Full text of H.16 Capital Market Developments : October 9, 1979

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October 9, 1979

Capital
Market
Developments

Prepared by
the Capital Markets Section
in conjunction with
the Mortgage and Consumer Finance Section
and the Government Finance Section
Division of Research and Statistics
Board of Governors of the Federal Reserve System
Washington, D C. 20551




CONTENTS
1. Yields, Volume and Reception: Corporate Bond Market
2. Yields, Volume and Reception: Municipal Bond Market
3. High Grade Bond Yields
4. Long-Term Corporate and State and Local Government Security Offerings and Placements
5. Treasury and Government Sponsored Agency Marketable Coupon Offerings and Placements
6. New Corporate Security Issues by Type of Issue
7. New Corporate Security Issues by Type of Issuer
and Long-Term Securities: Corporate
and Long-Term Securities: State and Local
and Long-Term Securities: U.S. Treasury
and Long-Term Securities: Government-Sponsored Agencies
Intermediate and Long-Term Securities: Corporate
Intermediate- and Long-Term Securities: State and Local

8.
9.
10.
11.
12.
13.

Public Offerings of IntermediatePublic Offerings of IntermediatePublic Offerings of IntermediatePublic Offerings of IntermediateForthcoming Public Offerings of
Forthcoming Public Offerings of

14.
15.
16.
17.
18.
19.
20.
21.
22.
23.
24.
25.

Stock Prices
Trading Volume
Security Credit
Savings Flow at Selected Nonbank Thrift Institutions
Mortgage Commitments Outstanding at Selected Institutions
Net New Money Borrowings by Major Housing Credit Agencies
Net Change in Mortgage Holdings at Selected Institutions
Net Change in Mortgage Debt Outstanding, By Type of Property
Average Rates and Yields on Home Mortgages and Pass-Through Securities
FNMA Auctions of Commitments to Purchase Home Mortgages
FHLMC Auctions of Commitments to Purchase Home Mortgages
Issues of Mortgage-Backed Securities

SYMBOLS
e
P
r
n.a.
— —

estimate
preliminary
revised
not available
data do not exist

SUBSCRIPTION RATES
Weekly $ 1 5 . 0 0 per year or $ . 4 0 each in the United States, its possessions, Canada, and Mexico; 10 or more of the same issue to one
address, $ 1 3 . 5 0 per year or $ . 3 5 each. Elsewhere, $ 2 0 . 0 0 per year or $ . 5 0 each. Address requests to Publications Services, Division of
Support 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.



1. Y I E L D S , V O L U M E A N D R E C E P T I O N
C o r p o r a t e B o n d Market

Week ending
1979-July

New issue
Aaa utility1

6
13
20
27

9.57
9.63

Aug.

3
10
17
24
31

9.52
9.40
9.42
9.47
9.62

Sept.

7
14
21
28

Oct.

5

——
—

Yields
Recently offered
Aaa utility?
9.41
9.50
9.58
9.59

Gross offerings3
($ millions)
175
440
257
754

Volume
Percent sold by
end of week
77
70
96
90

New issues in syndicate4
($ millions)
40
133
10
79

9.57
9.44
9.45
9.47
9.54

429
456
361
587
179

90
83
92
99
94

9.84
9.97
9.98

9.70
9.87
9.92
lO.OOr

110
945
296
615

85
93
99
8 Or

17
67
1
12 3r

10.14p

10.19p

1,575

82

290

——

42
72
30
8
10

2. YIELDS, V O L U M E A N D RECEPTION
Municipal B o n d M a r k e t
Volume

Yields
Week ending

1979-July

Aug.

Sept.

Oct.

1
2
3
4

Moody's new
issue A a a

Bond Buyer
G O. bond
index

Bond Buyer
Rev. b o n d
index

Percent sold by
end of w e e k 3

465
836
427
941

83
90
82
86

278
299
272
274

548
823
1,066
798
605

92
81
84
91
85

208
291
404
348
244

84
89
88
90

181
164
104
117

80

180

6
13
20
27

5.50
5.60
5.60
5.60

6.08
6.11
6.15
6.19

3
10
17
24
31

5.60
5.70
5.70
5.75
5.85

6.14
6.13
6.16
6.23
6.36

7

14
21
28

5.85
5.90
5.90
5.95

6.47
6.49
6.57
6.56

7.23
7.25

366
706
497
583

5

5.95

6.64

7.35

1,015

—
—

—

—

—

——

N e w issues in
syndicate4
($ millions)

Gross offerings
($ millions)

Federal Reserve series of implied yield on newly issued, Aaa-rated utility bond with 5-year call protection.
Federal Reserve series of implied free-market yield on Aaa-rated utility bond with 5-year call protection, released from price restrictions sometime
during the last four weeks.
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.




3. HIGH GRADE BOND YIELDS
New issue
Aaa utility 1

Date

1975-High
Low

1976-High
Low

1977-High
Low

1978-High
Low

1979-High

G.O.bond
index

5

Bond Buyer
Rev. bond
index 6

9 . 7 1 (5/25)
9.06 ( 2 / 2 8 )

3.95 ( 5 / 2 8 )
7 . 9 3 (12/10)

9.10 (1/2)
8.66 ( 5 / 2 8 ) 8.17 ( 5 . 2 8 ) 7.29 ( 1 / 2 )
7.84 (12/31) 7 . 9 1 (12/31) >7.27 (12/31) 5 . 9 5 (12/16)

—

8 . 3 6 (12/16)
7.90 (1/7)

8.84 (12/30) 8 . 2 8 (12/30) 7.99 (12/30) 5 . 9 3 ( 2 / 4 )
7.95 ( 1 / 7 )
7.88 ( 1 / 7 ) 7 . 2 6 ( 1 / 7 )
5 . 4 5 (11/17)

—

9 . 2 9 (12/15) 9.54 (12/22) 9.27 (12/29) 9 . 0 0 (12/22) 6.67 (12/22)
8.84 (1/6)
8 . 3 0 ( 1 / 6 ) 8.02 ( 1 / 6 )
8 . 6 0 (3/24)
5.58 (3/17)

—

10.19 ( 1 0 / 5 )
9.39 (6/29)

9.01 (5/2) 8.63 (9/19)
8.57 (2/28) 7 . 6 3 ( 2 / 2 1 )

9 . 6 1 (10/5) 9.35 ( 1 0 / 5 )
9.16 ( 7 / 6 ) 8 . 7 9 ( 7 / 6 )

7.67 ( 1 0 / 3 )
6.27 ( 2 / 1 3 )

6.64 (10/5)
6.08 (7/6)

__
—

___
—

9.51
9.56
9.62

9.25
9.26
9.37

8.98
9.03
9.08

6.47
6.31
6.33

—

Apr.
May
June

9.70
9.83
9.50

9.74
9.84
9.50

9.38
9.50
9.29

9.21
9.21
8.91

6.29
6.25
6.13

——

July
Aug.
Sept.

