Full text of H.16 Capital Market Developments : May 23, 1966

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Not for Publication m m T B O W D AFTER SIX MONTHS
LIBRARY

May 23, 1966

'

I CAPITAL MARKETS DEVELOPMENTS
IN THE UNITED STATES

VC, 1966

Cc rporat'e and municipal bond markets.
New security offerings
by corporations this week will be in very slight supply—the smallest
weekly total since early in January. State and local government issues for
new capital will total over 50 per cent more than the weekly average for
such issues during the past year. Highlighting this week's municipal
calendar is a $161 million revenue issue of Yuba County, California.
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.

164

May 13
20

115
110

3

205

6

127r/
280

Scheduled:
May 27

65

--

333

1/ Federal Reserve estimates based upon published reports of issues sold
and scheduled for offering; Corporate rights offerings are included
as of the data subscription rights expire.
Yields on both new and seasoned corporate bonds advanced 6
basis points last week. The seasoned issue yield spread from longterm Governments attained the highest level in five years. Underwriters
terminated price restrictions on three recent corporate debt offerings,
and free market trading resulted in upward yield adjustments of 8 to
10 basis points.
Municipal yields were unchanged in last week's market. Approximately three-fifths of the new issues were spoken for by week-end.
Private Housing Starts and Permits. Private housing starts,
which had turned up appreciably in March, declined 4 per cent in April
to a seasonally adjusted annual rate of 1,495 thousand. On a threemonth moving average basis, the rate for the February - April period
was 1,477 thousand, just 2 per cent below the moderately reduced
average for the first quarter of the year and still above the recent low
in the third quarter of last year.




H. 14

-2-

Yields in Security Markets
Level latest week

Change from
preceding week

High-Grade
Notes and Bonds
Corporate
New
Seasoned
U.S. Government
Long-term
3-5 year

'

State and loc. Govt.
Moody's Aaa
Std. & Poor's high grade
Money Market
Federal funds
Treasury bills
3-month
6-month

Date
Offered.

Amount

5.21
5.01

46
+6

4.54
4. 91

+3

3.52
3.66
5. 02

+37

4. 63
4.83

+3
+4

Corporate Bonds Still in Syndicate
Issuer

5/17

35.0

Public Service Co. of Colo.
1st mtg. bds., 5-3/8, 1996

5/18

30.0

Union Elec. Co.
1st mtg. bds., 5-1/2, 1996

Reoffering
Yield

Est. ProRating portion.sol

5.32

Aa

1/2

5.33

Aa

1/3

Blue List of Municipal Dealer's Advertised Inventories
(in millions of dollars)
Latest Date
510

(5/18)




End of Previous Week
511

•

Recent High
620

(2/8)

H. 14

-3-

Seasonally adjusted building permits, which had also advanced
sharply in March, returned to about their low February rate. Most of
the decline involved single-family units, which had accounted for
virtually all of the rise in March. Permits for multi-family units
remained little changed in April for the third consecutive month and
were somewhat higher than a year earlier.
Government underwritten starts accounted for 15 per cent of
total starts in April. This was about the same proportion as in April
of other recent years.
Regionally, shifts in starts and permits continued to be
selective. Nearly all of the decline in starts and and most of the
decline in building permits was concentrated in the North Central States,
where activity rates have been relatively high in most recent months.
In those states, a 16 per cent drop in the rate of starts in April was
accompanied by a 26 per cent drop in the rate of building permits.
Apart from other influences, a factor in this decline may have been a
work-stoppage involving construction workers in and around the Chicago
area.
Stock Market Credit. Total customers' credit in the stock
market rose $168 million during April. All of this gain was attributable
to a $190 million increase in customers' net debit balances, as bank
loans ot others declined $22 million during the month. Borrowings
by member firms of the New York Stock Exchange on customers' collateral
advanced $128 million, while customers' free credit balances declined
$78 million from the historically high March level.
Stock Prices. Common stock prices declined slightly last
week in active trading. Standard and Poor's index of 500 stocks fell
.04 to end the week at 85.43. Trading volume rose to average 8.6
million shares a day.
More detailed information concerning recent capital market
developments is presented in the attached exhibit.

Capital Markets Section,
Division of Research and Statistics,
Board of Governors of the Federal Reserve System.




H. 14

STOCK MARKET CREDIT
(In millions of dollars)

Months

Total

Customer
Net Debit
balances with
NYSE member

Credit
Bank lot' ns to others
than brokers and
dealers for purchasing & carrving secur.

