Full text of H.16 Capital Market Developments : February 14, 1977
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\ f . IX, a I Capital Is Market Developments a > s* uA February 14, 1 9 7 7 P r e p a r e d by t h e DIVISION O F R E S E A R C H A N D S T A T I S T I C S CAPITAL MARKETS SECTION in c o n j u n c t i o n w i t h t h e MORTGAGE and CONSUMER FINANCE SECTION BOARD OF GOVERNORS F E D E R A L R E S E R V E SYSTEM Washington, D C. 20551 Index SUBSCRIPTION RATES: Weekly $15.00 per year or $.40 each m the United States, its possessions, Canada, and Mexico; 10 or more of the same issue to one address, $13.50 per TABLES 1 „ 6 8 year or $.35 each. Elsewhere, $20.00 per year or $.50 SECURITY VOLUME AND YIELDS STOCK MARKET AND SECURITY CREDIT each. Address requests to Publications Services, Division of Administrative Services, and make payment 9 — 16 M O R T G A G E M A R K E T 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. SYMBOLS e p ESTIMATE PRELIMINARY r REVISED n.a. NOT AVAILABLE DATA DO NOT EXIST Table 1 YIELDS, VOLUME AND RECEPTION C O R P O R A T E B O N D MARKET YIELDS WEEK ENDING NEW I S S U E 1 A a a UTILITY VOLUME RECENTLY OFFERED A a a UTILITY 2 3 GROSS OFFERINGS ( $ MILLIONS) PER CENT S O L D BY END O F WEEK NEW ISSUES IN SYNDICATE ( $ MILLIONS) 7.95 7.93 7.96 7.97 7.94 7.97 7.92 7.84 1,020 992 720 0 0 100 83 67 0 152 266 116 44 1977 - January 7 14 21 28 7.90 8.05 8.10 8.22 7.95 8.06 8.15 8.18 100 985 734 945 97 95 85 83 26 59 138 152 4 11 8.15r 303 213 90 95 70 55 February -Phi 3 10 17 24 31 00 1976 - December 8.12p 4 MUNICIPAL BOND MARKET YIELDS WEEK ENDING MOODY'S NEW ISSUE Aaa VOLUME BOND BUYER 2Q-BOND INDEX 3 GROSS OFFERINGS ( $ MILLIONS) PER C E N T S O L D BY END O F WEEK NEW I S S U E S 4 IN SYNDICATE ( $ MILLIONS) 1976 - December 3 10 17 24 31 5.10 5.07 5.07 5.07 5.04 6.03 5.96 5.95 5.93 5.83 691 694 746 114 30 88 87 83 80 75 122 144 226 201 143 1977 - January 7 14 21 28 5.01 5.10 5.13 5.17 5.78 5.89 5.90 5.92 314 861 1,087 622 58 88 89 84 188 195 222 204 4 11 5.17 5.17 5.93 5.86 427 860 86 87 139 204 February 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 four weeks. 3 Estimated by F.R. on the basis of available data. Corporate Market: Salomon Brothers Bond Market Roundup; Municipal Market: Wwkly Bond Buyer. Data are adjusted by Federal Reserve when necessary to make coverage of this series consistent with the gross offerings series. 4 Table 2 HIGH GRADE BOND YIELDS 1 NEW ISSUE A a a UTILITY DATE 1973 - 1974 - 1975 - 1976 - 1977 - 1977 - High Low High Low High Low High Low High Low 2 RECENTLY OFFERED A a a UTILITY MOODY'S SEASONED CORPORATE Aaa 3 4 U.S. GOVT. 20-YEAR C O N S T A N T MATURITY 5 B O N D BUYER 2 0 BOND INDEX 7.77 (8/24) 7 . 1 1 (1/5) 7.79 (8/10) 6.42 (1/5) 5.59 (8/3) 4.99 (10/11) 10.52 (10/11) 8 . 1 3 (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) 9.80 (5/2) 8.89 (2/7) 9 . 7 1 (5/25) 9.06 (2/28) 9 . 0 1 (5/2) 8.57 (2/28) 8 . 6 3 (9/19) 7.63 (2/21) 7.67 (10/3) 6.27 (2/13) 8.95 (5/28) 7 . 9 3 (12/10) 9.10 (1/2) 7.84 (12/31) 8.66 (5/28) 7 . 9 1 (12/31) 8.17 (5/28) 7.27 (12/31) 7.29 (1/2) 5.95 (12/16) 8.22 (1/28) 7.90 (1/7) 8 . 1 8 (1/28) 7.95 (1/7) 8.03 (2/4) 7.88 ( V 7 ) 7.63 (2/4) 7.26 (1/7) 5.93 (2/4) 5.78 (1/7) 8.52 (8/10) 7.29 (1.21) 8.32 (8/10) 7.28 (1/5) 10.61 (10/4) 8.05 (2/15) Jan. 7 14 21 28 7.90 8.05 8.10 8.22 7.95 8.06 8.15 8.18 7.88 7.94 7.99 8.01 7.26 7.50 7.54 7.59 5.78 5.89 5.90 5.92 Feb. 4 11 8.15r 8.14r 8.12p 8.03r 8.00p 7.63r 7.60p 5.93 5.86 NOTES: Federal Reserve series of implied yield on newly issued, Aaa-rated utility bond with 5-year call protection. 1 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 dunng the last 4 weeks. 3 Weekly average of daily closing figures. 