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November 17, 1980

1

Capital
Market

••"(••wsr

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

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
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.



1. YIELDS, VOLUME AND RECEPTION
Corporate Bond Market
Week ending
1980-Aug.

Sept.

New issue
Aaa utility 1

Gross offerings^
($ millions)

Volume
Percent sold by
end of week

New issues in syndicate 4
($ millions)

1
8
15
22
29

11.92
12.03
12.36
12.48
12.62

12.00
12.10
12.27
12.36
12.68

063
467
1,710
652
804

80
86
91
98
97

188
65
158
15
28

5
12
19
26

12.34
12.60

12.42
12.48
12.78
13.03

415
458
415
680

99
97
81
100

3
15
78
0

13.06

377
614

100
100

0
0

680
193
685

92
96
98

52
7
11

5
510

100
86

0
73

Oct.

13.10

3

13.08
13.02
12.62
13.21
13.92

10
17
li
Nov.

Yields
Recently offered
Aaa utility?

7
14

12.87
12.85
13.03
13.79
13.97r
13.69p

—

2. YIELDS, VOLUME AND RECEPTION
Municipal Bond Market
Yields
Week ending

1980-Aug.

Sept.

Oct.

•vNov.

Moody's new
issue Aaa

1

Bond Buyer
G O. bond
index

Bond Buyer
Rev. bond
index

Volume

,

Gross offerings
($ millions)

Percent sold by
end of week 3

New issues in
syndicate 4
($ millions)

1
8
15
22
29

8.15
8.00
8.00
8.00
8.00

8.59
8.61
8.53
8.68
8.85

9.31
9.47
9.39
9.62
°,.78

1,054
999
807
775
818

87
93
92
91
97

253
147
134
134
96

5
12
19
26

8.30
8.30
8.35
8.50

8.78
8.82
8.98
9.18

9.68
9.73
9.92
10.02

194
906
1,363
1,077

74
87
85
91

89
150
287
156

3

8.50
8.40

9.22
9.01

10.07

10

263

95

9.94

69

17
24
31

8.30
3.30
8.40

353

94

8.81
9.06
9.45

22

9.66
9.93
10.27

885
1,348
619

93
86
92

80
232
166

7

9.05

9.64

14

8.60

9.50

10.43
10.39

226
209

86
86

28

Federal Reserve series of implied yield on newly issued, Aaa-rated utility bond with 5-year call protection
Z % t ^ l « w J u % e k s ^ ' ^
3
4

free

* m a r k e t Vield on Aaa-rated utility bond with 5 year call protection, released from price restrictions sometime

Estimated
on the woaia
basis ui
of avuuauig
available aaia.
data.
—
— t by •F.R.
•••• w"
i r r : , r a r k r : Sal0m0n °r°,hers B°nd Markat
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 GRADE BOND YIELDS
New issue
Aaa utility 1

Date

Recently offered
Aaa utility2

Moody's
seasoned
corporate Aaa 3

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

Bond Buyer
G.O.bond
index 5

1977-High
Low

8.36(12/16)
7.90(1/7)

8.48(12/30) 8 . 2 8 ( 1 2 / 3 0 )
7.88(1/7)
7.95(1/7)

7.99(12/30) 5.93(2/4)
5.45(11/17)
7.26(1/7)

1978-High
Low

9.30(11/10)
8.61(3/24)

9.54(12/22) 9 . 2 7 ( 1 2 / 2 9 )
8.30(1/6)
8.48(1/6)

9.00(12/22) 6.67(12/22)
5.58(3/17)
8.01(1/6)
7.38(10/26)
6.08(7/6)

Bond Buyer
Rev. bond
index 6

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

1979-High
Low

1 1 . 5 1 ( 1 1 / 1 2 ) 1 1 . 4 5 ( 1 1 / 9 ) 1 0 . 8 7 (1 2 / 2 8 ) 1 0 . 5 6 ( 1 1 / 9 )
8.79(7/6)
9.39(6/29) 9.16(7/6)
9.40(8/17)

1980-High
Low

14.22(3/28)
10.53(6/20)

1979-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
10.18

7.08
7.30
7.22

7.80
8.11
8.08

Mar.

11.73
13.57
14.00

11.77
13.35
13.90

11.09
12.38
12.96

10.65
12.21
12.49

7.35
8.16
9.17

8.21
8.91
9.95

Apr.
May
June

12.90
11.53
10.95

12.91
11.64
10.99

12.04
10.99
10.58

11.42
10.44
9.89

8.63
7.59
7.63

9.66
8.50
8.47

July
Aug.
Sept.

11.60
12.32
12.74

11.41
12.31
12.72

11.07
11.64
12.02

10.32
11.07
11.47

8.13
8.67
8.94

8.87
9.57
9.84

Oct.

13.18

13.13

12.31

11.75

9.11

9.97

5
12
19
26

12.34
12.60
13.10

12.42
12.48
12.78
13.03

11.89
11.90
12.00
12.15

11.14
11.24
11.48
11.75

8.78
8.82
8.98
9.18

9.68
9.73
9.92
10.02

Oct.

3
10
17
24
31

13.08
13.02
12.62
13.21
13.92

13.06
12.87
12.85
13.03
13.79

12.30
12.18
12.11
12.27
12.72

11.81
11.46
11.40
11.76
12.33

9.22
9.01
8.81
9.06
9.45

10.07
9.94
9.66
9.93
10.27

Nov.

7
14

13.97r
13.69p

12.96r
12.95p

12.56r
12.44p

9.64
9.50

10.43
10.39

Oct.

Nov.
Dec.

1980-Jan.
Feb.

1980-Sept.

1
2
3
4
5
6

——

14.12(3/28) 13.00(3/28)
10.79(6/20) 10.34(6/20)

12.79(2/22)
9.59(6/20)

9.64(11/7)
7.11(5/9)

10.43(11/7)
8.15(5/8)
—

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. The average rating of the 2 0 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.
Thursday figures. The average rating of the 2 5 revenue bonds used in this index falls midway between the five top groups as classified by Moody s
Investors Service. Weekly Bond Buyer data.




