Full text of H.16 Capital Market Developments : November 1, 1965
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Not for ^Publication DECONTROLLED AFTER SIX MONTHS
H.14
|
November 1, 1965.
CAPITAL MARKET DEVELOPMENTS
IN THE UNITED STATES
(Including Savings Flows in September)
Corporate and municipal bond markets. The volume of
corporate securities expected to be offered publicly this week
will be very low, only about one-fifth of last week's average
amount. The new supply of municipal bonds 3 on the other hand,
will be somewhat greater than last week, but still below the
average of the last 52 weeks. A 643 million State of Connecticut
issue is the largest on the calendar.
Long-term Public Security Offerings 1/
(in millions of dollars)
Corpora te
New Capital | Refunding
State and local Government
New Capital | Refunding
Sold:
52 week avg.
100
Oct. 22
Oct. 29
70
110
3
189
15
465 _r/
120 r/
Scheduled:
Nov.
5.
20
163
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.
Capital markets in October. Corporations raised $1.0
billion in new capital through the issuance of securities in
October--roughly the same as in the like month in 1963 and 1964.
Public bond offerings amounted to $300 million, considerably
above the $181 million last year.
Underwriters priced most of last month's new corporate
bonds to yield about the same as comparable issues in late
September. At these prices, initial reception for several
competitive offerings was only fair, but by the month's end
dealers nevertheless succeeded in distributing all issues sold
during the first three weeks. During the final week, however,
the sole competitive issue was poorly received following the
announcement of several major additions to the November calendar
which changed investor expectations of yields over the near
term. Moreover, yields on recently-distributed issues--which
had earlier shown little change--also began to move up.
Offerings of new State and local government bonds last
month had a par value of almost $800 million, about the same as
H. 14
-2 -
Yields in Security Markets
Change from
preceding w e e k
(basis points)
Level latest w e e k
(per cent)
High-Grade
Notes and Bonds
Corporate
New
Seasoned
4.63
4.57
U.S. Govt.
Long-term
3-5 year
+2
4.29
4.37
State and local Govt.
Moody's Aaa
Standard and Poor's high
grade
Money Market
Federal funds
Treasury bills
3-month
6-month
+3
3.32
+1
3.43
+1
3.95
-10
4.05
4.19
+2
-1
Corporate Bonds Still in Syndicate
Date
Offered
Reoffering
yield
Amount
(millions of $)
20.0
664 (10/28)
Jersey Central Pwr.
& Lt. Co.
4-7/8 's - 1990
Rating
4.73
Estimated P r o 4
portion sold %
1/3
Blue List of Municipal Dealer's Advertised Inventories
(millions of dollars)
Latest Date
(10/28)
End of Previous W e e k
696
Recent High
901 (6/4)
-3 -
in October 1964. The supply of new issues during the first two weeks
of the month was quite small, and dealers w e r e able to reduce their
very large inventories on unsold securities by about $200 million
without much yield liberalization. But in the third week-- w h e n over
half of the month's new supply was offered--most issues met only
fair reception and inventories increased by about $100 million by
month's end. Dealer price concessions raised yields on seasoned
Aaa-rated bonds to 3.32 per cent, the highest since late 1961.
Common stock prices advanced into new high ground
during October in exceedingly active trading. Standard and Poor's
index of 500 stocks registered 92.42 at the close on October 29,
up almost 3 per cent during the month and only slightly below
the all-time high of October 27. Trading volume averaged 7.8
million shares a day.
Estimated security financing in November. Corporations
are expected to offer publicly or place privately $1.3 billion
in securities in November, almost double the year earlier amount.
Large issues currently scheduled for offering during the month
amount to $412 million.
State and local government bond sales
are expected to total $850 million this month, compared with
$529 million in November 1964.
FNMA secondary market operations Purchases of FHAinsured and VA-guaranteed mortgages by the Federal National Mortgage
Association advanced further in September. The total of
$63.3 million compared with only $7.2 million a year earlier; and
while still well below earlier peaks was the highest since
early 1962.
Offerings also continued to rise and were at a
level of $101.0 million in September. This compared with
only $15.1 million a year earlier.
Sales of mortgages by FNMA dwindled to $0.1 million
in September, compared with $0.2 million in August and $1.6
million a year earlier when sales volume had already been
considerably reduced from the unusally high levels reached
in the spring of 1963.
