Full text of H.16 Capital Market Developments : November 7, 1966

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Hot f o r H P u b l i c a t i o n p E C 0 T O 0 I 1 E D ^

^

November 7, 1966.

.CAPITAL MARKETS DEVELOIMENTS
IN THE UNITED STATES

Corporate and municipal bond markets. The volume of new corporate and
municipal security issues scheduled to be offered to investors this holidayshortened week is extremely light—the lowest weekly volume for both in 1966.
Next week's corporate and municipal calendars will build up substantially.

Long-term Public Security Offerings 1/
(In millions of dollars)
Corporate
New Capital | Refunding

State and local Government
New Capital ] Refunding

Soldi
52 week avg.
Oct. 28
Nov. 4

202

2

211

132
270

345
142

35

43

2

Scheduled:
Nov. 11
V

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

Yields on new and seasoned corporate bonds leclined further last week.
Of the five straight-debt issues ottered to investors for the first time last
week, two negotiated offerings were immediate sell-outs, but all three competitively
offered issues have large unsold balances bound by syndicate price restrictions.
Underwriters terminated price restrictions on three older, slow-moving debt
issues, and free market trading resulted in upward yield adjustments of 2 to 13
basis points.
Municipal yields declined for the sixth consecutive week, but last
week's new issues were given a lukewarm reception by investors. It is estimated
that only 60 per cent of last week's total new issue volume was sold by the end
of trading on Friday,




I

H. 14

-2-

Yields in Security Markets
Change from
preceding week

Level Latest Week

High-Grade
Notes and Bonds
Corporate
5.61
5.35

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

4.67
5.38

+5
+2

3.72
3.79

-3
-10

6.00

4=95

5.29
5.57

+7
44

State and local Govt.
Moody's Aaa
Std. & Poor's high grade
Money Market
Federal Funds
Treasury bills
3-month
6-month

Corporate Bonds Still in Syndicate
(In millions of dollars)
30,0

11/2/66

Wisconsin Elec. Pwr. Co.
1st mtg. bds., 5-7/8, 1996

5.70

Aa

3/5

11/2/66

10.0

Miss. Pwr. & Lt. Company
1st mtg. bds., 6-3/8, 1996

6.17

A

3/5

11/3/66

80.0

Pacific Gas & Elec. Co.
1st mtg. bds., 5-3/4, 1998

5.75

Aa

3/10

Blue List of Municipal Dealers Advertised Inventories (In millions of dollars)
Latest Date
363

(11/2)




End of Previous Week
340

Recent High
636

(2/17)

H. 14

-3-

Stock Prices. Common stock prices changed little on balance last week
in moderate trading. Standard and Poor- s index of 500 stocks closed the week at
80.81, a gain of .57 points for the week. Trading volume averaged 6.3 million
shares a day.

^ More detailed information concerning recent capital market developments
can be found in the attached exhibits.

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




IXHIIIT A. rati I

8.5

5.1

CORPORATE

4.9

—U.S. GOVERNMENT

3.8

2.8
1981

1982

1983

1988

1984
Exhibit A — Part II

State and
local
government
Aaa 3/

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

Date

Corporate
Aaa 1/

1959-60 - High
1962-63 - Low
1965 - Lev
1966 - High
Low

4.61 (1/29/60)
4.19 (3/29/63)
4.41 (3/12)
5.52(9/9)
4.73(1/7)

.92 (4/22/60)
4.42 (1/8/60) 3.65 (9/24/59) .59 (8/3/60)
3.85 (22/26/62) 2.88 (ll/q/62)
.21 (12/27/63) .80 (1/5/62)
.22
.94
4.13 (6/25) 2.94 (3/11)
1.19
4.04(8/25)
.75
4.87(9/2)
.78
3.39(1/13)
.14
4.42(1/21)

5.44
5.43
5.40
5.37
5.35

4.75
4.76
4.71
4.62
4.67

Oct.

7
14
21
28
Nov. 4£/

U.S. Govt.
long-term 2/

1988

3.86
3.86
3.83
3.75
3.72

.69
.67
.69
.75
.68

.89
.90
.88
.87
.95

•oJ Prelininary.
xj Weekly average of dally figures* Average term of bonds included is 22-24 years#
z/ Weekly average of daily figures. The series includes bonds due or callable in 10 years or more.
9/ Thursday figures. Only general obligation bonds are included; average term is 20 years.
Sote.—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.




