Full text of H.16 Capital Market Developments : November 20, 1967

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for Publication
11. 14

November 20, 1967
•

DECONTROLLED AFTER SIX MONTHS
[ rAPTTM. MAP.VFT0 DEVELOPMENTS
IN THE UNITED STATES

Corporate and municipal bond markets. The below-average volume off new
corporate and municipal securities scheduled for offering this week may turn out
to over-estimate actual offerings. Although none have been announced yet, postponements - - i n light of Britain's devaluation and the subsequent increse in the
Federal Reserve's discount rate -- are certainly possible. The calendar novj,
however, suggests that the largest corporate offering will be Pacific Gas arid
Electric's $80 million of bonds and the Illinois Building Authority's $54.5
million issue will be the largest municipal offering.
Long-term Public Security Offerings-1/
(In millions of dollars)

Corporate
New Capital I Refunding

State & local Government
New Capital 1 Refunding

Sold:
52 weeks avg.
November 10
November 17

321

249

r/98
300

r/194
388

245

175

Scheduled:
November 24

1/

Federal Reserve estimates are based upon published reports of
j
issues sold and scheduled for offering; corporate rights offering^
are included as of date subscription rights expire.

New corporate issues were enthusiastically received last week as yields
on new and seasoned bonds advanced and the extraordinary volume of new offerings
did not materialize. Early in the week, U.S. Steel postponed indefinitely its
$225 million offering and Tenneco halved its $200 million convertible issue to
$100 million. Carrying record yields, the remaining offerings sold out quickly
and advanced to substantial premiums.
Yields on municipals advanced somewhat and in this market new issue
receptions were also generally good. The $100 million California water, bond
issue -- only 50 per cent sold -- was a marked exception, but on balance 75
per cent of the total volume had been sold by the week's end.
Private housing starts and permits. Private housing starts, which
were revised downward by 2 per cent for September, rose 5 per cent further in
October, to a seasonally adjusted annual rate of 1,496 thousand. This level
virtually matched the average in the fourth quarter of 1965, before the 1966
downturn began, and, thus, marked a return to a recovery level in total stirts
for the first time since that period. On a three-month moving average, the




H. 14

Yields on Security Markets

High Grade
Notes and Bonds

Change from
preceding week

Level Latest Week

Corporate
New
Seasoned

6.57

4-20

5.495.76

+5
-4

3.98
4.37

+1
4-5

4.02

+8

4.63
5.12

-1
-1

6.10

+8

U.S. Government
Long-term
3-5 year
State and Local Govt.
Moody 1 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 $)

11/9

40.0

Reoffering
Yield

Issuer

Rating

Estimated pr
portion sol

Pennsylvania Pwr. & Lt.,
6.55
Aa
6-3/4's - 1997
Blue List of Municipal Dealers 1 Advertised Inventories

Latest Week
431(11/15/67)




End of Previous Week
366

Recent High
849(4/26/67)

25%

H. 14

August-October rate was 1,444 thousand -- only.4 per cent short of the over-all
"recovery" level and 44 per cent above the sharply reduced August-October rate
in 1966.
As in most other recent months, multifamily units dominated the advance,
climbing 8 per cent further after a September pause, to reach the highest rate
since mid-1964. By contrast, although single-family starts edged higher in bctober,
the recovery in such starts remained incomplete. Among the individual regions,
the North Central States accounted for most of the October increase; but only
in the Northeast states, where starts had shown a considerable upward reversal
in September, was there any appreciably decline.
Government-underwritten starts accounted for 18 per cent of total
starts in October. This compared with proportions somewhat lower than this in
October of othet recent years.
Building permits, like starts, also rose further in-October — by Ian
average of 4 per cent to a level of 1,202 thousand. The rate of permits foij
multifamily structures was up most -- 5 per cent. All the regions showed some
increase.
I
Stock prices. In the latter half of last week stock prices erased
earlier losses, achieving a slight gain on balance for the week. At the cldse
Friday, Standard & Poor's index of 500 stock at 92.82, up 0.61 from the previous
Friday. Trading volume was strong, averaging 10.2 million shares a day.
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.




