Full text of H.16 Capital Market Developments : May 9, 1977
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•> • Capital Market * Developments # e May 9, 1977 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 RESEARCH 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 A N D 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 Table 1 YIELDS, VOLUME AND RECEPTION V CORPORATE BOND MARKET YIELDS WEEK ENDING 1977 - March April NEW ISSUE 1 A a a UTILITY VOLUME RECENTLY OFFERED A a a UTILITY 2 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) 4 11 18 25 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 1 8 15 22 29 8.26 8.26 8.25 8.21 8.31r 8.28 8.25 8.16 8.21 8.25r 448 298 804 521 90 88 94 100 70 96 125 39 0 231 34 8.31p 77 95 33 May —— 6 MUNICIPAL BOND MARKET YIELDS WEEK ENDING MOODY'S NEW ISSUE Aaa VOLUME BOND BUYER 2G-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) 1977 - 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 15 22 29 5.20 5.17 5.17 5.20 5.17 5.85 5.79 5.70 5.73 5.68 1,103 823 1,055 409 908 85 83 91 85 87 175 232 144 125 192 5.23 5.76 1,073 75 350 May 6 x 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: Weekly 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 Aaa UTILITY DATE RECENTLY OFFERED Aaa UTILITY 2 MOODY'S SEASONED CORPORATE A a a 3 U.S. GOVT. 20-YEAR CONSTANT MATURITY 4 BOND BUYER 2 0 - 6 0 N D INDEX 7.77 (8/24) 7.11 (1/5) 7.79 (8/10) 6.42 (1/5) 5.59 (8/3) 4.99 (10/11) 10.52 (10/11) 8.13 (1/4) 9.39 (10/11) 7.73 (1/4) 8.68 (8/30) 7.39 (1/4) 5.16 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) 1976 - High Low 8.95 (5/28) 7.93 (12/10) 9.10 (1/2) 7.84 (12/31) 8.66 (5/28) 7.91 (12/31) 8.17 (5/28) 7.27 (12/31) 7.29 (1/2) 5.95 (12/16) 1977 - High Low 8.30 (4/29) 7.90 (1/7) 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) 5.68 (4/28) 8.26 8.26 8.25 8.21 8.31r 8.28 8.25 8.16 8.21 8.25r 8.10 8.10 8.05 7.99 8.01r 7.74 7.71 7.65 7.62 7.69r 5.85 5.79 5.70 5.73 5.68 8.31p 8.02p 7.73p 5.76 1973 - High Low 8.52 (8/10) 7.29 ( 1 / 2 1 ) 8.32 (8/10) 7.28 (1/5) 1974 - High Low 10.61 (10/4) 8.05 (2/15) 1975 - High Low Apr. 1 8 15 22 29 May 6 7.15 (12/12) (2/7) 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. http://fraser.stlouisfed.org/ * 4* Federal Reserve Bank of St. Louis » * » # # # # 5 Table 3 LONG-TERM CORPORATE AND STATE AND LOCAL GOVERNMENT SECURITY OFFERINGS AND PLACEMENTS IN MILLIONS OF DOLLARS G R O S S PROCEEDS PERIOD CORPORATE 1977 J 1976 STATE AND LOCAL 1 1975 1 1977 J 1976 1 1975 March 3,989 3,050e 4,900e 3,381 3,863 6,632r 5,367 4,528 5,378 3,418p 3,089p 4,100p 2,451 2,885 3,365 2,361 2,387 2,135 April 3,450e 3,507 4,186 6,439r 4,294 5,798 5,596 3,400e 2,463 3,575 3,115 2,406 2,900 3,064 3,216 3,357r 4,817r 4,327 2,405 2,836 2,734 2,821 2,814 3,580 2,783 2,159 4,431r 3,047r 6,48Or 4,705 4,076 4,307 3,524 3,336 2,298 2,323 2,381 2,052 13,876r 14,132r ll,390r 13,958r 15,273 15,688 9,568 13,088 8,701 9,153 8,369 9,158 6,883 8,370 8,522 6,756 28,008 39,398 53,356 30,961 40,529 53,617 17,854 26,223 35,381 15,253 23,775 30,531 January February May June July August September October November December ll,939e Q1 02 03 04 1st Half 3 Qtrs. Year 10,607p NOTES: 1 Securities and Exchange Commission estimates of gross proceeds. 