Broker & Dealer Credit
Customers1
Money
net free
Borrowed
Cust. Other credit
coll. coll. balances

Outstanding:
1955-56 High

4,047 (5/56) 2,823 (12/56)

1957-58 Low

3,554 (1/58) 2,482 (12/57)

1,060 (11/57)

1,344

188

4,764
4,142
5,602
4,876
7,298
6,833

1,373
1,121
1,377
1,269
1,727
1,865

2,044
1,801
2,572
1,856
3,892
2,882

318
237
385
235
597
446

1,257
940
1,508
1,091
1,211
1,192

3,393
2,889
2,983

517
687
682

1,169
1,666
1,744

23 -64
71 106
-1 182
-297 -320
9
23
-130
26
-96 -23
48
76
-41
90
59 -92
11
-2
-104
47
128
42

-57
1
89
-64
-40
176
106
4
187
64
35
57
-78

1959
1960
1961
1962
1963
1965

- High
- Low
- High
- Low
- High
- Low

(4)
(5)
(12)
(7)
(11)
(7)

3,401
3,004
4,259
3,562
5,586
4,863

(4)
(7)
(12)
(7)
(11)
(7)

1,255 (4/56)

1964 - Dec;
1965 - Dec.
1966 - Apr. •

7,053
7,705
7,991

5,079
5,521
5,835

1,974
2,184
2,156

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

60
84
-1
-251
41
162
81
187
401
21
224
-127
168

11
63
-15
-251
23
108
79
136
312
30
202
-108
190

49
21
14
—

18
54
2
51
89
-9
22
-19
-22

(5)
(5)
(8)
(9)
(12)
(2)

J

1,873

430

1,069 (1/55)
807 (4/57)|
(3)
(4)
(4)
(9)
(11)
(8)

Note: With the exception of bank loan data, figures are reported to the New York Stock
Exchange by member firms carrying margin accounts. Bank loans to others than brokers and
dealers for purchasing and carrying securities are for weekly reporting member banks. Net
debit balances and customer free credit balances are as of the end of the month; bank loans
and money borrowed are reported for the last Wednesday of the month. Numbers in parenthesis
denote month of year. All figures exclude credits on, or to carry, U.S. Govt, securities.




LONG-TERM BOND YIELDS, H I G H - G R A D I

CORPORATE A l l

—U.S. GOVERNMENT

1 7

^

^
STATE AND LOCAL GOVERNMENT All

1961

1962

1963

Corporate
Aaa y

1959-60 - High
1962-63 - Low
1965 - Low
1966 - High
- Low
Apr. 22
29
May
6
13
20£/

series#

U.S. Govt,
long-term 2/

1965

1964

Exhibit A —

1966

Part II

State and
local
government
Aaa 3/

Spread between
U. 8. Govt, and
State and
Corporate
Aaa
Ml

4.61 (1/29/60)
4.19 (3/29/63)
4.41 (3/12)
5 01(5/20)
4.73(1/7)

.92 (4/22/60)
4.42 (l/B/60) 3.65 (9/24/59) .59 ( a / W )
.80 (1/5/62)
3 . 85 (12/28/62) 2.88 (U/e/62) .21 (12/27/63)
.94
.22
2.94 (2/11)
4.13 (6/25)
1.19
.47
3.63(3/3)
4.71(3/4)
1.02
.14
3.39(1/13)
4.42(1/21)

4.95
4.95
4. 94
4.95
5.01

4.57
4.58
4.59
4.54
4.54

3.47
3.50
3.52
3.52
3.52

.38
.37
.35
.41
.47

For spreads, high r e f e r s t o widest, and low to narrowest#




1.10
1 08
1.07
1.02
1.02

IIHIIIT *, »ert I

'

1.0

STATE AND LOCAL GOVERNMENT Baa

i i i i i i i i i i i I i i i i i i i i i i i I i i i i
1961

1962

1963

1964

I i i i i i i i i i i i I i
1963

1966

Exhibit B -- Part II

Corporate
Baa 1/

Date

State and
local govt.
Baa H

Spread between
Aaa and Baa
Corpora c.

|

?

^

t

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

Apr.
May

22
29
6
13
20£/

Wot#*

5.36 (2/12/60)
4.93
4.80
5.04
5.49(5/ 20)
5.05(1/14)

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

5.41
5.41
5.45
5.46
5.49

4 06
4.09
4. 13
4.13
4.13

Tor footnotes m i exhibit A.




