Full text of H.16 Capital Market Developments : November 18, 1963

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

Not for Publication DECONTROLLED .AFTER SIX MONTHS
-H-X420 3963

November 18, 1963.
CAPTTAL_MARKET DEVELOPMENTS
ITrTHE UNITED STATES

Tpe volume of public security financing to obtain new capital
was fairly~substantial last week and is expected to be slightly larger
this week. Last week, ended November^l^f two large corporate issues
(including an expiring rights offer) totaling $65 million and three
State and local government bond issues amounting to $140 million were
sold. This week, ending November, 22, two corporate issues with gross
proceeds of $80 million and five large State and local issues with a
combined par value of $147 million are scheduled for offering to obtain
new capital. In addition, a $206 million secondary distribution by the
Ford Foundation of Ford Motor Company common stock is expected and a
$40 million issue of Puget Sound Power and Light Company refunding bonds
is on the calendar,
Bond yields. Change in yields on seasoned long-term bonds
were mixed last week. Yields on Aaa-rated State and local government
bonds rose two basis points to 3.18 per cent, the highest since January
1962, while. Baa-rated municipal bond yields edged up a basis point to
3.62 per cent. U. S. Government bond yields, however, dropped two basis
points from the previous week's 1963 high to 4.10 per cent. Yields on
seasoned corporate bonds were stable.
The calculated yields on new corporate bonds, adjusted to an
Aaa basis, was 4.21 per cent last week. This yield.is not representative
of current, interest rates, however, because the only new bond sold last
week was a railroad issue.
Short- and intermediate-term interest rates. Rates on 3-month
and 6-month Treasury bills increased one and four basis points to 3.55
and 3.68 per cent, respectively, last week, the highest since the spring
of 1960. Yields on 3-5 year U . S . Government obligations, however, edged
off a basis point to 3.97 per cent. The average effective Federal funds
rate continued at 3.50 per cent. Other rates were unchanged.
Mortgage yields and conventional mortgage terms. Secondary
market yields on 25-year, 5-1/4 per cent FHA-insured mortgages were
unchanged in October from the average of 5.43 per cent reached in September.
The level was eleven basis points below a year earlier when yields were
declining further.
Rates for conventional first mortgages in October continued
about 15 basis points below a year earlier for both new and existing
home purchases. According to the Federal Housing Administration, which
reports these estimates rounded to the nearest 5 basis points, the rate
for loans to purchase new houses averaged 5.80 per cent for the seventh




H. 14
consecutive month; the rate for loans on existing houses stayed at 5.85
per cent for the sixth month running.
Based on the most recent information from the Home Loan Bank
Board, other terms for conventional mortgages tended to be uniformly less
liberal in September than earlier this year. While this may partly reflect seasonal factors, maturities declined from a high of 24.5 years
in August to 24.2 years in September for new home loans and from 19.6
to 19.4 years for existing home loans. Loan-to-value ratios also moved
down--from 74.2 to 73.5 per cent for new home loans and from 70.9 to
70.8 per cent for existing home loans.
Stock prices. Common stock prices fell further last week in
moderately active trading. Prices, as measured by Standard and Poor's
composite index of 500 stocks, declined more than one per cent to close
at 72.35 on November 15. Trading volume averaged 4.4 million shares a
day, 0.6 million shares less than the average for the previous week.
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.




E X H I B I T A, Pari I
T O N O - T I R M B O N D YIELDS, H I O H - O R A D I

CQiroiATi Aee

SUTI AND lOCAl 60VEINMEHT A««

> U 1 1 1 1 II
II
HIT

I l I 1 l l I l i I 1 i M.I 1111111
TTvT
IftT

11111111 i i r 1111111 LLJ 1. J 1 1.1 1 1 1 1 I X
Titf

TT

luT

'xuT

]Exhibit A - Part II
Corporate
Aaa 1 /

Date

U. 8. Govt,
long-term 2/

State and
local
government
Aaa 3/

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

(per cent)
1958 - Low
1959 •60 - High
1960-61 Low
1961 - High
1963 - Low
1963 - Hiih
Low

3.55 (5/2)
3.07
4.61 (1/29/60) 4 . 4 2
4.21 (3/17/61) 3 . 7 0
4 . 4 6 (9/15)
4.07
4 . 2 3 (12/28)
3.85

4.33 (11/15) 4.12 (11/8)
4.19 (3/29)
3.87 (1/18)

3.18 (11/14)
2.93 (3/28)

.22
.59
.19
.57
.3Q
.35
.21

Oct.
Oct.
Nov.
Nov.
Nov.

