Full text of H.16 Capital Market Developments : November 13, 1967

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W O H T H O L L E D AFTER SIX MONTHS

H. 14

November 13, 1967,

*
MARKETS DEVELOIMENTS
STATES

Corporate andmunicifralbond markets. Nearly $1.0 billion of new corporate
and municipal securities are expected in the long-term capital markets thiti week.
The corporate volume will feiture U.S. Steel's $225 million debentures offenring and
Tenneco's previously postponed $200 million offering of convertible bonds. The
0 million
. municipal volume also includes two notably large issues: Mississippi's $1:11
of general obligation industrial bonds — a new experiment in financing — and
$100 million of California water bonds. Pushing total, long-term offerings up well
over $1.0 billion will be the Province of Ontario's $75 million bond issue and the
Inter-American Development Bank's $60 million offering.
Long-term Public Security Offerings^/
(In millions of dollars)
Corporate
New Capital I Refunding

State & local Government
New Capital I Refunding

Sold:
52 weeks avg.
November 3
November 10

324

248

r/324
172

r/193
144

600

388

Scheduled:
November 17

T J F e d e r a l Reserve estimates are based upon published reports of issues
sold and scheduled for offering; corporate rights offerings are
included as of date subscription rights expire.
Although yields on new and seasoned corporate bonds advanced last week,
the reduced volume of new offerings received a mixed reception. With an A rating,
five years of call protection, and an extraordinary 6.90 per cent yield, one small
utility offering sold out immediately. An Aa-rated utility issue with ^ive years of
call protection, however, received a cool reception despite its 6.55 per cent yield a yield eleven basis points above that on the last similar issue, itself recordbreaking. Meanwhile, price restrictions were terminated on the unsold portjion —
$70 million — of Cities Service's unsuccessful issue, offered only one week earlier.
In free market trading, the yield on this issue adjusted upward by 26 basis points.
Yields on municipals also advanced last week, but only about 65 per cent
of the small volume of new issues was sold by week-end.




H. 14

yields on Security Markets
Level Latest Week

Change from
preceding week

High Grade
Notes and Bonds
Corporate
, New .
Seasoned

6.37

6.02

+24
+ 7

5.44
5.80

+ 9
+12

3.97
4.32

+ 5
+ 5

3.94

-11

4.64
5.13

+ 7
+ 6

U.S. Government
Long-term
3-5 year
State and Local Govt.
Moody's Aaa
Std. & Poor's high grade
Money Market
Federal funds
Treasury bills
3-month
6-month

Corporate Bonds Still in Syndicate
Date
Offered

Reoffering
Yield .

Amount
(millions of $)

11/9

40.0

Pennsylvania Pwr. & Lt.,
6-3/4's - 1997

6.55

Estimated p
portion sol

Rating

25%

Aa

Blue List of Municipal Dealers' Advertised Inventories
Latest Week
358(11/9/67)




End of Previous Week
350

Recent High
849(4/26/67)

H. 14

-3-

Stock prices. Common stock prices achieved a small advance last|week in
heavy trading. At the close Friday, Standard & Poor's index of 500 stocks stood at
92.21, up 0.43 from the previous Friday. Trading volume averaged 10.4 million
shares a day.
More detailed information concerning recent capital market develppments
is presented in the attached exhibits.

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




EXHIBIT

A. Fan

LONG-TERM BOND YIELDS, HIGH-GRADE

CORPORATE Aaa
Moody «

U.S. GOVERNMENT
j

/

I XV

_r
! STATE AND LOCAL GOVERNMENT Aaa

1963




1964

1965

1966

1967

1968

Exhibit A -- farL II

|

1 Corporate
i Aaa 1/
i

Date

!

1959-60 1966 1967 -

High
High
Low
High
Low

Oct. 13
20
Npv .

