Full text of H.16 Capital Market Developments : July 27, 1981

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

July 2 7 , 1 9 8 1

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




JUL * 9

Bb-

„a,cnwD,ary

CONTENTS
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
17.
18.
19.
20.
21.
22.
23.
24.
25.

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
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.
i•-

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 AND RECEPTION
Corporate Bond Market
Week ending
1981-May

New issue
Aaa utility 1

1
8
15
22
29

16.12
15.94
15.80
15.54

5
12
19
26

14.93
15.01
14.35

June

July

Yields
Recently offered
Aaa utility?

—

—

__

2
10
17 r
24p

Gross offerings 3
($ millions)

15.72 r
16.41p

New issues in syndicate 4
($ millions)
0
0
10
0
0

16.26
15.62
15.63
15.29
14.97

539
410
976
544
328

100
100
99
100
100

15.03
14.74
14.59
14.80

1,020
1,115
669*
668

98
94
89
100

20
66
83
0

99
100
97r
67

3
0
15r
15

519
382
594r
45

14.94
15.04
15.67r
16.05p

——

Volume
Percent sold by
end of week

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
syndicate 4
($ millions)

1981-May
June

1
8
15
22
29

10.00
10.00
9.80
9.70
10.00

10.94
10.90
10.83
10.73
10.64

11.71
11.68
11.65
11.54
11.45

963
547
919
795
702

95
94
96
80
87

126
83
84
84
172

June

5
12
19
26

10.00
9.75
9.75
9.95

10.59
10.63
10.73
10.74

11.48
11.47
11.48
11.54

400
1,125

966

90
83
81
91

83
242
243
200

2
10
17
24

9.86
10.15
10.30
10.30

10.85
10.97
11.09
11.34

11.66

681
637
580r
838

79
93
87
92

257
120
137
135

July

11.73
11.87

12.01

1,006*

* E x c l u d e s $150 m i l l i o n i i s u e of AlaskA H o u s i n g F i n a n c e C o r p o r a t i o n .
1
2
3
4

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 Aaa-rated utility bond with 5-year call protection, released from price restrictions sometime
during the last four weeks.
Estimated by F.R. on the basis of available data.
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.

5 Gross o f f e r i n g s r e f l e c t s gross proceeds r a t h e r



t h a n p a r v a l u e of o r i g i n a l d i s c o u n t b o n d s .

3. HIGH GRADE BOND YIELDS
New issue
Aaa utility 1

Date

Recently offered
Aaa utility?

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

Moody's
seasoned
corporate Aaa 3

Bond Buyer
G O. bond
index 5

Bond Buyer
Rev. bond
index®

9.00(12/22
8.01( 1/6

6.67(12/22)
5 . 5 8 ( 3/17)

1979-High
Low

11.51(11/12) 11.45( 11/9) 10.87(12/28) 10.56( 11/9
9.16( 7/6) 8 . 7 9 ( 7/6
9.40( 8/17) 9.39( 6/29)

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

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

1980-High
Low

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 )
10.53( 6/20)10.79( 6/20) 10.34( 6/20) 9.59( 6/20 7.11( 5/9)

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

1981-High
Low

16.12(

5/8) 1 1 . 3 4 ( 7/24)
1/9) 9.49( 1/9)

12.01( 7/24)
10.34( 1/16)

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

1978-High
Low

14.05(

9.27(12/29)
8.30( 1/6)

5 / 1 ) 1 6.26( 5/1) 14.53( 5/15) 14.15(
1 / 9 ) 1 3 - 99( 3 / 2 0 ) 1 2 . 5 9 ( 1 / 9 ) 1 1 . 9 8 (

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

9.97
10.43

10.11

11.08

1981-Jan.
Feb.
Mar.

14.12
14.90
14.71

14.17
14.58
14.41

12.81
13.35
13.33

12.29
12.98
12.94

9.66
10.10
10.16

10.64
11.01
10.90

Apr.
May
June

15.68
15.81
14.76

15.48
15.48
14.81

13.88
14.32
13.75

13.46
13.82
13.20

10.62
10.79
10.67

11.32

16.12

16.26
15.62
15.63
15.29
14.97

14.26
14.50
14.53
14.18
14.00

13.75
14.15
14.01
13.64
13.39

10.94
10.90
10.83
10.73
10.64

11.71

15.94
15.80
15.54
14.93
15.01
14.35

15.03
14.74
14.59
14.80

13.84
13.73
13.61
13.77

13.28
13.06
13.01
13.31

10.59
10.63
10.73
10.74

11.48
11.47
11.48
11.54

14.94
15.04
15.67r
16.05p

14.04
14.19
14.25r
14.56p

13.61
13.66
13.73
14.21p

10.85
10.97
11.09
11.34

11.66

1980-July
Aug.
Sept.

1981-May

1

8
15
22
29

3

June

5
12
19
26

July

2
10
17
24

15.72r
16.41p

11.60

11.49

11.68
11.65
11.54
11.45

11.73
11.87

12.01

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

5

y n e ' a l obligation bond! used in this index falls midway between the five top groups as classified by

a

..... ^
Investors Service. Weekly Bond Buyer data.




m

i

d

-

,

b . ^ , = » ^ . .

»»»«*•.

5
4. LONG-TERM CORPORATE AND STATE AND LOCAL GOVERNMENT SECURITY OFFERINGS AND PLACEMENTS
Gross proceeds, millions of dollars
Corporate 1
State and Local 2
Period
1981
1980
1979
1981
1980
1979
3
,
0
7
8
5,581
2,840
2,668
6,173
3,770
January
2,424
2,603
4,507
2,843
4,157
3,165
February
2
,
4
3
5
4
,
6
4
4
6
,
4
2
3
3,850
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

6,511
5,347
6,000e*

4,892
3,500e
4,700e*

E x c l u d e s $150 m i l l i o n i s s u e of A l a s k a Housing F i n a n c e C o r p o r a t i o n .
S e c u r i t i e s and Exchange Commission e s t i m a t e s of g r o s s p r o c e e d s .
P u b l i c S e c u r i t i e s A s s o c i a t i o n e s t i m a t e s of p r i n c i p a l a m o u n t s ,
E s t i m a t e d by F e d e r a l R e s e r v e on t h e b a s i s of a v a i l a b l e d a t a .

