Full text of H.16 Capital Market Developments : September 5, 1967

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d e c o n t b o l l e d AFTER SIX HOHTHS
September 5, 1967.

Not for Publication
H.14

LIBRARY

CAPITAL markets developments
SEP -B ^ ^ ^ w U o N t T E D STATES

federal r e s e r v e - W ^ T
o f RICHMOND

i

C(^uidLcr^^"muiSlcipal bond markets. During this holiday
shortened week, the expected volume of new corporate security offerings will be well below the average weekly volume over the past year
Municipal offerings will be only slightly less than average. The
largest corporate issue will be the New York Telephone Company s $75
million of bonds while the largest municipal offering will be the
Pennsylvania State Highway and Bridge Authority s $75 million of
bonds. The week's offerings will be supplemented by two foreign
issues — a $25 million offering by Denmark and a $15 million offerin,g
by Finland.
Long-term Public Security Offerings^
(In millions of dollars)
State & local Government
Corporate
New Capital|Refunding New Capital1 Refunding—
Sold:
52 week avg.
August 25
Sept. 1

296
r/358
264

—

203

—

208
204

--

Scheduled:
Sept.

8

173

—

215

If reaerai Reserve eou.uuai-Go
- — — - r — *of issues sold and scheduled for offerings; corporate rights
offerings are included as of date subscription rights expire.
Yields on new and seasoned corporate bonds advanced last
week, although the new Issue series showed a slight decline owing to

which had themselves carried record yields when issued were release
from syndicate and in free market trading sold out at yields near
the 6.20 level.




H.14

Yields in Security Markets

-2-

Level Latest Week
Change from
preceding week

High-Grade
Notes and Bonds
Corporate
New
Seasoned

5.97
5.68

-2

+3

U.S. Government
Long-term
3-5 year

4.97
5.33

State and local Govt.
Moody's Aaa
Stdo & Poor's high grade

3.80
4.10

4-3

3.60

-30

4.41
4.86

+6

Money Market
Federal funds
Treasury bills
3 -month
6-month

-8

Corporate Bonds Still in Syndicate
Date
Offered

>

Amount
(millions of $1

8/22

150.0

8/16

50.0

8/15

15.0

Issuer
Int'nl Bk. for
Reconst. & Develop.
5-7/8's - 1993

Kimberly-Clark,
^5-7/8's - 1992
Monongahela Power,
6-1/2 's - 1997

Reoffering
Yield

5.95

Rating

Estimated pro|
portion soldi

Aaa

5.89

98%

6.35

75%

Blue List of Municipal Dealers ' Advertised Inventories
Latest Week
399(8/30/67)




End of Previous Week
424

98%

Recent High
849(4/26/67)

H.14

Yields on municipals also advanced last week, but despite
higher yields and a sharplyreduced volume of new issues, only about
65 per cent of last week's offerings were taken out of the market by
the week's end. The announcement of several large forthcoming
offerings - boosted the 28-day visible supply to the $1.0 billion mark,
a level which evidently dampened any enthusiasm for investing.
FNMA secondary market operations. Government-underwritten
mortgages offered to the Federal National Mortgage Association for
purchase in its secondary market portfolio rose further in July to
$232.8 million. While the further increase was slight, the July
volume substantially exceeded any other period since FNMA was
rechartered except for the latter part of 1965 and early 1966.
Reflecting the advanced level of offerings in recent months
FNMA purchases have also risen sharply. The July total of $81.2
million was three times that in June when such purchases had already
begun to move upward. Given the fact that offerings lead purchases
by about two months, purchases should continue to increase over the
period ahead.
To bring its secondary market prices more closely into line
with those now being paid by private investors, effective August 26,
FNMA lowered its prices on mortgages purchased for its secondary
market portfolio by an average of 1=5 per cent. This was the first
price change since a 1 per cent upward adjustment had been made in
early March. At this time the dominant trend in mortgage yields,
particularly for Government-underwritten mortgages, had appeared to
be clearly downward.
Stock prices. Common stock prices advanced last week,
but trading volume remained relatively light. The Standard & Poor's
index of 500 stocks advanced 0.98 points over the week closing Friday
at 93.68. Trading volume averaged 7.2 million shares a day.

