Full text of H.16 Capital Market Developments : January 12, 1976
The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
Capital Market Developments January 12, 1976 Prepared oy the CAPITAL MARKETS SECTION in conjunction with the MORTGAGE, AGRICULTURAL, and CONSUMER FINANCE SECTION DIVISION O F RESEARCH AND STATISTICS BOARD OF GOVERNORS F E D E R A L RESERVE SYSTEM Washington, D C. 20551 /I Index SUBSCRIPTION RATES: Weekly $15.00 per year or $.40 each in the United States, its possessions, Canada, and Mexico; 10 or more of the same issue to one address, $13.50 per year or $.35 each. Elsewhere, $20.00 per year or $.50 each. Address requests to Publications Services, Division of Administrative Services, and make payment remittance payable to the order of the Board of Governors of the Federal Reserve System in a form collectible at par in U.S. Currency. TABLES 1 - 6 S E C U R I T Y VOLUME AND Y I E L D S 7, 8 S T O C K MARKET AND S E C U R I T Y CREDIT 9 - 1 6 MORTGAGE MARKET SYMBOLS e p r n.a. — ESTIMATE PRELIMINARY REVISED NOT AVAILABLE DATA DO NOT EXIST 3 Table 1 YIELDS, VOLUME AND RECEPTION CORPORATE B O N D MARKET YIELDS WEEK ENDING 1975 - Nov. Dec. 1976 - Jan. NEW ISSUE 1 A a a UTILITY 7 14 21 28 9.10 9.11 9.40 5 12 19 26 9.46 9.37 9.24 — — 2 9 VOLUME RECENTLY OFFERED A a a UTILITY 3 GROSS OFFERINGS ( $ MILLIONS) PER CENT S O L D BY E N D OF WEEK NEW ISSUES 4 IN S Y N D I C A T E ( $ MILLIONS) 9.24 9.24 9.30 9.25 . 280 700 587 100 94 96 67 85 48 172 268 135 9.34 9.25 9.19 9.13 425 727 560 88 91 100 105 84 0 — — • * ee mm 9.10 8.98p 8.85p 2 365 100 — WW 0 MUNICIPAL B O N D MARKET YIELDS WEEK ENDING MOODY'S NEW ISSUE Aaa VOLUME BOND BUYER 2Q-BOND INDEX 3 GROSS OFFERINGS ( $ MILLIONS) PER CENT S O L D BY E N D O F WEEK NEW I S S U E S 4 IN S Y N D I C A T E ( $ MILLIONS) 1975 - Nov. 7 14 21 28 6.74 6.62 6.59 6.59 7.52 7.43 7.39 7.39 471 372 752 657 78 89 78 92 194 122 214 163 Dec. 5 12 19 26 6.52 6.53 6.49 6.49 7.31 7.34 7.30 7.30 420 358 601 56 89 82 82 84 110 121 123 97 1976 - Jan. 2 9 6.45 6.25 7.29 7.13 6 277 44 92 63 34 NOTES: 1 Federal Reserve series of implied yield on newly issued, Aaa-rated utility bond with 5-year call protection. 2 Federal Reserve series of implied free-market yield on competitively bid Aaa-rated utility bond with 5-year cell protection, released from price restrictions sometime during the last four weeks. 3 Estimated by F.R. on the bests of available data. 4 Corporate Market: Salomon Brothers Bond Market Roundup; Municipal Market: Weekly Bond Buyer. Data are adjusted by Federal Reserve when necessary to make coverage of this series consistent with the gross offerings series. Table 2 HIGH GRADE BOND YIELDS NEW I S S U E A a a UTILITY DATE 1 RECENTLY OFFERED A a a UTILITY 2 MOODY'S SEASONED CORPORATE A a a 3 U S . GOVT. 2 0 - Y E A R * C O N S T A N T MATURITY B O N D BUYER 2 D - B O N D INDEX 1971 - High Low 8.26 (7/30) 7.02 (2/5) 8.23 (1/1) 7.17 (12/31) 7.71 (8/21) 7.06 (2/12) 6.51 (6/18) 5.69 (3/23) 6/23 (6/23) 4.97 (10/21) 1972 - High Low 7.60 (4/21) 6.99 (11/24) 7.49 (4/21) 7.15 (12/1) 7.36 (4/28) 7.05 (2/12) 6.19 (4/14) 5.74 (11/17) 6.54 (4/13) 4.96 (10/21) 1973 - High Low 8.52 (8/10) 7.29 ( l / 2 i r - 8.32 (8/10) 7.28 (1/5) 7.77 (8/24) 7.11 (1/5) 7.79 (8/10) 6.42 (1/5) 5.59 (8/3) 4.99 (10/11) 1974 - High Low 10.61 (10/4) 8.05 (2/15) 10.52 (10/11) 8.13 (1/4) 9.39 (10/11) 7.73 (1/4) 8.68 (8/30) 7.39 (1/4) 7.15 (12/12) 5.16 (2/7) 1975 - High Low 9.80 (5/2) 8.89 (2/7) 9.71 (5/25) 9.06 (2/28) 9.01 (5/2) 8.57 (2/28) 8.63 (9/19) 7.63 (2/21) 7.67 (10/3) 6.27 (2/13) 9.46 9.37 9.24r 9.34 9.25 9.19 9.13 8.83 8.86 8.81r 8.72 8.34 8.37r 8.29 8.12 7.31 7.34 7.30 9.10 8.98p 8.66 8.63p 8.04 8.01p 7.29 7.13 1975 - Dec. 5 12 19 26 1976 - Jan. 2 9 — —— 8.85p NOTES: 1 Federal Reserve series of implied yield on newly issued, Aaa-rated utility bond with 5-year call protection. 