Full text of H.16 Capital Market Developments : November 18, 1968

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Not for Publication
H. 14
yBRRBX

DECOHTBOZtoD APTEB SIX MONTHS

1

November 18, 1968;

CAPITAL MARKETS DEVELOPMENTS
IN THE UNITED STATES

9ap>r*.f

rftx'J-'f'

~ Corporate and municipal bond markets. The volume of new, publiclyoffered; "corpora^e^ajld municipal securities expected this week is above the
averager-WeTcIyvolume over the past year. The especially large corporate
column features the $150 million Anaconda debenture offering; the largest
municipal issue will be the Illinois Building Authority's $42 million of
revenue bonds.
1/
Long-term Public Security Offerings'
(In millions of dollars)

Corporate
New Capital 1 Refunding

State and local Government
New Capital I Refunding

Sold:
52 week avg.
November

8

November 15

288

311

r/102 '

r/151

—

125

1

—

223

Scheduled:
November 22
1/

509

—

329

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 series on seasoned corporate bond yields was
unchanged last week, yields on new issues advanced sharply. These higher
yields led to an enthusiastic reception by investors, and also several
syndicate terminations. Originally offered in late October, the Consumer's
Power bonds were released with an unsold balance totaling 50 per cent of the
original offering; in free market trading, the yield on this issue advanced
21 basis points.
Yields on municipals also advanced significantly last^week, and,
as in the corporate market, new issues were very well received as a result. ,
By the end of the week about 70 per cent of the week's offerings had been
sold.
Stock prices. Common stock prices registered a strong advance
last week while the volume of trading accelerated rather sharply. At the
close Friday, the Standard & Poor's index of 500 stocks stood at a new alltime high of 105.78, up 1.83 from the previous Friday. Trading volume
averaged 15.7 million shares a day.




H. 14

Yields on Security Markets
High-Grade
Notes and Bonds

Change from
preceding week

Corporate
New
Seasoned

6.54
6.15

+ 11
- 1

5.33
5.47

+
+

4.35
4.68

+ 10
+ 4

5.81

- 38

5.42
5.61

-

6

+

2

U.S. Government
Long-term
3-5 year

5
3

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
,

Amount
(millions of $)

11/14

30.0.

11/7

60.0

Issuer

Reoffering
Yield

Rating^

Estimated proportion sold

Florida Power,
7's - 1998

6.80

Aa

80%

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

6.70

Aa

20%

Blue List of Municipal Dealers' Advertised Inventories
Latest Week
787(11/12/68)




End of Previous Week
760

Recent High
849(4/26/68)

H. 14

-3-

More detailed information concerning recent capital market
developments is presented in the attached exhibits.

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




EXHIBIT

A, Pari 1

LONG-TERM BOND YIELDS, HIGH-GRADE

C O R P O R A T E Aaa

U.S. G O V E R N M E N T

STATE A N D L O C A L G O V E R N M E N T Aaa

1963



1964

1965

1966

1967

1968

Exhibit A -- Fart n

I
Date

I

1959-60 - High
1966 - High
- Low
1967 - High
- Lew

Corporate
Aaa 1/

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

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

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)
1.19(1/13)
4.15(12/28)
3.25(2/9)

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

.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

1.06
.82
4.22
5.28
6.10
18
1.03
.89
4.21
5.24
6.11
25
1.01
.65
4.25
5.26
6.15
1
1.03
.88
4.25
5.28
6.16
8
98
82
4.35
5.33
15p|£ 6.15
r/ Revised.
£/ Preliminary
Average term of bonds included is 22-24. years.
1/ Weekly average of daily figures
The series includes bonds due or callable in 10
2/ Weekly average of daily figures
years or more.
Only general obligation bonds are included; average term is 20
3/ Thursday figures
years.
#
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 narrowestc
1968 - Oct.




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

C O R P O R A T E Baa
Moody's

STATE A N D LOCAL G O V E R N M E N T Baa

_/

1963



1964

1965

1966

1967

1968

Exhibit B -- Part II

Date

State and
local govt.
Baa 3/

Corporate
Baa V

Spread between
Aaa and Baa
State and
Corporate
local Rovt.

