Full text of H.16 Capital Market Developments : November 27, 1961
The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
Not f o r P u b l i c a t i o n
DECONTROLLED AFTER SIX
H.llj.
November 27, 19 6 l .
I CAPITAL MARKET DEVELOPMENTS
' — " IN THE UNITED STATES
NOV 21 m '
• •• -:.'unk | p u b l i c s e c u r i t y f i n a n c i n g was i n s u b s t a n t i a l volume l a s t week
' d e s p i t e t h e Thanksgiving Day h o l i d a y b u t i t i s expected t o be l i g h t t h i s
—weBk. " Diiring t h e week ending November 2h, two c o r p o r a t i o n s o f f e r e d .
s e c u r i t i e s a g g r e g a t i n g $95 m i l l i o n , two S t a t e and l o c a l government bond
i s s u e s t o t a l i n g # 2 m i l l i o n were s o l d and the F e d e r a l National Mortgage
A s s o c i a t i o n s o l d §225 m i l l i o n i n i n t e r m e d i a t e - t e r m d e b e n t u r e s . T h i s week,
ending December 1 , two c o r p o r a t e o f f e r s a g g r e g a t i n g Wi8 m i l l i o n a r e
scheduled and one S t a t e and l o c a l i s s u e with p a r v a l u e of $12 m i l l i o n
i s d e f i n i t e l y on t h e c a l e n d a r . The Kingdom of Belgium i s a l s o p l a n n i n g
t o o f f e r $2$ m i l l i o n i n bonds and t h e J l o r i d a Turnpike A u t h o r i t y may
o f f e r $100 m i l l i o n i n bonds t h r o u g h n e g o t i a t e d s a l e .
Bond y i e l d s . Changes in bond y i e l d s were mixed but minor l a s t
week. Y i e l d s on Aaa and B a a - r a t e d S t a t e and l o c a l government bonds i n c r e a s e d
t h r e e and one b a s i s p o i n t s , r e s p e c t i v e l y , while y i e l d s on l o n g - t e r m Government bonds d e c l i n e d two b a s i s p o i n t s . Y i e l d s on A a a - r a t e d c o r p o r a t e bonds
were unchanged while t h o s e on B a a - r a t e d i s s u e s d e c l i n e d a s i n g l e b a s i s
point.
The average y i e l d on new c o r p o r a t e bonds o f f e r e d l a s t week,
a d j u s t e d t o a Aaa b a s i s , was i u 3 5 , 6 b a s i s p o i n t s above t h e average f o r
t h e week ending November 10. At l a s t week's l e v e l , new o f f e r i n g y i e l d s
were 33 b a s i s p o i n t s below the high f o r t h e y e a r and 15 b a s i s p o i n t s
above t h e low reached i n t h e week ending Noven.ber
S h o r t - and i n t e r m e d i a t e - t e r m i n t e r e s t r a t e s . Changes in y i e l d s
on Treasury b i l l s and 3 - 5 y e a r U. S. Government o b l i g a t i o n s were a l s o
mixed but minor l a s t week. Y i e l d s on 3-month b i l l s i n c r e a s e d a s i n g l e
b a s i s p o i n t while y i e l d s on 6-month b i l l s d e c l i n e d one b a s i s p o i n t ;
y i e l d s on i n t e r m e d i a t e - t e r m U. 3. Government o b l i g a t i o n s were unchanged.
The a v e r a g e y i e l d on d i r e c t l y p l a c e d f i n a n c e company p a p e r with 90-179
day m a t u r i t y i n c r e a s e d 5 b a s i s p o i n t s l a s t week t o 2.78 p e r c e n t due t o
an i n c r e a s e from 2-3/1* to 2 - 7 / 8 p e r cent on p a p e r with 120-179 days .
m a t u r i t y announced t h e middle of t h e week. The average r a t e of i n t e r e s t
on F e d e r a l funds d e c l i n e d 15 b a s i s p o i n t s t o 2.75 p e r c e n t . Other s h o r t and i n t e r m e d i a t e - t e r m i n t e r e s t r a t e s were unchanged.
FNMA secondary market o p e r a t i o n s . Purchases of mortgages in
t h e secondary market by the F e d e ra l N a t i o n a l Mortgage A s s o c i a t i o n i n c r e a s e d
s h a r p l y f u r t h e r in October and, a t $&2.h m i l l i o n , were w e l l above t h e
d e c l i n i n g l e v e l of a y e a r ago, though s t i l l a p p r e c i a b l y below e a r l i e r
p e a k s . O f f e r i n g s of mortgages a l s o r o s e f o r the s i x t h c o n s e c u t i v e month;
t h e l e v e l of §l5k.2 m i l l i o n was t h e h i g h e s t s i n c e November of 1956.
Sales, which had turned up t e m p o r a r i l y i n Septentoer, were i n very s m a l l
volume.
