Full text of H.16 Capital Market Developments : May 4, 1981

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

r

May 4, 1981

. Capital
Market
• Developments

#

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




CONTENTS
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.

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

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

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

SYMBOLS
e
P
r
n.a.

estimate
preliminary
revised
not available
data do not exist

SUBSCRIPTION RATES
Weekly $15.00 per year or $.40 each in the United States, its possessions, Canada, and Mexico; 10 or more of the same issue to one
address, $13.50 per year or $.35 each. Elsewhere, $20.00 per year or $.50 each. Address requests to Publications Services, Division of
Support Services, and make payment remittance payable to the order of the Board of Governors of the Federal Reserve System in a
form collectible at par in U.S. Currency,



3
1. YIELDS, VOLUME AND RECEPTION
Corporate Bond Market
Week ending

1981-Mar.

•Apr.

Gross offerings 3
($ millions)

Volume
Percent sold by
end of week

New issues in syndicate4
($ millions)

14.53
14.18
13.98
14.71

521
540
1,736
517

94
93
97
90

30
40
60
53

15.85

14.89
15.19
15.36
15.78r

980
1,089
505
1,150

98
100
95
99r

16.13p

16.28p

655

Yields
Recently offered
New issue
Aaa utility 2
Aaa utility 1

6
13
20
27

14.55
14.42

3
10
17
24

14.87

15.07

May

19
0
25
16r

100

2. YIELDS, VOLUME AND RECEPTION

•

Municipal Bond Market

Volume

Yields
Week ending

Moody's new
issue Aaa

Bond Buyer
G.O.bond
index

Bond Buyer
Rev. bond
index

Gross offerings
($ millions)

Percent sold by
end of week 3

New issues in
syndicate4
($ millions)

1981-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
17
24

9.50
9.80
9.80
10.00

10.21
10.45
10.70
10.80

10.92
11.17
11.30
11.48

865
1,233
1,371
630

83
95
95
84

268
171
172
165

May

1

10.00

10.94

11.71

963

95

126

e

e

e

# '

ssss %
%

during the last four weeks.

«.« »-«•—-»«- =>««
•««
"-«—•-"*—

necessary to make coverage of this series consistent with the gross offenngs series.




w
p r

4
3. HIGH GRADE BOND YIELD
N«. .v . sue
Aac ut iity 1

Date

Recently offered
Aaa u t i l i t y 2

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

1978-High
Low

1979-High
Low

1980-High
Low

Low

9.54(12/22) 9.27(12/29)
1/6)
8.48( 1/6) 8.30(

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

Bond Buyer
G.O. bond
index 5

Bond Buyer
Rev. bond
index 6

9.00(12/22) 6 . 6 7 ( 1 2 / 2 2 )
8.01( 1/6) 5 . 5 8 ( 3 / 1 7 )

11.51(11/12) 11.45( 11/9) 10.87(12/28) 10.56( 11/9) 7.38(10/26)
7/6)
8.79(
7/6) 6.08(
9.39( 6/29) 9.16 ( 7/6)
9.40( 8/17)

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

1 4 . 5 1 ( 1 2 / 1 2 ) 1 5 . 0 3 ( 1 2 / 1 2 ) 1 3 . 4 9 ( 1 2 / 1 9 ) 12.86(12/12) 1 0 . 5 6 ( 1 2 / 1 9 )
5/9)
9.59( 6/20) 7.11(
10.53( 6/20) 10.79( 6/20) 10.34( 6/20)

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

5/1)
1/9)

11.71( 5/1)
10.34( 1/16)

16.13(
14.05(

1981-High

Moody's
seasoned
corporate Aaa 3

5/1) 16.28( 5/1) 14.32 (
1/9) 13.99( 3/20)1 2.59 (

5/1) 13.73(
1/9) 11.98(

5/1) 10.94(
1/9) 9.49 (

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

1981-Jan.
Feb.
Mar.

14.12
14.90
14.71

14.17
14.58
14.41

12.81

12.29
12.98
12.94

9.66

13.35
13.33

10.10
10.16

10.64
11.01
10.90

15.52p

15.41p

13.88

13.46p

10.62

11.32

14.87

15.85

14.89
15.19
15.36
15.78r

13.41
13.72
13.89
14.02r

13.05
13.38
13.52
13.51r

10.21
10.45
10.70
10.80

10.92
11.17
11.30
11.48

16.13p

16.28p

14.32p

13.73p

10.94

11.71

1980-Apr.
May
June

Apr.

1981-Apr.

3
10
17
24

May

23 :i: s 222

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

I , % % % , , , obligation bond, used in ,hi, index .alls nsid,,., b . , . « . ,h.

11.08

^ top „ou„,

ei.ssi.i.d »»

revenue bonds used in this index falls midway between the five top groups as class,lied by Moody s

6
Investors Service. Weekly Bond Buyer data.


http://fraser.stlouisfed.org/
Federal
Reserve Bank of St. Louis
L

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

___
State and Local

Corporate

Period

2,840
2,603
4,644

1980
3,078
2,424
2,435

3,444
3,042
4,724

4,962
4,746
6,136

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
2,916
3,854

51,553

72,886

43,365

48,366

January
February
March

1979
3,770
3,165
4,354

1980
6,190
4,427
4,454

1981
5,573
4,157
6,100e

April
May
June

4,692
4,160
6,238

5,677
9,074
9,645

6,600e

July
August
September

4,103
4,211
4,593

October
November
December
Year
1
2
e

1979

1981

2,575
2,800e
3,600e
4,500e

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

Combined
deficit(+)
or
surplus(-) 1

Federal Government
Means of financing combined deficit
Net cash borrowing from the public2
Public debt securities

Gov't.

