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I

Not for Publication
"
~%"l4

DECONTROLLED AFTER SIX

MONTHS

October 17, 1966.

CAPITAL MARKETS) DEVELOIMENTS
— IN T H E UNITED STATES

Corporate and municipal bond markets. New corporate security
issues scheduled this week will aggregate slightly more than the average
for such issues, while new municipal offerings will be relatively light.
This week's corporate calendar is highlighted by Liggett and Meyer's
$75 million debenture offering.
Nearly one-half of the municipal volume
is accounted for by the $75 million revenue issue of Greater New Orleans
Expressway Authority.
Long-term Public Security Offerings 1/
(In millions of dollars)

Corporate
New Capital | Refunding

State and local Government
New Capital | Refunding

Sold:
52 w e e k avg.
Oct. 7
Oct. 14

196

2

214

113r/
190

171r/
204

215

2

142

Scheduled:
Oct. 21

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.

Investors did not respond enthusiastically to last week's
major debt offerings, as the two largest issues have substantial
unsold balances. Neither of these issues carry any special provisions
against early redemption by the company.
Municipal yields declined for the third consecutive week.
In contrast to the week earlier, new municipal issues offered last
week generally were accorded a good response from investors--approximately four-fifths of the new issues were sold by week-end.
Mortgage yields.
Secondary market yields on 5-3/4 per cent,
30-year, FHA-insured mortgages rose another 5 basis points in September.




H. 14

Yields in Security Markets
Change from
preceding week

Level Latest Week
High-Grade
Notes and Bonds
Corporate
5.86
5.43

+5
-1

4.76
5.42

New
Seasoned

+1

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

+3

State and local Govt.
Moody 1 s Aaa
Std. & Poor's high grade

3.86
3.99

-2

5.44

-46

5.44
5.71

+8
+6

Money Market
Federal funds
Treasury bills
3-month
6-month

Corporate Bonds still in Syndicate
(Tri millions of dollars)

10/12/66

30.0

Idaho Power Co.,
1st mtg. bds., 6-1/8, 1996

6.03

10/14/66

33.5

Alabama Power Co.,
1st mtg. bds., 6-1/4, 19.96

6.15

1/3

Aa

3/10

Blue List of Municipal Dealer'.s Advertised Inventories
(In millions of dollars)
Latest Date
384

(10/11)




End of Previous Week
376

Recent High
636

(2/17)

I

H. 14

- 3-

The average of 6.63 per cent was 117 basis points higher than a year
earlier when upward pressures on yields had just begun to be apparent.
To increase the attractiveness of FHA-insured mortgages on homes
and to limit the amount of discounts required by lenders, effective
October 3, 1966, the Department of Housing and Urban Development raised
the regulatory maximum contract rate on such mortgages to 6.0 per cent.
This marked the third such upward adjustment this year and brought the
regulatory maximum to its statutory limit for the first time in th6
history of the series.
In early February of this year, the regulatory
maximum had been increased from 5-1/4 to 5-1/2 per cent, and in early
April to 5-3/4 per cent. A related upward adjustment, also from 5-3/4
to 6.0 per cent and also effective October 3, was made by the Veterans'
Administration for VA-guaranteed home mortgages.
Contract rates for conventional first mortgages on h o m e s —
like the FHA yield series--continued higher in September, to 6.65 per
cent in the case of loans on new homes and 6.70 per cent in the case of
loans on existing homes.
Stock prices.
Common stock prices advanced last week in
active trading. Standard and Poor's index of 500 stocks ended the
week at 76.60 -a gain of 3.40 points from the week earlier. Trading
volume averaged 7.9 million shares a day.
M o r e 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.




I H t i A. f , I
XIr
.1

55

5.0

CORPORATE A l t

4.5

4.0

— U . S . GOVEI

3.5

_/

3.0

STATE AND LOCAL GOVERNMENT A M
2.5
1961

1962

1963

1966

1965

1964

Exhibit A --"Part II

Date

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

Corporate
Aaa 1/

4.61
4.19
4.41
5.52
4.73

(1/29/60)
(3/29/63)
(3/12)
(9/9)
(1/7)