2 Federal Reserve series of implied free-market yield on competitively bid Aaa-rated utility bond with 5-year call protection released from price restrictions sometime during the last 4 weeks. 3 Weekly average of daily closing figures. 4 Weekly average of daily figures. U.S. Treasury data. 5 Thursday figures. The average rating of the 20 bonds used in this index falls midway between the four top groups as classified by Moody's Investors Service. Weekly Bond Buyer data. 5 LONG-TERM CORPORATE AND STATE AND LOCAL GOVERNMENT SECURITY OFFERINGS AND PLACEMENTS IN MILLIONS OF DOLLARS PERIOD GROSS PROCEEDS 1l CORPORATE 1975 1 1974 1 1973 January February March 5,364 4,528 5,378 3,328 2,687 3,217 2,327 1,962 3,933 April May June 4,293 5,628 5,618 3,060 3,164 2,981 July August September 4,388 2,399 2,830 October November December 4,573 01 02 Q3 04 1st Half 3 Qtrs. Year 30,809 40,426 1974 1 1973 1,977 1,515 2,467 2,497 2*543 3,578 2,406 2,900 3,064 2,397 2,304 2,166 1,826 1,939 2,152 3,248 2,667 1,617 2,631 1,806 1,915 3,580 2,7-83 2,159 1,459 1,106 1,701 2,028 1,657 1,750 4,609 3,398 3,563 3,238 2,269 2,331 2,860 2,483 1,479 2,313 2,257 2,089 8,222 8,618 6,352 10,199 6,883 8,370 6,283 6,867 4,266 6,822 5,959 5,917 5,435 6,659 13,150 17,416 24,238 11,876 17,311 23,970 9,232 9,205 7,532 11,859 18,437 25,969 37,828 16,840 23,192 33,391 1 Securities and Exchange Commission estimates of gross proceeds. 2 Securities Industry Association estimates of principal amounts. Includes Municipal Assistance Corporation bonds. 1 2,255 2,003 2,025 2,361 , NOTES: 3 STATE AND LOCAL 2,387 2,135 3,739 3,511 15,270 15,539 a , 617 1975 8,522 Table 4 NEW CORPORATE SECURITY ISSUES BY TYPE OF ISSUE AND ISSUER IN MILLIONS OF DOLLARS GROSS PROCEEDS BY TYPE OF ISSUER GROSS PROCEEDS BY TYPE OF ISSUE PERIOD 1974 - IV 1975 - I II III MEMO COMMON MANUFACAND ISSUES INCLUDED PRIVATELY PRCCCODCn TURING PLACED FOREIGN [CONVERTIBLE STOCK BONDS TOTAL 11,859 15, 270 15, 539 9, 617 PUBLICLY OFFERED 8,611 1, 571 1,677 374 PUBLIC UTILITY COMMUNICATIONS OTHER ISSUERS 76 4,079 3,702 743 3,337 4,732 4,405 3,322 1,,380 1,,338 679 3,105 3,423 3,036 10,829 10,510 5,428 2 333 1, 588 2 133 2,108 3,581 2,056 1 ,255 1 ,035 1 ,225 1 656 463 6,055 6,513 2,580 76 728 1,699 1,652 2,109 964 629 475 93 175 1,297 985 1,055 1974 - Oct. Nov. Dec. 4,,609 3,,739 * 3,,511 3,423 3,016 2,172 355 330 886 831 393 453 175 199 1975 - Jan. Feb. Mar. 5,,364 4,,528 5,,378 3,657 3,201 3,971 1 ;,134 705 510 573 622 897 470 610 175 —— 1,904 1,675 2,479 1,271 1,957 1,507 938 127 317 1,252 771 1,076 Apr. MayJune 4,,293 5,,628 5,,618 2,771 3,796 3,943 422 502 670 1,100 1,330 1,005 135 475 425 130 315 211 1,731 2,480 2,318 1,380 1,549 1,478 415 413 362 766 1,188 1,459 July Aug. Sept. 4,,388 2,,399 2 ,830 2,658 1,356 1,414 1 ,073 480 580 657 563 836 925 425 —— —— 300 38 1,180 711 689 1,037 1,024 1,261 270 112 297 1,901 551 584 Oct. 4 ,573 2,389 637 1,547 102 61 873 1,226 926 1,548 — NOTES: 1 Other Issuers are extractive, railroad and other transportation, reel estate and finance, and commercial and other. Source: Securities and Exchange Commission. — 1 1 T a b l e 5A INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY 1 January 2, thru January ISSUER TYPE AMOUNT (MILLIONS OF DOLLARS) 9, 1976 MATURITY COUPON RATE OFFERING YIELD MOODY'S RATING 11.25 8.13 8.85 6.00-8.00 10.13 9.38 Ba/BB A A A A Aa/A CORPORATE ITT Financial Corp. S t a u f f e r Chemical Co. S t a u f f e r Chemical Co. Norfolk & Western Ry Southland Fin. Corp. New York State E l e c t . & Gas Corp. Indianapolis Power & Light Cincinnati Gas & E l e c t . Co. Notes Notes Debt Equip tr Notes 1st mtge Com stk Pfd stk 30.0 75.0 125.0 15.0 35.0 75.0 43.8 45.0 Other E l e c t r i c i t e de France Asian Development Bank Notes Notes 75.0 100.0 1986 1986 2001 1976-1990 1986 2006 — 1983 1980 NOTES: • 1 Rights offering. Includes only corporate and other security offerings of $15 million and over; excludes options, exchanges, and secondary offerings. 