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Not for Publicationd e c o n t b o l l e d
after
SIX MONTHS
September 14, 1964.
CAPIIAT, MARKETS DEVELOPMENTS
IN THE UNITED STATES
'Security financing. The total volume of public security
financing-'this week ($508 million) will be substantially larger than
last week's moderate total. Most of this week's corporate total will
be made up of $60 million in bonds of the Public Service Electric and
Gas Company and a $52 million common stock offering of the Western
Banccrporatior
The heavy volume of municipal offerings on this
week's calendar will include a $60 million offering of the Bay Area
Rapid Transit District, California.
Long-Term Public Security Offerings 1/
(In millions of dollars)
Week
Ending
Corporate
State and local govt.
New Capital | Refunding ~New Capital | Refunding"
Sold:
'
Sept. 4
Sept. 11
73
50
r/
28
--'
96
177
r/
Scheduled:
Sept. 18
V
338
170
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.
Security yields. Yields on high-grade, long-term, nonGovernment bonds were steady last week, but Treasury bond and note
yields edged up further. Money market rates showed mixed changes.
Yields in Securities Markets
Level latest week
(per cent)
Change from
preceding week
(basis points)
High-Grade
Notes and Bonds
Corporate
Seasoned
U.S Govt.
Long-term
3-5 year
State and local govt.
Money Market
Federal Funds
Treasury bills
3-month
6-month
FRASER
Finance Company Paper
Digitized for
4.48
4.42
4.17
4.04
+
+
1
1
3.38
- 12
3.52
3.67
3.72
+
+
2
3
-
2
H. 14
Stock prices. Common stock prices recovered further last
week in active trading. Prices, as measured by Standard and Poor's
composite index of 500 stocks, rose about one per cent to close at
83.45 on September 11, but were still almost one per cent below
their all-time high reached around mid-July. Trading volume averaged
5.2 million shares a day, the highest since early May and 0.9 million
shares larger than the average for the previous week.
More detailed information concerning recent capital market
developments is presented in the attached exhibits.
Capital Markets Section,
Division of Rcscarch and Statistics,
Board of Governors of the Federal Reserve System.
3>
LONG-TERM B O N D YIELDS, H I G H - G R A D E
(\J
Exhibit A - Part II
Date
Corporate
' Aaa 1/
U . S . Govt#
long-term 2/
Spread between
State and •
U. S. Govt, and
local
State and
government
Corporate
Aaa y
Aaai
local Aaa
(per cent)
1959-60 - High
1961 - High
Low
1962 - High
Low
1963 - High
Low
196U - High
Low
Aug.
Aug.
Aug.
Sept.
JSept.
14
21
28
4
11 £./
U.6l(l/29/60)
U.U6(9/I5)
U.21(3/17)
U.U3(2/16)
i|. 23 (12/2^
U.37(12/27)
14.19(3/29)
4.42(9/11)
4.35(2/28)
U.U2 (1/8/60)
U.07 (12/29)
3.70 (5/12)
U.12(2/23)
3.85(12/28)
U.16 (12/27)
3.87 (1/18)
4.20(4/17)
4.11(7/3)
3.65 (9/24/59)
3.37 (7/6)
3.12 (2/23)
3.26 (3/4)
2.88 (13/8)
3.18 (13/21)
2.93 (3/28)
3.16(3/26)
3.07(7/16)
.59
.37
•3U
.47
.30
.35
.21
.29
.19
.92
.76
.46
1.04
.80
1.05
.88
1.09
1.01
4.42
4.41
4.41
4.42
4.42
4.14
4.14
4.14
4.16
4.17 /
3.08
3.08
3.08
3.08
3.08 /
.28
.27
.27
.26
.25
1.06
1.06
1.06
1.08
1.09
f
Preliminary.
Weekly average of dally figures. Average term of bonds included is 22-24 years.
Weekly average of daily figures. The series includes bonds due or callable in 10 years or more.
y Thursday figures. Only general obligation bonds are included; average term ie 20 years.
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*
LONO-TI*M BOND YlllDS, IOWIB-OBADVI
Mi-
\
1
«il
Tsl
i i i i i i i i i i i
Exhibit B - Part II
Date
Corporate
Baa 1/
State and
local govt.
Baa 3/
Spread between
Aaa and Baa
State and
Corporate
local govt.
