Full text of H.16 Capital Market Developments : October 5, 1964

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

Not for Publication DECONTROLLED AFTER SIX MONTHS
H. 14

-September 5, 1964.
(cAPTTAL_MA**ET DEVELOPMENTS
IN THE UNITED STATES

LIBRARY

:T

7

1S64,(Including Review of Capital Markets in September)

Co -porate and municipal bond markets. The total volume of
public secur ty financing this week ($351 million) will be substantially
larger than last week's moderate supply ($202 million). A $100 million
bond issue of the State of California is the largest issue included in
this week's substantial municipal supply, while a $50 million negotiated
offering of Texas Eastern Transmission Corporation bonds makes up most
of this week's corporate volume.
Long-Term Public Security Offerings JL/
(In millions of dollars)

Corporate
New Capital | Refunding

State and local govt.
New Capital 1 Refunding

Sold:
Sept. 25
Oct.
2

111
100

r/

244
102

r/

—

Scheduled:
Oct.
9
75
—
276
—
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.
Underwriters priced last week's three medium size utility
issues close to the market, but this did not result in any change in
yields on either new or seasoned corporate bonds. Reception of these
issues, however, was slow and no more than half of the new offering total
was sold by week-end. Unsold syndicate balances probably rose to around
$70-80 million.
In the municipal market, demand was generally favorable for
most of last week's small volume of offerings, but only minor reductions
were made in dealers' large advertised inventories of unsold securities,
and yields on Aaa-rated, seasoned bonds edged up slightly further.
Yields on U.S. Government securities.
Governments were mixed but minor last week.




Changes in yields on

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
TJ.S. Govt.
Long-term
3-5 year

4.46
4.42

4.15
4.02
+ 1

State and local govt.
Money Market
Federal Funds
Treasury bills
3-month
6-month
Finance Company Paper

3.35
3.55
3.71
3.81

'

-15
+1
+1
+6

FNMA secondary market operations. Sales in the secondary
mortgage market by the Federal National Mortgage Association dropped
to $4.4 million in August. This compared with $12.6 million in
July and $8.5 million in August of 1963 when sales had about completed
their decline from the unusually high plateau reached in the previous
spring.
Purchases by FNMA expanded to $15.2 million in August. As
in several other recent months, however, this reflected mainly
acquisitions of mortgages by FNMA from the Federal Housing Administration
in exchange for FNMA-heId FHA debentures. Offerings in August, which
rose to $20.5 million, were also largely related to such inter-agency
transactions.
Stock prices. Common stock prices, as measured by Standard
and Poor's composite index of 500 stocks, edged up on balance last week
to close at an all-time high of 84.36. Trading volume average 4.7
million shares a day, off 1.0 million shares from the average for the
previous week.
Capital markets in September. New capital security financing
by corporations probably amounted to $900 million in September. This
was more than three-fifths larger than the seasonally light August total
and also about one-eighth more than a year earlier. Included in this
total were large public offerings with total gross proceeds of $376
million; of those $295 million were bonds and $81 million stocks. In
addition, a $40 million bond issue was sold primarily to refund outstanding securities.