11.25 8.13 8.85 8.00 10.13 9.38 — — 9.52 9.52 Aa/A 8.88 8.50 8.88 8.56 Aaa Aaa Table 5 8 INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY 1 January 2, thru January 9, 1976 AMOUNT (MILLIONS O f DOLLARS) NET INTEREST COST OFFERING YIELD MOODY'S RATING 6.24 4.24 6.17 5.46 9.99 5.70 4.00-6.95 3.75 4.00-6.90 3.75-6.85 6.75-9.85 3.80-6.00 A—1 MIG 1 A-l Aa A Aa STATE AND LOCAL Pennsylvania, State of Ohio Water Development Garland, Texas Garland, Texas Ramapo, N.Y. New Jersey, State of G.O. Rev Rev G.O. G.O. G.O. 100.0 50.0 7.6 4.6 14.9 50.0 1977-1995 1978 1977-1997 1978-1996 1976-2006 1977-1991 NOTES: 1 Includes only state and local security offerings of $10 million and over; excludes secondary offerings. 2 In case of State and local government securities, G O denotes general obligation; 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. 3 Includes foreign government and International Bank for Reconstruction end Development issues end non-guaranteed issues by Federal Agencies. FORTHCOMING INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY as of January ISSUER 1 9, 1976 TYPE AMOUNT (IN MILLIONS OF DOLLARS) APPROXIMATE DATE OF OFFERING CORPORATE Chesapeake & Ohio Ry Northern Natural Gas Middle South U t i l i t i e s *Time Inc. Oklahoma Gas & E l e c t r i c Associates Corp. of North America Associates Corp. of North America *Texas Power & Light Co. Southern Ry Co. Texas Power & Light Central I l l i n o i s Light Santa Fe International Corp. * P a c i f i c Power & Light Greyhound Corp. Hackensack Water Co. Puget Sound Pwr. & Lgt. Co. *Union P a c i f i c Ry *Kansas Nebraska Natural Gas *Gulf States U t i l i t i e s Co. *Gulf States U t i l i t i e s Co. *United Gas Pipe Line Co. Household Finance Corp. Household Finance Corp. *Deere & Co. Indianapolis Water Co. * S o v t C a r o l i n a Elect. & Gas *South Carolina Elect. & Gas Consumer Power *Kansas Power & Light Co. *General Tele, of Northwest Equip tr 1st mtge Com stk Notes 1 s t mtge Notes Debt Pfd stk Equip tr 1st mtge Com stk Conv debt 1st mtge SF debt 1st mtge Pfd stk Equip tr SF debt 1st mtge Com stk Debt Debt Debt Conv debt 1st mtge 1st mtge Com stk Com stk Pfd stk Pfd stk 15.0 125.0 108.0 50.0 55.0 50.0 50.0 30.0 17.4 100.0 16.0 30.0 75.0 100.0 20.0 20.0 19.5 20.0 60.0 50.0 40.0 75.0 75.0 100.0 18.0 35.0 21.0 40.0 20.0 20.0 January January January January January January January January January January January January January January January January January January January January January January January January January February February February February February Other Toronto, City -of ; Toronto, City of Manitoba Hydro Elect. Bd. *Newfoundland, The Province of *Kubota Ltd. Brazil Notes Debt Debt SF debt Debt Debt 20.0 60.0 100.0 50.0 50.0 50.0 January January January January January January NOTES: * Included in table for first time. 1 Includes only corporate and other security issues of $15 million and over; excludes exchanges, options 13 13 13 14 14 15 15 20 20 20 21 21 21 21 21 22 27 27 28 28 28 3 3 4 4 5 14 14 19 28 10 Table 6B FORTHCOMING INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY as of January 9, 1976 TYPE ISSUER 1 AMOUNT (IN MILLIONS OF