Full text of H.16 Capital Market Developments : April 25, 1977
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Capital Market Developments i h\\ -• I I n :r cc > 7 ~T April 2 5 , 1 9 7 7 Prepared by the C A P I T A L MARKETS SECTION in conjunction with the MORTGAGE and CONSUMER F I N A N C E SECTION DIVISION OF R E S E A R C H AND STATISTICS 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 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 $.50 each. Address requests to Publications Services. Division of Administrative Services, and make payment remittance payable to the order of the Board of Governors of the Federal Reserve System in a form collectible at par in U.S. Currency. TABLES 1 - 6 SECURITY VOLUME AND YIELDS 7, 8 STOCK MARKET AND S E C U R I T Y CREDIT 9 - 1 6 MORTGAGE MARKET SYMBOLS 6 ESTIMATE P r PRELIMINARY REVISED n.a. NOT AVAILABLE DATA DO NOT EXIST Table 1 YIELDS, VOLUME AND RECEPTION C O R P O R A T E B O N D MARKET YIELDS WEEK ENDING 1977 - F e b r u a r y March April NEW ISSUE 1 Aaa UTILITY 4 11 18 25 4 11 18 25 1 8 15 22 VOLUME RECENTLY 2 OFFERED Aaa UTILITY 3 GROSS OFFERINGS ($ MILLIONS) PER CENT SOLD BY END OF WEEK NEW ISSUES 4 IN SYNDICATE ($ MILLIONS) 8.18 8.28 8.14 8.12 8.17 8.26 303 213 217 306 90 95 98 84 70 55 17 147 8.30 8.23 8.22 8.27 8.32 8.27 8.28 25 544 698 812 96 89 81 95 63 111 163 51 8.26 8.26 8.25r 8. 20p 8.28 8.25 8.16 8.16p 448 298 804r 521 88 39 100 70 125 8.15 94 0 231 MUNICIPAL B O N D MARKET YIELDS WEEK E N D I N G 1977 - MOODY'S NEW ISSUE Aaa VOLUME BOND BUYER 20-BbND INDEX 3 GROSS OFFERINGS ($ MILLIONS) PER CENT SOLD BY END OF WEEK NEW ISSUES 4 IN SYNDICATE ($ MILLIONS) February 4 11 18 25 5.17 5.17 5.15 5.20 5.93 5.86 5.83 5.92 427 860 971 706 86 87 86 74 139 204 228 333 March 4 11 18 25 5.20 5.23 5.20 5.20 5.92 5.92 5.90 5.88 648 770 776 680 93 91 88 86 155 137 163 180 April 1 8 5.20 5.17 5.17 5.20 5.85 5.79 5.70 5.73 1,103 823 1,055 409 85 83 91 85 175 232 144 125 15 22 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. 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 O F F E R E D A a a UTILITY 9.39 (10/11) 7.73 (1/4) 8.68 7.39 (8/30) (1/4) 7.15 (12/12) 5.16 (2/7) 9.01 (5/2) 8.57 (2/28) 8.63 (9/19) 7.63 (2/21) 8.66 (5/28) 7.91 (12/31) 8.17 7.27 8.32 (3/18) 7.95 (1/7) 8.12 (3/11) 7.88 (1/7) 7.76 (3/25) 7.26 (1/7) 5.93 (2/4) 5.70 (4/14) 10.52 8.13 1977 - High Low 8.30 7.90 9.71 (5/25) 9.06 (2/28) 9.10 7.84 (3/11) (1/7) B O N D BUYER 2 0 - B 0 N D INDEX (10/11) (1/4) 10.61 (10/4) 8.05 (2/15) 8.95 (5/28) 7.93 (12/10) 4 5.59 (8/3) 4.99 (10/11) 1974 - High Low 1976 - H i g h Low U S . GOVT. 20-YEAR C O N S T A N T MATURITY 7.79 (8/10) 6.42 (1/5) 8.32 7.28 (5/2) (2/7) 3 7.77 (8/24) 7.11 (1/5) 8.52 (8/10) 7.29 (1/21) 9.80 8.89 MOODY'S S E A S O N E D CORPORATE A a a (8/10) (1/5) 1973 - High Low 1975 - High Low 2 (1/2) (12/31) (5/28) (12/31) 7.67 6.27 (10/3) (2/13) 7.29 5.95 (1/2) (12/16) 1977 - Mar. 4 11 18 25 8.30 8.23 8.22 8.27 8.32 8.27 8.28 8.10 8.12 8.09 8.09 7.75 7.76 7.72 7.71 5.92 5.92 5.90 5.88 Apr. 1 8 15 22 8.26 8.26 8.25r 8.20p 8.28 8.25 8.16 8.16p 8.10 8.10 8.05r 7.99p 7.74 7.71 7.65r 7 ,60p 5.85 5.79 5.70 5.73 5 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 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. S # I e * m m m m e « Table 3 LONG-TERM CORPORATE AND STATE AND LOCAL GOVERNMENT SECURITY OFFERINGS AND PLACEMENTS IN MILLIONS OF D O L L A R S G R O S S PROCEEDS CORPORATE PERIOD 1977 J 1976 1 1975 3,216 3,365 4,832 4,327 2,405 2,836 2,734 2,821 2,814 3,580 2,783 2,159 4,427 3,458 6,334 4,705 4,076 4,307 3,524 3,336 2,298 2,323 2,381 2,052 13,879 14,097 11,413 14,219 15,273 15,688 9,568 13,088 8,701 9,153 8,369 9,158 6,883 8,370 8,522 6,756 7,976 39,389 53,608 30,961 40,529 53,617 17,854 26,223 35,381 15,253 23,775 30,531 October November December 3,400e 3,300e 4,000e 10,700e NOTES: 1 Securities and Exchange Commission estimates of gross proceeds. 2 Securities Industry Association estimates of principal amounts. 3 E s t i m a t e d b y F e d e r a l R e s e r v e on t h e b a s i s of a v a i l a b l e d a t a . 