Full text of H.16 Capital Market Developments : April 10, 1978
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m% *
Developments
\
•
Capital
Market
April 10, 1978
Prepared by the
CAPITAL MARKETS SECTION
in conjunction with the
MORTGAGE and CONSUMER
FINANCE SECTION
DIVISION OF RESEARCH AND STATISTICS
BOARD OF GOVERNORS
FEDERAL RESERVE SYSTEM
Washington, D C. 20551
r
Index
SUBSCRIPTION RATES:
TABLES
Weekly $ 1 5 . 0 0 per year or $ . 4 0 each in the United
1
_
7,.
year or $ . 3 5 each. Elsewhere, $ 2 0 . 0 0 per year or $.50
each. Address requests to Publications Services, Division of Administrative Services, and make payment
remittance payable to the order of the Board of
Governors of the Federal Reserve System in a form
collectible at par in U.S. Currency.
6
SECURITY VOLUME AND YIELDS
STOCK m a r k e t AND S E C U R E
CREDIT
9 — 16 MORTGAGE MARKET
SYMBOLS
e
p
r
n.a.
ESTIMATE
PRELIMINARY
REVISED
NOT AVAILABLE
DATA DO NOT EXIST
Table 1
YIELDS, VOLUME AND RECEPTION
CORPORATE BOND MARKET
VOLUME
YIELDS
WEEK ENDING
1978 - February
March
April
NEW ISSUE
Aaa UTILITY
3
10
17
24
3
10
17
24
31
7
1
RECENTLY
OFFERED
Aaa UTILITY
2
3
GROSS
OFFERINGS
($ MILLIONS)
PER CENT
SOLD BY END
OF WEEK
NEW ISSUES 4
IN SYNDICATE
( $ MILLIONS)
8.60
8.64
8.68
8.70
99
599
99
96
472
86
7
35
0
55
8.61
8,83r
8.70
8.65
8,64
8.64
8.75r
126
494
265
441
631
90
85
87
67
85
40
74
70
215
93
8.87p
8.83p
300
87
23
8.65
8.69
""" —
8.71
8.70
—
MUNICIPAL BOND MARKET
VOLUME
YIELDS
WEEK ENDING
6
PER CENT
SOLD BY END
OF WEEK
NEW ISSUES 4
IN SYNDICATE
( $ MILLIONS)
MOODY'S
NEW ISSUE
Aaa
BOND BUYER
2Q-BOND
INDEX
GROSS
OFFERINGS
( $ MILLIONS)
3
10
17
24
5.30
5.27
5.20
5.20
5.63
5.59
5.61
5.65
951
461
751
332
87
91
74
79
154
151
251
231
March
3
10
17
24
31
5.15
5.10
5.10
5.10
5.10
5.63
5.58
5.58
5.59
5.69
624
786
941
1,115
879
73
88
87
89
75
253
210
244
282
349
April
7
5.40
5.76
346
84
189
1978 - February
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
4
Estimated by F.R. on the basis of available data.
Corporate Market: Salomon Brothers Bond Market Roundup; Municipal Market: Weekly Bond Buyer. Data are adjusted by Federal Reserve when
necessary to make coverage of this series consistent with the gross offerings series.
Table 2
HIGH GRADE BOND YIELDS
NEW ISSUE
A a a UTILITY
DATE
RECENTLY OFFERED
A a a UTILITY
MOODY'S SEASONED
CORPORATE A a a
BOND BUYER
2 0 - B Q N D INDEX
U S . GOVT. 20-YEAR
CONSTANT MATURITY
1974 - High
Low
10.61 (10/4)
8.05 (2/15)
10.52 (10/11)
8.13 (1/4)
9.39 (10/11)
7.73 (1/4)
8.68 (8/30)
7.39 ( 1 / 4 )
7.15 (12/12)
5.15 (2/7)
1975 - High
Low
9.80 (5/2)
8.89 (2/7)
9.71 (5/25)
9.06 (2/28)
9 . 0 1 (5/2)
8.57 (2/28)
8.63 (9/19)
7.63 (2/21)
7.67 (10/3)
6.27 (2/13)
1976 - High
Low
8 . 9 5 (5/28)
7.93 (12/10)
9.10 (1/2)
7.84 (12/31)
8.66 (5/28)
7.91 (12/31)
8.17 (5/28)
7.27 (12/31)
7.29 (1/2)
5.95 (12/16)
1977 - High
Low
8.36 (12/16)
7.90 (1/7)
8.48 (12/30)
7.95 (1/7)
8 . 2 8 (12/30)
7.88 (1/7)
7.99 (12/30)
7.26 (1/7)
5 . 9 3 (2/4)
5.45 (11/17)
1978 - High
Low
8.87 4/7)
8.60 (3/24)
8.83 (4/7)
8.48 (1/6)
8.52 (4/7)
8.30 (1/6)
8.30 (4/7)
8.02 (1/6)
5.76 (4/6)
5.58 (3/17)
8.61
8.83r
8.70
8.65
8.64
8.64
8.75r
8.49
8.48
8.45
8.45
8.48r
8.21
8.21
8.17
8.17
8.27r
5.63
5.58
5.58
5.59
5.69
8.87p
8.83p
8.52p
8.30p
5.76
1978 - Mar.
