The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
Not for P u k U c a t i o n ^ C O N T R O L L E D AFTER SIX M03TBS
12, 1966
HT14
\
<>
I
CAPITAL MARKETS DEVELOIMENTS
-~"IN THE UNITED STATES
I Corporate and municipal bond markets.
New security issues
of corporations will be unusually large this week, aggregating more
than twice the average volume for such issues over the past year.
The majority of these issues will be convertible debentures, however,
with two offerings accounting for about one-half of the total volume-and Alcoa ($125 million) and Boeing Co. ($130 million rights offering).
This week's municipal offerings will also be above-average and will
feature a $119 million Public Housing Authority bond issue.
Long-term Public Security Offerings 1/
(In millions of dollars)
Corporate
State and local Government
New Capital|Refunding New Capital | Refunding
Sold:
52 week avg.
Sept. 2
Sept. 9
191
2
208
225
65
130
140
445
280
3
Scheduled:
Sept. 16
_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 issue yields declined 7 basis points last week, which the
lagging seasoned corporate yield series continued to advance.
Investors
responded enthusiastically to the week's largest offering, a $50
million telephone issue offered at a yield of 5.95 per cent.
Municipal yields declined last week to mark the first
weekly yield decline since late June. Advertised inventories of
municipal dealers (at 252 million) fell to a six year low.
Stock prices.
Common stock prices--as measured by Standard
and Poor's composite index of 500 stocks--declined in the holidayshortened past week.
The 500 stock index registered 76.29 on Friday,
or 1.13 points below the week earlier level. Trading volume averaged
5.5 million shares a day.
Mor" "r.^.-iled information concerning recent capital market
developments can be found in the attached exhibits.
Capital Markets Section,
Division of Research and Statistics,
Board of Governors of the Federal Reserve System.
H. 14
Yields in Security M a r k e t s
Level latest w e e k
Change from
preceding w e e k
5.91
5.52
-7
+9
4.77
5.63
-10
-20
3.99
4.17
-3
-9
6.00
+65
5.18
5.70
+11
+12
High-Grade
Notes and Bonds
Corporate
New
Seasoned
U.S. Government
Long-term
3-5 year
State and local Govt.
Moody's Aaa
Std. & Poor's high grade
Money Market
Federal funds
Treasury bills
3-month
6-month
Corporate Bonds Still in Syndicate
None
Blue List of Municipal Dealer's Advertised Inventories
(In millions of dollars)
Latest Date
252
(9/6)
End of Previous W e e k
252
Recent High
636
(2/17)
L O N G - T E R M BOND YIELDS, H I G H - O R A D I
CORPORATE A l l
U.S. GOVERNMENT
STATE AND LOCAL GOVERNMENT Aaa
1963
1964
Exhibit A -- Part II
Date
Corporate
A a a 1/
1959-60 - High
1962-63 - L o w
1965 - L o w
1966 - High
- Low
4.61 (3/29/60)
4.19 (3/29/63)
4.41 (3/12)
5. 52 (9/9)
4 . 7 3 (1/7)
A u g u s t 12
Sept.
26
2
*£/
U.S. Govt.
long-term 2 /
4.42 (1/8/60) 3.65 (9/24/59) .59 (fi/s/60)
3.85 (12/26/62) 2.88 (13/9/62) .21 (12/27/63)
4,13
(6/25 )
2 . 9 4 ( 2/ll)
.22
4 . 8 7 (9/2)
4.04(8/25)
.75
4.42(1/21)
3.39(1/13)
.14
I:IZ
H I
ttl
5.52
Spread b e t w e e n
U. S. G o v t , and
Corporate
State and
Aaa
— l o c f t l AftiL. „
State and
local
government
Aaa 3/
t1?7
4.77
4.04
4.02
3.99
:S
.92 (4/22/60)
.80 ( 3/5/62)
.94
1.19
. 78
:it
:S
.75
.78
j y Preliminary*
y Weekly average of daily figures. Average term of bonds included is 22-24 years.