Partly reflecting these developments, FNMA plans
an additional public offering of $375 million of participation
certificates in the Government Mortgage Liquidation Trust.
The offering, which is scheduled around November 16, will be
the third to be made since the program was i n a u g u r a t e d .
The
last such offering of $525 million in participation certificates
occurred in June.
Savings flows in September. During the month of
September, net inflows of income-yielding claims on depositarytype savings institutions amounted to $3.0 billion, a record
for the month and 14 per cent greater than in September 1964.
-4-
H. 14
As in most other months this year, growth in time and savings
deposits at commercial banks accounted for all of the year-overyear gain.
Inflows of both savings capital at savings and loan
associations and regular deposits at mutual savings banks were
smaller than last year.
During the first nine months of this year, growth in
these claims totaled a record $23.1 billion, 16 per cent more
than in the comparable period of 1964. All of this improvement
in growth was attributable to the sharp rise in time and savings
deposits following upward adjustments in rates paid on such
deposits by commercial banks. Expansion in both savings capital
at savings and loan associations and regular deposits at mutual
savings banks was less than that for the corresponding period
last year.
The net inflow of savings capital to savings and
loan associations in September, after rough allowance for
seasonal factors, was the largest this year, although still
lagging behind the 1964 pace.
Net Increase in Savings Capital at Savings and Loan
Associations
(millions of dollars)
Unadjusted data
Current year
1965 - June
July
Aug.
Sept.
9-month total
1,603
-438
555
1,034
5,353
Change from
previous year
Percentage
change
-162
-445
-167
-39
-1,897
-10
-14
-4
-26
Seasonally adjusted data
Current year
1,965 - June
July
Aug.
Sept.
658
622
875
931
Previous year
903
977
1,069
979
Growth in regular deposits at mutual savings banks in
September, after seasonal adjustment, was 5 per cent smaller
than the monthly average for the first eight months of the year.
H. 14
-5-
Net Change in Regular Deposits at Mutual Savings
1
Banks
(millions of dollars)
Unadjusted data
Current year
1965 - J u n e
July
Aug.
Sept.
9-month total
Change from
previous year
436
212
210
430
2,536
-42
-72
-135
-41
-498
Percentage
change
-9
-25
-39
-9
-16
Seasonally adjusted data
Current year
1965 - J u n e
July
Aug.
Sept.
235
363
312
278
Previous year
294
423
439
330
Time and savings deposits at commercial banks increased
$1.5 billion during September, one third more than last year.
During the entire first nine months of this year, these deposits
gained k record $15.2 billion, 57 per cent above the like 1964
period.
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.
n
IX MI BIT A. Pmt• f
XV
Exhibit A —
Corporate
Aaa y
Pert II
U. S. Govt,
long-term 2/
(per cent)
1959-60
1961-62
1962-63
1
964
-
High
High
Low
High
1965 - High
Low
Oct. 1
Oct. 8
Oct. 15
Oct. 22
Oct. 29%/
4! 46 (6/33/61)
"VX.^'X
4.19 ( 3/29/63)
t t u m h
3.85 (12/28/62)
4.57 (10/29)
4.41 (3/12)
till
4.29 (10/29)
4 13 (6/25)
4.53
4.57
4.57
4.57
4.57/
4.29
4.27
4.26
4.27
4.29 v
State and
local
government
..A"?/
3.65(9/24,
3.37
2.88(13/8/62)
3.16 3/26)
2.99(1?/31)
3.32 (10/28)
2.94 (2/11)
3.31
3.31
3.31
3.31
3.32 -
Spread between
U. S. Govt, and
State and
Corporate
Aaa
local Aaa
.59
.57
.21
.33
.19
.34
.24
.24
.30
:lh
.28
.92
1.04
.80
1.14
1.01
1.22
.94
.98
.96
.95
.96
.97
p/ Preliminary.
y Weekly average of daily figures. Average term of bonds included is 22-24 years.
7J Weekly average of daily figures. The series includes bonds due or callable in 10 years or more.
%J Thursday figures. Only general obligation bonds are included! average term is 20 years.