Apr.
3
10
17
24
31
7
8.70
NOTES:
Federal Reserve serie, of implied yield on newly issued, Aaa-rated utility bond with 5-year call protection.
1
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
3
4
5
weeks.
Weekly average of daily closing figures.
Weekly average of daily figures. U.S. Treasury data.
Thursday figures. 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.
http://fraser.stlouisfed.org/
•
' x of St. Louis
#
Federal Reserve
Bank
#
#
#
#
*
#
#
4
t
5
Table 3
LONG-TERM CORPORATE AND
STATE AND LOCAL GOVERNMENT
SECURITY OFFERINGS AND PLACEMENTS
R
IN MILLIONS OF DOLLARS
•
CORPORATE
PERIOD
3
1977
2,600e
2,550e
3,700e
3,989
2,708
5,495
3,381
3,863
6,632
May
June
3,639
3,735
5,321
July
August
September
October
November
December
1978
•
s
1978
2
STATE AND LOCAL
1Q77
J
2
1
1976
z
2,451
2,885
3,365
3,507
4,186
6,439
3,409
4,566
5,786
2,218
3,575
3,115
4,074
3,322
3,754
3,216
3,357
4,817
3,113
4,118
4,013
2,734
2,821
2,814
3,957r
5,120
5,749
4,431
3,047
6,480
3,807
3,332
3,646
3,524
1,336
2,342
03
Q4
12,192
12,695
ll,150r
14,826
13,876
14,132
11,390
13,958
10,907
13,761
11,244
10,785
8,701
8,908
8,369
9,202
1st Half
3 Qtrs.
Year
24,887
36,037r
50,863
28,008
39,398
53,356
24,668
35,912
46,697
17,609
25,978
35,180
February
March
Q1
02
•
1976
1
3,402
3,442
4,063
January
April
•
1
GROSS PROCEEDS
1
8,850e
3,200e
2,800e
4,300e
10,300e
e
#
e
NOTES:
1
Securities and Exchange Commission estimates of gross proceeds.
#
2
Securities Industry Association estimates of principal amounts.
3 E s t i m a t e d by F e d e r a l Reserve on t h e b a s i s
of a v a i l a b l e d a t a .
Table 4
IT-
NEW CORPORATE SECURITY ISSUES
BY TYPE OF ISSUE AND ISSUER
IN MILLIONS OF DOLLARS
PERIOD
TOTAL
GROSS PROCEEDS BY TYPE OF ISSUER
GROSS PROCEEDS BY TYPE OF ISSUE
MEMO
COMMON
BONDS
OTHER
COMMUNIPUBLIC
MANUFACAND
ISSUES
INCLUDED
ISSUERS
CATIONS
PRIVATELY
UTILITY
PUBLICLY
TURING
PREFERRED
PLACED
OFFERED
FOREIGN {CONVERTIBLE
STOCK
1976 - I
II
III
IV
13,876
14,132
11,390
13,958
7,569
7,427
4,904
6,553
2,754
3,584
4,624
4,846
3,553
3,121
1977 - I
II
III
IV
12,192
12,695
ll,150r
14,826
6,498r
5,606
6,215r
5,866
3,077r
4,215
3,057
5,139
2,617
2,874
1,878
3,821
2,786
1,102
2,610
1,961
601
786
1,690
1,087
887
2,241
1,019
818
602
820
1,195
591
1,248
1,035
695
557
626
934
1,846
1,041
1977 - January
February
March
April
May
June
July
August
September
October
November
December
3,989
2,708
5,495
3,639
3,735
5.321
4,074
3.322
3,754r
3,957r
5,120
5,749
1,600
2,045
2,360
1,947
1,908
2,114
2,211
1,541
1,220
909
1,063
3,167
1,861
2,559
1,340
1,843
1,267
1,795
262
478
199
55
4,497
3,757
2,982
4,244
4,044
3,140
3,317
3,897
765
1,879
378
541
4,596
5,358
4,715
5,276
858
2,774
1,810
6
108
495
39
3,019
3,852
2,757
3,944
1,415
1,044
644
1,250
4,986
4,618
4,921r
6,549
300
433
125
600
350
850
935
150
475
300
425
300
0
6
0
50
2
56
25
262
208
1
22
16
906
743
1,125
1,348
652
1,560
1,025
NOTES:
1
Other issuers are extractive, railroad and other transportation, real estate and finance, and commercial and other.
