h14_19620730

Wot for Publication DECONTROLLED AFTER SIX MONTHS

H.lL July 30, 1962.

I LIBRARY

( AUG 1 1962 : FEDERAL RESERVE & &

I OF RICHMOND

CAPITAL MARKET DEVELOPMENTS

Including Seasonally Adjusted Savings Flows to lgs and Loan Associations and Mutual Savings Banks In June)

Public security financing to obtain new capital was in substantial volume l a s t week but i s expected to be in rather moderate volume th is week. During the week ending Ju}.y 27, two large corporate security issues total ing $50 million were offered, four State and local government bond issues with par value of $l5l million were sold, and the Kingdom of Norway offered a #20 million bond issue. In addition a large secondary dis tr ibut ion of common stock was made when $79 million of General Motors common stock was sold for the account of sell ing stockholders. This week, ending August 3, two corporate issues aggregating $62 million are scheduled for offering and two State and local issues total ing $25 million are on the calendar. In addition to the two large corporate new capital offerings, two large corporate bond issues (one for $25 million and one for $20 million) are scheduled to be sold to refund outstanding secur i t ies .

Bond yie lds . Changes in yields on seasoned, long-term bonds were mixed l a s t week. Yields on Aaa-rated corporate bonds increased 2 basis points but those on Baa-rated issues were s table. Yields on Aaa-rated State and local government bonds increased 2 basis points, while yields on Baa-rated municipals rose 5 basis points fu r ther . Yields on U. S Government bonds declined a single basis point.

Average yields on new corporate bonds, adjusted to an Aaa basis, were U.33 per cent l a s t week, 7 basis points higher than the average for the previous week. This increase, however, probably re f lec ted in large part the special characteris t ics of l a s t week's only new issue.

Short- and intermediate-term interes t rates0 Most short- and intermediate-term in te res t rates declined l as t week. Yields on 3-month Treasury b i l l s declined for the second consecutive week, dropping 7 basis points, while yields on 6-month b i l l s declined li basis points, the f i r s t drop in a month and one-half; yields on 3-5 year U. S. Government obligations declined 2 basis points. The major finance companies decreased the advertised ra te on their directly-placed paper with 90-179 day maturity from 3-l/U to 3-1/8 per cent early l a s t week, resulting in a reduction of 9 basis points to 3.16 per cent in the average yield on such paper. The average effect ive rate on Federal funds declined 60 basis points to 2.35 per cent. Other short- and intermediate-term in te res t ra tes were unchanged.

FNMA secondary market operations. Purchases of mortgages in the secondary market by the Federal National Mortgage Association declined in June for the seventh consecutive month. Offerings also continued to drop. Sales by FNMA edged off somewhat fur ther from the unusually high level reached in April, but, a t $56.3 million, were almost double the volume of purchases. A factor in the lower sales volume in recent months has been a one-half point r i se in FNMA sale prices which became effect ive on April 12.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

2

Savings flows to savings and loan associations and mutual savings banks in June, The net inflow of savings, a f t e r adjustment for seasonal factors , to mutual savings banks was in record volume in June, The inflow to savings and loaiTassociations was also large, but less than ear l ier this year, as was the case for the increase in time and savings deposits a t commercial banks,

The seasonally adjusted net increase in share capi ta l a t savings and loan associations in June was $663 million, as shown in the following table and chart. This brought the second quarter t o t a l to s l ight ly more than $2.0 b i l l ion , $300 million less than the record flow of the two preceding quarters but about the same as in the f i r s t three quarters of l a s t year.

After adjustment for seasonal variation, the increase in regular deposits a t mutual savings banks in June was $277 million, For the entire second quarter inflow totaled $663 million, only s l ight ly less than the record f i r s t quarter flow and substantially larger than in any quarter l a s t year.

Stock priceso Common stock prices increased s l igh t ly l a s t week in l ight trading. Prices, as measured by Standard and Poor's composite index of 5>0Q stocks, rose less than one per cent on balance to close a t 57

Table 1 - Selected Institutional Savings How -3-

Savings and Loan Associations 1/

Date

New savings capital (including oivioends

credited) withdrawals of ,

savings capital Net new

savings capital

lhadjusted Seasonally adjusted Unadjusted Seasonally adjusted Unadjusted

Seasonally adjusted

1961

1962

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

2,758 2,97k 2,008 1,965 2,21*1 1,87k 2,73k 3 , 9 # 1,916 2,305 2,1*08 2,029 3,039

