Full text of H.16 Capital Market Developments : April 13, 1981

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

April 1 3 , 1 9 8 1

Capital
Market
Developments
~

^ a r c h 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




% 0 lyyj

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
Pub'ic 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. YIELDS, VOLUME AND RECEPTION
Corporate Bond Market
Week ending

1981-Jan.

2
9
16
23
30

Feb.

Mar.

Apr.

Gross offerings 3
($ millions)

Volume
Percent sold by
end of week

14.05
14.07
14.29
14.06

14.15
14.10
14.17
14.33
14.08

100
828
759
414
853

100
97
98
100
100

14.90

14.30
14.58
14.57
14.85

430
708
191
1,068

100
99
100
98

25

14.53
14.18
13.98
14.71

521
540
1,736
517

94
93
97
90

30
40
60
53

980
700

98
100

19

Yields
Recently offered
New issue
Aaa utility 2
Aaa utility 1

6
13
20
27
6
13
20
27

14.55
14.42

3
10

14.87r

15.07

14.89r
15.17p

New issues in syndicate 4
($ millions)
0

25
16
0

0
0

8
0

0

2. YIELDS, VOLUME AND RECEPTION
Municipal Bond Market
Volume

r leias
^

Week ending

Bond Buyer
GO. bond
index

Bond Buyer
Rev. bond
index

Gross offerings
($ millions)

Percent sold by
end of week 3

New issues in
syndicate 4
($ millions)

1981-Jan.

2
9
16
23
30

9.00
8.80
8.80
9.00
9.30

9.76
9.49
9.57
9.68
9.91

10.81
10.41
10,34
10.72
11.07

287
419
423
518
859

98
71
94
94
93

Z3
127
56
65
69

Feb.

6
13
20

9.90
9.99
10.22
10.27

10.84

27

9.30
9.40
9.50
9:65

11.07

391
715
498
824

87
94
80
90

61
70
129
120

Mar.

6
13
20
27

9.80
9.80
9.20
9.20

10.40
10.34
9.81
10.09

11.10
11.03
10.67
10.80

585
976
968
635

82
97
98
76

153
80
28
233

Apr.

3
10

9.50
9.80

10.21
10.45

10.92
11.17

865
1,233

83
95

268
148

#

* *

*

Moody's new
issue Aaa

vsl=::

2s

during the last four weeks.

s

11.06
11.06

—

«

—

S T a f e Market: ^ l o m o n t r o l h ^ ^ M a ^ e t Roundup; Municipal Market: WeeXty Bond Buyer. Data are adjusted by Federa. Reserve when
necessary t o make coverage of this series consistent with the gross offerings series.




3. HIGH GRADE BOND YIELDS
New issue
Aaa utility 1

Date

1978-High
Low

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

I Recently offered
Aaa utility 2
9.54(12/22)
8.48(1/6)

Moody's
I
U.S. govt,
seasoned
20-year constant
corporate Aaa3 |
maturity*

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

10.56(11/9)
8.79(7/6)

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

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

10.56(12/19)
7.11(5/9)

11.41(12/19)
8.15(5/8)

1979-High
Low

|ll.51(11/12) 11.45(11/9)
9.40(8/17) I 9.39(6/29)

1980-High
Low

Il4.51(12/12)115.03(12/12) 13.49(12/19) 12.86(12/12)
10.53(6/20) 110.79(6/20) 10.34(6/20) I 9.59(6/20)

1981-High
Low

15.07(3/27)
|14.05(l/9)

15.17(4/10)
13.99(3/20)

1980-Jan.
Feb.
Mar.

11.73
13.57
14.00

11.77
13.35
13.90

11.09

Apr.
May
June

12.90
11.53
10.95

July
Aug.
Sept.

13.72(4/10) 13.37(4/10) 10.45(4/10)
12.59(1/9)
|11.98(1/9)
9.49(1/9)
10.65

7.35

12.96

12.49

12.91
11.64
10.99

12.04
10.99
10.58

11.60
12.32
12.74

11.41
12.31
12.72

Oct.
Nov.
Dec*

13.18
13.85
14.51

19&l-Jan.
Feb.
Mar#
1981-Mar.

Apr.

;

=

6

13
20
27

=

8.21

9.17

8.91
9.95

11.42
10.44
9.89

8.63
7.59
7.63

9.66
8.50
8.47

11.07
11.64
12.02

10.32
11.07
11.47

8.13
8.67
8.94

8.87
9.57
9.84

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

14.21
14.90
14.71

14.17
14.58
14.41

12.81
13.35
13.33

12.29
12.98
12.94

9.66
10.10
10.16

10.64
11.01
10.90

14.55
14.42

14.53
14.18
13.98
14,71

13.61
13.31
11.06
13.32

10.40
10.34
9.81
10.09

11.10

f

13.21
12.87
12.54
13.11

14.89r
15.l7p

13.41r
13.72p

I
I

13.05r
13.37p

10.21
10.45

10.92
11.17

14.87r

:

I

11.17(4/10)
10.34(1/16)

8.16

15.07

1
10

Bond Buyer
Rev. bond
index 6

8.01(1/6)

9.00(12/22)

9.27(12/29)|
8.30(1/6)
10.87(12/28)
9.16(7/6)

Bond Buyer
G O. bond
index 5

12.38

12.21

I
I

:i z i ' :

11.08

11.0316.67

10.80

-

-

restrictions sometime during the last four weeks.
3 Weekly average of daily closing figures.
i

oblivion bond,

6

bonds used in ,»i,
Investors Service. Weekly Bond Buyer data.