5
4. LONG-TERM CORPORATE AND STATE AND LOCAL GOVERNMENT SECURITY OFFERINGS AND PLACEMENTS
Gross proceeds, millions of dollars
1978

Corporate
1979

1980

1978

January
February
March

3,326
2,770
4,569

3,770
3,165
4,354

6,210
4,452
4,353

3,306
2,753
4,844

2,840
2,603
4,644

3,042
2,381
2,379

April
May
June

3,397
4,227
5,539

4,692
4,160
6,238

5,677
9,067
9,511

3,824
5,525
4,369

3,444
3,042
4,724

4,833
4,564
5,958

July
August
September

4,414
3,379
4,236

4,103
4,162
4,587

7,737

3,920
6,407
2,323

3,396
4,256
2,472

4,600e
4,000e
4,500e

October
November
December

3,799
3,207
4,401

4,601
3,831
3,801

3,231
4,320
3,690

4,217
4,160
3,567

4,600e

47,264

51,464

48,512

43,365

Period

Year
1
2
e

5,371
4,500e
5,150e

State and Local
1979

1980

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

Period

CY-/
CY

Combined
deficit(+)
or
surplus(-) 1

Total 3

Federal Government
Means of financing combined deficit
Net cash borrowing from the publics
Public debt securities
Gov't,
agency
NonBills
Coupons
marketable securities

Other

Decrease(+)/ Sponsored
agency
increase!—)
borrowing4
in cash
operating
balance

-1978
-1979

52,870
41,397

53,683
37,360

706
10,899

31,777
28,041

22,644
-397

-1,431
-1,402

3,206
1,115

-4,019
366

23,509
23,631

1979—Oct.
Nov.
Dec.

14,646
8,941
1,997

2,217
5,548
11,207

314
3,408
7,544

2,085
1,463
3,614

357
704
57

-20
-80
-62

-1,287
8,984
1,124

13,716
4,869
-10,334

3,196
2,546
1,542

1980--Jan.
Feb.
Mar.

5,170
10,458
15,350

5,201
2,066
11,802

2,878
1,900
13,358

2,050
3,307
3,517

278
-3,149
-5,066

-27
-40
-19

647
2,478
1,013

-678
5,914
2,535

2,261
1,542
4,764

Apr.
May
June

-8,037
16,318
-11,963

4,632
5,350
-4,615

4,515
91
-10,703

2,899
6,077
6,835

- 2,602R
-941
-685

-86
-32
-101

-2,393
3,200
-3,918

-10,276
7,768
-3,430

3,632
1,957
-529

16,384
8,347

9,737
11,111

6,807
7,815

2,602
3,245

-76
-28

2,986
-4,403

3,661
-2,063

July
Aug.
Sept.
1
2
3
4

456
219

600^'
-827-'

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.




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

Bonds

Common and
preferred
stocks

Memo
Issues included
Foreign
Convertible

Total

Publicly
offered

Privately
placed

1977
1978
1979

53,792
47,230
51,464

24,072
19,815
25,814

17,943
17,057
14,325

11,777
10,358
11,325

1,340
1,349
1,008

863
418
2,229

1979-Ql
QII
QUI
QIV

11,289
15,090
12,852
12,233

4,522
9,154
6,386
5,752

4,570
3,874
2,974
2,907

2,197
2,062
3,492
3,574

67
59
763
119

8
1,404
540
187

1980-QI
QII

15,015
24,255

5,861
18,186

4,600
2,072

4,554
3,997

169
n.a.

908
967

1980—Jan.
Mar.

6,210
4,452
4,353

2,450
1,426
1,985

2,384
1,430
786

1,376
1,596
1,582

47
122
0

32
76
800

Apr.
May
June

5,677
9,067
9,511

3,828
6,810
7,548

947
525
600

902
1,732
1,363

89
432
8

383
375
209

July

7,737
5,371

5,355
3,843

1,021
304

' 1,361
1,224

100
n.a.

208
805

Feb.

Aug.

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

1977
1978
1979

Manufacturing

Public utility

Communications

Other issuers1

13,393
10,813
11,346

14,127
12,232
13,289

4,442
3,640
4,522

21,827
20,549
22,309

1979-Ql
QII
QUI
QIV

2,096
3,050
3,704
2,496

3,012
3,626
2,472
4,179

1,399
799
931
1,413

4,779
7,637
5,745
4,148

1980-QI
QII

3,907
6,838

4,966
4,135

1,278
2,182

4,864
11,101

1980—Jan.
Feb.
Mar.

1,276
1,340
1,291

1,873
1,262
1,831

483
572
223

2,578
1,276
1,010

Apr.
May
June

1,778
2,615
2,445

891
1,338
1,906

651
1,196
335

2,358
3,917
4,826

July

2,881
1,792

1,030
1,434

787
626

3,040
1,519

Aug.

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

Viacom I n t e r n a t i o n a l , Inc.
Smith I n t e r n a t i o n a l , Inc.
Peoples Express A i r l i n e s
Southern Co.
Missouri P a c i f i c R.R. Co.
Burnup & Sims Inc.
General Instrument Corp.
General Motors Accept Corp,
Florida Power Co.
A s s o c i a t e s Corp. of
N. America
PHH Group, Inc.

11/6
11/6
11/6
11/12
11/12
11/12

Type

Com. s t k .
Com. s t k .
Com. s t k .
Com. s t k .
Equip. t r .
Conv.debt.
1 1 / 1 3 Com. s t k .
1 1 / 1 3 Notes
1 1 / 1 4 1 s t . mtg.
11/14
11/14

Notes
Com. s t k .