4.46 (3/7/60)

.84
.70
.37
.31
.51
.31

1.08

. 46
.46
.51
.51
.48

.59
.59
.61
.61
.61

.63
.52
.39
.62
.38

.

SHORT- AND I N T 1 1 M 1 D 1 A T I - T I 1 M IN
GOVERNMENT

J

3-5 YEAR ISSUES
- MONTH BILLS ;

F. R. DISCOUNT RATE

|

3-MONTH BILLS
Maik.i t,.H,

j

.1.11 I I l I I i l t .
1961

1962

1963
Exhibit C

Discount
rate
3-month
bills 21
M

Date

1959-60 -• High
Year end - 1961
1962
1963
1964
1965
1966 - High
Low
Apr.
May

22
29
6
13
20 £ /

1964
—

X1-L.LJ i l t t l . i l . M I N I I . I 1 1 1.
1965
196$

P a r t II

Yields
6-month
bills 2/
(per cent)

3-5, ^ear
issuets 2/

Spread between yields on 3B&nth bills and Yields on
6*180• bills!3-5 vr. laaues

4.00
3.00
3.00
3.50
4.00
4.50
4.50
4.50

4.59 ( W 6 0 )
2.66
2.89
3.52
3.83
4.47
4.66(5/6)
4.50(3/25)

5.07 (3/8/60) 5.00(12^24^9)
2.90
3.81
2.93
3.41
3.64
4.07
3.93
4; 0?
4.66
4.90 .
4.90(2/18) 5.04(2/25)
4.68(4/8)
4.80(4/8)

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

1.81
1.15
.52
.55
.24
.43
.41
.21

4.50
4.50
4.50
4.50
4.50

4.65
4.64
4.66
4.60
4.63

4.47 ?
4.74
4.80
4.79
4.83

.09
. 10
.14
.19
.20

.22
.26
.26
.28
.28

' S L F K S S




a

S

4.87
4.90
4.92
4.88
4.91

s.-:.G,-s.™-„rss.rs.rs

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 B O R R O W E R S

PRIME RATE

FINANCE COMPANY PAPER

F.R. DISCOUNT RATE
FEDERAL FUNDS

1961

1962

1963

1964

1965

1966

E x h i b i t D -- Part II

Date

Prime ra te

1 9 5 9 - 6 0 - High
Y e a r end - 1961
1962
1963
1964
1965
1966 - H i g h
Low
Apr.
Hay

22
29
6
13
20 £ /

.

5.00
4.50
4.50
4.50
4.50
5.00

1/

Finance
company
Federal funds £ /
Daper
2/
(per c e n t )

4.00 (3/13/eo)

5.50
5.00

5.13 (l/2?/60)
3.00
3.19
3.88
4.06
4.75
5 . 3 8 (5/20)
4 . 7 5 (1/7)

4.00
4.63
5.02(5/20)
3.55(1/21)

5.50
5.50
5.50
5.50
5.50

5.25
5.25
5.38
5.38
5.38

4.82
4.33
4.88
4.68
5.02

2.88

3.00
3.50

Spread b e t w e e n
3 - m o . b i l l s and
finance co. o a o e r

1.02
.34
.30
.36
.23
.28
.78

.20
.60

.31

.72
.78
.75
i

2/

Weekly rate shown is that in effect at end of period. Prime rate is that ohastfed by large
on short-term loans to business borrowers of ths bluest credit standing.
y 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.
Hotel—Highs and leers are for individual series and may be on different dates for different series.
For spreads, high refers to widest, and low to narrowest.




eXMitlt I. ten I
STOCK M A R K E T

PRICES

STOCK MARKET CREDIT

YIELDS

Exhibit E -- Part II

Stock price
index 1/

1961-62 - High
Low
Nov. 1963
J u l y 1965
1966 - H i g h
Low

72.04(1^8/61)
52.68(6/22/62)
72.62
84.91
93.77(2/11)
85.43(5/20)

1966 - Mar.
88.88
Apr.
91.60
Apr. 29
91.06
May
6 , 87.84
M a y 13 8 5 . 4 7
M a y 20jM85.43

I

Common

yields 2/
(per cent)

Trading
volume 3/
(milliona
of sharea)