4.31
4.32
4.32
4.33
4.33/

3.14
3.16
3.16
3.16
3.18

.24
.25
.23
.21
.23

p/
y,

18
25
1
8
15 £ /

Preliminary,
average of d a l l y f i g u r e s .

series.

4.07
4.07
4.09
4.12
4.10

(4/25)
(1/6/60)
(5/12/61)
(12/29)
(l%/28)

2.64 (5/1)
3 . 6 5 (9/24/59)
2.99 (9/1/60)
3.37 (7/6)
2 . 8 8 (11/8)

.93
.91
.93
.96
.92

Average t e r n of bonds l n o l u l e d la 22-24 w a r s .

For spreads, high r e f e r s t o w i d e s t , and low t o narrowest.




.34
.92
.46
.76
.80
1.02
.89

/-

E X H I B I T B, F a i l I
LONG-TERM

BOND

YIELDS, L O W E R - G R A D E

X\
Z

.<O i r O I A H

\pri

_!•«_

NV

i'V

J - U I 1 1 I I 1 1 11 1 1 1 I I 1 1 1 1 1
v$i

'

A /
V

...-

1

1

V'x-

"Mo

1 1 II II 1 11 111 111 1 1 1 1 1 1

'»$!

m °

1 1 1 I I 1 1 1 1 1 11 1 1 1 1 1 I M A

">!

m

Exhibit B - Part II

Date

Corporate
Baa 1/

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

State and
local govt.
Baa 3/
(per cent)

1958 - Low
1959-60 - High
1960-61 Low
1961 - High
1962 - Low
1963 - High
Low

5 . 1 3 (10/27)

4.93 (1/4)
4.83 (11/15)

O c t . 18
Oct. 25
Nov. 1
Nov. 8
Nov. 15 £ /

4.84
4.83
4.83
4.83
4.83 X

Hotel

.93
1.08

3.63 (6/27)
3.52 (5/23)

.77
.84
.66
.81
.63
.71
.50

3.58
3.60
3.60
3.61
3.62

.53
.51
.51
.50
.50

.44
.44
.44
.45
.44

3-64

(5/1)

5 . 3 6 (2/12/60)

4.46

(3/7/60)

4 . 9 8 (9/9/60)

3>93 (13/9/61)

4 . 5 1 (7/11)

4.92 (1^21)

F o r footnotes see Exhibit A ,




4 * 1 6 (3/23)
3.52

(5/17)

,

.56
.63
.44

SHORT- AND INTERMEDIATE- TERM INTEREST RATES, GOVERNMENT

i . s m i issufs

111111111111

11111111111

IIIIIII11111111II1111111 I 111 11 11 I 11
111111111111
imo
mi
n*r
I'M
Exhibit C i Part II

Date

Discount
rate
V

1958 - Low
1.75
1959-60 High 4.00
3.00
1960-61 Low
1961-62 High 3.00
3.00
1962 - Low
3.50
1963 - High
3.00
Low
Oct.
Oct.
Nov.
Nov.
i/Nov.

18
25
1
8
15 £./

3.50
3.50
3.50
3.50
3.50

3-month
bills 2/

.58
4.59
2.11
2.97
2.65
3.55
2.88

(5/29)
(1/8/60)
(10/28/60)
(7/13/62)
(6/8)
(11/15)
(3/15)

3.47
3.44
3.47
3.54
3.55y

Yields
6-month
bills 2/
(per cent)
3.02
5.07
2.35
3.13
2.74
3.68
2.93
3.59
3.60
3.59
3.64
3.68

3-5 year
Issues 2/

Spread between yields on 3month bills and yields on
6 - m o . bills|3-5 vr. issues

(12/26) 2.14 (6/6)
(1/6/60) 5.00 (12/24/59)
(4/26/61)3.15 (5/12/61)
(7/20/62)3.88 (^/2/62)
(6/8)
3.41 (12/28)
(11/15)3.98 (11/8)
(3/8) 3.44 (1/18)
3.91
3.93
3.94
3.98
3.97

.26
.79
.12
.44
.02
.17
.04

.04
1.81
.38
1.51
.52
.70
.42

.12
.16
.12
.10
.13

.44
.49
.47
.44
.42

y
Weekly r a t e shown i s t h a t i n e f f e c t at end of period a t t h e f e d e r a l Reserve Bank of Hew York.
2/ Market y i e l d ] weekly average a oonpnted from d a i l y o l o s i n g bid p r i c e s . Series of 3 - 6 year i s s u e s
o o n s i s t e of s e l e c t e d n o t e s end bands•
Mote.—Highs and lows are f o r i n d i v i d u a l s e r i e s and may be on d i f f e r e n t d a t e s f o r d i f f e r e n t s e r i e s *
For spreads, high r e f e r s t o w i d e s t , and low t o narrowest.




