Full text of H.16 Capital Market Developments : October 16, 1967
The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
AFTER SIX MOUTHS Not for Pub October 16, 1967. DEVELOPMENTS IN THE UNITED STATES Corporate and municipal bond markets. The volume of new corporate and municipal securities expected this week will be substantially above the average weekly volume over the past year. In the corporate market, $100 million of Household Finance debentures will be offered and rights expire on Detroit Edison's $96.1 million of convertible cumulative preferred stock. The largest municipal offering will be New York City's $119 million of general obligations. Supplementing the week's calendar, furthermore, will be the Province of Nova Scotia's $35 million bond offering. 1/ Long-term Public Security Offerings — (In millions of dollars) State & local Government Corporate New Capital | Refunding New Capital | Refunding Sold: 52 weeks avg. October 6 13 308 r/268 "" 314 248 65 106 64 Scheduled: October V 20 407 343 Federal Reserve estimates are based upon published reports of issues sold and scheduled for offering; corporate rights offerings are included as of date subscription rights expire. Yields on new and seasoned corporate bonds advanced to new highs last week, but most new issues were poorly received. Price restrictions, furthermore, were terminated on several issues initially offered in the p£st few weeks, and in free market, trading yields on these bonds advanced sharply. The yield on an issue initially offered in mid-September advanced 17 basis points, while that on one offered in early October advanced 12. The yield on New England Telephone & Telegraph's bonds advanced 7 basis points to 6.13 per cent. The volume of forthcoming offerings meanwhile was sharply increased with the smnouncement last week of a $250 million offering by Standard Oil of New Jersey scheduled for October 25. Yields on municipal bonds also advanced last week, while the new issue market was relatively inactive. The unusually small supply of offerings was further reduced when Elizabeth, New Jersey, rejected all bids for its $10 million issue — the largest scheduled for last week. H. 14 Yields on Security Markets Level Latest Week Change from preceding week High Grade Notes and Bonds Corporate New Seasoned 6.07 5.76 + 7 4 5.10 5.48 + + 6 4 3.83 4.31 + 3 4.06 - 4 4.57 5.03 + 10 - 1 U. S. Government Long-term 3-5 year State and local Govt. Moody 1 s Aaa Stdo & Poor's high grade Money Market Federal funds Treasury bills 3-month 6-month Corporate Bonds Still in Syndicate Date Offered . Amount (millions of $) Issuer Reoffering Yield Rating Estimated pre portion sold 10/10 20.0 Metropolitan Edison, 6-7/8's - 1992 6.70 A 50% 10/10 23.0 Orange & Rockland Utilities, 6-1/2's - 1997 6.40 A 25% 10/9 75.0 Philadelphia Electric, 6-1/8*s - 1997 6.10 Aaa 25% 10/9 75.0 CIT Financial, 6-3/8's - 1986 6.42 10/5 25.0 Columbia Gas, 6-5/8's - 1992 6.60 10/4 15.0 Columbus & S. Ohio Elec., 6-1/4*8 - 1 9 9 7 6.20 (7 98% A 55% Aa 95% Blue List of Municipal Dealers' Advertised Inventories Latest Week 375(10/10/67) End of Previous Week 401 Recent High 849(4/26/67) H. 14 Stock prices. Common stock prices fluctuated rather sharply last week in generally active trading. At the close Friday, Standard & Poor's