Sept. 16
5.51
5.49
23
30
'5.47
Oct.
7
5.44
14f»/ 5.43-

U.S. Govt.
long-term 2/

4.42
3.85
4.13
4.87
4.42

State and
local
government
Aaa 3/

(1/8/60) 3.65 (9/24/59)
(12/28/62) 2.88 (ll/e/62)
(6/25)
2.94 (2/11)
4.04 (8/25)
(9/2)
3.39 (1/13)
(1/21)

4.79
4.80
4.72
4.75
4.76,

3.85
3.89
3.88
3.86
3.86 /

Spread between
O. 8. Govt, and
Corporate
State and
Aaa
local Aaa

.59 (a/s/60)
.92 (4/22/60)
.21 (12/27/63)
.80 (3/5/62)
.22
.94
.75
1.19
.14
.78
.72
.69
.75
.69
.67

.94
.91
.84
.89
.90

Preliminary,
y Weekly average of daily figures. Average tern of bonds Included is 22-24 years,
TJ Weekly average of daily figures. The series Includes bonds due or callable In 10 years or maris*
/ Thursday figures. Only general obligation bonds are included; average term is 20 years,
ote,—Signs 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.




E HBT ». fori I
XII
LONG-TERM BOND YIELDS, L O W ! * ORADI

8.0

CORPORATE Baa
5.0

4.5

4.0
S T A T E AND LOCAL GOVERNMENT B a a
/ V.
3.5

3.0
1961

1963

1962

1964

1965

1966

Exhibit B -- Part II

Date

Corpora te
Baa 1/

State and
local govt.
Baa 3 /
(per cent)

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

Sept. 16
23
30
Oct.
7
14j>/

Spread between
Aaa and Baa
State and
Corpora te
local eovt.

5.36 {2/12/60)

4.46 (3/7/60)

4.93
4.80
5.04
6.10 (10/14)
5.05(1/14)

3.57
3.51
3.79
4.55(8/25)
3.78(1/20)

.70
.37
.31
.64

6.10
6.10
6.06
6.08
6.10

4.43
4.45
4.45
4.45
4.45

.59
.61
.59
.64
.67

DigitizedVotesFRASER
for For footnotes see Exhibit


JL.

.84

.31

1.08
.63
.52
.39
.62 v
.31

.58
.56
.57
• 59
.31

IIMIIIT C. f.,1 I
I M O I T . AND INTIRMIDIATI-TIRM I N T I R I I T RATIF
GOVERNMENT
Weelly

'•» «•»<

3 8 YEAH I S S U E S
I- MOUTH BILLS

F . * . D I S C O U N T RATE

3-MONTH BILLS

1981

1962

1963
Exhibit C —

Discount
'I/

1959-60 - High
Year end - 1961
1962
1963
1964
1965
1966 - High
Low
Sept, 16
.
23
30
Oct.
7
14jo/

4.00
3.00
3.00
3.50
4.00
4.50
4.50
4.50
4.50
4.50
4.50
4.50
4.50

¥

3-month
bills 2/

4.59 ( W e o )
2.66
2.89
3.52
3.83
4.47
5.52(9/23)
4.39(6/24)
5.40
5.52
5.39
5.36
' 5.44

1964
Part II

5.00(1^24/59)
3.81
3.41
4.07
4;07
4.90 .

5.92 (9/23) 5.83(9/2)
4.53 (6/24) 4.80(4/8)
5.91

5. 71 /
* ~

1966

Spread between yields on 3month bills and vlelds on
i
6-mo. blllsl3-5 vr. issues *

Yields
6-month
bills 2/
(per cent)
5.07 (J/8/60)
2.90
2.93
3.64
3.93
4.66

1965

a
5.39
5.42

1.81

.79
.24
.04
.13
.10
.19

1.15
.52
.55
.24
.43

.52,
.09

.02

.51
.40
.30

!09

.78

.13

:2297

Weekly nti shoim la that in effect at end of period at the federal Reserve Bank of Hew Yolk#
Market yield) weekly averages computed from daily doming M d prioee. Series of 3-8 year issues
consists of selected notes and bonds.
„
Wots, night and lows are for iidividual series and may be on different dates for different series.
Tor spreads, high refers to widest, and lor to narrowest.




S H O R T . A N D INTERMEDIATE-T<RM 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 FUNDS

1963

1962

1961

Prime rate

1959-60 - High
Y e a r end - 1961
1962
1963
1964
1965
1966 - High
Low
Sept.

Oct.