4 5 Weekly average of daily figures. U.S. Treasury data. 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. r 5 Table 3 LONG-TERM CORPORATE AND STATE AND LOCAL GOVERNMENT SECURITY OFFERINGS AND PLACEMENTS • s IN MILLIONS O F D O L L A R S * PERIOD e February March April May June e July August September 3,328 2,687 3,217 2,347 2,707 3,339 2,361 2,387 2,135 2,255 2,003 2,025 4,294 5,798 5,596 3,060 3,164 2,981 2,429 3,477 3,013 2,406 2,900 3,064 2,397 2,304 2,166 4,327 2,405 2,836 3,248 2,667 1,617 2,682 2,757 2,803 3,580 2,783 2,159 1,459 1,106 1,701 4,705 4,076 4,307 4,609 3,739 3,511 2.323 2,381 2,052 2,860 2,483 1,479 13,879 14,126 11,369 15,273 15,688 9,568 13,088 9,232 9,205 7,532 11,859 8,393 8,919 8,242 6,883 8,370 8,522 6,756 6,283 6,867 4,266 6,822 28,005 39,374 30,961 40,529 53,617 18,437 25,969 37,828 17,312 25,554 15,253 23,775 30,531 13,150 17,416 24,238 3,381 3,863 6,635 5,367 4,528 5,378 3,522 4,186 6,418 3,216 3,350 4,803 November December 01 02 03 # 04 1st Half 3 Qtrs. Year | e e # NOTES: 1 Securities and Exchange Commission estimates of gross proceeds. 2 Securities Industry Association estimates of principal amounts. | 1974 1975 1974 October # I S T A T E AND LOCAL 1976 1975 1976 January G R O S S PROCEEDS 1 CORPORATE \ Table 4 NEW CORPORATE SECURITY ISSUES BY TYPE OF ISSUE AND ISSUER IN MILLIONS O F DOLLARS G R O S S P R O C E E D S BY TYPE O F I S S U E PERIOD BONDS TOTAL PUBLICLY OFFERED COMMON AND PRIVATELY PREFERRED PLACED STOCK G R O S S P R O C E E D S BY TYPE O F I S S U E R 1 MEMO I S S U E S INCLUDED FOREIGN MANUFACTURING PUBLIC UTILITY COMMUNICATIONS OTHER ISSUERS CONVERTIBLE 1975 - I I I IV 9,568 13,088 5,428 5,816 2,085 4,158 2,054 3,116 1,225 1,902 463 215 2,420 3,480 3,327 3,424 679 1,215 3,142 4,974 1976 - I II III 13,879 14,126 11,369 7,569 7,427 4,904 2,757 3,578 4,604 3,553 3,121 1,861 1,340 1,843 1,267 257 478 433 4,500 3,739 2,971 4,044 3,140 3,315 765 1,879 378 4,569 5,336 4,707 2,836 4,705 4,076 4,307 1,414 2,389 1,666 1,761 585 769 1,640 1,749 837 1,547 772 797 300 102 825 975 38 61 619 952 1,103 1,425 1,264 1,247 1,275 902 297 928 55 232 657 1,579 1,645 1,750 3,381 3,863 6,635 3,522 4,186 6,418 3,216 3,350 4,803 2,189 2,142 3,238 2,350 1,937 3,140 1,239 1,565 2,100 613 794 1,350 644 1,051 1,883 1,348 1,107 2,149 579 927 2,047 528 1,198 1,395 629 678 554 605 335 400 428 350 1,005 500 367 400 1,073 1,179 2,248 584 1,709 1,446 1,198 1,024 749 1,097 789 2,158 644 1,148 1,348 932 920 1,463 16 171 578 450 20 1,409 26 212 140 1,197 1,722 1,650 1,842 1,309 2,215 1,061 1,195 2,451 1975 - Sept. Oct. Nov. Dec. 1976 - Jan. Feb. Mar. Apr. May June July Aug. Sept. NOTES: 1 Other issuers are extractive, railroad and other transportation, real estate and finance, and commercial and other. Source: Securities and Exchange Commission. —— 154 121 15 121 37 15 426 —— 7 92 V • T a b l e SA INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY 1 January 31 through February 11, 1977 ISSUER TYPE AMOUNT (MILLIONS OF DOLLARS) MATURITY COUPON RATE OFFERING YIELD MOODY S / S & P ' S RATINGS CORPORATE D i a l F i n a n c i a l Corp. LTV Corp. Wisconsin P u b l i c S e r v i c e s Corp. P a c i f i c Telephone & Telegraph Co. Kansas Power & L i g h t Co. Gulf Power Co. New York S t a t e E l e c . & Gas Co. Household F i n a n c e Corp. Greyhound L e a s i n g & F i n a n c i a l Corp. U.S. Bancorp. Debt. SF d e b t . 1st mtg. Debt. Pfd. stk. Pfd. stk. Com. s t k . Notes Debt Debt. 25.0 75.0 45.0 325.0 27.5 15.0 35.4 100.0 50.0 40.0 Other Norway Toronto Toronto Notes Debt. Debt 100.0 28.0 55.0 1997 1997 2012 2017 8.60 9.25 8.20 8.38 8.11 8.28 8.60 9.25 8.24 8.30 9.00 8.28 A/A B/B Aa/AA Aaa/AA Aa/AA+ A/A+ 1997 1992 1987 8.45 9.25 7.75 8.45 9.25 7.75 A/A Baa/BBB Aa/AA 1982 1987 1997 7.38 8.00 8.50 7.45 8.00 8.55 Aaa/AAA Aaa/AA Aaa/AA w mm mm mm NOTES: * Rights offering. 