Full text of H.16 Capital Market Developments : November 28, 1966
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Not f o r P u b l i c a t i o n
DECONTROLLED AFTER SIX MONTHS
H.14
November 2 8 , 1 9 6 6 .
(CAPITAL MARKETS! DEVELOPMENTS
IN THE UNITED STATES
C o r p o r a t e and m u n i c i p a l bond m a r k e t s * New m u n i c i p a l i s s u e s e x p e c t e d
t o be o f f e r e d t h i s week a g g r e g a t e more t h a n t w i c e t h e a v e r a g e volume f o r s u c h
i s s u e s over the p a s t y e a r .
The o f t - p o s t p o n e d Oklahoma T u r n p i k e i s s u e ( $ 1 8 6
m i l l i o n ) r e p r e s e n t s t h e l a r g e s t o f f e r i n g on t h i s w e e k ' s c a l e n d a r . C o r p o r a t e
o f f e r i n g s t h i s week w i l l be r e l a t i v e l y l i g h t , b u t w i l l b u i l d up s u b s t a n t i a l l y
n e x t week w i t h n e a r l y $500 m i l l i o n e x p e c t e d t o e n t e r t h e m a r k e t .
Long-term Public S e c u r i t y O f f e r i n g s 1/
( I n m i l l i o n s of d o l l a r s )
Corporate
New C a p i t a l | R e f u n d i n g
S t a t e and l o c a l G o v e r n m e n t
New C a p i t a l } R e f u n d i n g
Sold:
52 week a v g .
194
Nov. 18
Nov. 25
200
60
305
211
110
350
2
209
2
Scheduled:
Dec. 2
110
1 / F e d e r a l R e s e r v e e s t i m a t e s a r e b a s e d upon p u b l i s h e d r e p o r t s o f i s s u e s s o l d
and s c h e d u l e d f o r o f f e r i n g ; c o r p o r a t e r i g h t s o f f e r i n g s a r e i n c l u d e d a s o f
the date s u b s c r i p t i o n r i g h t s e x p i r e .
Y i e l d s on c o r p o r a t e b o n d s c h a n g e d l i t t l e on b a l a n c e d u r i n g . t h e
h o l i d a y - s h o r t e n e d p a s t w e e k . One s l o w - m o v i n g c o r p o r a t e i s s u e was r e l e a s e d f r o m
underwriters p r i c e r e s t r i c t i o n s ; subsequent f r e e market t r a d i n g r e s u l t e d in
a n upward y i e l d a d j u s t m e n t of 18 b a s i s p o i n t s .
Municipal y i e l d s advanced f o r the t h i r d c o n s e c u t i v e week, b u t l e s s
s h a r p l y t h a n t h e p r i o r w e e k . T h r e e i s s u e s s c h e d u l e d f o r s a l e l a s t week w e r e
p o s t p o n e d - - two i s s u e s r e c e i v e d no b i d s d u e t o i n t e r e s t c e i l i n g s ; w h i l e a l l
b i d s r e c e i v e d on t h e o t h e r i s s u e w e r e r e j e c t e d .
S t o c k p r i c e s % Common s t o c k p r i c e s d e c l i n e d s l i g h t l y l a s t week i n
relatively active trading.
S t a n d a r d a n d P o o r ' s i n d e x of 500 s t o c k s e n d e d t h e
week a t 8 0 . 8 5 , a d e c l i n e o f . 4 1 p o i n t s f r o m t h e week e a r l i e r l e v e l .
Trading
volume a v e r a g e d 7 . 0 m i l l i o n s h a r e s a d a y .
C a p i t a l Markets S e c t i o n ,
D i v i s i o n of R e s e a r c h and S t a t i s t i c s ,
Board of G o v e r n o r s of t h e F e d e r a l R e s e r v e S y s t e m .
H.14
Yields i n S e c u r i t y Markets
L e v e l L a t e s t Week
Change from
p r e c e d i n g week
High-Grade
Notes and Bonds
Corporate
New
Seasoned
5.36
U.S. Government
Long-term
3-5 year
4.76
5.43
-1
-4
3.87
4.03
+6
+7
S t a t e and l o c a l G o v t .
Moody's Aaa
Std. & P o o r ' s high grade
Money Market
Federal funds
Treasury b i l l s
3-month
6-month
5.50
-30
5.26
5.49
-12
-14
C o r p o r a t e Bonds S t i l l i n S y n d i c a t e
Date
Offered
Reoffering
Yield
Amount
( m i l l i o n s of $)
Rating
Estimated prop o r t i o n sold
Blue L i s t of M u n i c i p a l D e a l e r s ' A d v e r t i s e d I n v e n t o r i e s
( I n m i l l i o n s of d o l l a r s )
L a t e s t Week
511 ( 1 1 / 2 2 )
End of P r e v i o u s Week
513
R e c e n t High
636 ( 2 / 1 7 )
lIHftrr A. f.rl 1
CORPORATE A l t
i
1
/
U.S. 60VERNMEN!
