Full text of H.16 Capital Market Developments : November 12, 1968

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Not for Publication
H. .14

DECONTROLLED AFTER SIX MONTHS
November 12, 1968.

^CAPITAL MARKETS DEVELOPMENTS
IN THE UNITED STATES

0OL

grporate and municipal bond markets. The expected volume of new,
publicly-offered, corporate and municipal securities during this holidayshortened week is below the average weekly volume over the past year. The
small corporate volume features Wisconsin Electric Power's $40 million of
first mortgage bonds while the largest municipal offering will be the State
of Massachusetts' $54.9 million of general obligation bonds. The week's
total volume of long-term offerings will be supplemented by $80 million of
Tennessee Valley Authority bonds.
Long-term Public Security Offerings"^
(In millions of dollars)

Corporate
New Capital | Refunding

State and local Government
New Capital | Refunding

Sold:
52 week avg.
November

1

November 8
Scheduled:

288

311

r/155

r/297

120

140

1

'

November 15

125

—

223

—

1/. Federal 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.
While the lagging seasoned corporate yield series was virtually
unchanged last week, yields on new issues declined. The sharp drop in the
new issues series, however, is largely explained by a shift in the volume of
issues carrying call protection. The slightly lower yields on new issues
were notably unattractive to investors; by Friday night only 20 per cent of
the week's major offering had been sold.
Yields on municipals were unchanged last week and in this market
also new issues experienced a very cool reception. By the end of the week
only 47 per cent of the week's small volume of offerings had been sold.
Stock prices. Common stock prices advanced slightly last week in
somewhat reduced trading volume. At the close Friday, Standard & Poor's index
of 500 stocks stood at 103.95, up 0.89 from the previous Friday. Trading
volume averaged 12.4 million shares a day. The Exchanges elected to continue
the 4-day trading week through the end of November.




iuJT

H. 14
Yields on Security Markets
High-Grade
Notes and Bonds

Change from
preceding week

Corporate New
Seasoned

6.43

6.16

- 23
+ 1

5.28
5.44

+
+

2
2

4.25
4.6 4

+

1

6.19

+ 31

5.48
5.59

+

U.S. Government
Long-term
3-5 year
State and local Gov't.
Moody's Aaa
Std. & Poor's high grade
. Money Market
Federalfunds
Treasury bills
3-month
• 6-month

9

Corporate Bonds Still in Syndicate
Date
Offered

Amount
(millions of

Reoffering
Yield

Issuer

Rating

Estimated proportion sold

11/7

60.0

Pacific Gas & Electric,
6-3/4's - 2000

6.70

Aa

20%

10/22

55.0

Consumers Power,
6-5/8's - 1998

6.55

Aaa

50%

Blue List-of Municipal Dealers' Advertised Inventories
Latest Week
741(11/6/68)




End of Previous Week
758

Recent High
849(4/26/68)

H. 14

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, Part 1

L O N G - T E R M BOND YIELDS, HIGH-GRADE

CORPORATE Aaa
Moody's

U.S. GOVERNMENT
Long-term

S T A T E AND L O C A L G O V E R N M E N T A a a
Moody's

1963




1964

1965

1966 i

1967

1968

In

Exhibit A -- Faru n

!^Corporate

| Aaa 1 /
1
i

Date

1959-60 - High
1966 - High
— Low
1967 - High
- Low
1968 - Oct.
Nov.

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

6.06
11
6.10
18
6.13
25
1 j:/6.15
r
8R< 6.16

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

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

.92(4/22/60)
1.19(2/11)
.77(9/2)
1.51
.74

5.25
5.28
5.24
5.26
5.28

4.22
4.22
4.21
4.25
4.25

.81
.82
.89
.65
.88

1.03
1.06
1.03
1.01
1.03

£/ Preliminary.
r/ Revised.
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.