DOLLARS) APPROXIMATE DATE OF OFFERING STATE & LOCAL California, State of Florida, State of Memphis, Tenn. California Dept. of Water Resources *Suffolk Co., N.Y. Anne Arundel Co., Md. Austin, Texas Oakland Comm. College D i s t . , Mich. * Allegheny Co., Pa. * I l l i n o i s , State of Ohio, State of *Salt River Agric. & Improv. D i s t . , Ariz. South Carolina, State of *University of Alabama *Florida, State of *Lafayette, La. *Jordan Sch. D i s t . , Utah *Antelope Valley East Kern Water Agy., C a l i f . *Howard Co., Md. ' *North Carolina, State of *Ventura Co. Pub. Fac. Corp., C a l i f . *Washington Sub. Sanitary D i s t . , Md. *Los Angeles Dept. Water & Power, Calif. *Rochester, Minn. *Maryland, State of 4c.o. Rev G.O. G.O. G.O. G.O. Rev G.O. G.O. G.O. G.O. 85.0 10.0 24.0 10.0 54.0 18.0 40.0 12.5 27.0 150.0 60.0 January January January January January January January January January January January 13 13 13 13 14 14 15 15 20 20 20 Rev G.O. Rev G.O. Rev G.O. 100.0 30.0 25.5 41.8 10.0 16.0 January January January January January January 21 21 27 27 27 27 G.O. G.O. G.O. G.O. 19.0 13.3 120.0 27.5 January 27 January 28 January 28 February 3 G.O. 57.0 Rev Rev G.O. 50.0 17.0 150.0 February February 4 February 10 February 11 NOTES: 1 Includes state and local government issues of $10 million and over, foreign government. International Bank for Reconstruction issues of Federally sponsored agencies; excludes secondary offerings. Included in the table for the first time. 4 Tabla 7 STOCK PRICES AND VOLUME 1 STOCK PRICES DATE NYSE INDEX 3 DJ INDUSTRIALS | AMEX 4 | 136.84 (1/11) 26. 0 (9/20) 89.12 (12/13) 9. 0 (8/20) AMEX | NASDAQ 24. 9 (1/3) 7. 5 (7/5) 4 . 4 (1/3) .9 (9/26) 7. 5 (1/3) 2,,8 (7/5) 88.00 (7/15) 60.70 (1/2) 35. 2 (2/13) 8. 7 (9/15) 4 . 2 (2/21) 1.1 (9/15) 8. 1 (2/13) 2. 5 (9/15) 83.21 84.13 83.38 83.07 82.79 75.50 76.96 77.63 78.62 76.99 13,.6 15,,3 16,.2 17,.2 15'. 3 1.5 1.5 1.5 1.6 1.5 4.,4 4,.6 5,.2 5,,0 4,.6 835 .80 853 .67 840,,76 860 .67 83.34 85.68 84.37 85.82 77.21 78.98 77.74 78.80 15 .0 19 .1 17,.2 15,.8 1.4 1.8 1.6 1.5 4 .9 5,,5 5,.3 4,.9 45.84 46.26 46.82 47.60 818 .80 832,.73 844,.38 859 .81 82.40 81.92 82.43 82.58 74.72 74.91 75.92 77.13 17 .1 14 .9 16 ,9r 13 .6 1.8 1.7 2.0 1.8 5 •q 5 .7r 4 .8 48.04 50.29 858 .71 911 .05 84.31 88.82 78.06 82.31 15 . 1 28 .9 2.4 2.7 5 .9 6. 7 1974 - High Low 53.37 (3/13) 32.89 (10/3) 891. 66 (3/13) 577. 60 (12/6) 102.01 (3/14) 58.26 (12/9) 96.53 (3/15) 54.87 (10/3) 1975 - High Low 51.24 (7/15) 37.16 (1/8) 881 81 (7/15) 632. 04 (1/2) 96.86 (7/15) 62.20 (1/2) 3 10 17 24 31 45.49 46.67 47.06 47.57 47.06 813 21 832.91 832,,18 840.52 836 .04 Nov. 7 14 21 28 47.24 48.16 47.38 48.24 Dec. 5 12 19 26 2 9 Jan. | 11. 3 (1/11) 3. 5 (8/27) 130.47 ( i / i i ) 85.26 (12/20) 65.48 (1/11) 49.12 (12/13) 1976 NYSE 5.5 (1/12) 1.4 (8/20) 1051. 50 ( i / i i ) 788. 31 (12/5) 1973 - High Low 1975 Oct. 2 TRADING VOLUME NASDAQ NOTES: 1 2 3 12/31/66 - 60 Baaed on ewer«fe price ehange until September 4, 1973 thweeftSf, 1baaed on markel lecessarity for Fridays. I I 1 4 Figures other than Mflha and lows are Frideys onhf. Highs and lows are for the yeei Volume figures are weetity averages of dilily figures (millions of sheres). P 12 Table 8 SECURITY CREDIT REGULATED MARGIN CREDIT EXTENDED BY END OF PERIOD B R O K E R S ON MARGIN STOCK 1 3 B R O K E R S ON % CONVERTIBLE BONDS BANKS UNREGULATED NONMARGIN STOCK CREDIT AT BANKS OUTSTANDING 1974 - Oct. Nov. Dec. 1975 - Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. 