Totals

Bills

Coupons

Nonmarketable

agency
securities

Other

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

-1979
-1980

41,397
50,670

37,360
79,201

10,899
43,453

28,041
50,480

-397
-14,298

-1,402
-577

1,115
484

366
3,621

23,631
24,705

1980—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

-2,602
-941
-685

—86
-32
-101

-2,393
3,200
-3,918

-10,276
7,768
-3,430

3,632
1,957
-529

July
Aug.
Sept.

16,384
8,347
-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

Oct.
Nov.
Dec.

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

1981—Jan.
Feb.
Mar.

8,339
17,063
13,048

6,772
13,916

4,320
8,548

4,159
5,849

-1,480
-489

-35
-55

3,179
-664

-1,612
3,811

1,408

CYCY

Change'hToutsta^ing a m o u n t d e b t C i t i e s and government agency securities less change in holdings of those securities by government
accounts.

:

«...
gage Corporation, Federal National Mortgage Association.




F

« « . . L . . .

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

Memo
Issues included
Convertible
Foreign

Common and
preferred
stocks

Total

Publicly
offered

Privately
placed

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

1980-QI
QII
QIII
QIV

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
166

908
967
1,510
1,300

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.
138

687
398
215

1981-Jan.
Feb.

5,573
4,157

2,928
2,408

445
426

2,200
1,323

n.a.
n. a.

303
575

Period

1980-July
Aug.
Sept.

n. a.

863
418
2,229
4,685

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

Manufacturing

Public utility

Communications

Other issuers'

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

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

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

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

1980-QI
QII
QIII
QIV

3,950
6,89(3
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

1977
1978
1979
1980

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

General M o t o r s A c c e p t Corp.
Philip Morris Inc.
Kroner 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 E n e r g y 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.
Cities Service Inc.
Union Corp.
Sun Co.
Big Three I n d u s t r i e s I n c .
T e l e . Communications I n c .
L o u i s i a n a Power & L i g h t Co.
Appalachian Power Co.
Southwest A i r l i n e s Co.
Leaseway T r a n s p . Corp.
Central Maine Power Co.
J . C. Penney C o . , I n c .
B e l l T e l . Co. o f P e n n s y l v a n i a
New York S t a t e E l e c . & Gas
Corp.
Toledo E d i s o n Co.
V i r g i n i a E l e c t r i c & Power Co.
Aluainum Company o f America
D i a l F i n a n c i a l Corp.
J.C. Penney C o . , I n c .
P a c i f i c Gas & E l e c . Co.
Alabama Power Co.
Brovning-Ferris Industries,
Inc.
Long I s l a n d L i g h t i n g Co.
Monsanto Co.
?EM C r e d i t Corp.
Bergen B u r n s w i g Corp.
Citicorp
Michigan B e l l T e l . Co.
General T e l . Co. o f Ohio
ITT F i n a n c i a l Corp.
Middle S o u t h U t i l s . , I n c .
C a r o l i n a Power & L i g h t Co.
Muse A i r , Co.

Date

Amount
(millions
(af dollars)

Maturity

400.0 1 2011
1991
125.0
2006
50.0
2001
125.0
2006
40.0
28.6
61.9
146.3
26.8
2001
50.0
27.0
2001
100.0
200.0
2011
43.1
—
2011
300.0
2001
30.0
2006
389.1
2006
100.0
52.2 1
—
2011
75.0
40.0 1
—
39.8
1986
50.0
1991
45.0
2006
200.0
2021
150.0

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
4/9
4/10
4/14
4/14
4/14
4/15
4/15
4/15
4/15
4/15
4/20

Debt.
Notes
Conv.debt.
Debt.
Conv.debt.
Com. s t k .
Com. s t k .
Com. s t k .
Com. s t k .
Conv.debt.
Com. s t k .
Debt.
Debt.
Com. s t k .
Debt.
Debt.
Debt.
Conv.debt.
Com. s t k .
1 s t . mtg.
Pfd. s t k .
Com. s t k .
Equip, t r .
1 s t . mtg.
Debt.
Debt.

4/21
4/21
4/21
4/22
4/22
4/22
4/22
4/23

Pfd. s t k .
1 s t . mtg.
1 s t . mtg.
Debt.
Notes
Debt.
1 s t . mtg.
1 s t . mtg.

30.0
35.0
100.0
250.0
50.0
200.0
250.0
100.0

I

4/23
4/23
4/23
4/23
4/28
4/28
4/28
4/29
4/29
4/29
4/30
4/30

Com. s t k .
Com. s t k .
Com. s t k .
Mtg. bkd.
Conv.debt.
Notes
Debt.
Debt.
Debt.
Com. s t k .
Pfd. s t k .
Com. s t k .

