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TrofiOfiTBOLLTm ACT 1 ® ST* 1108888

Not for Publication
H. f
|

U.Y/Y
P'U.

September 3, 1968.

O&fXdt^

CAPITAL MARKETS DEVELOPMENTS
IN THE UNITED STATES

fflQxAht

j
Corporate;aip municipal bond markets. The volume of new, pub lie lyoffered, corpora t e anc municipal securities expected during this holidayf
short ened~V/iilili will IM| below the average weekly volume over the past year.
The especially reduced corporate volume will feature no offerings of notable
size. In the municipal market, however, there will be one very large issue -the $100 million Ohio highway improvement bond offering.
Long-term Public Security Offerings —^
(In millions of dollars)

..
.
.

Corporate
New Capital | Refunding

State and local Government
New Capital | Refunding

Sold:
52 week avg.

297

August

23

r/219

August

30

150

1

275

1

r/692
—

280

Scheduled:
September 6
1/

100

200

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

While yields on seasoned corporate bonds were virtually unchanged
last week, yields on new issues advanced. The higher yields, however, did
not spark investor enthusiasm.
Yields on municipals advanced sharply last week, but in this market
also new issues did not receive a very favorable reception. By Friday night
only 61 per cent of the week'sufferings had been sold. The Blue List of
dealers' advertised, inventories meanwhile rose to a new high for the year.
During the week several issues originally offered earlier were released from
syndicate. In free-market trading the yields on two issues offered originally
in mid-August advanced 15 to 20 basis points.
Stock prices. Common stock prices were again little changed last
week, while the pace of trading slowed to the lowest level since the end of
March. At the close Friday, Standard & Poor's index of 500 stocks stood at
98.89, up 0.17 from the previous Friday. Trading volume averaged 9.6 million
shares a day.




H. 14
-2-

-

Yields on Security Markets
Change from
preceding week

High-Grade
Notes and Bonds
• Corporate

+ 10
- 1

6.36
5.97

New
Seasoned
IT. S . Government
"

-

5.06
5.33

Long-term
3-5 year

3
3

State and local Gov't.
Moody 1 s Aaa •
Std. & Poor's"high grade
;

+ 20
+ 11

4.25
4.45

Money Market
-

5.18
5.26

2

+
+

5.93

"Federal funds
Treasury bills
3-month
6-month

3
2

Corporate Bonds Still in Syndicate
Date

'

Amount
(millions of $)

Issuer

Reoffering
Yield

Rating

Estimated proportion sold

F/27

50.0

Georgia Power,
6-5/8's - 1998

6.59

Aa

30%

76
.

25.0

Wisconsin Pwr. & Lt. ,
6-1/4's - 1998

6.25

Aa

20%

cJ/20

38.0

Pennsylvania Electric,
6-5/8's - 1998

6.50

Aa

25%

8/20

12.0

Southern Indiana Gas & Elec.,
6-3/8's - 1998
6.25

Aa

207=

Rlue List of Municipal Dealers' Advertsied Inventories

Latest Week
: 799(8/2

9/68)




End of Previous Week
784

1968 High
848(8/28 /63)

H. 14

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.




EXHIBIT

A, Port 1

LONG-TERM BOND YIELDS, HIGH-GRADE

C O R P O R A T E Aas

U.S. G O V E R N M E N T

r
STATE A N D LOCAL G O V E R N M E N T All

1963



1965

1966

1967

1968

Exhibit A - - Far L J.1

| Corporate
Aaa 1/

1959-60 - High
1966 - High
- Low
1967 - High
- Low

4„ 61(1/29/60)
5.52(9/9)
4.73(1/7)
6.24(12/29)

5.00(2/10)
6.14
6.07

1968 - Aug.
16
23
30B./

6.00
5.98
5.97

| State and
U.S. Govt. |
local
long-term 2/, government
I
Aaa 3 /
(per cent)
4.42(1/8/60)
4.87(9/2)
4o42(1/7)
5.49(11/17)
4.37(2/3)
4.99
4.99
5.06
5.09
5.06

£/ Preliminary.
1/ Weekly average of daily figures.
2/ Weekly average of daily figures.
3/ Thursday fig^es.

