Full text of H.16 Capital Market Developments : January 19, 1981

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January 19, 1981

Capital
Market
Developments
m m * - '

ifcSERVEBAHK

JAN 3 6 1981

— Research Library "•**

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 t o Purchase Home Mortgages
FHLMC Auctions of Commitments t o 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 t o the order of the Board of Governors of the Federal Reserve System in a
form collectible at par in U.S. Currency.




3
1. YIELDS, V O L U M E A N D RECEPTION
Corporate Bond Market
Yields
Week ending

1980-Nov.

7
14
21
28

Dec.

1981-Jan.

New issue
Aaa utility 1

13.85
——

5
12
19
26

14.51
——

2
9
16

Volume

Recently o f f e r e d
Aaa u t i l i t y 2

14.05r
14.07p

Gross o f f e r i n g s 3
($ millions)

Percent sold by
end of week

New issues in s y n d i c a t e 4
($ millions)

13.97
13.72
13.91
14.02

5
510
510
252

100
87
100
100

0
68
0
0

14.16
15.03
14.25
14.20

647
630
257
50

99
99
98
100

9
4
4
n

14.15
14.lOr
14.21p

100
828
759

100
97
91

0
25
66

2. YIELDS, V O L U M E A N D RECEPTION
Municipal Bond Market
Volume

Yields
Week ending

Moody's n e w
issue Aaa

Bond Buyer
G.O. b o n d
index

Bond Buyer
Rev. bond
index

Gross offerings
($ millions)

Percent sold by
end of w e e k 3

New issues in
syndicate4
($ millions)

7
14
21
28

9.05
8.60
8.60
8.60

9.64
9.50
9.50
9.61

10.43
10.39
10.38
10.51

226
209
1,379
549

86
86
92
96

31
28
146

Dec.

5
12
19
26

9.20
9.40
9.80
9.80

9.84
10.42
10.56
9.99

10.94
11.30
11.41
10.96

201
951
852
512

93
93
98
99

77
113
65
23

1981-Jan.

2
9
16

9.00
8.80
9.50

9.76
9.49
9.57

10.81
10.41
10.34

287
419
423

98
71
94

23
127
56

1980-Nov.

22

1 Federal Reserve series of implied yield on newly issued, Aaa-rated utility bond with 5-yesr call protection.
2 Federal Reserve series of implied free-market yield on Aaa-rated utility bond with 5-yea, call protection, released from price restrictions sometime
during the last four weeks.
3 Estimated by F.R. on the basis of available data.
4 Corporate Market: Salomon Brothers Bond Market Roundup; Municipal Market: Weekly Bond Buyer. Data are adjusted by Federal Reserve when
necessary to make coverage of this series consistent with the gross offerings series.




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

Date

1977-High
Low

1978-High
Low

Recently offered
Aaa utility2

Low

U.S. govt.
20-year constant
maturity4

Bond Buyer
G O. bond
index5

Bond Buyer
Rev. b o n d
index®

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

8.28(12/30) 7 . 9 9 ( 1 2 / 3 0 )
7.88(1/7)
7.26(1/7)

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

—

9.30(11/10) 9.54(12/22)
8.61(3/24) 8.48(1/6)

9.27(12/29) 9 . 0 0 ( 1 2 / 2 2 )
8.01(1/6)
8.30(1/6)

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

—

11.51(11/12) 11.45(11/9)
9.40(8/17) 9.39(6/29)

1979-High

Moody's
seasoned
corporate A a a 3

10.87(12/28) 1 0 . 5 6 ( 1 1 / 9 )
9.16(7/6)
8.79(7/6)

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

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

14.51(12/12) 15.03(12/12) 13.49(12/19) 1 2 . 8 6 (1 2 / 1 2 ) 10.56(12/19) 11.41(12/19)
8.15(5/8)
7.11(5/9)
1 0 . 5 3 ( 6 / 2 0 ) 10.79(6/20) 1 0 . 3 4 ( 6 / 2 0 ) 9 . 5 9 ( 6 / 2 0 )

1980-High
Low

1980-Jan.
Feb.
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.
Nov.
Dec.

13.18
13.85
14.51

13.13
13.91
14.38

12.31
12.97
13.21

11.75
12.44
12.49

9.11
9.56
10.11

9.97
10.43
11.08

13.97
13.72
13.91
14.02

12.96
12.93
12.96
13.03

12.56
12.45
12.38
12.37

9.64
9.50
9.50
9.61

10.43
10.39
10.38
10.51

14.16
15.03
14.25
14.20

13.15
13.47
13.49
12.89

12.48
12.86.
12.81
11.99

9.84
10.42
10.56
'9.99

10.94
11.30
11.41
10.96

14.15
14. lOr
14.21p

12.83
12.59r
12.74p

12.05
11.98r
12.27p

9.76
9.49
9.57

10.81
10.41
10.34

1980-Nov.