EtHll't a r... •
IONO-TIRM

BOND

YIELDS,

HIGH-GRADE

CORPORATE * « «

U . S . GOVERNMENT

r
STATE AND LOCAL GOVERNMENT A l t

1963




1964

1965

1966

1967

1961

Exhibit A -- rare il

Corporate
Aaa 1/

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

4.61(1/29/60)
5.52(9/9)
4.73(1/7)
6.10(11/17)

5.00(2/10)

Get.

20

Nov.

27
3

5.83
5.90
5.95

17

6.10

10

6.02

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

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

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

4.42(1/8/60)
4.87(9/2)
4o 42(1/7)

3.65(9/24/59)
4.04(8/25)
3.39(1/13)

.59(8/5/60)
.84(12/30)
.14(2/18)

5.49(11/17)
4.37(2/3)

3.98(11/17)
3.25(2/9)

.92
.44

1.51
.74

5.24
5.29
5.35
5.44
5.49

3.92
3.92
3.92
3.97
3.98

.59
.61
.50
.58
.61

1.32
1.37
1.43
1.47
1.51

j>/ Preliminary.
1/ Weekly average of daily figures. Average term of bonds included is 22-24 years.
27 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
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. P a r t

LONG-TERM

BOND

YIELDS,

LOWER

1

GRADE

Weekly

CORPORATE B a a

STATE AND LOCAL GOVERNMENT Baa

1963




1964

1966

1967

1968

Exhibit B -- Part II

State and
local govt.
Baa 3/ .

Corporate
Baa 1/

Date

(per cent)
1959-60 - High
Year end- 1965
1966 - High
Low
1967 - High
Low
Oct.
Nov.

Note:




20
27
3
10
17

5.36(2/12/60)
5.04
6.18(12/30)
5.05(1/14)
6.73(11/17)
5.81(4/14)

4.46(1/7/60)
3.79
4.55(8/25)
3.78(1/20)
4.67(11/17)
3.85(4/13)

6.53

4.64
4.64
4.64
4.64
4.67

6.60
6.60
6.66
6.73

For footnotes see Exhibit A.

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

.81
.31

.82
.63
.70
.70
.65
.64
.63

1.08
.39

.62
.31

.81
.37

.72
.72
.72
.67
.69

SHORT-

AND

INTERMEDIATE-TERM

INTEREST

RATES

GOVERNMENT

6-MONTH BILLS
Market

3 - 5 YEAR I S S U E S
F . R . DISCOUNT RATE

3-MONTH BILLS

1963




1964

1965

1966

Yields

Exhibit C -- Part II

Discount
rate
u

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

4.00
4.50
4.50
4.50
4.50
4.50
4.00

20
27
3
10
17

1/ Weekly rate s h L

4.00
4.00
4.00
4.00

4.00

3-month
bills U

Yields
6-month
bills ! !
(per cent)

3-5 year
issues U

Spread between yields on
3-mo. bills and yields on
6-mo. bills I 3-5 y r . i s s u e s

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

1.81
.43
.06
.78
.01

5.07(1/8/60)
4.66
4.92
5.92(9/23)
4.53(6/24)

4.81(1/13)
3.41(6/9)

5.13(11/10)
3.74(6/2)

5.80(11/10)
4.36(4/7)

.62
.01

1.61
.02

4.61

5.11
5.07
5.07
5.13

5.55
5.57
5.68
5.80
5.76

.50
.51
.50
.49
.49

.94
1.01
l.U
1.16
1.13

4.56
4.57
4.64
4.63

5.12

Is that In effect at end of period at the Federal Keserve B a n K ^

1 / m r k ^ y ' l e l d ; weekly averages computed from daily closing bid prices.




.79
.19
.12
.52
.09

4.59(1/8/60)
4.47
4 c 80
5.52(9/23)
4.39(6/24)

Series of 3-5

,

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
B A N K S A N D OTHER PRIVATE B O R R O W E R S

RATES,

Weekly

PRIME RATE

FINANCE COMPANY PAPER
Directly

placed

—;

F.R. DISCOUNT RATE

FEDERAL FUNDS

1963

1964




1965

1966

1967

1968

Exhibit D —

Prime rate JL/

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

Oct.