2,335 2,218 2,308 2,31*5 2,1*55 2,512 2,1*1*8 2,1*65

\'ML 2,721 2,51(6 2,558

1,395 2,866 1,518 1,30k 1,517 1,100 1,226 3,1(58 1,338 1,371 2,023 1,2U7 1,607

i:S 1 , 6 1 0 1 , 5 9 0 1,681* 1,679 1,708

1:1 2,021 1,861 1,895

1,363 670 108 668 1*90 698 661 755 721* 771 771* 833

1,508 71*0 1*88 669 578 759 931* 938 385 700 782 685

1,432 663

1/ Nat new savings capital i s derived as the difference between new savings capital and withdrawals. TEe unadjusted net new savings capital series d i f f e r s tren the net change in savings capital series Aown in Exhibit K because of s t a t i s t i ca l discrepancies between the flow series from which the former i s derived and the balance sheet series from which the l a t t e r i s computed. The t o t a l s of the seasonally adjusted and unadjusted data for any 12-month period id 11 not necessarily be identical because of the nature of the adjustment procedure.

. Source .Federal Savings and Loan Insurance Corporation! seasonal adjustment by Federal Reserve,

Mutual Savings Banks 1/'

Date

New regular deposits (including interest

credited) Withdrawals of

regular deposits Net new

regular deposits Date

Unadjusted Seasons lly a (Ousted j Unadjusted Seasonally adjusted Unadjusted

Seasonally adjusted

(In millions of dollars)

June 1 , 1 0 1 July 1,053 August 818 September 950 October 1,021 November 859 December 1,081

- January 1,356. February- 71*5 March 1,111 April 1,059

. May 961 June 2/ 1,21*9

983 822 821 279 162 957 1,010 796 1*3 161 965 71*0 827 78 138 963 661 797 289 166 982 1,029 81*7 -8 135

1,011* 682 851 177 163 1,007 61*5 827 1*36 180 1,101 1,203 879 153 222

975 595 760 150 215 1,01*3 659 785 1*52 258 1,011 1,129 853 -70 : 158 1,085 775 857 186 228 1,112 838 835 1*11 277

1/ hegular deposits comprise 9 * per oeni at mutual savings banx deposits, but exclude Khrisimas and other o i u d , industrial (payroll)* and scteol saving# deposits. Net new deposits are derived as the difference between the new deposit and withdrawal series, the unadjusted net new deposit ssrlei differs from the net change In deposit series shorn In Exhibit 0 because of the exclusion of apeolal deposits, the totals of the seasonally adjusted and w

T

N E W S A V I N G S C A P I T A L A N D W I T H D R A W A L S S A V I N G S A N D L O A N A S S O C I A T I O N S


M U T U A L S A V I N G S B A N K S

N E W D E P O S I T S

6 - M O . M O V I N G A V E R A G E


P

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

1

1.

Exhibit A - Part I I

State and . Spread between Date Corporate U. S. Govt. local U. S, Govt, and Date Aaa 1 / long-term 2/ government Corporate State and Aaa 1 / long-term 2/

Aaa 3/ Aaa local Aaa (per cent)

1957 - High ii.lii (9/27) 3 . 7 6 (10/18) 3.1*5 (8/29) .60 .50 1958 - Low 3.55 (5/2) 3 . 0 7 (4/25) 2.64(5/1) . 22 .31 1959-60 - High U.61 (1/29/60) ll.i+2 (3/8/60) 3 . 6 5 (9/24/59) .59 ?5 1960-61 Low 14.21 (3/17/61 __ 3 . 7 0 (5/12/61) 2 . 9 9 (9/1/60) .19 .1*6 1961 - High U.l|6 (9/15) It.07 (12/29) 3.37 (7/6) .57 .76 1962 - High U.U3 (2/16) U.12 (2/23) 3.26 ( 1 A ) .U7 1.08

Low U-27 ( 5 / 2 5 ) 3.85 (5/11) 2 .92 (5/3) . 29 .80

June 29 I4.29 3.95 3.08 ,3k .87 July 6 li.32 - 3.99 3.09 .33 .90 July 13 L3U U.03 3.09 .31 .9U / July 20 L33 1.03 3.09 .30 .9U July 27 / i t .35/ U. 02 3.11 . .33 .91

Note: For footnotes see Exhibit B.