9.58
9.48
9.93

9.53
9.49
9.87

9.20
9.23
9.44

8.92
8,97
9.21r

6.13
6.20
6.52

——

3
10
17
24
31

9.52
9.40
9.42
9.47
9.62

9.57
9.44
9.45
9.47
9.54

9.24
9.20
9.20
9.23
9.30

8.96
8.92
8.95
8.97
9.04

6.14
6.13
6.16
6.23
6.36

7
14
21
28

9.84
9.97
9.98

9.70
9.87
9.92
lO.OOr

9.34
9.42
9.49
9.50r

9,18
9.19
9.19
9.26r

6.47
6.49
6.57
6.56

i
7.23
7.25

5

10.14p

10.19p

9.61p

9.35p

6.64

7.35

Oct.

6

Bond Buyer

9.54
9.53
9.62

Sept.

3
4
5

U.S. govt.
20-year constant
maturity 4

1979-Jan.
Feb.
Mar.

Aug.

1
2

Moody's
seasoned 3
corporate Aaa

9.80 (5/2)
8.89 (2/7)

10.14 (10/5)
9 . 4 0 (8/17)

Low

Recently offered
Aaa utility2

— • •

——
——

Federal Reserve series of implied yield on newly issued, Aaa-rated utility bond with 5-year call protection.
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.
Weekly average of daily closing figures.
Weekly average of daily figures. U.S. Treasury data.
Thursday figures. T h e average rating of the 20 general obligation bonds used in this index falls midway between the five t o p groups as classified by
Moody's Investors Service. Weekly Bond Buyer data.
Thursday figures. The average rating of the 25 revenue b o n d s used in this index falls midway between the five t o p groups as classified by Moody's
Investors Service. Weekly Bond Buyer data.




4. LONG-TERM CORPORATE AND STATE AND LOCAL GOVERNMENT SECURITY OFFERINGS AND PLACEMENTS
Gross proceeds, millions of dollars
Corporate 1

Period

State and Local 2
1978
1979
2,834
3,306
2,753
2,595
4,844
4,640

January
February
March

1977
4,358
3,790
5,578

1978
3,326
2,770
4,569

April
May
June

3,928
3,733
5,632

3,397
4,227
5,539

4,311
4,167
6,044

3,409
4,566
5,786

3,824
5,525
4,369

3,501
3,030
4,559

July
August
September

4,251
3,458
4,178

4,414
3,379
4,236

3,550e
3,450e
3,600e

3,113
4,118
4,013

3,920
6,407
2,323

3,262
3,900e
2,700e

October
November
December

4,025
5,341
6,518

3,799
3,207
4,401

3,807
3,332
3,646

3,231
4,320
3,690

53,792

47,264

46,697

48,512

Year
1
2
e

1979
3,770
3,170
4,401

1977
3,402
3,442
4,063

Securities and Exchange Commission estimates of gross proceeds.
Public Securities Association estimates of principal amounts,
Estimated by Federal Reserve on the basis of available data.

5. TREASURY AND GOVERNMENT SPONSORED AGENCY BORROWING
Millions of dollars
Federal Government
Means of financing combined deficit
Net cash borrowing from the public2
Public debt securities
Gov't,
agency
NonBills
Coupons
marketable
securities

Decreased)/ Sponsored
agency
increase^—}
borrowing4
in cash
operating
balance

Combined
deficit(+)
or
surplus(-) 1

Total 3

CY-/-1977
CY -1978

61,410
52,870

56,762
53,683

-2,504
706

45,973
31,777

14,314
22,644

-887
-1,431

5,250
3,206

-602
-4,019

7,327
23,509

1979-Jan.
Feb.
Mar.

3,696
6,032
13,722

3,312
-668
8,012

539
131
3,044

2,551
1,320
2,906

414
-2,109
2,525

-208
-16
-432

-762
-1,558
6,508

1,146
8,258
-798

1,736
2,154
2,196

-1,729
-654
-3,186

2,396
2,937
-18

-5,494
-312
1,853

-168
-237
-92

-4,212
-669
3,049

-657
3,685
-12,828

2,218
1,037
2,181

48

3,518

1,305

-71

-619

3,955

Period

Apr. - 9 , 8 3 4
May
4,822
June - 1 1 , 2 3 7
July

1
2
3
4

-4,965
1,806
-1,458-

8,167

4,831

Other

3,094e

U.S. unified budget deficit or surplus plus off-budget entities deficit or surplus.
Change in outstanding amount of public debt securities and government agency securities less change in holdings of those securities by government
accounts.
Also includes changes in matured and noninterest-bearing public debt.
Change in outstanding amount of marketable securities issued by Federal Farm Credit Banks, Federal Home Loan Banks, Federal Home Loan Mortgage Corporation, Federal National Mortgage Association.

5 CY = Calendar Year.



6. NEW CORPORATE SECURITY ISSUES BY TYPE OF ISSUE
Gross proceeds, millions of dollars
Bonds
Period

Total

Publicly
offered

Privately
placed

Common and
preferred
stocks

Memo
Issues included
Foreign
Convertible

1976
1977
1978

53,488
53,792
47,230

26,453
24,072
19,815

15,927
17,943
17,057

11,108
11,777
10,358

2,342
1,161
802

994
849
418

1978-QI
QII
QUI
QIV

10,665
13,163
12,029
11,373

4,748
5,422
5,159
4,486

3,886
4,788
4,526
3,857

2,031
2,953
2,344
3,030

233
260
120
189

4
158
115
129

1979-Jan.
Feb.
Mar.

3,770
3,170
4,401

1,282
1,336
1,904

1.824
921
1.825

664
913
672

16
10
21

3
5
0

Apr.
MayJune

4,311
4,167
6,044

2,984
1,999
4,146

748
1,576
1,017

579
592
881

23
1
n.a.

759
350
n.a.

#

7. NEW CORPORATE SECURITY ISSUES BY TYPE OF ISSUER
Gross proceeds, millions of dollars
Period

Manufacturing

Public utility

Communications

Other issuers 1

15,495
13,393
10,813

14,418
14,127
12,232

3,563
4,442
3,640

20,011
21,827
20,549

1978-QI
QII
QUI
QIV

2,555
3,148
2,699
2,411

2,433
3,728
3,049
3,022

854
424
1,143
1,219

4,822
5,863
5,142
4,722

1979-Jan.
Feb.
Mar.