Capital Markets Section,
Division of Research and Statistics,
Board of Governors of the Federal Reserve System.




EXHIBIT

A. Port 1

L O N G - T E R M BOND YIELDS, HIGH-GRADE
Weekly




Per

CORPORATE A l l

U.S. GOVERNMENT
long-term

—

r

STATE AND LOCAL G O V E R N M E N T A l l

1964

1965

1966

1967

1968

ceel

Exhibit A -- .Pare II

Corporate
Aaa 1/

Date

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

4c61(1/29/60)
! 5.52(9/9)
4.73(1/7)
5.68(9/1)
5.00(2/10)

Aug.

4
11
18
25
Sept. 1

5.59
5.58
5.62
5.65
5.68

State and
U.S. Govt. |
local
long-term 2/j government
Aaa 3/
(per cent)
4.42(1/8/60)
4=87(9/2)
4.42(1/7)
4.97(9/1)
4.37(2/3)
4.91
4.95
4.96
4.97
j>/4.97

3.65(9/24/59)
4.04(8/25)
3.39(1/13)
3.87(7/13)
3.25(2/9)
3.75
3.75
3.80
3.80
3.80

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

.59(8/5/60)
.84(12/30)
.14(2/18)
.92
.44
.68
.63
.66
.68
E./ .71

.92(4/22/60)
1.19(2/11)
.77(9/2)
1.20
.74
1.16
1.20
1.16
1.17
R/1.17

2./ 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 included; 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.




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




V
STATE AND LOCAL GOVERNMENT B i t

1964

1965

1966

1967

1968

Exhibit B —

Date

Part II

State and
local govt.
Baa 3/

Corporate
Baa 1/

Spread between
Aaa and Baa
State and
Corporate
local Rovt.

(per cent)
1959-60 - High
Year end- 1965
1966 - High
Low
1967 - High
Low
4
11
18
25
Sept. 1

Aug.

Note:

5.36(2/12/60)
5.04
6.18(12/30)
5.05(1/14)
6.35(9/1)
5.81(4/14)

4.46(1/7/60)
3.79
4.55(8/25)
3.78(1/20)
4.46(7/14)
3.85(4/13)

6.29
6.32
6.33
6.34
6.35

4.35
4.35
4.38
4.39
4.39

For footnotes see Exhibit A*




.84
.31
.81
.31
.82
.65

1.08
.39
.62
.31
.65
.37

.70
.74
.71
.69
.67

.60
.60
.58
.59
.59

EXHIBIT C. Port 1

M

INTEREST

RATES

G O V E R N M E N T
Weekly

6 - M O N T N BILLS
M e r k e t Yield:

3-5

YEA# tSSUCS
F.R. DISCBBNT RATE

3 - M O N T H BILLS

1963




1964

1965

1967

1968

Exhibit C -- Part II

Date

Discount
rate
1/

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

4.00
4.50
4.50
4.50
4.50
4.50 .
4.00

Aug.

4
11
18
25
Sept. 1

4.00
4.00
4.00
4.00
4.00

3-month
bills 1/

Yields
| 6-month
| bills 1/
(per cent)

4.59(1/8/60)
4.47
4.80
5.52(9/23)
4.39(6/24)
4.81(1/13)
3.41(6/9)
4.15
4.17
4.20
4.35
2/4.41

| 3-5 year
| issues ZJ

5.07(1/8/60)
4,66
4.92
5.92(9/23)
4.53(6/24)
4.94(8/25)
3.74(6/2)

4.67
4.79
4.80
4.94
2/4.86

Spread between yields on
3-mo. bills and yields on
6-mo. bills|3-5 yr. issues

5.00(12/24/59)
4.90 ,
4.86
5.83(9/2)
4.80(4/8)
5.35(8/25)
4.36(4/7)

5.16
5.25
5.28
5.35 ,
2/5.33

.79
.19
012
.52
.09
.62
.01

1.81
.43
.06
.78
.01
1.61
.02

.52
.62
.60
. 59
2/. 45

1.01
1.08
1.08
1.00
2/. 92

1/ Weekly rate shown is that 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.