C 0 KPOIAIE Ae

r


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

C O S P 0 R A T E I

I i*\ J J I V I f S T A 1 1 A N D 1 0 C A I G O V f l N M f N I I

H 5 I960

Exhibi t B - Part I I

Date Corpoi-ate tiaa 1/ State and

local govt. Baa 3/

Spread between Aaa and Baa Date Corpoi-ate tiaa 1/

State and local govt.

Baa 3/ Corporate State and local govt. : (per cent)

1957 - High 5 .10 (11/20) 4 . 5 1 (8/29) 1.27 1.21 v. 1958 - Low l u i l 17/11) 3.6k (5/1) .77 .93 1959-60 - High 5 . 3 6 (2/12/60) k .L6 (1/7/60) .Qh 1.08 1960-61 Low U.98 (9/9/60) 3 . 9 3 (11/9/61) .66 .57 4 1961 - High 5 . 1 3 (10/27) i i .16 (3/23) .81 . 9 3 1962 - High 5.11 (1/5) U.ou ( 1 / 1 1 ) .7U .82 j

Low L98 (6/1) 3.52 (5/17) .63 .56

June 29 5.03 3.67 .7U .59 i July 6 ,5.ok 3.70 .72 .61 July 13 ' 5.05 3.70 .71 .61 : July 20 5.oU 3.72 .71 . 63 July 21 2/ 5.ok. 3.77 .69 .66

2/ Weekly average of dai ly f i gu re s . Average term of bonrls included in 23-26 years. 2 / Weekly average of dai ly f i gu re s . The ser ies includes bonds due or cal lable in 10 years or more. 3 / Thursday f igu res . Only general obligation bonds are included; average term is 20 years. Note.Highs and lows are f o r individual ser ies and may bo on d i f f e ren t dates fo r d i f f e ren t

s e r i e s . For spreads, high refers to widest, and low to narrowest. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

r E X H I B I T C ^ P o r l I

S H O R T - A N D I N T E R M E D I A T E - T E R M I N T E R E S T R A T E S , G O V E R N M E N T

M O N T H S I L L S

3 - S Y E A * I S S U E S

D I S C O U N T B A T E

O H I H l l l l S

i n . ] - ! I I l_.Lli . l-Lj LJ.L1 I. L.L..1. 1 11 I 1 LLLLLi 1.1 1. 1 9 5 # 1 9 S 9 1 9 6 0

Exhibit C - Part I I

i-ll i I i LLLLLl l . U l.l l. l 1 1 i l .

Date Discount

rate 1 /

Yields Spread between yields on 3-month b i l l s and yields on Date

Discount rate

1 / 3-month b i l l s 2/

6-month b i l l s 2/

3-5 year issues 2/

Spread between yields on 3-month b i l l s and yields on Date

Discount rate

1 / 3-month b i l l s 2/

6-month b i l l s 2/

3-5 year issues 2/ 6-mo. bi l ls(3-5 yr. issues

(per cent)

1957 - High 3.50 3.61* (Wis) It. Oil (10/18) .86 1958 - Low 1.75 . 5 8 (5 /29) 3.02 (12/26) 2.11* (6/6) .26 .01* 1959-60 - H l* .oo h.59 (l/e/60) 5.07 (1/8/60) 5 . 0 0 (12/24/59) . 7 9 1.61 1960-61 Low 3.00 2 . 1 1 (10 /28 /60) 2 . 3 5 (4 /28/61) 3 . 1 5 (5 /12/61) . 1 2 .38 1961 - High 3.00 2 . 6 6 (12/29) 2.90 (12/29) 3.86(8/11) .w* 1.51 1962 - High 3.00 2.97 (7/13) 3.13 (7/20) 3.88 (2/2) .21* 1.19

Low 3.00 2.65 (6/8) 2.7k (6/8) 3.1*3 U/6) .06 .71

June 29 3.00 1 2.81* 2.90 3.60 .06 .76 July 6 3.00 2.92 3.00 3.66 .08 .Ik July 13 3.00 : 2.97 3.09 3.71 .12 .71* July 20 3.00 2.95 3.13 3.73 .18 .78 July 27 p / .3.00 ; 2 .88/ 3.09 3.71 .21 .83

2 / Market y i e l d } weekly averages computed from-daily o los ing bid p r i o e s . Series of 3 -5 year i s sues cons i s t s of se lec ted notes and bonds.

