Full text of H.16 Capital Market Developments : May 28, 1958

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Not for Publication DECONTROLLED AFTER SIX MONTHS
Holi;

May 28, 1958.
CAPITAL MARKET DEVELOPMENTS
(Including Quarterly Review of
Corporate Security Financing)

The volume of public security financing for new capital
was substantial last week, but is expected to be somewhat smaller
this week3 particularly for corporate securities. During the week
ending May 23, large public issues totaled $130 million for corporations and $156 million" for State and local- governments. This week,
corporate issues amounting to $65 million are expected and State
and local government offerings totaling $11*6 million are scheduledfor sale. Included in the State and local government financing
total is a $25 million issue by the State of Iowa which was sold
this week. When offered in late March, these Aaa-rated bonds received no bids because of a 2 1/2 per cent interest cost ceiling.
Bond yields - Bond yields changed little last week.
Yields on corporate and State and local government bonds were stable,
while those for U, S. Government obligations declined slightly.
Offering yields on new corporate issues also show little '
change, An A-rated, first mortgage electric utility bond issue was
offered to investors this week to yield 3<>95 per cent — 5 basis
points below that for a comparable issue offered last week,
June security volume estimates - The June volume of corporate issues for new capital is expected to total $900 million, nearly
30 per cent greater than in May, but one-third below the record
volume in June of last year. Large public issues are expected to
total over $1*00 million and takedowns of private placements are expected to be seasonally large, A volume of $2,7 billion in the
second quarter would bring the first half new issue total to $5,8
billion, about 12 per cent below the corresponding period of 1957.
On the basis of flotation announcements to date, State
and local government issues for June may reach $550 million. Dealers?
inventories of unsold securities are large, however, and if further
market congestion develops, postponements may reduce the issue volume
below $550 million. If new large issues floated this week are well
received by investors, however, the projected total for the month
may be exceeded. The projected total of $550 million would be onethird below the estimated May volume, but two-fifths above the volume
in June 1957= Including the estimate for June., State and local government security financing in the first half of this year would total
a record $ii„5 billion •->«= a billion dollars higher than the volume
in the first half of 1957.




H.Ik

- 2 -

Stock prices - Common stock prices, as measured by Standard
and Poor's index of 500 stocks increased last week, closing at ii3.87
on May 23. Prices changed little in the early part of this week
closing-at 1*3.85 on Wednesday.
—

Corporate Security Offerings
in the First Quarter 1958

Net proceeds for new capital - Corporations sold $3.1 billion of security issues to obtain new capital in the first quarter
of 1958, as shown in Table 1. This volume was 9 per cent below the
corresponding period of last year, but was substantially above any
other first quarter, and nearly 50 per cent larger than in the first
three months of 1956 * Issues by manufacturing companies, dropped
sharply this first quarter, while utilities (other than railroads)
sold a larger volume of securities.
Electric, gas
group of issuers during
ceeds of $1.1 billion —
Issues by this group of
offerings, while a year
than 30 per cent.

and water utilities were the most important
the quarter, offering securities with proabout one-eighth greater than last year.
utilities accounted for 35 per cent of all
earlier their share of the total was less

New issue volume by communication companies was the
setiond most important category, with proceeds of $86? million, com. pared with $1*28 million in first quarter 1957. The total this
yearly is largely accounted for by the #718 million AT&T convertible
debenture issue in March. Last March AT&T sold a $250 million
debenture issue.
New capital offerings by manufacturing companies totaled
$513 million — 60 per cent less the record volume a year earlier
and 15 per cent below the first quarter of 1956. Manufacturing
issues accounted for 16 per cent of total offeringsj in 1957 3 their
share had been 38 per cent. Nearly all groups of manufacturing
industries sold a markedly smaller volume of securities than a
year earlier,jwith the primary metals (both ferrous and nonferrous)
and petroleum"refining industrial groups showing the sharpest declines. New offerings by these groups had been unusually large in
the first quarter last year, reflecting the sale of large public
issues, many of which were common stock offerings. Chemical, paper
and electrical machinery manufacturing issues were in somewhat larger
volume this year than last.
Financial and real estate companies, with total proceeds
of $3&L million, were only slightly below the corresponding quarter
of 1957. The volume of new capital issues by sales and consumer
finance companies was about one-sixth larger this year, but issues
of other financial companies were in smaller volume.
There was a slight increase in offerings by transportation
(other than, railroad) corporations; offerings by railroads, :lining
and commercial and other companies, however, were smaller.