934
399
763

817
1,186
1,056

259
558
582

1,759
1,026
2,000

Apr.
May
June

570
1,293
1,137

1,123
865
1,302

261
109
409

2,357
1,899
3,197

1976
1977
1978

1 Other issuers are extractive, railroad and other transportation, real estate and finance, and commercial and other.
Source: Securities and Exchange Commission and Federal Reserve Board.




8. PUBLIC OFFERINGS OF INTERMEDIATE- A N D LONG-TERM SECURITIES: CORPORATE 1
Issuer

Indiana & Michigan E l e c . Co.
Duke Power Co.
Kansas Power & Light Co.
P a c i f i c Northwest B e l l T e l .
Co.
TransWorld Corp.
Oak I n d u s t r i e s Inc.
Beckman Instruments I n c .
Telecom Corp.
Dial F i n a n c i a l Corp.
McDonalds Corp.
IBM
IBM

Amount
(millions
of dollars)

Date

Type

1979
10/2
10/2
10/3

Pfd. s t k .
1st mtg.
Com. s t k .

40.0
150.0
33.3

10/3
10/3
10/4
10/4
10/4
10/4
10/4
10/4
10/4

Debt.
Units
Com. s t k .
Com. s t k .
Debt.
Debt.
Notes
Notes
Debt.

170.0
90.0
33.5
54.3
25.0
50.0
50.0
500.0
500.0

Offering
yield

n.a.
2009
n.a.

11.00
10.75
n.a.

11.00
10.80
n.a.

Baa/BBB
A/A+

2019
1999
n.a.
n.a.
1999
2000
1989
1986
2004

10.13
10.00
n.a.
n.a.
10.38
10.50
10.25
9.50
9.38

10.20
10.00
n.a.
n.a.
10.38
10.56
10.25
9.62
9.41

Aaa/AAA
B/B

*

Rights offering.

1

Includes only corporate and other security offerings of $ 2 5 million and over; excludes options, exchanges, and secondary offerings.




Moody's/S&P's
ratings

Coupon
rate

Maturity

——

B/B
A/A+
A/A+
Aaa/AAA
Aaa/AAA

PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: STATE AND LOCAL 1

9

Issuer

San Pablo Redevel. Agcy., CA
San Pablo Redevel. Agcy., CA
C a l i f o r n i a Hsg. F i n . Agcy.
C a l i f o r n i a Hsg. F i n . Agcy.
Houston, Texas
Houston, Texas
Chicago Public Bldg. Comm.,
IL

Memphis Shelby Co. Airport
Auth., TE
Salt River A g r i c . Improv. &
Power D i s t . , AZ
S a l t River A g r i c . Improv. &
Power D i s t . , AZ
S a l t River A g r i c . Improv. &
Power D i s t . , AZ
S a l t River A g r i c . Improv. &
Power D i s t . , AZ
Union Co., AR
Union Co., AR
Union Co., AR
Michigan Hgr. Educ. Loan Auth
Nassau Co., N.Y.
Dade Co., FL
Coon Rapids, MN
Coon Rapids, MN
Kentucky Turnpike Auth.
Kentucky Turnpike Auth.
Kentucky Turnpike Auth.

1
2
3

Date

1979
10/3
10/3
10/3
10/3
10/3
10/3

Type'

Amount
(millions
of $)

Maturity

Net
interest
cost

—/A—
—/A—
A-1/AA+
A-1/AA+
A/A
A/A

13.7
35.1
47.1
22.9

25.0

1981-1998
2011
1982-1999
2014
1983-1999
2013

10/3

Rev.

29.0

1981-1999 6.66

6 . 0 0 - 6 . 8 0 Aa/A+

10/3

Rev.

27.1

1982-1999 6 . 6 3 ^

5 . 8 0 - 6 . 8 0 A/A

10/4

Rev.

37.6

1983-2000 n . a .

5 . 7 0 - 6 . 8 0 Aa/A+

10/4

Rev.

31.3

2007

n.a.

10/4

Rev.

11.9

2009

n.a.

10/4
10/4
10/4
10/4
10/4
10/4
10/4
10/5
10/5
10/5
10/5
10/5

Rev.
Rev.
Rev.
Rev.
Rev.
G.O.
G.O.
Rev.
Rev.
Rev.
Rev.
Rev.

89.2
8.5
5.0
11.5
42.0
27.4
67.5
17.3
27.7
44.1
40.0
64.4

2019
1982-1998
2009
2010
1982
1980-2009
1980-2004
1980-1999
2009
1981-1995
2002
2009

n.a.
n.a.
n.a.
n.a.
6.70
6.80
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.

Includes only state and local security offerings of $ 2 5 million and over; excludes secondary offerings.
For state and local government securities, G.O. denotes general obligation; Rev. denotes revenue obligations.
Canadian interest cost.




6.25-7.70
8.00
6.00-7.30
7.50
5.75-6.75
7.20

Moody's/S&P's
ratings

Rev.
Rev.
Rev.
Rev.
Rev.
Rev.

10.0

n.a.
n.a.
7.19
7.1.9 /
7.08f/
7.08^'

Offering
yield

7.10

Aa/A+
Aa/A+

7.25
, 00—7, 50
7.63
7.88
6.30
6 . .00-6. 75
5.,75-6. 95
6 . 0 0 - 7 . 80
8.00
5 . 8 0 - 6 , 50
7.10
7.20

Aa/A+
A-l/—

A-l/—
A-l/—
Aa/A+
A-l/AAA
A-1/A+
—/Prov. A+
—/Prov. A+
A-1/A+
A-1/A+
A-1/A+

10. PUBLIC OFFERINGS OF INTERMEDIATE- A N D LONG-TERM SECURITIES: U.S. TREASURY
Notes and Bonds
Amount (millions of dollars)
Offering
date

Payment
date

1979

1979

July 24
31

7/31
8/15

Aug.

1
2
22
28

8/15
8/15
8/31
9/5

Oct. 3
4

10/9
10/10

1

Maturity
date

Coupon Auction
average
rate
(percent) (percent)

7/31/81
8/15/82

9-3/8
9

7 -•yr. 6-mo 2 / 1 5 / 8 7
29 •yr 9-mo 5 / 1 5 / 0 9
!-yr.
8/31/81
yr.8-mo 5 / 1 5 / 8 4

9
9-1/8
9-5/8
9-1/4

Length

2-yr.
3-yr.