20
27
3

10
17

5.00
4.50
5.00

6.00

5.00(3/4)

6.00(1/6)
5.50(11/17)

5.50
5.50
5.50
5.50
.50

5.13(1/22/60)
4.06
4.75

5.88

4.75(1/7)
5.75(1/6)
4.38(6/23)

5.00
5.00
5.13
5.13
5.13

.00(5/13/60)

4.00

4.63
5.63
3.55(1/21)
5.25(1/6)
3.40(10/27)

3.92
3.40
4.05
3.94
p/4.02

1.02
.23

.28
1.08
.20
.97

.21
.39
.44
.56
.49

2/ Average 8 of^aily rates published by finance companies for directly placed, paper




EXHIBIT E. Pit I

STOCK

MARKET
1941-43

10

averoge-10

100

PRICES

8
STOCK MARKET CREDIT

6

CHANGE IN SERIES

r

4
Million;

of

ihorei

-

-

VOLUME

-

lfiJ\

-

1

YIELDS

i i i i i I i i i i i 1 i i i i i i' i i i "i i 1 i i f i i i i i i i
1963




1964

1965

I It!

1 M i l
1966

1 11 1

II

II

1 II
1967

1 1 II

1 1 .1 1 1 1 1 1 1 1 1
1968

Exhibit E —

Stock price
index 1/

Date

1961-62 - High
Low
1966 - High
Low
1967 - High
Low
Sept.
Oct.
Nov.

3
10
17

Common
stock
yields 2/
(per cent)

Part II

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

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

2.82
3.96
3.01
3.97
3.01
3.58

10.1
2.4
10.7
5.0

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

4,259(12/61)
3,253(1/61)
5,835
5,169

1,418(5/9/62)
1,161(3/8/61)
2.241(7/6)
2,097(12/14)

12.1
6.9

9,162
7,345

6,825
5,290

2,507(11/1)
2,055(2/1)

95.81
95.66

3.07
3.06

10.3
10.2

9,162
n.a.

6,825
n. a.

2,337
2,423

91.78
92.21
92.82

3.20
3.19
3.18

10.6
r/10.5
" 10.2

n. a.
n. a.
n.a.

n.a.
n.a.
n.a.

2,507
2,494
n.a.

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
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.
5j 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.




H

PRIVATE H O U S I N G STARTS A N D PERMITS
SEASONALLY

^

I

ADJUSTED

DATA

HOUSING STARTS

BUILDING P E R M I T S

CHANGE IN OFKIFS

1
PER

CENT

OF

UNADJUSTED

TOTAL

STARTS

MULTI-FAMILY

__

^

^ -

GOVERNMENT UNDERWRITTEN
1961

1962

1963




1964

1965

1966

1967

1968

so

;

Exhibit F - Part II
Building
permits
Unadlusted
Type of financing Type o:f housing (seasonally
adjusted
Seasonally adjust1-2
MultiUnadjusted
annual
ed annual rate
Other family family
FHA
VA
rate) 2/
Starts

Total

Date

(Thousands of units)
- Oct.
Nov.
Dec.
- Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.

845
975
931
1,111
1,149
1,094
1,116
1,274
1,233
1,369
r/1,407
r/1,429
1,496

.

77
73
60
59
61
92
114
132
125
125
127
r/120
135

9
10
10
10
9
14
12
18
19
15
17
16
19

,

3
64
60
3
2
48
3
46
3
49
4
74
4
97
5 109
5 101
5 106
6r/105
5r/100
5 111

57.0
19.6
52.7
20.1
40.3
19.8
41.8
17.2
42.3
19.2
68.8
22.7
83.5
30.2
92.3
39.8
90.6
34*8
86.8
38.4
87.4
39.5
81.3 r/39.7
r/80.6
48.3