1975 2,406 2,900 3,064 July August September 1st Half 3 Qtrs. Year Z 2,463 3,575 3,115 3,507 4,186 6,404 10,400e 1976 4,294 5,798 5,596 April May June 01 02 03 04 1977 2,361 2,387 2,135 5,367 4,528 5,378 4,000e 2,450e 3,950e S T A T E A N D LOCAL j 2,451 2,885 3,365 3,381 3,863 6,635 January February March 1 Table 4 NEW CORPORATE SECURITY ISSUES BY TYPE OF ISSUE AND ISSUER IN MILLIONS OF DOLLARS G R O S S PROCEEDS BY TYPE OF ISSUER G R O S S PROCEEDS BY TYPE OF ISSUE PERIOD 1976 - I II III IV TOTAL PUBLICLY OFFERED 1 MEMO BONDS COMMON AND PRIVATELY PREFERRED PLACED STOCK I S S U E S INCLUDED FOREIGN MANUFACTURING PUBLIC UTILITY COMMUNICATIONS OTHER ISSUERS CONVERTIBLE 13,879 14,097 11,413 13,819 7,569 7,427 4,904 6,553 2,757 3,549 4,648 4,708 3,553 3,121 1,861 2,558 1,340 1,843 1,267 1,795 262 478 199 55 4,500 3,723 2,999 4,175 4,044 3,140 3,317 3,887 765 1,879 394 539 4,569 5,358 4,705 5,218 3,381 3,863 6,635 3,507 4,186 6,404 3,216 3,365 4,832 4,427 3,058 6,334 2,189 2,142 3,238 2,350 1,937 3,140 1,239 1,565 2,100 2,729 1,256 2,568 613 794 1,350 629 1,051 1,869 1,348 1,122 2,178 750 1,112 2,846 579 927 2,047 528 1,198 1,395 629 678 554 948 690 920 605 335 400 428 350 1,005 500 367 400 235 1,310 250 123 15 124 37 15 426 100 7 92 21 31 3 1,073 1,179 2,248 568 1,709 1,446 1,198 1,031 770 1,348 521 2,306 1,097 789 2,158 644 1,148 1,348 932 920 1,465 1,414 1,327 1,146 16 171 578 450 20 1,409 26 221 147 155 190 194 1,197 1,722 1,650 1,847 1,309 2,202 1,061 1,195 2,449 1,511 1,019 2,688 1976 - January February March April May June July August September October November December NOTES: 1 Other issuers are extractive, railroad and other transportation, real estate and finance, and commercial and other. Source: Securities and Exchange Commission. http://fraser.stlouisfed.org/ # % Federal Reserve Bank of St. Louis # # # # e # e • # $ # # # # # # # # # » Table 5A INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER T H A N U . S . T R E A S U R Y April 4 through April 22, ISSUER TYPE AMOUNT (MILLIONS OF DOLLARS) 1 1977 MATURITY C O U P O N RATE OFFERING YIELD 1997 2007 2002 2007 1982 1987 2002 11.50 8.63 8.60 8.00 6.88 7.50 8.10 11.50 8.70 8.60 8.00 6.88 7.50 8.10 MOODY'S/S&P'S RATINGS CORPORATE T e x a s I n t e r n a t i o n a l Co. E l i z a b e t h t o w n W a t e r Co. W e l l s F a r g o & Co. R.J. Reynolds I n d u s t r i e s I n c . E l P a s o Co. E l P a s o Co. E l P a s o Co. P o r t l a n d General E l e c t r i c Co. Eastern Airlines Inc. S h e l l O i l Co. O h i o Power C o . Southern B e l l T e l . & T e l e . Co. I n d i a n a & Michigan E l e c t . Co. I n d i a n a & Michigan E l e c t . Co. I n d i a n a & M i c h i g a n E l e c t . Co. C o l o n i a l O p t i o n Income Fund I n c . W e l l s F a r g o & Co. R . J . Reynold I n d u s t r i e s I n c . D u q u e s n e L i g h t Co. Missouri Pacific Railroad P a c i f i c Gas & E l e c t r i c C o . S o u t h C a r o l i n a E l e c t . & Gas Co. K e n t u c k y U t i l i t i e s Co. E l P a s o E l e c t r i c Co. Debt. Debt. Debt. Debt. Gtd. bds. Gtd. bds. Gtd. bds. Com. s t k . Conv. d e b t . Debt. 1 s t irrfcg. Debt. Gtd. bds. Gtd. bds. Gtd. bds. Com. s t k . Com. s t k . Com. s t k . Pfd. stk. Equip, t r . 1st mtg. 1st mtg. 1st mtg. 1st mtg. 30.0 30.0 50.0 150.0 5.1 7.5 25.2 60.0 50.0 300.0 40.0 275.0 4.7 6.8 18.8 60.0 54.3 57.4 30.0 15.0 200.0 50.0 30.0 25.0 ** m* 2002 2007 2007 2017 1983 1988 21 —— mm mm 10.00 8.0 8.85 8.17 6.85 7.50 8.05 i — B/B Aaa/AAA Baa/BBB + Aaa/AAA NR/NR NR/NR NR/NR mm mm —— —— — — —— 1977-1992 2009 1982 2007 2007 NOTES: * Rights offering. 1 Includes only corporate and other security offerings of $15 million and over; excludes options, exchanges, and secondary offerings. —— 10.00 8.0 9.00 8.13 6.85 7.50 8.05 B/B A Aa/AAAa/AA NR/NR NR/NR NR/NR 8.40 7.63 8.50 7.00 8.50 8.50 8.40 5.60-7.75 8.50 7.09 8.35 8.48 A/A Aa/AA Aa/AAA/A Aa/ AA A/AA- T a b l e 5A C o n t i n u e d INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY A p r i l 4 through A p r i l 22, ISSUER 1977 AMOUNT (MILLIONS OF DOLLARS) MATURITY Notes Debt. 1st mtg. Sr. notes Sub. n o t e s 50.0 50.0 100.0 75.0 25.0 1987 1997 2007 1987 1987 9.25 8.88 8.38 7.88 8.13 9.25 8.90 8.35 7.88 8.20 Ba/BB— Baa/BBB Aa/AA A/AA Baa/A