Full text of H.16 Capital Market Developments : August 30, 1976
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Capital Market Developments August 3 0 , 1 9 7 6 Prepared by the C A P I T A L MARKETS SECTION in conjunction with the MORTGAGE and CONSUMER FINANCE SECTION DIVISION OF RESEARCH AND STATISTICS BOARD OF GOVERNORS F E D E R A L R E S E R V E SYSTEM Washington, D C. 20551 Index SUBSCRIPTION RATES: Weekly $ 1 5 . 0 0 per year or $ . 4 0 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, $ 1 3 . 5 0 per year or $ . 3 5 each. Elsewhere, $ 2 0 . 0 0 per year or $ . 5 0 each. Address requests to Publications Services, Division of Administrative Services, and m a k e p a y m e n t remittance payable to t h e order of t h e Board of Governors of the Federal Reserve System in a f o r m collectible a t par in U.S. Currency. TABLES 1 - 6 SECURITY VOLUME AND YIELDS 7, 8 STOCK MARKET AND S E C U R I T Y CREDIT 9 - 1 6 MORTGAGE MARKET SYMBOLS e ESTIMATE P r PRELIMINARY REVISED n.a. NOT AVAILABLE DATA DO NOT EXIST Table 1 YIELDS, VOLUME AND RECEPTION CORPORATE BOND MARKET YIELDS WEEK ENDING 1976 - July August NEW ISSUE Aaa UTILITY 1 RECENTLY OFFERED Aaa UTILITY 2 8.72 9 16 23 30 8.58 8.53 8. 66 8.72 8.67 8.57 8.55 8.68 8.69 6 13 8.60 8.49 8.60 8.49 20 — 27 8.52p 2 3 GROSS OFFERINGS ( $ MILLIONS) VOLUME PER CENT SOLD BY END OF WEEK NEW ISSUES 4 IN SYNDICATE ( $ MILLIONS) 260 80 248 515 160 158 85 87 98 97 213 146 139 13 19 299 677 117 96 89 32 110 8.46r 88 124 8.48p 186 92 75 MUNICIPAL BOND MARKET YIELDS WEEK ENDING 1976 - July Augus t MOODY'S NEW ISSUE Aaa 2 VOLUME BOND BUYER 2Q-BOND INDEX 3 GROSS OFFERINGS . ( $ MILLIONS) PER CENT SOLD BY END O F WEEK NEW ISSUES 4 IN SYNDICATE ( $ MILLIONS) 9 16 23 30 5.81 5.75 5.70 5.67 5.62 6.87 6.78 6.78 6.77 6.73 532 492 677 639 559 74 82 75 91 88 204 228 238 212 175 6 13 20 27 5.54 5.50 5.52 5.49 6.65 6.60 6.60 6.58 362 490 511 411 93 88 107 101 79 91 167 89 NOTES: 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. 3 Estimated by F.R. on the basis of available data. 4 Corporate Market: Salomon Brothers Bond Market Roundup; Municipal Market: Weekly Bond Buyer. Data are adjusted by Federal Reserve when necessary to make coverage of this series consistent with the gross offerings series. Table 2 HIGH GRADE BOND YIELDS NEW ISSUE Aaa UTILITY DATE 1972 - High Low 1 RECENTLY OFFERED * Aaa UTILITY MOODY'S SEASONED CORPORATE Aaa 3 U S. GOVT. 20-YEAR CONSTANT MATURITY 4 BOND BUYER 20-BOND INDEX 7.60 6.99 (4/21) (11/24) 7.49 7.15 (4/21) (12/1) 7.36 7.05 (4/28) (2/12) 6.19 5.74 (4/14) (11/17) 6.54 4.96 (4/13) (10/21) (8/10) (1/5) 7.77 7.11 (8/24) (1/5) 7.79 6.42 (8/10) (1/5) 5.59 4.99 (8/3) (10/11) (10/11) (1/4) 9.39 7.73 (10/11) (1/4) 8.68 7.39 (8/30) (1/4) 7.15 5.16 (12/12) (2/7) 1973 - High Low 8.52 7.29 (8/10) (1/21) 8.32 7.28 1974 - High Low 10.61 8.05 (10/4) (2/15) 10.52 8.13 1975 - High Low 9.80 8.89 (5/2) (2/7) 9.71 9.06 (5/25) (2/28) 9.01 8.57 (5/2) (2/28) 8.63 7.63 (9/19) (2/21) 7.67 6.27 (10/3) (2/13) 1976 - High Low 8.95 8.38 (5/28) (4/23) 9.10 8.44 (1/2) (4/16) 8.66 8.36 (5/28) (4/23) 8.17 7.80 (5/28) (4/23) 7.29 6.54 (1/2) (4/16) 1976 - July Aug. 2 9 16 23 30 8.72 8.58 8.53 8.66 8.72 8.67 8.57 8.55 8.68 8.69 8.63 8.57 8.53 8.55r 8.55r 8.02 7.98 7.96 8.03 8.03 6.87 6.78 6.78 6.77 6.73 6 13 8.60 8.49 8.60 8.49 8.51 8.48 20 27 8.42 8.43p 6.65 6.60 6.60 8.52p 8.46r 8.48p 7.99 7.93 7.89r 7.87p 6.58 NOTES: 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 4 weeks. 3 Weekly average of daily closing figures. 4 Weekly average of daily figures. U S. Treasury data. 5 Thursday fiyires. The average rating of the 20 bonds used in this index falls midway between the four top groups as classified by Moody's Investors Service. Weekly Bond Buyer data. 5 Table 3 LONG-TERM CORPORATE AND STATE AND LOCAL GOVERNMENT SECURITY OFFERINGS AND PLACEMENTS IN MILLIONS OF DOLLARS PERIOD GROSS PROCEEDS 1 CORPORATE 1976 I 1975 1974 1976 2 STATE AND LOCAL 1 1975 | 1974 January February March 3,372 3,838 6,624 5,384 4,528 "5,378 3,328 2,687 3,217 2,347 2,707 3,339 2,361 2,387 2,135 2,255 2,003 2,025 April May June 3,380 4,294 5,798 5,596 3,060 3,164 2,981 2,430 3,477 2,406 2,900 3,064 2,397 2,304 2,166 July August September 4,327 2,399 2,836 3,248 2,667 1,617 2,572 3,580 2,783 2,159 1,459 1,106 1,701 October November December 4,705 4,068 4,316 4,609 3,739 3,511 2,323 2,381 2,052 2,860 2,483 1,479 15,290 15,688 9,562 13,089 9,232 9,205 7,532 11,859 6,883 8,370 8,522 6,756 6,283 6,867 4,266 6,822 30,978 40,540 53,629 18,437 25,969 37,828 15,253 23,775 30,531 13,150 17,416 24,238 Q1 02 03 04 13,834 1st Half 3 Qtrs. Year NOTES: 1 Securities and Exchange Commission estimates of gross proceeds. 