Full text of H.16 Capital Market Developments : January 28, 1980

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January 28, 1980

A

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.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.

Yields, Volume and Reception: Corporate Bond Market
Yields, Volume and Reception: Municipal Bond Market
High Grade Bond Yields
Long-Term Corporate and State and Local Government Security Offerings and Placements
Treasury and Government-Sponsored Agency Marketable Coupon Offerings and Placements
New Corporate Security Issues by Type of Issue
New Corporate Security Issues by Type of Issuer
Public Offerings of Intermediate- and Long-Term Securities: Corporate
Public Offerings of Intermediate- and Long-Term Securities: State and Local
Public Offerings of Intermediate- and Long-Term Securities: U.S. Treasury
Public Offerings of Intermediate- and Long-Term Securities: Government-Sponsored Agencies
Forthcoming Public Offerings of Intermediate- and Long-Term Securities: Corporate
Forthcoming Public Offerings of Intermediate- and Long-Term Securities: State and Local

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 $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
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.




3
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
Corporate B o n d Market

Yields
Recently offered
New issue1
Aaa utility
Aaa utility2

Week ending

3

Gross offerings
($ millions)

Volume
Percent sold by
end of week

New issues in syndicate4
($ millions)

1979-Oct.

5
12
19
26

10.22
10.88
11.05
11.45

10.25
10.79
11.00
11.36

1,575
300
204
360

80
97
97
100

283
10
6
0

Nov.

2
9
16
23
30

11.51
11.50
11.50
11.45
11.20

11.42
11.45
11.41
11.38
11.17

170
160
350
150
784

100
100
79
93
100

0
0
75
10
0

Dec.

7
14
21
28

11.22

11.16
11.37
11.35
11.39

425
668
287
0

96
94
86

15
13
53
53

11.44
11.54
11.69r
11.93p

0
690
580
793

1980-Jan.

11.28
— •

- -

4
11
18
25

•

e»

11.51
U.61r
11.95p

53
71
0
5

——

90
100
94

2. YIELDS, VOLUME A N D RECEPTION
Municipal B o n d Market
Volume

Yields
Week e n d i n g

Moody's new
issue A a a

Bond Buyer
G O. bond
index

Bond Buyer
Rev. b o n d
index

Gross o f f e r i n g s
($ millions)

P e r c e n t s o l d by
end of w e e k 3

N e w issues in
syndicate4
($ millions)

1979-Oct.

5
12
19
26

5.95
6.35
6.35
6.35

6.64
7.12
7.18
7.38

7.35
7.75
7.94
8.15

1,015
1,080
1,051
757

80
88
97
90

183
206
90
129

Nov.

2
9
16
23
30

6.35
6.35
6.55
6.60
6.60

7.26
7.27
7.31
7.38
7.26

8.05
8.16
8.05
8.24
8.07

483
1,093
1,457
605
620

93
87
95
89
98

76
164
85
144
62

Dec.

7
14
21
28

6.50
6.50
6.50
6.50

7.17
7.26
7.22
7.23

7.97
8.14
8.10
8.11

1,234
934
841
235

92
80
93
95

106
237
159
152

1980-Jan.

4
11
18
25

6.50
6.60
6.60
6.60

7.32
7.30
7.28
7.33

8.18
8.21
8.15
8.20

1
647
643
842

83
90
92
90

123
95
85r
127

1
2
3
4

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.




4 .
3. HIGH G R A D E B O N D Y I E L D S
N e w issue
Aaa utility1

Date

1976-High
Low

1977-High
Low

1978-High
1979-High
Low

1980-High
Low

Moody's
seasoned
corporate A a a 3

U.S. govt.
20-year constant
maturity4

Bond Buyer
G.O. b o n d
index5

8.95(5/28) 9.10(1/2)
7.93(12/10) 7.84(12/31)

8.66(5/28) 8.17(5/28)
7.91(12/31) 7.23(12/31)

7.29(1/2)
5.83(12/30)

8.36(12/16) 8.48(12/30)
7.95(1/7)
7.90(1/7)

8.28(12/30) 7.99(12/30)
7.26(1/7)
7.88(1/7)

5.93(2/4)
5.45(11/17)

9.30(11/10) 9 . 5 4 ( 1 2 / 2 2 )

9 . 2 7 ( 1 2 / 2 9 ) 9.00(12/22)
8.01(1/6)
8.30(1/6)

6.67(12/22)
5.58(3/17)

8.61(3/24)

Low

Recently offered
Aaa utility 2

8.48(1/6)

B o n d Buyer
Rev. b o n d
index6

11.51(11/2) 11.45(11/9)
9.40(8/17) 9.39(6/29)

10.87(12/28) 10.56(11/9)
8.79(7/6)
9.16(7/6)

7.38(10/26)
6.08(7/6)

8.24(11/23)
7.23(9/21)

11.95(1/25) 11.93(1/25)
11.51(1/11) 11.44(1/4)

11.17(1/25) 10.79(1/25)
10.88(1/4) 10.30(1/4)

7.33(1/25)
7.28(1/18)

8.21(1/11)
8.15(1/18)

1979-Jan.
Feb.
Mar.

9.54
9.53
9.62

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

9.21

6.13
6.20
6.52

10.97
11.42
11.25

10.91
11.36
11.32

10.13
10.76
10.74

9.99
10.37
10.19

7.08
7.30
7.22

7.80
8.11
8.08

11.22
11.28

11.16
11.37
11.35
11.39

10.58
10.70
10.79
10.87

10.07
10.23
10.21
10.24

7.17
7.26
7.22
7.23

7.97
8.14

11.44
11.54
11.69r
11.93p

10.88
10.91
10.99r
11.17p

10.30
10.35
10.52r
10.79p

7.32
7.30
7.28
7.33

8.18
8.21
8.15
8.20

Oct.
Nov.
Dec.