34.9
128.3
213.0
40.0
25.0
150.0
250.0
50.0
200.0
94.0
40.0
38.5

I
j

OTTTR
4/9
Hitachi Ltd.
4/14
Sweden, Kingdom o f
r
B r i t i s h Columbia Hydro & Pow<
4/16
Auth.
1

Type

—

| —

1991
1989
2011
1988
1989
2014
2011

1

1
1

Coupon
rate

Offering
yield

Moody's/S&P's
ratings

6.00
14.00
10.50
14.12
9.50

13.80
14.12
10.50
16.80
9.50

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

—

9.25

9.25

13.65
7.00

16.19
14.57

Ba/BB+
A/A-

7.00
14.50
10.75
8.50

14.25
17.25
10.75
8.50

A/A+
B/B+
A/—
Baa/A

16.00
15.00

16.10
15.00

Baa/BBBBaa/—

15.38
16.13
6.00
15.13

15.45
16.13
14.85
15.25

A/A
Baa/BBB
A/A+
Aaa/AAA

15.38
16.25
15.75
7.00
15.38
0
16.25
17.38

15.38
16.25
15.81
14.70
15.38
14.25
16.40
17.50

Baa/BBB
Baa/BBB+
A/A
A/A
A/—
A/A+
Aa/AABaa/BBB—

—

—

—
2009
2011
1986
2021
2011
2011

15.75
9.88
15.30
15.75
16.63
6.50

16.09
9.88
15.30
15.93
16.70
15.75

—/AA
Ba/BAaa/AAA
Aaa/AAA
A/A+
A/A

—
—

14.00

14.00

A/A

Aaa/AAA
Aaa/AAA

—

Conv.debt . 1 5 0 . 0
200.0
Notes

1996

1988

5.75
14.63

5.75
14.63

200.0

1 2011

15.00

15.10

Bonds

_/—

rndudwonl'vcorporate and other security offerings of $25 million and over; excludes options, exchanges, and secondary offerings.




8. PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: CORPORATE 1
issuer

OTHER ( c o n . ' t )
B r i t i s h Columbia Hydro & Power
Auth.
Ontario, P r o v i n c e of
Ontario, P r o v i n c e of
Venezuela, R e p u b l i c of
New Brunswick E l e c . Power
Conn.

Date

Type

Amount
Maturity
(millions
of dollars) I

Coupon
rate

Offering
yield

Moody's/S&P's
ratings

A/16
4/23
4/23
4/29

Notes
Debt.
Note
Notes

150.0
200.0
100.0
100.0

1991
2011
1991
1986

14.50
15.13
14.63
15.63

14.50
15.23
14.70
15.63

Aaa/AAA
Aaa/AAA
Aaa/AAA
Aaa/AAA

4/30

Debt.

150.0

1991

15.00"

15.45

A1/A+

I
*
1

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




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

J e f f e r s o n Parish School Bd.,
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 Metro. S a n i .
D i s t . , IL
North C a r o l i n a Muni. Power
Agcy.
North C a r o l i n a Muni. Power
Agcy.
North C a r o l i n a Muni. Power
Agcy.
North 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
Chicago, 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
Northern M u n i c i p a l Power
A g c y . , MN
Northern M u n i c i p a l Power
A g c y . , MN
Northern M u n i c i p a l Power
A g c y . , MN
Northern M u n i c i p a l Power
A g c y . , MN
Northern M u n i c i p a l Power
A g c y . , MN
Northern M u n i c i p a l Power
A g c y . , MN
Washington P u b l i c Power Supply
Syst.
Washington Power -Power Supply
Syst.
Washington Power Power Supply
Syst.
Pomona Redev. A g c y . , CA
Pomona Redev. A g c y . , CA
Maryland Comm. Dev. Admin.
Ohio A i r Qual. Dev. Auth.
L o u i s i a n a , S t a t e of
Connecticut, S t a t e of
San F r a n c i s c o , CA
1
2
3

Type 2

Amount
(millions
of $)

Maturity

Net
interest
cost

Offering
yield

Moody's/S&P
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.
G.O.
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

4/13

Rev.

120.0

4/13

Rev.

40.0

2016

11.30

4/13
4/13
4/13
4/13
4/14
4/14
4/14
4/15

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

40.0
115.9
2.6
30.5
100.0
179.1
100.0
50.0

2015
2014
1982-1986
1983
1984
1982-2006
1982-2001
1984-2002

10.29
n.a.
n.a.
9.27
n.a.
9.49
10.12
10.34

Date

1996-2012

11.30

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




10.50-11.62
11.50
10.25
9.40
7.90-8.75
8.50
8.50
7.40-10.25
7.75-10.70
8.00-10.62

—/AAA
—/AAA
—/AAA
-/A
-/A
MIG-1
Aaa/AAA
Aa/AA
Aa/AA
A/AAA -

10
9. PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: STATE AND LOCAL 1
Issuer

Nassau C o . , NY
Orange Co. Hsg. F i n . A u t h . ,
FL
Orange Co. Hsg. F i n . A u t h . ,
FL
M a s s a c h u s e t t s Hsg. F i n . Agcy.
W e i r t o n , WV
T u l s a I n d u s . A u t h . , OK
G i l a Co. I n d u s . D e v e l . A u t h . ,
AZ
Milwaukee C o . , WI
U i n t a C o . , WY
North B e r g e n , N . J .
New Hampshire, S t a t e o f
New J e r s e y Hsg. F i n . Agcy.
New J e r s e y Hsg. F i n . Agcy.
New J e r s e y Hsg. F i n . Agcy.
New J e r s e y Hsg. F i n . Agcy.
Sacramento Muni. U t i l . D i s t . ,
CA
B a l t i m o r e , MD
Monroe Co. Hosp. A u t h . , IN
Monroe Co. Hosp. A u t h . , IN
Monroe Co. Hosp. A u t h . , IN
Monroe Co. Hosp. A u t h . , IN
I n t e r m o u n t a i n - P o w e r A g c y . , UT
U i n t a C o . , WY
I n d e p e n d e n c e C o . , MO
C o n n e c t i c u t H e a l t h & Ed. F a c .
Auth.
California P o l l . Cntrl. Fin.
Auth.
Cherry C r e e k , CO
Oakland C o . , MI
F o r s y t h , MT
Houston P o r t . A u t h . , TX

1
2
3

Date

Type 2

Amount
(millions
of $)

Maturity

Net
interest
cost

Offering
yield

Moody's/S&P's
ratings

4/15

G.O.