3.65(9/24/59)
4.04(8/25)
3 o 39(1/13)
4.15(12/28)
3.25(2/9)
3.90
3.80
4.00
4.05
4.25

„92(4/22/60)
.59(8/5/60)
1.19(2/11)
.84(12/30)
.77(9/2)
.14(2/18)
1.51
.92
.74
.44
1.15

1.08
1.06
.89
.91

:
\

1.09
1.19

1.06

1.04

.81

Average term of bonds included is 22-24 years.
The series includes bonds due or callable in 10

Only, general obligation bonds are included; average tern is 20

Note--Highs^nd lovs^are for ^ ^ ^ ^ ^ ^ L r s ' t Z i d L t "




Spread between
U.S. Govt, and
State and
Corporate
local Aaa
Aaa

^ ^ n a r r o w e s t .

EXHIBIT B, Part 1

L O N G - T E R M B O N D Y I E L D S , L O W E R GRADE

-

CORPORATE Baa

ft.
r^r b - ' X

-

STATE AND LOCAL G O V E R N M E N T Baa

J

1

1

_

i

V - " - "
I
I II
1 1 1 1 1 1 1 1 1 11 I 1 I I
1963
1964




III

1 1 Ml

III

1965

1 II

I i i r i i i i i ii i ill ii iii 1 1 II 1 1 1 M II
i
1966
1967
1968

Exhibit B —

Date

Corporate
Baa V

Part II

1 State and
local govt.
J

Baa 3/

Spread between
Aaa and Baa
State and
Corporate
local Rovt.

(per cent)
1959-60 - High
Year end- 1965
1966 - High
Low
1967 - High
Low

6.88
2
6.83
9
6.82
16
6.80
23
6.79
30pV
For footnotes see Exhibit A.

1968 - Aug .

Note:

5.36(2/12/60)
5.04
6.18(12/30)
5.05(1/14)
6.97(1/29)
5.81(4/14)

E/

Preliminary,

r/

Revised.




4.46(1/7/60)
3.79
4.55(8/25)
3.78(1/20)
4.73(12/28)
3.85(4/13)

4.73
4.68
4.70
4.70
4.80

.84
.31
.81
. 31
.82
.63

1.08
.39
.62
.31
.81
.37

.74
.76
.82
r/.82
.82

.83
.88
.70
.65
.55

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
GOVERNMENT

6-MONTH BILLS

3-5 YEAR ISSUES

F N. DISCOUNT RATE
3-MONTH BILLS
Morkel Yield:

1963



1964

1966

1967

A

Exhibit C -- Part II

Date

1959-60 - High
Year end - 1965
1966
1966 - High
Low
1967 - High
Low

|
1

Discount
| 3-month
rate
! bills 2/

4.00
4.50
4.50
I 4.50
4.50
4.50
4.00

5.50
2
5.50
9
5.50
16
5.50
23
5.25
30D/
1/ Weekly rate shown is that
1968 - Aug,.

Yields
j 6-month
| bills 2/
(per cent)

4.59(1/8/60)
4,47
4.80
5.52(9/23)
4.39(6/24)
4.99(12/29)
3.41(6/9)

|
|

5.07(1/8/60)
4.66
4.92
5.92(9/23)\
4.53(6/24)
5.50(12/12)
3.74(6/2)

3-5 year
issues 2/

Spread between yields on
3-mo. bills and yields on
$
6-mo. bills 13-5 vr. issues

5.00(12/24/59)
4.90
4.86
5.83(9/2)
4.80(4/8)

.79
.19
.12
.52
= 09

5.80(11/10)
4.36(4/7)

.62
.01

1.81
.43
.06
.78
.01
1.61
•02

5.28
.17
5.25
5.08
.20
5.29
5.16
4.96
.18
5.35
5.29
5.11
.09
5.36
5.24
5.15
-OR
S.33
5.26
5.18
in effect at end of period at the Federal Reserve Bank of

New York.
2/ 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 lows are for individual series and may be on different dates for
different series. For spreads, high refers to widest, and low to narrowest.
j>/

Preliminary.




.20
.33
.24
.21
-IS

:i

EXHIBIT

D, 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,
B A N K S A N D OTHER P R I V A T E BORROWERS

PRIME RATE
FINANCE C O M P A N Y PAPER

F R. DISCOUNT RATE
FEDERAL FUNDS

1963



1964

1967

1968

Exhibit D —

Prime rate 1/

Date

Part II

Finance
company
-paper 2/

Spread between
3-mo. bills and
Federal funds 3J finance co. paper

(per cent)
1959-60 - High
Year end- 1964
1965
1966
1966 - Low
1967 - High
Low

5.00
4.50
5.00
6.00
5.00(3/4)
6.00(12/29)
5.50(12/1)

5.13(1/22/60)
4.06
4.75
5.88
4.75(1/7)
5.75(1/6)
4.38(6/23)

4.60(5/13/60)
4.00
4.63
5.63
3.55(1/21)
5.25(1/6)
3.40(10/27)

1968 - Aug.

