Full text of H.16 Capital Market Developments : November 14, 1966
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Not for Publication
... H. 14
DECONTROLLED AFTER SIX MONTH
__
November 14, 1966.
L
CAPITAL MARKETS DEVELOPMENTS
IN THE UNITED STATES
Corporate and municipal bond markets. The volume of new corporate
security issues this week approximates the weekly average for such issues over
the past year, while new municipal issues aggregate nearly one and a half times
the weekly average volume. Dominating the corporate calendar is Pacific
Telephone and Telegraph Company's $130 million Aaa-rated debenture offering.
Not included in the table below are three foreign issues expected to be offered
this week.
Long-term Public Security Offerings 1/
(In millions of dollars)
Corporate
New Capital | Refunding
State and local Government
New Capital 1 Refunding
Sold:
2
209
52 week avg.
197
Nov. 4
Nov. 11
218r/
35
143r/
43
200
305
2
Scheduled:
Nov. 18
1J Federal Reserve estimates are based upon published reports of issues sold
and scheduled for offering; corporate rights offerings are included as of the
date subscription rights expire.
Corporate bond prices eased somewhat during the holiday-shortened past
week. All four of the competitively-offered public utility issues coming to'
market in November remain bound by syndicate price restrictions, as their initial
offering yields appear to have generated little investor interest.
Municipal yields advanced last week for the first time since September.
There wer^-no significant new municipal offerings.
Stock prices. Standard and Poor's index of 500 stocks rose on balance
last week to a closing level of 81.94, a gain of 1.13 points for the week.
Trading volume averaged 7.5 million shares a day.
Yields in Security Markets
Level Latest Week
High-Grade
Notes and Bonds
Change from
preceding week
Corporate
New
Seasoned
5.35
U.S. Government
Long-term
3-5 year
+6
4.73
5.45
+7
3.72
3.84
+5
5.75
-2'5
State and local Govt.
Moody's Aaa
Std. & Poor's high grade
Money Market
Federal funds
Treasury bills
3-month
6-month
+12
5.41
5.68
+11
Corporate Bonds Still in Syndicate
Date
Amount
*« •
Rooffering
Offered (millions of $)
Issuer
Yield•
11/2/66
11/2/66
11/3/66
30.0
10.0
80.0
Wisconsin Elec. Power Co.
1st mtg. bds., 5-7/8, 1996
5.70
Miss. Power & Light Co.,
1st mtg. bds., 6-3/8, 1996
6.17
Pacific Gas & Elec. Co.,
1st mtg. bds., 5-3/5, 1998
5.75
Estimated prof
Rating portion sold
Aa
3/5
Aa
Blue List of Municipal Dealers' Advertised Inventories
(In Millions of Dollars)
Latest Date
411 (11/7)
End of Previous Week
412
2/3
Recent High
636 (2/17)
3/10
-3-
H. 14
More detailed Information concerning recent capital markets
developments can be found in the attached exhibits.
Capital Markets Section,
Division of Research and Statistics,
Board of Governors of the Federal Reserve System.
CXHIilT A,
1
CORPORATE M a
S. GOVERNMENT
STATE AND LOCAL GOVERNMENT A w
1981
1962
Date
Corporate
Aaa 1J
1959-60 - High
1962-63 - Low
1965 - Low
1966 - High
Low
4.61 (1/29/60)
4. IS (3/29/63)
4.41 (3/12)
5.52(9/9)
4.73(1/7)
Oct. 14
21
28
Nov. 4
HE/
5.43
5.40
5.37
5.35
5.35
J
1963
1999
1994
Exhibit A — Part II
U.S. Govt.
long-term 2/
State and
local
government
Aaa 3/
1999
Spread between
U. S. Govt, and
Corporate
State and
Aaa
local Aaa
4.42 (1/8/60) 3.65 (9/24/59) .59 (8/5/60)
.92 (4/22/60)
3.85 (12/29/62) 2.88 (ll/q/62) .21 (12/27/63)
.80 (1/5/62)
4.13 (6/25)
.22
2.94 (2/11)
.94
4.87(9/2)
4.04(8/25)
.75
1.19
4.42(1/21)
3.39(1/13)
.14
.78
4.76
4.71
4.62
4.67
4.73
3.86
3.83
3.75
3.72
3.72
.67
.69
.75
.68
,62
.90
.88
.87
.95
1.01
jV Preliminary*
Xr Weekly average of daily figures. Average term of bonds Included is 22-24 years.
jy Weekly average of daily figures. The series includes bonds due or callable in 10 years or more*
2/ Thursday figures. Only general obligation bonds are included; average term ie 20 years.