J
<
V
1 7
V
J
\ j
J
|
W
> /
1
J*
V
V
STATE AND LOCAL GOVERNMENT A a a
1 II
I II
II
i i i i ii
1 1 1
1911
Date
1959-60 - High
1962-63 - Low
1965 - Low
1966 - High
- Low
O c t . 28
Nov. 4
11
18
25£ /
1982
Corporate
Aaa \J
4.61
4.19
4.41
5.52
4.73
5.37
5.35
5.35
5.36
5.36
(1/29/60)
(3/&/63)
(3/12)
(9/9)
(1/7)
y
i i i i i l
i i i i l i i i i i i i i i i i
1965
1963
1964
Exhibit A — Part I I
U.S. Govt.
long-term 2/
4.42
3.85
4.13
4.87
4.42
(1/8/60)
(12/26/62)
(6/25)
(9/2)
(1/21)
4.62
4.67
4.73
4.77
4.76 -
S t a t e and
local
government
Aaa 3 /
3.65
2.88
2.94
4.04
3.39
(9/24/59)
(ll/e/62)
(2/11)
(8/25)
(1/13)
3.75
3.72
3.72
3.81
3.87 -
M i l l
I I I 1 U_
19##
Spread between
U. 8 . G o v t , and
C o r p o r a t e 1 S t a t e and
Aaa
1 l o c a l Aaa
. 5 9 (fi/8/60)
.92 (4/^/60)
. 2 1 (12/27/63)
. 8 0 (1/5/62)
.22
.94
.75
1.19
.14
.
.78
.75
.68
.62
.59
.60
.87
.95
1.01
.96
.89
PnllalBuy*
Weekly average of d a l l y figures# Average t e r n of bonde inoluded i s 22-24 y e a r s .
Weekly average of dally f i g u r e s . The s e r i e s includes bonds due or c a l l a b l e 1b 30 years o r more*
Thursday f i g u r e s . Only general obligation bonds are included! average t a r e i s 20 years,
ke,—fllgfce 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 . For spreads, high r e f e r s t o widest, and low to narrowest.
EXHIIIT I. Pan I
IONO-TIRM BOND YIILDS, LOWII ORADI
STATE AND LOCAL GOVERNMENT Baa
1961
•
1962
1963
1964
Exhibit B -- Part II
Corporate
Baa 1/
Date
S t a t e and
local govt.
Baa 3 /
1965
1966
S p r e a d between
Aaa and Baa
S t a t e and
Corpora t e
local govt.
(per cent)
1959-60 - High
Year end - 1962
1964
1965
1966 - High
Low
O c t . 28
Nov. 4
11
18
25^/
Metei
5 . 3 6 {2/12/60)
4.93
4.80
5.04
6.16 (11/25)
5.05 (1/14)
4 . 4 6 (3/7/60)
3.57
3.51
3.79
4.55 (8/25)
3.78' ( 1 / 2 0 )
.84
.70
.37
.31
. 80
.31
1.08
.63
.52
.39
.62
.31
6.11
6.10
6.11
6.12
6.16 -
4.35
4.32
4.32
4.35
4.35
.74
.75
.76
.76
.80
.60
.60
.60
.54
.48
For footnotes see Exhibit i .
4
S H O R T . A N D I N T E R M E D I A T E - T E R M I N T E R E S T RATES
GOVERNMENT
1
1
,
!
j
1
r v /
\/
! ^
F. R. DISCOUNT RATE
Jm
j
1 3 - 5 YEAR I S S U E S '
y\
>
z x /
W
j
/ S
6 - MONTH BILLS
a
\ T
J
1
/v
m
A
!
j
j
k
|
;
\
I
• ;
3-MONTH BILLS
j
!
-l—Ll
1,1 i , 1 1 1 1
-1—1—1 J. L 1 11111
1961
Date
1959-60 - High
Year end - 1961
1962
1963
1964
1965
1966 - High
Low
O c t . 28
Nov. 4
11
18
25£ /
1962
1963
1964
Exhibit C — Part II
Discount
ra t e
3-month
1/
b i l l s 2/
Yields
6-month
b i l l s 2/
(per cent)
3-5i,>tear
issiffts 2/
1965
1966
Spread between y i e l d s on 3 rnonth b i l l s and y i e l d s on
6-mo b l l l s l 3 5 v r . i s s u e s
4.00
3.00
3.00
3.50
4.00
4.50
4.50
4.50
4 . 5 9 (3/3/60)
2.66
2.89
3.52
3.83
4.47
5.52 (9/23)
4.39 (6/24)
5.07(1/8/60)
2.90
2.93
3.64
3.93
4.66
5.92 (9/23)
4.53 (6/24)
5.00(1^24/^9)
3.81
3.41
4.07
4; 07
4.90 .
5.83 (9/2)
4.80 (4/8)
.79
.24
.04
.13
.19
.52
.09'
4.50
4.5Q
4.50
4.50
4.50
5.22
5.29
5.41
5.38
5.26 '
5.53
5.57
5.68
5.63
5.49^
5.36
5.38
5.45
5.47
5.43
.31
.38
.27
.25
.23
.10
1.81
1.15
.52
.55
.24
.43
.78
.01
.14
.09
.04
.09
.17
V Weekly r a t e ehonn i s t h a t i n e f f e c t at end of period at the Federal Reserve Bank of Hew Yolk.
y Market yield) weekly averages oomputed from daily cloning bid p r i c e s . Series of 3-8 year issues
consists of selected notes and bonds.