- 3 Table 1
Corporate Security Offerings for New Capital
by Type of Business of Issuer
1st Quarter
(Net proceeds in millions of dollars)
1958
All corporate offerings

1957V

1956

1955

1951l

3,13U

3,W6

2,102

2,l6U

1,608

£13

1,297

606

752

261

lid
5i

63
U8

22
U7
9
a

Manufacturing

18
106
5k
393
57
171

53
. 13
15
57
67
38
191

36
3#
65
9
173

13
Ik
20
22
11
15
5
96
Ik
51

981.

kSl

1*87

857

867

1*28

111

53

61

95

112

85

53

85

Other transportation

99

90

k?

39

Commercial and other

1*8

67

.85

123

*3 /

83

1*6

78

; 83

Paper
Chemicals
Primary nonferrous metals '
Nonelectrical machinery
Electrical machinery
Primary iron and steel
Motor vehicles and equipment
Petroleum and refining
Stone, clay and glass
Other 1/
Electric, gas and water utilities

76
.67
6k
58
Ii3
23 .
15
15
Ik 138
1,096

Communication
Railroad

Mining
Financial and real estate
Sales and consumer finance cos.
Other

.

.

308
.
91

61

22

36k

387

638

580-

1U8

2kl
123

208
179

1*55
183

li38

81
67

1U2

rj Revised.
1/ Includes small volume of foreign issues not further classified in the
manufacturing group.
Note.—Details may not add to totals due to rounding.
Source.—Securities and Exchange Commission and Federal Reserve.




59
5k .

• i; Total gross proceeds - Gross proceeds from corporate offerings, which includes refunding issues and costs of flotation, were
§3.3 billion during the first quarter of 1958, compared with $3.6 billion a year earlier. Despite the decline in rates during the first
quarter, refunding of outstanding security issues continued to be
relatively low in volume. Such issues totaled $135 million, compared
with $49. million in the first three months of 1957 and $106 million
in 1956.
Table 2
Total Corporate Security Offerings by Type of Issue
1st Quarter
(Gross proceeds in'millions of dollars)
Type of issue

1958.

1957*/

1956

1955

1954

Total corporate offerings

3,314

3,558

2,250

2,530

1,730

Type of offering
Public
- Private

2,519
795

2,626
932

1,201
1,01*8

1,739
791

1,07.3
656

' 2,8^5
! 2,067
777 -

2,706
1,798
908

1,706
683
1,02k

1,662
894
768

1,318
689
629

Type of security
Bonds and notes
Public
Private
Preferred stock

182

98

191

111

115

Common stock

287

753

352

758

297

tJ Revised.
' '
'
~
Note.—Details may not add to totals due to rounding.
Source.—Securities and Exchange Commission. '
Publicly-offered issues totaled $2.5 billion in the first
quarter of this year. Representing 76 per cent of total security
offerings, these public issues were a slightly larger proportion
than a year earlier. Much of the decline in financing this year
has come in private bond issues, as the volume of public bond isssaes
increased.
The volume of debt and preferred stock financing increased
this year, but common stock financing declined. Debt .financing was
relatively much more important this year and accounted for more
than.85 per cent of total offerings; in the first quarter of last
year such offerings had accounted for 75 per cent. The volume
of convertible bond issues (including the AT&T issue) increased
and represented nearly 30 per cent of all debt offerings.




•

H.lii

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 I G H - G R A D E B O N D YIELDS

Corporate
Aaa 1/

U. S. Govt,
long-term 2/

State and
local govt.
Aaa |/

Spread between
U. S. Govt, and
Corporate I State and
Aaa
Ilocal Aaa

(Per cent)

1957 - High
Low
1958 - High
Low

3.U2 (6/19)
2.99 (1/9)
3.09 (1/8)
2.85 (1/23)
3.17 (12/23)
2.91 (1/7)
3.79 (12/28)
3.07 (3/2)
It.Ht (9/27)
3.66 (k/12)
3.68 (1/3)
3.55 (5/2)

3.19 (6/5)
2.7k (12/31)
2.7k (1/8)
2.1t5 (8/6)
2.97 (8/5)
2.6k (1/7)
3.1*5 (12/28)
2.8k (2/17)
3.76 (10/18)
3.18 (2/8)
3.28 (1/31)
3.07 (k/25)