Bote.—fligns and lows are for individual series and may be on different dates for different
series. For spreads, high refers to widest, and low to narrowst.
IX HIS If
I
5.5
5.1
4.5
4.6
/ V.
3.5
3.6
1962
1961
1M4
Corporate
Baa 1/
Date
State and
local govt.
Baa 3/
1961
1965
Spread between
Aaa and Baa
Corporate
|
£ 5
£
(per cent)
1959-60 - High
Year end - 1962
1964
1965
1966 - High
Low
Oct. 14
21
28
Nov. 4
HE/
5.36 {2/12/60)
4.92
4.80
5.04
6,11(11/11)
5.05(1/14)
4.46 (3/7/60)
3.57
3.51
3.79
4.55(8/25)
3.78(1/20)
.84
.70
.37
.31
.76
.31
1.08
.63
.52
.39
.62 4
.31
6.10
6.11
6.11
6.10
6.11
4.45
4.42
4.35
4.32
4.32
.67
.71
.74
.75
.76
.31
.59
.60
.60
.60
Votml Tor footnotes see Exhibit A.
t
.
.
IXMIifT C. ran I
SHORT- A N D INTIRMIDIATI-TOM INTI1IST IATIS
GOVERNMENT
W..khr
f <•«
3-5 YEAR ISSUES
•- MONTH BILLS
F. 1. DISCOUNT RATI
3-MONTH BILLS
1911
1992
1963
1994
Exhibit C —
Discount
3-month
rate
bills 21
1/
Date
1959-60 - High
Year end - 1961
1962
1963
1964
1965
1966 - High
Low
Oct .14
21
28
Nov. 4
HE/
1995
1999
Part II
Yields
6-month
bills 2/
(per cent)
... — •
2 r ; ,
Spread between yields on 3nonth bills and vields on
;
6 n o . bills 13-5 vr. Issues ,
4.00
3.00
3.00
3.50
4.00
4.50
4.50
4.50
4.59 (1/8/60)
2.66
2.89
3.52
3.83
4.47
5.52(9/23)
4.39(6/24)
5.07(1/0/60)
2.90
2.93
3.64
3.93
4.66
5.92(9/23)
4.53(6/24)
5,00(12^2^9)
3.81
3.41
4.07
4;07
4.90
5.83(9/2)
4.80(4/8)
.79
.24
.04
.13
.10
.19
.52
.09
4.50
4.50
4.50
4.50
4.50
5.44
5.36
5.22
5.29
5.41
5.71
5.60
5.53
5.57
5.68
5.42
5.37
5.36
5.38
5.45
.27
.24
.31
.38
.27
1.81
1.15
.52
.55
.24
.43
.78
.01
•02
.01
• 14
.09
.04
VWeetiy r*te ehoim Is that in effeot at end of period at the federal Reserve Bank of *ew Yoite#
Zr Maxtcet yield# weekly averages oooputed from daily oloeing bid pzioee, Seriee of 9-4 year ieeeee
oonsieta of eeleetee notes and bonds,
Mote.". High# sad lews are for individual series and may be on diffemt dates for different eerie#,
for spreads, high refers to widest, and lov to narrowest.
i*Mitn o.
i
SHORT- A N D I N T I R M I D I A T I - T I R M I N T I R I S T RATES,
PRIME RATE
FINANCE COMPANY PAPER
F.R. DISCOUNT RATE
•
A ft
A m
FEDERAL FUNDS
1962
1961
1963
Exhibit D —
Da te
Prime rate
1959-60 - High
Year end - 1961
1962
1963
1964
1965
1966 - High
Low
Oct. 14
21
28
Nov. 4
!
llfi/
.
