Full text of H.16 Capital Market Developments : November 23, 1981

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N o v e m b e r 23, 1 9 8 1

Capital
Market
Developments
As p a r t of an e f f o r t t o r e d u c e c o s t s , p u b l i c a t i o n
of C a p i t a l Market Developments w i l l be d i s c o n t i n u e d a t
t h e end of 1981, w i t h t h e l a s t r e l e a s e s c h e d u l e d t o b e
i s s u e d on December 21, 1981. Much of t h e i n f o r m a t i o n
c o n t a i n e d i n C a p i t a l Market Developments i s a v a i l a b l e i n
the Federal Reserve B u l l e t i n , other s t a t i s t i c a l p u b l i c a t i o n s of t h e Board, o r i n t h e f i n a n c i a l p r e s s . Subs c r i b e r s w i l l r e c e i v e r e f u n d s on a p r o r a t a b a s i s f o r
i s s u e s t h e y were t o r e c e i v e a f t e r December 1981. Any
q u e s t i o n s r e g a r d i n g o u t s t a n d i n g s u b c r i p t i o n s s h o u l d be
d i r e c t e d to the P u b l i c a t i o n s Section (202-452-2001).

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. 2 0 5 5 1




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 t o Purchase Home Mortgages
FHLMC Auctions of Commitments t o Purchase Home Mortgages
Issues of Mortgage-Backed Securities

SYMBOLS
e
P
r
n.a.
— —

estimate
preliminary
revised
not available
data do not exist

SUBSCRIPTION RATES
Weekly $15.00 per year or $.40 each in t h e United States, its possessions, Canada, and Mexico; 10 or more of t h e same issue t o one
address, $13.50 per year or $ . 3 5 each. Elsewhere, $20.00 per year or $.50 each. Address requests t o Publications Services, Division of
Support Services, and make payment remittance payable t o the order of t h e Board of Governors of t h e Federal Reserve System in a
form collectible at par in U.S. Currency.



3
1. YIELDS, VOLUME A N D R E C E P T I O N
Corporate Bond Market

Week ending
1981-Aug.

New issue
Aaa utility1

7
14
21
28

Sept.

4
11
18
25

Oct.

2
9
16
23
30

Nov.

Yields
Recently offered
Aaa utility?

—

6
13
20

17.20

100
100
93
100

0
0
25
0

17.50
17.52
16.92
17.18

75
350
415
813

100
98
100
96

0
8
0
25

17.72
16.96
17.21
17.38
17.16

350
418
437
182
602

99
100
68
100
100

4
0
139
0
0

955
750
2,903

100
91
80

0
70
595

16.88
15.89r
14.65p

—

14.63p

New issues in syndicate4
($ millions)

35
362
345
100

17.55
17.62
16.87
16.79
•

Volume
Percent sold by
end of week

16.68
16.63
16.80
17.15

——

16.94

Gross offerings3
($ millions)

2. YIELDS, VOLUME A N D R E C E P T I O N
Municipal Bond Market
Yields
Week ending

1981-Aug.

Moody's n e w
issue Aaa

Bond Buyer
G O. bond
index

Volume
Bond Buyer
Rev. bond
index

Gross offerings
($ millions)

Percent sold by
end of w e e k 3

New issues in
svndicate4
wy
I 1VI1 vU Iv
($ millions)

7
14
21
28

11.10
11.10
11.10
11.10

11.63
11.94
12.49
12.97

12.34
12.55
13.04
13.89

488
417
752
291

97
87
91
93

67
60
68
65

Sept. 4
11
18
25

11.10
11.80
11.80
11.50

13.10
13.21
12.79
12.57

14.10
14.24
13.78
13.62

369
983
888
646

98
99
95
88

65
19
52
84

Oct.

2
9
16
23
30

11.80
11.80
11,80
12.00
12.60

12.93
12.73
12.53
12.99
12.99

13.98
13.62
13-57
13.94
13.97

522
773
547
598
1,075

95
95
95
91
97

58
53
40
98
47

Nov.

6
13
20

12.00
10,50
10.70

12.44
11.43
11.71

13.54
12.66
13.06

540
679
1,955

93
99
8*

49
11
214

t Federal Reserve series of implied yield of* newly issued, Aaa-rsted utility bond with 5-yesr call protection.
2 Federal Reserve series of implied free-market yield on Aee-ratecf utflity 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 t o make coverage of this series consistent with the gross offerings series.




3. HIGH GRADE BOND YIELDS
New issue
Aaa utility 1

Date

Recently offered
Aaa u t i l i t y 2

Low

1979-High
Low

1980-High
Low

1981-Hlgh
Low

U.S. govt.
20-year constant
maturity4

Bond Buyer
G.O. bond
index5

Bond Buyer
Rev. bond
index 6

9.27(12/29) 9.00(12/22)
8 . 3 0 ( 1 / 6 ) 8.01( 1/6)

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

11.51(11/12) 11.45( 11/9) 10.87(12/28) 10.56( 11/9)
9 . 4 0 ( 8 / 1 7 ) 9 . 3 9 ( 6 / 2 9 ) 9.16 ( 7 / 6 ) 8 . 7 9 ( 7 / 6 )

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

8.24(11/23)
7 . 2 3 ( 9/21)

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

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

17.62 ( 9 / 1 1 ) 1 7 . 7 2 ( 1 0 / 9 ) 1 5 . 8 5 ( 1 0 / 9 ) 1 5 . 5 5 ( 1 0 / 9 ) 1 3 . 2 1 ( 9 / 1 1 )
14.05( 1/9) 13.99( 3/20) 12.59( 1 / 9 ) 1 1.98( 1/9) 9.49( 1/9)

1 4 . 2 4 ( 9/11)
1 0 . 3 4 ( 1/16)

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

1978-Hxgh

Moody's
seasoned
corporate A a a 3

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
11.60
11.49

July
Aug.
Sept.

16.30
17.21

15.73
16.82
17.33

14.38
14.89
15.49

13.92
14.52
15.07

11.14
12.26
12.92

11.88
12.96
13.94

Oct.

16.94

17.24

15.40

15.13

12.83

13.86

17.55
17.62
16.87
16.79

17.50
17.52
16.92
17.18

15.50
15.61
15.30
15.35

15.16
15.12
14.76
14.93

13.10
13.21
12.79
12.57

14.10
14.24
13.78
13.62

17.72
16.96
17.21
17.38
17.16

15.85
15.40
15.18
15.36
15.51

15.55
14.98
14.92
15.18
15.27

12.93
12.73
12.53
12.99
12.99

13.98
13.62
13.57
13.94
13.97

16.88
15.89r
l4.65p

14.88
14.18r
13.92p

14.41
13.61r
13.30p

12.44
11.43
11.71

13.54
12.66
13.06

1981-Sept.

Oct.

Nov.

4
11
18
25
2
9
16
23
30
6
13
20

16.94

17.20
14.63p

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-market yield on competitively bid Aaa-rated utility bond with 5-year call protection released from price
restrictions sometime during the last four weeks.
^
r
3 Weekly average of daily closing figures.
t
v
4 Weekly average of daily figures. U.S. Treasury data.
..
5

6

>

Thursday figures. T h e average rating of t h e 2 0 general obligation b o n d s used in this index falls m i d w a y b e t w e e n t h e five t o p groups as classified by
Moody's Investors Service. Weekly Bond Buyer data,
Thursday figures. T h e average rating of t h e 2 5 revenue b o n d s used in this index falls m i d w a y between f h e five t o p groups as classified by Moody's
Investors Service. Weekly Bond Buyer d a t a .