Stock p r i c e s . Common stock p r i c e s , as measured by Standard and
P o o r ' s composite index of 5D0 stocks, increased s l i g h t l y l a s t week,
closing a t another new hi$i of 71.81; on November 2h» The average d a i l y
volume of t r a d i n g was unchanged from the previous week a t k.lt m i l l i o n
shares.
More d e t a i l e d information concerning recent c a p i t a l market
developments i s presented in t h e a t t a c h e d e x h i b i t s .
Capital Markets Section,
Division of Research and S t a t i s t i c s ,
Board of Governors of t h e Federal Reserve System.
H
LONG-TERM
BOND
YIELDS
Weekly
LOWER-GRADE
Per c e n t per ,
Exhibit B
Tables f o r E x h i b i t A
Long-tenn Bond Yields
High-grade
Date
Corporate
Aaa 1/
U. S. Govt,
long-texra 2 /
( p e r cent)
195U - Low
1957 - High
1958 - Low
1959-60 - High
i960 - Low
1961 - High
Low
Oct.
Nov.
Nov.
Nov.
Nov.
27
3
10
17
2k e/
2 . 8 5 (4/23)
It. lh (9/27)
3.55 (5/2)
It. 6 l (1/29/60)
it. 23 (9/9)
It. i|6 (9/15)
L 2 1 (3/17)
U.U2
li.ltO
It. 39
/
it. 39 /
2.it5 (8/6)
3.76 do/is)
S t a t e and
local
government
Aaa 3 /
Spread between
U. S. Govt, and
Corporate I S t a t e and
Aaa
1[ l o c a l Aaa
1.90 (9/2)
it. 06 (9/15)
3.70 ( 5 / 1 2 )
2.99 (9/1)
3.37 ( 7 / 6 )
3.12 ( 2 / 2 3 )
.30
.60
.22
.59
.19
.57
.39
.30
.50
.3U
.92
.53
.76
,h6
3.96
3.95
3.96
lt.00
3.98
3.25
3.2lt
3.2li
3.26
3.29
.U6
.it5
.lt3
.39
.a
.71
.71
.72
.7it
.69
3 . 0 7 (4/25)
il.!t2 (1/8/60)
3.75(8/5)
3 . U 5 (8/29)
2.6U (s/i)
3.65
(9/24/59)
Lower-grade
Date
Corporate
Baa 1 /
S t a t e and
l o c a l govt.
Baa y
Spread between
Aaa and Baa
S t a t e and
Corporate
local eovt.
(per cent)
195!t - Low
1957 - High
1958 - Low
1959-60 - High
i960 - Low
1961 - High
Low
Oct.
Nov.
Nov.
Nov.
Nov.
27
3
10
17
2it jd/
3.IL
5.10
It. 5 1
5.36
(12/31)
(11/29)
(7/11)
(2/12/60)
It. 98 (9/9)
5.13 (10/27)
• 5.00 (it/21)
5.13
5.12
5.11
5.11
5.10
2.93 (8/5)
It. 5 1 (8/29)
3.614 (5/1)
it.it6 (1/7/60)
3 . 9 8 (12/29)
it. 16 (3/23)
3.93 (11/9)
3.9it
3.93
3.93
3.95
3.96
.52
1.27
.77
.Bit
.71
.81
.66
.96
1.21
.93
1.08
fit
.93
.57
.71
.72
.72
.72
.71
.69
.69
.69
.69
•67
g/ Preliminary.
1/ Weekly average of dally figures. Average term of bonds Included i e 23 *26 years.
2/ Weekly average of dally figures. The aerie# Includes bonds due or callable In 10 year* or more.
3/ Thursday figures. Only general obligation bonds are Included; average term I s 20 years.
Note.—lUgha and lows are for lndlvidml series and may be on different dates for d l f f s r s n t series,
tor spreads, high r e f e r s t o widest, and low to narrowust.
./
SHORT-
AND
INTERMEDIATE-
TERM
INTEREST
RATES
P . , cent p . r annum
GOVERNMENT
Weekly
\ x
& - MONTH I I u s
•id.
X
W A
_ / /
i 7
3
•
5
VEAB ISSUES
M
AWJTA/
|
P u j
n
/*
/i
: r. 1. DISCOUNT BATE,
w
X 3 - MONTH 1
Market YieT
BANKS
AND
Weekly
OTHER'PRIVATE
I
BATES.
1957,
/
BORROWERS
SJOtt EXCHANGE
-7Exhibit D - Tables l'or Exhibit C
Qiort- and Intermediate-tena I n t e r e s t hates
Government
Date
1 ilj - Low
19 :7 - High
;a - Low
19^9-60 - High
i960 - Low
i 1961 - High
Low
Oct.
(Nov.