16
23
30
7

1/

5.00
4.50
4.50
4.50
4.50
5.00
6.00(10/14)
5.00(3/4)

6.00

—

5.13
3.00

(3/23/60)

3.19
3.88
4.06
4.75
5.75(10/14)
4.75(1/7)
5.63
5.75
5.75

6.00

5." 7 5

1968

P a r t II

Finance
company
F e d e r a l funds 3/
paper
2/
(per c e n t )

6.00
o.OO

6.00

1965

1964

Exhibit D

4 . 0 0 (5/13/60)
2.88

Spread between
3 - m o . b i l l s and
f i n a n c e co. p a p e r

1.02

3.55(1/21)

.34
.30
.36
.23
.28
.99
.20

5.63
4.95
4.70
5.90
5.44/

.23
.23
.36
.39
.31

3.00
3.50
4.00
4.63
6.00(9/9)

3/ 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
mturities in the-90-179 day range,
,
,
.
3/ Weekly average of dail" effective rate, whloh is the rate for the heaviest volume of purchase and
sale transactions as reported to the Federal Reserve Bank of New York.
Notet—filths 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.




t H I I ,> I
X I H «•

1

P R I C E S ^ ^ ^ J ^ ^ ^

1

too
10

STOCK MARKET CREDIT

1^1

60

CHANGE IN SERIES

1 .
"M I

VOLUME

"

40

?2

1 ^1
YIELDS

i i i i i i i i ii i
1962

1961

1 CTTj
1964

1963

Exhibit B —

Common
Stock price
index 1/

yields 2/
(per cent)

1965

1966

Part II

Trading
volume 2/
(millions
of shares)

Stock marl<et customer credit
Bank
Customers'
loans to
debit bal•
"others" 5/
ances 4/

Total

(In millions of dollars)
4961-62 - High
Low
gov. 1963
July 1965
1966 - High
Law
Aug.
Sept.
Sept. 30
Oct.
7
Oct.
14£/

72.04(1^8/61)
52.68(6/2^/62)
72.62
84.91
93.77(2/11)
74.39(10/7)

2.
,82
.96
3.

10.1
2.4

3. 14
3. 09
3 .02
.04
4,

5.3
4.1
10.7
5.0

80.65
77.81
76.56
73,20
76.60

3 .60
.83
3,
.80
3,
3 .97
.79
3,

7.1
5.7
5.9
7.5
7.9

5,603(1^/61)
4,424(3/61)
7,298
6,833
7,997
7,726

4,259 (12/61) 1,418(5/9/62)
1,161(3/6/61)
3,253(3/61)
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.

n.a.

n.a.

2,202
n.a.
2,170
2,154
n.a.

a.*.—Not available,p/ P
r
o
l
i
m
i
f
i
a
r
y
.
'
1/Studard and Poor's composite index of 500 cooaon stocks# weekly olosing prices, 1941*43-10,
Monthly data are averages of daily figures rather than of fiiday's only. Highs and lews at* fcr
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 shewn are for dates on which price index reached its high
3/ Averages of daily trading volume on the Mew York Stock exchange, Yenvend figures are averages of
daily figures for the year.
V Xnd of nwrth figures fear umber firms of the Hew York Stock Exchange which carry margin accounts)
excludes balances secured by 0, 3. Government obligations.
5/ Wednesday figures for weekly reporting member banks. Excludes loans for purchasing or carrying
0, S. Government securities. Weekly reporting banks account for about 70 per cent of leans to
others,". Tor further detail see Bulletin.




HOME MORTGAGES:

Aaa C O R P O R A T E B O N D S :

1957

1958

1959

1960

: 1961
Exhibit F

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

1956
1957
1958
1959-60
1961-65
1966

- Low
- High
-Low
- High
- Low
High

4.68
5.63
5.35
6.24
5.43
6.67
5.72

1966

May
June
July

6.37
6.51
6.58
6.67
6.73

1962
Part II

1963

1964

Aaa Corporate
Spread between yields
on conv. &
«5/
FHA mort.
eases

1966

1965

&

Spread between
yields on new corporate bonds and
FHA mtgs.ISeasoned
4/
I bonds

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. 70
4.84

3.08
4.12
3.57
4.61
4.19
5.31
4.74

.76
1.58
.88
1.69
.77
1.11
.73

-1.03
.05
.73
-.16
.46
.09

6.32
6.45
6.51
6.58
6.63

6 30
6.*45
6.55
6.65

-.02
-.05
-.06
-.03
.02

5.21
5.38
5.62
5.70
5.82

4.98
5.07
5.16
5.31
5.49

1.11
1.07
.89
.88
.81

.23
.31
.46
.39
.33

u
«.
™
f See note for exhibit G.
( Moody1 • Investor Serrioe. Monthly averages of dally data.




