The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
Not for Pub 1 icationTmrnwTRnT.T.nn AFTER SIX MONTHS
H.iir
September 21, 1964.
1964
lPITAL MARKET DEVELOPMENTS
IN THE UNITED STATES
j
Security fi lancing. The total volume of public security
finenctng'Wrrr remain large this week ($323 million), but at a level
appreciably below last week's total ($508 million). More than half
of this week's municipal volume is accounted for by the $130 million
package of housing bonds being offered by the Public Housing Authority,
and two-thirds of the corporate volume consists of three public
utility bonds to be offered for competitive bidding. The current
calendar also includes a $15 million issue of Oslo, Norway bonds
(not shown in the table below).
Long-Term Public Security Offerings 1/
(In millions of dollars)
Week
Ending
Corporate
New Capital
I Refunding
State and local govt.
New Capital
1 Refunding
Sold:
Sept. 11
Sept. 18
52
170
r/
174
338
r/
3
Scheduled:
Sept. 25
If
218
105
Federal Reserve estimates based on pub: ished reports of issues sold
and scheduled for offering; corporate rights offerings are included
as of the data subscription rights expire.
r/ revised.
Security yields,
rose last week.
Yields on most high-grade securities
Yields in Securities Markets
Level latest week
(per cent)
High-Grade
Notes and Bonds
Corporate
New
Seasoned
4.52
4.42
U.S. Govt.
Long-term
3-5 year
4.17
4.05
+ 1
+ 2
State and local govt.
Money Market
Federal Funds
Treasury bills
3-month
6-month
Finance Company Paper
Change from
preceding week
(basis points)
3.45
3.54
3.69
3.75
+ 2
+ 2
+ 3
H. 14
-2-
Private housing starts and permits. Seasonally adjusted
private housing starts dropped 6 per cent further in August to an
annual rate of 1,402 thousand, including farm. The rate was 5 per
cent below a year earlier--when starts showed a similar month-tomonth drop--and was the lowest since early 1963.
On a three-month moving average basis, starts in the JuneAugust period were at an annual rate of 1,500 thousand. This was
down 3 per cent further from the May-July average and was 12 per cent
below the unusually high rate reached in the September-November period
of last year.
Conventional starts in August accounted for 83 per cent of
total starts. This proportion was the same as a year earlier but
compared with 76 per cent as recently as August of 1962,
Seasonally adjusted building permits in permit-issuing
areas, which had declined in July, turned up again in August. The
annual rate of 1,282 thousand approached the June rate and was somewhat above the rate in August of last year when permits were in a
temporary decline. Permits for single family units accounted for
all of the August rise, as permits for multi-family units continued
to change little from the moderately improved June rate.
j
I
Stock market credit. Customer credit in the stock market
declined $64 million further during August to $7.1 billion at monthend. Customer's net debit balances on non-Government securities
fell $102 million further to $5.2 billion, the lowest since August
1963. This was only partly offset by an increase of $38 million in
bank loans to others for purchasing or carrying securities (except
on U.S. Government securities).
Borrowings by member firms of the New York Stock Exchange
on customer's collateral eased $54 million, the fourth consecutive
month-to-month decline. Customer's net free credit balances dropped
$37 million. More detailed information on stock market credit in
recent months is shown in the table on the following page.
Stock prices. Common stock prices, as measured by Standard
and Poor's composite index of 500 stocks, changed little on balance last
week, closing at 83.48 on September 18. Trading volume averaged 5.6
million shares a day, up 0.4 million shares from the previous week and
the highest since late April.
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.
H. 14
-3 STOCK MARKET CREDIT
(In millions of dollars)
• Months
Total,
except on
U.S. Govt.
securities
Customer credit
Net debit
balances
with NYSE
member firms
secured
&
U.S.
Govt. Other
sec.
Outstanding;
1955-56 High
1957-58 Low
1959
I960
1961
1962
-
High
Low
High
Low
1963 - High
1963 - Dec. 1/
4,047
(5/56)
3,554
(1/58)
4,764(4)
4,142(5)
5,602(12)
4,876(7)
7,298 (11)
7,242
. 7,096
1964 - Aug.
