Full text of H.16 Capital Market Developments : September 8, 1964

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'Not

£or

Publlcation

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uowm
September 8, 1964.

11.34

CAPITAL MARKET DEVELOPMENTS
•' b'64
I IN THE UNITED STATES
(Including Review of Capital Markets in August)
*''
Security financing.
The volume of public security financing
this week wilT~&e--tftoderately larger than last week's seasonally light
total as municipal bond financing is scheduled to increase sharply.
The $40 million Consumer Power Company bond offering accounts for the
bulk of the corporate total, while most of the municipal volume consists
of the $75 million Commonwealth of Massachusetts and $50 million
Pennsylvania General State Authority issues.
Long-Term Public Security Offerings If
(In millions of dollars)
Week
Ending

Corporate
New Capital 1 Refunding

r

Sold:
Aug. 28
Sept. 4

State and local govt.
New Capital | Refunding

79 r/
69

28

50

—

429r/
95

8

Scheduled:
Sept. 11

.

177

1/ Federal Reserve estimates based on published reports of issues sold
and scheduled for offering; corporate rights offerings are included
as of the data subscription rights expire. r/ revised.
Security yields. The corporate new issue yield series rose
to 4.46 per cent last week, 9 basis points above the summer low and
within 7 basis points of the 2-1/2 year high reached in early May.
The extent of this increase may be somewhat overstated since the
week's only relevant new issue--the $40 million Southern California
Gas Company offering--was reoffered at a yield level 3 basis points
above those being quoted on comparably rated recent offerings in
the secondary market. The new issue was 80 per cent sold within two
days. Yields on most other high-grade bonds and notes also rose,
while money market rates showed mixed changes.
Yields in Securities Markets
Level latest week
(per cent)
High-Grade
Notes and Bonds
Corporate
New
Seasoned
U.S. Govt.
Long-term
3-5 year

State and local govt.



Change from
preceding week
(basis points)

4.46
4,42

+ 6
+ 1

4.16
4.03
3.08

+ 2
+ 3

Yields in Securities Markets (Cont'd)
Change from
Level latest week
preceding week
(per cent)
(basis points)
Money Market
Federal Funds
Treasury bills
3-month
6-month
Finance Company Paper

3.50
3.50
3.64
3.75

+ 2
- 3

FNMA secondary market operations. Sales in the secondary
mortgage market by the Federal National Mortgage Association turned
up somewhat in July. The July total of $12.6 million about matched
the high for this year reached in April, but it was more than threefifths below a year earlier even though sales at that time were
already declining sharply from their earlier peak.
Purchases by FNMA in July totaled $5.5 million, and remained
quite low by most previous standards. Offerings, at $8.4 million,
were little changed from the reduced July level.
In accordance with provisions incorporated in the Housing
Act of 1964, signed by the President on September 2, FNMA will now
be permitted to guarantee and sell "participations" to the general
public in a pool of mortgages in which the United States has an
interest. Proceeds from sales of such participations would be treated
as administrative budget receipts.
Stock prices. Common stock prices recovered part of their
August losses last week in somewhat more active trading. Prices, as
measured by Standard and Poor's composite index of 500 stocks, rose
one per cent to close at 82.76 on September 4, but were still 1-1/2
per cent below their all-time high reached around mid-July. Trading
volume averaged 4.3 million shares a day, up 0.7 million shares from
the average for the previous week.
Capital markets in August. New capital security financing by
corporations probably totaled $550 million in August. This was down
three-tenths from the previous month and one-eighth less than in August
1963. Large public offerings included $125 million in non-convertible
bonds and a $17 million convertible bond issue (the first commercial
bank rights offering of convertible capital notes).
The tone of the corporate bond market weakened somewhat during
August. By the last week of the month, yields on new corporate bond
offerings (adjusted to an Aaa basis) averaged 4.40 per cent, three
basis points above the stable level which had generally prevailed since
early July. Moreover, although several negotiated issues were quickly
distributed at attractive yields, issues acquired by underwriters at
competitive bidding were more closely priced and moved slowly. With a
substantially larger September supply in prospect and including a