-3-

H. 14

With the September calendar of corporate bond offerings
larger than in any month since June, yields on new issues rose
sharply during the first three weeks of the month. The average yield
on new issues adjusted to an Aaa basis reached a level 15 basis points
above the 4.37 level which had prevailed generally from early July
through late August. Then in the latter part of the month 2/5 of
this yield advance was erased. Apparently in the face of a reduced
volume of prospective October offerings, underwriters bid more
aggressively for the remaining supply of new September issues.
State and local government bond sales totaled around $900
million in September, one-fifth larger than during the preceding
month and twice the September volume,a year earlier. Retail demand
for these issues was selective, however, resulting in some advance
in both yields and dealers' inventories. Yields on seasoned, Aaarated municipal bonds rose three basis points during the month to
3.11 per cent, within one basis points of the top of the range that
has prevailed since May. Moreover, despite continued reports of price
concessions made to sell older issues from inventories, dealers'
advertised inventories of unsold securities rose on balance.
Common stock prices, as measured by Standard and Poor's composite
index of 500 stocks, rose about 2-1/2 per cent during September, to recover
all their July-August losses and edge to a new all-time high. Trading
volume averaged 5.2 million shares a day, 0.1 million shares a day less
than in September 1963.
Estimated October security financing. New security financing
by corporations is expected to be smaller this month than last, but
municipal bond financing will probably continue to run at close to the
September volume.
Corporate security financing to obtain new capital is expected
to aggregate $800 million, down one-ninth from September and one-fifth
below the near-record October volume a year ago. Most of this month's
financing will probably consist of private placements; large issues
currently scheduled for public offering amount to only $186 million.
Municipal bond sales in October are estimated at $900 million,
one-eighth less than a year ago; large issues already scheduled for
offering have a par value of $500 million.
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.




IXffUlT A / P . , 1
L O N G - T K R M B O N D YIELDS, H I O H - O R A D I

| nil I

nil .

I I I II I I I I KX,

Exhibit A - Part II

Corporate
Aaa y

D # S. G o v t ,
long-term 2/

State and
local
government
Aaa 3 /

Spread between
P . S . Govt, and
ICorporate
State a n c T
local Aaa

(per c e n t )
1959-60 - High
1 9 6 1 - High
low
1962 - High
Low
1963 - High
Low
1961* - High
Low

U . 61(1/29/60)
U.U6(9/25)
U.21(3/17)
U.U3(3/16)
1*. 23(13/2$
14.37(1^27)
1.19(3/29)
4.42(10/2)
4.35(2/28)

Sept. 4
Sept. 11
Sept. 18
Sept. 25
Oct.
2 g/

4.42
4.42
4.42
4.42
,
4.42 /

f

U.U2 (1/8/60)
U.07 (12/29)
3.70(5/12)
U.12 (2/23)
3.85(13/28)
1.16(12/27)

3.65
3.37
3.12
3.26

(9/24/39)
(7/6)
(3/23)
(3/4)

4.20(4/17)
4.11(7/3)

3.18
2.93
3.16
3.07

(13/21)
(3/28)
(3/26)
(7/16)

4.16
4.17
4.17
4.16
4.15 v

3.08
3.08
3.10
3.10 /
3.11 /

3.87 (Vie)

2.88 (11/8)

.59
.57

."35
.21

'.76
•U6
1.0U
.80
1.05

.88

.29
.19

1.09
1.01

.26
; 25
.25
.26
.27

1.09
1.07
1.06
1.04

1.08

Preliminary.
Weekly are rage of daily figures, Average term of bond# included is 22-24 years.
Weekly average of daily figures. The series Includes bonds due or oallabl* in 10 years or moie.
1 / Thursday figures. Only general obligation bonds are Inoluded) average t e n is 20 years.
Note.—Sighs and lows are for individual series and nay be on different dates for different
series. For spreads, high refers to widest, and low to narrowest.




EXHIBIT B. fort 1
LONG-TERM B O N D YIELDS, L O W E R - G R A P E .

Exhibit B - Part II

Date

Corporate
Baa 1/

State and
local govt.
Baa y

Spread between
Aas and Bam
State and
Corporate
local govt.

(per cent)
1959-60 - High
1961 - High
Low
1962 - High
Low
1963 - High
- Low
196U - High
Low
Sept. 4
Sept. 11
Sept. 18
Sept. 25
lXOct.
2 £/

5.3$(?A?/60)
5.13(10/27)
5.00(4/21)
5.11(1/3)
U.92(iVa)
U.93(a/4)
U.83(11/15)
4.87(6/26)
4.81(10/2)

U.U6 (1/7/60)
U.l6(3/23)
3.93(11/9)
U.oU(i/n)
3.52(5/17)
3.63(6/27)
3.52(5/23)
3.59(10/1)
3.51(4/16)

4.83
4.82
4.82
4.81
4.81^'

3.54
3.56
3.59
3.59
3.59

Hotel for footnotes see Exhibit JU




i,
f.