Note*Highs and lows are f o r indiv idual s e r i e s and may be on d i f f e r e n t dates f o r d i f f e r e n t s e r i e s . For spreads, high refers to wides t , and low t o narrowest.


t o

S H O R T - A N D I N T E R M E D I A T E - T E R M I N T E R E S T R A T E S ,

B A N K S A N D O T H E R P R I V A T E B O R R O W E R S

F I N A N C E C O M P A N Y P A P E R

P R I M E K A T E

ill kxhibit D - Part I I

Date Stock Exchange ca l l loan 1/ Prime rate 1/

Finance company paper 2/

Federal funds 3/

Spread between 3-mo. b i l l s and finance Co. oaoer

(per cent)

1957 - High U.50 U.50 3 . 8 8 (11/15) 3 .50 (11/8) .63 1958 - Low 3.50 3.50 1.13 (8/8) .13 (5 /29) -.35 1959-60 - High 5.50 5.00 . 5 . 1 3 (1/22/60) U.00 (5/13/60) 1.02 1960-61 Low It. 50 U.50 2 .50 (8/5/61) ,U3 (1/27/61) .11 1961 - High U.50 U.50 3 .00 (12/29) 2 . 8 8 (12/29) .56 1962 - High U.50 U.50 3.25 (7/20) 2.95 (7/20) .Ui

Low u.50 U.50 2 .88 (6/1) 1.30 (1/26) .19

June 29 U.50 U.5o 3.11 2.95 .27 July 6_ U.5o U.5o 3.17 2.81 .31 July 13 U.5o U.5o 3.25 2.70 .28 July 20 U.5o U.5o 3.25 2.95 .30 July 27 / U.5o U.5o 3.16 2.35 .28

1/ Weekly r a t e shown i s tha t in e f f e c t a t end of period. Stock Exchange c a l l loan rate i s going rata on c a l l loans secured by customers1 stock exchange co l l a t e ra l a t New York City banks. Prime rate i s tha t charged by large banks on short-term loans to business borrowers of the highest credi t standing.

2 / Average of da i ly ra tes published by finance companies fo r d i rec t ly placed paper for varying maturi t ies in the 90-179 day range.

3 / Weekly average of dai ly e f f ec t ive r a t e , which i s the rate f o r the heaviest volume of purchase and sa le t ransact ions as reported to the Federal Reserve Bank of New York.

Note.Highs and lows are fo r individual s e r i e s and may be on d i f f e r e n t dates for d i f f e ren t se r i e s . For spreads, high r e f e r s to widest , and low to narrowest.


S T O C K M A R K E T

St 00.

n 1 o l D o 11 a r i

. y CK M A R I U T ( R E D

N G E I N S E R I E S

Exhibit ti - Part I I

Date Stock pr ice

index 1/

Common stock

yie lds 2/ (per cent)

Trading volume 3/

(millions of shares)

Stock market customer credi t

Total Customers 1 debit bal-ances k/

Bank loans to

"others" 5 / (In millions of dol lars)

1960-61 - High 72.Ob (12/8/61) 2.82 5.8 5 ,602 ( 1 2 / 6 # , 2 5 9 (12/61) 1 . 3 7 7 (8/30/61) Low 53.32 (10/21/60) 3.62 2.2 L 1 I 2 (5/60) 3 , 0 0 b (7/60) 1 , 1 2 1 (5/25/60)

1962 - High 70.9L (3/16) 2.93 10.1 5,1*91(It) 1,111 (1) 1 , W (5/9) Low $2.68 (6/22) 3.96 2.8 4,938 (6) 3,605 (6) 1,311 (7/11)

May 62.99 3.32 5.0 5,Uo8 1,000 1,1*08 55.63 3.78 ii.8 1,938 3,605 1,333

July 13 57.83 3.61 k.6 n .a . 1,311 July 20 56.81 3.67 3.2 n . a . 1,319 July 27 2/ 57.20 3.65 2.6 n.a . n .a . n .a .

n.a .-Not avai lable . Preliminary, Standard and Poor's composite index of 500 common stocks, weekly closing priooa, 1941-43=10. Monthly data are averages of dai ly f igures ra ther than of Friday's only. Highs and lows are fo r Fr iday 's data only.

7 j Standard and Poor's composite stock yield based on Wednesday data converted to weekly closing prices by Federal Reserve. Yields shown are f o r dates on which price index reached i t s high or low.

3/ Averages of dai ly trading volume on the New York Stock Exchange. 4/ End of month f igures fo r member firms of the New York Stock Exchange which carry margin accounts),

excludes balances secured by U. S. Government obl igat ions. 5/ Wednesday f igures f o r weekly reporting member banks. Excludes loans f o r purchasing or carrying

U. S, Government secur i t i e s . Pr ior t o July 1, 1959, such loans are excluded only a t banks in New York and Chicago. Weekly reporting banks account f o r about 70 per cent of loans to others . For f u r t h e r d e t a i l see Bul le t in .