2-yr.
4-yr.

9/30/81
9/30/83

Net proceeds

Gross proceeds
1

Total

Private

9.41
9.06

3,217
3,586

2,811

9.00

3,028
2,398
3,714
2,562

8.92
9.65
9.25

1 0 - 1 / 8 10.21
9-3/4
9.79

n. a.
n.a.

Total

2,528

3,258
2,502
3,254
2,502

Private .2

37

3,047

2,001

1

j

37

0
0

1,464

2,513 <t

233
2,562

233
2,502

0
0
0
60

n.a.
n.a.

n.a.
n.a.

Excludes amounts sold t o Government investment accounts and the Federal Reserve. Also excludes add-ons to foreign accounts.

2 May be larger than the total if the Government accounts and/or the Federal Reserve do not fully roll-over their maturing holdings.
3 Additional amounts of securities issued to foreign and international monetary authorities at the average auction price for new cash.



Memo:
Foreign
add-ons 3

n.a.
n.a.

1U
11. PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES GOVERNMENT SPONSORED AGENCIES
Offering Payment
date
date

Issuer

FNMA

1979

1979

6/6
6/6

6/11

6/11

6/6

6/11

Amount (millions of dollars)

Length

Maturity
date

Yield
(percent)

3-yr.10-mo
5-yr.
10-yr.

4/11/83
6/11/84
6/12/89

. 9.25
9.25
9.30
9.00
9.05

1,000

Gross
proceeds

1,000

500
500
500

Maturing
issues

Net
proceeds

900

1,100

1,000

1,000

1,314

1,128

6/27
6/27
6/27

7/10
7/10

10/11/82

7/10

3 - y r . 3-mo
5-yr.
8-yr.

7/11
7/11
7/11

7/23
7/23
7/23

2 - y r . 6-mo
4 - y r . 6-mo
12-yr.

1/20/82
1/23/84
7/22/91

8.90
9.00
9.10

1,128

FHLB

7/19

7/25

1 - y r i 4-mo

11/25/80

9.30

700

0

700

FHLMC

7/19

8/2

30-yr. 1-mo

9/15/09

10.05

200

0

200

FHLB

8/15
8/15

8/27
8/27

2 - y r . 9-mo
4 - y r . 6-mo

5/25/82
2/27/84

9.15
9.05

900
900

1,400

400

FNMA

8/30

9/10

3 - y r . 6-mo

3/10/83

9.50

700

1,000

-300

FFCB

9/19

10/1

4 - y r . 9-mo

6/4/84

9.70

749

201

548

FNMA

9/25

10/10

3-yr.11-mo

9/10/84

9.75

700

400

300

FNMA

FFCB

FFCB
FHLB
FHLMC
FNMA

—
—
—
—

Federal
Federal
Federal
Federal

Farm Credit Banks
Home Loan Banks
Home Loan Mortgage Corporation
National Mortgage Association




7/10/84
7/10/87

9.10

500
653
662

As of October 5, 1979
12. FORTHCOMING PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: CORPORATE 1
Approximate date
of offering

Type

Amount
(millions of dollars)

Louisiana Power & Light Co.
Philadelphia E l e c . Co,
Public Service E l e c . & Gas Co.
ITT Financial Corp.
*Ohio Edison Co.
Sharon S t e e l Corp.
Southern C a l i f o r n i a Edison Co.
Houston I n d u s t r i e s I n c .
E l i s n o r e Corp.
Columbia Gas System I n c .
Central Main Power Co.
Arizona Pub. Service Co.
Utah Power & Light Co.
*Enserch Corp.
Mountain S t a t e s T e l . & T e l . Co.
^ P a c i f i c Gas & E l e c . Co.
Gulf S t a t e s U t i l i t i e s Co.
Atlanta Gas Light Co.
General T e l . Co. of the Southwest
General T e l . Co. of the Southwest
El Paso E l e c . Co.
Southern C a l i f o r n i a Gas Co.
Carolina Power & Light Co.
*Long Island Lighting Co.
Kansas Gas & E l e c . Co.
United T e l . Co. of F l o r i d a
High Voltage Engineering Corp.
United Grocers I n c .
Crystal Oil Co.
^Kansas City Power & Light Co.
Duquesne Light Co.
Louisiana Power & Light Co.
^Arizona Pub. S e r v i c e Co.
^ P a c i f i c T e l . & T e l . Co.
Middle South U t i l i t i e s I n c .
Consumers Power Co.

Pfd. s t k .
1 s t mtg.
Com. s t k .
Debt.
Pfd. s t k .
Debt.
1 s t mtg.
Com. s t k .
Debt.
Debt.
1 s t mtg.
1 s t mtg.
Com. s t k .
Com. s t k .
Debt.
Com. s t k .
Com. s t k .
Debt.
Debt.
Pfd. s t k .
1 s t mtg.
Debt.
Com. s t k .
Com. s t k . ( r t s )
Com. s t k .
Debt.
Debt.
Notes
Debt.
1 s t mtg.
Com. s t k .
1 s t mtg.
Com. s t k .
Debt.
Com. s t k .
Com. s t k .

40.0
100.0
65.0
125.0
50.0
50.0
200.0
60.0
35.0
100.0
40.0
75.0
65.0
75.0
175.0
200.0
40.0
50.0
75.0
25.0
25.0
70.0
90.0
120.0
40.0
30.0
25.0
30.0
25.0
50.0
55.0
75.0
45.0
300.0
100.0
50.0

Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Indef

OTHER
*Hydro^Quebec
*Hy dr c-Queb ec

Notes
Bonds

100.0
200.0

Oct.
Oct.

10
10

25.0

Oct.

3

Issuer

POSTPONED
I nd ianap olis Power & Light Co.

*
1

Com. s t k .

Included in table for first time.
Includes only corporate and other security issues of $ 2 5 million and over; excludes exchanges, options, and secondary offerings.