Changes in
Outstanding:
1963 - Aug.
149
Sept.
311
Oct.
209
Nov.1/ . 118
-56
Dec. JL/
8
1964 - Jan.1/
Feb.
-130
21
Mar.
Apr.
173
May
-37
-48
July
-69
Aug.
-64
163
41
2,823
(12/56)
2,482
(12/57)
3,401(4)
3,004(7)
4,259(12)
3,562(7)
5,586 (11)
26
21
-2
18
-12
5
-8
-4
-1
28
168
95
77
23
-2
-1
7
-4
Broker and Dealer c:redit
Bank loans
to others•than
brokers and
dealers for
purchasing
arrving
U.S.
Govt. Other
1,873
430
42
1,244
188
252
139
101
28
69
2,044
1,801
2,572
1,856
3,892
318
237
385
235
597
1,069
(1/55)
807
(4/57)
1,257(3)
940(4)
1,508(4)
1,091(9)
1,211(11)
1,727
1,909
32
191
3,852
3,618
597
472
1,210
1,077
10
29
30
27
15
-1
10
39
29
34
21
12
38
-6
46
-36
-5
4
9
-8
-15
-1
96
r/43
r/70
•75
108
-11
125
42
121
-3
179
60
-40
32
-182
-57
-57"
5
-92
72
270
3
-48
-1
-102 r/-15
-94 r/-52
15
-54
-33
87
-4
35
-1
52
-63
32
-66
-27
8
-32
-37
169
133
132
80
140
5,515
5,187
140
69
139
282
179
91
-71
9
-140
-18
144
-71
-69
-81
-102
6
-1
-3
7
50
-32
-11
4
-5
-2
•24
-1
Other sec.
U.S.
Govt. Cust. Other
sec. coll. coll.
113
1,255
(4/56)
1,060
(11/57)
1,373(5)
1,121(5)
1,377(8)
1,269(9)
1,727 (12)
48
21
Customers'
net
free
.credit
balances
Money
borrowed
-
Note: With the exception of bank loan data, figures are reported to the New York Stock Exchange by member firms carrying margin accounts. Bank loans to others than brokers and
dealers for purchasing and carrying securities are for weekly reporting member banks. Net
debit balances and customer free credit balances are as of the end of the month; bank loans
and money borrowed are reported for the last Wednesday of the month. Numbers in parenthesis
denote month of year.
l! November 1963 data on customers 1 net debit balances do not include accounts carried by
a large former member firm in liquidation; most of these accounts have been transferred to
other member firms and are reported in their debit figures from the month received (some In
December, more in January 1964). Debit balance totals for the period from October 1963
through January 1964, therefore, are not completely comparable.
L O N G - T E R M B O N D YIELDS, H I G H - G R A D E
r\J
Exhibit A - Part II
Date
Corporate
Aaa y
I U . S. Govt.
J long-term 2 /
State and
local
government
Aaa 3/
Spread between
U . S. Govt, and
Corporate
State and
Aaa
local A a a
(per c e n t )
1959-60 - High
1 9 6 1 - High
Low
1962 - High
Low
1963 - High
Low
196U - High
Low
Aug.
Aug.
Sept.
Sept.
Sept.
21
28
4
11
18. £/
.59 ,
.57
U. 61(2/29/60)
li. 1*6(9/35)
ii. 21 (3/17)
U.lt3(2/16)
U.23(12/2$
h.37(12/27)
1.19(3/29)
4.42(9/18)
4.35(2/28)
(1/8/60)
U.07 (12/29)
3.70 (5/12)
4.12(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)
.30
.35
.21
.29
.19
.92
.76
.1*6
l.Oii
.80
1.05
.88
1.09
1.01
4.41
4.41
4.42
4.42
4.42 v
4.14
4.14
4.16
4.17 /
4.17 /
3.08
3.08
3.08
3.08
3.10 V
.27
.27
.26
.25
.25
1.06
1.06
1.08
1.09 ,
1.07
-3U
.U7
p/ Preliminary.
'
1/ Weekly average of daily figures. Average term of bonds included is 22-24 years.