(per cent)
5.34(2/13/60)
5.13(10/27)
5.00(4/21)
5.ii(V3):
u.92(12/21)
U.93(V4)
4.83(11/15)
4.87(6/26)
4.81(8/21)
m m
Aug. 14
Aug. 21
Aug. 28
Sept. 4
Sept. 11 £/
4.81
4.81
4.82
4.83
4.82
3.53
3.54
3.54
3.54
3.56
*dt#t Tor footnotes see Exhibit A*
Iitlillll
1959-60 - High
1961 - High
Low
1962 - High
Low
1963 - High
- Low
196U - High
Low
,8U
.81
.66
1.08
:I
I
.71
.48
.48
.39
.49
.36
.39
.40
.41
.41
.40
.45
.46
.46
.46
.48
/
9
.
EXHIBIT C, Perl 1
S H O R T - A N D INTERMEDIATE-TERM INTEREST RATES, G O V E R N M E N T
1-M0N1H 1111$
• ' I f ' ' ' II
• II
' 'I I II I II
I I I I I I I
I I I I I
Exhibit C - Part II
Date
Discount
rate
y
1959-60 - High U.00
3.00
1961 - High
3.00
Low
3.00
1962 - High
3.00
Low
3.50
1963 - High
Low
3.00
3.50
196U - High
Low
3.50
Aug.
Aug.
Aug.
Sept.
Sept.
14
21
28
4
11 £./
3.50
3.50
3.50
3.50
3.50 V
3-month
bills 2/
Yields
3-5 year
6-month
, b i n s 2/ issues 2/
(per cent)
2.97(7/13)
2.6$(6/8)
3.55(11/15)
2.88(3/15)
3.56(3/6)
3.43(7/17)
3.13(7/20)
2.71(6/8)
3.68(12/6)
2.93(3/8)
3.74(3/6)
3.52(7/3)
5.00(12/24/59)
3.86(8/11)
3.15(5/12),
3.88(2/2)
3.ia(i?/28)
U.07 (ia/27)
3.a(Vis)
4.23(3/27)
3,98(8/7)
3.51
3.50
3.50
3.50
3.52 /
3.62
3.62
3.62
3.64
3. 67 v
3.99
3.99
4.00
4.03
4. 04
U.59CV8/60)
2.35(4/28)
Spread between yields on 3raonth bills and yields on
6-mo. bills|3-5 yr. issues
.79
.a
.12
• 2U
.02
.17
.oU
.21
.04
.11
.12
.12
.14
.15
'
1.81
1.51
.92
1.19
.52
.70
.U2
.71
.48
.48
.49
.50
.53
.52
Weekly rate shown i s that i n effect at end of period a t the F e d e r a l Reserve B a n k of N e w York.
Maricet y i e l d ) weekly average a ocmputed from daily o losing bid prices. Series of 3 - 5 year issues
consists of selected notes and bonds.
N o t e . — H i g h s and Iowa are for individual series and nay be on different dates for different series*
T o r 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 IN TER EST R A T E S ,
B A N K S A N D OTHER PRIVATE B O R R O W E R S
Exhibit D - Part II
Stock exchange Prime
call loan 1/
rate l/
Federal
funds 2/
Spread between
3-mo. bills and
finance co. pap<
4 . 0 0 (5/13/60)
2.90 (11/17)
. 4 3 (3/27)
3.00 (12/28)
1.30 (3/26)
3.50 (32/27)
2*1*5 (7/26)
3.50(9/4)
3.14(7/24)
1.02
3.50
3,50
3.50
3.50
3.38
.24
Finance company
paper 2/
(per cent)
5«5fc
4.50
4.50
4.5o
4.5o
4.50
4.5o
4.50
4.50
5.oo
4.5o
4.50
4.50
4.50
4.50
4.50
4.50
4.50
4.50
4.50
4.50
4.50
4.50
4.50
4.50
4.50
4.50
4.50
^
ky
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)
3,75
3.78
3.78
r/ 3.74
3.72
"""""
.56
.11
.45
.19
.39
.12
.41
.20
.28
.28
.24
.20
el*"! P«P« for trying mtutiti..