5
4. LONG-TERM CORPORATE AND STATE AND LOCAL GOVERNMENT SECURITY O F F E R I N G S AND PLACEMENTS
Gross proceeds, millions of dollars
Corporate

Period

1

State and Local

2

January
February
March

1979
3,770
3,165
4,354

1980
6,173
4,507
4,454

1981
5,581
4,157
6,423

1979
2,840
2,603
4,644

1980
3,078
2,424
2,435

1981
2,676
2,976
2,942

April
May
June

4,692
4,160
6, 238

5,656
9,074
9,645

6,835
5,457
9,536*

3,444
3,042
4,724

4,962
4,746
6,136

5, 209
3,466
4,857*

July
August
September

4,103
4,211
4,593

8,029
5,43(7
5,025

4,133
3,062
4,637*

3,396
4,256
2,472

4,872
3,946
4,523

3,176
3,055e
3,100e*

October
November
December

4,601
3,868
3,778

5,819
3, 936
5,933

3 , 57 5e~*

4 , 217
4,160
3, 567

4,474
2,916
3,854

3,500

51,553

73,688

43,365

48,366

Year

1 Securities and Exchange Commission estimates of gross proceeds.
2 Public Securities Association estimates of principal amounts.
e Estimated by Federal Reserva on the basis of available data.

* Excludes

$150 m i l l i o n

issue

of

Alaska

Housing

Finance

Corporation.

5. TREASURY AND GOVERNMENT SPONSORED AGENCY BORROWING
Millions of dollars

•

Total 3

-1979
-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

,980--0ct.
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

Apr.
May
June

-15,251
18,379
-13,820

-3,725
539
572

-9,466
-1,336
-5,728

6,307
2,155
7,770

-417
-158
-1,479

-71
-37
-84

-1,092
2,391
-3,705

-10,434
15,449
•- 1 0 , 6 8 7

1,478
4,744
2,660

13,120
6,153
3,798

3,383
6,501

-1,254
2,322

6,892
5,248

-2,166
-1,125

-36
-18

4,666
-5,952

CY

#

£

D e c r e a s e d ) ' Sponsored
agency
increase!—)
borrow! ng4
in cash
operating
balance

Combined
deficit(+)
or
surplus!—

Period

*

Federal Government
Means of financing combined deficit
Net cash borrowing f r o m the publics
Public debt securities
Gov't,
agency
NonBills
Coupons
securities
marketable

July
Aug.
Sept.

Other

5,071 '
5,604

5,044
4,262

1 U.$. 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 ki outstanding amount of marketable securities issued by Federal Farm Credit Banks, Federal Home Loan Banks, Federal Home Loan Mortgage Corporation, Federal National Mortgage Association.
5 CY= Calendar Year



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

Total

Privately
placed

Publicly
offered 2

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

1,347
1,349
1,008
1,827

863
418
2,229
4,685

1981-QI
QII
QUI

16,161
21,828
11,832

9,114
10,791
5,028

1,381
2,487
1,761

5,666
8,550
5,043

277
864
191

1,317
1,472
450

1981-Jan.
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
June

6,835
5,457
9,536

3,668
2,520
4,603

929
560
998

2,238
2,377
3,935

168
121
575

719
399
354

July
Aug.
Sept.

4,133
3,062
4,637

1,925
905
2,198

451
711
599

1,757
1,446
1,840

183
8
n.a.

130
260
60

Feb.

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

Manufacturing

Public utility

13,393
10,813
11,357
20,248

14,127
12,232
13,324
15,786

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

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

1981-QI
QII
QUI

5,387
5,857
1,972

3,223
4,696
2,795

1,337
2,172
1,807

6,221
9,104
5,258

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
June

1,990
2,172
1,695

1,621
1,236
1,839

610
56
1,506

2,614
1,994
4,496

935
468
569

691
608
1,496

840
127
840

1,666
1,860
1,732

Period

1977
1978
1979
1980

July
Aug.
Sept.

Other issuers'

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 b o n d s .




7
8. PUBLIC O F F E R I N G S OF INTERMEDIATE- AND LONG-TERM SECURITIES: CORPORATE 1
Issuer

G e n ' l . Elec. C r e d i t Corp.
Martin M a r i e t t a Corp.
C o n t i n e n t a l I l l i n o i s Corp.
S o u t h e r n B e l l T e l . & T e l . Co.
ITT F i n a n c i a l Corp.
Dayton Hudson Corp.
C a t e r p i l l a r T r a c t o r Co.
Oneok I n c .
F i r s t Alabama B a n s h a r e s I n c .
Toledo E d i s o n Co.
Borg Warner A c c e p t . C o r p .
American Medical I n t e r national
F i r s t E x e c u t i v e Corp.
Aluminum Co. of America
Consumers Power Co.
Hawaiian Telephone Co.
Iowa E l e c . L i g h t & Power Co.
Michigan C o n s o l i d a t e d Gas Co.
Wang L a b o r a t o r i e s
Xerox C r e d i t Corp.
Avco F i n a n c i a l Corp.
Delmarva Power & L i g h t Co.
Texas E a s t e r n T r a n s m i s s i o n
Corp.
M a n u f a c t u r e r s Hanover
P h i l i p Morris
P h i l i p Morris
Anardarko P r o d u c t i o n Co.
P u b l i c S e r v i c e Co. of I n d i a n a
A s s o c i a t e s Corp. of N.
America
F l o r i d a Power & L i g h t Co.
Ford Motor C r e d i t Co.
Kroger Co.
Kerr-McGee Corp.
Armco Corp.
New England Power Co.
I n d i a n a & Michigan E l e c . Co.
Kentucky U t i l i t i e s Co.
Ohio E d i s o n Co.
I n d i a n a & Michigan E l e c . Co.
Cox B r o a d c a s t i n g Corp.
Hershey Food Corp.
N a t ' l . R u r a l U t i l i t i e s Coop.
F i n . Corp.
I . T . T . Co.
ACF I n d u s t r i e s
C . I . T . F i n a n c i a l Corp.
C . I . T . F i n a n c i a l Corp.
Dupont Co.
S e c u r i t y P a c i f i c Corp.
C e n t r a l Maine Power Co.

Date

Type

Amount
(millions
of dollars)

Maturity

Coupon
rate

Offering
yield

11/2
11/2
11/4
11/4
11/5
11/5
11/6
11/10
11/10
11/10
11/10

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

189.6
100.0
100.0
300.0
65.0
100.0
100.0
30.0
28.0
35.0
50.0

2001
1987
1985
2021
1990
1991
1988

5.50
15.55
13.63
16.00
0
15.25
14.75

15 .80
15 .55
13 .63
16 .00
15 .60
15 .35
14 .75

1991
1988

15.63
15.25

15 .68
15 .35

Baa/BBB+
A/A

11/10
11/10
11/10
11/12
11/12
11/13
11/13
11/13
11/13
11/16
11/17

Conv.debt. 80.0
Conv.debt. 25.0
161.6
Debt.
Com. s t k .
35.5
1 s t . mtg.
35.0
1 s t . mtg.
30.0
1 s t . mtg.
60.0
Conv.debt. 100.0
Notes
100.0
Debt.
45.8
Com. s t k .
27.0

2001
2006
1996

9.50
10.00
7.00

9 .50
10 .00
14 .70

Ba/BBB
B/BA/A

13.63
14.75
15.63
10.00
14.25
0

13 .85
14 .84
15 .67
10 .00
14 . 3 1
13 .61

11/17 P f d . s t k .
11/17 1 Notes
11/171 D e b t .
11/17 Notes
11/17 Notes
11/17 1 s t . mtg.