Dec.

1980-Jan.

7
14
21
28
4
11
18
25

1
2

11.51
11.61r
11.95p

8.10
8.11

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.
3 Weekly average of daily closing figures.
4 Weekly average of daily figures. U.S. Treasury data.
5 Thursday figures. The average rating of the 20 general obligation bonds used in this index falls midway between the five top groups as classified by
Moody's Investors Service. Weekly Bond Buyer data.
6 Thursday figures. The average rating of the 25 revenue bonds used in this index falls midway between the five top 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
Period

Corporate

State and Local

January
February
March

1977
4,358
3,790
5,578

1978
3,326
2,770
4,569

1979
3,770
3,170
4,401

1977
3,402
3,442
4,063

1978
3,306
2,753
4,844

1979
2,834
2,604
4,644

April
May
June

3,928
3,733
5,632

3,397
4,227
5,539

4,692
4,167
6,247

3,409
4,566
5,786

3,824
5,525
4,369

3,439
3,043
4,675

July
August
September

4,251
3,458
4,178

4,414
3,379
4,236

4,095
4,083
4,308

3,113
4,118
4,013

3,920
6,407
2,323

3,333
4,203
2,600

October
November
December

4,025
5,341
6,518

3,799
3,207
4,401

4,561
2,950e
4,150e

3,807
3,332
3,646

3,231
4,320
3,690

4,182
4,200e
3,300e

53,792

47,264

50,594e

46,697

48,512

43,057e

Year

1 Securities and Exchange Commission estimates of gross proceeds.
2 Public Securities Association estimates of principal amounts,
e 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 public?
Public debt securities
Gov't,
agency
NonBills
Coupons
marketable securities

Combined
deficit(+)
or
surplus(-) 1

Total 3

CY-/-1977
-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

-4,019

7,327
23,509

1979-Jan.

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
-13
-435

-762
-1,558
-6,508

1,146
8,258
-798

1,736
2,154
2,196

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

-4,965
1,806
-1,458

-1,729
-654
-3,186

2,396
2,937
-18

-5,494
-312
1,853

-158
-237
-91

-4,212
-669
3,049

-657
3,685
-12,828

2,218
1,037
2,181

8,167
16,003

4,831
3,268

48
551

3,518
2,701

1,305
-50

-68
-17

-619
6,155

3,955
6,580

3,094
. 821

Sept, - 1 5 , 5 5 8
Oct. 14,770

4,250
2,217

889
314

2,568
2,085

176
-1,216

-14
-20

2,582
1,054

-17,226
13,716

910
3,196

Period

CY

Feb.

Mar.

July
Aug.

Other

Decreased)/ Sponsored
agency
increase!—)
borrowing4
in cash
operating
balance
-602

1 U.S. unified budget deficit or surplus plus off-budget entities deficit or surplus.
2 Change in outstanding amount of public debt securities and government agency securities less change in holdings of those securities by government
accounts.
3 Also includes changes in matured and noninterest-bearing public debt.
4 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

Memo
Issues included
Convertible
Foreign

Total

Publicly
offered

Privately
placed

Common and
preferred
stocks

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

1,592
1,340
1,092

994
863
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

413
341
181
157

4
158
127
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.

4,692
4,167
6,247

2,984
1,999
4,171

1,129
1,576
1,185

579
592
891

23
1
8

759
350
385

Sept.

4,095
4,083
4,308

2,247
1,973
2,167

867
886
854

981
1,224
1,297

257
90
423

153
159
228

Oct.

4,561

2,669

863

1,029

Period

May.
June
July
Aug.

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

Manufacturing

Public utility

Communications

Other issuers1

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

572
1,293
1,193

1,410
865
1,373

261
109
409

2.450
1,899
3,272

July
Aug.
Sept.

1,006
1,166
1,489

772
503
1,147

94
336
501

2,222
2,079
1,172

Oct.

1,485

1,769

480

825

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- AND LONG-TERM SECURITIES: CORPORATE 1
Issuer

Date

1980
1/4
Cincinnati Gas & E l e c . Co.
1/7
Southwestern F l e e . Power Co.
1/8
D e t r o i t Edison Co.
1/9
Washington Water Power Co.
1/9
Consumers Power Co.
1/9
Consumers Power Co.
1/10
Portland General Elec. Co.
1/10
M/A COM I n c .
1/10
Duquesne Light Co.
1/10
General E l e c . Credit Corp.
1/10
General Elec. Credit Corp.
1/11
Wells Fargo & Co.
1/15
Southwestern Bell Tel. Co.
1/16
P a c i f i c Power & Light Co.
1/17
Gulf States Util. Co.
Associates Corp. of N. Americi ; 1/17
1/18
Hackensack Water Co.
1/18
Lear Petroleum Corp.
1/22
Central Power & Light Co.
Southern Pacific Transportation Co.
General Motors Accept. Corp.
General Motors Accept. Corp.
Public Serv. Co. of New
Hampshire
Arkansas Power & Light Co.
Enserch Corp.

Pfd. s t k .
1 s t . mtg.
1 s t . mtg.
Pfd. s t k .
1 s t . mtg.
1 s t . mtg.
Com. s t k .
Com. s t k .
1 s t . mtg.
Notes
Sub. notes
Notes
Debt.

Com. s t k .
Pfd. s t k .
Debt.