2.73 (6/25)
1.98 (1/8)
2.21 (6/10)
1.90 (9/2)
2.3k (9/8)
2.05 (5/26)
3.05 (12/27)
2.17 (2/23)
3.k5 (8/29)
2.76 (2/21)
2.86 (1/9)
2.6k ( 5 A )

.30
.27
.11
.a
.12
.60
.27
.51
.28

.83
.33
.62
• 30
.76
.57
.71
.32
.ii7
.15
.62
• 3k

April 25
May 2
May 9
May 16
May 23

3.57
3.55
3.57
3.57
3.57

3.07
3.1k
3.1k
3.15
3.13

2.6k
2.6k
2,66
2.71
2.71

.50
.kl
;k3
.k2
.kk

.k3
.50
.k8
.kk
.k2

1953 - High
195k - High
1955 - High
1956 - High

.38
.20

1/ Weekly average of daily figures. Average term of bonds included is 25-26 years.
2/ Weekly average of daily figures. The series includes bonds due or callable in
10 years or more.
- y Thursday figures. Only general obligations bonds are included; average term is
20 years.
Note.—Highs and lows are for individual series and may be on different dates for
different series.




LOWER-GRADE

BOND YIELDS

CORPORATE Be

Date

Corporate
Baa 1/

State and
local govt.
Baa 2/

Spread between
Aaa and Baa
I State and
1local govt.

Corporate

(Per cent)

1957 - High
Low
1958 - High
Low

3.89 (9/18)
3.50 (1/2)
3.7k (1/8)
3 . a (12/31)
3.63 (12/30)
3.1*5 (1/lU)
U.Ul (12/28)
3.58 (3/9)
5.1C (11/29)
k.h2 (U/12)
U.96 (1/3)
1.62 (5/23)

3.79
2.96
3.32
2.93
3.26
3.02
U.22
3.20
14.51
3.90
3.92
3.6U

April 25
May 2
May 9
May 16
May 23

14.66
U.66
a. 63
U.62
it. 62

3.66
3.61t
3.65
3.76
3.76

1953 - High

195h

- High

1955 - High
1956 - High

(6/25)
(1/8)
(1/7)
(8/5)
(12/29)
(1/6)
(12/27)
(3/8)
(8/29)
(2/21)
(1/2)
(5/1)

1.28
l.Oli

1.21
.98
1.16
.93
1.03
.87
1.17
.89
1.21
l.OU
1.11
.99

1.09
1.11
1.06
1.05
1.05

1.02
1.00
.99
1.05
1.05

.69
.142
.68
.52
•5U
.U5
.63
.U2
1.27

.6I4

1/ Weekly average of daily figures. Average term of bonds includes is
25-2orears.
2/ Thursday figures. Only general obligation bonds are includedj average
term is 20 years.
N o t e . — H i g h s and lows are for individual series and may be on different
dates for different series.




.

STOCK M A R K E T

VOLUME

Stock price

Trading
Common
Stock market cust amer credit
volume 2/
Customers'
(millions yields y
Toil debit bal- loans to •
of shares) (per cent)
ances 4/ "others" 5/
. (Millions of dollars)

1953 - High
Low
1954 - High
1955 - High
Low
1956 - High
1957 - High
Low
1958 - High

April
May 9
Hay 16
Kay 23

26.514 (1/2)
22.95 (9/18)
35.98 (12/31)
24.93 (1/8)
1*5.69 (12/9)
35.28 (1/14)
L9.6L (8/3)
1:3.22 (1/20)
1*9.08 (7/12)

a & S S T
1*0.37 (lAo)
1*2.11
1*2.31*

1*1*.00

1*3.36
1*3.87

2.5
0.9
3.7
1.1*
1*.6
1.5
3.1
1.5
1*. 2
1.1*
2.8
1.7
2.2
2.1*
2.8
2.7
2.5

'

6.25
5.38
5.82
1*.32
l*.l*2
3.64
4.35
3.82
1*.72
3.91
4.5 8
1*.15

2,1*55
2,055
3,1*36
2,1*05
4,030
3,537
4,047
3,914
4,031
3,576
3,980
3,554

1*.35
4-33
1*.15
1*. 21
1*.16

3,863
3,980

1,665
1,314
. 2,388
1,653
2,805
' 2,517
2,823 .
2,740
2,887 •
2,482
2,735
2,487
2,665
2,735
r.,a.