,n ,hi, index

mid-,

mid™, » « , « « ,

».
,0,

» =l,„i,i,d by

5
4. LONG-TERM CORPORATE AND STATE AND LOCAL GOVERNMENT SECURITY OFFERINGS AND PLACEMENTS
Gross proceeds, millions of dollars
Corporate 1

Period

1979

January
'
February
March

3,770
3,165
4,354

1980
6,190
4,427
4,454

April
May
June

4,692
4,160
6,238

July
August
September
October
November
December
Year

State and Local

1979

1980

2,840
2,603
4,644

2,424
2,435

5,677
9,074
9,645

3,444
3,042
4,724

4,962
4,746
6,136

4,103
4,211
4,593

8,026
5,437
5,025

3,396
4,256
2,472

4,872
3,946
4,523

4,601
3,868
3,778

5,728
3,827
5,376

4,217
4,160
3,567

4,474

51,533

72,886

43,365

1981
5,573
4,157
6,100e

2

1981
2,575

3,078

2,800e
3,600e

2,916
3,854

48,366r.

1 Securities and Exchange Commission estimates of gross proceeds.
2 Public Securities Association estimates of principal amounts.

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

Decreased)/ Sponsored
agency
increase!—)
borrow! ng4
in cash
operating
balance

Combined
deficit(+)
or
surplus(-) 1

Totals

l U -1978
r- -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

980——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. - 8 , 0 3 7
16,318
May
June -11,963

4,632
5,350
-4,615

4,515
91
-10,703

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

J u l y 16,384
8,347
Aug.
Sept. -4,434

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
7,869

4,758
9,231
13,668

2,477
6,412
7,382

2,422
3,267?
7,233

-63
-315
-1,023

-23
-30
-79

4,076
-3,985
-720

8 ,312
5,452
-5,079

5,116
412
3,378

Period

Oct.
Nov.
Dec.

Other

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
Foreign
Convertible

Total

Publicly
offered

Privately
placed

Common and
preferred
stocks

1977
1978
1979
1980

53,792
47,230
51,533
72,886

24,072
19,815
25,814
41,545

17,943
17,057
14,394
10,978

11,777
10,358
11,325
20,363

1,340
1,349
1,008
n.a.

863
418
2,229
4,685

1980-QI
QII

15,071
24,395
18,488
14,931

5,861
18,186
11,618
5,880

4,624
2,213
2,163
1,978

4,586
3,997
4,707
7,073

169
529
631
n.a.

908
967
1,510
1,300

Aug.
Sept.

8,026
5,437
5,025

5,354
3,843
2,421

1,298
370
495

1,374
1,224
2,109

100
191
340

208
805
497

Oct.
Nov.
Dec.

5,728
3,827
5,376

2,756
1,405
1,719

519
650
809

2,453
1,772
2,848

348
12
n.a.

687
398
215

1981-Jan.

5,573
4,157

2,928
2,408

445
426

2,200
1^323

n.a.
n.a.

303
575

Period

QUI

QIV
1980-July

Feb.

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

1977
1978
1979
1980

Manufacturing

Public utility

Communications

Other issuers1

13,393
10,813
11,357
20,048

14,127
12,232
13,324
15,734

4,522
3,640
4,522
7,225

21,827
20,549
22,332
29,877

1980-QI
QII
QUI
QIV

3,950
6,896
5,925
3,277

4,864
4,151
3,701
3,018

1,324
2,182
1,936
1,783

4,932
11,169
6,924
6,852

1980-July
Aug.
Sept.

3,032
1,838
1,055

1,065
1,434
1,202

787
626
523

3,141
1,539
2,244

Oct.
Nov.
Dec.

1,462
506
1,309

1,280
792
946

858
276
649

2,128
2,254
2,470

1981-Jan.
Feb.

2,249
1,344

1,362
853

62
303

1,901
1,660

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.




PUBLIC O F F E R I N G S O F I N T E R M E D I A T E - A N D LONG-TERM S E C U R I T I E S : C O R P O R A T E 1
Issuer

General Motors A c c e p t . Corp,
P h i l i p Morris Inc.
Kroger Co.
MCI Communications Corp.
F i r s t S e c u r i t y Corp.
Kansas Gas & E l e c . Co.
P h i l a d e l p h i a E l e c . Co.
American E l e c . Power Co.
Petroleum H e l i c o p t e r s , I n c .
Nucorp Energy I n c .
I n t e r g r a p h Corp.
Oak I n d u s t r i e s I n c .
Eaton Corp.
Montana Power Co.
C i t i e s Service Inc.
Union Corp.
OTHER
Hitachi Ltd.

*
1

Date

Type

Amount
(millions
of dollars)

Maturity

4/9

Debt.
400.0
Notes
125.0
Conv.debt. 5 0 . 0
Debt.
125.0
Conv.debt. 4 0 . 0
Com. s t k .
28.6
Com. s t k .
61.9
Com. s t k . 1 4 6 . 3
Com. s t k .
26.8
Conv.debt. 5 0 . 0
Com. s t k .
27.0
Debt.
100.0
Debt.
200.0
Com. s t k .
43.1
Debt.
300.0
Debt.
30.0

2011
2001

4/9

Conv.debt.

