Full text of H.16 Capital Market Developments : November 9, 1964

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Not for Publication PECONTBOLLttn AFTER SIX MONTHS
November 9, 1964.
CAPITAL MARKET DEVELOPMENTS
(cAI

NOV 1 1 % 6 4

IN THE UNITED STATES

Corporad and municipal bond markets. This week, like last,
"Corporations are Expected to offer only $10 million in new securities.
In contrast, State and local government demands for funds will increase
substantially. On the calendar for this week are bonds totaling $148
million, up sharply from last week's unusually small volume, but about
15 per cent below the average weekly offerings during the past year.
Long-Term Public Security Offerings 1/

Week
Ending

Corporate
New Capital | Refunding

State & local govt.
New Capital | Refunding

Sold:
52 week avg.
Oi : .
Nov.

30
7

122
38 r/
10

2

—

"

177

9

116 r /
25 r / -

3 r/

Scheduled:
Nov.

14

10

148

S
JL/ 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, r/ revised.
As investors reacted to the lack of new corporate bond issues
last week and the prospect that the calendar for the remainder of the
year will be very light, the only issue still bound by syndicate
restrictions at the beginning of the week sold out in mid-week and
moved to a small premium in secondary market trading. Moreover, a
number of other recently offered bonds traded actively in the secondary
market with prices on these issues remaining steady or moving up small
fractions.
*
In the municipal market, last week's very small supply of
new issues was easily distributed. Dealers' advertised inventories
were reduced another $46 million to the lowest level since early
April. Moderate 1 y heavy retail demand for many older issues reduced
yields slightly further.




H. 14

-2-

Yields in Securities Markets
Level latest week
(per cent)

Change from
preceding week
(basis points)

High-Grade
Notes and Bonds
Corporate
New
Seasoned
U.S. Govt.
Long-term
3-5 year

4.12
4.02

State and local govt.

3.10

Money Market
Federal Funds
Treasury bills
3-month
6-month
Finance Company Paper

3.50

+ 5

3.56
3.72
3.88

+ 1

- 3
- 1

- 6

. Stock prices. Common stock prices inched back up last week
to approach their all-time high, with the Standard and Poor's composite
index of 500 stocks closing at 85.23 on November 6. Trading volume
averaged 4.6 million shares a day, the same as in the previous week.
Bond referenda. Preliminary data on the $2.9 billion of
State and local government bond referenda submitted to voters in the
November 3 general election indicates that close to three-fourths of
the dollar volume submitted was approved. This was appreciably higher
than the 1963 authorization rate—when voters rejected a $750 million
authorization for the State of New Jersey--but somewhat below rates in
recent Presidential election years. The $2.2 billion authorized is
considerably less than the record authorizations of $3.4 billion in
1960 when California voters approved the $1.8 billion Feather River
Project. Large issues authorized this year include: $750 million for
the State of California, $275 million for the Los Angeles Flood Control
District and $200 million for the State of West Virginia. The largest
referendum rejected was for $165 million in New York State bonds to
provide for additional low-cost housing.
The following table shows the results of November general
election proposals in recent years.




-3-

H. 14

Bond Proposals Submitted
In November General Elections
(In millions of dollars)

Date

1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964

Submitted

1

1,608
958
1,142
1,461
926
1,589
1,523
2,683
940
2,527
1,359
3,779
1,283
2,089
1,502
2.938

Approved

1,342
654
1,097
1,242
850
1,397
556
2,472
775
1,882
786
3,410
593
1,819
700
2,188 eJ

Per cent of
proposals
approved
83
68
96
85
92
88
37
92
82
74
58
90
46
87
47
74 sJ

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.