5. TREASURY AND GOVERNMENT SPONSORED AGENCY BORROWING
Millions of dollars
Federal Government
Means of financing combined deficit
Net cash borrowing from the public!
Combined
Public debt securities
deficit(+)
Period
Gov't,
or
agency
Non1
Totals
surplus!—I
Bills
Coupons marketable securities

Other

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

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

III

<u

-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
15,138

4,320
8,548
6,343

4,159
5,849
8,997

-1,480
-489
-347

-35
-55
-14

3,179
-664
-1,479

-1,612
3,811
-611

1,408
13
1,960

1
1
o
00
ON
H

CY- / - 1 9 7 9
CY
-1980

1 U.S. unified budget deficit or surplus plus off-budget entities deficit or surplus.
2 Change in outstanding amount of public debt securities and government agency securities less change in holdings of those securities by government
accounts.
3 Also includes changes in matured and noninterest-bearing public debt.
4 Change in outstanding amount of marketable securities issued by Federal Farm Credit Banks, Federal Home Loan Banks, Federal Home Loan Mortgage Corporation, Federal National Mortgage Association.




6
6. NEW CORPORATE SECURITY ISSUES BY TYPE OF ISSUE
Gross proceeds, millions of dollars
Bonds
Period
Total
Privately
Publicly p
placed
offered

Memo
Issues included
Foreign
Convertible

Common and
preferred
stocks

1977
1978
1979
1980

53,792
47,230
51,533
73,688

2 4 , 072
1 9 , 815
2 5 , 814
4 1 , 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
QIII
QIV

15,134
24,375
18,492
15,688

5 , 924
1 8 , 165
1 1 , 618
5 , 880

4,624
2,213
2,163
2,612

4,586
3,997
4,711
7,196

169
529
631
498

908
967
1,510
1,300

1981-QI

16,161

9, 114

1,381

5,666

277

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
6,423

2, 928
2, 408
3,778

458
426
497

2,195
1,323
2,148

162
105
10

303
575
439

Apr.
May

6,511
5,347

3 , 668
2 , 490

605
480

2,238
2,377

n. a.
n. a.

719
398

7. NEW CORPORATE SECURITY ISSUES BY TYPE OF ISSUER
Gross proceeds, millions of dollars
Manufacturing
Public utility
Period
14,127
13,393
1977
12,232
1978
10,813
13,324
11,357
1979
1980
20,248
15,786

Communications
4,522
3,640
4,522
7,250

Other issuers1
21,827
20,549
22,332
30,404

1980-QI
QII
QIII
QIV

3,950
6,896
5,925
3,477

4,864
4,151
3,701
3,070

1,324
2,182
1,936
1,808

4,995
11,148
6,928
7,333

1981-QI

5,387

3,223

1,337

6,221

1980-0ct.
Nov.
Dec.

1,474
550
1,453

1,295
792
983

830
260
718

2,220
2,335
2,778

1981-Jan.
Feb.
Mar.

2,244
1,344
1,799

1,362
853
1,008

76
303
958

1,901
1,660
2,660

Apr.
May

1,886
2,172

1,491
1,195

609
56

2,524
1,924

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.

2 T o t a l r e f l e c t s g r o s s p r o c e e d s r a t h e r t h a n p a r v a l u e of o r i g i n a l d i s c o u n t bonds*




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

Thomson McKinnon S e c . , I n c .
Dana Corp.
International Tel. & Tel.
Corp.
International Tel. & Tel.
Corp.
P h i l a d e l p h i a E l e c t r i c Co.
P h i l i p M o r r i s Co.
P h i l i p M o r r i s Co.
Gulf S t a t e s U t i l s . Co.
U n i v e r s a l H e a l t h S e r v i c e s Co.
General Telephone & E l e c t r o n i c
Corp.
Oppenheimer Co.
New York T e l e p h o n e Co.
New York T e l e p h o n e Co.
S o u t h e r n R a i l r o a d Co.
Ohio E d i s o n Co.
Union Tank Corp.
San Diego Gas & E l e c . Co.
Tacoma B o a t b u i l d i n g Co.
Commonwealth E d i s o n Co.
S t o r e r B r o a d c a s t i n g Co.
E a s t e r n E d i s o n Co.
Diamond S t a t e T e l e . Co.
OTHER
Novo I n d u s t r i A/S
Ito-Yokado
B r i t i s h C o l . Hydro & Power
Auth.
A u s t r i a n C o n t r o l l e d Bank
Hydro-Quebec

Type

Amount
(millions
of dollars)

Maturity

Coupon
rate

Offering
yield

7/1
7/1

Debt.
Conv.debt.

40.0
75.0

1991
2006

17.00
5.88

17.00
12.40

A/AA-

7/1

Debt.

75.3

2011

7.50

15.12

A/A

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

69.7
125.0
107.0
150.0
55.6
25.0

2001
2011
2001
1991

6.50
17.63
6.00
15.25

15.00
17.80
15.17
15.32

A/A
Baa/BBB
A/A
A/A

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

144.4
25.00
250.0
150.0
24.0

Date

7/1
7/1
7/9
7/9
7/9
7/9
5
7/10
7/14
7/14
7/14
7/14
7/15
7/16
7/16
7/16
7/23
7/23
7/23
7/23

75.0
1 s t . mtg.
75.00
Equip.tr.
50.0
1 s t . mtg.
Conv.debt.
20.0
Com. s t k .
194.7
Com. s t k .
64.6
30.0
1 s t . mtg.
1 s t . mtg.
15.0

7/8
7/8

Com. s t k .
Conv.debt.

7/9
7/21
7/23

Bonds
Notes
Debt.