.8k
.81
.66

:$
:ii

1.08 fc
.93
.5?

1

.48
.39

.14h
.49
.36

.41
.40
.40
.40
.39

.46
.48
.49
.49
.48

I
i:

;

|
1
f

7
EXHIBIT C. Port 1
S H O R T - A N D I N T E R M E D I A T E - T E R M INTEREST RATES, G O V E R N M E N T

Is
iXA
w

' 4-MONTH III
Mork.l Yl.l
Y

1-5 VUI ISSUES
r v v
1 ^X/F.l. DISCOUNT IATI
V
'
Vork

1

A

\
J |

3-MOWTH IIUS

m a

Exhibit c -"Part II

Date

Discount
rate
y

1 1 1 1 1 1 1 1 II 1
mt

1 1 1 1 1 1 1 1 1 1 1
mi
mi

im

Yields
3-month
bills 2 /

6-month
. bills 2 /

3-5 year
issues 2 /

:

"

Spread between yields on 3 m o n t h bills and yields o n
6-mo. bills|3-5 yr. issues

(per c e n t )
1959-60 - High
1961 - High
Low
1962 - High
Low
1963 - High
Low
196U - High
Low
Sept.
4
S e p t . 11
S e p t . 18
S e p t . 25
Oct.
2 £/

IwOO

3.00
3.00
3.00

3.00
3.50
3.00
3.50
3.50
3.50
3.50
3.50
3.50
3.50

3:55(11/15)
2.88(3/15)
3.56(3/6)

3.74(3/6)

3.43(7/17)

3.52(7/3)

5.00(12/24/59)
3.86(8/11)
3.15(5/12)
3.88(2/2)
3.Ul(12/28)
a . 0 7 (12/27)
3.UU(l/ifl)
4.23(3/27)
3.98(8/7)

3.50
3.52
3.54
3.54
3.55 -

3.64
3.67
3.69
3.70
/
3.71 /

4.03
4.04
4.05
4.02
4.02

U . 5 9 (1/8/60)

2.97(7/13)
2.65(6/8)

V
2y

2.35(4/28)
3.13(7/20)
2.7U(6/e)
3.68(12/6)
2.93(3/8)

.17
.OU
.21
.04

1.81
1.51
.92
1.19
.52
.70
.U2
.71
.47

.14
.15
.15
.16
.16

.53
.52
.51
.48
.47

.79
•UU
.12
.21;
.02

Weekly rate shown is that In effect at erd of period at the Federal Reserve Bank of New York.
Market yields weekly averages ocnputed from daily closing bid prioes. Series of 3-5 year issues
consists of selected notes and bonds.
Note.—Highs and lows are for individual series and may be on different dates for different series.
For spreads, high refers to -widest, and low to narrowest.




S H O R T - A N D I N T E R M E D I A T E - TERM INTEREST RATES,
S AND OTHER PRIVATE BORROWERS,

T,

' 1160

1

1941

11*2

11*3

11*4

Exhibit D - Part II

Date

Stock exchange
call loan l/

Prime
rate 1/

Finance companypaper 2/

Federal
funds y

Spread between
3-iao. bills and
finance co. paper

[per cent)
1959-60 1961 - High
Low
1962 - High
low
1963 - High
Low
196lt - High

5.56
L. 50
U.50
U.50
14.50
U.50
U.5o
4.50
4.50

5.00
U.50
U.50
u.50
U.50
U.50
U.50
4.50
4.50

5.13(1/22/60)
3.00(12/30)
2.50(8/5)
3.25(7/21)
2.88(6/1)
3.88(12/27)
3.13(5/31)
3.93(4/3)
3,72(9/11)

U.00 (5/13/60)
2.90 (ll/l7)
.U3 (V27)
3.00 (12/28)
1.30 (3/26)
3.50 (12/27)
2.U5 (7/26)
3,50(9/25)
3,14(7/24)

1.02
.56
.11
•U5
.19
.39
.12
.41
.20

Sept. 4
Sept. 11
Sept. 18
Sept. 25
Oct.
2 £/

4.50
4.50
4.50
4.50
4.50

4.50
4.50
4.50
4.50
4.50

3.74
3.72
3.75
3.75
3.81

3.50
3.38
3.45
3.50
3.35

.24
.20
.21
.21
.26

2/

.