-3-

H. 14

number of medium size utility issues up for bidding,--syndicate price
restrictions were terminated on six issues with unsold balances.
These issues were subsequently quoted in the secondary market at prices
which provided yields of two to five basis points higher than the
original reoffering yields. As a result of these actions,unsold
syndicate balances had fallentonearly $20 million at the month-end.
State and local governments sold $750 million in bonds during
August, one-sixth less than in the previous month but about 6 per cent
more than in August 1963. The $314 million Columbia Storage Power
Exchange issue accounted for a large share of this total; this negotiated
offering had been widely anticipated and was quickly distributed with
many buyers receiving only a partial allocation. The issue quickly
moved to a premium in the secondary market. Although yields on seasoned
municipal bonds changed little during the month, dealers were reported
to be making slight price concessions throughout the month to move part
of their large inventories of unsold securities. Advertised inventories
were reduced from a near-record $725 million at the start of the month
to around $620 million at the month-end.
Common stock prices fluctuated within a narrow range during
August on seasonally reduced trading volume. Prices, as measured by
Standard and Poor's composite index of 500 stocks, closed at 81.99
on August 31, one per cent less than at the end of July and 2-1/2 per
cent below the all-time high reached around mid-July. Trading volume
averaged 3.9 million shares a day, down 0.8 million shares from the
average for July.
Estimated September security financing. Security financing
for new capital by both corporations and State and local governments is
expected to be in larger volume this month than in August, with the increase in the former being very substantial.
New capital financing by corporations is expected to total
$950 million this month, three-fourths more than the seasonally low
August total and one-fifth more than a year earlier. Large issues
currently scheduled for offering this month amount to over $400 million.
September financing in the estimated amount would bring the total for
the third quarter to $2,300 million, almost one-tenth above the similar
period last year.
Bond sales of State and local governments will probably total
$900 million in September, up one-fifth from the revised estimate for
August and twice the amount offered a year earlier. Municipal financing
in this amount would bring the total for the quarter to $2,550 million,
a third quarter record and almost two-fifths larger than during the
corresponding period last year. ,
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.




_

LONG-TERM BOND

YIELDS, H I G H - G R A D E

"I
Lu

m i

I I I I I 1 I I I II

im

1 I I I 1 I I.I . M M

mt_

it«

Exhibit A « Part II

Corporate
Aaa y

Date

U . 8. Govt,
long-term 2/

State and
local
government
Aaa 3/

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

(percent)
1961 - High
Low
1962 - High
Low
1963 - High
Low
196U - High
Low
Aug.
Aug.
Aug.
Aug.
Sept.

7
14
21
28
4

2.1

U.6l(3/29/60)
U.U6(9/33)
U.21(3/17)
U.U3(?/16)
U.23(lV2#
U.37W27)
L.19(V29)
4.42(9/4)
4.35(2/28)

1*.1|2 (Va/60)
ii.07 (12/29)
3.70 (5/12)
U.12 (2/23)
3.85(12/26)
U.16 (12/27)
3.87 (1/18)
4.20(4/17)
4.11(7/3)

3.65 (9/24/59)
3.37 (7/6)
3.12 (S/23)
3.26 (3/4)
2 . 8 8 (13/8)
3.18 (12/21)
2.93 (3/28)
3.16(3/26)
3.07(7/16)

•59
.57
•3U
.1*7
.30
.35
.21
.29
.19

4.41
4.42
4.41
4.41 j
4.42 7

4.14
4.14
4.14
4-14 /
4.16 /

3.08
3.08
3.08
3.08
3.08

.27
.28
.27
.27
.26

.92
.76

• I46
1.0U
.80

1.05

.88

1.09
1.01
1.06
1.06
1.06
1.06
1.08

p/ Preliminary,
Tr Weekly average of daily figures, Average tern of bonds included is 22-24 years,
y Weekly are rage of dally figures. The series Includes bonds due or callable In 10 years or m o m .
3/ Thursday figures. Only general obligation bonds are Included 1 average term is 20 years.
Note.—Highs and lews are for individual series and may be on different dates for different
series. Tor spreads, high refers to widest, and low to narrowest#




L O N G - T E R M B O N D YIELDS, L O W E R - G R A D E

y

\ y-

I I I I I I I II II I1 I I I I I I w J .3.0!
mi

mi
Exhibit B - Part II

Corporate
Baa 1/

State and
local govt.
Baa 3/

Spread between
Aaa and Bam
State and
Corporate
local govt.