10

4.61(1/29/60)
5.52(9/9)
4.73(1/7)
6.02(11/10)
5.00(2/10)

I
! State and
U.S. Govt. !
local
1 long-term 2lt government
1
! Aaa, J_/
(per cent)
4.42(1/8/60)
4.87(9/2)
4.42(1/7)
5.44(11/10)
4.37(2/3

5.76
5.83
5.90

5.10
. 5.24
5.29

5.95
, 6.02

5.35
j.44

1
|_
|
J

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

3.65(9/24/59)
4.04(8/25)
3.39(1/13)
3.97(11/10)
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)
1.48
.74

3.83
3.92
3.92

.66
.59
.61

1.27
1.32
1.37

3.92
J. * 7

.50
.58

1.43
1.47

p/ Preliminary,.
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, Port 1

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

CORPORATE Baa
Moody*

S T A T E AND LOCAL G O V E R N M E N T Baa
•Moodys

1963




1964

1966

1967

1968

Exhibit B — Part II

State and
local govt.
Baa 3/

Corporate
Baa 1/

Date

1
]
1

Spread between
Aaa and Baa
State and
Corporate
local aovt.

(per cent)
1959-60 - High
Year end- 1965
1966 - High
Low
1967 - High
Low
Oct. 13
20
27
Nov.
Note:

3
10

5.36(2/12/60)
5.04
6.18(12/30)
5•05(1/14)
6.66(11/10)
5.81(4/14)

4.46(1/7/60)
3.79
4.55(8/25)
3.78(1/20)
4.64(11/3)
3.85(4/13)

.84
.31
.81
.31
.82
.65

1.08
.39
.62
.31
.81
•37

6.46
6.53
6.60

4.64
4.64
4.64

.70
.70
.70

.81
.72
.72

4.64
4.64

.65
.64

.72
.67

| 6.60
6.66

For footnotes see Exhibit A.




EXHIBIT

C

Part I

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 R A T E S
GOVERNMENT

6-MONTH BILLS
Market Yields

3-5 YEAR ISSUES
F.R. DISCOUNT RATE

3-MONTH BILLS

1963




1964

1965

1967

1968

Exhibit C -- Part II

| Discount
j
rate
J1

Yields
6-month
bills 1/
(per cent)

3-5 year
issues U

Spread between yields on
3-mo. bills and yields on
6-mo. bills13^5 vr. issues

4.00
4.50
4.50
4.50
4.50
4.50
4.00

4.59(1/8/60)
4.47
4.80
5.52(9/23)
4.39(6/24)
4.81(1/13)
3.41(6/9)

5.07(1/8/60)
4.66
4.92
5.92(9/23)
4.53(6/24)
5.13(11/10)
3*74(6/2)

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

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

1.81
.43
.06
. -78
.01

13
20
27

4.00
4.00
4.00

4.57
4.61
4.56

5.03
5.11
5.07

5.48
5.55
5.57

.46
.50
.51

.91
.94
1.01

3
10

4.00
4.00

4.57
4.64

5.07
5.13

5.68
5.80

.50
.49.

1.11
1.16

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

3-month
bills U

1.61
.02

1/ Weekly rate shown is that in effect at end of period at the Federal Reserve Bank of
2/ Market yield; weekly averages computed from daily closing bid prices. Series of 3-5
~ year issues consists of selected notes and bonds.
^
Note—Highs and lows are for individual series and may be on different dates for
different series. For spreads, high refers to widest, and low to narlowest.




EXHIBIT

D, Pari 1

S H O R T - A N D I N T E R M E D I A T E - T E R M INTEREST RATES,
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
Weekly

<•"'

PRIME NATE

FINANCE COMPANY PAPER
Directly

placed

:

F.R. DISCOUNT RATE

FEDERAL FUNDS

1963




1964

1965

1966

1967

use

Exhibit D —

Part II
.