Source: Securities and Exchange Commission.
3,182
2,826
3,083
1,182
1,309
699
551
706
744
1,633
986
435
1,598
774
1,612
1,466
843
497
1,417
1,249
1,665
1,030
50
557
808
334
294
416
277
45
322
8
1,010
232
2,048
973
1,965
1,182
1,179
2,257
1,646
1,813
l,463r
l,994r
1,700
2,855
T a b l e 5A
INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY 1
A p r i l 3 through A p r i l 7, 1978
ISSUER
CORPORATE
TYPE
AMOUNT
(MILLIONS
OF
DOLLARS)
MATURITY
COUPON RATE
OFFERING
YIELD
Minnesota Power & Light Co.
Long I s l a n d L i g h t i n g Co.
T w e n t i e t h Century-Fox Film Corp.
Minnesota Power & Light Co.
Great N o r t h e r n Nekoosa Corp.
F i r s t N a t i o n a l S t a t e Bancorp.
Com. s t k .
1 s t mtg.
Debt.
1 s t mtg.
Deb t .
Notes
31.5
75.0
50.0
50.0
75.0
30.0
2008
1998
2008
2008
1988
9.20
10.25
9.25
8.70
8.88
9.32
10.34
9.25
8.72
9.01
OTHER
Norges Kommunalbank
Debt.
75.0
1998
9.13
9.18
NOTES:
*
Rights offering.
Includes only corporate and other security offerings of $15 million and over; excludes options, exchanges, and secondary offerings.
Digitized 1for FRASER
MOODY'S/S&P'S
RATINGS
A/ABa/BB
A/AA/A+
A/AAaa/AAA
T a b l e 5B
INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY '
A p r i l 3 through A p r i l 7, 1978
ISSUER
TYPE
AMOUNT
(MILLIONS OF
DOLLARS)
MATURITY
30.0
8.8
23.5
13.9
3.5
4.3
4.3
14.0
32.5
25.4
8.5
12.1
6.4
22.6
7.4
38.2
2007
1979-1999
2017
1978-2004
1978-1990
1980-1993
2013
1979-1998
1979-1998
1988-2010
2007
1986-1998
1999
1980-2004
2010
1986-1993
NET INTEREST
COST
OFFERING
YIELD
MOODY'S/S&P'S
RATINGS
STATE AND LOCAL
D a l l a s - F o r t Worth Reg. A i r p o r t , Tex.
Dover Sewerage A u t h . , N , J .
Dover Sewerage A u t h . , N . J .
Texas Tech U n i v e r s i t y
Beaver Co., Pa.
Beaver Co., P a .
Beaver Co., Pa.
San F r a n c i s c o , C a l i f .
D a l l a s , Texas
Orange Co., F l a .
Orange Co., F l a .
S h r e v e p o r t , La.
S h r e v e p o r t , La.
Michigan S t a t e Hsg. Dev. Auth.
Michigan S t a t e Hsg. Dev. Auth.
Mesa U n i f i e d Sch. D i s t . #4, A r i z .
Rev.
Rev.
Rev.
Rev.
G.O.
G.O.
G.O.
G.O.
G.O.
Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
G.O.
6.13
4.00-5.80
6.00
3.75-5.90
3.80-5.30
4.20-4.70
6.10
3.90-5.70
3.90-5.60
6.00-6.35
——
V* —
5.53
——
—T
5.10
5.01
——
——
5.72
5.72
5.97
5.97
5.38
4.75-5.85
5.88
4.40-6.30
6.32
5.00-5.40
A/A
A/A
A/A
A-l/AA
Aaa/AAA
—/AAA
—/AAA
Aaa/AA
Aaa/AAA
Baa-l/BBB
Baa-l/BBB
A/A+
A/A+
A-1/A+
A—1/A+
A-1/A+
NOTES:
1
Includes only state and local security offerings of $10 million and over; excludes secondary offerings.
