Full text of H.16 Capital Market Developments : October 10, 1966
The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
» Not for Publication H. 14 DECONTROLLED AFTER SIX MONTHS October 10, 1966. /CAPITAL MARKETS DEVELOPMENTS IN THE UNITED STATES Corporate and municipal bond markets. The expected volume of new corporate and municipal security offerings this week will approximate the average volume for such issues over the past year. Accounting for nearly one-third of the corporate volume is the convertible debenture offering to stockholders by United Aircraft Corporation. The largest municipal offering, Los Angeles County Flood Control District's $55 million general obligation issue, represents more than one-fourth of the municipal volume. Long-term Public Security Offerings 1/ (In millions of dollars) Corporate New Capital I Refunding State and local Government New Capital 1 Refunding Sold: 52 week avg. 193 Sept. 30 Oct. 7 227 r/ 100 144 r/ 144 190 204 2 211 3 Scheduled: Oct. 14 1/ 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. New and seasonal corporate bond yields declined further last week. The sole straight debt issue offered last week -- Columbia Gas System's $40 million of single A-rated debentures -- was moderately well received by investors at an initial yield of 6.19 per cent. This issue did not carry any special provisions against early redemption by the company, thus the new issue yield series cannot be directly compared to the prior week when all four issues included had five-year call protection. Municipal yields declined 1 to 2 basis points for the second consecutive week. New issue bidding by underwriters was rather aggressive, but investors responded unenthusiastically to the lower new issue yields -about one-half of the new issues remained unsold at the close of trading on Friday. H. 14 -2 - Yields in Security Markets Level Latest Week High-Grade Notes and Bonds Corporate New Seasoned 5.81 5.44 + 1 - 3 4.75 5.39 - 3 - 9 3.86 4.01 - 1 5.90 +120 5.36 5.65 - 3 - 4 U.S. Government Long-term 3-5 year State and local Govt. Moody's Aaa Std. 6c Poor's high grade - 2 Money Market Federal funds Treasury bills 3-month 6-month Corporate Bonds Still in Syndicate (In millions of dollars) 10/7/66 40.0 Columbia Gas System, debentures, 6-1/4, 1991 6.19 Blue List of Municipal Dealer's Advertised Inventories (In millions of dollars) Latest Date 367 (10/5) End of Previous Week 324 Recent High 636 (2/17) H. 14 Stock prices. Common stocks prices declined substantially last week in trading that averaged 7.5 million shares a day. Standard and Poor's index of 500 stocks ended the week at 73.20 -- a drop of 3.36 points from the week earlier. Stock prices registered a new low for the year, 1.33 points below the previous low marked in late August, and now stand at their lowest level since October 1963. Capital Markets Section, Division of Research and Statistics, Board of Governors of the Federal Reserve System. IXHIIII A, tau I LONO-TIRM BOND YIIIDS, HIOH-ORADI 5.5 5.0 CORPORATE All 4.5 4.0 — U . S . GOVERNMENT 3.5 _/ 3.0 STATE A N D LOCAL G O V E R N M E N T All 2.5 1861 1862 1863 Exhibit A Corporate Date Aaa 1/ U.S. Govt. long-term 2/ — Part II State and local government Aaa 3/ 1959-60 - High 1962-63 - Low 1965 - L a v 1966 - High - Low Sept. Oct. 1866 1865 1864 Spread between U. S. G o v t , and Corporate State and Aaa local Aaa .92 (4/22/60) 4 . 