Full text of H.16 Capital Market Developments : November 30, 1964
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DECONTROLLED AFTER SIX MONTHS
H.14
November 30, 1964.
CAPITAL MARKET DEVELOPMENTS
IN THE UNITED STATES
luding Review of Savings Flows in October)
borate and municipal bond markets: The volume of corporate
CftdtetiriHyJfinai|cing this week ($160 million) will be sharply larger than
weeks and about one-third greater than the weekly average over
the past year. Most of this week's total will be accounted for by two
investment grade public utility bond issues--a $65 million Pacific Gas
and Electric Company offering and a $40 million Niagara Mohawk Power
Corporation issue--the first such issues to readh the market since late
October. The supply of new State and local government bonds ($162 million),
on the other hand, will be at about the average weekly level for the past
year.
Long-Term Public Security Offerings 1/
Corporate
New Capital | Refunding
State and local govt.
New Capital I Refunding
Sold:
52 week avg.
118
1
174
9
Nov. 20
Nov. 27
2 1 r/
20
-
224
94
31
Scheduled:
Dec. 4
160
162
--
1/ Federal Reserve estimates based on published reports of issues sold
and scheduled for offering; corporate rights offerings are included
as of the date subscription rights expire.
Responding to the increase in the discount rates in both the
United Kingdom and the United States at the beginning of the week, yields
on both seasoned and recently distributed corporate bonds rose in
secondary market trading early in the week. This advance raised yield
2 basis points on seasoned, Aaa-rated issues and as much as 7 basis
points on some recently distributed issues. About mid-week, however,
the market developed a firmer tone when it became apparent that major
industrailized countries were willing tq lend the Bank of England $3
billion to aid in stabilizing the pound.
In the municipal market, yields also responded to the discount
rate actions with the yield series increasing 3-7 basis points. This
advance, however, offset only about one-half of the yield decline that
had occurred in the rally of the previous four weeks. At the lower
prices, underwriters were able to distribute about three-fourths of last
week's moderately light supply of new issues and dealers' advertised
inventories of unsold securities changed little.
H. 14
Yields in Securities Markets
Level latest week
(per cent)
Change from
preceding week
(basis points)
High-Grade
Notes and Bonds
Corporate
Seasoned
U.S. Govt.
Long-term
3-5 year
+ 2
4.15
4.11
+ 4
+ 9
State and local govt.
Money Market
Federal Funds
Treasury bills
3rmonth
6-month
Finance Company Paper
3.31
3.78
3.96
3:88
+18
+19
FNMA Secondary Market Operations. Sales in the secondary
market by the Federal National Mortgage Association continued downward
from $1.6 million in September to a low of $.01 million in October. A
factor in the further decline in October may have been the highly
successful public distribution in that month by a group of underwriters
of $300 million of participation certificates in a pool of mortgages
held mainly by FNMA. In accordance with the Housing Act of 1964, none
of FNMA 1 s secondary market portfolios is included in this pool.
Purchases by FNMA turned sharply upward in October--to $24
million. This was the highest level since last May and reflected in
part some pick-up in acquisitions of mortgages from the Federal Housing
Administration in exchange for FHA debentures held by FNMA. Offerings
also rose--to $34.9 million.
Stock prices. In the face of last week's sterling crisis,
U.S. stock prices backed away from the high reached the previous Friday.
Closing at 85.16 on November 27, prices, as measured by Standard and
Poor's composite index of 500 stocks, had declined about one per cent
during the week and were slightly below the earlier peak reached in
mid-October. However, this decline occurred in reduced: trading volume
which averaged 4.7 million shares a day, off 0.9 million shares from
the average for the previous week.
October savings flows. Net inflows of saving's capital to savings
and loan associations during October totalei $784 million, about the same
as the comparable 1963 period, according to preliminary data. Because
of sampling problems which affected the insured savings and loan association
series, it is not certain the year-over-year increase in these flows during
the past five months has actually leveled off. Some evidence that the net
savings gain in October has been understated is provided by the United
States
Savings and Loan League whose estimate is $76 million greater than
FRASER
the one above.
Digitized for
H. 14
NET INCREASE IN SAVINGS CAPITAL AT
SAVINGS AND LOAN ASSOCIATIONS
(Amounts in millions of dollars)
Net
increase
Jan.-June
5,372
Change from
previous
year
-741
Percentage change
from previous
year
-12
July
15
+ 51
Aug.