(per cent)
1959-60 - High
1961 - High
Low
1962 - High
Low
1963 - High
- Low
196U - High *
Low
Aug.
Aug.
^Ajug.
Aug.
i/Sept.

7
14
21
28
4

£/

1.08

5.11(1/3):
U.92(13/21)
U.93(3/4)
1^.83(11/15)
4.87(6/26)
4.81(8/21)

It. U6 (1/7/60)
U.16(3/23)
3.93(11/9)
U. 01* (1/11)
3.52(5/17)
3.63(6/27)
3.52(5/23)
3.58(3/26)
3.51(4/16)

.7U
.63
.71
•I18
.48
.39

I

4.81
4.81
4.81
4.82
4.83

3.53
3.53
3.54
3.54
3.54

.40
.39
.40
.41
.41

.45
.45
.46
. 46
.46

5.3$(2/l?/60)
5.13(10/27)

5.00(4/21)

KotAt Tor footnotes see Exhibit A#




•8U

.81

•66

.93
.57

.82
.56

.36

SHORT- AND

V.
|\A

INTERMEDIATE-TERM INTEREST RATES, G O V E R N M E N T

4-MONTH I I I
M a r k e t Y1.1

\M

m v A

^

1
1

V

r

3-S VE«I ISSUIS

VM.±liCOUNIJ,All
V
N . w York

*

A

;

,_/

"j-HOHIH I I U S

TO

1 II

i i r i M M M i

I I I III

1 1

1 1 1 1 1 1 1 1 1 1 1

Exhibit C - Part II
Discount
rate
y

Date

3-month
bills 2/

Yields
6-month
, bills 2/
(per cent)

3-5 year
issues 2/

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

U. 59 (1/8/60) 5.07 (1/8/60)
2.66(12/29) 2.90(1/29)
2.17 (V27) 2.35(4/28)
2.97(7/13) 3.13(7/20)
2.65(6/8)
2.7U(6/B)
3.55(11/15) 3.68(12/6)
2.88(3/15) 2.93(3/8)

5.00(12/24/59)
3.86(8/11)
3.15(5/12)
3.88(2/2)
3.1a(l?/28)
L.07(l?/27)
3.11(1/18)

196U - High
Low

U.oo
3.00
3.00
3.00
3.00
3.50
3.00
3.50
3.50

3.56(3/6)
3.43(7/17)

3.74(3/6)
3.52(7/3)

4.23(3/27)
3.98(8/7)

.21
.04

.71
.48

Aug.
Aug.
Aug.
Aug.
Sept.

3.50
3.50
3.50
3.50
3.50 v

3.48
3.51
3.50
3.50
3.50 */

3.58
3.62
3.62
3.62
3.64\Z

3.98
3.99
3.99
4.00
4.03

.10
.11
.12
.12
.14

• 5,0
.48
.49
.50
.53

1959-60 - High
1961 - High
Low
1962 - High
Low
1963 - High

7
14
21
28
4

2./

.79
.U*
.12
.22*
.02
.17
- .Oil

/

1.81
1.51
.92
1.19
.52
.70
.1*2

Weekly rat* shown le that In effect at eni 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.
Note.—Highs and lows are for individual series and nay be on different dates for different series*
Tor spreads, high refers to widest, and low to narrowest*




%

EXHIBIT D. Pofl 1
S H O R T - A N D I N T E R M E D I A T E - TERM INTEREST RATES,
BANKS AND OTHER

PRIVATE BORROWERS

/ ^ — A

Exhibit D

Stock exchange

Date

call loan l /

Prime
rate 1 /

- Part II

F i n a n c e companypaper 2 /

Federal
funds 3 /

Spread between
3 - m o . b i l l s and
finance co. paper

[per c e n t )
1959-60 High

5.00

5.13(1/22/60)

U . 0 0 (5/13/60)

U.50

3.00(12/30)

2.90(11/17)

.56

•U3 (V27)

.11

3 . 0 0 (12/28)

•U5
.19

1961 - High

5.50
U.50
U.5o

U.50

2.50(8/5)

1962 - High

U.5o

U.50

3 . 5 0 (12/27)

Low
1963 - High
Low
196U - High
Low

1.02

U.5o

U.5o

U.5o
U.5o

U.50

3.25(7/21)
2.88(6/1)
3.88(12/27)

U.5o

3.13(5/31)

2 . U 5 (7/26)

4.50

4.50

3.93(4/3)

3.50(9/4)

.41

4.50

4.50

3.75(9/4)

3,14(7/24)

• 22

1 . 3 0 (1/26)

.39
.12

Aug.