664
1,048
746
1,241
1,018
1,26?
1,155
1,163
i,o54
1,245
1,051
1,198
1,245
1,242
1,225

1/ Standard and Poor's composite index of 500 common stocks, weekly closing
prices, 191*1-1*3-10. Monthly data are averages of daily figures rather than of
Fridays' only. Highs and lows are for Friday's data only.
2/ Averages of daily trading volume on the New York Stock Exchange.
2/ Standard and Poor's composite stock yield based on Wednesday data converted to weekly closing prices by Federal Reserve".
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 at banks in New York and
. Chicago. Weekly reporting banks account for about 70 per cent of loans to others.
For further detail see Bulletin.
Note.—Highs and lows are for individual aeries and may be on different dates
for different series.




H.lii

Exhibit D
Corporate and State and Local Government
Security Offerings and Placements
(In millions of dollars)

1958
January
February
March
April
May
June

I

Corporate
1957 1

New capital
1956

Ja?

1,060
1,065
1,320

573
712
817

e/900

ws
1,453

818
1,146
811

723

1958

State and local 1/
1 1957 1 1956

812
952
571

m

742
572
506

404
696
390

765
546
393

378
490
735

July
August
September

1,003
924
- 973

1,063
/
654 '
838

529
584
431

408
206
357

October
November
December

' 1,090
789
1,076

1,0891/
.1,088

698
633
698

639
347
409

1st
2nd
3rd
4th

quarter
quarter
quarter
quarter

.1st half
Three quarters
Year

e/2,'675

3,W5
3,119
S ; S

2/5,810

6,591
12,447

2,102
2,805
2,556
2,922

2,335
e/2,204

1,820
1,704
1,544
2,029

1,490
1,603
971
1,395

1,907
7,463
10,38k

e/4,539

3,524
5,069
7,099

3,093
4,064
5,459

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

quarter
quarter
quarter
quarter

e/t',625

Year

3,237
2,8892,582
2,810

1,617
2,541
2,246
2>826

11,518

9,260

e/ Estimated.
g/ Preliminary.
\J Data through June 1956 are Bond Buyer data classified as new capital by
Federal Reserve; later data are from the Investment Bankers Association of America
and are somewhat more complete as to coverage than the earlier data, particularly
for Federal Government loans.
2/ Includes $718.3 million AT&T convertible debenture issue.
3/ Includes $571.5 million AT&T common stock issue.
4/ Total new capital issues excluding offerings of sales and consumer finance
companies.
Note. —Details may not add to totals due to rounding.




H.-lU

Exhibit £
Large Public Security Issues for New Capital
(Other than U. S. Treasury) 1/
Proceeds of Large Issues Offered
(Millions of dollars)

Month

Corporate

1957 - April
May
June
July
Augur, G
September
. October
November
December
1958 - January
February
March
April

State and
local government

1*77
329
877
.525
#6
537
574
120
399
318
605
1,093
725

499
248
. 176
265
357
185
435
386
139
506
629
26^
514

Other 2/

125
25
39
25
30
75
^

215
15
133

Large Individual Issues Offered Hay 1 through 23

Issuer

Type y

Amount
Coupon
Offering
rate or
(millions
Maturity net inter- yield
of
est cost
dollars)

Rating

CORPORATE
Potomac iiilec. Pvir. Co.
Gonv. deb.
19.7
1973
R. R. Donnelly & Sons Co.
Deb.
15.0
1978
Public Serv. Co. of Okla. 1st'mtg. bds. 16.0
1988
United Gas Impr. Co.
1st mtg. bds. 15.0
1983
Long Island Lighting CoV
1st mtg. bds. 20.0
1?88
Long Island Lighting Co.
Com. stk.
15.5
Nat'1 Distillers & Chem.
S.F. deb.
60.0 ; 1983
Gulf States Utilities Co. 1st mtg. bds. 20.0
: 1988
Intern'1 Tel. & Tel. Co.
Conv. sub. deb.28.7
1983
Illinois Power Co.
1st mtg. bds. 25.0
1988
Public Service Co. of Colo. Pfd. stk.
16.0
Brooklyn Union Gas Co.
1st mtg. bds. 22.0
1983
Central Hudson Gas & Elec. 1st mtg. bds. 18.0
1988




3 3/4
3 3/4
3 7/8
4 1/8
41/8.