7
14
21
28

Dec.

5
12
19
26

1981—Jan.

2
9
16

1
2
3
4
5
6

13.85

14.51

14.05r
14.07p

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 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.
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 AMD STATE AND LOCAL GOVERNMENT SECURITY OFFERINGS AMD PLACEMENTS

5

Gross proceeds, millions of dollars
Corporate

Period

1980
3,057
2,400
2,430

3,824
5,525
4,369

3,444
3,042
4,724

4,946
4,708
6,061

7,941
5,371
4,922

3,920
6,407
2,323

3,396
4,256
2,472

4,900
3,799
4,246

4,601
3,831
3,801

5,748
3,300e
5,050e

3,231
4,320
3,690

4,217
4,160
3,567

4,408
3,000e
3,400e

51,464

71,602e

48,512

43,365

47,355e

January
February
March

1979
3,770
3,165
4,354

1980
6,210
4,452
4,353

1978
3,306
2,753
4,844

April
May
June

3,397
4,227
5,539

4,692
4,160
6,238

5,677
9,067
9,511

July
August
September

4,414
3,379
4,236

4,103
4,162
4,587

October
November
December

3,799
3,207
4,401
47,264

Year

State and Local

1979
2,840
2,603
4,644

1978
3,326
2,770
4,569

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

Period

Combined
deficit(+)
or
surplus!—J1

Total 3

Federal Government
Means of financing combined deficit
Net cash borrowing from the publicZ
Public debt securities
Gov't,
agency
NonCoupons
Bills
marketable securities

Other

Decreased)/ Sponsored
agency
increase(-)
borrowing4
in cash
operating
balance

I- 1 -1978
I
-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

)80—Jan.

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. - 8 , 0 3 7
16,318
May
June - 1 1 , 9 6 3

4,632
5,350
-4,615

4,515
91
40,703

2,899
6,077
6,835

-2,602
-941
-685

—86
-32
-101

-2,393
3,200
-3,918

-10,276
7,768
-3,430

3,632
1,957
-529

July 16,384
8,347
Aug.
Sept. - 4 , 4 3 4

9,737
11,111
6,260

6,807
7,815
526

2,602
3,245
7,026

456
219
-1,407

-76
-28
-36

2,986
-701
-2,199

3,661
-2,063
8,495

575
-835
2,432

17,146
10,698

4,758

2,477

2,422

-63

-23

4,076

-8,312

5,116

Feb.

Mar.

Oct.
Nov.
Dec.

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.

CY=Calendar Y e a r



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

Total

Publicly
offered

Privately
placed

Memo
Issues included
Convertible
Foreign

Common and
preferred
stocks

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

1980-QI
QII
QUI

15,015
24,255
18,234

5,861
18,186
11,618

4,600
2,072
1,909

4,554
3,997
4,707

169
529
631

908
967
1,510

1980-Jan.
Feb.
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
Aug.
Sept.

7,941
5,371
4,922

5,354
3,843
2,421

1,213
304
392

1,374
1,224
2,109

100
191
340

208
497

Oct.

5,748

2,776

519

2,453

n.a.

677

805

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

Other issuers 1

Manufacturing

Public utility

13,393
10,813
11,346

14,127
12,232
13,289

4,442
3,640
4,522

21,827
20,549
22,309

1980-QI
QII
QUI

3,907
6,838
5,819

4,966
4,135
3,652

1,278
2,182
1,936

.4,864
11,101
6,823

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
Aug.
Sept.

3,016
1,792
1,011

1,030
1,434
1,188

787
626
523

3,106
1,519
2,198

Oct.

1,462

1,280

858

2,148

Period

1977
1978
1979

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.




7
8. PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: CORPORATE *
Issuer

Cincinnati Gas & Elec. Co.
American Express Credit Corp.
Alabama Power Co.
Missouri P a c i f i c R.R. Co.
El Paso Natural Gas
Valley Nat. Bank of Arizona
Conoco Inc.
Tenneco Inc.
P a c i f i c Power & Light Co.
Aluminum Co. of America
Cincinnati B e l l Inc.
Panhandle Eastern P i p e l i n e Co.
New York State Gas & Elec.
Co.
B e n e f i c i a l Corp.
El Paso Natural Gas Co.
C i t i e s Service Co.
Union Tank Car Co.
Washington Water Power Co.
Moog Inc.
Empire Inc.
OTHER
Canadian National Railway Co.