Note.—Highs 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 .
For spreads, high r e f e r s t o widest, and low to narrowest.
S H O R T - A N D INTERMEDIATE-TERM INTEREST R A T I S ,
JkANKS A N D OTHER PRIVATE B O R R O W E R S
FEDERAL F U N D S
:
i i t i i i i i i i i I i i i i i i i i i i i 11 i i i
1961
1962
1963
i i i i i i iii > iI ii i ii i i i i i iI i ii i i t ii
1964
1965
1966
Exhibit D -- Part II
Date
1959-60 - High
Year end - 1961
1962
1963
1964
1965
1966 - High
Low
Oct. 28
Nov. 4
11
18
25£/
Prime r a t e
.
1/
Finance
company
F e d e r a l funds 3/
paper
2/
(per cent)
Spread between
3-mo. b i l l e and
f i n a n c e c o . paper
5.00
4.50
4.50
4.50
4.50
5.00
6 . 0 0 (11/25)
5.00 (3/4)
5.13 (1/22/60)
3.00
3.19
3.88
4.06
4.75
5 . 8 8 (11/25)
4.75 (1/7)
4 . 0 0 (5/13/60)
2.88
3.00
3.50
4.00
4.63
6.00 (11/4)
3.55 (1/21)
1.02
.34
.30
.36
.23
.28
.99
.20
6.00
6.00
6.00
6.00
6.00
5.88
5.88
5.88
5.88
5.88
5.05
6.00
5.75
5.80
5.50
.66
.59
.47
.50
.62
2 / Weekly rata shown is that In e f f e c t at end of period. Prime rate i s that charged by large banks
on short-term loans t o business borrowers of the higiest credit standing#
2/ Avenge of daily rates published by finance companies for d i r e c t l y placed paper for varying
maturities in the 9(ML79 day range•
2 / Weekly average of daily effective rate, which i s the rate f o r the heaviest volume of purchase and
sale transactions as reported to the federal Reserve Bank of New York*
Note i—Highs and lows are f o r individual series and may be on different dates f o r different series#
For spreads, high refer* to widest, and low to narrowest.
J
STOCK MAKKIT
114J e»ereee«IO
I
PRICES
100
|
10
v - x
1
1 STOCK MARKET CREDIT
X
10
CHANCE IN S E R I E S
1
!
1 VOLUME
"A.
i
n r
40
\k j W
!
I
!
YIELDS
1963
1964
Exhibit E -- Part II
Stock p r i c e
index 1 /
1961-62 - High
Low
Nov. 1963
J u l y 1965
1966 - High
3/
V
Trading
volume 2./
(millions
of s h a r e s )
Stock market customer c r e d i t
Bank
Customers
loans t o
debit bal" o t h e r s " 5/
ances 4/
( I n m i l l i o n s of d o l l a r s )
1,418(5/9/62)
2.82
3.96
10. 1
5,60^1^/61)
4 , 2 5 9 (12/61)
52.68(6/22/62)
2 .,4
4 , 4 2 4 (a/61)
3,253(1/61)
72.62
3.14
5. 3
7,298
5,586
1,712
84.91
3.09
4. 1
6,833
4,863
1,970
2,241(7/6)
72.04(12/8/61)
93.77
(2/11)
3.02
10..7
7,997
Low
73.20
(10/7)
4.04
5,. 0
7,302
Sept.
Oct.
Nov. 11
18
77.81
3.83
5,.7
7,525
5,835
.
1,161(3/9/61)
5,169
2,107(11/9)
5,355
2,170
2,133
7,302
5,169
81.94
3.61
7 ., 5
81.26
3.65
8.,0
n . a .
n.a.
2,114
80.85
3.67
7 ., 0
n . a .
n . a .
n . a .
77.13
25B/
*
Common
stock
y i e l d s 2/
(per cent)
3.78
7 .. 0
2,107
S V S S I S A R I A F F I F I ? J T M R S S R W R S S
of dally tradial volme ob the *ew Y e * Stock bahaa«e. Twi^ead f l f u e s are a m i < u
f 5 * 2 m b e r f i m s ef the lew Y e * Stock Kxehaafe * 1 * oarxy marglm a e w * U |
others* For further detail see B j g g t l a .
"
UHIIIT f. f«tl I
I I I I II I II I I
SEASONALLY
ADJUSTED
DATA
H O U S I N G STARTS
BUILDING PERMITS
PER C E N T
OF U N A D J U S T E D
TOTAL STARTS
MULTI-FAMILY
GOVERNMENT UNDERWRITTEN
1959
1990
1961
Total
Date
1965
1964
1982
1963
Exhibit F - Part II
1966
Building
permits
f houaln* ( s e a s o n a l l y
adjusted
1-2
Multiannual
family family
r a t e ) 2/
Unadlusted
Type of f i n a n c i n g
Seasonally a d j u s t Unadjusted
ed annual r a t e
FHA
VA
Other
(Thousands of u n i t s )
1965 - O c t .
Nov.
Dec.
1966 - J a n .