774
+119
+19
1,048
+132
+15
Sept. j>/
Oct.
e/
784 1/
10 month change
If
$7,993
- 11
- 1
-$447
- 5
Estimate includes data for all insured associations (accounting for
roughly 96 per cent of the savings capital for all associations) that
report to the Federal Savings and Loan Insurance Corporation, plus an
allowance for non-insured associations estimated by the Federal Reserve.
At the same time, growth in regular deposits at mutual savings
banks continued substantial. While the $220 million inflow was 18 per
cent greater than a year earlier, the rate of gain has subsided since
the summer months when special compaigns at several New York banks
aided inflow.
NET INCREASE IN REGULAR DEPOSITS AT
MUTUAL SAVINGS BANKS
(Amounts in millions of dollars)
Net
increase
Jan.-June total
Change from
previous year
Percentage change
from previous year
$1,933
+$382
+ 25
284
+ 163
+135
July
Aug.
344
+ 176
+105
Sept. 2.1
472
+
55
+ 13
+ 35
+ 811
+ 18
+ 33
Oct. e/
10 month total
220
3,254
NET INCREASE IN REGULAR DEPOSITS AT
MUTUAL SAVINGS BANKS
(Seasonally adjusted data)
(In millions of dollars)
'
= 1964
Jan. - June average
July
1963
330
423
263
264
Aug.
439
253
Sept.
330
288
363
326
Oct.
-4-
H. 14
Time and savings deposits at commercial banks rose $1.4
billion in October, one-fourth less than in the comparable month of 1963.
More detailed information concerning recent capital market
developments is presented in the attached exhibits.
Capital Markets Section,
Division of Research and Statistics,
Board of Governors of the Federal Reserve System.
EXHIBIT A. fori 1
L O N G - T E R M
B O N D
YIELDS,
H I G H - G R A D E
f\J
'v:,--rvV
i«*4 !
Exhibit A - Part II
Corporate
Aaa \/
U . S . Govt*
long-term 2f
State and
local
government
ka
*y
(per cent)
/
1959-60 - High
1961 - High
Low
1962 - High
Low
1963 ~ High
Low
196ft - High
Low
U.6l(2/29/60)
U.U6(9/15)
U.21(3/17)
U.U3(2/16)
U.23(12/2$
lt.37(lV27)
U. 19(3/29)
4.44(11/27)
4.35(2/28)
U.U2 (l/e/eo)
U.07 (12/29)
3.70(5/12)
1.12 (2/23)
3.85(12/28)
U.16 (12/27)
3.87(1/18)
4.20(4/17)
4.11(11/20)
Oct.
Nov.
Nov.
Nov.
Nov.
4.43
4.43
4.43
4.42
4.44 y
4.15
4.12
4.11
4.H .
4.I5Z
30
6
13
20
27 £/
Spread between
U. S. Govt, and
Corporate
State and
Aaa
local Aaa
IS
3.65 (9/24/59)
3.37 (7/6)
3.12 {2/Z3)
.59
.57
2 . 8 8 (12/8)
3.18 (12/21)
2 . 9 3 (3/28)
.e35
.21
: .88
3.16(3/26)
3.05(11/19)
.32
.19
1.09
3.11
3.10
3.07
3.05
3.09
.28
1.04
3.26 (V4)
x
Z
j .92
l.Oii
.31
.32
.31
.29
! .80
1.05
1.01
1.02
1.04
1.06
1.06
f3 3 : 3 S £ S - t S S S z £ s S S s ! s = - Preliminary.
V:
EXHIBIT B. Fori I
. L O N G - T E R M
B O N D
YIELDS,
L O W E R - G R A D E
JLl
Exhibit B - Part II
Corporate
Baa 1/
Stnt.o and
local govt.
Ban J/
Spread between
Aaa and Baa
State and
Corporate
local govt.
(per cent)
1959-60 - High
1961 - High
Low
1962 - High
Low
196] -High
- Low
196U - High
Low
Oct.
Nov.
Nov.
Nov.
vXNov.