3,930 3,960 3,840 145 139 137 916 891 856 2,024 2,053 2,064 3,950 4,130 4,180 4,360 4,700 4,990 5,300 5,220 5,250 5,300 5,370 134 136 134 138 140 146 143r 142 145 144 848 830 844 824 819 n.a. n.a. 1,919 1,897 1,882 1,885 1,883 n.a. n.a. * CHANGE IN OUTSTANDING 1974 - Oct. Nov. Dec. -90 30 -90 -3 -6 -2 -8 -25 -35 -36 29 11 1975 - Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. 110 180 50 180 340 290 310 -80 30 50 70 -3 2 -2 4 2 6 -3r -1 3 -1 -8 -18 14 -20 -5 n.a. n.a. -145 -22 -15 -3 -2 n.a. n.a. . NOTES: 1 Margin account debt as reported by the New York Stock Exchange, excluding credit for subscription issues and convertible bonds. 2 New York Stock Exchange data. 3 June data for banks are universe totals; all other data for banks represent estimates for all commercial banks based on reports by a reporting sample, which accounted for 60 per cent of security credit outstanding at banks on June 30. 4 Nonmargin stocks are those not listed on a national securities exchange and not included on the Board of Governors of the Federal Resenm System's list of OTC margin stocks. At banks, loans to purchase or carry nonmargin stocks are unregulated; at brokers, such stocks have no 4 Table • SAVINGS FLOWS AT NONBANK THRIFT INSTITUTIONS IN MILLIONS OF DOLLARS MUTUAL SAVINGS BANKS REGULAR DEPOSITS NET FLOW 1971 1972 1973 1974 1974 - July Aug. Sept. Oct. 9,621 10,067 4,815 2,909 -521 -646 319 -74 1 ANNUAL 3 GROWTH RATE 13.5 12.4 5.3 3.0 — — — — 1975 - June xj July Aug. r / Sept. Oct. £ / 1,871 509 197 785 330 ' — 1975 - January February March * April May June July r / August r / September October ]>/ 369 715 1,489 867 1,352 1,530 957 865 621 665 4.5 8.7 18.0 10.3 15.9 17.8 11.0 9.8 7.0 7.4 —— — — — SAVINGS A LOAN ASSOCIATIONS NET NEW MONEY SHARE CAPITAL NET FLOW 20,653 23,884 10,507 4,669 37,414 42,634 25,052 18,952 -581 -1,218 -1,068 312 -1,002 -1,793 1,744 -364 3,089 — 2,865 — 1,313 —— 631 2,103 — SEASONALLY ADJUSTED 2,455 12.1 3,057 14.9 4,842 23.3 3,642 17.2 —— 4,331 20.2 — 5,031 23.0 4,144 18.6 — 3,208 14.2 — 3,049 13.3 3,123 13.5 8,097 3,564 1,684 4,483 2,612 __ 2,824 3,772 6,331 4,509 5,683 6,561 5,101 4,073 3,670 3,788 9.9 13.1 21.7 15.2 19.0 21.6 16.5 13.0 11.6 11.8 NET FLOW 5,378 5,451 -442 -2,822 27,793 32,567 20,237 16,053 -733 -837 -689 -260 -481 -1,147 1,425 438 716 264 -21 -338 120 6,226 3,055 1,472 3,698 2,282 —— — —— — — —— TOTAL DEPOSITS NET NEW MONEY ANNUAL 3 GROWTH RATE 19.0 18.7 9.8 7.0 -T— —— — " NOTES: 1 Repilar deposits at mutual savings banks exclude Hams such as Christmas dub and certain escrow accounts, which repre—nt a vary small part of total deposits. 2 New deposits net of both'withdrawals and interest. Data for SSL's are for insured associations only, which lapieecnt 96 per cent of industry total resources. Digitized3forAnnual FRASER growth rate for monthly data 6s the ennueiized monthly percentage increase in deposits. http://fraser.stlouisfed.org/ Source: National Association of Mutual Savings Banks and Federal Home Loan Bank Board. Federal Reserve Bank of St. Louis ANNUAL 3 GROWTH RATE 17.2 16.7 8.4 5,8 — — NET NEW MONEY 26,331 29,335 10,062 1,847 -1,314 -2,055 -1,757 52 3,805 3,129 1,323 293 2,223 — MORTGAGE COMMITMENTS AT SELECTED THRIFT INSTITUTIONS BILLIONS OF DOLLARS) SEASONALLY ADJUSTED OUTSTANDING COMMITMENTS PERIOD TOTAL 1971 - Dec. 1972 - Dec. 1973 - Dec. 1974 - Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov; Dec. 1975 - Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. 