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
1 ,411
1 ,547
1 ,769
1 ,611
1 ;,374
1,,569
1,,502
1,,318
1,,285
1,,088
1, 107
1, 073
848
134
116
102
85
78
126
147
135
128
104
105
92
80
18
16
15
13
12
19
18
14
15
13
14
10
9
4
4
3
3
2
3
3
4
4
4
4
3
3
112
96
84
69
64
104
126
118
108
87
87
79
67
91.0
75.0
63.3
50.8
49.3
85.4
100*3
92.5
87.9
74.3
74.5
64.9
59.8;
42.6
41.0
39.0
33.8
28.9
40.9
46.8
42.9
39.7
29.7
30.9
27.0
20.2
1,244
1,280
1,292
1,255
1,197
1,268
1,185
1,098
954
921
844
736
719
1/ Total starts art Ceniui estimates including farm f o r both pemit-ieroiag aad nom-issuing areas,
w e l l i n g unit Is started uhea azoaratl em begins | a l l units la an a partes at structure are considered
started at that t i e s . IHA and TA starts are units started wider cosndtmsats W these agencies t e lasses
or guarantee the mortgages. to ruportod by VHA and TA, a unit Is started them a f i e l d office receives
the f i r s t compliance inspection report, whioh i s made before footings are pound in sew oases but
normally a f t e r the foiedatloas havs been completed. Capehart sdlitary housing waits are exolaied.
Other starts are derived as a residual, although total and HA and VA starts are net strictly ocnamble
in oonoept or timing; other starts Include both units financed by conventional mortgages end units
without mortgages.
CXHWT G.
I
NEW ISSUES
SEASONED Aaa
IIIIIIII
1963
IIIIIII
1964
Kxhibit 0 - Part II
Yields on Raw Corporate Bond laaues Adjusted to an Asa basis
of
Issasa
Weekly averages:
1966 - J a n .
8
Feb.
10
Mar.
9
Apr.
13
May
7
11
July
5
Aug.
5
Sept.
8
Oct.
8
Nov.
Am r t of issues Average
included (mil.
yield
(per cent)
of dgllars)
,
Weekly a v e r a g e s
High
Low
300.0
304.5
513.0
452.3
341.0
596.0
155.0
680.0
280.0
333.5
4.84
4.98
5.13
5.08
5.21
5.38
5.62
5.70
5.82
5.77
Am't of issues Average
of
included (mil.
yield
(per cent)
issues of dollars)
Oct.
7
14
21
28
Now^ 4
11
18
25
40.0
63.5
115.0
115.0
155.0
5.81
5.86
5.82
5.67
5.61
130.0
5.90
5.98(9/2)
4.82(1/7)
f i##*##
publiolyof^ersd
oospore** bonds rated Aaa.
Aaaf Aa
i a an
aad
i t a i i n x t t f e i of offering yields on ml).
ml), M
am#
i i r n i of publioly
offered oozporate
• by Moody's Investors Service (except s e r i a l and convertible is sees, offerlags ef natural gas pipeline
sad foreign ooepeaioe, aed bonds
•I*guaranteed by the Federal Goienmsnt) weighted by * s e of offering.
Before averaging, mew offerings ars sdjasted
osnposite
" Aaa
* basis
' tgr
' dedaotiag
"
f » i the
** aotaal
rage yield f o r seasoned toads of the
,
appropriate
jpriate indastiyindasi.,
reoffering yield tbs exoees of th
r » weekly
wite average
f o r seas ed Ana-rated tosds (Moody's).
Averages considered
quality
over the ooiimpoeite
„ group
,
.
.
unrepresentative beeawe at special obaraotezi s t i e s of t*« offerings included a w denoted by am asterisk^
Exhibit H
H. 14
Long-term Corporate and S t a t e and Local Government
Security Offerings and Placements
( I n million# of d o l l a r s )
Corporate
1965
1966
New Can i t a l
1966
S t a t e and l o c a l 2 /
1966
1965
1964
January
February
March
1,302
1,237
2,446
795
746
1,197
938
700
778
2/1,183
£ / 857
2 / 868
804
872
904
947
776
810
April
May
June
1,553
1,058
2,364
1,152
1,691
1,946
2,237
1,095
1,405
2/1,193
E ' 905
2/1,137
826
924
972
1,242
667
903
July
August
September
1,039
1,670
1,382
1,290
850
1,392
812
680
1,130
2/
2/
2/
697
768
983
986
648
966
906
780
892
e/i.eso
e/1,100
924
1,325
1,496
953
669
1,642
e/
s/
790
825
794
1,021
754
801
529
948
2,738
4,789
3,533
3,745
2,416
4,738
2,621
3,264
2/2,909
2/3,234
fi/2,448
2,580
2,722
2,600
2,569
2,533
2,811
2,578
2,278
7,527
11,060
14,805
7,153
9,775
13,038
2/6,143
E/81,591
5,302
7,902
10,471
5,345
7,923
10,201
October
November
December
1st
2nd
3rd
4th
quarter
quarter
quarter
quarter
1st h a l f
Three q u a r t e r s
Year
•
4,985
4,974
' 4,09V
, 9,959
e/14,0;0
4,924
4,884
Year
e/
2/
1/
2/
3/
t
quarter
quarter
quarter
quarter
1
Excluding
1st
2nd
3rd
4th
2,547
4,348
3,283
3,188
U,366
2,043
4,258
2,477
2,997
n . m
Estimated by Inderal Baserve.