50.0
100.0
94.8
125.0
100.0
75.00

11/17
11/17
11/17
11/17
11/17
11/18
11/18
11/18
11/18
11/18
11/18
11/19
11/19

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

11/19
11/19
11/19
11/19
11/19
11/19
11/19
11/20

Notes
Notes
Eq. t r .
Debt.
Debt.
Debt.
Debt.
Bonds

—

—

——

1991
1991
1991
2006
1988
1990

—

—

——

Aa/AAA
A/AAAaa/AAA
Aaa/AAA
Baa/AAa/AA
Aa^AA
—j

——

—j——

Aa/AA+
A/A
Baa/BBB+
Ba/BB+
A/A
Baa/A-

—

1985
1999
1988
1991
2011

14.00
12.25
6.00
14.13
14.75
15.75

100.0
100.0
250.0
50.0
124.9
100.0
50.0
40.0
25.0
88.4
40.0
41.4
55.5

1990
2011
1987
1991
2011
1986
2011
1991

A/A
1 4 . 5 0 j 14,.65
1 5 . 7 5 15,.75
A/A1 6 . 2 5 16,.25
A/A
1 4 . 3 8 14..42
A/A
7 . 0 0 14,.25 . Aa/AA
1 4 . 6 5 14,.65
A/A
1 6 . 0 0 16..00
A/A
1 5 . 6 3 15..63
Baa/BBB

100.0
150.0
30.0
150.0
97.9
281.1
105.3
45.0

1988
1991.
1996
1991
1988
2001
1986
1991

—

——

14 .00
12,.25
14,.13
14,.18
14,.75
15,.90

—

—

——

14.52

14..52
—
—

14.63
14.75
14.50
14.75
0
6.00
0
15.63

14,.63
14,.99
14..50
14..75
13..85
13..96
13..25
15..63

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

— / B BB—

Aaa/AAA
A/A
A/A
A/A
A/A

—/—
— J —

Baa/BBB

—/—
Aa/AA
A/A
A/AAAa/AA
Aa/AA
Aa/AA
Aa/AA+
Baa/BBB

8
8. PUBLIC O F F E R I N G S OF INTERMEDIATE- AND LONG-TERM SECURITIES: CORPORATE 1 ( c o n ' t . )
Issuer

C r e d i t h r i f t F i n . Corp.
C r e d i t h r i f t F i n . Corp.
Dupont Co.
OTHER
P r o v i n c e of Nova S c o t i a , CA
European American I n v e s t m e n t
Bank
B r i t i s h Columbia Hydro & Pwr.
P r o v i n c e of Newfoundland
I n t e r a m e r i c a n Development
Bank
Finland
The U n i t e d Mexican S t a t e s
Denmark

Date

Type

Amount
(millions
of dollars)

Maturity

Coupon
rate

Offering
yield

Moody's/S&P's
ratings

11/20
11/20
11/20

Notes
Notes
Notes

75.0
28.8
400.0

1991
1990
1991

15.50
0
14.00

15.50
14.34
14.00

A/A
A/A
Aa/AA

11/6

Debt.

125.0

1991

15.75

15.85

A1/A+

11/10
11/10
11/12

Notes
Bonds
Debt.

125.0
300.0
100.0

1991
2011
1991

14.63
15.50
15.00

14.72
15.65
15.10

Aaa/AAA
Aaa/AAA
Baal/A

11/12
11/12
11/12
11/16

Notes
Notes
Bonds
Notes

150.0
100.0
100.0
100.0

1986
1986
1986
1988

14.00
14.75
15.50
14.63

14.11
14.75
15.50
14.70

Aaa/AAA
Aa/AAA

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




—/—

Aa/AAA

9
9. PUBLIC O F F E R I N G S OF INTERMEDIATE- AND LONG-TERM SECURITIES: STATE AND LOCAL 1
Issuer

Date

King C o . , WA
11/2
P e n n s y l v a n i a , S t a t e of
11/4
C a l i f o r n i a , S t a t e of
11/4
N . J . S p o r t s & E x p o s i t i o n Auth 11/4
F l o r i d a Board of E d u c a t i o n
11/4
M a s s a c h u s e t t s Hsg. F i n . Agcy. 1 1 / 5
M a s s a c h u s e t t s Hsg. F i n . Agcy. 1 1 / 5
M a s s a c h u s e t t s Hsg. F i n . Agcy. 11/5
M a s s a c h u s e t t s Hsg. F i n . Agcy. 1 1 / 5
Alaska I n d . Dev. A u t h .
11/6
Alaska I n d . Dev. A u t h .
11/6
Alaska I n d . Dev. A u t h .
11/6
Alaska I n d . Dev. A u t h .
11/6
Alaska I n d . Dev. A u t h .
11/6
New York S t a t e Mtg. Agcy.
11/6
New York S t a t e Mtg. Agcy.
11/6
New J e r s e y H e a l t h Care F a c .
F i n . Auth.
11/10
New J e r s e y H e a l t h Care F a c .
F i n . Auth.
11/10
New J e r s e y H e a l t h Care F a c .
F i n . Auth.
11/10
New J e r s e y H e a l t h Care F a c .
F i n . Auth.
11/10
Corpus C h r i s t i I n d . Dev.
A u t h . , TX
11/10
Georgia M u n i c i p a l E l e c t . Pwr. .1 1 / 1 1
Georgia M u n i c i p a l E l e c t . Pwr. 1 1 / 1 1
" a o r g i a M u n i c i p a l E l e c t . Pwr. 1 1 / 1 1
> e o r g i a M u n i c i p a l E l e c t . Pwr. 1 1 / 1 1
Georgia M u n i c i p a l E l e c t . Pwr. 1 1 / 1 1
Municipal A s s i s t a n c e Corp.,
N.Y.
11/12
Municipal A s s i s t a n c e Corp.,
N.Y.
11/12
Municipal A s s i s t a n c e Corp.,
N.Y.
11/12
A l a s k a Hsg. F i n . Corp.
11/12
A l a s k a Hsg. F i n . Corp.
11/12
Newark Hsg. F i n . C o r p . , N . J . 1 1 / 1 3
Newark Hsg. F i n . C o r p . , N . J . 1 1 / 1 3
N. C a r o l i n a Hsg. F i n . Agcy.
11/13
N. C a r o l i n a Hsg. F i n . Agcy.
11/13
P o r t Development C o r p . , TX
Ll/13
Rhode I s l a n d S t u d e n t Loan
Auth.
11/13
Alaska Hsg. F i n . Corp.
Ll/16
Alaska Hsg. F i n . Corp.
Ll/16
Tucson I n d . Dev. A u t h . , AZ
Ll/16
Tucson I n d . Dev. A u t h . , AZ
Ll/16
Michigan S t a t e Hsg. Dev. A u t h . Ll/16
Michigan S t a t e Hsg. Dev. A u t h . Ll/16

Type2

Amount
(millions
of $)

Maturity

Net
interest
cost

Offering
yield

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

28.0
58.0
100.0
44.7
85.0
1.0
8.6
8.8
12.9
6.0
4.8
9.2
16.7
20.8
4.8
100.0

Rev.

10.5

2012

n.a.

13.78

A/A-

Rev.

25.4

2010

n.a.

14.00

A/A-

Rev.

3.6

1998

n.a.

13.75

A/A-

Rev.

4.3

1982-92

n.a.

9.60-12.50

A/A-

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

75.0
87.3
26.0
20.0
9.5
7.3

1991
2016
2002
2006
1983-95
2017

11.85
n.a.
n.a.
n.a.
n.a.
n.a.

11.63
12.75
12.50
12.63
8.25-11.25
12.00

—/AAA
Al/AA
Al/AAAl/AAAl/AAAl/AA

Rev.

16.5

1985-87

n.a.

1 0 . 0 0 - 1 0 . 7 5 Baal/A

Rev.

24.0

1989

n.a.

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

59.5
47.4
52.6
17.3
18.1
2.7
27.3
75.0

2008
1983-91
2001
1984
1985-03
1984-92
2013
1984

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

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

LOS .0
47.4
52.6
2.5
52.0
3.8
2.9

1985
1983-91
2001
1983-89
1991
1984-96
2000

n.a.
9.25
12.50 9.00-11.75
12.50
12.75
n.a.
9.50-11.00
n.a.
11.25
n.a.
9.50-12.75
n.a.
12.88

1983-01
1982-OlA/
1982-96
1982-91
1983-12
1987
1982
1983
1984
2007
2010
2001
1983-91
2006
1982-86
2012

12.25 9.20-12.75
n . i o l ' 8.25-11.60
10.183, ' 8 . 0 0 - 1 1 . 0 0
n . a . 9.20-12.20
12.46 8.40-12.50
n.a.
8.15
n.a.
8.35
n.a.
8.35
n.a.
9.25
n.a.
11.75
n.a.
13.63
n.a.
N.R.
n.a.
9.75-11.75
n.a.
13.25
n.a.
9.00-10.00
n.a.
10.88

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.

