Full text of H.16 Capital Market Developments : October 31, 1966

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NOT

F

°H ^ b l l c a t i o n PECONTEOLLED AFTER SIX MONTHS

October 31, 1966.

:AL
i
MARKETS DEVELOPMENTS
IN THE UNITED STATES

Corporate^ andmunicipal bond markets. New corporate security
issues scheduled_thia_HAek are more than twice last week's relatively light
voluntey^whereas the new municipal volume is expected to be light. The
largest corporate issue is Pacific Gas and Electric Company's $80 million
bond offering which is slated for mid-week bidding.

Long-term Public Security Offerings 1/
(In millions of dollars)

Corporate
New Capital I Refunding

State and local Government
New Capital I Refunding

Sold:
52 week avg.

198

Oct. 21
Oct. 28

2

211

215
132

79 r/
345

270

142

2

Scheduled:
Nov. 4

1/ Federal Reserve estimates are based upon published reports of issues
sold and scheduled for offering; corporate rights offerings are included
as of the date subscription rights expire.

New and seasoned corporate bond yields declined further last week.
A mixed response was accorded new debt issues offered to investors last week
one issue was sold out in a single day while the two other major issues
remain in syndicate.
Municipal yields declined substantially last week to mark the
fifth consecutive weekly yield decline. New York City's $123 million
bond issue sold out quickly and moved to a premium in free market trading.
For the second week, the Greater New Orleans Expressway Authority failed to
receive any bids on its proposed $71 million revenue issue.
FNMA secondary market operations. Offerings from private holders
of eligible Government-underwritten mortgages for purchase by the Federal
National Mortgage Association in the secondary market totaled $140.4 million
in September. This was little changed from August but well below the high
of $333.2 million registered last January. Reflecting the more moderate




H. 14

-2-

Yields in Security Markets
Level Latest Week
Change from
preceding week

High-Grade
:Notes and Bonds
Corporate
New
Seasoned

5.67
5.37

-15
-3

4.62
5.36

-1

U.S. Government
Long-term
3-5 year
State and local Govt.
Moody's Aaa
Std. & Poor's high grade

3.75
3.89

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

5.05

-30

5.22
5.53

-14
-7

Corporate Bonds Still in Syndicate
(In millions of dollars)
10/12/66

30.0

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

6.03

Aa

9/10

10/27/66

45.0

Southern New England
Tel. Co., deb. , 5-3/4, 1996

5.73

Aa

9/10

10/28/66

45.0

Niagara Mohawk Power Co.,
1st mtg. "bds.5fi7/8, .1996

5.70

.

Aa;: . 2/5

Blue List of Municipal Dealers' Advertised Inventories
~
. (Mif fians oY do11ars )
T -1 ZT
Latest Date
313 (10/25)




End of Previous Week
320

Recent-, High
636

(2/17)

I

-3-

H.14

level of offerings in recent months, purchases by FNMA declined to $95.5
million in September and were below $100 million for the first month since
last November, when such purchases were already in a rapidly accelerating
phase. Sales continued nil in September.
Effective October 4, FNMA lowered its prices on 5-3/4 per cent
home mortgages to sellers in the secondary market by another two points.
This change was designed to bring its prices into closer alignment with
market conditions and was associated with an increase by the Department
of Housing and Urban Development and the Veterans Administration in the
regulatory maximum on Government-underwritten home mortgage to the
statutory limit of 6.0 per cent..
Under the expanded secondary market program recently authorized
by Congress, FNMA also announced an upward adjustment in the size of
mortgages eligible for purchase under its secondary market operations.
As finally amended, the mortgage size for new home loans was raised from
$15,000 to $25,000, provided the FHA insurance commitment or VA certificate
of reasonable value covers the proposed new housing and the insurance
or guaranty is dated no earlier than October 19, 1966. While this change
was made mainly to stimulate starts of new housing, some increase in the
purchase-limit was also authorized for loans on existing homes -- to
$17,500.