•J

5.5

CORPORATE B a a
5.1

4.5

4.1

3.5

1.0
1961

1963

1962

1964

Exhibit B —

Date

1959-60 - High
Year end - 1962
1964
1965
1966 - High
Low
Oct.

7
14
21
28
Nov. 4j>/

Corporate
Baa 1/

1965

1966

Part II

State and
local govt.
Baa If
(per cent)

Spread between
Aaa and Baa
1 State and
Corporate | l o c a l e o v t .

5.36 (a/l?/60)
4.93
4.80
5.04
6.11(10/28)
5.05(1/14)

4.46 (3/7/60)
3.57
3.51
3.79
4.55(8/25)
3.78(1/20)

.84
.70
.37
.31
.75
.31

1.08
.63
.52
.39
.62
.31

6.08
6.10
6.11
6.11
6.10

4.45
4.45
4.42
4.35
4.32

.64
.67
.71
.74
.75

.59
.31
.59
.60
.60

Met#* Tor footnotes see exhibit A.




,

llMlftT C. turt I
SHOKT- A N D I
OOVEINMENT

3-5 YEAH ISSUES
I- MONTH BILLS

F.ft.DISCOUNT RATE

3-MONTH KILLS

1964
1963
Exhibit C -- Part II

1962

1961

Discount
3-month
rate
blU» 2/
1/
4.59 (1/9/60)
2.66
2.89
3.52
3.83
4.47
5.52(9/23)
4.39(6/24)

Oct.

4.50
4.50
4.50
4.50
4.50

5.36
5.44
5.36
5.22
5.29

7
14
21
28
Nov. 4 j>/

; ; 3 " ,

5.07 (1/8/60)
2.90
2.93
3.64
3.93
4.66
5.92(9/23)
4.53(6/24)

3.81
3.41
4.07
4; 07
4.90 .
5.83(9/2)
4.80(4/8)

.79
.24
.04
.13
.10
.19
.52
.09

5.39
5.42
5.37
5.36
5.38

.29
.27
,24
.31
.38

5.65
5.71
5.60
5.53
5.57

8

4.00
3.00
3.00
3.50
4.00
4.50
4.50
4.50

1961

Spread between yields on 3*
month billa and yields on
b m s p - ; YVi W » e a .

Yields
6-month
bills 2/

I

1959-60 - High
Year end - 1961
1962
1963
1964
1965
1966 - High
Low

1965

1.81
1.15
.52
.55
.24
.43
.78
.01
.03
.02
.01
• 14
.09

\J Weekly rate •bonn Is that in effect at end of period at the federal Reserve Bank of Mew Yoxtc.
5/ Market yield* weekly averages computed from dally olosing bid prices* Series of 3-8 year Issue#
oonslsts of selected notes and bonds.
Itotoj-fflghs and lows are for individual series and may be on different dates for different series.
Tar spreads, high refers to widest, and low to narroweet.




(I Hit IT 0. fmn I

SHORT- AND INTKRMIDIATB-TIRM INTIRIST 1ATIS,

Oirecllr Heed

I I I I I I
1961

I I 1 I I I I I I I I I I I I
1962

1963

1964

I I I I I I I I » I I 1 > I >>
1965

1966

Exhibit D — Part II

Da te

Prime rate

1959-60 - High
Year end - 1961

1962
1963
1964
1965
1966 - High
Low

Oct.

7
14
21
28
Nov. 4 £,

\J

5.00
4.50
4.50
4.50
. 4.50
5.00
6.00(11/4)
5.00(3/4)
6.00
6.00
6.00
6.00
6.00

Finance
company
Federal funds 3/
paper
2/
(per cent)

Spread between
3-mo. bills and
finance co. paper

3.00
3.19
3.88
4.06
4.75
5.88(11/4)
4.75(1/7)

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

5.75
5.75
5.88
5.88
5.88

5.90
5.44
5.35
5.05
6.00

.39
.31
.52
.66
.59

5.13

(3/23/60)

4.00 (5/13/60)

1
V

Weekly rate shown is that in effect at end of period. Prima rate is that charged by large banks
on short-term loans to business borrowers of the bluest credit standing#
2j 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 N-w York*
NoteX—Sighs and leers are for individual series and may be on different dates for different series.
For spreads, high refers to widest, and low to narrowest.