2/ Weekly average of daily figures. The series includes bonds due or callable in 10 years or more.
3/ Thursday figures. Only general obligation bonds are included1 average term is 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.
EXHIBIT B. Part
L O N G - T E R M B O N D YIELDS, LO W I R - G R A D E " ,
v z
- v V ^ A
W
r
^
/
V
ST AT t AND IOCAt OOVtlHMEHT In
Moody".
I I I I I I I I I I I I I I I I I I I I LIW IJ I3 . 0I I I I I I I I I
Exhibit B - Part II
Corporate
Baa 1 /
State and
local govt.
Baa y
Spread between
A a a and.Baa
State and
Corporate
local govt.
(per cent)
1959-60 - High
1961 - High
Low
1962 - High
Low
1963 - High
.8U
.81
.66
•7U
.63
.71
.1*8.
1.08
.93
.57
.82
.56
1 9 6 k - High
Low
S.3$(2/l*/60)
5.13(10/27)
5.00(4/21)
5.11(1/5)
u. 92(12/21)
U.93(3/4)
U.8 3(11/35)
4.87(6/26)
4.81(8/21)
3.52(5/17)
3.63(6/27)
3.52(5/23)
3.59(9/17)
3.51(4/16)
.48
.39
.49
.36
Aug.
Aug.
Sept.
Sept.
Sept.
4.81
4.82
4.83
4.82
4.82
3.54
3.54
3.54
3.56
3.59
.40
.41
.41
.40
.40
.46
.46
.46
.48
.49
Note*
21
28
4
11
18 2.1
Tor footnotes see Exhibit JL.
l i . 1*6 (1/7/60)
1.16(3/23)
3.93(13/9)
lt.oU(Vii)
.63
.1*1*
EXHIBIT C, ForM
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
V.
1 \A
"T-MONIH ill
Market VI.1i
M
V
i
/
M
L
m i ISSUES
^
0 IS CO UH1
'J-MOHIH llllf 1
Market Vl.ldi
w !
i i i i i i i i i i i
I I 1 1 1 1 1 1 1 1 1 II 1 I I 1 1 1 111 1 1 1 1 1 1 1 1 1 1
Exhibit C - Part II
Discount
rate
Yields
3-month
bills 2 /
y
ii.00
1959-60 - High
1961 - High
Low
1962 - High
Low
1963 - High
Low
196U - High
Low
3.00
3.50
3.50
21
Aug.
Aug.
28
Sept.
4
Sept, 11
Sept. 18 £/
3.50
3.50
3.50
3.50
3.50 V
3.00
3.00
3.00
3.00
3.50
6-month
, bills 2 /
U. 59 (1/8/eo) 5.07
3 - 5 year
issues 2 /
5.00(12/24/39)
3.86(8/11)
Spread between yields on 3m o n t h bills and yields o n
6 - m o . billsj3-5 y r . issues
.79
.a
3.55(iVi5)
2.88(3/15)
3.56(3/6)
3.43(7/17)
29)
2.90
2.35(4/28)
3.13(7/20)
2.71(6/8)
3.68(12/6)
2.93(3/8)
3.iiU(ViB)
3.74(3/6)
3.52(7/3)
4.23(3/27)
3.98(8/7)
.21
3.50
3.50
3.50
3.52
3.54 /
3.62
3.62
3.64
3.67
3.69 y
3.99
4.00
4.03
4.04
4.05
.12
.12
.14
.15
.15
i
:
W
2.97(7/13)
2.65(6/8)
3.15(5/12)
3.88(2/2)
3.kl(l%/28)
l i . 0 7 (12/27)
.12
.2U
.02
.17
.Ob
• 04
1.81
1.51
.92
1.19
.52
.70
.U2
.71
.48
.49
.50
.53
.52
.51
Weekly rate shown is that in effect at end of period at the Federal Re serve Bank of Hew York.
Market yield) weekly averages computed from daily closing bid prices. Series of 3-5 year issues
consists of selected notes and bonds.