(
I

For budgetary and other reasons, activation of the $1 billion
^
specia assistance authorization, which was also initiated by Congress last
special
summer, has been deferred for the time being.
^
Savings flows. The net inflow of income-yielding claims at
depositary-type institutions during September aggregated $621 million -down substantially from the year earlier inflow. Most of this lower
aggregate inflow was accounted for by the net decline of $38.2 million
in time and savings accounts at commercial banks, as compared to the gain
of $1.4 billion in these accounts a year earlier. This experience is
largely attributable to the run-off in large negotiable certificates of
deposit during September. Savings and loan association and mutual savings
bank deposits continued to grow at a less rapid rate during September
1966 than a year earlier.
Stock prices. Common stock prices advanced last week in trading
that averaged 6.4 million shares a day. Standard and Poor's index of 500
stocks gained 2.05 points for the week.

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




SAVINGS FLOWS
Unadjusted Data

Year
or
Month

Savings & Loan Assoc. 2/
Mutual Savings Banks 3/
Commercial Banks 4/
Current
Change
Per cent Current
Change
Per cent Current
Change Per cent
Total (millions)
from
from
change (millions)
change (millions)
change
from
previous
previous
previous
1/
year
year
year

#

1960
61
62
63
64
65

Unadlusted

14,633
20,070
27,901
29,100
28,957
31,953

7,559
8,743
9,351
11,072
10,579
8,384

952
1,184
608
1,721
-493
-2,195

14.4
15.7
7.0
18.4
-4.5
-20.7

1966 - May
June
July
Aug.r/
Sept.

1,997
3,025
422
1,013
621

387
1,185
-1,508
124
630

-405
-418
-1,076
-430
-410

-51.1
-26.1

1966 - May
June
July
Aug.r/
Sept.

1,325
1,710
2,096
1,130
711

276
293
-393
348
408

-413
-468
-1,016
-422 ,
-421

1,362
1,912
3,038
3,255
4,236
3,582

412
550
1,126
217
981
-654

43.4
40.4
58.9
7.1
30.1
-15.4

5,712
9,415
15,512
14,773
14,142
19,987

3,787
3,703
6,097
-739
-631
5,845

196.7
64.8
64.8
-4.8
-4.3
41.3

115
-73
-212
224
——
195
-17
160
-50
-77.6
-39.4
373
-57
Seasonally Ad lusted
-59.9
168
-70
-61.5
118
-218
——
-12
301
-54.8
214
-47
-50.8
213
-65

-38.8
-48.6
-8.0
-23.8
-13.3

1,495
1,616
1,735
729
-382

208
-85
131
-906
-1,792

16.2
-5.0
8.2
-55.4

-29.4
-64.9
-3.8
-18.0
-23.4

881
1,299
2,188
568
90

135
-121
185
-919
-1,734

18.1
-8.5
9.2
-61.8
-95.1

1/ Commercial bank data are of the last Wednesday of month except June 30 and December 31; other
data are as of the last day of the month.
2/ Data are for the net increase in savings capital at all operating S&L's. Source: FHLBB.
3/ Data are for the net increase in regular deposits—excludes other deposits of a
demand nature. Source: Mutual Savings Banks Association.
4/ Data are for the net increase in savings and time deposits adjusted at all conmercial banks.
Source: Federal Reserve.




--

I

z
*1
1XNISI1 A. fwl I

5.9

5.1

CORPORATE Ail
4.5

4.0

— "U.S. G O V E R N M E N T

3.5

3.0

1

2.5

1881

1882

1 8 8 3I

1884

1885

Exhibit A — Part II

Date

Corporate
Aaa }J

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

4.61 (1/29/60)
4.19 (3/29/63)
4.41 (3/12)
5.52(9/9)
4.73 (1/7)

Sept. 30
Oct. 7
14
21
28£/

5.47
5.44
5.43
5.40
5.37

V Preliminary.