Nov..
g i^0V.
l/Hov.
27
3
10
17
2h 2/
Discount
rate
Yields
6-month
b i l l s 2/
3-month
b i l l s 2/
1/
1.50
.61
(6/11)
3 . 6 I 4 (10/18)
.58 ( 5/29)
I.'TS
U.59 (1/8/60)
ii.00
3-5 year
issues 2 /
1 . 6 6 (4/30)
(12/26)
2 . 38
(12/30)
5.07 (1/8/60)
2.11* (6/6)
5 . 0 0 (12/24/68)
3.00
3.00
3.00
2.56 (3/3)
2.17 (1/27)
2.35 ( V 2 8 )
3.15 (5/12)
3.00
3.00
3.00
3.00
3.00
2.29
2.28
2.1i0
2.53
2.51
2.67
2.58
2.61
2.7k
2.73
3.63
2.78 (8/18)
.12
.66
.86
.oU
1.81
.38
1.51
.92
.38
.30
,21
.21
.19
1.3k
1.33
1.23
1.16
.1.15
- mm
i t . O l t (10/14)
3.02
Spread between y i e l d s on
3-month b i l l s and yields or
6-nto, b i l l s 13-5 y r . issues
3.61
3.63
3.69
3.69
mm
.26
.79
.16
.kk
Banks anfl, Other, Private Borrowers
Date
Stock Exchange
c a l l loan 1/
!195b - Low
[1957 - High
1958 - Low
1 L9L>9-60 - High,
11960 - Low
196L - High
!•
Low
3.00
il>50
3.50
5.50
U.SO
it. 50
it. 50
3.00
V.50
3.50
5.00
1.50
It. 50
it. 50
iOct.
:Nov.
iNov.
•Nov.
Nov.
it.50
it.5o
4.50
L50
4.50
• it. 50
it. 50
it.5o
it. 50
it. 5o
j
1
Prime
rate 1/
Finance company
paper j /
Spread between
Federal
funds h/ . 3-mo. b i l l s end
finance co. paper
(per cent)
27
3
10
17
2k e /
1/
1 . 2 5 (12/31)
3 ^ 8 8 (11/15)
n.a.
5!. 1 3 (1/22/60)
2; 0 8 (12/30)
(11/a)
.13 ( V 2 » )
L O O (5A3/60)
. 9 5 (12/2)
.
2.88 (3/10)
2.50 (7/28)
2.88 (11/10)
• it3 (1/27)
2.76
2.70
2.69
2.73
2.78
2.30
2.81
2.90
2.75
UX3 (8/8)
3.50
2.45
•
0
.63
-.35
1.02
.22
.56
.11
.1*7
;it2
.29
.20
.2it
W.ekly r a t e show* i e i t b u t i n e f f e c t a t end of p e r i o d . Discount r a t e l a f o r Federal Reaerve Baric of He* York.
Stock Exohonge c a l l le&h.rote l a going r a t e on o t U lcana secured by ouatomers 1 ateek eiehaivte c o l l a t e r a l a t
Han York City banks. tVieie r a t e l a t h a t charged by l a r g e banka on i h o r t - t e r e loane t o bualnaaa borrowers af
t h e hlgheut o r a d i t etandlitg,
2 / Market yl a i d ; weekly averogea computed from d a l l y o l e t i n g b i d p r l e e a . Serlea of 3-5 year laauea aonalata ofaelooted notes and bonda,
«
3 / Averoge of d a i l y rtttaa publlehad by f l n a a e e eoapaiU.es f o r d l r e o t l y p l a t e d paper f o r varyl a g s i a t i r l t t e c I n the
00-17V day r a % e .
4 / Weekly average uf d u l l y e f f e c t i v e r a t e , which l a t h e r a t e f o r t h e heavleat voluae of purchase and aale t r a n s a c t i o n s
1
as r e p o r t e d t o t h e Federal Reserve Bank of New York.
Moti.—IUehe and Iowa are f o r i n d i v i d u a l e e r l e e and may be on d i f f e r e n t date# f o r 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 aprande, high r e f e r a t o w i d e s t , and low t o narrowest.
4
STOCK
MARKET
DoHor#^
STOCK MARKET CREDIT
'*CMANGE IN SERIES
o{ Shores 1
FEDERAL N A T I O N A L
SECONDARY
MORTGAGE ASSOCIATION
MARKET
OPERATIONS
Monthly
E x h i b i t F - Tables f o r Exhibit E
-9-
Stock Market
Trading
Common
volume 3/
y i e l d s 2/ (millions
( p e r c e n t ) of shares)
Stock p r i c e
index 1 /
Date
1957-60 - High
Low
1961 - High
Low
39*48 (12/20/57)
71.8b (ll/2b)
58.48 (1/6)
September
October
Nov. 10
Nov. 17
Nov. 2k g /
67.26
68.00
71.07
71.62
71.84
6 0 . 5 1 (7/31/59)
Stock market customer c r e d i t
Customers'
Bank
debit balloans t o
ances 4 /
"others" 5 /
( I n m i l l i o n s of d o l l a r s )
Total
3.08
4.72
2.80
. 3.32
4.9
1.4
5.8
2.7
5,386(5/61) 4,060(5/61) 1,377(8/30)
4,424(1/61) 3,253(1/61) 1,161(3/8)
2.92
2.90
2.80
2.83
2.81
3.2
3.3
4.8
4.4
4.4
5,311
5,333
n.a.
n.a.
n.a.