Date

Type

Amount
(millions
of dollars)

Maturity

1/5
1/6
1/6
1/6
1/8
1/8
1/9
1/9
1/13
1/13
1/13
1/14

Pfd. s t k .
Notes
Notes
Equip, tr,
Debt.
Com. s t k .
Debt.
Notes
Pfd. s t k .
Debt.
Debt.
Com. s t k .

30.0
100.0
100.0
27.6
100.0
37.0
300.0
200.0
50.0
150.0
40.0
88.0

1/14
1/14
1/15
1/15
1/15
1/15
1/16
1/16

1 s t . mtg.
Debt.
Pfd. s t k .
Debt.
Equip.tr.
Debt.
Conv.debt.
Conv.debt.

50.0
75.0
50.0
250.0
75.0
40.0
25.0
25.0

1991
1991

1/14

Debt.

150.0

1991
1991
1982-96
2001

Coupon
rate

Offering
yield

12.52
12.88
14.75
12.63
15.00

12.52
12.88
14.75
12.63
15.00

13.25
13.38
15.00
13.88
13.00

13.25
13.47
15.00
13.88
13.00

Moody's/S&P's
ratings

——

2011
1991
—

2011
1991
—

——

—

Aa/AA
Baa/BBBAa/AA
Baa/RBB

—/—

Aa / AA
A/A
—/BBB
A/A
Aaa/AAA
/

2011
2001
1991
2006
2005

14.55
13.50
15.00
13.88
14.00
14.13
9.88
9.00

14.50
13.50
15.00
13.88
14.00
14.13
9.88
9.00

Baa/BBBA/A
Ba/BB
A/A
A/A
A/A+
B/B
B/B+

2006

14.00

14.18

Aa/AAA

—

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




—/—

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

Issuer

Oregon, State of
Tulsa Co. Hm. Fin. Auth.
Austin, TX
Missouri Health & Ed. Fac.
Auth.
Missouri Health & Ed. Fac.
Auth.
Michigan State Hosp. Fin.
Auth.
Michigan State Hosp. Fin.
Auth.
Idaho F a l l s , ID
Idaho F a l l s , ID
Idaho F a l l s , ID
Idaho F a l l s , ID
Wisconsin, State of
Wisconsin, S t a t e of
Wisconsin, S t a t e of
Wisconsin, S t a t e of
Wisconsin, State of
Georgia Muni. E l e c t . Auth.
Georgia Muni. E l e c t . Auth.
Georgia Muni. E l e c t . Auth.
Georgia Muni. E l e c t . Auth.
Butler Co. Indus. Dev.
Auth., PA
Butler Co. Indus. Dev.
Auth., PA

1

Date

Type2 (millions
of$)

Net
interest
cost

Maturity

1/7
1/7
1/7

G.O.
Rev.
Rev.

200.0
71.8
45.0

1/8

Rev.

2.8

1/8

Rev.

22.8

2013

1/15

Rev.

7.0

1.15
1/16
1/16
1/16
1/16
1/15
1/15
1/15
1/15
1/15
1/16
1/16
1/16
1/16

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

1/16
1/16

9.081/

1991-2000
1982-1995
1987-2001

n.a.

N.R.

Aa/AA
— / — —

Aa/A+

8.25-10.70

A/A-

11.43

11.38

A/A-

1985-1996

n.a.

8.60-11.20

Baal/A-

44.3
5.9
5.9
8.2
20.2
4.1
7.7
9.7
31.8
46.7
11.1
13.7
6.1
44.2

2012
1983-1995
2001
2006
2013
1989
1991
1994
1997
1981-1993
1982-1994
2001
2003
2014

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

11.75
7.50-9.40
10.00
10.30
10.47
9.00
9.38
9.75
10.00
7.50-9.60
7.10-8.90
9.70
9.75
10.00

Baal/A-

Rev.

14.5

1985-1993

n.a.

11.00-12.50

— / —

Rev.

20.0

n.a.

14.00

— / —

1985-1995 11.43

1999

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




8.20-9.35

Moody's/S&P's
ratings

8.00-9.40

9.02

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

Offering
yield

—/—
—/—
—/—

—/—

A/AAA/AAA/AAA/AAA/AAAl/AAAl/AAAl/AAAl/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
Total
Private 1
Total

Memo:
Foreign
add-ons 3

1980

•

•

5
6
7
25

11/17
11/17
11/17
12/1

5 / 1 5 / 8 4 L3-1/4
3-yr 6-mo
13
11/15/90
10-yr
11/15/05-10 L2-3/4
30-yr
11/30/82 , L3-7/8
2-yr

Dec. 3
16
18
30

12/8
12/31
12/31
1/5

5-yr 2-mo
2-yr
4-yr
7-yr

1/12

20-yr 1-mo 2 / 1 5 / 0 1

Nov.