30
6
13
20
27 £ /
1.83(11/35)
4.87(6/26)
4.80(11/20)
h.Jj6 (1/7/60)
1.16(3/23)
3.93(11/9)
U. 014(1/11)
3.52(5/17)
3.63(6/27)
3.52(5/23)
"
3.59(10/8)
3.49(11/19)
4.81
4.81
4.80
4.80
4.81 /
3.56
3.55
3.50
3.49
3.54
5.3^(2/12/60)
5.13(10/27)
5.00(4/21)
5.13 (1/3)
a. 92(12/21)
U.93(V4)
Note I For footnotes see Exhibit A*
.8k
.81
.66
.7lt
1.08
.93
.57
.82
.63
.56
.71
.63
.U8
.48
.37
»hh
.49
.36
.38
.38
.37
.38
.37
.45
.45
.43
.44
.45
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, G O V E R N M E N T
Exhibit C - P a r t II
Discount
rate
y
3-month
bills 2 /
6-month
bills 2 /
3 - 5 year
issues 2 /
Spread between yields on 3 m o n t h bills and yields o n
I6-mo. bills|3-5 y r . issues
(per c e n t )
1959-60 - High
1961 - High
Low
1962 - High
Low
1963 - High
Low
196U - High
Low
Oct.
Nov.
Nov.
Nov.
yNov.
y
Jsf
30
6
13
20
27 £ /
iwOO
3.00
3.00
3.00
3.00
3.50
3.00
U.00
3.50
3.50
3.50
3.50
3.50
U.00
5.00(12/24/59)
3.86(8/11)
3.15(5/12)
3.88(2/2)
3.14(12/28)
1.07(12/27)
3.55(11/15)
2.88(3/15)
3.Wt(ViA)
3.78(11/27) 3.96(11/27) 4 . 2 3 ( 3 / 2 7 )
3.43(7/17) 3.52(7/3)
3.98(8/7)
.79
. a
.12
.21*
.02
.17
.01*
.21
.04
3.56
3.56
3.58
.15
.16
.16
.17
.47
.46
.42
r/.41
.18
.33
2.17 ( V 2 7 )
2.97(7/13)
2.65(6/8)
-^3:78/
2.35(4/28)
3.13(7/20)
2,7U(6/8)
3.68(12/6)
2.93(3/8)
3.71
3.72
3.74
.
r/3.78 y
3.96 /
4.03
4.02
4.00
4.02
4.BI
1.81
1.51
.92
1.19
.52
.70
• 1|2
.71
Weekly rate shown is that in effect at end of period at the Federal Reserve Bank of New York,
"ancet yields weekly averages computed from daily closing bid prices. Series of 3-5 year issues
consists of selected notes and bonds.
Note,—Highs and lows are for individual series and nay be on different dates for different series*
For spreads, high refers to widest, and low to narrowest.
http://fraser.stlouisfed.org/
i
Federal Reserve Bank of St. Louis
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 O T H E R PRIVATE B O R R O W E R S
Exhibit D - Part II
Stock exchange
call loan 1 /
Prime
rate 1 /
Finance company
paper 2 /
Federal
funds 3 /
Spread between
3 - m o . bills and
finance co. p a p e r
(per c e n t )
1.02
.56
1959-6CHigh
1961 - High
Low
1962 - High
Low
1963 - High
Low
196k - High
5.58
U.50
U.50
u.50
U.5o
U.5o
U.5o
U.50
U.50
U.50
U.50
U.50
U.50
5.13(1/22/60)
3.00(12/30)
2.50(8/5)
3.25(7/21)
2.88(6/1)
3.88(12/27)
3.13(5/31)
1.30 ( 3 / 2 6 )
3.50 ( 1 2 / 2 7 )
2.U5 ( 7 / 2 6 )
.19
.39
.12
4.50
4.50
4.50
4; 50
3;94(10/23)
3.72(9/11)
3:55(11/13)
3:07(10/16)
•41
Oct.
Nov.
Nov.
Nov.
Nov.