EXH 161T A, fa it I
L O N G - T E R M B O N D YIELDS, H I G H - G R A D E

I I I II I, III -UJ
Exhibit A - Part II

Corporate
Aaa y

U . S . Govt,
long-term 2 /

State and
local
government
Aaa 3/

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

(per cent)
1959-60 - High
1 9 6 1 - High
Low
1962 - High
Low
1963 - High
Low
1964 - High
Low
Oct. 9
Oct. 16
Oct. 23
Oct. 30
/Nov.
6 £/

4.61(1/29/60)
4.46(9/15)
4.21(3/17)

4.43(2/16)

4.42 (1/8/60)
4.07 (12/29)
3.70(5/12)
4.12(2/23)

3.85(12/28)

4.23(12/2$
4.37(15/27)
4.19(3/29)
4.43(11/6)
4.35(2/28)

4.16(12/27)
3.87 (1/1B)
4.20(4/17).
4.11(7/3)

4.43
4.42
4.42
4.43
4.43 >

4.16
4.17
4.17
4.15
4.12 y

f

(9/24/59)
(7/6)
(2/23)
(1/4)
(11/8)
(11/21)
(3/28)

.59
.57
.34
.47
.30
.35
.21

.92
.76
.46
1.04
.80
1.05
.88

3.16(3/26)
3.07(7/16)

.31
.19

1.09
1.01

3.11
3.11
3.12
3.11
»
3.10/

.27
.26
.25 .
.28
.31

1.05
1.05
1.05
1.04
1.02

3.65
3.37
3.12
3.26
2.88
3.18
2.93

Weekly average of daily figures. Average term of bonds included is 22-24 years#
Weekly average of daily figures. The series includes tonds due or callable in 10 years or more.
y Thursday figures. Only general obligation bonds are included; average term is.20 years.
Note.—flighs and lews are for individual series and may be on different dates for different
series. Tor spreads, high refers to widest* and low to narrowest*




.
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

S1ATI AND lOCil
y

-LJ--LI L.L1-J.J.-LXi-1-l I I l-J-J-L-l—L.l.i—I
Twi

I I I i I I i I I t-J i.o

Exhibit B - Part II

Corporate
Baa 1/

State and
local govt.
Baa y

Spread between
Aaa and Baa
State and
Corporate
local govt.

(per cent)
1959-60 - High
1961 - High
Low
1962 - High
Low
1963 - High
- Low
196U - High
Low
Oct. 9
Oct. 16
Oct. 23
Oct. 30
-/Nov. 6 &/
Note*

5.3$(2/l?/60)
5.13(10/27)
5.00(4/21)
5.110/5)

14.92(12/21)
it.93(3/4)
U.83(ii/i5)
4.87(6/26)
4.80(10/16)
4.80
4.80
4.81
4.81 ^
4.8lZ

For footnotes see Exhibit km

I




U.U6(V7/60)
14.16(3/23)
3.93(U/9)
14.014(3/11)
3.52(5/17)
- 3.63(6/27)
3.52(5/23)
3.59(10/8)
3.51(4/16)
3.59
3.58
3.58
3.56
3.55

.81;

.81
,66

.7U
.63
.71

.U8
.48
.37

.37
.38
.39
.38
.38

1.08

!
I
.49
.36

.48
.47
.46
.45
.45

.V

SHORT- AND INTERMEDIATE-TERM INTEREST RATES, GOVERNMENT

t-HOMlH IIUS
Mork.t Yield

I I I I I I I Ii II IN I11 i n i ii i i i i i i i i i i
Exhibit C - Part II
Discount
rate
y

ii.00

Yields
3-month
bills 2/

6-month
, bills 2/

iu 5 9 ( 1 / 8 / 6 0 )

1959-60 - High
1961 - High
Low
1962 - High
Low
1963 - High
Low
196U - High
Low

3.50
3.00
3.50
3.50

3 . 5 5 ( 1 1 / 1 3 ) 3.68(!?/6)
2.93(3/8)
3.14* (Via)
2.88(3/15)
3.58(10/23) 3.74(10/23) 4.23(3/27)
3.43(7/17) 3.52(7/3)
3,98(8/7)

Oct. 9
Oct. 16
Oct. 23
let. 30
Nov. 6

3.50
3.50
3.50
3.50
3.50/

3.57
3.58
3.58
3.56 /
3.56 « Z

A

2./

3.00
3.00
3.00
3.00

2.97(7/13)
2.65(6/3)

2.35(4/28)
3.13(7/20)
2.71(6/8)

3.73
3.72
3.74
3.71
3.72 /

Spread between yields on >
month bills and yields on

3-5 year
issues 2/

6-mo. bills|3-5 yr> issues

5.00(12/24/59)
3.86(8/11)
3.15(5/12)
3.88(2/2)
3.11(13/28)
U.07 (13/27)