2 / 1 5 / 8 6 L3-1/2
12/31/82 15-1/8
14
12/31/84
1/15/88 L2-3/8

^2,8X5

2,815

1,765

1,765

0
190
0
0

3,186

3,186

3,186

170

802

2,366

2,366

6§

4,315
2,663
2,160
4,960

3,815
2,443
2,001
4,595

13.52 3,186
15.15
|d,604
14.03
12.49

13.31
13.07
12.81
13.99

1981
Jan. 6

11-3/4

11.82

•

#

e

#

e

#
1 Excludes amounts sold to Government investment accounts and the Federal Reserve. As so 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.




0

10
11. PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: GOVERNMENT SPONSORED AGENCIES
Offering Payment
date
date

Issuer

Length

Maturity
date

Yield
(percent)

Amount (millions of dollars)
Gross
proceeds

Maturing
issues

Net
proceeds

6/10/85

9.95

1,000

550

450

12/01/83
12/01/86
7/23/90

9.30
10.00
10.40

841
1,002
600

1,175

1,268

8/19/83

9.70

1,000

0

1,000

3/25/85
3/25/87

10.80
11.10

1,200
600

1,600

200

9/04/84

11.75

486

0

486

4-mo

1/11/82

10.90

400

1,050

-650

1-yr

8-mo

6/10/82

12.25

500

800

-300

10/20
10/20
10/20

2-yr
4-yr
7-yr

1-mo
9-mo
9-mo

12/01/82
7/22/85
7/20/88

11.60
11.60
11.70

786
434
604

975

849

10/16
10/16

10/27
10/27

2-yr
3-yr

10/25/82
2/27/84

11.85
11.75

1,200
600

200

1,600

4-mo

FNMA

10/29

11/3

5-yr

11/12/85

13.00

750

0

750

FHLB

11/14
11/14

11/25
11/25

1-yr
4-yr

9-mo
8-mo

8/25/82
7/25/85

13.10
12.80

1,200
750

1,800

150

FFCB

11/26

12/1

2-yr

3-mo

9/1/83

13.75

521

0

521

FNMA

12/5

12/10

3-yr

1-mo

1/10/84

14.05

500

950

-450

FFCB

Wh/80 L / 5 / 8 1

3-yr

8-mo

9/3/85

1.2.75

404

433

-29

1/10/86

13.00

1,000

0

1,000

4 - y r 11-mo

FNMA

7/2

7/10

FFCB

7/9
7/9
7/9

7/21 3-yr
7/21 6-yr
7 / 2 1 LO-yr

FNMA

7/25

8/1

3-yr

FHLB

8/13
8/13

8/25
8/25

4-yr
6-yr

FFCB

8/27

9/2

4-yr

FNMA

9/4

9/10

1-yr

FNMA

10/1

10/10

FCB

10/8
10/8
10/8

FHLB

1981

1981

1/8

1/12

FNMA

FFCB
FHLB
FHLMC
FNMA

—
—
—
-

Federal
Federal
Federal
Federal




5-mo
5-mo

7-mo
7-mo

5-yr

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

As o f J a n u a r y 1 6 , 1981

11

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

Central Power & Light Co.
Toledo Edison Co.
Trinity I n d u s t r i e s Leasing Co.
Northwestern Natural Gas Co.
Union P a c i f i c R.R. Co.
Equitable Gas Co.
*Wisconsin Power & Light Co.
Production Operation Corp.
Commonwealth Edison Co.
*Southern C a l i f o r n i a Edison Co.
Kaneb Services Inc.
Delitarva Power & Light Co.
P a c i f i c Tele. & Tele. Co.
Gelco Corp.
National Rural U t i l . Coop. Fin. Corp.
*Public Service Co. of Indiana
*Union Carbide Corp.
*Avco Financial Services Inc.
^Charter Medical Corp.
*Public Service Co. of Indiana
*Union E l e c t r i c Co.
*Long Island Lighting Co.
*Barclaysamerican Corp.
OTHER

*Denmark, Kingdom of
Finland, Republic of
Gulf Canada Ltd.
E l e c t r i c i t e De France

Type

Amount
(millions of dollars)

A p p r o x i m a t e date
of offering

75.0
30.0
60.0
25.0
25.5
50.0
45.0
25.0
150.0
200.0
60.0
28.0
349.0
60.0
100.0
30.0
200.0
100.0
30.0
125.0
150.0
100.0
75.0

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

Notes
Notes
Bonds
Notes

100.0
250.0
200.0
100.0

Jan.
Indef.
Indef.
Indef.