6.50
6.50
6.50
6.50
6.50

5.75
5.75
5.75
5.75
5.63

6.00
6.13
6.13
5.95
5.93

2
9
16
23
30&/

1.02
.23
.28
1.08
.20
1.33
.21
.67
.79
.64
.60
.45

1/ Weekly rate shown is that in effect at end of period. Prime rate is that
charged by large banks on short-term loans to business borrowers of the highest
credit standing.
2/ Average of daily rates published by finance companies for 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.
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.
2./

Preliminary.




EXHIBIT

E. Pari 1

STOCK M A R K E T
1941-43 o v e r o g e = 10''

100

PRICES
8

STOCK MARKET CREDIT

6

* CHANGE IN .SERIES

4

Millions

VOLUME

YIELDS

1963



1964

1965

1966

1967

1968

of. i h o r e i

Exhibit E —

Stock price
index 1/
1961-62 - High
Low
1966 - High
Low
1967 - High
Low
1968 - June
July

Common
stock
yields 2/
(per cent)

Part II

Trading
Stock market customer credit
volume 3/
Customers1
Bank
(millions
Total
debit bal- loans to
of shares)
ances^/
"others"5/
(In millions of dollars)

72.04(12/8/61)
52.68(6/22/62)
93.77(2/11)
73.20(10/7)
'
97.26(1/6)
83.18(1/6)

2.82
3.96
3.01
3.97
3.01
3.58

10.1
2.4
10.7
5.0
12.3
6.9

5,602(12/61)
4,424(1/61)
7,997
7,302
10,347(12/67)
7,345(1/6)

4,259(12/61)
3,253(1/61)
5,835
5,169
7,883(12/67)
5,280(1/67)

1,418(5/9/62)
1,161(3/8/61)
2,241(7/6)
2,097(12/14)
2,057(11/1)
2,055(1/25)

100.53
L00.30

3.00
2.98

15.1
14.3

11,101
11,270

8,691
8,854

2,410
2,424

1968 - Aug.

16
98.68
3.08
11.5
n.a.
n.a.
2.473
23
98.69
3.09
11.4
n.a.
n.a.
r/2,473
30p/ 98.86
3.08 '
9.6
n.a. Not Available. £/ Preliminary, r/ Revised.
1/ Standard and Poor's 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
or low.
3/ Averages of daily trading volume on the New York Stock Exchange. Year-end figures are averages
of daily figures for the year.
4/ 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.
5/ 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.




Millions ol dollorl

—

l

400

OFFERINGS
300

20(

j PURCHASES V

100

\\

SALES
1962




1964

1966

1968

Exhibit F - Part If

Da t v

Estimated offerings i FNMA
to
Immediate
Standby
purchase
commitment

Total

Purchases
by
FNMA

Sales
by
FNMA

(In millions of dollars)

1967 - June
July
Aug.
Sept.
Oct.
Nov.
Dec.
1968 - J a n .
Feb.
Mar.
Apr.
May
June

229.1
228.8
.3
232.8
232.6
.2
261.0
260.6
.4
168.2
167.9
.3
260.6
260.1
.5
324.7
.6
324.1
209.4
206.6
2.8
212.6
212.0
.5
164.4
164.0
.4
212.9
212.2
.7
214.3
210.1
4.2
104.8
103.6
1.2
(See Exhibit F Part III)

26.9
81.2
198.3
192.4
215.1
186.9
200.1
274.9
245.2
188.9
185.7
176.7
r/172.8

6.0
.9
.8
.2
.3
.1
——
--

—W •
——
• ——
--

* — L e s s than $50,000.
1/ 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
seller must deliver to FNMA within 45 days. A standby commitment contract relates to proposed mortgages on housing not yet under construction which the
seller must usually deliver within one year. Purchases include those under
bo£h immediate purchases and standby commitment contracts. Data exclude FNMA"
activity under Special Assistance and Management and Liquidating Programs.