33.5

1982-2001

n.a.

7.25-10.30

Al/AAA

4/15

Rev.

3.2

1982-1986

9.60

7.75-8.75

A1/A+

4/15
4/15
4/15
4/17

Rev.
Rev.
Rev.
Rev.

126.8
37.7
42.0
44.0

4/17
4/21
4/22
4/22
4/22
4/22
4/22
4/22
4/22

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

4/23
4/23
4/24
4/24
4/24
4/24
4/24
4/24
4/24

A1/A+
MIG-1

2013
1984
2011
1986

9.60
n.a.
n. a.
n.a.

9.50
8.75
9.44
9.25

90.0
27.6
44.2
25.0
87.3
14.8
14.2
51.4
12.8

2001
1982-1996
1984
1982-2001
1982-2011
1982-1996
2002
2012
2014

n.a.
9.67
n.a.
10.63
9.64
n.a.
n.a.
n.a.
n.a.

11.25
7.50-10.20
8.50
8.00-10.90
7.25-10.30
7.50-11.00
11.25
11.60
11.40

Aaa/AAA
Aa/AA
Aaa/AAA
—/AAA
Aaa/—
Al/AA
Al/AA
Al/AA
Al/AA

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

50.0
35.0
3.6
2.1
5.4
26.3
300.0
44.2
48.3

1982-2011
1982-1991
1985-1993
1996
2001
2011
1992-2020
1984
1984

10.91
10.00
n.a.
n.a.
n.a.
n.a.
n.a.
8.92
n.a.

7.00-10.75
8.25-10.20
8.50-10.50
11.25
11.75
12.00
9.75-12.00
8.50
9.25

Aa/AA
Al/A
A/A
A/A
A/A
A/A
A-1/A+
Aaa/AAA
A/A+

4/28

BAN's

37.5

1983

n.a.

8.63

4/29
4/29
4/30
4/30
4/30

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

26.5
26.8
44.0
360.0
25.0

2001
1982-1994
1982-1985
1984
1982-1995

n.a.
n.a.
9.65
n.a.
9.73

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.




(con't.)

10.00
7.25-9.50
8.70-9.25
8.75
7.50-9.80

~/Aa

—/Aa
Aaa/ —
Aa/—
MIG-1
Aaa/AAA
Aaa/AAA

11
10. PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: U.S. TREASURY

Notes and Bonds
Offering
date

#

Payment
date

Maturity
date

Length

Amount (millions of dollars)
Coupon Auction
Net proceeds
Gross proceeds
Memo:
average rate
Foreign
(percent) (percent)
Private1 -2 add-ons-*
Total
Private1
Total

1980
Nov.

Dec.

5
6

3
16
18

*

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

3 - y r 6-mo 5 / 1 5 / 8 4
11/15/90
10-yr
30-yr
11/15/10
11/30/82
2-yr

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

13.31
13.07
12.81
13.99

4,315
2,663
2,160
4,966

]
|8,259
]
4,601

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

5 - y r 2-mo 2 / 1 5 / 8 6
12/31/82
2-yr
12/31/84
4-yr
1/15/88
7-yr

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

13.52
15.15
14.03
12.49

3,188
4,955
3,620
2,710

11-3/4 11.82
13-5/8 13.69

1,501
5,191

0
190
0
0

2,815

2,815

1,771

1,771

3,188

3,188

3,188

•7,973

2,337

2,337

2,710

2,710

2,710

170
0
63
0

1,501
4,730

1,501
2,045

1,501
2,045

0
125

8,801

3,638

3,638

5,012
3,460

2,551
3,460

2,551
3,460

4,900
3,533

2,084
983

2,117
950

1981

•

*

#

Jan.

6
21

1/12
2/2

2 0 - y r 1-mo
2-yr

Feb.

3
4
5
24
26

2/17
2/17
2/17
3/2
3/4

3-yr
9-yr
29-yr
2-yr
5-yr

Mar. 18
24
26
31

3/31
3/31
4/2
4/6

2-yr
4-yr
2 0 - y r 1-mo
7-yr

Apr. 22

4/30

2/15/01
1/31/83

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

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

13.37
12.89
12.68
13.97
13.79

4,662
3,038
2,576
5,438
3,460

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

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

12. 75
13.49
13.21
13.34

5,600
3,792

4/30/83

14-1/2

14.51

2-yr

#

e

e

'

i
1
2
3

Excludes a m o u n t s sold t o Government investment accounts anc le Federal Reserve. Also excludes add-ons t o foreign accounts.
May be larger than the total if the Government accounts and/or the Federal Reserve do not fully roll-over their m a t u ^ r g holdings.
A d d i t i o n a l amounts i f securities issued t o mre i gn and imernat o ai monotary a u t h o r i t i e t the average auction pnu« ior new cash.