_
See Exhibit A.

CONVENTIONAL MOITOAOI TIKMS ^
30

25

EXISTING

M

tO AN 'PRICE/ BATI O
NEW
EXISTING

Tot

1962

1964
Exhibit F

(Per

New Homes
Fees &
Charges M a t u r i t y
(Per
(Years)
cent)

21

1966

Part IV

Exiliting Homes
Loan/
Fees &
Loan/ L o a n
Charges Maturity Price
Price
ratio (Thous.) Rate
(Per
(Years)
(Thous.)
cent)
(Per
(Per
(Per
cent)
2/
cent)

1

1965

A

Sept.
Oct.
Nov.
Dec.

1
1

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,
.1
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
.61

20.6
20.3
20.9
20.6
20.6
20.0
19.9
19.8

72.6
72.0
72.5
72.2
71.8
70.6
70.5
70.6

14.3
14.4
14.7
14.5
14.7
14.7
14.3
14.7

1966
Feb!
Mar.

June
July
Aug.

1/ Compiled by Federal Home L o w Bank Board in cooperation with Federal Deposit Insurance Corporation. Data
are lighted averages based on probability sample survey of characteristics of conventional first
mortgages originated by major institutional lender groups, (including mortgage companies) for purchase
of single fsmily homes. Data exclude loans for refinancing, reconditioning, or modernisations
construction loans to home-buildersj and—in this exhibit—permanent loans which are coupled with
construction I o n s to owner-builders. 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 tl* Federal Housing Administration, are available somewhat sooner than the results of
7HLBB-TDIC surrey, m d are included—in the case of new home mortgage rates—in Exhibit F, Parts I
7j Fees and charges—expressed as a percentage of the principal mortgage amount—include loan oonmisslons,
fees, discounts, and otter 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.




1

YIELDS ON N I W AND S I A S O N 1 D C O T P O I A T I BONDS

Exhibit 0 - Part II
Yields on Wew Corporate Bond Issues Adjusted to en Aea bests

of

Monthly averegea;
1966 - Jan.
Feb.
Mar.
Apr.
May
-July
Aug.
Sept.

lisssa

Am't of Issues Average
included (mil.
yield
of dollere)
(per cent)

8
10
9
13
7
11
5
5
8

Weekly averages:

300.0
304.5
513.0
452.3
341.0
596.0
155.0
680.0
280.0

4.84
4.98
5.13
5.08
5.21
5.38
5.62
5.70
5.82

of
Aug. 5
12
19
26
Sept. 2
9
16
23
30
Oct. 7
14
21
28

Am't of issues Average
included (mil.
yield
of dollers)
XBSL £2Btl

280.0

5.58

145.0

5.65
5.92
5.98
5.91

80.0

175.0
50.0
15.0

80
.

207.0
40.0
63.5

!&
:

5.80
5.81
5. 86-

High
5.98 (9/2)
4.82(1/7)
lotei Averages of offering yields on all x r issues of publioly offered oorporate bonds rated AM. la U T
A by Moody's Investors Service (oj
(exnept serial sad convertible Issues, offerings of natexal j u pipeline,
sad foreign eoapsaiss, and beads guaranteed by the federal Government) weighted by * me of offering.
Before averaging, new offerings ere adjusted to e ooepoeite iaa basis by deducting from the actual
reofferlng yield the excess of the weekly average yield for seasoned tends of the appropriate lndsstry-quality group over the composite average for seasoned Ana-rated tends (Moody's). Averages considered




