Full text of H.16 Capital Market Developments : June 8, 1981
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June 8, 1981 •SSSf *»15 811 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. 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 25. Issues of Mortgage-Backed Securities SYMBOLS e P r n.a. — estimate preliminary revised not available data do not exist SUBSCRIPTION RATES Weekly $15.00 per year or $.40 each in the United States, its possessions, Canada, and Mexico; 10 or more of the same issue to one address, $13.50 per year or $.35 each. Elsewhere, $20.00 per year or $.50 each. Address requests to Publications Services, Division of Support Services, and make payment remittance payable to the order of the Board of Governors of the Federal Reserve System in a form collectible at par in U.S. Currency. 1. YIELDS, VOLUME A N D RECEPTION Corporate Bond Market Volume Yields Week ending 981-Mar. Apr. May June New issue Aaa utility 1 Recently offered Aaa utility? Gross offerings 3 ($ millions) New issues in syndicate 4 ($ millions) Percent sold by end of week 6 14.55 14.53 521 94 30 13 20 14.42 14.18 13.98 540 1,736 93 97 40 60 27 15.07 14.71 517 90 53 3 10 14.87 14.89 15.19 980 1,089 98 100 19 0 15.36 15.78 505 1,150 95 99 25 16 655 100 100 —— 17 24 15.85 1 8 15 16.12 15.94 15.80 22 29 15.54 — 15.08p 5 16.26 15.62 15.63 15.29 14.97r 4in 1,110 544 400 100 100 0 0 10 0 0 15.03P 920 98 20 99 2. YIELDS, VOLUME A N D RECEPTION Municipal-Bond Market Volume Yields Bond Buyer Rev. bond index 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 3 10 17 24 9.50 9.80 9.80 10.00 10.21 10.92 11.17 11.30 11.48 865 1,233 1,371 630 83 95 268 10.45 10.70 10.80 95 84 172 165 1 8 10.00 10.94 11.71 963 95 126 11.68 94 96 80 87 83 84 84 172 90 83 Week ending 1981-Mar. Apr. May New issues in syndicate 4 ($ millions) Moody's new issue Aaa Bond Buyer G O. bond index 6 13 20 27 : Gross offerings ($ millions) 15 22 29 10.00 9.80 9.70 10.00 10.90 10.83 10.73 10.64 11.65 11.54 11.45 547 919 795 702 5 10.00 10.59 11.48 400 Percent sold by end of w e e k 3 171 1 Federal Reserve series of implied yield on newly issued, Aaa-rated utility bond with 5-year call protection. 2 Federal Reserve series of implied free-merket yield on Aaa-rated utility bond with 5-year call protection, released from price restrictions sometime during the last four weeks. 3 Estimated by F.R. on the basis of available data. 4 Corporate Market: Salomon Brothers Bond Market Roundup-, Municipal Market: Weekly Bond Buyer. Data are adjusted by Federal Reserve when necessary to make coverage of this series consistent with the gross offerings series. 3. HIGH GRADE B O N D Y I E L D S New issue Aaa utility 1 Date 1978-High Low 1979-High 1980-High Low 9.30(11/10) 9.54(12/22) 9.27(12/29) 3/24) 8.48( 8.30( 11.51(11/12) 11.45( 8/17) 9.00(12/22) 1/6) 8.01( 1/6) 11/9) 10.87(12/28) 9.16( 7/6) 10.56( 11/9) 8.79( 7/6) 1/6) 6/29) 6/20) 10.79( 6/20)10.34( 6/20) 9.59( 5/1) 16.26( 5/1)1 4.53(5/15 ) 1/9) 3/20)12.59( 1/9) 13.99( Bond Buyer G O. bond index5 Bond Buyer Rev. bond index 6 6.67(12/22) 5.58( 3/17) 7.38(10/26) 8.24(11/23) 6.08( 7.23( 7/6) 12.86(12/12) 1 0 . 5 6 ( 1 2 / 1 9 ) 15.03(12/12) 13.49(12/19) 10.53( 14.05( Low 9.39( U.S. govt. 20-year constant maturity4 14.51(12/12) 16.12( 1981-High Moody's seasoned corporate A a a 3 8.61( 9.40( Low Recently offered Aaa utility2 11.41(12/19) 7.11( 5/9) 8.15( 14.15( 5/8)10.94( 5/1) 11.71( 5/1) 11.98( 1/9) 1/9) 10.34( 1/16) 6/20) 9.49( 12.90 12.91 12.04 11.42 8.63 9.66 May 11.53 11.64 10.99 10.44 7.59 8.50 June 10.95 10.99 10.58 9.89 7.63 8.47 1980-Apr. July 11.60 10.32 8.13 8.87 12.32 12.74 11.41 12.31 12.72 11.07 Aug. Sept. 11.64 12.02 11.07 11.47 8.67 8.94 9.57 9.84 Oct. Nov. 13.18 13.85 13.13 13.91 12.31 12.97 11.75 12.44 9.11 9.56 Dec. 14.51 14.38 13.21 12-49 10.11 9.97 10.43 1981-Jan. Feb. Mar. 14.12 14.9a 14.17 12.81 10.64 13.35 14.71 14.41 13.33 12.29 12,98 12.94 9.66 