S N O R T - AMD I N T I R M I D I A T I - T I R M INT1R1S
B A N K * AND OTH1R PRIVATE B O R R O W E R *

Directly #l#ceW

F.R. DISCOUNT RATE

FEDERAL FUNDS
Effective Rele

1963




1964

1965

1966

1967

1968

Exhibit D —

Date

Prime rate 1/

Part II

Finance
company
p£fper 2/

Federal funds 3/

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

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

Sept.

4
11
18
25
1

5.00
4.50
5.00
6.00
5.00(3/4)
6.00(1/6)
5.50(9/1)

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

5.50
5.50
5.50
5.50
5.50

4.75
4.75
4.75
4.75
4.75

. 4.00(5/13/60)
4.00
4.63
5.63
3.55(1/21)
5.25(1/6)
3.45(7/21)
3.80
4.05
4.05
3.90
E/3.60

1.02
.23
.28
1.08
.20
.97
.30
.60
.58
.55
.40
E/.34

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.




-

EXHIBIT E. Port 1

STOCK M A R K I T
Billiem

of

1941-41 • » e r e e * * I O

delleri

111

PRICES

STICK MARKET CREDIT,
CHANCE IN SERIES
Millie** e l i k e r e s

II
VOLUME

YIELDS

1963




1964

1966

1967

1966

Exhibit E — — P a r t II

Date

1961-62 - High
Low
1966 - High
Low
1967 - High
Low
July
Aug.
Aug. 11
18
25
Sept. 1

Stock price
index 1/

Common
stock
yields 2/
(per cent)

Stock market customer credit
Trading
Customers'
Bank
volume 3/
Total
debit bal- loans to
(millions
"others"5/
ances 4/
of shares)
(In millions of dollars)

72.04(12/8/61)
52.68(6/22/62)
93.77(2/11)
73.20(10/7)
95.83(8/4)
82.18(1/6)

2.82
3.96
3.01
3.97
3.06
3.58

10.1
2.4
10.7
5.0
12.1
6.9

5,602(12/61)
4,424(1/61)
7,997
7,302
8,799
7,345

4,259(12/61)
3,253(1/61)
5,835
5,169
6,602
5,290

1,418(5/9/62)
1,161(3/8/61)
2.241(7/6)
2,097(12/14)
2,253^8/25)
2,055(2/1)

93.01
94.49
95.15
94.78
92.70
93.68

3.14
3.11
3.08
3.10
3.17
3.14

10.8
9.0
9.3
8.4
8.1
7.2

8,799

6,602
n.a.
n.a.
n.a.
n.a.
n.a.

2,197

n.a.
n.a.
n.a.

.

2,233
2,232
2,253

n.a. Not Available. jg/ Preliminary.
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.




H

,

FET FSAL N A T I O N A L M O R T G A G E ASSOCIATION ^
SECONDARY

MARKET

OPERATIONS

400

OFFERINGS

300

200

I PURCHASES V

100

\\

SALES
1962




1964

1966

1968

b ~

Exhibit F - Part II

Datv

Estinui tut offerings 1Lo FNMA
1 Purchnscs
Immediate
Standby
by
To ta 1
purchase
commitment
FNMA

Sales
by
FNMA

(In million^ of dollars)
1966 - July
Aug.
Sept.
Oct.
Nov.
Dec.
1967 - Jan.
Feb.
Mar.
Apr.
May
June
July

122.6
150.7
140.4
167.5
163.6
121.5
67.9
24.4
26.9
17.8
78.7
229.1
232.8

121.0
148*7
138.5
164.2
161.0
120.1
67.3
24.2
26.7
17.7
78.5
228.8
232.6

1.6
2.0
1.9
3.3
2.6
1.4
.6
.2
.2
.1
.2
.3
.2

213.2
112.5
95.5
107.2
132.0
130.5
125.0
84.2
50.9
20.6
17.8
26.9
81.2

.2
.9 .8
1.5
6.0
.9

* — 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 inclfjide those under
both immediate purchases and standby commitment contracts. iData exclude ITJttlA
activity under Special Assistance and Management and Liquidating Programs,,




EXHIBIT

G, Port

1

YIELDS O N N E W A N D S E A S O N E D C O R P O R A T E B O N D S
Weekly

6.5

A d j u s t e d to

Aon

Bo»i«

NEW ISSUES

6.0

5.5

5.0

SEASONED All

4.5

4.0
1964




1966

1967

1968

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

Number
of
Monthly averages:
1967 - Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.

