Full text of H.16 Capital Market Developments : October 19, 1964

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Not for Publication DECONTROLLED AFTER

SIX MONTHS

LIBRARY

October 19, 1964.

OCT * 1

API' :AL MA
DEVELOPMENTS
THE UNITED STATES
FEDERAL RBSEnVf- 2
and municipal bond markets.. The total volume of
publicfcprnrity-f in III a i
'H Tn r n r h th" market this week
($326 million) will be up sharply from last week's $175 million total,
as a result of anincrease in municipal bond financing. A $140
million New York City bond offering will account for about half of
this week's municipal total.
Long-Term Public Security Offerings 1/
(In millions of dollars)

Week
Ending

Corporate
New Capital I Refunding

State and local govt.
New Capital I Refunding

Sold:
52 week avg.
Oct. 9
Oct. 16

130

3

180

11

97 r/
75

266
79 r/

3
21 r/

50

276

Scheduled:
Oct. 23

1/ Federal Reserve estimates based on published reports of issues sold
and scheduled for offering; corporate rights offerings are included
as of the data subscription rights expire, r/ revised.
Despite last week's inactive corporate bond market with only
one small unrated issue offered, investors made only slight inroads
into the substantial volume of bonds' still bound by syndicate price
restriction.
. In the municipal market also, retail demand for most issues
included in last week's small volume of financing was only fair, a
response which market commentators attributed largely to uncertainty
over last week's political developments--particularly those related to
the possibility of an increase in the discount rate by the Bank of
England. Dealers' advertised inventories of unsold securities declined
only about $20 million, and seasoned municipal yields remained stable.




H.14

-2-

Yields in Securities Markets
Level latest week
(per cent)

Change from
preceding week
(basis points)

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

4.17
4.06

State and local govt.

3.L1

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

+1
+1

2.75

- 55

3.58
3.72
3.94

+1
- 1
+4

Mortgage yields -and conventional mortgage terms. Yields on
FHA-insured, 30-year, 5-1/4 per cent mortgages sold in the secondary
market remained at 5.46 per cent in September. Such yields have not
varied by more than one basis point since April 1963 as mortgage funds
have been ample and active competition for mortgages has continued.
Contract interest rates for conventional first mortgages
also remained at earlier reduced levels in September--5.80 per cent
for loans on new homes and 5.85 per cent for loans on existing houses,
according to the Federal Housing Administration.
In August, maturities and loan-to-value ratios on conventional
first mortgages for homes were also at or near the more liberal levels
reached earlier this year, based on the most recent data available from
the Home Loan Bank'lioard. Prices paid for houses have risen appreciably
further this year, however, and largely because of this factor, loan
amounts in August averaged 6 per cent more than a year earlier for loans
on used as well as new houses.
Stock market credit. Total customer credit in the stock market
rose $46 million during September, a month in which the Standard and
Poor's 500 stock price index rose nearly 3 per cent. Most of this gain
in credit was attributable to a rise of $34 million in customers 1 debit
balances on non-Government securities, the first month-to-month increase
in these balances since April. Bank loans to others increased $12 million
further to a record $1.9 billion.
Borrowings by member firms of the New York Stock Exchange on
customers' collateral continued to decline in September by an additional
$50 million and customers' free credit balances rose $68 million. More




H. 14

STOCK MARKET CREDIT
(In millions of dollars)

Months

Total

Customer Credit
Broker & Dealer Credit
Net debit
Bank loans to others Money
Customers 1
borrowed
balances with
net free
than brokers and
NYSE member
dealers for purchas- CusL Other
credit
firms
ing & carrying secur. coll. coll. balances

Outstanding: .
1955-56 High

4,047(5/56)

2,823(12/56)

1,255(4/56)

1,,873

430

1957-58 Low

3,554(1/58)

2,482(12/57)

1,060(11/57)

1,344

188

1959
1960
1961
1962
1963

4,764(4)
4,142(5)
5,602(12)
4,876(7)
7,298(11)

3,401(4)
3,004(7)
4,259(12)
3,562(7)
5,586(11)

1,373(5)
1,121(5)
1,377(8)
1,269(9)
l,727(i2)

