Full text of H.16 Capital Market Developments : October 24, 1966

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Not for Publication DECONTROLLED AFTER SIX MONTHS
H. 14

October 24, 1966.

CAPITAL MARKETS/DEVELOPMENTS
IN THE UNITED STATES

Corporate and municipal bond markets. New municipal security issues
scheduled this week are more than twice last week's relatively light volume while
Th'e new-corporate security offerings are about one-third lower than the
average volume for such issues over the past year. This week's municipal
calendar is dominated by New York City's sale of $123.3 million ard the Greater
New Orleans Expressway Commission offering of $70.5 million. The New Orleans
issue was offered last week but failed to attract any bids. Nearly all of
this week's scheduled supply of new corporate bonds is accounted for by
three competitive utility issues totaling $115 million of double-A rated or
better securities.
Long-term Public Security Offerings 1/
(In millions of dollars)

Corporate
New Capital I Refunding

State and local Government
New Capital T Refunding

Sold:
52 week avg.
Oct. 14
Oct. 21

2

198
132r/
215

—

208
194r/
142

2
--

Scheduled:
Oct. 28

132

--

345

--

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.

Investor reception to last week's major corporate debt offerings both negotiated - was enthusiastic as the Liggett and Meyers $75 million issue
carried 7-1/2 year call protection and the Illinois Power Company's $40 million
was protected against call for 5 years. Both issues were trading at a premium
by the end of the week. Nearly 70 per cent of last week's new municipal offerings
not including the New Orleans issue - had been taken out of the market by Friday
afternoon.
Municipal yields declined for the fourth consecutive week while yields
on new and recently issued corporate bonds were unchanged to slightly lower.
Private housing starts and permits. Seasonally adjusted private housing
starts dropped 3 per cent in September. The decline, which followed a 4 per cent




H. 14

-2-

Yields in Security Markets
Level Latest Week

Change from
preceding week

High-Grade
Notes and Bonds
Corporate
New
Seasoned

5.82
5.40

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

4.71
5.37

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

3.83
3.97

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

5.35
5.36
5.60

-8

-11

Corporate Bonds Still in Syndicate
(In millions of dollars)

None

Latest Date
332

(10/21)




End of Previous Week
351

Recent High
636

(2/17)

-3-

H. 14

upward revision for August, was to a seasonally adjusted annual rate of 1,073
thousand, including farm starts, and was barely above the recession low in
December 1960. In the third quarter as a whole, the rate averaged 1,088
thousand--down a fifth from the already reduced rate in the second quarter
of the year and nearly two-fifths from the recent peak in the first quarter
of 1964.
Government-underwritten starts accounted for just 14 per cent of
total starts in September, compared with 17 per cent or somewhat more in
September of other recent years. The reduction reflected mainly a greater
decline for starts made with FHA-inspection than for other types of starts.
Seasonally adjusted building permits, which were—like starts—also
revised upward by 4 per cent in August, dropped more than a tenth further in
September to reach an annual rate of only 736 thousand. This was another
new low for the series which began in 1959. Altogether, the month-to-month
decline in the rate of permits was sharper for units in multi-family structures—
one fifth -- than for single-family homes. While total building permit rates
changed little from August to September in the West and North Central states,
they moved appreciably lower in the Northeast and South.
Stock prices. Common stock prices advanced last week but both the
volume of trading and the increase were less than the previous week. Standard
and Poor's index of 500 stocks.ended the week at 78.19 -- a gain of 1.59 from
the week earlier. Trading volume averaged 6.3 million shares a day.

Capital Markets Section,
Division of Research and Statistics,
Board of Governors of the Federal Reserve System.