U.S. Govt.
long-term 2/

State and
local
government
Aaa 3/

Spread between
U. S. Govt, and
Corporate
State and
local Aaa
A»a
—

4.42 (1/8/60) 3.65 (9/24/59) .59 (8/5/60)
3;85 (13/28/62) 2.88 (13/8/62) .21 (12/27/63)

ts m

.92 (4/22/60)
.80 (1/5/62)

4.42 (1/21)

4*.04 $ 2 5 )
3.39 (1/13)

.14

1.9149
.78

4.72
4.75
4.76
4.71
4.62

3.88
3.86
3.86
3.83
3.75

.75
.69
.67
.69
.75

.84
.89
.90
.88
.87

j/ Weekly average of daily figures* Average tera of bonds included is 22-24 years.
TJ Weekly average of daily figures* The series Includes bonds due or callable In 10 years or more.
T j Thursday figures. Only general obligation bonds are included; average term is 20 years.
Bote.—Highs and lows are for Individual series and may be on different dates for different
series. Per spreads, high refers to widest, and low to narrowest.




• town w »«fi i
I O N O - T H M BOND Y l l l D S , l O W I t OEADI

i i « i i i » » i i »

i i i ' i i » i i i i

!HL

i « » « • 'I

1959-60 • High
Year end - 1962
1964
1965
1966 - High
Low
30
7
14
21
28£/

State and
local govt.
M a If
(per cent)

IMS

1

l i t

ii

IMS

Spread between
Aaa and Baa
Corporate

j

::L

5.36 (VlZ/60)
4.93
4.80
5.04
6.11 (10/28)
5.05 (1/14)

4.46 (2/7/60)
3.57
3.51
3.79
4.55 (8/25)
3.78 (1/20)

.84
.70
.37
.31
.74
.31

1.08
.63
.52
.39
.62 '
.31

6.08r/
6.08
6.10
6.11
6.11

4.45
4.45
4.45
4.42
4.35

.59
.64
.67
.71
.74

.57
.59
.31
.59
.60

Met## Tor tooteetee see exhibit 1 .




i » ' i i i i i » i i I i i i i i i i i i « i 1 i i i i »

JMI
1004—
Exhibit B — Part II

Corporate
' laa If

Date

Sept.,
Oct.

» i ii

!*?

3.0

3 - 5 YEA* ISSUES

1961

1982

1963

1964

1965

1966

Exhibit C -- Part II
Discount
3-month
rate
bills 2/
1/

Date

1959-60 - High
Year end - 1961
1962
1963
1964
1965
1966 - High
Low
Sept .
Oct.

30
7
14
21
28£/

4.00
3.00
3.00
3.50
4.00
4.50
4.50
4.50

4.59 (1/9/60)
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

5.39
5.36
5.44
5.36
5.22

Yields
6-month
bills 2/
(per cent)
5.07 (3/0/60)
2.90
2.93
3.64
3.93
4.66
5.92(9/23)
4.53 (6/24)
5.69
5.65
5.71
5.60
5.53

•

ZTv

Spread between yields on 3j
month bills and vields on
6-mo. bills 13-5 vr. issues ,

5.0Q(l2/zV$9)
3.81
3.41
4.07
4; 07
4.90 .
5.83(9/2)
4.80(4/8)

.79
.24
.04
,13
,10
.19
.52
.07

1.81
1.15
.52
.55
.24
.43
.78
.01

5.49r/
5.39
5.42
5.37
5.36

,30
,29
.27
,24
,31

.09
.03
.02
.01
.14

1/ Weekly rate shorn it that in effeotit end of period at the Itodexml Reserve Bank of Hew Yoxfc.
W Mufcet yield| weekly averages ooopu-tod from daily closing bid prices. Series of 3-8 year issues
consists of selected notes and bonds#
Mote.—High# and lows are for individual series and may be on different dates for different series*
Tat spreads, high refers to widest, and low to namnrest.




EXHItH 0.

I

S H O R T . A N D INTERMEDIATE-TERM INTEREST RATES.
R A N K S A N D OTHER PRIVATE B O R R O W E R S
W..lh>

'•» c.el

PRIME RATE

FINANCE COMPANY PAPER.

F.R. DISCOUNT RATE
FEDERAL FUNDS

1963

1962

1961

Prime ra te

Date

1959-60 - High
Y e a r end - 1961
1962
1963
1964
1965
1966 - H i g h
Low
Sept. 30
Oct.
7
14
21
28£/

.