1/
1964
1965
1966
Part II
Finance
company
Federal funds 3/
oaper
2/
(per cent)
Spread between
3-mo. bills and
finance co. oaoer
5.00
4.50
4.50
4.50
4.50
5.00
5.13 (1/23/60)
3.00
3.19
3.88
4.06
4.75
4.00 (s/13/60)
2.88
3.00
3.50
4.00
4.63
1.02
.34
.30
.36
.23
.28
6.00(11/11)
5.00(3/4)
5.88(11/11)
4.75(1/7)
6.00(11/4)
3.55(1/21)
.99
.20
6.00
6.00
6.00
6.00
6.00
5.75
5.88
5:88
5.88
5.88
5.44
5.35
5.05
6.00
5.75
.31
.52
.66
.59
.47
I
V
AT
I
of
® *|®,
d&ily rates published by finance companies for directly placed paper for varying
maturities in the 90-179 day range.
'
Weekly average of daily effective rate, which is the rate for the heaviest volume of purchase aed
sale transactions as reported to the rode m l Reserve Bank of Mew York.
jwom
Note I—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.
y
PRICES
YIELDS
1964
-- Part II
Date
1961-62 - High
Common
Trading
volume 2/
yields 2/ (millions
1(per cent) lof shares)
Stock price
index 1/
72.04(12/8/61)
52.68(6/23/62)
72.62
84.91
93.77(2/11)
73.20(10/7)
2.82
3.96
10.1
2.4
3.14
3.09
3.02
5.3
4.1
10.7
Stock mar cet customer credit
Customers'
Bank
debit balloans to
ances 4/
"others" 5/
(In millions of dollars)
Total
4.04
5.0
5,60*13/61)
4,424(3/61)
7,298
6,833
7,997
7,525
Sept.
Oct.
Oct. 28
77.81
77.13
80.24
3.83
3.78
3.63
5.7
7.0
6.4
7,525
5,355
n.a.
n.a.
Nov.
4
Nov. 11 j>/
80.81
81.94
3.66
3.61
6.3
7.5
n.a.
n.a.
n.a.
n.a.
Nov. 1963
July 1965
1966 - High
Low
n.a.
n.a.
^a.—Not available, j / Preliminary.
^
°B
1,418(5/9/62)
l»161(3/e/6l)
1,712
1,970
2,241(7/6)
2,123(11/2)
2,170
2,133
2,133
2,123
'
sr
^
4,259(13/61)
3,253(3/61)
5,586
4,863
5,835
5,355
NeW Y e
*
St0Qk
M
*a"°" *
°*"t ^ —-»
txohange. Yoax^nd figun,. an. am,raj., of
HOME M0RT6A6ES: |
1957 |
1958 |
1959 |
j 19601
11981 |
Exhibit r
ratK
iees 2/
Conventional
mort25-year 30-year g.go. l t
1956
1957
1958
1959-60
1961-65
1966
1966
- Low
- High
-Low
- High
- Low
High
Low
June
July
Aug.
Sept.
Oct.
4.68
5.63
5.35
6.24
5.43
6.67
5.72
6.51
6.58
6.67
6.73
n.a.
| 1112 ||" l963 |
| 1964 |
| 1965 :
|19661
Part II
Aaa Coirporate
Spread beBo*ida
tween yields
on coov. &
M
W
&
/ Seasoned^/
FHA mort.
S/
g«K«f
.
Spread between
ylelda on new corFWfr
fntf—.
FHA mtge. Seasoned
4/
1 bonds
5.44
6.58
5.70
5.20
6.00
5.55
6.30
5.80
6.55
6.00
.47
.47
.15
.23
.25
.30
-.06
3.06
4.94
3.65
5.25
4.12
5.77
4.84
3.06
4.12
3.57
4.61
4.19
5.41
4.74
.76
1.58
.86
1.69
.77
1.11
.73
1.03
.05
.73
-.16
.46
.09
6.45
6.51
6.58
6.63
n. a.
6.40
6.45
6.55
6.65
6.70
-.05
-.06
-.03
.02
5.38
5.62
5.70
5.82
5.77
5.07
5.16
5.31
5.49
5.41
1.07
.89
.88
.81
n. a.