7J Weekly average of daily figures. The series includes bonds due or callable in 10 years or more*
TJ Thursday figures. Only general obligation bonds are included* average term is 20 years,
jfote.—<£igns 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.
LONG-TIKM BOND YIILDS, l O W f l
OtADI
I I I I I I I I I I I 1 I M I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I 1 I I I I I I I I I I I I I I I I M I I 3.0
1961
1962
1963
1964
1965
1966
Exhibit B -- Part II
Corporate
Baa 1/
Date
State and
local govt.
Baa 2 /
(per cent)
1959-60 - High
Year end - 1962
1964
1965
1966 - High
Low
5.36 (2/12/60)
4.93
4.80
5.04
.84
.70
.37
.31
1.08
.63
6.08(9/9)
4.46 (1/7/60)
3.57
3.51
3.79
4.55(8/25)
.56
•62
5.05(1/14)
3.78(1/20)
.31
.38
.53
.50
.56
.53
.56
.56
.52
August
12
5.78
4.46
5.85
5.90
4.50
4.55
Sept.
19
26
2
5.99
6.08
4.54
4.51
92/
Hotel For footnotes eee exhibit i.
Spread between
Aaa and Baa
State and
Corporate
local govt.
.52
39
.59
.51
.50
S H O R T - A N D I N T I R M I D I A T I - T K R M I N T I E I S T RATES
GOVERNMENT
3-5 YEAR ISSUES
F. R. DISCOUNT RATE
3-MONTH BILLS
1961
1962
1963
1964
1965
1966
Exhibit C -- Part II
Date
1959-60 - High
Year end - 1961
1962
1963
1964
1965
1966 - High
Low
12
19
26
Sept,. 2
9£/
Aug
Discount
3-month
rate
bills 2/
1/
Yields
6-month
bills 2/
(per cent]
3-S75taar
issues 2/
Spread between yields on 3month bills and yields on
i
6-mo. billsl3-5 vr. issues
.
4.00
3.00
3.00
3.50
4.00
4.50
4.50
4.50
4.59 ( W 6 0 ) ,
2.66
2.89
3.52
3.83
4.47
5.18(9/9)
4.39(6/24)
5.07 ( W 6 0 ) 5,00(12^2^9)
3.81
2.90
3.41
2.93
4.07
3.64
3.93
4; 07
4.66
4.90 .
5.83(9/2)
5.70(9/9)
4.53(6/24) 4.80(4/8)
4.50
4.50
4.50
4.50
4.50
4.87.
5.06
5.01
5.07
5.18
5.13
5.37
5.40
5.58
5.70
5.40
5.60
5.79
5.83
5.63
.79
.24
.04
.13
.10
.19
,52
,09'
1.81
1.15
.52
.55
.24
.43
.78
.21
,26
,31
39
51
52
.53
.55
.78
.76
.45
i / VUrfce^ yieidi wedcly averages eooputed from dally oloeinf bid prices. Series of 3-9 year Issues
consists of selected notes and bonds.
Note.—filths and lows are for Individual series and may be on different dates for different series,
for spreads, high refer# to widest, and low to narroweet.
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,
B A N K S A N D OTHER PRIVATE B O R R O W E R S
P R I M E RATE
F I N A N C E C O M P A N Y PAPER
F.R. D I S C O U N T R A T E
FEDERAL F U N D S
4_1.L_U1 LJ.-1J
1963
1962
1961
Da te
P r i m e ra te
1/
1965
1964
Exhibit D
1968
P a r t II
Finance
company
paper
2/
Spread between
Federal funds 3/
3 - m o . b i l l s and
finance co. paper
(per cent)
1959-60 - High
Y e a r end - 1961
1962
1963
1964
1965
1966 - High
Low
Aug.
12
19
26
Sept. 2
9£/
5.00
4.50
4.50
.