4,764
3,554
(4/59) 3 , 4 0 1 (4/55) 1 , 3 7 3 (5/59)
(1/58) 2 , 4 8 2 (12/57) 1 , 0 6 0 (11/57)
.
1,320
1,304
1,317 '
1,318
n.a.
3,991
4,029
n.a. "
n.a.
n.a.
n.a,-»Not a v a i l a b l e .
£ / Prolin-ltary.
1 / Standard and Poor's ccmpoaite index of 500 otamon stocks, weekly closing prioa?, 1941-43*10. Monthly data are
averages of dally f l e u r o s rathor than of Friday's only. Hlghn and Ions are for M d a y c 1 data only.
2/ Standard and Poor's ocmpoilte stock y i e l d baoed on Wednesday data converted t o weekly closing price# by Federal
Recerve. Yields shorn arc for dates on which price Index roajhod I t s high or low.
3 / Averages of dally t r a d i n g voltr.ie on the New York Stock Exchange.
4 / End of month f i g u r e s f o r member fiiroo of the Men York Stock Exchange which carry margin accounts; excludes balances
secured by U. S. Government o b l i g a t i o n s .
5 / Wednesday figures f o r weekly reporting member banks. Excludes loans for purchasing or carrying 0 . S, Oovtrraient
r e c u r i t i e * . Prior t o July 1, 1959, such loans are excluded only a t banks i n How York and Chicago. Weekly reporting
banks account for about 70 per cont of loans t o other6. For f u r t h e r d e t a i l see Bulletin.
Federal N a t i o n a l Mortgage A s s o c i a t i o n Secondary Market Operations 1/
Purchases
Estimated O f f e r i n g s t o FNHA.
by
Immediate
Standby
Total
MIA
purchase commitment
( I n m i l l i o n s of d o l l a r s )
58.8
14.6
68.6
83.2
51.2
4.8
56.9
61.7
16.5
1.9
51.4
53.3
ill. 2
2.1
48.1 i
50.1
2
.
6
33.7 '
36.3
III
29.8
3-9
33.7
21.8
2.4
24.0
26.4
2
.
6
3
2
.
2
,
35.0
S i
1.0
46.9
47.9
24.4
1.7
73.9
75.7
52.7
3
.
2
108.0
111.2
60.4
3.6
119.3
122.9
92.h
3.3
150.9
154.2
Date
1960 - Oct.
Nov.
Dec.
1961 - Jan.
Feb.
Mar.
Apr.
May
July
Aug.
Sept.
Oct.
;
l
B
s
B
a
s
s
p
Sales
by
Hi MA
1.1
8.9
23.3
26.2
70.7
115.4
165.6
101. 4
17.2
5.6
'2.4
10.5
1.8
t
.
must usually deliver within one ynar. Purchases include thoue under both immediate purchases and
standby commitment c o n t r a c t s . Data exclude FTO1A a c t i v i t y under Special Assistance and Management
and Llouid»tin8 Programs.
Exhibit
G
Y i e l d s on New Corporate Bond I s s u e s A d j u s t e d t o an Aaa Basis
Amount
Average
of i s s u e s
Number
yield
of i s s u e s included
(per
included ( m i l l i o n s
ceit)
of d o l l a r s )
Monthly a v e r a g e s :
l y c l - January
February
March
April
May
June
July
August
September
October
November
December
Weekly a v e r a g e s :
1961 - January 6
13
20
27
"February 3
10
March 3
3
6
k
12
15
18
k
h
2
7
29.0
97.8
108.0
563.0
1*51.0
701.5
273.0
115.0
78.8
200.0
10.0
7.0
12.0
6.8
1*8.0
li3.0
11
fcM
4.26
I4.U2
14.51
It. 65
It. 62
1.59
lt.38
It. 26
14.1*5
It.ltO
It. 27
14.61ft
14.32
14.27
10
17
2k
31
April 7
Ik
21
28
May 5
12
II
108.0
lt.26
90.0
82.0
312.0
79.0
L28
165.0
30.0
91.0
165.0
Amount
Average
Number
of i s s u e s
yield
of i s s u e s included
(per
included ( m i l l i o n s
cent)
of d o l l a r s )
I4.I4O
I4.I42
14.514
14.149
14.1*7
June 2
9
16
23
30
July 7
114
21
28
August 1*
11
18
25
September 1
8
15
22
29
October 6
13
20
27
November 3
10
a
60.0
307.0
137.0
130.0
67.5
k.tb
It. 68
14.68
It. 56
Ji.58
8.0
200.0
1*.60
65.0
55.0
20.0
l*o.o
18.0
60.8
1*5.0
60.0
95.0
1*5.0
91*.o
60,0
!