4.50
4.50
4.50
4.50
4.50
4.50
4.50
4.50
4.50
4.50
3.91
3.88
3.88
3.88
3.88
30
6
13
20
27 £ /
y
5.00
U.00 (5/13/60)
2.90 ( 1 3 / 1 7 )
.1*3 ( V 2 7 )
3.00 (12/28)
3.46
3.50
3.55
r/3.55
3.3a
.11
.45
.10
.35
.32
.30
r/.27
.10
-Weekly rate shown is that in effect at end of periqd. Stock Exchange call loan rate ia going rate
on call loans secured by customer#' stock exchange collateral at New York City banks. Prima rata
i® that charged by large banks on short-term loans to business borrowers of the highest credit
standing.
S
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 spread*, high refers to widest, and low to narrowest*
I STOCK
MARKET
1941-43 avll«H'IO I
10,
•
MIIII.m el dollan
[IUU0_
—
—
JI0
70
.[mo
jtooo
',4000
a
^
— k
/^$ioc* MAim emu
^
:—:—
10
^H*N6I HLiillii ,A
Million! ol iliam
k x x t i - Q
Ill
—
—
f
—
11 11
1 1
II1
1 1 111 1 II 1 1 1 IJ\L
A W I I i i i i1 iI i! 1 1 II 1 1 1 1 1 1 1 1 1 1 III
MtO
1111
lltl
1141
If *4
Exhibit B - Part II
1961-62 - High
Low
1963 - High
1961* - High
Low
72.0W 12/8/61)
52.68(^/62)
7U.uU'xi2/27;
86.28(11/20)
75.50(1/3)
2.80
3.96
3.01
2.95
3.10,
Sept.
Oct.
Nov. 13
Nov. 20
Nov. 27 j)/
83.41
84.84
85.21
86.28
85.16
3.00
2.95
2.96
2.95
2.99
10.1
2.U
6.5
6.1
3.6
5.2
4.8
4.7
5.6
4.7
1
credit
Customers'
Bank
debit balloans to
Total
"others" g/
ances h/
(in millions of dollars)
Stock mai
3
Trading
Conmon
volume 3/
stock
yields 2/ (millions
(per cont) of shares)
I
1
Stock prime
index 1/•
5, 602(12/61) U, 2*9 (12/61) 1 , Ul8 (5/9/62)
U,U2U(1/61) 3,253(3/61) 1,161(3/8/61)
7,298(13/63)5,586(11/63) 1,738(13/25)
7,314(4)
5,524(1)
,1,950(11/18)
7,096(8)
5,185(11)
1,720(1/22)
7,142
7,101
5,221
5,185
1,921
1,916
1,943
1,950
3/ Averages of dally trading volume on the Heir Yoric Stook Bxchangi.
,
y End of month figures for number firms of the New York Stock Exchange nhioh carry margin accounts!
For further detail see Bulletin.
Digitized for others.
FRASER
FEDERAL
N A T I O N A L
M O R T G A G E
A S S O C I A T I O N - ^
S E C O N D A R Y MARKET O P E R A T I O N S
M i l l i o n i . of d o l l
rrrrnni
PURCHASES
V
1»41
1941
Exhibit
Estimated
F
offerings
Immediate
purchase
- Part
II
to F N M A '
Standby
Purchases
by
commitment
(In m i l l i o n s
18.5
18.4
12.0
11.8
.1
.1
14.1
14.0
.1
by
FNMA
of dollars)
16.3
2.2
.6
15.8
L964 - Jan.
15.6
15.5
.1
7.7
10.9
11.1
Feb.
15.1
20.1
15.0.
.1
13.0
Mar.
16.8
3.8
Apr.
28.5
19.9
28.5
28.9
.3
.1
26.4
12.7
Dec.
1 May
.
28.9
.
8.8
2.3
25.8
10.9
9.3
9.2
July
Aug.
8.4
20.5
8.0
20.5
.3
Sept.
15.1
34.9
14.9
.1
7.2
1.6
34.8
.1
24.0
.01
Oct.
3.8
5.5
15.2
9.5
^
12.6
4.4
* — L e s s than $50,000.
3/ Data represent unpaid principal balances of the mortgages involved, exclusive of
premiums, discounts, or other charges. Offerings are amounts of applications received
during the period from sellers proposing that FNMA execute purchasing contracts. An
immediate purchase contract covers existing mortgages which the seller must deliver to
FNMA. within 4 5 days. A standby o onmitment contract relates to proposed mortgages on
housing not yet under construction which the seller must usually deliver within one
year. Purchases include those under both inurediate purchases and standby commitment
contracts. Data exclude FNMA activity under Special Assistance and Management and
Liquidating Programs.