Note.—Highs and Iowa are for individual series and nay 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,
B A N K S A N D OTHER P R I V A T E B O R R O W E R S
/V—4
'
Exhibit D - Part II
Date
Stock exchange
call loan 1 /
Prime
rate 1 /
Finance companypaper 2 /
Federal
funds 3 /
(per cent)
1959-60High
1961 - High
1962 - Higfc
Low
1963 - High
Low
196U - High
Aug. '21
Aug.
28
^
Sept.
4
Sept. 11
Sept. 18 £ /
5.50
U.50
1.50
u.50
1.50
a.50
a.5o
4.50
4.50
5.00
5.13(1/22/60)
3.00(12/30)
2.50(8/5)
3.25(7/21)
U.50
U.50
u.50
U.50
2.88(6/1)
U.50
U.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
k y ,ln
*°0e
U . 0 0 (5/13/60)
2 . 9 0 (11/17)
.143 ( V 2 7 )
3.00 (12/28)
1.30 (1/26)
3.88(12/27)
3.13(5/31)
3.93(4/3)
3»72(9/11)
3 . 5 0 (12/27)
2 . U 5 (7/26)
3.50(9/4)
3.14(7/24)
3.78
3.78
3.74
3.72
3.75
3.50
3.50
3.50
3.38
3.45
ioanB xo
standing.
irSr9Sil«ldJyr^°g.rbll'i*a
Du81ness
Spread between
3 - m o . bills and
finance
paper
1.02
.56
.11
.1*5
.19
.39
.12
,41
.20
.28
.28
.24
.20
.21
borrowers of the highest credit
P1*"4 p w r f o r
mtuHfie.
STOCK MARKET
1941-43 ov.rog.=10
UK.fi.
/
"SIOCK
Exhibit E - Part II
Stock price
index 1 /
1961-62 - High
1963 - High
196k - High
Low
July
Aug.
Sept. 4
Sept. 11
Sept. 18 £/
72.01(12/8/61)
Common
Trading
stock
volume 3 /
yields 2 /
(millions
(per c e n t ) of shares)
7i|.Wi(l2/2 7)
84.01(7/17)
75.50(1/3)
2.80
3.96
3.01
2.93
3.10
83.22
82.00
82.76
83.45
83.48
2.96
3.03
3.01
2.99
2.99
52.68(6/22/62)
10.1
2.it
.
Stock market custome
Customers'
debit balances h /
Bank
loans to
"others"
S L
(In millions of dollars)
Total
6.5
5,.602(12/61)14,259(12/61) 1,418(5/9/62)
14,^214(1/61) 3 , 2 5 3 ( 1 / 6 1 ) 1,161(3/8/61)
7,298( 13/63) 5,586(11/63) 1,738(12/25)
6.1
3.6
7,314(4)
7,096(8)
5,524(1)
5,187(8)
1,916(8/19)
1,720(1/22)
4.7
3.9
4.3
5.2
5.6
7,160
7,096
5,289
5,187
1,871
1,909
1,902
1,905
n.a.—Mot aval labia« £/Preliminary.
~
— — —
1/ Standard and Poor's composite Index of 500 cannon stocks, -weekly closing prices, 1941—43*10.
Monthly data are averages of dally 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 New York Stock 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 about 70 per cent of loans to
others. For further detail see Bulletin*
PRIVATE H O U S I N G STARTS AND PERMITS
TT
IT
PER CENT OF UNADJUSTED TOTAL STARTS'
Exhibit F - Part II
Building
permits
Unadjusted
(seasonally
Type
of
housing
Type of financing
adjusted
Seasonally adjustMulti1-2
Unadjusted
annual
Other family family
FHA
VA
ed annual rate
rate) 2/
Starts
Total
Date
(Thousaiids olE unilts)
1963 - Aug.
Sept.
Oct.
Nov.
Dec.
1964 - Jan.
Feb.
Mar.
Apr.