—
—
—

—
—
—

2001
2021
1991
1982-96

18.00
15.63
14.63
14.50

1991
2001
2011
2001

16.88
15.38
17.38
10.75

1991
2021

17.50
16.38

Moody's/S&P's
ratings

—
—

—
18.00
15.73
14.75
15.80/
14.25
17.00
15.54
17.60
10.75
17.50
16.38

—j—
—/BB
Aaa/AAA
Aaa/AAA
Aa/AAA
Baa/BBB—
A/A
Baa/BBB—
B/B-

—J—
—J—

Baa/BBBAaa/AAA

54.0
60.0

—

— •

— j—

1996

5.75

5.75

—/A+

250.0
35.5
200.0

2011
1988
1991

15.50
0
17.50

15.61
15.38
17.50

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




—/—
— f—

Aaa/AAA
Aaa/AAA
Aa/AA

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

L a b e t t e & Cowley C o . , KS
L a b e t t e & Cowley C o . , KS
L a b e t t e & Cowley C o . , KS
L a b e t t e & Cowley C o . , KS
L a b e t t e & Cowley C o . , KS
N o r t h e a s t e r n P e n n s y l v a n i a Hosp
A u t h . , PA
N o r t h e a s t e r n P e n n s y l v a n i a Hosp
A u t h . , PA
Lee C o . , FL
Lee C o . , FL
P i t t s b u r g , PA
M i c h i g a n H i g h e r Ed. S t u d e n t
Loan A u t h .
H u n t i n g t o n P a r k Redev. A g c y . ,
CA
H u n t i n g t o n P a r k Redev. A g c y . ,
CA
H u n t i n g t o n P a r k Redev. A g c y . ,
CA
H u n t i n g t o n P a r k Redev. A g c y . ,
CA
Alabama F e d . Aid Highway F i n .
Auth.
G e o r g i a , S t a t e of
Plaquemines P o r t Harbor &
T e r m i n a l D i s t . , LA
T y l e r Hosp. A u t h . , TX
T y l e r Hosp. A u t h . , TX
T y l e r Hosp. A u t h . , TX
N o r t h e r n C a l i f o r n i a Power
Agcy.
N o r t h e r n C a l i f o r n i a Power
Agcy.
N o r t h e r n C a l i f o r n i a Power
Agcy.
Los A n g e l e s Lomod D e v e l .
Corp.
Reno, NV
Reno, NV
Reno, NV
A l l e g h e n y Co. Hosp. Dev. A u t h .
PA
A l l e g h e n y Co. Hosp. Dev. A u t h .
PA
Tennessee Local Devel. Auth.
Washington Suburban S a n i t a r y
D i s t . , MD
Lee C o . , FL
Lee C o . , FL
Lee C o . , FL
Lee C o . , FL

Net
interest
cost

Type2

Amount
(millions
of$)

7/1
7/1
7/1
7/1
7/1

Rev.
Rev.
Rev.
Rev.
Rev.

1.6
1.4
3.0
16.0
3.1

1983-93
1997
2002
2012
2013

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

8.50-10.80
11.38
11.00
11.88
11.88

—/A+
—/A+
—/A+
— / A+
—/AH-

7/1

Rev.

2.9

1984-91

n.a.

9.10-10.90

A/A

7/1
7/1
7/1
7/1

Rev.
Rev.
Rev.
G.O.

34.5
6.9
24.5
70.0

2008
1984-97
2009
1982-06

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

12.22
8.40-10.50
11.00
8.30-11.70

A/A
—/AAA
--/AAA
Baa/A

7/7

Rev.

40.0

1984

7/8

Rev.

1.9

1984-91

n.a.

7/8

Rev.

2.3

1996

n.a.

12.00

—/BBB

7/8

Rev.

10.0

2006

n.a.

11.00

—/BBB

7/8

Rev.

25.8

2014

n.a.

12.50

—/BBB

7/8
7/9

Rev.
G.O.

64.0
150.0

7/9
7/10
7/10
7/10

Rev.
Rev.
Rev.
Rev.

7/10

Date

Maturity

10.60

10.00
L0.00-11.00

Moody's/S&P's
ratings

A1/A+
—/BBB

1984
1982-01

n.a.
9.89

9.25
7.75-10.25

MIG-1/—
Aaa/AA

80.7
4.3
5.5
32.7

1984
1985-96
2005
2013 .

n.a.
13.71
13.71
13.71

9.00
9.50-12.10
N.R.
13.75

Aaa/—
Baal/BBB+
Baal/BBB+
Baal/BBB+

Rev.

11.2

1984-96

10.26

8.00-10.20

A/AAA

7/10

Rev.

9.5

2001

10.26

10.30

A/AAA

7/10

Rev.

19.3

2007

10.26

10.40

A/AAA

7/10
7/13
7/13
7/13

Rev.
Rev.
Rev.
Rev.

47.2
3.8
4.0
32.2

1984
1984-93
1998
2011

n.a.
12.46
12.46
12.46

10.00
9.20-11.50
12.00
12.38

MIG-1
A/A
A/A
A/A

7/14

Rev.

2.7

1983-93

n.a.

8.75-11.25

—/A+

7/14
7/15

Rev.
Rev.

28.6
90.7

2012
1982

n.a.
n.a.

12.38
9.50

—/A+
MIG-1

7/15
7/16
7/16
7/16
7/16

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

105.0
2.6
3.3
5.4
24.4

1982-01
1985-91
1996
2001
2011

10.37
n.a.
n.a.
n.a.
n.a.

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.