Weekly averages:
High
Low

6
7
20
20
14
23
14
17

Am't. of issues Average
included (mill.
yield
of dollars)
(per cent)
496. 0
481. 0
1073. 0
916. 0
570. 0
993.,0
772,,0
1125..0

5.38
5.,20
5.,31
5.,39
5.. 66
5,.79
5,,78
5,.89

Number |Am't. of issues Average
of
included (mill.
yield
(per cent)
1 of dollars)
July 7
14
21
28

1
4
6
3

75.0
282.0
300.0
115.0

5.86
5.75
5.76
5.88

Aug. 4
11
18
25

2
4
5
3

310.0
283.0
220.0
102.0

5.82
5.84
5.92
5.99

Sept. 1

3

210.0

5.97

5.99(8/25)
5.11(2/10)

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 Aaarated bonds (Moody's). Averages considered unrepresentative because of special characteristics
of the offerings included are denoted by an asterisk.




\H
Exhibit H
Long-term Corporate and State and.Local Government
Security Offerings and Placements
(In millions of dollars)
New Capital
1967

Corporate
1966 p/

1965

State and local 2/
1966 p/
1967

1965

January
.February
March

1,648
1,398
2,317

1,302
1,237
2,446

795
746
1,197

1,461
1,176
1,426

1,184
858
868

804
872
904

April
May
June

1,972
1,475
2,611

1,553
1,058
2,364

1,152
1,691
1,946

1,110
1,209
1,443

1,211
901
1,141

826
924
972

e/2,475
7/2,250
e/1,750

i;039
1,670
1,382

1,290
850
1,392

e/ 925
e/ 950
e/1,050

701
773
1,020

986
648
966

829
1,096
1,635

924
1,325
.1,496

.735
969
940

794
1,021
754

4,063
3,762
e/2,925

2,910
3,253
2,494
2,664

2,580
2,722
2,600
2,569

7,825
e/10,750

6,145
8,640
11,321

5,302
7,902
10,471

JulyAugust •
September
October
November
December
1st
' 2nd
3rd
4th

Quarter."
Quarter
Quarter
Quarter

1st half
Three quarters
Year

5,363
6,058
e/6,475

' 4,985
4,974
4,091
3,550

11,423
e/17,898

9,959
14,050
17,601

2,738.
4,789
3,533
3,745
7,527
11,060
14,805

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

Quarter
Quarter
Quarter
Quarter

5,207
5,913

Year

4,924
4,884
3,969

2,547
4,348
3,283
3,188

17,269

13,366

£/ Estimated by Federal Reserve.

41!^^



—

Exhibit I
New Corporate 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

Net proceeds
for new capital 1/
Mfg.

Public CommuniUtility cations

5,115
4,197
3,669

1,941
2,256
2,047

2,083
1,627
1,247

1,090
314
375

168
154
117

2,205
1,558
1,232

960
657
984

392
567
417

1967 - I
II

5,464
6,208

3,263
4,017

1,811
1,465

390
726

60
65

2,442
3,014

997
1,268

543
548

1966 - July
Aug.
Sept.
Oct.
Nov.
Dec.

1,085
1,712
1,400
892
1,115
1,661

440
1,140
676
499
569
980

. 535
435
657
256
. 435
555

110
137
67
137
111
127

69
22
62
66
27
24

397
518
643
331
228
673

263
313
81
254
320
409

52
318
198
97
168
152

1967 - Jan.
Feb.
Mar.
Apr.
May
June
July

1,684
1,418
2,362
2,016
1,519
2,673
2,510

745
900
1,618
1,368
965
1,684
1,860

848
362
601
410
396
659
450

91
156
143
238
158
330
200

35
10
15
16
32
17

624
563
1,254
1,128
588
1,298
1,200

220
274
503
394
403
471
450

293
105
145
107
91
350
25

1966

p/

II
III
IV

Preliminary,

e/

Estimated by Federal Reserve.