Com. s t k .
Com. s t k .
1 s t . mtg.

1/22: Equip, t r .
1/22 Notes
1/22 Debt.

1/22
1/22
1/22
1/22
Loral Corp.
Pacific Gas & Elec. Co.
1/23
Atlantic City Elec. Co.
1/23
Louisville & Nashville R . R . Co . 1 / 2 3
Elisnore Corp.
1/23

*
1

Type

1 s t . mtg.
Pfd. stk.

Com.
Com.
1st.
1st.

stk.
stk.
mtg.
mtg.

Equip, tr.
Debt.

Amount
(millions
of dollars)

Maturity

50.0
60.0
50.0
30.0
100.0
70.0
57.5
32.1
60.0
125.0
75.0
150.0
450.0
56.3
50.0
100.0
80.0
41.5
75.0

2010

26.3
100.0
150.0
30.0
53.1
82.5
58.0
250.0
75.0
53.6
25.0

——

2010
1987
-

-

2010
1987
—
—

2010
1990
1988
1983
2020
—

Coupon
rate

Offering
yield

Moody's/S&P's
ratings

10.20
11.88
12.75
12.96
12.50
12.10
n. a.
n.a.
12.25
11.50
11.75
11.55
11.38

10.20
11.88
12.75
12.96
12.60
12.10
n.a.
n.a.
12.35
11.50
11.81
11.55
11.47

A/A
Aa/AA
Baa/BBB
Baa/BBB+
A/ AA/A-

n.a.

n.a.

--/—

A/AA
Aa/AA
A/A
Aa/AA
Aaa/AAA
--/--

11.48
12.13

11.48
12.20

n.a.
n.a.

n.a.
n.a.

12.38

--/BBBAa/AA

1981-95
1987
2005

11.63
11.90
12.00

11.65
11.90
12.13

Aa/AA
Aaa/AAA
Aaa/AAA

2000

14.50
13.28

14.50
12.50
n.a.
n.a.
12.75
12.63
12.30
14.81

Ba/BBf
Baa/BB

—

2000
—
- -

—
— -

-- -

2013
2010
1995
1996

12.38

n.a.
n.a.

12.75
12.63
12.30
14.00

Rights offering.
Includes only corporate and other security offerings of $25 million and over; excludes options, exchanges, and secondary offerings.




- - / - -

Baa/A-

A/A

—/ —

——!——

——/——

Aa/AAAa/A+
A/A
B/B

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

I l l i n o i s , S t a t e of
Kings River Conservation
D i s t . , CA
Kings River Conservation
D i s t . , CA
Birmingham, AL
West Memphis U t i l . S y s . , AR
West Memphis U t i l . S y s . , AR
Connecticut Msg. F i n . Auth.
Connecticut Msg. F i n . Auth.
Grady Co. Home F i n . A u t h . , OK
Grady Co. Home F i n . Auth., OK
Grady Co. Home F i n . Auth., OK
Oregon, S t a t e of
Oregon, S t a t e of
Pottamatowie Co. Home F i n .
Auth., OK
Pottamatowie Co. Home F i n .
Auth., OK
Pottamatowie Co. Home F i n .
Auth., OK
L a f a y e t t e Pub. Power A u t h . , LA
L a f a y e t t e Pub. Power A u t h . , LA
Pima Co., AZ
Missouri Hsg. Comm.
Municipal Asst. Corp., NYC
Tennessee H s g . Devel. A g c y .
Tennessee Hsg. Devel. Agcy.
Georgia Mun. Elec. A u t h .
Georgia Mun. Elec. A u t h .
Georgia Mun. Elec. A u t h .

Date

Amount
(millions

Maturity

Net
interest
cost

Offering
yield

of $)

G.O.

150.0

1981-2005

6.61

5.90-7.10

Aaa/AAA

1/8

Rev.

9.0

1985-1999

7.67

6.50-7.00

Aa/ AA

1/8
1/8
1/10
1/10
1/10
1/10
1/10
1/10
1/10
1/10
1/10

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

48.0
39.5
10.4
15.8
72.2
27.8
6.6
19.1
4.0
74.5
25.5

2020
1981-2009
1984-1999
2009
1982-1997
2011
1982-1997
2011
2012
1981-1997
2011

7.67
6.99
7.71
7.71
7.82
7.82
9.08
9.08
9.08
8.19
8.19

7.70
6.20-7.70
6.50-7.40
7.75
6.40-7.80
8.25
6.60-8.50
9.13
9.13
6.60-8.25
8.50

Aa/AA
A-l/AA
A/AAA
A/AAA
Aa/AA
Aa/AA
A-l/AA
A-l/AA
A-l/AA
A-l/Af
A - l / Af

1/11

Rev.

7.0

1982-1997

n.a.

6.60-8.50

A-l/AA

1/11

Rev.

20.0

2011

n.a.

9.13

1/11
1/15
1/15
1/15
1/16
1/17
1/17
1/17
1/18
1/18
1/18

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

4.2
8.9
31.1
37.6
30.0
125.0
51.3
54.5
87.2
16.4
21.3

2012
1983-1997
2012
1981-2009
1982
2008
1981-1997
2012
2018
2005
1982-2000

n.a.
n.a.
n.a.
6.98
6.56
n.a.
n.a.
n.a.
n.a.
n.a.

9.13
6.50-8.00
8.40
6.15-7.30
6.25
9.10
6.40-8.00
8.40
7.94
7.75
6.40-7.50

Rev.

46.0

2012

n.a.