EXHIBIT B, Part

LONG-TERM

BOND YIELDS, LOWER

1

GRADE

Weekly

CORPORATE Baa

I V

N

A v

/^ V

V-A '

S T A T E AND LOCAL G O V E R N M E N T B a a
- V

V

i i i i ii i i i i i

1963




_ _ v —

i i i i i i i i i i ii ii i "i i i M III i i i .i i i M

1964

1965

1966

i i 11 H I

1967

111 'I i i i i N

1968

M

I I

Exhibit B -- Part II

State and
local govt.
Baa 3/

Corporate
Baa 1/

(per cent)
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(1/29)
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)

1968 - Oct. 11

6.79
6.84

4.90
4.90
4.90
4.95
4.95

18

25
6.88
Nov. 1
6.92
8p/
6.97
Note: For footnotes see Exhibit A.
£./ Preliminary.




Spread between
Aaa and Baa
State and
Corporate
local govt.
.84
.31

.81
.31

.82

.73

.73
.74
.75
.76

.81

1.08
.39

.62
.31

.81
.37

.68
.68
.69
.71
.70

EXHIBIT C, Port 1

SHORT- AND

INTERMEDIATE-TERM

INTEREST RATES

GOVERNMENT

6-MONTH BILLS

3 - 5 YEAR I S S U E S

F . R . DISCOUNT RATE

3-MONTH BILLS
M a r k e t Yields

1963




1964

1965

1967

1968

Exhibit C -- Part II

Date

Discount
rate
_-L/

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

1968 - Oct.

11
18
25
Nov. 1

1/ Weekly

4.00
4.50
4.50
4.50
50
.50
.00

5.25
5.25
5.25
5.25
5.25

3-month
bills V
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)

Yields
6-month
bills 2/
(per cent)

3-5 year
issues U

Spread between yields on
3-mo.
) -mO. bills
UJ-J-JLS and yields
^ j- v* ™ —
6-mo. bills|3-5 vr. issues

o 07(1/8/60) 5.00(12/24/59)
4.90
.66
4.86
h.92
5.83(9/2)
..92(9/23)
4.80(4/8)
u53(6/24)
5.80(11/10)
5.50(12/12)
4.36(4/7)
3.74(6/2)

Preliminary.




1.81
.43

.06

.78
.01
1.61

.07
5.43
5.38
5.31
.09
5.43
5.43
5.34
.03
5.43
5.43
5.40
.02
5.42
5.50
5.48
.11
5.44
5.48
that I n e x a c t at end'of period at the Federal Reserve B an K „

2/ m r k e r y i e l d ; weekly averages computed from daily closing bid prices.

£/

.79
.19
.12
.52
.09
.62
.01

Series of. 3-5

.02
.12
.09
.03

.06

.04

EXHIBIT

D, Port

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 AND OTHER PRIVATE B O R R O W E R S
Weekly

P R I M E RATE
FINANCE C O M P A N Y P A P E R
Directly

placed ,

—

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

York

I

FEDERAL F U N D S

1963




1964

1965

1966

1967

1968

Exhibit D —

Date

Prime rate 1/

Part II

Finance
company
paper 2/

Spread between
3-mo. bills and
Federal funds 3/ finance co. paper

(per cent)
1959-60 - High
Year end- 1964
1965
1966
1966 - Low
1967 - High
Low
1968 - Oct. 11
18
25
Nov. 1
8E/

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)
5.50
r/5.60
r/5.60
r/5.73
5.75

6.25
6.25
6.25
6.25
6.25

4.00(5/13/60)
4.00
4.63
5.63
3.55(1/21)
5.25(1/6)
3.40(10/27)
5.95
5.75
5.95
5.88
6.19

1.02
.23
. 28
1.08
.20
1.33
.21
.19
x f ,21

r/.20
r/. 25
.27

1/ 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 t>f 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.
2/

Preliminary.




r/

Revised.

EXHIBIT

E, Port

1

STOCK MARKET
Billions

of

1941-43 , a v e r o g e = 10

dollars

100

PRICES

10

8

STOCK MARKET CREDIT

6

* CHANGE IN ( S E R I E S

4

VOLUME

YIELDS
i i i M i ii ni i i i M i ii iM i -ii i i iI iI iI' Ii l l l M i"iIIi/iI i i i i i i i
I I I-1-1 I I II Ii Ii I
1963
1964
1965
1966
1967
1968




Exhibit E —

Stock price
index 1/

1961-62 - High
196.6 - High
Low
1967 - High
Low
1968

Sept.
Oct.