0
130
0
186
195
68
0
0
215

12
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

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

122480 1 / 5 / 8 1 3 - y r

8-mo

9/3/85

12.75

404

433

-29

1/10/86

13.00

1,000

0

1,000

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

858

565

FHLB

1/21

1/28

2-yr

6-mo

7/25/83

13.35

600

0

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

FFCB

4/15
4/15
4/15

4/20
4/20
4/20

2 - y r 8-mo
4 - y r 8-mo
10-yr

12/1/83
12/2/85
4/22/91

14.10
14.30
14.10

588
769
544

924

977

FHLB

4/22

4/29

1/25/83

14.50

1,200

0

1,200

3-mo
6-mo

1 - y r 9-mo

*

A

FFCB
FHLB
FHLMC FNMA
-

Federal
Federal
Federal
Federal




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

As of May 1 , 1981

13

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

D a l l a s Power & L i g h t Co.
Dayton-Power & L i g h t Co.
* A t c h i s o n , Tepeka & Santa Fe Ry.
Kentucky U t i l i t i e s Co.
P u b l i c S e r v i c e Co. of New Hampshire
Union E l e c t r i c Co.
F l o r i d a Power & L i g h t Co.
El Paso E l e c t r i c Co.
*Northwest P i p e l i n e Co.
Columbus & Southern Ohio E l e c t . Co.
C i n c i n n a t i Gas & E l e c . Co.
*Western M a s s a c h u s e t t s E l e c t . Co.
*Southern C a l i f . Edison Co.
Washington Gas L i g h t
Western Union Telegraph Co.
*Campbell Taggart I n c .
*MGF O i l Corp.
*Tie Communications
*M/A Com.
*Storage Technology Corp.
Northwest Energy Co.
Archer D a n i e l s Midland Co.
Archer D a n i e l s Midland Co.
Air Products & Chemicals I n c .
ITT F i n a n c i a l Corp.
P h i l l i p s Petroleum Co.
Republic New York Corp.
Ford Motor C r e d i t Co.
Xerox C r e d i t Corp.
Borg Warner A c c e p t . Corp.
Southwestern P u b l i c S e r v i c e Co.
Mellon N a t i o n a l Corp.
B a r c l a y s N. Amer. C a p i t a l Corp.
Westvaco Corp.
W e l l s Fargo & Co.
Amoco C r e d i t Corp.
Westinghouse C r e d i t Corp.
United Gas P i p e l i n e
Gen'1. T e l . Co. of C a l i f .
G e n ' l . T e l . Co. of C a l i f .
New England Power Co.
D e t r o i t Edison Co.
B e n e f i c i a l Corp.
Rohr I n d u s t r i e s , I n c .
^Southern Co.
Cypress Mines Corp.
Cypress Mines Corp.
OTHER
Montreal, P r o v i n c e of
United Mexican S t a t e s
Pembroke C a p i t o l Ltd.
Pembroke C a p i t o l Ltd.
Oslo Norway

Type
Pfd. s t k .
Com. s t k .
Equip, t r .
Com. s t k .
Com. s t k .
-Pfd. s t k .
1 s t . mtg.
1 s t . mtg.
Debt.
1 s t . mtg.
1 s t . mtg.
1 s t . mtg.
1 s t . mtg.
Com. s t k .
Notes
Notes
Debt.
Conv. d e b t .
Conv. d e b t .
Conv. d e b t .
Debt.
Debt.
j Debt.
Debt.
Notes
Debt.
Notes
Notes
Notes
Notes
Com.stk(rts)
Notes
Debt.
Debt.
Notes
Debt.
Notes
Notes
Notes
Debt.
-Pfd. s t k .
Pfd. stk.
Notes
Pfd. stk.
Com. s t k .
Notes
Debt.
Debt.
Bonds
Debt.
Notes
Bonds

Amount
(millions of dollars)

|

30.0
35.0
26.3
25.0
35.0
75.0
125.0
75.0
100.0
110.0
75.0
25.0
200.0
35.0
75.0
50.0
60.0
25.0
100.0
100.0
100.0
125.0
200.0
175.0
75.0
350.0
50.0
200.0
100.0
50.0
37.0
50.0
125.0
75.0
100.0
100.0
100.0
75.0
50.0
100.0
50.0
25.0
100.0
25.0
125.0
100.0
100.0
100.0
100.0
200.0
100.0
100.0

Approximate d
of offering

May
4
May
4
May
5
May
5
May
5
May
5
May
5
May
5
May
7
May 13
May 14
May 18
May 19
May 20
May
May
May
May
May
May
May
May
I May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
June 9
Indef.
Indef.
May
May
May
May
Tndef.

1* Includes onl^corporat^and'ather security issues of $25 million and over; excludes exchanges, options, and secondary offerings.




14
12. FORTHCOMING PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: CORPORATE 1 ( c o n ' t )
Issuer

POSTPONED
Union P a c i f i c R.R. Co.
Diamond Shamrock Corp.

Type

Equip, t r .
Debt.

Amount
(millions of dollars)

25.5
200.0

Approximate date
of offering

Apr. 28
Apr. 28

* 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.