4.50
4.50
5.00
6.00(9/9)
5.13
3.00
(3/23/60)
3.19
3.88
5.00(3/4)
4.06
4.75
5.63(9/9)
4.75(1/7)
5.75
6.00
6.00
6.00
6.00
5.63
5.63
5.63
5.63
5.63
y
4 . 0 0 (5/13/60)
2.88
3.00
3.50
4.00
4.63
6.00(9/9)
1.02
.34
.30
3.55(1/21)
.36
.23
.28
.99
.20
5.73
5.15
5.58
5.35
6.00
.76
.57
.62
.56
.45
Weekly rate shown is that In effect at end of period. Prime rate la that charged by large bank*
on short-term loans to business borrowers of the b l u e s t credit standing,
Average of daily rates published by finance companies for directly placed paper for vaivlntf
maturities in the 90-179 day range.
3/ Weekly average of daily effective rate, which is the rate for the heaviest volun» of purchase and
sale transactions as reported to the Federal Reserve Bank of N e w York.
Notes—flighs 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.
V
STOCK MARKET
10
100
PRICES
8
STOCK MARKET CREDIT
6
CHANGE IN SERIES
4
1
VOLUME
,
\/w|
-
1
ft
YIELDS
1961
1962
1963
1965
1964
1966
Exhibit E -- Part II
Common
Stock price
index If
yields 2/
foer cent)
Trading
volume 3/
(millions
of shares)
Stock marlket customer credit
Customers 1
Bank
loans to
debit bal"others" 5/
ances 4/
Total
(In millions of dollars)
1961-62 - High
Low
72.04(1^/8/61)
52.68(6/23/62)
2,.82
3 .96
10.1
2.4
Nov. 1963
J u l y 1965
1966 - H i g h
Low
72.62
84.91
93.77(2/11)
76.41(9/9 )
3,,14
3,.09
3.,02
3.,80
5.3
4.1
10.7
5.1
85.83
80.65
76.41
76.52
76.41
3.,37
3..60
3.,80
3.,75
3.,80
6.0
July
Aug.
A u g . 26
Sept. 2
Sept. 9j>/
y
7.1
8.1
8.4
5.6
4,259 (12/61)
3,253(3/61)
1,418(5/9/62)
1,161(3/8/61)
5,60*13/61)
4,424(1/61)
7,298
6,833
7,997
7,726
5,586
4,863
5,835
5,551
1,712
1,970
,
2,'241(7/6)
2,137(5/27)
7,871
n. a.
n. a.
n. a.
n. a.
5,668
n. a.
n.a.
n. a.
n.a.
2,203
2,202
2,219
2,202
n.a.
I s ^ o o a p o site lrZax of 500 comnon atooka . weekly closing pricei, 1941^43*10.
Monthly date, are averagds of daily figures rather than of f%iday*s only. Highs and lows are for
2/ Standard and%oox^s oomposite stook yield based on Wednesday data converted to weekly closing
prices by federal Reserve. Yields shewn are far dates on which price index reached its high
3/ Averages of daily trading relume on the New York Stook Exchange. Yeaixnd figures are averages of
daily figures for the year.
4 / lad of month figures far man be r firms of the New Yoric Stock Exchange which carry margin accounts |
excludes balances secured by U. 3. Government obligations.
Wednesday figures for weekly reporting member banks. Excludes loans for purchasing or carrying
U. S. Government securities. Weekly reporting banks account for about 70 per cent of leans to
others, for further detail see Bulletin.
y
MORTGAGE AND
IONp
YIELDS ^
H O M E MORTGAGES:
Aaa CORPORATE BONDS:
; 1957
I 1958
1959
1960
FHA
m o r t g a g e s 2/
1961
1962
Exhibit P
P a r t II
Conventional
mort25-year 30-year gagee ^
1956
- Low
4.68
5.20
1957
- High
5.63
6.00
1958
-Low
5.35
1959-60 - High
1961-65 - Low
1966
High
Low
1966 May
July
Aug.
Spread between yields
FHA mort.