11.25
12.75
9.00-11.75
12.75
10.00
10.15-13.00
9.00-11.00
12.75
11.00

Aa/AA
A/A+
Aa/AA+
A/—
Aa/AA
MIG-1/—
MIG-1/—
MIG-1/—
MIG-1/—
A/AA/AA/AA/AAA
A/AAA
Aa/AAAa/AA-

Baal/A
Baal/A
Aa/ —
Aa/—
MIG-1
—/AAA
—/A+
—/A+
A/A
—/AAA
Aa/AAAa/AA—/AAA
—/AAA
A1/A+
A1/A+

N.R. - n o t r e o f f e r e d .

4 M a t u r i t i e s i n 1990, 91, 95-2001 n o t r e o f f e r e d .
5 S e c u r i t i e s were s o l d a l t h o u g h r a t i n g s by c r e d i t a g e n c i e s a r e n o t y e t f i n a l .



Moody's/S&P'
ratings

10
9. PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: STATE AND LOCAL 1 ( c o n ' t . )
Issuer

Michigan S t a t e Hsg. Dev.
Auth.
Kentucky P r o p e r t y & B l d g .
Comm.
C l a r k C o . , KY
M e t r o p o l i t a n Water D i s t . of
Southern C a l i f o r n i a
Dayton, OH
New York S t a t e Power A u t h .
New York S t a t e Power A u t h .
New York S t a t e Power A u t h .
New York S t a t e Power A u t h .
New York S t a t e Power A u t h .
Broward C o . , FL
G r e a t e r Chicago M e t r o . S a n t .
D i s t . , IL
G r e a t e r Chicago M e t r o . S a n t .
D i s t . , IL
Berks Co. I n d . Dev. A u t h . , PA
Berks Co. I n d . Dev. A u t h . , PA
Houston, TX
Alabama Pub. Sch. & C o l l .
Auth.
W i s c o n s i n , S t a t e of
W i s c o n s i n , S t a t e of
Minnesota Hsg. F i n . Agency
M i n n e s o t a Hsg. F i n . Agency
M a s s a c h u s e t t s , S t a t e of
C o n n e c t i c u t Hsg. F i n . A u t h .
C o n n e c t i c u t Hsg. F i n . A u t h .
C o n n e c t i c u t Hsg. F i n . A u t h .
C a l i f o r n i a Health F a c i l . Auth.
C a l i f o r n i a Health F a c i l . Auth.
Rhode I s l a n d Hsg. & Mtg. F i n .
Corp.
Rhode I s l a n d Hsg. & Mtg. F i n .
Corp.
C a l i f o r n i a Hsg. F i n . Agency
L i t t l e Rock, AR
L i t t l e Rock, AR
New J e r s e y Hsg. F i n . Agency
New J e r s e y Hsg. F i n . Agency
New J e r s e y Hsg. F i n . Agency
New J e r s e y Hsg. F i n . Agency
I l l i n o i s Health F a c i l . Auth.
I l l i n o i s Health F a c i l . Auth.

Net
interest
cost

Offering
yield

2014

n.a.

13.00

A1/A+

1985
1984

10.22
n.a.

10.00
11.00

MIG-2
A/A+

Date

Type2

Amount
(millions
of$)

11/16

Rev.

33.2

11/16
11/17

BANs
Rev.

40.0
50.0

11/17
11/17
11/17
11/17
11/17
11/17
11/17
11/17

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

100.0
50.0
22.5
35.0
60.0
100.0
32.5
75.0

1986
1988
1987-95
1999
2004
2009
2010
1983

9.44
9.80
10.50
n.a.
n . a . 8.88-10.88
11.75
n.a.
12.00
n.a.
12.13
n.a.
11.42
n.a.
8.50
8.94

MIG-1
Aaa/—
A1/A+
A1/A+
A1/A+
A1/A+
A1/A+
MIG-1

11/17

G.O.

16.0

1983-88

n . a . 9.00-11.75

Aa/AA

11/17
11/18
11/18
11/18

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

65.0
3.6
21.4
50.0

1983-88
1986-92
2002
1982-01

11/18
11/18
11/18
11/19
11/19
11/19
11/19
11/19
11/19
11/19
11/19

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

70.3
65.0
35.0
25.8
26.8
175.0
57.0
36.3
106.7
2.6
25.4

1982-96
1982-01
1983
1984-91
1998
1982-01
1983-92
1999
2013
.1984-93
2011

10.70 8.00-11.25
10.173 7.50-11.00
8.00
8.13
n . a . 9.50-12.00
13.00
n.a.
11.263 7.75-12.00
n . a . 8.50-12.00
12.75
n.a.
13.09
n.a.
13.60 10.00-13.00
13.50
13.60

11/19

Rev.

18.5

1983-94

n . a . 9.00-12.60

A1/A+

11/19
11/20
11/20
11/20
11/20
11/20
11/20
11/20
11/20
11/20

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

21.5
100.0
1.3
29.5
3.9
3.2
23.6
35.0
1.7
27.2

1999
1984
1985-91
1992
1983-93
1997
2008
2015
1984-91
2011

13.00
n.a.
9.00
n.a.
n . a . 9.75-10.80
10.88
n.a.
n . a . 8.00-12.00
12.75
n.a.
13.00
n.a.
12.25
n.a.
n . a . L0.50-12.00
13.50
n.a.

A1/A+ 5
MIG-1
—/AAA5
—/AAA5
Al/AA
Al/AA
Al/AA
Al/AA
A/A
A/A

Maturity

n . a . 9 . 0 0 - 1 1 . 7 5 Aa/AA
n . a . 13.00-14.50
15.75
n.a.
10.37 7 . 7 0 - 1 1 . 0 0 Aaa/AAA

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

Aa/—
Aaa/AA+
Aaa/AA+
A1/A+
A1/A+
Al/AA— / AA—
—/AA—
—/AAA/AA/A5

10. PUBLIC O F F E R I N G S O F I N T E R M E D I A T E - A N D LONG-TERM S E C U R I T I E S : U.S. T R E A S U R Y

Notes and Bonds
Offering
date

Payment
date

Length

Maturity
date

Coupon Auction
average
rate
percent) (percent)

Amount (millions of dollars)
Net proceeds
Gross proceeds
1

1

2

Private >

Total

Private

Total

1,501
4,605

1,501
2,045

1,501
1,920

Memo:
Foreign 3
add-ons

1981
0
125

6
21

1/12
2/2

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

Ll-3/4
13-5/8

11.82
13.69

1,501
5,191

3

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

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 I 8,669
2,576 1
5,438
4,826
3,460
3,265

3,638

3,508

24
26

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

2,551
3,460

2,365
3,265

0
130
0
186
195

Mar.

18
24
26
31

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

2-yr
3/31/83
3/31/85
4-yr
2 0 - y r 1-mo 5 / 1 5 / 0 1
4/15/88
7-yr

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

4,832
3,535
1,751
2,757

2,085
985
1,751
2,972

2,050
952
1,751
2,757

68
0
0
215

Apr.

22

4/30

2-yr

14-1/2

14.51

4,586

4,325

1,573

1,573

0

5
6
7

5/15
5/15
5/15

3-yr
10-yr
30-yr

5/15/84 15-3/4
5 / 1 5 / 9 1 14-1/2
5/15/06-11 1 3 - 7 / 8

15.81
14.56
13.99

3,776 1
2,074 1 6,844
2,302

2,212

2,212

0
0
0

20
28

6/1
6/3

5/31/83 15-5/8
2-yr
5 - y r 5-mo 1 1 / 1 5 / 8 6 1 3 - 7 / 8

15.72
13.95

4,763
3,206

4,352
3,011

2,121
3,206

2,121
3,011

0
195

June

18
23
25
30

6/30
6/30
7/2
7/7

6/30/83
2-yr
6/30/85
4-yr
2 0 - y r 1-mo 8 / 1 5 / 0 1
7/15/88
7-yr

14-5/8
14
13-3/8
14

14.72
14.04
13.45
14.07

4,607
3,393
1,753
3,469

4,307
3,281
1,753
3,019

1,550
879
1,753
3,469

1,582
847
1,753
3,019

0
0
0
450

July

22

7/31

7/31/83

15-7/8

15.92

4,966

4,615

1,744

1,744

0

Aug.