As of May 1 , 1981

15

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

Cape May Co. I n d u s . P o l l . C n t r l . F i n . A u t h . ,
N.J.
B u t l e r C o . , OH
North Texas Higher Ed. A u t h . , I n c .
Maine, S t a t e of
C i t r u s C o . , FL
^ P e n n s y l v a n i a , S t a t e of
*Ames, Iowa
F o r t Worth, TX
San F r a n c i s c o , CA
Johnson C o . , KS
Shelby Co. H e a l t h & Ed. F a c . B d . , TN
Manatee Co. HFA, FL
Tucson A i r p o r t A u t h . , AZ
Georgia, State
Oregon, S t a t e of
South C a r o l i n a P u b l i c S e r v . Auth.
^ I l l i n o i s , State
P l a t t e R i v e r Power A u t h . , CO
J a c k s o n C o . , OR
Wisconsin, S t a t e of
*North C a r o l i n a , S t a t e of
POSTPONED
P i t t s b u r g Redev. A g c y . , CA
Oregon, S t a t e of
Burbank Redev. A g c y . , AK
Denver, CO
California, State
S u l l i v a n , IN
Minnesota Hsg. F i n . Agcy.
South Dakota H e a l t h & Ed. F a c . Auth.
Sedgwick C o . , KS

*
1

Type

Approximate date
of offering

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

60.0
26.0
35.0
28.6
75.0
75.0
48.0
40.0
50.0
64.7
91.4
35.0
65.0
150.4
240.0
200.0
150.0
125.0
47.0
75.0
60.0

May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
MayMay
June

4
4
4
5
5
6
6
6
7
8
8
8
8
12
12
14
19
21
26
27
9

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

31.3
240.0
55.5
29.0
150.0
25.0
30.0
37.0
40.0

Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
May
May

1
7
30
21
28
30
30
4
8

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




Amount
millions of dollars)

16
14. STOCK PRICES1

N r i .: Index3

Date

NASDAQ5

AMEX4

DJ Industrials

60.. 3 8 ( 9 / 1 2 )
4 8 ..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.
53.

(10/5)
(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

81.. 0 2 ( 1 1 / 2 8 )
55,. 3 0 ( 3 / 2 7 )

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

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

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

1981-High
Low

79,. 1 4 ( 1 / 6 )
72,. 4 5 ( 2 / 2 0 )

1024.05 ( 4/27)
931.57 (2/13)

370.24 (4/2)
330.34 (2/20)

219.56 ( 4/24)
192.29 (2/20)

00
CO 00

1978-High
Low

1981-Mar.

6
13
20
27

74 . 4 6
76i.32
77 . 0 9
77 . 5 9

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
17
24

781.14
77,. 7 8
77 . 7 6
78;.05

1007.11
1000.27
1005.58
1020.35

369.13
368.50
365.42
361.08

212.65
215.15
216.64
219.56

1

76i. 75

995.58

356.24

216.68

May

15. TRADING VOLUME?
NYSE

Date

AM EX

NASDAQ

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 (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)

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

1981-High
Low

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

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

53.2
19.7

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
17
24

48.1
50.7
51.8
59.2r

6.2
5.8
6.4
7.Or

32.7
35.4
35.6
37. l r

1

55.9

5.8

35.4

May

1 Figures other than highs and lows are Friday figures only.
2 Volume figures are weekly averages of daily figures (rniHions of shares). Highs and lows refer to single days.
1 12/31/65 = 50
4 8/31/73 = 100
5 2/5/71 = 1 0 0



(1/7)
(1/2)

17

16. SECURITY CREDIT 1
Outstanding, dollar amounts in millions

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

885

81

1978

10,830

205

955

67

1979

11,450

167

1,020

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.

11,310
10,920
11,450

173
161
167

985
1,000
1,020

73
83
84

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.

13,080
14,140
14,500

211
220
219

1,120
1,155
1,180

87
87
86

14,020
13,950
14,020

221
220
222

1,195
1,205
1,235

80
80
84

1979 - Jan.
Feb.

Nov.
Dec.

1980 — Jan.
Feb.

Nov.

Dec.
1981 - Jan.
Feb.

Mar.

1

.....

1I

Q
0

n

Margin credit extended
by brokers on:

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




17. SAVINGS FLOWS A T SELECTED NONBANK T H R I F T I N S T I T U T I O N S
Millions of dollars
Mutual Savings Banks
(regular deposits) 1
Date

Net f l o w
N.S.A.

Sea. adj.

Annual
growth
rate 3

Net f l o w
N.S.A.

Sea. adj.

Annual
growth
rate 3

Memo:
Net New Money 2

Total

Savings and Loan Associations

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

3],004

2,874

1978

8,426

6.3

44,153

11.3

52,292

10.1

23,460

-591

1979

2,900

2.1

39,051

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

—7 6
344
76

-0.6
2.9
0.6

2,006
1,199
4,744

2,799
2,795
2,822

7.4
7.4
7.4

2,723
3,139
2,898

5.5
6.3
5.8

1,455
717
-198

-733
-504
-1,072

Oct.
Nov.
Dec.

-983
-325

-3.1

1,855
1,153
4,505

2,810

1,006

-372
-245
266

7.3
7.8
6.8

2,438
2,764
2,932

4.8
5.5
5.8

1,314
732
-700

-1,421
-765
-987

1980-Jan.
Feb.
Mar.

-927
141
930

-399
189
-115

-3.3

2,206
2,734
-101

5.6
6.9
—0 • 3

1,807
2,923

-1.0

2,059
1,622
4,390

-216

3.5
5.7
-0.4

1,167
1,079
-696

-1,436
-543
-679

Apr.
May
June

-449
881
1,770

481

1,001
1,991

4.0
8.3
8.2

325
3,011
5,269

4,235
3,078
3,118

10.7
7.7
7.8

4,716
4,079
4,109

9.2
7.9
7.9

-817
1,785
-169

•1,024
242
-176

July
Aug
Sept

992
610
1,377

1,274
1,017
914

10.5
8.3
7.4

2,216
2,507
5,588

3,083
4,130
3,513

7.6
10.1
8.6

4,359
5,147
4,427

8.3
9.7
8.3

961
1,285
6

246

-460

Oct.
Nov.
Dec.