2 Securities Industry Association estimates of principal amounts. 3,013 8,393 8,920 Table 4 NEW CORPORATE SECURITY ISSUES BY TYPE OF ISSUE AND ISSUER IN MILLIONS OF DOLLARS GROSS PROCEEDS BY TYPE OF ISSUER GROSS PROCEEDS BY TYPE OF ISSUE PERIOD TOTAL PUBLICLY OFFERED MEMO COMMON MANUFACAND ISSUES INCLUDED PRIVATELY PREFERRED TURING PLACED FOREIGN (CONVERTIBLE STOCK PUBLIC UTILITY COMMUNICATIONS 1,, 1 9 0 679 1 ,215 OTHER ISSUERS 3 , 392 3 , 1 36 II III IV 15,688 9,562 13,089 10,510 5,428 5,816 1,576 2,079 4,157 3,602 2,054 3,116 1 ,035 1 ,225 1 ,902 656 463 215 6,,699 2,A 20 3 J, 4 8 0 4,407 3,327 3,424 1976 I 13,834 7,569 2,721 3,544 1 ,, 3 4 0 257 4 , 490 4,044 765 1975 Apr. MayJune 4,294 5,798 2,771 3,796 3,943 423 502 651 1,100 1,500 1,002 135 475 425 130 315 211 1,, 7 3 1 2 ,, 6 5 0 2 ,318 1,380 1,549 1,478 415 413 362 767 1,188 1,437 July Aug. Sept. 4,327 2,658 1,356 1,414 1,014 480 585 654 563 837 925 425 1 ,120 2,399 2,836 38 1,039 1,024 1,264 270 112 297 . 1,89.7 582 300 681 619 Oct. Nov. Dec. 4,705 4,068 4,316 2,389 1,666 1,761 769 1,547 772 797 102 825 975 154 952 1 ,103 1 ,425 1,247 1,275 902 928 55 232 1,579 1,635 1,758 Jan. Feb. 3,372 3,838 1 ,, 0 6 4 i :, 1 8 3 1,097 16 171 578 1,197 1,693 2 ,243 789 2,158 549 639 448 1,745 1975 1976 - 5,596 ! 2,189 2,142 1,630 1,758 Mar. 6,624 3,238 6l3 769 1,339 Apr. 3,380 2,350 509 —— 605 335 2,047 400 121 15 121 521 428 37 Other issuers art extractive, railroad and other transportation, real estate and finance, and commercial and other. Source: Securities end Exchange Commission. 61 570 927 NOTES: 1 1 BONDS 4,97 2 4,534 657 1,644 T a b l e 5A INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY 1 August 2 through August 27, 1976 ISSUER TYPE AMOUNT (MILLIONS OF DOLLARS) MATURITY COUPON RATE OFFERING YIELD MOODY'S RATING CORPORATE V i r g i n i a National Bankshares Inc. N a t i o n a l S t e e l Corp. Jones & Laughlin S t e e l Corp. I n t e r n a t i o n a l Paper Co. A h ' o t t Laboratories AMDAHL Long I s l a n d Lgt. Co. T r a n s c o n t i n e n t a l Gas Pipe Line Corp. General Motors Acceptance Corp. T r a n s c o n t i n e n t a l Gas Pipe Line Corp. Natural Gas P i p e l i n e Western Union T e l e . Fruehauf Corp. I l l i n o i s B e l l T e l . Co. Mountain Fyel Supply American Credit Corp. Chrysler F i n a n c i a l Corp. A t c h i s o n , Topeka & Santa Fe Ry. R e l i a n c e Group I n c . Consumers Pwrs. Pub. Svc. Co. Indiana Notes 1 s t mtge 1 s t mtge Com s t k Com s t k Com s t k Com s t k (rts 3) Pfd s t k Notes 1st mtge 1st mtge SF debt Debt Debt 1 s t mtge % Bonds Notes Equip. Tr. Pfd s t k Pfd s t k Pfd s t k 30.0 175.0 75.0 155.3 93.3 27.5 73.0 50.0 200.0 75.0 50.0 25.0 50.0 175.0 40.0 50.0 100.0 16.8 50.0 50.0 40.0 1986 2006 1996 8.88 8.38 9.80 — — — —— —— 1986 1986 1986 1986 1996 2016 2001 1986 1983 1977-1991 • Rights offering. 1 Includes only corporate and other security offerings of $15 million and over; excludes options, exchanges, and secondary offerings. A Aa Baa/BBB —* — NOTES: 8.88 8.38 9.75 10.00 8.15 9.75 8.20 10.00 9.70 8.25 8.88 8.88 9.50 8.00 10.72 9.72 8.52 — —— 10.00 8.15 9.83 8.20 10.00 9.70 8.25 8.93 9.00 9.55 5.60-8.00 10.72 9.72 8.52 — — Ba/BB Aa/A Baa/BBB A Baa/BBB Baa/BBB Aaa A A/ABaa/BBB Aaa BBB Ba/BBB Aa/AA T a b l e 5A C o n t i n u e d INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U S. TREASURY August 2 through August 27. 1976 ISSUER TYPE AMOUNT (MILLIONS OF DOLLARS) MATURITY COUPON RATE OFFERING YIELD 8.25 8.20 8.15 8.05 8.88 8.88 8.35 8.30 8.00 8.25 8.20 8.15 8.05 8.93 8.95 8.35 8.30 8.00 MOODY'S RATING CORPORATE Other N a t i o n a l Power Co. N a t i o n a l Power Co. N a t i o n a l Power Co. N a t i o n a l Power Co. Entex Inc. Union E l e c t r i c Diamond I n t l . Corp. Ohio Power Co. Ohio Power Co. (Philippines) (Philippines) (Philippines) (Philippines) Gvt. g t d . Gvt. g t d . Gvt. g t d . Gvt. gtd. 1 s t mtge 1 s t mtge SF debt Gvt. g t d . Gvt. g t d . 