-15-

Exhibit F - Part III
FNMA Weekly "Auction" Results

Amounts (In millions of dollars)
Accepted
Offered
6901
total
Total
Day
Month
Year
173,4

40.3
49.9
49.5
51.6

19.7
15.6
10.5

60.7
74.6

Yields
1

90Day

Month

Year

6.1

18.3
27.4
28.3
35.5

2.4
6.9
10.7
10.0

r/7.11
r/7.39
r/7.49
r/7.54

r/7.12
£/7.38
£/7.47
r/7.54

£/7.07
r/7.33
r/7.40
r/7.49

7.7
14.4
15.1
15.9

40.0
44.8
49.8
50.4

13.1
15.4
15.3
14.1

r/7.63
r/7.68
r/7.69
r/7.62

r/7.65
r/7.71
r/7.69
r/7.60

r/7.59
r/7.64
r/7.63
r/7.55

148.0
89.0 16.3
157.2 r/(88.5) 11.2
172.2
80.4
9.6
158.6
8.6
65.8
148.4
70.0
7.1

60.5
65.9
57.3
47.4
53.7.

12.2
11.3
13.5
9.8
9.2

7.51
7.42
7.36
7.33
7.32

r/7.48
7.40
7.35
7.32
7.33

7.47
7.37
7.32
7.31
7.33

121.8

49.7 .

6.8

7.31

7.32

7.31

168.8
176.8
206.8
231.8
179.7
145.3
135.4

80.2

80.4

66.3

(60.0)

Note: Total accepted shown in parenthesis for most recent week indicates
FNMA' announced limit before the "auction" date. Yields are gross to FNMA
and are based on successful bid prices after allowance for commitment fees
and initial stock purchase requirements and assuming a prepayment period of
15 years for 30-year mortgages. One-year commitments are for new homes only.
r/

Revised.




-16-

Y I E L D S O N N E W A N D SEASONED C O R P O R A T E B O N D S

6.5

. A,djusted to

Aoa

Bo

NEW ISSUES

6.0

5.5

5.0
SEASONED Aaa
Moody i

1964



1965

1966

1967

1968

\
Exhibit G - II
Yields on New Corporate Bond Issues Adjusted to an Aaa basis

Number
of

Number
of
issues

Am't. of issues Average
yield
included (mill.
(per cent)
of dollars)

Am't. of issues Average
yield
included (mill.
(per cent)
of dollars)

Monthly averages:
1968 - Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.

13
13

10
7
11
13
7

8

567.0
564.5
350.0
415.0
531.0
872.0
552.0
267.0

600.0
50.0
100.0
122.0

6.66
6.61
6.67
6.78

6.24
6.29
6.56
6.52

June

7
14
21
28

6
2
2
3

6.65
6.54

July

5
12
19
26

——

__

2
3
1

300.0
75.0
165.0

6.56
6.60
6.41

1
1
1
3
2

12.0
15.0
110.0
67.0
75.0

6.36
6.46
6.13
6.26
6.36

6.66

6.26

Aug.

2
9
16
23
30&

' --.

Weekly averages:
High
6.83(5/24/68)
6.13(8/16/68^
Low
Averages of'offering yields" ~orTall'new issues of publicly'offered corporate bonds rated Aaa,
Note:
Aa, and A by Moody's Investors Service (except serial and convertible issues, offerings of natural
gas pipeline and foreign companies, and bonds guaranteed by the Federal Government) weighted by
size of offering. Before averaging, new offerings are adjusted to a composite Aaa basis by
deducting from the actual reoffering yield the excess of the weekly average yield for seasoned
bonds of the appropriate industry-quality 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.
!>/ Preliminary.




Exhibit H
Long-term Corporate and State and Local Government
Security Offerings and Placements
(In millions of dollars)
New Capital
1968P/

Corporate
1967p/

1966

State and local 2/
1968p/
1967P/
I960

January
February
March

'1,706
1,568
1,740

1,648
1,398
2,317

1,302
1,237
2,446

1,133
1,147
1,384

1,482
1,196
1,438

1,188
858
865

April :
May
June

1,383
1,824
2,335

1,973
1,474
2,611

1,553
1,058
2,364

1,298
1,117
1,354

1,111
1,229
1,497

1,193
901
1,141

e/2,225
e/1,550 •
e/1,725

2,457
2,407
1,723

1,039
1,670
1,382

y1,400
e/1,700
e/1,500

943
858
1,330

1,020

2,289
1,467
2,336

829
1,085
1,635

974
1,400
1,182

755
969
940

5,014
5,542
e/5,500

5,364
6,058
6,584
6,092

4,985
4,975
4,091
3,550

4,119
3,837
3,131
3,556

2,911
3,235
2,494
2,664

10,556
e/16,506

11,421
18,007
24,098

9,959
14,050
17,601

7,956
11,087
14,643

6,146
8,640
11,304

July
August
September
October
November
December 1st
2nd
3rd
4th

Quarter
Quarter
Quarter
Quarter

1st half
Three quarters
Year

3,665
3,769
if 4,600 <
7,434
.£2,034-

701
773

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

4,943

Year

5,207
5,913
6,338
5,657

4,924
4,884
3,969
3,188

23,115

Quarter
Quarter
Quarter
Quarter

17,269

17

Estimated by Federal Reserve.