H.14

STOCK MARKET CREDIT
(In millions of dollars)

Months
Total

1

Customer
Net Debit
balances with
NYSE member
firm*

Credit
Bank lot*ns to others
than brokers and
dealers for purchas-

Broker & Dealer Credit
Customers 1
Money
net free
Cust. 1Other credit
coll.| coll. balances

Outstanding:
1955-56 High

4,047 (5/56) 2,823 (12/56)

1,255 (4/56)

1,873

430

1,069 (1/55)

1957-58 Low

3,554 (1/58) 2,482 (12/57)

1,060 (11/57)

1,344

188

807 (4/57)j

1959
I960
1961
1962
1963
1965

4,764
4,142
5,602
4,876
7,298
6,833

1,373
1.121
1,377
1,269
1,727
1,865

2,044
1,801
2,572
1,856
3,892
2,882

318
237
385
235
597
446

1,257
940
1,508
1,091
1.211
1,192

3,393
2,889
2,859

517
687
575

1,169
1,666
1,528

26
-130
-96 -23
48
76
-41
90
59 -92
-2
11
47
-104
42
128
-48 -29
42
53
150 -102
-45 -10
-223 -19

176
106
4
187
64
35
57
-78
95
-181
-63

-

High
Low
High
Low
High
Low

1964 - Dec;
1965 - Dec.
1966 - Sept.

(4)
(5)
(12)
(7)
(U)
(7)

7,053
7,705
7,525

3,401
3,004
4,259
3,562
5,586
4,863
5,079
5,521
5,355

(4)
(7)
(12)
(7)
(ID
(7)

1,974
2,184
2,170

(5)
(5)
(8)
(9)
(12)
(2)

(3)
(4)
(4)
(9)
(11)
(8)

i

Change in
outstanding:
162
1965 - Sept,
Oct.
81
187
Nov.
401
Dec.
21
1966 - Jan.
224
Feb.
-127
Mar.
168
Apr.
-86
May
June
11
July -131*
-59
Aug.
Sept. -286

1

108
79
136
312
30
202
-108
190
-67
2
-103
-58
-254

54
2
51
89
-9
22
-19
-22
-19
9
-28*
-1
-32

--

—

Note; With the exception of bank loan data, figures are reported to the New York Stock
Exchange by member firms carrying margin 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.
*

New Series.




i

tINMIt A, »wt I
HIOH-OKADI

CORPORATE Aaa

s. fiOVEmmcm

ERNMENT Aaa
, I I.Li 1 JUL I.LI J. -Lii t i i 11 i i i
1111

i i i i i i i ( i i i 1 i i ii i i i i i i i 1 i i .i i i i i i i i i

1112

1113

Exhibit A —

iii1

1115

1114

II U 1 .L.1 I 2.9
fill

Part II

s
Date

1939-60 - High
1962-63 - Low
1965 - Low
1966 - High
Low
Sept.

23
30
7
14
21 £/

Corporate
Aaa 1/

4.61
4.19
4.41
5.52
4.73

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

5.49
5.47
5.44
5.43
5.40/

U.S. Govt.
long-term 2/

4.42
3; 85
4.13
4.87
4.42

State and
local
government
,3/

Spread between
U. S. Govt, and
Corporate
State and
Aaa
A«0 ..

(1/8/60) 3.65 (9/24/59) .59 (8/5/60)
(12/28/62) 2.88 (U/Q/62) .21 (1^27/63)
(6/25)
2.94 (2/ll)
.22
(9/2)
4.04 (8/25)
.75
(1/21)
3.39 (1/13)
.14

4.80
4.72
4.75
4.76
4.71 /

3.89
3.88
3.86
3.86 .
3.83^

.69
.75
.69
.67
.69

.92 (4/22/60)
.80 (3/5/62)
.94
1.19
.78
.91
.84
.89
.90

.88

; Preliminary^
; Weekly average of dully figures, Arerage term of bonds Included Is 22-24 years.
y Weekly average of daily figures. The series
# :
Includes bonds due or1 callable In 10 years or son*
Jf Thursday figures. Only general obligation bonds
bo: are included; average term Is 20 years,
Krte»—8igbs and lows are for Individual series
i may be on different dates for different
is and
series. For spreads, high refers to widest, and Ion to narrowest.




