Full text of H.16 Capital Market Developments : September 6, 1966

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I

DECONTROLLED AFTER SIX MONTHS
Not for Publication
14

September 6, 1966

LIBRARY

\ CAPITAL MARKETS DEVELOR4ENTS
THE UNITED STATES
Corporate and municipal bond markets. New security
offerings in both the corporate and municipal markets will be
•ly light this week. Northwestern Bell Telephone Co. 1 s
$50 million debenture offering represents the major corporate
debt issue.
Long-term Public Security Offerings 1/
(In millions of dollars)

Corporate
New Capital [Refunding"

52 week avg.
Aug. 26
Sept. 2

State and local Government
New Capital | Refunding

191

208

17 7r/
225

lllr /
130

Scheduled:
Sept.

9

65

140

1/ Federal Reserve estimates based upon published reports of
issues sold and scheduled for offering; corporate rights offerings
are included as of the date subscription rights expire.
Investors responded enthusiastically to last week's
corporate debt issues--at yields above the prior week. Underwriters terminated price restrictions on Southern California
Edison's $80 million bond issue, which was initially offered
to investors at a yield of 6.05 per cent; free market trading
resulted in an immediate upward yield adjustment of 24 basis
points. However, in the ensuing market turnaround, the yield
dropped 20 basis points to
6.09 per cent at week-end.
New municipal issues offered last week were well received
investors, as most accounts were sold out by the end of
trading on Friday. The Blue List of Advertised inventories
has declined to around $300 million, a relatively low level.
FNMA secondary market operations. Offerings by
private holders of eligible Government-underwritten mortgages
for purchase by the Federal National Mortgage Association
totaled $ 122.6 million i n July. This was down further from the
record $333.2 million reached last January when mortgageeligibility limits and other terms were more liberal than
they have become in recent months. Reflecting offerings accumUr
lations from previous months, purchases by FNMA totaled $213.2




H. 14

-2-

Yields in Security Markets

Level Latest Week

Change from
preceding week

High-Grade
Notes and Bonds
Corporate
New
Seasoned

5.98
5.43

+6
+6

4.87
5.83

44

4.02
4.26

+2

5.35

-.23

5.07
5.58

+6

U.S. Government
Long-term
3-5 year
State and local govt.
Moody's Aaa
Std. & Poor's high grade

-2

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

+18

Corporate Bonds Still in Syndicate
None

Blue List of Municipal Dealer's Advertised Inventories
(In millions of dollars)
Latest Date
306

(8/31)




End of Previous Week
385

Recent High
636

(2/17)

- 3-

H. 14

million, however, the largest dollar volume since March and nearly
six times the volume a year earlier when mortgage market conditions
were just beginning to tighten. Sales by FNMA in July continued
nil for the sixth consecutive month.
While the pace of purchasing activity by FNMA appeared
to have slackened again in August, recent legislation passed on
August 26 and soon expected to be signed by the President, promised
a further revival over the months ahead. Altogether, the new
legislation will, in effect, increase the purchasing authority of
the FNMA by $4.76 billion--$3.76 billion for FNMA's secondary market
purchasing operations and an additional $1 billion for its special
assistance functions. Potentially, this legislation could add
about $200-$250 million to FNMA's current over-all monthly
purchasing volume during the next 12-18 months.
Savings Flows. The net inflow of income-yielding
claims at depository institutions amounted to approximately
$.4 billion during July. Commercial bank time and savings deposits
grew more than $1.7 billion during July—an increase of 8 per
cent over the year ago inflow. Saving and loan associations
experienced a net outflow of funds in excess of $1.5 billion, as
compared to a loss of only $.4 billion during July 1965. Regular
deposits at mutual savings banks advanced $.2 billion, but
this represented an 8 per cent decline from their growth a year
earlier.
Stock prices.
Common stock prices advanced last week .
in erratic and active trading. Standard and Poor's composite index
of 500 stocks fell significantly on Monday, but recovered to post
a gain of 1.01 points for the week. Trading volume averaged 8.4
million shares a day.
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 Sytem.