Date

Prime rate 1/

Finance
company
paper 2/

\

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

(per cent)
. 1.02
.23
.28
1.08
.20
•97
.21

5.00
4.50
5.00
6.00
5.00(3/4)
6.00(1/6)
5.50(11/10)

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

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

Oct. 13
20
27

5.50
5.50
5.50

5.00
5.00
5.00

4.06
3.92
3.40

.43
.39
.44

Nov.

5.50
5.50

5.13
5.13

4.05
£/ 3.94

.56
.49

1959-60 - High
Year end- 1964
1965
1966
1966 - Low
1967 - High
Low

3
10

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 of the highest
credit standing.
2/ Average of daily rates published by finance companies for directly placed paper
for varying maturities in the 90-179 day range.
3/ Weekly average of daily effective rate, which is the rate for the heaviest
volume of purchase and sale transactions as reported to the Federal Reserve
Bank of New York.
Note. -Highs and lows are for individual series and may be on different dates for
different series. For spreads, high refers to widest, and low to narrowest.




EXHIBIT E. Pari 1

:K M A R K E T
of

1941-43

dollars

avtro)

100

PRICES

80
1 STOCK MARKET CREDIT

60
* CHANGE IN SERIES

40
14

10

6

2

4
YIELDS

M
1963




1964

1965

I I- I 1 I 1 1 I I I I I I I II I I I.I I I I I2 1 I I I I
1966

1967

1968

Exhibit E —

Date

Stock price
index 1/

Part II

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

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

2.82
3.96
3.0
3.97
3.01
3.58

10.1
2.4
10.7
5.0
12.1
6.9

5,602(12/61)
4,424(1/61)
7,997
7,302
9,162
7,345

Sept,
Oct.

95.81
95.66

3.07
3.06

10.3
10.2

9>162
n.a.

Oct. 27

94.96

3.09

10.2

n.a.

1961-62 - High
Low
1966 - High
Low
1967 - High
Low

4,259(12/61)
3,253(1/61)
5.835
5,169
6,625
5,290
6,825

1,418(5/9/62)
1,161(3/8/61)
2,241(7/6)
2,097(12/14)
2,423(10/25)
2,055(2/1)
2,337
2,423

n.a.
n.a.
n.a.
10.6
3.20
91.78
Nov. 3
n.a.
n.a.
10.4
3.19
92.21
10
n.a. Not Available, p/ Preliminary. .
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.




\v\

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. i.-t I

MARKET O P E R A T I O N S

Millions of dollars
400

OFFERINGS

300

200

PURCHASES \

SALES
1562




1964

,

1966

1968

Exhibit F - Part IT.
Dal i-

Estim.iLi'd offerings i
to FNMA
Immediate
Standby
Total
purchase
commitment

Purchases
by
FNMA

Sales
by
FNMA

(In millions of dollars)
1966 - Sept.
Oct.
Nov.
Dec.
1967 - Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.

140.4
167.5
163.6
121.5
67.9
24.4
26.9
17.8
78.7
229.1
232.8
261.0
168.3

138.5
164.2
161.0
120.1
67.3
24.2
26.7
17.7
78.5
228.8
232.6
260.6
167.9

1.9
3.3
2.6
1.4
.6
.2
.2
.1
.2
.3
.2
.4
.4

.

95.5
107.2
132,0
130.5
125.0
84.2
50.9
20.6
17.8
26.9
81.2
198.3
192.4

.2
.9
.8
1.5
6.0
.9
.8
.2

*—Less than $50,000.
V 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 the
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

YIELDS O N NEW

AND

G, Port 1

SEASONED CORPORATE BONDS

Weekly

6.5

Adjusted lo

Aao

Bat

NEW ISSUES

6.0

5.5

5.0
SEASONED Ai

4.5

4.0
1964




1965

T966

1967

1968

Exhibit G - II
Yields 011 New Corporate Bond Issues Adjusted to an Aaa basis

Number
of

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

Am't. of issues Average
included (mill.
yield
(per cent)
of dollars)

Monthly averages:
- Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.