207.2 70.0 65.0 25.0 50.0 70.0 30.0 23.3 12.7 1991 1989 1988 1987 2001 2006 2006 1997 1986 A A Aa Table 5 8 INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY 1 August 2 through August 2 7 , 1 9 7 6 ISSUER TYPE 2 AMOUNT (MILLIONS OF DOLLARS) MATURITY NET INTEREST COST OFFERING YIELD MOODY'S RATING STATE AND LOCAL Ramsey Co., Minn. Ramsey Co., Minn. Univ. of Kansas Medical Center Lucas Co., Ohio Lucas Co., Ohio Erie Co. H o s p i t a l A u t h . , Pa. Erie Co. H o s p i t a l Auth., Pa. Erie Co. H o s p i t a l Auth., Pa. S t . Charles P a r i s h , La. S t . Charles P a r i s h , La. D a l l a s - F o r t Worth A i r p o r t , Texas D a l l a s - F o r t Worth A i r p o r t , Texas Pallas-Fort Worth A i r p o r t , Texas fa 1.1 as-Fort Worth A i r p o r t , Texas ihimford, Maine Rumford, Maine Viorida, S t a t e of California P o l l . Control Fin. Auth. New Hampshire Educ. & H l t h . F a c . Auth. New Hampshire Educ. & Hlth.Fac. Auth. M ew Hampshire Educ. & Hlth.Fac. Auth. •Tew Hampshire Educ. & Hlth.Fac. Auth. Hsg. Finance Agy. G. 0 . G.O. Rev Rev Rev Rev Rev Rev Rev Rev Rev Rev Rev Rev Rev Rev G.O. Rev Rev Rev Rev Rev Rev 11.1 3.0 22.0 10.9 11.6 3.2 2.8 8.4 16.5. 1.0 9.5 6.0 18.0 1.5 1.6 10.0 30.0 16.0 3.8 2.4 10.4 3.1 2.4 1977-1990 1977-1990 1988-1996 1977-1991 1998 1978-1993 2000 2011 2001 2001 1980-1986 1996 2006 2006 1986 2001 1977-2006 2001 1977-1991 1996 2007 2009 1978-1991 5.08 5.12 7.14 7.57 7.57 7.36 7.36 7.36 7.99 7.99 7.99 7.99 7.39 7.39 5.68 8.40 8.40 8,40 8.40 8.31 3.30-5.60 3.30-5.60 6.60-7.25 4.25-7.25 7.78 4.25-7.00 7.20 7.38 6.44 6.44 6.00-7.20 7.80 8.06 8.05 6.00 7.38 3.20-6.10 6.13 4.75-7.75 8.00 8.50 8.45 5.00-7.50 Aa Aa A-l A-l A-l A-l A-l A-l Aa Aa Baa Baa Baa Baa A A Aa Aa Baa-1 Baa-1 Baa-1 Baa-1 A—1 NOTES: Includes only state and local security offerings of $10 million and over; excludes secondary offerings. 2 In caw of State and local government securities, G O denotes general obligation; Rev. Ut., revenue obligations secured only by income from public utilities; Rev.-Q.-Ut., revenue bonds secured only by income from quasi-utilities; Rev.-S.T., revenue bonds secured by revenue from specific taxes only; Rev. Rent., revenue bonds secured solely by lease payments. 3 Includes foreign government end International Bank for Reconstruction and Development issues and non-guaranteed issues by Federal Agencies. T a b l e SB C o n t i n u e d INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY August 2 through August 27, 1976 TYPE AMOUNT (MILLIONS OF DOLLARS) MATURITY NET INTEREST COST OFFERING YIELD MOODY'S RATING 8.25 3.50-6.20 6.50 6.75 6.88 6.63 4.00 A-l A-l A-l A-l A-l . A-l MIG-1 A-l A-l A A Baa Baa Baa Aa Aa Aa Aa Aa A A-l A—1 A-l A A Aa Aa STATE AND LOCAL Mass-. Hsg. Finance Agy. P i n e l l a s Co., F l a . P i n e l l a s Co., F l a . P i n e l l a s Co., F l a . P i n e l l a s Co., F l a . P i n e l l a s Co., F l a . Kentucky Housing Corp. Gwinnett Co. Sch. D i s t . , Ga. Gwinnett Co. Sch. D i s t . , Ga. Topeka, Kansas Topeka, Kansas Ontonagon, Mich. Ontonagon, Mich. Beaver Co. I n d u s t . Dev. Auth., Pa. Oklahoma C i t y , Okla. Maryland Dept. of Transportation Colorado S p r i n g s , Colo. Colorado S p r i n g s , Colo. Colorado S p r i n g s , Colo. Mobile Bd. of Water & Sewer Comm. Ala. St P e t e r s b u r g , F l a . Maine S t a t e Hsg. Auth. Maine S t a t e Hsg. Auth. Rutgers S t a t e U n i v . , N.J. Rutgers S t a t e U n i v . , N.J. Delaware Co., Auth., Pa. Delaware Co., Auth., Pa. Rev Rev Rev Rev Rev Rev Rev G.O. G.O. Rev Rev Rev Rev Rev G.O. Rev Rev Rev Rev Rev. Rev Rev Rev Rev Rev Rev Rev 22.6 9.4 5.8 6.1 5.7 4.3 18.0 1.3 8.7 9.8 15.2 3.8 7.2 45.0 34.8 50.0 4.0 4.1 18.9 23.9 20.0 1.0 9.3 11.4 13.4 10.6 2.3 2017 1976-1991 1996 2000 2005 2005 1978 1979-1986 1987-1997 1979-1996 2006 1977-1986 1996 2006 1979-1996 1978-1991 1981-1999 2006 2016 1977-2001 1977-2001 1978-1996 2018 1977-2001 2011 1980-1994 1996 8.31 6.65 . 6.65 6.65 6.65 6.65 4.00 5.59 5.59 7.55 7.55 7.32 7.32 —— 4.83 5.49 6.47 6.47 6.47 6.38 6.05 — — 6.73 6.73 6.58 6,58 —— 5.05-6.00 4.50-7.30 7.63 4.50-6.40 7.38 7.88 3.60-5.90 3.80-5.80 4.25-6.20 6.38 6.50 3.75-6.75 3.50-6.40 4.30-6.90 7.28 3.75-6.60 6.90 4.40-6.40 6.50 T a b l e SB C o n t i n u e d INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY August 2 through August 27, 1976 ISSUER TYPE AMOUNT (MILLIONS OF DOLLARS) MATURITY NET INTEREST COST OFFERING YIELD MOODY'S RATING STATE AND LOCAL Delaware Co. Auth., Pa. North Shore S a n i t a r y D i s t . , 111. La Crosse, Wise. Delaware Co. Auth., Pa. Maricopa Co., A r i z . I l l i n o i s Health Fac. Authority I l l i n o i s Health Fac. Authority Univ. of Puerto Rico Univ. of Puerto Rico Bergen Co., N.J. P e n n s y l v a n i a , S t a t e of Pope County, Ark. Oregon, S t a t e of Michigan S t a t e Hsg. Dev. Auth. Michigan S t a t e Hsg. Dev. Auth. Provo, Utah Provo, Utah Murray, Utah Murray, Utah Murray, Utah Wilkes-Barre Area Sch. Auth, Pa. Wilkes-Barre