Offering
yield

8.20-11.00
8.50-9.60
10.50
10.87
11.12

Aa/AA
—/AAA
—/AAA
—/AAA
—/AAA

9. PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: STATE AND LOCAL 1 ( c o n ' t . )
Issuer

Lee C o . , FL
Lee C o . , FL
New York C i t y , NY
D e l a w a r e Economic Development
Auth.
Delaware Economic Development
Auth.
D e l a w a r e Economic Development
Auth.
H a r r i s County Housing F i n a n c e
C o r p . , TX
H a r r i s County Housing F i n a n c e
C o r p . , TX
I l l i n o i s Health Fac. Auth.
New O r l e a n s E x h i b i t i o n H a l l
A u t h . , LA
New O r l e a n s E x h i b i t i o n H a l l
A u t h . , LA
New O r l e a n s E x h i b i t i o n H a l l
A u t h . , LA
Columbus, OH
Corpus C h r i s t i , TX
Nevada, S t a t e of
Nevada, S t a t e of
I n t e r m o u n t a i n Power A g c y . , UT
I n t e r m o u n t a i n Power A g c y . , UT
I n t e r m o u n t a i n Power A g c y . , UT
I n t e r m o u n t a i n Power A g c y . , UT
I n t e r m o u n t a i n Power A g c y . , UT
S t . L o u i s , MO

Amount
(millions
of$)

Maturity

Net
interest
cost

Offering
yield

G.O.

7.2
6.3
100.0

2014
2014
1982-01

n.a.
n.a.
11.81

11.00
11.00
8.50-12.00

7/17

Rev.

10.0

1984

n.a.

9.50

A/A

7/17

Rev.

10.0

2001

n.a.

11.75

A/A

7/17

Rev.

30.0

2011

n.a.

12.00

A/A

7/17

Rev.

1982-93

n.a.

7/17
7/17

Rev.
Rev.

52.7
28.0

1994
1984

n.a.
n.a.

7/22

Rev.

6.8

1984-96

11.62

8.75-10.90

--/AAA

7/22

Rev.

6.1

2001

11.62

11.38

—/AAA

7/22
7/22
7/22
7/22
7/22
7/23
7/23
7/23
7/23
7/23
7/23

Rev.

28.6
64.5
25.0
18.7
21.3
19.4
22.3
13.3
20.0
225.0
52.0

2011
1984-08
1982-02
1983-94
2000
1982-01
2006
2008
2019
2021
1982-05

11.62
11.99
11.17
n.a.
n.a.
13.71
13.71
13.71
13.71
13.71
12.10

11.60
9.25-12.00
8.50-11.50
8.20-10.25
10.94
11.00-12.5( I
12.93
12.70
12.85
13.06
9.00-12.25

—/AAA
Aa/AA
Al/A
—/AA
—/AA
A1/A+
A1/A+
A1/A+
A1/A+
A1/A+
A/A

Date

Type 2

7/16
7/16
7/16

Rev.
Rev.

G.O.

Rev.
G.O.
G.O.

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

4.54

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.




Moody's/S&P's
ratings

8.50-10.75
11.25
9.25

—/AAA
—/AAA
B/BBB

Aa/—
Aa/—
Aaa/—

S OF INTERMEDIATE- AND LONG-TERM SECURITIES: U.S. TREASURY

ferir
late

Length

Maturity
date

Amountt (millions of dollars)
Coupon Auction
Net proceeds
Memo:
Gross proceeds
average rate
Foreign 3
1 2
1
Private » add-ons
(percent) (percent) Total
Total
Private

98C
5
6
7
25

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

3
16
18
30

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

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

1,501
5,191

0
190
0
0

'8,259

2,815

2,815

4,601

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

18,801

3,638

3,638

3,460

2,551
3,460

2,551
3,460

0
130
0
186
195

.981
6
21

!0-yr 1-mo
2-yr

3
4
5
24
26

3-yr
9-yr
%9-yr
2-yr
5-yr

18
24
26
31

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

2-yr
4-yr
20-yr 1-mo
7-yr

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

22

2-yr

4/30/83

14-1/2

14.51

4,586

4,325

1,573

1,573

0

5
6
7
20
28

5/15/84
3-yr
5/15/91
LO-yr
j/15/06~ll
)0-yr
5/31/83
2-yr
5 - y r 5-mo 1 1 / 1 5 / 8 6

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

3,776
6,844
2,074
2,302 J
4,763
4,352
3,206
3,206

2,221

2,221

2,120
3,206

2,120
3,206

195

18
23
25
30

2-yr
4-yr
20-yr
7-yr

6/30/83
6/30/85
8/15/01
7/15/88

14-5/8
14 . :
13-3/8
14

14.72
14.04
13.45
14.07

4,606 '
3,389
l,751p
3,001p

4,306 . 1,549
875
3,277
l»751p l , 7 5 1 p
3,001p 3 , 0 0 1 p

1,581
843
l,75Ip
3,OOlp

0
0
0
450

2-yr

7/31/83

1 5 - 7 / 8 15.92

4,853p

4,502p

l,982p

l,631p

nea.




)

|)5,012

|

to Government investment accounts and the Federal Reserve. Also excludes add-ons to foreign accounts,
otal if the Government accounts and/or the Federal Reserve do not fully roll-over their maturing holdings
securities issued to foreign and international monetary authorities at the average auction price for new cash.

0
0
0
0

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

Issuer

Length

Maturity
date

Yield
(percent)