Preliminary.
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 capital issues excluding offerings of s a l e s and consumer finance companies.
Exhibit I
New C o r p o r a t e S e c u r i t y I s s u e s , Type of I s s u e
and I s s u e r
( I n m i l l i o n s of d o l l a r s )
Quarter
or
Month
G r o s s p r o c e e d s f o r new c a p i t a l
and r e f u n d i n g 1 /
Boii d s
Common Memo:
Total
P u b l i c l y P r i v a t e l y and
Foreign
Qffered
Placed
pfd. issues
stock included
Net p r o c e e d s
f o r new c a p i t a l
Mfg.
.
.
P u b l i c Communi- O t h e r
Utility cations Issuers
1964 - I l l
IV
2 ,876
3 ,568
792
531
1,590
2,629
494
408
94
227
559
1,061
642
509
59
135
1,361
1,559
1965 - I
II
III
IV
3 ,007
5 ,043
3 ,912
4,,030
905
1 ,864
1 ,575
1,,226
1,673
2,259
1,955
2,264
429
920 '
383
540
243
215
263
300
1,072
1,679
1,119
1,145
541
609
786
610
91
255
323
177
1,034
2,246
\l,304
ll,815
1966 - I
II
III
IV
5,,094
5S,115
4, ,197
1,,774
1,,941
2 ,256
2,586
2,083
1,627
734
1,090
314
345
168
153
1,860
2,205
1,558
969
960
657
602
392
567
July
Aug.
Sept.
Oct.
Nov.
Dec.
1,443
930
1,538
986
1,398
1,646
542
369
664
287
613
326
780
468
706
574
529
1,161
122
93
168
124
257
159
27
87
150
99
101
99
399
307
414
273
402
470
202
297
287
158
209
243
102
25
196
92
43
43
587
222
495
401
671
741
Jan. 2 /
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct. e/
Nov. ~
Dec.
1,339
1,273
2,482
1,582
1,106
2,427
1,085
1,7X3
1,-400
1,090
460
560
753
628
481
832
440
1,140
676
520
692
583
1,311
743
556
784
535
435
657
450
187
130
417
210
69
811
110
137
67
120
353
93
530
118
133
977
692
86
33
376
1,137
49
69
m
22 •
518.
62
64?
45C
n.a.
388
241
340
364
274
322
263
313
81
300
141
160
301
76
40
276
- 52
318
198
75
420
306
827
421
368
629
327
522
.460
225
|>/
&/
%/
2/
V 1,553
1,418
1,309
Preliminary.
E s t i m a t e d by F e d e r a l R e s e r v e .
Gross p r o c e e d s exceed n e t p r o c e e d s by t h e c o s t of f l o t a t i o n .
For t o t a l s e e E x h i b i t H; o t h e r i s s u e r s a r e e x t r a c t i v e , r a i l r o a d and o t h e r
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 f i n a n c e , and commercial and o t h e r .
2 / Does n o t i n c l u d e U.S. S t e e l $600 m i l l i o n c o n v e r s i o n of p r e f e r r e d s t o c k t o d e b e n t u r e s .
^Source:
S e c u r i t i e s and Exchange Commission
Exhibit J
Other S e c u r i t y O f f e r i n g s
( I n m i l l i o n s of d o l l a r s )
IQfiA
January
February
March
April
May
June
July
August
September
October
November
December
J a n . - Sept.
.
12
40
40
66
69
76
72
7
50
432
Year
PnrA<on
1 OAS
2/
1QA6
91
33
74
5
52
75
2
532
4
82
69
30
75
26
20
13
7
180
72
58
326
661
636
218
- -
38
73
• -
1Q6A
503
410
392
699
1,030
. 1,084 ,799
400
5.3":
i
i
S t a t e and l o c a l Goverment 5 /
January
February
March
April
May
June
July
August
September
October
November
December
103
39
-319
580
462
-334
-103
2/270:
J2/-W
238
91
-458
647
204
-82
119
408
152
, 59
274
-366
103
236
-407
442
81
-80
-9
127
176
7
-15
-208
:-term 4/
308
-24
450
718
85
284
-590
-270
-652
1965
1Q64
129
185
325
- -
- -
275 >
260 I
160 <
775
- -
239
150
375
375
179
1,803
695;
2,732
1.20S j
510 5
§
F e d e r a l Agency 3 /
-137
-174
117
-11
509
237
132
206
105
-309
202
-76
984
-308
-336
23":#
97 1
183 ;
239
-333 t
167
1
525
113
-3
-267
Sept.
Jan:
6691,319
309
£ / 537
1,286
368
Year
453
801
£ / P r e l i m i n a r y . e / Estimated by Federal R e s e r v e . n . a . - - N o t a v a i l a b l e . U These d a t a
d i f f e r from those i n E x h i b i t H i n t h a t r e f u n d i n g i s s u e s , as well as new c a p i t a l i s s u e s ,
a r e i n c l u d e d . Long-term s e c u r i t i e s a r e d e f i n e d as those maturing i n more than one y e a r .