-y
SAVINGS FLCWS

Year
or
Month

Mutual Savings Banks 3/
Commercial Banks 4/
Savings & Loan Assoc. 2/
Per cent Current
Change
Current
Per cent Current
Change Per cent
Change
change (millions)
from
change
change (millions)
Total (millions)
from
from
previous
previous
previous
1/
vear
vear
vear
Unadjusted
14,621
70,040
27,901.
29,100
28,957
31,953

1966 - Mar.
Apr.
Hay
June
July

7,559
8,743
9,351
11,072
10,579
8,384

3,767
838
266r/ -773 r/
1,997r/
387r/
3, C187/ 1,1857/
418 -1,511

952
1,184
608
1,721
-493
-2,195

14.4
15.7
7.0
18.4
-4.5
-20.7

-217
-680r/
-405r/
-418 r/
-1,079

-20.6
-51.lr/
-26.17/

1,362
1,912
3,038
3,255
4,236
3,582
356
-341
115
217r/
195*

412
550
1,126
217
981
-654

43.4
40.4
58.9
7.1
30.1
-15.4

-165
-319
-73
-219r/
-17

-31.7
-38.8
-50.2r/
-8.0

2,573
1,380
l,495r/
1,6l6r/
1,735*

-181
-297
-70
-225r/
-12

-48.7
-91.7
-29.4
-67.Or/
-3.8™"

1,675
1,226
881r/
1,3087/
2,184*

5,700
9,385
15,512
14,773
14,142
19,987

3,700
3,685
6,127
-739
-631
5,845
725
89
208r/
-85r/
131

185.0
64.6
65.3
-4.8
-4.3
41.3
39.2
6.9
I6.2r/
- 5 . Or/
8.2

Seasonally Adjusted
Mar.
Apr.
May
June
July

2,273
1,146r/
l,325r/
l,712r/
2,089

V

505
-107 r/
276r/
293 xj
-396

-240
-635r/
-4137/
-468r/
-1,C19

-32.2
-59.9r/
-61. 5r/

93
27
168
lllr/
301*

Commercial bank data are of the last Wednesday of month except June 30 and December 31; other
data are as of the last day of the month,
_2/ Data are for the net increase in savings capital at all operating S&L's. Source: FHLBB.
3/ Data are for the net increase in regular deposits--excludes other deposits of a
demand nature. Source: Mutual Savings Banks Association.
4/ Data are for the net increase in savings and time deposits adjusted at all commercial banks.
Source: Federal Reserve.




620
• 58.8
70
6.1
135r/
18.lr/
-112r/
-7.9r/
181
9.0

( X H I I I I A , fa,l I

L O N O - T I R M B O N D YIELDS, H I O H - O B A D I

5.5

5.0

CORPORATE ASS
4.5

~

U.S. GOVERNMENT

3.5

3.0
STATE AND LOCAL GOVERNMENT Ass

2.5
1981

1982

1963

1965

1986

Exhibit A -- Part II

State and
local
government
Aaa 3/

Date

Corporate
Aaa 1/

1959-60 - High
1962-63 - Low
1965 - Low
1966 - High
- Low

4.61 (1/29/60)
4.19 ( 3/29/63)
4.41 (3/12)
5.43(9/2)
4.73(1//)

4.42 (1/8/60) 3.65 (9/24/59)
3.85 (12/26/62) 2.88 ( l l / S / 6 2 )
2.94 (2/11)
4.13 (6/25)
4.04(8/25)
4.87 (9/2)
4.42(1/21)
3.39(1/13)

5.24
5.25
5.31r/
5.37
5.43 -

4.73
4.73
4.81
4.87
4.87-

August

Sept.

5
12
19
26
2 £/

U.S. Govt,
long-term 2/

3.79
3.87
3.94
4.04
4.02-

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

.59 (8/5/60)
.21 (12/27/63)
.22
.56
.14
.51
.52
.54
.50
.56

. 9 2 (4/22/60)
.80 (1/5/62)
.94
1.19
.83
.94
.86
.87
.83
.85

Pre lin&nary.
Weekly average of dally figures. Average term of bonds Included Is 22-24 years.
Weekly average of dally figures. The series Includes bonds due or callable in 10 years or more*
Thursday figures. Only general obligation bonds are Included; average terra Is 20 years,
lote.—-filghs and lows are for Individual series and may be on different dates for different
Sol
series. For spreads, high refers to widest, and low to narrowest.