714
! 715
j 759
! 942
1
894
928

4,028

1,033
1,109
1,093
i,127
1,159

1,202

1/ Total starts are Census estimates including farm for both permit-issuing and
non-issuing areas. A dwelling unit is started when excavation begins; all units
in an apartment structure are considered started at that time. FHA and
starts are units started under commitments by these agencies to insure or guarantee the mortgages. As reported by FHA and VA, a unit is started when 2 field
office receives the first compliance inspection report, which is made before
footings are poured in some cases but normally after the foundations have been
completed. Capehart military housing units are excluded. Other starts are
derived as a residual, although total and FHA and VA starts are not striptly
comparable in concept or timing; other starts iclude both units financed by conventional mortgages and units without mortgages.
2/ Building permits before January 1963 are Census estimates for about 10,C
identified as having a local building permit system in 1959. Estimates (beginning
January 1963, are for approximately 12,000, or all known, permit-issuing places.
Unlike starts, seasonally adjusted building permits reflect direct adjustment
for differences in the number of working days per month, as well as other differences in timing and coverage.




YIELDS

ON

NEW

AND

SEASONED

CORPORATE

BONDS

Weekly

6.5

A d j u s t e d to

Aao

Basil

NEW ISSUES

6.0

5.5

5.0
SEASONED A s a

4.5

40
1964




1965

1966

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 1 of dollars)

Monthly averages:
1967 - Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.

Weekly averages:
High
Low

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

6
7
20
20
14
23
14
17
10
15

5.38
5.20
5.31
5.39
5.66
5.79
5.78
5.89
5.88
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
17

3
2
4

150.0
40.0
85.0

6.13
6.37
6.57

6.57(11/17)
\

J 4 5.11(2/10)

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.




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

New Ca pita-1
1967

Corporate
1966

1965

State and local 2/
1967 p/
1966

1965

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

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

r/2,456 >
1/2,407 /
£/l,722 '

1,039
1,670
1,382

1,290
850
1,392

941
£ / 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

755
969
940

794
1,021
754

1st
2nd
3rd
4th

5,363
6,058
J&/6,585

4,985
4,974
4,091

4,116
3,827
3,043

2,911
3,235
2,4.94
2,664

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

J
I
:

11,421
2/18,006^

9,959
14,050

7,943
e/10,986

6,146
8,640
11,304

5,302
7,§02
10,471

i

January
February
March
April
May
June

Quarter
Quarter
Quarter
Quarter

1st half
Three quarters
Year

2,738
4,789
3,533
3,745 *
7,527
11,060
14,805

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

Quarter
Quarter
Quarter
Quarter

5,207
5,913

Year
e/
j>/
\J
2/
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 Corporate Security Issues, Type of Issue
and Issuer
(In millions of dollars)

Quarter
or
Month

J

%
966 - III
IV

Net proceeds
Gross proceeds for new capital
for new capital 1/ 2/
and refunding 1/
Total
Bonus
Common Memo:
Other
Publicly Privately and
Mfg. Public CommuniForeign
Utility cations Issuers
Offered Placed
pfd. issues
stock included
1,309
567
657
1,558
2,256
314
154
1,627
4,197
918
984
417
1,232
3,669
375
117
2,047
1,247

:37 - I
II
III £ /

5,464
6,208
6,834

3,263
4,017
4,604

1,811
1,465
1,552

390
726
678

60
65
234

2,442
3,014
2,793

997
1,268
1,219

543
548
595

1,382
1,228 .
1,979

966 - 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

,967 - Jan.
Feb.
Mar.
Apr.
May
" June
July r/
Aug. r/.
Sept. j>/
Oct. e/

1,684
1,418
2,362
2,016
1,519
2,673
2,590
2,481
1,549
2,350

745
900
1,618
1,368
965
1,684
1,889
1,813
902
1,350

848
362
601
410
396
659
487
418
647
650

91
156
143
238
158
330
214
250
214
350

35
10
15
16
32
17
213
13
8
n.a.

624
563
1,254
1,128
588
1,298
925
1,229
637
1,210

220
274
503
394
403
471
446
509
265
350

293
105
145
107
91
350
39
356
200
40

511
456
415
343
393
492
1,046
313
620
700

£/ Preliminary, r/ Revised. ej Estimated by Federal Reserve.
V
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.