Common
stoqk
yields 2/
(per cent)

Stock market customer credit
Trading
Customers'
Bank
volume 3/
Total
debit bal- loans to
(millions
"others"5/
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(10/67)

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

101.34

3.00

13.4
15.1

2.93

Part II

5,602(12/61) 4,259(12/61) 1,418(5/9/62)
4,424(1/61)
3,253(1/61) 1,161(3/8/61)
5,835
2.241(7/6)
7,997
5,169
, 2,097(12/14)
7,302
10,347(12/67) 7,883(12/67) 2,057(11/1)
7,345(1/6)
5,280(1/67) 2,055(1/25)
n.a.
n. a.

2,515
n. a.

l" 3 - 76
15.1
2.93
r/2,561
Oct. 25
104.20
2.96
14.1
r/2 ,557
Nov. 1
W3.06
12.4
2.94
8g/ (L03.95
n. a. Not Available, jd/ Preliminary.
r7 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.
•
2/ Standard and Poor1s composite stock yield based on Wednesday data converted to weekly closing
prices 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.

1968




FEDERAL N A T I O N A L M O R T G A G E A S S O C I A T I O N
SECONDARY

M,ii,on.

MARKET OPERATIONS

of doiior,

400

OFFERINGS

300

,r

200

I PURCHASES V

100

\ \

SALES
1962




1964

1966

1968

Exhibit F - Part IT

Dat r

to FNMA
Estimated offerings i
Standby
Immediate
commitment
purchase

Total

Purchases
by
FNMA

Sales
by
FNMA

(In millions of dollars)
1967 - Aug.
Sept.
Oct.
Nov.
Dec.
1968 - Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.

261.0
260.6
168.2
167.9
260.6
260.1
324. 7
324.1
209.4 '
206.6
212.6
212.0
164.4
164.0
. 212.9
212.2
214.3
210.1
104.8
103.6
(See Exhibit F Part
"

H

ii

"

"

U

II

1

.4
.3
.5
.6
2.8
.5
.4
.7
4.2
1.2
III)

198.3
192.4
215.1
186.9
200.1
274.9
245.2
188.9
185.7
176.7
172.8
108.0
98.8
88.8

.8

.2
.3
.1

——

•

—

;

__

--

* — L e s s than $50,000.
1./ Data represent unpaid principal balances of the mortgages involved, exclusive
of premiums, discounts, or other charges. Offerings are amounts of applications
. received during the period from sellers proposing that FNMA execute purchasing
contracts. An immediate purchase contract covers existing mortgages which the
seller must deliver to FNMA within 45 days. A standby commitment contract, relates to proposed mortgages on housing not yet under construction which thfe
seller must usually deliver within one year. Purchases include those under
both immediate purchases and standby commitment contracts. Data exclude FNMA
activity under Special Assistance and Management and Liquidating Programs.




Exhibit F - Part III
FNMA Weekly "Auction" Results

Amounts (In millions of dollars)
Accepted
Offered
6901
Total
Total
Month
Year
Day

Week

90-

Yields (Per Cent)
61

Day

Month

Year

July

1
8
15
22
29

148.0
157.2
172.2
158.6
148.4

89.0
88.5
80.4
65.8
70.0

16.3
11.2
9.6
8.6
7.1

60.5
65.9
57.3
47.4
53.7

12.2
11.3
13.5
9.8
9.2

7.51
7.42
7.36
7.33
7.32

7.48
7.40
7.35
7.32
7.33

7.47
7.37
7.32
7.31
7.33

.Aug.

5
12
19
26

121.8
108.4
93.1
99.3

66.3
60.2
54.7
51.1

9.8
9.8
10.3
7.5

49.7
43.4
37.4
37.0

6.8
7.0
7.0
6.6

7.31
7.29
7.27
7.25

7.32
7.31
7.27
7.24

7.31
7.29
7.25
7.23

3
9
16
23
30

90.9
SE.5
81.9
93.2
91.0

51.7
50.4
47.1
34.5
36.2

5.7
5.0
6.1
4.5
3.1

37.6
39.0
29.9
21.0
24.8

8.3
6.5
11.1
9.1
8.3

• 7.25
7,21
7.17
7.17
7.16

7.23
7.22
7.19
7.17
7.16

7.21
7.17
7.11
7.11
7.10

35.1
41.6
44.0
49.1

2.2
2.5
2.7
3.0

22.9
30.0
30.7
31.3

10v0
9.1
10.7
14.7

7.19
7.20
7.21
7.24

7.16
7.18
7.20
7.23

7.09
7.12
7,13
7.17

Sept.
.