1/
2/
3/

Securities ana 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.




IP

Exhibit I
New Coroorate Security Issues. Type of Issue
and Issuer
(In millions of dollars)

Quarter
or
Month

Total

Gross proceeds for new capital
and refunding 1/
Common Memo:
Foreign
Publicly Privately and
pfd. issues
Offered
Placed
stock included

6,833
6,294

3,263
4,017
4,604
3,107

1,465
1,551
2,137

390
726
678
1,051

60
65
234
93

; 1968 - I

5,178
5,705

2,465
3,105

1,724
1,645

989
956

2,589
2,481
1,763
2,409
1,500
2,385

1,889
1,813
902
1,375
645
1,087

•

486
412
647
566
551

214
250
214
469
304
278

213
13
8
34
19
30

1,771
1,607

903
796
766
719
1,046
1,340
1,260

546
585
593
. 438
521
685

322
226
441
269
269
450
450

16
61
236
31
89
52
n.a.

2/
Mfg.

i 1967 - I
I
II
'
III

i

IV

i

11

5,464

6,208

1,800
1,426
f1,836
1,975
2,310

1,811

1,020

600

Other
Public CommuniUtility cations Issuers
997
1,268
1,219
1,255

543
548
595
269

1,382
1,228
1,976
2,040

1,394
1,201

411
529

1,356
2,159

925
1,229
637
906
512
1,109

446
509
265
573
404
278

39
356
200
119
82
68

1,044
313
619
690
469
881

537
556
761
353
550
750
965

417
546
431
178
549
474
200

186
147
78
189
103
237
235

566
321
469
663
622
874
825

2,442
3,014
2,792
2,527

313
172

? 1967 - July
,
Aug.
I'
Sept.
I
Oct.
I
Nov.
Dec.
I
1968 - Jan.
Feb.
Mar.
Apr.
May
June
July ,

Net proceeds

Not available.
el Estimated by Federal Reserve.
n
1/ Gross proceeds~~exceed net proceeds by the cost of flotation.
2/ For total see Exhibit H; other issuers are extractive, railroad and other
transportation, real estate and finance, and commercial and other.
SOURCE: Securities and Exchange Commission.




•*-

Exhibit J
Other Security Offerings
(In millions of dollars)

Gross Long-term 1/
Federal Agency 3/
Foreign Government 2/
"1567
1967
1968
1968.

VKT

January
February
• March
. Apr i l
May
, June
July
August
September
October
November
December
Jan. - June.

127
49
107
75
142
7

507

Jan. - Jutie
Year

223
27
13
170
22
586
193
66
142
18
629
1,656

Year

January
February
March
April
May
June
July
August
September
October
November :
December

196

12
40
40
66
69
76
72
7
50
23
74
68
227
3 03

999
550
1,370
225
744
779

4,667

1,251
783
750
650
810
650
407
250
599
708
710
612
4,894

8,180

1966

503
410
392
699
1,030
1,084
799

400

450
800
239
3,034

6,806

New short-term4/
Federal Agency 3/
State and local Government 5/
308
-179
490
103
179
300
-24
-552
39
436
387
89
450
-454
-593
-319
-594
-604
718
-559
580
827
681
85
109
121
462
515
49@ |/
27
284
93
-334
;
-187
-378 £/
-590
-158
-103
-262
-270
270
593
-652
1,407
-161
32
606
-555.
-48
414
-283
573
503
49
219
36
•_ -570
-514
1,821
-1,542
1,162
531
1,127
' -100
531
1.127
310
660

io

n/ Preliminary, e/ Estimated by Federal Reserve, n.a.—Not available.
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
subdividions and international organizations. Source: Securities and Exchange Commission.
3/ Issuesriotguaranteed by U.S. government. Sources 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 PHA notes
included mav have a somewhat longer maturity than 1 year. Source: Bond Buyer & Federal

Reserve.



- V

#

H. 14
Exhibit K
Large Long-term Public Security Issues for New Capital
(Other than U. S. Treasury) \j
Proceeds of Large Issues Offered
(In millions of dollars)

ite
Total

1967 - July
Aug.
Sept.
Oct.
Nov.
Dec.
1968 - Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.