LONG-TERM

BOND

YIELDS, L O W E R

GRADE

6.0

CORPORATE Baa
5.0

4.5

,V

v A
STATE AND LOCAL GOVERNMENT B a a

J

4.0

J
3.5

I I l I i l l lI lI ll ll I I i Il Il I1 1I i I 1 I 1 i I

i i i i i i i i i i

1965

1961

Exhibit B -- Part II

Corpora te
Baa 1/

Da te

State and
local govt.
Baa 3 f

Spread between
Aaa and Baa
State and
Corpora te
local govt.

(per cent)
1959-60 - High
Year end - 1962
1964
1965
1966 - High
Low
Aug.

Sept.

Notes

5
12
19
26
2£/

.84
.70
.37
.31
.56
.31

1.08

3.57
3.51
3.79
4.55(8/25)
3.78(1/20)

5.75
5.78
5.85
5.90
5.99

4.34
4.46
4.50
4.55
4.54

.51
.53
.50
.53
.56

.55
.59
.56
.51
.50

5 . 3 6 (2/12/60)

F o r footnotes see Exhibit A .




4.46 (1/7/60)

4.93
4.80
5.04
5.99(9/2)
5.05(1/14)

.63
.52
.39
.62
.38

( X H I I I I c. ton i

SHORT- AND INTIRMIDIAT1-TIRM
GOVERNMENT

I N T I R 1ST RATES

5

1-5 YEAR ISSUES
4

F. R. DISCOUNT RATE

3-MONTH BILLS

2

1961

1962

1963

1964

Exhibit

Date

1959-60 - High
Year end - 1961
1962
1963
1964
1965
1966 - High
Low
Aug.

5
12
19
26
Sept. 2£/

Discount
ra te
3-month
1/
bills 2/

C

--

Part

Yields
6-month
bills 2/
(per cent)

4.00
3.00
3.00
3.50
4.00
4.50
4.50
4.50

4.59(3/6/60) 5.07(3/8/60)
2.66
2.90
2.89
2.93
3.52
3.64
3.83
3.93
4.66
4.47
5.07(9/2)
5.58(9/2)
4.53(6/24)
4.39(6/24)

4.50
4.50
4.50
4.50
4.50

4.81
4.87
5.06
5.01
.5.07 -

4.99
5.13
5.37
5.40
5.58 „

1965

1966

II

issues 2/

Spread between yields on 3month bills and yields on
6-mo. billsl3-5 vr. issues

5.00(12/24/^9)
3.81
3.41
4.07
4; 07
4.90 .
5.83(9/2)
4.80(4/8)
5.32
5.40
5.60
5.79
5.83

.79
.24
.04
.13
.10
.19

1.81
1.15
.52
.55
.24
.43

.51
.09

.78
.21

,18
,26
31
39
51

.51
.53
.55
.78
.76

Weekly rate shown is that in effect at end of period at the Federal Reserve Bank of New York.
Market yield) weekly averages computed from daily closing bid prices. Series of 3-5 year Issues
consists of selected notes and bonds.
N o t e . — * i g h s and lows are f o r individual series and may be on different dates for different series#
For spreads, high refers to widest, and low to narrowest*




A

S H O R T - A N D INTERMEDIATE-TERM INTEREST
B A N K S AND OTHER PRIVATE B O R R O W E R S

RATES,

PRIME RATE

FINANCE COMPANY PAPER

t. DISCOUNT RATE
FEDERAL FUNDS

1961

1962

1963

1964

1965

1966

Exhibit D -- Part II

Prime rate

1959-60 - High
Year end - 1961
1962
1963
1964
1965
1966 - High
Low
Aug.

5
12
19
26
Sept. 2£/

1/

Finance
company
Federal funds 3/
paper
2/
(per cent)

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

5.00
4.50
4.50
4.50
4.50
5.00
6.00 (9/2)
5.00 (3/4)

5.13 (3/2^/60)
3.00
3.19
3.88
4.06
4.75
5.63 (9/2)
4.75(1/7)

4.00 (5/13/60)
2.88
3.00
3.50
4.00
4.63
5.73(8/12)
3.55(1/21)

1.02
.34
.30
.36
.23

5.75
5.75
6.00
6.00
6.00

5.63
5.63
5.63
5.63
5.63

5.60
5.73
5.15
5.58
5.35/

.82
.76
.57

I




.28

.99
.20

.62
.56

R

R

Z

,

™

STOCK MARKET

PRICES

STOCK MARKET CREDIT
C H A N G E IN S E R I E S

1

.