EXHIBIT O, Pail
I YIELDS
O N
N E W
A N D
S E A S O N E D
C O R P O R A T E
B O N D S
*
SUSONED A..
II I I I I
Exhibit 6 - Bart II
Yields on New Corporate Bond Issues Adjusted
Number Aa't o f issues
yield
included (mil.
of
(per cent)
of dollars)
Month!
Mar.
150.0
125.0
4.50
4; 3 8
11
18
166.0
4.43
25
130.0
4.48
278.0
4.46
230.0
4.43
75.0
4.37
4.39
60.0
239 i0
70.0
4.49
4.46
Weekly averages
1964 - High
4.53(5/8)'
Average
yield
included (mil.
of
{ p e r cent).
of dollars)
Issues
Sept. 4
1964 - Jan.'
to a n A a a basis
Number Am't of issues
Average
Oct.
60.0
69.0
4.48*
4.48
4.52
4.46
2
70.0
4.46
9
12.0
4.44
18.0
4.46
16
23
Nov.
40.0
40.0
30
6
13
20
27
4.30(2/21)
No tat Average# of offering yield# on aljLnew issues of publiolyofferwd oorporate bonds rated A M .
A by Moody*• Investors Servioa(exoept serial and convertible issues, offerings of natural gas pipeline
and foreign oonmanies, and bonds guaranteed by the federal Government) weighted by else of offering.
Before averaging, new offering" » " adjusted to a oonroosite iaa basis fcy deducting from the a o t m l ^
reoffering yield the ezoess of the weekly average yield for seasoned leads of the appropriate Indnstryu
quality group over the oonmosite average for seasoned Aaa-rated bands (Moody's). Averages^considered
unrepresentative because e# special character!stios of tte offerings included are denoted by a n asterisk^
11.14
Exhibit H
Long-term Corporate and State and Local Government
Security Offerings and Placements
(In millions of dollars)
New Ca pital
1964
Coreorate
1963
1962
930
685
754
613
594
1,144
549
860
819
April
May
June
2,178
1,069
1,378
930
904
1,013
1,153
771
1,132
July
August
September
780
661
1,035
676
637
795
800
750
January
February
March
October
November
December
1st
2nd
3rd
4th
quarter
quarter
quarter
quarter
1st half
Three quarters
Year
e/
c/
1964
State and Local 2/
1963
1962
946
771
809
732
746
976
876
1,133
628
B/1,215
£/ 666
£/ 902
869
866
930
873
91.2
786
573
773
557
£/
e/
e/
904
750
900
680
708
449
612
544
427
1,013
819
1,415
819
678
1,064
e/
e/
850
550
1 ,051
729
416
650
578
550
2,369
4,625
2,476
2,351
2,847
2,109
3,246
2,228
3,056
1,902
2,561
£/2,527
2/2,782
e/2,554
2 ,454
2,,665
1,,837
2,,197
2,637
2,571
1,528
1,779
6,994
9,470
5,198
7,307
10,553
5,284
7,186
9,747
£/5,309
e/7,863
5,,118
6,955
9,,151
5,208
6,790
8,568
£/
£/
£/
;
Excluding finance companies £/
1st. quarter
2nd quarter
3 r d quarter
4 t h quarter
1,996
4,170
£/ 2,226
2,284
2,529
1,768
2,854
2,169
2,970
1,767
2,330
Year
9,434
e/ Estimated by Federal Reserve.
£/ Preliminary.
ll Securities and Exchange Commission estimates of net proceeds.
2/ Investment Bankers Association of America estimates of principal' amounts.
3/ Total new capital issues excluding offerings of sales and consumer finance companies.
p>
Exhibit I
H. 14
New Corporate Security Issues, Type of Issue
and Issuer
(In millions of dollars)
2,345
3,317
2,167
2,875
Gross proceeds for new
capital and refunding 1/
Common Memo:
Foreign
Publicly Privately pfd. issues
Mfg.