2S,044
1,,801
2,,572
1,,856
3,,892

318
237
385
235
597

-

High
Low
High
Low
High

1,069(1/55)
807(4/57)
1,257(3)
940(4)
1,508(4)
1,091(9)
1,211(11)

1963 - Dec. 1/

7,242

5,515

1,727

3, 852

597

1,210

1964 - Sept.
Changes in
Outstanding:
1963 - Sept.
Oct.
Nov. 1/
Dec. 1/
1964 - Jan. JL/
Feb.
Mar.
Apr.
May

7,142

5,221

1,921

3, 568

554

1,145

311
209
118
-56
8
-130
21
173
-37
-48
h9
-64
46

282
179
91
-71
9
-140
-18
144
-71
-69
-81
-102
34

29
30
27
15
-1
,10
39
29
34
21
12
38
12

125
121
179
-40
-57
-57
-92
270
-48
102
-94
-54
-50

42
-3
60
32
-182
5
72
3
-1
-15
-52
15
82

87
-4
35
-1
52
-63
32
-66
-27
8
-32
-37
68

July
Aug.
Sept.

Note:
Exchange by member firms carrying margiti accounts. Bank loans to others than brokers and
dealers for purchasing and carrying securities are for weekly reporting member banks. Net
debit balances and customer free credit balances are as of the end of the month; bank loans
and money borrowed are reported for the last Wednesday of the month. Numbers in parenthesis
denote month of year. All figures exclude credits on, or to carry, U.S. Govt, securities.
If November 1963 data on customers' net debit balances do not include accounts carried by
a large former member firm in liquidation; most of these accounts have been transferred to
other member firms and are reported in their debit figures from the month received (some in
December, more in January 1964). Debit balance totals for the period from October 1963
through January 1964, therefore, are not completely comparable.
"




H. 14

-4-

detailed information on stock market credit in recent months is shown in
the table on the preceeding page.
Stock prices. Although common stock prices broke sharply
early Thursday afternoon, chiefly in response to reports that Premier
Khrushchev was being replaced in Russia, most of these losses and those
of earlier in the week had been recovered by Friday's close. Standard
and Poor's composite index of 500 stocks closed at 84.83 on October 16,
only about one-half per cent below last Monday's all-time high. Trading
volume averaged 5.1 million shares a day, up 0.1 million shares from the
average for the previous week.
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.




7

EXHIBIT A. f d r l 1
LONG-TERM B O N D YIELDS, H I G H - G R A D E

STATE AND 10CAI 60VIINMIHT A . .

...

it41

' mi

Exhibit A - Part II

Date

incorporate
Aaa 1/

/

U . S . Govt,
long-term 2/

/
State and
•- local
government
Aaa 3/

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

(per cent)
1959-60 - High
1961 - High
Low
1962 - High
Low
1963 - High
Low
196U - High
Low

U.61(3/29/60)
lu 1*6(9/15)
il. 21 (3/17)
U.lt3(2/16)
l*.23(l?/2$
u.37(12/27)
14.19(3/29)
4.43(10/9)
4.35(2/28)

U.U2 (1/8/60)
U.07 (12/29)
3.70 (5/12)
1.12 (2/23)
3.85(12/28)
ll.l6 (12/27)
3.87 (1/18)
4.20(4/17)
4.11(7/3)

Sept.
Sept.
Oct.
Oct.
Oct.

4.42
4.42
4.42
4.43
4.42 /

4.17
4.16
4.15 .
4.16 /
4.17 /

18
25
2
9
16 2/

3.65 (9/24/59)
3.37 (7/6)
3.12 (2/23)
3.26 (3/4)
— 2.88 (11/8)
3.18 (11/21)
2.93 (3/28)
3.16(3/26)
3.07(7/16)
3.10
3.10
3.11
3.11
3.11 /

-

.1*7
.30
.35
.21
.29
• 19

.92
.76
.I46
l.Olt
.80
1.05
.88
1.09
1.01

.25
.26
.27
.27
.26

1.07
1.06
1.04
1.05
1.05

.59
.57

.3k

' Preliminary.
Weekly average of daily figures* Average term of bonds included is 22-24 year#*
y Weekly average of daily figures. The series includes bonds due or callable in 10 years o r mors*
2 / Thursday figures. Only general obligation bonds are included> average term is 20 years*
N o t e . — H i g h 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*