VOLUME

V,
•

aA,

|

YIELDS

i i i i i i i i i ii
1961

1962

1

i

II

i i i i i i i i

Exhibit E --

Common
Date

Stock price
index 1/

yields 2/
(per cent)

1

1965

1964

1863

1966

Part II

Trading
volume J/
(millions
of shares)

Stock mar ket customer credit
Customers 1
Bank
debit balloans to
Total
ances 4/
"others" 5/
(In millions of dollars)

1961-62 - High
Low
Nov. 1963
J u l y 1965
1966 - High
Low
July
Aug.
Aug.

72.04(1^/8/61)
52.68(6/22/62)

2.82
3.96

10.1
2.4

5,60% %%/61) 4,259(12/61)
4,424(3/61) 3 . 2 5 3 ( 1 / 6 1 )

1,418(5/9/62)
1,161(3/8/61)

76.41(8/26)

3.14
3.09
3.02
3.80

5.3
4.1
10.7
5.1

7,298
6,833
7,997
7 ,726

5,586
4,863
5,835
5,551

1,712
1,970
2,241(7/6)
2,137(5/27)

85.83
80.65

3.37
3.60

6.0
7.1

7 ,871
i. a .

5,668
n.a.

2,203

n. a .

2,219
2,219
n.a.

72.62
84.91
93.77(2/11)

79.62
19
26
76.41
Sept.. 2£/ 76.52

3.64
3.80
3.75

6.5
8.1
8.4

n.a.

n.a.—Not available, -of Preliminary.
V Standard and Poor's composite index of 500 eooraon stocks, weekly closing prices, 1941-43*10.
Monthly data are averages of daily figures rather than of Friday's only. Highs and lows are far
Friday's data only.
j j Standard and Poor's composite stock yield based on Wednesday data converted to weekly closing
prices by Federal Reserve. Yields shewn are far dates on which price index reached its high
3/ Averages of daily trading volume on the New York Stock Exchange. Yeap-end figures are averages of
dally figures for the year.
A/ End of month figures far member firms of the New York Stock Exchange which carry margin accountsi
excludes balances secured by U. S. Govmrrvnt obligations.
5/ Wednesday figures for weekly reporting
banks. Excludes loans for purchasing or carrying
U. S. Government securities. W--k-ly reporting banks account for about 70 per cent of loans to
others. For further detail see Bulletin.




IKHIIlT I.

I

FEDERAL N A T I O N A L M O R T G A G E A S S O C I A T I O N ^
S E C O N D A R Y MARKET O P E R A T I O N S
400

300

200

OFFERINGS

SALES

100

/ PURCHASES

1960

1961

1962

1963

Exhibit F - Part

Date

1965 - July
Aug.
Sept.
Oct.
Nov.
Dec.
1966 - Jan.
Feb.
Mar.
Apr.
May
July

1964

Estimated offerings ito FNMA
Standby
Immediate
purchase
commitment

Total

52.9
82.0
101.1
209.9
238.3
325.7
333.2
209.2
272.8
193.0
192.2
144.2
122.6

1966

1965

II
Purchases
by
FNMA

(In m i l l i o n s of d o l l a r s )
36.7
52.9
47.2
82.0
63.5
101.0
78.5
209.9
140.2
1.0
237.2
186.7
325.6
229.2
.3
333.0
267:3
.3
209.0
301.4
.5
272.3
193.0
.7
192.3
167.3
1.1
191.1
131.6
2.6
141.7
213.2
1.6
121.0

Sales
by
FNMA
3.4
0.2
0.1
0.2
0.1

•—Less than $50,000.
3/ Data represent unpaid principal balances of the mortgages involved, exclusive of
premiums, discounts, or other charges. Offerings are amounts of applications received
duiing the period from sellers proposing that TNMA execute purchasing contracts. An
immediate purchase oootraot covers existing mortgagee which the seller oust deliver to
FNMA irithin 45 days. A standby c oranitment contract relates to proposed mortgages on
housing not yet under construction which the seller mist usually deliver within one
year. Purohasea include those under both immediate purchases and standby commitment
contracts. Data exclude FNMA activity under Special Assistance and Management and
Liquidating Programs.