1 Includes only corporate and other security offerings of $15 million and over; excludes options, exchanges, and secondary offerings. ^ T a b l e SB INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY 1 J a n u a r y 31 through F e b r u a r y 11,1977 ISSUER TYPE S T A T E AND LOCAL E a s t Chicago, I n d . C h i l l i c o t h e , Iowa I l l i n o i s H e a l t h F a c . Auth. I l l i n o i s H e a l t h F a c . Auth. I l l i n o i s H e a l t h F a c . Auth. Greene Co. I n d u s t . Dev. A u t h . , Pa. Maryland H e a l t h & Educ. Fac. Auth. Maryland H e a l t h & Educ. F a c . Auth. Kanawha Co. Bldg. Comm., W. Va. Kanawha Co. Bldg. Comm., W. Va. Kanawha Co. Bldg. Comm., W. Va. N a s h v i l l e & Davidson Co. Metro. Gvt. H l t h . & Educ. F a c . Bd., Tenn. N a s h v i l l e & Davidson Co. Metro. G v t . H l t h . & Educ. F a c . B d . , Tenn. N a s h v i l l e & Davidson Co. Metro. Gvt. H l t h . & Educ. F a c . Bd., Tenn. Bucks Co. Water & Sewer A u t h . , Pa. Bucks Co. Water & Sewer A u t h . , P a . H i l l s b o r o u g h Co. P o r t D i s t . , F l a . H i l l s b o r o u g h Co. P o r t D i s t . , F l a . H i l l s b o r o u g h Co. P o r t D i s t . , F l a . King Co., Wash. Houston I n d . Sch. D i s t . , Texas AMOUNT (MILLIONS O F DOLLARS) NET INTEREST COST 6.06 2.90-5.80 Aa/AA 2000 6.06 6.00 Aa/AA 2010 2008 2008 1979-1990 1999 2006 1979-1997 1978-1992 6.06 5.98 5.98 6.13 5.50 6.38 4.75-7.00 7.75 8.00 3.30-5.50 2.75-5.00 Aa/AA Aaa/ A/— 2007 2007 1980-1993 2003 2007 2007 1980-1991 2006 1979-1992 1998 2008 6.55 6.55 6.55 6.15 6.72 6.72 6.58 6.58 6.58 Rev. 26.3 1977-1995 Rev. 12.3 Rev. Rev. Rev. Rev. Rev. Rev. G.O. G.O. 35.4 16.4 17.0 5.0 7.0 11.0 19.5 70.0 Includes only state and local security offerings of $10 million and over; excludes secondary offerings. 2 For State and local government securities, G.O. denotes general obligation; Rev. denotes revenue obligations. MOODY S / S & P ' S RATINGS 6.10 4.50-6.30 6.70 4.00-6.30 6.50 6.60 26.5 10.0 29.2 26.6 10.7 14.0 6.4 18.5 8.7 6.5 18.0 1 OFFERING YIELD Aa/AA Aa/AA A/AA A/AA A/AA A/A A/A A/A A-l/AA A-l/AA A-l/AA 5.80 Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. NOTES: MATURITY 5.04 4.61 5.75 5.95 4.40—6.40 6.60 —/ — Aa/AA Aa/AA • • • • • • • • • • T a b l e 5B C o n t i n u e d INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY As of February 11, 1977 TYPE ISSUER AMOUNT (MILLIONS OF DOLLARS) MATURITY NET INTEREST COST OFFERING YIELD MOODY'S/S&P'S RATINGS STATE AND LOCAL Milwaukee Co., Wise. Memphis, Tenn. C a l i f o r n i a , S t a t e of Lawrence Township H.S. Bldg. C o r p . , Ind. Dayton, Ohio New J e r s e y , S t a t e of I s l i p , N.Y. Arlington Heights, I l l i n o i s Arlington Heights, I l l i n o i s G.O. G.O. G.O. 21.5 26.0 75.0 1978-1997 1979-1997 1978-2002 4.77 4.86 4.91 Rev. G.O. G.O. G.O. Rev. Rev. 26.2 12.0 100.0 10.5 10.9 23.9 1977-2004 1978-1997 1978-2002 1978-2002 1977-1984 1977-1989 4.87 5.12 5.82 4.32 6.61 — 2.75-5.10 3.20-5.30 2.70-5.25 Aaa/AAA Aa/AA Aaa/AAA 3.00-6.05 2.90-5.40 2.90-5.50 4.00-6.40 2.80-4.50 3.40-6.10 A/A Aa/AAA Aa/AAA A/A Aaa/AAA A1/A+ \o V 10 Table 6A FORTHCOMING INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY 1 As of February 11, 1977 ISSUER TYPE AMOUNT (IN MILLIONS OF DOLLARS) APPROXIMATE DATE OF OFFERING CORPORATE Texas Oil & Gas Corp. *South C a r o l i n a E l e c . & Gas Co. *South C a r o l i n a E l e c . & Gas Co. Southland Corp. Northern I n d i a n a Pub. Svc. Co. Missouri P a c i f i c R a i l r o a d Co. Indiana B e l l Telephone Co. *Houston I n d u s t r i e s *Central L o u i s i a n a E l e c . Co. * American