6 1 (1/29/60) 4 . 1 9 (3/29/63) 4 . 4 1 (3/12) 4 . 4 2 (1/8/60) 3 . 6 5 (9/24/59) 3 . 8 5 (1V26/62) 2 . 8 8 (11/8/62) 4.13 (6/25) 2 . 9 4 (2/11) .59 (8/5/60) .21 (12/27/63) .22 5.52 (9/9) 4.73 (1/7) 4.87 4.42 .75 .14 1.19 .78 .75 (9/2) (1/21) 4.04 3.39 (8/25) (1/13) . 8 0 (1/5/62) .94 9 16 23 5.52 5.51 5,49 4.77 4.79 4.80 3.99 3.85 3.89 .72 .69 .78 .94 .91 30 5.47 5.44 4.72 4.75 3.88 3.86 .75 .69 .89 7£/ .84 •of Preliminary* Ty W e e k l y a v e r a g e of dally figures. Average term of bonds included it 22-24 years. TJ Weekly average of daily figures. The series Includes bonds due or callable In 10 years or more. *3/ Thursday figures. Only general obligation bonds are includedj average term is 20 years. Sote . — S i g n s 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. LONO-TIRM BOND YIILDS, L O W K R OilADI 6.0 5.5 C O R P O R A T E Baa 5.0 4.0 STATE A N D LOCAL G O V E R N M E N T Baa / U. 3.5 3.0 1961 1963 1964 Exhibit B -- Part II 1962 1965 1966 i Corpora te Baa 1/ Date State and local govt. Baa J / Spread between Aaa and Baa State and Corpora te local govt. (per cent) 1959-60 - High Year end - 1962 1964 1965 1966 - High Low Sept,. Oct. Notel 9 16 23 30 7£/ 5.36 (2/13/60) 4.46 (1/7/60) 4.93 4.80 5.04 3.57 3.51 6.10(9/23) 5.05(1/14) 6.08 6.10 6.10 6.06 6.08 For footnotes see Exhibit A. 3.79 4.55(8/25) 3.78(1/20) 4.51 4.43 4.45 4.45 4.45 .84 1.08 .70 .37 .31 .64 .63 .52 .39 .62 ' .31 .38 .56 .59 .61 .59 .64 .56 .52 .58 .57 • 59 SHORT. AND INTKRMIDIATK-TIRM INTIRIST RATI* GOVERNMENT / Jl M - 3-5 Y E A R ISSUES y - / ^ r. R. DtsioUNT RATE | i M M 1963 1964 1965 1966 - High Low Sept,. Oct. 1963 Discount ra te 3-month b i l l s 2/ 1/ 1959-60 - High Y e a r e n d - 1961 1962 9 16 23 30 ?£/ BILLS 1 1 1 1 1 1 1 1 I M 1 1 I 1 I I 11 1 I I 1 1 I I I I 1 i i i i i i i i i M 1962 Date - " y 3-MONTH 1961 61i- M O N T H B I L L S : Mofh.l tl.Mi I 1964 Yields 6-month b i l l s 2/ (per c e n t ) 4.00 4 . 5 9 (1/8/60) 5 . 0 7 (1/8/60) 3.00 3.00 2.66 2.89 3.50 4.00 4.50 3.52 3.83 4.47 2.90 2.93 3.64 3.93 4.66 4.50 4.50 5.52(9/23) 4.39(6/24) 5.92 4.53 4.50 4.50 4.50 4.50 4.50 5.18 5.40 5.52 5.39 5.36 5.70 5.91 5.92 5.69 5.65 1965 3-*75^r I s s u e s 2/ . (9/23) 5.83(9/2) (6/24) 4.80(4/8) 5.63 5.63 5.69 5.48 5.39 1966 Spread between yields on 3 m o n t h b i l l s and y i e l d s o n 6 - m o . b l l l s l 3 - 5 vr. i s s u e s 5.00(12/24/^9) 3.81 3.41 4.07 4.07 4.90 1 II 1 1 1 1 1 1 1 II .79 .24 .04 .13 .10 .19 .52, .09 .52 .51 .40 .30 .29 1.81 1.15 .52 .55 .24 .43 .78 .03 .45 . 13 . 17 .09 .03 Weekly rat* shown is that In effect at end of period at the federal Reserve Bank of New York. Market yield I weekly avexmges ooeiputed from daily o losing hid prloes. Series of 3-6 year Issues consists of selected notes and bonds. Note.