7

4.50
4.50

3.75
3.75

.27

14

4.50
4.50

3.50

Aug.

3.50

Aug.

21

4.50

4.50

3.78

3.50

.24
.28

Aug.

28

Sept.

4

£/

4.50

4.50

3.78

3.50

.28

4.50

4.50

3.75

3.50

.25

2/

Weekly rate shown is that In effect at end of period. Stook Exchange call loan rate is going 'rate
on call lpans secured b y customers* stook exchange collateral at N e w York City banks. Prime rate .
is that charged by large hanks 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 Heir York.
N o t e : — H i g h s and lows are for individual series and nay be on different dates for different series*
F o r spreads, high refers to widest, and low to narrowest.




STOCK MARKET

/

STOC* MARKET CHOI I
CHANGE IN SEIItS

Ujrl II I I I I 1 I I I I I I I I I I I I I I I I I I I I I I I II I II I I I I I II I I I
MAO

•Htl

1112

ItAl

1164

Exhibit E - Part II

Stock price
index 3/

Date

Trading
Common
volume 3/
stock
(millions
yields 2/
(per cent) of shares)

Stock ma]rket customs]r credit
Bank
Customers'
loans to
debit bal"others" 5/
ances h/

Total

(In millions of dollars)
1961-62 - High
Low
1963 - High
1961* - High
Low
July
Aug. 21
Aug. 28
Sept. 4 2/

2.80

10.1

7U.W1V27;
84.01(7/17)
75.50(1/3)

3.96
3.01
2.93
3.10

6.5
6.1
3.6

83.22
82.00
82.07
81.99
82.76

2.96
3^ 03
3.03
3.03
3.01

4.7
3.9
3.9
3.6
4.3

2.1*

5,602(12/61)1*,259(12/61) 1,1*18(5/9/62)
U,U2U(V61) 3,253(2/61) 1,161(3/0/61)
7,298(11/63)5,586(11/63) 1,738(12/25)
7,314(4)
5,524(1)
1,916(8/19)
7,120(2)
5,289(7)
1,720(1/22)
7,160

5,289

1,871
1,909
1,916
1,909

i s s - a w s »

others.

Tor further detail aee Bulletin#




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 OPERATIONS'
I I I I I i n

1 m

iitft

lt*2
Exhibit F

Estimated offerings
Date

Immediate
purchase

15.8

.1144

m r

- Part II
Purchases

1to F N M A
Standby

.

commitment

(In m i l l i o n s o f
1963

15.7

Sales

by

by

FNMA

FNMA

dollars)

.1

14.9

Aug.
Sept.

18.8

18.3

.4

16.9

20.1

19.8

.2

15.3

8.5
1.6

Oct.

18.5

18.4

.1

16.3

2.2

.1

7.7
10.9

15.8

- July

Nov.
Dec.
1964 - Jan.
Feb.
Mar.

•

12.0

11.8

14.1
15.6

14.0
15.5

.1
.1

.6

15.0

.1

11.1
13.0

8.8
2.3

20.1

19.9

.3

16.8

3.8

,1

26.4

12.7

Apr.

28.5

28.5

28.9

28.9

9.3
8.4

9.2
8.0

July

—

35.7

15.1

May

T I T

.3

25.8

10.9

3.8

9.5
12.6

5.5

• — L e s s 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
during the period from sellers proposing that FNMA. execute purohafling contracts. An
immediate purchase contraot covers existing mortgages which the seller must deliver to
FNMA. within 4 5 days. A standby c cramitment contract relates to proposed mortgages on
housing not yet under construction which the seller must usually deliver within one
year. Purchases include those under both immediate purchases and standby commitment
contracts. Data exclude FNMA activity under Special Assistance and Management and
Liquidating Pro grams .