.

""
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/
Foreign Government 2/
Federal Agency 3/
1966
1967
1965
1966
1967
1965
January
February
March
April
-May.
June
July
' '
August
September
October
November
December
•Jan. - - June

130
114
27
13
170

454

Year

January
February
March
AprilMay ;
June
July .
August
September
October
November
December
Jan. -June

12
40
40
66
69
76
72
7
50
23
74
68

218

303

420

597

661

38
73
91
33
74
5
52
75
2

1,251
. 783
750
650
810
650

4,894

503
410
392
,
699
1,030
1,084
799
400
450
800
239

129
185
325
775
239
150
375
375
179

3,034

1,414

6,806

2,732

New short-term 4/
State and local Government 5/
Federal Agency 3/
308
238
-137
103
179
-179
-174
91
-24
39
387
-552
-458
450
117
-319
•678
-454
-559
647 718
-11
580
818
109
85
509
204
462
404
93
-82
284
237
-334
-185
-590
119
132
-103
206
408
-270
270
105
152
-652
-161
59
-555
-309
-48
-283
202
274
503
219 .. . -76
-366
-570
-1,542
1,821
541
925
531
640

Year '

422

1,286

-310

801

j>/ 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
subdividions and international organizations. Source; Securities and Exchange Commission.
3/ 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 PHA notes
included may have a somewhat longer maturity than 1 year. Source; Bond Buyer & Federal
"Reserve,




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

1966 - July
Aug.
Sept.
Oct.
Nov.
Dec.
1967 - Jan.
Feb.
Mar.
Apr.
May
June
. July

Corporate
Boncis
Convertible
(other than
bonds
convertibles)

402
1,189
627
523
510
1,177
681
842
1,638
1,311
870
1,666
1,340

182
257
340
116
97
118
30
40
140
213
55
409
317

170
862
287
352
363
990
611
709
1,435
956
771
1,072
890

Stocks

State
and
local
governments
338
410
611
387
464
779
947
675
669
512.
496
875
483

50

80
55
50
68
40
93
63
142
44
185
133

Other

2/

15
—

50
55
60
230
530
.,000
540
391
825
85

Large Individual Issues Offered August 1 through September 1

Issuer

Type 2/

Amount
(millions
of
dollars)

Maturity

Coupon
rate or
net interest cost

Offering
yield

Rating

Corporate
R. C • A.
American Tel. & Tel.
Afehland Oil
Murphy Oil Corp.
National Fuel Gas
Toledo Edison Co. ^
Standard Oil of Calif.
Cessna Aircraft Co.
Baltimore Gas & Electric
Pettibone Mulliken
Florida Gas Transmission
Co.
Florida Gas
Monongahela Pwr. Co.
Mountain States Tel.& Tel.
G-rumman Aircraft
Georgia Power Co.
Northern Indiana Pub.
Service Co.

Conv. sub. debs.
Debs.
Debs.
Cum. pfd. stk.
S.F. debs.
1st mtg. bds.
S.F, debs.
Conv. sub. debs.
1st mtg. bds.
Conv. debs.

160.0
250.0
60.0
17.2
18.0
35.0
200.0
20.0
30.0
15.0

4,.50
5,,95
6.
,15

• Baa
Aaa
A

1992
1997
1992
1992
1997
1987

6.32
6.106
5-3/4
3-7/8
6.04
4-5/8

6..23
6.,05
5.,85
3.,88
6.,00
4,,63

Aa
Aa
Aaa
Ba
Aaa
Ba
Ba

1992
2000
1992

4-1/2
6
6.20

.

1st mtg. bds.
Conv. debs.
1st mtg. bds.
Debs.
Conv. debs.
1st mtg. bds.

30.0
15.0
15.0
85.0
50.0
50.0

1987
1987 .
1997
2007
1992
1997

6-7/8
4-3/4
6.47
6.037
4-1/4
6-1/2

6.,88
4.,75
6.,35
6 .00
4.,25
6.,4^

A
Aaa
Ba
Aa

1st mtg. bds.