Amount
(millions
of dollars)

Maturity

Coupon
rate

Offering
yield

Moody's/S&P's
ratings

13.13

12.00

Aa/AA
B/B

37.9

100.0
25.5
129.8
25.0
35.0

1981-95 13.13

2000

12.00

250.0

100.0

1990
1990

13.45
13.30

13.45
13.30

Aaa/AAA
A/A+

100.0

1990

13.88

13.88

A/A

62.0

32.1

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




8
9. PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: STATE AND LOCAL 1
Issuer

Minnesota, State of
Wayne.Co., MI
New Haven, CT
New York S t a t e Dorm.
New York State Dorm.
New York S t a t e Dorm.
New York State Dorm.

1

Date

Auth.
Auth.
Auth.
Auth.

1/6
1/6
1/12
1/13
1/13
1/13
1/13

Type2

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

Amount
(millions
of$)
90.0
32.0
25.4
3.6

2.1

5.1

21.0

Maturity
1981-2000
1981-1984
1983-2010
1986-1992
1995
2000
2010

Net
interest
cost

7.40-9.05
8.50-8.75

Aaa/AAA

10.92
9.59
9.59
9.59
9.59

8.75-10.88|
7.00-8.25
9.00
9.38
9.75

A/A
Aaa/AAA
Aaa/AAA
Aaa/AAA
Aaa/AAA

Includes only state and local security offerings of $ 2 5 million and over; excludes secondary offerings.
Canadian interest cost.




Moody's/S&P's
ratings

8.37
11.50

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

Offering
yield

10. PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: U.S. TREASURY
Notes and Bonds
Offering
date

Payment
date

Length

Maturity
date

Amount (millions of dollars)
Net proceeds
Gross proceeds

Coupon Auction
average
rate
(percent) (percent)

Total

Private1

Total

10-1/2
11-1/2

1,502
4,484

1,502
4,051

1,502
609

1,502
609

Private1 - 2

1980
Jan.

3
23
5

Feb.

6
7

20
26

1/10
1/31
2/15
2/15

2/28
2/28
3/3

1 5 y r lmo
2yr

2/15/95
1/31/82

3-l/2yr
8/15/83
7-l/4yr
5/15/87
30yr
2/15/05-10
2yr
2/28/82
Syr 2-1/2mo 5 / 1 5 / 8 5

10.60
11.52

11-7/8

11.98

12

12.02

9,404

7,626

2,452

2,452

11-3/4
13-7/8
14-3/8

11.84
13.98
14.39

4,497
2,719

4,098
2,719

677
2,719

677
2,719

3/31/82
3/31/84

15
14-1/4

15.01
14.29

4,072
2,974

3,572
2,605

910

910

5/15/95
4/30/82

12-5/8
11-3/8

12.69
11.44

1,503
4,574

1,503
4,115

1,503
1,394

1,503
1,394

8/15/83
9-1/4
11/15/89 10-3/4
5 / 1 5 / 0 5 - 1 0 10

9.32
9.88

13,019

7,743

5,754

5,754

4,284
3,293
5,215
3,726

4,010
3,293
4,51%
3,221

1,186

1,186

3,293
3,030

3,293

1,504
5,337r

1,504

1,504

1,504

4,549

1,173

1,173

3,049

3,049

Mar. 2 0
25

3/31
3/31

Apr.

4/8
4/30

1 5 y r lmo
2yr

5/15
5/15
5/15

3-l/4yr
9-l/2yr
30yr

6/5
6/5
6/30
6/30

2yr
Syr 2-1/2mo
2yr
4yr

5/31/82
8/15/85
6/30/82
6/30/84

9-3/8
9-5/8
8-5/8
8-7/8

9.37
9.66
8.63
8.99

2

7/9

23

7/31

1 4 y r lOmo
2 yr

5/15/95
7/31/82

10-3/8
8-7/8

10.42
8.97

2

22
6

May

7

8
2

June

3
19
24
July

Aug. 5

6
7

20
27
Sept.; 18
23
Oct.
Nov.

7

22
5

6
7

1
2
3

8/15
6/15
8/15
9/2
9/3
9/30
9/30
10/14
10/31
11/17
11/17
11/17

2yr
4yr

3 - 1 / 4 yr
11/15/83
10 y r
8/15/90
29-1/4 yr
11/15/09
2-yr
8/31/82
5 - y r 2 - 1 / % ]1 1 / 1 5 / 8 5
2-yr
4-yr

9/30/82
9/30/84

1 5 - y r 1-mo 1 1 / 1 5 / 9 5
2-yr.
10/31/82

10.12-

-681

2,660
-311

9.88
9-7/8
1 0 - 3 / 4 10.81
10-3/8 10.71
11-1/8 11.24
11-3/4 11.76

5,832
3,762
1,884
5,127
3,087

4,082
2,762
1,500
4,557
3,087 •

1,582
3,087

1,582
3,087

11-7/8

1,214

1,395
1,047

L2-1/8

11.93
12.13

5,120
3,369

4,570
3,030

1,228

Ll-1/2

11.61

1,482
4,812

1,482
4,392

1,022

12-1/8

12.24

1,482

1,482

1,022

3 - y r 6-mo 5 / 1 5 / 8 4 L3-1/4
13.31
10-yr
11/15/90
13
13.07
30-yr
1 / 1 5 / 0 5 - 1 0 1 2 - 3 / 4 12.81

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.