Area Sch. Auth, Pa. Massachusetts Mun. E l e c t r i c Co. Massachusetts Mun. E l e c t r i c Co. Rev G.O. G.O. Rev G.O. Rev Rev Rev Rev G.O. G.O. Rev G.O. Rev Rev Rev Rev Rev Rev Rev G.O. G.O. Rev Rev 13.9 10.0 19.8 16.2 28.4 7.1 22.7 3.7 19.0 12.2 130.0 16.6 150.0 3.7 16.3 4.6 14.7 2.6 1.8 6.4 6.0 5.0 13.0 62.0 2005 1979-1993 1977-1990 1976-1985 1984-1988 1979-1991 2006 1977-1991 2013 1977-1996 1977-1996 2006 1981-1994 1978-1998 2020 1979-1991 2006 1979-1991 1996 2006 1977-1990 1996 1985-1996 2014 6.58 5.62 4.76 6.90 4.20-6.25 3.25-5.35 Aa A Aa 6.58 5.29 7.75 7.75 9.16 9.16 5.08 5.95 2.75-5.10 4.90-5.30 4.75-7.25 7.75 5.00-8.50 9.13 3.25-5.50 3.00-6.70 7.38 4.10-5.40 4.50-7.30 7.63 4.40-6.50 6.90 4.40-6.50 6.70 6.90 3.90-6.80 7.13 5.60-6.75 7.25 Aaa Aa A/A+ A/A+ A A Aaa A-l/AA Baa Aaa/A A-l/AA A-l/AA Aa/AA-f Aa/AA+ Aa/AA+ Aa/AA+ Aa/AA+ 5.06 7.63 — — 7.23 7.23 A-l A-l T a b l e SB C o n t i n u e d INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY August 2 through August 27, 1976 ISSUER TYPE AMOUNT (MILLIONS OF DOLLARS) MATURITY NET INTEREST COST OFFERING YIELD MOODY'S RATING STATE AND LOCAL New York S t a t e Dorm. Auth. New York S t a t e Dorm. Auth. New York S t a t e Dorm. Auth. M i s s i s s i p p i , State of Michigan S t a t e Hag. Dev. Auth. Michigan S t a t e Hsg. Dev. Auth. C a l i f o r n i a , S t a t e of B e r l i n , N.H. J e f f e r s o n Co. Ky. Pasadena Redev. A g y , , C a l . Rev Rev Rev G.O. Rev Rev G. 0. G.O. Rev Rev 2.7 2.1 5.3 13.5 3.6 16.4 75.0 21.0 36.0 21.4 1977-1991 1997 2006 1977-1991 1978-1998 2020 1977-1996 1977-1986 2006 1987-2002 7.21 7.21 7.21 4.90 - — 5.03 — — 6.47 4.50-6.75 7.04 7.25 3.25-5.25 4.50-7.30 7.63 3.00-5.50 — 6.13 5.70-6.55 A-l A-l A-l Aa A-l A-l Aaa Baa Aaa A Table 6A FORTHCOMING INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY 1 As of August 27, 1976 ISSUER TYPE AMOUNT (IN MILLIONS OF DOLLARS) APPROXIMATE DATE OF OFFERING CORPORATE Portland General E l e c . Co. Wendy's I n t l . Inc. Amco S t e e l Corp. V i r g i n i a E l e c t r i c & Power Public S e r v i c e E l e c . & Gas Co. Appalachian Power Public Service E l e c . & Gas Canal E l e c t r i c Co. General Telephone of Michigan P. R. Mallory & sCo. *Northwest Bancorp Consolidated Natural Gas National Rural U t i l . Coop. Fin. Corp. Minnesota Power & Light Columbus & Southern Ohio E l e c . Pennsylvania Power Co. Baltimore Gas & E l e c t r i c Co. Kansas Gas & E l e c t r i c Co. Kansas Gas & E l e c t r i c Co. Texas Gas Transmission Co. Utah Power & Light I n t e r s t a t e Power ^Montana Dakota U t i l i t i e s Southern Union Co. United I l l u m i n a t i n g Arizona Pub. Svc. Co. Pan American World Airways Ohio A-T-0 Inc. Com stk . Com stk Debt 1 s t mtge Pfd stk 1 s t mtge 1 s t mtge 1 s t mtge Debt SF Debt Notes 1 s t mtge 29.0 18.0 100.0 100.0 50.0 70.0 60.0 35.0 25.0 30.0 75.0 75.0 August August August Sept. Sept. Sept. Sept. Sept. Sept. Sept. Sept. Sept. 1st mtge 1 s t mtge 1 s t mtge 1 s t mtge 1 s t m$ge 1 s t m£ge Pfd stk 1 s t mtge 1 s t mtge 1 s t mtge 1 s t mtge SF Debt Pfd stk Com stk Conv. debt SF Debt 25.0 30.0 35.0 15.0 75.0 25.0 20.0 50.0 40.0 25.0 20.0 25.0 15.0 40.0 50.0 20.0 Sept. Sept. Sept. Sept. Sept. Sept. Sept. Sept. Sept. Sept. Sept. Indef. Indef. Indef. Indef. Indef. Other Mexico Bonds 50.0 Sept. Postponed Jos. S c h l i t z Brewing Co. Notes 50.0 Indef. NOTES: * Included in table for first time. 1 Includes only corporate and other security issues of $15 million and over; excludes exchanges, options 1 8 8 9 9 9 13 14 14 15 15 15 16 20 21 21 22 22 28 30 Table 6B FORTHCOMING INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY 1 As of August 27, 1976 ISSUER TYPE AMOUNT (IN MILLIONS OF DOLLARS) APPROXIMATE DATE OF OFFERIN STATE & LOCAL *Marshall Co., W. VA. Wayne Co. Comm. College D l s t . , Micl Tennesse, State of Washington, State of Washington Public Pwr. Supply Sys. *West V i r g i n i a Msg. Dev. Fund St. Paul Port. A u t h o r i t y , Minn. A t l a n t a , Ga. •Central Washington Health Serv. Assoc. I l l i n o i s , State of I l l i n o i s , State of Hawaii, State of •New Jersey Hsg. Finance Agy. • P h i l a d e l p h i a , Pa. G. Chicago Metro. Sanitary D i s t . Burlington Co., N.J. •Arizona State U n i v e r s i t y •Connecticut Resources Auth. Kansas, State of •Memphis, Tenn. •South Carolina, State of New J e r s e y , S t a t e of Michigan State H o s p i t a l F i n . Auth. Sacramento Reg. Co. S a n i t a t i o n D i s t . , Cal. Sacramento Mun. U t i l i t y D i s t . , C a l . J e f f