(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)

.84
.31
.81
.31
.82
.73

1.08
.39
.62
.31
.81
.37

1968 - Oct. 18
25
Nov. 1
8
15EJ

6.84
6.88
6.92
6.97
7.00

4.90
4.90
4.95
4.95
4.97

.74
.75
.76
.81
.85

.68
.69
.71
.70
.62

Note: For footnotes see Exhibit A.
j>/
Preliminary.




EXHIBIT

C, 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
GOVERNMENT

Per

Weekly

6 - M O N T H BILLS

3-5 YEAR ISSUES

1963



F.R. DISCOUNT R A T E
New

York

3 - M O N T H BILLS

1964

1965

1966

1967

1968

V

Exhibit C -- Part II

ni scount |
rate
: 3-month
1/
bills U

Date

1959-60 - High
Year end - 1965
1966
1966 - High
Low
. 1967 - High
Low
1968 - Oct.
Nov.

4.00
4.50
4.50
4.50
4.50
4.50
4.00

18
25
1
8
15£/

1/ weekly rate s h L

5.25
5.25
5.25
5.25
5.25

1
1

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)
5.34
5.40
5.48
5.48
5.42

Yields
6-month
bills 2/
(per cent)

|
]
|

5.07(1/8/60)
4.66
4.92
5.92(9/23)
4.53(6/24)
5.50(12/12)
3.74(6/2)
5.43
5.43
5.50
5.59
5.61

3-5 year
issues U

Spread between yields on
3-mo. bills and yields on
6-mo. bills 13-5 vr. issues

.79
.19
.12
.52
o 09

1.81
.43

5.80(11/10)

.62
.01

1.61
.02

5.43
5.43
5.42
5.44
5.47

.09
.03

.09
.03

.11
.19

.04
.05

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

Preliminary.




.78
.01

.02

.06

is that in etfect at end of period at the Federal Keserve n.nk of

2/ Market'yieId; weekly averages computed from daily closing bid prices.

£/

.06

Series of 3-5

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 A N D OTHER P R I V A T E B O R R O W E R S

PRIME RATE
FINANCE C O M P A N Y PAPER
Directly

placed

F.R. DISCOUNT RATE
New

York

FEDERAL FUNDS

1963



1964

1965

1966

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

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)

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

1.02
.23
.28
1.08
.20
1.33
.21

.27
5.75
5.60
6.25
.20
5.95
5.60 •
6.25
.25
5.88
5.73
6.25
.27
6.19
5.75
6.25
8
15P/1 6.25
5.73
^.01
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.
1968 - Oct. 18
25
Nov. 1

B/

Preliminary.




EXHIBIT E, Part 1

STOCK M A R K E T
Billions

of

1941-43 overage= 10

dollars

PRICES

STOCK M A R K E T CREDIT
* C H A N G E IN [SERIES
of snares

YIELDS

1963



1964

1965

1966

1967

1968

Exhibit E -- Part II

Stock price
index 1/

Common
stock
yields 2/
(per cent)
2.82
3.96
3.01
3.97
3.01
3.58

Stock market customer credit
Trading
Bank
,
Customers1
volume 3/
debit bal- loans to
Total
(millions
"others"5/
ances 4/
of shares)
(In millions of dollars) *
10.1
2,4
10.7
5.0
12.3
6.9

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

72.04(12/8/61)
52.68(6/22/62)
93.77(2/11)
73.20(10/7)
97.26(10/67)

1968 - Sept.
Oct.

101.34
L03.76

3.00
2.93

13 * 4
15.1

L03.06
1
L03.95
8
152./ 105.78

2.96
2.94
2.90

14.1
12.4
15.7

1968 - Nov.

82.18(1/6)

5,602(12/61)
4,424(1/61)
7,997
7,302
10,347(12/67)
7,345(1/6)
r/11,141

4,259(12/61) 1,418(5/9/62)
3,253(1/61) 1,161(3/8/61)
5,83,5
2.241(7/6)
5,16%
2,097(12/14)
7,88^(12/67) 2,057(11/1)
5,280(1/67) 2,055(1/25)
r/8,626

2,515
_*/2,557
2,557
r/2,569

n.a. Not Available. £/ Preliminary. r/ 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 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 high
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.