Exhibit H

H.14

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

New Canita!
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

April
May
June

1,553
1,058
2,364

1,152
1,691
1,946

2,237
1,095
1,405

2/1,186
£./ 904
£/l,133

826
924
972

1,242
667
903

July
August
September

£/1,046
e/1,725
e/1,250

1,290
850
1,392

812
680
1,130

R/
E/
e/

679
737
975

986
648
966

906
780
892

October
November
December

e/1,175

924
1,325
1,496

953
669
1,642

e/

775

794
1,021
754

801
529
948

1st
2nd
3rd
4th

4,985
4,974
e/4,021

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

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

&/2,909
2/3,223
e/2,391

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

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

9,959
e/13,980

7,527
11,060
14,805

7,153
9,775
13,038

2/6,132
e/8,522

5,302
7,902
10,471

5,345
7,923
10,201

quarter
quarter
quarter
quarter

1st half
Three quarters
Year

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

quarter
quarter
quarter
quarter

4,924
4,884

Year
e/
EJ
1/
2/
3/

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

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

13,366

11,775

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.




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

Quarter
Month

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

Net proceeds
for new capital
Mfg.

=J

Public Communi- Other
Utility cations Issuers

1964 - 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
l,6t9
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
5,115
4,143

1 ,774
1 ,941
2 ,365

2,586
2,083
1,493

734
1,090
285

345
168

1,860
2,205
1,667

969
960
663

602
392
525

1,553
1,418
1,166

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. e/
Sept.e/
Oct.
Nov.
Dec.

1,339
1,273
2,482
1,582
1,106
2,427
1,093
1,775
1,275

460
560
753
628
481
832
440
1,,225
700

692
583
1,311
743
556
784
543
450
500

187
130
417
210
69
811
110
100
75

353
93
530
118
133
977
692
86
33
376
49
1,137
25
442
n.a.
675
n.a.
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

B./
ej
1/
2/

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.
Source:

Securities and Exchange Commission




Exhibit J
Other Security Offerings
(In m i l l i o n s of d o l l a r s )

firofifi T.nng-fprm 1 /
F n r p i g n Government- 2/
1064
1966
12
40
40
66
69
76

218

91
33
74
5
52
75
2

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

527

319

661

636

--

38
73
--

lljt!
n.a.

n. a.

State and
103
39
-319
580
462
-334
-103
2 7 Op/

698J2./

1,167
1,286

503
410
392
699
1,030
1,084%/

129
185
325

n.a.

239
150

—

—

--

275

775

260
160
--

375
375
179

510

1,653

695

2,732

n.a.

N e w s h o r t - t e r m 4/
local G o v e r m e n t 5 /

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

Federal A g e n c y 3/
1964
1965

1,205

-»

1

Federal Agency 3/

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

308
-24
450
718
85
284
-590
n. a.

-137
-174
117
-11
509
237
132
206
105
-309
202
-76

493

n. a.

879

-308
-336
23
97
183
239
-333
167
1
525
113
-3
-268

368
453
801
2./ P r e l i m i n a r y ,
e / Estimated by F e d e r a l R e s e r v e ,
n . a . — N o t available.
1/ T h e s e d a t a
d i f f e r from those in E x h i b i t H in that refunding i s s u e s , as w e l l as new capital i s s u e s ,
a r e included.
L o n g - t e r m s e c u r i t i e s are defined as those m a t u r i n g in m o r e than o n e y e a r .
2/ I n c l u d e s s e c u r i t i e s offered in the U . S . b y foreign g o v e r n m e n t s and their p o l i t i c a l
s u b d i v i s i o n s and international o r g a n i z a t i o n s .
Source: S e c u r i t i e s a n d E x c h a n g e C o m m i s s i o n .
2 / I s s u e s not guaranteed by U . S . G o v e r n m e n t .
Source:
L o n g - t e r m , S e c u r i t i e s and E x c h a n g e
C o m m i s s i o n ; s h o r t - t e r m , T r e a s u r y D e p t . & Fed. R e s e r v e .
4 / T h e s e d a t a d i f f e r from those
in E x h i b i t H and a b o v e in that they r e p r e s e n t new o f f e r i n g s less r e t i r e m e n t s , w h e t h e r
from the p r o c e e d s or refunding issues or from other funds. D a t a include o n l y issues w i t h
original m a t u r i t y o f one year or less.
5/ P r i n c i p a l l y tax and bond a n t i c i p a t i o n n o t e s ,
w a r r a n t s , or c e r t i f i c a t e s and Public H o u s i n g A u t h . n o t e s .
In some instances PHA notes
included m a y h a v e a s o m e w h a t longer m a t u r i t y than 1 y e a r .
Source:
Bond B u y e r & F e d e r a l
Reserve.