'
i
,
„
l*.6li
U.I16
1*.51*
1*.73:
i*.to"
It. 1*6 ?
—
ii'h
i*.2i-%
l*. 28
it.21 "
I1.29 *
l*,35^
December 1
8
15
22
29
1962
January $
12
5
Mote: Averages of o f f e r i n g y i e l d s on a l l new i s s u e s of p u b l i c l y sold bonds r a t e d Aaa, Aa
and A by Moody's I n v e s t o r s Service (except s e r i a l , equipment t r u s t and c o n v e r t i b l e issues,i*.
a
o f f e r i n g s of n a t u r a l gas p i p e l i n e and f o r e i g n companies, and i s s u e s guaranteed by the
F e d e r a l Government) weighted by s i z e of i s s u e s . Yields on Aa- and A-rated bonds a r e f i r s t *
1
a d j u s t e d t o an Aaa b a s i s , u s i n g the comparable spreads i n y i e l d s on seasoned bonds (Moody ,
a v e r a g e s ) . Averages r e f l e c t changes i n i n d u s t r i a l composition, t y p e , m a t u r i t y , and c a l l ^
p r o v i s i o n s of new o f f e r i n g s . Weekly averages considered unusually u n r e l i a b l e a s
|r
i n d i c for
a t o rFRASER
s of i n t e r e s t r a t e s on new i s s u e s because of the small number or s p e c i a l
|
Digitized
c h a r a c t e r i s t i c s of o f f e r i n g s included e t c . a r e marked with an a s t e r i s k .
f(~
Bxhibit
H
Long-term Corporate and State and Local Government
Security Offerings and Placements
( l a m i l l i o n s of d o l l a r s )
Hew c a p i t a l
195T
January
February
March
April
May
June
580
III
2,318
1,259
1,318
WH
w
SS 0 1
1
570
821
•89k
- i M .
720
6ijl
1,085
7W
703
itfO
fi/581
e/750
1*92
606
683
e/600
^925
.e
1,028
October
November
December
e/800
e/800
890
'956
852
1st
2nd
3rd
hth
1,809
It,695
2,1*37
2,1#
2,20k
2,567
t $ t
2,698
2?6le
quarter
quarter
quarter
quarter
1st half
Three quarters
Year
6,501.
8,9i|l
967
726
700
•a
900 '
11 i$
ss
9,392
2,168
2,14i6
e/1,801
4,613
e/6,l|l5
.
618
§8
£
July
.August
September
£
State and l o c a l 2/
I I960
! 1959
•
638
3
§5
991 .
98?
1*3
1(70
3l|8
1,880
3,256
tilt
7,257
593
too
1>78
ig
1,63!*
6,067
7,588
Excluding f i n a n c e companies j /
1st
2nd
3rd
lith
quarter
quarter
quarter
quarter
I'M
2,337
lear
1,716
2,165
2,018
2,317
1,716
2,503
8,216
.8,630
Estimated.
„
S e c u r i t i e s and Exchange Commission estimates of net proceeds.
Investment Bankers Association of America estimates of principal amounts.
Total new c a p i t a l i s s u e s excluding o f f e r i n g s of s a l e s and consumer finance
companies.
3^
Exhibit I
New Corporate Security i s s u e s , Type of Issue and I s s u e r
(In millions of d o l l a r s )
Quarter
Gross proceeds f o r new
Net proceeds f o r
c a p i t a l and refunding 1 /
new c a p i t a l 1 / 2/
Common
Mfg. Public Communi- Other
Total Publicly P r i v a t e l y and
pfd.
u t i l i t y cations i s s u e r s
offered
offered
stk.
1959 - I
II
III
IV
2,281
787
2,665
960
2,062
807
2,739 1,004
835
894
859
1,044
660
811
396
691
#8
ISO
468
-364
813
979
470
927
105
43
99
460
928
794
942
890
i960 - 1
II
in
IV
2,265
934
2,537 1,074
2,520 1,336
2,832 1,462
795
770
754
955
536
692
429
416
298
511
562 625
598
808
652
696
189
149
317
381
1,059
913
896
997
1961 - 1
11
1,992
5,352
2,566
662
2,303
772
880
1,275
1,139
449
1,774
654
515
1,466
935
381
1,081
595
81
1,095
104
832
1,052
803
611
735
88?