10
10
10
10
10
11
11
16
17
17
18
18
18
22
23
23
24
24
25
25
29
30
30
30
31

6
7
8
11
13
13
•

12

As of October 5, 1979
13. FORTHCOMING PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: STATE AND LOCAL 1
Issuer,

Pennsylvania Hsg. Fin. Agcy.
Tarrant Co. Water Control & Improv. D i s t .
#1, TX
^Morgan Co., CO
Louisiana, State of
Oregon, State of
Ohio Water Devel. Auth.
*New Jersey Hsg. Fin. Agcy.
^Washington Sub. Sant. D i s t . , MD
Puerto Rico Water Resources Auth.
New York State Power Auth.
^Alaska Hsg. Fin. Corp.
Mercer Co., ND
California Dept. of Water Resources
Los Angeles Dept. of Airports, CA
^Michigan South Central Power Agcy.
North Carolina, State of
I l l i n o i s , State of
^Washington Public Power Supply Sys.
^Michigan State Hsg. Devel. Auth.
Allegheny Co. Hosp. Devel. Auth., PA
^Delaware Solid Waste Auth.
^Maryland Dept. of Transp.
*Ohio Water Devel. Auth.
*Los Angeles Dept. of Water & Power, CA

*
1

Type

Approximate date
of offering

Rev.

54.8

Oct,

8

Rev.
Rev.

342.8
50.0
100.0
200.0
41.0
156.0
97.8
100.0
150.0
114.0
27.2
90.0
255.0
95.6
67.3
130.0
200.0
61.5
41.5
55.0
80.0
290.0
75.0

Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Nov.
Nov.
Nov.
Nov.

8
9
9
9
11
11
17
18
18
19
23
23
24
26
30
30

G. 0.

G.O.
Rev.
Rev.
G.O.
Rev.
G.O.
Rev.
Rev.
Rev.
Rev.
Rev.
G.O.
G.O.
Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
Rev.

Included in table for first time.
Includes state and local government issues of $ 2 5 million and over; excludes secondary offerings.




Amount
(millions of dollars)

1
7
7
7

14. STOCK PRICES1

AMEX4
107.05 ( 7 / 1 2 )
84.31 ( 1 / 2 )

NASDAQ 5
92.52 (7/15)
78.06 ( 1 / 2 )

999.75 ( 1 / 3 )
800.85 (11/2)

127.89 (12/30)
109.61 (1/12)

105.05 (12/30)
93.66 (4/5)

60.38 ( 9 / 1 2 )
48.37 ( 3 / 6 )

907.74 ( 9 / 8 )
742.12 (2/28)

176.87 ( 9 / 1 5 )
119.73 ( 1 / 1 1 )

139.25 (9/13)
99.09 (1/11)

63.39 (10/5)
53.88 (2/27)

897.61 (10/5)
807.00 (2/27)

235.15 ( 1 0 / 5 )
152.03 ( 1 / 2 )

152.29 (10/5)
117.84 ( 1 / 2 )

1976-High
Low

NYSE I n d e x 3
57.51 (9/21)
48.04 ( 1 / 2 )

DJ Industrials
1014.79 (9/21)
858.71 ( 1 / 2 )

1977-High
Low

57.69 ( 1 / 2 )
49.78 ( 1 1 / 2 )

1978-High
Low
1979-High
Low

Date

1979-Aug.

3
10
17
24
31

59.33
60.64
61.70
61.94
62.40

846.16
867.06
883.36
880.20
887.63

198.99
202.41
211.00
216.24
217.61

142.63
145.07
147.84
149.40
150.44

Sept.

7
14
21
28

61.39
62.08
62.88
62.24

874.15
879.10
893.94
878.67

222.59
225.92
227.24
225.18

148.07
150.56
150.65
149.98

Oct.

5

63.39

897.61

235.15

152.29

15. T R A D I N G V O L U M E 2

Date
1976-High
Low

NYSE
44.5 (2/20)
10.3 (1/2)

AMEX
8.6 (2/20)
1.1 (1/2)

NASDAQ
1 1 . 1 (2/20)
3.5 ( 1 / 2 )

1977-High
Low

3 5 . 3 (11/11)
1 0 . 6 (10/10)

4 . 2 (1/12)
1 . 4 (9/22)

11.2 (11/10)
5 . 1 (5/27)

1978-High
Low

66.4 (8/3)
7.6 (1/20)

1 1 . 0 (10/30)
1 . 3 (1/20)

1 8 . 8 (5/18)
2 . 8 (1/20)

1979-High
Low

52.4 (9/21)
18.0 (1/2)

7.9 ( 6 / 7 )
2 . 2 (1/22)

19.7 (7/10)
7.2 (1/2)

1979-Aug.

3
10
17
24
31

33.1
37.8
41.5
35.6
29.6

3.8
4.2
5.2
4.6
4.4

14.1
14.3
15.7
15.5
14.8

Sept.

7
14
21
28

34.9
38.4
41.8
34.6r

5.1
5.4
5.8
5.3r

15.0
15.6
15.8
15.3r

Oct.

5

34.6

5.9

16.5

1
2
3
4
5

Figures other than highs and lows are Friday figures only.
Volume figures are weekly averages of daily figures (millions of shares). Highs and lows refer t o single days.
12/31/65 • 50
8/31/73 e 100
2 / 5 / 7 1 = 100




16. SECURITY CREDIT?
Outstanding, dollar amounts in millions

End of period

Marginable
stock

Convertible
bonds

Number of
margin accounts
(thousands)

Percent of debt
in accounts with
4 0 percent or more
customer equity

1976

7,960

204

810

88

1977

9,740

250

887

81

1978

10,830

205

955

67

Mar.

9,590
9,780
9,920

246
242
246

890
890
900

75
75
79

Apr.
May
June

10,260
10,660
11,090

248
245
242

915
930
945

85
85
84

July
Aug.
Sept.

11,190
11,740
12,400

247
243
225

955
965
990

87
88
85

Oct.

12,090
11,000
10,830

216
209
205

960
955
955

53
68
67

Mar.

10,750
10,790
10,870

199
195
181

950
950
965

79
71
79

Apr.
May
June

11,220
11,130
11,590

194
183
172

960
970
975

77
78
79

July
Aug.

11,840
12,060

178
176

960
975

81
86

1978 - Jan.
Feb.

Nov.
Dec.

1979 - Jan.
Feb.

1

Margin credit extended
by brokers on:

Margin account debt as reported by the New York Stock Exchange.




15
17. SAVINGS FLOWS AT SELECTED NONBANK THRIFT INSTITUTIONS
Millions of dollars
Mutual Savings Banks
(regular deposits) 1
Net flow

Date

N.S.A.

Sea. adj.

Annual
growth
rate 3

Savings and Loan Associations
Net flow
N.S.A.

Sea. adj.
—

1976

12,670

11.5

50,169

1977

10,783

8.8

1978

8,426

1978-Jan.
Feb.
Mar.

626
476
1,712

Apr.
May
June

Annual
growth
rate 3

Memo:
Net New Money 2

Total
Net
flow
(sea. adj.)