EXHIBIT B, f o n t
L O N G - T E R M B O N D YIELDS, L O W E R - G R A D E

Exhibit B - Part II

Date

Corporate
Baa 1/

State and
local govt.
Baa 3/

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
Sept.
Sept.
Oct.
Oct.
/Oct.
Note*

18
25
2
9
16 2/

5.3$ (2/12/60)
5.13(10/27)
5.00(4/21)
5.U(l/3)
u. 92 (12/21)
U.93(V4)
U.83(11/15)
4.87(6/26)
4.80(10/16)

li. 1*6(1/7/60)
W6(3/23)
3.93(11/9)
li.oU(Vii)
3.52(5/17)
3.63(6/27)
3.52 f 5/23)
3.59(10/8)
3.51(4/16)

.81
.81
.66
•7U
.63
.71
.18
.48
.37

4.82
4.81
4.81
4.80 ,
4.80/

3.59
3.59
3.59
3.59
3.58

.40
.40
.39
.37
.38

-

1.08
.93
.57
.82
.56
.63

.a

.49
.36
.49
.49
.48
.48
.47

T o r footnotes see Exhibit A#




1

EXHIBIT C. Port 1
SHORT- AND

INTERMEDIATE-TERM INTEREST RATES, G O V E R N M E N T

(.MONTH 11 US

I I I I II II I I I I I II
Exhibit C - Part II
\Z
3-month
bills 2/

Yields
6-month
. bills 2/
(per cent)

1959-60 - High
1961 - High
Low
1962 - High
Low
1963 - High
Low
1961* - High

U.00
3.00
3.00
3.00
3.00
3.50
3.00
3.50
3.50

1.59(1/8/60)
2 66
12/2?)
2.17(1/27)
2.97(7/13)
2.65(6/8)
3.55(iVi5)
2.88(3/15)
3.58(10/16)
3.43(7/17)

2.93(3/8)
3.74(3/6)
3.52(7/3)

Sept.
Sept.
Oct.
Oct.
Oct.

3.50
3.50
3.50,
3.50
3.50

3.54
3.54
3.55
3.57
3.58 y

3.69
3.70
3.71
3.73 y
3.72 /

18
25
2
9
16 2/

5.07(1/8/60)
2.90(1/29)
2.35(4/28)
3.13(7/20)
2.714(6/8)

3.68(12/6)

3-5 year
issues 2f

Spread between yields on 3month bills and yields on
6-mo. bills|3-5 yr. issues

I

Discount
rate
y

8

Date

3.86(8/11)
3.15(5/12)
3.88(2/2)
3.1a (12/28)
4.07(12/27)
3.Wt(ViB)
,4.23(3/27)
3.98(8/7)
4.05
4.02
4.02
4.05
4.06

.79
.a
.12
.21*
.02
.17
.01*
.21
.04

1.81
1.51
.92
1.19
.52
.70
.W
.71
.47

.15
. 16
.16
.16
.14

.51
.48
.47
.48
.48

Weekly rate shown i s that i n effect at end of period at the Federal Reserve Bank of New York#
Market yield} weekly averages computed from daily closing bid prices. Series of 3—5 year issues
consists of selected notes and bonds.
N o t e . — H i g h s and lows are for individual series and nay he on different dates for different series#
Tor spreads, high refers to widest, and low to narrowest.




EXHIBIT 0, Fori 1
S H O R T - A N D I N T E R M E D I A T E - TERM INTEREST RATES,
BANKS AND OTHER

PRIVATE BORROWERS

A - 4
A i n v ^ w

f

E x h i b i t D - Part II

Stock exchange

Date

call loan l /

F i n a n c e company-

j Prime

paper 2/

jrate l /

Federal
funds 3/

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

(per cent)
1959-60 High
1961 - high

5.5a

a.50

5.00

5.13(1/22/60)

a . 0 0 (5/13/60)

U.50

3.00(12/30)
2.50(8/5)

2.90(11/17)
.a3 (3/27)

3.25(7/21)
2.68(6/1)
3.88(12/27)

1 . 3 0 (3/26)
3 . 5 0 (12/27)

1962 - High.