9.20

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

6.9
30.0
64.0
6.0
110.0
117.3
50.0
4.7
6.8
8.1
11.7
30.5
72.9
27.1

1985-1993
1980-1999
2011
2012
1981-2000
1983-1995
2010
2009
2010
1983-2000
2008
1983
1981-2001
2011

n.a.

n.a.
8.81
8.81
8.81,,
6.35^
6.19
8.95
n.a.
n.a.
n.a.

n.a.
n.a.
n.a.
n.a.

Includes only state and local security offerings of $25 million and over; excludes secondary offerings.

2 For state and local government securities, GO. denotes general obligation; Rev. denotes revenue obligations.
3

Canadian interest cost.




Moody's/S&P's
ratings

1980
1/8

Palmdale Comm. Redevel. A g c y . ,
1/18
CA
Palmdale Comm. Redevel. A g c y . ,
1/18
CA
Adams County, CO
1/21
Adams County, CO
1/21
Adams County, CO
1/21
Minnesota, S t a t e of
1/22
Maryland, S t a t e of
1/23
Puerto Rico Telephone Auth.
1/24
American Fork C i t y , UT
1/24
American Fork C i t y , UT
1/24
Idaho H l t h . Care Fac. Auth.
1/24
Idaho*Hlth. Care Fac. Auth.
1/24
D i s t r i c t of Columbia I n c . , WA 1 / 2 4
Utah Hsg. F i n . Agcy.
1/25
Utah Hsg. F i n . Agcy.
1/25

1

Type 2

7.60-8.75
6.60-8.50
8.88
8.88
5.90-6.65
5.90-6.35
8.88
8.00
7.90
6.40-7.80
8.00
6.63
6.30-8.00
8.25

A-l/AA
A-l/AA
Baa-l/A

Baa-l/A
A-1/A+
MIG-1/-Baa-l/A
A-1/A+
A-1/A+
A/A+
A/A+
A/A+
--/A
--/A
Aa/AA

Aa/AA
Aa/AA
Aaa/AAA
Aaa/AAA
A/A

Aa/AA+
Aa/AA+
Aa/AA+
Aa/AAf
A-l/-Aa/AA
Aa/AA

10. PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: U.S. TREASURY
Notes and Bonds
Amount (millions of dollars)
Coupon Auction
Net proceeds
Gross proceeds
Maturity
Offering Payment
average
rate
Length
date
date
date
(percent) (percent)
Private 1 - 2
Private?
Total
Total

Memo:
Foreign
add-ons 3

1980
Jan. 3
23

1
2
3

1/10
1/31

15yr. lmo. 2 / 1 5 / 9 5
1/31/82
2yr.

1 0 - 1 / 2 10.60
1 1 - 1 / 2 11.52

1,501
4,278

1,501
4,006

1,501
403

1,501
403

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




0
0

10
II. PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: GOVERNMENT SPONSORED AGENCIES
Issuer

Offering Payment
date
date

Length

Maturity
date

Yield
(percent)

Amount (millions of dollars)
Gross
proceeds

Maturing
issues

Net
proceeds

1979
6/6
6/6
6/6

1979
6/11
6/11
6/11

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

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

. 9.25
9.25
9.30

1,000
500
500

900

1,100

6/27
6/27
6/27

7/10
7/10
7/10

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

10/11/82
7/10/84
7/10/87

9.00
9.05
9.10

500
1,000
500

1,000

1,000

FFCB

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
y .uu
9.10

653
1,128
662

1,314

1,128

FHLB

7/19

7/25

1 - y r ; 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

9/26

10/10

3-yr,11-mo

9/10/84

9.75

700

400

300

10/11 10/23
10/11 10/23
10/11 10/23

3 - y r . 6-mo
7-yr.
10-yr.

4/20/83
10/20/86
10/23/89

10.90
10.75
10.60

542
630
414

1,069

517

11.25

FNMA

FNMA

FFCB

FHLB

10/18
10/18

10/25
10/25

2-yr.10-mo
4 - y r . 7-mo

8/25/82
5/25/84

11.00

750
550

0

1,300

FNMA

11/8

11/13

4-yr.11-mo

10/10/84

11.70

500

0

500

FHLB

11/15
11/15
11/15

11/26
11/26
11/26

1 - y r . 9-mo
3 - y r . 6-mo
7-yr.

8/25/81
5/25/83
11/26/86

12.30
11.60
11.30

1,000
1,000
600

1,700

900

FHLMC

11/15

12/3

2 9 - y r . 9-mo

9/15/09

12.48

150

0

150

FNMA

12/5

12/10

3 - y r . 6-mo

7/11/83

10.85

1,000

1,000

0

FFCB

12/19

1/2/80

5-yr.

12/3/84

10.65

433

531

-98

1980

1980
10/20/82
1/21/85
1/22/90

10.95
10.90
10.95

755
818
438

900

1,111

FFCB

FFCB
FHLB
FHLMC
FNMA

1/16
1/16
1/16

—
—
—

Federal
Federal
Federal
Federal

1/21
1/21
1/21

2-yr.10-mo
5-yr.
10-yr.