35.0

1997

6-3/8

6.,20

Aa




—

K-2
Large Individual Issues Offered August 1 through Sept. 1
1
IssuerCorporate (Cont'd)
Aluminum Co. of America
Ohio Power
Ohio Power
Houston Natural Gas Corp.
Bernis Company
^Hotomet Corporation
Miles Laboratories
Kimberly-Clark
Crane Company
Interstate'Dept. Stores
Niagara Mohawk Power Corp.
Niagara Mohawk Power Corp.
Transcontinental Gas P.L.
Corporation
Peoples Gas Light & Coke C:.
Fidelity- Bank
National Distiller*' and
> Che:.iical Cor.»

1

Type

Amount I
(millions
of
Maturity
'dollarsV

.
S.F. Debs.
|1st mtg. bds.
j Debs.
Debs.
S.F. debs.
Conv. sub. debs.
Debs.
Debs.
Debs.
Conv. debs.
1st mtg. bds.
|Pfd. stk.

125.0
50.0
20.0
35.0
25.0
25.2
20.0
50.0
40.0
20.0
40.0
25.0

i
jPfd. stk.
1st mtg. bds.
Debs.

(Cont'd)

Coupon
Offerrate or
net inter- ing
est cost
yield

Rating

1992
1997
1997
1987
1992 .
1997
1992
1992
1992
1992
1997

6
6.45

6.07
6.33

A
Aa

6-1/2
6-3/8
4-1/2
6-1/2
5-7/8
6-1/2
4
6-1/4

6.50
6.497
4.50
6.50
5.89
6.50
4.00
6.14

Baa
Baa
R
Baa
Aa
Baa
Ba
Aa

25.0
50.0
25.0

1992
1992

6.25
6-1/8

6.17
6.18

Aa

Conv. debs.

60,0

1992

4-1/2

4.50

Baa

S
Francisco, Calif.
G.O.
1
"lOdesto Irrigation Dist. ,
California
Rev.i -Rent.
Turlock Irrigation District,
California
Rev. -Rent.
Phenix City, Alabama, Indus.
Development
Rev. -Rent.
Washington Suburban Sanitation
Dist. , Hyattsville, Md 0
G.O.
Maryland State Roads Comm.
G.O.
Lyons Twp. HcS.D. #204, 111.
G.O.
New York State Housing
G.O.
Madison, Wisconsin
G.O.
State of Minnesota
G.O.
Georgia Highway Authority
G.O.
State of North Carolina
G.O.
New Orleans, Louisiana
Rev. -Q.-Ut.
Port of Tacoma, Washington
|Rev. -Q. -U t.
Lansing. Sch. Dist., Michigan j G.O.
Suffolk County Water Auth.
I Rev. -Ut.
State of Tennessee
|G.O.
Kansas City, Missouri
Rev. -Rent.
State of Alaska
1G.O.

45 .0

1968-87

3.84

3 .10-3.85

Aa

18 .5

3 .60-4.15

—

28 .0

1971-2005 4.12
' 4/
1971-2005 4.16

15 .0

1989

S

• c and local Government




20,.0
17,.5
10,.5
50,,0
13..4
20.,0
26.,0
60. 0
15. 0
10.0
14. 0
12. 0
35. 0
53. 0
10.5

4/

1968-97
1968-82
1969-86
1969-2017
1968-87
1970-87
1973-97
1968-87
1969-92
1969-87
1968-96
1968-2002
1968-92
1968-97
" 1968-92

Ll5
3.927
3.88
4.01
3.78
3.777
3.79
4.127
3.685
4.265
4.208
4.34
3.87
4.97
4.91

3 .65-4.20
6.25
3 .10-4.40
3 .20-3.85
3,.40-4.00
3 .10-4.35^'
3,.10-3.80
3,.35-3.85
3,. 60-4.10
2,.90-3.75
3,,50-4.25
3.,50-4.40
4.40
3.50-4.33
2.90-4.50
4. 10-4.90
3. 30-4.80

—

--

A
Aa
A
Aa
Aa
Aa
Aa
Aaa
A
A
Aa
A
Aa
Baa
Baa

K-3
Large Individual Issues Offered August 1 through

Issuer

Type

Amount
(millions
of
dollars)

Maturity

Sept. 1

(Cont'd)

Coupon
rate or
net interest cost

Offering
Yield

Rating

Other
Federal Land Banks
International Bank for
Reconstruction & Devel.