6
7
20
20
14
23
14
17
10
15

496.0
481.0
1,073.0
916.0
570.0
993.0
772.0
1,125.0
358.0
716.0

5.38
5.20
5.31
5.39
5.66
5.79
5.78
5.89
5.88
r/6.12

Oct.

6
13
20
27

3
3
3
3

68.0
' 118.0
85.0
295.0

6.14
6.07
6.34
5.99

Nov.

3
10

3
2

150.0
40.0

r/ 6.13
6.37

Weekly averages;
High
6.37(11/10)
Low
, 5.11(2/10)
Note: Averages of offering yields on all riew 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.




Exhibit H
Long-term Corporate and State and Local Government
Security Offerings and Placements
(In millions of dollars)
New Cai)ital
1967

Corporate
1966 p/

1965

State and local 2/
1966
1967

1965

January
February
March

1,648
1,398
2,317

1,302
1,237
2,446

795
746
1,197

1,482
1,196
1,438

1,,188
858
865

804
872
904

April
May .
June

1,973
1,474
2,611

1,553
1,058
2,364

1,152
1,691
1,946

1,112
1,218
1,497

1,,193
901
1,,141

826
924
972

July
August
September

2,466
E./2,440
e/1,850

1,039
1,670
1,382

1,290
850
1,392

941
e/ 852
e/1,250

701
773
1:,020

986
648
966

October
November
December

e/2,300
e/2,200

829
1,085

924
1,325
1,496

e/ 925
e/1,300

1st
2nd
3rd
4th

Quarter
Quarter
Quarter
Quarter

5,363
6,058
e/6,756

4,985
4.974
4,091

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

4,116
3,827
3,043

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

2,580
2,722
2,600
2,569

1st half
Three quartersYear

11,421
e/18,177

9,959
14,050

7,527 . r/7,943
11,060 e/10,986
14,805

6,,146
8,,640
11:,304

5,302
7,902
10,471

;

755
969 ,
940

794
1,021
754

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

Quarter
Quarter
Quarter
Quarter

5,207
5,913

Year
ef
p/
1/
1/
3/

4,924
4,884
3,969
3,492

2,547
4,348
3,283
3,188

17,269

13,366

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 Cornorate Security Issues, Type of Issue
and Issuer
(in millions of dollars)
i

Quarter
or
Month

Total

Net proceeds
Gross proceeds for new capital
for newcapital 1/ 2/
and refunding 1/
,s
Boni
Common Memo:
1
Other
Publicly Privately and
Foreign Mfg. Public CommuniOffered Placed
Utility cations Issuers
pfd. issues T
stock included

4,197
3,669

2,256
2,047

1,627
1,247

314
375

154
117

1,558
1,232

657
984

567
417

1,309
918

5,464
: 1967 - I
6,208
II
III R/ 7,071

3,263
4,017
4,576

1,811
1,465
1,771

390
726 "
664

60
65
225

2,442
3,014
3,027

997 •
1,268
1,140

543
548
571

1,382
1,228
2,019

1966 - Oct.
Nov.
Dec.

892
1,115
1,661

499
569
980

256
435
555

137
111
127

66
27
24

331
228
673

254
320
409

97
168
152

147
369
401

: 1967 - Jan.
Feb.
: Mar.
Apr.
t
May
1
June
<
July
1
Aug. £/
5
Sept,e/
Oct. e/

1,684
1,418
2,362
2,016
1,519
2,673
2,599
2,572
1,900
2,350

745
900
1,618
1,368
965
1,684
1,888
1,813
875
1,350

848
362
601
410
396
659
496
450
825
650

91
156
143
238
158
330
215
249
200
350

35
10
15
16
32
17
208
17
n.a.
n.a.