Rages
2/
A a a Coir p o r a t e
Boitide
1965 |
Spread between
yield# o n new cor-
New^/
S e a s o n e d ^ FHA mtga.(Seasoned
4/
1 bonds
.76
1.58
1.03
.47
3.08
4.94
4.12
3.65
5.25
4.12
5.70
3.57
.88
4.61
4.19
5.31
1.69
.77
1.11
4.84
4.74
.73
5.21
5.38
5.62
5.70
4.98
5.07
5.16
5.31
1.11
1.07
.89
5.44
6.51
6.30
5.80
6.45
5.72
5.70
6.00
6.37
6.51
6.58
6.32
6.45
6.51
6.30
6.40
6.45
-.02
-.05
-.06
1966
porate bonds and
3.08
6.24
5.43
6.58
.... .... ....
1964
on conv. &
.47
.15
.23
.25
.30
-.06
5.55
1963
__
.05
.73
-.16
.46
.09 ;
.23
.31
.46
.39
leither mortgage aer bond yields take into a e o e u a t serrieiag oeste which ere e m e h higher f er mortgagee
than beads. Generally, beads p»]r interest send-annually* mortgages, monthly. Mortgage yields. If
competed as equivelset te a e e e d - e e a a a l late rest investment, w>uld be slightly higher thee give a la
the table.
y Based en ISAnfielA-cffioe opinions about average td.4 prices la the private seooadary market tor mm*fcosM mortgagee for i n m d l a t e delivery. Separate data available for 25-year snri—horinnlag July ltolr—
30-year mortgages with mini w » dewapayaents, weighted by probable volume ef transact ions. Yields som
puted by ISA, assuming prepayment period of 12 years for 2 9 — y e a r mortgages and 13 years for a p pear mortgages. Over the period fcr which they oaa be compared, the movement ef ths two mortgage
yield series has bean similar. Dashed lines indicate periods of adjastmeat te ehaages la contractual
interest rates.
3 / Based on VHA field effioe opinion on typical interest rates (rounded) ea conventional >first mortgages
p rural ling In the market areas of insuring office cities. Beginning with April 1900, rate relates
only to new-hcme mortgages) prior to that date, rate related to both new as well as existing-*oem
mortgages. Dashed line indicates this change in the series.
4 / TELA mortgage yield data are for 29-year mortgagee through June 1941; SO-year mortgages thereafter.
V See note for Exhibit 0.
% ] Moody's Investor Service. Monthly averages ef daily data. See Exhibit k»
y
C O N V E N T I O N A L M O R T G A G E TERMS
^
NEW
EXISTING
15
LOAN PRJCE/RATIO
NEW
EXISTING
65
1962
1964
Exhibit F
New H o m e s
Fees &
tract C h a r g e s M a t u r i t y
Rate
(Per
(Years)
cent)
(Per
cent)
2/
1965
July
Aug.
Sept.
Oct.
Nov.
Dec.
1966
Jan.
Feb.
Mar.
May
June
July
y
1966
Part IV
Loan /
Price amt.
ratio (Thous.)
(Per
cent)
Exii3ting Homes
ConFees &
Loan/ L o a n
tract C h a r g e s M a t u r i t y Price
Rate
(Per
(Years)
(Thous.)