Bonds

71.0

1969

5.60

5.60

Bonds

150.0

1993

5-7/8

5.95

1

Aaa

•Rights offering
Includes corporate and other security offerings of $15 million and over; Statue 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.
1/ 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.
Bonds with a 3-1/2% coupon due 2004-05 were not reoffered.
Bonds with a 2% coupon due 2014-17 were not reoffered.
1/

i;




H.14
Exhibit L
Forthcoming Large Long-term Public Security Offering for Hew Capital
(Other than U.S. Treaaury) If
Expected Proceeds from Forthcoming Large Isauea
(In millions of dollara)
During month following
date shown
State and
Corporate
Other 2/
local govt.
1966 - July 29
Augo 31
Sept. 30
Octo 31
Nov. 30
Deco 30
1967 - Japr 31
Pribc 2&
Mar = 31
Apr. 30
May 31
June 30
July 31

677
662
687
397
1,098
656
486
1,410
767
963
.1,449
.1,636
1,261

403
515
300
140
496
939
780
508
227
326
596
401
512

40
--

.80
. 530
250
--

70
100
40

Corporate
697
853
767
457
1,133
811
706
1,534
905
1,262
2,065
1,922
1,576

Subsequent to
date ahown
State and
local govt.
403
685
390
175
571
1,154
851
528
247
346
616
402 •
575

Other 2/
35
90
85
35
65
95
545
265
15
85
115
70
150

Forthcoming Large Offerings ais of September 1

Issuer

Type

Amount
(milllona
of
dollara)

Approximate date of
offering

Corporate
New York Telephone Co.
Louisiana Power & Light
Jersey Central Pwr. & Lt« Co.
Monogram Industries
Delmarva Pwr. & Lt.
Harris-Intertype Company
Northern Natural Gas
Management Assistance Inc.
Parker-Hannifin
New York State Electric & Gas
Champion Spark Plug
Amerace Corporation
^Rochester Gas & Electric
^Portland General Electric
New England Tel. & Tel. Co.
Montana Power




Debs.
1st mtg. bds.
Bonds
Conv. sub. debs.
1st mtg. bds.
S.F. debs.
Cum. pfd. stk.
Conv. sub. deb.
Conv. sub. deb.
1st mtg. bds.
Deb,
Conv. deb.
1st mtg. bds.
1st mtg. bds.
Debs.
1st mtg. bds.

75.0
18.0
30.0
25.0
25.0
25.0
15.0
26.6
20.0
25.0
30.0
15.0
20.0
24.0
100.0
30.0

September 6
September 7
September 12
September 12
September 13
September 13
September 13
September 15(rts.exp.)
September 18
September 19
September 19
September 19
September 20
September 26
-Sept. 26 (rts. exp.)
September 27

L-2
Forthcoming Large Offerings as of September 1 (Cont 'd)

Issuer

Type

Amount
(millions
dollars)

Approximate date of offering

Corporate (Cont 'd)
Hudson's Bay Oil & Gas
i Columbia Gas
^United Aircraft
* C.I,T. Financial Corp.
•\ Armco Steel
Sylvania Electric Products
Detroit Edison
Metropolitan Edison
Data Processing Financial
and General Corporation
•Levin-Tovmsend
"'Lincoln First Group
"Trane Company
"•Penn -Dixie
*Sprague Electric

30.0
25.0
100.0
75.0
60.0
50.0

September
October 5
October 10 (rts. exp.])
Indefinite
Indefinite
Indefinite

96.1
20.0

Indefinite (rts. exp.)1
Indefinite

50.0
25.0
15.0
20.0
20.0
25.0

Indefinite
Indefinite
Indefinite
Indefinite
Indefinite
Indefinite

16.0
32.5
10.2
75.0
12.9
10.5
11.0

September 6
September 6
September 6
September 7
September 7
September 10
September 11

Rev.-Ut.
G.O.

53.0
100.0

September 12
September 12

Rev.-S.T.
Rev.