Stock mar ket customer
Cuatomera 1
Bank
debit balloana to
ancea 4/
'othara" 5/

Total

(In milliona of dollara)
2.82
3.96

10.1

3.14
3.09
3.02
3.37

5.3
4.1
10.7
7.2

3.23
3.15
3. 17
3.29
3.36
3.37

8.3
9.3
7.7
9.6
8.6
8.7

2.4

5,603(1^61) 4,259(12/61) 1,418(3/9/62)
4.424(2/61) 3,253(3/61)
1,161(3/8/61)
7,298
5,586
1,712
6,833
4,863
1,970
7,991
5,835
2,197(3/2)
7,726
5,551
2,156(5/6)
7,823
7,991

5,645
5,835
n. a.
n. a.
n. a.

2,184
2,156
2,156
2,156 n
2,159 '
n. •.

n.a.—-Not available,
Preliminary.
y Standard and PoorU composite index of 500 common itooka. weekly closing price#, 194L-*3»10.
Monthly data are average* of daily figures rather than of Friday1* only. High# and lews are for
Friday'* data only,
1/ Standard and Poor** composite etook yield baaed on Wednesday data oonrerted t o weekly eloeiag
price* by Federal Reserve, Held* *hown are for date* on which price index reached i t * high
or low,
3/ Average* of daily trading volume on the New York Stock Exchange. Yeas^enA figrnva are average* of
daily figure* for the y e a n
V Ind of month figure* for member f i n * of the New Yoric Stock Exchange which oarrr margin account**
exclude* balance* aeoured by U. 3. Government obligation*.
5/ Wedneaday figure* for weekly reporting member bank*. Exclude* loan* for purchasing or carryi*
U, S. Government securities. Weekly reporting banka account for about 70 per oent of loana t o
other*. For further detail aee Bulletin.




PRIVATE

HOUSING

SEASONALLY

STARTS A N D

ADJUSTED

PERMITS

DATA

B U I L D I N G P ERMITS

PER C E N T

OF U N A D J U S T E D

TOTAL

STARTS

ULTI-FAMILY

GOVERNMENT UNDERWRITTEN
1960

1961

1962
Exhibit

1964

1963
F

- Part

1965

1966

II
Building

Starts

Date

Type
Seasonally

adjust-

, ed

rate

annual

Unadjusted

FHA

(Thousands
1965

-

-

of

financing
Other

VA

Type

of

housing

1-2

Multi-

family

family

(seasonally
adjusted
annual
r a t e ) 2/

of units)
1,269

40. 2

100

80. 5

Apr.

1,552

152

17

5

130

104. 7

47. 5

1,187

May

1,516

158

19

5

134

107.6

49.9

1,240

105. 2

Mar.

121

1,489

16

4

1,254

50.3

5

131

July

1,473

141

17

5

119

98.7

42.5

1, 243

Aug.

1,422

135

18

5

112

93.0

41. 6

1,217

Juris

L966

permits

Unadjusted

Total

156

1,566

19

Sept.

1,453

124

17

4

103

83.9

40.4

1,180

Oct.

1,411

134

18

4

112

91.0

42.6

1,259

Nov.

1,547

116

16

4

96

75.0

41.0

Dec.

1,769

102

15

3

63. 3

39.0

1,325

50.8

33.8

1,262

r/

85

3

Feb.

r/1,374

r/

78

12

2

r/

64

49.0

28. 9

Mar.

jc/1,561

r/126

19

3

r/103

86.0

38.1

Jan.

Apr.

1,611

1,495

146

13

18

3

~

1,282

84
69

r/

125

n.a.

1,191
r/1,293
•

1,176

l/ Total starts are Census estimates Including farm for both permit-issuing and non-issuing a r e a s .
A
w e l l i n g unit Is started when excavation begins i all units In an apartment structure a r e c o n s i d e r e d
started at that t i n e . FHA and VA starts are units started under oocmitaenia by these agencies te i n s u r s
or guarantee the mortgagee# As reported b y JHA and VA# a unit Is started when a field office receives
the first oonmllance inspection report, w h i c h is made before footings are poured in some cases bet
normally a f t e r the foundations have been completed* Capehart military housing units are excluded*
Other starts are derived a s a residual, although total and IHA and VA starts are not strictly comparable
in concept or timing; other starts include both units financed by conventional mortgages and units
without mortgages.
2 / fhiilding peraits b e f o r e January 1963 are Census estimates f e r about 1 0 , 0 0 0 areas Identified as
having a leoal building permit system in 1 9 5 9 .
Estinates beginning January 1963s are ftv approximately
o r a l l known, permit-issuing places. Unlike s t a r t s , seasonally adjusted building permits
reflect direct adjustment f e r differences in t h e nunber ef working days per month, as w e l l as e t h e r
differences in timing and ceverage.