4.05
4.06
4.05
4.03
4.02

.79

.a

.12
.21*

.02
.17

.01*
,21
.04

6

.16 ,
.14
.15
.15
.16

1.81
1.51

•92

1.19
.52
.70
.1*2
- .71
• 46
.48
.48
.47
.47
.46

Weekly rate shown is that In effect at end of period at the federal Reserve Bank of Her Ybrk.
Market yield) weekly averages computed from daily closing bid prices. Series of 3-5 year issues
consists of selected notes and bonds.
Note.—€ighs and lows are for individual series and nay be on different dates for different series#
Tor spreads, high refers to widest* and low to narrowest.




S H O R T - A N D I N T E R M E D I A T E - TERM I N T E R E S T R A T E S ,
B A N K S AND OTHER PRIVATE B O R R O W E R S

C A U I OAKS

V LTL
riii

""" " "
1

F.I. DISCOUNI I A H

XAY

.

V

ill

—- "7 1 1 1 M

'I

" r

u

1y

|

1

• IfolT

L-l

II H .1.1
1 1 1 1 1.1.1.J Li..
nil

Date

f

'

mi

Prime
rate 1 /

Stock exchange
call loan l /

1 II 1 1 1 1II1 1L 1 1 1 11 111

F i n a n c e companypaper 2 /

i'*i

Federal
f u n d s "if

Spread between
3 - m o . b i l l s and
finance co. paper

[per c e n t )
1959-60 High
1961 - High
Low
1962 - High
Low
1963 - High
196k - High
Low
Oct.
9
Oct. 16
Oct. 23
Oct. 3 0
Nov.

6 £/

5.50
U.50
U.50

5.00
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)

U.00
2.90
»U3
3.00
1.30
3.50
2.U5

(5/13/60)
(11/17)
(V27)
(l%/28)
(3/26)
(12/27)
(7/26)

1.02
.56
.11

u.50
u.50

u.50
u.50

U.50
U.5o
4.50
4.50

U.50
U.5o
4.50
4.50

3.94(10/30)
3.72(9/11)

3.50(11/6)
2.75(10/16)

.41
• 20

4.50
4.50
4.50
4.50
4.50

4.50
4.50
4.50
4.50
4.50

3.90
3.94
3.94
3.94
3.88

3.30
2.75
3.48
3.45
3.50

.33
.36
.36
.38
.32

V

.U5
.39
.12

Weekly rate shown ia that in effect at end of periqd. Stock Exchange call loan rate la going rate
on call It?ana secured by customers' stock exchange collateral at Hew York City banka. Prime rate
la that charged by large banks on short-term loans to business borrowers of the higheat 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 New York.
Notei—Highs and lows are for individual series and may be on different dates for different aeries.
Tor spreads, high refers to widest, and low to narrowest*




STOCK MARKET

am .1 dollar!

|

/

v —

r f f i t

SIOCI ami! (KBIT

*IU«SI IN $IIIE$
Mllli.at .1

-

v

w

-

ifl

i

—

'ii
-5

11111111
11 1
IJnL
1 11 11 1II1 11 11 11
A W 1 1 1 1 1 11 11 1II 1 1 1 1 1 1 1 1 1 1 1 II
iiio

mi

mi

mi

m<

Exhibit E - Part II

• Date

Stock price
index 1/

1961-62 - High
Low
1963 - High
1961* - High
Low

72.0Ufl2/e/61)
52.68(6/22/62)
7U.Uli(12/27;
85.23 0-1/ 6)
75.50(1/3)

Sept.
Oct.
Oct.
Oct.
Nov.