Offered Offered
stock
1,114
724
508
70
649
1,386
1,289
642
251
" 996
852
1,006
308
55
566
1,088
1,510
277
135
747
2,700
3,634
2,436
3,466
1,108
1,389
898
1,319
1,306
1,820
1,251
1,780
2,499
4,851
2,728
978
1,321
792
1,221
1,640
1,442
1,049
1,340
1,246
810
756
871
1,116
891
1,459
380
550
459
279
336
283
511
183
626
985
710
805
2,234
1,155
1,461
July
8 69
Aug.
728
Sept. 1,130
Oct.e/
895
Nov.
Dec.
338
279
361
383
470
468
234
183
375
175
Total
1964 - Jan.
Feb.
Mar.
Apr.
May
287
424
287
367
Net proceeds for
new capital 1/ 2/
Public
Utility
Communications
Other
issuers
429
984
376
552
456
228
274
317
694
848
685
945
128
434
109
47
947
591
896
968
326
794
285
530
236
221
150
118
842
1,241
868
1,629
300
1,890
494
29
105
85
418
723
547
438
856
642
273
1,663
59
1,240
1,383
1,229
452
694
675
431
318
501
481
549
751
217
95
113
100
100
87
125
159
83
56
182
196
46
21
42
10
10
27
148
216
227
297
272
237
240
214
515
341
222
230
107
100
78
201
131
198
71
92
58
86
25
39
41
13
64
369
373
499
187
187
441
531
461
637
526
342
353
480
537
623
411
433
598
550
.121
88
91
1,372
148
370
225
112
156
170
5
16
8
34
36
35
21
21
44
149
123
146
186
206
332
149
164
234
200
109
155
174
151
441
264
207
138
296
220
157
83
34
1,377
27
258
23
16
19
30
515
324
400
463
395
525
401
342
486
350
:
]>/ Preliminary, e/ Estimated By Federal Reserve.
1/ Gross Proceeds exceed net proceeds by the cost of flotation.
2/ For total see Exhibit H; other issuers are extractive, railroad & other transportation,
real estate & finance, & commercial & other.
Source: Securities & Exchange Commission.
H. 14
Exhibit J
Other Security Offerings
(In millions of dollars)
1964
January
February
Ma rch
April
May
June
July
August
September
October
November
December
Jan, - 0:l
Gross long-term If
'
Foreign government 2/
Federal agency 3/
1963
1963
1962
1964
4
82
69
30
75
26
20
13
232
133
76
57
114
U
4
63
83
7
c/
1 60
2
c/
48
Year
'
142
10
35
10
86
50
25
8
31
151
88
101
;69
5*8
771
?37
I
1962
148
246
156
--
186
461
275
459
--
--
260
150
175
160
e/509
cV 1 , 2 0 4
174
200
-—
967
1,188
1,167
1,188
;
New short-term 4/
State and local government 5/
Federal agency 3/
January
February
April
May
July
August
September
October
November
December
jan. - Oct
103
236
-407
442
81
-80
-9
130
159
n: a,
Year
75
272
-367
589
-30
-10
62
208
-173
259
146
-339
18
466
-186
127
-84
-118
78
339
-406
71
234
-161
885
305
692
378
-78
-336
23
97
183
239
-333
167
1
2/ 338
D/
301
-106
-189
-482
292
195
319
414
327
258
123
-102
551
247
-156
226
-364
82
284
261
227
-157
379
55
-80
1,151
1,029
1.600
1.004
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 t'lan one year. 2/lncludes securities offered in the U.S. by foreign governments and their political subdivisions and international organizations. Source: Securities & Exchange Commission. 3/
Issues not guaranteed by the U.S. Government. Source: Long-term, Securities & Exchange
Commission; short-term* Treasury Dept. & Federal Reserve. 4/These data differ from those
in Exhibit H and above in that they represent new offerings less retirements, whether from
the proceeds or refunding issues or from other funds. Data include only issues with
original maturing of one year or less. 5/Principally tax and bond anticipation notes,
warrants
or certificates and Public Housing Authority notes. In some instances PHA notes
included may have a somewhat longer maturity than 1 year. Source: Bond Buyer & Federal
http://fraser.stlouisfed.org/
Reserve.
Federal Reserve Bank of St. Louis
#
&
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
1963 - Oct. •
Nov.
Dec.
1964 - Jan.
Feb.
Mar.
Apr.
May
July
Aug.
Sept.
Oct.