624
563
1,254
1,128
588
1,298
934
1,243
850
1,210

220
274
503
394
403
471
446
509
185
350

293
105
145
107
91
350
40
356
175
40

511
456
415
343
393
492
1,046
333

i 1966 - III
IV

i

*
1

£/
1/
7J

Preliminary, e/ Estimated by Federal Reserve.
Gross proceeds exceed nei proceeds by the cost of flotation.
For total see Exhibit H; other issuers are extractive, railroad and other
transportation, real estate and finance, and commercial and other.
SOURCE: Securities and Exchange Commission.
•




•40
700

10

Exhibit J
Other Security Offerings
(In millions of dollars)
Gross Long-term 1/
Federal Agency 3/
Foreign Government 2/
1966
1966
1965
1967
1965
1967
130

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

—

114
27
13
170
——

535

74
989

Jan. - Aug.
Year

382
597

. ' 218
-—

38
73
91
33
74
5
52
75
2
532
661

1,251
783
750
650
810
650
407
250

5,551

503
410
392
699
1,030
1,084
' 799
400
f 450
800
4,917
6,806

New short-term 4/
State and local Government 5/
Federal Agency
308
-179
238
179
103
-552
-24
91
387
39
-454
450
-458
-594
-319
718
-559
580
647
827
109
85
462
204
515
284
-82
93
-334
-128
-590
-103
119
-158
219
-270
408
-262
270
593
-652
-161
152
1,407
,
£/-178
59
-555
-48
-283
274
503
219
-366
-570

January
February
March
April
May
June
July ^
August
September
October
November
December
Jan. - Sept.

12
40
40
66
69
76
72
7
50

j>/

1,820

Year

537

. 1,319

422

1,286

-555

129
185
325
775
—

239
150
375
375
179

,
j

1,653
2,732
3/
-137
-174
117
-11
509
237
132
206
105
-309
202
-76

309

984

-310

801

\
|
[
Li1
•

j>/ 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
subdividions and international organizations. Source: Securities and Exchange Commission.
31 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.
http://fraser.stlouisfed.org/

Federal Reserve Bank of St. Louis

H. 14
Exhibit K
Large Long-term Public Security Issues for New Capital
(Other than U. S. Treasury) 1/
Proceeds of Large Issues Offered
(In millions of dollars)

!1 -

|.

Total

1

: 1966 - Oct.
Nov.
Dec.
:1967 - Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.

523
510
1,177
681
842
1,638
1,311
870
1,666
1,340
1,705
794
1,458

Conor*ite
Bonds
(other then
Convertible
convertibles)
bonds
352
363
990
611
709
1,435
956
771
1,072
890
1,288
473
897

State
and
local
governments

Stocks

116
97
118
30
40
140
213
55
409
317
350
257
285

55
50
68
40
93
63
142
44
185
133
67
65
276

387
464
779
947
675
669
512
496
875
483
473
847
505

Other

If

55
60
230
530
1 : 000
540
391
825
85
221
400
50

Large Individual Issues Offered November ,1 through November 10

Issuer

Type 3J

Amount
(millions
of
dollars)

Maturity

Coupon
rate or
net interest cost

Offering
yield

Rating

Corporate
26.0
30.0
40.0

1987

6

6.00

Ba

1997

6.75

6.55

Aa

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

24.0
13.0
20.0

1968-97
1970-2007
1970-87

4.45
4.96
4.32

Bonds

60.0 1992

f Pacific Southwest Airlines Sub. debs.
Pfd. stk.
Jnion Electric
.cnnsylvania Power & Light Deb.
, State & Local Government
jOS Angeles Dept. of
Water & Power
Minnesota St. College Bd.
State of Hawaii

3.40-4.50
4.00-5.00!
3.70-4.32!

Aa
A
A

Other
Tennessee Valley Auth.




6-3/8

6.38

Aaa

K-2
FOOTNOTES:
* Rights offering.
1/ Includes corporit;*. and other security offerings of $15 million and
over; State and local 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 ntatc 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 income from quasi-utilities; Rev.-S.T., revenue bonds secured by
revenue from specific taxes only; Rev.-Rent., revenue bands secured
solely by least payments.