index of 500 stocks stood at 96.00, down 1.26 on balance over the week. Trading volume averaged 10.2 million shares a day despite a very light volume on Columbus Day. More detailed information concerning recent capital market deve lopments is presented in the attached exhibits. Capital Markets Section, Division of Research and Statistics, Board of Governors of the Federal Reserve System. EXHIBIT A. Port 1 LONG-TERM BOND YIELDS, HIGH-GRADE C O R P O R A T E Aaa | U.S. G O V E R N M E N T - STATE A N D L O C A L G O V E R N M E N T Aaa . Moody's 1964 1965 ' I 1967 1968 to" Exhibit A — Date 1959-60 - High 1966 - High - Low 1967 - High - Low Sept. 15 22 29 Oct. 6 13 Part II Spread between and State and Corporate local Aaa Aaa Corporate Aaa 1/ State and U.S. Govt. | local long-term 2/ government 1 Aaa 3/ (per cent) 4.61(1/29/60) 5.52(9/9) 4.73(1/7) 5.76(10/13) 5.00(2/10) 4.42(1/8/60) 4.87(9/2) 4.42(1/7) 5.10(10/13) 4.37(2/3) 3.65(9/24/59) 4.04(8/25) 3.39(1/13) 3.87(7/13) 3.25(2/9) .59(8/5/60) .84(12/30) .14(2/18) .92 .44 5.65 5.64 5.66 4.96 5.01 5.04 3.80 3.82 3.83 .69 .63 .62 1.16 1.19 1.21 5.72 5.76 5.04 2/5.10 3.83 3.83 .68 £/.66 1.21 £/1.27 2./ Preliminary. 1/ Weekly average of daily figures. 2/ Weekly average of daily figures. 3/ Thursday figures. .92(4/22/60) 1.19(2/11) .77(9/2) 1.27 .74 Average term of bonds included is 22-24 years• The series includes bonds due or callable in 10 Only general obligation bonds are included; average term is 20 Note--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- EXHIBIT 6. P a n LONG-TERM BOND YIELDS, LOWER J GRADE C O R P O R A T E Baa STATE A N D LOCAL G O V E R N M E N T Baa •Moody's —. vzxx~"'" 1963 _/ 1964 1965 1966 1967 1968 Exhibit B -- Part II Corporate Baa 1/ Date | State and , local govt. Baa 3/ Spread^ between Aaa and Baa State and Corporate local fcovt. (per cent) 1959-60 - High Year end- 1965 1966 - High Low 1967 - High Low 5.36(2/12/60) 5.04 6.18(12/30) 5.05(1/14) 6.46(10/13) 5.81(4/14) Sept. 15 22 29 6.41 6.38 6.41 Oct. 6 13 6.45 6.46 Note: , For footnotes see Exhibit A. 4.46(1/7/60) 3.79 4.55(8/25) 3.78(1/20) 4.64(10/13) 3.85(4/13) .84 .31 .81 .31 .82 .65 1.08 .39 .62 .31 .81 .37 4.39 4.51 4.61 .76 .74 .75 .59 .69 .78 4.64 4.64 .73 .70 .81 .81 EXH't ' C, Par. 4 S H O R T - A N D I N T E R M E D I A T E - T E R M INTEREST RATES GOVERNMENT ' ' Weekly ' I " ; 6 - M O N T H BILLS l 3-5 Y E A R ISSUES Market Yields F.R. DISCOUNT R A T E 3 - M O N T H BILLS 1964 1966 1967 Per Exhibit C -- Part II Discount rate Date V 1959-60 - High Year end - 1965 1966 High 1966 Low 1967 - High Low Sept. 15 22 29 Oct. 6 3-month bills U Yields 6-month bills 27 (per cent) 3-5 year issues U I Spread between yields on ~13-mo. bills and yields o n — I 6-mo. bills 13-5 yr\ issues 5.00(12/24/59) 4.90 4.86 5.83(9/2) 4.80(4/8) 1.81 .45 .06 .78 .01 5.07(1/8/60) 4.66 4.92 5.92(9/23) 4.53(6/24) 4.50 4.00 4.81(1/13) 3.41(6/9) 5.05(9/29) 3.74(6/2) 5.48(10/13) 4.36(4/7) .62 .01 1.61 .02 4.00 4.00 4.00 4.37 4.54 4.47 4.93 5.04 5.05 5.39 5.44 5.45 .56 .50 .58 1.02 .90 .98 4.00 4.00 4.47 2/4.57 5.04 &/5.03 5.44 2/5.48 .57 2/. 46 .97 2/. 