2 Securities Industry Association estimates of principal amounts. 3 Estimated by F e d e r a l Reserve on t h e b a s i s of a v a i l a b l e d a t a . z Table 4 NEW CORPORATE SECURITY I S S U E S 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 BONDS PERIOD TOTAL PUBLICLY OFFERED COMMON AND PRIVATELY PREFERRED PLACED STOCK 1 MEMO I S S U E S INCLUDED FOREIGN CONVERTIBLE MANUFACTURING PUBLIC UTILITY COMMUNICATIONS OTHER ISSUERS 13,876 14,132 11,390 13,958 7,569 7,427 4,904 6,553 2,754 3,584 4,624 4,846 3,553 3,121 1,861 2,559 1,340 1,843 1,267 1,795 262 478 199 55 4,497 3,757 2,982 4,244 4,044 3,140 3,317 3,897 765 1,879 378 541 4,569 5,358 4,715 5,276 1976 - January February March April May June July August September October November December 3,381 3,863 6,632 3,507 4,186 6,439 3,216 3,357 4,817 4,431 3,047 6,480 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 1,347 629 1,051 1,904 1,348 1,113 2,163 753 1,101 2,992 579 927 2,047 528 1,198 1,395 629 678 554 949 690 920 605 335 400 428 350 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 2,245 568 1,709 1,480 1,198 1,031 753 1,349 510 2,385 1,097 789 2,158 644 1,148 1,348 932 920 1,465 1,414 1,327 1,156 16 171 578 450 20 1,409 26 212 140 155 190 196 1,197 1,722 1,650 1,847 1,309 2,202 1,061 1,195 2,459 1,513 1,019 2,744 1977 - January 3,989 2,786 601 602 300 0 906 986 50 2,048 # » # 1976 - I II III IV NOTES: 1 Other issuers are extractive, railroad and other transportation, real estate and finance, and commercial and other. Source: Securities and Exchange Commission. % # # * * * # # T a b l e 5A INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY ' May 2 t h r o u g h May 6 , ISSUER TYPE AMOUNT (MILLIONS OF DOLLARS) 1977 MATURITY COUPON RATE OFFERING YIELD MOODY'S/S&P'S RATINGS CORPORATE B o s t o n E d i s o n Co. Union P a c i f i c P a i l r o a d 1 s t mfcg. Equip t r . OTHER European I n v e s t m e n t Bank Saskatchewan, P r o v i n c e o f Mexico Bonds Debt. Bonds 60.0 16.5 75.0 125.0 60.0 2007 1978-1992 1997 2007 1982 / NOTES: * Rights offering. 1 Includes only corporate and other security offerings of $15 million and over; excludes options, exchanges, and secondary offerings. 9.25 7.50 9.00 8.63 9.00 9.13 5.65-7.70 9.00 8.68 9.00 Baa/BBB Aaa/AAA A a a/AAH Aa/AA Aaa / AAl\ oo Table 5B INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY 1 May 2 through May 6, 1977 ISSUER AMOUNT (MILLIONS OF DOLLARS) TYPE STATE AND LOCAL Omaha P u b l i c Power D i s t . , Neb. Maricopa C o . , A r i z . Maricopa C o . , A r i z . Maricopa C o . , A r i z . Maricopa C o . , A r i z . V a l d e z , Alaska Delaware Co. Reg. Water C t r l . A u t h . , Pa. Delaware Co. Reg. Water C t r l . A u t h . , Pa. P i t t s b u r g h Sch. D