140

'YIELDS O N

NEW

AND SEASONED

CORPORATE BONDS

NEW ISSUES

Exhibit 0 - Part II
Yields on New Corporate Bond Issues Adjusted to an Aaa basis
Number A m t of issues Average
included (mil.
of
yield
(per cent)
of dollars)
Monthly averages;
1964 - Jan."
Feb.
Mar.
Apr.
May

3
3
6
• 1
10
8

150.0
125.0
166.0
130.0
278.0
230.0

4.50
4.38
4.43
4.48
4.46
4.43

Weekly averages:
1964 - High

4.53(5/8)
4.30(2/21)

26
3
10
17
24
31
Aug, 7
14

Nianber Am't of issues Average
included (mil.
yield
of
(per cent).
issues of dollars)
2
80.0
4.41

July

21
28
Sept. 4

1

30.0

4.37

30.0

4.37

15.0

4.39*

15.0
45.0
40.0

4.37
4.40
4.46*

60.0
4.45
5
12
35.0
4.44
4.41
-12totes Averages of offering yields on allnew issues of publicly offered ooip orate bonds rated M a , Aa and
A by Moody's Investor# Service (except serial and convertible issues, offerings of natural gas pipeline
and foreign companies, and bonds guaranteed by the Federal Government) freighted by d. zo of offering.
Before averaging, new offerings are adjusted to a composite Aaa basis by deducting from the actual
reofferlng yield the excess of the weekly average yield for seasoned tends of the appropriate industryquality group over the composite average for seasoned Aaa-rated bonds (Moody's). Averages considered
unrepresentative because of special characteristics of -the offerings included are denoted by an asterisk^




Exhibit H

H. 14

Long-term Corporate and State and *„ocal Government
Security Offerings and Pit Mements
(In millions of dollf vs)

New Caipital
1964

Coroorate
1963

930
685
754

613
594
1,144

2,178
1,069
1,378

930
904
1,013

1,153
771
1,132

800
550

676
637
795

573
773
557

1,013
819
1,415

819
678
1,064

2,369
4,625
_/ 2 ;GC

2,351
2,847
2,109
3,246

2,228
3,056
1,902
2,561

6,994

5,198
7,307
10,553

5,284
7,186
9,747

January
February
March
April
May
June
July
August
September

e/
e/
./

October
November
December
1st
2nd
3rd
4th

quarter
quarter
quarter
quarter

1st half
Three quarters
Year

'

1962

1964
jd/
£/
£/

549
860
819

State and Local 2/
1963

1962

944
771
809

732
746
976

876
1 ,133
628

£/ 1,215
£/
665
£/
878

869
866
930

873
912
786

e/
e/

680
708
449

612
544
427

1 ,051
729
416

650
578
550

£/ 2,525 £/ 2,658

2.454
2,,665
1,,837
2,,197

2 ,637
2,,571
1,,528
1,,779

£/ 5,283

5,,118
6,,955
9,,151

5,,208
6,,790
8, 568

900

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

quarter
quarter
quarter
quarter

1,996
- .70

Year
£/
If
2/
3/

2,284
2,529
1,768
2,854

2,169
2,970
1,767
2,330

9.434

9.236

J

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.




Exhibit I

H.14

New Corporate Security Issues, Type of Issue & Issuer
(In millions of dollars)

Quarter
or

&

Month
1962 -

U

V

1963 -

I

2,378
3,250
2,184
2,957

I

2,700
3,634
2,436
3,466

1,108
1,389
898
1,319

1,306
1,820
1,251
1,780

287
424
287
367

2,499
4,851

978
1,321

1,221
1,640

695
642
1,363
1,049
1,340
1,246
810
756
871
1,116
891
1,459

350
259
499
380
550
459
279
336
283
511
183
626

243
289
774
452
694
675
431
318
501
481
549
751

11
111

&
K

n
h i

|f 1964 -

I

r,

i n

%,
il
C
§L

f
|
V-

Total

Gross proceeds for new
capital and refunding 1/
Common Memo:
Bonds
Foreign
Publicly Privately pfd. issues
Offered Offered
included
1,155
716
507
68
1,389
1,222
639
257
853
1,024
307
56
1,089
1,568
300
179

1963 - Jan.
Feb.
- Mar.
Apr.
May
July
Aug.
Sept.
Oct.
Nov.
Dec.