Annual
growth
rate 3

At
insured
S&L's

At
MSB's

17.4

62,409

15.7

34,369

5,283

50,888

15.1

61,583

13.4

32,004

2,874

6.4

44,209

11.4

52,867

10.2

23,460

-591

850
489
533

7.7
4.4
4.8

2,744
2,296
7,152

2,640
2,729
3,129

8.2
8.4
9.6

3,490
3,218
3,662

8.0
7.4
8.3

2,877
2,073
2,592

-59
170
338

-209
436
1,304

494
559
723

4.4
5.0
6.4

558
2,380
6,656

2,327
3,095
4,675

7.0
9.3
14.0

2,821
3,654
5,398

6.4
8.2
12.1

401
2,145
1,744

-553
97
-90

341
July
260
Aug.
Sept. 1 , 3 7 8

668
1,054
1,116

5.9
9.2
9.7

3,074
2,312
6,433

3,846
4,578
5,757

11.4
13.4
16.7

4,514
5,632
6,873

10.0
12.3
14.9

2,812
2,069
1,606

38
-75
-41

Oct.
Nov.
Dec.

510
275
1,317

1,096
353
537

9.4
3.0
4.6

2,645
2,157
5,802

3,510
4,399
3,710

10.0
12.4
10.4

4,606
4,752
4,247

9.9
10.1
9.0

2,534
1,897
710

48
-59
-405

1979-Jan.
Feb.
Mar.

218
683
1,971

404
712
728

3.4
6.0
6.1

4,743
2,881
8,348

4,564
3,416
3,833

12.7
9.4
10.5

4,968
4,128
4,561

10.4
8.6
9.4

4,377
2,580
3,146

-118
342
463

Apr.
May
June

-832
61
890

-74
190
273

—0.6
1.6
2.3

-1,150
2,041
6,866

890
2,796
4,738

2.4
7.5
12.7

816
2,986
5,011

1.6
6.1
10.2

July
Aug.

-318
-100

12
720

0.1
6.0

2,018
1,220

2,822
3,640

7.5
9.6

2,834
3,858

5.7
7.7

-1,490 -1,192
1,627
-341
1,469
—649
1,455
729

-714
-500

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 9 6 percent 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.
1




18. MORTGAGE COMMITMENTS OUTSTANDING AT SELECTED INSTITUTIONS
Billions of dollars, seasonally adjusted
Federal and Related Agencies

Thrift Institutions
End of Period

Total

All savings
and loan
associations

Mutual
savings banks
(N.Y. state)

Total

FNMA

GNMA

FHLMC

1976

27.3

24.6

2.7

8.1

3.8

3.8

0.5

1977

39.2

34.7

4.5

11.3

5.4

4.5

1.4

1978

38.3

33.4

4.9

17.4

10.6

4.9

1.9

1978-Jan.
Feb.
Mar.

38.6
37.6
36.9

33.6
33.0
32.7

4.4
4.3
4.3

12.3
13.5
13.9

6.5
7.3
7.5

4.5
4.8
5.0

1.3
1.4
1.4

Apr.
May
June

36.2
35.8
35.9

32.3
31.9
31.5

4.3
4.3
4.6

14.0
14.9
14.6

8.0
9.0
8.7

4.8
4.6
4.4

1.2
1.3
1.5

July
Aug.

35.6
36.2
36.7

31.5
31.9
32.3

4.6
4.6
4.4

15.2
15.0
15.9

9.0
8.8
9.4

4.5
4.3
4.5

1.7
1.9
2.0

Dec.

38.8
39.1
38.3

33.9
34.0
33.4

4.8
4.9
4.9

17.2
17.3
17.3

10.7
10.9
10.6

4.6
4.7
4.8

1.9
1.7
1.9

1979-Jan.
Feb.
Mar.

37.5
36.6
36.0

32.6
31.8
31.4

4.9
4.8
4.6

15.7
14.3
13.2

9.2
7.8
6.7

4.8
4.9
5.0

1.7
1.6
1.5

Apr.
May
June

36.0
35.4
35.2

31.6
31.3
31.1

4.4
4.1
4.1

12.6
11.9
11.3

6.3
6.0
5.4

4.9
4.7
4.7

1.4
1.2
1.2

July
Aug.

35.3
n.a.

31.3
31.6

4.0
n.a.

11.2
10.9

5.2
5.3

4.7
4.3

1.3
1.3

Sept.
Oct.
Nov.

I

Based on data from Federal Home Loan Bank Board, Savings Banks Association of New York State, and federal and related agencies, seasonally adjusted
by Federal Reserve. Both thrift institutions series include a minor amount of non residential commitments; S & L commitments also include loans in
process. Subtotals may not add t o total because of rounding.




19. MET NEW MONEY BORROWINGS BY MAJOR HOUSING CREDIT AGENCIES

Millions of dollars
Period

Total including
short-term
discount notes

Intermediate-and long-term issues
Total

FHLB

FHLMC

FIMMA

FNMA and FHLB
short-term
discount notes

1976

-1,750

-1,131

-2,031

0

900

-619

1977

2,732

1,444

496

-4

952

1,288

1978

19,030

13,578

6,302

576

6,700

5,452

3-Jan.
Feb.
Mar.

563
1,731
912

82
1,399
-1

0
1,399
-1

82
0
0

0
0
0

481
332
913

Apr.
May
June

701
3,338
1,504

470
1,496
1,300

-1
1,498
0

-129
-2
300

600
0
1,000

231
1,842
204

July
Aug.
Sept.

1,626
1,550
1,627

1,900
1,000
1,076

700
1,000
0

0
0
126

1,200
0
950

-274
550
551

Oct.
Nov.
Dec.

1,799
1,429
2,250

1,695
1,113
2,048

-5
1,114
598

0
-1
200

1,700
0
1,250

104
316
202

-Jan.
Feb.
Mar.

967
1,457
912

0
1,033
1,372

0
834
0

0
199
-128

0
0
1,500

967
424
-460

Apr.
May
June

1,027
304
1,363

997
215
1,299

0
222
0

-3
-7
199

1,000
0
1,100

30
89
64

July
e7
Aug.—

1,688
-141

1,898
400

700
400

198
0

1,000
0

-210
-541

Based on data from Treasury Survey of Ownership.




20.