e r s o n Parish, La. •Ohio, State of San Francisco, Cal. New York State Power Auth. Madison, Ind. Induded In the table for the first time. Rev G.O. G.O. G.O. Rev Rev Rev G.O. 25.0 29.0 111.0 59.8 180.0 10.5 66.1 18.9 August August August August August August August August 30 31 31 31 31 31 31 31 Rev G.O. G. 0. G. 0. Rev Rev G.O. G.O. Rev Rev Rev Rev G.O. G.O. Rev 12.3 75.0 50.0 26.4 66.2 75.0 14.0 11.0 13.3 53.0 64.0 180.0 70.0 75.0 31.3 Sept. Sept. Sept. Sept. Sept. Sept. Sept. Sept. Sept. Sept. Sept. Sept. Sept. Sept. Sept. 1 1 1 2 2 2 2 8 9 9 9 14 14 15 15 G.O. G.O. G.O. G.O. G.O. Rev Rev 25.0 25.0 10.0 70.0 43.4 150.0 50.0 Sept. Sept. Sept. Sept. Sept. Sept. Sept. 15 16 16 21 21 21 Table 7 STOCK PRICES AND VOLUME 1 STOCK PRICES DATE NYSE INDEX 1973 - High Low 65 49 58 12 (1/11) (12/13) 1974 - High Low 53 32 37 89 1975 - High Low 51 37 1976 - 3 | BJ INDUSTRIALS AMEX 4 1 TRADING VOLUME NASDAQ NYSE I AMEX 1 NASDAQ 1051. 50 788. 31 (1/11) (12/5) 130. 47 85. 26 (1/11) (12/20) (3/13) (10/3) 891. 66 577. 60 (3/13) (12/6) 102. 01 58. 26 (3/14) (12/9) 24 16 (7/15) (1/8) 881. 81 632. 04 (7/15) (1/2) 96 86 62. 20 High Low 5 6 .. 6 1 4 8 .. 0 4 (7/14) (1/2) 1011. 21 858. 71 (7/12) (1/2) 107. 05 8 4 ., 3 1 July 2 9 16 23 30 5 5 .. 5 7 56,. 0 6 5 5 .. 9 4 55.63 5 5 .. 2 6 9 9 9 .,84 1003.. 1 1 9 9 3 .. 2 1 990. 91 984,.64 1 0 5 ., 17 1 0 6 .. 5 7 1 0 6 .. 0 2 I l l , .10 1 0 3 .. 6 7 90.88 91.48 92.40 91.60 91.29 1 9 .. 8 2 0 .. 0 23,. 9 17 . 4 r 14 . 6 2.3 2.1 2.5 2. l r 1.6 5 .. 8 6 .. 2 6 ,. 9 6 .0 5 .2 August 6 13 5 6 .. 4 6 55,. 6 9 986.00 9 9 0 .. 1 9 1 0 3 .. 4 1 1 0 3 .. 8 0 91.64 91.81 1 7 .. 1 15 . 7 1.7 1.6 20 27 54 . 7 1 54 . 2 3 974,. 0 7 963 .93 101 . 7 9 101 . 4 3 90.19 89.14 17 . 3 16 .2 1.9 1.7 5, . 3 5 .4 5 .6 5.1 26. 0 9. 0 (9/20) (8/20) 5.5 1.4 (1/12) (8/20) 11. 3 3. 5 96.53 54.87 (3/15) (10/3) 24. 9 7. 5 (1/3) (7/5) 4.4 .9 (1/3) (9/26) 7. 5 2. 8 (1/3) (7/5) (7/15) (1/2) 88.00 60.70 (7/15) (1/2) 3 5 . ,2 8. 7 (2/13) (9/15) 4.2 1.1 (2/21) (9/15) 8. 1 2. 5 (2/13) (9/15) (7/12) (1/2) 92.52 78.06 (7/15) (1/2) 4 4 .,5 1 0 ., 3 (2/20) (1/2) 8.6 1.1 (2/20) (1/2) 1 1 .. 1 3 .. 5 (2/20) (1/2) NOTES: 1 2 Figures other than highs and lows are Fridays only. Highs and lows are for the year and are not necessarily for Fridays. Volume figures are weekly averages of daily figures (millions of shares). 3 12/31/66-50 4 Based on average price change until September^, 1973 thereafter, based on market value of shares listed. (1/11) (8/27) (1/11) (12/13) 136.84 89.12 16 Table 8 SECURITY CREDIT REGULATED MARGIN CREDIT EXTENDED BY END OF PERIOD BROKERS ON MARGIN STOCK 1 BROKERS ON % CONVERTIBLE BONDS BANKS 3 UNREGULATED NONMARGIN STOCK CREDIT AT BANKS OUTSTANDING 1975 - May June July . Aug. Sept. Oct. Nov. Dec. 4 700 4 ,990 5:,300 5^, 220 5,,250 5,,300 5.,370 5,, 3 9 0 140 146 143 142 145 144 146 147 819 844 820 832 852 1 ,007 1 ,008 960 1,883 2,434 2,387 2,457 2,520 2,311 2,270 2,281 1976 - Jan. Feb. Mar. 5,,420 5,,950 6,,410 6,,690 6 , 940 7,,080 7, 340 146 153 162 163 161 166 172 1 ,000 1 ,037 1= ,042 1:,076 ,007 1. 1,, 0 2 8 2,321 2,333 2,355 2,325 2,357 2,368 n.a. 1975 - May June July Aug. Sept. Oct. Nov. Dec. 340 290 310 —80 30 50 70 20 2 6 -3 -1 3 -1 2 1 -5 25 -24 12 20 155 1 -48 -2 551 -47 70 63 -209 -41 11 1976 - Jan. Feb. Mar. Apr. May June July 30 530 460 280 250 140 260 -1 7 9 1 -2 5 6 40 37 5 34 -69 21 40 May June July CHANGE IN OUTSTANDING 22 -30 32 11 NOTES: 1 Margin account debt as reported by the New York Stock Exchange, excluding credit for subscription issues and convertible bonds. 2 3 New York Stock Exchange data. June data for banks are universe totals; all other data for banks represent estimates for all commercial banks based on reports by a reporting sample, which accounted for 60 per cent of security credit outstanding at banks on June 30. 4 Nonmargin stocks are those not listed on a national securities exchange and not included on the Board of Governors of the Federal Reserve System's list of OTC margin stocks. At banks, loans to purchase or carry nonmargin stocks are unregulated; at brokers, such stocks have no 4 Table 9 SAVINGS FLOWS AT NONBANK THRIFT INSTITUTIONS IN MILLIONS OF DOLLARS MUTUAL SAVINGS BANKS REGULAR DEPOSITS NET FLOW 9,621 10,067 4,815 2,909 11,070 1971 1972 1973 1974 1975 1975 - 1976 - September October November December January February March April May , JuneE./ 785 348 765 1,394 1,037 1,017 2,029 586 801 1,195 1 ANNUAL 3 GROWTH RATE 13.5 12.4 5.3 3.0 11.3 —— —— - - __ —— —— —— — TOTAL SAVINGS & LOAN ASSOCIATIONS NET NEW