1996

4/1
4/1
4/1
4/2
4/2
4/2
4/2
4/7
4/7
4/7
4/8
4/8
4/8
4/9
4/9

150.0

voupon
rate

Offering > IVioooy VS&P :
yieia j
ratings

2011

6.00

13.80

1991

14.00

2006
2001
2006

14.12

10.50

10.50

14.12

16.80

9.50

9.50

2001

9.25

9.25

2001
2011

13.65

16.19

7.00

14.57

7.00

14.25

14.50

17.25

5.75

5.75

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




Aaa/AAA
A/A
Baa/BAA
B/B
Aa/AA-

Ba/BB+
A/AA/A+
B/B+
Aaa/AAA

8
9. PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: STATE AND LOCAL1
Issuer

J e f f e r s o n P a r i s h School B d . ,
LA
U n i v e r s i t y of L o u i s v i l l e , KY
C a l i f o r n i a Ed. F a c . Auth.
D a l l a s , TX
D a l l a s , TX
D a l l a s , TX
Washington, S t a t e of
G r e a t e r Chicago M e t r o . S a n i .
D i s t . , IL
N o r t h C a r o l i n a Muni. Power
Agcy.
North C a r o l i n a Muni. Power
Agcy.
N o r t h C a r o l i n a Muni. Power
Agcy.
N o r t h C a r o l i n a Muni. Power
Agcy.
South Dakota S t u d e n t Loan
A s s i s t . Corp.
Memphis-Shelby Co. A i r p o r t
A u t h . , TN
Snohomish C o . , WA
C h i c a g o , 111.
Pima Co. I n d u s . Dev. A u t h . , AZ
Pima Co. I n d u s . Dev. A u t h . , AZ
L i n c o l n & Emery C o . , WY
N o r t h e r n M u n i c i p a l Power
A g c y . , MN
N o r t h e r n M u n i c i p a l Power
A g c y . , MN
N o r t h e r n M u n i c i p a l Power
A g c y . , MN
N o r t h e r n M u n i c i p a l Power
A g c y . , MN
N o r t h e r n M u n i c i p a l Power
A g c y . , MN
N o r t h e r n M u n i c i p a l Power
A g c y . , MN

1
2
3

Type 2

Amount
(millions
of $)

Maturity

Net
interest
cost

Offering
yield

1Vloody's/S&P's
ratings

4/1
4/1
4/1
4/1
4/1
4/1
4/1

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

45.0
28.7
53.2
66.0
25.6
35.6
122.0

1982-2001
1982
1982-2006
1982-1996
1999
2001
1982-2001

n.a.
8.32
9.69
n.a.
n.a.
n.a.
9.46

7.50-10.70
7.90
6.75-9.75
7.50-10.00
10.31
10.19
7.00-9.75

Baal/Al
MIG-1
Aaa/AAA
Aa/AA
Aa/AA
Aa/AA
Aa/AA+

4/2

G.O.

56.0

1983-2001

10.39

8.00-10.85

Aa/AA

4/2

Rev.

11.1

1991-1998

n.a.

9.40-10.50

A/A

4/2

Rev.

9.9

2001

n.a.

10.75

A/A

4/2

Rev.

25.0

2017

n.a.

10.96

A/A

4/2

Rev.

79.0

2020

n.a.

11.18

A/A

4/3

Rev.

32.3

1984

n.a.

8.50

A1/A+

4/7
4/7
4/8
4/8
4/8
4/9

Rev;
Rev.
Rev.
Rev.
Rev.

40.0
35.0
55.0
126.0
163.0
90.0

1984
1984-2001
1982
1984
1986
2011

n.a.
10.52
9.06
n.a.
n.a.
n.a.

9.00
8.00-10.80
8.50
9.13
9.38
11.13

Baa/AAa/AAMIG-1
A/A+
A/A+
A/A+

4/9

Rev.

16.8

1986-1996

n.a.

8.75-10.75

A/A

4/9

Rev.

16.3

2001

n.a.

11.25

A/A

4/9

Rev.

38.3

2008

n.a.

11.35

A/A

4/9

Rev.

116.7

2013

n.a.

11.88

A/A

4/9

Rev.

40.0

2020

n.a.

11.25

A/A

4/9

Rev.

40.0

2021

n.a.

11.75

A/A

Date

G.O.

Includes only state and local security offerings of $25 million and over; excludes secondary offerings.
For state and local government securities, G O . denotes general obligation; Rev. denotes revenue obligations.
Canadian interest cost.







9
OF INTERMEDIATE- AND LONG-TERM SECURITIES: U.S. TREASURY
Amount (millions of d
Length

Maturity
date

Coupon Auction
average
rate
percent) percent)

Total

Private

13-1/4
3 - y r 6-mc 5 / 1 5 / 8 4
13
1
1
/
1
5
/
9
0
10-yr
11/15/05-10 12-3/4
30-yr
13-7/8
11/30/82
2-yr