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




A s o f January 2 5 ,

1980

12. FORTHCOMING PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: CORPORATE 1
Type

Issuer

Cincinnati Gas & Elec. Co.
Indiana & Michigan Elec. Co.
Thermo Electron Corp.
United Grocers Inc.
Aristar Inc.
High Voltage Engineering Corp.
Carolina Tel. & Tel. Co.
Household Finance Corp.
*Browning-Ferris Industries Inc.
^Northern California S&L
Ohio Bell Tel. Co.
Public Service Co. of Indiana
Southern California Edison Co,
Gulf Power Co.
Central Illinois Pub. Serv. Co.
Carolina Power & Light
Appalachian Power Co.
Gulf Power Co.
Southern Co.
*Public Service of Indiana
Public Service of Colorado
Pacific Tel. & Tel. Co.
Kansas City Power & Light Co.
*Tracor Inc.
*Tenneco Inc.
OTHER
Hydro-Quebec
Hydro-Quebec

Amount
(millions of dollars)

Approximate date
of offering

Com. stk.
1 s t . mtg.
Com. stk.
Notes
Notes
Debt.
Debt.
Debt.
Notes
Bonds
Debt.
Pfd. stk.
Com. stk.
Pfd. stk.
1 s t . mtg.
Com. stk.
1 s t . mtg.
1 s t . mtg.
1 s t . mtg.
1 s t . mtg.
1 s t . mtg.
Debt.
Com. stk.
Com. stk.
Notes

48.0
55.0
50.0
30.0
35.0
25.0
40.0
200.0
25.0
50.0
175.0
50.0
150.0
100.0
25.0
82.0
40.0
50.0
50.0
100.0
75.0
300.0
42.0
96.0
150.0

Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.

4
5
5
5
6
13
15
20
20
20
20
26
26

Bonds
Bonds

200.0
100.0

Jan.
Jan.

31
31

* Included in table for first time.
1 Includes only corporate and other security issues of $25 million and over; excludes exchanges, options, and secondary offerings.




Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.

29
30

As of January 25, 1980
13. FORTHCOMING PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: STATE AND LOCAL?
Issuer

Santa Fe, NM
Hawaii Hsg. Auth.
*Maricopa County, AZ
*Pima Co. Indust. Devel. Auth., AZ
Georgia Res. Fin. Auth.
Louisiana, State of
Anne Arundel Co., M D
Charlotte, NC
*New York State Dorm. Auth.

Michigan Pub. Power Agcy.
C a l i f o r n i a , S t a t e of
Los Angeles Dept. of Water & Power, CA
New York S t a t e Mortgage Agcy.
G a i n e s v i l l e , FL
Houston Ind. Sch. D i e t . , TX
*0regon, S t a t e of
Ohio, S t a t e of

*
1

Type

Rev.
Rev.
Rev.
Rev.
Rev.
G .0.
G.O.
G. 0 .
Rev.
Rev.
G.O.
Rev.
Rev.
Rev.
G.O.
G.O.
G.O.

Included in table for first time.
Includes state and local government issues of $25 million and over; excludes secondary offerings.




Amount
(millions of dollars)

31.6
100.0
40.9
40.0
50.0

116.6

30.0
35.0
104.0
45.0
105.0
75.0
125.0
65.0
40.0
31.7
35.0

Approximate date
of offering

Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.

28
28
28
29
29
29
29
29
30
30
30
6
7
7
14
18
20

13

AMEX 4

Date
1977-High
Low

NYSE Index 3

DJ Industrials

57.69 ( 1 / 2 )
49.78 (11/2)

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

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

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

1978-High
Low

60.38 (9/12)
48.37 ( 3 / 6 )

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

176.87 (9/15)
119.73 ( 1 / H )

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

1979-High
Low

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

897.61 (10/5)
796.67 (11/8)

247.07 (12/31)
152.03 ( 1 / 2 )

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

1980-High
Low

65.32 (1/24)
60.34 ( 1 / 3 )

879.95 (1/24)
820.31 (1/3)

266.60 (1/24)
239.66 ( 1 / 3 )

159.70 (1/25)
145.97 (1/3)

1980-Jan.

243.55
255.76
264.46
266.45

828.84
858.53
867.15
876.11

61.17
63.33
63.94
65.27

4
11
18
25

15. TRADING VOLUME*

1977-High

35.3 (11/11)
10.6 (10/10)

1978-High
Low

NASDAQ

AMEX

NYSE

148.02
153.87
156.14
159.70

11.2 (11/10)

(1/12)

1.4 (9/22)

5 . 1 (5/27)

66.4 ( 8 / 3 )
7 . 6 (1/20)

11.0 (10/30)

18.8 (5/18)

1.3 (1/20)

2.8 (1/20)

1979-High
Low

81.6 (10/10)
18.0 (1/2)

13.2 (10/10)

25.8 (12/17)

2.2 (1/22)

7.2 (1/2)

1980-High
Low

67.7 (1/16)
39.1 (1/4)

15.0 (1/15)
5 . 9 (1/7)

33.9 (1/16)
22.9 (1/7)

1980-Jan.

I v
3
4
5

S

12/31/65-50
8/31/73 « 100
2/5/71 - 100




Z

C

.

o

24.9
25.8

7.3
7.7
12.7r
9.4

40.4
54.4
54.9r
52.1

4
11
18
25

,

*

*

«

32.0

30.9

»

.

14
16. SECURITY C R E D I T
Outstanding, dollar amounts in millions

End of period

Margin credit extended
by brokers on:

Number of
margin accounts
(thousands)

Percent of debt
in accounts with
40 percent or more
customer equity

Marginable
stock

Convertible
bonds

1976

7,960

204

810

88

1977

9,740

250

887

81

1978

10,830

205

955

67

1978 - Jan.
Feb.
Mar.

9,590
9,780
9,920

246
242
246

890
890
900

75
75
79

Apr.
May-

10,260
10,660

June

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.
Pec.

Nov.

12,090
11,000
10,830

216
209
205

960
955
955

53
68
67

1979 •<- Jan.
Feb.
Mar.