4
5
6
20
27

8/17
8/17
8/17
8/31
9/8

3 - y r 3-mo 1 1 / 1 5 / 8 4 16
8 / 1 5 / 9 1 L4-7/8
10-yr
2 9 - y r 9-mo 5 / 1 5 / 0 6 1 1 L3-7/8
8 / 3 1 / 8 3 L6-1/4
2-yr
5 - y r 2-mo 1 1 / 1 5 / 8 6 L6-1/8

15.96
14.98
14.06
16.26
16.14

5,780 )
2 , 8 1 2 I .8,623
2,997
4,848
5,423
3,264
3,469

3,396

2,975

U694
3,469

1,594
3,264

271
150
0
0
205

S e p t . 16
23
30

9/30
9/30
10/7

16.12
9 / 3 0 / 8 3 L6
2-yr
9 / 3 0 / 8 5 L5-7/8 1 5 . 9 1
4-yr
2 0 - y r 1-mo 1 1 / 1 5 / 0 1 1 5 - 3 / 4 1 5 . 7 8

5,268
3,961
1,753

4,868
3,284
1,753

1,573.
993
1,753

1,573
515
1,753

0
478
0

Oct.

7
21

10/14
11/2

1 0 / 1 5 / 8 8 1 5 - 3 / 8 15.40
10/31/83 15-1/: 15.56

3,474

3,007

3,474

3,007

467
140

Nov.

2

Jan.
Feb.

4
5

May

4

5
18

11/16
11/16
11/16
11/30

2-yr

7-yr
2-yr
3-yr
10-yr
30-yr
2-yr

6-mo 8 / 1 5 / 8 4
9-mo 1 1 / 1 5 / 9 0
9-mo 1 1 / 1 5 / 1 0
2/28/83
2-mo 5 / 1 5 / 8 6

4/30/83

1 1 / 1 5 / 8 4 14-3/*:
11/15/91 14-1//i
: 1 1 / 1 5 / 1 1 . 14
1 1 / 3 0 / 8 3 12-1/6$

J

J

14.43
14.33
14.10
12.22

1
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.




617
225
0
n.a.

11. PUBLIC O F F E R I N G S OF INTERMEDIATE- AND LONG-TERM SECURITIES: GOVERNMENT SPONSORED AGENCIES
Offering Payment
date
date

Issuer

Length

Maturity
date

Yield
(percent)

A m o u n t (millions of dollars)
Gross
proceeds

Maturing
issues

Net
proceeds

FHLB

5/13
5/13
5/13

5/26
5/26
5/26

2-yr
5-yr

11 -mo 4 / 2 6 / 8 2
8-mo 1 / 2 5 / 8 4
5/27/86

17.05
18.80
15.50

1 , 200
1,000
600

1,400

1,400

FFCB

5/28

6/1

4-yr

3-mo 9 / 3 / 8 5

14.90

662

0

662

FNMA

6/3

6/10

3 — y4 4 - m o 1 0 / 1 0 / 8 4

14.90

500

750

-250

FHLB

6/10
6/10

6/25
6/25

1 - y r 9-mo 3 / 2 5 / 8 3
3-yrlO-mo 4/25/85

14.80
14.55

1 , 100
700

0

1,800

FNMA

6/26

7/10

3-yrlO-mo

5/10/85

15.25

600

1, 200

-600

FFCB

7/8
7/8
7/8

7/20
7/20
7/20

3-y r
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-y r
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

8/12
8/12
8/12

8/25
8/25
8/25

1-yr
3-y r
4-yr

4-mo 1 2 / 2 7 / 8 2
8/27/84
7-mo 3 / 2 5 / 8 6

16.50
16 . 00
15.75

1,400
1,000
600

1, 000
800

400
200
600

FNMA

8/14
8/14

8/17
8/17

3-yr
7-yr

6-mo 2 / 1 1 / 8 5
8/10/88

17.00
16.375

700
300

0
0

700
300

FCB

8/26
8/26

9/1
9/1

2-yr
4-yr

6-mo 3 / 1 1 / 8 4
3-mo 1 2 / 2 / 8 5

17.00
17.00

415
491

0
0

415
491

FNMA

9/2

9/10

1-yr

8-mo 5 / 1 0 / 8 3

18.00

1, 000

1, 050

-50

FNMA

9/10

9/15

1-yr

5-mo 2 / 1 0 / 8 3

17.75

400

0

400

FHLB
FHLB
FHLB

9/16
9/16
9/16

9/25
9/25
9/25

1-yr
3-yr
5-yr

9/27/82
9/25/84
9/25/86

16.50
16.40
16.40

1 , 500
600
500

0
0
0

1 , 500
600
500

FNMA

9/30

10/13

3-yr

1-mo 1 1 / 1 2 / 8 4

17.20

1 , 000

600

400

FFCB

10/14
10/14
10/14

10/20
10/20
10/20

2 - y r 6-mo 4 / 2 3 / 8 4
4 - y r 3-mo 1 / 2 0 / 8 6
8-y r
10/20/89

15 . 50
15.80
15.80

697
815
482

600

1 , 394

FNMA

11/10

11/16

3-yr

9-mo 8 / 1 2 / 8 5

14.10

1,200

0

1,200

FHLB

11/18

11/25

2-yr

4-mo 4 / 2 5 / 8 4

12.90

-200

1,300

1,100

FHLB

FFCB
FHLB
FHLMC
FNMA

—
—
—
—

Federal
Federal
Federal
Federal




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

As of November 20, 1981

13

12. FORTHCOMING PUBLIC O F F E R I N G S OF INTERMEDIATE- AND LONG-TERM SECURITIES: CORPORATE 1
Issuer

*Arizona P u b l i c S e r v i c e Co.
L o u i s i a n a Power & L i g h t Co.
* S e a r s , Roebuck, & Co.
* S e a r s , Roebuck, & Co.
*Atlantic Richfield,Co.
*Westinghouse C r e d i t Corp.
*Dart & K r a f t
*Wells Fargo & Co.
* C a t e r p i l l a r T r a c t o r Co.
*W.R. Grace & Co.
CPT Corp.
* N o r t h e r n S t a t e s Power Co.
*Digicon, I n c .
*Nevada Power Co.
*S.E. Rykoff & Co.
* D i a l F i n a n c i a l Corp.
Washington Gas L i g h t Co.
C l e v e l a n d E l e c . Illuminum
Bankamerica R e a l t y
G e n e r a l T e l . Co. of C a l i f o r n i a
U.S. L e a s i n g Corp.
U.S. Home Corp.
B.F. Goodrich Co.
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.
E q u i t a b l e of Iowa Companies
New York S t a t e Gas & E l e c . Co.
Cameron I r o n Works, I n c .
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.
Texas G e n e r a l R e s o u r c e s
G e n ' l . E l e c . C r e d i t Corp.
Wisconsin Gas Co.
Chase Manhattan Corp.
I n t e r n a t ' l . B u s i n e s s Machines Corp.
Columbia Gas Systems
Cable American Corp.
C r y s t a l O i l Co.
F l o r i d a Telephone Corp.
Northwest Energy 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 Corp.
N i a g a r a Mohawk Power Co.
Gearhart I n d u s t r i e s , I n c .
Wells Fargo & Company
D a l l a s Power & L i g h t Co.
G e n ' l . T e l . & E l e c t r o n i c s Corp.
Texas E l e c t r i c S e r v i c e Co.
*Gulf S t a t e s U t i l s . Co.
F l o r i d a Power Corp.
^Colorado P u b l i c S e r v i c e Co.
* N o r t h e r n I n d i a n a P u b l i c S e r v i c e Co.
*Union E l e c . Co.
*South C e n t r a l B e l l
^ P e n n s y l v a n i a Power & L i g h t Co.