UHllll G. feu I
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

NEW I S S U E S

SEASONED A n

) I 1 i

1_J ...l_Ll_ULiJ_

II II 11 I

1966

1964
E x h i b i t 0 - Part II
Yields on New Corporate Bond Issues Adjusted to an A a a basis
N u m b e r Ain't o f Issues A v e r a g e
of
Included (mil.
yield
issues
(per cent)
of dollars)
M o n t h l y averages:
1965 - Oct.
Nov.
Dec.
1966 - Jan.
Feb.
Mar.
Apr.
May

108.0

4.69

267.0
212.0
300.0
304.5
5 13.0
452.3
341.0
596.0
155.0

4.72
4.85
4.84
4.98
5.13
5.08
5.21
5.38
5.62

N u m b e r A m ' t of Issues Average
of
Included (mil.
yield
(per cent).
Issues
of d o l l a r s )
50.0
46.0

80.0
July

370.0
50.0

5.36
5.34
5.43
5.32
5.64*

5.63
15
90.0
22
29
65.0
5.62
July
5.58
280.0
Aug.
5
Aug.
680.0
•5. 70
12
19
145.0
5.65r/
W e e k l y averages:
26
80.0
5.9?
5.98 (9/2)
High
Sept.
2
175.0
5.98
4 . 8 2 (1/7)
9
No tot Averages of offering yield# co all new issues of publioly offered oorporate bonds rated Aaa, 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 SLae of offering.
Before averaging, new offerings are adjusted to a composite Aaa basis by deducting from the actual
reoffaring yield tha excess of the weekly average yield for seasoned tends of the appropriate industryquality group over the composite average for seasoned Asa-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)

1966

Corporate
1965

New Caoital
1964

State and local 2 /
1966
1965
1964

January
February
March

1,302
1,237
2,446

795
746
1,197

938
700
778

£/l,183
£/ 900
£/ 868

2/804
2/872
2/904

947
776
810

April
May
June

1,553
1,058
2,364

1,152
1,691
1,946

2,237
1,095
1,405

2/1,186
£/ 918
£/1,094

2/826
2/924
2/972

1,242
667
903

1,290
850
1,392

812
680
1,130

e/
e/

2/986
2/648
2/966

906
780
892

924
1,325
1,496

953
669
1,642

2/794
2/1,021
754

801
529
948

4,985
4,974

2,738
4,789
3,533
3,745

2,416
4,738
2,621
3,264

£/ 2,952
£/3,197

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

2,533
2,811
2,578
2,278

9,959

7,527
11,060
14,805

7,153
9,775
13,038

£/ 6,148

2/5,302
2/7,902
10,471

5,345
7,923
10,201

July
August
September

je/1,245
e/1,750 ,

October
November
December
let
2nd
3rd
4th

quarter
quarter
quarter
quarter

1st half
Three quarters
Year

650
750

z

Excluding finance companies 3 /
*•

1st
2nd
3rd
4th

quarter
quarter
quarter
quarter

Year
e/
jJ
1/
2J
3/

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

2,043
4,258
2,477
2,997

13,366

11,775

Estimated by Federal Reserve.
Preliminary.
Securities and Exchange Commission estimates of net proceeds.
Investment Bankers Association of America estimates of principal amounts.
Total new capital issues excluding offerings of sales and consumer finance companies.




I

*

?

.1

1

Exhibit I
New Corporate Security Issues, Type of Issue
and Issuer
(In millions of dollars)

Quarter
or
Month

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

Net proceeds
for new capital
Mfg.