2
For State and local government securities, G O. denotes general obligation; Rev. denotes revenue obligations.
http://fraser.stlouisfed.org/
Federal Reserve
Bank of St. e
Louis
•
•
•
e
•
•
•
•
•
9
Table 6A
FORTHCOMING INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
1
As of A p r i l 7, 1978
ISSUER
CORPORATE
Norin Corp.
Interpool Ltd.
A c c i d e n t a l Petroleum Corp.
Commonwealth Edison Co.
Union P a c i f i c R a i l r o a d
Tenneco I n c .
*Lachmar
American Savings & Loan Assoc.
Texas I n t e r n a t i o n a l Corp.
I t e l Corp.
N o r f o l k & Western R a i l r o a d Co.
P e n n s y l v a n i a Power Co.
Oklahoma Gas & E l e c t r i c Co.
San Diego Gas & E l e c t r i c Co.
San Diego Gas & E l e c t r i c Co.
C i n c i n n a t i Gas & E l e c t r i c Co.
H a r t f o l d E l e c t r i c Light & Power Co
^General Motors Acceptance Corp.
T r a i l T r a i n Co.
*American S&L Assoc. of Utah
*U.S. Bancorp.
P o s t a l Finance Co.
Oak I n d u s t r i e s I n c .
* C a r o l i n a T e l . & T e l e . Co.
P a c i f i c T e l . & T e l e . Co.
Delmarva Power & Light Co.
*Ohio Edison Co.
*Toledo Edison Co.
*Georgia Power Co.
*Kansas Power & Light Co.
* P a c i f i c Gas & E l e c t r i c Co.
I n d i a n a p o l i s Power & Light Co.
United I l l u m i n a t i n g Co.
OTHER
Saskatchewan, Canada Province of
European Atomic Energy Community
TYPE
Debt.
Pfd. stk.
Pfd. stk.
Com. s t k .
Equip. t r .
Debt.
Gvt. g t r .
Mtg.-backed
Debt.
Debt.
Equip, t r .
1 s t mtg.
Pfd. stk.
Com. s t k .
1 s t mtg.
1 s t mtg.
1 s t mtg.
Notes
Equip, t r .
Mtg.-backed
Notes
NOtes
Debt.
Debt.
Debt.
1 s t mtg.
1st mtg.
Com. s t k .
1st mtg.
Com. s t k .
Pfd. stk.
Com. s t k .
Com. s t k .
Debt.
Bonds
AMOUNT
(IN MILLIONS
OF DOLLARS)
25. 0
26. 0
75. 0
75. 0
19. 5
200. 0
80. 0
200. 0
15. 0
75. 0
24. 0
25. 0
35..0
40.,0
50,.0
75.,0
40..0
200,.0
22,.0
50,.0
50,.0
20,.0
30 .0
35,.0
300 .0
50 .0
120 .0
50 .0
100 .0
37 .5
75 . 0
24 .0
21 .0
Apr. 10
Apr. 10
Apr. 10
Apr. 11
Apr. 11
Apr. 12
Apr. 12
Apr. 13
Apr. 13
Apr. 18
Apr. 18
Apr. 19
Apr. 19
Apr. 19
Apr. 20
Apr. 20
Apr. 20
Apr. 20
Apr. 25
Apr.
Apr.
Apr.
Apr.
Apr.
May
9
May
9
May 16
May 16
May 17
May 17
May 24
Indef.
Indef.
125 .0
75 .0
Apr. 13
Indef.
NOTES:
*
1
Included in table for first time.
Includes only corporate and other security issues of $15 million and over; excludes exchanges, options
APPROXIMATE
DATE OF OFFERING
10
Table 6B
FORTHCOMING INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
1
As of A p r i l 7, 1978
TYPE
ISSUER
N a p e r v i l l e , . 111.
Oregon, S t a t e of
B a l t i m o r e , Md.
Roswell, N.M.
Sunnyvale Redev. Agy., C a l i f .
* I r w i n d a l e Comm. Redev. Agy., Cal.
Toms River Sch. D i s t . , N . J .
Lafourche P a r . Sch. D i s t . , La.
Oakland Co., Mich.
North C a r o l i n a , S t a t e of
S a l t River A g r i c . Improv. & Power
D i s t . , Ariz.
T u a l a t i n H i l l s Park & Rec- D i s t . ,
Ore.
*Vigo Co. Hosp. A u t h . , I n d .