SHORT- AND
BANKS AND

INTERMEDIATE- TERM INTEREST RATES,
OTHER

PRIVATE B O R R O W E R S

_ ' S T O C * EXCHANGE

A r

Exhibit D - Part II

Date

Stock Exchange
call loan JL/

Prime
rate 1/

Finance company
paper 2/

Federal
funds 3/

(per cent)
1958 - Low
1959-60 - High
1960-61 Low
1961-62 - High
1962 - Low
1963 - High

3.50
5.50
4.50
4.50
4.50
4,50
4.50

3.50
5.00
4.50
4.50
4.50
4.50
4.50

2.88 (6/1)
3.75 (11/15)
3.13 (5/31)

Oct. 18
Oct. 25
Nov,/!
Nov. 8
Nov. 15 j>/

4.50
4.50
4.50
4.50
4.50

4.50
4.50
4.50
4.50
4.50

3.75
3.66
3.75
3.75
3.75

LOT*/

1.13

(8/8)

5 . 1 3 (3/22/60)
2 . 5 0 (8/5/61)
3 . 2 5 (7/20/62)

.13

(5/29)

4.00

(5/13/60)

.43

(1/27/61)

3.00

(12/28/62)

1 . 3 0 (1/26)
3.50 ( 1 1 A 5 )

2.45 (7/26)
3.50
3.50
3.50

3.50
3.50

Spread between
3-mo. bills and
finance co. naoer

-.35
1.02
.11
.56
.19
.36
.09
.28
.22
.28
.21
.20

V W e e k l y rate shorn i s that i n e f f e c 1t at end of period. Stock Exchange c a l l loan rata i s going rate
on c a l l loans secured by customers stock exchange • c o l l a t e m l at New York City banks.. Prima rate
i s that charged by large banks on short-4era loans to hisina ss borrowers of the highest credit
standing.
2 / Average of d a i l y rates published by finance companies f o r d i r e c t l y placed paper f o r varying maturities
in the 90-179 day range.
3 / Weekly average of d a i l y e f f e c t i v e r a t e , which i s the rate f o r the heaviest -volume of purchase and
Digitized
FRASERas reported to the Federal Reserve Bank of New York.
salefor
transactions
Note.—High a and lows are f o r individual s e r i e s and may be on d i f f e r e n t dates f o r d i f f e r e n t s e r i e s .
http://fraser.stlouisfed.org/
For spreads, high r e f e r s to widest, and low t o narrowest.

Federal Reserve Bank of St. Louis

EXHIBIT f. Port I

STOCK MARKET
1941-43 ov.rag.=10
0 n s 01 dollars

zy/ /

V

/

$15"

tlfBII
* CHANGE IN SERIES

| 4000

YIELDS _

I J I I 1 I I 1 III

I I I I I II I I I I

E x h i b i t E - P a r t II

Stock price
index 1/

S t o c k m a r k e t customer credit
Common.
Trading
Customers 1
Bank
stock
v o l u m e 3/
loans to
yields 2/
debit bal(millions
(per c e n t ) of s h a r e s )
" o t h e r s " 5/
ances 4/
(In m i l l i o n s of d o l l a r s )

1961-62 - High
Low
1963 - High
Low
September
October
Nov. 1
Nov. 8
Nov. 15 £./

72.04(12/8/61)
5 2 . 6 8 (6/22/62)
74.01 (10/25)

2.82
3.96
3.01

10.1
2.4

6 4 . 1 0 (3/1)

3.36

6.1
3.2

72.85
73.03
73.83
73.36
72.35

3.06
3.05
3.02
3.07
3.16

5.3
5.3
5.7
5.0
4.4

5,602(12/61)4,259 [22/61)
4,876(7/62) 3 , 5 6 2 ( 7/62)
6,971(9/63)5,316(9/63)
5,595(1/63)4,208(1/63)