Notes Notes Bonds 200.0 200.0 200.0 1982 1987 2002 7.00 7.65 8.25 7.00 7.65 8.32 Aaa/AAA Aaa/AAA Aaa/AAA TYPE COUPON RATE OFFERING YIELD MOODY S / S & P S RATINGS CORPORATE U.v. I n d u s t r i e s Inc. U.V. I n d u s t r i e s I n c . D u q u e s n e L i g h t Co. A l l s t a t e F i n a n c i a l Corp. A l l s t a t e F i n a n c i a l Corp. OTHER World Bank World Bank World Bank Table 5B INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY ' A p r i l 4 t h r o u g h A p r i l 2 2 , 1977 ISSUER TYPE S T A T E AND LOCAL J a c k s o n , Tenn. Jackson, Tenn. J a c k s o n , Tenn. J a c k s o n , Tenn. B e a v e r Co. H o s p . Au t h . , P a . B e a v e r Co. H o s p . A u t h . , P a . B e a v e r Co. H o s p . A u t h . , P a . B e a v e r Co. H o s p . A u t h . , P a . B e a v e r Co. H o s p . A u t h . , P a . I l l i n o i s Health Fac. Auth. I l l i n o i s Health Fac. Auth. I l l i n o i s Health Fac. Auth. C o c o n i n o Co. P o l l . C t r l . C o r p . , A r i z . N a v a j o Co. P o l l . C t r l . C o r p . , A r i z . H a w a i i , S t a t e of M i n n e s o t a , S t a t e of Dade C o . , F l a . Dade C o . , F l a . O r e g o n , S t a t e of Paramount Redev. Agy., C a l i f . Paramount Redev. A g y . , C a l i f . Maine H e a l t h F a c . A u t h . Maine H e a l t h F a c . A u t h . Los A n g e l e s D e p t . of A i r p o r t s , C a l i f Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. G. 0 . G.O. Rev. Rev. G.O. G.O. G.O. Rev. Rev. Rev. AMOUNT (MILLIONS OF DOLLARS) 10.2 6.5 13.3 8.0 3.3 2.5 3.1 5.2 40.2 15.5 4.0 8.7 13.0 30.0 75.0 112.0 27.6 28.2 54.0 6.5 8.5 2.0 10.0 25.9 NOTES: 1 Includes only state and local security offerings of S10 million and over; excludes secondary offerings. 2 For State and local government securities, G.O. denotes general obligation; Rev. denotes revenue obligations. MATURITY 1980-1997 2003 2011 1977-2004 1981-1985 1988 1991 1995 2010 1978-1991 1995 1977-1985 2007 2007 1980-1997 1978-1997 1978-2001 2011 1991-1996 1978-1992 2002 1980-1987 2009 1986-2005 NET INTEREST COST 6.26 6.26 6.26 4.83 7.57 7.57 7.57 7.57 7.57 6.36 6.36 6.36 5.13 4.69 6.07 6.07 5.10 6.21 6.21 5.83 OFFERING YIELD 4.00-6.00 6.22 6.34 2.75-5.50 5.30-6.20 6.50 7.00 7.25 7.50 3.80-6.50 6.64 2.70-4.60 6.49 6.49 3.70-5.75 2.75-5.10 3.30-6.10 6.20 4.85-5.15 3.40-6.00 6.25 4.30-5.80 6.54 4.80-6.00 MOODY'S/S&P'S RATINGS A/BBB+ A/BBB+ A/BBB+ Aaa/AAA Baa-l/ABaa-l/ABaa-l/ABaa-l/ABaa-l/AA/A+ A/A+ Aaa/AAA — / A— —/AAa/AA Aaa/AAA A/A A/A Aaa/AA A/BBB A/BBB —/AA — / AA A— 1/A Table 5B Continued INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY A p r i l 4 through April 22, TYPE ISSUER AMOUNT (MILLIONS OF DOLLARS) 1977 MATURITY NET INTEREST COST OFFERING YIELD MOODYS/S&PS RATINGS STATE AND LOCAL Waynesboro I n d u s t . D e v . A u t h . , Va. N e b r a s k a P u b l i c Power D i s t . Henry Co. H o s p . A s s o c . , Xnd. I n d i a n a Co. H o s p . A u t h . , I n d . I n d i a n a Co. H o s p . A u t h . , I n d . I n d i a n a Co. H o s p . A u t h . , I n d . P u e r t o R i c o , Commonwealth of P u e r t o R i c o , Commonwealth o f Miami, F l a . A u s t i n , Texas L i t t l e Rock, A r k . D a l l a s , Texas Los A n g e l e s D e p t . of W a t e r & P o w e r , Calif. Los A n g e l e s D e p t . of W a t e r & P o w e r , Calif. Los A n g e l e s D e p t . of W a t e r & P o w e r , Calif. Los A n g e l e s D e p t . o f W a t e r & P o w e r , Calif. Los A n g e l e s D e p t . Water & Power, Calif. P i n e l l a s Co., F l a . P e n e l l a s Co., F l a . Montgomery C o . , Md. Michigan S t a t e Hsg. Dev. A u t h . Aaa/AAA A-l/A A-l/A A/— A/ — A/— Baa-l/A Baa-l/A A-1/A+ A-1/A+ Aa/AA Aaa/AA Rev. Rev. G.O. Rev. Rev. Rev. G.O. G.O. G.O. Rev. Rev. G.O. 13.0 50.0 10.0 11.4 6.6 1.6 110.0 190.0 28.0 80.0 10.0 32.0 2007 1978-2007 1980-1999 1980-1992 2006 1996 1987 2002 1979-1997 1982-2002 1979-1996 1978-1997 — 5.45 . 