Bonds
(other than
convertibles)

1,340
1,705
794
1,458
826
978
904
757
788
696
1,009
1,461
1,243
665

Convertible
bonds

890
1,288
473
897
461
460
652
575
415
500
656
1,161
650
405

317
350
257
285
150
437
168
105
135
723
283
120
495
143

Stocks
133
67
65
276
215
81
85
77
238
73
70
180
98
117

State
and
local
governments
483
473
847
505
865
633
785
591
736
794
571
758
864
1,165

"

Other

2/

85
221
400
. 50
845
627
1,095
389
1,030370
145 ,
500
920
70

Large Individual Issues Offered during August.

Issuer

Type D

Amount
(millions
of
dollars)

Maturity

Coupon
rate or
net interest cost

Offering
yield

Rating

qoypgr^e
Okonite Co.
Beneficial Finance
National Fuel Gas Co.
LTV Aerospace Corp.
Boothe Computer Corp.
Ashland Oil & Refining Co.
Wyle Laboratories
^General Public Utilities
Corp.
Wisconsin Telephone Co.
Niagara Mohawk Power Corp.
* Armour-Dial, Inc.
Texas, Eastern Transmission
Corp.
Gen'l Telephone of Indiana
Renna. Electric Co.
Southern California
Edison Co.
Georgia Power Company

Debs w/wts.
Debs.
S.F. debs.
Debs, w/wts.
Conv. sub. debs.
Conv. debs.
Conv. sub. debs.

25.0
25.0
15.0
50.0
18.0
60.0
15.0

1988
1994
1993
1988
1988
1993
1988-

6-1/2
6-3/4
6-5/8
6-3/4
5-3/4
4-3/4
5-1/4

Com. stk.
Debs.
1st mtg. bds.
Com. stk.

25.5
50.0
60.0
16.1

2004
1998

6-1/4
6-1/2

,25
~6,
6.
.37

Aaa
A

G.O.
1st mtg. bds.
1st mtg. bds.

50.0
17.0
38.0

1988
1998
1998

6-5/8
6-3/8
6-5/8

6. 84
6. 42
6. 50

Baa
A
Aa

Pfd. stk.
1st mtg. bds.

75.0
50.0

1998

6-5/8

6. 59

Aa '




-

6,
.50
6,
.75
6,
.55
6,
.75
5,
.75
4,
.75
.25
5,

B
—

.

Aa
B
—

Baa
--

a
K-2
Large Individual Issues Offered during August. (Cont'd)

Issuer

Type 3/

Amount
(millions
of
dollars)

Maturity

Coupon
rate or
net interest cost

Offering
yield

Rating

Corporate (Cont'd)
Allegheny Beverage Corp.
Conv. sub. debs. 20.0
- Wisconsin Power & Light Co. 1st mtg. bds.
25.0
Beech Aircraft Corp.
Conv. debs. 30.0

1988
1998
1993

6-1/4
6-1/4
4-3/4

6.25
6.25
4.75

Aa
Ba

State & local Government
East Baton Rouge Parish,
Louisiana
Rev.-Rent.
Dade County, Florida
G.O.
State of Minnesota
G.O.
New York State- Housing
Finance Agency
Rev. -Rent.
N.Y. State Dormitory Auth. Rev. -Rent.
Oklahoma City, Oklahoma
G.O.
~ Philadelphia, Pennsylvania G.O.
Broward County Sch. Dist.,
Florida
G.O.
Iberville Parish, La.
Rev.-Rent.
HoUsiijig Assistance Admin. Bonds
Los Angeles Dept. of Wtr.
and Power
Rev. -Ut.
Maryland State Roads Comm. Rev. -Rent.
Cook Co., Thornton Twp.
H.S.D. #205, Illinois
G.O.
State of New York
Rev. -Rent.
Colleges of the State of
Texas
Rev. -Rent.
State of North Carolina
G.O.
Bridgeport, Connecticut
G.O.
Wisconsin State Agencies
Building Corporation
Rev.-Rent.
Wisconsin State Agencies
Building Corporation
Rev. -Rent.
Orleans Parish Sch. Bd., La. G.O.
Calcasieu Parish, La.
Rev. -Rent.
- Calcasieu Parish, La.
Rev. -Rent .
Consumers Pub.Pwr .Dist.,N2b. Rev. -Rent.
Consumers Pub.Pwr.Dist.,Mi. Rev. -Rent.
Florida Development Comm. Rev. -Rent.
Dallas, Texas
G.O.
Lakeland, Florida
G.O.
State of California
G.O.
La.Charity Hospital,
New Orleans, Louisiana
Rev. -S.T.
Elizabeth, New Jersey
G.O.

New Haven, Connecticut
G.O.