.31
.46
.39
.33
.36
-—»
--
1/ Xeither mortgage mer bornd yi*14» take late M M m t Mnrltla| eeats.mhioh ere amah higher far mastfegee
" SSO-yew
S s mortgages
f f S rwith ml ml m m iNipijmti, weight**
^ g S
,
£ E
?
£ S £ ^ f e
« i l w ef t i U M o i l w T M i l * » •
,
S S e S H S £ -
V Based e» IHA. field effioe epinion em typieal l*asaat rates ( r a a M ) em ee«Twrtl—*l flwt aortga**
pntmiUmg Is tW wurkat u w i ef instiling offlee eitlea. Bafiaaiag with iptil 1*80, rate relates
estiy
smrtgagea# prior te
emlar te mew-neee
me*.'
" that late, rate relet el tebeth aew sa m i l as eaistlag horn
mortgages. Daahad lima indicates this ohange lm the saxiea.
^
^
^
ISA mertgage yield data are fer ZS-yeereM*gagee threagh Jtt* 1961| JO-fMr mart#ges thereafter.
for FRASER
See mate fer Exhibit 0.
Ifcedy'a Zarsstor Serrice* Monthly averages ef daily data# Sea U i b l t A*
i
Digitized
! ixNitii
ml
MONTMIY |
I I I I I I I I I I I I I I I I I I I I I I
MATU*ITY|
EXISTING
lOANJMICE/tATIO
EXISTING
I I I I I I I
ItlMl
iiui
Exhibit F
New Homes
Con- Fees &
tract Charges Maturity
(Years)
Rate (Per
(Per
2/
I I I I I
fuel
Part IV
Loan/ Loan
Price aot.
ratio (Thous.)
(Per
cent)
Exii»ting Homes
Loan/ Loan
Con- Fees &
tract Charges Maturity Price aat.
(Years) ratio (Thous.)
Rate (Per
cent)
(Per
(Per
cent)
2/
5.75
5.75
5.80
5.78
.56
.53
.54
.58
24 .9
24 .8
25 .0
24,.8
73,.7
73..8
74..9
74..0
18..1
18.,3
18..5
18..4
5,.89
5 .87
5,.91
5..91
.47
.48
.50
.51
20.1
19.9
20.4
20.6
71.6
71.3
72.0
72.4
13.7
13.9
13.9
14.5
.51
!:£
5.99
:U
24,.6
24,.6
24,.7
24,.6
24,.7
24..8
24,.2
25.4
24.3
73..4
73..2
74.,3
73.,9
73.,4
74.,4
72. 1
74.0
71.1
18..0
18..8
18..9
18.,2
19.,2
19.,7
19.3
20.1
19.0
5,.97
5..97
6,,01
6..09
6..16
6.,18
6.,24
6.35
6.40
.49
.51
.53
.54
.56
.47
.52
.61
.64
20.6
20.3
20.9
20.6
20.6
20.0
19.9
19.8
19.4
72.6
72.0
72.5
72.2
71.8
70.6
70.5
70.6
69.5
14.3
14.4
14.7
14.5
14.7
14.7
14; 3
14.7
14.0
6.02
6.07
6.12
I-.22
.57
.57
.57
.67
>« ration with Federal Deposit touraxwe for^oration. Data
ss^jg'sjss'?
n u M S i C eurrey, m & are included—in 1he ease of new heme mortgage rate*—in exhibit F, Parts I
borrower, Ifcey ezetade any closing costs
related solely to transfer of property ownership.
I
I
1
ixhmit a. r.n I
NEW ISSUES
SEASONED A M
II II II II I
1963
I I I I I I I I II II II I I I I I II II II I I I I I I I I
1964
1965
Exhibit 0 - Fart II
Yields on New Corporate Bond Issues Adjusted to an Aaa basis
Ain't of issues Average
of
included (mil.
yield
(per cent)
£ssuesj of dollars)
5
12
19
145.0
5.65
10
26
80.0
5.92
9
Sept.
2
175.0
5.98
13
9
50.0
5.91
7
16
5.81
15.0
11
23
8.0
5.69*
5
30
207.0
5.80
5
680.0
Oct. 7
40.0
5.81
280.0
8
14
63.5
5.86
8
333.5
21
115.0
5.82
28
115.0
5.67
Weekly averages:
Nov. 4
155.0
5.61
5.98(9/2)
High
11
4.82(1/7)
Low
LS.