91 13 •"1/ Weekly rate shown Is that in effect at end of period at tne 2/ M a r k e y i e I d ; „ e e k l y averages computed f r o ^ d a i l y closing bid prices .79 .19 .12. .52 -09 4.59(1/8/60) 4.47 4.80 5.52(9/23) 4.39(6/24) 4.00 4.50 4.50 4.50 4.50 Series of 3-5 EXHIBIT D, Part 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, B A N K S A N D OTHER PRIVATE B O R R O W E R S PRIME RATE FINANCE C O M P A N Y PAPER Directly placed , F.R. DISCOUNT RATE FEDERAL FUNDS Effective R a t e 1963 1965 1966 Exhibit D — Prime rate 1/ Date Part II Finance company paper 2/ Spread between 3-mo. bills and Federal funds 3/ finance co. paper (per cent) 1959-60 - High Year end- 1964 1965 1966 1966 - Low 1967 - High Low Sept. 15 22 29 5.00 4.50 5.00 6.00 5.00(3/4) 6.00(1/6) 5.50(10/13) 5.50 5.50 5.50 5.13(1/22/60) 4.06 4.75 5.88 4.75(1/7) 5.75(1/6) 4.38(6/23) 4.75 4.75 4.88 4.00(5/13/60) 4.00 4.63 5.63 3.55(1/21) 5.25(1/6) 3.45(7/21) 3.98 4.00 3.97 1.02 .23 .28 1.08 .20 .97 \ ' 2 1 .38 .21 .41 .41 4.10 4.88 5.50 6 £/.43 5.00 2/4.06 5.50 13 1/ Weekly rate shown is that in effect at end of period. Prime rate is 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.-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. Oct, EXHIBIT E, Pari 1 STOCK MARKET Billions 1941-43 overoge=10 of . d o l l a r s 100 PRICES J STOCK M A R K E T CREDIT * C H A N G E IN SERIES Millions VOLUME YIELDS 1963 1964 1965 1966 1967 1968 of shores Exhibit E — Stock price index 1/ 1961-62 - High Low 1966 - High 1967 - High Low Aug* Sept. Common stock yields 2/ (per cent) Stock market customer credit Trading Customers' Bank volume 3/ debit bal- loans to Total (millions "others"5/ ances 4/ of shares) (In millions of dollars) 2.82 3.96 3.01 3.58 10.1 82.18(1/6) 3.01 3.58 12.1 94.49 95.81 72.04(12/8/61) 52.68(6/22/62) 93.77(2/11) 73.20(10/7) 97.26(10/6) Part II 5,602(12/61) 4,424(1/61) 7,997 7,302 4,259(12/61) 3,253(1/61) 5,835 5,169 1,418(5/9/62) 1,161(3/8/61) 2.241(7/6) 2,097(12/14) 6.9 8,898 7,345 6,603 5,290 2,308(9/20) 2,055(2/1) 3.11 3.07 9.0 10.3 8,898 n.a. 6,642 n.a. 2,256 2,327 n.a. n.a. n. a. n. a. n.a. n. a. 2.4 10.7 5.0 Sept. 29 96.71 3.03 10.2 Oct. 6 13 97.26 96.00 3.01 3.05 9.9 10.2 2,327 n.a. Not Available, JD/ Preliminary. . _1/ Standard and Poor's composite index of 500 common 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 Poor1s 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 or low. 3/ Averages of daily trading volume on the New York Stock Exchange. Year-end figures are averages of daily figures for the year. 4/ End of month figures for member firms of the New York Stock Exchange which 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. 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 AND B O N D YIELDS ^ H O M E MORTGAGES: Aaa CORPORATE BONDS: 1959 1960 1961 1962 1963 1965 1967 1968 zr Exhibit F FHA 1/ 25-year 30-year 1957 1958 1959-60 1961-66 1966 1967 - High Low High Low High High Low 1967 - Apr. May June July Aug. 5.63 5.35 6.24 5.43 6.73 n. a. n. a. n. a. n. a. n. a. Spread between yields on conv. & 3/ FHA mort gages ~— Conventional mort- 6.00 5.44 6.81 6.62 Part II 5.55 6.30 5.80 6.70 6.60 .47 .15 .23 .25 .30 .11 6.29 6.40 .01 6.29 6.44 6.51 6.53 6.40 6.45 6.50 6.50 6.55 .11 .01 -.01 6.60 -.03 -.05 Spread between yieldi; on new corbonds and .6/ porate FHA ml gs. Seasoned Seasoned 4/ hands Aaa Corporate Bonds e/Z 4.94 3.65 5.25 4.12 5.82 5.79 5.20 4.12 3.57 4.61 4.19 5.49 5.58 5.03 1.53 88 i:6i .77 5.39 5.66 5.79 5.78 5.89 5.11 5.24 5.44 