3.20-6.05 3.75-5.95 4.60-6.50 7.00 6.75 6.50 4 .92 5 .46 4 .87 4 .67 3.30-5.80 4.00-5.75 3.20-5.20 2.70-5.25 Rev. 50.0 1980-1982 4 .00 Rev. 23.8 1985-2000 5 .65 4.45-5.55 Aa/AA Rev. 23.8 5 .65 5.80 Aa/AA Rev. 22.8 1982-2000 5 .66 4.00-5.55 Aa/AA Rev. Rev. Rev. G.O. Rev. 27.2 28.6 5.3 35.0 13.8 2017 1977-2005 1977-1990 1978-1997 1980-1998 5 .66 5.80 Aa/AA 2014 — 5 .82 5 .50 8.00 MIGI/AA — — 4 .77 2.90-4.90 2.90-5.40 4.00-6.15 Aaa/AAA A-1/A+ • # # e # e # # # # Table 5B Continued INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY April 4 through A p r i l 22, ISSUER TYPE AMOUNT (MILLIONS OF DOLLARS) 1977 MATURITY NET INTEREST COST OFFERING YIELD MOODY S / S & P ' S RATINGS STATE AND LOCAL M i c h i g a n S t a t e H s g . Dev. A u t h . Chicago Park D i s t . , 111. J e f f e r s o n Co. S c h . D i s t . , A l a . J e f f e r s o n Co. S c h . D i s t . , A l a . J e f f e r s o n Co. S c h . D i s t . , A l a . Oshkosh, Wise. C o n n e c t i c u t , S t a t e of Kentucky Housing Corp. Tucson Comm. C e n t e r A u t h . , A r i z . I n d i a n a Co. H o s p . A u t h . , I n d . C a r r o l l C o . , Ky. C a r r o l l C o . , Ky. C e d a r R a p i d s , Iowa Santa M a r g a r i t a Water D i s t . , Cal. Montgomery M e d i c a l C l i n i c B d . , A l a . Montgomery M e d i c a l C l i n i c B d . , A l a . Montgomery M e d i c a l C l i n i c B d . , A l a . Montgomery M e d i c a l C l i n i c B d . , A l a . Los A n g e l e s Co. F l o o d C t r l . D i s t . , Cal. New J e r s e y H l t h . C a r e F a c . F i n . A u t h . New J e r s e y H l t h . C a r e F a c . F i n . A u t h . Sunnyvale Redev. Agy., C a l i f . Sunnyvale Redev. Agy., C a l i f . Farmers Branch Hosp. A u t h . , Texas Farmers Branch Hosp. A u t h . , Texas Rev. G.O. G.O. G.O. G.O. G.O. G.O. G.O. Rev. Rev. Rev. Rev. G.O. G.O. Rev. Rev. Rev. Rev. 51.2 15.0 5.4 9.5 10.0 26.9 63.1 31.7 11.5 7.5 23.0 2.4 11.2 20.0 9.6 8.2 3.8 7.8 G.O. Rev. Rev. Rev. G.O. Rev. Rev. 13.0 5.4 7.0 11.2 16.8 9.0 6.2 - 2021 1979-1992 1978-1992 1978-1993 1978-1994 1978-1994 1978-1997 1979 1986-1991 1978-1986 2004 2005 1979-1986 1979-2003 1977-1987 1979-1992 1997 2007 1978-2007 1980-1992 2009 1981-2007 2007 1977-1988 1982-1995 4.86 4.93 4.99 5.05 4.51 5.03 3.80 5.27 — — — 4.02 6.00 4.98 6.69 6.69 5.93 6.77 4.31 6.82 6.16 6.16 3.10-4.10 3.90-6.25 2.80-4.60 4.25-6.50 6.75 7.00 A-1/A+ Aa/AA A-1/A+ A-1/A+ A-1/A+ Aa/AA A-l/AA MIGI/— A-l/AA Aaa/— Aa/AA Aa/AA Aa/— —/ — A/ — A/ — A/ — A/— 2.75-5.30 4.50-6.40 6.75 4.00-6.04 6.64 2.75-4.70 4.80-6.50 Aaa/ — A/A A/A A-l/A — / AA Aaa/— A/ 6.75 3.50-5.20 3.00-5.25 3.00-5.30 3.00-5.35 2.90-5.25 3.00-5.50 3.50 4.75-5.30 < hO Table 5B Continued INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY A p r i l 4 through A p r i l 22, ISSUER STATE AND LOCAL Farmers Branch Hosp. A u t h . , Texas Farmers Branch Hosp. A u t h . , Texas Maine S t a t e H o u s i n g A u t h . Maine S t a t e H o u s i n g A u t h . Maine S t a t e Housing A u t h . Rutgers State University, N.J. Rutgers State University, N.J. TYPE Rev. Rev. Rev. Rev. Rev. Rev. Rev. AMOUNT (MILLIONS OF DOLLARS) 1.4 8.0 20.1 9.5 4.4 5.5 5.7 1977 MATURITY 1997 2005 1979-1997 2009 2019 1979-2003 2013 NET INTEREST COST 6.82 6.82 5.59 5.59 5.59 5.80 5.80 OFFERING YIELD 6.65 6.88 3.50-5.90 6.25 6.28 3.50-5.75 5.88 MOODY'S/S&P'S RATINGS A/ A/ A-l/AA A-l/AA A-l/AA A/AA A/AA 13 Table 6A FORTHCOMING INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY As o f A p r i l 2 2 , 1 1977 AMOUNT (IN MILLIONS OF D O L L A R S ) APPROXIMATE DATE O F OFFERING ISSUER TYPE Long I s l a n d L i g h t i n g Co. * Cummins E n g i n e Co. P u g e t Sound Power & L i g h t Co. T e x a s U t i l s . Co. B o s t o n E d i s o n Co. * B o s t o n E d i s o n Co. * F r e u h a u f F i n a n c e Co. S o u t h w e s t e r n E l e c . Power Co. ^ P a c i f i c Power & L i g h t Co. P a c i f i c Power & L i g h t Co. J e r s e y C e n t . Power & L i g h t Co. E q u i t a b l e Gas Co. G e n l . T e l . Co. of t h e S o u t h w e s t T o l e d o E d i s o n Co. C o n n e c t i c u t L i g h t & Power Co. C e n t r a l Hudson Gas & E l e c t r i c Corp K a n s a s C i t y Power & L i g h t Co. B e l l T e l e p h o n e Co. of P a . * I n d i a n a & M i c h i g a n E l e c . Co. G e o r g i a Power Co. Consumer Power Co. ^ C l e v e l a n d E l e c t r i c I l l u m i n a t i n g Co , * C l e v e l a n d E l e c t r i c I l l u m i n a t i n g Co . * C e n t r a l I l l i n o i s P u b l i c Svc. AMFAC M o r t g a g e C o r p . A m e r i c a n E l e c . Power Co. C e n t r a l L o u i s i a n a E l e c t r i c Co. Republic S t e e l Corp. 1st mtg. Com. s t k . Pfd. stk. Com. s t k . 