Express C r e d i t Corp. Western Union Corp. Associated F i r s t C a p i t a l Corp. Comb anks Co r p . General Telepone & E l e c t r o n i c Co. Gulf Power Co. Kansas Gas & E l e c t r i c Co. P h i l a d e l p h i a E l e c t r i c Co. Union P a c i f i c R a i l r o a d Co. *Kansas Gas & E l e c t r i c Co. South Carolina B e l l T e l e . Co. *Kentucky Telephone Co. Ohio Edison Co. Northwestern B e l l & T e l e . Co. C e n t r a l Maine Power Co. *Utah Power & L i g h t Co. Montana Power Co. •Southwestern B e l l Telephone Co. Republic S t e e l Corp. OTHER Stockholm Nippon T e l . & T e l e . P u b l i c Corp. Nippon T e l . & T e l e . P u b l i c Corp. 1st mtg. Com. s t k . 1st mtg. SF d e b t . Com. s t k . Equip, t r . Debt. Com. s t k . Com. s t k . Debt. Pfd. s t k . Med.-term n o t e s Notes Com. s t k . 1st mtg. 1st mtg. 1st mtg. Equip, t r . Com. s t k . Debt. 1st mtg. Com. s t k . Debt. Com. s t k . 1st mtg. Pfd. s t k . Debt. SF d e b t . 75.0 38.0 30.0 50.0 40.0 15.0 130.0 65.0 28.0 50.0 75.0 100.0 20.0 150.0 35.0 25.0 75.0 16.5 28.0 275.0 40.0 103.7 165.0 20.0 55.0 30.0 400.0 125.0 Feb. Feb. Feb. Feb. Feb. Feb. Feb. Feb. Feb. Feb. Feb. Feb. Feb. Feb. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Indef Debt. Notes Notes 50.0 50.0 100.0 Feb. Feb. Feb. NOTES: * Included in table for first time. 1 Includes only corporate and other security issues of $15 million and over; excludes exchanges, options 16 17 17 21 22 23 23 23 28 3 8 8 8 9 9 10 15 16 17 23 26 29 • 16 Table 6B FORTHCOMING INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY 1 As of February 11, 1977 TYPE ISSUER AMOUNT (IN MILLIONS OF DOLLARS) APPROXIMATE DATE O F O F F E R I N G S T A T E & LOCAL *Cypress-Fairbanks I n d . Sch. D i s t . Texas Dallas I n d . Sch. D i s t . , Texas *Puerto Rico Highway A u t h o r i t y *Puerto Rico Highway A u t h o r i t y S t . Louis, Mo. R a l e i g h , N.C. Tennessee, S t a t e of Richardson, Texas South C a r o l i n a P u b l i c S e r v i c e Authority West J e f f e r s o n I n d u s t . Dev. Bd., Ala. Antelope V a l l e y - E a s t Kern Water Agy., Cal. *Anchorage, Alaska *Council B l u f f s , Iowa *0regon Housing F i n . D i v . , Ore. * P l a t t e River Power A u t h . , Colo. *A r l i n g t o n I n d . Sch. D i s t . , Texas A l e x a n d r i a , Va. * A t l a n t a , Georgia Washington S t a t e Pub. Power Supply Sys. P a s s a i c V a l l e y Sewerage Comm., N.J H a r t f o r d , Conn. *Wayne Co., Mich. F l o r i d a , S t a t e of Monroe Co., Mich. L o u i s i a n a Mun. Power Comm. Omaha P u b l i c D i s t . , Neb. A t l a n t i c Co. Sewerage A u t h . , N . J . *New York, S t a t e of *Norfolk, Va. New J e r s e y H l t h . Care Fac. F i n . Auth. *Santa Clara Redev. Agy., Cal. Baltimore Co., Md. *Terrebonne P a r i s h , La. G.O. G.O. Rev. Rev. Rev. G.O. G.O. G.O. 11.0 30.0 25.0 25.0 11.0 13.0 52.1 13.3 Feb. Feb. Feb. Feb. Feb. Feb. Feb. Feb. 14 14 15 15 15 15 15 15 Rev. 306.0 Feb. 17 Rev. 40.0 Feb. 18 G.O. Rev. Rev. Rev. Rev. G.O. G.O. Rev. 18.0 19.0 19.0 30.0 100.0 10.0 14.7 28.0 Feb. Feb. Feb. Feb. Feb. Feb. Feb. Feb. 22 22 22 23 23 23 23 23 Rev. Rev. G.O. G.O. G.O. Rev. Rev. Rev. Rev. G.O. G.O. 145.0 80.0 20.0 15.0 60.0 13.3 75.0 180.0 36.5 100.0 27.0 Feb. Feb. Feb. Feb. Feb. Feb. Feb. Feb. Feb. Mar. Mar. 23 23 23 24 24 24 Rev. G.O. G.O. Rev. 10.9 17.4 30.0 10.0 Mar. Mar. Mar. Mar. 1 1 1 2 NOTES: 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. 