Oct.

7
14
21
28

98.9 .
119-. 2
132.8 /
131.9

Note; Total accepted shown in parenthesis for most recent week indicates FNMA
announced limit before the "auction" date. Average secondary market yields are
gross -- before deduction of 50 basis point fee paid by investors to services.
They reflect the average accepted bid price for Government-underwritten mortgages
after allowance for FNMA commitment fees and FNMA stock purchase requirements,
assuming a prepayment period of 15 years for 3-year loans. One-year commitments
. are for new homes only.




EXHIBIT

YIELDS O N

NEW

AND

SEASONED

CORPORATE

G, Pari

1

BONDS

Weekly

6.5

A d j u s t e d lo

Aaa

Ba

NEW ISSUES

6.0

5.5

5.0
SEASONED

Aaa

4.5

4.0
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.
May
June
July
Aug.
Sept.
Oct.

13
13
10
9
11
13
7

8

7
15

Am 11. of issues Average
included (mill.
yield
of dollars)
(per cent)
567.0
564.0
350.0
465.0
511.0
872.0
552.0
267.0
450.0
584.0

Number |Am11. of issues Average
of
included (mill.
yield
issues 1 of dollars)
(per cent)

6.24
6.30
6.56
6.52

Oct.

6.65
6.54

Nov.

6.66

6.26

4
11
18
25
1
8E/

50.0

181.0
200.0
103.0
2
1

50.0

60.0

6.57
6 . 59
6.57
6.56

6.66
6.43

6.30
6.47

Weekly averages;
High
6.83(5/24/68)
6.13(8/16/68)
Low
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.
|>/

Preliminary.




!

BP
Exhibit H
Long-term Corporate and State and Local Government
Security Offerings and Placements
(In millions of dollars)
Capital
1968P/

Corporate T T
1967

1966

State and local
1967
1968p/

1966

1,706
1,568
1,740

1,648
1,398
2,317

1,302
1,237
2,446

1,133
1,147
1,384

1,482
1,196
1,438

1,188

1,385
1,825
2,334

1,973
1,474

1,298
1,115
1,381

1,111

2,611

1,553
1,058
2,364

1,193
901
1,141

July
August
September

2,121
1,384
e/1,650

2,457
2,406
1,723

1,039
1,670
1,382

1,446
1,681
1,309 /

943
858
1,300

1,020

October
November
December

14,900'
e/1,600

2,289
1,467
2,336

829
1,085
1,635

e/2,200/
/ 1,600

974
I,400
1,182

755
969
940

1st
2nd
3rd
4th

5,014
5,544
e/5,155

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

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

3,665
3,794
2/4,436'

4,119
3,837
3,131
3,556

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

10,558
e/15,713

11,421
18,007
24,098

9,959
14,050
17,601

7,459
#1,895

7,956
II,087
14,643

= January
February
March
April
Hay
June

Quarter
Quarter
Quarter
Quarter

1st half
Three quarters
Year

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

Quarter
Quarter
Quarter
Quarter

4,943
5,265

Year
17
p/
1/

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

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

23,115

17,269

Estimated by Federal Reserve.
Preliminary, r/ Revised.
.
securities and Exchange Commission estimates of net proceeds.




1,229
1,497

858
865

701
773

6,146
8,640
11,304

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

Quarter
or
Month

Total

Gross proceeds for new capital
• and refunding 1/
Common Memo:
Bom is
Foreign
Publicly Privately and
pfd. issues
Offered Placed
stock included

Net proceeds
for new capital lyf

Other
Public CommuniUtility cations Issuers

Mfg.