10,750
10,790
10,870

199
195
181

950
950
965

79
71
79

Apr.
Hay

11,220

194
183
172

960
970
975

77
78
79

July
Aug.
Sept.

11,840

12,060
12,000

178
176
177

960
975
985

81
86
84

Oct.
Nov.
Dec.

11,310
10,920
11,450

173
159
164

985
980
995

73
83
84

June

11,130
11,590

#

1

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




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.

Savings and Loan Associations
Net flow

Annual
growth
rate3

N.S.A.

11.5

50,169

8.8

Memo:
Net New Money 2

Total

Annual
growth
rate3

Net
flow
(sea. adj.)

Annual
growth
rate3

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

11.4

52,794

10.1

23,460

-591

Sea. adj.

1976

12,670

1977

10,783

1978

8,426

- -

6.4

44,153

1978-Jan.
Feb.
Mar.

626
476
1,712

850
489
533

7.7
4.4
4.8

2,665
2,293
7,143

2,645
2,731
3,112

8.2
8.4
9.5

3,495
3,220
3,645

8.0
7.4
8.3

2,877
2,073
2,592

-59
170
338

Apr.
May
June

-209
436
1,304

494
559
723

4.4
5.0
6.4

557
2,376
6,648

2,334
3,092
4,654

7.1
9.3
13.9

2,828
3,651
5,377

6.4
8.2
12.0

401
2,145
1,744

-553
97
-90

July
Aug.
Sept.

341
260
1,378

668
1,054
1,116

5.9
9.2
9.7

3,070
2,310
6,425

3,828
4,575
5,763

11.3
13.4
16.7

4,496
5,629
6,879

9.9
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

2,641
2,155
5,795

3,490
4,393
3,705

10.0
12.4
10.4

4,586
4,746
4,242

9.9
10.1
8.9

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

4,735
2,876
8,334

4,573
3,411
3,820

12.7
9.4
10.4

4,977
4,123
4,548

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

-1,147
2,037
6,854

893
2,791
4,726

2.4
7.5
12.7

819
2,981
4,999

1.7
6.1
10.2

-1,490
1,627
1,469

-1,192
-341
-649

July
Aug.
Sept.

-318
-112
517

12
707
244

0.1
5.9
2.0

2,015
1,199
4,770

2,820
3,618
4,037

7.5
9.5
10.6

2,832
4,325
4,281

5.7
8.7
8.5

1,455
717
-198

-714
-504
-1,000

Oct.
Nov.

-985
-199
800

-381
-113
23

-3.2
-1.0
0.2

1,863
1,157
4,492

2,795
3,652
2,199

7.2
9.4
5.6

2,414
3,539
2,222

4.8
7.0
4.3

1,314
732
-734

-1,420
-765
-950

Dec.p

- -

- -

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.
y
Source: National Association of Mutual Savings Banks and Federal Home Loan Bank Board.
1




18. M O R T G A G E COMMITMENTS O U T S T A N D I N G A T S E L E C T E D INSTITUTIONS
Billions of dollars, seasonally adjusted

End of Period

Total

Thrift Institutions
All savings
Mutual
and loan
savings banks
associations
(N.Y. state)

Federal and Related Agencies
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.

37.7
37.4
37.0

33.3
33.1
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

36.7
36.5
36.5

32.4
32.2
31.9

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

36.5
36.7
36.7

31.9
32.1
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

38.2
38.2
37.6

33.4
33.3
32.7

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

37.1
36.6
36.1

32.2
31.8
31.5

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

36.1
35.8
35.6

31.7
31.7
31.5

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

35.7
35.9
36.7

31.7
32.0
32.7

4.0
3.9
4.0

11.2
10.9
11.9

5.2
5.3
6.6

4.7
4.3
4.0

1.3
1.3'
1.3

Nov.

36.0
32.9

32.3
29.5

3.7
3.6

14.4
13.8

8.4
8.0

4.6
4.7

1.4
1.1

Dec.

n.a,

28,0

n.a.

n.a.

n,a.

4.8

n,a.

Mar.
Apr.

May
June
July
Aug.

Sept.

Oct.
Nov.

Dec.
1979-Jan.
Feb.
Mar.
Apr.

May
June
July
Aug.

Sept.
Oct.

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 to total because of rounding.







BORROWINGS BY MAJOR HOUSING CREDIT AGENCIES

Intermediate- and long-term issues

'

Total including
short-term
discount notes

Total

-1,750

—1,131

-2,031

0

900

619

2,732

1,444

496

-4

952

288

19,030

13,578

6,302

576

6,700

452

563
1,731
912

82
1,399
-1

0
1,399
-1

82
0
0

0
0
0

481
332
913

701
3,338
1,504

470
1,496
1,300

-1
1,498
0

-129
-2
300

600
0
1,000

231
842
204

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

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

967
1,457
912

0
1,033
1,372

0
834
0

0
199
-128

0
0
1,500

967
424
•460

1,027
304
1,363

997
215
1,299

0
222
0

-3
-7
199

1,000
0
1,100

30
89
64

1,625
360
398

1,916
613
-154

700
415
0

216
198
146

1,000
0
-300

•291
253
552

2,297
1,700

1,599
1,400

1,300
900

-1
0

300
500

Survey of Ownership.