1 1 T? Table 6B C o n t i n u e d FORTHCOMING INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY 1 As of February 11, 1977 TYPE ISSUER AMOUNT (IN MILLIONS OF DOLLARS) APPROXIMATE DATE OF OFFERING STATE & LOCAL *East Bay Mun. U t i l . D i s t . , Cal. *Port of S e a t t l e , Washington Colorado Housing Finance Auth. Rev. Rev. Rev. 12.0 18.3 20.0 Mar. Mar. Mar. 8 8 16 Table 7 STOCK PRICES AND VOLUME TRADING VOLUME STOCK PRICES NYSE INDEX AMEX BJ INDUSTRIALS NASDAQ AMEX NYSE NASDAQ 1973 High Low 65.58 (1/11) 49.12 (12/13) 1051.50 (1/11) 788.31 (12/5) 130.47 (1/11) 85.26 (12/20) 136.84 (1/11) 89.12 (12/13) 26.0 (9/20) 9.0 (8/20) 5 . 5 (1/12) 1.4 (8/20) 11.3 (1/11) 3.5 (8/27) 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) 24.9 (1/3) 7.5 (7/5) 4.4 (1/3) .9 (9/26) 7.5 (1/3) 2 . 8 (7/5) 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) 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) 1976 High Low 57.51 (9/21) 48.04 (1/2) 1014.79 (9/21) 858.71 (1/2) 107.05 (7/12) 84.31 (1/2) 92.52 (7/15) 78.06 (1/2) 44.5 (2/20) 10.3 (1/2) 8.6 (2/20) 1.1 (1/2) 11.1 (2/20) 3 . 5 (1/2) Dec. 3 10 17 24 31 55.20 56.33 56.24 56.49 57.88 950.55 973.15 979.06 985.62 1004.65 100.15 103.20 104.07 105.90 109.84 92.31 94.62 94.64 95.22 97.88 24.2 23.8 21.6 21.6 26.0 2.4 3.1 3.1 3.0 3.4 7.8 8.7 8.3 8.4 8.9 14 21 28 56.79 56.36 56.15 55.49 983.13 972.16 962.43 957.53 109.94 111.18 111.74 97.53 97.20 97.08 95.72 27.5 24.5 23.0 20.5 3.0 3.3 3.8 3.1 8.1 7.9 9.4 8.6 55.46 54.57 947.89 931.52 112.95 112.00 96.74 96.09 20.3 18.8 2.9 3.2 8.0 Jan. 4 Feb, 11 111.00 NOTES: 1 Figure, other than high, end lows are Fridays only. Highs and lows are for the year and are not necessarily for Fridays. 2 Volume figures are weekly averages of daily figures (millions of shares). 3 4 12/31/65 - 50 Based on average price change until September 4.1973 thereafter, based on market value of shares listed. / 8.0 Table 8 SECURITY CREDIT END O F PERIOD R E G U L A T E D MARGIN C R E D I T E X T E N D E D BY 1 BROKERS ON MARGIN STOCK BROKERS ON 2 CONVERTIBLE BONDS BANKS 3 U N R E G U L A T E D NONMARGIN STOCK CREDIT AT B A N K S OUTSTANDING 960 2,281 146 153 162 163 161 166 172 167 173 169 178 n.a. 1,000 1,037 1,042 1,076 1,007 1,028 898 1,061 859 1,068 839 n.a. 2,321 2,333 2,355 2,325 2,357 2,368 2,317 2,368 2,830 2,774 3,351 n.a. 1 —48 11 40 37 5 34 -69 21 -130 163 202 209 229 n.a. 40 12 22 -30 32 11 -51 -51 462 -56 577 n.a. 1975 - December 5,390 147 1976 - January February March April May June July August September October November December 5,420 5,950 6,410 6,690 6,940 7,080 7,340 7,450 7,530 7,350 7,610 7,960 20 C H A N G E IN O U T S T A N D I N G 1975 - December 1976 - January February March April May June July August September October November December 30 530 460 280 250 140 260 110 80 80 350 -1 7 9 1 -2 5 6 -5 6 -4 9 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 Reserve System's list of OTC margin stocks. At banks, loans to purchase or carry nonmargin stocks are unregulated; at brokers, such stocks have no value. 4 e Table 9 SAVINGS FLOWS AT NONBANK THRIFT INSTITUTIONS IN M I L L I O N S O F D O L L A R S MUTUAL SAVINGS BANKS REGULAR D E P O S I T S DATE 1971 1972 1973 1974 1975 NET FLOW 9,621 10,067 4,815 2,909 11,070 1976 - A p r i l May June July August September October November 586 801 1,207 910 308 1,307 836 779 1976 - A p r i l May June July August September October November 917 1,024 646 1,712 1,248 1,315 1,204 787 1 NET NEW MONEY S A V I N G S & LOAN A S S O C I A T I O N S 2 ANNUAL 3 GROWTH RATE 5,378 13.5 5,451 12.4 -442 5.3 -2,822 3.0 4,757 11.3 — —« 352 561 -36 333 47 75 582 539 9.8 10.8 6.8 17.9 12.8 13.4 11.8 7.8 SHARE CAPITAL NET FLOW 27,793 32,567 20,237 16,053 43,118 2,797 3,049 5,042 3,525 2,164 5,596 3,467 2,592 SEASONALLY 3,676 3,642 2,861 5,018 5,341 5.626 4,480 3,623 NET NEW MONEY TOTAL 2 DEPOSITS ANNUAL 3 GROWTH RATE 19.0 20,653 18.7 23,884 9.8 10,507 7.0 4,668 17.7 29,276 37,414 42,634 25,052 18,962 54,188 2,583 2,835 1,353 3,282 1,967 1,944 3,224 2,381 3,383 3,850 6,249 4,435 2,472 6,903 4,303 3,371 ADJUSTED 14.7 14.4 11.2 19.4 20.3 21.0 16.5 13.2 NET FLOW 4,593 4,666 3,507 6,730 6,589 6,941 5,684 4,410 ANNUAL 3 GROWTH RATE 17.2 16.7 8.4 5.8 15.9 — — 13.4 13.4 10.0 19.0 18.3 19.0 15.3 11.7 NET NEW MONEY 2 26,331 29,335 10,062 1,846 34,033 3,935 3,396 1,317 3,615 2,014 2,019 3,806 2,920 —— —— NOTES: 1 Regular deposits at mutual savings banks exclude items such as Christmas club and certain escrow accounts, which represent a very small part of total deposits. 