UHUn |. p.n I
n O « WARKit

llljleei el <•**•

1*41-4]

PRICES

r * v
STOCK MARKET CREDIT
CHANGE IN SERIES
1

.

VOLUME
A
i

M

/

"

H

1

-

1

i

YIELDS

1SSS

1982

1911

Exhibit E —

Common
Da te

1961-62 - High
Low
Nov. 1963
July 1965
1966 - High
Low
Sept.
Oct. 14
Oct. 21
Oct. 28
Nov. 4 J>/

Stock price
index 1/

yields 2/
fner cent)

Trading
volume 2/
(millions
of shares)

72.04(lW6l)
52.68(6/2V«)
72,62
84.91
93.77(2/11)
74.39(10/7)

2.82
3.96
3.14
3,09
3.02
4.04

10.1
2.4
5.3
4.1
10.7
5.0

77.81
77.13
78.19
80.24
80.81

3.83
3.78
3.72
3.63
3.66

5.7
7.0
6.4
6.4
6.3

1? standard k&d Poor's""composite index of soo oomnon
Monthly data *re averages of dally figures rather
Friday's data only.

Part II

Stock market customer credit
Bank
1Customers'
1 debit bal- loans to
"others" 5/
ances 4/
(In millions of dollars)

Total

:5,602(1^61)
4,424(J/61)
7,298
6,833
7,997
7,525

4,259 (lt/61)
3,253(1/61)
5,586
4,863
5,835
5,355

7,525

5,355

n;a.

n. a.
n.a.

1,418(5/9/62)
1,161(3/9/61)
1,712
1,970
2,241(7/6)
2,133(10/26)
2,170
2,133
2,142
2,133
n.a.

I Friday's only. Highs «

3/ I w % e s of daily trading roltsne on the He* YoA Stook Exchange. Yeai^nd figure* ar» averages of
4/ Sd 1 Jf £ i^*flSLii # fS*£ a ber firms of the Hew Yoric Stook Cxohtoge wfalcb oa«y margin "counts,

others. For further detail see Bulla tin.




YIILDS
nTTTTTTTT|TTTTTTTTTTT [7

I HOME MORTGAGES

1961

1962

Exhibit F

Part II

Conventional
mort25-year 30-year gages 3 /
FHA
mortgages 2/

1956
1957
1958
1959-60
1961-65
1966

-

Low
High
Low
High
Low
High
Low

1966 - June
July
Aug.
Sept.
Oct.

4.68
5.63
5.35
6.24
5.43
6.67
5.72
6.51
6.58
6.67
6.73

Aaa Corporate
Spread between yields
on conv. &
FHA mort. N««5/ Seasoned^
gages

5.44
6.58
5.70

5.20
6.00
5.55
6.30
5.80
6.55
6.00

.47
.47
.15
.23
.25
.30
—. 06

3.08
4.94
3.65
5.25
4.12
5. 77
4.8 ,

3.08
4.12
3.57
4.61
4.19
5.41
4.74

6.45
6.51
6.58
6.63 '

6.40
6.45
6.55
6.65 •

-.05
-. 06
-.03
.02

5.38
5.62
5.70
5.82
5.77

5.07
5.16

1:21
5.41

Digitized for
^ FRASER
Mwdy^e*IkT«ator Serrioe. Monthly &T»r*g«* «f daily d»ta. 5,1 tjbiblt ^


Spread between
yields on new corDorate bonds end
FHA otge. Seeaoned
4/
.76
1.58

.88

1.03
.05
.73

1.69
.77

-.16

.73

.46
.09

1.11

.88
.81

.31
.46

I

| IXNIW r.y.» ml
CONV1NTIONAL MORTOAOI Tllww/^
'MONTHIT]
maturity]

I EXISTING!