13.31
13.07

4,315
2,663

3,815
2,443

13.99

4,966

13-1/2
15-1/8
14
12-3/8

13.52
15.15
14.03
12.49

- y r 2 -mc 2 / 1 5 / 8 6
12/31/8.2
-yr
12/31/84
-yr
1/15/88
-yr

2 0 - y r 1- •mo 2 / 1 5 / 0 1
1/31/83
2-yr
5-yr
9-yr
29-yr
2-yr
5-yr

6-mo 8 / 1 5 / 8 4
9-mo 1 1 / 1 5 / 9 0

9-mo 1 1 / 1 5 / 1 0
2/28/83
2-mo 5 / 1 5 / 8 6

2-yr
4-yr
20-yr t a o
7-yr

3/31/83
3/31/85
5/15/01
4/15/88

Net proce

Gross proceeds
1

Total

Pr

smo:
reign
J-ons 3

0

2,815

190

4,601

1,771

0
0

3,188

3,188

3,188

170

8,575

7,973

2,337

63

2,710

2,710

2,710

0

1 1 - 3 / 4 11.82
13-5/8 13.69

1.501
4,964p

1,501
4,503p

1,501
1,818p

125

13-1/4
13
12-3/4
13-7/8
13-3/4

13.37
12.89

4.502
2,900
2,575
5,180p
3,254p

•8,502p

3,339p

130

4,754
3,254p

2,293p
3,254p

186
195

12-5/8
13-3/8
13-1/8
13-1/4

12.65
13.49
13.21
13.34

12.81

12.68
13.97
13.79

2,160

2,001

I

0

0

0
0

Government investment accounts and the Federal Reserve. Also excludes add-ons t o foreign acc
al if the Government accounts and/or the Federal Reserve do not fully roll-over their maturing I
surities issued to foreign and international monetary authorities at the average auction price for

68

10
11. PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES

GOVERNMENT-SPONSORED AGENCIES
Amount (millions of dollars)

Issuer

Offering Payment
date
date

Length

Maturity
date

Yield
(percent)

Gross
proceeds

Maturing
issues

Net
proceeds

1,800

150

521

0

521

14.05

500

950

-450

9/3/85

12.75

404

433

-29

1/10/86

13.00

1,000

0

1,000

858

565

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

1,280

12.80

750

FFCB

11/26

12/1

2-yr

3-mo

9/1/83

13.75

FNMA

12/5

12/10

3-yr

1-mo

1/10/84

FFCB

12/24/80 1 / 5 / 8 1 3 - y r

8-mo

1981

1981

FNMA

1/8

1/12

5-yr

FFCB

1/13
1/13

1/20
1/20

4-yr
8-yr

1-mo

3/4/85
1/23/89

13.20
13.05

785
638

FHLB

1/21

1/28

2-yr

6-mo

7/25/83

13.35

600

FHLB

2/11
2/11

2/25
2/25

3 - y r 4-mo
4 - y r 11-mo

6/25/84
1/27/86

14.00
13.85

1,000
700

1,500

200

FNMA

2/13

2/17

7-yr

2/10/88

14.40

300

0

300

FNMA

3/4

3/10

4-yr

3/11/85

14.25

500

1,150

-650

FHLB

3/11
3/11

3/25
3/25

1-yr
3-yr

6/25/82
9/25/84

14.10
13.85

1,100
700

1,000

800

FFCB

3/25
3/25

4/1
4/1

2 - y r 11-mo
4 - y r 11-mo

3/1/84
3/3/86

13.85
13.95

683
970

364

1,289

FNMA

4/1

4/10

4-yr

4/10/85

13.75

500

1,300

-800

3-mo
6-mo

FFCB
— Federal Farm Credit Banks
FHLB
— Federal Home Loan Banks
FHLMC — Federal Home Loan Mortgage Corporation
FNMA
- Federal National Mortgage Association




600

11

As of A p r i l 10, 1981
12. FORTHCOMING PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: CORPORATE1
Issuer

Type

Amount
i millions of dollars)

Approximate date
of offering

Apr. 14
Apr. 14
Apr. 15
Apr. 15
Apr. 21
Apr. 21
Apr. 22
Apr. 22
Apr. 23
Apr. 28
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
. Apr.

1 s t . mtg.
1 s t . mtg.
1 s t . mtg.
1 s t . mtg.
1 s t . mtg.
Com. s t k .
Notes
Notes
Debt.
Notes
Notes
Notes
Bonds
Debt.
Com. s t k ( r t s )
Notes
Debt.
Notes
Debt.
Conv. debt.
Com. stk.
Com. stk.
Pfd. stk.
Notes
Debt.
Notes
1st. mtg.
Debt.
Debt.
Notes
Notes
Pfd. stk.
Pfd. stk.
Pfd. stk.
Notes

26.7
75.0
75.0
40.0
100.0
35.0
250.0
45.0
100.0
110.0
50.0
50.0
250.0
200.0
100.0
50.0
40.0
40.0
37.0
50.0
125.0
100.0
100.0
389.1
200.0
115.0
30.0
250.0
75.0
100.0
50.0
100.0
200.0
100.0
75.0
50.0
25.0
30.0
100.0

Sweden, Kingdom of
British- Columbia Hydro & Power Auth.
British Columbia Hydro & Power Auth.
United Mexican States
Oslo Norway

Notes
Bond
Note
Bonds
Bonds

200.0
200.0
150.0
100.0
160.0

Apr. 14
Apr.
Apr.
Apr.
Indef,

POSTPONED
Northern States Power Co.
Florida Tel. Corp.
Gen'l Tel. Co. of Calif.
Gen'1 Tel. Co. of Calif.
Bell Tel. Co. of Pa.