Net proceeds fo:r
new capital 1/ a
Public CommuniMfg. Utility cations

Other
issuers

655
996
601
769

430
983
375
568

456
231
275
.321

717
794
659
986

128
434
109
47

947
591
896
968

326
794
285
530

236
221
150
118

842
1,241
868
1,629

300
1,890

29
105

418
723

438
856

273
1,663

1,240
1,383

102
94
91
217
95
113
100
100
87
125
159
83

25
43
60
56
182
196
46
21
42
10
10
27

135
220
592
148
216
227
297
272
237
240
214
515

114
115
97
341
222
230
107
100
78
201 .
131
198

125
68
43
71
92
58
86
25
39
41
13 /
64

238
191
412
369
373
499
187
187
441
531
461
637

1964 - Jan.
985
338
526
121
5
109
149
157
515
Feb.
710
279
342
88
16
123
155
324
83
#
Mar.
805
361
353
91
8
146
400
174
34
#
Apr.
2,234
383
480
1 ,372
34
186
151
1,377
463
May
1,155
470
537
148
36
206
441
27
395
June
1,461
468
623
370
35
332
264
258
525
July e/
200
200
10
400
380
190
815
235
Aug.
r
Sept.
[- ^/Preliminary. e/Estimated by Federal Reserve.
1/ Gross Proceeds exceed net proceeds by the cost of flotation.
2/ For total see Exhibit H; other issuers are extractive, railroad & other transportation,
real estate & finance,& commercial & other.
Source: Securities & Exchange Commission.




VI

H. 14

Exhibit J
Other Security Offerings
(In millions of dollars)

1964
January
February
March
April
May
June
July
August
September
October
November
December
Jan. - July

e/

e/

Gross long-term 1/
Federal agency 3/
Foreign government 2/
1963
1964
1963
1962

4
82
69
30
75
26
25

311

Year

232
133
76
57
114
11
63
83

275
e/ 260

2

142
10
35
10
86
50
25
8
31
151
88
101

686

358

e/ 535

771

1962

148

246
156

186

461

459
—

150
175

737

174
200

--

--

--

793

863

1,167

1,188

New short-term 4/
State and local government 5/
Federal agency 3/
January
February
March
April
May
July
August
September
October
November
December
Jan. - July

E/

18
466
-186
127
-84
-118
78
339
-406
71
234
-161

-78
-336
23
97
183
239
-333

591

301

-203

692

378

103
236
-407
442
81
-80
-13

75
272
-367
589
-30
-10
62
208
-173
259
146
-339

362

Year

-106
-189
-482
292
195
319
414
327
258
123
-102
551
443
1.600 '

247
-156
226
-364
82
284
261
227
-157
379
55
-80
580
1.004

from those in Exhibit H in that refunding issues, as well as new capital issues, are included. Long-term securities are defined as those maturing in more than one year. ^/Includes securities offered in the U.S. by foreign governments and their political subdivisions and international organizations. Source: Securities & Exchange Commission. 3/
Issues not guaranteed by the U.S. Government. Source: Long-term, Securities & Exchange
Commission; short-term* Treasury Dept. & Federal Reserve. 4/These data differ from those
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 maturing of one year or less. 5/Principally tax and bond anticipation notes,
warrants or certificates and Public Housing Authority notes. In some instances PHA notes
included may have a somewhat longer maturity than 1 year. Source: Bond Buyer & Federal

Reserve.



j

Exhibit K
Large Long-term Public Security Issues for New Capital
(Other than U. S. treasury) 1/
Proceeds of Large Issues Offered
(In millions of dollars)

Total
1963 - Aug.
Sept.
Oct.
Nov.
1964 - Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.

236
237
446
180
547
307
263
335
1,557
452
650
291
142

C o m or j ate
Bonds
(other than
Convertible
convertibles)
218
215
380
117
515
225
200
296
235
415
390
178
125

--

'

60
35
51

State
and
local
governments

Stocks
18
22
66
63
32
22
28
38
1,271
37
260
113

.

