
150.0
25.0
20.0
50.0
150.0
50.0
30.0
15.0
25.0

Approximate d;ite of
offering

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

20
20
21
22
22
23
27
28
28
28
4
4
5
5
6
12
13

L-2
Forthcoming Large Offerings as of May 17.

Issuer

Amount
(millions

Type

dollars)

Approximate date of
offering

Corporate (Cont'd)
* Pub l ic.Service Elec. & Gas Co.
1st mtg. bds.
*Daytori Power & Light Co.
1st mtg. bds.
^Montgomery Ward Credit Corporation Debs.
Allegheny Beverage Corporation
Conv. sub. debs.
Conv. debs.
Piedmont Aviation
Gordon Jewerly
Conv. debs.
Transcontinental Gas Pipeline
1st mtg. bds.
*Becton-Dickinson & Co;
Conv. sub. debs.
*Penzoil United, inc.
Debs.

75.0
25.0
60.0
20.0
15.0
15.0
50.0
25.0
100.0

June 18
June 19
June
Indefinite
Indefinite
Indefinite
Indefinite
Indefinite
Indefinite

State & local Government
. Hempstead, New" York
G.O.
Jefferson Co., Alabama
Rev. -Rent.
Puerto Rico
G.O.
Housing Assistance-Admin.
Bonds
Philadelphia, Pennsylvania.
G.O.
*Califorriia-State Colleges
Rev.-Rent.
Florida State Bd. of Education
G.O.
Chicago, Illinois
G.O.
New- York State
G.O.
Los Angeles Dept. of Water & Power Rev. -Ut.
Livonia, Michigan Pub. Sch. Dist.
G.O.
*Fulton Co, Sch. Dist.j Ga.
G.O.
Dormitory Auth. of the State of N.X Rev. -Rent.
Houston, Texas
G.O.
*State of Oregon
G.O.
Seattle, Washington
Rev.-Ut.
Pennsylvania Gen'l. State Auth.
Rev.-Rent.
Metro. Water Dist. of S. Calif.
G.O.
Dallas I.S.D., Texas
G.O.
Allegheny Co., Pennsylvania
G.O.
.Newark,- New Jersey
G.O.
Florida State Bd. of Education
Rev.-S.T.
Kentucky Turnpike Auth.
Rev. -Q. -Ut.
Los Angeles Dept. of Airports
Rev-Rent.
Other
Newfoundland & Labrador Power Comm. S.F. debs.
Export-Import Bank
Part. cert.
Canadian Utilities, Ltd.
S.F. debs.w/wts.




-23-

10.0
10.0
44.0
145.6
29.4
50.6
25.0
40.0
75.0
21.0
14.0
10.0
28.2
20.0
25.0
20.0
75.0
85.0
10.0
18.8
18.1
51.7
120.0
35.0

May 21
May 21
May 21
May 22
May 22
May 28
May 28
May 28
May 28
May 29
June 3
June 4
June 4
June 5
June 5
June 5
June 6
June 11
June 12
June 13
June 18
June 18
Indefinite
Indefinite

25.0
500.0
15.0

May 21
June 4
Indefinite

L-3

FOOTNOTES:
*--Included in table for first time.
1/ includes corporate and other issues of $15 million and over; State and 1ocal
Government issues of $10 million and over.
.
2/ Includes foreign government and International Bank for Reconstruction and
Development issues and non-guaranteed issues of Federal Agencies.
NOTE:

Appalachian Power postponed due to J*market conditions".




-24-

Exhibit M
Foreign Government and Corporate Security Offerings
and Placements in the United States
Part I:

Sale Date

Amount
(millions
of
dollars)

Public Offerings

Issuer and Description of Issue

A.

Sold: Mar. 1 through May 17,1968.

March

28

150.0

International Nickel Company -- Debentures
maturing 1993, reoffered to yield 6.85%.

April

16

75.0

Lakehead Pipeline Co. — 7-1/8% "S.F. debentures,
maturing 1993, reoffered to yield 7.17%.

•April .17

20.0

New Brunswick Higher Education Commission - (Canada)
7% S.F. debentures maturing 1993, reoffered to yie
7.15%.

April

18

50.0

Province of Quebec -- 7% debentures maturing 1989,
reoffered to yield 7.25%.

May

15

20.0

Montreal Catholic School Commission—7-1/2% S.F. debs
maturing 1993, reoffered to yield 7.88%.

B.
Indefinite
Indefinite
May 21

15.0
15.0
25.0

Prospective Offerings
New Zealand -- Bonds ***
Canadian Utilities, Ltd., -- S.F. debs, with warrants*;/
Newfoundland and Labrador Power Commission — S.F. detjT

* - Included in table for first time.
** - issues sold to investors outside of U.S.
*** - issue subject to interest equalization tax.




M-2
PART II:

Private Placements - Reported January 1 through May 17,1968.

Date Reported

Amount
(millions
of
dollars)

Issuer and Description of Issue

1/1/68

1.5

Nicaraguan Hotel Co. — U.S. guaranteed
6% note, maturing June 1, 1987.

1/8/68

12.0

Republic of Portugal —- notes due 1968.

1/15/68

7.0

Home Oil Co. Ltd. (Canada) —
15 year bonds.

Secured

2/5/68

1.5

Caribbean Finance Co. (Puerto Rico) Senior
notes due "1/15/80.

2/26/68

6,0

Aluminio, S.A. de C.V. (Mexico) U.S
debentures -- 7-1/2%, maturing 1980.

3/1/68

12.0

Edmonton (City of Alberta, Canada),
U.S. 6-3/4% debentures maturing Jan., 1993.

3/15/68

35.0

Mexico - (United Mexican States) ex ternal
7-1/4% bonds due 3/1/73.

Arctic LNG Transportation Co. (Libej:ian Corp.)
6-5/8% notes maturing 1991. $21.3 taken down.
Note: For retrospective data on aggregate foreign corporate and government^security
insship
i
offerings in the United States see Exhibits I and J. There is no simple relation
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 taken down
but only in the amount of takedown while the placements shown in this exhibit ar included
/
when reported, frequently with little or no information concerning timing of takedown.
Full or partial takedown may take place both prior and subsequent to the date a placement
n
4/29/68

27.8

is reported.




-26-