H ,V>
Exhibit L
Forthcoming Large Ixmg-term Public Security Offering for Maw Capital
(Other than U.S. Treasury) 1/
Expected Proceeda from Forthcoming Large Zasuea
(In millions of dollara)

During month following
date shown
State and
Other y
Corporate
local
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.

397
1,098
656
486
1,410
767
963
1,449
1,636
1,261
694
534
1,357

31
30
30
31
28
31
30
31
30
31
31
30
31

Forthcoming Large

Issuer

140
496
939
780
508
227
326
596
401
512
783
768
505

80
530
250
70
100
40
100
65
50

Corporate



Other If
35
65
95
545
265
15
85
115
70
150
. 159
126
260

175
571
1,154
851
528
247
346
616
402
575
903
889
743

457
1,133
811
706
1,534
905
1,262
2,065
1,922
1,576
1,335
1,090
2,694

Offetings as of November 10, 1967.

Type

(millions
of
dollar#)

Corporate
eng Island Lighting
lenneco, Inc.
F.S. Steel
test Penn Power
i.C.H.
Wisconsin Electric Power
ftah Construction
louston Lighting & Power
{anders Associates
Pacific Gas & Electric
tatural Gas Pipeline of America
Northern Natural Gas
toliday Inns of America
Santa Fe Drilling
l.H. Macy
general Telephone of California
Southwestern Electric Power
Atlanta Gas Light

Florida Bower
& Light

Subsequent to
d.t. mbown
State and
local mt.

Conv. pfd. stk.
Debs.
Debs.
1st mtg. bds.
Com. stk.
1st mtg. bds.
Conv. sub. debs.
1st mtg. bds.
Conv. debs.
1st mtg. bds.
1st mtg. p.1. bds.
Debs.
Com. stk.
Conv. sub. debs.
Conv. sub. debs.
1st mtg. bds.
1st mtg. bds.
1st mtg. bds.
1st mtg. bds.

30.0

200.0
225.0
25.0

30.0

45.0
25.0
35.0
35.0

80.0

50.0
40.0

20.0
17.0

23.0
60.0
20.0
15.0

60.0

Approximate date of
offering

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

13(rts. exp.)
14
14
14
15(rts. exp.)

E

21

I21(rts. exp*)
22
27(rts. exp.)
S B

Forthcoming L d ^ e Offerings as of November 10, 1967.

Issuer

|

Type

Amount
(millions
of
dollars )

Approximate

date of offering

CorporaLe (Cont'd)
"Twentieth Century-Fox
Flying Tiger Line
Flying Tiger Line
Public Service Electric & Gas
*Virginia Electric & Power Co.
*Pacific Northwest Bell
. „ Telephone '
*Inland Steel Montana Power
*U.S. Smelting, Refining and .
Mining
*Blis's & Laugh 1 in Industries
^General Ins trument
*Contro1 Data
^Control Data
Ling-Temco-Vaught

Cinv. sub. debs.
Equip, tr. cert.
Cony. debs.
Pfd. stk.
1st mtg. bds.
D^bs.
lrt mtg. bds.
1st mtg. bds.

28.1
45.0
27.0
25.0
50.0
50.6
50.0
- 30.0

Conv. debs.
Conv. debs.
Conv. sub. debs.
S.F. debs.
Com. stk.
Com. stk.