17.7 1 ALL S A V I N G S MUTUAL & LOAN SAVINGS BKS> ASSOCIATIONS (N Y. STATE) NET CHANGE TOTAL ALL SAVINGS MUTUAL & LOAN SAVINGS B K S : ASSOCIATIONS (N Y. STATE) I 14.0 3.7 25.1 20.2 4.9 .56 .55 .01 19.7 16.2 3.5 .15 .35 -.20 19.3 19.2 19.5 19.7 18.5 18.0 17.3 16.7 16.2 14.9 14.4 14.4 15.9 16.0 16.3 16.7 15.7 15.1 14.6 13.9 13.5 12.5 12.0 12.3 3.4 3.2 3.1 3.0 2.9 2.9 2.8 2.8 2.7 2.4 2.3 2.2 -.33 -.06 .20 .20 -1.08 -.61 - .64 -.56 -1.31 -.54 -.03 -.31 .09 .34 .39 -1.07 -.54 -.55 -.66 -.39 -1.05 -.42 .25 -.10 -.19 -.13 -.10 -.06 -.06 -.04 -.01 -.13 -.30 -.10 -.11 14.4 14.4 15.2 16.2 16.9 17.1 18.2 19.4 20.1 19.9 20.2 12.3 12.6 13.2 14.3 14.9 15.1 16.1 17.2 17.9 17.8 18.2 2.1 1.8 2.0 2.0 2.1 2.1 2.1 2.2 2.2 2.1 2.0 -.04 .04 .71 1.13 .72 .34 .92 1.18 .64 -.14 .25 .06 .29 .60 1.07 .61 .27 .95 1.06 .74 -.05 .32 -.10 -.25 .11 .06 .11 .07 -.03 + .12 -.06 -.09 -.07 .49 r .56 .30 .19 NOTES: Based on data from Federal Home Loan Bank Board and Savings Banks Association of New York State. Both series include a minor amount of nonresidential commitments; S&L commitments also include loans in process. Net changes are derived directly from unrounded end of period outstanding levels as reported and after seasonal adjustment by Federal Reserve. Subtotals may not add to totals because of rounding. ! ' \ ; ; : ? : T a b l e 11 NET NEW MONEY BORROWINGS BY MAJOR HOUSING AGENCIES i5 IN MILLIONS OF DOLLARS PERIOD TOTAL INCLUDING SHORT-TERM DISCOUNT NOTES INTERMEDIATE AND LONG-TERM I S S U E S TOTAL FHLB FHLMC FNMA —— • +530 1973 - July Aug. Sept. Oct. Nov. Dec. +1,475 +1,693 +1,910 ,+1,946 +11 +598 +1,528 +1,349 +1,850 +1,950 -150 +256 +998 +1,349 +1,500 +1,300 — — 1974 - Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. -671 -695 +424 +508 +1,442 +2,699 +1,804 +876 +2,768 +1,665 -89 +507 -756 -657 +450 -4 +992 +2,250 +1,499 +200 +2,750 +1,599 +93 +961 -800 -657 — —— — -4 +992 +1,500 +1,000 +400 +1,700 +1,499 -217 +470 +450 1975 - Jan. Feb. Mar. Apr. May June p July p -242 -659 +440 0 -1,568 + 252 + 165 -5 -254 + 689 +69 -1,279 +600 + 300 -4 -554 -11 -30 -1,279 0 0 — — Notes: Based on data from the Treasury Survey of Ownership. 1/ Sales of FHLB discount notes began in Hay 1974. ]>/ Preliminary. — — —— -150 — +350 +650 —— +256 +1,050 +100 +31# +491 -1 0 + 700 + 100 0 + 600 + 300 -237 -405 -249 -69 -289 -348 -135 —— — —— — +750 +499 — —— — — + 300 0 -1 0 0 0 -53 +344 +60 -4 +161 +342 +85 -38 —26 +512 +450 +449 +305 +678 +18 +66 -182 -454 +44 -200 FNMA SHORT-TERM DISCOUNT NOTES — Table 12 NET CHANGE IN MORTGAGE HOLDINGS IN MILLIONS OF DOLLARS PERIOD TOTAL INCLUDING FNMA-GNMA FINANCIAL INSTITUTIONS TOTAL COMMERCIAL BANKS MSB's S & L's INSURANCE FNMA-GNM/ COMPANIES I Not Seasonally Adiusted L970 1971 L972 L973 1974 21,736 41,647 57,587 58,372 42,748 16,827 39,259 55,561 55,072 36,526 1975 - Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. 1,211 1,486 2,329 3,458 3,966 4,343 4,493 4,435 4,377 4,781 760 1,412 1,942 3,268 3,909 4,301 3,783 3,937 3,620 4,132 1975 - Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. 2,512 2,727 2,469 3,519 3,388 3,146 3,851 3,412 4,281 5,235 2,006 2,528 1,908 3,128 3,207 3,081 3,329 3,186 3,730 4,706 10,254 23,919 31,932 25,552 17,578 2,348 1,221 1,452 4,278 5,078 4,909 2,388 2,026 3,300 6,222 0 66 426 -200 100 1,109 0 70 1,614 400 2,285 132 200 181 3,184 323 3,425 400 200 3,122 334 213 3,259 300 500 119 2,883 700 226 2,996 200 200 2,307 Seasonally Ad i us ted 1,154 170 347 1,646 242 84 47 53 1,411 2,015 166 384 - 67 2,769 149 67 2,655 193 2,751 269 175 2,836 167 31 175 349 3,069 . 