1st. mtg.
Notes
Debt.
Notes
Botes

75.0
45.0
100.0
50.0
150.0

Apr. 7
Apr. 8
Apr. 9
Apr* 9
Apr. 14

*Missouri P a c i f i c R.R. Co.
L o u i s i a n a Power & L i g h t Co.
Leaseway T r a n s p . Corp.
Applachian Power Co.
V i r g i n i a E l e c t r i c & Power Co.
Toledo Edison
* P a c i f i c Gas & E l e c . Co.
C e n t r a l Maine Power Co.
Alabama Power Co.
Middle South D t i l s .
*Republic New York Corp.
* D i a l F i n a n c i a l Corp.
*Michigan B e l l T e l . Co.
*Ford Motor C r e d i t Co.
Xerox Credit Corp.
Borg Warner Accept. Corp.
PHM Credit Corp.
Cincinnati Bell Tel. Co.
Southwestern Public Service
Mellon National Corp.
Barclays N. Amer. Capital Corp.
Cypress Mines Corp.
Cypress Mines Corp.
Sun Co.
*Moasanto Co.
*Long Island Lighting Co.
•Dallas Power & Light Co.
Citicorp.
tfestvaco Corp.

Wells Fargo & Co.
General Tel. Co. of Ohio
Aaoco Credit Corp.
Diamond Shamrock Corp.
Westinghouse Credit Corp.
United Gas Pipeline
Hew England Power Co.
Detroit Edison Co.
New York State Elec. & Gas Corp.
Beneficial Corp.
t
OTHER

Equip. t r .
1 s t . mtg.
Notes
Pfd. stk.

1 Includes only corporate and other security issues of $25 million and over; excludes exchanges, options, andsecondary offerings.



12

As of A p r i l 10, 1981

13. FORTHCOMING PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: STATE AND LOCAL1
Issuer

*Pomona Redev. Agcy., CA
^Washington Pub. Power Supply S y s t .
Cape May Co. I n d u s . P o l l . C n t r l . F i n . Auth.
' * N.J.
*North Texas Higher Ed. A u t h . , I n c .
C o n n e c t i c u t , S t a t e of
*0hio A i r Qual. Dev. Auth.
Orange Co. Hsg. F i n . A u t h . , FL
L o u i s i a n a , S t a t e of
San F r a n c i s c o , CA
*Weirton, W.V.
Nassau C o , , NY
^Manatee Co. HFA, FL
* N a t . f 1 R u r a l U t i l i t i e s Corp. F i n . Corp.
New Hampshire, S t a t e of Shelby Co, H e a l t h & Ed; Fac. B d . , TN
G i l a Co. I n d u s . D e v e l . A u t h . , AZ
^Milwaukee C o . , WI
Denver, CO
New Hampshire, S t a t e of
B a l t i m o r e , MD
Sacramento Muni. Ut.il*, D i s t , , CA
*Johnson Co.> KS
*Sacramento,/ CA
, »
J a c k s o n . Co,., OR
Burbank Redev. Agcy., AK
^Minnesota Hsg. F i n . Agcy.
* F o r s y t h , MT
* H a r r i s t o n P o r t A u t h . , TK
Minnesota,Hsg. F i n . Agcy.
:
*Georgia, S t a t e
,,
!
*Forth Worth, TX
* P l a t t e R i v e r Power A u t h . , CO
^
POSTPONED
P i t t s b u r g Redev. Agcy.
Oregon, S t a t e of

*
1

CA

Type

Approximate date
of offering

Rev.
Rev.

118.5
200.0

Apr. 13
Apr. 13

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

38.7
35.0
100.0
100.0
130.0
179.1
50.0
42.0
51.Q
35.0
58.6
87.3
91.4
90.0
42.4
29.0
87.3
35.0
50.0
64.7
150.0
47.0
55.5
30.0
356.0
25.0
30.0
150.4
40.0
125.0

Apr.
Apr,
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.

Rev.
G.O.

240.0

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




Amount
(millions of dollars)

31.3

13
13
14
14
14
14
15
15

S: IF

Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr,
Apr.
Apr.
Apr.

17
17
17 ;
17
21
21
22
23
23
24
28
28
30
30
Apr- 30

Apr. 30
Apr." 30
,S5._;
May
6
May 21
Apr.
Apr.

14. STOCK PRICES 1
NYSE Index3

Date

NASDAQ5

AMEX4

DJ Industrials

1978-High
Low

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

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

176.87 ( 9 / 1 5 )
119.73 (1/11)

139.25 ( 9 / 1 3 )
99.09 ( 1 / 1 1 )

1979-High
Low

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

897.61 (10/5)
796.67 ( 1 1 / 8 )

247.07 ( 1 2 / 3 1 )
152.03 (1/2)

152.29 ( 1 0 / 5 )
117.84 ( 1 / 2 )

1980-High
Low

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

1000.17 ( 1 1 / 2 0 )
759.13 (4/21)

370.75 (11/29)
215.69 (3/27)

208.15 (11/28)
124.09 ( 3 / 2 7 )

1981-High
Low

79.14 (1/6)
72.45 (2/20)

1007.11 (4/3)
931.57 ( 2 / 1 3 )

369.13 (4/3)
330.34 ( 2 / 2 0 )

215.15 ( 4 / 1 0 )
192.29 (2/20)

1981-Mar.

6
13
20
27

74.46
76.32
77.09
77.59

964.62
985.77
992.80
994.78

336.66
344.41
352.39
357.87

199.89
202.17
206.29
208.82

Apr.

3
10

78.14
77.78

1007.11
1000.27

369.13
368.50

212.65
215.15

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

Date

AMEX

NASDAQ

1978-High
Low

66.4 (8/3)
7.6 (1/2)

11.0 (10/30)
1.3 (1/20)

1 8 . 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)

2 5 . 8 (12/17)
7.2 (1/2)

1980-High
Low

84.1 (11/5)
16.1 (12/26)

15.0 (1/15)
2.5 (4/14)

6 0 . 4 (11/19)
1 0 . 7 (4/14)

1981-High
Low

92.9 (1/7)
28.9 (1/2)

15.8 (1/7)
3.6 (2/13)

53.2 (1/7)
19.7 (1/2)

1981-Mar.