FHLB

FHLMC

FNMA

18
2 0 . 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 of dollars, seasonally adjusted annual rates
Maior private financial institutions
Period

Total

Total

1Commercial

banks

MSB's

S&L's

Life insur.
companies

FNMA
and
GNMA

Mortgagi? pools
FHLMC

FHLMCGNMA!guaranteed <juaranteed

1976

75,733

65,184

13,800

4,074

44,896

2,414

-2,120

-178

12,314

:1,073

1977

114,298

96,137

26,200

6,595

58,158

5,184

890

-993

14,325

3,939

1978

126,615 103,399

35,400

6,378

52,219

9,402

8,696

-212

9,451

5,281

Mar.

10,392
8,687
10,314

8,851
8,316
8,565

3,073
2,567
2,691

587
554
625

4,699
4,717
4,691

492
478
558

350
487
505

- 84
17
239

911
-459
932

364
326
73

Apr.
May
June

9,319
11,469
10,701

7,896
8,602
8,797

2,370
3,009
3,246

520
583
468

4,395
4,281
4,332

611
729
751

660
1,420
870

- 88
-198
-731

468
1,103
786

383
542
979

July
Aug.

10,352
11,183
10,366

8,308
9,094
8,404

3,349
3,274
3,074

594
544
498

3,695
4,239
4,134

670
1,037
698

538
915
808

-300
516
18

808
843
761

998
-815
375

11,375
11,617
10,629

8,682
9,175
8,540

2,974
3,014
2,733

456
626
263

4,447
4,649
3,877

805
886
1,667

898
604
654

268
178
- 49

1,017
1,235
994

510
425
490

Mar.

10,315
10,153
10,272

7,917
7,722
7,237

2,694
2,489
2,413

575
486
395

4,015
3,804
3,359

633
943
1,070

820
846
1,125

231
74
338

1,205
1,083
1,266

142
428
36

Apr.
May
June

9,823
11,168
10,659

7,560
8,253
8,266

2,477
2,304
2,742

37 5e
356
330

3,832
4,616
4,204

876
977
990

466
1,016
610

— 60
- 45
— 84

1,540
1,469
1,610

317
475
257

July
Aug.
Sept.

9,923
10,644
10,776

8,198
7,463
7,963

2,805
2,649
3,062

415
304
280

3,804
3,501
3,542

1,174
1,009
1,158

-220
515
191

79
156
162

1,597
2,129
2,152

269
381
308

Oct.

12,139
n.a.
n.a.

8,684
7,156
n.a.

2,931
2,665
2,574

237
334
n.a,

3,886
2,9.83
1,322

1,630
1,174
n.a.

-114
286
n,a.

2,344
n.a.
n,a,

452
27
n,a,

1978-Jan.
Feb.

Sept.
Oct.
Nov.
Dec.

1979-Jan.
Feb.

Nov.
Dec.

820
890n.a.

Monthly data for commercial banks based on Federal Reserve estimates benchmarked to Call Report data on real estate toans outstanding as a ^' l a b l ®•
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 89 percent of the net increase estimated for all holders in 1978.




21. NET CHANGE IN MORTGAGE DEBT OUTSTANDING, BY TYPE OF PROPERTY 1
Billions of dollars, seasonally adjusted annual rates
Residential 2

.flterter

Total

Total

1 - to 4family

Multifamily

Commercial

Multifamily
and
commercial

Farm

1976-Q1
Q2
Q3
Q4

81.7
75.5
92.7
98.1

62.9
55.4
72.7
78.0

61.5
55.6
69.0
75.4

1.4
-0.2
3.7
2.6

13.7
15.3
13.2
12.4

15.0
15.1
16.9
15.0

5.1
4.8
6.8
7.7

1977-Q1
Q2
Q3
Q4

110.7
134.9
140.2
150.2

87.5
110.3
114.3
116.8

83.3
102.0
106.1
108.2

4.2
8.3
8.2
8.6

14.6
15.2
17.5
24.6

18.8
23.5
25.6
33.2

8.6
9.4
8.4
8.8

1978-Q1
Q2
Q3
04

135.4
147.0
154.1
160.4

105.7
116.4
115.6
124.1

97.3
106.5
103.8
113.6

8.3
9.9
11.8
10.5

20.9
20.8
26.9
25.3

29.2
30.7
38.7
35.8

8.8
9.8
11.6
11.0

1979-Q1
Q2
Q3p

158.3
162.5
158.3

119.0
116.1
114.0

110.1
109.2
100.9

8.9
6.9
13.1

23.0
28.5
28.6

31.9
35.4
41.7

16.2
17.9
15.7

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
Mousing 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.

Note:

Data 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 f a c t o r s .




zu
22. A V E R A G E R A T E S A N D YIELDS ON HOME MORTGAGES A N D PASS-THROUGH SECURITIES
Secondary market

Primary market
Rates o n
conventional
loans at
S&L's

Period

1976-High

9.00
8.65

1977-High

9.73
8.98

1978-High

12.90
10.38

1979-High

11.20

Sept.10
17
24
Oct. 1

Low

1977-High
Low

1978-High
Low

1979-High
Low

1979-Sept. 7
14
21
28
Oct.

Nov.

Dec.

1980-Jan.

Period

9.10
8.70

1976-High

Conventional mortgages

F H A / V A mortgages

Low

Low

Low

11.30
11.35
11.35

Low

Discount
points
in FNMA
auction

9.20
8.39

4.93
2.05

9
8

8.44
7.57

8.80

8.98
8.46

5.03
1.50

8-1/2
8

8.39
7.56

8.81

9.21

9.02
8.63

9.86
9.13

5.92
4.00

9
8-1/2

8.43
9.05

10.07
9.28

10.42
9.12

13.29
10.42

12.54
4.16

11-1/2
9-1/2

11.77
9.51

13.97
10.92

13.56
10.40

11.25

7.91

11.66

7.25

10
10
10
10-1/2

10.36
10.38
10.36
10.65

11.99

12.60

12.54

11.02
11.21

12.75

13.29

10.43

10-1/2
10-1/2
10-1/2
11-1/2
11-1/2
11-1/2
11-1/2
11-1/2
11-1/2

11.73
11.51
11.69
11.36
11.29

11-1/2
11-1/2
11-1/2
11-1/2

11.18
11.49
11.39
11.39

12.98

11-1/2
11-1/2
11-1/2

11.63
11.51
11.92

13.10

5
12
19
26

11.35
11.45
11.75

Oct.