25.0
39.9

September 12
September 13

Conv. pfd. stk.
Deb.
Conv. sub. deb.
Debs.
S.F. debs.
S.F. debs.
Conv. cum. pfd.
stk.
Deb.
Conv.
Conv.
Deb.
Conv.
Conv.
Conv.

deb.
sub. deb.
sub. deb.
deb.
deb.

State and local Government
Fairfax County, Virginia
Commonwealth of Puerto Rico
Minneapolis, Spec. Sch. Dist.
Pa. State Hwy. & Bridge. Auth.
Pittsburg, Pennsylvania
•Marshall Univ., West Virginia
*State of Montana
•Fairfax County, Virginia,
Water Auth.
*State of California
Louisiana Cap. Const. & Impr.
Comm.
State of Washington
Los Angeles Dept. of Water
and Power
Indianapolis, Indiana,
Sanitary District
Sch. Dist. of Philadelphia
•Kentucky State Property and
Bldg. Comm.




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

Rev. -Ut.

21.0

September 13

G.O.
G.O.

11.9
35.0

September 13
September 14

Rev.-Rent.

45.5

September 19

Zi
L-3

'

Forthcoming Large Offerings as of September 1 (Cont'd)
1
Issuer

Type

Amount
(millions
of
dollars)

Approximate date of offering

State & local Govt. (Cont'd)
*Nashville & Davidson Cos.
G.O.
Bonds
Housing Assistance Admin.
Jefferson Parish, La., Consol.
Waterworks Dist. #2
Rev.-Rent.
"State of Hawaii .
G.O.
^Milwaukee, Wisconsin
G.O.
' City of Los Angeles, Calif.,
Rev.-Rent.
Dept. of Airports
G.O.
Detroit, Michigan
Rev.-Q.-Ut.
*Kentucky Turnpike Auth.

-

35.0
105.4

September 19
September 20

14.0
28.2
10.7

September 21
September 21
September 26

40.0
35.2
120.0

September 26
September 26
October 1

25.0
15.0
25.0
15.0
15.0

September 6
September 7
September 26
Indefinite
Indefinite

28.8

Indefinite

Other
Denmark
Finland
Montreal Catholic Sch. Comm.
New.Zealand
Nippon Tel. & Tel. Pub. Corp.
*American Mail Line, Ltd.

Bonds
Bonds
Debs.
Bonds
Bonds
U.S. Govt. Ins.
Merchant Marine
Bonds

*--Included in table for first time.
1/ Includes corporate and other issues of $15 million and over; State and local
Government issues of $10 million and over.
2_/ Includes foreign government and International Bank for Reconstruction and
Development issues and non-guaranteed issues of Federal Agencies.




. L"
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

Sept. 1,

1967.

7/19

30.0

MacMillan Bloedel — 6-1/2% S.F. debentures
maturing 1992, reoffered to yield 6.50%.

7/19

25.0

Canadian Pacific Railway -- 6-3/8% equipment
trust certificates maturing 1982, reoffered
to yield 6.39%.

7/26

30.0

Lakehead Pipeline Company — 6-1/2% S.F.
debentures maturing 1992, reoffered to yield
6.50%.

B.

Prospective Offerings

Sept. 6

25.0

Denmark -- Bonds ***

Sept. 7
Sept. 26
Indefinite

15.0
25.0
15.0

Finland -- Bonds
Montreal Catholic School Commission-Debentures
Nippon Telegraph and Telephone Public Corp. -Bonds

Indefinite

15.0

New Zealand —

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




Bonds ***

1%

M-2
PART II:

tfate Reported

7/24

Private Placements -Reported July 1 through

Amount
(millions
of
dollars)

40.0

7/25- ,

4.5

Sept. 1,

1967.

Issuer and Description of Issue

Electric Reduction-Company of Canada Ltd. -1st mtg. bds. and debentures maturing 1986
no information available on takedown.
Dunlop Canada Ltd. — debentures maturing 1987 - - n o
information available on takedown.

8/3

11.3

Asociacion Nacional Pro-Vivienda Propia de los
Servidores del Estado, P e r u — 5.53% guaranteed
notes maturing 1987 — no information available
on takedown.

8/3

21.0

Institute Nacional de Industria — loan due 1971-72 —
no information available on takedown.

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.