IS
iota; irsnjii of offering yield# on mil new liiwi of publioly offered ooxp orate bond* rated AM. i» and
A by Moody's Investors Service (except serial and convertible Is sues, offerings of natural gas pipeline
and foreign oosqpanlos, and bonds guaranteed by the Federal Government) weighted by*, me of offering.
Before avemglng, amm offerings are adjusted to a composite Aaa basis by deducting from the actual
reofferlng yield th# excess of the weekly average yield for seasoned tends of the appropriate indastiyquality group over the composite average for seasoned Aaa^rated bonds (Moody's). Averages considered
unrepresentative because at special charaster!sties of *te offerings Included are denoted by an aeteilek^
Monthly averages!
1966 - Jan.
Feb.
Mar.
Apr.
May
-June
July
Aug.
Sept.
Oct.
Aug.
Am't of Issues Average
included (mil.
Of
yield
(per cent)
issues of dollars)
280.0
5.58
300.0
304.5
513.0
452*3
341.0
596.0
155.0
4.84
4.98
5.13
5.08
5.21
5.38
5.62
5.70
5.82
5.77
1
Exhibit H
H. 14
Long-term Corporate and State and Local Government
Security Offerings and Placements
(In millions of dollars)
New Capital
1966
Corporate
1965
19 6 A
1966
1965
1964
£/
2/1,183
857
B/ 868
804
872
904
947
776
810
January
February
March
1,302
1,237
2,446
795
746
1,197
938
700
778
April
May
June
1,553
1,058
2,364
1,152
1,691
1,946
2,237
1,095
1,405
2/1,193
E/ 905
2/1,137
826
924
972
1,242
667
903
2./1,046
fi/1,719
e/1,450 -
1,290
850
1,392
812
680
1,130
E/
B/
e/
697
768
983
986
648
966
906
780
892
924
1,325
1,496
953
669
1,642
e/
£/
700
825
794
1,021
754
801
529
948
2,738
4,789
3,533
3,745
2,416
4,738
2,621
3,264
E/21,909
2/3,234
e/2 »448
2,580
2,722
2,600
2,569
2,533
2,811
2,578
2,278
9,959
7,527
'• e/14,174 ' 11,060
14,805
7,153
9,775
13,038
2/6',143
E/81 , 5 9 1
5,302
7,902
10,471
5,345
7,923
10,201
July
August
September
October
November
December
1st
2nd
3rd
4th
quarter
quarter
quarter
quarter
1st half
Three quarters
Year
•e/1,050
e/1,100
4,985
4,974
e/4,215 v
Excluding :finance companies 2/
1st
2nd
3rd
4th
quarter
quarter
quarter
quarter
4,924
4,884
Year
e/
2/
1/
2/
3/
2,547
4,348
3,283
3,188
2,043
4,258
2,477
2,997
13,366
11,775
Estimated by Federal Reserve.
Preliminary.
Securities and Exchange Commission estimates of net proceeds.
Investment Bankers Association of America estimates of principal amounts.
Total new capital issues excluding offerings of sales and consumer finance companies.
Exhibit I
New Corporate Security Issues, Type of Issue
and Issuer
(In millions of dollars)
Quarter
or
Month
Gross proceeds for new capital
and refunding 1/
Boiids
Common Memo:
Total
Publicly Privately and
Foreign
Placed
pfd.
Offered
stock included
Net proceeds
for new capital
Mfg.
, ,
'
Public Communi- Other
Utility cations Issuers
1964 - III
IV
2,876
3,568
792
531
1,590
2,629
494
408
94
227
559
1,061
642
509
59
135
1,361
1,559
1965
I
II
III
IV
3,007
5,043
3,912
4,030
905
1 ,864
1 ,575
1 ,226
1,673
2,259
1,955
2,264
429
920
383
540
243
215
263
300
1,072
1,679
1,119
1,145
541
609
786
610
91
255
323
177
1,034
2,246
1,304
1,815
1966
I
II
III
IV
5,094
5,115
4,178
1 ,774
1 ,941
2 ,280
2,586
2,083
1,573
734
1,090
326
345
168
n.a.