5.58 5.62 .9 1.1 1.2 72 .20 .27 are much ually; i-annual te secondary aliable for jments, suming premortgagec. mortgage triient to 2/ conventional Beginning date, rate 4icates this 3/ % .28 .42 .35 1/ 4/ 1.03 .05 .73 -.16 .46 .42 .17 FHA"mortgage e yield e data are for 25-year mortgages through June 1961; 30 year mort- gages thereafter. Moody°s e investor 1 Servlce. Monthly averages of daily data. See Exhibit A. YIELDS O N NEW AND SEASONED CORPORATE BONDS 6.5 A d j u s t e d lo Aoo Bo: N E W ISSUES 6.0 5.5 5.0 S E A S O N E D Aaa 4.5 1964 1965 1966 1967 1968 Exhibit G - II Yields on New Corporate Bond Issues Adjusted to an Aaa basis Number of Am't. of issues Average yield included (mill. (per cent) of dollars) Number |Am't. of issues Average yield of included (mill. (per cent) issues 1 of dollars) Monthly averages: 1967 Jan. Feb. Mar. Apr. Hay June July Aug. Sept. 6 7 20 20 14 23 14 17 10 496.0 481.0 1073.0 916.0 570.0 993.0 772.0 1125.0 358.0 5.38 5.20 5.31 5.39 5.66 5.79 5.78 5.89 5.88 Aug. 4 11 18 25 2 4 5 3 310.0 283.0 5.82 5.84 5.92 5.99 Sept. 1 3 210.0 15 22 29 4 3 1 5.97 5.83 5.98 5.82 5.89 8 2 220.0 102.0 93.0 90.0 75,0 100.0 68.0 3 6.14 Oct. 3 118.0 6.07 Weekly averages: 6.14(10/6) High 5.11(2/10) Low Note: Averages of offering yields on all new issues of publicly offered corporate bonds rated Aaa, Aa, and A by Moody's Investors Service (except serial and convertible issues, offerings of natural gas pipeline and foreign companies, and bonds guaranteed by the federal Government) weighted by size of offering. Before averaging, new offerings are adjusted to a composite Aaa basis by deducting from the actual reoffering yield the excess of the weekly average yield for seasoned bonds of the appropriate industry-quality group over the composite average for seasoned Aaarated bonds (Moody's). Averages considered unrepresentative because of special characteristics of the offerings included are denoted by an asterisk. Exhibit H Long-term Corporate and State and Local Government Security Offerings and Placements (In millions of dollars) New Capdtal 1967 Corporate 1966 p/ 1965 State and local 2/ 1966 x J _ 1967 1965 1,648 1,398 2,317 1,302 1,237 2,446 795 746 1, 197 1,467 1,195 1,438 1,188 858 865 804 872 904 1,973 1,474 2,611 1,553 1,058 2,364 1,,152 1,,691 1,,946 1,110 1,210 1,443 1,193 901 1,141 826 924 972 July August September £/2,466 e/2,400 e/1,675 1,039 1,670 1,382 1,,290 850 1,,392 925 e/ 800 e/1,250 701 773 1,020 986 648 966 October November December e/1,800 829 1,085 1,635 924 1,,325 ,496 . 1, e/1,050 755 969 940 794 1,021 754 1st 2nd 3rd 4th Quarter Quarter Quarter Quarter 5,363 6,058 £/6,541 4,985 4,974 4,091 3,549 2,,738 4,,789 3.,533 3,,745 4,100 3,763 e/2,975 2,911 3,235 2,494 2,664 2,580 2,722 2,600 2,569 1st half Three quarters Year 11,421 el 17,962 9,959 14,050 17,600 7 ,527 11 ,060 14 ,805 7,874 e/10,838 6,146 8,640 11,304 5,302 7,902 10,471 January February March ' April May June Excluding finance companies 3/ 1st 2nd 3rd 4th Quarter Quarter Quarter Quarter 5,207 5,913 Year 4,924 4,884 3,969 3,492 2 ,547 4 ,348 3 ,283 3 ,188 17,269 13 ,366 p/ Preliminary. , 1/ Securities and Exchange Commission estimates of net proceeds. - Exhibit I New Corporate Security Issues, Type of Issue and Issuer (In millions of dollars) Quarter or Month