%

Million i ,ol dollon " .?

Exhibit 0 H.14

Yields on New Corporate Bond Issues Adjusted to an Aaa Basis

&

Number Amount

of issues Average yield (per cent)

Number Amount

of issues Average of issues included

Average yield (per cent)

of issues included yield included (millions

Average yield (per cent) included (millions

(per cent) of dollars)

Average yield (per cent) of dollars)

(per cent)

Monthly averages 1962 - January 4 130.0 14.1*5 June 15 4 67.0 4.12

February 5 39U.5 l*.5o 22 3 145.0 4.11 March 6 21*0.0 4.23 29 1 24.0 4.19 April 7 299.0 U -17 July 6 Hay 7 11*8.0 4.09 13 1 50.0 4.45* June 12 368.0 4.15 20 3 46.0 4.26 July 27 1 20,0 4.33* August August 3 September 10 October 17 November 24 December 31

Weekly averages; September 7

Weekly averages; 14 1962 - January 5 21

12 1 60.0 4.5o 28 19 October 5 26 3 70.0 Ll*o 12

February 2 19 9 2 19.5 l*.l*o 26

16 1 300.0 4.52* November 2 23 1 50.0 4.5o 9

March 2 1 25.0 4.37 16 9 1 30.0 4.29 23

16 1 65.0 4.23 30 23. 2 60.0 4.21 December 7

- 30 2 85.0 4.22 14 April 6 2 98.0 4 .21 21

13 2 26.0 4.12 28 20 2 100.0 4.17* 27

May 4 2 115.0 4.14 11 2 28.0 4.21* 18 2 4l.O 4.02 25 2 39.0 4.07

June 1 8

1 3

17.0 115.0

4.06 4.24*

and A by Moody's Investors Service (except ser ia l , equipment trust and convertible issues, offerings of natural gas pipeline and foreign companies, and issues guaranteed by the Federal Government) weighted by size of issues. Yields on Aa- and A-rated bonds are f i r s t adjusted to an Aaa basis, using the comparable spreads in yields on seasoned b"onds (Moody's averages). Averages ref lect changes in industrial composition, type, maturity, and cal l previsions of new offerings. Weekly averages considered unusually unreliable ' as indicators of interest rates on new issues because of the small number or special characteristics of offerings included etc. are marked with an asterisk. Source* weekly data, Federal Reserve; monthly data, First National City Bank of liew.Yortc. Digitized for FRASER

http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Exhibit H

Long-term Corporate and Sta te and Local Government Security Offerings and Placements

(In mill ions of dol lars)

New capi ta l Corporate 1/ State and loca l 2/

1962 1 1961 1 I960 1962 1 1961 1 1960

January February March

592 859 807

580 667 562

570 715 860

V 81.3

! / ' 3 f 761*

700 611 568

Apri l May

1,120 p / 767

e/1,000

2,118 1,259 1,318

761

, . K

e/850 e/800 2/700

723 6ia

1 ,031* 51*5 991

July August September

5/6OO 1,028 762 6h7

IS 726

e/600 1*85 601* 731*

1*92 6 0 6 683

October November December

1,090 948

1,000

890 956 852

678 789 606

31*8 501 1*91

1st quar ter 2nd quarter 3rd quarter hth quarter

2,258 e/2,887

1,809 1,695 2,137 3,038

2,11*5 2,382 2,1*28 2,698

e/2,539 e/2,350

2,166 2,397 1,823 2,073

1,880 2,256 1,780 1,31*0

1s t half Three quar ters Year

e/5,lU5 6,5ol* 8,914

11,979

3/4,889 1*,563 6 , 3 8 6 8,1*60

1*,136 5,916 7,257

Excluding f inance companies 3/

1st quar ter 2nd quarter 3rd quarter hth quarter

2,199 e/2,787

1,551* k,552 2,337 2,807

1,716 2,145 2,018 2,31*7

Year

/ 4 n e 4* * i1

11,253 8,21*6

1 / Secur i t i es and Exchange Commission estimates of net proceeds. 2 / Investment Bankers Association of America estimates of pr inc ipa l amounts. 2 / Total new cap i t a l issues excluding o f fe r ings of s a l e s and consumer finance

companies.