May
July
Aug.
r/
1,475
1,732
1,847
1,564
1,564
1,718
1,657
1,663
1,531
1,529
r/ 1,611
£/ 1,488
£/ 1,402
r/
146
145
163
119
95
100
100
130
149
158
r/ 159
£ / 141
B / 139
19
19
21
17
16
11
12
16
18
23
19
20
18
7 r / 121 r/ 101.5 r/ 44.8 r/ 1,286
120
6
97.5
47.8
1,372
6
136
107.8
55.3
1,412
5
97
75.8
43.5
1,369
5
74
53.6
41.4
1,426
4
84
58.5
41.0
1,314
4
84
68.5
31.9
1,405
5
109
87.0
43.1
1,384
125
5
96.0
52.4
1,256
106.1
51. 5
5
129
1,246
6
r/134
n.a. r/ 1,306
6
r/115
n.a. p/ 1,246
n.a.
5
116
n.a.
1,282
1/ Total starts are Census estimates including farm for both permit-issuing and non-issuing areas. A
dwelling unit is started when exoavatlon begins| all units In an apartment structure are considered
started at that time* fHA and VA starts are units started under oaanitments by these agencies to insum
or guarantee the mortgages. Is reported by iHA and VA, a unit is started when a field office receives
the first conpliance inspection report# which is made before footings are poured in some cases but
normally after the foundations have been completed* Capehart military housing units are excluded.
Other starts are derived as a residual, although total and IHA and VA starts ars not strictly comparable
in concept or timing) other starts include both units financed by conventional mortgagee and units
without mortgages.
2/ Building permits before January 1963 are Census estimates fer about 10,000 areas identified as
having a leoal building permit system in 1959, Estimates beginning January 1963, a n f v approximately
12,000, or all knexn, permit-issuing places. Unlike starts, seasonally adjusted building permits
reflect direct adjustnant for differences in the nunfcer ef working days per month, as well as other
differences in timing and coverage.
IXHI>IT q, tan 1
YIELDS ON NEW AND SEASONED COBPOKAT1 BONDS,]
IIAlORfS AM
II I I I I I I I UjJ
Exhibit 0 - Part II
Yields cm New Corporate Bond Issues Adjusted to an Aaa basis
Monthly averages;
1964 - Jan."
Feb.
Mar.
Apr.
May
June
Aa't of issues Average
of
included (mil.
yield
issues 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
Number Aa't of Issues Average
of
included (mil.
yield
Issues of dollars)
(per cent)
26
3
10
17
24
31
Aug. 7
14
July
80.0
4.41
30.0
4.37
30.0
15.0
4.39*
21
15.0
4.37
28
45.0
4.40
1964 - High
4.53(5/8)
40.0
4.48*
4.30(2/21) Sept. 4
11
40.0
4.48
IB
5
60.0
60.0
4.45
4.52
12
35.0
4.44
_12_
4.43
Note; Averages of offering yield# aa el* new issues of publioly offered oorporaie bonds rated iaa, is and "
1 by Moody's Investors Service (except serial and convertible Issues, offerings of natural gas pipeline
and foreign companies, and bonds guaranteed by the Federal Goremrent) weighted byd.se of offering.
Before averaging, new offerings are adjusted to a composite iaa basis by deducting from the aottal
reoffexing yield tie excess of the weekly average yield for seasoned tends of the appropriate indnstryqualiiy group over the composite average for seasoned iaa-rated bonds (Moody's). Averages considered
unrepresentative because of special characteristics of 1he 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 Ca D i t a l
930
685
754
613
594
1,144
2,178
1,069
1,378
797
550
950
1st half
Three quarters
Year
1962;
944
771
809
732
746
976
876
1,133
628
930
904
1,013
1 ,153
771
1 ,132
E/
E/
E/
1,215
665
878
869
866
930.
873
912
786
676
637
795
573
773
557
e/
e/
e/
900
750
900
680
708
449
612
544
427 ' ;
1,013
819
1,415
819
678
1,064
1,051
729
416
650
578
5 5 0 .y.
2,369
4,625
e/ 2,297
2,351
2,847
2,109
3,246
2,228
,056
3!