included

Public CommuniUtility cations

1/ 2/
Other
Issuers

1964 - I
II
III
IV

2,548
4,965
2,876
3,568

978
1,312
792
531

1,269
1,755
1,590
2,629

300
1,890
494
408

29
105
94
277

429
723
559
1,061

438
856
642
509

273
1,666
59
135

1,275
1,492
1,361
1,559

1965 - I
II
III
IV

3,007
5,043
3,912
4,030

905
1,864
1,575

1,226

1,673
2,259
1,955
2,264

429
920
383
540

243
215
263
300

1,072
1,679
1,119
1,145

541
609
786
610

91
255
323
177

1,034
2,246
1,304
1,815

1966 - I
II
III
1965 - Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec,

5,094
5,115

1,774
1,941

2,586
2,083

734
1,090

345
16 8

1,860
2,205

969
960

602
392

1,553
1,418

1,233
1,773
2,038
1,443
930
1,538
986
1,398
1,646

422
694
748
542
369
664
287
613
326

648
630
980
780
468
706
574
529
1,161

162
449
309
122
93
168
124
257
159

33
49
134
27
87
150
99
101
99

540
698
441
399
307
414
273
402
470

176
248
184
202
297
287
158
209
243

15
143
98
102
25
196
92
43
43

422
602
1,223
587
222
495
401
671
741

1,339
1,273
2,482
1,582
1,106
2,427
1,285

460
560
753
628
481
832
460

692
583
1,311
743
556
784
600

187
130
417
210
69
811
125

353
93
530
118
977
133
692
86
33
376
1,137
49
500
n.a.

388
241
340
364
274
322
230

141
160
301
76
40
276
40

420
306
827
421
368
629
475

1966 - Jan. 3./
Feb.
Mar.
Apr.
May
June
Julye/
Aug.
Sept.
£/
e/
1/
2/

Preliminary.
Estimated by Federal Reserve.
Gross proceeds exceed net proceeds by the cost of flotation.
For total see Exhibit H; other issuers are extractive, railroad and other transportation,
real estate and finance, and commercial and other.
3/ Does not include U.S. Steel $600 million conversion of preferred stock to debentures.
Source: Securities and Exchange Commission.




Exhibit J
Other Security Offerings
(In millions of dollars)

d m s s

Jan. - July

n. a.

Year

1Q64

218

4
82
69
30
75
26
20
13
7
180
72
58

38
73
--

91
33
74
5
52
75
2

1/

!

12
40
40
66
69
76
n. a.

i

i

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

T.nn c-fp-rm

FpHpta1

1965

453

306

661

636

IQfifi

503
410
392
699
1,030
n.a.

103
39
-319
580
-334
J3/-1Q3

Jan. ~ j u iy

E/428

238
91
-458
647
204
-82
119
408
152
59
274

103
236
-407
442
81
-80
-9
127
176
7
-15
-208

759

366

1/

1964 .

129
185
325

---

275
260
160

775
—

239
150
375
375
179
n.a.

308
-24
450
718
85
284
n. a.

n. a.

--

510
*-

1,414
2,732

New short-term 4/
State and local Goverment 5/
January
February
March
April
May
June
July
August
September
October
November
December

Agency

1965

535
1,205

Federal Agency 3/
-137
-174
117
-11
509
237
132
206
105
-309
202
-76

-308
-336
23
97
183
239
-333
167
1
525
113
-3

673

-435

1,286
368
Year
453
801
E/ P r e l i m i n a r y . e / Estimated by Federal Reserve, n . a . — N o t 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.
1J Includes securities offered in the U.S. by foreign governments and their political
subdivisions 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

1965 - Aug.
Sept.
Oct .
Nov.
Dec.
1966 - Jan.
Feb.
Mar,
Apr.
May
July
Aug.

Coroonate
Bonds
(other than
Convertible
convertibles)
bonds
211
530
190
559
212
370
391
544
481
351
636
170
862

299
5 30
246
736
262
485
545
890
643
401
1,317
402
1,189

Stocks

62

26
16

40
33
50

144
115
70
271
106

84
75
55
50
20
182
247

661
50
80

State
and
local
governments

Other

312
563
409
538
413
787
424
399
720
466
582
338
410

2/

50
170
43
95

55
60
275
15
-•=

Large Individual Issues Offered During August

Issuer

Type 2/

Amount
(millions
of
dollars)

Corporate
Jersey Central Pwr.&Lt.Cc 1st mtg. bds,
30.0
American Tel, & Tel.
Deb.
250.0
Household Finance Co.
Notes
75.0
Northeast Airlines
Conv, deb.
22.0
Continental Tel. Co.
Conv. sub. deb. 25.0
Pan Amer „ World Airways Conv. sub. deb. 175,0
Air Products & Chem.Inc. Pfd. stk.
.. 20,0
Management Assistance,Inc Coll, tr. cer t „ 27,0
Northern Illinois GasCo. 1st mtg. bds.
20.0
North American Car Corp. Conv.pfd, stk.
15.0
Pittsburgh Plate GlassCo. S, F„ deb.
125,0
G. C, Computer Corp,
Conv. sub. deb. 25,0
Com, stk,,
10.0
Duke Power Co,
Cum, pfd. :
stk.
35,0
Southern Calif. EdisonCo. 1st mtg. bds.
80.0
Trunkline Gas Co,
1st mtg, bds.
40.0
Natural Gas Pipeline Co. 1st mtg, p ,L bds40.0
Standard Oil Co, (Ind.) Deb.
175.0