Note,—Sigjhs and lows are for individual series and may be on different dates for different
series. For spreads, high refers to widest, and lwr to narrowest*
for FRASER
Digitized
<B
- COtPOtATI
,i
l
X
•
f
l
V'x-—r—J
• i i i i i ii i i
1 1 1 1 1 1 11 11 1 1 II 1 1 1| LiIV 4 •
l»4l
1**1
>*«>
c
r
-
^
1 1 1 1 1 1 1 1 >>1^
IfM
If *»
"Exhibit B -- Part~ll
Da te
Corporate
Baa 1/
State and
local govt.
Baa I f
Spread between
Aaa and Baa
Corporate
|
(per cent)
1959-60 - High
Year end - 1961
1962
1963
1964
1965 - High
Low
Oct.
1
Oct. 8
Oct. 15
Oct. 22
. Oct. 29 B/
Notes
5.36 (3/13/60)
5.10
4.93
4.85
4.80
4.46 (1/7/60)
4.04
3.57
3.60
3.51
.84
.66
.70
.48
.37
4.93 (10/29)
4.78 (3/19)
3.67 (10/28)
3.40 (2/11)
.41
.35
1.08
.73
.63
.49
.52
.52
.34
4.91
4.92
4.92
4.93
4.93 '
3.65
3.65
3.65
3.65
3.67
.38
.35
.35
.36
.36
.34
.34
.34
.34
.35
For footnotes so* Exhibit JU
—
IXMISIt C. r«n I
S H O R T - AND I
GOVERNMENT
w.etlv
Exhibit C —
Date
1959-60 - High
Year end - 1961
1962
1963
1964
1965 - High
Low
Oct. 1
Oct. 8
Oct. 15
Oct. 22
Oct. 29r/
Discount
3-month
ra te
bills 21
1/
4.00
3.00
3.00
3.50
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00 /
F
4.59 ( W 6 0 )
2.66
2.89
3.52
3.83
Part II
Spread between yields on 3mooth bills and vlelde on
6-mo. blllal3-5 vr. issues
Yields
6-month
bills 2/
(per cent)
3-5 year
lasues 2/
5.07 ( W 6 0 )
2.90
2.93
3.64
3.93
5.00(12/2A/S9)
3.81
3.41
4.07
4.07
.79
.24
.04
.13
.10
1.81
1.15
.52
.55
.24
4.05 (10/29) 4.20 (10/22) 4.37 (10/29)
3.78 (6/25)i 3.82 (6/25)l 4.04 (1/22)
.17
.03
.38
.11
4.01
4.00
4.01
4.03
4.05/
.16
.17
.17
.17
.16
.29
.31
.29
.31
.32
4.17
4.17
4.18
4.20 z
4.19 /
4.30
4.31
4.30
4.34
4.37
Weekly rat# shonn is that in effect at end of period at the Federal Reserve Bank of Mew Yoitc#
Market yield; weekly averages computed from daily closing t&A prices. Series of 3-6 year issues
consists of selected notes and bonds.
Note*—Highs and lews are for individual series and say be on different dates for different series,
for spreads, high refers to widest, and lew to narrowest.
• XNIBIT 0. Fen I
S H O R T - AND I N T I R M I D I A T I - TIBM I H T 1 1 I S T • A T I * ,
W.ekl,
P,
Exhibit D -- Part II
Date
Prime rate
1959-60 - High
Year end - 1961
1962
1963
1964
.
1965 - High
Low
Oct. 1
Oct. 8
Oct. 15
Oct. 22
Oct. 29&/
If
Finance
company
Federal funds 2/
paper
2/
(per cent)
5.00
4.50
4.50
4.50
4.50
4.50
4.50
5.13 (1/23/60)
3.00
3.19
3.88
4.06
4.38 (10/29)
4.00 (2/12)
4.00 (3/13/60)
2.88
3.00
3.50
4.00
4.13 (10/15)
3.48 (10/1)
4.50
4.50
4.50
4.50
4.50
4.25
4.25
4.30
4.38
4.38
3.48
4.08
4.13
4.05
3.95
Spread between
3-mo. bills and
finance co. paper
1.02
.34
.30
.36
.23
.47
.10
.24
.25
.29
.35
.33
l/ Weekly rate shown la that In effect at end of period* Prime rate la that charged by large banks
on short-term loans to business borrowers of the higiest credit standing.