1 , ,902
2,561
p/ 2,525 '
p/ 2,658
e/ 2,550
2,454
2,665
1,837
2,197
2,637 '
2,571 %
1,528 ^
1,779
6,994
e/ 9,291
5,198
7,307
10,553
5 , >284
7,, 1 8 6
9,,747
p/ 5.283
e/ 7,833
5,118
6,955
9,151
5,208 ;
6,790
8,568
£/
e/
e/
October
November
December
quarter
quarter
quarter
quarter
1962
E/
E/
BZ
April
May
June
1st
2nd
3rd
4th
W
State and Local 2 /
1963
1964
549
860
819
January
February
March
July
August
September
1964
Corporate
1963
V
•
Excluding finance companies £,/
1st
2nd
3rd
4th
quarter
quarter
quarter
quarter
1,996
4,170
e/ 2,097
—
2,284
2,529
1,768
2,854
2, 1 6 9
2, 970
1, 7 6 7
2,330
9.434
9.236
Year
e/ Estimated by Federal Reserve.
£/ 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 o f sales and consumer finance companies.
'
•
?
:
Exhibit I
H. 14
New Corporate Security Issues, Type of Issue & Issuer
(In millions of dollars)
Quarter
or
Month
Public CommuniMfg. Utility cations
2,378
3,250
2,184
2,957
1963 - I
II
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
2,499
4,851
.978
1,321
1,221
1,640
300
1,890
29
105
418
723
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
1 1 1
IV
1964 - I
1
1
1
%
3
Net proceeds fo;
new capital 1/ 2/
1962 - I
II
III
IV
1
1
!
Total
Gross proceeds for new
capital and refunding 1
Common M e m o :
Bonds
Foreign
Publicly Privately pfd.
issues
Offered Offered
included
1,155
716
507
68
1,389
1,222
639
257
853
1,024
307
56
1,089
1,568
300
179
ix
•
655
996
601
769
1
Other
issuers
430
983
375
568
456
231
275
321
717
794
659
986
326
794
285
530
236
221
150
118
842
1,241
868
1,629
438
856
273
1,663
1,240
1,383
125
68
43
71
92
58
86
25
39
41
13
64
238
191
412
369
373
499
187
187
441
531
461
637
1 1 1
1963 - Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
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
114
115
97,
341
222
230
107
100
78
201
131
198
1964 - Jan.
985
338
526
121
109
5
149
157
515
Feb.
710
279
342
88
16
123
155
83
324
Mar.
805
361
353
91
8
146
174
34
400
Apr.
2,234
383
480
1 ,372
34
186
151
1 ,377
463
May
1,155
470
537
148
206
36
441
27
395
June
1,461
468
623
370
35
332
264
- 258
525
207
23
393
224
16
173
234
434
892
July £/
120
50
10
340
170
250
580
190
Aug. e/
Sept.
^/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.
Exhibit J
H. 14
Other Security Offerings
(In millions of dollars)
1964
January
February
March
April
May
4
82
69
30
75
26
July
August
September
October
November
December
Jan. - Aug r
Gross long-term 1/'
Foreign government 2/
Federal agency 3/
1963
1963
1964
1962
25
232
133
76
57
114
11
63
83
2
e/
3.
Year
'
142
10
35
10
86
50
25
8
31
151
88
101
769
366
771
737
iI
1962
148
246
156
186
461
459
—
--
4
--
275
e/ 260
e/ 319 '
e/ 854
--
--
--
150
175
174
200
--
--
--
793
1,013
1,167
1,188
'^1
New short-term 4/
State and local government 5/
Federal agency 3/
January
February
March
April
May
July
August
September
October
November
December
Jan, - Aug,
£/
n
18
466
-186
127
-84
-118
78
339
-406
71
234
-161
-78
-336
23
97
183
239
-333
R/-229
799
640
jd/-434
692
378
103
236
-407
442
81
-80
-13
75
272
-367
589
-30
-10
62
208
-173
259
146
-339
»a«
Year
-106
-189
-482
292
195
319
414
327
258
123
-102
551
247
-156
f
226
-364
82
284
261
227
-157
379
.1
55 •
-80
770
807
1 .600
1.004
•1
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
I
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
included m a y have a somewhat longer maturity than 1 year. Source: Bond Buyer & Federal
Reserve.