1J

1965

1964

Finance
company
Federal funds 2 /
paper
21
(per c e n t )

5.00
4.50
4.50
4.50
4.50
5.00
6.00(10/28)
5.00(3/4)

5.13 (I/23/6O)
3.00
3.19
3.88
4.06
4.75
5.88 (10/28)
4 . 7 5 (1/7)

6.00(9/9)
3.55(1/21)

6.00
6.00
6.00
6.00
6.00

5.75
5.75
5.75
5.88
5.88

4.70
5.90
5.44
5.35
5.05

V

4 . 0 0 (3/I3/6O)
2.88
3.00
3.50
4.00
4.63

1966

Spread b e t w e e n
3 - m o . bills and
finance co. paper

1.02
.34
.30
.36
.23
.28
.99
.20
.36
.39
.31
.52
.66

Weekly rate shown is that In effect at end of period. Prime rate Is that charged by large banks
on short-term loans td business borrowers of the higiest credit standing*
ZJ Average of daily rates published by finance companies for directly placed paper for varying
maturities in the 90-179 day range.
3/ Weekly average at 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*
Notes—Highs and lows are for individual series and may be on different dates for different series.
Tor spreads, high refers to widest, and low to narrowest.




IXHItIT I, r.n I
STOCK MARKIT
•
•(

1*41-43

PRICES

-

L / - - —

» —

k

-

/

w

v

STOCK MARKET CREDIT

l

* CHANGE IN S E R I E S
1

1.

-

MlW*.< el eliw.i

VOLUME

1 ^ 1
YIELDS

%

Stock price
index 1/

1961-62 - High
Low
Nov. 1963
July 1965
1966 - High
Low
Aug.
Sept.
Oct. 14
Oct. 21
Oct. 28£/

l

u

Common
stock
yields 21
(net cent)

72.04(12/8/61)
52.68(6/22/62)
72.62
84.91
93.77(2/11)
74.39(10/7)

3.14
3.09
3.02
4.04

80.65
77.81
76.60
78.19
80.24

3.60
3.83
3.79
3.72
3.63

2.82
3.96

t

n

l

Trading
volume 2/
(millions
of shares)

10.1
2.4
5.3
4.1
10.7
5.0
7.1
5.7
7.9
6.4r/
6.4

—

,

,

M

Stock marlket customer
Customers 1
Bank
debit balloans to
ances 4 /
"others" ZL.
(In millions of dollars)

Total

5,60gi^/fli)
4,424(3/61)
7,298
6,833
7,997
7,525

4 , 2 5 9 (J2/61) 1,418(5/9/62)
3,253(1/61)
1,161(3/8/61)
5,586
1,712
4,863
1,970
5,835
2,241 (7/6)
5,355'
2,137 (5/27)

7,811
7,525

5,609
5,355

n.a.
n.a.

2,202
2,170
2,140
2,142

L*.—Not a v a i l a b l e , ^ P r e l i m i n a r y .
Standard and Poor's composite index of 500 oocmon stocks, weekly closing price#, 1941M3-10.
Monthly data are averages of daily figures rather than of Fziday'* only. High# and lows are for
Friday's data only.
2j Standard and Poor's composite etook yield based on Wednesday data converted to weekly clcsla*
prices by federal Reserve. Held* shewn are for dates on which price index
reached its high
!
or low*
3/ Averages of daily trading roll
on the *ew York Stock Exchange, Yeaz*-en4 figures are averages of
, daily figures for the year.
4/ End of month figures for member firms of the Hew 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 carryix#
U. S. Government securities* Weekly reporting banks account for about 70 per cent of leans to
others. Tor further detail see Bulletin.