805
608
324
253
357
348
186
190
126
-189
221
226
202
265
.
127
175
128
150
59
67
172
171
92
155
245
198
303
144
362
126
222
303
203
314
180
36
85
68
52
36
61
57
165
94
254
27
100
319
318
422
236
304
373
370
359
168
249
366
381
21
41
19
994
85
16
16
13
75
30
253
368
211
297
289
467
315
279
209
300
h i
IV
1960 - Jan.
Feb.
. Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
1961 — Jan.
Feb.
Mar.
Apr.
May
July
Aug.
Sept.
Oct. e /
Nov.
• Dec.
1,124
. 777
996
540
415
59?
928
1,009
895
329
621
518
323
- 601
695
696
2,231
178
273
211
7U7
1,312
:^,0%
813
678
830
si
m
225
123
380
294
311
232
220
319
236
229
289
157
357
131
441
29k
255
331
318
355
572
392
4ll
336
270
131
129
167
151
1,170
320
.
%
177
218
180
249
182
220
161
1?5
249
191
I69
99
248
574
447
446
42&
255
252
240
137
160
84
254
439
%
215
111
230
p7 Preliminary.
e / Estimated!
T/ Gross proceeds exceed n e t proceeds
. by the cost of f l o t a t i o n .
2/ For t o t a l see Exhibit hj other i s s u e r s are
efor
x t r FRASER
a c t i v e , r a i l r o a d and other t r a n s p o r t a t i o n , r e a l e s t a t e and finance and
Digitized commercial
and other.
Source.—Securities and Exchange Commission.
Exhibit J
13
Other Security Offerings
( I n millions of d o l l a r s )
Gross long-term l 7 "
foreign government 2/
Federal agency 3/
1961
|
I960
1 lEF
1961
I
I960
I
1959
January
February
March
6
29
20
2
175
70
81
60
2
April
Hay
June
2
66
29
3i»
72
bo
58
•S
2
25
1
36
31*
2
ia
33
30
70
160
1U9
181
86
Sh7
1,672
707
July
August
September
October
November
December
533
Year
252
182
150
150
8
100
li*9
278
118
35 U
85
1
35
250
193
199
199
175
150
•
Wet short -term 1
f e d e r a l agency 3/""
State and l o c a l government 5/
Januaxy
February
Mar oh
April
May
June
July
August
September
1
-202
-59
-82
176
33
-87
207
-79
-277
170 '
320
50
368
286
22
193
-727
95
23
-201 -
362
133
79
-81
-176
-117
-23
-33
-250
280
2it0
W
362
-633
1,969
-4
181
h
-103
-h2
-155
70
-ll|6
-157
197
-25
-197
109
518
48
us
-175
57
392
131
•16
50
-189
18
Year
g/
1/
,
-196
II40
-80
October
November
December
58
- 1a
-162
160
195
-8
-17U
Preliminary#
Theoe data d i f f e r free thorn# In MitUlt 0 i n that refunding issues, as well as new eapltal i s s u s s , are included.
Long-term s e o w i t i e o are defined ae t h e n maturing in mere than one year.
\ j Inoludee ssourltlos offered in the,United Statee by foreign goverraenta and thslr subdivisions and by inter*
national organisations. Bouroei leourltiee and Exchange Oonmleeion.
3/ Issues not gqyrantwed by the U. S, Government, Souroei long-tern, Seeurltlee and Bcohange Commission; shortterm , Treasiry Departmsnt and federal Reserve.
j / These data d i f f s r free thoee In Exhibit 0 and above in that they represent new offerlnge l e s s retirements, whether
from the proeeede of reminding issues or free ether funds, Ikta Inelude only iesues with original maturity of one
year or l e s s ,
J
Principally t u and bond a n t i c i p a t i o n notes, warrants or c e r t i f i c a t e s and Public Housing Authority n o t e s . Ia
noa» Instances FHA notes Included may have a somewhat longer term than one y e a r . Source1 Bond Buyer
and
Federal fi# serve.
•=d"
Exhibit %
-Ill-
Large Long-term Public Security Issues f o r New Capital
(Other than U. S. Treasury) ! / •
Proceeds of Large Issues Offered
( I n millions of d o l l a r s )
Month
Total
i960 - October
November
December
1961 - January
February
March
- April
May
July
August
September
October
Corporate
Bonds
Convertible
( o t h e r than
bonds
convertibles)
#6
w
260
11*7
26?
70
1,572
557
532
1*75
185
168
351
551
1I65
235
106
230
25
560
1:80
1*35
285
165
78
205
Stocks
State
and
local
government
1*6
186
222
391
360
1*05
383
256
616
179
281
1*35
326
15
-
25
1*1
37
5
1,010
62
97
115
20
58
81
1*0
15
75
33
67
Other 2 /
77
150
99.