14.58 10.10 10.16 Apr. 15.68 15,48 May 15.81 15.48 13.88 14.32 13.46 13.82 10.79 11.60 14.87 14.89 13.41 13.72 13.05 10.21 10.92 15.19 13.38 10.45 11.17 15.36 13.89 13.52 10.70 15.78 14.02 13.51 10.80 11.48 16.12 16.26 15.62 15 15.80 15.63 14.26 14.50 14.53 13.75 14.15 14.01 22 29 15.54 15.29 14.97r 14.18 14.00$ 13.64 13.39r 10.94 10.90 10.83 10.73 11.71 15.94 10.64 11.45 5 15.08p 15.03p 13.84p 13.28p 10.59 11.48 1981-Apr. 3 10 17 24 May June 1 8 1 2 15.85 9/21) 10.62 5/8) 11.08 11.01 10.90 11.32 11.30 11.68 11.65 11.54 Federal Reserve series of implied yield on newly issued, Aaa-rated utility bond with 5-year call protection. Federal Reserve series of implied free-market yield on competitively bid Aaa-rated utility bond with 5-year call protection released from price restrictions sometime during the last four weeks. 3 Weekly average of daily closing figures. 4 Weekly average of daily figures. U S . Treasury data. , 5 Thursday figures. The average rating of the 20 general obligation bonds used in this index falls midway between the five top groups as classified by Moody's Investors Service. Weekly Bond Buyer data. 6 Thursday figures. The average rating of the 25 revenue bonds used in this index falls midway between the five top groups as classified by Moody s Investors Service. Weekly Bond Buyer data. 4. LONG-TERM CORPORATE AND STATE AND LOCAL GOVERNMENT SECURITY OFFERINGS AND PLACEMENTS Gross proceeds, millions of dollars State and Local Corporate Period 1981 1980 1979 1981 1980 1979 3,078 2,660 5,581 2,840 6,173 3,770 January 2,873 2 , 4 2 4 2 , 6 0 3 4 , 5 0 7 4 , 1 5 7 3 , 1 6 5 February 6 , 6 6 7 2 , 4 3 5 3 ,781 4 , 6 4 4 4 , 4 5 4 4 , 3 5 4 March 3,444 3,042 4,724 4,962 4,746 6,136 8,029 5,437 5,025 3,396 4,256 2,472 4,872 3,946 4,523 4,601 3,868 3,778 5,819 3,936 5,933 4,217 4,160 3,567 4,474 2,916 3,854 51,553 73,688 43,365 48,366 April May June 4,692 4,160 6,238 5,656 9,074 9,645 July August September 4,103 4,211 4,593 October November December Year 1 2 e 6,600e 5,400e 5,100e 3,500e 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 Federal Government Means of financing combined deficit Net cash borrowing from the publicZ Combined Public debt securities deficit(+) Period Gov't, or agency Non1 Total 3 surplus(—) Coupons marketable securities Bills Other Decreased)/ Sponsored agency increase(—) borrowing* in cash operating balance CY- / - 1 9 7 9 CY -1980 41,397 50,670 37,360 79,201 10,899 43,458 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 1 2 U.S. unified budget deficit or surplus plus off-budget entities deficit or surplus. Change in outstanding amount of public debt securities and government agency securities less change in holdings of those securities by government 3 4 accounts. Also includes changes in matured and noninterest-bearing public debt. Change in outstanding amount of marketable securities issued by Federal Farm Credit Banks, Federal Home Loan Banks, Federal Home Loan Mortgage Corporation, Federal National Mortgage Association. 6 6. NEW CORPORATE SECURITY ISSUES BY TYPE OF ISSUE Gross proceeds, millions of dollars Bonds Period Total Privately placed Publicly offered Memo Issues included Convertible Foreign Common and preferred stocks 1977 1978 1979 1980 53,792 47,230 51,533 73,688 24,072 19,815 25,814 41,587 17,943 17,057 14,394 11,612 11,777 10,358 11,325 20,490 1,340 1,349 1,008 1,495 863 418 2,229 4,685 1980-QI QII QUI QIV 15,134 24,375 18,492 15,688 5,924 18,165 11,618 5,880 4,624 2,213 2,163 2,612 4,586 3,997 4,711 7,196 169 529 631 166 908 967 1,510 1,300 1981-QI 16,405 9,358 1,381 5,666 92 1,317 1980-0ct. Nov. Dec. 5,819 3,936 5,933 2,756 1,405 1,719 528 759 1,325 2,535 1,772 2,889 348 12 138 687 398 215 1981-Jan. Feb. Mar. 5,581 4,157 6,667 2,928 2,408 4,022 458 426 497 2,195 1,323 2,148 1.' . 