2/ Average of daily rates published by finance companies for directly placed paper for varying
maturities in the 9&C79 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 1—Sighs and lews are tor individual series and may be on different dates for different series.
For spreads, high refers to widest, and low to narrowest.
txwien I, Fen I
STOCK MAKKIT
• llllee, el iellen
CHAN®* IN tltlll
Exhibit E —
Common
stock
yields 2/
(per cent)
Stock price
Index 11
1961-62 - High
Low
Year end
1963
1964
1965 - High
Low
Sept.
Oct.
Oct. 15
Oct. 22
Oct. 29 E/
3/
V ^
Part II
Stock mar tet customer credit
Bank
Customers1
loana to
debit balTotal
"others" 5/
ances 4/
(In millions of dollars)
Trading
volume 2/
(millions
ihlT^g)
5,60%1%/ai) 4,259(13/61) 1,418(9/9/62)
4,424(1/61) 3,253(1/61)
1,161(3/0/61)
72.04(13/8/61)
52.68(4/22/62)
2.80
3.96
10.1
2.4
74.44
84.75
92.42 (10/29)
83.06 (6/25)
3.13
3.02
2.88
3.15
4.7
4.7
8.9
3.8
7,242
7 J)53
7,085
6,872
89.38
91.39
91.38
91.98
92.42
2.98
2.91
2.92
2.89
2.88
7.4
7.8
8.9
8.6
7.2
7,036
n.a.
n. a.
n.a.
of daily trading volume on the lew Y e * Stock M u w g e .
I
II II I
I I I I I 1 IINI I I I I I I II II II I I I I I I
KHJ
f
f
5
%
b
.
r
5/ FSEELSE
Digitized forothers,
FRASER
for further detail eee
5,515
5,099
5,129
4,863
1,727
1.974
2,042 (9/29)
1,848 (3/3)
4,994
2,042
n.a.
n.a.
n.a.
2,034
2,040
n.a.
Y#az**»d figure. a P. average# of
firm* of the Mew York Stock txohange 1*1* carry margin "count.,
Bulletin.
E X H I I I T f . P a n If
F1D1EA1 NATIONAL1,MOKTOAOI A S S O C I A T I O N S
SECONDARY MARKET OPERATIONS!
OFFERINGS,
SALES]
PURCHASES | \ N
I960)
1961|
19621
,'1_963|
11964
/1965
|1966
Exhibit F - Part II
Estimated offerings i
to FNMA
Standby
Immediate
Total
purchase
commitment
Date
1964 - Sept.
Oct.
Nov.
Dec.
1965 - Jan.
Feb.
Mar.
Apr.
May
July
Aug..
Sept.
15.1
34.9
26.0
41.3
36.6
30.6
36.9
40.4
35.8
47.9
52.9
82.0
101.1
Purchases
by
FNMA
(In millions of dollars)
14.9
.1
7.2
34.8
.1
24.0
25.9
.1
16.0
41.1
.1
32.5
36.6
.1
29.8
30.6
28.5
36.9
36.5
40.4
38.7
35.7
.1
31.4
47.9
39.5
52.9
36.7
82.0
47.2
101.0
63.3
--
Sales
by
FNMA
1.6
5.7
5.9
2.0
12.5
5.1
7,9
3.0
12.2
3.4
0.2
0.1
•—Less t h i n $50,000.
1/ Data represent unpaid principal balances of the mortgagee involved, exclusive of
premiums, discounts, or other charges. Offerings are smounts of applications received
during the period from sellers proposing that FNMA execute purchasing contracts. An
immediate purchase oorxtract covers existing mortgages which the seller mast deliver to
TNMA. within 45 days. A. standby o onmitment contract relates to proposed mortgages on
housing not yet under construction which the seller must usually deliver within one
year. Purchases include thoee under both immediate purchases and standby commitment
contracts. Data exclude TNM1 activity under Special Assistance and Management and
Liquidatiqg Programs.
IXNIBIT 0. P..I
W.eU,
NIW IHU11
I I I I I I
I I I I
Exhibit 0 - Part II
Yields on New Corporate Bond Issues Adjusted to an Aaa basis
Weekly averages;
1965 - Jan:
Feb.