Type

Com. s t k .
1 s t . mtg.
Debt.
Notes
Notes
Notes
Debt.
Notes
Notes
Notes
Conv. d e b t .
1 s t . mtg.
Conv. d e b t .
1 s t . mtg.
Conv. d e b t .
Notes
1 s t . mtg.
1 s t . mtg.
Conv. d e b t .
1 s t . mtg.
Notes
Bonds
Notes
Debt.
1 s t . mtg.
Notes
1 s t . mtg.
Notes
Debt.
Debt.
Conv. d e b t .
Notes
1 s t . mtg.
Notes
Debt.
1 s t . mtg.
Notes
Conv. d e b t .
Notes
Debt.
Debt.
Notes
1 s t . mtg.
Conv. d e b t .
Pfd. stk.
Pfd. stk.
Debt.
1 s t . mtg.
Com. s t k .
1 s t . mtg.
1 s t . mtg.
Com. s t k .
Com. s t k .
Debt.
rfd. stk.

Amount
(millions of dollars)

75.0
100.0
300.0
200.0
400.0
300.0
300.0
200.0
150.0
100.0
40.0
75.0
40.0
50.0
25.0
50.0
50.0
60.0
50.0
50.0
40.0
100.0
50.0
100.0
75.0
40.0
75.0
75.0
100.0
75.0
25.0
150.0
30.0
100.0
250.0
125.0
50.0
31.2
45.0
100.0
350.0
50.0
50.0
50.0
35.0
30.0
100.0
50.0
35.0
100.0
50.0
45.0
65.0
175.0
50.0

Approximate
of offering

Nov. 24
Nov. 24
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Dec. 1
Dec. 2
Dec. 3
Dec. 3
Dec. 8
Dec. 8
Dec. 9

* 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. FORTHCOMING PUBLIC O F F E R I N G S OF INTERMEDIATE- AND LONG-TERM SECURITIES: CORPORATE 1
Issuer

Type

Amount
(millions of dollars)

(con't)

Approximate date
of offering

Utah Power & L i g h t Co.
*Utah Power & L i g h t Co.
Arkansas Power & L i g h t Co.
*Idaho Power Co.
*Western Mass. E l e c . Co.
Houston L i g h t i n g & Power Co.
* N a t i o n a l Medical E n t e r p r i s e s
Cypress Mines Corp.
Cypress Mines Corp.
Amoco C r e d i t Corp.
B e n e f i c i a l Corp.
Westvaco Corp.
Diamond Shamrock 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.
Dayton Power & L i g h t Co.
D e t r o i t Edison Co.
Union E l e c t r i c Company
S o u t h e r n C a l i f o r n i a Edison

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

90.0
75.0
90.0
30.0
30.0
125.0
100.0
100.0
100.0
100.0
100.0
75.0
200.0
30.0
30.0
60.0
75.0
200.0

Dec. 9
Dec. 10
Dec. 10
Dec. 15
Dec. 16
Dec.
Dec.
Indef.
Indef.
Indef.
Indef.
Indef.
Indef.
Indef.
Indef.
Indef.
Indef.
Indef.

OTHER
Kruger Co.
O r i e n t L e a s i n g Co.
M o n t r e a l , P r o v i n c e of
Canadian N a t ' l Railway
^Montreal
Oslo Norway

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

100.0
30.0
100.0
100.0
100.0
100.0

Nov.
Nov.
Nov.
Nov.
Dec.
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.




As of November 20, 1981

13. FORTHCOMING PUBLIC O F F E R I N G S OF INTERMEDIATE- AND LONG-TERM SECURITIES: STATE AND LOCAL 1
Issuer

Type

Amount
(millions of dollars)

Approximate date
of offering

Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.

23
23
23
24
24
25
25
25
25
25
25
25
25
25
25
25
30
1

^Minnesota Higher Educ. Board
Montgomery Co. Hsg. Comm., MD
*South L o u i s i a n a P o r t Comm.
Plaquemines P o r t Harbor D i s t . , LA
New Mexico, S t a t e of
L i v o n i a , MI
P u l a s k i Co. Res. Hsg. F a c i l . B d . , AR
M o n r o e v i l l e Hosp. A u t h . , PA
^ P h i l a d e l p h i a Redev. A u t h . , PA
^ V i r g i n i a Educ. Loan Auth.
*New J e r s e y H e a l t h Care F i n . Auth.
^ L o u i s i a n a Pub. F a c i l . Auth.
^ A t l a n t i c County Imp. A u t h . , N . J .
^ I l l i n o i s H e a l t h F a c i l . Auth.
*New J e r s e y Bldg. Auth.
P e n n s y l v a n i a Higher Ed. F a c . Auth.
Hamilton C o . , OH
M i n n e a p o l i s - S t . P a u l Metro Council
Lakeland, FL
^ C a l i f o r n i a D e p t . of Water Resources
^ F a i r f a x County, VA
*Los Angeles Comm. Redev. Agcy., CA
*Uintah C o . , Utah
^Northampton Co. I n d . Dev. A u t h . , PA
I n t e r m o u n t a i n Power Agency, UT
Memphis, TN
^Tennessee Hsg. Dev. Auth.

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

75.0
50.0
27.0
29.9
40.1
31.0
61.3
38.2
35.0
55.0
48.4
39.8
42.6
44.7
134.1
70.8
86.5
32.2
30.0
100.0
26.7
30.0
100.0
30.3
600.0
25.0
100.0

WITHDRAWAN
Benton Co. Res. Hsg. F a c i l . B d . , AR

Rev.

63.0

Nov. 20

POSTPONED
San Diego Redev. Agcy., CA

Rev.

62.1

Nov. 20

1

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




10
15
16

14. STOCK PRICES*
NYSE I n d e x 3

DJ Industrials

1979-High
Low

63.39 ( 1 0 / 5 )
53.88 (2/27)

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

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

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

1980-High
Low

81.02 ( 1 1 / 2 8 )
55.30 ( 3/27)

1000.17 (11/20)
759.13 ( 4 / 2 1 )

370.75 ( 1 1 / 2 9 )
215.69 ( 3 / 2 7 )

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

1981-High
Low

79.14 ( 1 / 6 )
64.96 ( 9 / 2 5 )

1024.05 ( 4 / 2 7 )
824.01 ( 9/25)

379.77 ( 5 / 2 7 )
276.76 ( 9 / 2 5 )

223.47 ( 5/29)
175.03 ( 9/28)

Date

1981-Sept. 4
11
18
25

NASDAQ5

AMEX*

69.51
70.32
67.27
64.96

861.68
872.81
836.19
824.01

337.28
331.05
300.33
276.76

189.63
189.81
184.27
175.12

Oct.

2
9
16
23
30

68.86
70.33
69.13
68.83
70.64

860.73
873.00
851.69
837.99
852.55

307.67
314.14
307.19
307.35
312.02

184.37
191.27
190.24
191.91
195.24

Nov.

6
13
20

71.33
70.85
70,99

852.45
855.88
852.93

324.92
317.72
318.11

199.97
200.16
198.60

15. TRADING VOLUME2
Date

NYSE

AMEX

NASDAQ

1979-High
Low

81.6 (10/10)
18.0 ( 1/2)

13.2 (10/10)
2.2 ( 1/22)

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

1980-High
Low

84.1 (11/5)
1 6 . 1 (12/26)

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

6 0 . 4 (11/19)
10.7 ( 4/14)

1981-High
Low

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

15.8 ( 1/7)
2.8 (10/12)

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

1981-Sept. 4
11
18
25

41.5
47.1
42.4
49.5

5.1
5.5
4.7
6.0

25.8
28.8
28.3
27.5

Oct.

2
9
16
23
30

49.6
50.2
40.2
46.1
47.8

5.9
4.4
3.6
4.5
4.3

28.2
25.8
23.6
26.2
25.5

Nov.