i s t . , Pa. P i t t s b u r g h Sch. D i s t . , Pa. Gwinnett Co. Water & Sewerage A u t h . , Ga. Gwinnett Co. Water & Sewerage A u t h . , Ga. Gwinnett Co. Water & Sewerage A u t h . , Ga. Gwinnett Co. Water & Sewerage A u t h . , Ga. Maiden, Mass. Albuquerque, N.M. Albuquerque, N.M. Aurora, C o l o . MATURITY NET INTEREST COST OFFERING YIELD MOODY'S/S&P'S RATINGS Rev. Rev. Rev. Rev. Rev. Rev. 170.0 26.7 14.3 33.0 51.6 250.0 2017 1981-1993 1997 2004 1977-1992 2007 6.18 6.54 6.54 6.54 4.25 5.60 6.16 4.70-6.40 6.50 6.75 2.60-4.90 5.50 Aa/AA A-1/A+ A-1/A+ A-1/A+ Aaa/Aaa Aaa/AAA Rev. 19.3 1979-2006 — — 3.50-6.00 A-l/-- Rev. G.O. Rev. 9.6 23.8 11.2 1977-1987 1977-2001 1977-1986 2.60-4.50 2.75-6.00 2.60-4.40 Aaa/-A-l/AA Aaa/AAA Rev. 20.3 1981-1997 4.25-6.00 Baa-1/BBB+ Rev. 6.0 2000 — —, 6.10 Baa-1/BBB+ Rev. 17.3 2007 —— 6.20 Baa-1/BBB+ Rev. G.O. Rev. Rev. G.O. 20.2 10.0 8.4 9.3 10.4 — — — — — — -» — 1977-1985 1978-1997 1979-1991 1991-1995 1991-2002 — — 5.72 4.87 5.37 5.57 2.60-4.30 3.25-6.00 3.50-5.10 5.10-5.45 5.00-5.80 Aaa/AAA A/—A-1/A+ A-1/A+ A-1/A+ NOTES: 1 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. * # # » * » » # # # # # # # # # # # # # # Table SB Continued INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY May 2 through May 6, 1977 ISSUER TYPE AMOUNT (MILLIONS OF DOLLARS) MATURITY NET INTEREST COST OFFERING YIELD STATE AND LOCAL Aurora, C o l o . 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. Milwaukee, W i s e . Anne Arundel C o . , Md. L o u i s i a n a , S t a t e of Alabama, S t a t e of Alabama, S t a t e of Washington, S t a t e of MOODYS/S& RATINGS G.O. 9.0 1998-2005 5.80 5.55-5.85 A-1/A+ Rev. G.O. G.O. G.O. G.O. G.O. G.O. G.O. 11.8 13.7 16.1 25.0 100.0 7.0 13.0 93.5 1977-2006 1.979-1998 1978-1992 1978-2007 1978-1997 1978-1992 1978-1997 1978-2002 5,51 4.71 4.55 5.13 4.91 4.57 4.91 5,19 2.50-5.75 3.10-5.25 2.80-4.90 3.00-5.80 2.90-5.25 2.75-5.00 2.75-5.30 2.90-5.45 A/AA Aaa/AAA Aaa/AAA Aa/AA Aa/AA Aa/AA Aa / AA Aa /AA+ 10 T a b l e 6A FORTHCOMING INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U S. TREASURY ' as of May 6, 1977 ISSUER TYPE AMOUNT (IN MILLIONS OF DOLLARS) CORPORATE Frenhauf Finance 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 Cent. Power & L i g h t Co. E q u i t a b l e Gas Co. BankAmerica Corp. Toledo Edison Co. Genl. T e l . Co. of t h e Southwest Connecticut Light & Power Co. Commercial A l l i a n c e Corp. Central Hudson Gas & E l e c t r i c C o r p . Kansas C i t y Power & L i g h t Co. B e l l Telephone Co. of Pa. Santa Fe Natural R e s o u r c e s Inc , Indiana & Mich. E l e c t r i c Co. C a s t l e & Cooke I n c . C a s t l e & Cooke I n c . Consumers Power Co. *ITEL Corp. Cleveland E l e c t r i c I l l u m i n a t i n g Cr, Consumers Power Co. Central I l l i n o i s P u b l i c S e r v i c p o . AMFAC Mortgage Corp. ^Commonwealth E d i s o n Co. Michigan B e l l T e l . Co. ^Minnesota Power & L i g h t Co. '(Consolidated Natural Gas Co. * Pub l i e S e r v i c e Co. of New Mexi - A t l a n t a Gas Light Co. American E l e c t r i c Power Co. Central 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. Notes Com. S t k . Pfd. Stk. 1 s t Mtg. Pfd. Stk. Debt. Com S t k . Debt. 1 s t Mtg. Notes Pfd. Stk. Com. S t k . Debt. Debt. Pfd. Stk. Notes Debt. Com. S t k . Com. S t k . Com. S t k . 