Mar.
Apr.
Hay
July
Aug.
Sept.
Oct.
Weekly ayerag
1965- High
Low
Number A*'t of Issues Average
included (mil. yield
of
issues o< 4 ® W O T ) . {per cent)
Number ia't of issues Average
Included (mil. yield
of
Issues of dollars) foer cent)
3
3
. 7
4
8
4
8
7
7
5
94.0
111.0
157.8
115.0
315.0
100.0
278.0
166.5
288.5
108.0
4.42
4.41
4.45
4.46
4.51
4.58
4.61
4.63
4.67
4.69
4.71 (8/27)
4.33 (1/29)
Aug.
6
13
20
27
Sept. 3
10
17
24
Oct. 1
8
15
22
29
3
1
1
2
2
2
• 2
1
80.0
17.0
19.5
50.0
43.5
65.0
120.0
60.0
4.58
4.64
4.67*
4.71
4.69
4.70
4.67
4.64
4
88.0
4.72*
1
20.0
4.63
welt# i
bgr Aeduotiatf from the aoteal
5-..IW
i u- bull
»
Mdtealsof the appropriate latest***
H. 14
Exhibit H
Long-term Corporate and State and Local Government
Security Offerings and Placements
(In millions of dollars)
1965
Corporate
1964 -
New Can ital
1963
State and Local 2/
1965
1963
1^64
January
February
March
795
746
1,197
938
700
778
613
594
1,144
a/803
E/872
j&/946
947
776
810
732
746
976
April
May
June
i;i§
1,946
2,237
1,095
1,405
930
904
1,013
E/824
E/921
JB/943
1,242
667
903
869
866
930
812
680
1,130
676
637
795
a/950
e/650
e/?50
906
780
892
680
708
449
July
August
September
i H u
October
November
December
e/1,000
e/1,300
953
669
1,642
1,013
819
1,415
e/800
e/850
801
529
948
1,051
729
416
2,738
4,789
La/3,295
2,416
4,738
2,621
3,264
2,3bl
2,847
2,109
3,246
E/ 2,621
£/ 2,688
2/ 2,550
2,533
2,811
2,578
2,278
2,454
2,665
1,837
2,197
7,153
9,775
13,038
5,198
7,307
10,553
B/ 5,410
E/ 7,960
5,345
7*923
10,201
5,118
6,955
9,151
1st
2nd
3rd
4th
quarter
quarter
quarter
quarter
1st half
Three quarters
Year
e/1,250
7,527
e/10,855
Excluding finance companies 3/
1st
2nd
3rd
4th
quarter
quarter
quarter
quarter
2,547
4,348
e/2,94-5
Year
e/
j>/
1/
2./
2/
2,043
4,258
2,477
2,997
. 11,775
2,284
2,529
1,768
2,854
9,434
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.
H. 14
Exhibit I
New Corporate Security Issues, Type of Issue
and Issuer
(In millions of dollars)
1963 - I
II
III
IV
Gross proceeds for new
capital and refundin 5 1/
B<pnds
Common
Total Publicly Privately and
Offered
Offered
Pfd.
stock
2,700
1,108
1,306
287
3,634
1,389
1,820
424
2,436
898
1,251
287
3,466
1,319
1,780
367
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
1965 - I
II
Ilie/
IV
3,007
5,043
3,697
906
1,864
1,551
1964 • Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
2,295
1,181
1,489
902
748
1,226
1,036
727
1,805
1965 - Jan.
Feb.
Mar.
Apr.
May
June
July 2J
Aug. £./
Sept.e/
Oct.
Nov.
Dec.
858
791
1,358
1,233
1,773
2,038
1,379
898
1,420
Quarter
or
Month
Memo:
Foreign
issues
included
Net proceeds for
new capital \J 2/
Mfg.
Public Communi- Other
Utility cations issuers
128
434
109
47
947
591
806
968
326
794
285
530
236
221
150
118
842
1,241
868
1,629
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
1,673
2,259
1,855
429
920
292
243
215
. n.a.