6
13
20
27

46.6
54.6
59.2
57.6

4.9
5.3
6.2
6.4

29.4
31.7
31.5
32.6

Apr.

3
10

48. l r
48.8

6.2r
5.3

32.7r
35.7

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




14
16. SECURITY CREDIT1
Outstanding, dollar amounts in millions

End of period

Marginable
stock

Convertible
bonds

Number of
margin accounts
(thousands)

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

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

1980 - J a n .
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

July
Aug.
Sept.

11,320
11,800
12,520

198
204
208

1,075
1,095
1,105

88
89
87

Oct.
Nov.
Dec.

13,080
14,140
14,500

211
220
219

1,120
1,155
1,180

87
87
86

1981 - J a n .

14,020
13,950

221
220

1,195
1,205

80
80

1979 - J a n .
Feb.

Feb.

Feb.

1

Margin credit extended
by brokers on:

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
Date

Net f l o w
N.S.A.

Sea. a d j .

Annual
growth
rate3

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

Sea. adj.

Memo:
Net New Money 2

Total

Annual
growth
rate3

Net
flow
(sea. adj.)

Annual
growth
rate3

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

4,000

2.1

39,051

9.1

42,226

7.4

15,029

-6,963

1980

7,380

5.1

40,955

8.7

48,330

7.9

10,667

-4,831

1979-July
Aug.
Sept.

-337
-92
520

49
485
232

-0.4
4.0
1.9

2,006
1,199
4,744

2,906
3,487
2,444

7.7
9.2
6.4

2,854
3,972
2,676

5.9
8.0
5.1

1,455
717
-198

-733
-504
-1,072

3,243
3,498
2,166

8.4
9.0
5.6

2,546
3,405
2,349

5.0
7.0
4.6

1,314
732
-700

-1,421
-765
-987

Oct.
Nov.
Dec.

-983
-325

-5.8

1,006

-697
93
183

1.5

1,855
1,153
4,505

1980-Jan.
Feb.
Mar.

-927
141
930

-605
168

-5.0
1.4
-1.9

2,059
1,622
4,390

2,080
2,614
-336

5.3
6.6
-0.8

1,475
2,782
-558

2.9
5.4
-1.1

1,167
1,079
-696

-1,436
-543
-679

Apr.
May
June

-449
881
1,770

1,106
1,200

3.4
9.2
9.9

325
3,011
5,269

3,391
4,056
2,762

8.6
10.2
6.9

3,793
5,162
3,962

7.4
10.0
7.6

-817
1,785
-169

-1,024
242
-176

July
Aug.
Sept.

992
610
1,377

1,339
1,228
971

11.0
10.0
7.8

2,216
2,507
5,588

3,089
4,574
3,216

11.2

7.6

8.4

11.0
7.8

961
1,285
6

246

7.8

4,428
5,802
4,787

Oct.
Nov.
Dec.

402
312
1,341

713
605
485

5.7
4.8
3.9

3,870
2,507
7,591

5,442
5,116
4,936

13.2
12.2
11.7

6,155
5,721
5,421

11.4
10.5
9.9

2,550
1,461
2,055

-169
-227

-339
115

-18

-0.1

1,987
2,220

2,066
3,298

4.8
7.7

2,048
3,442

6.2

3.7

599
785

-967
-385

1981-Jan.
Feb.P

1

-222

402

144

—0 • 8

1.1

1
-460

-606

Regular deposits at mutual savings banks exclude items such as Christmas club and certain escrow accounts, which represent a very small part of

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.




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

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

1980

28.9

27.3

1.6

9.3

3.5

5.2

0.6

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.

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

May
June

.

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
26.7
28.0

1.8
1.8
1.9

10.6
10.6
10.8

3.9
4.4
5.1

5.5
5.1
4.8

1.2
1.1
0.9

Oct.
Dec.

29.5
29.5
28.9

27.7
27.8
27.3

1.8
1.7
1.6

10.4
10.3
9.3

4.9
4.4
3.5

4.8
5.2
5.2

0.7
0.7
0.6

1981-Jan.
Feb.

28.6
27.5

27.1
26.1

1.5
1.4

10.3
9.6

3.3
2.8

6.3
6.2

0.7
0.6

July

Nov.

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.




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

~>

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

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.
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.

1,300
900
250

1,600
150
700

0
0

-300
750

2,307
-587

Dec.

3,607
313
3,390

0

-450

3,140

1981-Jan.

207

1,582

600

-18

1,000

-1,375

1979-Jan.
Feb.

#

e

e

Feb.

#

#:

Nov.

»

V

e

FNMA and FHLB
short-term
discount notes

Total

Period

e

e

Intermediate- and long-term issues

Total including
short-term
discount notes

•

e

Based on data from Treasury Survey of Ownership.