1 s t Mtg. Com S t k . Med-term N o t e s 1 s t Mtg. Debt. Com. S t k . 1 s t Mtg. 1 s t Mtg. 1 s t Mtg. Com. S t k . ( r t s ) Com. S t k . SF D e b t . 75.0 56.0 45.0 60.0 17.5 200.0 50.0 65.0 45.0 20.0 15.0 32.0 100.0 75.0 40.0 25.0 50.0 60.0 30.0 75.0 85.0 40.0 25.0 150.0 150.0 40.0 75.0 30.0 25.0 200.0 28.0 125.0 NOTES: * Included in table for first time. 1 Includes only corporate and other security issues of $15 million and over; excludes exchanges, options APPROXIMATE DATE OF OFFERING May 9 May 10 May 10 May 10 May 10 May 11 May 11 May 11 May 12 May 16 May 17 May 17 May 17 May 17 May 17 May 18 May 18 May 18 May 23 May 24 May 24 May 24 May June June June June June 8 June 9 June Indef. Indef. Table 6B FORTHCOMING INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY 1 As of May 6, 1977 ISSUER TYPE AMOUNT (IN MILLIONS OF DOLLARS) APPROXIMATE DATE OF OFFERING STATE & LOCAL *Lawrenceburg, I n d . K l e i n Ind. S c h . D i s t . , Texas F l o r i d a , S t a t e of Lower Colorado R i v e r A u t h . , Texas Long Beach Parking A u t h . , C a l . -Anchorage, Alaska Port of P o r t l a n d , Oregon *W. Minnesota Mun. Power A g y . , Minn DaIton, Ga. Albuquergue, N.M. Katy Ind. Sch. D i s t . , Texas *West V i r g i n i a Hsg. Dev. Fund *Phoenix, A r i z . C a l c a s i e u Par. Sch. D i s t . # 3 1 , La -Nassau C o . , N.Y. Camden C o . , N . J . * Put nam Co. Dev. A u t h . , Ga. North C a r o l i n a , S t a t e of T u l s a , Okla. *Waukesha, W i s e . New J e r s e y , S t a t e of P l a t t e River Power A u t h . , C o l o . -Massachusetts S t a t e College Bldg. Auth. ^ I l l i n o i s P o l l . C t r l . F i b . Auth. - S t e e l V a l l e y School D i s t . , Pa. L o u i s i a n a Mun. Power Comm. - C a l i f o r n i a , S t a t e of -West V i r g i n i a , S t a t e of - G u i l f o r d C o . , N.C. - B u f f a l o Sewer A u t h . , N.Y. - C i n c i n n a t i , Ohio ^Chicago School D i s t . , 111. -Georgia Mun. E l e c t r i c Auth. Rev. G.O. G.O. Rev. Rev. G.O. G.O. Rev. Rev. G.O. G.O. Rev. Rev. G.O. G.O. G.O. Rev. G.O. G.O. Rev. G.O. Rev. Rev. Rev. G.O. Rev. G.O. G.O. G.O. Rev. G.O. G.O. Rev. 40.0 12.0 50.0 70.0 10.0 14.9 84.0 80.0 125.0 10.5 19.0 27.5 15.0 11.2 35.1 15.2 14.7 55.0 22.0 17.8 50.0 66.8 20.1 18.7 20.5 75.0 110.0 50.0 14.0 88.0 19.5 45.0 150.0 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. May May May May May May May May May May May May May May May May May May May May May May 9 9 10 10 10 10 11 12 12 16 16 17 17 17 17 17 18 18 18 24 25 26 May May May May June June June June June June June 7 7 7 8 8 8 9 Table 7 STOCK PRICES AND VOLUME 1 STOCK PRICES ATE NYSE INDEX 3 DJ INDUSTRIALS AMEX 4 130.47 ( 1 / 1 1 ) 85.26 (12/20) NASDAQ AMEX NASDAQ 136.84 ( 1 / 1 1 ) 2 6 . 