83.41
84.84
85.14
84.86
85.23

23
30
6 £_/

Common
Trading
stock
volume 3/
(millions
yields 2/
(per cent) of sberes)

2.80
3.96
3.01
2.96
3.10
3.00
c/2.95
2.95
2.95
2.96

10.1
2.1s
6;5

6.1
3.6
5.2
4.8
4.8
4.6
4.6

Stock ma]rket aistomeif credit
Customers'
Bank
debit balloans to
ances h/
"others" 5/
(In millions of dollars)"

Total

5,602(12/61)1*,259(12/61)
U,1|2U(V61) 3,253(1/61)
7,298(11/63)5,586(11/63)
7,314(4)
5,524(1)
7,096(8)
5,187(8)
7,142

5,221

l,Ul8(5/9/62)
1,161(3/8/61)
1,738(13/25)
1,923(10/7)
1,720(1/22)
1,921
1.916
1.917
1,916

n.a.—Not available, p/ Preliminary,
•
'
" " ~ ~ ~
1/ standard and Poor*: composite index of 500 cannon stocks, weekly closing prices, 1941-43*10.
Monthly data are averages of daily figures rather than of Friday's only. Highs and lows are for
Friday's data only.
2/ Standard and Poor's composite stock yield based on Wednesday data converted to weekly closing
prices by Federal Reserve. Yields shown are for dates on which price index .reached its high
%l
2/

Averages of daily trading volume on the Hew York Stock Exchange.
End of month figures for tmmber firms of the N e e Ybrk Stock Exchange which carry margin accounts;
excludes balances secured by U . S. Government obligations.
Wednesday figures for weekly reporting member banks. Excludes loans for purchasing or carrying
.
U . S. Government securities. Weekly reporting banks account for about 70 per cent of loans to
others. For further detail see Bulletin.




M O R T G A G E A N D B O N D YIELDS
Monthly
iiiiiiiiiii

6116*61$:
1

1
3

A
x

y

1

%
• coimAti i
L

r

| V \

y j

M
i

/

iHHiiau
1960

mi

Exhibit F

FHA
mortgages

Conventional

gages
2 5 - v e a r ) 3 0 - v e a r | 3/
1956 1957 1958 1959-60-

Low
High
Low
High

1961-64- High

July
August
September
October

4.68
5.63
5.35
6.24
5.72
5.43

1

"

5.70
5.45

1111

Part II

Spread beAaa Corporate
tween yields
o n conv. &
5/
25-year FHA
New—
Seasoned^

Spread b e t w e e n
y i e l d s o n new c o r p o r a t e b o n d s and
25-year
Seasoned

mortgage?

FHA mtgS'

5.20
6.00
5.55
6.30
5.95
5.80

.47
.47
.15
.23
.38
.23

5.44
5.44

5.46
5.46

5.80
5.80

.36
.36

5.44
rwa.

5.46
n.a.

5.80

.36

3.08
4.94
3.65
5.25
4.72
4.12

4.12
3.57
4.61
4.45
4.22

4.37
4.39
r / 4.49
4.46

4.40
4.41
4.42
4.42

3.08

.76
1.58
.88
1.69
1.50
.94

1.07
1.05
.96

1.03
.05
.73
.39
-.16

-.03
-.02
r/ . 0 7
.04

Neither mortgage nor bond yields take Into aoocunt servicing costs which are much higher for mortgages
than bonds. Generally, bands pay interest semi-annually) mortgages, monthly. Mortgage yields, if oon>»
puted as equivalent to a semi-annual interest investment, would be slightly higher than given in the
Based on J"HA—field-office opinions about average bid prices in the private secondary market for newhoma mortgages for immediate delivery. Separate data available for 25-year and—begin!ng July 1961—»
30-year mortgages with minimum downpayments, 'wsighted by probable volume of transactions , Yields computed by FHA, assuming prepayment period of 12 years for 25-year mortgages and 15 years for 30-year
mortgages. Over the period for ifcioh they can be compared, the movement of the two mortgage yield
series has been similar* Dashed lines indicate periods of adjustment to changes in contractual interest
Based on FHA field office opinion on typical interest rates (rounded) on conventional first mortgages
prevailing in the market areas of insuring office cities. Beginning with April 1960, rate relates only
to new-home mortgages; prior to that date, rate related to both new as veil as exi sting-home mortgages.
Dashed line indicates this change in the series.
See note for Exhibit 6.
Moody's Investor Servioe, Monthly averages of daily data* See Exhibit A,