1st mtg. Com. s t k . Notes Pfd. stk. Com. s t k . Pfd. stk. 1st mtg. Pfd. stk. Debt. Com. s t k . 1st mtg. Pfd. stk. Com. s t k . Debt. Pfd. stk. 1st mtg. Com. s t k . Com. s t k . 1st mtg. Com. s t k . Med-term n o t e s Com. s t k . Com. s t k . SF d e b t . 75.0 30.0 27.5 99.0 60.0 50.0 75.0 30.0 56.0 45.0 60.0 17.5 65.0 50.0 45.0 15.0 32.0 200.0 40.0 30.0 60.0 75.0 75.0 40.0 25.0 200.0 28.0 125.0 Apr. Apr. Apr. May May May May May May May May May May May May May May May May May May May May May May June Indef Indef OTHER E u r o p e a n I n v e s t m e n t Bank ^Saskatchewan Bonds Debt. 75.0 125.0 May May CORPORATE NOTES: * Included in table for first time. 1 Includes only corporate and other security issues of $15 million and over; excludes exchanges, options 27 27 28 3 4 4 5 5 5 10 10 10 11 11 12 17 17 17 17 18 18 24 24 24 • 5 11 Table 6B FORTHCOMING INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY ' As of A p r i l 2 2 , TYPE ISSUER 1977 AMOUNT (IN MILLIONS OF DOLLARS) APPROXIMATE DATE OF OFFERING STATE & LOCAL W i s c o n s i n , S t a t e of Kalamazoo C i t y Hosp. F i n . A u t h . , Mich. *Kalamazoo C i t y H o s p . F i n . A u t h . , Mich. M i n n e a p o l i s , Minn. B a l t i m o r e , Md. * A l b a n y , N.Y. S u f f o l k C o . , N.Y. *Houston, Texas Salem Sch. D i s t . , # 2 4 J , Oregon I l l i n o i s H e a l t h Fac. Auth. *0akland Co., Mich. *Cass Co., Texas San A n t o n i o , T e x a s Maricopa Co., Arizona Maricopa Co., Arizona A l b u q u e r q u e , N.M. Aurora, Colo. *Anne A r u n d e l C o . , Md. L o u i s i a n a , S t a t e of *0maha P u b l i c Power D i s t . P e n n s y l v a n i a S t a t e P u b l i c Sch. Bldg. Auth. *Mecklenburg C o . , N.C. *Valdez, Alaska Milwaukee, Wise. * W a s h i n g t o n , S t a t e of * A l a b a m a , S t a t e of Bayshore Reg. Sewerage A u t h . , N . J . M a i n e M u n i c i p a l Bond Bank Bayshore Reg. Sewerage A u t h . , N . J . * D e l a w a r e Co. R e g . W a t e r C o n t r o l Auth., Pa. *Malden, Mass. K l e i n I n d . Sch. D i s t . , Texas ^ F l o r i d a , S t a t e of *Long Beach P a r k i n g A u t h . , C a l . Lower C o l o r a d o R i v e r A u t h . , T e x a s G.O. 128.0 Apr. 26 Rev. 28.3 Apr. 26 Rev. G.O. G.O. G.O. G.O. Rev. G.O. Rev. G.O. Rev. G.O. Rev. Rev. Rev. G.O. G.O. G.O. Rev. 27.0 17.0 35.0 17.6 26.9 35.0 10.5 36.0 23.6 16.7 26.6 50.8 74.7 17.6 19.5 25.0 100.0 170.0 Apr. Apr. Apr. Apr. Apr. Apr. Apr. Apr. Apr. Apr. Apr. May May May May May May May 26 26 26 27 27 27 27 28 28 28 28 2 2 2 2 3 3 3 Rev. G.O. Rev. G.O. G.O. G.O. Rev. Rev. Rev. 11.8 13.7 250.0 16.1 93.5 20.0 13.2 25.0 14.7 May May May May May May May May May 3 3 3 3 4 4 4 4 4 Rev. G.O. G.O. G.O. Rev. Rev. 29.0 10.0 12.0 50.0 10.0 70.0 May May May May May May 5 5 9 10 10 10 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. 15 Table 6B Continued FORTHCOMING INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY ' As of A p r i l 2 2 , TYPE ISSUER 1977 AMOUNT (IN MILLIONS OF DOLLARS) STATE & LOCAL P o r t of P o r t l a n d , Oregon D a l t o n , Ga. A l b u q u e r q u e , N.M. Katy I n d . Sch. D i s t . , Texas *Camden C o . , N . J . N o r t h C a r o l i n a , S t a t e of Tulsa, Okla. *West V i r g i n i a B o a r d of R e g e n t s L o u i s i a n a Mun. Power Comm. G.O. Rev. G.O. G.O. G.O. G.O. G.O. Rev. Rev. 84.0 125.0 10.5 19.0 15.2 75.0 22.0 30.0 75.0 APPROXIMATE DATE OF OFFERING May May May May May May May May May 11 12 16 16 17 18 18 Table 7 STOCK PRICES AND VOLUME 1 STOCK PRICES DATE NYSE INDEX 3 B J INDUSTRIALS AMEX 4 NASDAQ NYSE 1973 - High Low 65.58 (1/11) 49.12 (12/13) 1974 - H i g h 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) 1976 - High Low 57.51 (9/21) 48.04 (1/2) 1014.79 (9/21) 858.71 (1/2) 1051.50 d / 1 1 ) 788.31 (12/5) 2 TRADING VOLUME AMEX NASDAQ (1/11) (8/27) 5.5 (1/12) 1.4 (8/20) 11.3 3.5 24.9 (1/3) 7.5 (7/5) 4.4 (1/3) .9 ( 9 / 2 6 ) 7.5 2.8 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) 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) 130.47 (1/11) 85.26 (12/20) 26.0 (9/20) 136.84 d / 1 1 ) 9.0 (8/20) 89.12 (12/13) Mar. 4 11 18 25 54.98 54.72 55.36 53.92 953.46 947.72 961.02 928.86 111.47 111.64 112.46 111.98 96.07 96.07 96.44 95.28 17.7 17.1 18.7 18.6 2.3 2.7 2.7 2.9 7.1 7.0 7.6 7.0 Apr. 1 8 15 22 53.94 53.46 54.94 53.69 927.36 918.88 947.76 927.07 111.97 110.43 112.50 111.75 94.54 94.03 96.26 95.12 17.2r 16.4 19.8r 20.1 2.3 2.3 2.6r 2.9 6.3r 6.1 7.5 7.6 (1/3) (7/5) NOTES: 1 Figures other than highs and 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 12/31/65 = 50 4 Based on average price change until September 4, 1973 thereafter, based on market value of shares listed. # e e # # # # # * # 17 Table 8 SECURITY CREDIT R E G U L A T E D MARGIN CREDIT EXTENDED BY END O F PERIOD BROKERS ON MARGIN STOCK 1 BROKERS O N CONVERTIBLE BONDS 3 2 BANKS UNREGULATED NONMARGIN S T O C K CREDIT AT B A N K S OUTSTANDING 1976 - J a n u a r y 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 7,960 146 153 162 163 161 166 172 167 174 169 178 204 1977 - J a n u a r y February March 8,270 8,480 8,690 196 198 n.a. 1976 - J a n u a r y 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 7 5 9 26 1977 - J a n u a r y February March 310 210 210 —8 2 n.a. 984 1,038 1,057 1,077 1,007 880 898 1,061 859 1,068 839 829 820 n.a. n.a. 2,276 2,332 2,355 2,325 2,357 2,368 2,317 2,368 2,830 2,774 3,351 3,684 3,693 n.a. n.a. C H A N G E IN O U T S T A N D I N G — 24 54 19 20 -69 127 -130 163 202 209 229 -10 -9 n.a. n.a. -5 56 22 -30 32 11 -51 -51 462 -56 577 333 9 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 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 Table 9 OO SAVINGS FLOWS AT NONBANK THRIFT INSTITUTIONS IN MILLIONS OF DOLLARS REGULAR DEPOSITS DATE 1972 1973 1974 1975 1976 1976 - J u l y Aug. Sept. Oct. Nov. Dec. 1977 - J a n . Feb NET FLOW 10,067 4,815 2,909 11,070 11,546 910 308 1,307 836 779 1,757 913 847 1 ANNUAL 3 GROWTH RATE 12.4 5.4 2.2 11.3 11.6 —— —— — «* — — - - __ __ TOTAL SAVINGS & LOAN ASSOCIATIONS MUTUAL SAVINGS BANKS NET NEW MONEY 2 SHARE CAPITAL NET FLOW 5,451 -442 -2,822 4,757 5,275 32,567 20,237 16,006 42,769 50,287 333 47 75 582 539 367 3,509 2,154 5,572 3,452 2,581 6,277 645 585 5,218 3,392 ANNUAL 3 GROWTH RATE 18.6 9.9 7.0 17.3 17.7 • «• - —— —— - - NET NEW MONEY 2 DEPOSITS NET FLOW 23,884 10,507 4,668 29,276 34,369 42,634 25,052 18,915 53,839 61,833 3,289 1,967 1,944 3,224 2,381 2,279 4,419 2,462 6,879 4,288 3,360 8,034 4,944 3,173 6,131 4,239 ANNUAL 3 GROWTH RATE 16.6 8.5 5.5 15.8 16.0 •— «• - - - - - - • - NET NEW MONEY 2 29,335 10,062 1,846 34,033 39,644 3,622 2,014 2,019 3,826 2,920 2,646 5,449 3,758 SEASOt ALLY ADJUSTED" 1976 - J u l y Aug. Sept. Oct. Nov. Dec. 1977 - J a n . Feb . 2 / 1,556 1,244 1,326 1,396 852 1,086 16.3 12.8 13.5 14.1 8.5 10.7 965 591 9.5 5.7 —— —— —— —— - - —• — 4,902 4,999 5,525 5,016 4,047 4,423 19.0 19.1 20.8 18.5 14.7 15.9 4,285 2,919 15.2 10.2 - — - - - - - - —— - - 6,458 6,243 6,851 6,412 4,899 5,509 18.3 17.4 18.8 17.3 13.1 14.5 5,230 3,510 13.7 9.0 - - - — — - - —— — — 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 19 Table 10 MORTGAGE COMMITMENTS AT SELECTED THRIFT INSTITUTIONS BILLIONS OF DOLLARS, S E A S O N A L L Y A D J U S T E D NET CHANGE OUTSTANDING COMMITMENTS PERIOD TOTAL i MUTUAL ALL SAVINGS SAVINGS BKS & LOAN A S S O C I A T I O N S ( N Y. S T A T E ) TOTAL MUTUAL ALL SAVINGS SAVINGS BKS & LOAN ASSOCIATIONS (N Y. S T A T E ) 1972 - D e c . 25.2 20.3 4.9 .45 .43 .02 1973 - D e c . 19.9 16.4 3.5 .04 .21 -.17 1974 - D e c . 14.6 12.4 2.2 .09 -.09 1975 - J a n . Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 14.8 14.6 15.2 16.1 16.7 17.0 17.9 18.9 19.7 20.1 20.2 20.6 12.7 12.7 13.2 14.1 14.6 14.9 15.8 16.7 17.6 18.0 18.2 18.6 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 1.21 .90 .01 .35 .04 .18 .06 .41 .95 .53 .29 .84 .98 .86 .37 .22 .35 -.11 -.24 .11 .01 .04 .04 -.03 .09 -.09 .02 -.03 -.02 1976 - J a n . Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 20.8 21.3 21.7 21.8 22.3 22.6 23.1 23.7 24.6 26.1 27.3 28.2 18.8 19.3 19.5 19.6 20.0 20.4 20.8 21.3 22.0 23.5 24.6 25 .5 2.0 2.0 2.2 2.2 2.3 2.2 2.3 2.4 2.6 2.6 2.7 2.7 .06 .61 .48 .38 .48 .27 .50 .87 1.05 1.20 1.26 .92 .20 .58 .16 .10 .32 .53 .33 .50 .78 1.46 1.09 .92 .02 -.06 .19 .05 .05 -.02 .03 .12 .19 .06 .09 27.9 28.5 25 . 1 25.5 2.8 3.0 -.35 .61 -.45 .43 .10 .18 1977 Jan. Feb. NOTES: Based on data from Federal H o m e Loan Bank Board and Savings Banks Association of New York State. Both series include a minor amount of non residential commitments; S&L c o m m i t m e n t s 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. H.16 20 Table 11 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 M I L L I O N S O F D O L L A R S PERIOD INTERMEDIATE A N D L O N G - T E R M 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. Preliminary Digitized for pFRASER FHLMC FNMA FNMA & FHLB SHORT-TERM DISCOUNT NOTES 1 +1,050 +100 +310 +491 +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 — — — 21 Table 12 NET CHANGE IN MORTGAGE HOLDINGS IN MILLIONS OF DOLLARS 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 A d j u s t e d 41,406 57,587 58,372 42,732 43,608 61,041 39,018 55,561 55,072 36,510 38,769 61,417 9,940 16,800 19,600 11,700 4,200 10,400 3,938 5,377 5,642 2,172 2,236 4,063 23,919 31,932 25,552 17,560 29,400 44,540 1,221 1,452 4,278 5,078 2,933 2,414 2,388 2,026 3,300 6,222 4,839 -376 1976 - J u n e July Aug. Sept. Oct. Nov. Dec. 5,940 5,962 5,641 5,931 4,983 5,649 6,037 5,940 5,616 5,361 6,071 5,399 5,057 6,200 1,100 1,000 600 1,300 1,000 700 900 517 323 384 364 398 341 670 4,804 4,231 4,239 4,081 3,895 3,531 3,857 162 62 138 326 106 485 773 -643 306 280 -140 -416 592 -163 1977 - J a n . Feb. 3,330 3,993 3,656 4,035 500 800 196 156 2,926 3,048 34 31 -326 - 42 1971 1972 1973 1974 1975 1976 Seasonally Adjusted 1976 - J u n e July Aug. Sept. Oct. Nov. Dec. 4,724 5,055 4,827 5,773 5,132 6,449 6,011 5,146 5,090 4,815 6,117 5,767 5,888 6,261 782 983 451 1,114 985 842 983 358 234 359 438 444 366 553 3,831 3,753 3,840 4,234 4,270 4,268 4,357 175 120 165 331 68 412 368 -402 - 35 12 -344 -635 561 -250 1977 - J a n . Feb. 5,117 5,228 5,384 5,093 955 1,127 337 307 3,980 11?. 74 -267 135 NOTES: 1 3,585 S e a s o n a l l y a d j u s t e d d a t a have been r e v i s e d due t o r e e s t i m a t i o n of s e a s o n a l factors. 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. 2 for Beginning Digitized FRASER January 1 9 7 2 data reflect activity in limited amount of conventional mortgages. Table 13 NET INCREASE IN MORTGAGE DEBT OUTSTANDING 1 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 QUARTER TOTAL 3 RESIDENTIAL TOTAL 1- t o 4 FAMILY MULTIFAMILY COMMERCIAL MULTFAMLY & COMMERCIAL FARM 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 1970 - 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 r III r IV r 75 .7 71.3 87 .6 94.7 58.6 53.3 65 .3 71.9 58.2 53.0 64.4 70.4 0.5 0.2 0.8 1.5 11.1 12.4 14.5 14.1 11.6 12.6 15.3 15 .6 6.0 5.6 7.9 8.7 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. # # * # # # # Table # # # 14 PRIVATE HOUSING PERMITS, STARTS, COMPLETIONS, AND MOBILE HOME SHIPMENTS IN T H O U S A N D S OF UNITS, SEASONALLY PERMITS 1 TOTAL PERIOD 1969 1970 1971 1972 1973 1974 1975 1976 1976 - J a n . Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 1977 - J a n . Feb. Mar. ! ; j ! ' j | | ADJUSTED ANNUAL RATES STARTS 1 —FAMILY 2-OR MORE FAMILY 1,324 1,352 1,925 2,219 1,820 1,074 939 1,281 626 647 906 1,033 882 644 676 895 698 705 1,018 1,186 937 431 264 386 1,147 1,165 1,188 1,082 1,158 1,150 1,215 1,296 1,504 1,492 1,590 1,514 851 863 882 803 807 829 870 874 926 998 1,072 1,053 296 302 306 279 351 321 345 422 578 494 518 461 1,307 1,529 1,708 927 1,064 1,205 380 465 503 TOTAL 1 | 1 i ' ! i j ! 