1,860
2,205
1,528
969
960
705
602
392
567
1,553
1,418
1,265
1965 - July
Aug.
Sept.
Oct.
Nov.
Dec.
1,443
930
1,538
986
1,398
1,646
542
369
664
287
613
326
780
468
706
574
529
1,161
122
93
168
124
257
159
399
307
414
273
402
470
202
297
287
158
209
243
102
25
196
92
43
43
587
222
495
401
671
741
1966 - Jan.2/
Feb.
Mar.
Apr.
. Hay
June
July £/
Aug. £/
Sept.e/
Oct. e/
Nov.
Dec.
1,339
1,273
2,482
1,582
1,106
2,427
1,093
1,760
1,475
1,090
460
560
753
628
481
832
440
1,,140
700
520
692
583
1,311
743
556
784
543
480
700
450
187
130
417
210
69
811
110
141
75
120
353
530
977
692
376
,137
442
536
6§0.
450
388
241
340
364
274
322
263
317
125
300
141
160
301
76
40
276
50
317
200
75
420
306
827
421
368
629
291
549
475
225
2./
e/
1/
2/
27
87
150
99
101
99
93
118
133
86
33
49
25
22
n.a.
n.a.
Preliminary.
Estimated by Federal Reserve.
Gross proceeds exceed net 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.
3./ Does not include U.S. Steel $600 million conversion of preferred stock to debentures.
Source:
Securities and Exchange Commission
Exhibit J
Other Security Offerings
(In millions of dollars)
Pnrplon Crwornmpn t" 2 /
1Q6S
1964
January
February
March
April
May
June
July
August
September
October
November
December
Jan. - Sept.
12
40
40
66
69
76
E./72
E/ 5
n.a.
91
33
74
5
52
75
2
532
4
82
69
30
75
26
20
13
7
180
72
58
326
661
636
218
—
38
73
—-
n. 8i,
Year
1Q 66
503
410
392
699
1,030
2/1,084
£./ 799
n. a.
n.a.
January
February
March
April
May
June
July
August
September
October
November
December
Jan. - Sept.
S j 537
Year
238
91
-458
647
204
-82
119
408
152
, 59
274
-366
c
103
236
-407
442
81
-80
-9
127
176
7
-15
-208
1,319
669
1,286
453
129
185
325
308
-24
450
718
85
284
-590
-270
-652
309
---
—
275
260
160
775
—
239
150
375
375
179
1,803
2,732
New short-term 4 /
State and local Goverment 5/
103
39
-319
580
462
-334
-103
2./270.
E/-WJ
Federal A w n r v 3 /
1965
1964
--
510
-»
695
1,205
Federal Agency 3/
-137
-174
117
-11
509
237
132
206
105
-309
202
-76
-308
-336
23
97
183
239
-333
167
1
525
113
-3
984
-267
801
368
differ from those in Exhibit H in that refunding issues, as well as new capital issues,
are included. Long-term securities are defined as those maturing in more than one year.
2/ Includes securities offered in the U.S. by foreign governments and their political
subdivisions and international organizations. Source: Securities and Exchange Commission.
3/ Issues not guaranteed by U.S. Government. Source: Long-term, Securities and Exchange
Commission; short-term, Treasury Dept. & Fed. Reserve.
4/ These data differ from those
in Exhibit H and above in that they represent new offerings less retirements, whether
from the proceeds or refunding issues or from other funds. Data include only issues with
original maturity of one year or less.
5/ Principally tax and bond anticipation notes,
warrants, or certificates and Public Housing Auth. notes. In some instances PHA notes
included may have a somewhat longer maturity than 1 year. Source: Bond Buyer & Federal
Reserve.
17
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)
Total
;
:
:
?
1965 - Oct,
Nov,
Dec „
1966 - Jan 0
Feb.
Mar .
Apr.
May
J une
July
Aug,
Sept.