5 ^ for FRASER
Digitized


YIELDS O N NEW 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

Exhibit G - Part II
Yields on New Corporate Bond Issues Adjusted to an A a a basis
N u m b e r A m ' t o f Issues A v e r a g e
of
i n c l u d e d (mil.
yield
of dollars)
fner c e n t )
M o n t h l y averages:
1 9 6 4 - Jan."
Feb.
Apr.
May
July
Aug.
Sept.
Oct.
Weekly averages:

3
3
6
1
10
8
3
4
7
3

'

150.0
125.0
166.0
130.0
278.0
230.0
60.0
75.0
239.0
70.0

1964 - High
Low

4.50
4.38
4.43
4.48
4.46
4.43
4.37
4.39
4.49
4.46

N u m b e r A m ' t o f Issues A v e r a g e
i n c l u d e d (mil.
of
yield
(per cent).
of dollars)
Sept. 4
11
18
25
Oct.
2

Nov.

9
16
23
30
6

•

1
1
1
3
2
1

40.0
40.0
60.0
69.0
7fo. 0
12.0

4.48*
4.48
4.52
4.46
4.46
4.44

1

18.0

4.46

4.53(5/8)'
4.30(2/21)

J to* JLVOAHgaa V*
W4 <Mf> **WH
W#
ww»*r wewww
•••www
M WW
A by Moody's Investors Service (except aerial and convertible l a n e s , offerings of natural gas pipeline
and foreign companies, and bonds guaranteed by the Federal Government) weighted by else of offering.
Before averaging, new offerings are adjusted to a composite Aaa basis by deducting from the actual
reoffaring yield the excess of the weekly average yield for seasoned toads of the appropriate industryquality group over the composite average for seasoned Aaa-rated bonds (Miody's), Averages considered
unrepresentative became of special characteristics of the offerings included are denoted by an asterisk^




\V

H. 14

Exhibit H
Long-term Corporate and State and Local Government
Security Offerings and Placements
(In millions of dollars)
New Capital
1M4
January
February
March
April
May
June
July
August
September
October
November
December
1st
2nd
3rd
4th

quarter
quarter
quarter
quarter

1st half
Three quarters
Year

Corporate
1963

State and Local 2/
1963

19*2
549

1962

946
771
809

732
746
976

876
1,133
628

2/1,215
jo/ 666
r/ 902

869

930

873
912
786

930
685
754

613
594
1,144

860

2,178
1,069
1,378

930
904
1,013

1,153
771
1,132

£/
797
£./
72,9
£/ 1,006

676
637
795

573
773
557

£/
e/
e/

904
750
900

680
708
449

612
544
427

800
750

1,013
819
1,415

819
678
1,064

e/
e/

850
650

1,051
729
416

650
578
550

2,369
4,625
£/ 2,532

2,351
2,847
2,109
3,246

2,228
3,056
1,902
2,561

£/2,527
£/2,782
e/2,554

• 2,454
2,665
1,837
2,197

2,637
2,571
1,528
1,779

6,994
9,526

5,198
7,307
10,553

5,284
7,186
9,747

£/5,309
e/7,863

5,118
6,955
9,151

819

£/
£/
£/

866

5,208 '
6,790
8,568 !

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

quarter
quarter
quarter
quarter

1,996
4,170
e/ 2,282

2,284
2,529
1,768
2,854

2,169
2,970
1,767
2,330

9.236
9.434
Year
e/ Estimated by Federal Reserve.
£/ Preliminary.
1/ 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.




(3
Exhibit I

H. 14

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

1962 - I
II
III
IV

2,345
3,317
2,167
2,875

Gross proceeds fo c new
capital and refum line li
Common Memo:
Bonds
and
Foreign
Publicly Privately pfd. issues
Offered
1,114
508
724
70
1,386
1,289
642
251
852
1,006
308
55
1,088
1,510
277
135

1963 - I
II
1
HI
IV

2,700
3,634
2,436
3,466

1,108
1,389
898
1,319

1,306
1,820
1,251
1,780

287
424
287
367

128
434
109
47

947
.591
896
968

326
794
285
530

236
221
150
118

! 1964 - I .
i
II

2,499
4,851
2,798

978
1,321
792

1,221
1,640
1,513

300
1,890
493

29
105
84

418
723
575

438
856
634

273
1,663
59

1,240
1,383
1,264

1963 - Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

1,049
1,340
1,246
810
756
871
1,116
891
1,459

380
550
459
279
336
283
511
183
626

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

1964 - Jan.
Feb.
Mar.
Apr.
May
June
July]*/
Aug. £/
Sept.^i
Oct.c/
Nov.
Dec.

