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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.