cent)
(Per
(Per
cent)
2/
cent)
5.77
5.76
5.75
5.75
5.80
5.78
.55
.50
.56
.53
.54
.58
25.0
24.5
24.9
24.8
25.0
24.8
75.0
73.8
73.7
73.8
74.9
74.0
18.3
18.2
18.1
18.3
18.5
18.4
5.86
5.86
5.89
5.87
5.91
5.91
.49
.46
.47
.48
.50
.51
20.6
20.4
20.1
19.9
20.4
20.6
72.5
72.1
71.6
71.3
72.0
72.4
14.5
14.1
13.7
13.9
13.9
14.5
5.81
5.85
5.90
5.99
6.02
6.07
6.12
.51
.55
.56
.57
.57
.57
.67
24.6
24.6
24.7
24.6
24.7
24.8
24.2
73.4
73.2
74.3
73.9
73.4
74.4
72.1
18.0
18.8
18.9
18.2
19.2
19.7
19.3
5.97
5.97
6.01
6.09
6.16
6.18
6.24
.49
.51
.53
.54
.56
.47
.52
20.6
20.3
20.9
20.6
20.6
20.0
19.9
72.6
72.0
72.5
72.2
71.8
70.6
70.5
14.3
14.4
14.7
14.5
14.7
14.7
14.3
Compiled by Federal Home Loan Bank Board In cooperation with Federal Deposit Insurance Corporation. Data
are weighted averages based on probability sample surrey of characteristics of conventional first
mortgages originated by major institutional lender groups, (including mortgage companies) for purchase
of single family homes. Data exclude loans for refinancing, reconditioning, or modernization;
construction loans to home-builders) a n d — i n this exhibit—permanent loans which are coupled with
construction loans to owner-builders. Data are still In a developmental stage and may reflect
seasonal influences which cannot yet be meaauxed because the series go back only to end of 1962.
Related series on conventional mortgage rates only, based on unweighted opinions of regional-office
directors of tie Federal Housing Administration, are available somewhat sooner than the results of
FHLBB-FDIC survey, and are included—in the case of new home mortgage rates—in Exhibit F, Parts I
2 j Fees and charges—expressed as a percentage of the principal mortgage amount—include loan commissions,
fees, discounts, and other charges which provide added income to the lender and are paid by the
closing costs related solely to transfer of property ownership.
borrower. They exclude any
YIELDS O N N E W A N D SEASONED C O R P O R A T E B O N D S
NEW ISSUES
SEASONED A l l
I_i._l-J.1L J-1 1.1_L1_
1964
1965
E x h i b i t 0 - Part II
Y i e l d s o n M e w C o r p o r a t e Bond Issues A d j u s t e d to a n A a a b a s i s
N u m b e r A m ' t o f Issues A v e r a g e
yield
Included (mil,
of
(per c e n t )
issues
of dollars)
Monthly" a v e r a g e s ;
1965 - Oct.
Nov.
Dec.
1966 - Jan.
Feb.
Mar.
Apr.
May
N u m b e r A m ' t o f Issues A v e r a g e
yield
Included (mil.
of
(per c e n t )
of d o l l a r s )
issues
50.0
5.36
3
46.0
5.34
10
5.43
80.0
17
5.32
370.0
24
50.0
5.64*
July
1
8
5.63
90.0
15
22
5.62
65.0
29
5.58
280.0
Aug.
5
July
5.70
680.0
12
Aug.
19
145.0
5.65
W e e k l y averages:
26
80.0
5.9?
5.98 (9/2)
High
Sept,
5.98
2
175.0
4 . 8 2 (1/7)
Low
.5,91 ^
50.0
9
lot# i Averages of offering yield* o n t l ^ o w l n u i of publioly offered oorporate bonds rated Aaa,
I
M
S
108.0
4.69
267.0
212.0
300.0
304.5
5 13.0
452.3
341.0
596.0
155.0
4.72
4.85
4.84
4.98
5.13
5.08
5.21
5.38
5.62
z ' J z x z
quality group over the eoeeoelte average for seasoned Aa*-r»ted toade (Moody's)• Averages considered
unrepresentative because at special oberaotexistios of tie 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)
1966
Cornorate
1965
State and local 2 /
1965
1966
1964
1964
January
February
March
1,302
1,237
2,446
795
746
1,197
938
700
778
£/l,183
£/
900
£/ 868
&/804
2/872
%/904
947
776
810
i
April
May
June
1,553
1,058
2,364
1,152
1,691
1,946
2,237
1,095
1,405
2/1,186
£/
918
£/1,094
2/826
2/924
2/972
1,242
667
903
,
;
e/1,245
5/1,725
1,290
850
1,392
812
680
1,130
e/
e/
2/986
2/648
2/966
906
780
892
924
1,325
1,496
953
669
1,642
4,985
4,974
2,738
4,789
3,533
3,745
2,416
4,738
2,621
3,264
9,959
7,527
11,060
14,805
7,153
9,775
13,038
July
August
September
October
November
December
1st
2nd
3rd
4th
quarter
quarter
quarter
quarter
1st half
Three quarters
Year
650
750
I
}
2/794
2/1,021
754
!*
801
529
948 /
£/2,952
2/3,197
2/2,580
2/2,722
2/2,600
2,569
2,533 /
2,811 f
2,578 ?