1,377(8/30/61)
1,269(9/26/62)
1,701(11/6)
1,378(2/23)

6,971

1,655
1,685
1,685
1,701

5,316

n.a.—Not available. jj/ Preliminary.
1/ Standard and Poor's composite index of 500 oomnon stocks, weekly oloeing prioea, 1941-43"10.
Monthly data are average a of daily figure a rather than of Friday's only. Highs and lows are for
Friday's data only.
2/ Standard and Poor s 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 higi
or low,
Averages of daily trading volume on the New York Stock Exchange#
End of month figures for member films of 1he New York Stock Exchange vbioh 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. Prior to July 1, 1959, such loans are excluded, only at banks in
New York and Chicago, Weekly reporting banks account fer about 70 per cent of loans to others.
For further detail see Bulletin.




EXHIBIT F, Port l |

MORTGAGE

AND

BOND

YIELDS

HOME M O I I G A G f S :

l e i COIPOBAU IOHDS:

'19591

[19601

Exhibit 6
Yields

on New Corporate Bond
f

Number A m t of

issues

included

of

(mil.

of dollars)
Weekly
1963

-

Issues Adjusted

1

50.0

3
2

34.0

4.25

115.0

4.24

28
-

Aug.

2

46.5

4.25

2

80.0

4.30*

19

1

25.0

4.43*

26

3
1

^

23

yield
(oer

cent).

13
20

1

27
4

1

100.0

4.34

Oct.

2

33.5

4.32

25
Nov.
1

1
2

40.0

4.37
4.35

Nov.

1

15.0 _

4.34

11
18

2

30
6

Average

Sept.

5

9
16

Sept.

(mil.

of dollars)

4.23*

12

issues

included

of

fner cent)

14

July

to a n A a a basis
N u m b e r Ain't o f

yield

June 7
21

II

Average

averages:

;

119611

- Part

:

58.0

4.31

2

70.0
75.0

2

50.0

4.33*

1

12.0

4.35

4.28

Nov.

8
15

1

75.0
30.0
22.0

4.41
4.21*

-4.27
——

,

A by Moody's Investors tiervloe ^exoept serial ana convert!das issues, o x x e r w g s oi nature a gas pipoxano
and foreign companies, and bonds guaranteed by the Federal Government) weighted b y slse of offering.
Before averaging, n e w offerings a r e adjusted to a composite A a a basis by deducting from t h e actual
reoffering yield the excess of the w e e k l y average yield f o r seasoned bonds of the appropriate industzyquality group over t h e composite average f o r seasoned Aaa-rated bonds (Moody's)* Averages considered
unrepresentative because of special characteristics of the offerings included are denoted b y a n asterisk^




YIELDS O N

NEW

!

AND

f
J

J

SEASONED

CORPORATE BONDS

.wtw ' " « f
Ad lulled lo Aoo Bails

.

f

i a.T

' » • * , »

A

yjjtM
>4-01.

i

Exhibit
FHA

tional

D a te

gages mort2/

1956

Conven- Spread be-

- Low

4.68

gages!/

F

- Part
Aaa

I

i

FHA mtgs.

5.20

.47

&

3.08

i—1

i i

Spread between yields
new

New*/

r

II

Corporate

tween yields
on conv.

i i i

Seasoned^/

corporate bonds

FHA mtgs.

Seasoned

3.08

.76

1957

- High

5.63

6.00

.47

4.94

4.12

1.58

1958

- Low

5.35

5.55

.15

3.65

3.57

.88

.05

1959-60

- High

6.24

6.30

.23

5.25

4.61

1.69

.73

1962-63

- High

5.72

5.95

.38

4.72

4.45

Low

5.43

5.80

.23

4.12

4.22

1963

1.50
1.08

.39
<

July

5.44

4.26

August

1.13

5.44

5.80

.36

4.29

4.29

September

1.15

5.43

5.80

.37

4.34

4.31

1.09

5.43

5.80 -

.37

4.35

4.32

1.08.

October
«

o-

^—

.36

-—-

4.31

« v * « * w * u g w w vb K U i i u

bds.