*

I
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
1
|
!

1965 - Sept.
Oct.
Nov.
Dec.
\ 1966 - Jan.
i
Feb.
!
Mar„
Apr.
May
June
July
Aug.
Sept.

Corporaite
Bonds
(other then
Convertible
convertibles)
bonds

530
246
736
262
485
545
890
643
401
1,317
402
1,189
627

530
190
559
212
370
391
544
431
351
636
170
862
287

State
and
local
governments

Stocks

16
40
33
50

563
409
538
413
787
424
399
720
466
582
338
410
611

-~

144
--

115
70
271
106

84
75
55
50
20
182
24?
340

- -

661
50
80

Other

2/

170
43
95
---

55
60
275
15
50

Large Individual Issues Offered October 1 through 14
Issuer

Type 2 /

Amount
(millions
of
dollars)

Maturity

Coupon
rate or
net interest cost

Offering
Yield

Rating

Corporate
*Texas Instruments, Inc.
Columbia Gas System
Sanders Associates
^United Air era i - Corp.
.
Idaho Power Co.
Alabama Power Co.

Com. st k.
Deb,
Ccnv. deb.
Conv. sub., deb.
1st mtg„ bds.
1st rr.Lg. bds.

55.0
40.0
17.5
58.9
30.0
33.5

1991
1986
1991
1996
1996

6-1/4
5-3/8
5-3/8
6-1/8
6-1/4

Rev.-Rent o

17.4

1969-98

4.67

4.50-4.60

--

C.O.
G.O.
G.O.
C.O.
Rev. -Rent.

10.0
15.0
10.0
31.7
13.6

1968-86
1969-96
1968-95
1967-96
1972-99

3.98

3.85 -3.90
3.85 -3.90
3.85 -3.90
4.00 -4.05
4.70 -4.80

Aa

3.96
3.95
4.10
4.91

6.19
5.38
5.38
6.03
6.15

A
--

. Baa
Aa
A

State and local C-evt.
New York St. Dorm. Auth.
St. Louis & St. Louis
C:., J C D M o .
State of Oregon
Atlanta, Georgia
Baltimore, Maryland
Univ. zt. Okla. ? N e m a n




Aa
Aa
A
»-

K-2
Large Individual Issues Offered October 1 through 14 (Cont'd)

Issuer

Type 3/

Amount
(Millions
of
dollars')

| Coupon
Offer-}
|rate or
ing
| Rating
Maturity]net interyield I
lest cost

State and local. Govt. (Cont'd)
Orleans Parish School Bd. 3 La.
Los Angeles Co. Flood Control
Dist., Califo
Omaha Pub. Pwr, Dist.,, Neb.
State of Delaware
State of Georgia

G.O.

16,
,5

1967 -2006

,33
4.

,25
4.,20-4.

A

G.Oo
Rev.-Q.-Uto
G.O.
G.O.

25..0
25,,0
IS. 9
15.,7

1968 -95
1968 -96
1967 -86
1967 -92

4.
,16
4.
,14
3.,95
ic •
i

4. 00
4. 00-4.,10
3. 85-3.,90
3. 90-4.,05

Aa
Aa
Aa
Aa

Other

*--Rights offering.
n.a.--not available,
1/ Includes corporate and other security offerings of $15 million and over; State and
3f $10 million and over.
local government security of ft
2/ Includes foreign government and International Bank for Reconstruction and Development
issues and non-guaranteed issues by Federal Agencies.
3/ In the case of State and local Government Securities, G„0. denotes general obligations;
Revo-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. 9 revenue bonds secured solely
by lease payments.




'1
I

H. 1 4

I

Exhibit L
F o r t h c o m i n g L a r g e L o n g - t e r m P u b l i c S e c u r i t y O f f e r i n g for N e w C a p i t a l
(Other than U . S . T r e a s u r y )
E x p e c t e d P r o c e e d s from F o r t h c o m i n g L a r g e Issues
(In m i l l i o n s o f d o l l a r s )

|

D u r i n g m o n t h following
date ahcwn
S t a t e and
Corporate
O t h e r 2/
local g o v t .
1965- S e p t . , 3 0
Oct. 29
Nov. 30
Dec„ 31
1966" Jan. 31
Feb. 28
M a r . 31
Apro 30
May
31
J u n e 30
July 29
A u g . 31
Sept. 30

206

269

412
297
553
530
828
489

343
398
50.1
340
366
253
399
584
337
403
515
300

248
1,261
317
67 7
662
68 7

15
25
20
20
20
™«
•

30
15
--

40

Forthcoming

Issuer

Corporate

S u b s e q u e n t to
date shown
S t a t e and
local govt.