Exhibit J
Other Security Offerings
(In millions of dollars)

Gross Long-term 1/
Federal Agency 3/
Foreign Government 2/
1965
1966
1967
1965
1966
1967
January
. February
March
April
May '
June
July
August
September
October
November
December
Jan. - Sept.
Year

130
• •

114
27
13
170
5
r/539
~ 117

74
1,115

1

January
February
March
April
May
June
July
August .
, SeptemberOctober
November
December
Jam. - Oct.

12
40
40
66
69
76
72
7
50

432
597

218
38
73
91
. 33
74
5
52
75
2
5
661

1,251
783
750
650
810
650
407
250
599

6,150

503
410
392
699
1,030
1,084
799
400
450
800
5,767
6,806

New short-term 4/
Federal Agency
State and local Government 5/
308
-179
238
103
179
-552
-24
91
39
387
450
-454
-458
-319
-594
718
-559
647
580
827
85
109
204
462
515
284
93
-82
-334
-128
-590
119
-158
-103
219
-270
-262
408
270
593
-652
152
1,407
p/—146
-161
-555 .
59
-48
£/ 464
-283
274
503
219
-366
-570
2,316
2,316

489

1,378

422

1,286

129
185
325
—

775
—

239
150
375
375
179
1,803
2,732

3/
-137
-174
117
-11
509
237
132
206
105
-309
202
-76

675
:
1
£ / Preliminary, e/ Estimated by Federal Reserve, n.a.—Not available. 1/ These dat.
differ from those I n 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, jj^
2/ Includes securities offered in the U.S. by foreign governments and their political *
"subdividions and international organizations. Source; Securities and Exchange Commissi^
3/ Issues not guaranteed by U.S. government. Source: Long-term, Securities and Exchan^
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 wit
original maturity of one year or less. 5/ Principally tax and bond anticipation notes, J
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:
http://fraser.stlouisfed.org/
Reserve.
Year

Federal Reserve Bank of St. Louis

-246

Exhibit K
Large Long-term Public Security Issues for New Capital
(Other than U. S. Treasury)
Proceeds of Large Iaaues Offered
(In milliona of dollara)

Total

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

Comoriite
Bonds
(other than
Convertible
convertibles)
bonds

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

352
363
990.
611
709
1,435
956
771
1,072
890
1,288
473
897

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

State
and
local

Stocks

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

Other

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

1/

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

Large Individual Issues Offered November 1 through November 17j.
Issuer

Type If

Amount
(millions
of
dollars)

Sub. debs. w. wts,, 26.0
30.0
Pfd. stk.
40.0
Debs.
Conv. pfd. stk.
30.2
100.0
Debs.
1st mtg. bds.
25.0
66.8
Com. stk.
Com. stk.
30.0
40.0
1st mtg. bds.

Pacific Southwest Airlines
Union Electric
Pennsylvania Power & Light
Long Island Lighting Co.
Tenneco, Inc.
West Perm Power
Ling-Temco-Vaught
*SCM
Wisconsin Electric Power

Maturity

Coupon.
rate or
net interest cost

6

6.00

1997

6.75

6.55

Aa

1992
1997

6-1/4
6.99

6.25
6.90 |

B
Aa

1997

6.83

6.75 !

Aa

!

;|

"

Ba

; •

Rev.-Ut.
Rev.'Rent.
3.0.
Rev.-Rent.

24.0
13.0
20.0
10.0

1968-97
1970-2007
1970-87
1969-88

4.45
4.96
4.32
4.18

.
j
3.40-4.50
4.00-5.00
3.70-4.32
3.50-4.25

Rev.-Rent.
S.O.
Rev.-Rent.

40.0
79.2
50.8

1973-76
1997
1972-85

5
5
4.99

4.40-4.7:0
4.96 1
4.10-4.75



Rating

1987

State & local Government •
Los Angeles Dept. of
Water and Power
Minnesota St. College Bd.
State of Hawaii
Austin, Texas
Chicago Metro. Fair &
Expo. Authority
State of Mississippi
State for
of FRASER
Mississippi
Digitized

Offering
vield!