* 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.




19
20
20
20
20
21
21
21
21
22
22
28

1 s t . mtg.
Pfd. s t k .
Conv. debt.
Debt.
Equip, t r .
Conv. debt.
1 s t . mtg.
Conv. debt.
Debt.
Com. s t k .
Conv. debt.
Com. s t k .
Com.stk.(rts)
Conv. debt.
Debt.
Com. s t k .
Debt.
Notes
Debt.
1 s t . mtg.
1 s t . mtg.
1 s t . mtg.
Notes

11
18

12

As of January 16, 1981

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

*Smith Co., TX
West Virginia
* J e f f e r s o n Parish Home Mort. Auth. LA
Mobile I n d u s t r i a l Devel. Bd., AL
Chicago, IL
*Lafayette Public Trust Fin. Auth., LA
Washoe Co. Airport Auth., NV
* I l l i n o i s Hsg. Dev. Auth.
•Municipal A s s i s t a n c e Corp.
Minnesota Higher Ed. Coordinating Bd.
C a l i f o r n i a , State of
M i s s i s s i p p i , Tennessee-Tombigee Waterway
Bridge
*New York State Dorm. Auth.
*Unita County, WY
Philadelphia, PA
Intermountain Power Agcy., VT
* I l l i n o i s Health Fac. Auth.
Maryland, S t a t e of

1

Type

Approximate date
of offering

50.0
65.0

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

20
21
23
23
23
23
23
23
23
27
27

25.0
33.8
104.0
60.0
300.0
31.3
149.1

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

27
29
29
29
29
30
4

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

42.3
50.0
50.0
99.0
140.0
50.0
43.5
74.9

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

100.0

14. STOCK PRICES 1
NYSE I n d e x 3

Date

1977-High
Low

1978-High
Low

1979-High
Low

1980-High
Low

AMEX4

DJ Industrials

NASDAQ5

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)

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)

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)

81.02 (11/28)
55.30 (3/27)

1000.17 (11/20)
759.13 (4/21)

370.75 (11/28)
215.69 (3/27)

208.15 (11/28)
124.09 (3/27)

1980-Dec.

5
12
19
26

77.16
74.16
76.86
78.28

956.23
917.15
937.20
966.38

355.17
333.48
347.58
354.22

203.02
191.22
197.91
201.28

1981-Jan.

2
9
16

78.26
76.44
77.33

972.78
968.69
973.29

355.60
339.93
347.94

203.55
197.66
201.13

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

NYSE

AM EX

NASDAQ

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

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

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)
1 8 . 0 (1/2)

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

25.8 (12/17)
7.2 (1/2)

1980-High
Low

8 4 . 1 (11/5)
1 6 . 1 (1226)

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

60.4 (11/19)
10.7 (4/14)

1977-High
Low

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

1978-High
Low

1980-Dec.

5
12
19
26

49.4
51.2
50.5
38.2

6.9
7.6
5.8
4.7

47.1
35.4
29.6
22.2

1981-Jan.

2
9
16

36.5
64.9r
42.7

6.2
%.5r
5.4

25.4
41.4r
33.2

1 Figures other than highs and lows are Friday figures only.
2 Volume figures are weekly averages of daily figures (millions of shares). Highs and lows refer to single days.
3 12/31/65 = 50
4 8/31/73 = 100
5 2/5/71 = 100




14
16. SECURITY CREDIJ1
Outstanding, dollar amounts in millions
Margin credit extended
by brokers on:

End of period

Marginable
stock

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

1976

7,960

204

810

88

1977

9,740

250

887

81

1978

10,830

205

955

67

1979

11,450

164

995

84

1979 — Jan.
Feb.
Mar.

10,750
10,790
10,870

199
195
181

950
950
965

79
71
79

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

1980 - Jan.
Feb.
Mar.

11,820
12,460
11,740

165
175
171

1,035
1,065
1,075

87
84
54

Apr.
May
June

11,140
11,270
11,200

168
167
165

1,055
1,055
1,065

72
81
83

198
204
208

1,075
1,095
1,105

88
89
87

211
220
219

1,120
1,155
1,180

87
87
86

Apr.
May
June

July
Aug.
Sept.
Oct.
Nov.
Dec.

1

Convertible
bonds

Number of
margin accounts
(thousands)

.

.

Hi, 320
11,800
12,520

i

13,080
14,140
14,500

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




1 s

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

Net flow
N.S.A.