Amount (millions of dollars)
Gross
proceeds

Maturing
issues

Net
proceeds

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

.1,400

1,400

FFCB

5/28

6/1

4 - y r 3-mo

9/3/85

14.90

662

0

662

FNMA

6/3

6/10

3 - y r 4-mo

10/10/84

14.90

500

750

-250

FHLB

6/10
6/10

6/25
6/25

1 - y r 9-mo
3 - y r 10-mo

3/25/83
4/25/85

14.80
14.55

1,100
700

0

1,800

FNMA

6/26

7/10

3 - y r 10-mo

5/10/85

15.25

600

1,200

-600

FFCB

7/8
7/8
7/8

7/20
7/20
7/20

3-yr
5-yr
10-yr

7/23/84
7/21/86
7/22/91

15.25
15.15
14.70

759
938
617

905

1,409

7/15
7/15
7/15

7/27
7/27
7/27

1-yr
3-yr
5-yr

7/26/82
7/25/84
7/25/86

15.90
15.55
15.35

1,000
1,000
400

900

1,500

FHLB

FFCB
FHLB
FHLMC
FNMA

—
—
-

Federal
Federal
Federal
Federal




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

12

As of J u l y 24, 1981

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

* F l e x i - V a n Corp.
* N a t i o n a l B a n c s h a r e s Corp.
*Kruger Co.
* C l a i p i r Co.
* G e n ' l . T e l . Co. of t h e Southwest
ITT F i n a n c i a l Corp.
Xerox C r e d i t Corp.
Xerox C r e d i t Corp.
Missouri P a c i f i c Railroad
Worthington I n d u s t r i e s I n c .
U.S. Home Corp.
B.F. Goodrich Co.
I n d i a n a p o l i s Power & L i g h t
Mary Kay C o s m e t i c s , I n c .
Farmland I n d u s t r i e s , I n c .
Kentucky U t i l i t i e s Co.
Kerr-McGee Corp.
N a t ' l . R u r a l U t i l i t i e s Coop. F i n . Corp.
B a r c l a y s American C o r p .
B a r c l a y s American Corp.
E q u i t a b l e of Iowa Companies
K a i s e r Cement Corp.
F i r s t S a v i n g s A s s n . of Wise.
S t o r e r B r o a d c a s t i n g Co.
A l l e g h e n y Power System
Delmarva Power & L i g h t Co.
American A i r l i n e s I n c .
P i t n e y Bowes I n c .
J e t American A i r l i n e s
Wells Fargo & Company
Oklahoma Gas & E l e c . Co.
K a i s e r Aluminum & Chemical Corp.
Northern Indiana Public Service
Cameron I r o n Works, I n c .
K a i s e r Alum. & Chem. Corp.
S o u t h e r n N a t u r a l Gas Co.
Anardarko P r o d u c t i o n Co.
Anardarko P r o d u c t i o n Co.
Texas G e n e r a l R e s o u r c e s
G e n ' 1 . E l e c . C r e d i t Corp.
G e n ' l . E l e c . C r e d i t Corp.
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
Wisconsin Gas Co.
Chase Manhattan Corp.
C o n t i n e n t a l I l l i n o i s Corp.
I n t e m a t ' 1 . B u s i n e s s Machines Corp.
Brooklyn Union Gas Co.
N a t i o n a l M e d i c a l Care
P r i v a t e Export Funding Corp.
M a n u f a c t u r e r s Hanover T r . Corp.
Frontier Airlines, Inc.
C r e d i t h r i f t F i n . Corp.
Columbia Gas Systems
P u b l i c S e r v i c e E l e c . & Gas. Co.

Type

Amount
(millions of dollars)

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

30. 0
25. 0
100.,0
30.,0
50.,0
200.,0
100.,0
100.,0
26.,7
35,,0
100.,0
50.,0
50.,0
50.,0
100.,0
75.,0
200.,0
100.,0
50.,0
150.,0
40. 0
37.,0
41.,0
75.,8
80.,0
25.,0
65.,0
33.,0
28.,8
35.,0
39.,0
75.,0
48.,0
75.,0
75.,0
100.,0
75. 0
75.,0
25.,0
150.,0
300, ,0
30..0
150.,0
30,,0
100..0
100.,0
250..0
50..0
30,.0
100..0
100,.0
40 .0
50,.0
125 .0
100 .0

Approximate date
of offering

J u l y 29
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July

* 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.




13
12. FORTHCOMING PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: CORPORATE1 ( c o n t ' d )
Issuer

Cable American C o r p .
C r y s t a l O i l Co.
F l o r i d a Telephone Corp.
N o r t h w e s t Energy Co.
Ford Motor C r e d i t Co.
P h i l l i p s P e t r o l e u m Co.
Mellon N a t i o n a l C o r p .
Amoco C r e d i t C o r p .
B e n e f i c i a l Corp.
Westvaco C o r p .
Diamond Shamrock C o r p .
*Iowa E l e c . L i g h t & Power
*Mountain S t a t e s T e l . & T e l . Co.
*New York S t a t e E l e c . & Gas. Co.
* R o c h e s t e r Gas & E l e c . Co.
*Ohio E d i s o n Co.
^ A r k a n s a s Power & L i g h t Co.
* D e t r o i t E d i s o n Co.
El Paso E l e c . Co.
C y p r e s s Mines C o r p .
C y p r e s s Mines C o r p .
D a l l a s Power & L i g h t Co.
Union E l e c t r i c Company
New England Power Co.

Type
Notes
Conv. d e b t .
Notes
Debt.
Notes
Debt.
Notes
Debt.
Notes
Debt.
Notes
1 s t . mtg.
Debt.
Com. s t k .
1 s t . mtg.
Com. s t k .
1 s t . mtg.
Com. s t k .
Com. s t k .
Notes
Debt.
-Pfd. stk.
Pfd. stk.
-Pfd. s t k .

Amount
(millions of dollars)

50.0

31.2

45.0

100.0
200.0

350.0
50.0

100.0
100.0
75.0

200.0
30.0

200.0
35.0
50.0
90.0
90.0

60.0

95.0

100.0
100.0
30.0
75.0
50.0

OTHER
Kruger, Inc.
O r i e n t L e a s i n g Co.
World Bank
World Bank
Hydro-Quebec
M o n t r e a l , P r o v i n c e of
Oslo Norway

Debt.
Conv. d e b t .
Notes
Notes
Debt.
Debt.
Bonds

100.0
100.0
100.0

-POSTPONED
Republic A i r l i n e s , Inc.
S o u t h w e s t e r n P u b l i c S e r v i c e Co.

Sub. d e b t .
1 s t . mtg.

50.0
30.0

100.0
30.0
250.0
250.0

Approximate date
of offering

July
July
July
July
July
July
July
July
July
July
July
Aug. 4
Aug. 11
Aug. 13
Aug. 18
Aug. 19
Aug. 20
Aug. 26
Aug.
Indef.
Indef.
Indef.
Indef.
Indef.
July
July
July
July
July
July
Indef.
July
July

* 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.