0 ( 9 / 2 0 ) 89.12 (12/13) 9.0 (8/20) 5.5 (1/12) 1.4 (8/20) 11.3 (1/11) 3.5 (8/27) Low 65.58 ( 1 / 1 1 ) 49.12 (12/13) High Low 53.37 ( 3 / 1 3 ) 32.89 ( 1 0 / 3 ) 891.66 (3/13) 577.60 (12/6) 102.01 ( 3 / 1 4 ) 58.26 (12/9) 96.53 ( 3 / 1 5 ) 54.87 ( 1 0 / 3 ) 24.9 (1/3) 7.5 (7/5) 4.4 (1/3) .9 ( 9 / 2 6 ) 7.5 (1/3) 2.8 (7/5) High Low 51.24 ( 7 / 1 5 ) 37.16 (1/8) 881.81 (7/15) 632.04 (1/2) 96.86 (7/15) 62.20 (1/2) 88.00 ( 7 / 1 5 ) 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) • High Low 57.51 ( 9 / 2 1 ) 48.04 (1/2) 1014.79 ( 9 / 2 1 ) 858.71 (1/2) 107.05 ( 7 / 1 2 ) 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 / 2 0 ) 3.5 (1/2) 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 1 8 15 927.36 918.88 947.76 927.07 926.90 111.97 110.43 112.50 111.75 112.17 94.54 94.03 96.26 95.12 95.48 17.2r 16.4 19.8r 17.1 16.5 2.3 2.3 2.6 2.9 29 53.94 53.46 54.94 53.69 53.66 2.2 6.3 6.1 7.5 -7.8 -6.6 6 54.30 936.74 113.94 96.90 17.9 2.6 High 22 1051.50 ( 1 / 1 1 ) 788.31 (12/5) 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 TRADING VOLUME NYSE Volume figures are weekly averages of daily figures (millions of shares). 3 12/31/66 = 50 4 Based on average price change until September 4, 1973 thereafter, based on market value of shares listed. 7.8 13 Table 8 SECURITY CREDIT REGULATED MARGIN CREDIT EXTENDED BY END OF PERIOD B R O K E R S ON MARGIN STOCK 1 BROKERS O N CONVERTIBLE BONDS 3 2 BANKS UNREGULATED NONMARGIN STOCK CREDIT AT BANKS OUTSTANDING 1976 - January FebruaryMarch 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 - January February March 8,270 8,480 8,690 196 197 199 1976 - January February March April May June July Augus t September October November December 30 530 460 280 250 140 260 110 80 -1 7 9 1 -2 5 6 -5 7 5 9 26 1977 - January February March 310 210 210 984 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. CHANGE IN OUTSTANDING 80 350 —8 i 2 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 drta. 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 SAVINGS FLOWS AT NONBANK THRIFT INSTITUTIONS IN MILLIONS OF DOLLARS REGULAR DEPOSITS DATE NET FLOW 10,067 4,815 2,909 11,070 11,546 1972 1973 1974 1975 1976 1976 - J u l y Aug. Sept. Oct. Nov. Dec. 1977 - J a n . , Feb.2/ 910 308 1,307 836 779 1,757 913 847 1 ANNUAL 3 GROWTH RATE 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 3,406 12.4 5.4 2.2 11.3 11.6 «* mm mm mm mm mm mm mm TOTAL SAVINGS & LOAN ASSOCIATIONS MUTUAL SAVINGS BANKS ANNUAL 3 GROWTH RATE 18.6 9.9 7.0 17.3 17.7 • — —— —— - - —- - mm mm - - NET NEW MONEY 2 DEPC)SITS NET FLOW ANNUAL 3 GROWTH RATE 16.6 8.5 5.5 15.8 16.0 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 3,186 6,131 4,253 —— 6,458 6,243 6,851 6,412 4,899 5,509 18.3 17.4 18.8 17.3 13.1 14.5 3,250 5,521 13.7 9.1 - - - - - - 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 3,771 SEASONALLY ADJUSTED 1976 - J u l y Aug. Sept. Oct. Nov. Dec. 