EXHIBIT E. Fori
STOCK MARKET
CHAM81 IN $1111$
_
—
r
— X / w
1
~ w
to. ._vArv H
vu\/ -I w
^
MI*rw_jfTi
3
1
1
1
VICIDS
—
III Mil ,1.1 1 1 l 1 M II M Mill
1 II 1 1 1 1 1 LT.LJxL.
AH M M 1 1 1 1
• mi
mi
Exhibit E - Part II"
Stock price
index 1/
Common
stock
yields 2/
(per cent)
Trading
volume 3/
(millions
of shares)
Stock mairket aistomei credit
Customers'
Bank
debit bal- loans to
"others"
ances k/
(In millions of dollars)
Total
1961-62 - High
Low
1963 - High
196U - High
Low
72.0Ufl2/6/6l)
52.68(<'/22/62j
lk.kk{12/27)
84.01(7/17)
75.50(1/3)
2.80
3.96
3.01
2.93
3.10
10.1
2.1*
6.5
6.1
3.6
5,602(12/61)U, 2#(12/61)
lt,lt2lt(V61) 3,253(3/61)
7,298(11/63)5,586(11/63)
7,314(4) 5,524(1)
7,120(2) 5,289(7)
1,1*18(3/9/62)
1,161(3/8/61)
1,738(12/25)
1,916(8/19)
1,720(1/22)
July
Aug.
Aug. 28
Sept. 4
Sept. 11 £/
83.22
82.00
81.99
82.76
83.45
2.96
3.03
3.03
3.01
2.99
4.7
3.9
3.6
4.3
5.2
7,160
1,871
1,909
1,909
5,289
n . a . — N o t available. £ / Preliminary.
""
,
1941-43-10,
l/ Standard and Poor** composite index of 5 0 0 common stocks, weekly olosing prices,, 1941-43".
Monthly data are averages of daily figures rather than of Friday's only. Highs and lows1 1are 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 i&ioh price index reached its h i g h
3/
4/
5/
Averages of daily trading volume on the Hew York Stock Exchange.
End of month figures for member firms of the N e w 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 abeit 7 0 p e r cent of loans to
others. For further detail see Bulletin.
EXHIBIT F. fort 1
M O R T G A G E AND B O N 0 YIELDS -
Exhibit F
Conven- Spread be
Aaa Corporate
FHA
tween yields
mortgagee 2/
on conv. &
gages
25-year FHA Hew4' Seasoned-^
30-vear 3/
mortgages
Date
1956 - Low
1957 - High
1958 - Low
1959-60-. High
1961-64- High
May
July
August
iZ
Part II
4.68
5.63
5.35
6.24
5.72
5.43
5.44
5.44
5.44
n.a.
Spread between
yields on new corporate bonds and
Seasoned
FHA mtgs.j
5.70
5.45
5.20
6.00
5.55
6.30
5.95
5.80
.47
.47
.15
.23
.38
• 23
3.08
4.94
3.65
5.25
4.72
4.12
3.08
4.12
3.57
4.61
4.45
4.22
.76
1.58
.88
1.69
1.50
.94
1.03
.05
.73
.39
-.16
5.45
5.45
5.46
n.a.
5.80
5.80
5.80
n.a.
.36
.36
.36
n.a.
4.46
4.43
4.37
4,39
4/41
4.41
4.40
4.41
.98
1.01
1.07
n.«.
.05
.02
-.03
-.02
--
Neither mortgage nor bond yields take into account servicing ooata which are much higher for mortgagee
than bond8. Generally, bonds pay interest semi-annually) mortgagee, monthly. Mortgage yields, if computed as equivalent to a semi-annual interest investment, would be slightly higher than given in the
table.
Based on THA—field-office opinions about average bid prices in the private secondary market for new*home mortgages for immediate delivery* Separate data available for 25-year and—begin! ng July 1961—
30-year mortgages with minimum downpayments, 'weighted by probable volume of transactions . Yields computed by FHA, assuming prepayment period of 12 years for 25-year mortgages and 15 years for 30-year
mortgages. Over the period for ifcioh they can be compared, the movement of the two mortgage yield
series has been similar* Dashed lines indicate periods of adjustment to changes in contractual interest
Baaed on FHA field office opinion on typical interest rates (rounded) on conventional first mortgages
prevailing in the market areas of insuring office cities. Beginning with April 1960, rate relates only
to new-home mortgages; prior to that date, rate related to both new as «ell as existing-home mortgages.
Bashed line indicates this change in the series,
4/ See note for Exhibit G.
5/ Moody's Investor Service, Monthly averages of daily data. See Exhibit A*
J XHIBIT O, PoM 1
! YIELDS O N
NEW A N P SEASONED CORPORATE BONDS
I I I I I I I I I I II I I I I I I I I I LJ.
lltl"
1IM
Exhibit G - Part II
Yields on New Corporate Bond Issues Adjusted to an Aaa basis
Monthly averages:
1964 - Jan.'
Feb.
Mar.
Apr.