60.0.
15.0
50.0
56.0
45.0
76.0

December
December
December
December
December

4(rts. exp.)
4
4
4
5

December .6
December
Indefinite
Indefinite
Indefinite
Indefinite
Indefinite
Indefinite
Indefinite

State ,& local Government
State of Mississippi
GJO.
Boston, Massachusetts
G.O.
Newark, New Jersey
G.O.
; State of California
G.O.
West Virginia
G.O.
*Cheyenne, Wyoming
Rev.-Rent.
Austin, Texas
Rev.-Rent.
State of Ohio
G.O.
Nashville & Davidson Co.
Metro. Government
G.O.
State of Minnesota *
G.O.
Kansas City, Missouri
Rev.
Pennsylvania General State
Authority
Rev. -Rent.
Philadelphia, Pennsylvania
G.O.
^Washington County, Maryland
G.O.
Chicago Metro. Fair & Expo
Authority
Rev. -Rent.
*Iberville Parish, Louisiana
Rev.-Rent.
^Calcasieu Parish, Louisiana
Rev.-Rent.
Los Angeles Unif. Sch. Dist.,
California
G.O.
Maryland (State of)
C.O.
Virgin Islands
G.O.
Kentucky Turnpike Authority
]Rev* -Q. -Ut.




130.0
23.0
15.0
100.0
20.0
25.0
10.0
... 50.0

November
November
November
November
November
November
November
November

14
14
14
14
14
15
16
16

12.0
30.0
50.0

November 21
November 22
November 29

75.0
40.8
10.0

November 29
November 28
November 29

40.0
25.0
62.7

November
November
December

30.0
52.0
10.3
120.0

1

December 5
December 5
December 6
Indefinite

1

<5L-3
Forthcoming Large Offerings as of November 10, 1967.

Issuer

Type

Other
*Inter American Development Bank Bonds
Province of Ontario
Debs.
New Zealand
Bonds

Amount
(millions
of
dollars)

60.0
75.0
15.0

Approximate date of offering

November 14
November 14
Indefinite

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




/o?

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

Sale Date

Amount
(mill ions
of
dollars)

Public Offerings

Issuer and Description of Issue
A. Sold Sept. 1 through November 10, 1967.

9/6

25.0

Kingdom of Denmark*** -- 6r-3/4% external loan
bonds maturing 1982, reoffered to yield 6.85%.,

.9/7

15.0

Finland — 7% Bonds maturing 1987, reoffered to!
yield 7.22%.
|

9/20

50.0

Quebec Hydro-Electric Commission -- 6-1/2%
|
debentures maturing 1992, reoffered to yield |
.6.50%.
^

9/26

25.0

Montreal Catholic School Commission — 6-3/4% |
debentures maturing 1992, reoffered to yield |
6.88%. .
|

9/28

35.0

Alberta Government Telephone Commission — 6-l/(
debentures maturing 1992, reoffered to yield §
6.35%.
j

10/4

10.0

New Brunswick Electric Power Commission 6-1/2%
S.F. debentures maturing 1992, reoffered to
yield 6.60%.

10/17

35.0

Province of Nova Scotia -- 6-1/2% of S.F.
debentures maturing 1992, reoffered to
yield 6.75%."

November 14
Indefinite
^Indefinite

75.0
15.0
15.0

'

B. Prospective Offerings
Province of Ontario
New Zealand -.- Bonds **;:
Komatsu Mfg., Tokyo — C o n v . debs.

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




.

^

M-2
PART II:

led
Date Reported

Privat e- Pi lccracnts - Reported October 1 through November 19,1967.

Am 'Ui'il:
(mil I j ojis
of
dollars)

Issuer and Description of Issue

10/17

13.2

British Columbia School District Capital Financing
Authority — S.F. debentures maturing 1987.

10/23

118.0

Jamaica Alumina Security Co. Ltd, — (>-1/8% notes
maturing 1992 — no information available on
takedown.

10/30

15.0

10/30

3.4

10/30

15.0

10/30

10.0




Beneficial Finance Co. of Canada — sj. notes
maturing October 15, 1987($6.5 taken down,
balance delivered 1968.)
Gamble of Canada Properties Ltd. — s^cured notes,
maturing 1987 — no information avallable on
takedown.
ires maturing
Province of Newfoundland — 7% debentu:
1987 — no information available of takedown.
Newfoundland Municipal Financing Corp
debentures maturing October 1987, n
available on takedown.

— 7%
information