(jLOANIPRICE/ RATI 0|

NEW I

EXISTING

1962|

- 19641
Exhibit F Part IV

New Homes
Fees &
tract Charges Maturity
Rate (Per
(Years)
cent)
(Per
cent)
2/

(1966

Existing Homes
Loan/ Loan
Price
Charges Maturity Price amt.
ratio (Thous.) Rate (Per
(Years)
(Thous.)
(Per
(Per
cent)
(Per
cent)
cent)
2/
cent)

5.75
5.75
5.80
5.78

.56
.53
.54
.58

24.9
24.8
25.0
24.8

73.7
73.8
74.9
74.0

5.81
5.85
5.90
5.99
6.02
6.07
6.12
6.18
6.22

.51
.55
.56
.57
.57
.57
.67
.83
.83

24.6
24.6
24.7
24.6
24.7
24.8
24.2
25.4
24.3

73.4
73.2
74.3
73.9
73.4
74.4
72.1
74.0
71.1

18. 1
18.3
18.5
18.4
18.0
18.8
18.9
18.2
19.2
19.7
19.3
20.1
19.0

5.89
5.87
5.91
5.91

.47
.48
.50
.51

20. 1
19.9
20.4
20.6

71 .6
71 . 3
72 . 0
72 .4

13.7
13.9
13.9
14.5

5.97
5.97
6.01
6.09
6.16
6.18
6.24
6.35
6.40

.49
.51
.53
.54
.56
.47
.52
.61
.64

20.6
20.3
20.9
20.6
20.6
20.0
19.9
19.8
19.4

72,.6
72,.0
72.,5
72.,2
71.,8
70.,6
70. 5
70. 6
69. 5

14.3
14 4
14.7
14.5
14.7
14.7
14.3
14.0

Compiled by Federal Home Loan Bank Board in cooperation with Federal Deposit Insurance Corporation. Dat
are weighted averages baaed on probability sample surrey of characteristics of conventional first
mortgagee originated by major institutional lender groups, (including mortgage companies) for purchase
of single family homes. Data exclude loans for refinancing, reconditioning, or modernization;
construction loans to home—builders} and—-in this exhibit—permanent loans which are coupled with
construction loans to owner-build ere. Data are still in a developmental stage and may reflect
seasonal influences which cannot yet be measured because the series go back only to end of 1962.
Related series on conventional mortgage rates only, based on unweighted opinions of regional-office
directors of the Federal Housing Administration, are available somewhat sooner than the results of
FHLBB-TDIC surrey, e d are included-—in the case of new home mortgage rates—in Exhibit F, Parts I
and H e
2/ Fees and chaises—-expressed as a percentage of the principal mortg; t amount—include loan commissions,
fees, discounts, and other charges which provide added income to the lender and are paid by the
borrower. They exclude any closing costs related solely to transfer of property ownership.

I^




(XHItIT C. fart I

NEW ISSUES

SEASONED A l t

i i i i i i i

i
1964

Exhibit 6 - Part II
Yield* on Hew Corporate Bond Issues Adjusted to an Aaa basis
Number Am't of Issues Average
Included (mil. yield
of
Issues of dollars) (per cent)
Monthly averages:
1966 - Jan.
Feb.
Mar.
Apr.
May
•June
July
Aug.
Sept.
Oct.

13
7
11
5
5

8

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

Aug.

5
12
19
26
Sept. 2
9
16
23
30
Oct. 7
14
21

28

Weekly averages;
High
Low

Hotel
A




5.98(4/2)
4.82(1/7)
4.PZ11/ D

Nov.

4
11
18

Number Aa't of issues Average
Included (mil. yield
of
Issues of dollars) (per cent).
5.58
280.0
145.0

80.0
175.0
50.0
15.0

8.0

207.0
40.0
63.5
115.0
115.0
155.0

5.65
5.92
5.98
5.91
5.81
5.69*
5.80
5.81
5.86

5.82

5.67
5.61

Exhibit H

H. 14

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

1966

Corporate
1965

January
February
March

1,302
1,237
2,446

795
746
1,197

April
May
June

1,553
1,058
2,364

1,152
1,691
1,946

2/1,046
2/1,719
e/1,300

July
August
September
October
November
December
1st
2nd
3rd
4th

quarter
quarter
quarter
quarter

1st half
Three quarters
Year

New Canital
1964

2/1,183
£/ 857
E./ 868

804
872
904

947
776
810

2,237
1,095
1,405

2/1,193
2/ 905
2/1,137

826
924
972

1,242
667
903

1,290
850
1,392

812
680
1,130

2/
2/
e/

986
648
966

906
780
892

•e/1,050 '
e/1,100

924
1,325
1,496

953
669
1,642

e/ 700
e/ 825 '