2 New deposits net of both*withdrawals and interest. Data for S&L's are for insured associations only, which represent 96 per cent of industry total resources. 3 Annual growth rate for monthly data is the annualized monthly percentage increase in deposits. Source: National Association of Mutual Savings Banks and Federal Home Loan Bank Board. H.16 / IdT a b l e 10 MORTGAGE COMMITMENTS AT SELECTED THRIFT INSTITUTIONS BILLIONS OF DOLLARS, SEASONALLY ADJUSTED PERIOD OUTSTANDING COMMITMENTS MUTUAL ALL SAVINGS SAVINGS BKSl & LOAN TOTAL ASSOCIATIONS (N Y. STATE) NET CHANGE TOTAL MUTUAL ALL SAVINGS SAVINGS BKS & LOAN ASSOCIATIONS (N Y. STATE) 25.2 20.3 4.9 .45 .43 .02 1973 - Dec. 19.9 16.4 3.5 .04 .21 -.17 14.6 12.4 2.2 .09 t 1974 - Dec. 1975 - J a n . Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 14.6 14.5 15.0 16.2 16.8 17.0 17.9 19.1 20.0 20.1 20.4 20.4 12.5 12.6 13.0 14.2 14.7 14.9 15.9 16.9 17.9 18.0 18.4 18.5 2.1 1.9 2.0 2.0 2.1 2.1 2.1 2.2 2.1 2.1 2.0 2.0 -.03 -.01 .50 1.18 .55 .25 .92 20.5 21.1 21.5 21.9 22.5 22.6 23.2 24.1 25.1 26.3 27.5 18.5 19.2 19.4 19.7 20.2 20.4 20.9 21.6 22.5 23.6 24.8 25.4 2.0 1.9 2.1 2.2 2.3 2.2 2.3 2.4 2.6 2.7 2.7 .06 1976 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. NOTES: 1.21 .90 .01 .35 .04 .61 .48 .38 .48 .27 .50 .87 1.05 1.20 1.26 o> o 1972 - Dec. .08 .14 .39 1.17 .49 .21 .94 1.10 .96 .07 .42 .08 -.11 -.24 .11 .01 .06 .04 -.02 .11 -.06 -.06 -.07 .04 .02 .67 .27 .29 .44 .29 .44 .75 .82 1.11 1.23 .61 .04 -.06 .21 .09 .04 -.02 .05 .12 .23 .09 .03 T a b l e 11 1? NET NEW MONEY B O R R O W I N G S BY MAJOR HOUSING A G E N C I E S IN MILLIONS O F DOLLARS PERIOD INTERMEDIATE AND LONG-TERM I S S U E S TOTAL INCLUDING SHORT-TERM DISCOUNT NOTES TOTAL FHLB 1974 - S e p t . Oct. Nov. Dec. +2,768 +1,665 -89 +507 +2,750 +1,599 +93 +961 +1,700 +1,499 -217 +470 1975 - J a n . Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. -242 -659 +440 0 -1,568 +330 +236 -398 215 587 152 669 -5 -254 +689 +69 -1,279 +600 +300 -700 100 850 200 600 -4 -554 -11 -30 -1,279 0 0 -700 0 +150 0 0 1976 - J a n . Feb. Mar. Apr. May June July Aug. Sept. -197 -1,160 447 131 -946 -101 -49 397 257 0 -800 -100 700 -600 -200 300 -200 200 0 -1,100 0 0 -600 0 0 0 0 NOTES: Based on data from Treasury Survey of Ownership. Sales of FHLB discount notes began in May 1974. Digitizedo for FRASER Preliminary FHLMC __ FNMA +1,050 +100 +310 +491 F N M A & FHLB SHORT-TERM DISCOUNT NOTES 1 +18 +66 -182 -454 +300 0 -1 0 0 0 0 0 0 200 0 -1 0 +700 +100 0 +600 +300 0 100 700 0 600 -237 -405 -249 -69 -289 -270 -64 302 115 -263 —48 69 0 200 0 0 0 0 0 -200 0 0 300 -300 700 0 -200 300 0 200 -197 -360 -547 -569 -346 99 -349 597 57 18 T a b l e 12 NET CHANGE IN MORTGAGE HOLDINGS IN M I L L I O N S O F D O L L A R S PERIOD TOTAL INCLUDING FNMA-GNMA 2 FINANCIAL INSTITUTIONS TOTAL COMMERCIAL BANKS MSB's S & L's INSURANCE FNMA-GNMA COMPANIES Not S e a s o n a l l y Ad l u s t e d 1971 1972 1973 1974 1975 1976 - J a n . Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 41,406 57,587 58,372 42,732 43,608 39,018 55,561 55,072 36,510 38,769 9,940 16,800 19,600 11,700 4,200 3,938 5,377 5,642 2,172 2,236 23,919 31,932 25,552 17,560 29,400 1,221 1,452 4,278 5,078 2,933 2,388 2,026 3,300 6,222 4,839 2,403 3,534 4,691 5,424 4,878 5,951 6,213 5,636 5,953 4,983 5,652 1,993 3,270 5,531 5,088 5,412 6,594 5,907 5,356 6,093 5,399 5,060 300 600 900 900 1,100 1,100 1,000 600 1,300 1,000 700 900 87 106 324 309 240 517 323 384 364 398 341 1,378 2,416 4,069 4,171 4,032 4,815 4,522 4,234 4,090 3,895 3,534 3,826 228 148 238 -292 40 162 62 138 326 106 485 410 264 -840 +336 -534 -643 306 280 -140 -416 592 2,189 2,848 3,844 3,771 3,232 3,894 4,070 3,803 4,359 4,398 4,176 4,439 336 274 414 -299 161 147 94 144 365 48 420 A * f # S e a s o n a l l y Ad l u s t e d 1976 - J a n . Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 3,873 4,748 4,879 4,697 4,071 4,546 5,407 4,722 5,914 5,358 6,349 3,387 4,333 5,565 4,535 4,414 5,111 5,360 4,675 6,311 5,914 5,767 678 962 987 762 826 699 968 372 1,129 1,023 814 1,177 184 249 320 301 195 371 228 356 445 445 357 486 415 -686 m +162 -343 -565 47 47 -397 + -556 582 \ • 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 8 3 per cent of the net increase estimated for all holders in 1974. Beginning January 1972 data reflect activity in limited amount of conventional mortgages. Digitized2for FRASER I? Table 13 NET INCREASE IN MORTGAGE DEBT OUTSTANDING IN B I L L I O N S O F D O L L A R 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 2 3 RESIDENTIAL iC O M M E R C I A L MULTIFAMILY & iCOMMERCIAL FARM QUARTER TOTAL TOTAL 1- t o 4 FAMILY MULTIFAMILY 1969 - I II III IV 34.1 30.8 28.2 29.6 25.5 23.6 21.4 22.3 21.2 19.0 16.8 16.0 4.4 4.5 4.6 6.3 6 .6 5.2 5.2 6.0 11. 0 9. 8 9. 8 12. 3 2.0 2.0 1.7 1.3 I II III IV 23.3 26.9 34.1 37.1 16.7 19.2 24.5 28.1 11.2 13.6 16.2 19.5 5.5 5.5 8.2 8.6 5 .6 6.8 8.3 7.6 11. 1 12. 3 16. 5 16. 1 0.9 1.0 1.4 1.4 1971 - I II III IV 41.8 51.4 56.6 60.3 32.8 40.0 42.2 46.0 23.3 30.0 33.1 36.3 9.5 10.4 9.1 9.7 6.6 8.9 11.7 11.5 16.,1 19.,3 20..8 21,,2 2.5 2.5 2.7 2.8 1972 - I II III IV 70.6 72.9 75.2 89.3 50.6 53.6 56.7 65.7 39.4 40.7 46.0 49.5 11.2 12.9 10.7 16.2 16.6 15.6 14.7 20.4 27,.8 28 .6 25 .4 36 .5 3.4 3.6 3.8 3.3 1973 - I II III IV 86.4 84.0 80.0 71.4 59.6 58.3 55.2 49.5 51.4 45.3 43.1 41.4 8.2 13.0 12.1 8.2 21.3 20.2 19.5 16.3 29 .5 33 .2 31 .6 24 .5 5.6 5 .5 5.3 5.6 1974 - I II III IV 71.8 69.0 56.0 46.3 49.3 46.8 35.7 28.9 39.8 39.5 29.5 24.0 9.6 7.3 6.2 4.8 18.9 17.4 14.0 11.6 28 .5 24 .7 20 .2 16 .5 3.6 4.8 6.3 5 .8 1975 - I II III IV 38.8 54.5 62.9 69.2 26.3 40.3 46.1 51.6 26.3 40.3 46.1 52.1 0.0 0.0 0.1 -0.5 7.2 9.4 12.5 14.1 7 .2 9 .3 12 .5 13 .6 5.3 4.8 4 .3 3.5 1976 - I II III 76.2 72.6 84.0 59.5 54.6 64.9 58.2 53.6 61.5 1.3 1.0 3.5 10.8 12.3 12.4 12 .1 13 .4 15 .9 6.0 5.6 6.6 1970 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. Digitized3 for FRASER Residential mortgage debt includes nonfarm only and is sum of 1 to 4 family and multifamily mortgage debt T a b l e 14 PRIVATE HOUSING PERMITS, STARTS, COMPLETIONS, AND MOBILE HOME SHIPMENTS IN T H O U S A N D S O F 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 COMPLETIONS STARTS TOTAL 1—FAMILY 1969 1970 1971 1972 1973 1974 1975 1976 1,324 1,352 1,925 2,219 1,820 1,074 939 1,282 626 647 906 1,033 882 644 676 894 698 705 1,018 1,186 937 431 264 389 1976 - J a n . Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 1,147 1,165 1,188 1,082 1,158 1,150 1,215 1,296 1,504 1,492 1,590 1,513 851 863 882 803 807 829 870 874 926 998 1,072 1,036 296 302 306 279 351 321 345 422 578 494 518 477 TOTAL 2 - O R MORE FAMILY | | 1 I | ' ! 