1.03

5.80

on
and

-.16
.05
.03

u u w

.03
oiMoer

QioriHftloi

Based on FHA field-office opinions about average bid prices in t h e private s econdary maitot f o r
n w - h o m e mortgagee f o r inmediate delivery. Data relate only t o 2 5 - y e a r mortgagee with down paymsnts
of 10^per cent or m o r e , weighted b y probable volume of transactions. Yields computed b y FflB,
assuming 23-year mortgages a r e paid off in 1 2 years. Dashed lines indicate periods of adjustment
to changes in the contractual interest rate.
Based on FHA field office opinion o n t y p i c a l interest rates (rounded) on conventional first
mortgages prevailing i n the market areas of insuring office oities. Beginning w i t h A p x i l 1961,
rate relates only t o newt-home mortgagees prior to that d a t e , rate related to both m w a s w e l l ae
existing-horoe mortgages. Dashed line indicates this change i n tie series.
. S e e n o t e f o p E x h i b i t G.
2/
Moody's Investor Service. Monthly averages of daily data. See Exhibit 1 .




%

H,l4

Long-term Corporate and State and Local Government
Security Offerings and Placements
(In millions of dollars)

1963

Corporate 1/
1962

New Capital
1
1961

January
February
March

613
594
1,144

592
859
807

562

April
May
June

930
904
1,013

1,113
760
1,132

2,118
1,259
1,318

676
667
795

5%
749
579

1,028
762
647

950
750

835
703
1 ,"103

1,090
948
1,000

2,351
2,84?
2,138

2,258
3,005
1,910
2,641

1,809
4.695
2,437
3,038

5,198
7,337

5,264
7,173
9,814

6,504
8,941
11,979

580

State and Local 2/
1961
1963
1962
731
726
973

876
1,133
628

711
689
764

967
856
940

873
912
786

722
640
.1,034

597
702
422

612
544
427

486
604
734

650
578
550

679
789
610

2,431
2,662
1,721

2,637
2,571
1,582
1,779

2,165
2,396
1,824
2,078

5,093
6,815

5,208
6,790
8,568

4,561
6,385
8,463

[2/

667

p/

\*'

July
August
September
October
November
December
1st
2nd
3rd
4th

quarter
quarter
quarter
quarter

1st half
Three quarters
Year

e/
e/

Excluding; finance companies 3/

1st
2nd
3rd
4th

quarter
quarter
quarter
quarter

2,284
2,529
1,838

Year

2,199
2,919
1,775
2,410

1,554
4,552
2,337
2,807

9,303

11,253

w

\sf

¥

|E/
is/

I'
!g/

£/
jg/

|B
1
I

1
!

i
i

!
i

"2/
1/
2/
3/

Preliminary.
Securities and Exchange Commission estimates of net proceeds Investment Bankers Association of America estimates of principal amounts.
Total net capital issues excluding offerings of sales and consumer finance




,
I

H.14
Exhibit I
New. Corporate Security Issues, Type of Issue and Issuer
(In millions of dollars)

Quarter

i

f

or
Month

Total

Gross proceeds for new
capital and refunding 1/
Bonds
Common
Publicly Privately
and
offered offered
pfd.
stock

880

1961 - I
II
III
IV

1,992
5,352
2,566
3,236

662
2,303
772
967

1,275
1,139
1,424

449
1,774
654
845

1962 - I
II
III
IV

2,378
3,250
2,184
2,957

1,155
1,389
853
1,089

716
1,222
1,024
1,568

507
639
307
300

1963 - I
II
III
IV

2,700
3,634
2,466

1,108

1,306
1,820
1,281

287
424
287

*1962 - jan,
Feb.
Mar.
i
Apr.
May

647
884
,847
1,217
.901
1,232
630
922
632
976
.784
1,197

#3
497
386
654
247
488
200
477
176
539
286
264

,

July
Aug.
Sept.
Oct.
Nov.
Dec.

1,389
898

143

#2
232
253
227
420
575

336
134
169

363
295
314
446
808

82
161
123
52
. 125

366

155

209

67

Memo:
foreign
issues
included

Mfg.