—4Ilghs and Ions are for Individual series and may be on different dates for different series, for spreads, high refers to widest, and low to narrowest. , S H O R T - A N D INTERMEDIATE-TERM INTEREST RATES, B A N K S A N D OTHER PRIVATE B O R R O W E R S PRIME RATE FINANCE COMPANY PAPER F.R. DISCOUNT RATE FEDERAL F U N D S 1962 1961 Date Prime rate 1963 1/ 1965 1964 Finance company paper 2/ Federal funds 3/ 1966 Spread between 3 - m o . bills and finance co. paper (per cent) 1959-60 - High Y e a r end - 1961 1962 1963 1964 1965 1966 - High Low Sept. Oct. 9 16 23 30 ?£/ . 5.00 4.50 4.50 4.50 4.50 5.00 6.00(10/7) 5.00(3/4) 3.00 3.19 3.88 4.06 4.75 5.75(10/7) 4.75(1/7) 2.88 3.00 3.50 4.00 4.63 6.00(9/9) 3.55(1/21) 6.00 6.00 6.00 6.00 6.00 5.63 5.63 5.75 5.75 5.75 6.00 5.63 4.95 4.70 5.90 5.13 (1/23/60) 4.00 (5/13/60) 1.02 .34 .30 .36 .23 .28 .99 .20 .45 .23 .23 .36 .39 Weekly rate shown Is that in effect at end of period. Prime rate la that charged by large banks on short-term loans to business borrowers of the highest credit standing. 2/ 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;—aigh, 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. y STOCK M A R K I T | PRICES 1 H STOCK MARKET C REDIT y- ~~ CHANCE IN SERIES 1. M VOLUME 1 1 YIELDS 1961 Common Da te 1964 1963 1962 Stock price index 1/ yields 2/ (per cent) Trading volume 2/ (millions of shares) 1965 1966 Stock marl<et customer credit Customers 1 Bank debit balloans to ances 4/ "others" 5/ Total (In millions of dollars) 1961-62 - High Low Nov. 1963 J u l y 1965 1966 - High Low Aug. Sept. Sept. 23 Sept. 30 Oct. ?£/ 72.04(12/8/61) 52.68(6/22/62) 72.62 84.91 93.77 (2/11) 74.39(10/7) 80.65 77.81 78.39 77.19 74.39 3.14 3.09 10.1 2.4 5.3 4.1 3.02 4.04 10.7 5.0 3.60 3.83 3.74 3.80 3.97 7.1 5.7 5.0 5.9 7.5 2.82 3.96 „ 5,60% i%/6i) 4,424()/6i) .7,298 6,833 4,259(12/61) 3.253 (j/61) L,418(3/9/62) 1,161(3/8/61) 7,997 7,726 5,586 4,863 5,835 5,551 1,712 1,970 2,241(7/6) 2,137(5/27) 7,811 5,609 n. a. a* a* 2,202 2,168 2,170 .... Standard and Poor's composite Index of 500 oonraon stooks, weekly closing prices, 1941M3-10. Monthly data are averages of dally 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 V 3/ Averages of dally trading rolxxne on the New York Stock exchange, Year-end figures are averages of dally figures for the year. End of month figures for mom be r firms of the New York Stock Exchange w h l * carry margin accounts | excludes balances secured by U. S. Government obligations. 5/ Wednesday figures for weekly reporting member banks. Excludes loans for purchasing or carrying U. S. Govemnent securities. Weekly reporting banks account for about 70 per cent of loans to others. For further detail see Bulletin. V CONVENTIONAL MOITOAOI TCRMS ^ NEW EXISTING LOAN PRICE/RATIO NEW EXISTING 65 1962 1964 Exhibit F 1966 P a r t IV New H o m e s Existing Homes Fees & Loan/ Fees & Loan/ Loan Charges Maturity Price tract Charges Maturity Price Ra te (Years) (Per ratio (Thous.) Rate (Per (Years) ratio (Thous.) (Per cent) (Per (Per cent) (Per cent) cent) 2/ 2/ cent) 1965 Aug. Sept. Oct. Nov. Dec. 5.76 5.75 5.75 5.80 5.78 .50 .56 .53 .54 .58 24.5 24.9 24.8 25.0 24.8 73.8 73.7 73.8 74.9 74.0 18..2 18, 18,.3 18..5 18..4 5.86 5.89 5.87 5.91 5.91 .46 .47 .48 .50 .51 20.4 20.1 19.9 20.4 20.6 72.1 71.6 71.3 72.0 72.4 14.1 13.7 13.9 13.9 14.5 5.81 5.85 5.90 5.99 6.02 6.07 6.12 6.18 .51 .55 .56 .57 .57 .57 .67 .83 24.6 24.6 24.7 24.6 24.7 24.8 24.2 25.4 73.4 73.2 74.3 73.9 73.4 74.4 72.1 74.0 18. 