1,072
1,679
1,003
541
609
760
91
255
247
1,034
2,246
1,285
383
470
468
234
183
376
181
30
320
541
563
651
443
453
693
642
645
1,342
1,372
148
370
225
112
156
213
52
143
34
36
35
24
27
44
82
29
116
186
206
332
150
176
234
250
203
607
151
441
264
207
138
296
297
40
172
1,379
27
260
23
16
19
82
21
32
521
421
550
432
349
580
323
405
831
161
187
557
422
694
748
542
369
640
565
450
658
648
630
980
717
438
700
131
155
143
162
449
309
121
91
80
49
51
143
33
49
134
27
59
385
192
494
540
698
441
41*
286
300
97
215
229
176
248
184
294
296
260
21
44
26
15
143
98
102
25
120
292
295
448
422
602
1,223
505
210
570
!>/ Preliminary, e/ Estimated by Federal Reserve
\J Gross proceeds exceed net proceeds by the cost of flotation.
2/ For total see Exhibit H; other issuers are extractive, railroad & other transportation,
real estate & finance, & commercial & other. Source; Securities & Exchange Commission
Exhibit J
.
Other Security Offerings
(in millions of dollars)
1965
January
February
March
April
May
June
July
August
September
October
November
December
Jan. — Septj.
Gross Long-term 1/
Foreign Government <d/
1964
1963
1965
218
——
38
73
—
V
W
e/
91
15
74
20
4
82
69
30
75
26
20
13
7
180
72
58
e/ 529
232
133
76
57
114
U
63
83
*
636
148
—
—
—
186
—»
—
775
V
—
fi/ 239
e/ 150
275
260
160
459
—
—
510
174
200
—
2
769
Year
129
185
325
Federal Agency 3/
196)
1964
e/1,803
771
—
—
695
793
1,205
1,167
New sh(j>rt-term 4/
Federal Agency 3/
State and Local Government 5/
January
February
March
April
May
June
July
August
September
October
November
December
Jan.-Sept.
238
91
-458
647
204
-82
119
£/ 409
jV-133
£/1,035
Tear
103
236
-407
442
81
-80
-9
127
176
7
-15
-208
62
208
-173
259
146
-339
669
626
453
692
75
272
-367
589
-30
-10
'
-332
-255
-161
202
195
319
415
326
258
123
-102
551
-137
-174
117
-11
509
237
132
206.
105
-308
-336
23
97
183
239
-333
167
1
525
113
-3
984
-267
967
368
1,539
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. Sources Securities and Exchange Commission,
j/ Issues not guaranteed by the U.S. Government. Source1 Long-term, Securities & Exchange
Commission; short-term, Treasury Dept. & Fed. Reserve. jfc/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. ^/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.
Sources Bond and Buyer & Fed.Res*
1/
H. 14
Exhibit K
Large Long-term Public Security Issues for New Capital
(Other than V. S. Treasury) 1/
Proceeds of Large Issues Offered
(In millions of dollars)
Total
1964 - Oct.
•
Nov.
|
Dec.
11965 - Jan.
|
Feb.
ji
Mar.
|
Apr.
5
May
*1
J une
^
July
I
Aug.
•*
Sept.
f
Oct.
C o r o o n ite
Bonds
Convertible
(other than
bonds
convertibles)
Stocks
187
108
79
--
--
--
200
115
131
233
210
560
343
455
211
530
190
230
139
217
513
307
928
801
477
299
530
246
.
30
State
and
local
governments
- -
--
280
97
53
320
22
62
315
138
40
16
—
26
2/
502
15
419
226
541
419
446
395
411
492
377
655
312
563
409
15
86
Other
--
235
130
19
260
40
340
20
50
170
43
1
\
•T
Large Individual Issues Offered During October
Issuer
Type 2/
Amount
(millions
of
dollsrs)
C9TB9me
16.0
Com. stk.
Rochester Tel. Corp
25.0
Deb.
Indiana Bell Tel. Co.
; Kansas City Pwr. & Lt. Co. 1st mtg. bds. 15.0
40.0
Deb.
Columbia Gas System
30.0
Deb.
Northwest Rancorporation
40.0
Panhandle Eastern P.L. Co. Deb.
Jersey Central Pwr.&Lt. Co. 1st mtg. bds. 20.0
20.0
Deb.
Canada Dry Corp.
United-Merchants & Manuf.
Conv.-sub. deb.AO.O
Inc.
State and Local Government
Met. Seattle, Wash.