402
312
1,246

1,078
401
502

8.7
3.2
4.8

3,870
2,507
7,591

4,909
4,498
5,693

11.9
10.8
13.5

5,987
4,899
6,195

11.1
9.0
11.3

2,550
1,461
2,055

-169
-227
-638

1981-Jan.
Feb
Mar.

-304
295
1,075

194
349
-17

1.5

1,987
2,304
3,623

1,983
3,546

4.7
8.3
-2.8

2,177
3,895
-1,238

3.9
7.0
-2.2

599
879
-2,264

-979
-385
-700

-2.0

2.2

1.6

2.8

-0.1

3,009
2,666

1,221

1

1

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 deposi'ts net of both withdrawals and interest. Data for S&L's are for insured associations only, which represent 96 percent ofindustry total

3 ArmuaTgrowth 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. M O R T G A G E C O M M I T M E N T S O U T S T A N D I N G A T SELECTED I N S T I T U T I O N S
Billions o f dollars, seasonally adjusted
Federal and Related Agencies

T h r i f t Institutions
End of Period

Total

A l l 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

Mar.

37.0
36.5
36.1

32.2
31.8
31.5

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.

35.9
33.1
31.5

32.3
29.5
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

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.

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

28.6
27.6
n. a.

27.1
26.2
23.3

1.5
1.4
n.a.

10.3
9.6
9.1

3.3
2.8
2.3

6.3
6.2
6.0

0.7
0.6
0.8

1979-Jan.
Feb.

Nov.
Dec.

1980-Jan.
Feb.

Nov.

Dec.
1981-Jan.
Feb.

Mar.

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.




#

20.
19. NET NEW MONEY BORROWINGS BY MAJOR HOUSING CREDIT AGENCIES
Millions of dollars
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

834

199

0
0

0

-128

1,500

967
424
-460

Apr.
May
June

1,027
304
1,363

997
215
1,299

0

-3

1,000

-7

0

July
Aug.
Sept.

1,625
360
398

Oct.
Nov.
Dec.

Period

0

FHLMC

0

222

FNMA

0

199

1,100

1,916
613
-154

700
415

216

1,000

2,297
1,791
1,375

1980-Jan.
Feb.
Mar.

328
927
3,580

Apr.
May
June

0

0

198
146

-300

1,599
1,453
150

1,300
953

-1
0

300
500

0

150

0

-2

0

-2

0

10
1,780

-350
1,400

160

200
500

2,205
1,366
-929

1,499
2,649

1,000

July
Aug.
Sept.

-979
-458
1,325

442

Oct.
Nov.
Dec.
1981-Jan.

0

-1
-1
0

0

-8

900

-291
-253
552
698
338
1,225
330
917
1,300

500
1,750

706
-1,283
-1,929

450

1,000

200

0

1,000

253

1,000

-97

-650

-1,421
-1,658
1,072

3,607
313
3,390

1,300
900
250

1,600

0
0

-300
750

2,307
-587

0

-450

3,140

207

1,582

600

-18

1,000

-1,375

Based on data from Treasury Survey of Ownership.




1,000

-120

30
89
64

1,200

15,0
700

21
20. NET CHANGE IN MORTGAGE HOLDINGS AT SELECTED INSTITUTIONS
Millions of dollars, seasonally adjusted
Major private financial institutions
Total
Life insur.
Period
Commercial
S&L's companies
MSB's
Total
banks

FNMA
and
GNMA

FHLMC

Mortgage pools
FHLMCGNMAguaranteed guaranteed

35,376

6, 314

52,153

9,378

8,735

-233

9,389

5,275

122,121

88,877 31,504

3,886

43,064

12,607

8,147

973

20,854

3,270

87,021

5 9 , 4 1 8 18,574

516

27,826

12,318

7,262

1,127

17,479

1,754

1978

126,411 103,221

1979
1980
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
-04

45
192
214

1,570
1,758
1,342

338
187
269

Oct.
Nov.
Dec.

11,053
7,968
8,430

8,304
6,609
6,006

2,750
2,090
2,135

180
117
52

4,511
3,631
3,101

863
771
718

689
542
906

115
50
216

1,881
873
1,354

64
—106
-52

6,670
n. a.
n.a.

5,337
n.a.
n.a.

1,365
1,564
2,090

121
125
n.a.

3,066
2,747
1,662

785
960
n.a.

160
74
n.a.

-48
188
n.a.

1,114
1,381
972

107
18
216

1980

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 OUTSTANDING, BY TYPE OF PROPERTY 1
Billions of dollars, seasonally adjusted annual rates
Quarter