1967 - I
II
III
IV

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

3,263
4,017
4,064
3,107

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

390
726
678
1,051

60
65
234
93

2,442
3,014
2,792
2,527

1968 - I
II

5,178
5,705

2,465
3,105

1,724
1,6.44

989
956

313
172

1,855
1,653

543
548
595
269

1 ,394

411
529

1 =
,356

1.,201

119
82
68

690
469
881

186
147
78
189
103
237
236
117
125
75

566
321
469
663
622
874
810
473
600
700

1
1

1967 - Oct.
Nov.
Dec.

2,409
1,500
2,385

1,375
645
1,087

566
551
1,020

469
304
278

34
19
30

906
512
1,109

1968 - Jan.
Feb.
Mar.
Apr.
May
June
July
Aug. £/
Sept.e/
Oct. e/

1,771
1,607
1,800
1,428
1,867
2,418
2,174
1,423
1,725
1,965

903
. 796
766
719
1,046
1,340
1,244
637
725
1,015

546
585
593
438
521
685
561
396
700
500

322
226
441
271
300
385
369
390
300
450

16
61
236
31
89
52
47
74

537
556
761
353
550
750
839
356
525
575

417
546
431
178
549
474
236
438
400
550

p/

Preliminary,

iz

?

°

e/

Estimated by Federal Reserve.
s

s

t

n.a.
o

Not available.

^

transportation, real estate and finance, and commercial and other.
SOURCE: Securities and Exchange Commission.




1 =
,382

997
,268
,219
,255

1

573
404
278

n«ci«

2/

1,,228
L >976
2,,040

2,,159

•

£2Exhibit J
Other Security Offerings
(In millions of dollars)
Gross Lon^-term 1/
Federal Agency 3/
Foreign Government 2/
1966
1967
196 8
1968
196 7
196 7
January
February
March
April
May
June
July
-August
September
October
November
December
Jan. - A u g .

127
49
107
75
142
7
100
238

845

223
27
13
170
22
586
193
66
142
18
1,237
1,656

Year.

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

196

12
40
40
66
69
76
72
7
50
23
74
68

999
550
1,370
225
744
779
800
580

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

382

6,047

5,551

503
410
392
699
1,030
1,034
799
400
450
800
239
4,917

8,180

6,806

597

New short-term 4/
Federal Agency
State and local Government 5/
-179
490
103
179
300
-552
436
39
387
89
-454
-319
-594
-604
-559
580
827
3
109
121
462
515
490
93
27
-334
-187
-378£/
-158
457
-103
20
539^/
-262
-203
270
593
34£/
1,407
-161
,32
606
-48
414
573
503
49
36
-570
-514

•III

• *
Jan. - Aug. £/

473

. Year

Reserve.

—




1,740
1,721

698
531

1,416

-1,962
660

3/
308
-24
450
718
85
284
-590
-270
-652
-555
-283
219
961
310

H. 14
Exhibit KLarge Long-term Public Security Issues for New Capital
(Other than U. S. Treasury) V/*
Proceeds of Large Issues Offered
(In millions of dollars)

Total

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

CorDor,ate
Bonds
(other than
Convertible
convertibles)
bonds
473
. 897
461
460
652
575
415
500
656
1,161
650
405
541

794
1,458
826
978
904
757
788
696
1,009
1,461
1,243
665
736

257
285
150
437
168
105
135
723
283
120
395
143
91

Stocks

State
and
local
governments

65
276
215
81
85
77
238
73
70
180
98
» U7
104

Other

2/

400
50
845
627
1,095
389
1,030
370
145
500
920
70
520

847
505
865
633
785
591
736
794
571
758
864
1,165
693

Large Individual Issues Offered November 1 through November 8, 1968.

Type 3/

Issuer

Amount
(millions
of
dollars)

Maturity

Coupon
rate or
net interest cost

Offering
yield

Rating

Corporate
Pacific Gas & Electric
American Financial Corp.

6-3/4
5-1/2

1st mtg. bds
Conv. debs.

60.0
20.0

2000
1988

G.O.
Rev.-Utc
G.O.

12.0
14.0
84.0

1974-1978 3.87
1971-2008 5.51
1969-1988 4.13

S.F. debs.