2
9
16
23
30

12.80
12.85
12.80
12.80
12.90

Nov.
13
20
27
Dec. 3

12.93

8.44

12.57

6.45

7
14
21
28

12.90
12.90
12.90
12.90

Dec. 10
17
26
31

12.42

5.55

12.55

6.30

4
11
18

12.85
12.90
12.87

Jan.

12.70

7.20

13.11

9.43

12.00

9
15
22
29

7
14
21

Yield in
FHLMC
auction

Yield in
FNMA
auction

Ceiling
rate

Yield o n
GNMA
securities

11.77
11.58

Yield in
FNMA
auction

9.31

11.83

13.80
13.97
13.35

12.99

13,29

11.49
11.57
11.63
11.64
11.64
12.17
12.84
13.36
13.56
13.22
13.00
12.89
12.69
12.50
12.51
12.47
12.52
12.63
12.69
12.76

Column 2 is average of contract interest rates on commitments for conventional first mortgages with 80 percent loan-to-value ratios made by a sample of
insured S&Ls Columns 4 and 8 are average gross yield to 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 GNMA-

r u p r r ^ ^ r ^

in its weekly auction of commitments to buy conventional home mortgages for immediate (within 60 days) delivery.




23. FNMA AUCTIONS OF COMMITMENTS TO PURCHASE HOME MORTGAGES
Dollar amounts in millions
Conventional mortgages
Accepted
Average yield

Offered

FHA/VA mortgages
Accepted

1977-High
Low

855.4
50.3

569.7
35.1

8.98
8.46

415.9
122.9

278.0
70.5

9.21
8.81

1978-High
Low

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

1979-High
Low

1,034.9
36.5

448.3
19.4

13.29
10.42

454.0
19.4

172.2
17.9

13.97
10.92

391.1

Date of
auction

1979-Oct.

Average yield

Offered

1
15
29

1,017.4
1,034.9

360.8
448.3
321.3

11.66
12.60
13.29

195.0
400.9
454.0

126.6
165.9
138.7

11.99
12.75
13.80

Nov. 13
27

357.7
200.7

168.7
95.9

12.93
12.57

274.4
91.7

136.9
53.3

13.97
13.35

Dec. 10
26

305.3
343.9

118.6
130.7

12.42
12.55

206.9
206.3

72.6
79.8

12.98
12.99

199.0
317,0

99.6
132,2

12.70
13,11

220.2
222.9

133.0
114.2

13.10
13.29

1980-Jan.

7
21

24. FHLMC AUCTIONS OF COMMITMENTS TO PURCHASE HOME MORTGAGES
Conventional mortgages, dollar amounts in millions
Immediate delivery program
Average yield
Accepted
Offered

Future commitment program
Accepted
Average yield
Offered

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

298.9
38.7

150.5
17.9

13.56
10.40

166.6
38.7

37.8
13.7

13.89
10.43

7
14
21
28

68.0
86.6
74.4
92.2

58.7
56.3
30.6
51.6

12.50
12.51
12.47
12.52

4
11
18

91.7
82.0
81.7

59.0
50.1
43.8

12.63
12.68
12.76

Date of
auction

1977-High
Low

1978-High
Low

1979-High
Low

1979-Dec.

1980-Jan.

—

54.3
—

•- —

——

——

——

20.2
—

12.85
——

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




2 5 . ISSUES OF MORTGAGE-BACKED SECURITIES
Millions of dollars, n o t seasonally adjusted
1Public offerings
of mortgage-

Pass-through securities
GNMA-guaranteed
Period
N e w issues

Outstanding
(end of period)

FH LMC-guaranteed
N e w issues

Outstanding
lend of period)

Privately insured
N e w issues

Outstanding
(end of period)

K
o IK/ A6 H
KrtrtHc
D 3o C
U D
OnUo

by savings and
loan assoc.

75

1976

13,764

30,571

1,396

2,671

1977

17,440

44,896

4,131

6,610

242

238

1,115

1978

15,358

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.

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

Mar.

1,703
1,361
1,464

55,627
56,575
57,955

317
494
118

12,093
12,462
12,466

60
136
84

1,325
1,411
1,482

0
0
0

Apr.
May
June

1,489
1,673
1,860

60,274
61,551
63,001

364
572
382

12,790
13,296
13,562

51
201
142

1,619
1,821
1,915

0
0
400

July
Aug.
Sept.

2,032
2,934
2,640

64,401
67,135
69,358

321
554
347

13,781
14,200
14,421

204
190
254

2,105
2,257
2,516

225
350
65

Oct.

2,639
3,250
1,895

71,457
73,464
n.a.

530
186

14,838
14,916
n.a.

488
300
470

2,987
3,641
2,%81

1978-Jan.
Feb.

Nov.
Dec.

1979-Jan.
Feb.

Nov.

Dec.

tie B e

tie cle

11*51*

GNMA-guaranteed securities are issued by private institutions and represent undivided interests in pools of Government-underwritten home
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.




<