•I

1

i
9.9

5.9

4.5

4.1

3.5

3.0
1914

1912

1111

Exhibit B —

Corporate
Baa y

Date

1999

Part II

State and
local govt.
Baa

'>

Spread between
Aaa and Baa
Corporate

|

(per cent)
1959-60 - High
Year end - 1962
1964
1965
1966 - High
Low
Sept.
Oct.

23
30
7
14
21 £/

5.36 (2/12/60)
4.93
4.80
5.04
6.11 (10/21)
5.05 (1/14)

4.46 (3/7/60)
3.57
3.51
3.79
4.55 (8/25)
3.78 (1/20)

.84
.70
.37
.31
.71
.31

1.08
.63
.52
.39
.62
.31

6.10
6.06
6.08
6.10
6.11

4.45
4.45
4.45
4.45
4.42

.61
.59
.64
.67
.71

.56
.57
.59
.31
.59

For footaefcee see exhibit i.




7

IIHttIT C, »«•
GOVERNMENT

3 - 5 YEAR ISSUES
• - MONTH BILLS
*wt.f flel*

F. R. DISCOUNT RATE

MONTH BILLS

I I I I I I I I I I II

l l l I
1163
Exhibit C —
Discount
rate
3-month
bin. it
_1L.
4.59 ( W e o )
2.66
2.89
3.52
3.83
4.47
5.52 (9/23)
4.39 (6/24)

4.50
4.50
4.50
4.50
4.50

5.52
5.39
5.36
5.44 •
5.36/

Spread between yields on 3month bills and yields on
$Tftt
yy* I w h s i l

tl'l't
6-month
bill. %/
(per cent,

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

1.81
1.13
.52
55
.24
.43

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

.52
.09

.78
*01

5.92
5.69
5.65
5.71
5.60 '

.40
.30
.29
.27
.24

.17
.09
.03
.02
.01

©

Sept. 23
30
7
14
21 £/

Oct.

4.00
3.00
3.00
3.50
4.00
4.50
4.50
4.50

Part II

i

1939-60 - High
Tear end - 1961
1962
1963
1964
1963
1966 - High
Low

1966

1964

2.90
2.93
3.64
3.93
4.66

S.0Q(l*/2t/to)
3.81
3.41
4.07
4; 07
4.90 .

5.69
5.48
5.39
5.42
5.37

r mte she* 1» that la effect at end of period at the federal Reserve Bank of Hew Yoxk*
. i yields WMklar average# ooeputed from dally oloslmg M d prices. Series of 3-8 year Issues
oemslst* of aeleoted notes and bonds.
Vote*—Blghs and leas are for individual series and may be on different dates for different aeries*
for spreads, high refers to widest, and lew to narroweet.




IXHWI 0. f«l I

19(1

Date

1959-60 - High
Tear end - 1961
1962
1963
1964
1965
1966 - High
Low

1962

1963
Exhibit D —

1964
Part II

1965

Prime rate JJ

Finance
company
Federal funds £/
neper
2/
(per cent)

5.00
4.50
4.50
4.50
. 4.50
5.00
6.00(10/21)
5.00 (3/4)

5.13 (l/Zt/60)
3.00
3.19
3.88
4.06
4.75
5.88 (10/21)
4.75 (1/7)

Sept. 23
6.00
5.75
6.00
30
5.75
6.00
5.75
Oct.
7
6.00
5.75
14
- 21 p /
6.00
5.88
y Weekly rate shorn Is that in effect at end of period. Prime

4.00 (g/13/60)
2.88
3.00
3.50
4.00
4.63
6.00 (9/9) .
3.55 (1/21)
4.95
4.70
5.90
5.44
5.35-

1966

Spread between
3-mo. bllle and
finance co. paper
1.02
.34
.30
.36
.23
.28
.99
.20
.23
.36
.39
.31
.52

rate la that charged by large banks

on ehort-tera loans tb business borrowers of the b l u e s t credit standing#

2/ i n n i * of dally rates published by finance companies for directly placed paper for varying
maturities in the 90-079 day range.
V Weekly average of dally effective rate, which is the rate for the' heaviest volume of purchase and
sale transactions as reported to the iedeml Reserve Bank of Mew York.
Hotel—Highs and lews are for individual series and may be on different dates for different series.
For spreads, high refers to widest, and low to narrowest.