1976

12,670

1977

10,783

1978

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

—

11.6

50,169

—

17.5

62,854

15.9

34,369

5,283

—

8.7

50,888

—

15.0

60,982

13.3

32,004

2,874

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

2,015
1,199

2,844
3,192
2,620

7.4
5.5

1,455
717
-198

-733

4,770

2,853
3,700
2,754

5.7

1.1

7.5
8.4
6.8

Oct.
Nov.
Dec.

-985
-199
1,006

-694

-5.8

74

183

0.6

15.1

1,863
1,157

3,321
3,527

8.6
9.1

4,525

2,030

5.2

2,627
3,601
2,213

1980-Jan.
Feb.
Mar.

-927
141
930

-605
168

-5.0
1.4
-1.9

2,065
1,626

2,191

2,617

5.6

4,403

-324

Apr.
May
June

-449

3.4
9.2

3,022

-222

881
1,770

402
1,106
1,200

July
992
Aug. l
610
S e p t . 1 1,377
Oct.
Nov.IL '

1

402
600

326

6.6

—0.8

3,393

8.6

2,779

10.2
6.9

3,096
4,583

4,067

1,586
2,785
-546

7.1

1,314
732

4.0

-700

3.1

1,167
1,079

5.2

5.4
-1.1

-696

-504
-1,000
-1,420

-765
-987
-1,436
-543
-679

3,795
5,173
3,979

7.4
10.0

-817
1,785
-169

-1,024
242

11.3

7.7

4,435
5,811

8.4
11.0

246
—460

2,550

-169

9.9

5,287

1,339
1,228
971

11.0
10.0

7.8

2,223
2,515

5,606

3,233

7.9

4,204

7.9

961
1,285
6

713
894

5.7
7.1

3,617
2,468

5,190
5,077

12.6

5,903
5,971

11.0
11.0

1,431

12.2

7.6

-176
1

-250

Regular deposits at mutual savings banks exclude items such as Christmas club and certain escrow accounts, which represent a very small part of
total deposits.
2 New deposits net of both withdrawals and interest. Data for S&L's are for insured associations only, which represent 96 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.




16
18, MORTGAGE COMMITMENTS OUTSTANDING AT SELECTED INSTITUTIONS
Bill ons of dollars, seasonally adjusted
Thrift Institutions
End of Period

Total

All savings
and loan
associations

Federal and Related Agencies
Mutual
savings banks
(N.Y. state)

Total

FNMA

GNMA

FHLMC

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.
Feb.
Mar.

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

Apr.
May
June

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

July
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.
Feb.
Mar.

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

Apr.
May
June

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

July
Aug.
Sept.

26.0
28.4
29.9

23.7
26.6
28.0

1.8
1.8
1.9

10.6
10.6
10.1

3.9
4.4
4.4

5.5
5.1
4.8

1.2
1.1
0.9

Oct.
Nov.
Dec.

29.5
29.3
n.a.

27.7
27.6
n.a.

1.8
1.7
n.a.

10.4
10.3
n.a.

4.9
4.4
3.6

4.8
5.2
n.a.

0.7
0.7
n.a.

i

Based on data from Federal Home Loan Bank Board, Savings Banks Association of New York State, and federal and related agencies, seasonal fy 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.




#

17
19. NET NEW MONEY BORROWINGS BY MAJOR HOUSING CREDIT AGENCIES
Millions of dollars

#

e

#

e

e

e

#

Intermediate- and long-term issues

FNMA and FHLB
short-term
discount notes

Total including
short-term
discount notes

Total

FHLB

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

1979-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

1980-Jan.
Feb.
Mar.

328
927
3,580

-2
10
1,780

0
-350
1,400

-2
160
-120

0
200
500

330
917
1,800

Apr.
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

July
Aug.
Sept.

-979
-458
1,325

442
1,200
253

0
200
1,000

-8
0
-97

450
1,000
-650

-1,421
-1,658
1,072

Oct.

3,607

1,600

0

-300

2,307

Period

#

#

Based on data from Treasury Survey of Ownership.




1,300

FHLMC

FNMA

18
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

FNMA
and
GNMA

Mortgage pools
FHLMC

GNMAFHLMCguaranteed guaranteed

1976

75,398

64,898

13,737

4,041

44,727

2,393

-2,042

-712

12,199

1,055

1977

114,008

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

124,352

91,108

31,504

3,886

43,211

12,607

8,147

973

20,854

3,270

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.
Nov.
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

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
8,232

3,834
5,784
6,407

1,886
1,123
1,115

-115
-113
-10

1,647
3,720
4,714

1,116
1,054
588

196
-8
-94

45
192
214

1,570
1,758
1,342

338
187
269

10,881

8,132

2,750
2,090
2,135

180

4,339
3,885

863

689

n.a.
n.a.

n.a.
n.a.

n.a
n.a

115
50

1,881
873

64
-106

n.a.

n.a.

n.a.