MONEY 2 SHARE CAPITAL 5,378 5,451 -442 -2,822 4,757 27,793 32,567 20,237 16,053 43,118 -338 131 549 114 3,698 2,264 2,246 4,332 810 787 866 352 561 5,376 3,946 7,070 2,797 -55 ANNUAL 3 GROWTH RATE NET FLOW DEPOSITS NET FLOW ANNUAL 3 GROWTH RATE NET NEW MONEY 20,653 23,884 10,507 4,668 29,276 37,414 42,634 25,052 18,962 54,188 17.2 16.7 8.4 5.8 15.9 26,331 29,335 10,062 1,846 34,033 631 2,086 2,072 968 4,483 2,612 3,011 5,726 —— 293 2,217 2,621 1,082 6,413 4,963 9,099 3,383 — —— 5,108 3,719 3,687 2,583 — 5,918 4,497 4,553 3,935 — 2,835 3,851 6,242 - - 3,396 19.0 18.7 9.8 7.0 17.7 —— —— - - —— —— 3,050 5,047 NET NEW MONEY 2 1,348 — - - - — — 1,293 NOTES: 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 per cent of industry total resources. 3 Annual growth rata for monthly data is the annualized monthly percentage increase in deposits. Source: National Association of Mutual Savings Banks and Federal Home Loan Bank Board. <H.16 Table 9 SAVINGS FLOWS AT NONBANK THRIFT INSTITUTIONS IN MILLIONS OF DOLLARS MUTUAL SAVINGS BANKS DATE REGULAR DEPOSITS NET FLOW ANNUAL 3 GROWTH RATE October November December 731 111 663 8.2 8.6 7.0 1976 - January February March April May 1,039 796 1,018 917 1,024 682 11.4 8.7 11.0 9.8 10.8 6.5 1975 June*' NET NEW MONEY SAVINGS & LOAN ASSOCIATIONS SHARE CAPITAL NET FLOW ANNUAL 3 GROWTH RATE SEASONALLY ADJUSTED 14.4 3,334 13.3 3,125 2,926 12.3 4,232 3,658 4,078 3,676 3,642 2,866 17.7 15.0 16.5 14.7 14.4 11.2 NET NEW MONEY — — —— — NET FLOW ANNUAL 3 GROWTH RATE 4,065 3,897 3,559 12.6 12.0 10.8 5,271 4,454 5,096 4,593 4,666 3,548 15.9 13.3 15.0 13.4 13.4 9.9 NET NEW MONEY —— —— NOTES: 1 Regular deposits at mutual savings banks exclude items such as Christmas club and certain escrow accounts, which represent a very small pert of total deposits. 2 New deposits net of both withdrawals and interest. Data for S&L's ere for insured associations only, which represent 96 per cent of industry total resources. 3 Annuel 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. H.16 19 Table 10 MORTGAGE COMMITMENTS AT SELECTED THRIFT INSTITUTIONS BILLIONS OF DOLLARS, SEASONALLY ADJUSTED PERIOD 1972 - Dec. OUTSTANDING COMMITMENTS MUTUAL ALL SAVINGS SAVINGS BKS & LOAN ASSOCIATION^ (N Y. STATE) 25.2 20.3 TOTAL NET CHANGE MUTUAL ALL SAVINGS SAVINGS BKS & LOAN ASSOCIATIONS (N Y. STATE) 4.9 .45 .43 .02 .21 -.17 .09 -.09 19.9 16.4 3.5 .04 1974 - Dec. 14.6 12.4 2.2 - - 1975 - Jan. Feb. Nov. Dec. 14.6 14.5 15.0 16.2 16.8 17.0 17.9 19.1 20.0 20.1 20.4 20.4 12.5 12.6 13.0 14.2 14.7 14.9 15.9 .16.9 17.9 18.0 18.4 18.5 2.1 1.9 2.0 2.0 2.1 2.1 2.1 2.2 2.1 2.1 2.0 2.0 -.03 -.01 .50 1.18 .55 .25 .92 1.21 .90 .01 .35 .04 .08 .14 .39 1.17 .49 .21 .94 1.10 .96 .07 .42 .08 -.11 -.24 .11 .01 .06 .04 -.02 .11 -.06 -.06 -.07 .04 1976 - Jan. Feb. Mar. Apr. May 20.5 21.1 21.5 21.9 22.5 18.5 19.2 19.4 19.7 20.2 20.4 2.0 1.9 2.1 2.2 2.3 .06 .61 .48 .38 .48 .02 .67 .27 .29 .44 .30 .04 -.06 .21 .09 .04 1973 - Dec. Mar. Apr. Hay June July Aug. Sept. Oct. June NOTES: Based on data from Federal Home Loan Bank Board and Savings Banks Association of New York State. Both series include a minor amount of nonresidential commitments; S&L commitments also include loans in process. Net changes are derived directly from unrounded endof period outstanding levels as reported and after seasonal adjustment by Federal Reserve. Subtotals may not add to totals because of rounding. T a b l e 11 20 NET NEW MONEY BORROWINGS BY MAJOR HOUSING AGENCIES IN MILLIONS OF DOLLARS PERIOD +998 +1,349 +1,500 +1,300 -756 -657 +450 -4 +992 +2,250 +1,49.9 +200 +2,750 +1,599 +93 +961 -800 -657 Dec. -671 -695 +424 +508 +1,442 +2,699 +1,804 +878 +2,768 +1,665 -89 +507 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. -242 -659 +440 0 -1,568 +330 +236 -398 215 587 152 669 -5 -254 + 689 +69 -1,279 +600 +300 -700 100 850 200 600 -197 0 -800 -100 700 -600 -200 300 Dec. 1974 - Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. 1975 1976 - Jan. Feb. Mar. Apr. May June July -1,160 447 131 -946 -101 -49 FHLMC gftLB +1,528 +1,349 +1,850 +1,950 -150 +256 Nov. FNMA +530 +350 +650 -150 +256 +44 +450 -4 +992 +1,500 +1,000 +400 +1,700 +1,499 -217 +470 -4 -554 -11 -30 -1,279 0 0 -700 0 +150 0 0 +750 +499 -200 +300 0 -1 0 0 0 0 0 0 200 0 0 0 0 0 0 -600 0 0 200 -1,100 Notes: Based on data from the Treasury Survey o f Ownership. 