STOCK MARKET CREDIT
CHANGE IN SERIES

1164
Exhibit E — Part II

Stock price
index \J

1961-62 - High
Low
Nov. 1963
July 1965
1966 - High
Low
Aug.
Sept.
Oct. 7
Oct. 14
Oct. 21 j>/

Common
stock
yields 2/
(per cent)

Trading
volume 2/
(milliona
of shares)

72.04(12/8/61)
52.68(6/22/62)
72.6*
84.91
93.77 (2/11)
74.39 (10/7)

2.82
3.96
3.14
3.09
3.02
4.04

10.1
2.4
5.3
4.1
10.7
5.0

5
4
7
6
7
7

80.65
77.81
73.20
76.60
78.19

3.60
3.83
3.97
3.79
3.72

7.1
5.7
7.5
7.9
6.3

7
7
n
n
n

tet customer c r e d i t
Customers 1
Bank
debit balloans to
ances 4/
'others" 3/
(In millions of dollars)
1,418(5/8/62)
1.161(3/8/61)
5,586
4,863
5,835
5,355

1,712
1,970
2,241 (7/6)
2,137 (5/27)

5,609
5,355

2,202
2,170
2,154
2,140

available. j/ PrellalaaiT. ~

'

s s s sr.i Tssz-vsg!
jy Standaxda^ P ^ s o e ^ a i t e stock yield based on Wednesday data converted to weekly olosiag
pxdoes by M * f t l Reserve* Helds shewn are for dates on which prioe ^nde% reached its high
2/

y

of dally trading relme oa the Vow Yo*k Stock exchange, Yea^end figures are averages of
daily figures for the yearw

ttr&a^aaag

others. For further detail see Bulletin.




jsssrsfs.ivzzss'jvsv

PRIVATI H O U I I N O
I M 111111 M 111111111111

SEASONALLY ADJUSTED DATA

2.4

HOUSING STARTS_

/

j W V ^

v

IUILDING PERMITS
(Ul
.r..l|

I
1
I
PER C E N T Of U N A D J U S T E D T O T A L S T A R T S

I
f
MULTI-FAMILY

G O V E R N M E N T UNDERWRITTEN
I
I
I " " I I I I I I I I I I I I II I I I I I
Exhibit P - Part II

Date

Unadlusted
T y p e of financing

Seasonally adjustUnadjuated
ed annual rate
FHA

VA

.Other

1-2
family

Building
permit*
f housing (seasonally
Multifamily

Iff

Starta
Total

(Thousands of units)
1965 - Sept.
Oct.
Nov.
Dec.
1966 - Jan.
Feb.
Mar.
Apr.
May

1,453
1,411
1,547
1,769
1,611
1,374
1,569
1,502
1,318
1,285
1,088r/
1»102r/
1,073

124
134
116
102
85
78
126
147
135
128
104r/
105~
92

17
18
16
15
13
12
19
18
14
15
13
14
10

4
4
4
3
3
2
3
3
4
4
4
4
3

103 - 83.9
40.4
1 ,180
112
91.0
42.6
1 ,244
96
75.0
41.0
1 ,280
84
63.3
39.0
1 ,292 /
69
50.8
33.8
1 ,255
64
49.3
28.9
1 ,197
104
85.4
40.9
1,,268
126
100.3
46.8
1,,185
118
92.5
42.9
1,,098
108
87.9
39.7
954
July
87r/
74.3r/
29.7r/
921
Aug.
87r/
74.2
30.7r/
844r/
Sept.
79
66.7
25.5
ixr
V Total starts are Census t s t l u t u Including f a m for both pemit-i#stting aad non-issuing areas. A
dwelling unit Is started when excavation begins s all units la an apartment structure are considers*
started at that tism. ISA and ?A starts are units started under oesedtments by these agenoiee to l u u t
or guarantee the mortgages. As reported b r IHA aad TA, a unit is started when a field of floe receives
the first eooplianee inspection report, wbloh is made before footings are peered in some oasee but
normally after the foundations have boon completed. Capehart military housing units are excluded*
Other starts are derived as a residual, although total and IHA and VA starts ars not strictly ooeparable
in oonoept or timings ether starts include both units finsnced by conventional mortgages and unite
without mortgages.
V