Alabama Highway Auth.
Dallas, Texas
State of Maryland
Rev.-U t.
Rev.-S,T.
G C.
G.0.
10.0
20.0
16.0
43.6
Maturity
Coupon
rate or
net interest cost
Offering
vield
Rating
Aaa
Aaa
A
2005
1995
1990
1990
1985
1990
1990
4-3/4
4-3/4
4-7/8
4-3/4
4-3/4
4-7/8
4-7/8
4.64
4.65
4.88
4.78
4.78
4.73
4.95
1990
4
3.87
1973-2004
1969-85
1966-85
1968-80
3.7",
3.58
3.23
3.15
A
A
Baa
, 75 Aa
3.15 - l.
3.0U-3.,56 A
2.55-3.,254/Aa
2.80-3.. 15 Aaa
Vr
K-2
Large Individual Issues Offered October 1 through 29 (Cont'd)
Issuer
San Diego IJnif. Port
Dist., Calif.
Wise. State Agencies
Bid. Corp.
New York City, New
York
Nov York State Housing
Finance Agency
Los Angeles Dept. of
Wtr. & Pwr., Cali f
Illinois State Bldg.
Auth.
Virginia State Highway
Comm.
Other
Republic of Finland
United Mexican States
Type 3/
Amount
(millions
of
dollars)
Maturity
Coupon
rate or
net interest
cost
Offering
vield
Rating
Rev.-Q.-Ut.10.9
1969-90
3.42
2.90-3,43
A
Rev.-Rent. 38.9
1966-99
3.48
2.60-3.50
Aa
Baa
1967-95
3.61
2.90-3.70
Rev.-Rent, 84.8
1967-2006
3.75
2.80-3.73
--
Rev. -Q. -lJt.24.0
1966-95
3.47
2.60-3.50
Aa
Rev.-Rent:. 21.3
1966-90
3.61
2.75-3.65
--
Rev. -Q. -Ut.34. 0
2005
Bonds
Bonds
1980
1980
G.O.
105.8
15.0
27.5
3.97
6-1/2
6-1/2
6.61
6.63
--
*--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 1985 not publicly reoffered.
H. 14
Exhibit L
Forthcoming Large Long-term Public Security Offering for New Capital
(Other than U.S. Treasury) 1/
Expected Proceeds from Forthcoming Large Issues
(In millions of dollars)
During month following
date shown
State and
Corporate
Other 2/
local govt.
1964 - Oct.
Nov,
Dec c
1965 - Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept
Oct.
30
30
31
29
26
31
30
28
30
30
31
30
29
--
90
105
169
407
267
852
765
363
193
312
206
412
'
254
360
306
242
316
212.
411
328
397
248
404
269
343
Corporate
Subsequent to
date shown
State and
local govt.
--
25
215
---
60
25
70
20
--
15
25
130
105
253
504
792
852
923
410
340
636
303
489
•
549
563
435
382
599
373
635
474
524
353
450
331
578
Other 2/
25
215
--
60
25
70
20
-• --
15
25
Forthcoming Large Offerings as of Oct, 29
Issuer
Type
Amount
(millions
of
dollars)
Approximate date of
offering
torefillti
*Nat"ra1 Gas P-L, Co.
*C.I.T. Financial Corp.
^Boston Edison Co.
"^Florida Pwr. Corp.
*Nvrthern Natural Gas Co.
West Penn, Power Co.
*3en«-f icia 1 Finance Corp.
*Deere & Co.
*Te.xas Instruments, Inc.
*Unir.n Elec. Co
Macy Credit Corp.
"real Western Financial Ccrp.
vUnsral Tcil. Co. of Calif.
S u d n and Local Government
Rotate cf Conn.
-'f:/: of New York Auth.
Minneapolis, Minn.
*State of Minn.
1st mt 2. d„1. bds.
Pfd. stk
1st mtg. bds.
1st mtg bds.
Dc-b
1st mtg. bds,
Jeb
Deb.
S. F. deb.
.2 v mm on = ,1
Deb.
Dt b.
S F. deb.
40.0
i0 0
25 0
25.0
40.0
20 0
100.0
35.0
50.0
27.2
25.0
22.0
30.0
Nov.