Total II III IV 1966 1967 - I II •Aug. Sept. Oct. Nov. Dec. 1967 - Jan. Feb. Mar. Apr. May June July 2f Aug. py Sept.eZ I SOURCE: Gross proceeds for new capital and refunding 1/ Common Memo: Foreign Publicly Privately and pfd. issues Offered Placed included Net proceed:; fnr new capital 1/ Mfg. Public Communi Utility cations 2/ Other Issuers 5,115 4,197 3,669 1,941 2,256 2,047 2,083 1,627 1,247 1,090 314 375 168 154 117 2,,205 1,,558 1,,232 960 657 984 392 567 417 1,418 1,309 918 5,464 6,208 3,263 4,017 1,811 1,465 390 726 60 65 2.,442 3:,014 997 1,268 543 548 1,382 1,228 1, 712 1, 400 892 1,,115 1,,661 1, 140 676 499 569 980 435 657 256 435 555 137 67 137 111 127 22 62 66 27 24 518 643 331 228 673 313 81 254 320 409 318 198 97 168 152 522 460 147 369 401 1,,684 1 ,418 = 2,,362 2 ,016 1,,519 2:,673 2 ,599 2 ,500 1 ,725 745 900 1.,618 1,,368 965 1,,684 1 ,888 1 ,810 875 848 362 601 410 396 659 496 , 500 650 624 563 1,254 1,128 588 1,298 934 900 700 220 274 503 394 403 471 446 575 185 293 105 145 107 91 350 40 250 175 511 456 415 343 393 492 91 156 143 238 - 158 330 215 190 200 Securities and Exchange Commission. 35 10 15 16 32 17 208 n. a. n.a. 1 - 1,046 675 615 Exhibit J Other Security Offerings (In millions of dollars) Gross Long-term 1/ Federal Agency 3/ Foreign Government 2/ 1965 1966 1966 1965 1967 1967 January February March April May June July August September October November December Jan. - J u l y 130 — 114 27 13 170 mm 12 40 40 66 69 76 72 7 50 38 73 —— 303 597 661 74 68 454 -- 91 33 74 5 52 75 2 420 —— Year 218 1,251 783 750 650 810 650 407 5,301 • — 503 410 392 699 1,030 1,084 799 400 450 800 239 1 ,414 2 ,732 Jan. - Aug. ' 1,374 Year 422 1,286 —1,962 239 150 375 375 179 6,806 January February March April May June July August September October November December 640 — 775 3,034 New short«term 4/ Federal Agency State and local Government 5/ 308 -179 238 179 103 -552 -24 91 387 39 -454 450 -594 -458 -319 -559 718 647 580 827 109 85 204 462 515 93 284 -82 -334 -128 -158 -590 119 -103 £/ 219 -270 -262 408 270 ]>/ -31 -652 152 -161 -555 59 -48 -283 503 274 219 -570 -366 531 129 185 325 4 3/ -137 -174 117 -11 509 237 132 206 105 -309 202 -76 ? 1,821 541 p: -310 801 ! •; i £/ 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, f 2/ Includes securities offered in the U.S. by foreign governments and their political m subdividions and international organizations. Source; Securities and Exchange Commissi: 3/ 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 J from the proceeds or refunding issues or from other funds. Data include only issues with!) original maturity of one year or less. 5J 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. 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 1966 - Sept. Oct* Nov. Dec. 1967 - Jan. Fub. Mar. Apr. . Mr.y .Tune July 'tUg. Sept. C o n o r ite Bonds (other than Convertible convertibles) bonds 627 523 510 1,177 681 842 1,638. 1,311 870 1,666 1,340 1,705 794 287 352 363 990 611 709 1-435 956 771 1,072 890 . 