U.50

1963 - High

U.50
h.50

a. 50
a.50
a. 50
a. 50
a.50

4.50

4.50

4.50

4.50

U.50
U.50
Low
196U - High
Low
Sept.

18

4.50

4.50

'

3 . 0 0 (12/28)

1.02
.56
.11

.h5
.19

3.]3(5/31)

2 . a 5 (7/26)

.39
.12

3.94(10/16)

3,50(9/25)
2.75(10/16)

,20

3.72(9/11)
3.75

3.45

,41

.21

Sept. 25

4.50

4.50

3.75

3.50

.21

Oct.

2

4.50

4.50

3.81

3.35

.26

Oct.

9

4.50

4.50
4.50

r/3.90

3.30

r/. 33

3.94

2.75

.36

Oct.

16 2 /

4.50

3/

Weekly rate shown is that in effect at end of period. Stock Exchange call loan rate is going 'rate
on call loans secured by customers* stock exchange collateral at New York City banks. 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.
N o t e : — a i g h s and lows are for individual series and may be on different dates for different series#
F o r spreads, high refers to widest, and low to narrowest#




STOCK MARKET
1
a m ql d o l l a r s

70

.c°rr

I

/

/

STOCK HAIKU CREDIT
^ H A N C I IN $1111$

40

Mill|on« el ih
/

' V

K

V

A

\ A

t

y

v

1 41

U

W \ f ^

v V ^ V x A Z

1 1 1 1 1 1 1 1 1 1 1

1

'J

H

1 1 1 1 1 1 1 1 1 1 1

1111111

^

If *«

Exhibit E - Part II

Stock maj
Total

8

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

1
I

Stock price
index 1/

Customers'
debit balances k/

credit
Bank
loans to
'others" 5/

(In millions of dollars)
1961-62 - High
Low
1963 - High
196U - High
Low
Aug.
Sept.
Oct. 2
Oct. 9
Oct. 16 £/

1/

E n d " f L n L

d

72.01(12/8/61)
52.68(6/22/62)
7U.W12/2?;
85.22(10/9)
75.50(1/3)

2.80
3.96
3.01
2.94
3.10

10.1
2.U

82.00
83.41
84.36
85.22
84.83

3.03
3.00
2.96
2.94
2.95

3.9
5.2
4.6
5.0
5.1

f l ^ r t o r

e

6%5

6.1
3.6

5,602(12/61) U, 259 (12/61) 1,U18( 5/9/62)
l4,i|2U(V61) 3,253(1/61) 1,161(3/8/61)
7,298(11/63)5,586(11/63) 1,738(12/25)
1,923(10/7)
5,524(1)
7,314(4)
1,720(1/22)
5,187(8)
7,096(8)
7,096
7,142

J m t e ? Y o r k ^ c k t S h t n g e


others.
For further detail see Bulletin*


5,187
5,221

1,909
1,921
1,921
1,923

which carry m r j l n «ooo«nt.l

EXHIBIT f . Port 1

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

FHA

25-vear 30-vear

/

1956 1957 1958 1959-601961-64-

Low
High
Low
High
High
Low

June
July
August
September

Conven-

mortgages

Date

4.68
5.63

gages
3/

Spread b e Aaa Corporate
tween y i e l d s
on c o n v . &
Seasoned—^
New*7
2 5 - y e a r FHA
mortgages
.47
.47
.15
.23
.38
.23

3.08
4.94
3.65
5.25
4.72
4.12

3.08
4.12
3.57
4.61
4.45
4.22

4.43
4.37
4.39
4.48

4.41
" 4.40
4.41
4.42

5.35
6.24
5.72
5.43

5.70
5.45

5.20
6.00
5.55
6.30
5.95
5.80

5.44
5.44
5.44

5.45
5.46
5.46

5.80
5.80
5.80

.36
.36
.36

5.44

5.46

5.80

.36

Spread b e t w e e n
y i e l d s on new c o r p o r a t e b o n d s and
25-year
Seasoned
FHA m t g s .
.76
1.58
.88
1.69
1.50
.9.4
1.01
1.07
1.05
.96