35.0

1993

6.70
5.50

Aa

3.65-3.85
4.10-5.60
3,10-5.00

Aaa
Baa
Aa

7.30

A

State & local Government
State of Texas
Hialeah, Florida
New York State
Other
Nova Scotia, Province of




7-1/4

K-2

FOOTNOTE:
*
1/
2/
~
3/
~~

Rights offering.
.
Includes corporate and other security offerings of $15 million and over; State
and local security offerings of $10 million and over.
Includes foreign government and International Bank for Reconstruction and
Development issues and non-guaranteed issues by Federal Agencies.
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 quasiutiiities; Rev.-S.T., revenue bonds secured by revenue from specific taxes only
Rev.-Rent., revenue bonds secured solely by lease payments.




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)

- July 31
Aug. 31
Sept.30
Oct. 31
Nov. 30
Dec. 31
- Jan. 31
Feb. 29
Mar. 31
Apr.' 30
May 31
June 30
July 31
Aug. 31
Sept. 30

During month following
date shown
State and
Corporate
Other 2/
local govt.
—w
512
1,261
100
694
783
768
65
534
50
505
1,357
865
845 ?
826
402
968
633
60
531
449
683
130
873
15
• 758
494
695
1,103
45
500
1,193
485
1,068
597
75
619
1,071
70
'
.
1,157 x
793 ,
490
1,313
450

Corporate
1,576
1,335
1,090
2,694
2,129
1,892
736
1,105
935
1,612
1,403
1,380
679
868

887

Subsequent to
date shown
State and
local govt.

Other 2/
150
159
126
260
875
502
75
265
125
60
515
110
85
15
465

575
903
889
743
1,684
1,076
937
1,079
624
1,069
640
1,042
1,307
1,393
1,552

Forthcoming Large Offerings as of November 8, 1968.

Issuer

Type

Amount
(millions
of
dollars)

Approximate date of .
offering

Corporate
Wisconsin Electric Power Co.
Florida Power Corporation
General Telephone of Michigan
Northern Natural Gas Company
Northern Natural Gas Company
King Resources
South Central Bell Tele. Co.
Hartford Elec. Light Company
Louisville & Nashville Railraod
Boston Edison
Florida Power
General Telephone of Florida
Michigan ConsoL Gas Company
Public Service of New Hampshire
*Humble pipe Line Company
Public Service Elec. & Gas
*Union Tank Car
Anaconda Company
New England Pwr. Company

San Diego
Gas & Elec. Company



Debs.
1st mtg. bds.
Debs.
Pfd. ,stk.
Debs.
Conv. sub. debs.
Debs.
1st mtg. bds.
Coll. tr. bds.
1st mtg. bds.
1st mtg. bds.
S.F. debs.
1st mtg. bds.
1st mtg. bds.
S.F. debs.
1st mtg. bds.
Equip, tr. cert.
Debs.
1st mtg. bds.
1st mtg. bds.

40.0
30.0
22.0
20.0
40.0
20.0
85.0
25.0
40.0
'
50.0
50.0
35.0
31.0
15.0
50.0
40.0
20.0
150.0
20.0
35.0 .

November
November
November
November
November
November
November
November
November
November
November
November
November
November
November
November
November
November
December
December

12
14
14
14
14
18
18
19
19
20
21
21
25
25
26
26
26
2
3

Forthcoming Large Offerings as of November

Issuer

Type

Amount
(millions
of
dollars)

8, 1968. (Cont'd.)

Approximate date
offering

Corporate (Continued)
^General Telephone of California
Tempa Electric Company
*GMAC .
*Tampa Electric
*Southern Bell Telephone
^Appalachian Power
*Lone Star Gas Company
^Western Mass. Electric
Southern Company
Alexander's Dept. Stores
Reading, & Bates Offshore Drilling
Company Puerto Rico Telephone Company
Cleveland Elec.- Illuminating Co.
International Leisure Corp.
Tesoro Petroleum
"Chris Craft Industries
Carter Group
*Saturn Industries /

Debs.
1st mtg. bds.
Debs. 1st mtg. bds.
Debs.
1st mtg. bds.
S.F. debs.
1st mtg. bds.
Debs.
Com. stk.
Conv. debs
Debs.
1st mtg. bds.
Units
Debs.
Conv. sub. debs.
Conv. debs,
Conv. sub. debs.