Weekly rate shown Is that In effect at end of periqd. Stock Exchange call loan rate is going 'rate
on call Iqans secured b y 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.
2J Average of daily rates published by finance companies f o r 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 : — B i g h s and lows are for individual series and may be on different dates for differentu#eti«s.
F o r spreads, high refers to widest, and low to narrowest.




EXHIBIT t. Pel I
STOCK MARKET

.

y "STOCK MAtKIT tltBII

______ :

~

IN $1111$
MilUeju_sJL.ih_
1,
iw/l;

1

,

I

1

MtO

1 1 I I II 1 1 1 1 1 1 1 l 1 1 1 Li kl.
1 1 1 II 1 II II 1 II 1 1 1 II 111Lil_L
• Mil
1*62
Mil
J**#
Exhibit E - Part II

Stock price
index 1/

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

Stock market customs: credit
Customers'
Bank
debit balloans to
ances h/
'others" 5/
(In millions of dollars)

1961-62 - High
Low
1963 - High
196U - High
Low

84.36(10/2)
75.50(1/3)

Aug.
Sept.
Sept. 18
Sept. 25
Oct.

2

£/

72.01412/8/61)
52.68(6/22/62)
lkM^/27)

2.80
3.96
3.01

10.1
2.U
6.5

2.96
• 3.10

6.1
3.6

82.00
83.58
83.48
84.21

3.03
3.00
2.99
2.97

3.9
5.2
5.6
5.7

84.36

2.96

4.6

5,602(12/61) U , 259(12/61) 1,1+18(5/9/62)
li,lt2U(3/61) 3,253(2/61) 1,161(3/8/61)
7,298(13/63)5,586(11/63) 1 , 7 3 8 ( 1 3 / 2 5 )
7,314(4)
5,524(1)
1,918(9/16)
7,096(8)
5,187(8)
1,720(1/22)
7,096

5,187

1,909
1,918
1,917

n.a.—Hot available, p/ Preliminary.
" ~ ~
1/ Standard and Poor*: composite Index of 500 common stocks, weekly closing prices, 1941-43*10*
Monthly data are averages of daily figures rather than of Friday's only. Highs and lows are for
Friday's data only.
2/ Standard and Poor's composite stock yield based on Wednesday data converted to weekly closing
prices by Federal Reserve. Yields shown are for dates on which price index reached its high
3/
4/
5/

Averages of daily trading volume on the Hew York Stook Exchange.
End of month figures for member firms of the New York Stock Exchange which carry margin accounts;
excludes balances secured by U. S. Government obligations.
Wednesday figures for weekly reporting member banks. Excludes loans for purchasing or carrying
U . S. Government securities. Weekly reporting banks account for abcut 70 per cent of loans to
others. For further detail see Bulletin*




FEDERAL N A T I O N A L M O R T G A G E A S S O C I A T I O N ' ^
S E C O N D A R Y MARKET O P E R A T I O N S '

_Monthly

Million! ol dollon

m

,1964
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
Immediate
S tandby
purchase
commitment!

Purchases
by
FNMA

by
FNMA

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

1963

- Aug.
Sept.
Oct.
Nov.
Dec.
1964 - Jan.
Feb.

18.3
19.8
18.4
11.8
14.0
15.5
15.0
19.9
28.5

July

18.8
20.1
18.5
12.0
14.1
15.6
15.1
20.1
28.5
28.9
9.3
8.4

9.2
8.0

.3

Aug.