0 18. 8 18. 9 18. 2 19. 2 19. 7 19. 3 20. 1 5.97 5.97 6.01 6.09 6.16 6.18 6.24 6.35 .49 .51 .53 .54 .56 .47 .52 20.6 20.3 20.9 20.6 20.6 20.0 19.9 72.6 72.0 72.5 72.2 71.8 70.6 70.5 14.3 14.4 14.7 14.5 14.7 14.7 14.3 .61 19.8 70.6 14.7 1966 Jan. Feb. Mar. May' July Aug. y Compiled by Federal Home Loan Bank Board in cooperation with Federal Deposit Insurance Corporation. Data are weighted averages based on probability sample surrey of characteristics of conventional first mortgages originated by major institutional lender groups, (including mortgage companies) for purchase of single family homes. Data exclude loans for tefinancing, reconditioning, or modernization; construction loans to home-builders; a a d — I n this exhibit—permanent loans which are coupled with construction loans to owner-builders. Data ane still la a developmental stage and may reflect seasonal influences which cannot yet be m e a a u m d because the series go back only to end of 1962# Related series on conventional mortgage rates o»ly, based on unweighted opinio## of regional—offioe directors of the Federal Housing Administratis*, are available somewhat sooner than the results of FHLBB-FDIC surrey, « d are included—in the case of new home mortgage r a t e s — I n Exhibit F, Parts I 7 j Fees and chaises—expressed as a percentage of the principal mortgage amount—include loan ooomlseloee, lender and are paid by the of property ownership. fees, discounts, and other charges which provide added Income to the borrower. They exclude any closing costs related solely to transfer 1 i 1 m \l o. I TlttOl O N N I W A N D t I A t O N I O C O t F O t A T I B O N D S N E W ISSUES I 1 1 I II I I I I I I I I II II II I I II I. II. I I I I M I I I 1983 1984 1985 Exhibit 0 - Part II Yields on New Corporate Bond Issues Adjusted to an Aaa baais Number A m r t of issues Average of included (mil. yield of dollars) (per cent) Monthly averages: - Jan. Feb. Mar. Apr. May „ July Aug. Sept. 8 10 9 13 7 11 5 5 8 300.0 304.5 513.0 452.3 341.0 596.0 155.0 680.0 280.0 Weekly averages: High 4,.84 4..98 5..13 5,.08 5.,21 5.,38 5.,62 5. 70 5. 8 2 Number A m k t of issues Average included (mil. of yield (per cent) issues of dollars) Aug. 5 12 19 26 Sept. 2 9 16 2 3 30 Oct. 7 14 21 28 280.0 5.58 145.0 80.0 175.0 50.0 15.0 5.65 5.92 5.98 5.91 8.0 207.0 40.0 lib. 5.80 5.81 5.98 (9/2) 4.82(1/7) Jotai Averages of offering yield# on all issues of publicly of fared oorp orate bonds rated Aaa. ii and A by Moody's Investors Servioe (except serial and convertible issue*, offerings of natural gas pipe line and foreign companies, and bonds guaranteed by the Federal Government) weighted by mime of offering. Before averaging, new offerings are adjusted to a compos It* Aaa basis by deducting from the actual reoffeting yield the excess