6
13
20

57.3
49. l r
48.6

6.0
5.3r
4.8

32.6
33.6r
31.9

1 Figures other than highs and lows are Friday figures only.
2 Volume figures are weekly averages of daily figures (millions of shares). Highs and lows refer to single days.
3 12/31/65 = 50
4 8/31/73 = 100
5 2/5/71 = 100




16. SECURITY C R E D I T 1
Outstanding, dollar amounts in millions

End of period

1

Margin credit extended
by brokers on:
Convertible
Marginable
stock
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

1980

14,500

219

1,180

86

1979-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-Jan.
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-Jan.
Feb.
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

July
Aug.
Sept.

14,870
14,270
13,710

262
274
263

1,365
1,400
1,430

75
62
53

Oct.

13,600

263

1,450

68

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




17. SAVINGS FLOWS AT SELECTED NONBANK T H R I F T INSTITUTIONS
Millions of dollars
Mutual Savings Banks
(regular deposits) 1
Date

Net flow
N.S.A.

Sea. adj.

Annual
growth
rate3

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
rate3

At
insured
S&L's

At
MSB's

1976

12,670

—

11.6

50,169

17.5

62,854

15.9

34,369

5,283

1977

10,783

—

8.7

50,888

15.0

60,982

13.3

31,004

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
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
5,6*3

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
1.6

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.
May
June

-1,201
229
945

-210
349
109

—1*7
2.8
0.9

-2,919
1,557
4

1,461
1,519
-2,293

3.4
3.5
-5.3

1,251
1,868
-2,184

2.2
3.4
-3.9

-4,638
-70
-5,759

-2,025
-676
-1,392

July - 1 , 1 5 3
Aug.
-375
Sept.2
550

-846
21
78

-6.7
0.2
0.6

-3,529
-1,358
2,055

-2,587
286
-113

-6.0
0.7
-0.3

-3,433
307
-35

-6.2
0.5
-0.1

-5,538
-3,290
-3,948

-1,931
-1,366
-1,500

1979-July
Aug.
Sept.
Oct.

Nov.

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 onndustry 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

End of Period

Total

Federal and Related Agencies

Thrift Institutions
All savings
Mutual
savings banks
and loan
(N.Y. state)
associations

Total

FNMA

GNMA

FHLMC

1979

31.4

28.1

3.3

12.1

6.5

4.6

1.0

1980

28.8

27.3

1.5

9.0

3.3

5.1

0.6

1980-Jan.
Feb.
Mar.

30.6
30.0
26.8

27.4
27.2
24.3

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

Apr.
May
June

23.3
21.6
22.9

21.1
19.7
21.1

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
28.3
29.5

23.7
26.5
27.7

1.9
1.8
1.8

10.8
10.8
10.8

4.2
4.6
5.0

5.4
5.2
5.0

1.1
1.0
0.8

Oct.
Nov.
Dec.

29.4
29.4
28.8

27.7
27.8
27.3

1.7
1.6
1.5

10.0
9.7
9.0

4.5
3.9
3.3

4.9
5.1
5.1

0.7
0.7
0.6

28.5
27.6
26.9
27.0
26.5
26.0
24.9
24.3
23.4

27.1
26.2
25.5
25.3
24.8
24.5
23.6
23.0
22.3

1.4
1.4
1.4
1.7
1.7
1.5
1.3
1.3
1.1

10.2
9.4
9.1
8.5
8.1
9.2
9.9
10.2
9.4

3.2
2.7
2.3
2.1
2.1
2.9
4.1
4.4
4.2

6.3
6.2
6.0
5.8
5.7
5.5
5.2
4.9
4.4.

0.7
0.6
0.8
0.7
0.3
0.9
0.7
0.8
0.9

1981-Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.

i

Based on data from Federal Home Loan Bank Board, Savings Banks Association of New York State, and federal and related agencies, seasonally adjusted
by Federal Reserve. Both thrift institutions series include a minor amount of non-residential commitments; S&L commitments also include loans in
process. Subtotals may not add to total because of rounding.



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

Total including
short-term
discount notes

Intermediate- and long-term issues
Total

FHLB

FNMA

FHLMC

FNMA and FHLB
short-term
discount notes

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

13,876

10,493

4,424

969

5,100

3,383

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

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
, 000
-650

-1,421
-1,658
1,072

0c t .
Nov .
Dec .

3,607
313
3,390

1,300
900
250

1 , 600
150
700

0
0
0

-300
750
-450

2,307
-587
3,140

1981-Jan .
Feb .
Mar .

207
-18
957

1,582
496
45

600
200
800

-18
-4
-105

1,000
300
-650

-1,375
-514
912

Apr .
May
June

1,119
2,979
2,531

400
1,400
1,550

1,200
1,400
1, 800

0
0
0

-800
0
-250

719
1,579
981

July
Aug .

3,736
3,753

1,189
2,210

1,600
1,200

205
13

-616
997

2,547
1, 543

Based on data from Treasury Survey of Ownership.




0

1

21
20. N E T C H A N G E IN M O R T G A G E H O L D I N G S A T S E L E C T E D I N S T I T U T I O N S
Millions of dollars, seasonally a d j u s t e d
Major private financial institutions
Period

Total

Total

Commercial
banks

MSB's

S&L's

Mortgage pools

Life insur.
companies

FNMA
and
GNMA

FHLMC

GNMAguaranteed

1979

122,191

88,939 29,300

3,887

43,135

12,617

8,123

971

22,054

1980

86,682

5 9 ,4 7 8 18,400

489

27,930

12,659

7,026

1,032

17,473

1980
Jan.
Feb.
Mar.

9,626
8,750
7,262

6,137
6,443
5,184

2,260
2,328
1,973

152
275
22

2,126
2,557
1,828

1,599
1,284
1,361

1,044
632
1,002

50
99
8

2,229
1,439
862

Apr.
May
June

7,062
3.349
2.350

3,671
1,411
725

1,447
620
195

-13
106
-109

857
-438
-236

1,381
1,124
875

962
545
199

135
-72
-1

2,125
1,263
1,246

July
Aug.
Sept.

6,362
7,530
8,174

3,984
5,420
6,293

1,195
1,084
1,159

-116

-103
-14

1,767
3,587
4,442

1,138
851
706

454
171
164

60
142
169

1,596
1,639
1,326

Oct.
Nov.
Dec.

10,435
7,376
8,324

7,934
6,152
6,055

2,401
1,668
2,045r

169
74
48

4,511
3,631
3,251

853
778
711

551
466
862

144
8
290

1,770
771
1,180

5,162
5,889
4,522
5,983
4,373
4,121
4,152
3,199
n.a.

1,265r
1,934r
2,090
2,879
2,032
1,792
1,874
1,878
2,558

121
125
21
144
-92

3,066
2,747
1,787
2,201
1,688
1,811
1,590
559

710
1,082
628
759
745
799
728
696
n.a

— 6

—68

67

139
-35
133
209
59

964
1,637
892
1,791
1,042
1,807
1,244
385
905

1981
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.

6,226
7,814
5,349
8,109
5,623 j
6,344
5,998
4,233
n.a.

-281

-40
-14
n.a.