2 / Includes s e c u r i t i e s o f f e r e d i n the U.S. by f o r e i g n governments and t h e i r p o l i t i c a l
s u b d i v i s i o n s and i n t e r n a t i o n a l o r g a n i z a t i o n s . Source: S e c u r i t i e s and Exchange Commission.
3/ I s s u e s not guaranteed by U.S. Government. Source: Long-term, S e c u r i t i e s and Exchange
Commission; s h o r t - t e r m , Treasury Dept. & Fed. Reserve.
4 / These d a t a d i f f e r from those
in E x h i b i t H and above i n t h a t they r e p r e s e n t new o f f e r i n g s l e s s r e t i r e m e n t s , whether
from the proceeds or r e f u n d i n g i s s u e s or from o t h e r f u n d s . Data include only i s s u e s with
o r i g i n a l m a t u r i t y of one year o r l e s s .
£ / P r i n c i p a l l y t a x and bond a n t i c i p a t i o n n o t e s ,
w a r r a n t s , or c e r t i f i c a t e s an^LPublic Housing Auth. n o t e s . In some i n s t a n c e s PHA notes
included may have a somewhat l o n g e r m a t u r i t y than 1 y e a r . Source: Bond Buyer & Federal
Reserve.
£
i
;
Exhibit K
Large Long-term P u b l i c S e c u r i t y I s s u e s f o r New Capital
( O t h e r t h a n U. S. T r e a s u r y ) %J
P r o c e e d s of Large I s s u e s O f f e r e d
( I n m i l l i o n s of d o l l a r s )
Total
Corporate
Bonds
( o t h e r than
Convertible
convertibles)
bonds
246
1965 - Oct.
736
Nov.
262
Dec.
485
1966 - J a n .
Feb.
545
Mar.
890
643
Apr.
May
401
June 1,317
July
402
Aug. 1,189
627
Sept.
523
Oct.
Stocks
40
33
50
190
559
212
370
391
544
481
351
636
170
862
287
352
State
and
local
OT«nMnti
- -
115
70
271
106
84
75
55
50
20
182
257
340
116
- -
661
50
80
55
I)
43
95
409
538
413
787
424
399
720
466
582
338
410
611
387
- -
144
Other
—
\
•
55
60
—
275
15
50
Large I n d i v i d u a l I s s u e s O f f e r e d November 1 through 25
Issuer
Whirlpool Corp.
Wise. E l e c . Pwr. Co.
P a c i f i c Gas & E l e c . Co.
T r a n s c o n t i n e n t a l Gas
P i p e l i n e Corp.
P a c i f i c T e l . & T e l . Co.
^American A i r l i n e s , I n c .
Union Tank Car
B e n e f i c i a l Finance Co.
Foxboro Company
S t a t e and l o c a l Govt.
Type H
S.F. deb.
1 s t mtg. b d s .
1 s t mtg. b d s .
1 s t mtg. p . 1 . b d s .
Deb.
Conv. sub.. deb.
Eq. t r . c e r t .
Deb.
Conv. sub, . deb.
S t a t e of West V i r g i n i a
G.O.
N a s h v i l l e & Davidson C o . ,
Rev.-Q.-Ut.
Metro. Govt. of Tenn.
Amount
(millions
of
dollars)
Haturity
Coupon
r a t e or
net i n t e r est cost
Offering
vield
Rating
35.0
30.0
80.0
1986
1996
1998
5-3/4
5-7/8
5-3/4
5,.71
5.70
5..75
A
Aa
Aa
40.0
130.0
81.7
23.0
25.0
15.0
1986
2002
1991
1986
1970
1986
6-1/4
6
5-1/2
5.85
6-1/4
5-1/8
6.,30
5. 95
5. 50
5. 85
6. 40
5. 13
Baa
Aaa
Ba
A
Baa
20.0
1967-91
3.75
3. 65-4.70
A
25.0
1969-2006
3.94
3. 85-3.90
Aa
V
K-2
Large I n d i v i d u a l I s s u e s O f f e r e d November 1 t h r o u g h 25 ( C o n t ' d )
Issuer
Type 3 /
Amount
(millions
of
dollars)
Coupon
r a t e or
Maturity net i n t e r est cost
Offering
yield
Rating
S t a t e and l o c a l G o v t . ( C o n t ' d )
C o l l e g e of t h e S t a t e of T e x a s ,
Austin
H i n d s - R a n k i n M e t r o . Wtr. and
Sewer A s s 5 n . , I n c .
S t a t e of New York
A l a . Pub. Sch. & C o l l e g e Auth.
Boston, Massachusetts
W a t e r f o r d Twp. S . D . , Mich.
N.Y. S t a t e Housing F i n . Agency
S t a t e of C a l i f o r n i a
j
G.O.
Rev.-Ut.
G.O.
Rev.-Rent.
G.OG.O.
Rev.-Rent.
G.O.
11.1
12.5
35.4
36.0
18.5
10.8
50.3
100.0
1968-76
3.90
3.70-3.75
1971-2001
1967-2015
1967-85
1967-96
1967-96
1967-98
1976-2016
n.a.
3.78
4.29
4.39
4.49
4.24
4.11
. Aa
3 ., 5 0 - 3 . 7 5
4.00-4.20. .