1

Total

Total

Residential
1 to 4family

Multifamily

Commercial

Multifamily
and
commercial

Farm

1976-Q1
Q2
Q3
Q4

84.0
75.1
92.1
97.7

68.4
59.4
72.6
78.1

62.8
55.6
68.9
75.5

5.6
3.8
3.7
2.6

10.8
11.3
13.2
12.4

16.4
15.1
16.8
15.0

4.8
4.4
6.4
7.3

1977-Q1
Q2
03
04

108.9
134.2
139.1
150.6

87.8
111.3
115.0
118.3

83.5
102.8
106.7
109.7

4.3
8.4
8.2
8.6

14.5
14.9
17.4
25.5

18.7
23.3
25.6
34.1

6.7
8.1
6.8
6.8

1978-01
02
03
04

131.4
144.1
150.4
159.7

101.8
112.2
120.5
131.0

93.2
101.2
111.3
122.9

8.6
11.1
9.2
8.1

23.0
23.9
21.9
21.1

31.6
35.0
31.1
29.3

6.7
8.0
8.0
7.5

1979-01
Q2
03
04

151.7
160.8
158.5
148.2

116.5
120.5
119.6
116.2

109.9
114.3
110.6
107.0

6.6
6.2
9.0
9.2

23.9
27.6
27 .7
22.0

30.5
33.8
36.7
31.1

LI. 2
12.7
11.1
10.1

1980-Q1
02
Q3
Q4

150.5
73.0
123.8
151.3

103.7
43.0
92.6
115.2

95.5
36.2
82.7
104.0

8.2
6.8
9.9
11.2

29.7
16.0
20.7
21.6

38.0
22.8
30.6
32.9

17.1
14.0
10.5
14.4

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 AND YIELDS ON HOME MORTGAGES AND PASS THROUGH SECURITIES
Primary market
Rates on
conventional
loans at
S&L's

Period

1979-High

Low
1980-High

Low
1981-High

Low
Nov.

7
14
21
28

Dec.

Secondary market
FHA/VA mortgages

12.90
10.38

1979-High

16.35
12.18

1980-High

15.77
14.80

1981 High

14.08
14.18
14.28
14.28

Nov.

Low
Low
Low

Dec.

14.43
14.83
14.95
14.95

Dec.

14.95
14.80
14.85
14.85
15.07

Jan.

9
16
23
30
6
13
20
27

15.00
15.03
15.20
15.30

Feb.

6
13
20
27

3

5
12
19
26

Yield in
FNMA
auction

Period

10
17
24
1
8
15
22
29

Discount
points
in FNMA
auction

Ceiling
rate

Conventional mortgages
Yield on
GNMA
securities

Yield in
FNMA
auction

Yield in
FHLMC
auction

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

15.93
12.28

15.40
.93

14
11-1/2

14.17
10.73

17.51
12.81

16.22
11.60

16.61
14.84

12.51
7.33

14-1/2
13-1/2

14.96
13.18

15.75
14.83

15.69
14.16

15.57

13.68

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

13.61
13.67
13.57
13.75

15.25

14.25
14.34
14.38
14.56

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

13.18
13.50
13.62
13.71
13.76

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

14.08
14.41
14.26
14.31

14
14
14
14

14.17
13.96
14.23
14.18

14
14-1/2
14-1/2
14-1/2

14.69
14.64
14.78
14.96

——

15.49

10.65

15.50

10.67

——

14.92
—

7.79
—

—

15.35

14.70
14.86
14.86
14.36

15.43
—

1981

Jan.

Feb.

Mar.

Apr.

2

10
17
24

Feb.

5
12
19
26
3

14.89

7.63
— -

14.84

7.33

14.88

7.56

10
17
23

15.59

11.11

Mar.

2

15.88

12.51

15.40
15.40
15.40
15.40

Mar.

9
16
23
30

15.40
15.50
15.65
15.77

Apr.

6
13
20
27

—

15.39

——

7.45

'

15.74
— —

9.23
——

16.47

10.14

16.61

10.81

15.04
—

14.85
—

14.83

15.26
15.38
——

15.19
15.42

15.57
15.75

;

14.16
14.43
14.51
14.60
14.72
15.04
15.10
15.13
15.31
15.18
14.93
15.08
15.11
15.35
15.44
15.51
15.69

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
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 , 1 9 8 0 , the FNMA auction results for FHA/VA mortgages do not include graduated payment mortgages.




24
23. FNMA AUCTIONS OF COMMITMENTS TO PURCHASE HOME MORTGAGES
Dollar amounts in millions
Date of
auction

Offered

FHA/VA mortgages
Accepted
Average yield

Offered

Conventional mortgages
Accepted
Average yield

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
63.8

354.6
35.1

15.93
12.28

426.0
12.4

133.0
19.6

17.51
12.76

1981-High
Low

146.9
35.8

61.2
34.1

16.61
14.84

77.4
12.4

54.3
11.1

15.75
14.83

1981-iMar.

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

Apr.

13
27

74.8
64.3

61.2
53.3

16.47
16.61

49.5
77.4

37.7
54.3

15.57
15.75

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

Future commitment program
Accepted
Average y;•*- = J

,980-Hieh
Low

401.4
4.9

200.3
2.5

16.22
11.60

255.2
34.1

26.9
10.5

17.15
12.89

,981-High
Low

141.6
40.7

65.9
15.8

15.69
14.16

73.6
30.3

18.4
5.0

15.87
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

30.3

15.1

— *—

— —-

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

7
14
21
27

77.6
88.6
77.1
n. a .

24.7
23.8
26.9
n. a .

15.35
15.44
15.51
15.69

981-Feb.

Mar.

Apr.

__

—

15.38
—

__
56.7

14.3

15.43

——
——

—
—

__
62.6
——

5.0

15.87

——

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 371/2 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




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

Period

GNMA-guaranteed
New issues

Pass-through securities
F H LMC-guaranteed

Outstanding
(end of period)

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

93,874

2,527

16,853

5,133

8,724

290

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.
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

Oct.
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
J une

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.
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
97,184

168
n. a.
127

16,952
n.a.
17,067

529
251
n.a.

8,233
9,480
n.a.

0
0
0

65

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.