-H.Ik

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

Quarter or

month

Gross proceeds fo r n< capital and refundinj i V

Net proceeds f o r ^ new capital 1 / 2 / Quarter

or month

Total

Bonds Common and pfd.

stock Mfg.

Public u t i l i t y

Communi-cations

Other issuers

Quarter or

month Total Publicly

offered Privately offered

Common and pfd.

stock Mfg.

Public u t i l i t y

Communi-cations

Other issuers

I960 - I 2,265 93k 795 536 298 598 189 1,059 I I 2,537 1,07k 770 692 511 808 lk9 913 H I 2,520 1,336 75k 1*29 562 652 317 896 IV 2,832 1,1*62 955 . 1*16 625 696 381 997

1961 - I 1,992 662 880 1*1*9 515 381 81 832 I I 5,352 2,303 1,275 1,771* 1,1*66 1,081 1,095 1,052 I I I 2,566 772 1,139 651* 595 595 10k 803 17 3,236 967 1,1*21* 81*5 836 836 lk7 1,263

1962 - I 2,378 1,155 716 507 655 k30 k56 717 l i e / 3,081 1,379 1,060 61*1 991* 959 209 736 H I IV

1961 - Jan. 601 178 29l* 129 169 137 21 253 Feb. 695 273 255 167 99 160 kl 368 Mar. | 696 211 331 15k 21*8 8k 19 211 Apr. 2,231 713 3U8 1,170 57k 25k 99k 297 May l,3k2 666 355 320 kk7 k39 85 289 June 1,779 921* 572 283 kk6 389 16 k67 July 1,075 k2k 392 259 k28 369 16 315 Aug. 813 225 1*11 177 255 215 13 279 Sept. 678 123 336 218 252 111 75 209 Oct. 1,155 336 509 310 271 306 25 k87 Nov. 987 klk 31*8 225_ 215 362 80 291 Dec. 1,091 217 567 310 306 168 1*2 k85

1962 - Jan. 61*7 273 232 1k3 205 89 73 225 Feb. 881* 1*97 232 155 131 lk8 362 218 Mar. 8U7 386 253 209 318 193 21 275 Apr. 1,222 652 238 332 378 376 86 280 May 2 / 809 21*7 1*22 139 276 203 63 226 June e/ 1,050 1*80 1*00 170 330 380 60 230 July

230

Aug. Sept. Oct. Nov. Dec.

__ . , Gross proceeds exceed net proceeds by the cost of f l o t a t i on . 2/ For t o t a l see Exhibit H; other issuers are extractive, ra i l road and other transportation, rea l es ta te and finance and commercial and other. Source. Securities and Exchange Commission.


H.1U Exhibit J It

Other Security Offerings (In mill ions of dol lars)

Foreign government 2/ Gross long-term 1/

1962 1961 I960 w Federal agency 3/

1961 | W

January 1U2 6 2 2U6 182 February 10 29 175 156 150 March 35 20 70 252 150 April 10 2 3k U6l 100 1U8 May e/86 66 72 sZ "" 1U9 35U June e/30 29 ho e / 278 July

e/30 5 25

August 2 l 250 199 September 36 193 October U3" 3k 160 November 3k 2 225 lh9 December - - kl 181

Year 236 533 I , k k 8 1,672

Jan.-June e/313- 152 393 e/863 779 98k

Net short-term k/ State and Local government 5/ Federal agency 3/

January 18 160 58 2k7 - lkk -196 February k66 195 iko -156 - 1 6 2 -202 March -186 - 8 80 2 2 6 -17k -59 Apri l 127 -103 70 -36k -79 -277 May 2/ -216 -k2 -1U6 82 -87 170

-155 -157 fi/316 207 320 July 109 Ii8

fi/316 22 95

August 518 kl5 193 23 September -86 -175 108 - 2 0 1 October - 6 -16 98 -23 November 51* 50 56 -33 December -116 -189 - I l k -250

Year 520 18 -76 -633

Jan. -June k7 -115 2/351 -U39 -2 kh

7 Preliminary. e / Estimated by Federal Reserve. n.a.Not ava i lab le . 1 / These data d i f f e r from those in Exhibit H in tha t refunding i s sues , as v e i l as

new cap i t a l issues, are included. Long-term secu r i t i e s are defined as those maturing in more than one year .