794
1,021
754

801
529
948

4,985
4,974
e/4,065 -

2,738
4,789
3,533
3,745

2,416
4,738
2,621
3,264

2/2,909
2/3,234
e/2^48

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

2,533
2,811
2,578
2,278

9,959
•• e/14,024 •

7,527
11,060
14,805

7,153
9,775
13,038

2/6,143
R/8,591

5,302
7,902
10,471

5,345
7,923
10,201

938 '
700
778

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

quarter
quarter
quarter
quarter

4,924
4,884

Year
e/
E/
1/
2/
3/

State and local 2/
1965
1966
1964

2,547
4,348
3,283
3,188

2,043
4,258
2,477
2,997

13,366

11,775

697
768
983

'

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.




IM
f

I

.'•i

T

'

*4

New Corporate Security Issues, Type of Issue
and Issuer
(In millions of dollars)

Quarter
or
Month

Gross proceeds for new capital
and refunding 1/
Common Memo:
Bonds
Total
Foreign
Publicly Privately and
issues
Placed
pfd
Qffered
stock included

Net proceeds
for new capital —
Mfg.

—

Public Communi- Other
Utility cations Issuers

III
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
1,304
1,815

1966 - I
II
III
IV

5,094 1 ,774
5,115 1 ,941
4,178 2 ,280

2,586
2,083
1,573

734
1,090
326

345
168
n.a.

1 ,860
2 ,205
1 ,528

969
960
705

602
392
567

1,553
1,418
1,265

1965 - 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

1966 - Jan.2/
Feb.
Mar.
Apr.
May
June
July £/
Aug. J>/
Sept.e/
Oct. e/
Nov.
Dec.

1,339
1,273
2,482
1,582
1,106
2,427
1,093
1,760
1,325
1,090

460
560
753
628
481
832
440
1,,140
700
520

692
583
1,311
743
556
784
543
480
550
450

187
130
417
210
69
811
110
141
75
120

353
93
530
118
133
977
692
86
376
33
1,,137
49
442
25
22
536
550
n.a.
450
n.a.

388
241
340
364
274
322
263
317
125
300

141
160
301
76
40
276
50
317
200
75

420
306
/ 827
421
368
629
291
549
425
225

1964

p./ 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 and other
transportation, real estate and finance, and commercial and other.
3/ Does not include U.S. Steel $600 million conversion of preferred stock to debentures.
Source:

Securities and Exchange Commission




•L
Exhibit J
Other Security Offerings
(In millions of dollars)

FnrPionfinvprnmpnf2/
1Q6A
1Q6S

1Q 66
January
February
March
April
May
June
July
August
September
October
November
December
j4n. - Sept.

12
40
40
66
69
76
2-/72
E/ 5
n. a.

n. 8u

Year

38
73
-91
33
74
5
52
75
2
532

4
82
69
30
75
26
20
13
7
180
72
58
326

661

636

218
—

1Q66
503
410
392
699
1,030
2/1,084
r/ 799
n. a.

n.a.

New short-term 4/
State and local Goverment 5/
January
February
March
April
May
June
July
August
September
October
November
December

103
39
-319
580
462
-334
-103
2/270
£/- 161

238
91
-458
647
204
-82
119
408
152
59
274
-366

103
236
-407
442
81
-80
-9
127
176
7
-15
-208

308
-24
450
718
85
284
-590
-270
-652

FpHp-ral Agency 3/
1965
1964
129
185
325

--

--

—

--

275
260
160

775
-*

239
150
375
375
179
1,803

695

2,732

1,205

--

510
• «•

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

-308
-336
23
97
183
239
-333
167
1
525
113
-3

-267
Jan. - Sept.
984
669
1,319
309
£/ 537
1,286
Year
453
368
801
g/ Preliminary, e/ Estimated by Federal Reserve, n.a.—Not available. 1/ These data
differ from those in Exhibit H in that refunding issues, as well as new capital issues,
are included. Long-term securities are defined as those maturing in more than one year.
2/ Includes securities offered in the U.S. by foreign governments and their political
subdivisions and international organizations. Source: Securities and Exchange Commission.
2/ Issues not guaranteed by U.S. Government. Source: Long-term, Securities and Exchange
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 with
original maturity of one year or less.
5/ Principally tax and bond anticipation notes,
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
Reserve.