N E T C H A N G E IN M O R T G A G E H O L D I N G S A T S E L E C T E D I N S T I T U T I O N S
Millions 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
Major p r i v a t e f i n a n c i a l i n s t i t u t i o n s
Period

Total

Total

Commercial
banks

MSB's

S&L's

L i f e insur.
companies

Mortgag ie p o o l s

FNMA
and
GNMA

FHLMC

FHLMCGNMAguaranteed guaranteed

1976

76,152

65,603

14,600

4,074

44 y 515

2,414

-2,120

-718

12,314

1,073

1977

114,568

96,407

26,500

6,595

58,158

5,184

89.0

-993

14,325

3,239.

1978

126,091 102,875

35,400

6,378

51,695

9,402

8,696

-212

9,451

5,281

19 78-Jan.
Feb.
Mar.

9,675
8,281
10,322

8,146
7,953
8,551

2,748
2,537
2,632

587
554
625

4,319
4,384
4,736

492
478
558

350
487
505

-84
17
239

889
-502
954

364
326
73

Apr.
May
June

9,178
11,425
10,813

7,836
8,665
8,983

2,356
3,053
3,292

520
583
468

4,349
4,300
4,472

611
729
751

660
1,420
870

—88
-198
-731

387
996
712

383
542
979

July 10,273
Aug. 10,861
Sept. 10,612

8,337
9,026
8,546

3,426
3,231
3,162

594
544
498

3,647
4,214
4,188

670
1,037
698

538
915
808

-300
516
18

700
1,219
865

998
-815
375

Oct.
Nov.
Dec.

11,432
11,765
10,671

8,738
9,341
8,602

3,027
3,067
2,854

456
626
263

4,450
4,762
3,818

805
886
1,667

898
604
654

268
178
-49

1,018
1,217
974

510
425
490

19 79-Jan.
Feb.
Mar.

10,343
9,728
10,461

7,973
7,346
7,241

2,840
2,466
2,362

575
486
395

3,925
3,451
3,414

633
943
1,070

820
846
1.395

231
74
338

1,177
1,034
1,451

142
428
36

Apr.
May
June

9,037
9,920
10,417

7,495
8,322
8,880

2,464
2,348
2,789

375e
356
330

3,780
4,641
4,362

876
977
1,399

466
1,016
610

— 60
- 45
- 84

1,285
1,168
1,364

317
475
257

July
Aug.

n. a.
n.a.

n.a.
n.a.

2,886
3,089

3,741
3,480

n.a.
n.a.

-221
n.a.

79
n.a.

1,274
n.a,

269
n.a.

415
n.a.

Monthly data for commercial banks based on Federal Reserve estimates benchmarked t o Call Report data on real estate loans outstanding as available.
Other data derived from mortgage debt outstanding as reported separately by National Association of Mutual Savings Banks, Federal Home Loan Bank
Board, American Council of Life Insurance, the Federal National Mortgage Association, the Government National Mortgage Association, and the Federal
Home Loan Mortgage Corporation. Data for mutual savings banks and 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 9 percent of the net increase estimated for all holders in 1978.




2 1 . N E T C H A N G E IN M O R T G A G E D E B T O U T S T A N D I N G , B Y T Y P E O F P R O P E R T Y 1
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 rates
Residential2
Quarter

1

2

Total

Total

1 - t o 4family

Multifamily

Commercial

Multifamily
and
commercial

Farm

1976-Q1
Q2
Q3
Q4

80.9
74.5
93.1
99.6

62.5
55.0
72.7
78.9

61.0
55.2
68.9
76.5

1.5
-0.2
3.8
2.4

13.3
14.8
13.5
13.0

14.8
14.5
17.2
15.5

5.2
4.7
6.9
7.7

1977-Ql
Q2
Q3
Q4

108.5
133.8
140.9
152.8

85.9
110.0
114.5
118.6

81.6
101.8
106.2
110.2

4.2
8.3
8.3
8.4

14.0
14.5
17.8
25.6

18.2
22.8
26.1
34.0

8.6
9.2
8.6
8.7

1978-Ql
Q2
Q3
Q4

133.2
145.9
154.8
161.3

104.9
114.6
116.1
124.6

95.8
105.3
104.0
114.2

9.1
9.2
12.0
10.4

19.3
21.7
26.9
26.2

28.4
31.0
38.9
3.6.6

9.0
9.6
11.8
10.5

1979-Ql
Q2p

152.8
156.8

114.7
116.0

105.1
105.7

9. 6
10.3

25.8
27.7

35. 4
39.0

12.3
13.1

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.
Residential mortgage debt includes nonfarm and is the sum of 1 - to 4 family and multifamily mortgage debt.




20
22. A V E R A G E R A T E S A N D YIELDS ON HOME M O R T G A G E S A N D PASS T H R O U G H SECURITIES
Secondary market

Primary m a r k e t

Conventional mortgages

F H A / V A mortgages
Rates on
conventional
l o a n s at
S&L's

Period

Y i e l d in
FNMA
auction

Period

Discount
points
in F N M A
auction

Ceiling
rate

Yield on
GNMA
securities

Y i e l d in
FNMA
auction

Y i e l d in
FHLMC
auction

9.31

19 7 6-High
Low

9.10
8.70

1976-High
Low

9.20
8.39

4.93
2.05

9
8

8.44
7.57

8.80

1977-High
Low

9.00
8.65

1977-High
Low

8.98
8.46

5.03
1.50

8-1/2
8

8.39
7.56

9.21
8.81

9.02
8.63

1978-High
Low

9.73
8.98

1978-High
Low

9.86
9.13

5.92
4.00

9

8.43
9.05

10.07
9.28

10.42

8 1/2

1979-High
Low

11.35
10.38

1979-High
Low

11.66
10.42

7.94
4.16

10-1/2
9-1/2

10.65
9.51

11.99
10.92

11.64
10.40

1
8
15
22
29

10.90
11.03
11.05
11.10
11.10

June

6
13
20
27

11.13
11.08
11.08
11.08

July

3
10
17
24
31

11.08
11.08
11.08
11.10
11.13

Aug.

Sept. 7
14
21
28

11.20
11.30
11.35
11.35

Sept.10
17
24
Oct.

1979-June

July

Aug.

4
11
18
25
July 2

10.79

5.10

10.74

4.81

9
16
23
30

10.66

4.31

10.65

4.22

6
13
20
27

10.64

4.16

10.69

4.46

Sept.