H. 1 4
Exhibit K
L a r g e L o n g - t e r m P u b l i c S e c u r i t y I s s u e s for N e w C a p i t a l
(Other than U . S. T r e a s u r y ) 1/
Proceeds of Large Issues Offered
(In m i l l i o n s o f d o l l a r s )
C o r p o n ate
Total
i
1963 - A u g .
Sept.
Oct.
Nov.
Dec.
j 1 9 6 4 - Jan.
Feb.
Mar.
Apr.
May
Bonds
( o t h e r than
convertibles)
236
237
446
180
—
218
215
380
117
515
225
200
296
547
307
263
335
1, 557
452
650
235
415
390
291
142
178
125
July
Aug.
Convertible
bonds
60
35
51
--
Stocks
State
and
local
governments
Other
20
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/
174
200
50
20
15
275
260
104
L a r g e I n d i v i d u a l I s s u e s Offered S e p t e m b e r 1 through 18
Issuer
Type &/
Amount
(millions
of
dollars)
Maturity
Coupon
rate or
net i n t e r est cost
Offering
vield
Rating
Corporate
Wells Fargo Bank
C o n s u m e r s Power Co.
Western Bancorporation
P u b l i c S e r v i c e E l e c . & Gas
Co,
* W i s c o n s i n E l e c . Pwr. Co.
State & Local Government
Cla-rk-Co^. Sch. Dist. , N e v .
Penna. Gen. State Auth.
C o m m o n w e a l t h of M a s s .
Dallas, Texas
Chicago, Illinois
State of New Y o r k
B a y A r e a Rapid T r a n s i t D i s t
Calif.
Cap. notes
S.F. deb.
C o m . stk.
1st & ref. mtg.
bds.
Com. stk.
50.0
40.0
50.9
1989
1994
4-1/2
4-5/8
• 4.50
4.50
Aa
60.0
30,5
1994
4-5/8
4.53
Aa
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.; 3 J
3; 18
3..11
3.,41
2.,87
2.70-3.90
2.50-3.50
2.10-3.50 •
2.10-3.20^/
2.75-3.40
2.10-2.95
Rev. -Q. -Ut.
60.0
1972-99
3. 46
2.85-3.55—^
Baa
--
Aa
Aa
A
Aa
Large Individual Issues Offered September 1 through 18 (Cont'd)
Issuer
Type 3/
Amount
(millions
of
dollars)
Coupon
Maturity
net inter
est cost
Offering
vi6ld
Rating
State & Local Government (Cont'd)
Detroit, Michigan
Marion Co. Health & Hosp.
Corp. Ind.
Los Angeles Dept. of Wtr.
& Pwr., Calif.
T
' -'-n:
Fla.
Metro. Seattle, Wash,
-State of Connecticut
Other
>
j
G.O.
10.0
1965-89
3.30
6/
Baa
G.O.
16.0
1966-85
3.09
2.20-3.15
Aaa
Rev.-Ut.
24.0
10.0
2:0
9.3
5.7
44.0
1965-94
1968-92
1966-87
2004
1972-98
1965-84
3.35
3.47
3.40
2.15-3.50
2.80-3.70
]_/
2.60-3.60
3.78
2.95-3.70
2.05-3.13
Aa
Rev.-Ut.
Rev,-Ut.
G.O.
3.78
3.04
;
1
'4
-u-
Baa
Aa
}
*--Rights offering,
n. a. --Not available.
• •
1/ Includes corporate and other security offerings of $15 million and over; State and local"T
government security offerings of $10 million and over.
^
2/ Includes foreign government and International Bank for Recv.-r"ruction and Development
issues and non-guaranteed issues by Federal agencies.
J
3/ In the case of State and local government securities, G.O. denotes general obligations; ,1
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,
(
4/ 1/10 per cent bonds due 1984 reoffered to >i-id 4.00 per cent.
f
5_/ Bonds maturing 1999 not publicly reoffered.
- ^
.6,/ Not publicly reoffered.
4
7/ 1/10 per cent bonds due 1990-92 & 1986-87 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 dollars)
During month following
date shown
State and
Corporate
Other 2/
local govt.
- Aug.
Sept.
Oct.
Nov.
Dec.
- Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
31
30
31
29
31
31
28
31
30
28
30
31
31
158
240
145
392
305
155
224
1,587
651
. 600
292
92
402
210
561
255
137
469
316
454
669
345
341
539
120
511
Subsequent to
date shown
State and
Corporate .
local govt.
--
183
240
145
1,992
1,905
1,771
1,649
1,837
844
668
307
167
442
——
--
-——
25
15
15
468
757
401
349
731
667
646
953
575
598
716
588
680
Other 2/
25
15
15
Forthcoming Large Offerings as of September 18
Issuer
Type
Amount
(millions
of
dollars)
Approximate date of
offering
Corporate
Wells Fargo Bank
Delaware Pwr. & Lt. Co.
Rochester Gas & Elec. Co.
Georgia Pwr. Co.
Pacific Pwr. & Lt. Co.
Pennsylvania Elec. Co.
Columbia Gas System Inc.
Southern New Eng. Tel. Co.
*Texas Eastern Trans. Corp.
Conv. cap. notes
1st mtg. & coll. tr. bds.
1st mtg. bds.
1st mtg. bds.
1st mtg. bds.
1st mtg. bds.
Deb.
Com. stk.
1st mtg. p.1. bds.
25.3
25.0
16.0
28.0
30.0
20.0
40.0
24.7
50.0
'
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Oct.
Oct.
Oct,
23 (rts. ex.)
23
23
24
29
30
2
9 (rts. ex.)
\\
L-2
Forthcoming Large Offerings as of September 18 (Cont'd)
Issuer
Type
Amount
(millions
of
dollars)
f
Approximate date of offering;
State and Local Government
--
Public Housing Auth.
Iowa State Bd. of Regents
New York State Dorm. Auth.
*New Haven, Conn.
, • Mass. Port Auth.
^Georgia State Sch. Bldg. Auth.
*Los Angeles Fid. Contl., Dist.
^Detroit, Mich.
*State of Vermont
*Penna. Gen. State Auth,
Pittsburgh, Pa.
Dade County, Fla.
Va. State Highway Auth.
Forth "orth, Texas
Other
City of Oslo, Norway
Rev.,-Rent.
Rev.•-Rent.
G.O.
Rev. -Q.-Ut.
Rev.
Rev. -Q.-Ut.
Rev. -Ut.
G.O.
Rev. -Rent.
G.O.
G.O.
Rev. -Q.-Ut.
G.O.
130 .3
15 .0
11,.9
11,,2
43,,0
30,,0
15.,0
39.,0
10.,8
21. 4
35. 0
46. 0
31. 0
14. 1
Sept. 23
Sept.
24
Sept.
29
Sept. 29
Oct.
1
Oct.
5
Oct.
6
Oct.
6
Oct.
6
Oct.
14
Indefinite
Indefinite
Indefinite
Indefinite
1
I
i
i
t
i
.
|
1
|Bonds
J
15. 0
Sept.
22
^--Included in Table for first
1/ Includes corporate and other ii
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 for Federal agencies.
Note:--Deletions for reasons other than sale of issue: None.
ii
ft
•t
i
I
H. 1 4
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 18
None
B.
*9/22
15.0
Prospective Offerings
City of Oslo, Norway--Bonds
Part II:
Private P l a c e m e n t — R e p o r t e d July 1 through Sept. 18
Date
reported
Amount
(millions
of
dollars)
7/8
45.0
8/6
15.0
8/6
17.5
9/3
6.5
Issuer and Description of Issue
$
&
s
S
International Minerals and Chemicals Corp.
(Canada) Ltd.--notes, maturing 1982--no
information available on takedown.
\
\
4
Macleod Stedman Ltd.--sinking fund debenture,
maturing 1984--no information available on ;
takedown.
/t
Government of Trinidad and T o b a g o — s e r i a l
bonds, maturing through 1979--no information available on takedown.
Urbanizaciones Guacara C . A . — 5 - 1 / 4 % prom.
notes, maturing 1 9 8 4 — n o information
available on takedowns.
<
:
r
{
%
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 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 con!
cerning 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, i
@FedFRASER