2 10) 10 303 575 439 7. NEW CORPORATE SECURITY ISSUES BY TYPE OF ISSUER Gross proceeds, millions of dollars Period 1977 1978 1979 1980 Manufacturing 13,393 10,813 11,357 20,248 Public utility 14,127 12,232 13,324 15,786 Communications 4,522 3,640 4,522 7,250 Other issuers1 21,827 20,549 22,332 30,404 1980-QI QII QUI QIV 3,950 6,896 5,925 3,477 4,864 4,151 3,701 3,070 1,324 1,808 4,995 11,148 6,928 7,333 1981-QI 5,527 3,223 1,337 6,325 1980-0ct. Nov. Dec. 1,474 550 1,453 1,295 792 983 830 2,220 260 2,335 2,778 1981-Jan. Feb. Mar. 2,244 1,344 1,939 1,362 853 76 303 958 1,008 2,182 1,936 718 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. 1,901 1,660 2,764 8. PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: CORPORATE 1 Issuer P i l l s b u r y Co. W e l l s Fargo Corp. New England T e l . & T e l . Co. Northern I n d i a n a Pub. S v c . Standard O i l Co. ( I n d i a n a ) D e t r o i t E d i s o n Co. Western Union T e l e g r a p h Co. Tenneco I n c . Tenneco I n c . S o u t h w e s t e r n P u b l i c Svc. Co. OTHER Pembroke C a p i t o l L t d . U n i t e d Mexican S t a t e s B e l l Canada Canadian N a t i o n a l R a i l w a y Co. Fed. Bus. D e v ' l . Bank of Canada 1 Date Type Amount (millions of dollars) 6 / 2 Com. s t k . 6/2 Notes 6 / 2 Debt. 6 / 3 Com. s t k . 6 / 3 Notes 6/4 ' Pfd. s t k . 6 / 4 Notes 6/5 Notes 6 / 5 Debt. 6 / 5 Com. s t k . 62.6 100.0 150.0 44.0 250.0 25.0 75.0 00.0 100.0 32.0 6/2 6/2 6/3 6/4 Debt. Bonds Debt. Debt. 6/5 Notes Maturity — —. Coupon rate Offering yield —— 14.75 15.40 Aa/AAA Aaa/AA+ 1991 1991 2006 14.00 15.68 16.00 14.50 15.00 14.09 15.68 16.00 14.69 15.08 Aaa/AAA Baa / — Baa/BB A/A A/A 200.0 100.0 150.0 150.0 1991 1988 1991 2006 14.00 15.00 14.50 15.00 14.10 15.21 14.60 15.20 Aaa/AA+ 100.0 1988 14.63 14.70 Aaa/AAA 1991 2018 14.50 15.25 — — 1991 Rights offering. Includes only corporate and other security offerings of $25 million and over; excludes options, exchanges, and secondary offerings. Moody's/S&P's ratings — / / — — Aa/AA Aa/AAA 9. PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: STATE AND LOCAL1 Issuer Port Sheldon Economic D e v e l . C o r p . , MI Cook C o . , IL Cook C o . , IL M i n n e a p o l i s Comm. Dev. Agcy. M i n n e a p o l i s Comm. Dev. Agcy. M i n n e a p o l i s Comm. Dev. Agcy. Shawnee C o . , KS Shawnee C o . , KS Delaware Co. I n d u s . D e v e l . Auth. Delaware Co. I n d u s . D e v e l . Auth. Delaware Co. I n d u s . D e v e l . Date Type2 Amount (millions of $) Maturity Net interest cost Offering yield Moody's/S&P's ratings 1991 1984-93 2013 1983-95 2006 2007 2013 1982-86 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 10.00 8.75-11.00 11.88 8.25-11.25 11.63 11.63 9.75 8.00-9.00 Aaa/AAA A/A A/A A/A+ A/A+ A/A+ —/AA —/AA 6/1 6/4 6/4 6/5 6/5 6/5 6/5 6/5 Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. 43.5 2.5 29.9 77.1 28.5 14.4 24.5 .5 6/5 Rev. 10.0 1984 n.a. 9.38 Baa/BBB- 6/5 6/5 Rev. Rev. 71.5 18.5 2010 2011 n.a. n.a. 13.00 12.75 Baa/BBBBaa/BBB- 1 Includes only state and local security offerings of $25 million and over; excludes secondary offerings. 2 For state and local government securities, G.O. denotes general obligation; Rev. denotes revenue obligations. 3 Canadian interest cost. 9 10. PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: U.S. TREASURY Notes and Bonds Offering date Payment date Length Maturity date Coupon Auction rate average (percent) (percent) Amount (millions of dollars) Gross proceeds Net proceeds Private1 Total 1 Total Private .2 >8,259 2,815 2,815 4,601 1,771 1,771 Memo: Foreign add-ons3 1980 Nov. Dec. 5 6 7 25 11/17 11/17 11/17 12/1 3 - y r 6-mo 5 / 1 5 / 8 4 10-yr 11/15/90 30-yr 11/15/10 2-yr 11/30/82 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 3 16 18 30 12/8 12/31 12/31 1/5 5 - y r 2-mo 2 / 1 5 / 8 6 2-yr 12/31/82 4-yr 12/31/84 7-yr 1/15/88 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 3,188 3,188 3,188 |7,973 2,337 2,337 2,710 2,710 2,710 170 0 63 0 11-3/4 11.82 13-5/8 13.69 1,501 5,191 1,501 4,730 1,501 2,045 