446
180
547
307
263
335
1,557
452
650
291
142
376
187
Corooriate
Bonds
(other than
Convertible
convertibles)
bonds
380
117
515
225
200
296
235
415
390
178
125
269
108
60
35
51
State
and
local
governments
Stocks
66
63
32
22
28
38
1.,271
37
260
113
17
25
Other
734
373
111
577
358
282
698
274
384
544
459
558
419
81
79
2/
174
200.
50
20
15
275
260
104
15
502
Large Individual Issues Offered November 2 through 27
Issuer
Type a/
Amount
(millions
of
dollars)
Maturity
Coupon
rate or
net interest cost
Offering
vield
Rating
Corporate
State and local government
State of Delaware
Los Angeles Fid. Contl.
Dist., Calif.
Baltimore, Md.
Hempstead, New York
N.Y. Housing Fin. Agency
Port of New York Auth.
Philadelphia, Pa.
G. 0.
24..0
1965-84
2..96
2. 10-3..06
Aa
Rev. -Q.-Ut.
G.O.
G.O.
Rev. -Rent.
Rev. -Q.-Ut.
G.O.
10..0
44. 7
11. 2
70. 5
25. 0
40. 9
1966-89
1965-95
1965-93
1965-96
3.,17
3. 24
3. 12
3. 63
3. 43
3. 29
2. 25-3..25
2. 15-3. 25
2. 10-3. 40
2. 20-3. 67
Aa
A
A
1995
1966-95
4/
2. 35-3. 47
A
——
K-2
Large Individual Issues Offered November 2 through 27 (Cont'd)
Type 3/
Amount
(millions
of
Maturity
dollars)
Republic of Finland
'
Coupon
net interest cost
Offering
yield
Rating
1979
*--Rights offering, n.a.--Not available.
J L / Includes corporate and other security offerings of $15 million and over; State & local
government security offerings jaf $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 & local government securities, G.O. denotes general obligations;
Rev.-Ut., revenue obligations secured only by income from public utilities; Rev.-Q.-Ut.,
revenue bonds secured only by revenue from quasi-utilities; Rev.-S.T., revenue bonds
secured by revenue from specific taxes only; Rev.-Rent., revenue bonds secured solely by
least payments.
4/ Bonds not publicly reoffered.
5/ 1/10 per cent bond maturing 1994-95 reoffered to yield 4.10 per cent.
j
1
H. 14
Exhibit L
Forthcoming Large Long-term Public Security Offering for New Capital
(Other than U.S. Treasury) JL/
Expected Proceeds from Forthcoming Large Issues
(In millions of dollars)
During month following
date shown
State and
Corporate
Other 7J
local govt.
j1963 - Oct. 31
I
Nov. 29
I
Dec. 31
)1964 - Jan. 31
Feb. 28
1
j
Mar. 31
Apr. 30
May 28
June 30
July 31
j
Aug. 31
Sept.30
;
!
Oct. 30
145
392
305
155
224
,587
651
600
292
92
402
186
255
137
469
316
454
669
345
341
539
120
511
500
254
,
State and Local Government
Florida Dev. Comm.
New York State Dorm. Auth.
Houston,Texas
State of Oregon
Nashville & Davidson Co. Met.
Govt., Tenn.
15
145
1,992
1,905
1,771
1,649
1,837
844
668
307
167
442
186
Other 2/
401
349
731
667
646
953
575
598
716
588
680
626
549
25
15
Forthcoming Large Offerings as of November 27
Type
Issuer
Corporate
Granite City Steel Co.
Pacific Gas & Elec. Co.
Stauffer Chemical Co.
Niagara Mohawk Pwr. Corp.
Tennessee Gas Trans. Co.
Bank cf California
25
15
Corporate
Subsequent to
date shown
State and
local govt.
Amount
(millions
of
dollars)
Approximate date of
offering
Conv. sub. deb.
1st & ref. mtg, bd s.
Deb.
1st mtg. bds.
Deb.
Cap. notes
30.0
65.0
35.0
40.0
40.0
20.0
Dec.
1
2
3
3
14
16
Rev.-S.T.
Rev.-Rent.
G.O.
G.O.
33.8
17.1
27.0
30.0
Nov.
Dec.
Dec.
Dec.
1
2
8
G.O.