1 —FAMILY TOTAL 2 - O R MORE FAMILY 1,407 1,434 2,052 2,357 2,045 1,388 1,161 1,540 811 813 1,151 1,309 1,132 888 893 1,163 656 621 901 1,048 914 450 269 377 1,236 1,547 1,417 1,367 1,422 1,510 1,382 1,537 1,840 1,814 1,716 1,940 957 1,295 1,110 1,055 1,065 1,139 1,123 1,171 1,280 1,337 1,237 1,323 279 252 307 312 357 371 259 366 560 477 479 617 1 —FAMILY 2-OR MORE FAMILY |i j j ! ! MOBILE HOME SHIPMENTS 1,399 1,418 1,706 1,972 2,014 1,692 1,296 808 802 1,014 1,143 1,174 932 866 592 617 692 828 840 760 430 413 401 497 576 567 329 216 250 1,213 1,299 1,399 1,266 1,360 1,373 1,307 1,401 1,387 1,314 1,445 926 953 1,032 986 934 1,052 1,038 1,094 1,017 976 1,104 287 346 367. 280 426 321 269 307 370 338 341 263 287 244 237 260 233 224 252 255 277 251 251 p 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, in the case of apartment buildings, aH units are considered started at that time; however, all such units are considered completed when more than half of the units in the structure are ready for use. Private mobile home shipments are Mobile Home Manufacturers Association data converted to seasonally adjusted annual rate by Census Bureau. 1 Permit data for 1969 and 1970 based on 13,000 areas with permit systems # # # # # » * # # # T a b l e 15 AVERAGE RATES AND YIELDS ON HOME MORTGAGES EXISTING H O M E S NEW HOMES 1 1 PERIOD RATE (IN PER CENT) SPREAD (BASIS POINTS) RATE (IN PER CENT) SPREAD BETWEEN R E T U R N S ON NEW A a a NEW H O M E S UTILITY CONVENTIONAL 1 BOND AND HUD(FHA) YIELD NEW HOME DISCOUNT SPREAD (BASIS (PERCENTAGE M O R T G A G E S (IN PER CENT) (BASIS POINTS) POINTS) POINTS) H U D ( F H A ) INSURED L O A N S S E C O N D A R Y MARKET CONVENTIONAL LOANS PRIMARY MARKET SPREAD (BASIS POINTS) YIELD (IN PER CENT) 1975 - High Low 9.25 8.90 15 -70 9.30 8.95 20 -65 9.74 8.69 31 -91 6.2 2.4 21 -49 9.70 8.94 1976 - High Low 9.05 8.90 91 5 9.10 8.95 95 10 9.06 8.25 59 8 4.3 2.0 65 - 4 8.72 8.05 1976 - J a n . Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 9.05 9.00 8.95 8.90 9.00 9.05 9.05 9.05 9.00 9.00 8.95 8.90 39 42 42 32 5 35 33 58 77 71 91 n.a. 9.10 9.05 9.00 8.95 9.05 9.10 9.10 9.10 9.05 9.00 9.00 8.95 44 47 47 37 10 40 38 63 82 71 95 n.a. 9.06 9.04 n.a. 8.82 9.03 9.05 8.99 8.93 8.82 8.55 8.45 8.25 40 46 n.a. 24 8 35 27 46 59 26 40 n.a. 2.4 2.2 n.a. 2.5 4.1 4.2 3.8 3.3 2.5 4.3 3.6 2.0 - 1 - 4 n.a. 8 - 3 0 6 12 18 45 50 65 8.66 8.58 8.53 8 .58 8.95 8.70 8.72 8.47 8.23 8.29 8.05 n.a. NOTES: 1 Gross yield spread is average 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) are based 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 basis points. For secondary market data, weighted HUD office opinions on the average bid price for HUD (FHA) loans with minimum downpayment, prepaid in 15 years, for immediate delivery, are used. H.16 ?? T a b l e 16 FNMA AUCTION RESULTS HOME MORTGAGE COMMITMENTS CONVENTIONAL GOVERNMENT-UNDERWRITTEN AMOUNT (IN M I L L I O N S O F D O L L A R S ) DATE O F AUCTION 1976 - High OFFERED ACCEPTED 634 (5/17) 321 (5/17) 21 (12/27) Low AVERAGE YIELD AMOUNT (IN M I L L I O N S O F D O L L A R S ) OFFERED 9.20 (6/1) 171 ( 9 / 7 ) 19 (12/27) 8.39(12/27) 33 (1/26) AVERAGE YIELD ACCEPTED 127 (11/15) 9.31 ( 6 / 1 , 6/28) 23 (2/23) 8.90 (12/27) 1 14 28 349.5 146.6 261.2 224.7 98.8 157.5 9.20 9.14 9.12 131.4 77.3 93.6 90.5 70.3 59.2 9.31 9.30 9.31 J u l y 12 26 148.3 311.8 88.4 212.0 9.05 9.04 90.7 130.5 82.0 105.2 9.27 9.23 Aug. 9 23 190.1 171.3 107.4 107.0 9.01 8.97 136.7 162.1 93.4 115.3 9.17 9.14 Sept. 7 20 121.9 99.1 68.8 49.1 8.92 8.84 170.6 151.1 117.8 107.6 9.13 9.09 Oct. 4 18 124.3 111.2 61.8 45.3 8.80 8.70 153.8 143.7 94.4 121.4 9.07 9.02 Nov. 1 15 30 215.3 218.9 59.9 73.2 114.2 33.7 8.67 8.68 8.63 141.7 140.9 70.7 112.2 126.5 58.2 9.00 9.00 8.99 Dec. 13 27 36.0 20.9 22.6 18.9 8.51 8.39 79.7 70.5 68.1 67.3 8.89 8.80 1977 - J a n . 10 24 385.7 361.7 285.8 263.3 8.46 8.49 184.2 142.6 132.5 105.8 8.81 8.83 389.6 213.6 8.52 151.7 120.2 8.85 1976 - June Feb. 7 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. H.16 # #