9
Nov. 9
Nov. 10
Nov. 19
Nov. 22
Nov. 23
Nov.
Nov.
Nov.
Nov. (rts. ex.)
Indefinite
Indefinite
Indefinite
GORev.-Q.-Ut.
G. 0.
G.0.
43 0
25.0
10.0
13.4
Nov.
Nov.
Nov.
Nov.
4
4
4
9
L-2
Forthcoming Large Offerings as of October 29 (Cont'd)
Issuer
*Boston, Mass.
*Penna. State Sch. Bldg.
^Chicago, 111.
^Baltimore, Md.
Los Angeles, Calif.
^Baltimore Co., Md.
*San Francisco Bay Area
Rapid Trans. Auth. Calif.
-State of Hawaii
*Lavonia Pub. Sch. Dist., Mich.
^Philadelphia, Pa.
^Chicago, 111.
Port of New Orleans, La.
*Ca1. Toll Bridge Auth.
^University of Kentucky
Dade County, Fla.
Austin, Texas
Type
Amount
(millions
of
dollars)
G.O.
Rev. -Rent.
G.O.
G.O.
Rev. -Q. -Ut.
G.O.
12.4
30.5
14.5
26.7
16.5
11.0
Rev. -Q. -Ut.
G.O.
G.O.
G.O.
Rev. -Ut.
Rev. -Q. -Ut.
Rev. -Q. -Ut.
Rev. -Rent.
G.O.
Rev. -ut.
70.0
14.0
15.0
40.7
25.0
20.0
100.0
30.0
46.0
14.0
Approximate date of
offering
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
9
9
13
16
16
17
Nov. 17
Nov. 18
Nov. 19
Nov. 23
Dec.
7
Dec.
9
Dec.
9
Dec. 15
Indefinite
Indefinite
Other
^Commonwealth of Australia
Bonds
25.0
Nov.
9
*--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
issues and non-guaranteed issues of Federal Agencies.
N o t e — D e l e t i o n s for reasons other than sale of issue: None.
[
?
1
H. 14
Exhibit H
Foreign Government and Corporate Security Offerings
and Placements in the United States
Part I:
Sele Date
Amount
(milliona
of
dollars)
Public Offerings
Issuer and Deacription of Issue
A.
Sold August 1 through October 29
8/24
50.0
Province of Ontario, Canada--4-3/4% debenture,
maturing 1990, reoffered to yield 4.85%.
9/16
20.0
Buropeen Investment Bank--6% bonds, maturing 1985,
reoffered to yield 6.04%.***
10/19
15.0
Republic of Finl.md--6-1/2% bonds , m.'i Luring 1980,
reoffered to yield 6.61%.
10/27
27.5
United Mexican States--6-l/2% bonds, maturing 1980,
reoffered to yield 6.63%.
B.
.vll/9
25.0 .
Prospective Offerings
Commonwealth of Australia-Bonds
*
-- Included in table for firat time.
** -- issue sold to investors outside U. S.
*** -- Issues subject to interest equalization tax; price to U. S. citizens was therefore
plsced 108.33 as compered to price of 99.50 to other investors.
M-2
Part II:
Date reported
Private Placement--Reported August 1 through October •
Amount
(millions
of
dollars)
Issuer and Description of Issue
8/11
8.0
8/30
25.0
Imperial Chemical Corporation Ltd.--6.827, notes, due
1971-85--no information'available on takedown.
8/30
10.0
Dominion Rubber Company Ltd.--5-7/8% notes, due 1985-no information available on takedown.
9/9
40.0
Skeena Kraft, Ltd.--5-3/8% first mortgage and collateral
trust bonds, maturing 1985--no information available on
takedown.
9/8
50.0
Bell Telephone Co. of Canada—4.85% first mortgage
bonds, due 1995--no information available on takedown.
9/16
135.0
9/16
25.0
Note;
Celanese Mexicans S. F.--7-1/4% sinking fund bonds,
due 1977--no information available on takedown.
Queensland Aluminium Securities Company--notes maturing
1968-82--no information available on takedown.
The Alberta Government Telephone Commission--4-3/4%
sinking fund debenture, maturing 1990--no information
available on takedown.
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 the Exhibit and that shown in Exhibits I and J 6ecayse 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.
@FedFRASER