May
Number Am't of issues Average
included (mil. yield
of
of dollars) (per cent)
3
3
6
1
10
8
150.0
125,0
166.0
130.0
278.0
230.0
Weekly averages:
4.50
4.38
4.43
4.48
4.46
4.43
July
26
3
$
24
31
Aug. 7
14
21
1964 - High
60.0
35.0
55,0
28
4.53(5/8)
4.30(2/21) Sept. 4
11
4.45
4.44
4.41
Number Arn't of issues Average
included (mil. yield
of
of dollars) (per cent)
80.0
4.41
30.0
30.0
15.0
15.0
45.0
40.0
40.0
4.37
4.37
4.39*
4.37
4.40
r/ 4.48*
4.48
Motet Averages of offering yields on all new issues of publicly offered oorp orate bonds rated Aaa, Aa and
A by Moody's Investors Service (exoept serial and convertible la sues, offerings of natural g&s pipeline
and foreign companies, and bonds guaranteed by the Federal Go v a r m e n t ) weighted by oLae of offering.
Before averaging, new offerings are adjusted to a composite Aaa basis by deducting from the actual
reoffering yield tha excess of the weekly average yield for seasoned tends of the appropriate industryquality group over the composite average for seasoned Aaa-rated bonds (Moody's). Averages considered
unrepresentative because of special characteristics of the offerings included are denoted by an asterisk^
1
Exhibit H
H.14
Long-term Corporate and State and Local Government
Security Offerings and Placements
(In millions of dollars)
New Caioital
1964
Corporate
1963
1962
930
685
754
613
594
1 ,144
549
860
819
2,178
1,069
1,378
930
904
1 ,013
1 ,153
771
1 ,132
800
550
950
676
637
795
573
773
557
1 ,013
819
I.,415
2,369
4,625
e/ 2,300
6,994
e/ 9 , 2 9 4
January
February
March
April
May
June
July
August
September
e/
e/
e/
October
November
December
1st
2nd
3rd
4th
quarter
quarter
quarter
quarter
1st half
Three quarters
Year
1964
State and Local 2/
1963
1962 ;
944
771
809
732
746
976
876
1,133
628
E/ i ,215
665
E/
878
E/
869
866
930
873
912
786
900
750
900
680
708
449
612
544
427
819
678
1 ,064
1 ,051
729
416
650
578
550
2,351
2,,847
2J,109
3J,246
2 ,228
3:,056
1:,902
2 ,561
E/ 2;,525 " 2 ,454
2 ,665
E/ 2,658
1 ,837
e/ 2 , 5 5 0
2 ,197
2,637
2,571
1,528
1,779
5\,198
7,,307
10,553
5 ,284
7,,186
9,,747
E/ 5 , 2 8 3
7, 833
5 ,118
6 ,955
9 ,151
5,208
6,790
8,568
•
£/
R/
E/
e/
e/
e/
Excluding finance companies 3/
1st
2nd
3rd
4th
quarter
quarter
quarter
quarter
1,996
4,170
e/ 2,100
2),284
2,,529
I,,768
2,854
2,,169
2,,970
1,,767
2,,330
9,,236
9.434
Year
e/ Estimated by Federal Reserve.
j>/ Preliminary.
If Securities and Exchange Commission estimates of net proceeds.
2/ Investment Bankers Association of America estimates of principal amounts.
3/ Total new capital issues excluding offerings of sales and consumer finance companies.
I
|
|
I
l!
Exhibit I
>
H. 14
New Corporate Security Issues, Type of Issue & Issuer
(In millions of dollars)
Quarter
or
Month
Total
Gross proceeds for new
capital and refunding L
Common
Bonds
and
Publicly Privately pfd.
Offered Offered
507
716
1,155
1,222
639
1,389
1,024
307
853
300
1,568
1,089
Net proceeds for
new capital 1/2/
Memo:
Public CommuniForeign
issues
Mfg. Utility cations
Other
issuers
1 nr.liided
68
257
56
179
655
996
601
769
430
983
375
568 .
456
231
275
.321
717
794
659
986
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
300
1,890
29
105
418
723
438
856
273
1,663
1,240
1,383
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
125
68
43
71
92
58
86
25
39
41
13
64
238
191
412
369
373
499
187
187
441
531
461
637
526 .