of the weekly average yield for seasoned lends of the appropriate industryquality group over the composite average for seasoned Aaa-rated bonds (Moody's), Averages considered unrepresentative because of special characteristics of the offerings Included are denoted by an asterisk^ Exhibit H H.14 Long-term Corporate and State and Local Government Security Offerings and Placements (In millions of dollars) New CaPital 1966 Corporate 1965 State and local 2/ 1966 1965 1964 1964 January February March 1,302 1,237 2,446 795 746 1,197 938 700 778 2/1 ,183 £/ 857 £/ 868 804 872 904 947 776 810 i April May June 1,553 1,058 2,364 1,152 1,691 1,946 2,237 1,095 1,405 £/1;,186 904 £/l,,133 826 924 972 1,242 667 903 [ July August September 2/1,046 e/1,725 e/1,250 1,290 850 1,392 812 680 1,130 &/ E./ e/ 679 737 975 986 648 966 906 780 892 f ? October November December e/1,175 924 1,325 1,496 953 669 1,642 3/ 775 794 1,021 754 801 529 948 ? 4,985 4,974 e/4,021 2,738 4,789 3,533 3,745 2,416 4,738 2,621 3,264 £/2a 909 £/33,223 e/2 ,391 2,580 2,722 2,600 2,569 2,533 2,811 2,578 2,278 9,959 7,527 11,060 14,805 7,153 9,775 13,038 E./6, 132 e/8;,522 5,302 7,902 10,471 5,345 7,923 10,201 1st 2nd 3rd 4th quarter quarter quarter quarter 1st half Three quarters Year ' £A3,980 Excluding finance companies 3/ 1st 2nd 3rd 4th quarter quarter quarter quarter 4,924 4,884 Year 2,547 4,348 3,283 ! 3,188 2,043 4,253 2,477 2,997 13,366 11,775 e/ Estimated by Federal Reserve. £./ Preliminary. 1J 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. ; ? \ : Exhibit I New Corporate Security Issues, Type of Issue and Issuer (In millions of dollars) Quarter or Month Gross proceeds for new capital and refunding 1/ Total Bonds Common Memo: Publicly Privately and Foreign Offered Placed pfd. stock included Net proceeds for new capital Mfg. Public CommuniUtility cations 1/ 2/ Other Issuers 1964 - I II III IV 2,548 4,965 2,876 3,568 978 1,321 792 531 1,269 1,755 1,590 2,629 300 1,890 494 408 29 105 94 227 429 723 559 1,061 438 856 642 509 273 1,666 59 135 1,275 1,492 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 1965 - Apr. May June July Aug. Sept. Oct. Nov. Dec. 5,094 1,774 5 ,1'15 1,941 2,586 2,083 734 1,090 345 li>8 1,860 2,203 969 960 602 392 1,553 1,418 1,233 1,773 2,038 1,443 930 1,538 986 1,398 1,646 422 694 748 542 369 664 287 613 326 648 630 980 780 468 706 574 529 1,161 162 449 309 122 93 168 124 257 159 33 49 134 27 87 150 99 101 99 540 698 441 399 307 414 273 402 470 176 248 184 202 297 287 158 209 243 15 143 98 102 25 196 92 43 43 422 602 1,223 587 222 495 401 671 741 1966 - Jan.3/ Feb. Mar. Apr. May June Julyfi./ Aug. e/ Sept. e/ 460 1,339 560 1,273 753 2,482 628 1,582 481 1,10 6 832 2,427 1,093 440 1,775 1,225 1,275 700 692 583 1,311 743 556 784 543 450 187 130 417 210 69 811 110 100 75 93 118 133 86 353 530 977 692 37b 1,137 442 675 550 388 241 340 364 274 322 263 300 100 141 160 301 76 40 276 50 275 200 420 306 827 421 368 629 291 475 400 33 49 25 500 Preliminary. Estimated by Federal Reserve. Gross proceeds exceed net proceeds by the cost of flotation. 