Oct „
Corooriite
Bonds
(other than
Convertible
convertibles)
bonds
246
736
262
485
545
890
643
401
1.317
402
1,189
627
523
190
559
212
370
391
544
481
351
636
170
862
287
352
Stocks
State
and
local
governments
__
40
33
50
409
538
413
787
424
399
720
466
582
338
410
611
387
144
--
115
70
271
106
»»
84
75
55
50
20
182
257
340
116
661
50
80
55
Other
%f
43
95
Ml*
—
55
60
—
275
15
*«-»
50
Large Individual Issues Offered November 1 through 4
Issuer
Type y
Amount
(millions
of
dollars)
Maturity
Coupon
rate or
net interest cost
Offering
yield
Rating
Corporate
Whirlpool Corp0
Wise. Elec. Pwr„ Co,
Pacific Gas & Elec, Co.
Transcontinental Gas
Pipe Line Corp.
State and local Government
State of Wesr Virginia
Nashville & Davidson Co,,
Metro. Govt, of Tenn.
College of the State of
Texas, Austin.
Hinds-Rankin Metro. Wtr.
6, Sewer Aii'n., l~:c.
35.0
30.0
80.0
1986
1996
1998
5-3/4
5-7/8
5-3/4
5.71
5.70
5.75
A
Aa
Aa
1st mtg.p .l.bds. 40.0
1986
6-1/4
6.30
Baa
S, F. Deb
1st mtg. bds0
1st mtg. bds.
G, Oo
20.0
1967-91
3.75
3.65-4.70
A
Rev.-Q.-Uta
25,0
1969-2006
3.94
3.85-3.90
Aa
G.O.
11.1
1968-76
3.90
3.70-3.75
Aa
Rev.-"Jr..
12.5
1971-2001
n.
Other
None -
n.a.
FOOTNOTES:
K-2
•--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 'oyer.
It Includes foreign government and International Batik for Reconstruction and Development
issues and non-guaranteed issues by Federal Agencies.
3/ In the case of State and local Government Securities, C.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 quail-utilities; Rev.-S.T.,revenue bonds
secured by revenue from specific taxes only; Rev.-R#nt., revenue bonds secured sftlely
by lease payments.
H.14
Exhibit L
Forthcoming Large Long-term Public Security Offering for New Capital
(Other than U.S. Treeeury)
Expected Proceeda free forthcoming Large Iaauea
(In milliona of dollara)
During month following
date ahown
State and
Corporate
Other 2/
local govt.
- Oct. 29
Nov. 30
Dec. 31
- Jan. 31
Feb. 28
Mar. 31
Apr. 30
May 31
June 30
July 29
Aug. 31
Sept.30
Oct. 31
412
297
553
530
828
489
248
1,261
317
677
662
687
397
343
398
501
340
366
253
399
584
337
403
515
300
140
25
20
20
--
20
---
30
15
--
40
---
Corporate
Subaequent to
date ahown
State end
local govt.
389
344
676
931
1,176
606
1,034
1,261
619
697
853
767
457
578
458
582
461
504
334
546
584
353
403 ^
685
380
175
Other gf
25
20
20
20
90
55
55
85
50
35
90
35
35
Forthcoming Large Offerings as of November 11
Iaauer
Type
Amount
(millions
of
dollara)
Approximate date of
offering
Senuiiitf
Beneficial Finance Co.
Pacific Telephone & Tel . Co.
American Airlines
Union Tank Car
Foxboro Company
^Southern Cal. Edison Co,
Florida Pwr. & Lt. Co.
*Rohr Corporation
New Jersey Bell Tel. Co,
*Braniff Airways Inc.
Commonwealth Edison Co.
^Consolidated Edison Co. of N.Y.
^Southern California Gas Co.
Detroit Edison Co.
Pennzoil Co.
Deb.
Deb.
Conv. sub. deb.
Equip, tr. cert.
Conv. sub. deb.
Cum. pfd. stk.
1st mtg. bds.
Conv. sub. deb.
Deb.
Sub. deb.
1st mtg. bds.
1st mtg. bds.
1st mtg. bds.
1st mtg. bds.
Notes
25.0
130.0
81.7
23.0
15.0
50.0
40.0
15.0
55.0
60.0
50.0
75.0
40; 0
100.0
215.0
*
November
November
November
November
November
November
December
December
December
December
December
December
December
December
December
15
16
16 (rts. ex.]