1977 - J a n . Feb . £ / 1,556 1,244 1,326 1,396 852 1,086 16.3 12.8 13.5 14.1 8.5 10.7 965 585 9.5 5.7 • —— o. — — «• «- — 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 2,934 15.2 10.3 - - - - - - - - ** mm — —— 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. http://fraser.stlouisfed.org/ Source: Nationa^ssociation of Mutu^Savings Banks and j | d e r a l Home Loan Sank Board. Federal Reserve Bank of St. Louis H.16 15 Table 10 MORTGAGE COMMITMENTS AT SELECTED THRIFT INSTITUTIONS BILLIONS OF 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 NET CHANGE OUTSTANDING COMMITMENTS PERIOD TOTAL MUTUAL ALL S A V I N G S SAVINGS BKS & LOAN A S S O C I A T I O N S (N Y. S T A T E ) TOTAL ALL S A V I N G S MUTUAL SAVINGS BKS & LOAN A S S O C I A T I O N S (N Y. S T A T E ) 1972 - Dec. 25 .2 20.3 4.9 .45 .43 .02 1973 - Dec. 19.9 16.4 3.5 .04 .21 -.17 1974 - Dec. 14.6 12.4 2.2 .09 -.09 1975 - Jan. 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 1977 - Jan. Feb. Mar. 27.9 28 .4 29.5 25.1 25.4 26.3 2.8 3.0 3.2 -.35 .48 1.18 -.45 .30 .98 .10 .18 .20 , — 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 ieve|s as reported and after seasonal adjustment by Federal Reserve. Subtotals may not add to totals because of rounding. H.16 16 T a b l e 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 MILLIONS OF DOLLARS PERIOD TOTAL INCLUDING SHORT-TERM DISCOUNT NOTES INTERMEDIATE A N D LONG-TERM I S S U E S TOTAL FHLMC FHLB FNMA 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 - Jan. 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 +300 0 -1 0 0 0 0 0 0 200 0 -1 0 +700 +100 0 +600 +300 0 100 700 0 600 1976 - Jan. 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 0 200 0 0 0 0 0 -200 0 0 300 -300 700 0 -200 300 0 200 NOTES: Based on data from Treasury Survey of Ownership. Sales of FHLB discount notes began in May 1974. p for Preliminary Digitized FRASER — — — . +1,050 +100 +310 +491 FNMA & FHLB SHORT-TERM DISCOUNT NOTES 1 +18 +66 -182 -454 -237 -405 -249 -69 -289 -270 —64 302 115 -263 -48 69 -197 -360 -547 -569 -346 99 -349 597 57 17 Table 12 NET CHANGE IN MORTGAGE HOLDINGS IN MILLIONS OF DOLLARS PERIOD TOTAL INCLUDING F NM A- G NM A 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 42,739 43,497 64,589 39,018 55,561 55,072 36,517 38,658 64,965 9,940 16,800 19,600 11,700 4,200 13,500 3,938 5,377 5,642 2,172 2,236 4,074 23,919 31,932 25,552 17,567 29,289 44,977 1,221 1,452 4,278 5,078 2,933 2,414 2,388 2,026 3,300 6,222 4,839 -376 1976 - June July Aug. Sept. Oct. Nov. Dec. 6,140 6,394 6,141 6,231 5,283 5,849 6,213 6,783 6,088 5,861 6,371 5,699 5,257 6,376 1,300 1,200 1,100 1,600 1,300 900 1,000 517 314 384 364 398 341 690 4,804 4,512 4,239 4,081 3,895 3,531 3,913 162 62 138 326 106 485 773 -643 306 280 -140 -416 592 -163 1977 - Jan. Feb. Mar. 3,430 4,075 3,756 4,117 600 900 1,600 196 156 2,926 3,030 4,537 34 31 -326 - 42 1971 1972 1973 1974 1975 1976 Seasonally Adjusted 1976 - June July Aug. Sept. Oct. Nov. Dec. 4,944 5,246 5,327 6,973 5,432 6,649 6,198 5,346 5,281 5,315 6,417 6,067 6,088 6,448 982 1,183 951 1,414 1,285 1,042 1,082 1977 - Jan. Feb. Mar. 5,217 5,310 5,484 5,175 1,055 1,227 1,647 . 