1 / S a l e s of FHLB discount n o t e s began i n May 1974. g / preliminary. FNMA & FHLB INTERMEDIATE AND LONG-TERM ISSUES +1,475 +1,693 +1,910 , +1,946 +11 +598 July Aug. Sept. Oct. 1973 TOTAL INCLUDING SHORT-TERM DISCOUNT NOTES +1,050 +100 +310 +491 -1 0 + 700 + 100 0 + 600 + 300 0 100 700 0 600 0 0 300 -300 700 0 0 0 -200 300 0 SHORT-TERM DISCOUNT NOTES V -53 +344 +60 -4 +161 +342 +85 —38 -26 +512 +450 +449 +305 +678 +18 +66 -182 -454 -237 -405 -249 -69 -289 -270 -64 302 115 -263 -48 69 -197 -360 -547 -569 -346 99 -349 21 Table 12 NET CHANGE IN MORTGAGE HOLDINGS IN MILLIONS OF DOLLARS TOTAL INCLUDING FNMA-GNMA PERIOD 2 FINANCIAL INSTITUTIONS TOTAL COMMERCIAL BANKS MSB's S & L's INSURANCE FNMA-GNMA COMPANIES Not S e a s o n a l l y Ad l u s t e d 1971 1972 1973 1974 1975 41,647 57,587 58,372 42,748 43,775 39,259 55,561 55,072 36,526 38,936 9,940 16,800 19,600 11,700 4,200 3,938 5,377 5,642 2,172 2,236 23,919 31,932 25,552 17,560 29,400 1,221 1,452 4,278 5,078 3,100 2,388 2,026 3,300 6,222 4,839 1975 - Oct. Nov. Dec. 4,781 3,284 4,413 4,132 2,918 3,754 900 500 600 226 200 272 2,996 2,323 2,774 210 195 508 649 366 658 1976 - Jan. Feb. Mar. Apr. May June 2,451 3,5-34 4,490 4,659 4,878 1,802 3,270 5,330 5,088 5,412 300 600 900 900 1,100 1,100 87 106 123 309 240 1,378 2,416 4,069 4,171 4,032 4,908 37 148 238 -292 40 410 264 -840 -429 -534 -643 156 133 17 511 355 735 145 274 ;• 414 -299 161 486 415 -686 -255 -343 -565 S e a s o n a l l y Ad j u s t e d 1975 - Oct. Nov. Dec. 1976 - Jan. Feb. Mar. Apr. May June | 5,352 4,265 5,189 4,842 3,910 4,454 923 614 877 273 214 200 3,490 2,949 3,360- 3,682 4,748 4,678 4,280 4,071 3,196 4,333 5,364 4,535 4,414 687 962 987 762 826 699 184 249 119 301 195 2,189 2,848 3,844 3,771 3,232 3,987 NOTES: 1 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 Assn. of Mutual Savings Banks, Federal Home Loan Bank Board, Institute of Life Insurance and, through August 1968, the Federal National Mortgage Association, and thereafter by FNMA and the Government National Mortgage Association. Data for mutual savings banks and for Life Insurance companies may differ somewhat from thost derived from regular quarterly series because of minor conceptual differences for which adjustments are not made in the monthly series. Ahvuedier these groups accounted for 83 per cent of the net increase estimated for all holders in 1974. 2 Beginning January 1972 data reflect activity in limited amount of conventional mortgages Table 13 NET INCREASE IN MORTGAGE DEBT OUTSTANDING IN BILLIONS OF DOLLARS, SEASONALLY ADJUSTED ANNUAL R A T E S 4 :I RESIDENTIAL QUARTER I TOTAL [ 1- to 4 FAMILY MULTIFAMILY COMMERCIA1 MULTFAML)r & COMMERCIAI 10.6 10.0 10.0 11.7 2.2 2.2 1.8 1.4 8.1 9.7 FARM 1969 - I II III IV 31.7 28.9 25.7 25.4 23.3 21.3 18.7 18.0 18.9 16.7 14.0 12.2 4.4 4.7 4.7 5.7 6.2 5.3 5.3 6.0 1970 - I II III IV 20.7 22.7 28.4 32.5 15.7 16.7 21.2 23.4 11.1 11.5 14.9 17.1 4.6 5.2 6.3 6.3 3.5 4.5 5.1 7.0 13.2 1.5 1.5 2.1 2.2 1971 - I II III IV 37.2 46.7 52.1 56.3 27.4 34.9 38.1 43.1 18.7 25.6 28.4 33.6 8.7 9.4 9.7 9.5 7.6 9.4 11.6 10.8 16.3 18.7 21.4 20.4 2.2 2.4 2.3 2.4 1972 - I II III IV 62.8 61.7 63.9 72.1 47.7 45.5 51.5 38.0 35.8 37.4 42.6 9.7 9.7 8.8 8.9 12.4 13.7 15.1 18.2 22.1 23.3 23.9 27.1 2.6 2.6 2.7 2.4 1973 - I II III IV 83.4 72.4 70.6 61.4 59.7 50.4 48.9 39.5 51.1 39.6 40.1 32.6 8.7 10.8 8.8 6.9 19.7 18.0 18.1 18.0 28.3 28.8 26.9 24.9 4.1 3.9 3.7 3.9 1974 - I II XII IV 60.2 62.3 52.0 43.0 37.7 38.9 31.8 25.9 29.4 32.4 26.1 21.6 8.3 18.9 18.6 14.3 11.3 27.2 15.6 3.6 4.8 5.9 5.7 1975 - I II III IV 35.4 45.7 58.2 69.8 21.1 31.7 39.9 49.9 19.4 30.9 38.6 49.9 *— 10.8 10.6 15.3 14.8 5.1 4.3 4.4 5.1 1976 - I 71.5 54.0 49.9 4.1 46.2 6.5 5.7 4.3 1.7 0.9 1.4 - - 9.1 9.7 13.9 14. 8 12.0 11.4 25.0 20.0 5.4 NOTES: 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. 2 May differ somewhat from related flow of funds series mainly because of more aggregative type of seasonal adjustment. 3 Residential mortgage debt includes nonfarm only and is sum of 1 -to 4- family and multifamily mortgage debt. Digitized for rFRASER 4 Data e v i s e d A p r i l 12 due t o r e e s t i m a t i o n of s e a s o n a l f a c t o r s . * Less than . 0 5 . T a b l e 14 PRIVATE HOUSING PERMITS, S T A R T S , COMPLETIONS, AND MOBILE HOME SHIPMENTS IN THOUSANDS OF UNITS, SEASONALLY ADJUSTED ANNUAL RATES PERMITS 1 PERIOD TOTAL 1969 1970 1971 1972 1973 1974 1975 1975 1976 - - Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec . j 1 —FAMILY COMPLETIONS STARTS TOTAL 2 - O R MORE FAMILY 1 —FAMILY 1,324 1,352 1,925 2,219 1,820 1,074 924 626 647 906 1,033 882 644 668 698 705 1,018 1,186 937 431 257 1,407 1,434 2,052 2,357 2,045 1,388 1,161 811 813 1,151 1,309 1,132 888 893 656 621 901 1,048 914 450 269 1,111 1,127 1,091 794 814 812 317 313 279 1,431 1,381 1,283 1,093 1,048 962 338 333 321 1,147 1,165 1,188 1,082 1,158 1,050 1,219 851 863 882 803 807 829 875 296 302 306 279 351 1,236 1,547 1,417 1,367 957 1,295 1,110 1,055 279 252 307 312 1,422 1,527 1,387 1,065 357 378 259 321 344 1 ! i ; 1,149 1,128 TOTAL 2 - O R MORE FAMILY ! 