1980

Oct.
Nov.
Dec.

n.a.
n.a.

n.a.
n.a.

n.a.

Monthly data for commercial banks based on Federal Reserve estimates bench marked to 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 89 percent of the net increase estimated for all holders in 1978.




19
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 , BY T Y P E O F P R O P E R T Y 1
Billions of dollars, seasonally a d j u s t e d a n n u a l rates
Residential
Total

1

Total

1 - t o 4family

Multifamily

Commercial

Multifamily
and
commercial

Farm

13.7
15.3
13.2
12.4

15.1
15.1
16.9
15.0

5.1
4.8

4.2
8.3

14.6
15.2
17.5
24.6

23.5
25.6
33.2

18.8

8.6
9.4
8.4
8.8

8.2

9.9
11.9
10.4

20.9
20.7
26.7
25.5

29.0
30.6
38.6
35.8

9.8
11.6
11.2

105.8
104.6

8.8
6.9
9.1
9.9

22.3
28.5
30.0
21.3

31.1
35.4
39.1
31.2

15.9
17.9
16.4
14.4

95.1
35.7
77.7

9.3
6.4
9.3

25.8
13.8
19.5

20.2
28.8

35.0

14.4
15.1
11.4

81.7
75.5
92.7
98.1

62.9
55.4
72.7
78.0

61.5
55.6
69.0
75.4

110.7
134.9
140.2
150.2

87.5
110.3
114.3
116.8

83.3
102.0
106.1
108.2

135.3
147.0
154.3
160.4

105.6
116.5
116.0
123.7

97.4
106.6
104.1
113.3

155.9
164.3
161.3
150.2

117.8
117.9
114.9
114.5

109.0

144.4
70.9
117.9

104.4
42.1
87.0

111.0

1.4
-0.2

3.7
2.6

8.2
8.6

6.8

7.7

8.8

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.




22. AVERAGE RATES A N D YIELDS ON HOME MORTGAGES A N D PASS-THROUGH SECURITIES
Primary m a r k e t

Period

Rates on
conventional
loans at
S&L's

Secondary market
F H A / V A mortgages
Period

Yield in
FNMA
auction

Discount
points
in FNMA
auction

Ceiling
rate

Conventional mortgages
Yield on
GNMA
securities

Yield in
FNMA
auction

Yield in
FHLMC
auction

1978-High
Low

10.38
8.98

1978-High
Low

10.60
9.13

7.13
1.88

9-1/2
8-1/2

9.68
8.43

10.92
9.28

10.42
9.12

1979-High
Low

12.90
10.38

L979-High
Low

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

1980-High
Low

16.35
12.18

1980-High
Low

15.57
12.42

15.40
.93

14
11-1/2

14.17
10.73

15.35
12.76

14.56
11.60

7
14
21
28

12.53

6.19

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

11.42
11.58
11.45
11.67

12.76

11.83
11.94
12.00
12.25

4
11
18
25
Sept . 2

13.58

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

11.99
12.41
12.46
12.48
12.57

13.34

12
12
13
13

12.59
12.74
12.93
13.35

13
13
13
13
13

12.70
12.59
12.98
13.35
13.42

13
13
13-1/2
13-1/2

13.61
13.67
13.57
13.75

15.25

13-1/2
13-1/2
13-1/2
13-1/2

13.79
14.01
13.24
13.31

15.65

13-1/2
13-1/2

13.18
13.50

15.04

July

Aug.

Sept.

Oct.

Nov.

Dec.

1981
Jan.

3
11
18

July

25

12.18
12.23
12.18
12.18

1
8
15
22
29

12.25
12.25
12.55
12.80
12.95

Aug.

5
12
19
26

13.03
13.08
13.25
13.43

Sept .

3
10
17
24
31

13.60
13.73
13.78
13.85
14.00

Oct.

7
14
21
28

14.08
14.18
14.28
14.28

5
12
19
26

14.43
14.83
14.95
14.95

Dec.

2
19

14.95
14.80

Jan.

Nov.
Nov.
Dec.