S E C O N D A R Y MARKET O P E R A T I O N S
I I I I I I I I I I I I I I I I I I II I I 11 4 0 0

SALES

PURCHASES

[

1961

1963

1965

1964

1966

E x h i b i t F - Part II

Date

E s t i m a t e d o f f e r i n g s to FNMA
Standby
Immediate
Total
purchase
commitment

Purchases
by
FNMA

Sales
by
FNMA

(In m i l l i o n s of d o l l a r s )

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

101.1
209.9
238.3
325.7
333.2
209.2
272.8
193.0
192.2
144.2
122.6
150.7
140.4

101.0
209.9
237.2
325.6
333.0
209.0
272.3
192.3
191.1
141.7
121.0
148.7
138.5

1.0
.3
.3
.5
.7
1.1
2.6
1.6
2.0
1.9

63.5
78.5
140.2
186.7
229.2
267.3
301.4
193.0
167.3
131.6
213.2
112.5
95.5

0.1
0.2
0.1

•—Less than $50,000.
V
Data represent unpaid principal balances of the mortgages involved, exclusive of
premiums, discounts, or other charges. Offerings are amounts of applications received
during the period from sellers proposing that FNMA execute purchasing contracts. An
immediate purchase oontr&ot covers existing mortgages which the seller must deliver to
F N M A with in 45 days. A standby e emdtoent contract relates to proposed mortgages on
housing not yet under construction which the seller must usually deliver within one
year. Purchases inolvde thoee under both immediate purchases and standby commitment
contracts. Data exclude F N M a activity under Special Assistance and Management and
Liquidating Programs.




a
IXHWIT o.

I

NEW I S S U E S

SEASONED A a a

I I I I 1 I I II III Il III I I I I I
1969
1104

I I I I

I I l I l I

Exhibit 0 - Part II
Yields on Hew Corporate Bond Issues Adjusted to an Aaa basis
NumberIAm't of Issues| Average
of
IIncluded (mil. I yield
Jaauaal of dollars) Kper cent)

NumberIAm't of Issues Average
of
|I Included (mil. yield
Issues of dollars) (per cent)
Monthly averages;
1966 - Jan.
Feb.
Mar.
Apr.
Hay

8
10
9
13
7
11
5
5
8

-July
Aug.
Sept.
Oct.

300.0
304.5
513.0
452.3
341.0
596.0
155.0
680.0
280.0

4.84

i:l!
5.08
5.21

til

1:8°

Weekly averages;
"of

i




5.98 (9/2)
4.82(1/7)

I

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

2
1
1
1'
1
1
4
1
2

2
3
I

280.0

5.58

145.0
80.0
175.0
50.0
15.0
8.0
207.0
40.0
63.5
115.0
115.0

5.65
5.92
5.98
5.91
?:&•
5.80
5.81
5. 86
5.82
5.67
5—a—

Exhibit H

H.14

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

New Capital
1966

Corporate
1965

State and local 2/
1966
1965
1964

1964

January
February
March

1,302
1,237
2,446

795
746
1,197

938
700
778

2/1,183
£/ 857
E.Z 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

rZ1,193
E.Z 905
E.Zl,137

826
924
972

1,242
667
903

£/1,046
I>/1,719
e/1,250

1,290
850
1,392

812
680
1,130

RZ
RZ
eZ

697
768
983

986
648
966

906
780
892

•e/1,100

924
1,325
1,496

953
669
1,642

eZ

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

j>/2,909
RZ3 ,234
e/2,448

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

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

9,959
e/13,974

7,527
11,060
14,805

7,153
9,775
13,038

2/6,143
RZ8,591

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

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

quarter
quarter
quarter
quarter

4,924
4,884

Year
e/
EJ
1J
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.




i
t

1

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
Qffered
issues

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 7-1
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.
Novi
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

J a n . 2 /

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

1966

-

Feb.
Mar;
Apr.
May
June
July £/
Aug. £/
Sept.e/
Oct.
Nov.
Dec.
g/
e/
JL/
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)

firnflfl T.nng-fprm 1 /

Federal Agency 3/

T7nro*gn flnvprnmpnl- 2/

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

12
40
40
66
69
76
B./72.
£/ 5
n.a.

n.a.

Year

91
33
74
5
52
75
2
532

4
82
69
30
75
26
20
13
7
180
72
58
326

661

636

218
38
73
--

503
410
392
699
1,030
2/1,084
E./ , 799
n.a.

n. a.

New short-term 4/
State and local Goverment 5/
January
February
March
April
May
June
July
August
September
October
November
December
Jan. - Sept.