1

.

,

•

...

.

,

EXHIBIT f. Port 1

FEDERAL N A T I O N A L MORTGAGE A S S O C I A T I O N ^
SECONDARY

MARKET

OPERATIONS

400

OFFERINGS

300

200

I PURCHASES V

I \

\ -

SALES
1962




1964

1966

1968

100

Exhibit F - Part TI

Dat v

-F.sfimated offerings :o FNMA
Standby
1 Immediate
Tota
commitment
I purchase

,
Purchases
by
FNMA

Sales
by
FNMA

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

260.6
261.0
167.9
168.2
260.1
260.6
324.1
324.7
206.6
209.4
212.0
212.6
164.0
164.4
212.2
212.9
210.1
214.3
103.6
104.8
(See Exhibit F Part
« II
ii
II ii
II
11
II 11




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

'

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
--—
—
-—
—
—
——

Exhibit F - Part III
FNMA Weekly "Auction" Results

Week
ended

Amounts (In millions of dollars)
Accepted
Offered
9061
Total
. Total
Month
Year
Day

90-

Yields (Per Cent)
61

Day

Month

Year

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

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

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

Sept.

3
9
16
23
30

90.9
82.5
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

Oct.
'

7
14
21
28
4
11
18

98.9
119.2
132.8
131.9
125.1
144.4

35.1
41.6
44.0
49.1
53.8
48.1
(50.0^

2.2
2.5
2.7
3.0

22.9
30.0
30.7
31.3

10.0
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

4.9
8.4

29.5
29.3

19.4
10.3

7.26
7.29

7.26
7.30

7.19
7.23

Nov.

"Notej 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
T after allowance for FNMA commitment fees and FNMA stock purchase and holding
requirements, assuming a prepayment period of 15 years for 3-year loans. Oneyear commitments are for new homes only.




EXHIBIT G, Port 1

YIELDS O N N E W A N D SEASONED C O R P O R A T E B O N D S
Weekly

'

6.5

Adjusted to Aoa

Ba

N E W ISSUES
6.0

5.5

5.0

S E A S O N E D Aaa

4.5

1964
I




1965

1966 .

4,0

1967

1968

Exhibit G - II
yields on New Corporate Bond Issues Adjusted to an Aaa basis

Number
of

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

Number |Am't. of issues Average ,
of
included (mill.
yield
(per cent)
issues I of dollars)

Monthly averages:
1968

Jan.
Feb.
Mar.
Apr.
Hay
June
July
Aug.
Sept.
Oct.

13
13
10
9
11
13

7
8

7
15

567.0
564.0
350.0
465.0
511.0
872.0
552.0
267.0
450.0
584.0

6.24
6.30
6.56
6.52

11
18
25

6.66

6.65
6.54

6.26
6.30
6.47

Nov.

1 I

8 :
15R

50.0

103.0

6.57
6.59
6.57
6.56

50.0

6.66

70.0

6.43
6.54

181.0
200.0

60.0

Weekly averages:
6.83(5/24/68)
High
8)
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 oy 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.




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

1968p/

New Capital

Corporate 1/
1967

1966

State and local 2/
1966
1968p/
1967

January
February
March

1,706
1,568
1,740

1,648
1,398
2,317

1,302
1,237
2,446

1,135
1,152
1,379

1,482
1,196
1,438

1,188
858
865

April
May
June

1,385
1,825
2,334

1,973
1,474
2,611

1,553
1,058
2,364

1,310
1,131
1,392

1,111
1,229
1,497

1,193
901
1,141

July
August
September

r/2,091
r/1,394
1,497

2,457
2,406
1,723

1,039
1,670
1,382

1,446
1,677
1,330

943
858
1,300

701
773
1,020

October
November
December

e/1,900
e/1,600
e/ 900

2,289
1,467
2,336

829
1,085
1,635

e/2,2.00
s/1,200
1/1,200

974
I,400
1,182

755
969
940

1st
2nd
3rd
4th

5,014
5,544
r/4,984
e/4,400

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

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

3,666
3,833
4,453
1/4,600

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

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

11,421
18,007
24,098

9,959
14,050
17,601

7,499
11,952
U'6,552

7,956
II,087
14,643

6,146
8,640
11,304

Quarter
Quarter
Quarter
Quarter

let half
Three quarters
Year

10,558
15,542
&/19,942

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

Quarter
Quarter
Quarter
Quarter

4,943
5,265

Year

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

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

23,115

17,269

e7Estimated by Federal Reserve.
2/ Preliminary, r/ Revised.
If Securities and Exchange Commission estimates of net proceeds.
%/ Investment Bankers Association of America estimates of principal amounts.
3/ 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)
4.
#