FHLMC

FNMA

18
20. NET CHANGE IN MORTGAGE HOLDINGS AT SELECTED INSTITUTIONS
Millions of dollars, seasonally adjusted
Major private financial institutions
Total

Period

Total

Commercial
banks

MSB's

S&L's

Mortgage pools

FNMA
Life insur.
companies

and

FHLMC

GNMA

FHLMCGNMAguaranteed guaranteed

1978

126,411 103,221 3 5 , 3 7 6

6,314

52,153

9,378

8,735

-233

9,389

5,275

1979

122,121

88,877 31,504

3,886

43,064

12,607

8,147

973

20,854

3,270

1980

87,021

5 9 , 4 1 8 18,574

516

27,826

12,318

7,262

1,127

17,479

1,754

1979
Apr.
May
June

8,276
11,033
10,814

5,940
8,349
8,400

2,487
2,328
2,753

204
388
373

3,998
4,654
4,253

848
979
1,021

489
745
530

-3
19
-25

1,542
1,505
1,625

308
415
284

July
Aug.
Sept.

10,277
10,520
10,612

8,267
7,446
7,731

2,809
2,636
2,953

384
297
276

3,919
3,380
3,375

1,155
1,133
1,127

35
524
284

62
114
144

1,608
2,122
2,161

304
314
293

Oct.
Nov.
Dec.

11,581
10,297
8,549

8,501
6,818
4,996

2,844
2,594
2,521

248
265
21

3,808
2,827
1,469

1,601
1,132
985

764
866
903

-71
202
34

2,002
2,393
2,338

385
18
277

Jan.
Feb.
Mar.

9,962
8,537
7,423

6,234
6,484
5,077

2,474
2,402
1,826

197
290
6

2,126
2,557
1,828

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

6,339
3,266
1,876

2,884
1,369
474

890
526
50

-49
148
-168

857
—438
-236

1,187
1,133
802

1,155
584
193

154
-130
30

2,006
1,205
1,084

140
238
189

July
Aug.
Sept.

6,348
7,773
7,906

4,011
5,651
6,175

1,886
1,123
1,115

-115
-113
-10

1,767
3,587
4,442

1,116
1,054
588

196
-8
-94

45
192
214

1,570
1,758
1,342

338
187
269

Oct.
Nov.
Dec.

11,053
7,968
8,570

8,304
6,609
6,146

2,750
2,090
2,135

180
117
33

4,511
3,631
3,101

863
771
718

689
542
906

115
50
216

1,881
873
1,354

64
-106
-52

6,77!
n. a.
n . a.

5,44:
n.a.
n.a.

1,365
1,564
2,090

226
n.a
n.a

3,066
2,680
n.a.

785
n.a
n.a

160
n.a
n.a

—48
188
n.a.

1,114
1,381
n.a.

107
18
n.a

19-80

1981
Jan.
Feb.
Mar.

Monthly data for commercial banks based on Federal Reserve estimates benchmarked to Call Report data on real estate loans outstanding as available.
Other data derived from mortgage debt outstanding as reported separately by National 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 O U T S T A N D I N G , BY TYPE OF PROPERTY 1
Billions of dollars, seasonally adjusted annual rates
Residential
Quarter

Total

1 - t o 4family

Multifamily

Commercial

Multifamily
and
commercial

Farm

1976-Q1

84.0

68.4

62.8

5.6

10.8

16.4

4.8

Q2

75.1

59.4

55.6

3.8

11.3

15.1

Q3

92.1

72.6

68.9

3.7

13.2

16.8

4.4
6.4

Q4

97.7

78.1

75.5

2.6

12.4

15.0

7.3

1977-Q1

108.9

87.8

83.5

4.3

14.5

18.7

6.7

02

134.2

111.3

102.8

8.4

14.9

23.3

8.1

Q3

139.1

115.0

106.7

8.2

17.4

25.6

6.8

04

150.6

118.3

109.7

8.6

25.5

34.1

6.8

1978-01

131.4

101.8

93.2

8.6

23.0

31.6

6.7

02

144.1

112.2

101.2

11.1

23.9

35.0

8.0

Q3

150.4

120.5

111.3

9.2

21.9

31.1

8.0

04

159.7

131.0

122.9

8.1

21.1

29.3

7.5

1979-Q1

151.7
160.8

116.5

109.9

6.6

23.9

120.5

114.3

6.2

27.6

30.5
33.8

11.2

02
Q3
Q4

158.5
148.2

119.6
116.2

110.6
107.0

9.0
9.2

27.7
22.0

36.7
31.1

11.1
10.1

1980-Q1

150.5

103.7

95.5

8.2

29.7

38.0

17.1

02

73.0

43.0

36.2

6.8

16.0

22.8

14.0

03

123.8

92.6

82.7

9.9

20.7

30.6

10.5

151.3

115.2

104.0

11.2

21.6

32.9

14.4

04

1

Total

12.7

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
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.




20
2 2 . A V E R A G E R A T E S A N D YIELDS ON HOME MORTGAGES A N D PASS T H R O U G H SECURITIES
Secondary market

Primary market

Conventional mortgages

F H A / V A mortgages
Rates on
conventional
loans at
S&L's

Period

12.90

1979-High

16.35

1980-High

15.40

1981-High

14.80

Low

13.60
13.73

3
10

Dec.

13.97

13.56

9.51

10.40

14

14.17

17.51

16.22

11-1/2

10.73

12.81

11.60

14

14.69

15.42

15.35

14.83

14.16

9-1/2

Low

12.28

.93

High

15.88

12.51

Low

14.84

7.33

13-1/2

13.18

12.70

8.69

13
13

12.98

12.39

13
13
13

13.42

13

13.61

13

13.67

13-1/2

13.57

13-1/2

13.75

13-1/2

13.79

13-1/2

14.01

13-1/2

13.24

13-1/2

13.31

13-1/2

13.18

13-1/2

13.50

13-1/2

13.62

13-1/2

13.71

13-1/2

13.76

14.57
15.30

31

14.00

Nov.