• 67
25
151
h
100
73
1*0
•V
Large Individual Issues Offered November 1 through 2h
Type y
Amount
Coupon
(millions Maturity r a t e or
Offering
Rating
of
net i n t e r - y i e l d
dollars)
e s t cost
.P
>
CORPORATE
Northern Natural Gas Co.
Family Finance Corp.
FMC Corp.
Idahp Power Co.
Idaho Power Co.
Gen. Tel. Co. of F l a .
Rochester Gas & Elec. Co.
toacy Credit Corp.
P a c i f i c Northwest Bell Tel
Natural Gas Pipeline'Co.
of America
Natural Gas Pipeline Co.
of America
Carolina Pwr. & Light Co.
Carolina .Pwr. & Light Co.
Texas Eastern Trans. Co.
Consol. Edison Co. of N.Y.
S.F. deb.
Sen. deb.
Conv.sub.deb.
1 s t mtg.bds.
Com. s t k .
1 s t mtg.bds.
1st mtg.bds.
Sen. deb.
Deb.
Deb.
l*-5/8
5
3-1/8
li—1/2
it-60
5.06
'3.13
i*.l*7
20.0
50.0
1991
1991
1981
199k
l*-5/6
1-1/2
li-3/1*
1-1/2
1*.60
It. 1*3
14.75
h.hb
Aa
15.0
1981
h-3/h
It. 83
Baa
10.0
7.5
15.0
' 15.0
10.0
Cum.pi'd. stk
1 s t mtg.bds
25.0
Com. stjt.
9.3
1st mtg.p.l.bds.35.0
1 s t &ref.mtg.bds.
60.0
A
1981
1981
1981
1991
20.0
25.0
26.0
—
baa
Aa
,4
A
Aa
1991
h-l/2
lt.lt 7
Aa
1981
1-7/8
it.92
Baa
1991
l*-5/8
It. 50
Aa
t
}
\
-15-
K-2
Large I n d i v i d u a l I s s u e s Offered November 1 through 24 ( c o n t ' d )
Issuer
Type y
Amount
Coupon
(millions Maturity r a t e or
O f f e r i n g Rating
of
net i n t e r - yield
dollars)
e s t cost
STATE AND LOCAL GOVEENMEWT
Public Housing Auth.
G.O.
Virginia S t a t e P o r t s Auth. Rev.-Ut.
P h i l a d e l p h i a , Pa.
G.O.
Oklahoma Turnpike Auth.
Rev.
S t a t e of Hawaii
G.O.
Nassau County, New York
G.O.
Los Angeles Flood Control
Dist., Calif.
G.O.
Maiyland Sta te Roads Comm.
G.O.
State of Oregon
G.O.
S t a t e of New Hampshire
G.O.
Georgia S t a t e Highway Auth. Rev.-S.T.
Omaha Public Power D i s t . ,
Nebraska
Rev.-Ut.
Triborough Bridge & Tunnel
Rev.
Auth.
Rev.-S.T.
S tate of Ohio
B u f f a l o , New York
G.O.
Fed. N a t ' l Mtg. Assn.
Bds.
78.5
27.5
19.0
56.5
10.0
13.8
.
1962-2002
3.1(0
1962-91 3 - 3 - 3 / 4
1963-87
3.31
2001
4.98
1964-81
3.24
1962-90
3.33
A
A
Aa
Aa
Aa
Aaa
A
20.0
12.5
20.0
l6.it
35.0
1963-89
1962-76
1963-94
1963-90
1962-90
3.59
3.32
3.07
2.76
3.75
1.85-3.70
1.70-3.30, ,
1.65-3.55%
1.70-3.205/
1.70-3.85
17.0
1963-91
3.53
1.70-3.63
100.0
30.0
11.6
1970-85
1962-72
1962-75
3.77
2.89
2.84
- 3.10-3.75
1.35-3.00
1.45-3.15
100.0
125.0
1972
196U
4-3/8
3-7/8
4.38
3.88
*—Rights o f f e r i n g .
1 / Includes corporate and o t h e r s e c u r i t y o f f e r i n g s of $15 m i l l i o n and over;
State and l o c a l government s e c u r i t y o f f e r i n g s of $10 m i l l i o n and over.
2/ Includes f o r e i g n government and I n t e r n a t i o n a l Bank f o r Reconstruction and
Development i s s u e s and non-guaranteed i s s u e s by Federal a g e n c i e s .
3/ In t h e case of Sta te and l o c a l government s e c u r i t i e s , G.O. denotes general
o b l i g a t i o n s ; Rev. - U t . , revenue o b l i g a t i o n s secured only by income from
public u t i l i t i e s ; Rev.-Q.Ut., revenue bonds secured only by revenue from
o u a s i - u t i l i t i e s ; Rev.-S. T . , revenue bonds secured by revenue from s p e c i f i c
taxes only; Rev.-Rent., revenue bonds secured s o l e l y by l e a s e payments.