11. 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

FNMA

4/2
4/2

4/10
4/10

2-yr
4-yr 1-mo

4/12/82
5/10/84

15.30
14.25

600
1,000

1,100

500

FFCB

4/9
4/9
4/9

4/21
4/21
4/21

3-yr
5-yr
8-yr

4/20/83
4/22/85
4/20/88

13.40
13.25
12.65

1,030
811
454

1,165

1,130

FNMA

4/30
4/30

5/12
5/12

4-yr 3-mo
7-yr

8/10/84
5/11/87

11.10
11.15

1,000
750

0

1,750

FHLB

5/14
5/14
5/14

5/27
5/27
5/27

2-yr 2-mo 7/26/82
3-yr 10-mo 3/26/84
6-yr 9-mo 2/25/87

9.60
9.85
10.45

1,000
800
600

1,500

900

FFCB

5/29

6/2

4 - y r 6-mo

12/3/84

9.55

870

0

870

FNMA

6/4
6/4
6/4

6/10
6/10
6/10

2-yr 11-mo 5/10/83
4 - y r 7-mo 1/10/85
8-yr
6/10/88

9.50
9.90
10.50

500
1,000
500

900

1,100

FFCB

6/25

7/1

4 - y r 11-mo 6 / 3 / 8 5

9; 20

1,214

323

891

FNMA

7/2

7/10

4 - y r 11-ino 6/10/85

9.95

1,000

550

450

FFCB

7/9
7/9
7/9

7/21
7/21
7/21

12/1/83
12/1/86
7/23/90

9.30
10.00
10.40

841
1,002
600

1,175

1,268

FNMA

7/25

8/1

3-yr

8/19/83

9.70

1,000

0

1,000

FHLB

8/13
8/13

8/25
8/25

4 - y r 7-mo
6-yr 7-mo

3/25/85
3/25/87

10.80
11.10

1,200
600

1,600

200

FFCB

8/27

9/2

4-yr

9/4/84

11.75

486

0

486

FNMA

9/4

9/10

1-yr 4-mo

1/11/82

10.90

400

1,050

-650

FNMA

10/1

10/10

1 - y r 8-mo

6/10/82

12.25

500

800

-300

FCB

10/8
10/8
10/8

10/20
10/20
10/20

2-yr 1-mo
4 - y r 9-mo
7-yr 9-mo

12/1/82
7/22/85
7/20/88

11.60
11.60
11.70

786
434
604

975

849

FHLB

10/16
10/16

10/27
10/27

2-yr
3-yr 4-mo

10/25/82
2/27/84

11.85
11.75

1,200
600

200

1,600

FNMA

10/29

11/3

5-yr

11/12/85

13.00

750

0

750

FFCB
FHLB
FHLMC
FN MA

—
—
—
—

Federal
Federal
Federal
Federal




3-yr 5-mo
6-yr 5-mo
10-yr

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

As of November 14, 1980

11

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

Southern C a l i f . Edison Co.
Central Maine Power
*ITT Financial Corp.
Gen'l Tel. Co. of Indiana
Macy Credit Corp.
*Storer Broadcasting Co.
Pennsylvania Power & Light Co.
Central Hudson Gas & E l e c . Co.
*Wisconsin E l e c t r i c Power Co.
Pennsylvania Pwr. & Lgt. Co.
*Dorchester Gas Corp.
Delmarva Power & Light Co.
Leasco Corp.
Kansas City Power & Light Co.
Potlach Corp.
Citicorp
Willamette I n d u s t r i e s Inc.
*E.F. Mutton Group. Inc.
•New England Power Co.
*MGF Oil Corp.
Cadence I n d u s t r i e s Corp.
Texas I n t e r n a t i o n a l Corp.
United Gas P i p e l i n e Co.
General F e l t I n d u s t r i e s
*Florida Power & Light Co.
*Public Service E l e c . & Gas Co.
*New York E l e c t r i c & Gas Corp.
Iowa Power & Light Co.
Detroit Edison Co.
*Houston Lighting & Power Co.
*Gen'l Tel. Co. of C a l i f .
*Gen'1 Tel. Co. of C a l i f .
*Union Elec. Co.
* P a c i f i c Gas & Elec. Co.
•Louisiana Power & Light Co.
•Houston Light & Power Co.
•Alabama Power Co.
•Columbia Gas System Inc.
•Potomac Edison Co.
•Boston Edison Co.
•Arkansas Power & Light Co.
•Gulf S t a t e s U t i l s . Co.
•Sunshine Mining Co.
•Florida Tel. Corp.
Steego Corp.
C a t e r p i l l a r Tractor Co.
Boston Gas Co.
Four-Phase Systems Inc.
F i r s t Union Bancorp.
Standard P a c i f i c Corp.
P a c i f i c F i r s t Fed. S&L Assoc.
Transamerica F i n a n c i a l Corp.
F i d e l i t y Fed. S&L Assoc.
New York State E l e c . & Gas
*
1

Type

1 s t . mtg.
Com. s t k .
Notes
Debt.
Notes
Conv. debt,
1 s t . mtg.
1 s t . mtg.
1 s t . mtg.
Com. s t k .
Conv. debt,
Pfd. s t k .
Debt.
1 s t . mtg.
Pfd. s t k .
Pfd. s t k .
Notes
Conv. debt.
1 s t . mtg.
Conv. debt.
Debt.
Debt.
Debt.
Debt.
Com. s t k .
Pfd. s t k .
1 s t . mtg.
1 s t . mtg.
Com. s t k .
1 s t . mtg.
Debt.
Debt.
Com. s t k .
Com. s t k .
1 s t . mtg.
Pfd. s t k .
1 s t . mtg.
Debt.
Pfd. s t k .
Com. s t k .
1 s t . mtg.
Com. s t k .
Bonds
Debt.
Debt.
Notes
1 s t . mtg.
Debt.
Debt.
Debt.
Mtg.-bked.
Notes
Mtg.-bked.
Pfd. s t k .