^Pennsylvania Hsg. F i n . Agy.
*Anchorage, Alaska
Hawkins Co., Tenn.
East Ouachita P a r . Sch. D i s t . , La.
Georgia R e s i d e n t i a l F i n . Auth.
*Washington, S t a t e of
*Texas, S t a t e of
*S. Washington Co. I n d . Sch. D i s t . ,
Minn.
B a l t i m o r e , Md.
Connecticut Hoiising F i n . Auth.
Stamford, Conn.
New York S t a t e Power Auth.
*Plantation, Fla.
Ohio Water Dev. Auth.
Montgomery Co., Ohio
San F r a n c i s c o A i r p o r t s Comm., Cal.
Milwaukee, Wise.
Chula V i s t a Redev. Agency, C a l i f .
* I l l i n o i s Hsg. Dev. Auth.
Rosemount Ind. Sch. D i s t . #196,
Minn.
* C a l i f o r n i a , S t a t e of
*Baltimore Co., Md.
AMOUNT
(IN MILLIONS
OF DOLLARS)
APPROXIMATE
DATE OF OFFERING
G.O.
G.O.
Rev.
Rev.
Rev»
G.O.
G.O.
G.O.
G.O.
G.O.
L0d>
150-0
11.9
11.3
11.1
40.0
10.9
12.5
14.5
60.0
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Rev.
125.0
Apr. 13
G.O.
Rev.
Rev.
Rev.
G.O.
G.O.
Rev.
G.O.
G.O.
10.0
15.6
92.6
10.0
15.0
15.0
50.0
35.6
25.0
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
13
14
14
18
18
18
18
19
24
G.O.
G.O.
Rev.
G.O.
Rev.
Rev.
Rev.
Rev.
Rev.
G.O.
Rev.
G.O.
11.8
35.0
180.0
15.7
350.0
18.6
46.0
52.5
90.0
19.6
54.3
50.0
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
May
May
May
May
25
25
25
26
27
G.O.
G.O.
G.O.
18.7
90.9
30.0
May
May
May
NOTES:
1
Includes state and local government issues of $10 million and over, foreign government, International Bank for Reconstruction
issues of Federally sponsored agencies; excludes secondary offerings.
*
Included in the table for the first time.
10
11
11
11
11
11
11
12
12
12
2
2
2
3
8
9
9
11
Table 6B C o n t i n u e d
FORTHCOMING INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
1
As of A p r i l 7, 1978
ISSUER
TYPE
AMOUNT
(IN MILLIONS
OF DOLLARS)
APPROXIMATE
DATE OF OFFERING
STATE * LOCAL
POSTPONEMENT
S u f f o l k Co., N.Y.
G.O*
27.5
Apr. 20
Table 7
STOCK PRICES AND VOLUME
1
STOCK PRICES
DATE
NYSE INDEX
3
|
BJ INDUSTRIALS
AMEX
4
NASDAQ
2
TRADING VOLUME
NYSE
AMEX
NASDAQ
1974-High
Low
53.37 (3/13)
32.89 (10/3)
891.66 (3/13)
577.60 (12/6)
102.01 (3/14)
58.26 (12/9)
96.53 (3/15)
54.87 (10/3)
24.9 ( 1 / 3 )
7.5 (7/5)
4.4 (1/3)
.9 (9/26)
7.5 (1/3)
2.8 (7/5)
1975-High
Low
51.24 (7/15)
37.16 ( 1 / 8 )
881.81 (7/15)
632.04 ( 1 / 2 )
96.86 (7/15)
62.20 ( 1 / 2 )
88.00 (7/15)
60.70 (1/2)
35.2 (2/13)
8.7 (9/15)
4 , 2 (2/21)
1 . 1 (9/15)
8 . 1 (2/13)
2 . 5 (9/15)
1976-High
Low
57.51 (9/21)
48.04 ( 1 / 2 )
1014.79 (9/21)
858.71 ( 1 / 2 )
107.05 (7/12)
84.31 ( 1 / 2 )
92.52 (7/15)
78.06 (1/2)
4 4 . 5 (2/20)
10.3 ( 1 / 2 )
8 . 6 (2/20)
1.1 (1/2)
11.1 ( 2 / 2 0 )
3.5 (1/2)
1977-High
Low
57.69 (1/3)
49.78 (11/2)
999.75 ( 1 / 3 )
800.85 (11/2)
127.89 (12/30) 105.05 '(12/30)
93.66 ( 4 / 5 )
109.61 (1/12)
35.3 (11/11)
10.6 (10/10)
4 . 2 (1/13)
1.4 (9/22)
11.2 (11/10)
5 . 1 (5/27)
1978-High
Low
51.82 ( 1 / 3 )
48.37 £3/6)
817.74 (1/3)
742.12 (2/28)
131.81 ( 4 / 7 )
119.73 (1/11)
108,23 ( 4 / 7 ) ,
99.09 ( 1 / 1 1 )
28.4 (3/17)
7.6 (1/20)
3 . 8 (3/17)
1.3 (1/20)
11.5 ( 4 / 6 )
2 . 8 (1/20)
3
10
17
24
49.72
50.01
48.90
49.19
770.96
775.99
752.69
756.24
122.78
124.64
122.95
123.87
102.22
103.58
102.25
102.70
20.4
17.0
19.5
20.4
2.3
2.2
2.3
2.3
8.2
7.4
8.6
7.7
Mar.