121
88
342
91
353
1,372
480
148
537
370
623
200
380
50
340
5
16
8
34
36
35
149
123
146
186
206
332
157
83
34
1,377
27
258
10
10
515
324
400
463
395
525
400
1962 - I
II
III
IV
2 ,378
3 ,250
2 ,184
2 ,957
1963 - I
II
III
IV
2 ,700
3 ,634
2 ,436
3 ,466
1,108
1,389
898
1,319,
1,306
1,820
1,251
1,780
1964 - I
II
III
2 ,499
4,851
.978
1,321
1,221
1,640
1963 - Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
695
642
1 ,363
1 ,049
1 ,340
L ,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
1964 - Jan.
Feb.
Mar.
Apr.
May
985
710
805
2,234
1,,155
1, 461
815
580
338
279
361
383
470
468
235
190
114
115
^ 97. .
341
222
230
107
100
78
201
131
198
109
155
174
151
441
264
190
200
Julye/
2.50
120
170
Aug.e/
Sent.
^/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.
.
Yl
Other Security Offerings
(In millions of dollars)
1964
January
February
March\
April
May
July
August
September
October
November
December
e/
e/
Jan. - Aug.
E/
Gross long-term If
Foreign government 2/
Federal agency 3/
1963
1963
1962
1964
4
82
69
30
75
26
25
25
232
133
76
57
114
11
63
83
2
336
Year
142
10
35
10
86
50
25
8
31
151
88
101
769
366
771
737
275
e/260
e/319
1962
148
246
156
186
461
459
174
200
150
175
--
--
e/ 854
793
1,0:3
1,167
1,188
New short-term 4/
State and local government 5/
Federal agency 3/
January
February
March
April
May
July
August
September
October
November
December
£/
103
236
-407
442
81
-80
-13
i
i
n.a.
Year
75
272
-367
589
-30
-10
62
208
-173
259
146
-339
18
466
-186
127
-84
-118
78
339
-406
71
234
-161
-78
-336
23
97
183
239
-333
2.Z-229
-106
-189
-482
292
195
319
414
327
258
123
-102
551
247
-156
226
-364
82
284
261
227
-157
379
55
-80
799
640
E./-434
77:
bv7
692
378
1.600
1.004
from those in Exhibit H in that refunding issues, as well as new capital issues, are included. Long-term securities are defined as those maturing in more than one year. ^/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 i
in Exhibit H and above in that they represent new offerings less retirements, whether fro#
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,
J
warrants or certificates and Public Housing Authority notes. In some instances PHA notes ^
included may have a somewhat longer maturity than 1 year. Source: Bond Buyer & Federal
http://fraser.stlouisfed.org/
Reserve.
;<
Federal Reserve Bank of St. Louis
ft
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
1963 - Aug.
Sept.
Oct.
Nov.
Dec.
1964 - Jan.
Feb.
Mar.
Apr.
May
July
Aug.
Conor;ate
Bonds
Convertible
(other than
bonds
convertibles)
218
215
380
117
515
225
200
296
235
415
390
178
125
236
237
446
180
547
307
263
335
1,557
452
650
291
142
-"
60
35
51
•---
Stocks
State
and
local
government#
Other
329
135
734
373
111
577
358
282
698
274
384
544
459
18
22
66
63
32
22
28
38
1,271
37
260
113
17
2/
20
174
200
50
20
15
275
260
104
Large Individual Issues Offered September 1 through 11
Issuer
Type &/
Amount
(millions
of
dollars)
Maturity
Coupon
rate or
net interest cost
Offering
vield
Rating
Corporate
Wells Fargo Bank
Consumers Power Co.
4-1/2
4-5/8
Cap. notes
S.F. deb.
50.0
40.0
1989
1994
Rev.-Rent.
Rev. -Rent:.
G.O.
15.0
50.0
75.8
3.91
1966-84
3.35
1967-91
1965-2002 3.18
4.50
4.50
Aa
2.70-3.90
2.50-3.50
2.10-3.50
Baa
—
Aa
—
State & Local Government
Clark Co. Sch. Dist., Nev.
Penna. Gen. State Auth.
Commonwealth of Mass.
K-2
Large Individual Issues Offered September I through 11 (Cont'd)
^
Issuer
Type 3/
Amount
(millions
of
dollars)
Coupon
Maturity
net interest cost
Offering
yield
Rating
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
secured by revenue from specific taxes only; Rev.-Rent., revenue bonds secured solely by
least payments.
6
H.14
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 shown
State and
Other 2/
Corporate
local govt.
1963 - Aug.
Sept.
Oct.
Nov.
Dec.
1964 - Jan.
Feb.
Mar.
Apr.