Net proceeds for
new capital 1/2
Public Communi- Other
Utility catiohs issuers

76
155
69

515
1,466
935
792

381
1,081
595

81
1,095
104
147

832
1,052
893
1,263

68
257
56
179

655
996
601
769

430
983
375

456
231
275
321

717
794
659
986

128
434
109

947
591
806

326

236

794
285

221
150

842
1,241
897

3

205
131
318
384
270
342
217
218
166
153
271
345

89
148
193
377
196
410
118
110
148
141
175

73
#2
21
88
64
79
88
120
67
260
4
57

225
218
275
264
229
301
159
301
199
282
253
451

62

12
54

10
147
100
13
43
46
34
.99

836

568

252

102
243
:'1963 - Jan.
695
350
114
25
125
135
238
642
Feb.
289
259
94
68
220
43
115
191
499
Mar,
60
1,363
774
91
412
592
43
97
1,049
380
Apr.
452
148
217
56
341
71
369
May
1,340
694
182
216
550
95
222
92
373
113
1,246
June
459
675
196
227
230
58
499
k
187
100
46
297,
431
.to?;
810
July
279
100
272,
349:
786
270
Aug.
21
336
100
24
Sept.
42
441
237
'78
39.
87
501
283
871
Oct. e/ 1,025
510
140
n.a.
150
220
10
375
570
Nov.
Dec.
2? Preliminary. ~ej Estimated by Federal Reserve. Tj Gross proceeds exceed net proceeds
by the cost of flotation. 2J 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.




#

H.14
Other Security Offerings
(In millions of dollars)

1963
January
February
March
April
May
July
August
September
October
November
• December

232
133
76
57
114
11
63
63
e/

~

Year
Jan.-Sept.

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

142
10
35
10
86
. 50
25
8
31
151
88
101 .
737

6
29
20
2
66
29
5
2
43
34

148

246
156

186

461

150
175
e/

—

236

378

520
#2

250
193
225

—

305

252
100
149
278

174

e/
548
202
967
Net Sheart-• term 4/
State and local government 5/
18
160
-106
75
466
-189
195
272
-186
-8
-367
-492
-103
127
589
.292 .
-84
-42
-30
195
-118
-10
' -155
319
414
62
78
109
208
518
339
327
-406
-86
258
£/-265
-6
71
2/ 110
234
54
-161
-116

n.a.

6

Federal agency 3/
1961
1962

459

e/ 769

Year
Jan .,-Sept.

Gross 1.ong-term 1/
Foreign government 2/
1961
1963
1962

e/i ,138

—

1,188

1,448

1,188

1.222

Federal agency 3/
-144
24?
-162
-156
226
-174
-364
-79
82
-87
284
207
261
22
227
193
108
-157
98
379
56
55
-80
-114
1,004

-76

1,029

-18

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 United States by foreign governments and their political
subdivisions and international organizations. Source: Securities and Exchange Commission.
3/ Issues not guaranteed by the U. S. Government. Source: long-term, Securities and
Exchange Commission; short-term, Treasury Department and Federal Reserve. 4/ These data
differ from those in Exhibit H and above in that they represent new offerings less retirements, whether from the proceeds of 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 Authority notes. In some instances PHA
notes included may have a somewhat longer maturity than one year. Source: Bond Buyer and
Federal Reserve.




I

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)
Corporate
I

Month

$ 1962 - October
|
November
s
December
1963 - January
i
February
•}i
March
j
April
*
May
June
July
P
August
September
j:
October

Total

(Other than
convertibles)

434
178
198
234
186
394
409
149
348
221
236
237
446

398
178
178
215
125
372
263
149
348
180
218
215
380

State
and
local
government

Convertible Stocks
bonds
__

36

320
217
193
344
367
570
431
389
372
279
329
135
743

20
19
26
22
146

35

41
18
22,
66

—

Other

2/

25
75
48
63
134
43
460
60
20
174

Large Individual Issues Offered November 1 through 15
•»

\

Issuer

Type

4

Amount
(millions
of
dollars)

Maturity

Coupon
rate or net
interest
cost

Offering
yield

Rating

CORPORATE
1

Gec-gia Power Corp.
1st. mtg..bds.
Com. stk„
* :c iar.^se Corp.
' S-aL.oard Airline R.R.Cc. 1st mtg. bds.
xATE AND LOCAL GOVERNMENT

30,0 ,
43.4

< Oklahoma Turnpike Auth.

Rev. -Q.-Ut.

Cook Co., 111.
v Stat-: of Maryland
r iiadv-.lpMa, Pa.

GO.
G. 0«
G.C.
R»v«. -Ct..
Re". -Q.lt.

21, ,0
10..0
20. 0
38 .3
13,.5
18,.3
23,.7
46,,3

1

r

)> *

" r -k> Juz-npikr Ai -:h.




22.0

19%

4-1/2

4.50

1988

4-5/8

4.65

2003
2003
1964-73
1966-78
1965-89
1965-94
1966-85
2002

.56
2 .91
2.89
3. 32
3. 39
n. a.