Other
20

329
135
734
373
111
577
358
282
698
274
384
544
459

17

2/

174
200

50
20
15
275
260
104

Large Individual Issues Offered August 1^, through September 4
Issuer

Type 2/

Amount
(millions
of
dollars)

Maturity

Coupon
rate or
net interest cost

Offering
vield

Rating

Corporate
Texas Gas Trans. Corp.
*First Nat'1 Bk of Atlanta
Northern States Pwr. Co.
Utah Pwr. & Lt. Co.
Harris Intertype Corp.
San Diego Gas & Elec. Co.
Natural Gas Pipeline Co.
Wells Fargo Bank

4.88
3.50
4.42
4.50
4 .47
4.50
4.55
4.50

Baa

Deb.
Conv. cap. notes
1st mtg. bds.
1st mtg. bds.
S.F. deb.
S.F. deb.
1st mtg. bds.
Cap. notes

25.0
16.9
15.0
15.0
25.0
20.0
25.0
50.0

1984
1989
1994
1994
1989
1994
1984
1989

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

G.O.

12.0

1967-94

3.35

2. 50-3.45

--

Rev.-Ut.
G.O.

12.0
15.8

1970-2004
1965-84

3.46
2.92

2. 75-3.50
2. 10-3.ioA/

Aa
Aa

Aa
A
A
A
A
--

State and Local Government
Nashville & Davidson Co.
Met. Govt., Tenn.
Sacramento Mun. Util.,
Dist., Cal,
San Francisco, Calif.




. K-2
Large Individual Issues Offered August 1 through September 4

(Cont *d)

I
Amount
Type 3/ (millions
of
dollars)

Coupon
Maturity
net interest cost

•
1
Offer- Rating |
ing
yield

State & Local Government (Cont'd)
Suffolk Co., New York
South Bend Comm. Sch.
Bldg. Corp., Ind.
Georgia State Univ. Bldg.
Auth.
Mass. Turnpike Auth.
Columbia Storage Pwr.
Exchange
Florida Devel. Comm.
Clark Co. Sch. Dist., Nev.

G.O.

13.5

G.O.

1965-93

n.a.

2.15-3.40

12.4

1967-81

3.14

2.50-3.20

Rev.-Rent. 23.0
Rev.-Q.-Ut. 38.0
207.6
Rev. -Ut.
106.5
Rev.-S.T.
17.9
Rev.-Rent
15.0

1967-94
2002
2003
1970-86
1968-91
1966-84

3.36

'
3.72
3.91

2.50-3.45
4.12
3.85
_3.C0-3.7C
2:.80-3.75
2:.70-3.90

Bonds

1965

4

4.00

J

0D

A

,3
1

Aa :
Aa
--

A
Baa

Other
Federal Land Banks

104.0

"

*--Rights offering. n.a.--Not available.
17 Includes corporate and other security offerings of $15 million and over; State and
local government security offerings of $10 million and over.
2/ Includes foreign government and International Bank for Reconstruction and Development
issues and non-guaranteed issues by Federal agencies.
3/ In the case of State and local government securities, G.0. denotes general obligations;
Rev.-Ut., revenue obligations secured only by income from public utilities; Rev.-Q.-Ut.,
revenue bonds secured only by revenue from quasi-utilities; Rev.-S.T., revenue bonds
secured by revenue from specific taxes only; Rev.-Rent., revenue bonds secured solely by
least payments.
4/ Bonds maturing 1984 not publicly reoffered.




I

...

n

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.
Aug. 31
Sept. 30
Oct. 31
29
31
Jan. 31
Feb. 28
Mar. 31
Apr. 30
May
28
30
July 31
Aug, 31

158
240
145
392
305
155
224
1,587
651
600
292
92
402

210
561
255
137
469
316
454
669
345
341
539
120
511

--

25
15

15

Corporate
183
240
145
1,992
1,905
1 = 771
1,669
1,837
844
668
307
167
442

Subsequent to
date shown
State and
local govt.
468
757
401
349
'731
667
646
953
575
598
716
588
680

Other 2/

25
15

15

Forthcoming Large Offerings as of September 4

Type

Corporate
Consumers Pwr. CoWestern Bancorporarion
Public Service Elec. & Gas Co,
Wells Fargo Bank
Delaware Pwr- & Lt. Co,
Rochester Gas & Elec- CoGeorgia Pwr, Co.
Pacific Pwr. & Lt. CoPennsylvania Elec, Co.
Wisconsin Electric Power Cc
Southern New Eng.. Tel. Co.
Columbia Gas System Inc.