14

As of J u l y 2 4 , 1981

13. FORTHCOMING PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: STATE AND LOCAL1
Amount
(millions of dollars)

Issuer

Type

^ P e t e r s b u r g , IN
*New O r l e a n s , LA
* M i n n e s o t a , S t a t e of
*Houston, TX
*South C a r o l i n a S t a t e Ed. A s s i s t . A u t h .
J a c k s o n C o . , MI
*Metro. G o v ' t , of N a s h v i l l e & D a v i d s o n C o . , TN
P u e r t o R i c o E l e c t r i c Power A u t h .
M u s c a t i n e , IA
Richmond Redev. A g c y . , CA
^ M i n n e a p o l i s , MN
* P h i l a d e l p h i a , PA
* H i l l s b o r o u g h Co. I n d u s . Dev. A u t h . , FL
Dade Co. H e a l t h F a c . A u t h . , FL
Sacramento M u n i c i p a l U t i l . D i s t . , CA
* W a s h i n g t o n , S t a t e of
*Rhode I s l a n d , S t a t e of
*Oregon, S t a t e of

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

40.0
35.6
63.0
25.0
25.0
118.7
25.0
125.0
85.0
59.0
25.1
60.5
50.0
37.4

POSTPONED
New O r l e a n s , LA
Burbank R e d e v e l . A g c y . , CA
Alabama S p e c i a l Care F a c . F i n . A u t h .
D e n v e r , CO
Michigan S t a t e Bldg. Auth.
J a c k s o n C o . , OR
C a l e x i c o Comm. Redev. A g c y . , CA
CANCELLED
M i n n e s o t a Hsg. F i n . Agcy.

1

28
28
28
29
29
30
30
30
30
30
4

180.0

July
July
July
July
July
July
July
July
July
July
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.

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

37.0
55.5
25.0
29.0
120.6
33.0
27.5

July
July
July
July
July
July
July

2
29
10
14
16
21
24

Rev.

28.0

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




Approximate date
of offering

60.0
128.6
52.5

18
18
19

J u l y 21

15
1

14. STOCK PRICES

NYSE Index 3

Date

AMEX 4

DJ Industrials

NASDAQ 5

1979-High
Low

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

897.61 (10/5)
796.67 (11/8)

247.07 (12/31)
152.03 ( 1/2)

152.29 (10/5)
117.84 ( 1/2)

1980-High•
Low

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

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

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

1024.05 ( 4/27)
931.57 ( 2 / 1 3 )

379.77 ( 5/27)
330.34 ( 2/20)

223.47 ( 5/29)
192.29 ( 2/20)

356.24
362.18
370.90
373.53
377.00

216.68
214.84
216.51
219.23
223.47

1981-May

1
8
15
22
29

76.75
76.13
76.54
76.26
76.99

June

5
12
19
26

76.73
77.60
76.75
76.97

993.79
1006.28
996.19
992.87

370.01
367.71
370.61
378.71

221.30
222.76
219.56
219.76

July

2
10
17
24

74.73
75.15
75.96
74.60

959.18
955.67
958.90
936.74

366.84
363.44
370.02
366.72

212.80
210.54
212.76
208.00

995.58
976.40
985.95
971.72 .
991.75

15. TRADING VOLUME 2
Date

NASDAQ

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 (
28.9 (

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

53.2 (
19.7 (

1981-May

!
I
I
i

AMEX

NYSE

1979-High
Low

1/7)
1/2)

1
8
15
22
29

54.4
44.2
41.8
42.9
53.1

5.7
5.0
5.6
5.5
6.8

35.1
32.0
32.6
33.1
36.1

June

5
12
19
26

54.0
51.9
55.8
44.7

7.2
5.8
6.3
5.7

35.7
32.8
32.8
32.5

July

2
10
17
24

43.4
45.9
42.8
44.2

4.7
4.3
4.1
4.1

32.9
29.1
27.7r

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




28.2

1/7)

1/2)

16
16. SECURITY CREDIT?
Margin credit extended
by brokers on:

8

1
0
1
LI

Convertible
bonds

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

1980

14,500

219

1,180

86

10,750
10,790
10,870

199
195
181

950
950
965

79
71
79

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

— Jan.
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

Jan.
Mar.

14,020
13,950
14,020

221
220
222

1,195
1,205
1,235

80
80
84

Apr.
May
June

14,630
14,700
14,870

238
250
254

1,260
1,260
1,320

79
79
75

1979

-

Jan.
Feb.

Mar.
Apr.

1980

Feb.

1981

-

Feb.

1

Marginable
stock

Number of
margin accounts
(thousands)

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




17. SAVINGS FLOWS AT SELECTED NON BANK THRIFT INSTITUTIONS
Millions of dollars
Mutual Savings Blanks
(regular deposits) 1
Date

Net flow
N.S.A.

Sea. adj.

Annual
growth
rate 3

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

1976

12,670

—

11.6

50,169

1977

10,783

—

8.7

1978

8,426

—

1979

2,900

1980

7,380

1979-July
Aug.
Sept.

Sea. adj.

Annual
growth
rate 3

Memo:
Net New Money 2

Total
Net
flow
(sea. adj.)

Annual
growth
rate 3

At
insured
S&L's

At
MSB's

17.5

62,854

15.9

34,369

5,283

50,888

15.0

60,982

13.3

3],004

2,874

6.3

44,153

11.3

52,292

10.1

23,460

-591

—

2.1

39,051

9.1

42,226

7.4

15,029

-6,963

—

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

Oct.
Nov.
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.
e 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
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.
Nov.
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
-919

3.9
7.0
-1.6

599
879
-2,137

-979
-385
-757

Apr. ' - 1 , 2 0 1
May
229
JuneP
700

-210
349
-135

-1.6
2.8
-1.1

-2,919
1,557
164

1,461
1,519
-2,133

3.4
3.5
-4.9

1,251
1,868
-2,268

2.2
3.4
-4.1

—4,638
-70
-5,613

-2,025
-676
-1,400

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 of industry total
resources.
3 Annual growth rate for monthly data is the annualized monthly percentage increase in deposits.
Source: National Association of Mutual Savings Banks and Federal Home Loan Bank Board.