2,278 j-
2/6,148
2/5,302
2/7,902
10,471
5,345
7,923
10,201
-*
?
Excluding finance companies 3 /
1st
2nd
3rd
4th
quarter
quarter
quarter
quarter
Year
e/
E/
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*.
o
Exhibit I
New Corporate Security Issues, Type of Issue
and Issuer
(In millions of dollars)
Quarter
Month
Gross proceeds for new capital
and refunding 1/
Total
Bonds
Common Memo:
Publicly Privately
and Foreign
Offered
Placed
pfd.
issues
stock included
Net proceeds
for new capital
Mfg.
Public CommuniUtility cations
1/ 2/
Other
Issuers
1964 - I
II
III
IV
2,548
4,965
2,876
3,568
978
1,312
792
531
1,269
1,755
1,590
2,629
300
1,890
494
408
29
105
94
277
429
723
559
1,061
438
856
642
509
273
1,666
59
135
1,275
1,492
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
1965 - Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
5,094
5,115
1,774
1,941
2,586
2,083
734
345
168
1,860
969
602
1,553
1,090
2,20b
960
392
1,%18
1,233
1,773
2,038
1,443
930
1,538
986
1,398
1,646
422
694
748
542
369
664
287
613
326
648
630
980
780
468
706
574
529
1,161
162
449
309
122
93
168
124
257
159
33
49
134
27
87
150
99
. 101
99
540
698
441
399
307
414
273
402
470
176
248
184
202
297
287
158
209
243
15
143
98
102
25
196
92
43
43
422
602
1,223
587
222
495
401
671
741
1,339
1,273
2,482
1,582
1,10 6
2,427
1,285
1,775
460
560
753
628
481
832
460
1,225
692
583
1,311
743
556
784
600
450
187
130
417
210
69
811
125
100
353
93
530
118
977
133
86
692
33
37b
49
1,137
500
n.a.
n-a.
675
388
241
340
364
274
322
230
141
160
301
76
40
276
40
420
306
827
421
m
629
475
300
275
475
1966 - Jan. 3/
Feb.
Mar.
Apr.
May
June
Julye/
Aug. e /
Sept.
£/
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.
1
Exhibit J
Other Security Offerings
(In millions of dollars)
Hrnss T.nn g-t-p-rm 1 /
Fnrpi on Hnvprnmpnt 2/
IQfiS
1Qfi4
January
February
March
April
May
June
July
August
September
October
November
December
12
40
40
66
69
76
n. a.
Jan. - July
n.a.
Year
218
38
73
--
91
33
74
5
52
75
2
4
82
69
30
75
26
20
13
7
180
72
58
453
306
661
636
503
410
392
699
1,030
n. a.
462
-334
£/-103
Jan. - j u i y
£/ 428
103
39
-319
580
238
91
-458
647
204
-82
119
408
152
59
274
103
236
-407
442
81
-80
-9
127
176
7
-15
-208
759
366
129
185
325
---
775
275
260
160
239
150
375
375
179
n.a.
308
-24
450
718
85
284
-590
1,231
f
535(
1,205
I
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
673
-435
1,286
Year
453
368
801
2J Preliminary, e/ Estimated by Federal Reserve, n.a.--Not 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.
2/ 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 FHA notes
included may have a somewhat longer maturity than 1 year. Source: Bond Buyer & Federal
Reserve.