4. 15-4.202/
4.20-4.40
3. 75-4.15
3. 90-4.10^
Aa
Aa
Baa
Baa
Aa
j
f
|
{
1981
1991
2006
7-1/4
6
6
7 . 65
6 . 16
6 . 35
A
i
f
j
F
Other
Government of Mexico
New Brunswick E l e c t r i c Pwr. Comm.
C i t y of M o n t r e a l , Canada
Ext. S.F. bds.
S.F. deb.
S.F. deb.
10.0
15.0
30.0
*--Rights offering.
n.a. --not available.
V I n c l u d e s c o r p o r a t e 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 o v e r ; S t a t e 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 o v e r .
2 / I n c l u d e s 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 R e c o n s t r u c t i o n and Development
i s s u e s and n o n - g u a r a n t e e d i s s u e s by F e d e r a l A g e n c i e s .
3 / I n t h e c a s e of S t a t e and l o c a l Government S e c u r i t i e s , G.O. d e n o t e s g e n e r a l o b l i g a t i o n s ;
R e v . - U t . , r e v e n u e o b l i g a t i o n s s e c u r e d o n l y by income from p u b l i c u t i l i t i e s ; R e v . - Q . - U t . ,
r e v e n u e bonds s e c u r e d o n l y by r e v e n u e from q u a s i - u t i l i t i e s ; R e v . - S . T . , r e v e n u e bonds
s e c u r e d by r e v e n u e from s p e c i f i c t a x e s o n l y ; R e v . - R e n t . , r e v e n u e bonds s e c u r e d s o l e l y
by l e a s e p a y m e n t s .
4 / Bonds m a t u r i n g 1967-68 and 1987-96 not. p u b l i c l y r e o f f e r e d .
5 / Bonds m a t u r i n g 2015-16 n o t p u b l i c l y r e o f f e r e d .
H. 14
Exhibit L
Forthcoming Large Long-term P u b l i c S e c u r i t y O f f e r i n g f o r New C a p i t a l
(Other t h a n U.S. T r e a s u r y ) 1 /
Expected Proceeds from f o r t h c o m i n g Large I s s u e s
( I n m i l l i o n s of d o l l a r s )
During month f o l l o w i n g
d a t e shown
S t a t e and
Corporate
Other 2/
local govt.
Oct. 29
Nov. 30
Dec. 31
J a n . 31
Feb. 28
Mar. 31
Apr. 30
May 31
June 30
J u l y 29
Aug.31
Sept.30
Oct. 31
412
297
553
530
828
489
248
1.261
317
677
662
687
397
343
398
501
340
366
253
399
584
337
403
515
300
140
25
20
20
20
30
15
40
Corporate
389
344
676
931
1,176
606
1,034
1,261
619
697
853
767
457
Forthcoming Large O f f e r i n g s as of November 25
Amount
(millions
Type
Issuer
of
dollars)
Subsequent t o
d a t e shown
S t a t e and
local govt.
578
458
582
461
504
334
546
584
353
403
685 .
380
175
Other U
25
20
20
20
90
55
55
-85
50
35
90
35
35
Approximate d a t e of
offering
Corporate
Southern C a l i f . Edison Co.
F l o r i d a Pwr. & L t . Co.
Western Union T e l e g r a p h Co.
Rohr Corp.
Tenneco, I n c .
New J e r s e y B e l l T e l . Co.
B r a n i f f Airways, I n c .
• G e n e r a l A n i l i n e & Film Corp.
Commonwealth Edison Co.
G e n e r a l Pub. U t i l i t y
D e t r o i t Edison Co.
• G e n e r a l T e l . & E l e c . Corp.
C o n s o l i d a t e d Edison Co. of N.Yo
Southern C a l i f . Gas Co.
United Air Lines
• P e n n z o i l Company
Cum p f d . s t k .
1 s t mtg. b d s .
S.F. deb.
Conv. s u b . deb.
1 s t mtg. p . l . b d s .
Deb.
Sub. deb.
Deb.
,
1 s t mtg. b d s .
Com. s t k .
1 s t mtg. b d s .
S . F . deb.
1 s t mtg. b d s .
1 s t mtg. b d s .
Conv. s u b . deb.
Notes
50.0
40.0
50.0
15.0
60.0
55.0
60.0
50.0
50.6
28.2
100.0
125.0
75.0
40.0
114.7
215.0
November
December
December
December
December
December
December
December
December
December
December
December
December
December
December
December
29
2
6
6
6
7
7
8
8
9 ( r t s . ex.)
9
13
15
16
20 ( r t s . e x . )
Forthcoming L a r g e O f f e r i n g s a s of November 25 ( C o n t ' d )
Type
Issuer
Amount
(millions
of
dollars)
Approximate d a t e of o f f e r i n g
Corporate (Cont'd)
McCall C o r p o r a t i o n
United Nuclear Corporation
20.0
15.0
Indefinite
Indefinite
Rev.-Rent.
Rev.-Rent.
15.0
17.6
November 29
November 29
Rev. -Q. - U t .
Rev. -Q. - U t .
G.O.
Rev. -Q. - U t .
G.O.
Rev. -Q. - U t .
25.0
23.5
12.0
22.0
41.1
76.0
November
November
November
November
November
December
29
29
30
30
30
1
15.0
25.5
26.2
30.1
28.0
115.4
December
December
December
December
December
December
1
6
6
6
7
7
Conv. p f d . s t k .