building psemits before January 1963 are Const* estimates for about 10.000 areas Identified as


differooes in timing sed oe verage.


NEW ISSUES

SEASONED Aaa

1.1 1 I I

l l I l I
1964

l I I I I l I l l 1*1 l I I I I I I
1965

Exhibit 0 - Part IX
Yields on lew Corporate Bond Issues Adjusted to an Aaa basis

Monthly averages;
- Jan.
Feb.
Mar.
Apr.
May
^ July
Aug.
Sept.

Am't of Issues Average
of
Included (all.
yield
(per cent)
igsue& oft dpllara)
8
10
9
13
7
11
5
5
8

Weekly averages:
High

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

Number Asi't of Issues Average
of
Included (all.
yield
issues of dollars)
ifier .SSBSX
Aug. 5
12
19
26
Sept. 2
9
16
23
30
Oct. 7
14
21
28

2
1
1
1
1
1

*

1
2
2

280.0

5.58

145.0

5.65
5.92
5.98
5.91

80.0

175.0
50.0
15.0

8.0

207.0
40.0
63.5
115.0

tib

5.80
5.81
5. 86
5.82

5.98 (9/2)
4.82(1/7)
Wot*; Average# of offering yields on *1). new issues of publicly offered ooxpcrate bonds rated J L m . it u A "
A by Moody's Investor* Sendee (except serial and eoewertltie Is sues.offerings of natural gas pipe Has1
sad foreign companies, aad bond* guaranteed by the Federal Government) weighted by *»e of offering*
Before averaging, new offerings are adjusted to a enenoelte iaa basis by deducting from the actual
recffertng yield the excess of the weekly average yield for seaeoned tpnds of the appropriate indeettyquality group ever the composite average for seasoned Aaa-rated bands (Maody's), Averages considered
unrepresentative became of special characteristics of 4&e 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 Ca pital
1966

C o m orate
1965

State and local 2/
1964
1966
1965

1964

January
February
March

1,302
1,237
2,446

795
746
1,197

938
700
778

2/1,183
£ / 857
e/
868

804
872
904

947
776
810

April
Hay
June

1,553
1,058
2,364

1,152
1,691
1,946

2,237
1,095
1,405

2/1,186
2/ 904
2/1,133

826
924
972

1,242
667
903

2/1,046
2/1,719
e/1,250

1,290
850
1,392

812
680
1,130

2/
2/
e/

679
737
975

986
648
966

906
780
892

•e/1,100v

924
1,325
1,496

953
669
1,642

e/

700 ^

794
1,021
754

801
529
948

4,985
4,974
e/4,015/

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

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

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

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

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

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

July
August
September
October
November
December
1st
2nd
3rd
4th

quarter
quarter
quarter
quarter

1st half
Three quarters
Year

9,959
\ e/13,974/

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

quarter
quarter
quarter
quarter

4,924
4,884

Year
e/
b/
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.




/
1
r

•a

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/
Bonds
Common Memo:
Total
Publicly Privately and
Foreign
Placed
pfd,
issues
Offered
stock included

Net proceeds
for new capital
Mfg.

.

.

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
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
IV

5,094
5,115
4,128

1 ,774
1 ,941
2 ,280

2,586
2,083
1,523

734
1,090
326

345
168
n.a.

1 ,860
2 ,205
1 ,528

969
960
680

602
392
567

1,553
1,418
1,240

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. £/
Sept.e/
Oct;
Nov.
Dec.