*
"
;
»-
510
—
1,414
2,732
New short-term 4/
State and local Goverment 5/
January
February
March
April
May
June
July
August
September
October
November
December
Federal Appnr.v 3 /
1964
V
^
*
%
•>
V
lb
H. 14
Exhibit K
Large Long-term Public Security Issues for New Capital
(Other than U. S. Treasury) 1/
Proceeds of Large Issues Offered
(In millions of dollars)
Total
1965 - Aug.
Sept.
Oct.
Nov.
Dec.
1966 - Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Cornon ate
Bonds
Convertible
(other than
bonds
convertibles)
211
530
190
559
212
370
391
544
481
351
636
170
862
299
530
246
736
262
485
545
890
643
401
1,317
402
1,189
State
and
local
governments
Stocks
26
16
62
--
40
33
50
144
—
115
70
271
106
--
84
75
55
50
20
182
247
--
661
50
80
2/
50
170
43
95
312
563
409
538
413
787
424
399
720
466
582
338
410
--
Other
---
55
60
--
-
275
15
Large Individual Issues Offered September 1 thru 9
Issuer
Type 3/
Amount
(millions
of
dollars)
Maturity
Coupon
rate or
net interest cost
Offering
yield
Rating
Corcorate
5.91
Aaa
n.a.
4.90
Baa
4.50
A
50.0
2001
6
Rev,-Ut.
30.0
1996
Northwestern Bell Tel. Co. Deb.
.
State and local Govt.
Colo. River Mun, Wtr.
Di^t., Texas
Puerto Rico Water
Resources Auth,
Puerto Rico Aqueduct &
Sewer Auth.
La. Cap. Const. & Imp.
Comm.
Other
Rev,-Ut.
32.0
1968-99
4.59
Rev,-Ut.
Rev.-Ut.
4.1
13:9
1971-86
2002
4.57
G.O.
15.0
1967-86
4.65
4.50
A
4.35-4 .50 A
FOOTNOTES:
K-2
* — R i g h t s offering.
n. a . — n o t available.
It 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 Bahk for Reconstruction and Development
issues and non-guaranteed issues by Federal Agencies.
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 quaei-utilities; Rev.-S.T.,revenue bonds
secured by revenue from specific taxes only; Rev.-Rent., revenue bonds secured edlely
by lease payments.
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
date ahown
State and
Other 2/
Corporate
local govt.
1965 - Aug. 31
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
312
206
412
297
553
530
828
489
248
1,261
317
677
662
404
269
343
398
501
340
366
253
399
584
337
403
515
15
25
20
20
20
30
15
40
Corpora te
Subsequent to
date ahown
State and
local govt.
636
303
489
344
676
931
1,176
606
1,034
1,261
619
697
853
450
331
578
458
582
461
504
334
546
584
353
403
685
Other 1 /
15
25
20
20
20
90
55
55
85
50
35
90
Forthcoming Large Offerings as of September 9
Issuer
Type
Amount
(millions
of
dollars)
Approximate date of
offering
C o n o r , c.
Atchinson, Topeka & Santa Fe. Ry.
Aluminum Co, of America
Burlington Industries, Inc.
Cenco Instruments Corp.
Boeing Co.
Iowa Elec. & Lt. & Pwr. Co.
Cameron Iron Works, Inc.
Consolidated Cigar Corp.
Southern Bell Tel. & Tel. Co.
General Tel. Co. of Calif.
Public Serv. Co. of New Hamp.
LTV Aerospace Corp.
Texas Instruments, Inc.
*Ampex Corp.
Jersey Central Pwr. & Lt. Co.
Columbia Gas System
United Aircraft Corp.
*Idaho Pwr. Co.
^Alabama Pwr. Co.
Eq. tr. cert
Conv. deb.
Conv. sub. deb.
Conv. deb.
Conv. sub. deb.
1st mtg. bds.
Conv. sub. deb.
S. F. deb.
Deb.
1st mtg. bds.
1st mtg. bds.
Sub. deb.
Com. stk.
Conv. sub..deb.
Deb.
Deb.
,
, ,
Conv. sub. deb.