1,288 473 . Stocks 340 116 97 118 30 40 140 213 55 409 317 350 257 , State and local governments 611 387 464 779 947 675 669 512 496 875 483 473 847 55 50 68 40 '•3 63 142 44 185 1)3 b7 65 Other 2/ 50 1 r • J 55 ' 60 230 530 1,000 540 391 825 85 221 400 - Large Individual Issues Offered October 1 through October If , Issuer Corporate Lincoln First Group • Columbus & So. Ohio Elec. , m Type »/ Amount (millions of dollars) Haturity Coupon rate or net interest cost Offer-; ing vield I Ra ting Debs. 15.0 1st mtg. bds. 15.0 Conv. pfd. stk. 100.0 1st mtg. bds 28.0 Debs. 25.0 Debs. 75.0 Conv. sub. debs. 119.8 Conv. debs 20.0 1992 1997 6-1/4 6-1/4 6.33 6.20-6.24 1997 1997 1986 1992 1987 6.56 6-5/8 6-3/8 4-1/2 5 6.56 6.60 6.42 4.50 5.00 A A- 23.0 1997 6-1/2 6.48 A 27.0 20.0 1992 6-7/8 6.70 A Alabama Power Columbia Gas C.I.I. Financial Corp. United Aircraft Penn-Dixie Orange and Rockland Utilities 1st mtg. bds. Southern New England Tel. & Tel. Com. stk. Metropolitan Edison Debs. Aa Ba State & local Government Atlanta, Georgia City of Cheyenne, Wyoming G.O. Rev.-Rent. 12.5 20.0 1969 98 1968-87 5.02 5-1/2 3.40- 5.00 4.30- 5.50 Baa Other New Brunswick Electric - Power Conm. S.F. Debs. 15.0 1992 6-1/2 6.60 A xty K-2 FOOTNOTES: Ij 2/ 3/ Includes corporate and other security offerings of $15 million and over; State and local security offerings of $10 million and over. Includes foreign government and International Bank for Reconstruction and Development issues and non-guaranteed issues by Federal Agencies. 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 income from quasi-utilities; Rev.-S.T., revenue bonds secured by revenue from specific taxes only; Rev.-Rent., revenue bonds secured solely by lease payments. H. 14 Exhibit L ittrthcceing Large Long-term Public Security Offering for K w Capital (Other than 0.8. Treasury) 1/ Expected Proceeds from itorthcceiing Large lasuea (In millions of iollara) During month following date shown State and Corporate Other If local covt. 1966 - Sept. Oct. Nov. Dec. 1967 - Jan. Feb. Mar. Apr. May June July Aug. Sept. 300 140 496 939 . 780 508 227 326 596 401 512 783 768 30 687 397 31 30 1,098 656 30 486 31 28 1,410 767 31 !1 30 963 1,449 31 1,636 30 1,261 31 694 31 534 30 Corporate , mm mm 80 530 250 -- • 70 100 40 mm 100 65 767 457 1,133 811 706 1,534 905 1,262 2,065 1,922 1,576 1,335 1,090 Subeequent to date ahown State end locel eovt. 390 175 571 1,154 851 528 247 346 616 402 575 903 889 Other 1/ 85 35 65 95 545 265 i 15 85 115 • 70 150 159 126 Forthcoming Large Offerings as of October 13, 1967. (millions Approximate date of offering dollars) Corporate Household Finance Carolina Power & Light Gannett Co., Inc. Northern State Power ! Detroit Edison Transcontinental Gas Pipeline New England Power Pacific Southwest Airlines Frontier Airlines ^Standard Oil Co., New Jersey Wisconsin Public Service Owens-Illinois Inc. General Telephone of Florida SCM Corp. *Cities Service Philadelphia Electric Panhandle Eastern Long island Lighting Tenneco Pennsylvania Power & Light Debs. 1st mtg. bds. Com. stk. 1st mtg. bds. Conv. cum. pfd. stk. 1st mtg. p.l. bds. 1st mtg. bds. Sub. debs. w. wts. Conv. debs. Debs. 1st mtg. bds. Conv. sub. debs. 1st mtg. bds. Com. stk. Debs. Com. stk. Debs. Conv. pfd. stk. Conv. sub. debs. Debs. 100.0 40.0 15.0 30.0 96,1 50.0 15.0 50.0 20.0 250.0 25.0 50.0 20.0 30.0 100.0 40.0 40.0 30.0 203.0 140.0 October October October October October October October October October October October October October October October November November November November November 17 17 18 18 18 18 19 23 23 25 25 26 26 30 rts. exp.) 31 rts. exp.) 1([: 9 10 13((rts. exp.) 9 Forthcoming Large Offerings as of October 13. (Cont'd) Issuer Type Amount (millions of dollars) - — Approximate date of offering Corporate (Cont'd) West Perm Power Wisconsin Electric Power Montana Power ^Holiday Inns of America ting-Temco-Vaught 1st mtg. bds. 1st mtg. bds. 1st mtg. bds. Com. stk. Com. stk. 25.0 45.0 30*0 20.0 76.0 November 14 November 15 Indefinite Indefinite (rts. exp.) Indefinite Rev.