Quarter
or
Month

Total

Net proceeds
Gross proceeds for new capital
for new capital 1 / 2 /
and refunding 1/
Bonus
Common Memo:
Other
Mfg. Public CommuniPublicly Privately and
Foreign
Utility cations Issuers
Offered Placed
pfd. issues
stock included

, 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

997
1,268
1,219
1,255

543
548
595
269

1,382
1,228
1,976
2,040

•' 1968 - I
II

5,178
5,705

2,465
3,105

1,724
1,644

989
956

313
172

1,855
1,653

1,394
1,201

411
529

1,356
2,159

i 1967 - Oct.
;
Nov.
Dec.

2,409
1,500
2,385

1

1,375
645
1,087

566
551
1,020

469
304
278

34,
906
19 * 512
30
1,109

573
404
278

119
82
68

690
469
881

1968 - Jan.
Feb.
Mar.
Apr.
May
'
June
July r/
Aug. r/
Sept.2./
Oct. e/

1,771
1,607
1,800
1,428
1,867
2,418
2,144
1,433
1,556
1,965

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

546
585
593
438
521
685
r/528
r/400
r/433
500

322
226
441
271
300
385
r/372
r/396
r/398
450

16
61
236
31
89
52
47
r/49
r/28

537
556
761
353
550
750
r/818
r/349
r/432
575

186
417
546
147
431
78
189
178
103
549
237
474
236
236
438
r/92
r/469 r/155
550
75

JD/ Preliminary, ej Estimated by Federal Reserve. n.a. Not available.
1/ Gross proceeds exceed net proceeds by the cost of flotation.
2/ 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.




566
321
469
663
622
874 .
r/801
r/515
r/442
700

Exhibit J
Other Security Offerings
(In millions of dollars)
Gross Long-term 1/
Federal Agency 3/
Foreign Government 2/
T96T
196 7
196 8
1967
1967
196 8
January
February
March
April
May
June
July
August
September
October
• November
December
Jan. - Aug.

127
49
107
75
142
7
100
238

845

Jan. - Sept. £/

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

382

6,047

597

»-

1,251
783
750
650
810
650
407
250
599
708
710
612
5,551

503
410
392
699
1,030
1,084
799
400
450
800
239
4,917

8,180

6,806

New short-term 4/
Federal Agency
State and local Government 5/
-179
490
103
179
300
-552
436
39.
387
89
-454
-593
-319
-594
-604
-559
681
580
827
3
109
121
462
515
490
93
27
-334
-187
r/-373
-158
457
-103
20
584
-262
-203
270
593
2652/
1,407
-99
-161
,32
. -846
606
-48
414
573
503
49
36
-570
-514
-92

Year

1,772
1,721

537
531

1,317

-555
660

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

>

309
310

p/ Preliminary, e/ Estimated by Federal Reserve, n.a.—Not available. J./ 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 P o l ^ t l c ^

£EE?SEr2HETE:' EE

in Exhibit H and above in that they represent new offerings less retirements, whether

included may have a somewhat longer maturity than 1 year.
Reserve.
r/forRevised.
Digitized
FRASER



Source:

Bond Buyer & Federal

2 %
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

1967

Corporate
Bonds
Convertible
(other than
bonds
convertibles)

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

904
757
788
. 696
1,009
1,461
1,2)13
665
736
964

Other

897
461
460

285
150
437

276
215
81

505
865
633

50
845
627

652
575
415
500
656
1,161
650
405
541
725

168
105
135
723
283
120
395
143
91
160

85
77
238
73
70
180
98
117
104
79

785
591
736
794
571
758
864
1,165
693
1,433

1,095
389
1,030
370
145
500
920
70
520
540

1,458
826
978

Oct.
Nov.
Dec.