1,501 2,045 0 125 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 I 8,801 3,638 3,638 5,012 3,460 2,551 3,460 2,551 3,460 0 130 0 186 195 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 5,601 3,794 1,751 2,972 4,901 3,535 1,751 2,972 2,085 985 1,751 2,972 2,118 952 1,751 2,972 68 0 0 215 4/30/83 14-1/2 14.51 4,585 4,324 1,572 1,572 0 15-3/4 14-1/2 13-7/8 15-5/8 13-7/8 15.81 14.56 13.99 15.72 13.95 3,681p 1 2,050p f 6,751 2,301p J 4,662p 4,251 3,195p 3,000 2,119 2,119 0 0 0 2,120 3,195 2,120 3,000 ) o 190 0 0 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 May 5/15 5/15 5/15 6/lr 6/3 5 6 7 20 28 2-yr 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 3-yr 5/15/84 10-yr 5/15/91 30-yr 5/15/06-11 2-yr 5/31/83 . 5 - y r 5-mo 1 1 / 1 5 / 8 6 ) ) 1 Excludes amounts sold to Government investment accounts and the Federal Reserve. Also excludes add-ons to foreign accounts. 2 May be larger than the total if the Government accounts and/or the Federal Reserve do not fully roll-over their maturing holdings. 3 Additional amounts of securities issued to foreign and international monetary authorities at the average auction price for new cash. 0 10 11 PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: G O V E R ^ E r T SPONSORED AGENCIES Maturity date Yield (percent) Amount (millions of dollars) Net Gross Maturing proceeds proceeds issues Offering date Payment date 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 12/2480 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 Issuer Length 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 - y r 9-mo 1/25/83 14.50 1,200 0 1,200 FHLB 5 '13 5/13 5/13 5/26 5/26 5/26 11-mo 2 - y r 8-mo 5-yr 4/26/82 1/25/84 5/27/86 17.05 15.80 15.50 1,200 1,000 600 FFCB 5/28 6/1 4 - y r 3-mo 9/3/85 14.90 FNMA 6/3 6/10 3 - y r 4-mo 10/10/84 14.90 FFCB FHLB FHLMC FNMA — — — — Federal Federal Federal Federal 3-mo 6-mo Farm Credit Banks Home Loan Banks Home Loan Mortgage Corporation National Mortgage Association 1,400 1,400 662 0 662 500 750 -250 ^ u i J u n e 5 , 1981 J-.L 12. FORTHCOMING PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: CORPORATE 1 Issuer UNC R e s o u r c e s Corp. P a c i f i c Power & L i g h t Co. A l l e g h e n y Power System A l l i s Chalmers C r e d i t Corp. Southern Co. P u b l i c S e r v i c e E l e c . & Gas Co. South C a r o l i n a E l e c . & Gas Co. Duquesne L i g h t Co. Potomac E l e c . & Power Co. South C a r o l i n a E l e c t r i c & Gas Co. P u b l i c S e r v i c e of Colorado Georgia-Power Co. Georgia Power Co. Kansas Power & L i g h t Co. Brooklyn Union Gas Co. P u b l i c S e r v i c e E l e c t r i c & Gas Co. Monongahela Power Co. N o r t h e a s t U t i l i t i e s Co. N i a g a r a Mohawk Power Co. * P h i l i p Morris Inc. -Chase Manhattan Corp. - C o n t i n e n t a l I l l i n o i s Corp. *Natf1. Medical E n t e r p r i s e s , Inc. *Goulds Pumps, I n c . ^Eastern Air L i n e s , Inc. *Eastern Air L i n e s , Inc. * C r e d i t h r i f t F i n . Corp. ^ f o r e m o s t McKesson, I n c . * S h e l l O i l Co. * S h e l l O i l Co. M a n u f a c t u r e r s Hanover Tr. Corp. W i s c o n s i n Gas Co. P e n n s y l v a n i a E n g i n e e r i n g Corp. Citicorp Northern I n d i a n a P u b l i c S e r v i c e M e l l o n N a t i o n a l Corp. Digicon Inc. Western P a c i f i c Ind. I n c . C r y s t a l O i l Co. Cable American Corp. Northwest Energy Co. ITT F i n a n c i a l Corp. P h i l l i p s P e t r o l e u m Co. Ford Motor C r e d i t Co. Westvaco Corp. Amoco C r e d i t Corp. W e s t i n g h o u s e C r e d i t Corp. U n i t e d Gas P i p e l i n e D a l l a s - P o w e r & L i g h t Co. *American T e l e p h o n e & T e l e g r a p h Co. Wendy's I n t e r n a t T 1 . Co. Delmarva Power & L i g h t Co. *Wells Fargo & Company B e n e f i c i a l Corp. Cypress Mines Corp. Type Conv. d e b t . Com. s t k . Com. s t k . Notes Com. s t k . 