Aa
A
A
Aa
Aa
Aa

--

1

K-2
Large Individual Issues Offered November 1 through November 17

Issuer

Type —/

Amount
(millions
of
dollars)

Coupon
Offerrate or
Maturity net inter- ing
vie Id
est cost

Rating

State & local Govt. (Cont'd)
Boston, Massachusetts
Newark, New Jersey
State of California
West Virginia

1968-97
1968-87
1977-2017
1968-92

4.48
5.00
4.69
4.25

60.0
75.0

1992
1997

6-3/8
6-7/8

60.0

1992

G•0•
G.O.
G.O.
G • 0.

23.0
15.0
100.0
20.0

Bonds
Debs.
Bonds

3.60-4.60
3.75-5.00
4.10-4.75
3.30-4.30

Baa
Baa
Aa
A

6.38
6.96

Aaa
Aa

Other
- Tennessee Valley Authority
Province of Ontario
Inter-American Development
Bank

.

6-1/2

6.55

Aaa

•Rights offering.
1/ Includes corporate and other security offerings of $15 million and over; State and loc
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.
j
3/ In. the case £>f 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 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.
NOTE:

Tenneco 1 s $203.0 million offering was reduced to $100.0 million due to market
conditions.




23
I

H. 14
Exhibit L
Forthcoming Large Long-term Public Security Offering for Hew Cepitel
(Other then U.S. Treasury) 1/
Expected Proceed# from Forthcoming Large Ieeuee
(In million# of dollar#)

During month following
date shown
State
Other 1/
Corporate
iSSlL
1966 - Oct. 31
Nov, 30
Dec. 30
1967 - Jan. 31
Feb. 28
Mar. 31
Apr. 30
31
May
June 30
July 31
Aug. 31
Sept. 30
Oct. 31

397
1,098
656
486
1,410
767
963
1,449
1,636

1,261
694
534
1,357

140
496
939
780
508
227
326
596
401
512
783

80
530
250
70
100
40
100
65
50

768
505

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

State and
local govt

Other U
35
65
95
545
265
15
85
115
70
150
159
126

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

260

Forthcoming Large Offerings as of November 17, 1967.

STP*

Corporate
Houston Lighting & Power
Sanders Associates
Pacific Gas & Electric
Natural Gas Pipeline of America
Northern Natural Gas
Santa Fe Drilling
Holiday Inns of America
R.H. Macy
General Telephone of California
Southwestern Electric Power
Atlanta Gas Light
Florida Power & Light
Utah Construction
Twentieth Century-Fox
Flying Tiger Line
Flying Tiger Line




1st mtg. bds.
Conv. debs.
1st mtg. bds.
1st mtg. p.l. bds.
Debs.
Conv. sub. debs.
Com. stk.
Conv. sub. debs.
1st mtg. bds.
1st mtg. bds.
1st mtg. bds.
1st mtg. bds.
Conv. sub. debs.
Conv. sub. debs.
Equip, tr. cert.
Conv. debs.

(millions
of
dollara)

35.0
35.0

80.0
50.0
40.0
17.0

20.0
23.0

60.0
20.0
15.0

60.0
25.0

28.1
45.0
27.0

Approximate date Of
offering

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

(rts. exp.)
7(rts, exp.)
28
4(rts. exp.)
4
4

LA
1-2
Forthcoming Large Offerings as of November 17.

(Cont'd)

Type

Amount
(millions
of
dollars)

S.F. debs.
Com. stk.
Pfd. stk.

56.0
45.0
25.2

December
December
December

4
4
5

Debs.
1st mtg. bds.

50.0
50,0

December
December

6
5

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

50.0
20.0
50.0
56.0
30.0

December
6
December 13
December
December (rts
Indefinite

Issuer

Approximate date of offering

Corporate (Cont'd)
. Control Data
Control Data
Public Service Electric & Gas
Pacific Northwest Bell
Telephone
Virginia Electric & Power Co.
Pacific Northwest Bell
Telephone
•General Tel. Co. of Illinois
• Inland Steel
*Revere Copper & Brass
. Montana Power
U:S._Smelting, Refining &
Mining
Bliss & Laughlin Industries
General Instrument
U.S. Steel .
•Granite Equipment Leasing
•Ozark Airlines
*Blue Bell Inc.
State & local Government

Conv.
Conv.
Conv.
Debs.
Debs.
Conv.
Conv.

debs,
debs,
sub. debs.
debs.
pfd. stk.