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

1965 - Oct.
Nov.
Dec .
1966 - Jan,
Feb.
Mar.
Apr.
MayJune
July
Aug.
Sept.
Oct.

Coroorjite
Bonds
Convertible
(other than
bonds
convertibles)
190
559
212
370
391
544
481
351
636
170
862
28?
352

246
736
262
485
545
890
643
401
1,317
402
1,189
6 27
523

Stocks

40
33
50

State
and
local
governments
409
538
413
787
424
399
720
466
582
338
410
611
387

144
——

115
70
271
106

*•=»

84
75
55
50
20
182
257
3&0
116

Other 1)

—

661
50
80
--

55

43
95
—«
--

55
60
--

275
15
50

Large Individual Issues Offered November 1 through 4

Issuer

Type 1/

Amount
(millions
of
dollars)

Maturity

Coupon
rate or
net interest cost

Offering
yield

Rating

Corporate
Whirlpool Corp.
Wise. Elec. Pwr„ Co,
Pacific Gas & Elec, Co.
Transcontinental was
Pipe Line Corp.

35.0
30.0
80.0

1986
1996
1998

5-3/4
5-7/8
5-3/4

1st mtg.p d.bdSc 40.0

1986

6-1./4 6.30

baa

20.0

1967-91

3.75

3.65-4.70

A

25.0

1969-2006

3.94

3.85-3.90

Aa

11. L

1968-76

3.90

3.70-3.75

Ad

S. F. Deb
1st mtg. bds.
1st mtg. bds.

State and local Government
G.Oo
State of West Virginia
Nashville & Davidson Co.
r.
Metro. Govt:, of Tenn. Rev. -Q„ -U'
College of the State of
G.O.
Texas, Austin
Other
None




5.71
5.70
5.75

A
Aa

Aa

FOOTNOTES:

K-2

*—Rights offering.
n.a.—not available.
1/ Includes corporate and other security offerings of $15 million and over; State and
local government security offerings of $10 million and over.
2/ Includes foreign government and International Bahk for Reconstruction and Development
issues and non-guaranteed issues by Federal Agencies.
3/ In the case of State and local Government Securities, C.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 quaiInutilities; Rev.-S.T.,revenue bonds
secured by revenue from specific taxes only; Rev.-Rent., revenue bonds secured sdlely
by lease payments.




H. 14
Exhibit L
Forthcoming Large Long-term Public Security Offering for New Capital
(Other than U.S. Treaaury) .1/
Expected Proceeda from Forthcoming Large laauea
(In milliona of dollara)
During month following
date ahown
State and
Corporate
Other 2/
local govt.
Oct. 29
Nov. 30
Dec. 31
Jan. 31
Feb. 28
Mar. 31
Apr. 30
May 31
June 30
July 29
Aug. 31
Sept,.30
Oct. 31

412
297
553
530
828
489
248
1,261
31.7
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

Subaequent to
date ahown
State and
local govt.
578
458
582
461
504
334
546
584
353
403
685
380
175

Other %)
25
20
20
20
90
55
55
85
50
35
90
35
35

Forthcoming large Offerings as of November &

Iaauer

Type

Corporate
•Beneficial. Finance CoJ
Pacific Telephone & Tel. Co.
American Airlines
*Union Tank Car,
*Fla. Pwr. & It. Co.
*New Jersey Bel 1 Tel. Co.
•Commonwealth Edison Co.
•Detroit Edison Co.
•Pennzoil Co.
•Foxboro Co.
McCall Corp.
United Nuclear Corp.
Cameron Iron Workss Inc.