1 s t . mtg. 1 s t . mtg. 1 s t . mtg. Is? mtg. Com. s t k . Com. s t k . 1 s t . mtg. Pfd. stk. Com. s t k . 1 s t . mtg. Com. s t k . Pfd. stk. Com. s t k . Com. s t k . Notes Notes Notes Conv. d e b t . Conv. d e b t . Equip. t r . Equip. t r . Notes Conv. d e b t . Notes Debt. Notes 1 s t . mtg. Debt. Notes Com. s t k . Notes Com. s t k . Debt. Conv. d e b t . Notes Debt. Notes Debt. Notes Debt. Debt. Notes Notes Pfd. stk. Com. s t k . Com. s t k . Com. s t k . Pfd. stk. Notes Notes Amount (millions of dollars) 30.0 70.0 80.0 75.0 125.0 100.0 70.0 80.0 100.0 28.0 60.0 125.0 75.0 30.0 50.0 50.0 25.0 65.0 60.0 100.0 100.0 100.0 75.0 25.0 42.5 47.5 50.0 65.0 200.0 300.0 100.0 30.0 30.0 150.0 48.0 50.0 30.0 50.0 31.2 50.0 100.0 75.0 350.0 200.0 75.0 100.0 100.0 75.0 30.0 840.0 30.0 25.0 35.0 100.0 100.0 A p p r o x i m a t e date of offering June 9 June 9 June 9 June 9 June 9 June 16 June 17 June 17 June 17 June 17 June 18 June 23 June 23 June 23 June 24 June 24 June 25 June 29 June 30 June June June June June June June June June June June June June June June June June June June June June June June June June June June June June June June June June June June Indef. * Included in table for first time. 1 Includes only corporate and other security issues of $25 million and over excludes exchanges, options, and secondary offerings. 12 12. FORTHCOMING PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: CORPORATE1 Issuer Type Amount (millions of dollars) C y p r e s s M i n e s Corp. * U n i o n E l e c t r i c Company New E n g l a n d Power Co. Debt. Pfd. stk. Pfd. stk. 100.0 OTHER ^Municipality of Metro. Toronto *Canadian P a c i f i c , Ltd. B a r c l a y s N. Amer. C a p i t a l Corp. Montreal, Province of O s l o Norway Notes Equip. Debt. Debt. Bonds 50.0 75.0 125.0 * 1 tr. 75.0 50.0 100.0 100.0 Approximate date of offering Indef. Indef. Indef, June June June June Indef. Included in table for first time. Includes only corporate and other security issues of $25 million and over; excludes exchanges, options, and secondary offerings. (con't.) As of June 5 , 1981 1 3 . FORTHCOMING PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: STATE A N D LOCAL 1 Issuer ^ D i c k i n s o n Co. Econ. Dev. C o r p . , MI V i r g i n i a E d u c a t i o n Loan Auth. C a l i f o r n i a Hsg. F i n . Agcy. New York S t a t e M e d i c a l Care F a c . F i n . Auth. North C a r o l i n a , S t a t e o f Boca Raton, FL Maryland, S t a t e of U n i v e r s i t y of Texas System *New York S t a t e Dormitory Auth. T e n n e s s e e S c h o o l Bond Auth. ^Government D e v e l . Bank f o r P u e r t o R i c o Putnam C o . , FL ^Kentucky Higher Ed. S t u d e n t Loan Corp. Shelby Co. H e a l t h & Ed. F a c . B d . , TN P l a t t e R i v e r Power A u t h . , Co. Midland Co. Econ. D e v e l . Corp. P h i l a d e l p h i a I n d u s . D e v e l . A u t h . , PA B u t l e r C o . , OH Washington D.C. Higher Ed. Loan-Prgm. * S u l l i v a n , IN ^Municipal A s s i s t a n c e Corp. North Texas Higher Ed. Auth. Denver, CO *Maricopa Co. I n d u s . D e v e l . A u t h . , AZ New M e x i c o , S t a t e o f *New J e r s e y Econ. D e v e l . Auth. Alabama P u b l i c S c h o o l & C o l l e g e Auth. ^Delaware, S t a t e of Louisiana, S t a t e of D a l l a s , TX * C a l i f o r n i a , State of C a l i f o r n i a T r a n s p o r t a t i o n Comm. *South C a r o l i n a , S t a t e of P i t t s b u r g h , PA *Maryland D e p t . of T r a n s p o r t a t i o n POSTPONEMENTS Chicago P u b l i c B l d g . Comm., IL San A n t o n i o , TX * 1 Type Rev. Rev. Rev. Rev. G .0, G.O. G.O. Rev. G.O. BAN's Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. G.O. Rev. Rev. Rev. Rev. G.O. G.O. G.O. G.O. Rev. G.O. G.O. Rev. Rev. Rev. Included in table for first time. Includes state and local government issues of $25 million and over; excludes secondary offerings. Amount (millions of dollars) 53.5 50.0 27.5 26.6 90.0 26.8 91.9 43.0 40.0 36.5 75.0 A p p r o x i m a t e date of offering 60.0 June June June June June June June June June June June June June June June June June June June June June June June June June June June June June June June June June June June 50.0 25.0 June 9 June 11 100.0 90.0 91.4 125.0 30.0 33.2 26.0 60.0 25.0 138.0 35.0 29.0 116.5 49.6 25.0 30.0 45.0 131.5 71.3 150.0 25.0 65.0 70.0 10 10 10 10 11 11 12 12 12 12 12 12 12 12 12 12 14 15 15 16 16 16 16 17 23 24 23 25 30 14 14. STOCK PRICES1 NYSE Index3 Date 2 4 7 . 