May
July
Aug,
31
30
31
29
31
31
28
31
30
28
30
31
31
'
210
561
255
137
469
316
454
669
345
341
539
120
511
158
240
145
392
305
155
224
1,587
651
600
292
92
402
--
25 .
15
15
Corporate
183
240
145
1,992
1,905
1,771
1,649
1,837
844
668
307
167
442
Subsequent to
date shown
State and
local govt.
i
Other 2/
--
468
757
401
349
731
667
646
, 953
575
598
716
588
680
25
- 15
15
Forthcoming Large Offerings as of September 11
Issuer
Type
Amount
(millions
of
dollars)
Approximate date of
offering
Corporate
Western Bancorporation
Public Service Elec. & Gas Co,
Wisconsin Electric Power Co.
Wells Fargo Bank
Delaware Pwr. & Lt, Co.
Rochester Gas & Elec, Co,
Georgia Pwr. Co.
Pacific Pwr, & Lt, Co.
Pennsylvania Elec. Co,
Southern New Eng. Tel. Co,
Columbia Gas System Inc=
52.0
Com. stk=
60.0
1st & ref„ mtg. bds.
30.5
Com. stk.
25.3
Conv, cap. notes
1st mtg, & coll, tr. bds, 25.0
16.0
1st mtg. bds.
28.0
1st mtg. bds»
30,0
1st mtg, bds,
20.0
1st mtg, bds.
21,2
Com, stk<
40.0
Deb i
t
Sept,
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept,
Sept.
Sept.
Oct,
15
16
18
23
23
23
24
29
30
(rts. ex.)
2
-
L~2
^
Forthcoming Large Offerings as of September 11 (Cont'd)
Amount
(millions
of
dollars)
Type
>
Approximate date
of offering
*1
'f
State and Local Government
Dallas» Texas
Chicago, Illinois
Wyoming, Mich.
State of New York
Bay Area Rapid Transit Dist.,
Calif.
Detroit, Michigan
Marion Co. Health & Hosp. Corp.,
Indc
Los Angeles Dept. of Wtr* & Pwr,,
Calif.
Tallahassee, Fla,
Metro. Seattle, Wash,
*State of Connecticut
Public Housing Auth„
Iowa State Bd. of Regents
''"New York State Dorm, Auth.
Mass. Port Auth,
Pittsburgh, Pa.
Dade County, Fla.
Va. State Highway Auth.
Forth Worth, Texas
G.O.
Rev.-Ut.
Rev.-Ut.
G.O.
12.5
15.0
15.0
30.0
Sept.
Sept.
Sept.
Sept.
14
14
14
15
Rev.-Q.-Ut.
G.O.
60.0
15.2
Sept.
Sept.
15
15
Sept.
15
G.O.
16.0
Rev.-Ut.
Rev.-Ut.
Rev.-Ut.
G.O.
--
Rev.-Rent.
Rev.-Rent.
Rev.-Q.-Ut,
G.O.
G.O.
Rev.-Qe-Ut.
G.O.
24.0
12.0
15.0
44.0
130.3
15.0
11.9
43.0
35.0
46.0
31.0
14.1
•
Sept. 16
Sept. 16
Sept. 17
Sept. 17
Sept. 23
Sept. 24
Sept. 29
Oct.
Indefinite
Indefinite
Indefinite
Indefinite
:
Other
City of Oslo, Norway
Bonds
15.0
Sept.
22
''--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 Bankfor Reconstruction and Development
issues and non-guaranteed issues for Federal agencies.
Note:--Deletions for reasons other than sale of issue: None.
;
v
3-;
-jj
v
,
I
;
H. 14
Exhibit M
Foreign Government and Corporate Security Offerings
and Placements in the United States
Part I:
Sale
Date
Amount
(millions
of
dollars)
Public Offerings
Issuer and Description of Issue
A.
Sold July 1 through September 11
None
B.
Prospective Offerings
None
Vt
M-2
Part II:
Private Placement--Reported July 1 through Sept. 11
Date
reported
Amount
(millions
of
dollars)
7/8
45.0
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
Note:
Issuer and Description of Issue
*
;
Urbanizaciones Guacara C.A.—5-1/4% prom,
notes, maturing 1984--no information
available on takedowns.
For retrospective data on aggregate foreign corporate and government security
offerings in the United States see Exhibits I and J. There is no simple relationship^
"between the data shown in this Exhibit and that shown in Exhibits I and J because theklatter 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 cont
cerning timing of takedowns. Full or partial takedowns may take place both prior andsubsequent to the data a placement is reported. ^--Included in table for first time.:
@FedFRASER