22
22
29
2
6
7
7
8
15
16
/Lu
L-2
Forthcoming Large Offerings as of November 11
Issuer
Type
Amount
(Millions
of
dollars)
Approximate date of
offering
Corporate (Cont'd)
McCall Corporation
United Nuclear Corporation
Cameron Iron Works, Inc.
Conv. pfd. stk.
Conv. sub. deb.
Conv. sub. deb.
20.0
15.0
25.0
Indefinite
Indefinite
Indefinite
\
1
•
1
State and local Govt.
State of New York
Ala. Pub. Sch. & College
Auth.
Boston, Massachusetts
Waterford Twp. Sch. Dist. ,
Michigan
*N.Y. State Housing Finance
Agency
Peoples Comm. Hosp. Auth.,
Michigan
*State of California
*La. Cap. Const. & Imp. Comm.
111. State Bldg. Auth.
Pa. State Highway and
Bridge Auth.
Md. State Roads Comm.
Philadelphia, Pennsylvania
Oklahoma Turnpike Auth.
Munic. of Metro. Seattle,
Washington
State of Tennessee
^Housing Assistance Admin.
*Los Angeles Co. Flood
Control Dist., Calif.
G.O.
35.4
November 14
Rev.-Rent.
G.O.
36.0
18.5
November 15
November 16
G.O.
10.8
November 17
Rev.-Rent.
50.3
November 17
Rev.-Rent.
G.O.
Rev.-Rent.
Rev.-Rent.
18.0
100.0
15.0
17.6
November
November
November
November
21
22
29
29
25.0
22.0
41.1
80.0
November
November
November
November
29
30
30
22
15.0
28.0
115.4
December
December
December
1
7
7
Rev. -Q. -Ut.
Rev.-Q.-Ut.
G.O.
Rev. -Q. -Ut.
G.O.
G.O.
Bonds
G.O.
15.0
December 13
Bonds
10.0
November 15
S.F. deb.
S.F. deb.
Bonds
Bonds
15.0
30.0
20.0
15.0
November 16
Indefinite
Indefinite
Indefinite
|
|
I-
r
*
Other
United Mexican States
New Brunswick Elec. Pwr.
Comm.
City of Montreal, Canada
Republic of Ireland
Nippon Tel. & Tel. Pub. Corp.
v
'
1^'
L-3
Footnotes:
*—Included in table for first time.
1J 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.
Note: Deletions for reasons other than sale of issue: None
Exhibit M
H. 14
Foreign Government and Corporate Security Offerings
and Placements in the. United States
Part I:
Sale Date
Amount
(millions
of
dollars)
Issuer and Description of Issue
A.
9/21
Public Offerings
10.0
Sold September 1 through November n
Government of New Zealand--7% bonds, maturing 1976,
reoffered to yield 7.28%.***
3
B.
Prospective Offerings
^November 15
15.0
United Mexican States--bonds
^November 16
15.0
New Brunswick Elec. Pwr. Comm.--S. F. deb.
*Indefinite
30.0
City of Montreal, Canada—S. F. deb.
Indefinite
20.0
Republic of ire1and--Bonds
Indefinite
15.0
Nippon Telegraph and Telephone Public Corp.—Bond:
^--Included in table for first time.
**-~Issue sold to investors outside of U.S.
***--Issue subject to interest equalization tax.
Part II:
Note:
Private Placements - Reported September 1 through November \ \
Date Reported
Amount
(millions
of
dollars)
9/23
59.5
Savage River Corp.—5-1/2% - 5-3/4% collateral
trust notes, maturing 1976-83—no information
available on takedown.
10/28
44.0
Bell Telephone of Canada—6% 1st mortgage bonds,
maturing 1996—$33A taken d<*a balance by Jan. 13,
1967.
10/28
12.0
Canadian Flna Oil tCd.—6-1/21 guaranteed notes,
Maturing 1981—to be taken down by March 30, 1967.
Issuer and Description of Issue
For retrospective data on aggregate foreign corporate and government security offerings* j
in the United States see Exhibits I and J. There ie no simple relationship betweeti 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 when reported, frequently with little on no information concerning timing of tatcedowai
Full or partial takedowns may take place both prior % and subsequent to the date a
placement is reported.
@FedFRASER