20.5

20.5-

""

Apr.
May

.4
.2
.1
.1
.1
.1
.1
.3
.1

28.9

16.9
15.3
16.3
7.7
10.9
11.1
13.0
16.8
26.4
25.8
3.8
5.5
15.2

8.5
1.6
2.2
.6
15.8
8.8
2.3
3.8
12.7
10.9
9.5
12.6
4.4

»—Less than $50,000.
2/ 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 contract covers existing mortgages which the teller mast deliver to
FNMA within 45 days. A standby 0 onmitoent contract relates to proposed mortgagee on
housing nc* yet under construction which the seller must usually deliver within one
year. Purchases include those under both immediate purchases and standby otxunttmant
contracts. Data exclude FNMA. activity under Special Assistance and Management and
Liquidating Programs.




If
EXHIBIT O, Pari IYIELDS O N NEW A N D S E A S O N E D C O R P O R A T E B O N D S /

/Ad|uiled to A

N E W ISSUES .

-vU-1
Exhibit 6 - Part II
Yields cm New Corporate Bond Issues Adjusted to an Aaa basis

Monthly averages:
1964 • Jan.'
Feb.
Mar.
Apr.
May
June

Number Ain't of Issues Average
included (mil. yield
of
(per cent)
of dollars)
3
3
6
1
10
8

150.0
125.0
166.0
130.0
278.0
230.0

Weekly averages;
1964

26
3
10
17
24
31
Aug. 7
14
July

21

High

12

4.50
4.38
4.43
4.48
4.46
4.43

60.0
35.0

28
4.53(5/8)
4.30(2/21) Sept. 4
11
18
4.45
25
4.44
Oct. 2
,41

Number Ain't of Issues Average
of
included (mil. yield
(per cent)
issues of dollars)
80.0
4.41
30.0

4.37

30.0

4.37

15.0

4.39*

15.0
45,0
40.0
40.0
60.0
69.0
70.0

4.37
4.40"
4.48*
4.48
4.52
4.46
4.46

55,n
_12_
N o t a t A v e r a g e : of offering yields co all new issues of publicly offered oorporate bonds rated Aaa. JU, u d
A by Moody 1 • Investors Sendee (except sexial and convertible la suae, offerings of natural gas pipeline,
and foreign companies, and bonds guaranteed by the Federal Government) weighted by else of offering.
Before averaging, new offerings are adjusted to a composite Aaa basis by deducting from the actual
reoffaring yield the excess of the weekly average yield for seasoned tends of the appropriate industryquality group over the composite average for seasonsd Aaamrated bonds (Moody's), Averages considered
unrepresentative because 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 Capital

1964

August

September
October
November
J^ecember
1st
2nd
3rd
4th

quarter
quarter
quarter
quarter

1st half
Three quarters
Year

876
1,133
628

£/ 1,215
665
£/
878
£/

869
866
930

873
912
786

e/
e/
e/

900
750
900

680
708
449

612
544
427

819
678
1;,064

e/

900

1 ,051
729
416

650
578
550

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

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

£/ 2,525 *
£/ 2,7.58

2,,454
2,,665
1,,837
2,,197

2,637
2,571
1,528
1,779

5,,198
7j,307
10,,553

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

£/ 5,283

5,,118
6,955
9,,151

5,208
6,790
8,568

930
904
1 ,013

1 ,153
771
1 ,132

£/
e/
e/

797
550
900

676
637
795

573
773
557

e/

.Sin.'

1 ,013
819
1 ,415

2,369
4,625

6,994
e/9,251

1962

732
746
976

2,178
1,069
1,378

'

1963

944
771
809

549
860
819

e/2,247

State and Local 2 /

1964

1962

613
594
1 ,144

:

July

1963

930
685
754

January
February
Farch
April
Hay
June

Corporate

£/

£/
£/

e / 2,550

e / 7,833

.