23.2
31.0
20.0

1993
1993
1971-1988

74.0
13.3
35.7
29.2

1969-1998
1970-99
1971-92
1970-94

20.0
12.0
129.0

3.69

5.30
5.30
3.10-3.80

Baa
Baa
Aa

4.74
4.56
4.09
4.35

3.00-4.80
3.50-4.70
3.25-4.25
3.10-5.60

A
A

1971-88
1987
1969T2009

4.27
5.20
4.25

3.40-4.40
5.20
2.75-4;50

A
Baa
Aaa

24.0
18.5

1969-98
1969-83

4.31
4.17

3.10-4.50
2.90-4.20

Aa
Aa

10.0
81.0

1970-84
1969-98

4-7/8
4.03

4.50-4.75
2.75-4.25

Baa
Aa

14.7
60.0
17.6

1969-78
1969-85
1969-88

3.84
3.63
3.88

2.80-3.80
2.75-3.80
2.80-4.10

Aa
Aaa
Aaa

15.2

1969-2008

4.62

2.80-4.70

Aa

16.8
17.0
19.5
43.2
90.0
196.0
10.0
25.0
12.5
75.0

1969-2002
1969-2008
1973-79
1989
1973-88
2003
1970-97
1969-1988
1972-1992
1969-1988

4.56
4.97
5-1/8
5-1/8
5-1/8
5-1/8
4.67
4.11
4.54
4.20

2.80-4.65
3.10-5.00
4.25-4.85
5.05
3.90-4.80
5.10
4.00-4.65
2.90-5.40
3.50-4.85
2.90-4.35

Aa
A
A
A
A
A
A
Aa
Aa
Aa

11.0
10.2
10.0

1969-1998
1969-1993
1969-1988

4.65

3.00-4.75
3.10-4.75
3.00-4.30

Aa
Aa
Aa

4.03

——

i£

K-3
Large Individual Issues Offered during August. (Cont'd)

Type 3/

Issuer

Amount
(millions
of
dollars)

Maturity

Coupon
rate or
net interest cost

Offering
yield

Rating

Other
Federal Land Banks

Bonds

69.5

1972

5.70

5.70

* Rights offering, n.a. Not available.
1/ Includes corporate and other security offerings of $15 million and over; State and
local 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 income from quasi-utilities; Rev.-S.T., revenue bonds
secured by revenue from specific taxes only; Rev.-Rent., revenue bonds secured solely
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 shown
State and
Other 2/
Corporate
local govt.
1967 - July 31
Aug. 31
Sept.30
Oct. 31
Nov. 30
Dec. 31
1968 - Jan. 31
Feb. 29
Mare 31
.Apr, 30
May 31
June 30
July 31

1,,261
694
534
•.
1,357
826
968
531
873
758
1 ,103
1 ,193
1 ,068
619

512
783
768
505
865
633
449
683
494
695
485
597
1,071

100
65
50
845
402

60

130
15
45
500
75
70

Corporate

Subsequent to
date shown
State and
local govt.
575
903
889
743
1,684
1,076
937
1,079
624
1,069
640
1,042
1,307

1,576
1,335
1,090
2,694
2,129
1,892
736
1,105
935
1,612
1,403
1,380
679

Other 2/
150
159
126
260
875
502
75
265
125"
60
515
110
85

Forthcoming Large.Offerings as of August 30.

Issuer

Type

Amount
(millions
of
dollars)

Approximate date of
.offering

Corpora te
Condec Corporation
Eckerd Drugs
Computer Applications, Inc.
Michigan. Consolidated Gas Co.
South Carolina Electric & Gas
New England Tel. & Tel.
- Tenneco Inc.
Metropolitan Edison
Belco Petroleum Corporation
General Tel. of Michigan
Wilson & Company
New York State Elec. & Gas.
Allegheny Airlines
*Connnonwealth Edison
^Cleveland" Elec. Illuminating Co.
"Transcontinental Gas Pipeline
^Detroit Edison
 Savings Bank
Harris Trust and



Conv. sub. debs.
Conv. sub. debs.
Conv. debs.
1st mtg. bds.
1st & ref. mtg. bds.
Debs.
1st mtg. p. 1. bds.
1st mtg. bds.
Conv. debs.
Debs.
Debs, w.wts.
1st mtg. bds.
Conv. debs.
1st mtg. bds.
1st mtg. bds.
Debs.
1st mtg. bds..
1st mtg. bds,

20.0
15.0
15.0
25.0
20.0
125.0
60.0
31.0
25.0
22.0
40.0
30.0
15.0
75.0
50.0
50.0
150.0
25.0

'

,

2
September
3
September
3
September
5
September
5
September
9
September
September 10
September 10
September 10
September 17
September 18
September 18
September 23
September 24
September 24
September 25
September 26
September (rts.

z ?