3.75
3.05
3.90
4.03
4.07

A Aa
Aa
A.
A

4 3/4
4
4 7/8
4

4.80
3.85
4.15
3.85

. Baa
Aa
Ba
Aa

4 1/8
4 1/8

4.05
4.oo

A
A

H.Ik

E-2
Large Individual Issues Offered Hay 1 through 23 (Cont'd)

Issuer

Type y

Amount
Coupon
rate or Offering
[millions
Maturity
net inter- yield
of
dollars)
est cost

Rating

STATE AND LOCAL GOVERNMENT
Peoria Co. S.D.#105, 111.
State of Connecticut
Cook Co., Illinois
Fulton Co., Georgia
State of West Virginia
State of New York
Boston, Massachusetts
Cincinnati, Ohio
Wichita, Kansas
State of South Carolina
Franklin Co., Ohio
Bergen Co. Swr. Auth., N.J
New York, New York
Pittsburgh Sch. Dist., Pa.
State of Ohio
Greensboro, North Carolina
Elizabeth, New Jersey
Baltimore Co., Maryland
Public Housing Authorities
Houston, Texas
Richmond-Petersburg Turn.
Auth.

G.O.
G.O.
Rev.-Ut.
G.O.
G.O.
G.O.
G.O.
G.O.
G.O.
G.O.
G.O.
Rev.-Ut.
G.O.
G.O.
Rev.—S.T.
• G.O.
G.O.
G.O.
G.O.
G.O.

5.8. 1960-78
29.7
1959-78
25.0
1959-73
10.k
1959-87
5.0
1959-83
I40.0
1959-78
2U.5
1959-78
I3.ii 1959-98
6 . 8 1959-78/68
25.0 1959-78/73
10.0
1959-82
1 5 . 8 1961-97/67
1*7.3 1959-73
5.0
1959-83
32.0
1958-72
10.0 .1959-83
. 5.0
1959-88
12.0
1960-98
6 9 . 9 1959-98/67
15.6
1959-83

Rev.-Ut.

6.2

1995

Montreal, Canada
S.F. deb.
Int. Bk. for Reconstruction
and Development
Bds.

2l|.5

1978

150.0

2.56
2.17
2.51
2.85
2.65
2.37
2.89
2.82
2.6k
2.23
2.73
3.59
2.53
2.50
2.67
2.71
2.97
3.09
2.89
2.91
ii.6?

1.00-2.70 Aa
.80-2.70 Aaa
.85-2.80 A
.80-3.00 Aa
.85-2,85 A .
.75-2.60 Aaa
.90-3.10 A
.75-3.00 Aaa
.90-3.00 A
.80-2.70 Aa
.80-2.95 Aa
1.50-3065 A
.85-2.90 A .
.90-2.90 A
.75-2.85, / Aa
.75-3.00V Aa
A
.90-3.20
A
1.20-3.30
.75-3.05 Aaa
.85-3.20 A •
ii..5o

OTHER

1968

k3A
3

3/h

holS

A

3.75

Aa

1/ Includes corporate and other security offerings pf $15 million and over5
State and local government security offerings of $5 million and over.
2/ Includes foreign government and International Bank for Reconstruction and
Development issues.
3/ -In the case of State and local government securities, G.O. denotes general
obligations5 Rev.-Ut., revenue obligations secured only by income from public
utilities5 Rev.-Q.Ut., revenue bonds secured only by revenue of quasi-utilitiesj
Rev.-S.T., revenue bonds secured by revenue from specific taxes only; Rev.-Rent
revenue bonds secured solely by lease payments.
k/ Is of 1983 not reoffered.




H.lU

Exhibit F
Forthcoming Large Public Security Offerings for New Capital
(Other than U. S; Treasury) 1/
Expected Proceeds from Forthcoming Large Issues
Subsequent to
During month following
date shown
date shown
State and
Corporate local govt. Other 2/ Corporate

Date of
computation
1957 - Apr. 30
• May 31
June 28
July 31
Aug. 30
. Sept. 30
Oct. 31
Nov. 29
Dec. 31
1958 - Jan. 31
Feb. 28
Mar. 31
Apr. 30