3

7

14.08

Nov.

10

14

14.18

17

21

14.28

24

28

14.28

Dec.

5

14.43

Dec.

15.57
15.49

13.68
10.65

1
8

12

14.83

15

19

14.95

22

26

14.95

29

2
9

14.95

15.50
14.92

10.67
7.79

Yield in
FHLMC
auction

10.92

15.40

6
13

Yield in
FNMA
auction

11.77

11-1/2

15.93

20
27

13.78
13.85

17
24

Nov.

Oct.

12.54

Yield o n
GNMA
securities

4.16

1980-High

1981

13.29

Ceiling
rate

10.42

Low

12.18

Low

Oct.

1979-High

10.38

Low

Yield in
FNMA
auction

Period

Discount
points
in F N M A
auction

12.59
13.35

K

(

13.80
14.47

13.70
13.86

14.92

14.22
14.22

15.25

14.25
14.34

15.35

14.38
14.56

15.65

14.70
14.86

15.43

14.86
14.36

1981
Jan.

Apr.

14.89

7.63

12

14.80

14.84

7.33

15.04

14.16
14.43

14.85

14.51

19

23

14.85

26

30

15.07

Feb.

3

6

15.00

Feb.

10

13-1/2

14.08

13

15.03

17

13-1/2

14.41

23

13-1/2

14.26

13-1/2

14.31

14

14.17

15.18

14

13.96

14.93

14

14.23

14

14.18

14

14.69

20

Mar.

5

14.85

16

Feb.

Jan.

15.20

14.88

15.59
15.88

27

15.30

Mar.

2

6

15.40

Mar.

9

13
20

15.40
15.40

16
23

15.39

27

15.40

30

15.74

3

15.40

Apr.

7

—

7.56

11.11
12.51

7.45
9.23

14.60
14.83

14.72
15.04

15.26

15.10

,

15.13
15.38

15.19

;

15.31
1

15.08
15.42

15.11
15.35

Column 2 is average of contract interest rates on commitments for level-payment conventional first mortgages with 8 0 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
net yields to investors on GNMA-guaranteed 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 60 days) delivery.
Beginning July 7,1980, the FNMA auction results for FHA/VA mortgages do not include graduated payment mortgages.




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

Offered

1979-High

13.29
10.42

454.0
19.4

172.2
17.9

13.97
10.92

644.2
63.8

354.6
35.1

15.93
12.28

426.0
12.4

133.0
19.6

17.51
12.76

146.9
35.8

57.9
34.1

15.88
14.84

75.5
12.4

51.3
11.1

15.42
14.83

5
19

146.9
63.8

57.9
35.1

14.89
14.84

12.4
19.6

11.1
19.2

15.04
14.85

2

17

73.9
80.3

40.4
47.3

14.88
15.59

33.1
75.5

27.8
51.3

14.83
15.26

3
16
30

58.4
51.1
35.8

35.4
34.1
35.2

15.88
15.39
15.74

56.9
47.4
44.9

31.7
29.8
36.1

15.38
15.19
15.42

Low

1981-High
Low

Mar.

Offered

448.3
19.4

1980-High

Feb.

Average yield

Conventional mortgages
Accepted
Average yield

1,034.9
36.5

Low

1981-Jan.

FHA/VA mortgages
Accepted

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

Offered

1980-High

16.22
11.60

255.2
34.1

26.9
10.5

17.15
12.89

141.6
40.7

65.9
15.8

15.35
14.16

73.6
30.3

18.4
14.3

15.43
15.16

6
13
20
26

105.9
141.6
98.0
74.3

65.9
30.0
34.0
26.0

14.16
14.43
14.51
14.60

18.4

15.16

3
10
17
24

66.5
74.1
40.7
61.3

22.3
20.3
15.8
17.3

14.72
15.04
15.10
15.13

3
10
17
24
31

71.3
57.2
68.1
80.4
99.6

23.0
18.4
31.6
29.7
33.1

15.31
15.18
14.93
15.08
15.11

n.a.

n.a.

15.35

Low

Mar.

Future commitment program
Average yield
Accepted

200.3
2.5

1981-High

Feb.

Offered

401.4
4.9

Low

1981-Jan.

Immediate delivery program
Average yield
Accepted

Apr.

——

73.6
——

—

——

—

••• —

— •a.

30.3

15.1
—

15.38
——

—

56.7

14.3

15.43

——

Offerings in the FNMA auctions of 4-month purchase commitments relate to total bids submitted, and average yields t o 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. Prior to June 2 4 , 1 9 8 0 , 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, not seasonally adjusted

Period

G NM A-guaranteed
New issues

Outstanding
(end of period)

Pass-through securities
FHLMC-guaranteed
New issues

Outstanding
(end of period)

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

Privately insured
New issues

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

1980

21,950

2,527

16,853

5,133

8,724

290

93,874

f

f <
|

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

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

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

i

Oct.
Nov.
Dec.

2,255
1,613
1,569

91,425
92,574
93,874

187
94
48

16,950
16,912
16,853

402
628
427

7,708
8,342
8,724

0

'

0
0

1981—Jan.
Feb.
Mar.

1,302
1,306
1,046

95,061
96,292
n.a.

168
94
n.a.

16,952

529
251.
n.a.

8,233
9,480
n.a.

0
0
0

Aug.

Sept.
Oct.

17,010
n.a.

t

i

*

0

0

<

S< *

%

1
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.