Stocks

State
and
local
governments

2/

Large Individual Issues Offered November 1 through November 15, 1968.

Issuer

Type 3/

Amount
(millions
of
dollars)

Maturity

Coupon
rate or
net interest cost

Offering
vield

Rating

Corporate
Pacific Gas & Electric
American Financial Corp.
Wisconsin Elec. Pwr. Co.
Florida Power Corp.

1st mtg. bds.
Conv. debs.
Debs.
1st mtg. bds.

60.0
20.0
40.0
30.0

2000
1988 *
1993
1998

6-3/4
5-1/2
7
7

6.70
5.50
7.00
6.80

Aa
"
A
Aa

.0.

12.0
14.0
84.0
31.6
54.9

1974-1978 3.,87
1971-2008, ,5.,51
1969-1988—^4.,13
1969-1988 4.,27
1969-2008 4.,36

3.,65-3.,85
4.,10-5.,60
3,.10-4.,30
.10-4.,50
' 3,
3,.10-4.,90

Aaa
Baa
Aa
Aa
Aa

.0.

12.3

1972-1997

4..99

3,.90-5..20

Baa

State & local Government
State of Texas
Hialeah, Florida
New. York State
State of Delaware
State of Massachusetts
Warren Consol. Sch. Dist.
Michigan

0.

Rev.-Ut.

.0.

G.0.




Large Individual Issues Offered November 1 through November 15, 1968.

Issuer

Type 3/

Amount "
(millions
of
dollars)

Maturity

Coupon
rate or
net interest cost

Offering
vield

Rating

State & local Gov'tfCont 'd)
Boston, Massachusetts
Hartford, Connecticut

G.O.
G.O.

17.8
14.8

1969-1998
1969-1988

4.69-4.79

3.25-5.00
3.10-4.35

Baa
Aaa

i

Other
Inter-American Development
Bank
Nova Scotia, Province of

?

j
Bonds
S.F. debs.

70.0
35.0

1993
1993

6-5/8
7-1/4

6.66
7.30

Aaa
A

n.a. ' Not available.
1/ Includes corporate 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 State and local Government Securities, G.O. denotes general obligation;
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 bonds
secured solely by lease payments.
4/ Bonds reoffered in 1988 had a 2% coupon.




H. 14
Exhibit L
Forthcoming Large Long-term Public Security Offering for New Capital
(Other than U.S. Treasury) J L /
Expected Proceeds from Forthcoming" Large Issues
(In millions of dollars)
During month following .
date shown
State and
Other 2/
Corporate
local govt.
1967 - Oct.
Nov.
Dec.
1968 - J a n .
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.

31
30
31
31
29
31
30
31
30
31
31
30
31

1,357
826
968
531
873
758
1,103
1,193
1,068
619
793
490
492

505
865
633
449
683
494
695
485
597
1,071
1,157
1,313
475

50
845
402
60
130
15
45
500
75
70
450
185

Corporate
2,694
2,129
1,892
736
1,105
935
1,612
1,403
1,380
679
868
887
707

Subsequent to
date shown
State and
local govt.

Other 2/
260
875
502
75
265
125
60
515
110
85
15
465
100

743
1,684
1,076
937
1,079
624
1,069
640
1,042
1,307
1,393
1,552
553

Forthcoming Large Offerings as of November 15, 1968.
Issuer

Type

Corporate
Pfd. stk.
Northern Natural Gas Company
Debs.
Northern Natural Gas Company
South Central Bell Telephone Co. Debs.
1st mtg. bds.
Hartford Elec. Light Company
Coll. tr. bds.
Louisville & Nashville Railroad
1st mtg. bds.
Boston Edison
1st mtg. bds.
Florida Power & Light Company
S.F. debs.
General Telephone of Florida
1st mtg. bds.
Michigan Consol. Gas Company
1st mtg. bds.
Public Service of New Hampshire
Debs.
•Associates Investment Company
S.F. debs.
Hubble Pipe Line Company
1st mtg. bds.
Public Service Elec. & Gas
Equip, tr. cert.
Union Tank Car
Conv.
sub. debs.
King Resources
Anaconda Company
Debs.
New England Pwr. Company
1st mtg. bds.
San Diego Gas & Elec. Company
1st mtg. bds.
General Telephone of California
Debs.