Maturity

Coupon
rate or
net interest cost

Offering
yield
6.00
5.58
6,25
6.50
5.25
4.50

Rating

1996
1995
1969
1986
1986
1986

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

1966-70
1991

7-1/48 -1/4 7.25 = 8.25 •*"=
6
5.85
Aa

1991
1986

5-5/8
6

5.63
n.a.

Aa

1991
1986
1986
1991

6-1/8
6-1/2
6-1/4
6

6.05
6,50
6,34
6.00

Aa
A
Aa
Aaa

A

B
B
Ba

y *

K-2
Large Individual Issues Offered During August

Issuer

State and local Government
Nashville & Davidson Co.
Metro. Govt., Tenn.
N.Y. State Dorm.Auth.
Dela. City Ind. Dev. Corp.
Detroit-Wayne Jt. Bldg. Auth.
Orange Co. Civic Center Auth.
Pa. State General Auth.
Ga. State Sch. Bldg. Auth.
State of California
State of Mississippi
Winchester, Ky.
Wash. Sub. San. Dist., Md.
Arizona Board of Regents
Chicago, Illinois
Los Angeles, California

Type 3/

Amount
(millions
of
dollars)

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

15.9
19.8
17.0
14.5
22.2
50.0
32.1
100.0
3.5
7.0
9.1
28.9
10.0
25.0
25.0
30.0

Maturity

1968-97
1970-98
1968-87
1970-96
1969-93
1969-93
1968-89
1967-87
1967-2001
1971-86
1968-76
1991
1967-96
1969-96
1969-86
1967-91

(Cont'd)

Coupon
rate or
net interest cost

3.94
4.58
4.79
4.78
4.36
4.30
4.32
4.47
4.62
5.16
4.47
4.96
4.49
4.48

Offering
Yield

3.75-3.90
4.50
4.00-4.40
4.60-4.70
4.60
4.25
4.00-4.20
4.00-4.20
4.35-4.40
4.40-4.50
5.00-5.10
5.50
4.20-4.40
4.75
4.30-4.35
4.30-4.40

Rating

Aa

Baa
A
Aa
Aa
A
A

A
A
A
Aa

Other

*--rights offering.
n. a. --Not available.
1/ Includes corporate and other security offerings of $15 million and over; State and local :j
government security offerings of $10 million and over.
2/ Includes foreign government and International Bank for Reconstruction and Development
issues and non-guaranteed issues by Federal Agencies.
3/ In the case of State and local government Securities G.O. denotes general obligations;
<
Rev.-Ut., revenue obligations secured bnly by income from public utilities; Rev.-Q.-Ut.,
revenue bonds secured only by revenue from quasi-utilities; Rev.-S„T., revenue bonds
j
secured by revenue from specific taxes only; Rev.-Rent., revenue bonds secured solely by
lease payments.




17
H. 14
Exhibit L
Forthcoming Large Long-term Public Security Offering for New Capital
(Other than U.S. Treasury) y
Expected Proceeds from Forthcoming Large Iasuea
(In millione of dollara)
During month following
date ahown
State and
Other 2/
Corporate
local govt.
- Aug, 31
Sept ,30
Oct. 29
Nov. 30
Dec. 31
- Jan. 31
Feb. 28
Mar. 31
Apr. 30
May 31
30
July 29
Aug. 31

312
206
412
297
553
530
828
489
248
1,261
317
677
662

404
269
343
398
501
340
366
253
399
584
337
403
515

15
25
20
20
" =*

20
a,

30
15
<=*=

40

Corporate
636
303
489
344
6 76
931
1,176
606
1,034
1,261
619
697
853

Subsequent to
date ahown
State and
local govt.
450
331
578
458
582
461
504
334
546
584
353
403
685

Other I )

15
25
20
20
20
90
55
55
85
50
35
90

Forthcoming Large Offerings as of September 2
Issuer

Type

Amount
(millions
of
dollara)

Deb.
Eq, tr, cert,
Conv. debo
Conv, sub, deb.
Conv. debn
Conv, sub, deb„
1st mtg, bds.
Conv, sub, deb.
Deb.
1st mtg. bds.
1st mtg. bds.
Sub. deb.
Com, stk.
Deb.
Deb.
S. F. deb.
Conv, sub, deb.