187
525
370
526
%i
1*58
383
378
U98
1,123
555
356

179
97
172
252
2U3
370
369
387
383
U29
175
3U0.
52ii

25
25
. 30
30
18
150
110
150

2#

U

811
81*5
61*7
815
1,193
1,161
1,378
1,208
670
561

396
388
1+98
51k
U39
587
573
589
61b
5L6
389
372
530

25
25
30
15
US
63
165
110
150

ForthcomingJLarge Offerings, as of ilay 23
Issuer

Type

Amount
(millions Approximate date
of dollars) of offering

CORPORATE
1st mtg. bds.
Appalachian Electric Power Co.
Transcontinental Gas Pipe Line Corp. 1st mtg. p. 1. bds.
Transcontinental Gas Pipe Line Corp. Cum. pfd. stk.
Consolidated Edison Co.
1st ref. mtg. bds.
Pfd. stk.
Texas Eastern Transmission Corp.
S.F. deb.
Owens-Illinois Glass Co.
Virginia Electric & "Power Co.
1st ref. mtg. bds.
Gen. atg. bds.
Niagara Mohawk Power Corp.
Oklahoma Gas & Electric Co.
1st mtg. bds.
*Pactfin Power & Light Co.
1st mt.1:. bds.
S.F. deb.
-^United Gas Corp.
-^Mountain Fuel Supply Co.
Deb.
tiew £iii'land Telephone & Telegraph Co. Coiti.icn stk. .

25.0
25.0
15.0
50.0
15.0
35.0
25.0
50.0
15'. o.
20.0
liO.O
16.0
22.6

Deb., bds. & comunon hi).0
Commerce Oil Refining Corp.
Natural Gas Pipeline Co. of -merica
1st mtg. bds.
ltO.O
Consolidated Natural Gas Co.
S.F. deb.'
15. o




May 28
May 28
May 28
June k
June 5
June 5
June 11
June 12
June 17
June 25
Juno 26

June
July 11
(ri.f-hts expire)
l,-58
1958
1958

H.llt

F-2
Forthcoming Large Offerings, as of May 23 (Cont'd)
Issuer

Type

Amount
Approximate date
' (millions
of offering
of dollars)

STATE AND LOCAL GOVERNMENT
Louisiana State Board of Education
State of Iowa
Territory of Hawaii
State of Michigan
Tacoma, Washington
Kansas City, Missouri
-xPort of New York Authority
Pueblo Co. Sch. Dist. No. 60, Colo.
Sacramento Utility Dist., Calif.
Norfolk, Virginia
aState of New York
•H-State of Minnesota
Florida Development Commission
*State of Texas
*State of Ohio

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

5.5
214.7
8.0
100.0
7.9
6.0
35.0
7.8
5.7
6.0
1I9.U
35.0
6.2
12.5
31.0

May 27z
May 27
May 27
May 27
May 27
June 1+
June U
June 10
June 12
June 17
June 17
June 17
June 18
June 18
July 22

OTHER
None
*—Included in table for first time.
1/ Includes corporate and other issues of $15 million and over; State and
local government issues of $5 million and over.
2/ Includes foreign government and International Bank for Reconstruction
and Development issues.
Note.—Deletions for reasons other than sale of issue: None.




R.14

Exhibit G
Yields on New and Outstanding
Electric Power Bonds, Rated Aa and A 1/

-

Date

1952 - 1957
High
Low

Aa-rated offering yields A-rated offering yields
Amount above
Amount above
Actual
Actual
seasoned yields
seasoned yields
(per cent) (basis points) (per cent) (basis points)
5.00(8/14/57)
2.93(3/31/51)

1958 - January 8
9
• 17
21
23
February 5
lit
20
21
25 '
26
28
March it
1

87
-3

3.60

-8

3,80/
3.805/

13
12

3.95
4.00

28
33

4.15
4.22
4.00
4.00 -

"

44
50
28
26

5.50(11/7/57)
3.00(3/17/54)

123
-15

4.07,
4.10^/•
3.85
3.80

9
13
-3
-8

3.90

-3

3.92

-3

4.40
4.25

35
6

12
19
21
4.07
-7
25
4.05
31
April 1
3.98
23
2
4.00
25
17
3.98
5
23
3.75
5
29
4.04
11
May 7
4.00
3
13
3.90
21
15
4.07
4
16
4.35
32
20
3.85
16 .
21
"
3.85
16
22
4.00
-1
*—Single observation, not an average.
1/ Covers only 30-year first mortgage bonds, as reported in Moody's Bond
.Survey. Except where indicated, the actual yield figure and the amount above
seasoned yields are averages of offerings during- the indicated period and of the
differences between these new offering yields and yields on seasoned issues of
similar quality"for the same day. Average maturity for the seasoned issues varies
from 26 to 28 years.
. 2/ Provides for a 5-year period during which issue may not be call d frr
refunding at a lower coupon rate. Other issues have no such provision.