1,339
1,273
2,482
1,582
1,106
2,427
1,093
1,760
1,275

460
560
753
628
481
832
440
1,,140
700

692
583
1,311
743
556
784
543
480
500

187
130
417
210
69
811
110
141
75

353
93
530
118
133
977
692
86
376
33
49
1,137
442
25
22
536
550
n.a.

388
241
340
364
274
322
263
317
100

141
160
301
76
40
276
50
317
200

420
306
, 827
421
368
629
291
549
400

p./
e/
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 millions of dollars)

( I m a a T.nn a-t-prm 1 /
Fnreicn Cnvernmenf 2/

January
February
March
April
May
June
July
August
September
October
November
December
Jan. - Aug.

1QA6

lQfiS

1Q66

12
40
40
66
69
76
B./72
R/ 5

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
--

2./3&0

Year

TQfifi

503
410
392
699
1,030
2/1,084
R/ 799

2/4,917

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
E/270.

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
-270

J
iFederal A g e n c y i/

1Q6S

i
1964 J

129
185
325

-—
--

275
260
160

—

-

239
150
375
375
179

510

1,653

695

2,732

1,205 5

y
?•'

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

1,167
Jan. - Aug.
493
879
-268
E/ 698,
961
1,286
368
453
Year
801
2/ Preliminary, e/ Estimated by Federal Reserve, n . a . — N o t 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.
2/ Includes securities offered in the U.S. by foreign governments and their political
subdivisions and international organizations. Source: Securities and Exchange Commission.
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
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.




I

--

775

/
:

J

,
?
i
?
\
;

!

?< 1
Exhibit K
Large Long-term Public Security Issues for New Capital
(Other than U. S. Treasury)
Proceeds of Large Issues Offered
(In millions of dollars)

Total

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

Cornoriite
Bonds
Convertible
(other than
convertibles)

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

Stocks

__

530
190
559
212
370
391
544
481
351
636
170
862
287

State
and
local
government#
563
409
538
413
787
424
399
720
466
582
338
410
611

16

40
33
50

144
115
70
271
106

84
75
55
50
20
182
247
340

661
50
80

Other

If

170
43
95
—
—
--

55
60
--

275
15
50

Large Individual Issues Offered October 1 through 21
Issuer

Type 2/

Amount
(millions
of
dollars)

Maturity

Coupdn
rate or
net interest cost

Offering
vield

Rating

tomtits
*Texas Instruments, Inc.
Columbia Gas System
Sanders Associates
*United Aircraft Corp.
Idaho Power Co.
Alabama Power Co.
Leggett & Meyers
Wisconsin Gas Co.
Illinois Power Co.
LTV Aerospace Corp.

Com. stk.
Deb.
Conv. deb.
Conv. sub., deb„
1st mtg. bdso
1st mtg. bds.
S.F- deb.
1st mtg. bds.
1st mtg. bds.
Conv. sub., deb.

55,,0
40.,0
17,,5
58.,9
30,,0
33,,5
75.,0
18, 0
40.,0
25. 0

1991
1986
1991
1996
1996
1992
1991
1996
1986

6-1/4
5-3/8
5-3/8
6-1/8
6-1/4
6
6-5/8
5.85
6-1/2

Rev.-Rent.

17.,4

1969-98

4.67

4. 50-4.60

G.0.

10. 0

1968-86

3.98

3. 85-3.90

6.19
5.38
5.38
6.03
6.15
5.92
6.50
5.82
6.50

A
Baa
Aa
A
A
Baa
Aa

State and local Govt.
New York St. Dorm. Auth.
St. Louis & St. Louis
Co. JCD, Mo.