2/ Includes secu r i t i e s offered in the United States by foreign governments and t h e i r p o l i t i c a l subdivisions and in ternat ional organizat ions. Source: Securi t ies and Exchange Commission

2 / Issues not -guaranteed by the U. S Government. Source: long-term, Secur i t ies and Exchange Commission; short- term, Treasury Department and Federal Reserve.

k / These data d i f f e r from those in Exhibit H and above in t h a t they represent new of fe r ings l e s s re t i rements , whether from the proceeds of refunding issues or from

, . other funds. Data include only issues with or iginal maturity of one year or l e s s . 5 / Pr inc ipa l ly tax and bond an t ic ipa t ion notes, warrants or c e r t i f i c a t e s and Public

Housing Authority notes. In some instances PHA notes included may have a some-what longer than one year. Source: Bond Buyer and Federal Reserve.


' *

Exhibit K fl.lU

Large Long-term Public Security Issues f o r New Capital (Other than U. S. Treasury) 1/

Proceeds of Large Issues Offered

(In mil l ions of do l la rs )

Month Corporate State

and local

government

Other i /

Month Total Bonds

(other than convertibles)

Convertible bonds Stocks

State and

local government

Other i /

I96I - June 532 1*35 __ 97 616 151 July- 475 285 75 115 179 August 185 165 20 281 100 September 168 78 33 58 -435 73 October 354 205 67 81 326 4o November 391 320 26 45 480 250 December 255 125 130 307

1962 - January 195 170 25 561 , 145 February i|25 125 662 64 March 366 330 15 21 259 30 Apri l 61*8 430 51 167 423 55 May 200 170 30 373 88 June 505 387 118 226 30

Large Individual Issues Offered July 1 through 27

Amount . Coupon Issuer Type 3/ (millions of Maturity

ra te or net i n t e r -

Offering yield Rating

dol lars) es t cost

Offering yield

CORPORATE

New England Tel. & Tel. Co. Baltimore Gas & Elec. Co. At lant ic City Elec. Co. Virginia Elec. & Power Co. Cincinnati&Sub. Bell Tel. Co

STATE AND LOCAL GOVERNMENT

Memphiss Tenn. Los Angeles Sch. D i s t . , Cal. Greater Peoria Sanitary &

Sewage Disp. D i s t . , 111. Tarrant Co. Water Control &

Imp. Dist . No. 1, Texas Florida Development Comm. Orlando U t i l i t i e s Comm.,

Florida State of Michigan New Jersey Highway Auth, Milwaukee Co., Wise.

Deb. 5G.0 2002 lst&ref .mtg.bdf25>0 1992 Deb. 15.0 1992 Pfd. s t k . 30.0 Deb. 20o0 2002

G.O. 23.0 1963-92 G.O. 21.0 1963-87

G.O. 20.0 1967-82

G.O. 13.5 1964-2001 Rev.-Rent. 25.0 1965-90

Rev.-Ut. llt.O 1965-92 Rev.-S.T. 25.0 / 1963-87 Rev.-Ut. 4 0 . 0 ^ 1997

G.O. 13.6 1963-82

4-1/2 4.45 Aaa 4.30 Aaa 4.40 Aa

4-3/8 4.33 Aaa

3.16 3.24

1.65-3.4CMU 1.653.80 Aa

3.06 2.25-3.20^/Aa

3.54 4.17

1 . 9 0 - 3 . 6 ( 6 4 2.50-4.15

3.47 3.56

2.84

2.00-3.50l/Aa 1 . 7 5 - 3 . 7 5 % 4.25 1.60-3.10 Aaa


K-2 H . l i i

Large Individual Issues Offered July 1 through 27

Amount Coupon Issuer Type 3/ (millions of

dollars) Maturity net i n t e r -

es t cost

Offering y ie ld Rating

Dallas s Texas New York City9 N, Y. State of Louisiana Maryland State Roads Comm.

OTKSR

Kingdom of Norway

Re Vo-Uto G.0-

Rev0-ST0 Rev0-Ute

12 oil 103 o 7

20,0 I5o0

1963=82 1963-92 1965-87

1963-77

Bonds 25.0 1977

3.0k 3.03

L27 3.19

5 1/2

1.60-3.25 1.75-3.70

2.75-L.25 1.703e16

5.85

Aa

-aRights offeringe ^ 1/ Includes corporate and other securi ty o f fe r ings of $15 million and overg

Sta te and local government of fer ings of $10 million and over, 2 j Includes foreign government and Internat ional Bank f o r Reconstruction and