Amount
(millions of dollars)

150.0
30.0

100.0
40.0

60.0
80.0
125.0
25.0

80.0

60.0
50.0
30.0
70.0
25.0
75.0
150.0

100.0
60.0
50.0
30.0
25.0
30.0
75.0
55.0

100.0
50.0
50.0
30.0
49.0

100.0
75.0
75.0
71.0
125.0

100.0
35.0
125.0

100.0
25.0
45.0

60.0

25.0
25.0
35.0
25.0
300.0
40.0
25.0
40.0
25.0
50.0
75.0
50.0
30.0

Approximate date
of offering

Nov. 19
Nov. 19
Nov. 20
Nov. 20
Nov. 20
Nov. 20
Nov. 24
Nov. 25
Nov. 25
Nov. 25
Nov. 26
Nov. 26
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Dec. 2
Dec. 2
Dec. 2
Dec. 3
Dec. 3
Dec. 3
Dec. 8
Dec. 8
Dec. 9
Dec. 9
Dec. 9
Dec. 10
Dec. 10
Dec. 10
Dec. 11
Dec. 11
Dec. 16
Dec. 17
Dec.
Dec.
Indef.
Indef.
Indef.
Indef.
Indef.
Indef.
Indef.
Indef.
Indef.
Indef.

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.




12. FORTHCOMING PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: CORPORATE 1
Approximate date
of offering

Type

Amount
(millions of dollars)

P a c i f i c Northwest B e l l Co.

Com. s t k ( r t s )

200.0

Indef.

OTHER
B r i t i s h Columbia Mun. Fin. Auth.
Gulf Canada Ltd.
Canadian National Railway Co.
E l e c t r i c i t e De France

Debt.
Bonds
Debt.
Notes

91.0
200.0
150.0
100.0

Nov. 19
Indef.
Indef.
Indef.

Issuer

*
1

.

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




As of November 14, 1980
13. FORTHCOMING PUBLIC OFFERINGS OF INTERMEDIATE-AND LONG-TERM SECURITIES: STATE AND LOCAL 1
Issuer

*Butler Co. Indus. Dev. Auth., PA
*Labette Co., KS
•Cleveland Co. Hm. Loan Auth., OK
*Camden, AL
Warren, OH
New York S t a t e Urban Devel. Corp.
Shreveport Home Mortgage Auth., LA
Utah, UT
Pittsburgh-Contra Costa Co., CA
Alaska Housing Fin. Corp.
•Kentucky Hsg. Corp.
Baltimore C i t y , MD
Houston, TX
Orlando U t i l . Comm., FL
New York, S t a t e of
M i s s i s s i p p i & Tennessee—Tomblgbee Waterway
Bridge
North Carolina, S t a t e of
•Alabama Agr. Devel. Auth.
Greater Chicago Metro. Sani. D l s t . , IL
• I l l i n o i s Health Fac. Auth.
C a l i f o r n i a Dept. of Vet. A f f a i r s
•Burlington, KS
Denton Co. Hsg. Fin. Corp., TX
Boston Water & Sewer Comm., MA
• P i n e l l a s Co., FL
Boston Water & Sewer Comm., MA
San Diego Center City Redev. Corp., CA
•Oregon, Veterans
•Richman, VA
POSTPONEMENT
Washington, S t a t e of
Hamilton Co., OH
Vincennes Comm. Sch. Bldg. Corp., IN
Houston, TX
Grand Terrace Comm. Redev. Agcy., CA
Louisiana, S t a t e of

*
1

Type

Approximate date
of offering

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

35.0
28.2
38.0
62.0
25.0
70.5
40.0
42.0
50.0
230.0
55.0
30.0
189.8
80.0
125.0

Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.

17
17
17
17
17
18
18
18
18
18
18
18
18
18
18

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

25.0
60.0
35.0
72.0
31.3
300.0
25.5
55.0
64.3
37.0
64.3
67.6
200.0
43.8

Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Dec.
Dec.
Dec.

18
18
20
20
20
20
21
21
24
25
28
3
9
10

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

115.6
32.7
26.8
50.0
34.0
122.3

Nov.
Nov.
Nov.
Nov.
Nov.
Nov.

5
10
12
13
13
18

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)

14. STOCK PRICES 1
Date

NYSE Index3

NASDAQ 5

AMEX4

DJ Industrials

1977-High
Low

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

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

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

105.00 (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 (1/11)

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

78.96 (11/14)
55.30 (3/27)

986.35 (11/14)
759.13 (4/21)

363.33 (10/22)
215.69 (3/27)

201.76 (11/14)
124.09 (3/27)

1980-0ct.

3
10
17
24
P

74.74
75.34
75.92
74.90
73.53

950.68
950.68
956.06
943.60
924.49

340.39
348.55
357.65
355.44
335.99

193.43
197.79
197.24
196.17
192.78

Nov.

7
14

74.35
78.96

932.42
986.35

335.16

193.51

352.21

201.76

15. TRADING VOLUME2
Date

NYSE

AM EX

NASDAQ

1977-High
Low

35.3 (11/11)
10.6 (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 (1/2)

11.0 (10/30)
1 . 3 (1/20)

18.8 (5/18)
2 . 8 (1/20)

1979-High
Low

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

13.2 (10/10)
2 . 2 (1/22)

25.8 (21/17)
7 . 2 (1/2)

1980-High
Low

8 4 . 1 (11/5)
2 3 . 1 (4/14)

15.0 (1/15)
2 . 5 (4/14)

5 4 . 1 (10/16)
10.7 (4/14)

1980-0ct.

3
10
17
24
31

45.9
47.0
47.6
45.1
38.2

5.8
6.9
7.8
6.6
7.9

29.7
37.3
44.1
37.3
31.8 r

Nov.

7
14

52.2r
51.3

7.4r
8.7

32.6r
35.0

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 to single days.
12/31/65-50
8/31/73 = 100
2/5/71 = 100




15
16. SECURITY CREDIT?
Outstanding, dollar amounts in millions

•

End of period

#

204

810

88

1977

9,740

250

887

81

1978

10,830

205

955

67

1979

11,450

164

995

84

- Jan.
Feb.
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
980

77
78
79

July
Aug.
Sept.

11,840
12,060
12,000

178
176
177

970
995
1,005

81
86
84

Oct.
Nov.
Dec.