103
39
-319
580
462
-334
-103
2/270;
E/-125

E/573

238
91
-458
647
204
-82
119
408
152
. 59
274
-366
1,319

129
185
325

—
—

—

275
260
160

775
--

239
150
375
375
179
1,803

695

2,732

1,205

*—

510
«
*~

Federal Agency 3/

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

308
-24
450
718
85
284
-590
-270
n. a.

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

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

669

n.a.

984

-267

1,286
368
Year
453
801
2/ Preliminary.e/ Estimated by Federal Reserve.n.a.--Not available.1J 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
4/ These data differ from those
Commission; short-term, Treasury Dept. & Fed. Reserve.
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.




6
H. 14
Exhibit K
Large Long-term Public Security Issuea for New Capital
(Other than U. S. Treaaury) 1/
Proceed# of Large Ieeuea Offered
(In million# of dollars)

Total

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

Corooriite
Bond#
Convertible
(other than
bonds
convertible#)

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

Stocks

State
and
local
government#

40
33
50
-84
75
55
50
20
182
247
340

144
--

115
70
271
106
661
50
80

2/

170
43
95

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

16

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

Other

55
60
275
15
50

Large Individual Issues Offered October 1 through 28

Issuer

*Texas Instruments.Inc.
Columbia Gas System
Sanders Associates
*United Aircraft Corp.
Idaho Power Co.
Alabama Power Co.
liggett & Meyers
Wisconsin Gas Co.
Illinois Power Co.
LTV Aerospace Corp.
Pacific Southwest
Airlines
Pennsylvania Elec. Co.
Southern New England
Tel. Co.
Niagara Mohawk Power Co.




Type J/

Amount
(millions
of
dollars)

Maturity

Coupon
rate or
net interest cost

Offering
vield

Rating

A

Com. stk.
Deb.
Conv. deb.
Conv. sub. deb.
1st mtg. bds.
1st mtg. bds.
S.Fo 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

7-1./4
5-3/8
5-3/8
6-1/8
6-1/4
6
6-5/8
5.85
6 :/2

6.19
5.38
5.38
6.03
6.15
5.92
6.50
5.82
6.50

Conv. deb.
1st mtg. bds

15.0
25.0

1986
1996

5-1/2
6=1/4

5.50
5.93

Ba
Aa

Deb.
1st mtg. bds.

45.0
45.0

1996
1996

5-3/4
5-7/8

5.61
5.58

Aa
Aa

Bsa
Aa
A
A
Baa
Aa

p
K-2
Large Individual Issues Offered October 1 through 28 (Cont'd)

Issuer

Type 3/

Amount
(Millions
of
dollars)

| Coupon
|rate or
OfferMaturity]net inter- ing
|est cost
yield
I
1

l

Rating

State and local Government
New York State Dorm. Auth.
St. Louis & St. Louis Co.
JCD, Mo.
State of Oregon
Atlanta, Georgia
Baltimore, Maryland
Univ. of Okla., Norman
Orleans Parish School Bd., La.
Los Angeles Co. Flood Control
Dist. g Calif.
Omaha Pub. Pwr. Dist., Neb.
State of Delaware
State of Georgia
New York City, New York
San Francisco Bay Area R.T.D.,
Calif.
Washington State Univ.,
Pullman

Rev. -Rent.

17,.4

1969-98

4.67

4.,50-4,.60

--

G.O.
G.O.
"&»0.
G.O.
Rev. -Rent.
G.O.

10,,0
15.,0
10..0
31.,7
13.,6
16.,5

1968-86
1969-96
1968-95
1967-96
1972-99
196 7 2006

3.98
3.96
3.95
4.10
4.91
4.33

3.,85-3,.90
3.,85-3,,90
3.,85-3,.90
4.,00-4,.05
4. 70-4.,80
4. 20-4,,25

Aa
Aa
Aa
A
A

25.,0
25.,0
16.,9
15. 7
123. 3

1968-95
1968-96
1967-86
1967-92
1968 -97

4.16
4.14
3.95
n. a.
4.76

4. 00
4. 00-4.,10
3. 85-3.,90
3. 90-4. 05
4. 50-4. 60

Aa
Aa
Aa
Aa
Baa

GoO.