Indefinite
Indefinite
Indefinite
Indefinite
Indefinite
Indefinite
Indefinite

54.5

November 20

12.0
30.0

November 21
November 22

37.5

November 28

13.5
10.0
50.0

November 28
November 28
November 29

75.0
40.8
10.0
25.0
62.7
13.8

November 29
November 28
November 29
November
December 1
December 4

-

*11linois Building Auth.
Rev.-Rent.
Nashville & Davidson Co. Metro,
Government
G.O.
State of Minnesota
G.O.
•Wisconsin State Agencies
Rev.-Rent.
Building Corp,
*Rhode Island Turnpike &
Bridge Authority
Rev. -Q. -Ut.
•Chicago Park Dist., Illinois
G.O.
Kansas City, Missouri
Rev.-Rent.
Pennsylvania General State
Authority .
Rev.-Rent.
Philadelphia, Pennsylvania
G.O.
Washington County, Maryland
G.O.
Iberville Parish, Louisiana
Rev.-Rent.
Calcasieu Parish, Louisiana
Rev.-Rente
•Columbus, Ohio
G.O.
Los Angeles Unif. Sch. Dist.,
California
G.O.
State of Maryland
G.O.
G.O.
Virgin Islands
G.O.
•Richmond, Virginia
Bonds
•Housing Assistance Admin.
Cheyenne, Wyoming
Rev.-Rent. .




60.0
15.0
50.0
225.0
15.0
15.0
15.0

30.0
52.0
10.3
17.0
138.7
25.0

December
December
. December
December
December
December

5
5
6
13
13
11

L-3
Forthcoming Large Offerings as of November 17.

Issuer

Type

Amount
(millions
of
dollars)

(Cont'd)

Approximate date of offering
;

State & local Govt. (Cont'd)
*San Antonio, Texas
Kentucky Turnpike Authority

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

120.0

December 14
Indefinite

Part, cert
Conv. debs
Bonds

650.0
15.0
15.0

November 28
December 12
Indefinite

30.0

Other
*F.N.M.A.
*Komatsu Mfg., Tokyo
New Zealand

*—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.




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

Sale Date

Public Offerings

Amount
(millions
of
dollars)

Issuer and Description of Issue

A.

Sold October 1 through November 17, 1967.

10/4

15.0

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. j
debentures maturing 1992, reoffered to i
yield 6.75%.

11/14

75.0

Province of Ontario — 6-7/8% debentures j
maturing 1997, reoffered to yields 6.96

B.
indefinite
12/12

15.0
15.0

.

-

.

|

$

New Zealand — Bonds ***
Komatsu Mfg., Tokyo — Conv. debs.

#
|

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




'

Prospective Offerings

'

i
|
f
f

M-2
PART lis

Private Placements - Reported October 1 through November 17, 1967.

Date Reported

Amount
(millions
of
dollars)

Issuer and Description of Issue

10/17

13.2

10/23

118.0

10/30

15.0

10/30

3.4

Gamble of Canada Properties Ltd. — seicured notes,
maturing 1987 — no information aval Lable on
takedown.

10/30

15.0

Province of Newfoundland — 7% debentu: es maturing
1987-- no information available of t,kkedown.

10/30

10.0

Newfoundland Municipal Financing Corp. — n
debentures maturing October 1987, no information
available on takedown.

British Columbia School District Capital Financing
Authority — S.F. debentures maturin; 1987.
Jamaica Alumina Security Co. Ltd. -- 6 1/8% notes
maturing 1992 — no information aval able on
takedown.
Beneficial Finance Co. of Canada — Sr notes
maturing October 15, 1987($6.5 taken down,
balance delivered 1968.)

Notes For retrospective data on aggregate foreign corporate and government security
offerings in the United States see Exhibits I and U. There is no simple relationship between
the data shown in the Exhibit and that shown in Exhibits I and J because the latte:: 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.