-Rent. Rev.-Rent. 17.0 25.0 October October 16 17 G.O. G.O. G.O. Rev.-Rent. G.O. Rev. G.O. G.O. G.O. 25.0 119.1 58.0 27.7 87.0 20.0 70.0 | 27.8 I 17.5 October October October October October October October October October 17 17 18 24 24 24 25 26 31 November 7 State & local Government Oklahoma City Airport Trust, Oklahoma Penna. State Sch. Bldg. Auth. Los Angeles Co. Flood Control Dist. . New York City #State of Connecticut New York State Dormitory Auth. % e w York State ^Georgia Education Authority San Francisco B.A.R.TBaltimore, Maryland *S tate of De laware Nashville & Davidson Co. Metro. Government Los Angeles, Calif., Dept. of Water and Power Minnesota State College Board *West Virginia ^Austin, Texas State of Ohio Kentucky Turnpike Authority G.O. Rev.-Rent. Rev.-Rent. G.O. Rev.-Rent. G.O. Rev.-Q.-Ut. 12.0 24.0 13.0 20.0 10.0 50.0 120.0 November 8 November 8 November 14 . November 16 November 16 Indefinite 35.0 60.0 15.0 October 17 November 1 Indefinite Other Province of Nova Scotia Tennessee Valley Authority New Zealand 1/ 2/ 3/ Debs. Bonds Bonds Includes corporate and other issues of $15 million and over; State and local Government issues of $10 million and over. Includes foreign government and International Bank for Reconstruction and Development issues and non-guaranteed issues of Federal Agencies. Elizabeth, New Jersey's $10 million issue — scheduled Oct. 10, 1967 — was postponed. Exhibit M Foreign Government and Corporate Security Offerings and Placements in the United States Part I: Sale Date Amount (millions of dollars) Public Offerings Issuer and Description of Issue A. Sold Sept. 1 through October 13, 1967. 9/6 25.0 Kingdom of Denmark*** — 6-3/4% extern al loan bonds maturing 1982, reoffered to yield 6.85%. 9/7 15.0 Finland — 7% Bonds maturing 1987, reoffered to yield 7.22%. 9/20 50.0 Quebec Hydro-Electric Commission — 6 1/2% debentures maturing 1992, reoffered to yield 6.50%. 9/26 25.0 Montreal Catholic School Commission - 6-3/4% debentures maturing 1992, reoffered to yield 6.88%. 9/28 35.0 Alberta Government Telephone Commission — 6-1/4% debentures maturing 1992, reoffered to yield 6.35%. 10/4 15.0 New Brunswick Electric Power Commission 6-1/2% S.F. debentures maturing 1992, reofjfered to yield 6.60%. B. Indefinite 10/17 15.0 35.0 Prospective Offerings New Zealand — Bonds*** Province of Nova Scotia — * - Included in table for first time. ** - Issues sold to investors outside of U.S. *** - Issue subject to interest equalization tax. S.F. debentures q\o\ M - 2 PART Date Reported : 9/8 9/18 . - •; 9/25 II: Private Placements - Reported Sept. 1 through October 13, 1967. Amount (millions of dollars^ Uv JL lot 9 J Issuer and Description of Issue 41.7 3.8 6.5 mmmms9/25 18.0 Traders Group, Ltd. - collateral notes maturing 1987 -no information available on takedown. # is reported.