12,000,




...

\(

YIELDS ON NEW AND SEASONED C O l F O H A T i BONDS

NEW ISSUES

SEASONED A l l

I I I I I
1963

1964

1965

Exhibit 0 - Part II
Yields on lev Corporate Bond Issues Adjusted to en Aaa baala
Number ia't of Issues Average
yield
of
Included (mil.
h e r cent)
Issues of dollers)
Monthly Average
1965 - Aug.
Sept.
Oct.
Nov,
Dec.
1966 - Jan.
Feb.
Mar.
Apr.

7
7
5
6
4
8
10
8

166.5
288.5
108.0
267.0
212.0
300.0
304.5
263.0

14

702.3

Weekly A v r s .
1966 - High
Low

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

Humber ia't of Issues Average
of
Included (mil.
yield
lee e# of dollers)
(ner cent)
Feb. 18
25
4
11
18
25
Apr. 1
8
15
22
29
May
6
13
20
«-=—23Mar.

2
2
2
2
3
1
1
3
5
3
2
1
3
2

41.0
65.0
43.0
80.0
90.0
50.0
250.0
75.0
253.3
56.0
68.0
150.0
96.0
65.0

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
5.21

A by Moody's Investors Samoa lexcept s e r i a l aaa oonvervioja is roes, o n e rings or natural gas pipeline
•ad foreign companies, end beads guaranteed by the Federal Government) weighted by tf.se of offesing*
Before averaging, new offerings are adjusted to a composite i a a basis fcy deducting frost the actual
reofferlng yield the excess of the weekly average yield f o r seasoned tends ofe the appropriate Infrastryquallty group over the composite average f o r seasoned dan-rated bonds (¥»ody s)» Averages considered
unrepresentative because « special characteristics of l i e offerlags Included are denoted by an astexisk^




yv

Exhibit H

H.14

Long-term Corporate and State and Local Government
Security Offerings and Placements
(In millions of dollars)
New Capital
1966

Corporate
1965

1964

State and local 21
1965 P /
1966
1964

January
February
March

e/1,465
e/1,450
e/2,130

795
746
1,197

938
700
778

2/1,175
£ / 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

e/1,140
e/ 900

826
924
972

1,242
667
903

July
August
September

1,290
850
1,392

812
680
1,130

986
648
966

906
780
892

October
November
December

924
1,325
1,496

953
669
1,642

794
1,021

801
529
948

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

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

7,527
11,060
14,805

7,153
9,775
13,038

1st
2nd
3rd
4th

quarter
quarter
quarter
quarter

5,042

1st half
Three quarters
Year

754
e/2,847

2,580
2,722
2,600

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

5,302
7,902

5,345
7,923
10,201

2,569

10,471

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

quarter
quarter
quarter
quarter

Year
e/
£./
1/
2/
3/

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

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

Net proceeds
for new capital 1/2/
Mfg.

Public Communi- Other
Utility cations Issuers

1964 - I
II
III
IV

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

978
1,312
792
531

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

300
1,890
494
408

29
105
94
277

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

905
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
II

5 ,193

1,794

2 ,659

740

310

1,914

977

571

1,580

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

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

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

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
192
494
540
698
441
399
307
414
273
402
470

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

21
292
44
295
26 '
448
15
422
143
602
98
1,223
102
587
25
222
196
495
92
401
43
671
43
741

3/
1966 - Jan. e/1,530
480
860
390
190
94
125
500
450
560
Feb. e/
1,493
800
250
133
82
150
625
425
2,170
Mar. e/
753
1,000
340
417
295
133
790
705
1,600
650
700
Apr. e/
400
250
75
525
550
May
June
£/ P r e l i m i n a r y . e / Estimated by Federal Reserve.
If Gross proceeds exceed net proceeds by the cost of flotation.
2f 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.
Note: S.E.C. 1st Quarter 1966 data allocated among months by Federal Reserve.




\ X
Exhibit J
Other Security Offerings
(In millions of dollars)

firnRfi T.nng-fprm 1/
Fnrpign finvprnmpnf 2/
Federal Agency 1/
1965
1966
1964
1964
1965
January
February
March
April
May
June
July
August
September
October
November
December

8
40
40

Jan. - Mar.