11,310
10,920
11,450

173
161
167

985
1,000
1,020

73
83
84

11,820
12,460
11,740
11,140
11,270
11,200
11,320
11,800
12,520

165
175
171
168
167
165
198
204
208r

1,035
1,065
1,075
1,055
1,055
1,065
1,075
1,095
1,105

87
84
54
72

#
1980

— Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.

#
>

•

s

#

1

Convertible
bonds

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

7,960

#

#

Marginable
stock

Number of
margin accounts
(thousands)

1976

1979

•

Margin credit extended
by brokers on:

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




81
83
88
89
87

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

Net flow
N.S.A.

Sea. adj.

Annual
growth
rate 3

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

Sea. adj.

Memo:
Net New Money 2

Total

Annual
growth
rate 3

Net
flow
(sea. adj.)

Annual
growth
rate 3

At
insured
S&L's

At
MSB's

1976

12,670

—

11.6

50,169

17.5

62,854

15.9

34,369

5,283

1977

10,783

—

8.7

50,888

15.0

60,982

13.3

32,004

2,874

1978

8,426

—

6.3

44,153

11.3

52,292

10.1

23,460

-591

1979

2,900

—

2.1

39,218

9.1

42,289

7.4

15,029

-6,885

1979-Jan.
Feb.
Mar.

218
683
1,971

584
705
798

5.0
6.0
6.7

4,735
2,876
8,334

4,987
3,733
3,909

13.9
10.3
10.7

5,571
4,438
4,707

11.7
9.2
9.7

4,377
2,580
3,146

-118
342
463

Apr.
May
June

-832
61
890

16
280
341

0.1
2.3
2.9

-1,147
2,037
6,854

1,667
3,006
4,515

4.5
8.1
12.1

1,683
3,286
4,856

3.4
6.7
9.8

-1,490
1,627
1,469

-1,192
-341
-635

July
Aug.
Sept.

-318
-112
517

9
508
134

0.1
4.2
1.1

2,015
1,199
4,770

2,844
3,192
2,620

7.5
8.4
6.8

2,853
3,700
2,754

5.7
7.4
5.5

1,455
717
-198

-733
-504
-1,000

Oct.
Nov.
Dec.

-985
-199
1,006

-694
74
183

—5 • 8
0.6
15.1

1,863
1,157
4,525

3,321
3,527
2,030

8.6
9.1
5.2

2,627
3,601
2,213

5.2
7.1
4.0

1,314
732
-700

-1,420
-765
-987

1980-Jan.
Feb.
Mar.

-927
141
930

-605
168
-222

-5.0
1.4
—1 • 9

2,065
1,626
4,403

2,191
2,617
-324

5.6
6.6
-0.8

1,586
2,785
-546

3.1
5.4
-1.1

1,167
1,079
-696

-1,436
-543
-679

Apr.
May
June

-449
881
1,748

402
1,106
1,178

3.4
9.2
9.8

326
3,022
5,287

3,393
4,067
2,779

8.6
10.2
6.9

3,795
5,173
3,957

7.4
10.0
7.6

-817
1,785
-169

-1,024
242
-131

July
996
Aug. p / 6 0 9
Sept.- -1,275

1,343
1,227
869

11.0
10.0
7.0

2,223
2,515
5,657

3,096
4,583
3,284

7.7
11.3
8.0

4,439
5,810
4,153

8.4
11.0
7.8

961
1,285
50

247
+4
-425

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 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.




17
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

27.1

24.4

2.7

7.9

3.7

3.8

0.4

1977

37.7

33.2

4.5

11.0

5.1

4.5

1.4

1978

37.5

32.7

4.8

16.5

9.9

4.8

1.8

1979

31.5

28.1

3.4

12.6

6.9

4.7

1.0

1979-Jan.

37.0
36.5
36.0

32.2
31.8
31.4

4.8
4.7
4.6

15.4
14.1
13.0

8.9
7.7
6.7

4.8
4.8
4.8

1.7
1.6
1.5

36.2
35.8
35.7

31.7
31.7
31.5

4.5
4.1
4.2

12.6
12.0
11.7

6.4
6.0
5.6

4.8
4.7
4.8

1.4
1.3
1.3

Aug.
Sept.

35.7
35.9
36.7

31.7
32.0
32.7

4.0
3.9
4.0

11.6
11.2
12.2

5.5
5.5
6.8

4.8
4.4
4.2

1.3
1.3
1.3

Oct.
Nov.
Dec.

35.9
33.0
31.5

32.3
29.4
28.1

3.6
3.6
3.4

14.1
13.5
12.6

8.2
7.7
6.9

4.6
4.7
4.7

1.3
1.1
1.0

1980-Jan.

30.7
29.9
26.5

27.5
27.1
24.0

3.2
2.8
2.5

11.9
11.2
10.5

6.2
5.7
5.2.

4.7
4.5
4.7

1.0
1.0
0.8

22.8
21.1
22.4

20.7
19.3
20.7

2.1
1.8
1.7

9.2
9.3
10.3

4.2
3.5
3.6

4.4
5.0
5.7

0.6
0.8
1.0

26.0
28.4
n.a.

23.7
26. b
28.0

1.8
1.8
n.a.

10.6
10,6
10.1

3.9
4.4
4.4

5.5
5.1
4,8

1.2
1.1
0,9

Feb.

Mar.
Apr.

May
June

July

Feb.

Mar.
Apr.

May
June
July
Aug.
Sept.

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.




4.8
19. NET NEW MONEY BORROWIN GS

Period

Total including 1
short-term
discount notes

V MAJOR HOUSING CREDIT AGENCIES

Intermediate- and long-term issues
Total

FHLMC

FHLB

FNMA

FNMA and FHLB
short-term
discount notes

1976

-1,750

-1,131

-2,031

0

900

-61%

1977

2,732

1,444

496

-4

952

1,288

1978

19,030

13,578

6,302

576

6,700

5,452

B-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
*51

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

9-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
Aug.
Sept.