0 7 ( 1 2 / 3 1 ) 1' 152.03 ( 1/2) 152.29 (10/5) 117.84 ( 1/2) 1000.17 (11/20) 759.13 ( 4/21) 370.75 (11/29) 215.69 ( 3/27) 208.15 (11/28) 124.09 ( 3/27) 79.14 ( 1/6) 72.45 ( 2/20) 1024.05 ( 4/27) 931.57 ( 2/13) 379.77 ( 5/27) 330.34 ( 2/20) 223.47 ( 5/29) 192.29 ( 2/20) 3 10 17 24 78.14 77.78 77.76 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 8 15 22 29 76.75 76.13 76.54 76.26 76.99 995.58 976.40 985.95 971.72 991.75 356.24 362.18 370.90 373.53 377.00 216.68 214.84 216.51 219.23 223.47 5 76.73 993.79 370.01 221.30 1979-High Low 63.39 (10/5) 53.88 (2/27) 1980-High Low 81.02 (11/28) 55.30 ( 3/27) 1981-High Low 1981-Apr. May June NASDAQ5 AMEX4 DJ Industrials 897.61 (10/5) 796.67 (11/8) 15. TRADING VOLUME2 Date NASDAQ 81.6 (10/10) 18.0 ( 1/2) 13.2 (10/10) 2.2 ( 1/22) 25.8 7.2 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 ( 28.9 ( 15.8 ( 1/7) 3.6 ( 2/13) 53.2 ( 19.7 ( 1/7) 1/2) 3 10 17 24 48.1 50.7 51.8 59.2 6.2 5.8 6.4 7.0 32.7 35.4 35.6 37.1 May 1 8 15 22 29 54.4 44.2 41.8 42.9 53. l r 5.7 5.0 5.6 5.5 6.8r 35.1 32.0 32.6 33.1 36.lr June 5 55.7 7.3 36.3 1981-Apr. 1 2 3 4 5 AM EX NYSE 1979-High Low 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 (12/17) ( 1/2) 1/7) 1/2) 15 16. SECURITY CREDIT Outstanding, dollar amounts in millions End of period 1 Margin credit extended by brokers on: 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 1979 - J a n . Feb. Mar. 10,750 10.790 10,870 199 195 181 950 950 965 79 71 79 Apr. May June 11,220 11,130 11,590 194 183 172 960 970 980 77 78 79 July Aug. Sept. 11,840 12,060 12,000 178 176 177 970 995 1,005 81 86 84 Oct. Nov. Dec. 11,310 10,920 11,450 173 161 167 985 1,000 1,020 73 83 84 1980 - J a n . Feb. Mar. 11,820 12,460 11,740 165 175 171 1,035 1,065 1,075 87 84 54 Apr. May June 11,140 11,270 11,200 168 167 165 1,055 1,055 1,065 72 81 83 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 . Feb. Mar. 14,020 13,950 14,020 221 220 222 1,195 1,205 1,235 80 80 Apr. 14,630 238 1,260 79 Margin account debt as reported by the New York Stock Exchange. 84 16 17. SAVINGS FLOWS AT SELECTED NONBANK THRIFT INSTITUTIONS Millions of dollars Mutual Savings Banks (regular deposits) 1 Net flow Date N.S.A. Sea. adj. Annual growth rate 3 Net flow 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 -337 -92 520 -76 344 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 Dec. -983 -325 1,006 -372 -245 266 -3.1 -2.0 2.2 1,855 1,153 4,505 2,810 3,009 2,666 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 1.6 -1.0 2,059 1,622 4,390 2,206 2,734 -101 5.6 6.9 —0.3 1,807 2,923 -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 1 —460 Oct. Dec. 402 312 1,307 1,078 401 496 8.7 3.2 4.0 3,870 2,507 7,591 4,909 4,498 5,693 11.9 10.8 13.5 5,987 4,899 6,184 11.1 9.0 11.3 2,550 1,461 2,055 -169 -227 -639 1981-Jan. Feb. Mar. -365 295 1,284 200 349 191 1.6 2.8 1.5 1,987 2,304 3,740 1,983 3,546 -1,105 4.7 8.3 -2.6 2,183 3,895 -914 3.9 7.0 -1.6 599 879 -2,264 -9i q Apr .P - 1 , 2 2 5 -229 —1 • 8 -2,912 1,468 3.4 1,239 2.2 -4,630 -2,000 1979-July Aug. Sept. Oct. Nov. Nov. -385 -757 1 Regular deposits at mutual savings banks exclude items such as Christmas club and certain escrow accounts, which represent a very small part of total deposits. 