Deb.
Ceb.
Conv. sub. deb.
Equip. T>. cert.
1st mtg. bds.
Deb.
1st: mtg. bds.
1st mtg. bds.
Notes
Conv. sub. deb.
Conv. pfd. stk.
Conv. sud. deb.
Com-. sub0 deb.

State and local Government
State of New York
*Ala. Pub. Sch. & College Autb.
•Boston,, Massachusetts
•Waterford Twp„ Sch0 Dist.s Mich.

Rev.-Rent.
G. 0.
G. 0.




Amount
(millions
of
dollara)
25.0
130.0
81.7
23.0
40.0
55.0
50.0
100.0
215.0
1.-..0
20.0
15.0
25.0
35.4
36.0
18. )
10.8

Approximate date of
offering

Nov. 15
No v, „ 16
Nov. lb ':rts. ex.)
Nov. 22
Dec. 2
Dec. 7
Dec. 8
Dec.
Dec.
™. nd.:~. fiTt •>.
Indefinite
indefinite
I ode. t in: i.e.
Nov.
Nov.
Nov.
Nov.

14
15
16
1?

Forthcoming Large Offerings as of November 4

Issuer

Type

--

Amount
(millions
of
dollars)

(Cont'd)

Approximate date of
Offering

State and local Government(Cont5d
^Peoples Comm. Hosp, Auth., Mich.
*111, State Bldg. Auth,
*Pa. State Highway & Bridge Auth.
*Md. State Roads Comm.
*Phila.. Pennsylvania
Oklahoma Turnpike Authority
*Munic„ of Metro. Seattle, Mash.
*State of Tennessee

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

18.0
17.6
25.0
22.0
41.1
80.0
15.0
28.0

Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Dec.
Dec.

10.0
15.0
30.0
20.0
15.0

Nov. 15
Nov. 16
Indefinite
Indefinite
Indefinite

21
29
29
30
30
1
7

1

i

Other
*United Mexican States
*New Brunswick Elec. Pwr. Comm.
*City of Montreal, Canada
Republic of Ireland
Nippon Tel. & Tel. Pub. Corp.

Bonds
So F. deb.
S. F. deb.
Bonds
Bonds

\
!
f

Footnotes:
*--Included in table for first time,
J7 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 1
issues and non-guaranteed issues of Federal Agencies.
Note;

Deletions for reasons other than sale of issue;




None,

"20
Exhibit M

H. 14

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

Sale Date

Amount
(millions
of
dollars)

Issuer and Description of Issue

A.
9/21

Public Offerings

Sold September 1 through November 4
Government of New Zealand—7% bonds, maturing 1976,
reoffered to yield 7.28%.***

10.0

B.

Prospective Offerings

^November 15

15.0

United Mexican States--bonds

^November 16

15.0

New Brunswick Elec. Pwr. Comm.—S. F. deb.

"^Indefinite

30.0

City of Montreal, Canada—S. F. deb.

Indefinite

20.0

Republic of Ireland—Bonds

Indefinite

15.0

Nippon Telegraph and Telephone Public Corp.—Bonds

*—Included in table for first time.
is sue sold to investors outside of U.S.
***~-Issue subject to interest equalization tax.




M-2
Part II:

Private Placements - Reported September 1 through November 4

Date Reported

Amount
(millions
of
dollars)

9/23

59.5

Savage River Corp.—5-1/2% - 5-3/4% collateral
trust notes, maturing 1976-83—no information
available on takedown.

10/28

44.0

Bell Telephone of Canada—6% 1st mortgage bonds,
maturing 1996—$33 > taken do# balance by Jan. 13,
1967.

10/28

Issuer and Description of Issue

Canadian Fina Oil Ltd.—6-1/2% guaranteed notes,
Maturing 1981—to be taken down by March 30, 1967.

Note: For retrospective data on aggregate foreign corporate and government security offerings
in the United States see Exhibits I and J. There is no simple relationship between the
data shown in the Exhibit and that shown in Exhibits I and J because the latter includes
privately placed securities in the period in which funds are actually taken down but
only in the amount of takedown while the placements shown in this exhibit are included
when when reported, frequently with little on no information concerning timing of takedown
Full or partial takedowns may take place both prior
and subsequent to the date a
placement is reported.