1,625
360
' 398

1,916
613
-154

700
415
0

216
198
146

1,000
0
-300

-291
-253
552

Oct.
Nov.
'Dec.

2,297
1,791
1,375

1,599
1,453
150

1,300
953
0

-1
0
150

300
500
0

698
338
1,225

O-Jan.
Feb.
-Mar.

328
927
3,580

-2
10
1,760

0
-350
1,400

-2
160
-120

0
200
500

330
917
1,800

Apri
May
June

2,205
1,366
-929

1,499
2,649
1,000

1,000
900
0

-1
-1
0

.500
1,750
1,000

706
-1,283
-1,929

-979

442

0

-8

450

-1,421

1,200

200

0

1,000

»

July
Aug.

-458

Based o n data from Treasury Survey of Ownership.




-1,658

20. NET CHANGE IN MORTGAGE HOLDINGS AT SELECTED INSTITUTIONS
Millions of dollars, seasonally adjusted
Major private financial institutions
Period

Total

Total

Commercial
* banks

MSB's

S&L's

Life insur.
companies

Mortgagi6 pools

FNMA
and
GNMA

FHLMC

!guaranteed

FHLMCjguaranteed

GNMA-

1976

75,398

64,898

13,737

4,041

44,727

2,393

-2,042

-712

:12,199

]L,055

1977

1.14,008

95,874

26,157

6,540

58,021

5,156

961

-990

14,224

:3,939

1978

]126,474 103,305

35,376

6,314

52,237

9,378

8,735

-233

9,389

!5,275

*1979-Jan.
Feb.
Mar.

10,284
9,970
10,293

7,857
7,716
7,240

2,662
2,491
2,426

559
483
388

4,015
3,804
3,359

621
938
1,067

832
790
1,385

179
65
253

1,202
1,080
1,276

214
319
139

Apr.
May
June

9,707
10,995
10,765

7,371
8,311
8,351

2,487
2,328
2,753

204
388
373

3,832
4,616
4,204

848
979
1,021

489
745
530

-3
19
-25

1,542
1,505
1,625

308
415
284

July
Aug.
Sept.

10,161
10,641
10,854

8,152
7,567
7,972

2,809
2,636
2,953

384
297
276

3,804
3,501
3,616

1,155
1,133
1,127

35
524
284

62
114
144

1,608
2,122
2,161

304
314
293

Oct.
Dec.

11,665
10,483
8,534

8,585
7,004
4,982

2,844
2,594
2,521

248
265
21

3,892
3,113
1,455

1,601
1,132
985

764
866
903

-71
202
34

2,002
2,393
2,338

385
18
277

1980-Jan.
Feb.
Mar.

9,924
8,035
7,322

6,196
6,166
4,974

2,474
2,402
1,826

197
290
6

2,088
2,458
1,737

1,437
1,235
1,405

1,182
631
1,286

68
144
29

2,374
1,198
834

104
80
199

Apr.
May
June

6,126
3,221
1,890

2,671
1,324
394

890
526
50

-49
148
-168

643
-483
-290

1,187
1,133
802

1,155
584
193

154
-130
30

2,006
1,205
1,084

140
238
189

July
Aug.
Sept.

5,983
7,913
n. a.

3,834
5,784
n.a.

1,186
1,123
1,155

-115
-113
n.a.

1,647
3,720
4,776

1,116
1,054
n.a.

196
—8
-94

45
192
214

1,570
1,758
1,342

338
187
269

Nov.

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 L o a n
Board, American Council of Life Insurance, the Federal National Mortgage Association, the Government National Mortgage Association and
Home Loan Mortgage Corporation. Data for mutual savings banks and life insurance companies may differ somewhat from those derived rom regu
quarterly series because of minor conceptual differences for which adjustments are not made in the monthly series. Altogether, t ese groups ac
for 8 9 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
Quarter

1976-Ql
Q2
Q3

Q4
1977-Ql
Q2

Q3
Q4
1978-Ql
Q2
Q3

Q4
1979-Ql
Q2
Q3
Q4

1980-Q1
Q2

Total

Total

Residential2
1- to 4family

Multifamily

Multifamily
and
commercial

Commercial

Farm

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

15.1
15.1
16.9
15.0

5.1
4.8
6.8
7.7

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

135.3
147.0
154.3
160.4

105.6
116.5
116.0
123.7

97.4
106.6
104.1
113.3

8.2
9.9
11.9
10.4

20.9
20.7
26.7
25.5

29.0
30.6
38.6
35.8

8.8
9.8
11.6
11.2

159.1
166.0
162.5
151.7

118.8
121.4
117.9
113.9

110.9
113.4
108.3
104.4

7.9
7.9
9.6
9.5

24.7
27.3
28.3
22.3

32.5
35.3
37.9
31.9

15.6
17.3
16.3
15.4

149.1
70.9

103.0
42.1

95.1
35.7

7.9
6.4

28.0

35.9

18.2

13.8

20.2

15.1

-

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




22. AVERAGE RATES AND YIELDS ON HOME MORTGAGES AND PASS-THROUGH SECURITIES
Secondary market
Primary market
FHA/VA mortgages
Rates on
Discount
Yield on
Yield in
conventional
Ceiling
Period
points
Period
GNMA
FNMA
loans at
rate
in FNMA
securities
auction
S&L's
auction

Conventional mortgages
Yield in
FNMA
auction

Yield in
FHLMC
auction

9.31

1976-High
Low

9.10
8.70

1976-High
Low

9.20
8.39

4.93
1.96

8

8.44
7.57

8.80

1977-High
Low

9.00
8.65

1977-High
Low

8.98
8.46

5.18
1.50

8-1/2
8

8.39
7.56

8.81

9.21

9.02
8.63

1978-High
Low

10.38
8.98

1978-High
Low

10.60

7.13

1.88

9-1/2

9.13

8-1/2

9.68
8.43

10.92
9.28

10.42
9.12

1979-High
Low

12.90
10.38

1979-High
Low

13.29
10.42

12.54
4.16

11-1/2

11.77
9.51

13.97
10.92

13.56
10.40

13.16

0.93

12.59

6.52

1980-May

June

July

Aug.