60.0
30.0
150.0
30.0
60.0
45.0
30.0
15.0
15.0
20.0
20.0
25.0
50.0
25.0
15.0
26.0
15.0
15.0

December
4
5
December
December
5
5 .
December
December
9
December 10
December 12
December 12
Indefinite
Indefinite
Indefinite
Indefinite
Indefinite
Indefinite
Indefinite
Indefinite (rts.
Indefinite.
Indefinite

State & local'.-Government
State of Delaware
State of Massachusetts
Warren Consol. Sch. Dist., Mich.
*Boston, Massachusetts
Hartford, Connecticut
Itawamba Co., Mississippi
Port Huron, Michigan
- Baltimore Co., Maryland
*Iberville Parish, La.
Illinois Building Authority
State of Alabama.
Housing Asst. Admin.'
Los Angeles Dept. of Water &
Power
^Southern Illinois University
Penna. General State Authority
Pittsburgh Pa.", Sch. District
New Madrid, Missouri
New Madrid, Missouri
Port of Astoria
Penna. State Highway and Bridge
Authority




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

31.6
54.9
12.3
17.8
14.8
13.0
22.0
11.0
10.0
42.0
15.0
117.2

November
November
November
November
November
November
November
November
November
November
November
November

13
13
13
14
14
15
15
19
19
19
19
20

Rev.-Ut.
Rev.-Rent.
Rev.-Rent.
G.O.
Rev. -Rent. (alum.)
Rev. -Rent. (elec.)
Rev.-Rent.

30.0
14.3
75.0
12.0
85.0
100.0
150.0

November
November
November
November
November
November
November

20
20
20
26

75.0

November

Rev.-Q.-Ut.

7%
L-3
Forthcoming Large Offerings as of November 8, 1968. (Cont'd)

Type

Issuer

Amount
(millions
of
dollars)

Approximate date of
offering
„

State & local Govt. (Cont'd)
Delaware River Joint Toll Bridge
Commission
*Philadelphia, Pennsylvania
'
- *Nassau Co., New York
*Rockford Sch. Dist., #205, 111.
Tampa Hillsborough Company
Expressway Authority
: Cobb Co., Georgia

Rev. -Q.-Ut.

20.0

November

G.O.
G.O.
G.O.

58.0
38.0
10.0

December
December
December

Rev. -Q.-Ut.
Rev. -Ut.

46.0
32.5

Indefinite
Indefinite

Bonds
S.F. debs. w/wts.

80.0
15.0

November 13
Indefinite

3
10
11

Other
Tennessee Valley Authority
Canadian Utilities, Ltd.

3 *--Included in table for first time.
1/ includes corporate and other issues of $15 million and over; State and local Government
i ~~
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.




Exhibit M

Foreign Government and Corporate Security Offerings
and Placements in the United States
Part Is- Public Offerings

Sale Date

Amount
(millions
of
dollars)

Issuer and Description of Issue

,A.

x

.

Sold;

*

Sept. 1 through Nov. 8, 1968.

Sept. 17

250.0

Sept. 19

20.0

Province of New Brunswick -- 6-7/8% S.F. debentures
maturing 1991, reoffered to yield 7.05%.

Oct.

2

50.0

Province of Manitoba — 6-7/8% S.F. debentures
maturing 1993, reoffered to yield 6.90%.

Oct.

13

50.0

Quebec Hydro-Electric, Comm. — • Debentures.

«

Nov.

' 7

35.0

Nova Scotia, Province of — 7-1/4% S.F. debentures
maturing 1993, reoffered to yield 7.30%.

y

International Bank for Reconstruction and Developments
6-3/8% bonds maturing 1994, reoffered to yield
6.44%.

b

Prospective offerings
Nov .

Indefinite

15.0

* - Included in table for first time.




.... i .

.
'
j ~
Canadian Utilities, Ltd. - S.F. debentures with
warrants.

'

M-2
PART II:

Date Reported

9/9/68

Private Placements -- Reported Sept. 1 through Nov. 8 , 1968.

Amount
(millions
of
dollars)

2.0

Issuer and Description of Issue

Caribbean Finance Company (Puerto Rico) Senior
notes maturing July, 1983.

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 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 are
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 is reported.