2 New deposits net of both withdrawals and interest. Data for S&L's are for Insured associations only, which represent 96 percent ofjndustry 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 O U T S T A N D I N G A T SELECTED INSTITUTIONS Billions of dollars, seasonally adjusted Thrift Institutions End of Period Total All savings and loan associations Federal and Related Agencies Mutual savings banks (N.Y. state) FNMA Total 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. 37.0 32.2 4.8 15.4 8.9 4.8 36.5 31.8 14.1 7.7 4.8 1.7 1.6 Mar. 36.1 31.5 4.7 4.6 13.0 6.7 4.8 1.5 Apr. 36.2 31.7 4.5 12.6 6.4 4.8 1.4 May 35.8 31.7 4.1 12.0 6.0 4.7 1.3 June 35.7 31.5 4.2 11.7 5.6 4.8 1.3 July 35.7 31.7 4.0 11.6 5.5 4.8 1.3 11.2 12.2 5.5 4.4 4.2 1.3 1.3 Aug. Sept. 35.9 36.7 32.0 32.7 3.9 4.0 ' 6.8 1.3 Oct. 35.9 32.3 3.6 14.1 8.2 4.6 Nov. 33.1 29.5 3.6 13.5 7.7 4.7 1.1 Dec. 31.5 28.1 3.4 12.6 6.9 4.7 1.0 1980-Jan. 30.7 27.5 3.2 11.9 6.2 4.7 1.0 Feb. 29.9 27.1 2.8 11.2 5.7 4.5 1.0 5.2 4.7 0.8 26.5 24.0 2.5 10.5 Apr. 22.8 20.7 4.2 4.4 21.1 22.4 19.3 20.7 2.1 1.8 1.7 9.2 May June 9.3 10.3 3.5 3.6 5.0 5.7 0.6 0.8 1.0 July 26.0 23.7 1.8 10.6 3.9 5.5 1.2 Aug. 28.4 26.7 1.8 10.6 4.4 5.1 Sept. 29.9 28.0 1.9 10.8 5.1 4.8 1.1 0.9 Oct. 29.5 27 . 7 1.8 4.8 29.5 28.Q 27.8 1.7 4.4 5.2 0.7 0.7 77 . 3 1.6 10.4 10.3 9.3 4.9 Nov. 3.5 5.2 0.6 Mar. Dec . 1981-Jan. 28.6 27.1 1.5 10.3 3.3 6.3 0.7 Feb. Mar. 27.6 26.9 26.2 25.5 1.4 1.4 9.6 9.1 2.8 2.3 6.2 6.0 Apr. n.a. 25.3 n.a. 8.6 2.1 5.8 0.6 0.8 0.7 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. 18 19. NET NEW MONEY BORROWINGS BY MAJOR HOUSING CREDIT AGENCIES Millions of dollars 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 5,452 979-Jan, Feb. Mar. 967 1,457 912 0 1,033 1,372 0 834 0 0 199 -128 0 0 1,500 967 424 —460 Apr. May June 1,027 304 1,363 997 215 1,299 0 222 0 -3 -7 199 1,000 0 1,100 30 89 64 July Aug. Sept. 1,625 360 398 1,916 613 -154 700 415 0 216 198 146 1,000 0 -300 -291 -253 552 Oct. Nov. Dec. 2,297 1,791 1,375 1,599 1,453 150 1,300 953 0 -1 0 150 300 500 0 698 338 1,225 980-Jan. Feb. Mar. 328 927 3,580 -2 10 1,780 0 -350 1,400 -2 160 -120 0 200 500 330 917 1 $ 800 Apr. May June 2,205 1,366 -929 1,499 2,649 1,000 1,000 900 0 -1 -1 0 500 1,750 1,000 706 -1,283 -1,929 July Aug. Sept. -979 -458 1,325 442 1,200 253 0 200 1,000 -8 0 -97 450 1,000 -650 -1,421 -1,658 1,072 Oct. Nov. Dec. 3,607 313 3,390 1,300 900 1,600 150 0 0 -300 750 2,307 -587 250 700 0 -450 3,140 1,582 496 45 • 600 200 800 1,000 300 -650. -1,375 -514 912 • Period >81 - J a n . Feb. Mar. Intermediate- and long-term issues 207 -18 957 X Based on data from Treasury Survey of Ownership. FHLMC -18 -4 -105 . FNMA FNMA and F H L S short-term discount notes 20. MET CHANGE IN MORTGAGE HOLDINGS AT SELECTED INSTITUTIONS Millions of dollars, seasonally adjusted Period Total Major private Vinanciel institutions Total S&L's Life insur. companies FNMA and GNMA FHLMC Mortgage pools GNMA- | FHLMCguaranteed guaranteed 1978 126 ,411 103,2.21 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 59,418 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 2,87.7 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 33& 187 269 Oct. Nov. Dec. 11,053 7,968 8,430 8,304 6,609 5,006 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 6,650 7,008 5,237 n.a. 5,337 5,396 4,638 n. a . 1,365 1,564 2,090 2,879 121 125 21 n.a. 3,066 2,747 1,787 2,147 785 960 670 n.a. 160 74 -133 n.a. —68 139 -35 —134 • 1,114 1,381 -35 1,791 107 18 216 77 1980 1981 Jan. Feb. Mar. Apr. 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. 