Amount
(millions
of
dollars)

60.0
S« F. d-;-.b
Gem, stk52,0
1st & ref„ mtg1. bds.
60-0
25 c 3
Conv. cap, notes
1st mtg. & cell, tr„ bds.25,0
' *16.0
1st mtg, befs28-0
1st mtg/ bds 1st mtg, bds.
30.0
20,0
1st mtg. bds.
34. 0
Com. stk,
21.2
Com. stk.
Deb,
40.0

Approximate date of
offering

Sept,
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Oct.

9
15
16
23 (rts. ex. )
23
23
24
29
30
(rts. ex.)
(rts. ex.)
2

H.14

\\

j

Forthcoming Large Offerings as of S

Type

Issuer

Amount
(millions
of
dollars)

Approximate date
of offering

State and Local Government
Pennsylvania Gen. State Auth.
Commonwealth of Mass,
Dallas, Texas
Chicago, Illinois
Wyoming, Mich.
State of New York
Bay Area Rapid Transit Dist.,
Calif.
Detroit, Michigan
Marion Co. Health & Hocp. Corp.,
Ind.
Los Angeles Dept. of Wtr. & Pwr.,
Calif.
Tallahassee, Fla.
Metro. Seattle, Wash.
Public Housing Auth.
Iowa State^Bd. of Regents
Mass. Port Auth.
Pittsburgh, Pa.
Dade County, Fla.
Va. State Highway Auth.
Forth Worth, Texas

9
10
14
14
14
15

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

50.0
75.0
12.5
15.0
15.0
30.0

Sept.
Sept.
Sept.
Sept.
Sept.
Sept.

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

60.0
15.2

Sept. 15
Sept. 15

G.O.

16.0

Sept. 15

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

24.0
12.0
15.0
130.3
15.0
43.0
35.0
46.0
.... 31.0
14.1 •

Sept. 16
Sept. 16
Sept. 17
Sept. 23
Sept. 24
Oct.
Indefinite
Indefinite
Indefinite
Indefinite

Other
Norway

Bonds

15.0

Sept. 22

Included in Table for first time.
1_/ Includes corporate and other issues of $15 million and over; State and local government
issues of $10 million and over.
2/ Includes foreign government and International Bank for Reconstruction and Development
issues and non-guaranteed issues for Federal agencies.
Note.--Deletions for reasons other than sale of issue: None.




';l|
i||
^
,|
l|

I

H. 14

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.

B.

Sold June 1 through ,Sept.

Prospective Offerings
None

Part II:

Amount
(millions of

Date
reported

Issuer and Description of Issue

6/,2

50.0

Quebec-Hydro-Electric Power Authority-4-1/2% debenture, maturing 1984--no
information available on takedown.

6/23

25.0

City of Montreal--4-7/8% debentures,
maturing 1966--no information available
on takedown.

7/8

45.0

International Minerals and Chemicals Corp.
(Canada) Ltd.--notes, maturing 1982--no
information available on takedown

8/6

15.0

Macleod Stedman L t d — s i n k i n g fund debenture,
maturing 1984--no information available on
takedown.

3/6

17.5

Government of Trinidad and Tobago^-serial
bonds, maturing through 1 9 7 9 — n o information available on takedown.

* 9/3

Note:

Private Placement--Reported June 1 through

.

6,5

Urb.mizacionv-s Gitocara C.A,--5-1/47 P
notes, maturing 1984--n^ informs
available on takedowns.

-

For retrospective data on aggregate foreign corporate and government security
offerings in the United States see Exhibits I and J. There is no simple relationship
between the data shown in this Exhibit and that shown in Exhibits I and J because the
latter includes privately placed securities in the period in which funds are actually
takendown but only in the amount of takedown, while the placements shown in this
exhibit are included when reported, frequently with little or no information concerning
timing of takedowns. Full or partial takedowns may take place both prior and subseto the data a placement is reported. *-Included in table for first time.
forquent
FRASER

Digitized