736 281 3,486 2,782 310 189 268 403 258 451 244 .153 127 165 118 210 451 74 387 190 57 42 710 498 757 649 335 556 397 563 356 166 134 152 137 203 506 199 561 391 181 65 522 226 551 529 2,462 9,940 16,800 19,600 11,700 1,845 3,938 5,377 5,642 2,170 f [ b i i 1 ' | 1 ! i ! NOTES: 1 Monthly data for commercial banks based on Federal Reserve estimates benchmarked to Call Report data on real estate loans outstanding as available. Other data derived from mortgage debt outstanding as reported separately by National Assn. of Mutual Savings Banks, Federal Home Loan Bank Board, Institute of Life Insurance and. through August 1968, the Federal National Mortgage Association, and thereafter by FNMA and the Government National Mortgage Association. Data for mutual savings banks and for Life Insurance companies may differ somewhat from those derived from regular quarterly series because of minor conceptual differences for which adjustments are not made in the monthly series. Altogether, these groups accounted for 83 per cent of the net increase estimated for all holders in 1974. 2 Beginning January 1972 data reflect activity in limited amount of conventional mortgages. > f NET INCREASE IN MORTGAGE DEBT OUTSTANDING 1 * 17 IN BILLIONS OF DOLLARS, S E A S O N A L L Y ADJUSTED ANNUAL RATES 3 RESIDENTIAL QUARTER TOTAL TOTAL 1 1- t o 4 | _ FAMILY MULTIFAMILY COMMERCIAL MULTFAMI.)f & COMMERCIAIL FARM 1969 - I II III IV 32.0 29.1 25.8 25.2 23.8 21.5 18.7 18.5 19.4 16.8 14.0 13.1 4.4 4.6 4.7 5.4 6.0 5.4 5.3 5.3 10.4 10.1 10.0 10.7 2.2 2.2 1.7 1.4 1970 - I II III IV 20.7 22.9 28.5 31.8 14.4 16.8 21.3 22.8 9.4 11.6 15.0 16.2 5.0 5.2 6.3 6.6 4.8 4.6 5.1 6.8 9.8 9.8 11.5 13.4 1.5 1.5 2.1 2.2 1971 - I II III IV 37.3 47.7 52.3 54.2 27.4 35.5 38.5 41.2 19.4 26.2 28.6 31.3 8.0 9.4 9.9 9.9 7.7 9.8 11.5 10.5 15.7 19.2 21.4 20.4 2.2 2.4 2.3 2.5 1972 - I II III IV 62.8 64.9 65.1 68.3 46.1 47.0 47.1 49.5 37.7 37.4 38.0 40.0 8.4 9.6 9.1 9.5 14.1 15.3 15.3 16.3 22.5 24.9 24.4 25.8 - 2.6 2.6 2.6 2.5 1973 - I II III IV 83.4 75.6 71.3 57.9 63.1 53.9 51.4 38.3 53.1 44.0, 41.8 31.7 10.0 9.9 9.6 6.5 16.3 17.8 16.3 15.0 26.3 27.8 25.9 21.5 4.1 3.8 3.6 4.6 1974 - I II III IV 58.5 65.3 50.0 38.6 39.5 44.0 35.7 23.7 32.1 37.1 27.5 17.3 7.4 6.8 8.2 6.4 15.4 17.3 9.0 7.6 22.7 24.1 17.2 14.0 3.6 4.0 5.3 7.3 1975 - I II III 35.2 50.6 55.7 25.5 39.7 44.0 21.3 36.1 38.5 4.3 3.6 5.5 4.9 6.9 7.5 9.2 10.5 13.0 4.8 4.0 4.2 NOTES: 1 Derived from data on mortgage debt outstanding from Federal Deposit Insurance Corporation, Federal Home Loan Bank Board, Institute of Life Insurance, National Association of Mutual Savings Banks, Departments of Commerce and Agriculture, Federal National Mortgage Association, Federal Housing Administration, Veterans Administration and Comptroller of the Currency. Separation of nonfarm mortgage debt by type of property, where not available, and interpolations and extrapolations, where required, estimated mainly by Federal Reserve. 2 May differ somewhat from related flow of funds series mainly because of more aggregative type of seasonal adjustment. 3 Residential mortgage debt includes nonfarm only and is sum of 1 -to 4- family and multifamily mortgage debt. PRIVATE HOUSING PERMITS, STARTS, COMPLETIONS, AND MOBILE HOME SHIPMENTS IN T H O U S A N D S OF U N I T S , S E A S O N A L L Y A D J U S T E D A N N U A L R A T E S PERMITS 1 PERIOD 1969 1970 1971 1972 1973 1974 TOTAL 1 —FAMILY STARTS 2 - O R MORE FAMILY TOTAL 1,324 1,352 1,925 2,219 1,820 1,074 626 647 906 1,033 882 644 1975 - Jan. Feb. Mar. Apr. May 689 701 677 837 912 508 515 503 603 658 June 949 679 270 1,094 1,042 995 1,095 1,079 1,118 711 732 779 769 789 331 263 316 310 329 ! 