4.25
5.00
2.09-2.95
2.25-3.00
2.40-3.45
2.40-3.50
3.00-3.80
4.11

A
A
A

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 over.
2/ Includes foreign government and International Bank for Reconstruction and
Development issues and non-guaranteed issues by Federal agencies.
2/ 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.




Exhibit L

H.14

Forthcoming Large Long-term Public Security Offerings for New Capital
(Other than U. S. Treasury) 1/
Expected Proceeds from Forthcoming Large Issues

Date of
computation

- Oct, 31
Nov. 30
28
- Jan. 31
Feb. 28
Mar. 29
Apr. 30
May 31
28
July 31
Aug. 31
Sept, 30
Oct. 31

During month following
date shown
State and
Other 2/
Corporate
local govt.
203
170
269
167
142
376
149
223
170
221
158
240
145

96
194
177
376
458
381
447
255
142
329
210
561
255

Corporate

--

75
25

45
40
460
75
20

--

Subsequent to
date shown
State and
local govt.

328
360
314
412
572
421
234
288
215
267
183
240
145

Other 2/

243
328
311
843
755
763
599
582
287
512
468
757
401

--

75
25
33
45
40
460
75
20

--

Forthcoming Large Offerings, as of November 15
Issuer

CORPORATE
> L m o n Electric Co,
Ralston Purina Co,
Tennessee Gas Trans. Co.
lark Equipment Credit
Corp.
^Pacific Northwest Bell
Telephone Co.
^Pacific Pwr, & Lt. Co.
' Virginia Elec, Pwr, Co.
•; Ccrsol idated Edison Co.

Type

1st mtg. bds.&pfd. stk.
Deb.
1st mtg. p.l. bds.&pfd.stk.

Amount
(millions of
dollars)

50.0
35.0
50.0

Approximate date
of offering

November 20
November 20
December 3

Deb.

20.0

December 4

Deb.
Com. stk.
1st mtg. bds.
1st & ref. mtg. bds.

50.0
17.1
30.0
75.0

December
December
December
December

12.9

November 18

24.0

November 20

S ATE AND LOCAL GOVERNMENT
<; Monterey Flood Control &
Wtr. Dist., Cal.
Rev.-Ut.
5 Los Angeles Dept. of Wtr. &
' Pwr,, California
Rev.-Ut.
: East Bay Mun, Util, Dist.,
Cal,
" G.O.
*New York State Housing
Finance Agency
Rev.-Rent.




4
5(rts. ex,).
11
12

30.0

November 20

62.8

November 20

Forthcoming Large Offerings, as of November 15 (cont'd)

Issuer

Type

STATE AND LOCAL GOVERNMENT
(cont'd)
New York State Pwr. Auth.
State of Minnesota
^Montgomery Co., Md.
Bowling Green, Ky.
San Francisco Bay Area
Rapid Transit Dist., Cal.
Iowa State University
*Santa Clara Co. Fid. Cont.,
Dist., Cal.
*Statfc of California
Pittsburgh, Pa.
Dade County, Florida
Jacksonville Expressway Auth.,
Fla,
Houston, Texas

Amount
(millions of
dollars)

Approximate date
of offering

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

17.0
12.8
10.5
10.0

November
November
November
November

21
26
26
28

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

50.0
16.0

December 10
December 12

Rev.-Q.Ut.
G.O.
G.O.
G.O.

19.5
80.0
35.0
46.0

December 17
January 7
Indefinite
Indefinite

Rev.-Ut.
G.O.

40.0
11.1

Indefinite
Indefinite

OTHER
None

j

1
-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.
Note.--Deletions for reasons other than sale of issue: none.




*

o

H.14
Exhibit M
Foreign Government and Corporate Security Offerings
and Placements in the United States
Part Ii

Sale
Date

Amount
(millions of
dollars)

Public Offerings

Issuer and Description of Issue

&.

Sold September 1 through November 15

None

B.
None




Prospective Offerings

M-2
Part II:

Date
reported

Private Placement—Reported September 1 through November 15

Amount
(millions of
dollars)

9/13

3.5

9/13

1.1

Issuer and Description of Issue

. Manitoba Electric Power Commission—5-7/8# notes,
maturing 1983—no information available on takedown
Union Acceptance Corp.—6-l/4$ debenture, maturing
1974-78—no information available on takedown

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 this Exhibit and that shown in Exhibits I
and J because 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.
*-^Included in table for first time.