50. 0

1972-1999

3.77

3. 00-3. 75

Rev. -Rent.

17. 3

196^-2004

n.a.

4o 40-4. 50

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

4/

Aa
--

Other
None
*--Rights offering.
n.a.--not available.
1/ Includes corporate and other security offerings of $15 mi. '.i-. n and -ver; State and local
government security offerings of $10 million and ever.
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 9 G.O. denotes general obligations;
Rev.-Uto, revenue obligations secured only by income from public utilities ; Rev*-Q„-Ut.,
revenue bonds secured only by revenue from quasi-utilit ies; Rev.-S.T' =, revenue bonds
secured by revenue from specific taxes only; Rev.-Rent., revenue bonds secured solely
by lease payments.
4/ Bonds maturing 1997-99 not publicly reoffered.




|
\

;

17
H. 14
Exhibit L
Forthcoming Large Long-term Public Security Offering for New Capital
(Other than U.S. Treasury) 1/
Expected Proceeds from Forthcoming Large Issues
(In millions of dollsrs)
Subsequent to

During month following
Corporate

State and
local govt.

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

1965 - Sept.30
Oct. 29
Nov. 30
Dec. 31
1966 - Jan. 31
Feb. 28
Mat. 31
Apr. 30
May 31
June 30
July 29
Aug. 31
Sept.30

Other 2/
15
25
20
20
——

20

30
15
——

40

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

StAte and
local govt.

Other U

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

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

Forthcoming Large Offerings as of October 28

Type

Issuer

Amount
(millions
of
dollars)

Approximate date of
offering

CofPPffte
Whirlpool Corp.
Wise. Elec. Power Co.
Pacific Gas & Elec, Co.
Pacific Telephone & Tel. Co.
American Airlines
McCall Corp.
United Nuclear Corp,
Cameron Iron Works, Inc.

S. F. deb.
1st mtg. bdSo
1st mtg. bds.
Deb.
Conv. sub, deb.
Conv. pfd. stk0
Conv. sub. deb.
Conv. sub. deb.

35.0
30.0
80.0
130.0
81.7
20.0
15.0
25.0

November 1
November 2
November 3
November 16
November (rts. ex.)
Indefinite
Indefinite
Indefinite

State and local Government
Santa Monica Unif. S. D., Calif.
Nashville & Davidson Co., Metro.
Govt, of Tenn.
State of New York
Oklahoma Turnpike Authority
Other
Republic of Ireland
Nippon Tel. & Tel. Pub. Corp.




G.O.

14.8

October

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

25.0
35.4
80.0

November 1
November 14
November

Bonds
Bonds

20.0
15.0

Indefinite
Indefinite

L-2

Footnotes:

*--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: Greater New Orleans
Expressway Authority's $75 million issue—bids rejected.

/




H.14
Exhibit M
Foreign Government and Corporate Security Offerings
and Placements in the United States
Part I:
Sale Date

Amount
(millions

Public Offerings

Issuer and Description of Issue

dollars)
A.
9/21

B.

Indefinite
Indefinite

Sold August 1 through October 2
Government of New Zealand--7X bonds, maturing 1976,
reoffered to yield 7.28%. ***

10.0

Prospective Offerings

20.0

Republic of Ireland--bonds

15.0

Nippon Telegraph and Telephone Public Corp--bonds

*—Included in table' for first time.
**-•Issue sold to investors outside of U.S.
***—Issues subject to interest equalisation tax.




Part II:

Date Reported

9/23

Private Placements - Reported August 1 through October 2

Amount
(millions
of

59.5

Issuer and Description of Issue

Savage River Corp.—5-1/2% - 5-3/4% collateral trust
notes, maturing 1976-83 — n o Information available
on takedown.

Note: For retrospective data on aggregate foreign corporate and government security
offerings in the United States see Exhibits I and J. There is no simple relationship
between the data shown in the Exhibit and that shown in Exhibits I and J because the
latter includes privately placed securities in the period In which funds are actually
taken down but only in the amount of takedown while the placements shown In this exhibit
are included when reported, frequently with little or no information concerning timing
of takedown. Full or partial takedowns may take place both prior and subsequent to
the date a placement is reported.