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

quarter
quarter
quarter
quarter

1,996
4,17"

e/2,047

2,,284
2,,529 •
1,,768
2,,854

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

9, 236
9. 434
Year
e/ Estimated by Federal Reserve.
£/ Preliminary.
'
1_/ Securities and Exchange Commission estimates of net proceeds.
If Investment Bankers Association of America estimates of principal- amounts.
Zj Total new capital issues excluding offerings of sales and consumer finance companies.




§
I
I
5
t

Exhibit I

1"

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

Quarter
or
Month

Total

Gross proceeds f ar new
capital and refuiiding l i
Common
Bonds
and
Publicly Privately pfd.
Offered Offered
507
716
1,155
639
1,222
1,389
307
1,024
853
300
1,568
1,089

Net proceeds foi
new capital 1/ If
Memo:
Public CommuniForeign
Mfg. Utility cations
issues
i nel tided
456
430
655
68
231
983
996
257
275
375
601
56
.321
568
769
179

Other
issuers
717
794
659
986

1*62 - I
II
III
IV

2,378
3,250
2,184
2,957

1963 - I
IX
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

842
1,241
868
1,629

1964 - I
II
III

2,499
4,851

978
1,321

1,221
1,640

300
1,890

29
105

418
723

438
856

273
1,663

1,240
1,383

. 1963 - Jan.
Feb.
Mar.
Apr.
May

695
642
1,363
1,049
1,340
1,246
810
756
871
1,116
891
1,459

350
259
499
380
550
459
279
336
283
511
183
626

243
289
774
452
694
675
431
318
501
481
549
751

102
94
91
217
95
113
100
100
87
125
159
83

25
43
60
56
182
196
46
21
42
10
10
27

135
220
592
148
216
227
297
272
237
240
214
515

114
115
97.
341
222
230
107
100
78
201
131
198

125
68
43
71
92
58
86
25
39
41
13
64

238
191
412
369
373
499
187
187
441
531
461
637

July
Aug.
Sept.
Oct.
Nov.
Dec.

515
157
109
5
149
121
338
526
1964 - Jan.
985
324
83
155
123
88
16
342
Feb.
279
710
400
34
174
146
8
91
361
353
Mar.
805
463
1,377
151
186
1,372
34
383
480
Apr.
2,234
395
27
441
206
36
537
148
May
470
1,155
525
258
264
332
35
370
468
623
June
1,461
393
23
207
173
16
224
434
234
July p./ 892
250
10
120
n. a. 170
50
340
190
580
Aug. e/
Sept. 1
^/Preliminary. e/Estimated by Federal Reserve.
1/ 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.




u:
Other Security Offerings
(In millions of dollars)

1964
January
February
March
April
hay
June
July
August
September
October
November
December
Jan.

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

4
82
69
30
75
26
E/
e/

16
25

232
133
76
57
114
11
63
^83

2

- Ai.^.

327

Year

'

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

769

366

771

737

275

246
156

186

461

459

260

---

174
200

e/ 8 5 4

103
236
-407
442
81
-80

July
August
September
October
November
December
Jan.

Year

- Aug.

a/

-9
127

£/

493

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

799

640

692

378

-78
-336
23
97
183
239
-333
167

-38

--

---

793

1,013

1,167

1,188

770

1.600

-i

--

--

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

i

„ 150
175

New short-term 4/
State and local government 5/
Federal agency 3/
January
February
March
April
May

"T

247
-156
226
-364
82
284
261
227
-157
379
55
-80
807

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. ^/Includes 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 j
included may have a somewhat longer maturity than 1 year. Source: Bond Buyer & Federal

Reserve.



.

1962

148

ej 3 1 9

L/

1

[.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

1963 - Sept.
Oct.
Nov.
Dec.
1964 - Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.