1st mtg. bds.
1st mtg. bds.
50.0
125.0
40.0
15.0
130.1
15.0
25.0
15.0
100.0
45.0
17.0
50.0
60.0
30.0
15.0
40.0
60.7
30.0
33.5
Sept. 12
Sept. 13
Sept. 13
Sept. 13
Sept. 14 (its
Sept. 14
Sept. 15
Sept. 20
Sept. 28
Sept. 29
Sept. 30
Sept.
Oct.
3 (rts
Oct.
4
Oct.
5
Oct.
1$
(rts.
Oct. .
Oct.
12
Oct.
14
L-2
Forthcoming Large Offerings as of September 9 (Cont'd)
Issuer
Type
Amount
(millions
of
dollars)
Approximate
date
of
Offering
State and local Government
Memphis, Tenn.
Public Housing Authorities
Santa Monica Unif, S. D.,
California
Minn. State College Board
Allegheny Co.,Pa,
Phila, Sch. Dist., Pa,
*State of Massachusetts
Ga. State Hosp. Auth.
Los Angeles Dept, of'Wtr. & Pwr.,
California
New Jersey Turnpike Auth.
San Francisco, California
St. Louis & St, Louis Co, JCD.,
Missouri
*Los Angeles Country Flood
Control Dist,, Calif,
*Omaha Pub, Pwr, Dist., Neb.
Oklahoma Turnpike Auth.
G.O.
Bonds
G.O.
G.O.
G.O.
G.O.
G.O.
Rev.-Rent.
Rev,-Q.-Ut.
Rev.-Q.-Ut.
G.O.
G.O.
G.O.
Rev.-Q.-Ut.
Rev.-Q.-Ut.
20.0
119.9
14.8
11.0
12.0
25.0
46.9
15.0
30.0
180.0
25.6
Sept. 13
Sept. 14
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
14
16
20
20
20
21
Sept. 21
Sept. 22
Sept. 26
10.0
Oct.
55.0
25.0
Oct.
11
Oct.
13
Indefinite
160.0
5
Other
Quebec Hydro Elec. Comm.
Govt, of New Zealand
Republic of Ireland
Nippon Tel. & Tel. Pub. Corp.
Deb.
Bonds
Bonds
Bonds
40.0
15.0
20.0
15.0
Sept. 14
Indefinite
Indefinite
Indefinite
^--Included in table for first time, ,/
1/ Includes corporate and other issues of $15 million and over; State and local governmet|f*
issues of $10 million and over.
2f Includes foreign government and International Bank for Reconstruction and Development
issues and non guaranteed issues of Federal Agencies.
y
Note:
Deletions for reasons other than sale of issue;
Pittsburgh, Pa., $13.3 million
G.O. i s s u e — b i d s rejected.
.1
H. 14
vl
Exhibit M
Foreign Government and Corporate Security Offerings
and Placements in the United States
Part Ij
Sale Date
Amount
(millions
of
dollars)
Issuer and Description of Issue
A.
7/7
Public Offerings
15.0
Sold July 1 through September 9
Govt, of M e x i c o — 6 - 7 / 8 % bonds, maturing 1981,reoffered
to yield 7.26%.
B.
Prospective Offerings
Indefinite
20.0
Republic of I r e l a n d — b o n d s
Indefinite
15.0
Nippon Telegraph and Telephone Public Corp--bonds
* — I n c l u d e d in table for first time.
* * — I s s u e sold to investors outside of U.S.
* * * — I s s u e s subject to interest equalization tax.
M-2
Part II:
Date Reported
7/6
Private Placements - Reported July 1 through September 9
Amount
(millions
of
dollars)
31.0
Issuer and Description of Issue
Steep Rock Iron Mines, L t d . — 6 % 1st mtg. bds., maturing
1987--no information available on takedown.
7/26
50.0
Great Canadian Oil Sands, L t d . —
% notes, maturing
1991--no information available on takedown.
I
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
I
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 w h e n
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 rfeported.
@FedFRASER