4/ 1995 m a t u r i t i e s n o t r e o f f e r e d .
| j 1981-90 m a t u r i t i e s n o t r e o f f e r e d .
Aaa
A
A
1.40-3.55
1.60-3.78
1.65-4.60
4.75
2.10-3.45
1.60-3.55
. ——
Aa
Aa
—
-16-
Exhibit L
Forthcoming Large Long-term Public Security Offerings f o r New C a p i t a l
(Other than U. S. Treasury) 1/
Expected Proceeds from Forthcoming Large Issues
Subsequent t o
date shown
State and
other 2/
l o c a l govt.
During month following
date shown
Date of
computation
Coiporate
% £
ao
- Oct. 31
Nov. 30
Dec. 30
- Jan. 31
Feb. 28
Mar. 31
Apr. 28
May 31
June 30
July 31
Aug. 31
Sept. 29
Oct. 31
260
91
110
55
1,580
51*2
1*87
521
170
175
358
31*6
g * . [other 2 /
258
2l*2
1*12
181
307
559
236
1*31
195
1406
399
251
597
Corporate
50
15
75
73
35
—
585
335
1,036
1,01*6
1,125
1,700
687
611
666
255
2I4O
5ol*
1*11
5o
391
560
682
360
638
806
579
771
291
537
530
1*5U
693
15
75
73
35
—
Forthcoming Large O f f e r i n g s , a s of, November 21*.
Issuer
type
Amount
Approximate date
(millions
of o f f e r i n g
of d o l l a r s )
CORPORATE
fl-PermanenteCement Co.
Pennsylvania Power & Light Co.
Borden Co.
General Tel. Co. of C a l i f .
Tennessee Gas Transmission Co.
-s-Bank of America
P a c i f i c Lighting Corp.
Commerce Oil Refining Corp.
Realty C o l l a t e r a l Corp.
Pfd. s t k .
1st mbg. bds.
Deb.
1st mtg. bds.
Deb.
Com. s t k .
18.3
30.0
50.0
25.0
50.0
9h.h
Com. s t k .
Deb., bds. & com
Coll. t r . n o t e s
36.6
1*5.0
20.0
Nov. 28
Nov. 29
Dec! 6
Dec. 7
Dec. 12
Dec. 15
( r i g h t s expire)
Dec.
Indefinite
Indefinite
STATE AND LOCAL GOVERNMENT
State of M i s s i s s i p p i
Florida.Turnpike Auth.
Baltimore, Maryland
S t a t e of Connecticut
Oakland Co. Mich., Twelve Town
Drainage Dist.
Oklahoma C i t y , Okla.
New York City, New Y01I
Penna. S t a t e Public Bldg. Auth.
0.0.
Rev.
G.O.
G.O.
11.9
100.0
28.5
25.0
G.O.
G.O.
G.O.
Rev.-Rent.
33.7
15.9
53.1
23.0
Nov. 29
Nov.
Dec. 5
Dec. 5
Dec.
Dec.
Dec.
Dec.
6
12
12
12
L-2
-17-
Forthcoming Large O f f e r i n g s , a s of November 2h (Cont'd)
Issuer
Type
Amount
Approximate date
(millions
of o f f e r i n g
of d o l l a r s )
STATE AND LOCAL GOVERNMENT (Cont'd)
Los Angeles Dept. of Wtr. & Pwr.
-^•Georgia Rural Roads Auth.
San Jose, C a l i f o r n i a
-*East Bay Municipal U t i l i t y D i s t . ,
California
Ascension-St. James Bridge & Ferry
Orleans Parish Sch. D i s t . , La.
Dade County, Florida
Jacksonville Expressway Auth.
Rev.-Ut.
Rev.-S.T.
G.O.
16.0
13.0
20.0
G.O.
Deb.
G.O.
G.O.
Rev, —Ut,
30.0
50.0
10.0
1*6.0
I4O.O
Bonds
25.0
Dec. 13
Jan. 1
Jan. 10
Jan. 9
Jan.
Indefinite
. Indefinite
Indefinite
OTHER
Kingdom of Belgium
Nov. 30
*—Included in t a b l e f o r f i r s t time.
1 / Includes corporate and other i s s u e s of $15 million and over; S t a t e and
l o c a l government i s s u e s of $10 m i l l i o n and over.
2/ Includes f o r e i g n government and I n t e r n a t i o n a l Bank f o r Reconstruction and
Development i s s u e s and non-guaranteed i s s u e s by Federal agencies.
Note.—Deletions f o r reasons o t h e r than s a l e of i s s u e : None.
@FedFRASER