Conv. s u b . d e b .
S t a t e and l o c a l Government
L a . Cap. C o n s t . & Imp. Comm.
1 1 1 . S t a t e B l d g . Auth.
P a . S t a t e Hwy. and B r i d g e
Authority
* F l a . Development Comm.
*Chicago Pub. B l d g . Comm.
Md. S t a t e Roads Commission
Philadelphia, Pennsylvania
Oklahoma T u r n p i k e Auth.
Munic. of M e t r o . S e a t t l e ,
Washington
*Ga. Univ. System B l d g . Auth.
* S t a t e of M i s s i s s i p p i
*New York S t a t e Dorm Auth.
S t a t e of T e n n e s s e e
Housing A s s i s t a n c e Admin.
L o s . Angeles Co. F i d . C o n t r o l
District, California
* B e l r i d g e Wtr. S t o r a g e D i s t . ,
California
*Richmond, V i r g i n i a
* S t a t e of Vermont
Cal. Toll Br. Auth.,
Sacramento
G r e a t e r New O r l e a n s Exp. Connu
^ A t l a n t a , Georgia A i r p o r t
-
G.O.
Rev.-Rent.
G.O.
Rev.-Rent.
G.O.
Bonds
G.O.
15.0
December 13
G.O.
G.O.
G.O.
10.3
14.3
20.0
December 13
December 14
December 14
Rev. -Q. - U t .
Rev.-Q.-Ut.
Rev. -Q. - U t .
47.6
72.4
13.0
December 14
December 20
Indefinite
20.0
15.0
Indefinite
Indefinite
Other
R e p u b l i c of I r e l a n d
Bonds
Nippon T e l . & T e l . Pub. C o r p . Bonds
* - - I n c l u d e d in t a b l e f o r f i r s t time.
1 / I n c l u d e s c o r p o r a t e and o t h e r i s s u e s of $15 m i l l i o n and o v e r ; 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 o v e r .
2J I n c l u d e s 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 R e c o n s t r u c t i o n and Development
i s s u e s and n o n - g u a r a n t e e d i s s u e s of F e d e r a l A g e n c i e s .
N o t e : D e l e t i o n s f o r r e a s o n s o t h e r t h a n s a l e of i s s u e :
None
n
Exhibit M
H. 14
ej.gn Government and C o r p o r a t e S e c u r i t y O f f e r i n g
and Placements i n the. United S t a t e s
Part I :
S a l e Date
Amount
(millions
of
dollars)
Public Offerings
I s s u e r and D e s c r i p t i o n of I s s u e
A.
Sold September 1 t h r o u g h November 25
9/21
10.0
Government of New Z e a l a n d - - ? * bonds, m a t u r i n g 1976,
r e o f f e r e d t o y i e l d J.28%.***
11/15
10.0
Government of Mexico--7-l/4% e x t e r n a l sinking fund
bonds, maturing 1981, reoffer^d^to y i e l d 7.65%.
11/1-6
15.0
New Brunswick E l e c t r i c Power Conunission--6% sinking
fund debentures maturing 1991, r e o f f e r e d to y i e l d
6.16%.
11/16
30.0
City of Montreal, Canada — 6% s i n k i n g fund debentures
maturing 2006, r e o f f e r e d to y i e l d 6.35%.
B.
Prospective Offerings
Indefinite
20.0
Republic of tireland--Bonds
Indefinite
15.0
Nippon T e l e g r a p h and Telephone P u b l i c Corp.--Bonds
•-Included in t a b l e f o r f i r s t time.
— I s s u e s o l d t o i n v e s t o r s o u t s i d e of U.S.
" - - I s s u e , s u b j e c t t o i n t e r e s t e q u a l i z a t i o n tax.
M-2
Part I I :
Hotel
Private Placements - Reported September 1 through November
Date Reported
Amount
(millions
of
dollar#)
9/23
59.5
Savage River Corp.—5-1/2% - 5-3/41 c o l l a t e r a l
t r u s t n o t e s , maturing 1976-83—no information
available on takedown.
10/28
44.0
Bell Telephone of Canada—6% 1st mortgage bonds,
maturing 1996—$33 £ taken dow balance by Jan. 13,
1967.
10/28
12.0
Canadian Fina Oil L t d . - 6 - 1 / 2 1 guaranteed n o t e s ,
Maturing 1981—to be taken down by March 30, 1967.
Issuer and Description of Issue
For r e t r o s p e c t i v e data on aggregate f o r e i g n corporate and government s e c u r i t y o f f e r i n g s
in the United S t a t e s see Exhibits I and J . There i s no simple r e l a t i o n s h i p between the
data shown in the Exhibit and t h a t shown in Exhibits I and J because the l a t t e r includes
p r i v a t e l y placed s e c u r i t i e s in the period in which funds are a c t u a l l y taken down but
only in the amount of takedown while the placements shown in t h i s e x h i b i t are included
when reported, frequently with l i t t l e on no information concerning timing of takedown.
F u l l or p a r t i a l takedowns may take place both p r i o r
and subsequent t o the date a
placement i s reported.
@FedFRASER