8
15
22
29
6
13
20
27
3

—

12.78

7.63
11.96
—

14.26

15.40

—

14.41
—

14.60

13.42
——

14.33

—

—

15.30

12.37

—

14.57

—

8.69

—

—

15.30

12.39

—

——

10
17
24
1

15.57

13 .68

—

—

15.49

10.65

8
15
22
29

15.50

10.67

—

—

5
12

—

14.92
—

14.89

7.79
—

7.63

—

12.84
~

14.00
14.19
——

14.29
—

.14.86
—

14.47
—

14.92

——

15.35

—

15.43
—— .

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
14.34
14.38
14.56
14.70
14.86
14.86
14.36
14.16
14.43

Column 2 is average of contract interest rates on commitments for level-payment conventional first mortgages with 80 percent loan-to-value ratios and 30
year maturities 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
t 0 lnvestors on
GNMA-guaranteed mortgage-backed securities for immediate delivery, assuming prepayment in 12 years on pools of 30-year
,,
. o ° ^ 9 e S C a r r v i n g 8 f ° u p o . n r a t e 5 0 b a s i s P ° i n t s 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 60 days) delivery.
Beginning July 7,1980, the FNMA auction results for FHA/VA mortgages do not include graduated payment mortgages.




21..
23. FNMA AUCTIONS OF COMMITMENTS TO PURCHASE HOME MORTGAGES
Dollar a m o u n t s in millions
F H A / V A mortgages

Date of
auction

Offered

Average yield

Conventional mortgages
Average yield
Accepted

Offered

Accepted

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

1980-High
Low

644.2
92.7

354.6
51.9

15.93
12.28

426.0
28.7

133.0
20.0

17.51
12.81

1980-0ct. 13
27

196.3
231.5

118.3
139.4

14.57
15.30

28.9
78.7

61.9
46.4

14.47
14.92

Nov. 10
24

126.3
125.7

63.6
72.0

15.57
15.49

51.8
29.8

47.5
21.3

15.25
15.35

Dec.

8
22

92.7
145.4

51.9
58.9

15.50
14.92

56.1
28.7

34.1
20.0

15.65
15.43

1981-Jan.

5

147.9

52.9

14.89

12.4

11.1

15.04

24. FHLMC AUCTIONS OF COMMITMENTS TO PURCHASE HOME MORTGAGES
Conventional mortgages, dollar a m o u n t s in millions
Date of
auction

Offered

Immediate delivery program
Average yield
Accepted

1979-High
Low

298.0
38.7

150.5
17.9

13.56
10.40

1980-High
Low

401.4
4.9

200.3
2.5

16.22
11.60

7
14
21
28

86.4
129.3
112.2
50.6

30.2
47.5
39.0
27.6

13.80
13.69
13.86
14.22

Nov.

4
12
18
25

59.9
55.9
55.3
60.9

42.2
26.9
39.5
33.6

14.22
14.25
14.34
14.38

Dec.

2
9
16
23
30

57.9
39.2
24.9
4.9
27.8

35.9
33.3
18.9
2.5
21.2

14.56
14.70
14.86
14.86
14.36

1980-Jan.

6
13

105.9
n.a.

65.9
n.a.

14.16
14.43

1980-0ct.

Offered
1

F u t u r e c o m m i t m e n t pr<jgram
Average yield
Accepted

166.6
38.7

37.8
13.7

13.89
10.43

129.5
38.1

31.2
11.6

17.36
12.13

——

72.5

1

"
25.8

——

14.32

—
—

1

38.6

—

——

23.6

14.88

24.3

15.35

——

53.3

—

73.6

——

18.4

15.16

O f f e n d s in the FNMA auctions of 4-month purchase commitments relate to total bids submitted, and average yields to FNMA on accepted b.ds are gross
(before deduction of 37% basis points for mortgage servicing) assuming prepayment in 12 years for 30-year mortgages, without a ^ J u s t n l e ^ s J ° r F N M A
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. Prior to June 24, 1980, the FHLMC's future commitment program involved
6-month commitments; subsequently, 8-month commitments have been auctioned.
Source: FNMA and FHLMC




22
25. ISSUES OF MORTGAGE-BACKED SECURITIES
Millions of dollars, n o t seasonally adjusted
Pass-through securities
Period

GNMA-guaranteed
New issues

Outstanding
(end of period)

F H LMC-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

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

24,940

76,401

4,546

15,180

2,575

3,641

1,110

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.
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
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

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.
Sept.

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

Oct.

2,255
1,613

91,425
92,574

187
937

16,950
16,912

402
n.a.

7,708
n.a.

0
0

1979-Jan.
Feb.

Nov.

Dec.
1980-Jan.
Feb.

Nov.

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 and are underwritten by major private mortgage insurance companies.
Source: GNMA, FHLMC, HUD, and Federal Reserve.