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

Corporaate
Bonds
(other than
Convertible
convertibles)
bonds
„„

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

60
35
51

;

Stocks

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

17
25

81

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

Other

2/

174
200

50
20
15
275
260
104
15

Large Individual Issues Offered September 1 through Oct. 2
Issuer

Type 2/

Amount
(millions
of
dollars)

Maturity

Coupon
rate or
net interest cost

Offering
vield

Rating

Corporate
Wells Fargo Bank
Consumers Power Co.
Western Bancorporation
Public Service Elec. & Gas
Co.
*Wisconsin Elec. Pwr. Co.
*Wells Fargo Bank
Dela. Pwr. & Lt. Co.
Rochester Gas & Elec. Co.
Georgia Pwr. Co.
Pacific Pwr. & Lt. Co.
Pennsylvania Elec. Co.
Columbia Gas System Inc.

Cap. notes
S.F. deb.
Com. Stk.
1st & ref. mtg.
bds.
Com. stk.
Conv. cap . notes
1st mtg. &: C O l l .
tr. bds.
1st mtg. bds.
1st mtg. bds.
1st mtg. bds.
1st mtg. bds.
Deb.




50.0
40.0
50.9

1989
1994

4-1/2
4-5/8

4.50
4.50

Aa

Aa

60.0
30.5
25.3

1994

4-5/8

4.53

1989

3-1/4

3.75

25.0
16.0
28.0
30.0
20.0
40.0

. 1994
1994
1994
1994
1994
1989

4-5/8
4-5/8
4-5/8
4-5/8
4-5/8
4-5/8 *

4.50
4.48
4.53
4.65
4.47
4.57

Aa
Aa
A
Baa
Aa
A

K-2
Large Individual Issues Offered September 1 through 25 (Cont'd)

Issuer

Coupon
rate or
net interest cost

Amount
Type 3/ (millions
of
dollars)

Maturity

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

15.0
50.0
75.8
12.5
15.0
30.0

1966-84
1967-91
1965-2002
1965-84
1969-88
1965-79

3.91
3.35
3.18
3.11
3.41
2.87

2.70-3.90
2.50-3.50
2.10-3.50
2.10-3.204/
2.75-3.40
2.10-2.95

Re^r. -Q-Ut.
G.O.

60.0
10.0

1972-99
1965-89

3.46
3.30

2.85-3.555/
6/

G.O.

16. 0

Offering
yield

£
Rating

,

State and Local Government
Clark Co. Sch. Dist., Nev.
Penna. Gen. State Auth.
Commonwealth of Mass.
Dallas, Texas
Chicago, Illinois
State of New York
Bay Area Rapid Transit
Dist., Calif.
Detroit, Michigan
Marion Co. Health & Hosp.
Corp. Ind.
Los Angeles Dept. of Wtr.
& Pwr., Calif.
Tallahassee, Fla.
MCLIO. Seattle, Wash.
State of Connecticut
Public Housing Auth.
Iowa State Bd. of Regents
New York State Dorm. Auth.
New Haven, Conn.
State of West Va.
Other
City of Oslo, Norway

Rev. -Ut.
Rev. -Ut.

24.0
10.0
2.0
Re v. -Ut.
9.3
5.7
44.0
G.O.
130.3
Rev. -Rent. 15.0
Rev. -Rent. 12.0
11.2
G.O.
10.0
Rev. -Rent.
•
15.0

Baa
--

Aa
Aa ,
A
..

Aa
Baa :

1966-85

3. 09

2.20-3.15

Aaa

1965-94
• 1968-92
1966-87
2004
1972-98
1965-84
1965-2005
1966-2004
1966-95
1966-84
1965-75

3.35
3.47
3 40

2.15-3.50
2.80-3.70
2. 60-3. 6 ^
3.78
2.95-3.70
2.05-3.13
2.05-3.50
2.40-3. 63—'
2. 60-3.752/
2.30-3.15
2.30-3.25