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. Soinnce: Securities and Exchange Commission. £,/ ej 1/ 2/ Exhibit J Other Security Offerings (In millions of dollars) firnns T.nng-rprm 1 / Fpdpral Agency 1/ Fnrpign finvprnmpnf 2/ 1966 1965 1964 . January February March April May June July August September October November December 12 40 40 66 69 76 72j>/ n. a. Jan. - Aug. n. a. Year 91 33 74 5 52 75 2 4 82 69 30 75 26 20 13 7 180 72 58 527 319 661 636 218 -- 38 73 -- -- 503 410 392 699 1,030 1,084%/ 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£/ 331^/ 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 n. a. -- 129 185 325 --- — — 775 275 260 160 239 150 375 375 179 510 1,653 695 2,732 1,205 -- 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 -3 759^/ 1,167 493 Jan. - Aug. n. a. 879 -268 1,286 368 , 453 Year 801 2/ 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. 7J Includes securities offered in the U.S. by foreign governments and their political subdivisions and international organizations. Source: Securities and Exchange Commission. Zj 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 million# of dollars) State and local governments forpprttf. Total 1965 - Sept. Oct, Nov. Dec. 1966 - Jan. Feb. Mar. Apr. May June July Aug. Sept. Stocks Convertible (other than bonds convertibles) 530 190 559 212 370 391 544 481 351 636 170 862 287 530 246 736 262 485 545 890 643 401 1,517 402 1,189 627 144 115 70 271 106 84 75 55 50 20 182 24 n 340 661 50 80 %) 170 43 95 563 409 538 413 787 424 399 720 466 582 338 410 611 16 40 33 50 Other 55 60 275 15 50 Large Individual Issues Offered October 1 through Issuer Cvrpfffff *Texas Instruments, Inc. Columbia Gas System Sanders Associates Type 2/ Amount (millions of dollars) Maturity Coupon rate or net interest cost Offering vield Com. stk. Deb. Conv. deb. 55.0 40,,0 17,.5 199 "i 1986 6-1/4 5-3/8 Rev.-Rent. 17,,4 1969-98 4.67 4,,50-4,,60 GO. G.O. G.O. G.O. 10,,0 15,.0 10,.0 31,.7 1968-86 1969-96 1968-95 1967-96 3.98 3.96 3.95 4.10 3..85-3,,90 3,.85-3,.90 3.,85-3,.90 4,.00-4,.05 6.19 5.38 Rating A State & local Government New York State Dorm. Auth St. Louis & St. Louis Co. JCD, Ho. State of Oregon Atlanta, Georgia Baltimore, Maryland Other None Aa Aa Aa A FOOTNOTES: K-2 •--Rights offering. n. a. — n o t 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, 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 qua*inutilities; Rev.-S.T.,revenue bonds secured by revenue from specific taxes only; Rev,-Rent., revenue bonds secured sdlely by lease payments. I <7 H. 14 Exhibit L Forthcoming Large Long-term Public Security Offering for New Capital (Other than U.S. Treasury) y Expected Proceeds from Forthcoming Large Issues (In millions of dollars) During month following date shown State and Corporate Other 2/ local govt. 1965 - Sept. 30 Oct. 29 Nov. 30 Dec, 31 1966 - Jan. 31 Feb. 28 Mar. 31 Apr. 30 May 31 June 30 July 29 Aug. 31 Sept.30 206 412 297 553 530 828 489 248 1,261 317 677 662 687 2 69 343 398 501 340 366 2 53 399 594 337 AO:< 15 25 20 20 20 30 15 see For r.hcomi r.g L-:rg, Of ::c Issuer United Aircraft Corp. Idaho Power Co. Cameron