__
1.03
.05
.73
.39
-. 16
.02
-.03
-.02
.06

1(

Neither mortgage nor bond yields take into aooount sorrioing oosts whioh are muoh higher for mortgage#
than bonds. Generally, bonds pay Interest semi-annually; mortgages, monthly. Mortgage yields, if computed as equivalent to a semi-annual interest investment, would be slightly higher than given in the

2/

Based on FH A-field-offioe opinions about average bid prices in the private secondary market for nei>home mortgages for inmediate delivery# Separate data available for 25—year and—begin!ng July 1 9 6 1 —
30-year mortgages with minimum downpayments, weighted by probable volume of tzansactions , 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

3/

Based on FKA field office opinion on typical interest rates (rounded) on conventional first mortgagee
prevailing in the market areas of insuring office cities. Beginning with April 1960, rate relates only
to newwhome mortgages) prior to that date, rate related to both new as i*ll as exist!ng-home mortgages.
Dashed line indicates this change in the series,
See note for Exhibit 6,
Moody's Investor Service, Monthly averages of daily data. See Exhibit A .

V
Digitized
5/ for FRASER


VI

EXHIBIT O, f a n I
! YIELDS O N N E W A N D S E A S O N E D C O R P O R A T E • O N P S j

/Ad|mI«d I . Aaa •
NEW ISSUiS

mi

Mil

Mil

lli<

Exhibit 6 - Part II
Yields on New Corporate Bond Issues Adjusted to a n A a a basis
Number Am't of issues Average
included (mil.
yield
of
(per c e n t )
issues of dollars)

Number A m ' t of issues Average
yield
of
included (mil.
(per cent)
issues of dollars)
Monthly averages:
1964 - Jan.Feb.
Mar.
Apr.
May
July
Aug.
Sept.

150.0
125.0

166.0
130.0
278.0
230.0

60.0

75.0
279.0

4.50
4.38
4.43
4.48
4.46
4.43
4.37
4.39
4.48

11
18
25
Oct. 2
9
16

40.0

60.0
69.0
1°'.0

4.48
4.52
4.46

fctt

Weekly averages;
1964

High
Low

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

Sept.
— r —
•
40.0
4.48*
.
.
Notel JLror&goa of offering yieldo on al^neir issues of publicly offered bo ip orate bonds rated Aaa. la and"
A by Moody's Investors Sendee (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
reofferlng yield tie excess of the weekly average yield for seasoned tends of the appropriate industryquality group over the composite average for seasoned Aaa-rated bonds (Moody's), Averages considered
unrepresentative became of special characteristics of fee offerings included are denoted by an asterisk^




H. 14

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

New Ca oital

^January
February
March
April ^
May
June

1964

Corporate
1963

1962

930
685
754

613
594
1,144

549
860
819

2,178
1,069
1,378

930
904
1,013

1 ,153
771
1 ,132

•

1964

State and Local 2/
1963

1962

944
771
809

732
746
976

876
1,133
628

2/ 1,215
665
2/
898
2/

869
866
930

873
912
786

£/
2/
2/

July
August
September

2/
2/
e/

797
#7
950

676
637
795

573
773
557

e/
e/
e/

900
750
900

680
708
449

612
544
427

October
November
December

e/

800

1,013
819
1,415

819
678
,064
1

e/

900

1,051
729
416

650
578
550

let
2nd
3rd
4th

2,369
4,625
e/ 2,474

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

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

2/ 2,525 '• 2,454
2,665
2/ 2,778
e/ 2,550
1,837
2,197

2,637
2,571
1,528 :
1,779 ;

6,994
e/ 9,468

5,198
7,307
10,553

5,,284
7,,186
9,,747

p/ 5,304
e/ 7,853

5,208
6,790
8,568

quarter
quarter
quarter
quarter

1st half
Three quarters
Year

5,118
6,955
9,151

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

quarter
quarter
quarter
quarter

1,996
4,170
e/ 2,274

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

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

9.434
?.23<?
1
Y m
e/ Estimated by Federal Reserve.
2./ Preliminary.
1/ Securities and Exchange Commission estimates of net proceeds.
2/ Investment Bankers Association of America estimates of principal amounts.
2J Total new capital issues excluding offerings of sales and consumer finance companies.