985
710
805
2,234
1,155
1,461
892
812
1,094
895

338
279
361
383
470
468
234
183
375
175

526
342
353
480
537
623
434
500
579
550

121
88
91
1 ,372
148
370
224
129
140
170

149
123
146
186
206
332

109
155
174
151
441
264
207
137
290
22 0

Quarter
or
Month

i
i
s

t
:

1

j

Total

5
16
8
34
36
35
16
19
49
n.a.

Net piroceeds fo:r
new a roital 1/ 1/

\

Mfg.

Public
Utility

649
996
566
747

429
984
376
552

456
228
274
317

694
848
685
945
842
1,241
868
1,629 .

ll3

188
214
200

Communications

157
83
34
1,377
27
258
23
16 .
20
30

Other
issuers

515
324
400
463
395
525
393
388
483
350

2.1 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.




!

Exhibit J

H. 14

Other Security Offerings
(In millions pf dollars)

1964
January
February
March
April
May
July
August
September
October
November
December

2/
£/
e/
e/

Jan. - Oct.

e/

Gross long-term 1/
Federal agency 3/
Foreign government 2/
1963
1962
1964
1963

4
82
69
30
75
26
16
3
75
160

232
133
76
57
114
11
63
83

2
540

Year

%

142
10
35
10
86
50
25
8
31
151
88
101

769

548

771

737

•k
1962

148

246
156

186

461

--

d/
1/
a/
a/

275
260
160

459

509

174
200

150
175

—

a/1,204

--

--

967 1,167

-"

1;'33
1,188

New short-term 4/
State and local government 5/
Federal agency 3/
January
February
March
AprilMay
July
August
September
October
November
December
Jan. - Oct.

£/
E/

103
236
-407
442
81
-80
-9
127
136

75
272
-367
589
-30
-10
62
208
-173
259
146
-339

18
466
-186
127
-84
-118
78
339
-406
71
234
-161

-78
-336
23
97
183
239
-333
167
1
£/ 338

n.a.

885

305

£/ 301

-106
-189
-482
292
195
319
414
327
258
123
-102
551
1,151

Federal Reserve Bank of St. Louis

3
n

247
-156
226
-364
82
284
261
227
-157
379
55
-80

r

j,

$

1,029.

378
1.004
692
l,W '
n.a.-Not available.
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/lneludes securities offered in the U.S. by foreign governments and-'their political subdivisions and international organizations. Source: Securities & Exchange Commission. £/
Issues not guaranteed by the U.S. Government. Source: Long-term, Securities & Exchange
Commission; short-term* Treasury Dept. & Federal Reserve. £/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. ^/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
Reserve.
http://fraser.stlouisfed.org/
Year

t1

--

-

|
I
I
j

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

1964

Oct.
Nov.
Dec.
Jan,
Feb.
Mar.
Apr.
May
July
Aug.
Sept.
Oct.

Corporate
Bonds
Convertible
(other than
bonds
convertibles)

446
180
547
307
263
335
1,557
452
650
291
142
376
187

380
117
515
225
200
296
235
415
390
17%
125
269
108

--

60
35
51
---

17
25

Stocks
66
63
32
22
28
38
1,271
37
260
113
81
79

local
governments

Other

1/-

174
200.

734
373
111
577
358
282
698
274
384
544
459
558
419

50

20

15
275
260
104
15
502

Large Individual Issues Offered November 2 through 6

Issuer

Type &/

Amount
(millions
of
dollars)

Maturity

Coupon
rate or
net interest cost

—
Offering
vield

1
Beting

Coroorate
None.
State and local government
None,

-

'

Other
*--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 Bank for Reconstruction and Develop!,. %t
issues and non-guaranteed issues by Federal agencies.
3/ In the case of State and local government securities, G.O. denotes general obligations;
~~ Rev.-Ut., revenue obligations secured only by income from public utilities; Rev."Q-Ut. ,
revenue bonds secured only by 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.




|

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 3J
local govt.
1963 - Oct. 31
Nov; 29
Dec. 31
1964 - Jan. 31
Feb. 28
Mar. 31
Apr. 30
May 28
June 30
July 31
;
Aug. 31
Sept.30
Oct. 30

145
392
305
155
224
1,587
651
600
292
92
402
186
--

255
137
469
316
454
669
345
341
539
120
511
500
254

--

25
15

15

Corporate
145
1,992
1,905
1,771
1,649
1,837
844
668
307
167
442
186

Subsequent to
date shown
State and
local govt.