13.8
Dec.
8
Dec.
Forthcoming Large Offerings as of November 27 (Cont'd)
Issuer
Type
Amount
(millions
of
dollars)
Approximate date of
offering
|
State & Local Government (Cont'd)
Florida State Bd. of Education
Los Angeles Unif. Sch. Dist., Calif.
Public Housing Auth.
State of California
Mass. Port. Auth,
Pittsburgh, Pa.
Dade County, Fla.
Va. State Highway Auth.
Forth Worth, Texas
Rev.-Rent.
Rev.-Rent.
G.O.
Rev.-Q.-Ut.
G.O.
G.O.
Rev.-Q.-Ut.
G.O.
25.0
25.0
104.0
150.0
43.0
35.0
46.0
31.0
14.1
Dec. 8
Dec. 8
Dec. 9
Dec. 15
Indefinite
Indefinite
Indefinite
Indefinite
Indefinite
Other
None.
----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 for Federal agencies.
Note:—Deletions for reasons other than sale of issue: None.
i
H.14
Exhibit M
'
foreign Government and Corporate Security Offerings
and Placements in the United States
„.
Part I: ' Public Offerings
Sale
Date
Amount
(millions
of
dollars)
Issuer and Description of
Issu.-
A.
9/22
15.0
10/27
35.0
10/29
100.0
Sold Sept.=1 through November 27
* City of Oslo, Norway--5-l/2 per cent bonds maturing
1984, rcoffered to yield 4.89 per cent to investors
, in the U.S. and 5-60 per cent to other investors.
United Mexican States--6-l/4% sinking fund bonds
maturing 1979, rcoffered to yield 6,43%.
'
Inter-American Development Bank--4-l/2% bonds maturing •
1984, rcoffcred to yield 4.57%.
B.
Pr- spcctive Offerings
None
*
Difference in reoffering yields on bonds sold to U.S. citizens and those sold to
foreign citizens reflects an upward adjustment of 9.19 per cent in the price paid by
U.S. citizens. This premium was collected by the underwriters in accordance with the
provisions of the new Interest Equalization Tax* This tax is collected—under a scale
of rates which rises with maturity--when U.S. lenders buy new security offerings from
in certain designated "developed" countries.
Digitizedborrowers
for FRASER
;
, . / W .
M-2
Part II:
Date
reported
9/3
Private Placement—Reported Sept. 1 through November 2 '
Amount
(millions
of
dollars)
6.5
|
I
Issuer and Description
of Issue
Urbanizaciones Guacara C.A.—5-1/4% prom.
notes, maturing 1984--no information
available on takedowns.
9/30
60.0
City of Montreal, Canada—57. sinking fund
debenture, maturing 2004--no information
available on takedown.
10/2
50.0
Bell Telephone Co. of Canada--4.607. 1st
mtg. bds., maturing 1989—no information
available on takedown.
|
«
|
f
i
%
, 10/19
7.5
10/20
25.0
The Alberta Government Telephone Commission-- '
4-3/4% debenture, maturing 1989—no informa1
tion available on takedown.
11/4
60.0
City of Montreal--5% sinking fund debenture,
.maturing 2004--no information available on
1
takedown.
U/5
Note:
7.9
Province of New Brunswick—4-3/47. sinking
fund debenture, maturing 1989--no information available on takedown.
|
\
'
Montreal Catholic School Comm.--57, sinking
fund debenture, maturing 1989--no information available on takedown.
11/11
25.0
Toronto—Dominion Tower, Ltd.—4,85% first
mortgage sinking fund bonds, maturing 1989-no information available on takedown.
11/18
29.1
Banco Nacional Hipotecario Urbano y de Obras f
Publicas, S.A,--promissary notes, maturing j
1965-69--no information available on
takedown.
For retrospective data on aggregate foreign corporate and government security
offerings in the United States see Exhibits I and J. There is no simple relationship
between the data shown in this Exhibit and that shown in Exhibits I and J because the
latter includes privately placed securities in the period in which funds are actually
takendown but only in the amount of takedown, while the placements shown in this
exhibit are included when reported, frequently with little or no information concerning timing of takedowns. Full or partial takedowns may take place both prior and
subsequent to the data a placement is reported. *--Included in table for first time.
@FedFRASER