18. MORTGAGE COMMITMENTS OUTSTANDING AT SELECTED INSTITUTIONS
Billions of dollars, seasonally adjusted
Federal and Related Agencies

Thrift Institutions
Total

All savings
and loan
associations

Mutual
savings banks
(N.Y. state)

1979

31.4

28.1

3.3

1980

28.8

27.3

1980-Jan.
Feb.
. Mar.

30.7
29.9
26.5

Apr.
May
June

End of Period

FNMA

GNMA

FHLMC

12.1

6.5

4.6

1.0

1.5

9.0

3.3

5.1

0.6

27.5
27.1
24.0

3.2
2.8
2.5

11.7
11.1
10.6

6.0
5.6
5.3

4.7
4.5
4.5

1.1
1.0
0.8

22.9
21.2
22.5

20.7
19.3
20.7

2.2
1.9
1.8

9.5
9.5
10.5

4.4
3.7
3.9

4.4
5.0
5.6

0.6
0.9
1.0

July
Aug.
Sept.

25.6
28.5
29.8

23.7
26.7
28.0

1.9
1.8
1.8

10.7
10.8
10.8

4.2
4.6
5.0

5.4
5.2
5.0

1.1
1.0
0.8

Oct.
Dec.

29.4
29.4
28.8

27.7
27.8
27.3

1.7
1.6
1.5

10.1
9.7
9.0

4.5
3.9
3.3

4.9
5.1
5.1

0.7
0.7
0.6

1981-Jan.
Feb.
Mar.
Apr.
May
June

28.5
27.6
26.9
27.0
26.5
n. a.

27.1
26.2
25.5
25.3
24.8
24.7

1.4
1.4
1.4
1.7
1.7
n. a.

10.3
9.6
9.1
8.6
8.1
n. a.

3.3
2.8
2.3
2.1
2.1
2.8

6.3
6.2
6.0
5.8
5.7
5.5

0.7
0.6
0.8
0.7
0.3
n.a.

Nov.

Total

!

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.




19. NET NEW MONEY BORROWINGS BY MAJOR HOUSING CREDIT AGENCIES
Millions of dollars
FNMA and FHLB
short-term
discount notes

Total including
short-term
discount notes

Total

FHLB

1976

-1,750

-1,131

-2,031

0

900

-619

1977

2,732

1,444

496

-4

952

1,288

1978

19,030

13,578

6,302

576

6,700

5,452

1979-Jan.
Feb.
Mar.

967
1,457
912

0
1,033
1,372

0
834
0

0
199
-128

0
0
1,500

967
424
-460

Apr.
May
June

1,027
304
1,363

997
215
1,299

0
222
0

-3
-7
199

1,000
0
1,100

30
89
64

July
Aug.
Sept.

1,625
360
398

1,916
613
-154

700
415
0

216
198
146

1,000
0
-300

-291
-253
552

Oct.
Nov.
Dec.

2,297
1,791
1,375

1,599
1,453
150

1,300
953
0

-1
0
150

300
500
0

698
338
1,225

1980-Jan.
Feb.
Mar.

328
927
3,580

-2
10
1,780

0
-350
1,400

-2
160
-120

0
200
500

330
917
1,800

Apr.
May
June

2,205
1,366
-929

1,499
2,649
1,000

1,000
900
0

-1
-1
0

500
1,750
1,000

706
-1,283
-1,929

July
Aug.
Sept.

-979
-458
1,325

442
1,200
253

0
200
1,000

-8
0

450
1,000

-97

-650

-1,421
-1,658
1,072

Oct.
Nov.
Dec.

3,607
313

1,300
900

1,600
150

0
0

-300
750

2,307
-587

3,390

250

700

0

-450

3,140

1981-Jan.
Feb.
Mar.

207
-18
957

1,000
300
-650.

-1,375
-514
912 -

Apr.

1,119

Period

Intermediate- and long-term issues

Based on data from Treasury Survey of Ownership.




1,582
496
45 •
400

600
200
800 •
1,200

FHLMC

-18
-4
-105 ,
0

FNMA

-800

719

2 0 . NET CHANGE IN MORTGAGE HOLDINGS A T SELECTED INSTITUTIONS
Millions of dollars, seasonally adjusted

\

Major private financial institutions

Mortgage pools

Life insur.
companies

FNMA
and
GNMA

FHLMC

43,064

12,609

8,162

976

20,804

3,262

491

27,826

12,363

7,314

1,036

17,445

1,663

2,260
2,328

152
275

2,126
2,557

1,379
1,238

1,061
664

50
99

2,229
1,439

166
138

5,163

1,973

22

1,828

1,340

1,087

9

862

206

7,047

3,493

1,447

-13

857

1,203

1,125

135

2,125

169

May
June

3,340
2,398

1,414
714

620
195

106
-109

-438
-236

1,127
864

533
259

-72
-1

1,263
1,246

202
181

July
Aug.
Sept.

6,111
7,624
8,076

3,871
5,575
6,287

1,095
1,084
1,159

-116
-103
-14

1,767
3,587
4,442

1,125
1,006
700

315
109
72

60
142
169

1,596
1,639
1,326

269
159
222

Oct.
Nov.

10,683
7,846

8,121
6,403

2,601
1,868

4,511
3,631

840
829

Dec.

8,100

5,899

1,945

169
74
48

3,195

711

109
595
844

146
97
200

1,770
771
1,180

-21
-63

6,426
7,368

5,197
5,396

1,365

121

3,066

645

160

—68

964

173

1,564

125

2,747

960
670

74
-133
108
n.a.
n.a.

139

1,637
892

122
216

1,791
1,042

77
242
n.a.