25
15

15

Forthcoming Large Offerings as of November 6

Type

Amount
(millions
of
dollars)

Corporate

State and Local Government




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

24.0

10.0
45.7
11.2
72.3

16.0
40.9
33.8

'• '

Approximate date of
offering

None,

State of Delaware
Los Angeles Fid. Contl. Dist.
Calif.
Baltimore, Maryland
Hempstead, New York
N.Y. Housing Fin. Agency
Univ. of Neb. Bd. of Regents
Phila., Pa.
Florida Dev. Comm.

Other W

401
349
731
667
646
953
575
598
716
588
680
626
549

Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.

10
12
17
18
19
24

Forthcoming Latge Offerings as of November 6 (Cont'd)

Issuer

Type

Amount
(millions
of
dollars)

Approximate date of
offering

State and Local Government (Cont'd)
* Florida State Bd; of Education
Los Angeles Unif. Sch. Dist., Calif.
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
100.0
43.0
35.0
46.0
31.0
14.1

Dec. 8
Dec. 8
Dec. 15
Indefinite
Indefinite
Indefinite
Indefinite
Indefinite

i

|
|
f
|
|

Other
None.

^

*--Included in Table for first time.
gf
1./ Includes corporate and other issues of $15 million and over; State and local governr
• %•
issues of $10 million and over.
If 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.




H.14
Exhibit M
Foreign Government and Corporate Security Offerings
and Placements in the United States
'

Part I:

\f
If

Sale
Date

-

Public Offerings

Amount
(millions
of
dollars)

Issuer and Description of Issue

A.

9/22

15.0

10/27

35.0

10/29

loo.o

Sold Sept. 1 through November

* City of Oslo, N o r w a y — 5 - 1 / 2 per cent
bonds maturing 1984, reoffered to
yield;4.89 per cent to investors in
the U. S. and 5.60 per cent to other
investors.
United Mexican States--6-1/4% sinking
fund bonds maturing 1979, reoffered
to yield 6.43%.
Inter-American Development Bnnk--4-l/2%
bonds maturing L984, reoffered to yield
4.57%

B.

Prospective Offerings

Hone.
* Differences in rcoffering yields »oAl bonds sold to U:S. citizens and-(those -sdld-to foreign
citizens reflects 9.19 per ccnt higher prices paid by U.S. citizen?, in accordance witljL requirements of Interest Equalization Tax Act. This act requires underwriters to collect
tax from U.S. buyers of new security offerings of borrowers in certain designated countries
under a scale of rates which rises with maturity.




Part II;

Date
reported

9/3

Private Placement—Reported Sept. 1 through :

Amount
(millions
of
dollars)
6.5

|
1

Issuer and Description
of Issue

Urbanizaclones Guacara C.A.--5-1/4% prom.
notes, maturing 1984--no information
available on takedowns.

?

9/30

60.0

City of Montreal, Canada—5% sinking fund
debenture, maturing 2004--no information
available on takedown.

10/2

50.0

Bell Telephone Co. of Canada--4.60% 1st
mtg. bds., maturing 1989--no information
available on takedown.

10/19

7.5

10/20

25.0

The Alberta Government Telephone Commission-4-3/4% debenture, maturing 1989--no information available on takedown.

* 11/4

60.0

City of Montreal--5% sinking fund debenture,
maturing 2004--no information available on
takedown.

* 11/5

7.9

Province of New Brunswick--4-3/4% sinking
fund debenture, maturing 1989--no information available on takedown.

Montreal Catholic School Comm.
sinking
fund debenture, maturing 1989--no informa- .
tion available on takedown.
j

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.