,

Exhibit I

H. 14

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

Quarter
or
Month

Total

Gross proceeds for new
Net proceeds fo r
capital and refunding 1 (
new capital 1/ 21
Common Memo:
Bonds
and
Foreign
Public CommuniOther
Publicly Privately pfd. issues
Mfg. Utility cations
issuers
Offered Offered
1 nel tided
1,114
724
506
70
429
456
649
694
1,386
1,289
642
251
996
984
228
848
852
1,006
308
55
566
376
274
685
1,088
1,510
277
135
747
552
.317
945

r/ 1962 - I
II
III
IV

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

1963 - I
II
III
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
II
III e/

2,499
4,851
2,714

.978
1,321
792

1,221
1,640
1,434

300
1,890
488

29
105

418
723
591

438
856
634

273
1,663
60

1,240
1,383
1,188

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

j
1

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

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

...

842
1,241
868
1,629

1964 - Jan.
985
338
526
121
5
109
149
157
515
Feb.
710
279
342
88
16
123
155
83
324
Mar.
805
361
353
91
8
146
174
34
400
Apr.
2,234
383
480
1 ,372
34
186
151
1,377
463
May
1,155
470
537
148 .
36
206
441
27
395
June
1,461
468
623
370
35
332
264
258
525
July £ /
892
234
434
224
207
16
173
23
393
812
Aug. £ /
183
500
129
188
137
17
385
Sept. e/ 1.010
375
500
230
290
135
,
20
410
^/Preliminary. e/Estimated by Federal Reserve.
V 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.




H. 14
Other Security Offerings
(In millions of dollars)

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

£/
e/

Jan.

e/

£/

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

4
82
69
30
75
26
16
25
75

232
133
76
57
114
11
63
83

2

- Sept.

402

Year

'

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

769

397

771

737

^
1962

148

246
156

--

186

461

275
£ / 260
e / 319
e/ --

459

--

v.
'V?

:

150
175
174
200
--

e/ 8 5 4

i

793
1,167

—
--

1»188
1,188

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

£/

- Sept,

103
236
-407
442
81
-80
-9
127

n.a.
j

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

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

626

234

692

378

-78
-336
23
97
183
239
-333
167
£ /'

- -

-38

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

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

1,028

650

1.600

1.004

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/lncludes securities offered in the U.S. by foreign governments and their political subdivisions and international organizations. Source: Securities & Exchange Commission. 3/
Issues not guaranteed by the U.S. Government. Source: Long-term, Securities & Exchange
Commission; short-term, Treasury Dept. & Federal 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 maturing of one year or less. 5/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/

Federal Reserve Bank of St. Louis

i

<
j
!
!

H. 1 4
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)

Bonds
(other than
convertibles)
Sept.
Oct.
Nov.
Jan.
Feb.
Mar.
Apr.
May
July
Aug.
Sept.

215
380
117
515.
225
200
296
235
415
390
178
125
269

237
446
180
547
307
263
335
1,557
452
650
291
142
376

Convertible
bonds

60
35
51

Stocks

State
and
local
governments
135
734
373
111
577
358
282
698
274
384
544
459
558

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

17
25

81

Other

2/

174
200

50
20
15
275
260
104
15

Large Indiviidual Issues Offered October 1 through 16
Issuer

Type 2/

Amount
(millions
of
dollars)

Maturity

Coupon
rate or
net interest cost

Offering
vie I d

Rating

Corporate
Columbia Gas System, Inc.
Texas Eastern Trans. Corp.
'-'Southern New Eng. Tel. Co.
Southern Calif, Ed e Co,
State and Local Government
Aurora, Colo.
Detroit, Mich.
West Virginia University
State of Vermont

Deb.
40.0
1st mtg. pi bds. 50.0
Com. stk. .
24.7
Com. stko
53.8
G.Q.
Rev.-Ut.
Rev.-Rent.
G.O.




10.0
39.0
10.0
10.8

1989
1984

4-5/8
4-5/8

1973-2007
1969-98
1966-95
1966-84

3.72
3.50
3.68
2.96

4.57
4.63

3.00-3.75
2.70-3.55, , Aa
2. 40-3.75—
Baa
2.20-3.05
Aaa

Large Individual Issues Offered October 1 through 16 (Cont'd)

Issuer

Type 3/

Amount
(millions
of
dollars)

Coupon
Maturity

net interest cost

Offering
yield

Rating

State and Local Government (Cont'd]
Santa Clara, Calif.
State of Calif.
State of Hawaii
Other

G.O.
G.O.
G.O.