Period

Total

1979

122,984

1980

Commercial
banks

MSB's

S&L's

88,780

29,225

3,882

86,712

59,254

18,574

Jan.
Feb.

9,423
8,736

5,917
6,397

Mar.

7,327

Apr.

TotaZ

FHLMCGNMAguaranteed guaranteed

1980

36

1981
Jan.
Feb.
Mar.
Apr.
May
June

5,508
7,929
n.a.ii
n. a.

4,568
5,819
n.a.
n.a

2,090
2,879
2,032
1,792

21
144
n.a.
n.a.

1,787
2,201
1,688
1,576

595
n.a.
n.a.

-35
134
209
n.a.

n.a.

!i

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
Q3
Q4

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-Q1
Q2
Q3
Q4

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-Q1
Q2
Q3
Q4

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

11.2
12.7
11.1
10.1

1980-Q1
Q2
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

1981-Q1

113.9

79.1

71.2

7.9

21.7

29.6

13.1

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
22. AVERAGE RATES A N D YIELDS ON HOME MORTGAGES A N D PASS-THROUGH SECURITIES
Secondary market
FHA/VA mortgages

Primary market
Rates on
conventional
loans at
S&L's

Period

Yield in
FNMA
auction

Period

Discount
points
in FNMA
auction

Ceiling
rate

Conventional mortgages
Yield o n
GNMA
securities

Yield in
FNMA
auction

Yield in
FHLMC
auction

1979-High
Low

12.90
10.38

1979-High
Low

13.29
10.42

12.54
4.16

11-1/2
9-1/2

11.77
9.51

13.97
10.92

13.56
10.40

1980-High
Low

16.35
12.18

1980-High
Low

15.93
12.28

15.40
.93

14
11-1/2

14.17
10.73

17.51
12.81

16.22
11.60

16.80

1981 High

17.21
14.84

12.51
3.49

15-1/2

16.17

16.53

16.96

13-1/2

13.18

14.83

14.16

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

14.69

14-1/2
15-1/2
15-1/2

15.46
15.37
15.16

15-1/2
15-1/2

15.23
14.97

16.45

15-1/2

14.96

16.31

16.16

15-1/2

14.75

15-1/2
15-1/2

15.09
15.33

16.29

16.13
16.43

15.35
15.56
16.17

16.34

16.56

16.53

16.69
16.96

1981-High

Low

14.80

Low
1981
Apr.

May

June

July

3
10
17
24

15.40
15.50
15.65
15.77

Apr.

1
8
15

15.82
16.12
16.64

May

22
25

16.63
16.80

June
June

6
13
20
27
4
11
18
26
1
8

——

16.47

10.14

16.61

10.81

—

——

17.21
—

16.65

——

8.58
—

5.89

—

16.17

3.49

5

16.76

12
19
26

16.69

15

—

16.71
16.62

22
29

16.17

3.47

—

—

3
10

16.64
16.79

6
13

16.43

4.82

—

—

15-1/2
15-1/2

17

16.74

20

16.87

7.56

15-1/2

14.64
14.61
14.81

——

15.57
15.75
——

16.42
—

——

15.35
15.44
15.51
15.69
16.35
16.77
16.51
16.45
16.31

15.98

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 beiow the current FHA/VA ceiling rates shown in Column 6. Column 9 is the average net
yield to FHLMC on accepted bids in its weekly auction of commitments to buy conventional home mortgages for immediate (within 60 days) delivery.
Beginning July 7,1980, the FNMA auction results for FHA/VA mortgages do not include graduated payment mortgages.




23
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
Average yield
Accepted

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

201.9
35.8

170.7
34.1

17.21
14.84

182.4
12.4

147.1
11.1

16.53
14.83

11
26

109.9
94.9

99.6
79.5

17.21
16.65

114.6
166.7

72.2
83.7

16.42
16.45

June

8
22

107.5
130,1

98.0

118.1

16.17
16.17

176.9
129.6

147.1
76.4

16.31
16.29

July

"6
20

130.0
201.9

119.7
170.7

16.43
16.87

124.2
182.4

109.3
128.9

16.34
16.53

1981-May

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

1980-High
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

1981-High
Low

141.6
34.4

65.9
13.2

16.96
14.16

73.6
25.2

18.4
5.0

17.24
15.16

15.2
13.2

16.35
16.77
16.51
16.45

69.1

17.5

17.12

25.9
29.9
40.9
35.2

53.8

17.4

16.90

25.2

12.4

17.24

1981-May

June

July

4
11
18
26

44.2
41.3
47.4
44.3.

2
9
16
23
30

72.2
83,8
76.3
52.5

16.2

16.31
16.16
15.98
16.13
16.43

7
14
21

65.7
51.7
34.4

16.9
16.7
14.1

16.56
16.69
16.96

82.1

21.0
20.1

Offerings in the FNMA auctions of 4-month purchase commitments relate to totpl bids submitted, and average yields to FNMA on accepted bids are gros
(before deduction of 37% basil points for mortgage servicing) assuming prepayment in 12 years for 30-year mortgages, without adjustments for FNMA
commitment fees or stock related requirements. Offerings in the FHLMC auctions relate to total bids submitted, and average yields to FHLMC on
accepted bids are net, excluding 37% basis points for mortgage servicing. Prior to June 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

Outstanding
(end of period)

Pass-through securities
F H LMC-guaranteed
New issues

Outstanding
(end of period)

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

Privately insured
New issues

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

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

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
16,912
16,853

402
628
427

7,708
8,342
8,724

0
0
0

1981-Jan.

1,382
1,306
1,046
1,404
1,245
1,383

95,061
96,292
97,184
98,405
99,144

168
94
127
97
422

16,952
17,010
17,067
17,131
17,515

529
251
460
506
714
623

8,233
9,489
9,900
10,360
11,164
11,758

0
0
0
40
0

1980-Jan.

Feb.
Mar.
Apr.

Feb.
Mar.
Apr.

May
Jun

n. a.

n. a.

n. a.

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.