Aa

k

K-2
Large Individual Issues Offered October 1 through 21 (Cont'd)

Issuer

Type 3/

Amount
(Millions
of
dollars)

Coupon
Offerrate or
Maturity net inter- ing
yield
est CCS t

f
Rating |

State and local Govt. (Cont.)
State of Oregon
Atlanta, Georgia
Baltimore, Maryland
Univ. of Okla., Norman
Orleans Parish School Bd., La.
Los Angeles Co. Flood Control
Dist., Calif.
Omaha Pub. Pwr. Dist., Neb.
State of Delaware
State of Georgia

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

15.0
10.0
31.7
13.6
16.5

1969-96
1968-95
1967-96
1972-99
1967-2006

3.96
3.95
4.10
4.91
4.33

3.85-3.90
3.85-3.90
4.00-4.05
4.70-4.80
4.20-4.25

Aa
Aa
A
A

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

25.0
25.0
16.9
15.7

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

4.16
4.14
3.95

4.00
4.00-4.10
3.85-3.90
3.90-4.05

Aa
Aa
Aa
Aa

?

}
,

Other
None

*--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
f|
secured by revenue from specific taxes only; Rev.-Rent., revenue bonds secured solely
„y|
by lease payments.
|




17

H.14
Exhibit L
Forthcoming Large Long-term Public Security Offering for Hew Capital
(Other than U.S. Treasury) ]J
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

269
343
398
501
340
366
253
399
584
337
403
515
300

15
25
20
20
--

20
---

30
15
--

40

Corporate

Subsequent to
date shown
State and
local govt.

303
389
344
676
931
1 ,176
606
1 ,034
1 ,261
619
697
853
767

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

Other 1/
15
25
20
20
20
90
55
55
85
50
35
90
35

Forthcoming Large Offerings as of October 21

Issuer

Type

Amount
(millions
of
dollars)

Approximate date of
offering

Cmatit*
Pacific Southwest Airlines
Pennsylvania Elec. Co.
Southern New England Tel. Co.
Whirlpool Corp.
Niagara Mohawk Power Co.
Wise. Elec. Power Co.
Pacific Gas & Elec. Co.
Pacific Telephone & Tel. Co.
American Airlines
McCall Corp.
United Nuclear Corp.
Cameron Iron Works, Inc.

Conv. deb.
1st mtg. bds.
Deb.
S.F. deb.
i|
'
! 1st mtg. bds.
1st mtg. bds.
1st mtg. bds.
Deb.
Conv . sub. deb.
Conv . pfd. stk.
Conv . sub. deb.
Conv . sub. deb.

15.0
25.0
45.0
35.0
45.0
30.0
80.0
130.0
81.7
20.0
15.0
25.0

October 25
October 26
October 27
October 27
October 28
November 2
November 3
November 16
November (rts • exp.)
Indefinite
Indefinite
Indefinite

State and local Government
Greater New Orleans Expressway
Authority




Rev. -Q.-Ut.

75.0

October 25

Forthcoming Large Offerings as of October 21 (Cont'd)

Issuer

Type

Amount
(millions
of
dollars)

Approximate date of offering

State and local Government (Cont'd)
New York City, New York
San Francisco Bay Area R.T.D., Calif.
Washington State University, Pullman
Santa Monica Unif. S.D., Calif.
*Nashville & Davidson Co., Metro.
Govt., Tenn.
State of New York
Oklahoma Turnpike Authority

G • 0.
G.O.
Rev.-Rent.
G.O.

123.3
50.0
17.3
14.8

October 25
October 27
October 28
October

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

25.0
35.4

November 1
November 14
November

Bonds
Bonds

20.0

Indefinite
Indefinite

80.0

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

15.0

^--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




H.14
Exhibit M
Foreign Government end 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 21
Government of New Zealand--7% bonds, maturing 1976,
reoffered to yield 7.28%. ***

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.
* * — I s s u e sold to investors outside of U.S.
***—issues subject to interest equalization tax.




- 1P'
M-2
Part U s

Date Bepferted

9/23

Private Placements - Reported August I through October 21

Amount
(millions
of

59.5

Issuer and Description of Issue

Savage River Corp.--5-1/2% - 5-3/4% collateral t r et
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 shewn 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.




.J
j
'