358 225 359 438 444 366 573 3,831 3,753 3,840 4,234 4,270 4,268 4,425 175 120 165 331 68 412 368 -4C2 - 35 12 -344 -635 561 -250 337 307 3,980 3,567 4,407 112 74 -267 135 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. Dgta for mutual savings banks and for Life Insurance companies may differ somewhat from those derived from regular quarterly series because of n^jnpr 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 forBeginning Digitized FRASERJanuary 1972 data reflect activity in limited amount of conventional mortgages. Table 13 NET INCREASE IN MORTGAGE DEBT OUTSTANDING ,# IN BILLIONS OF DOLLARS, S E A S O N A L L Y A D J U S T E D ANNUAL RATES 2 3 RESIDENTIAL MULTIFAMILY & COMMERCIAL FARM 6 .6 5.2 5.2 6.0 11.0 9.8 9.8 12.3 2.0 2.0 1.7 1.3 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 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 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 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 TOTAL 1- to 4 FAMILY MULTIFAMILY 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 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 1971 - I II III IV 41.8 51.4 56.6 60.3 32.8 40.0 42.2 46.0 1972 - I II III IV 70.6 72.9 75.2 89.3 1973 - I II III IV TOTAL 1969 - I II III IV QUARTER COMMERCIAL 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. . 4 i % i | * ^ ^ T a b l e 14 PRIVATE HOUSING PERMITS, S T A R T S , 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 p PERMITS 1 PERIOD TOTAL. 1 —FAMILY . TOTAL 2 - O R MORE FAMILY 1 —FAMILY i COMPLETIONS STARTS 2-OR MORE TOTAL FAMILY T"l-FAMILY I MOBILE HOME !2~- O R 1 7 6 ~ R " E 1 FAMILY | SHIPMENT ! 413 1969 1,324 626 698 1,407 811 656 1,399 808 592 1970 1,352 647 705 1,434 813 621 1,418 802 617 401 1971 1,925 906 1,018 2,052 1,151 901 1,706 1,014 692 497 1972 2,219 1,033 1,186 2,357 1,309 1,048 1,972 1,143 828 576 1973 1,820 882 937 2,045 1,132 914 2,014 1,174 840 567 1974 1,074 644 431 1,388 888 450 ! 1,692 932 760 329 1,160 892 268 ! 1,297 867 430 216 1,538 1,162 376 1,362 1,026 336 250 939 1975 - - 1 895 386 1,147 851 296 ! 1,259 973 286 ' 1,213 926 287 260 Feb. 1,165 863 302 1 1,476 1,216 260 l 1,299 953 346 281 Mar. 1,188 882 306 Apr. 1,082 803 279 ! May 1,158 807 351 I June 1,150 829 321 J u l y 1,215 870 345 Jan. Aug. 1977 264 1,281 1976 1976 676 1,296 874 422 ! 1 1,426 1,124 302 I 1,399 1,032 367 ! 