1—FAMILY COMPLETIONS 2 - O R MORE FAMILY 1,407 1,434 2,052 2,357 2,045 1,388 1,160 1,538 811 813 1,151 1,309 1,132 888 892 1,162 656 621 901 1,048 914 450 268 376 1,259 1,476 1,426 1,385 1,435 1,494 1,413 1,530 1,768 1,715 1,706 1,889 973 1,216 1,124 1,071 1,091 1,122 1,129 1,172 1,254 1,269 1,236 1,324 286 260 302 314 344 372 284 358 514 446 470 565 1,384 1,815 2,127 1,006 1,431 1,525 378 384 602 TOTAL i | MOBILE 1 —FAMILY 2 - O R MORE FAMILY HOME SHIPMENTS 1,399 1,418 1,706 1,972 2,014 1,692 1,297 1,362 808 802 1,014 1,143 1,174 932 867 1,026 592 617 692 828 840 760 430 336 413 401 497 576 567 329 216 250 1,213 1,299 1,399 1,266 1,360 1,373 1,307 1,401 1,387 1,326 1,399 1,435 926 953 1,032 986 934 1,052 1,038 1,094 1,017 989 1,068 1,074 287 346 367 280 426 321 269 307 370 337 331 361 260 281 244 238 246 231 221 242 248 263 247 248 1,411 1,615 1,099 1,210 312 405 258 275 265p NOTES: I Z Z j Z t ' T , P e r m ' t S , f 0 r 1 4 0 0 0 a , e a s W l t h " d r m , t s v s t e m s ' e x c l u d i n 9 farm), starts, and c o m p l e t i o n s are C e n s u s Bureau data. A d w e l l i n g unit is started w h e n e x c a v a t i o n b e g i n s . In t h e c a s e of kl,n9S a h o m e Sh " u m , s a r e c o n s i d e r e d started at that t . m e ; h o w e v e r , all such units are c o n s i d e r e d c o m p l e t e d w h e n m o r e t h a n half of t h e units in t h e s t r u c t u r e are ready f o r use. Private m o b i l e pments are M o b i l e H o m e M a n u f a c t u r e r s A s s o c i a t i o n d a t a c o n v e r t e d t o 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 b y C e n s u s B u r e a u . 1 Permit data for 1969 and 1970 based on 13,000 areas w i t h p e r m i t systems W T a b l e 15 AVERAGE RATES AND YIELDS ON HOME MORTGAGES CONVENTIONAL LOANS PRIMARY MARKET NEW HOMES RATE (IN PER CENT) Low 1976 - High Low 1976 - J a n . Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 1977 - J a n . Feb. Mar. EXISTING HOMES 1 1 PERIOD 1975 - High HUD(FHA) INSURED LOANS SECONDARY MARKET SPREAD (BASIS POINTS) RATE (IN PER CENT) SPREAD (BASIS POINTS) YIELD (IN PER CENT) SPREAD BETWEEN RETURNS ON NEW A a a NEW HOMES AI UTILITY vrAkll/CIJTIAM U N V c N TIUNAL 1 AND HUD (FHA) BOND NEW HOME YIELD SPREAD DISCOUNT (BASIS (PERCENTAGE MORTGAGES (IN PER CENT) (BASIS POINTS) POINTS) POINTS) 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 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 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 90 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. 8.80 8.80 8.85 58 52 63 8.85 8.85 8.90 63 57 68 8.40 8.50 8.58 18 22 36 40 30 27 8.22 8.28 8.22 3.2 3.9 4.6 . 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 * # # # # # e e « # 25 Table 16 FNMA AUCTION RESULTS HOME MORTGAGE COMMITMENTS CONVENTIONAL GOVERNMENT-UNDERWRITTEN AMOUNT (IN MILLIONS OF DOLLARS) DATE OF AUCTION OFFERED 1976 - High 21 ( 1 2 / 2 7 ) OFFERED ACCEPTED 634 ( 5 / 1 7 ) 3 2 1 ( 5 / 1 7 ) Low AVERAGE YIELD AMOUNT (IN MILLIONS OF DOLLARS) 9.20 (6/1) 171 ( 9 / 7 ) AVERAGE YIELD ACCEPTED 127 ( 1 1 / 1 5 ) 9.31 (6/1, 6/28) 19 ( 1 2 / 2 7 ) 8 . 3 9 ( 1 2 / 2 7 ) 33 ( 1 / 2 6 ) 23 ( 2 / 2 3 ) 8.90 (12/27) 121.9 99.1 68.8 49.1 8.92 8.84 170.6 151.1 117.8 107.6 9.13 9.09 4 18 124.3 61.8 45.3 8.80 111.2 153.8 143.7 94.4 121.4 9.07 9.02 1 15 30 215.3 218.9 59.9 73.2 114.2 33.7 8.67 112.2 8.63 141.7 140.9 70.7 9.00 9.0.0 8.99 D e c . 13 27 36.0 20.9 22.6 8.51 8.39 79.7 70.5 68.1 8.89 18.9 67.3 8.80 10 24 385.7 361.7 285.8 263.3 8.46 8.49 184.2 142.6 132.5 105.8 8.81 7 24 389.6 478.8 213.6 271.1 8.52 8.58 151.7 148.3 120.2 115.6 8.85 8.87 7 21 703.3 434.9 324.9 287.1 8.66 8.70 206.4 167.5 153.2 114.9 8.90 8.92 4 18 321.5 134.6 201.9 67.9 8.72 8.62 196.1 152.0 158.3 122.4 8.97 8.97 1976 - S e p t . 7 20 Oct. Nov. 1977 - J a n . Feb. Mar. Apr. 8.70 8.68 126.5 58.2 8.83 NOTES: A v e r a g e s e c o n d a r y m a r k e t y i e l d s a r e g r o s s b e f o r e d e d u c t i o n , of t h e f e e of 38 b a s i s p o i n t s paid f o r mortgage s e r v i c i n g . They r e f l e c t t h e a v e r a g e a c c e p t e d b i d y i e l d f o r home m o r t g a g e s a s s u m i n g a p r e p a y m e n t p e r i o d of 12 y e a r s f o r 3 0 - y e a r l o a n s , w i t h o u t s p e c i a l a d j u s t ment f o r F e d e r a l N a t i o n a l M o r t g a g e A s s o c i a t i o n (FNMA) commitment f e e s and r e l a t e d s t o c k r e q u i r e m e n t s on 4 - m o n t h c o m m i t m e n t s . M o r t g a g e amounts o f f e r e d by b i d d e r s r e l a t e t o t o t a l eligible bids received.
@FedFRASER