Sept.

Oct.

Nov.

2
9
16
23
30

15.90
14.68
14.15
13.38
13.20

May

6
13
20
27

13.06
12.85
12.58
12.35

June

3
11
18
25

12.18
12.23
12.18
12.18

July

1

12.25
12.25
12.55

Aug.

8
15
22
29

12.80
12.95

June

5
12
19
27
2

9

9-1/2
13
13

11.03

11.26

13.81

11.12

11-1/2

11.52

13.27

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

10.89
10.79
10.73
11.42

13.05

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

11.42
11.58
11.45
11.67

12.76

11.99
12.41
12.46
12.48
12.57

13.34

11-1/2
11-1/2

11.78

9
16
23
30

12.42

5.59

12.28

4.77

7
14
21
28

12.53

6.19

12.78

7.63

4
11
18
25
Sept. 2

13.58

11.96

14.26

15.40

14.41

13.42

11-1/2
11-1/2
11-1/2
12
12

14.60

14.33

12
12

15.30

12.37

13
13

12.59
12.74
12.93
13.35

14.57

8.69

15.30

12.39

13
13
13
13
13

12.70
12.59
12.98
13.35
13.42

15.57

13.68

13

13.61

5
12
19
26

13.03
13.08
13.25
13.43

Sept.

8
15
22
29

3
10
17
24
31

13.60
13.73
13.73
13.85
14.00

Oct.

Nov.

6
13
20
27
3

14.08

Nov.

10

12.81

12.84

14.00
14.19
14.29
14.86
14.47
14.92
15.25

13.36

12.61
12.69
12.48
12.42
12.22
11.93
11.60
11.67
11.83
11.94
12.00
12.25
12.64
13.00
13.24
13.36
13.35
13.32
13.44
13.82
13.94
13.80
13.70
13.86
14.22
14.22
14.25

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 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 GNMAguaranteed mortgage-backed securities for immediate delivery, assuming prepayment in 12 years on pools of 30-year FHA/VA mortgages carrying a
coupon rate 50 basis points below the current FHA/VA 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.

*Beginning July 7, the FNMA auction r e s u l t s f o r FHA/VA mortgages do


payment mortgages.


not include graduated

22
23. FNMA AUCTIONS OF COMMITMENTS TO PURCHASE HOME MORTGAGES
Dollar amounts in millions
Offered

FHA/VA mortgages
Accepted

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

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

644.2
199.0

354.6
88.5

15.93
12.28

426.0
28.9

133.0
24.1

17.51
12.81

4
18

643.1
420.2

354.6
273.5

13.58
14.26

204.9
225.5

106.7
112.1

13.31
14.00

Sept. 2
15
29

324.4
224.5
358.1

183.0
136.4
218.5

14.41
14.60
15.30

120.5
103.9
123.3

71.0
67.9
70.9

Oct. 13
27

14.19
14.29
14.86

196.3
231.5

118.3
139.4

14.57
15.30

28.9
78.7

61.9
46.4

14.47
14.92

Date of
auction

1978-High
Low

1979-High
Low

1980-High
Low

1980—Aug.

Average yield

Offered

Conventional mortgages
Accepted
Average yield

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

Offered

Immediate delivery program
Accepted
Average yield

Offered

Future commitment program
Accepted
Average yield

1979-High
Low

298.0
38.7

150.5
17.9

13.56
10.40

166.6
38.7

37.8
13.7

13.89
10.43

1980-High
Low

337.1
24.4

140.4
20.8

16.22
11.60

129.5
38.1

31.2
11.6

17.36
12.13

1980-Sept. 2
9
16
23
30

65.1
96.5
161.4
108.7
51.6

33.9
44.9
50.5
50.9
44.1

13.35
13.32
13.44
13.82
13.94

57.7

25.8

14.27

Oct.

7
14
21
28

86.4
129.3
112.2
50.6

30.2
49.5
39.0
27.6

13.80
13.69
13.86
14.22

72.5

25.8

14.32

4
12

59.9
n; a.

n.a.

42.2

14.22
14.25

38.6

23.6

14.88

Nov.

to FHLMC's 8-month program.

program was discontinued, and subsequent data r e f e r

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




23
25. ISSUES OF MORTGAGE-BACKED SECURITIES
Millions of dollars, not seasonally adjusted

Period

GNMA-guaranteed

Pass-through securities
F H LMC-guaranteed

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

Privately insured

New issues

Outstanding
(end of period)

1976

13,764

30,571

1,396

2,671

n.a.

n.a.

75

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

1979-Jan.
Feb.
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

151
201
142

1,619
1,821
1,915

0
0
400

July
Aug.

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

Nov.
Dec.

2,639
3,250
1,895

71,457
74,106
76,401

530
186
361

14,838
14,916
15,180

470
383
300

2,987
3,353
3,641

0
0
70

1980-Jan.
Feb.
Mar.

2,611
1,354
1,125

78,849
79,900
80,843

180
207
106

15,274
15,397
15,454

405
205
342

4,227
4,421
4,771

50
0
0

Apr.
May
June

1,778
1,127
1,320

82,419
83,385
84,282

199
391
232

15,613
15,949
16,120

510
495
413

5,269
5,760
6,168

0
0
190

July
Aug.

1,874
2,215
1,807

85,634
88,031
89,452

288
320
275

16,370
16,658
16,852

485
466
355

6,603
6,995
7,338

50
0
0

Sept.
Oct.

Sept.

New issues

Outstanding
(end of period)

New issues

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.