20 21. NET CHANGE IN MORTGAGE DEBT OUTSTANDING, BY TYPE OF PROPERTY 1 Billions of dollars, seasonally adjusted annual rates Residential Quarter 1976-01 Q2 Total 84.0 75 .1 Total 68.4 59.4 1 - to 4family 62.8 Multifamily Commercial 5.4 3.8 10.8 11.3 Multifamily and commercial Farm 4.8 16.4 15.1 16.8 4.4 6.4 15.0 7.3 18.7 23.3 25.6 6.7 8.1 03 92.1 72.6 55.6 68.9 04 97.7 78.1 75.5 3.7 2.6 13.2 12.4 83.5 102.8 106.7 109.7 4.3 8.4 8.2 8.6 14.5 14.9 17.4 25.5 34.1 8.6 11.1 23.0 23.9 31.6 35.0 9.2 8.1 21.9 21.1 31.1 29.3 8.0 8.0 7.5 23.9 27.6 30.5 33.8 11.2 12.7 1977-01 108.9 87.8 02 03 04 134.2 139.1 150.4 111.3 115.0 118.3 1978-Q1 02 131.4 144.1 101.8 112.2 03 04 150.4 159.7 120.5 131.0 93.2 101.2 111.3 122.9 1979-Ql 02 151.7 160.8 116.5 120.5 109.9 114.3 6.6 6.2 6.8 6.8 6.7 Q3 158.5 119.6 110.6 9.0 27.7 36.7 11.1 Q4 148.2 116.2 107.0 9.2 22.0 31.1 10.1 1980-Q1 150.5 103.7 95.5 8.2 29.7 38.0 17.1 02 Q3 Q4 73.0 123.8 151.3 43.0 92.6 115.2 36.2 82.7 104.0 6.8 9.9 11.2 16.0 20.7 21.6 22.8 30.6 14.0 10.5 14.4 32.9 1 Derived from data on mortgage debt outstanding from Federal Deposit Insurance Corporation, Federal Home Loan Bank Board, Institute of Life Insurance, National Association of Mutual Savings Banks, Departments of Commerce and Agriculture, Federal National Mortgage Association, Federal Housing Administration, Veterans Administration and Comptroller of the Currency. Separation of nonfarm mortgage debt by type of property, where not available, and interpolations and extrapolations, where required, estimated mainly by Federal Reserve. 22 2 3 . F N M A A U C T I O N S O F C O M M I T M E N T S TO P U R C H A S E HOME M O R T G A G E S Dollar a m o u n t s in millions Offered 1979-High Accepted Average yield 448.3 13.29 454.0 172.2 13.97 19.4 10.42 19.4 17.9 10.92 644.2 354.6 15.93 426.0 133.0 17.51 63.8 35.1 12.28 12.4 19.6 12.76 146.9 99.6 17.21 166.7 83.7 16.45 35.8 34.1 14.84 12.4 11.1 14.83 30 35.8 35.2 15.74 44.9 36.1 15.42 Low 1981-High Low May Offered 36.5 1980-High Apr. Accepted Average yield 1,034.9 Low 1981-Mar. C,J nventional mortgages F H A / V A mortgages Date of auction 13 74.8 61.2 16.47 49.5 37.7 15.57 27 64.3 53.3 16.61 77.4 54.3 15.75 11 109.9 99.6 17.21 114.6 94.9 79.5 16.65 166.7 72.2 83.7 16.42 26 16.45 2 4 . FHLMC A U C T I O N S O F COMMITMENTS TO P U R C H A S E HOME M O R T G A G E S Conventional mortgages, dollar a m o u n t s in millions Date of auction Offered 1980-High Low 1981-High Low 1981-Feb. Immediate delivery program Average yield Accepted 401.4 200.3 4.9 2.5 141.6 65.9 40.7 13.2 16.22 11.60 255.2 26.9 17.15 34.1 10.5 12.89 16.77 73.6 18.4 17.12 14.16 30.3 5.0 15.16 30.3 15.1 15.38 56.7 14.3 15.43 62.6 5.0 15.87 69.1 17.5 17.12 3 66.5 22.3 14.72 10 74.1 20.3 15.04 17 40.7 15.8 15.10 24 61.3 17.3 15.13 3 71.3 23.0 10 15.31 57.2 18.4 15.18 31.6 14.93 Mar. 17 68.1 24 80.4 29.7 15.08 31 99.6 33.1 15.11 Apr. 7 77.6 88.6 24.7 15.35 14 23.8 15.44 21 77.1 26.9 27 86.0 15.51 30.8 15.69 4 44.2 15.2 16.35 11 18 41.3 13.2 16.77 47.4 44.3 21.0 16.51 May Offered Future c o m m i t m e n t program Average yield Accepted 20.1 16.45 — 16 e 3 1 n .a. n . a . 2 June Offerings*in^the FNMA auctions of 4-month purchase commitments relate to total bids submitted, and average yields to 26 —— —— * 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 3754 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 25. ISSUES OF MORTGAGE BACKED SECURITIES Millions of dollars, not seasonally adjusted Period GNMA-guaranteed New issues Outstanding (end of period) Pass-through securities FH LMC-guaranteed New issues Outstanding (end of period) Public offerings of mortgagebacked bonds Outstanding by savings and (end of period) loan assoc. Privately insured New issues 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 65 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 June 1,778 1,127 1,320 82,419 83,385 84,282 199 391 232 15,613 15,949 16,120 510 495 413 5,269 5,760 6,168 0 0 190 July Aug. Sept. 1,874 2,215 1,807 85,634 88,031 89,452 288 320 275 16,370 16,658 16,852 485 466 355 6,603 6,995 7.338 50 0 0 Oct. Nov. Dec. 2,255 1,613 1,569 91,425 92,574 93,874 187 94 48 16,950 16 , 9 1 2 16,853 402 628 427 7,708 8,342 8,724 0 n n 1981—Jan. Feb. Mar. Apr. 1,302 1,306 1,046 1,404 95,061 96.292 97,184 98,405 168 94 127 97 16,952 17,010 17,067 17,131 529 251 460 506 8,233 9,489 9,900 10,360 n 0 0 n. a. 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.