3
10
17
24
31
48.67
49.48
50.25
49.86
49.85
747.31
758.58
768.71
756.50
757.36
123.09
125.35
127.33
128.01
128.94
101.95
103.42
104.94
105.39
106.20
20.2
21.6
25.1
24.0
21.3r
2.5
2,9
3.1
2.8
3.1
8.0
8.9
9.1
9.2
9.0
Apr.
7
50.41
769.58
131.81
108.23
23.7
3.3
10.1
1978
Feb.
NOTES:
1
Figures ether than high* and lows are Fridays only. Highs and lows are for the year and are not necessarily for Fridays.
2
Volume figures are weekly averages of daily figures (millions of shares).
3
4
12/31/66 - 60
on average price change until September 4, 1973 thereafter, based on market value of shares listed.
13
Table 8
SECURITY CREDIT
REGULATED MARGIN CREDIT EXTENDED BY
END OF PERIOD
OUTSTANDING
BROKERS ON
MARGIN
STOCK
1
BROKERS ON %
CONVERTIBLE
BONDS
BANKS
UNREGULATED NONMARGIN
STOCK CREDIT
AT BANKS
844
810
807
801
873
875
885
881
882
872
873
2,319
2,312
2,350
2,345
2,551
2,568
2,587
2,581
2,579
2*604
2,568
246
242
851
2,565
-8
1
2
-3
-13
12
-34
-3
10
29
7
-7
38
-5
206
17
19
-4
1
-6
-2
1977 - February
March
April
May
June
July
August
September
October
November
December
8,480
8,690
8,880
9,070
9,230
9,460
9,560
9,590
9,560
9,610
9,740
197
199
196
196
198
204
200
196
1978 - J a n u a r y
February
9,590
9,780
1977 - J a n u a r y
February
March
April
May
June
July
August
September
October
November
December
310
210
210
190
190
160
230
100
30
-30
50
130
-554
-10
1
25
-36
1978 - J a n u a r y
February
-150
-190
-4
-4
-22
-3
CHANGE IK OUTSTANDING
250
—
2
6
-4
-4
~h/
-6
72
-2
NOTES:
Margin account debt as reported by the New York Stock Exchange, excluding credit for subscription issues and convertible bonds.
1
2
3
4
5
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.
~
value.
.
Data p r i o r t o November n o t s t r i c t l y comparable due t o changes i n r e p o r t i n g .
EE
Table 9
SAVINGS FLOWS AT NONBANK THRIFT INSTITUTIONS
IN MILLIONS OF DOLLARS
REGULAR DEPOSITS
DATE
NET
FLOW
1974
1975
1976
1977
2,165
11,070
12,670
10,647
1977-Aug.
Sept.
Oct.
Nov.
Dec.
1978-Jan. ,
Feb.£/
1977-Aug.
Sept.
Oct.
Nov.
Dec.