303
389
344
6 76
931
1,176
606

331
578
458
582
461
504
334
546
584
353
403
685
380

1,034
1,261
619
697
853
767

Large O f f e r i n g s as of O c t o b e r

Type

Amourtt
(millions
of
dollars)

O t h e r g/

15
25
20
20
20
90
55
55
85
50
35
90
35

14

A p p r o x i m a t e d a t e of
offering

ftmnit*
Liggett, and M e y e r s
W i s c o n s i n G a s Co.
G a m b l e - S k o g m o , Inc.
Illinois Power Co.
Pacific S o u t h w e s t A i r l i n e s
P e n n s y l v a n i a Elec„ Co,
S o u t h e r n N e w England Tel, Co.

S. F. deb.
1st m t g , bds,
Notes
1st mtg„ bds,
C'onv. d e b .
1st mtg„ bds.

Deb,
N i a g a r a M o h a w k Power Co,
1st m t g . bds.
S, F. deb.
W h i r l p o o l Corp,
Sub. deb,
LTV A e r o s p a c e Corp,
1st m t g . bds.
*Wisc. Elec. Pwr „ Co.
1st m t g . bdso
* Pacific G a s & Elec. Co.
Conv. sub, deb.
American Airlines
^Pacific T e l e p h o n e
Tele, Co.
Deb.
Conv. pfd, stk.
*Mc Call Corp.
A t c h i s o n , T o p e k a , i S a n t a Fe Ry Eq. tr, cert o
c
Conv, sub. deb.
United N u c l e a r Cotp,
C a m e r o n Iron W o r k s , Inc,
Com/, sub. d e b ,




75.0
18.0
30.0
4Q.0
15.0
25 0
45.0
45.0
35.0
50.0
30.0
80.0
81.7
130.0
20.0
50.0
15.0
25.0

Oct. 18
Oct. 19
Oct. 19
Oct. 20
Oct. 25
Oct, 26
Oct. 27
Oct. 28
O c t . 27
Oct,
Nov.
2
Nov.
3
Nov.
3 (Rts. ex.
Nov. 16
Indefinite
Indefinite
Indefinite
Indefinite

y
L-2

Forthcoming Large Offerings as of October 14 (Cont'd)

Issuer

Type

Amount
(millions
or
dollars)

Approximate date of Offering

State and local Government
Greater New Orleans Expressway
Authority
*New Y o r k City, New Y o r k
*San Francisco Bay Area R.T.D., Calif,
Washington State University, Pullman
Santa Monica Unif. S. D., Calif.
*State of New Y o r k
Oklahoma Turnpike Authority

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

75.0
123.3
50.0
17.3
14.8
35.4
80.0

October 18
October 25
October 27
October 28
October
November 14
November

Other

Republic of Ireland
Nippon Tel. & Tel. Pub. Corp.

Bonds
Bonds

20.0
15.Q

Indefinite
Indefinite

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 sate of issue: Los Angeles Co. Flood control
Dist., Calif. $30.0 million of the $55,0 million i s s u e — b i d s rejected.




I

n
H.14
Exhibit M
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

10.0

Sold August 1 through October

14

Government of New Zealand--7% bonds, maturing 1.976,
reoffered to yield 7.28%. * * *

B.

Prospective Offerings

Indefinite

20.0

Republic of I r e l a n d — b o n d s

Indefinite

15.0

Nippon Telegraph and Telephone Public Corpr-bonds

* — I n c l u d e d in table for first time.
* * — I s s u e sold to investors outside of U.S.
* * * — I s s u e s subject to interest equalization tax.




Part II:

Date Reported

9/23

Private Placements - Reported August 1 through October 14

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 --no 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 exhib
are included when reported, frequently with little or no information concerning timing
of takedown. Full or partial takedowns m a y take place both prior and subsequent to
the date a placement is reported.





Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102