Aa

1984

3.78
3.04
3.35
3.54
3.66
3.05
3.25
5-1/2

10/

Baa
Aa
Aaa J

Aa
Baa ^
--

*--Rights offering. n.a.--Not available.
1/ Includes corporate and other security offerings of $15 million and over; State and locals
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.
r
3/ In the case of State and local government securities, G.O. denotes general obligations; s
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 byl
least payments.
4/ 1/10 per cent bonds due 1984 reoffered to yield 4.00 per cent.
_5/ Bonds maturing 1999 not publicly reoffered.
6/ Not publicly reoffered.
%/ 1/10 per cent bonds due 1990-92 &1986-87' reoffered to yield 4.25 per cent.
r_
8/ Bonds maturing 2003-04 not publicly reoffered.
L
9/ 1/10 per cent bonds maturing 1995 reoffered to yield 4.40 per cent.
^
l_0/Reof fered to yield 4.89 per cent to U.S. investors and 5.60 per cent to other investors.5




.7
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 dollars)

During month following
State and
local govt.

Corporate
1963 - Sept.
Oct.
Nov.
Dec.
1964 - 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
316
454
669
345
341
539
120
511
500

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

Other 2/

25
15

15

Corporate
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.
757
401
349
731
667
646
953
575
598
716
588680
626

•

Other

£

-—

25
15

15

Forthcoming Large Offerings as of October 2

Issuer

Type

Amount
(millions
of
dollars)

Approximate date of
offering

Corporate
Texas Eastern Trans. Corp.
Southern New Eng. Tel. Co.
Southern Calif. Edison Co.
Jersey Central Pwr. & Lt. Co.
State and Local Government
Aurora, Colo.
Los Angeles Fid. Contl., Dist.
Detroit, Mich.
State of Vermont
Fort Lauderdale, Fla.
Santa Clara, Calif.
State of Calif.
Penna. Gen. State Auth.
State of Hawaii
Phoenix, Ariz.




1st mtg. p.1. bds.
Com. stk.
Com. stk.
1st mtg. bds.
GO.
Rev.-Q.-Ut.
Rev.-Ut.
G.O
Rev.-S.T.
G.O.
G.O.
Rev.-Rent
G.O.
GO.

50.0
24.7_
53.4
18.0
10.0
15.0
39.0
10.8
10.7
10.0
100.0
• 21.4
15.0
10.0

Oct. 7
Oct. 9 (rts. ex.)
Oct. 13
Oct. 21
Oct. 5
Oct. 6
Oct. 6
Oct. 6
Oct. 6
Oct. 6
Oct. /
Oct. 14
Oct. 15
Oct. 20

Forthcoming Large Offerings as of October 2 (Cont'd)

Type

Amount
(millions
of
dollars)

Approximate date of
offering

1

State and Local Government (Cont'd)
*New York City, N. Y.
^Florida Dev. Comm.
Mass. Port Auth.
Georgia State Sch. Bldg. Auth.
Baltimore Co., Md.
Pittsburgh, Pa.
Dade County, Fla.
Va. State Highway Auth.
Forth Worth, Texas

g
f

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

139..8
33..8
43..0
30. 0
11. 5
35. 0
46. 0
31. 0
14. 1

Oct.
20
Oct.
20
Oct.
20
Oct.
20
Oct.
21
Indefinite
Indefinite
Indefinite
Indefinite

Other
None
^--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
,j
issues and non-guaranteed issues for Federal agencies.
Note: --Deletions for reasons other than sale cr£ issue: None.
|f




H. 14
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.

9/22

15.0




Sold July 1 through October 2

City of Oslo, Norway—5-1/2 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.

Prospective Offerings
None

\p.
M-2

part II:

Date
reported

Amount
(millions
of .
dollars)

7/8

45.0

Issuer and Description of Issue

International Minerals and Chemicals Corp.
(Canada) Ltd.—notes, maturing 1982—no
information available on takedown.

&

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.

60.0

City of Montreal, Canada—5% sinking fund
debenture, maturing 2004--no information
available on takedown.

*9/30

Note:

'

Private Placement—Reported July 1 through October. 2

For retrospective data on aggregate foreign corporate and government security
offerings in the United States see Exhibits I and J. There is no simple relatibnship
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.




&

^
f
*
8.

'