1,235 1,269 1,269 1,457 1,375 July Aug. Sept. Oct. Nov. ' 1—FAMILY - COMPLETIONS 2 - O R MORE FAMILY TOTAL 1 —FAMILY MOBILE 2 - O R MORE HOME FAMILY SHIPMENTS 698 705 1,018 1,186 937 431 1,467 1,434 2,052 2,357 2,045 1,338 811 813 1,151 1,309 1,132 888 656 621 901 1,048 914 450 1,399 1,418 1,706 1,972 2,014 1,692 808 802 1,014 1,143 1,174 932 592 617 692 828 840 760 413 401 497 576 567 329 182 186 173 234 254 999 1,000 985 980 1,130 739 733 775 762 887 260 267 210 218 243 1,535 1,320 1,305 1,211 1,276 964 770 734 756 8 32 571 550 571 455 444 185 219 199 194 224 884 210 1, 165 785 380 210 935 987 931 1,10-2 1,026 300 282 338 355 349 1,269 1,267 1,272 1,094 901 881 955 717 368 386 317 377 225 235 215 229 235 NOTES: Private building permits (for 14,000 areas with permit systems, excluding farm), starts, and completions are Census Bureau data. A dwelling unit is started when excavation begins. the case of apartment buildings, all units are considered started at \hat rime; however, all such units are considered completed when more than half of the units in the structure are ready for ute. Private m o i home shipments are Mobile Home Manufacturers Association data converted to seasonally adjusted annual rate by Census Bureau. 1 Permit for 1969 and 1970 based on 13,000 areas with permit systems Digitized for data FRASER T a b l e 15 AVERAGE RATES AND YIELDS ON HOME MORTGAGES CONVENTIONAL LOANS PRIMARY MARKET NEW HOMES EXISTING HOMES PERIOD RATE (IN PER CENT) SPREAD (BASIS POINTS) 1973 - High Low 8.95 7.70 107 31 1974 - High Low 9.80 8.55 1974 - Oct. Nov. Dec. 1975 - J a n . Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. RATE (IN PER CENT) SPREAD BETWEEN | ON i RETURNS NEW HOMES CONVENTIONAL^ AND HUD(FHA)| NEW hOMiE SPREAD DISCOUNT (BASIS (PERCENTAGE MORTGAGES (BASIS POINTS) POINTS) POINTS) HUD(FHA) '.NSURED LOANS SECONDARY MARKET SPREAD (BASIS POINTS) YIELD (IN PER CENT) 8.95 7.75 107 37 9.18 7.55 130 14 9.4 2.2 21 -23 45 -70 9.80 8.60 50 -70 10.38 8.54 44 -25 6.3 2.3 -70 9.70 9.55 9.45 -33 -13 9.70 9.60 9.45 -33 - 10.13 n.a. 9.51 10 n.a. n.a. 4.6 n.a 3.8 9.15 9.05 8.90 9.00 9.05 9.00 9.00 9.15 9.25 9.25 9.20 15 11 -70 -66 -57 -37 -25 -34 -45 3 n.a. 9.20 9.05 8.95 9.05 9.10 9.05 9.05 9.15r 9.30 9.30 9.25 20 11 -65 -61 -52 -32 -20 -34 -40 8 n.a. 8.99 8.84 8.69 - 1 -10 -91 n.a. -46 -31 -12 -17 4 31 n.a. 3.8 2.6 5.4 n.a, 5.0 4.3 4.8 6.2 5.5 4.0 3.1 8 ( 9.16 9.06 9.13 9.32r 9.74 9.53 9.41 NEW Aaa UTILITY BOND 1 -43 - 6 16 21 21 -11 - 6 -13 -17 -49 -28 -21 NOTES: 1 Gross yield spread is averega mortgage return before deducting servicing costs, minus average yield on new issues of high-grade utility bonds with 5-year call protection. Rates on conventional first mortgages (excluding additional fees and charges) ere besed on unweighted HUD (FHA) field office opinions on prevailing contract interest rates in the market areas of the insuring offices, rounded to the nearest 5 besis points. For secondary market date, weighted HUD office opinions on the averege bid price for HUD (FHA) loans with minimum downpayment, prepaid in IB years, for immediate delivery, are used. H >o 20 Table 16 FNMA AUCTION RESULTS HOME MORTGAGE COMMITMENTS CONVENTIONAL GOVERNMENT-UNDERWRITTEN DATE OF AUCTION AMOUNT (IN MILLIONS OF DOLLARS) High Low AVERAGE YIELD AMOUNT (IN MILLIONS OF DOLLARS) AVERAGE YIELD 643 (8/25) 366 (8/11) 9 .95 25 (2/10) 18 (2/10) 8 .78 100(4/7) 51(4/21) 10 (10/20) 9 (2/10) 10.02(9/22) 8.96 (3/10) Oct. 6 20 198.5 43.2 143 .0 23 .2 9 .95 9 .65 27.5 9.7 23.5 9.2 10.02 9.81 Nov. 3 17 69.8 293.1 41,.7 180,.6 9,.32 9..33 19.6 68.6 15.2 34.6 9.54 9.40 Dec. 1 15 29 255.9 287.1 95.3 138.,5 158. 8 52. 7 9.,32 9. 31 9. 29 73.9 69.7 41.8 40.5 31.2 11.8 9.38 9.36 9.35 NOTES: Average secondary market yields are gross before deduction of the fee of 38 basis points paid for mortgage servicing. They reflect the average accepted bid yield for home mortgages assuming a prepayment period of 12 years for 30-year loans, without special adjustment for Federal National Mortgage Association (FNMA) commitment fees and FNMA stock purchase and holding requirements on 4-month commitments. Mortgage amounts offered by bidders relate to total eligible bids received.