88

218
38
73
91
33
74
5
52
75
2

Year '

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

256

155

661

636

503
410

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

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

103
236
-407
442
81
-80

-9
127
176
7
-15
-208

275
260
160

775
239
150
375
375
179
913

308
-24
450

510

314
2,732

New short-term 4/
State and local Goverment 5/
E/102
£./ 38
£/-238

129
185
325

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.-#ar.
734
-129
-68
£/-98
-194
-621
1,286
368
Year
453
2./ 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.



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

Total

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

Corooriate
Bonds
(other than
Convertible
convertibles)
bonds
210
560
343
455
211
530
190
559
212
3 70
391
544
481

307
928
801
477
299
530
246
736
262
485
54 5
890
643

97
53
320
22
62

Stocks

State
and
local
governments
411
492
377
655
312
563
409
538
413
787
424
339
720

315
138
—

26
16

40
33
50

»-

144
115
70
271
106

«-

84
75
55

Other

2/

260
40
430
20
50
170
43
95
-——
--

55
60

Large individual Issues Offered May 1 through 20
Issuer

Corporate
Weyerhaeuser Co.
Virginia Elec. & Pwr. Co.
Bank of the Commonwealth,
Detroit, Michigan
Kansas Gas & Elec. Co.
Southern Calif. Edison Co
Pub. Serv. Co. of Colo,
Union Elec. Co.
State and local Govt.
Dallas, Texas
Cleveland, Ohio
Evansville-Vanderburgh
Bldg. Auth,, Ind.
Ala. Highway Fin. Corp.,
Montgomery, Ala.
Kearney St. ColL, Neb.
State of Ohio
Suffolk Co. , N. Y.
Ashdown, Arkansas
Other
NONE

Type 2/

Amount
(millions
of
dollars)

Maturity

Coupon
rate or
net inter
est cost

Offering
yield

Rating

1 50 0
50,0

1991
1986

5.20
3-5/8

5.20
3.63

Aa
A

Cap. notes
1st mtg. bds.
1st & ref/mtg.bds.
1st mtg. bds.
1st mtg. bds.

15.0
16,0
75.0
35.0
30.0

1991
1996
1991
1996
'996

6.00
5-7/8
5 - 5 / 8 . 5.50
5-1/4
5.25
5,32
5-3/8
5-1/2
5.33

Aa
Aa
Aa
Aa

G.O.
G.O.

19,0
20.2

196 7-86
196/-86

3.63
3.62

3,20-3.604/
3.20-3.63

Aa
Aa

Rev.-Rent.

19, 3

1970-2006

3.89

3.50-3.88

Aa

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

25.0
10.0
75.0
19.4
46. 0

1967-76
1967-2006
1966-76
1967-95
1969-88

3,80
4,37
3. 71
3.77
4.80

3. 40- 3.65
3.70-4.30
3.10-3.63
3. 35-3. 75
». 10 -4. 75

Aa

S.F, deb.
Convc deb.




--

Aa
A
--

'

-

\Vf

• JK-2

*--Rights offering.
n. a. - -not available.
V
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
utilitiess;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.




n
H. 14
Exhibit L
Forthcoming Large Long-term Public Security Offering for New Capital
(Other than U.S. Treaaury) 1./
Expected Proceeds from Forthcoming Large Isauea
(In milliona of dollare)

During month following
date ahown
State and
Corporate
Other 2/
local govt.
1965 - Apr. 30
May
28
June 30
July 30
Aug, 31
Sept.30
Oct. 29
Nov. 30
Dec. 31
1966 -• Jan. 31
Feb. 28
Mar. 31
Apr. 30

25
70
20

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

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

1.5
25
20
20
20

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

Subsequent to
date ahown
State and
local govt.

Other %J
25
70
20

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

15
25
20
20
20
90
55
55

Forthcoming Large Offerings as of May 20

Iaauer

Corporate
Mich. Consol. Gas Co.
United Air Lines
Mountain States Tel & Tel. Co.
Louisville G. & E. Co.
Pa. ?wr. & Lt. Co.
Boeing Co.
Metropolitan Edison Co.
Gulf Power Co.
Occidental Petroleum Corp,
*New England Tel, & Tel. Co.
I.B.M.
Southwestern Bell Tel. Co.
GATX Coip.
*Potomac Elec. Pwr, Co.
^Illinois Bell Tel. Co.
^Northern Natural Gas Co.