Iron Works, Inc. Gamble-Skogmo, Inc. Alabama Power Co. Liggett and Meyers Wisconsin Gas Co, Illinois Power Co, Pacific Southwest Airlines Pennsylvania Elec, Co. Southern New England Tel. Co. Niagara Mohawk Power Co, American Airlines Whirlpool Corp. LTV Aerospace Corp. Atchison, Topeka & Santa Fe Ry„ 'United Nuclear Corp. Type Coriv, -subo o-be 1st: r-:g, bds. Co-.Vc sub. deb. NOI>:S Isr r—g, bds. S.Fi deb „ ISt T-Ku bdSr 1st r:g. bds. Ccr.Vc deb. 1st rtg. bds. Df-be Isr. rr:g, bds, Co-,-j. M-b, d-'-b, S.F. d, b. Sub. deb. Eq„ t:\ cc-rt. Conv. sub. de.D. Corporate 303 399 344 676 931 1,176 606 1,034 1,261 619 697 853 767 of October 7 Amount (millions of dollars) 58.9 30.0 25.C 30.0 33.5 75.0 16.0 40.0 15.0 25.0 43.0 45.0 81, 7 35.0 50.0 50.0 15.0 Subsequent to date shown State and local govt. Other If 331 578 458 582 461 504 334 546 584 353 403 685 380 15 25 20 20 20 90 55 55 85 50 35 90 35 ' Approximate date of offering Oct. 11 (rts. exp.) October 12 October 12 October 12 October 14 October 18 October 19 October 20 October 25 October 26 October 27 October 28 Oct, 31 (rts. exp.) October October Indefinite Indefinite Forthcoming Large Offerings as of October 7 (Cont'd) Issuer Type Amount (Millions of dollars) Approximate date of Offering State and local Government Univ. of Oklahoma, Norman Orleans Parish School Board, La. Los Angeles County Flood Control Dist., California Omaha Pub. Pwr. Dist., Neb. Greater New Orleans Expressway Authority Washington State University, Pullman Santa Monica Unif. S.D. , Calif. Oklahoma Turnpike Authority Rev.-Rent. G.O. 13.6 16.5 October 10 October 11 G.O. Rev-Q. -Ut. 55.0 25.0 October 11 October 13 Rev. -Q. -Ut. 75.0 October 18 Rev.-Rent. G.O. Rev.-Q.-Ut. 17.3 14.8 80.0 October 28 October November Bonds Bonds 20.0 15.0 Indefinite Indefinite Other Republic of Ireland Nippon Tel. & Tel. Pub. Corp. *--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 of Federal Agencies. Note: Deletions for reasons other than sale of issue: None i. J % gf C 1 % §| H. 14 Exhibit M Foreign Government and Corporate Security Offerings and Placements in the United States Part I: Sale Date 1 9/21 Amount (millions of dollars) Public Offerings Issuer and Description of Issue A. Sold August 1 through October 7 Government of New Zealand-*7% bonds, maturing 1976, reoffered to yield 7.28%. *** 10.0 ( B. Prospective Offerings Indefinite 20.0 Republic of Ireland--bonds Indefinite 15.0 Nippon Telegraph and Telephone Public Corp--bonds *—Included in table for first time. **—Issue sold to investors outside of U.S. ***--issues subject to interest equalization tax. M-2 Part II: Date Reported 9/23 Private Placements - Reported August 1 through October 7 Amount (millions of dollars) 59.5 Issuer and Description of Issue Savage River Corp.--5-1/2% - 5-3/4% collateral trust notes, maturing 1976-83 — n o information available on takedown. 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 reported, frequently with little or no information concerning timing of takedown. Full or partial takedowns may take place both prior and subsequent to the date a placement is reported.