1978-Jan. /
Feb . R l
282
1,200
683
406
1,289
ANNUAL 3
GROWTH
RATE
2.3
11.3
11.6
8.8
——
723*
343
NET
NEW
MONEY
-2,822
4,757
5,275
2,811
-12
-137
296
99
-131
-59
150
628*
450
1,187
1,131
1,257
515
519
1
11.1
10.5
11.6
4.7
4.7
6.5
3.1
TOTAL
SAVINGS & LOAN ASSOCIATIONS
MUTUAL SAVINGS BANKS
—
2
SHARE CAPITAL
NET
FLOW
ANNUAL 3
GROWTH
RATE
NET
NEW
MONEY
4,668
7.1
16,006
29,276
17.6
42,769
34,369
17.6
50,169
31,972
15.2
50,963
NOT SEASONALLY ADJUSTED
2,631
2,862
1,666
5,961
2,270
2,396
1,516
1,729
883
5,542
~
2,751
2,288
SEASONALLY
5,671
5,656
3,832
3,711
3,410
2,019
2,256
—
—
ADJUSTED
18.6
18.2
12.2
11.7
10.6
6.2
6.9
2,877
2,068
— -
—
2
DEPOSITS
NET
FLOW
18,171
53,839
62,839
61,610
ANNUAL 3
GROWTH
RATE
5.6
15.8
15.9
13.5
NET
NEW
MONEY
1,846
34,033
39,644
34,783
3.144
7,161
3,079
2,135
6,831
2,619
1,529
2,566
1,615
752
3,379
2,738
2,818
2,218
6,858
6,787
5,089
4,226
3,929
16.6
16.2
12.0
9.9
9.1
2,742
2,599
6.3
5.9
2
—
—
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 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.
*
Merger of commercial bank w i t h mutual s a v i n g s bank and c o n v e r s i o n of S&L t o MSB added $399 b i l l i o n t o MSB
E f f e c t was t o r a i s e growth r a t e f o r month from 3 . 1 per c e n t t o 6 . 5 p e r c e n t .
e
#
•
•
•
•
e
•
•
Digitized for
d eFRASER
posits in January.
http://fraser.stlouisfed.org/
#
Federal Reserve
Bank of St. e
Louis
H.16
15
Table 10
MORTGAGE COMMITMENTS AT
SELECTED THRIFT INSTITUTIONS
BILLIONS OF DOLLARS, SEASONALLY ADJUSTED
NET CHANGE
OUTSTANDING COMMITMENTS
PERIOD
TOTAL
MUTUAL
ALL SAVINGS
SAVINGS BKS
& LOAN
ASSOCIATIONS (N Y. STATE)
TOTAL
MUTUAL
ALL SAVINGS
SAVINGS BKS
& LOAN
ASSOCIATIONS (N.Y. STATE)
1972
25.2
20.3
4.9
7.48
6.28
1.20
1973
19.9
16.4
3.5
-5.31
-3.92
-1.39
1974
14.7
12.5
2.2
-5.20
-3.91
-1.29
1975
20.6
18.6
2 J)
5.81
6.06
- .25
1976 - Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
20.6
18.6
2.0
.55
.79
.33
.35
.84
21.8
21.8
19.4
19.6
19.6
22.4
22.9
23.2
23.6
24.5
25.7
27.1
27.9
20.1
2.0
2.2
2.2
20.7
20.9
21.3
21.9
23.1
24.4
25.1
2.2
1977 - J a n
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
28.0
28.6
25.2
25.6
26.5
27.0
27.3
1978 - J a n
Feb
38.4
NOTES:
21.3
29.7
30.2
30.6
31.9
32.4
34.0
35.1
37.4
38.8
39.2
28.1
28.6
30.0
31.0
32.9
34.1
34.6
34.0
33.3
2.3
2.3
2.3
2.6
2.6
.12
.50
.57
.30
.40
.89
1.21
2.7
1.35
.76
2.8
.23
.58
1.09
.47
.37
1.32
.54
1.50
1.24
2.8
3.0
3.2
3.2
3.3
3.8
3.8
3.9
4.1
4.5
4.7
4.6
4.4
2.20
1.47
.36
- .81
.16
.04
.46
.59
.27
.35
.62
1.21
1.24
.70
.16
.38
.92
.47
.30
.79
.57
1.32
1.07
1.83
1.24
.46
- .57
— . 64
- .05
.17
.08
.04
- .02
.03
.05
.27
.11
.06
.07
.20
.17
.07
.53
- .03
.18
.17
.37
.23
- .10
- .24
Data r e v i s e d 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 .
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 end of period outstanding
levels as reported and after seasonal adjustment by Federal Reserve. Subtotals may not add to totals because of rounding.
H.16
#
16
T a b l e 11
NET NEW MONEY BORROWINGS
BY MAJOR HOUSING AGENCIES
IN MILLIONS OF DOLLARS
PERIOD
TOTAL
INCLUDING
SHORT-TERM
DISCOUNT
NOTES
INTERMEDIATE AND LONG-TERM I S S U E S
TOTAL
FHLB
FHLMC
FNMA
FNMA & FHLB
SHORT-TERM
DISCOUNT
NOTES 1
1975 - J u l y
Aug.