Type

1st mtg, bds.
Com srk.
Deb.
1st mtg. bds.
1st mtg. bds.
Com. stk.
1st mtg. bds.
1st mtg, bds.
Conv. sub. deb.
Com. stk.
Com. stk.
Deb,
Equip, trust cert.
Conv. pfd. stk.
Com. stk.
S.F. deb.

Amount
(millions
of
dollars)

30.0
70.9
50.0
16.0
30.0
160.0
15.0
15.0
62.0
14 3.2
3.50.0
150.0
40.0
26,1
83.0
50.0

Approximate date of
offering

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

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

Forthcoming Large Offerings as of May 20 (Cont'd)

Issuer

j
1

Type

Amount
(millions
of
dollars)

Approximate date
of
Offering

State, and Local Government
Yuba County, Calif. W a t e r Agency
Rev. -Q.-Ut.
Santa Clara Co. Fid. Control and Wtr.
Conservation District, California G. 0.
Fla. St. Bd. of Ed. , Tallahasse
Rev. -Rent.
Baltimore County, Maryland
G.O.
Jersey City, New Jersey
jG.O.
G.O.
New Orleans, La,
IG.O.
*State of Hawaii
-State of Tennessee
jG.O.
Phi la. , Pa.
jG.O.
New York State Dorm. Auth.
jRev. -Rent.
Georgia St. Highway Auth.
jRev. Q. - Ut.
*State of California
IG.O.
^Albuquerque, N.M.
jG.O.
^Jacksonville Port Auth. » Fla
iG.O.
*Publie Housing Auth.
|Bonds
-*Stai:.e of Michigan
jRev. "Q.-Ut.
G.O.
*State of North Carolina
Rev. -Q.-Ut.
Kentucky Turnpike

160.0
14. 2
25.0
13.0
15.0
19.0
10.0
25.0
28.8
24.5
16.6
100.0
19.8
15. 7
109. 5
24. 1
35.0
130.0

May 24
May
May
May
May
May
May
June
June
June
June
June
June
June
June
June
June
June

24
24
24
24
25
25
1
1
1
8
8
14
14
15
21
22

Other

City of Mont real 3 Canada
Republic of Ireland
Nippon Tel. & Tel. Public Corp.
Lndustr ial. Dev. Bank oi It"' el

Bonds
Bonds
Bonds
Cum. pf d. stk.

30.0
20.0
15.0
20.0

June
2
Indefinite
Indefinite
Indefinite

Included in table for first time.
1/ Includes corporate and other issues of $15 million and over; State and local government
issues of $10 million and over.
2/ Includes foreign government arid International Bank for Reconstruction and Development
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 20

3/15

20.0

Govt, of New Zealand--6-l/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.

. June 2

30.0

Prospective Offerings

Ci :y of I:o;:Li ?al, 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 <iuai. pref. stk, .

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




•0

M-2
Part lis

Date Reported

Private Placements - Reported March 1 through May 20

Amount
(millions

Issuer and. Description of Issue

of dollar#)
3/14

28.0

Bell Telephone Co. pf Canada—4,851 notes, maturing
1985, no information available on takedown.

3/14

14.5

Manitoba Telephone 8ystem^-5X guaranteed bonds, maturing
1 9 9 1 — n o information available on takedown,

3/21

11.0

Canadian Gas & Oil Ltd.—5«7/81 bonds, maturing
1 9 8 3 — n o information available on takedown.

3/21

36.5

Intercontinental Pulp Co. L t d . — X bonds*, maturing
1 9 8 6 — n o information available on takedown.

5/2

30.0

5/2

46*5

Prince Albert Pulp Co. Ltd.—5.20 notes, maturing
1 9 8 9 — n o information available 6n takedown,

5/4

15.0

New Brunswick Elec. Bower Commission— X 8.F. deb, maturing
1 9 9 1 — n o info m a t ion 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.

5/17

11.5

International Pub. Corp.--5.90% notes, maturing 1977
and 1981--no information available on takedown.

, Northwestern Pulp & Pwr. Ltd.-*5/58% senior notes, maturing
1 9 8 5 — n o 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 Ehe:*.E*hibit 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 takedowna. Full
or partial takedowns may take p^ace both prior and subsequent to the date a placement
is reported.