50.0
50,0
125,0
40.0
15,0
130.1
15,0
25.0
100,0
45.0
17,0
50,0
60 0
15.0
40,0
15.0
60, 7

Approximate date of
offering

ftnsutt
Northwestern Bell Tel. Co.
Atchinson, Topeka & Santa Fe Ry„
Aluminum Co. of America
Burlington Industries, Inc.
Cenco Instruments Corp.
Boeing Co.
Iowa Elec. Lt. & Pwr. Co,
Cameron Iron Works, Inc.
Southern Bell Tel. & Tel. Co.
*General Tel. Co. of Calif.
*Publie Ser. Co. of New Hamp.
LTV Aerospace Corp.
*Texas Instruments, Inc.
*Jersey Central Pwr. & Lt. Co,
*Columbia Gas System
Consolidated Cigar Corp.
*United Aircraft Corp.




September 8
September 12
September 13
September 13
September 13
September 14 (rts, exp.)
September 14
September 15
September 28
September 29
September 30
September
October
3 (rts, exp,)
October
5
October
7
Indefinite
Indefinite (rts. exp.)

Forthcoming Large offerings as of September 2 (Cont'd)

Issuer

Type

Amount
(millions
of
dollars)

Approximate
date
of
Offering

State and local Government
Pittsburgh, Pa.
La. Cap. Const. & Imp. Comm.
Memphis, Tenn.
PHA
Santa Monica Unif. S. D.,
Calif.
New Jersey Turnpike Auth.
*Minn. State College Bd.
^Allegheny Co., Pa.
*Phila. Sch. Dist., Pa.
Ga. State Hosp. Auth.
Los Angeles Dept. of Water & Pwr.
*San Francisco, Calif.
*St. Louis & St. Louis Co. JCD.,Mo
Oklahoma Turnpike Auth.

G.O.
G.O.
G.O.
Bonds

13.3
15.0
20.0
119.9

September
September
September
September

8
8
13
14

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

14.8
180.0
11.0
12.0
25.0
15.0
30.0
25.6
10.0
160.0

September 14
September 15
September 16
September 20
September 20
September 21
September 21
September 26
October
5
Indefinite

Other

Quebec Hydro Elec. Comm.
Govt, of New Zealand
Republic of Ireland
Nippon Tel. & Tel. Pub. Corp.

Deb.
Bonds
Bonds
Bonds

40.0
15.0

20.0
15.0

September
Indefinite
Indefinite
Indefinite

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.

Note:

Deletions for reasons other than sale of issue: Baltimore, Md., $31,8 million
issue-~bids rejected.




11
H. 14
Exhibit M

Foreign Government and Corporate Security Offerings
and Placements in the United States

Part I:

Sale Date

Amount
(millions
of
dollars)

Issuer and Description of Issue

A.
7/7

Public Offerings

15.0

Sold July 1 through September 2
Govt, of Mexico--6-7/87= bonds, maturing 1981,reoffered
to yield 7.26%.

B.

Prospective Offerings

Indefinite

20.0

Republic of Ireland—bonds

Indefinite

15.0

Nippon Telegraph and Telephone Public Corp--bonds

* — I n c l u d e d in table for first time.
**--Issue sold to investors outside of U.S.
* * * — I s s u e s subject to interest equalization tax.




<u>

M-2
Part II:

Date Reported

Private Placements - Reported July 1 through September 2

Amount
(millions
of
dollars)

Issuer and Description of Issue

7/6

31.0

Steep Rock Iron Mines, L t d . - 6 % 1st mtg. bds., maturing
1987—no information available on takedown.

7/26

50.0

Great Canadian Oil Sands, L t d . —

% notes, maturing

1991—no information available on takedown.

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 takedowns may take place both prior and subsequent to the date a placement
is reported.