L-2
Forthcoming Large Offerings as of August 30.

Type

Amount
(millions
of
dollars)

Approximate date of offering

Corporate (Cont'd)
Fibreboard Corporation
National Industries
Alexander's Dept. Stores

Conv. debs.
Conv. sub. debs.
Com. stk.

30.0
25.0

Indefinite
Indefinite
Indefinite

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

46.0

September
September
September
September
September
September
September
September
September
September
September
September
September
September
September
September
September
September
September

20.0

State & local Government
Tampa Hillsborough Co. Expressway
Authority
Jacksonville, Florida
Portland, Oregon
State of Ohio
Columbus, Ohio
State of Oregon
Cobb Co., Georgia
Mecklenburg Co., North Carolina
*State of South Carolina
Phildelphia, Pennsylvania
Fairfax County, Virginia
Virginia Polytechnic Inst.
Los Angeles, California
Alabama Highway Authority
Cleveland, Ohio
*State of Pennsylvania
/
Beauregard Parish, Louisiana
^Houston, Texas
New Orleans, Louisiana
*Southeastern Pa. Transportation
Authority, Philadelphia
Port of Astoria
*Kings Co., Washington
Maryland State Roads Comm.
Ardmore Development Authority
Kentucky Turnpike Authority
Hillsbourough Aviation Auth.,
Tampa, Florida
Pa. State Highway & Bridge Auth
Other
Canadian Utilities, Ltd.




20.0
12.5

100.0
10.0
34.6
32.5
18.3
10.5
30.0
12.4
10.5
25.2
25.0

22.0

88.5
105.0,
25.0

20.0

2
4
4
5
9
10
10
10
10
11
11
12
17
17
17
18
18
18
18

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

55.0
115.0
39.1
225.0
75.0

September 19
September 24
September 24
September
Indefinite
Indefinite

Rev. -Rent.
Rev .-Q.-Ut.

41.0
75.0

Indefinite
September 25

15.0

Indefinite

S.F. debs,
w. /wts.

120.0

L-3

FOOTNOTES;
*—Included in table for first time.
1/ Includes corporate and"other issues of $15 I
:
million and over; State and local
Government issues of $10 million and over*
2/ Includes foreign government and International Bank for Reconstruction and
Development issues and non-guaranteed issues of Federal Agencies.
Note: Beech Aircraft Corporation postponed its issue of $30.0 million debentures due to
technical reasons. Also postponed indefinitely were Denver, Colorado's $30.0
million issue of revenue bonds scheduled September 24.




4M-

li

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:

May 1 through Aug. 30, 1968.

May

15

20.0 ^

Montreal Catholic School Commission--7-1/2% S.F. debs,
maturing 1993, reoffered to yield 7.88%.

May

21

25.0

Newfoundland and Labrador Power Commission—7-3/4%
S.F. debentures, maturing 1993, reoffered to yield
8%.

May

28

100.0

July

10

75.0

Province of Ontario; 7-1/8% debentures maturing 1998,
reoffered to yield 7.19%.

July

23

20.1

Husky Oil Canada Ltd.

July

25

25.0

Province of Nova S c o t i a — debentures.

* -1'

Canada, Government of, 6-7/8% bonds maturing 1988,
reoffered to yield 6.90%.

B.
Indefinite

15.0

Prospective Offerings
Canadian Utilities, Ltd., —

* - Included in table for first time.
** - issues sold to investors outside .Of U.S.
*** - Issue subject to interest equalization tax.




-**
>1

S.F. debs, with warrants.

M-2
PART lis

Date Reported

„ -

6/68

7/1/68

7/1/68 ,

Private Placements

Amount
(millions
of
dollars)

Reported May 1 through August30, 1968.

Issuer and Description of Issue

29.4

Seaboard Finance Co. of Canada, Ltd., Sr. notes
maturing 1983, take down at various dates
through 1969.

25.0

Argentina, Government of —
June, 1973.

external bonds maturing

1.4

British Columbia Forest Products, Ltd. —
secured notes.

20 year

.5

British Columbia Forest Products, Ltd. —
secured notes.

10 year

7/1/68

8/20/68

75.0

Bell Telephone Company of Canada —
6.90% 1st mortgage bonds maturing 1998.

8/21/68

40.0

Placer Development Ltd., Vancouver

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




41


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102