10.92

5.90

11.25

7.91

11.66

7.25

9.12

11.04

10
10
10
10
10

9.83
9.76
9.72
9.82
9.69

10
10
10
10

9.69
9.78
9.80
9.88

11.54

10
10
10
10
10

9.82

11.50

9.88
9.90
10.03
10.14

10
10
10
10-1/2

10.36
10.38
10.36
10.65

11.54

11.60

11.51

11.11

11.13
11.16
11.01

10.94
10.87
10.82
10.88

11.53

10.99
11.10
11.20

11.67

11.37

11.83
11.99

11.28
11.49
11.57
11.63
11.64

Column 2 is average of contract interest rates on commitments for conventional first mortgages with 8 0 percent loan-to-value ratios made by a sample of
insured S&Ls Columns 4 and 8 are average gross yield t o FNMA before deduction of the fee of 37% basis points paid for mortgage servicing. They reflect
the average accepted bid yield for first mortgages for optional delivery within 4 months, assuming prepayment in 12 years for 30-year loans, without
adjustments for FNMA commitment fees and FNMA stock retention requirements. Column 7 is a 1 -day quote on average net yields to investors on GNMAguaranteed mortgage-backed securities for immediate delivery, assuming prepayment in 12 years on pools of 30-year FHA/VA mortgages carrying a
coupon rate 5 0 basis points below the current F H A / V A ceiling rates shown in Column 6. Column 9 is the average net yield to FHLMC on accepted bids
in its weekly auction of commitments to buy conventional home mortgages for immediate (within 6 0 days) delivery.




23. FNMA AUCTIONS OF COMMITMENTS TO PURCHASE HOME MORTGAGES
Dollar amounts in millions
Date of
auction

Offered

19 7 7-High
Low

1978-High
Low

1979-High
Low

FHA/VA mortgages
Accepted

Average yield

Offered

Conventional mortgages
Average yield
Accepted

855.4
50.3

569.7
35.1

8.98

8.46

415.9
122.9

278.0
70.5

9.21
8.81

1,249.4
130.3

605.3
80.1

10.60
9.13

716.9
74.7

362.5
47.5

10.92
9.28

891.1
36.5

360.8
19.4

11.66
10.42

289.7
19.4

172.2
17.9

11.99
10.92

19 79-July

9
23

36.5
96.7

19.4
50.2

10.66
10.65

36.0
57.5

27.5
42.4

11.54
11.51

Aug.

6
20

55.7
106.6

28.1
54.6

10.64
10.69

106.8
139.1

88.9
95.2

11.50
11.53

Sept. 4
17

613.5
807.6

285.0
314.9

10.92
11.25

289.7
237.6

172.2
153.4

11.67
11.83

Oct.

891.1

360.8

11.66

195.0

126.6

11.99

1

24. FHLMC AUCTIONS OF COMMITMENTS TO PURCHASE HOME MORTGAGES
Conventional mortgages, dollar amounts in millions
Date of
auction

Offered

1977-High

Immediate delivery program
Average yield
Accepted

Future commitment program
Offered

Accepted

Average yield

303.0
76.7

132.6
49.8

9.02
8.63

262.8
66.4

131.0
35.3

9.03
8.63

359.7
71.2

191.7
53.6

10.42
9.12

247.1
69.7

84.4
18.2

10.54
9.20

298.0
56.3

150.5
48.4

11.64
10.40

166.6
70.6

37.8
19.7

11.85
10.43

3
10
17
24
31

206.9
186.9
164.1
162.2
140.4

107.6
96.7
105.3
106.7
93.2

10. 99
11.10
11.20
11.28
11.37

Sept. 7
14
21
28

147.4
126.4
101.0
101.9

106.1
106.2
84.9
93.9

11.49
11.57
11.63
11.64

Low

1978-High
Low

1979-High
Low

19 79-Aug.

——
——

——
——

71.8

20.3

——
——

11.39

——
——

——

71.9

29.1

11.85

Offerings in the FNMA auctions of 4-month purchase commitments relate to total bids submitted, and average yields to FNMA on accepted bids are gross
(before deduction of 37% basis points for mortgage servicing) assuming prepayment in 12 years for 30-year mortgages, without adjustments for FNMA
commitment fees or stock related requirements. Offerings in the FHLMC auctions relate to total bids submitted, and average yields to FHLMC on
accepted bids are net, excluding 37% basis points for mortgage servicing.
Source: FNMA and FHLMC




25. ISSUES OF MORTGAGE-BACKED SECURITIES
Millions of dollars, not seasonally adjusted
Pass-through securities
GNMA-guaranteed

Period

New issues

Outstanding
(end of period)

FHLMC-guaranteed
New issues

Outstanding
(end of period)

Public offerings
of mortgagebacked bonds
Outstanding
by savings and
(end of period)
loan assoc.

Privately insured
New issues

75

1976

13,764

30,571

1,396

2,671

n.a.

n.a.

1977

17,440

44,896

4,131

6,610

242

238

1,115

1978

15,362

54,347

6,212

11,892

1,011

1,141

465

Mar.

1,327
929
1,315

45,890
45,325
46,357

504
470
120

7,033
7,431
7,471

0
10
119

236
243
358

0
0
50

Apr.
May
June

823
1,255
999

46,463
47,387
48,033

466
651
1,093

7,861
8,434
9,422

201
135
23

557
689
703

290
75
0

July
Aug.
Sept.

997
1,648
1,203

48,663
50,051
50,844

299
725
394

10,371
10,224
10,512

72
35
33

764
797
822

0
50
0

Oct.
Nov.
Dec.

1,762
1,721
1,381

52,095
53,358
54,347

369
581
540

10,987
11,463
11,892

57
36
275

872
897
1,161

0
0
0

1979-Jan.
Mar.

1,703
1,361
1,465

55,627
56,575
57,955

317
494
118

12,093
12,462
12,466

60
59
49

1,223
1,273
1,320

0
0
0

Apr.
May
June

1,488
1,673
1,860

58,939
60,042
61,341

364
572
382

12,790
13,296
13,562

146
160
54

1,447
1,577
1,617

0
0
400

July
Aug.
Sept.

2,032
2,934
2,640

62,545
n.a.
n.a.

321
354
n.a.

13,781
14,000
n.a.

143
148
n.a.

1,699
1,877
n.a.

225
350
65

19 78-Jan.
Feb.

Feb.

GNMA-guaranteed securities are issued by private institutions and represent undivided interests in pools of Government-underwritten home mortgages
formed by these institutions. FHLMC-guaranteed securities include Participation Certificates and Guaranteed Mortgage Certificates issued by FHLMC
against pools of conventional residential mortgages formed by FHLMC. Privately-insured pass-through securities are issued by private institutions against
pools of conventional residential mortgages underwritten by major private mortgage insurance companies.
Source: GNMA, FHLMC, HUD, and Federal Reserve.