244 1,385 1,071 314 | 1,266 986 280 ; 238 1,435 1,091 344 | 1,360 934 426 246 1,494 1,122 372 : 1,373 1,052 321 231 1,413 1,129 284 1,307 1,038 269 221 1,401 1,094 307 242 1,387 1,017 370 248 1,530 1,172 358 Sept 1,504 926 578 1,768 1,254 514 Oct. 1,492 998 494 1,715 1,269 446 1,326 989 337 263 1,236 470 1,399 1,068 331 247 565 1,435 1,074 361 248 Nov. 1,590 1,072 518 1,706 Dec. 1,514 1,053 461 1,889 1,324 | Jan. 1,307 927 380 1,384 1,006 378 1,411 1,099 312 258 Feb. 1,529 1,064 465 1,815 1,431 384 1,615 1,210 405 275 Mar. 1,708 1,205 503 2,127 1,525 602 265 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, all 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 N> O T a b l e 15 AVERAGE RATES AND YIELDS ON HOME MORTGAGES EXISTING HOMES NEW HOMES 1 1 PERIOD RATE (IN PER CENT) SPREAD (BASIS POINTS) RATE (IN PER CENT) SPREAD BETWEEN RETURNS ON NEW A a a NEW HOMES CONVENTIONAL UTILITY 1 AND HUD(FHA) BOND NEW HOME YIELD DISCOUNT SPREAD (PERCENTAGE MORTGAGES (IN PER CENT) (BASIS (BASIS POINTS) POINTS) POINTS) HUD(FHA) INSURED LOANS SECONDARY 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 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. 1977 - Jan. Feb . Mar. 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 3.2 3.9 4.6 40 30 27 8.22 8.28 8.22 NOTES: 1 Gross yield spread is average mortgage return before deducting servicing costs, minus average yield on new issues of high-grade utiln >nds with 5-year call protection. Rates on conventional first mortgages (excluding additional fees and charges) are based on unweighted HUD (FHA) field office opinr in 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 averrg? hid price for HUD (FHA) loans with minimum downpayment, prepaid in 15 years, for immediate delivery, are used. H.16 # # * # # # # # # # Table 16 FNMA AUCTION RESULTS HOME MORTGAGE COMMITMENTS CONVENTIONAL GOVERNMENT-UNDERWRITTEN AMOUNT (IN MILLIONS OF DOLLARS) DATE OF AUCTION OFFERED 1976 - High AVERAGE YIELD OFFERED ACCEPTED 634 ( 5 / 1 7 ) 321 ( 5 / 1 7 ) 9.20 (6/1) 171 ( 9 / 7 ) 21 ( 1 2 / 2 7 ) 19 ( 1 2 / 2 7 ) 8 . 3 9 ( 1 2 / 2 7 ) 33 ( 1 / 2 6 ) Low 68.8 ACCEPTED 127 ( 1 1 / 1 5 ) 9.31 (6/1, 6/28) 23 ( 2 / 2 3 ) 8.90 (12/27) 49.1 170.6 151.1 117.8 107.6 9.13 9.09 61.8 8.80 45.3 8.70 153.8 143.7 94.4 121.4 9.07 9.02 8.63 141.7 140.9 70.7 112.2 126.5 58.2 9.00 9.0,0 8.99 18.9 8.51 8.39 79.7 70.5 68.1 67.3 8.80 385.7 361.7 285.8 263.3 8.46 8.49 184.2 142.6 132.5 105.8 8.81 8.83 4 18 124.3 111.2 1 15 30 215 .3 218.9 59.9 73.2 114.2 33.7 8.67 Dec. 13 27 36.0 20.9 22.6 1977 - Jan. 10 24 Oct. AVERAGE YIELD 8.92 8.84 121.9 99.1 1976 - S e p t . 7 20 Nov. AMOUNT (IN MILLIONS OF DOLLARS) 8.68 8.89 Feb. 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 Mar. 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 Apr. 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 May 2 723 .1 422.2 8.70 383.4 255 .1 9.03 NOTES: Average secondary market y i e l d s are g r o s s b e f o r e deduction, of the 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 the average a c c e p t e d b i d y i e l d f o r home mortgages assuming a prepayment 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 for F e d e r a l N a t i o n a l Mortgage 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 requirements on 4-month commitments. Mortgage amounts o f f e r e d by b i d d e r s r e l a t e to t o t a l Digitized fore FRASER l i g i b l e bids received.
@FedFRASER