Amount
(millions
of
dollars)

20.0
40.0
85.0
25.0
40.0
50.0
50.0
35.0
31.0
15.0
35.0
50.0
40.0
20.0
20.0
150.0
20.0
35.0
60.0

Approximate date
offering

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

18
18
18
19
19
20
21
21
25
25
26
26
26
26 *

2
3
4

Forthcoming Large Offerings as of November 15, 1968. (Cont'd)

Issuer

Type

Amount
(millions
of
dollars)

Approximate date of
offering

Corporate (Cont'd)
Tampa Electric Company
GMAC
Tampa Electric
Southern1 Bell Telephone
Appalachian Power
Lone Star Gas Company
Western Mass. Electric
General Telephone of Michigan
•Chris Craft Industries
Southern Company
Alexander's Dept. Stores
Reading & Bates Offshore Drilling
Company
Puerto Rico Telephone Company
Cleveland Elec. Illuminating Co.
International Leisure Corp.
Tesoro Petroleum
Carter Group
Saturn Industries

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

30.0
150.0
30.0
60.0
45.0
30.0
15.0
22.0
26.0
15.0
20.0

Conv. debs.
Debs.
1st mtg. bds.
Units
Debs.
Conv. debs.
Conv. sub. debs.

20.0
25.0
50.0
25.0
15.0
15.0
15.0

5
December
5
December
5
December
9
December
December 10
December 12
December 12
December 17
December 20(rts,
Indefinite
Indefinite
Indefinite
Indefinite
Indefinite
Indefinite
Indefinite
Indefinite
Indefinite

State & local Government
Baltimore Co., Maryland
Iberville Parish, Louisiana
Illinois Building Auth.
State of Alabama
Housing Assistance Admin.
Los Angeles Dept. of Water &
Power
Southern Illinois University
Penna. General State Auth.
*State of California
Pittsburgh Pa., Sch. Dist.
New Madrid, Missouri
New Madrid, Missouri
Port of Astoria
Penna. State Highway and Bridge
Authority
Delaware River Joint Toll Bridge
Comm.
Philadelphia, Pennsylvania
Nassau Co., New York
Rockford Sch. Dist. #205, 111.
Tampa Hillsborough Co. Expressway
Authority
Cobb Co,, Georgia
Port Huron, Michigan




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

11.0
10.0
42.0
15.0
117.2

November
• November
November
November
November

19
19
19
19
19

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

30.0
14.3
75.0
15.0
12.0
85.0
100.0
150.0

November
November
November
November
November
November
November
November

20
20
20
26
26

Rev.-Q.-Ut.

75.0

November

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

20.0
58.0
38.0
10.0

November
December
December
December

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

46.0
32.5
22.0

Indefinite
Indefinite
Indefinite

3
10
11

- ,,'

?'

Forthcoming Large Offerings as of November 15, 1968. (Cont'd)

Type

Amount
(millions
of
dollars)

Approximate date of
offering

Other
Canadian Utilities, Ltd.

S.r. debs, w/vts.

15.0

Indefinite

*--Included in table for first time.
JL/ 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:

Tennessee Valley Authority's $80.0 bonds were postponed due to market conditions.




ft
Exhibit M

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

v Amount
(millions
of
dollars)

Sale Date

Public Offerings

Issuer and Description of Issue

.1

'
A.

Sept. 17

.Sept. 19

.

Sold:

Sept. 1 through Nov.15, 1968.

20.0

Province of New Brunswick -- 6-7/8% S.F. debentures
maturing 1991, reoffered to yield 7.05%.
Province of Manitoba -- 6-7/8% S.F. debentures
maturing 1993, reoffered to yield 6.90%.

2

50.0

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%.

B

Prospective Offerings
s

15.0

Canadian Utilities, Ltd. - S.F. debentures with
warrants.

* - Included in table for first time.




f

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

250.0

Oct.

Indefinite

j

1

|

M-2
PART II:

Date Reported

9/9/68

Private Placements Amount
(millions
of
dollars)

2.0

Reported Sept. 1 through Nov.15, 1968.

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.