10.0
100.0
15.0

Federal Land Banks

Bonds

67.0

1965-84
1974-2014
1967-84

3.06
3.59
3.22

1969

4-1/4

5/
2.05-3.80
2 . ^ - 3 . JO

-Aa
A

4.21

^--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 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 quasi-utilities; Rev.-S.T., revenue bonds
secured by revenue from specific taxes only; Rev.-Rent., revenue bonds secured solely by
least payments.
'
4/ 2-1/2 per cent bonds maturing 1995 reoffered to yield 4.10 per cent.
5/ Bonds maturing 1983-84 not publicly reoffered.




„

Exhibit L
Forthcoming Large Long-term Public Security Offering for New Capital
(Other than U.S. Treasury) 1/
Expected Proceeds from Forthcoming Large Isaueis
(In millions of dollars)

During month following
da te shown
State and
Other 2/
Corporate
local govt.

1964

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

•30
31
29
31
31
28
31
30
28
30
31
31
30

561
255
137
469
J16
454
669
345
341
539
120
511
500

240
145
392
305
155
224
1,587
651
600
292
92
402
186

Corporate

-- -

25
15

15

Other 2/

757
401
349
731
667
646
953
575
598
716
588
680
626

240
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

Forthcoming Large Offerings as of October

Issuer

Type

Amount
(millions
of
dollars)

Approximate date of
offering

Cornorate
Jersey Central Pwr. & Lt. Co,

1st mtg. bds.

18.0

Oct,

21

10.0
139.8
33.8
30,0
11.5

Oct,
Oct:
C:.
Oct.
Oct,

20
20
20
20
21

State & Local Government
Phoenix, Ariz.
New York City, N. Y,
Florida Dev. Comm.
Georgia State Sch. Bldg, Authc
Baltimore Co-, Md.




G.O.
G.O.
Rev,-S.T.
Rev*-Rent,
G.O.

Forthcoming Large Offerings as of October 16 (Cont *d)

Issuer

Type

Amount
(millions
of
dollars)

i

Approximate date of
offering

State & Local Government (Cont'd)
State of New York
Los Angeles Fid. Contl. Dist., Calif.
^Baltimore, Maryland
*Univ. of Neb. Bd. of Regents
N. Y. Housing Fin. Agency
Mass. Port. Auth.
Pittsburgh, Pa.
Dade County, Fla.
Va. State Highway Auth.
Forth Worth, Texas

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

34.9
15.0
45.7
16.0
72.3
43.0
35.0
46.0
31.0
14.1

Oct. 28
Nov. 10
Nov. 12
Nov. 18
Nov.
Indefinite
Indefinite
Indefinite
Indefinite
Indefinite

25.0

Oct.

Other
United Mexican States

27

^--Included in Table for first time.
If Includes corporate and other issues of $15 million and over; State nd local government
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: The $23.5 million bond issue of
the University of New Mexico scheduled for offering on Nov. 23 was deleted because most
. of the proceeds of this issue are to be used to refund outstanding issues.




g
g
:s

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

Sale
Da te

Public Offerings

Amount
(millions
of
dollars)

Issuer and Description of Issue

A.

I

I

9/22

1

15.0

City of Oslo, Norway--5-l/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.

B.

•10/27




Sold Aug. 1 through October 7.6

Prospective Offerings

United Mexivn ' iiv.ntco - bonds

'ID
M-2
Part II:

Private Placement--Reported Aug. 1 through October 16

Da te
reported

Amount
(millions
of
dollars)

8/6

15.0

Macleod Stedman Ltd.--sinking fund debenture,
maturing 1984--no information available on
takedown.

8/6

17.5

Government of Trinidad and Tobago—serial
bonds, maturing through 1979--no information available on takedown.

9/3

6.5

Urbanizaciones 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

Issuer and Description
of Issue

^
v.

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

*

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 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.




V,
^
*
•
i
&
"

1