Development issues and non-guaranteed issues by Federal agencies 3/ In the case nf State and local government secur i t i e s 3 G.O. denotes general

obl igat ionsj Rev,-Ut0 s revenue obligations secured only by income from public u t i l i t i e s ) Rev.-QUto, revenue bonds secured only by revenue from quas i -u t i l i t i e s5 Rev0-ST9 revenue bonds secured by revenue from spec i f i c taxes only: Rev0-Rent0j, revenue bonds secured solely by lease payments0

]^J 1/10 per cent bonds maturing 1989-90 not r eo f fe red j 1/10 per cent bonds ^ maturing 1991-92 reoffered to yield L.50 per cent . 5 / Bonds maturing I96I+-66 not reoffe i tid0

Bonds maturing 1996-2001 not reof fered . 7/ 2 per cent bonds maturing 1992 not reoffered , 5 / 1 per cent bonds maturing 1987 not reof fe red . 9 / Pr ivate ly placed.


Exhibit L H.lUi

Forthcoming Large Long-term Public Security Offerings for New Capital (Other than U. S. Treasury) 1/

Expected Proceeds from Forthcoming Large Issues

Date of During month following

date shown Subsequent to date shown

computation Corporate State and local govt. Other 2/ Corporate State and local govt. Other 2/

1961 - June 30 July 31 Aug. 31 Sept. 29 Oct. 31 Novo 30 Dec. 29

1962 - Jan. 31 Feb. 28 Mar, 30 Apr. 30 May 31 June 29

5 2 1 170 175 358 3U6 356 161 U80 222 628 185 587 120

195 U06 399 251 597 295 223 U65 153 U53 333 18U 202

73 35

6U

II

666 255 2U0 50U l a i h21

31a 693 598 692 U58

291 537 530 U5U 693 U98

% 239 g -337 377

73 35

6U

95 55 25

Forthcoming Large Offerings, as of July 27

Type Amount

(millions of dollars)

Approximate date of offering

CORPORATE Houston Lighting & Power Co. The Belt Railway'Co. of Chicago Southwestern Bell Tel. Co.

*Ekco Products Co. New York State Electric & Gas Corp, Public Service Elec. & Gas Co. Massachusetts Electric Co. Southern Calif . Edison Co. Air Reduction Co., Inc. Pacific Northwest Bell Tel. Co. Commerce Oil Refining Corp. Columbia Bancorporation

STATE AND LOCAL GOVERNMENT

San Diego Unif. Sch. Dis t . , Cal i f . S t . Louis, Missouri

*Fort Worth, Texas San Antonio, Texas Penna. General State Auth. Oklahoma City, Okla

^Public Housing Auth,

1st mtg. bdSo 1st mtg. bds.

Deb. Deb.

S.F. deb. 1st & r e f . mtg. bds,

1st mtg. bds. 1st & r e f . mtg. bds, Coav, sub. deb.

Deb. Deb., bds. & com. Conv. sub. deb.

G.O. Rev.-Q.Ut.

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

G.O. G.O.

25.0 37.3

100.0 15.0 15.0 UO.O 60.0 50.0 3U.5 50.0 1*5.0 30.0

Hi. 8 10.0 10.1 20.0 30.0 10.2

106.2

July 31 Aug. 3 Aug. 8 Aug. 8 Aug. 15 Aug. 22 Aug. 28 Aug. 29 Aug. 29 Sept. 12 Indefini te Indefini te

July 31 Aug. 1 Aug. 7 Aug, 8 Aug. Ih Aug. Ik Aug. 22


L-2 H o l U

Forthcoming Large Offerings, as of July 27 (Cont'd)

Type Amount

(millions of dol lars)

Approximate date of offer ing

STATE AND LOCAL GOVERNMENT (Cont'd)

Los Angeles Dept. of Wtr. and Pwr., Cal ifornia R e v o - U t o 33.3 Aug. 29

De Kalb Co., Georgia G.Oo lU.o Indef in i t e Pit tsburgh, Penna. 0.0. 3 5 o O Indef in i t e Jef ferson County, Colorado G.Oo 19.2 Indef in i te Dade County, Florida G.O. U60 Indef in i te Jacksonville Expressway Auth., F la . Rev.-Ut. liO.O Indef in i te i

OTHER

None

1/ Includes corporate and other issues of $15 million and over; State and local government issues of $10 mill ion and over. Includes foreign government and International Bank for Reconstruction and Development issues and non-guaranteed issues by Federal agencies.

Note.Deletions for reasons other than sale of issue: Nonec


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