1 —FAMILY I MOBILE 2 - O R MORE HOME FAMILY SHIPMENTS 1,399 1,418 1,706 1,972 2,014 1,692 1,296 808 802 1,014 1,143 1,174 932 866 592 617 692 828 840 760 430 j 1,115 1,386 738 992 j 1,329 993 377 394 336 1 i 1,213 1,299 1,399 1,266 1,351 926 953 1,032 986 926 287 346 367 1,343 1,027 316 ! ; 1 I 280 425 | ! 413 401 497 576 567 329 216 235 230 224 1 263 287 244 237 260 233 228 Private building permits (for 14,000 areas with permit systems, excluding farm), starts, and completions are Census Bureau data. A dwelling unit is started when excavation begins. In the case of apartment buildings, all units are considered started at that time, however, all such units are considered completed when more than half of the units in the structure are ready for use. Private mobile Digitizedhome forshipments FRASER are Mobile Home Manufacturers Association data converted to seasonally adjusted annual rate by Census Bureau. http://fraser.stlouisfed.org/ 1 Permit data for 1969 and 1970 based on 13.000 areas with permit systems Federal Reserve Bank of St. Louis V T a b l e 15 AVERAGE RATES AND YIELDS ON HOME MORTGAGES EXISTING HOMES NEW HOMES 1 1 PERIOD RATE (IN PER CENT) SPREAD (BASIS POINTS) RATE (IN PER CENT) SPREAD BETWEEN RETURNS ON NEW Aba NEW HOMES CONVENTIONAL UTILITY 1 AND HUD(FHA) BOND NEW HOME YIELD DISCOUNT SPREAD (PERCENTAGE MORTGAGES (IN PER CENT) (BASIS (BASIS POINTS) POINTS) POINTS) HUD(FHA) INSURED LOANS SECONDARY MARKET CONVENTIONAL LOANS PRIMARY MARKET SPREAD (BASIS POINTS) YIELD (IN PER CENT) 1974 - High Low 9.80 8.55 45 -70 9.80 8.60 50 -70 10.38 8.54 44 -25 6.3 2.3 1 -70 10.46 8.10 1975 - High Low 9.25 8.90 15 -70 9.30 8.95 20 -65 9.74 8.69 31 -91 6.2 2.4 21 -49 9.70 8.94 1975 - Oct. Nov. Dec. 9.25 9.20 9.15 3 n. a . n.a. 9.30 9.25 9.20 8 n.a. n.a. 9.53 9.41 9.32 31 n.a. n.a. 4.0 3.1 2.4 -28 -21 -17 9.22 n.a. n.a. 1976 - Jan. Feb. Mar. Apr. May June July 9.05 9.00 8.95 8.90 9.00 9.05 9.05 39 42 42 32 5 35 33 9.10 9.05 9.00 8.95 9.05 9.10 9.10 44 47 47 37 10 40 38 9.06 9.04 n.a. 8.82 9.03 9.05 8.99 40 46 n.a. 24 8 35 27 2.4 2.2 n.a. 2.5 4.1 4.2 3.8 - 1 - 4 n.a. 8 - 3 0 - 6 8.58 8.53 8.58 8.95 8.70 8.72 8.66 NOTES: Gross yield spread is average mortgage return before deducting servicing costs, minus average yield on new issues of high-grade utility bonds with 5-year call protection. 1 Rates on conventional first mortgages (excluding additional fees and charges) are based on unweighted HUD (FHA) field office opinions on prevailing contract interest rates in the market areas of the insuring offices, rounded to the nearest 5 basis points. For secondary market data, weighted HUD office opinions on the average bid price for HUD (FHA) loans with minimum downpayment, prepaid in 15 years, for immediate delivery, are used. Table 16 FNMA AUCTION RESULTS HOME MORTGAGE COMMITMENTS GOVERNMENT-UNDERWFRITTEN AMOUNT (IN MILLIONS OF DOLLARS) DATE OF AUCTION Urrtricu AVERAGE YIELD | AMOUNT (IN MILLIONS OF DOLLARS) OFFERED 1 ACCEPTED 51 ( 4 / 2 1 ) 643 ( 8 / 2 5 ) 366 ( 8 / 1 1 ) 9 . 9 5 ( 9 / 2 2 ) 100 ( 4 / 7 ) 25 ( 2 / 1 0 ) 18 ( 2 / 1 0 ) 8 . 7 8 ( 2 / 1 0 ) 10 ( 1 0 / 2 0 ) 9 ( 2 / 1 0 ) 1975 - High Low AVERAGE YIELD 10.02 ( 9 / 2 2 ) 8.96 (3/10) 1975 - Oct. 6 20 198.5 43.2 143.0 23.2 9.95 9.65 27.5 9.7 23. .5 9. ,2 10.02 9.81 Nov. 3 17 69.8 293.1 41.7 180.6 9, .32 9..33 19.6 68.6 15 .2 34, .6 9.54 9.40 Dec. 1 15 29 255.9 287.1 95.3 138.5 158.8 52.7 9,.32 9,.31 9,.29 73.9 69.7 41.8 40 .5 31 .2 11 .8 9.38 9.36 9.35 1976 - Jan. 12 26 58.4 103.9 31.5 57.7 9 .13 9 .07 42.7 33.4 32 .1 24 .7 9.28 9.22 Feb. 9 23 252.2 126.9 179.9 81.2 9 .07 9 .04 57.8 44.0 36 . 9 23 .3 9.17 9.14 Mar. 8 22 299.9 146 .3 171.9 121.6 9.06 9.03 75.4 46.2 45.0 33.7 9.15 9.13 Apr. 5 19 106.2 132.1 56.2 60.1 8 .94 8 .83 56.4 55.3 31 .8 33 .4 9.05 9.00 May 4 17 483.3 634.3 ' 222.3 321.4 8 .94 9 .13 L10.7 128.8 60 .1 68 .9 9.09 9.24 June 1 14 28 349.5 146.6 261.2 224.7 98.8 157.5 9 .20 9 .14 9 .12 131.4 77.3 93.6 90 .5 70 .3 59 .2 9.31 9.30 9.31 July 12 26 148.3 311.8 88.4 212.0 9 .05 9 .04 90.7 130.5 82.0 105, .2 9.27 9.23 Aug. 9 23 190.1 171.3 107.4 107.0 9 .01 8 .97 136.7 162.1 93. ,4 115.3 9.14 offered by bidden relate to total eligible bids received. 9.17
@FedFRASER