2

-166

125
-243
298
468
814
n.a

-81

36
54

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
Residential
Quarter

Total

1976-01
Q2
Q3
Q4

Commercial

Multifamily
and
commercial

Farm

Total

1 - to 4family

85.0
77.7
91.4
94.2

69.9
62.2
71.9
74.7

65.0
57.6
68.0
72.5

4.9
4.6
3.9
2.2

10.2
11.9
13.1
11.9

15.6
16.5
17.0
14.1

4.3
3.7
6.4
7.6

1977-01
Q2
03
Q4

107.5
133.4
141.4
147.0

84.8
114.3
114.6
113.1

80.9
105.1
107.6
104.0

3.9
9.2
7.0
9.1

16.2
11.7
19.8
26.5

20.1
20.9
26.8
35.6

6.5
7.4
7.0
7.4

1978-01
02
Q3
04

134.3
151.6
150.6
155.3

104.4
121.5
121.4
127.4

95.9
109.6
112.9
119.0

8.5
11.9
8.5
8.4

23.7
23.7
21.2
19.9

32.2
35.6
29.7
28.3

6.2
6.5
8.1
8.0

1979-01
Q2
03
Q4

155.6
169.5
161.2
145.3

120.5
132.1
122.3
110.8

113.2
123.6
115.1
103.0

7.3
8.5
7.2
7.8

22.3
25.1
26.8
24.2

29.6
33.6
34.0
32.0

12.7
12.3
20.0
10.4

1980-Q1
Q2
03
04

144.9
81.0
117.0
138.7

104.8
53.0
94.9
105.0

100.1
43.4
86.9
96.1

4.7
9.1
8.0
9.0

28.7
19.6
15.2
23.7

33.3
28.7
23.2
32.7

11.5
9.0
6.9
9.9

1981-01
Q2

113.1
110.2

82.2
76.1

77.3
70.9

4.9
5.2

20.5
23.7

25.3
28.9

10.4
10.5

Multifamily

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. AVERAGE RATES AND YIELDS ON HOME MORTGAGES AND PASS-THROUGH SECURITIES
Secondary market
FHA/VA mortgages

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

Period

Period

Yield in
FNMA
auction

Discount
points
in FNMA
auction

Ceiling
rate

Conventional mortgages
Yield on
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
12.76

16.22
11.60

1981- High
Low

18.63
14.80

1981 High
Low

19.23
14.84

12.51
1.61

17-1/2
13-1/2

17.46
13.18

19.22
14.83

18.92
14.16

5
12
19
26

16.76
16.69
16.71
16.62

June

8
15
22
29

16.17

3.49
3.47

14.96
14.75
15.09
15.33

16.31

16.17

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

16.16
15.98
16.13
16.43

3
10
17
24
31

16.64
16.79
16.74
16.88
17.11

July

6
13
20
27
3

16.43

4.82
6.94

15.35
15.56
16.17
15.96
16.55

16.34

16.87

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

7
14
21
28

17.13
17.27
17.26
17.48

Aug.

15-1/2
15-1/2
16-1/2
16-1/2

16.04
16.21
17.28
17.26

4
11
18
25

17.79
18.22
18.27
18.36

Sept.

16-1/2
17-1/2
17-1/2
17-1/2

17.41
17.05
16.33
17.46

2
9
16
23
30

18.28
18.63
18.53
18.39
18.44

Oct.

17-1/2
16-1/2
16-1/2
16-1/2
16-1/2

16.80r
16.30r
16.36r
16.97r
16.08r

6
13

18.37
18.02

Nov.

16-1/2
15-1/2

15.15
14.62

1981
June

July

Aug.

Sept .

Oct.

Nov.

Aug.

Nov.

10
17
24
31
7
14
21
28
5
12
19
26
2
9
16

—

——

17.27

8.80

—

17.24

3.72

——

18.37
——

8.94
——

18.74

5.85

19.23

8.01

—

— —i

17.74

6.10

——

18.51
—

16.82

9.58
—

1.61

16.29

16.53
16.94
17.19
18.65
——

19.06
—

19.22
18.61
—

18.61
17.51

16.56
16.69
16.96
16.99
17.12
17.01
17.09
17.66
18.14
18.81
18.63
18.63
18.92
18.62
18.31
18.43
18.90
17.97
16.93
16.30

Column 2 is average of contract interest rates on commitments for level-payment conventional first mortgages with 80 percent loan-to-value ratios and 30
year maturities made by a sample of insured S&Ls. Columns 4 and 8 are average gross yield to FNMA before deduction of the fee of 37% basis points paid
for mortgage servicing. They reflect the average accepted bid yield for first mortgages for optional delivery within 4 months, assuming prepayment in 12
years for 30-year loans, without adjustments for FNMA commitment fees and FNMA stock retention requirements. Column 7 is a 1-day quote on average
net yields to investors on GNMA-guaranteed mortgage-backed securities for immediate delivery, assuming prepayment in 12 years on pools of 30-year
FHA/VA mortgages carrying a coupon rate 50 basis points below the current FHA/VA ceiling rates shown in Column 6. Column 9 is the average net
yield to FHLMC on accepted bids in its weekly auction of commitments to buy conventional home mortgages for immediate (within 60 days) delivery.
Beginning July 7,1980, the FNMA auction results for FHA/VA mortgages do not include graduated payment mortgages.



24
23. FNMA AUCTIONS O F COMMITMENTS TO PURCHASE HOME MORTGAGES
Dollar amounts in millions
FHA/VA mortgages
Accepted

Conventional mortgag es
Average yield
Accepted

Date of
auction

Offered

1980-High
Low

644.2
96.7

354.6
51.9

15.93
12.28

426.0
28.7

133.0
17.9

17.51
12.76

1981-High
Low

256.9
26.3

181.6
16.0

19.23
14.84

315.7
12.4

167.8
11.1

19.22
14.83

Average yield

Offered

Aug.

3
17
31

250.0
256.9
182.6

181.6
112.8
42.2

17.27
17.24
18.37

315.7
308.4
238.1

167.8
84.0
52.5

16.94
17.19
18.65

Sept.

14
28

102.8
43.1

33.8
30.3

18.74
19.23

85.9
34.8

45.2
20.7

19.06
19.22

Oct.

12
26

26.3
40.0

16.0
21.3

17.74
18.51

15.4
27.8

11.4
16.1

18.61
18.61

Nov.

9

31.6

41.1

16.82

69.5

37.0

17.51

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

Future c o m m i t m e n t program
Average yield
Accepted

Date of
auction

Offered

1980-High
Low

401.4
4.9

200.3
2.5

16.22
11.60

258.4
38.6

30.8
18.2

17.15
17.85

1981-High

141.6
3.0

65.9
2.3

18.92
14.16

76.3
5.4

21.2
5.0

19.09
15.16

4
11
18
25

31.7
39.6
45.5
55.1

15.5
15.5
16.5
15.5

17.12
17.01
17.09
17.66

25.9

16.1

17.54

1

55.4
30.6

20.2

18.14
18.81
18.63
18.63
18.92

52.0

20.6

19.09

24.0
23.0

7.4
5.7
4.2
2.3
4.8

6
13
20
27

12.5
3.7
8.3
3.0

5.7
3.7
8.3
3.0

18.62
18.31
18.43
18.90

5.4

5.4

18.99

3
10
17

14.2
16.5
87.2

14.2
16.5
87.2

17.97
16.93
16.30

16.2

16.2

17.30

Low

Aug.

Sept,

8
15
22
29
Oct.

Nov.

Offered

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

(Auction d a t a a r e f o r f i x e d - r a t e mortgages o n l y . )




25. ISSUES O F 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 I
loan assoc.

Privately insured
New issues

1978

15,360

54,347

6,212

11,892

1,102

1,161

465

1979

24,997

76,401

4,546

15,180

2,575

3,641

1,110

1980

19,863

93,874

2,527

16,853

5,136

8,724

290

1980-Jan.
Feb.
Mar.

2,611
1,354
1,126

78,849
79,900
80,843

180
207
106

15,274
15,397
15,454

408
205
342

4,230
4,424
4,771

50
0
0

Apr.
May
June

1,779
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.

1,087
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.

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

1,300
1,306
1,046
1,402
1,245
1,383
1,590
959
1,184
740

95,061
96,292
97,184
98,405
99,144
100,588
101,581
102,743
103,750
n.a.

168
94
127
97
422
940
238
44
249
n.a.

16,952
17,010
17,067
17,131
17,515
17,565
17,765
17,773
17,935
n.a.

556
255
464
510
718
625
714
388
380
n.a.

9,415
9,665
10,104
10,599
11,286
11,870
12,557
12,876
13,198
n.a.

0
0
0
40
0
0
0
0
0
0

Nov.

Dec.
1981-Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.

Oct.

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.