Sept.
Oct.
Nov.
Dec.
+236
-398
215
587
152
669
+300
-700
100
850
200
600
0
-700
0
+150
0
0
0
0
0
0
200
0
+300
0
100
700
0
600
-64
302
115
-263
—48
69
1976 - J a n .
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
-197
-964
-851
124
-953
-107
-58
787
195
-37
-552
145
0
—604
-304
693
-607
-206
291
+190
190
310
-297
-219
0
-1,100
0
0
-600
0
0
0
0
0
-300
0
0
196
-4
-7
-7
-6
-9
+190
-10
-8
-9
-7
0
300
-300
700
0
-200
300
0
200
318
12
-212
-197
-360
-547
-569
-346
99
-349
597
5
-347
-255
364
1977 - J a n .
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
12
—862
289
344
532
605
531
347
195
247
466
1,078
188
-592
-354
746
297
203
553
301
-291
211
500
0
0
-200
0
-6
105
0
0
304
0
0
300
0
-189
-393
-4
0
200
3
-47
-3
9
11
200
0
-1
1
-350
752
—8
200
600
0
-300
200
0
0
-176
-270
643
-402
235
402
-22
46
486
-36
-34
1,078
1978 - Jan.
Feb.
399
l,744e
-12
1,440
0
1,400
-12
40
0
0
411
304
NOTES:
Based on data from Treasury Survey of Ownership.
1 for
Sales
of FHLB discount notes began in May 1974.
Digitized
FRASER
http://fraser.stlouisfed.org/
p
Preliminary
Federal Reserve Bank of St. Louis
17
Table 12
NET CHANGE IN MORTGAGE HOLDINGS
IN MILLIONS OF DOLLARS
PERIOD
TOTAL
INCLUDING
FNMA-GNMA
21,930
41,406
57,587
58,372
42,739
43,497
62,783
96,814
*1970
1971
1972
1973
1974
# 1975
1976
1977
TOTAL
17,020
39,018
55,561
55,072
36,517
38,658
64,903
95,924
COMMERCIAL
BANKS
MSB's
1,956
3,938
5,377
5,642
2,172
2,236
4,074
6,474
2,462
9,940
16,800
19,600
11,700
4,200
13,900
25,700
Not S e a s o n a l l y
^ 1977 - J u l y
Aug.
Sept.
Oct.
Nov.
Dec.
#
8,339
9,502
9,127
8,349
7,940
2
FINANCIAL INSTITUTIONS
8,425
9,665
8,930
8,380
7,844
9,174
1978 - J a n .
Feb.
S & L's
10,254
23,919
31,932
25,552
17,567
29,289
44,515
58,566
INSURANCE FNMA-GNMA
COMPANIES
2,348
1,221
1,452
4,278
5,078
2,933
2,414
5,184
4,910
2,388
2,026
3,300
6,222
4,839
-2,120
890
Ad l u s t e d
2,300
3,000
2,300
2 >300
2,100
2,000
649
719
660
690
564
771
5,224
5,726
5,256
4,876
4,754
4,748
1,300
1,100
412
3,019
3,381
252
220
744
614
426
1,655
— 86
-163
167
- 31
96
222
329
S e a s o n a l l y Adi us ted
#
1977 - J u l y
Aug.
Sept.
Oct.
Nov.
Dec.
#
1978 - J a n .
Feb.
7,726
8,869
8,762
8,533
8,822
9,492
8,094
9,108
8,831
8,625
8,729
9,417
2,263
2,892
2,142
2,265
2,284
2,251
608
669
685
675
605
647
4,855
5,291
5,289
5,162
5,437
5,262
1,688
1,509
572
4,305
4,013
368
256
715
523
403
1,257
-368
-239
- 69
- 92
93
75
388
#
NOTES:
1
S e a s o n a l l y a d j u s t e d d a t a r e v i s e d 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 .
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 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 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
18
NET INCREASE IN
MORTGAGE DEBT OUTSTANDING 1
IN BILLIONS OF DOLLARS, SEASONALLY ADJUSTED ANNUAL RATES
2
RESIDENTIAL
QUARTER
TOTAL
TOTAL
1- to 4 FAMILY
MULTIFAMILY
COMMERCIAL
MULTFAMILY
&
COMMERCIAL
FARM
1970 - I
II
II
IV
25.5
25.3
33.5
35.4
18.7
18.3
23.9
26.8
13.2
12.5
15.5
18.8
5.5
5.8
8.4
8.0
5.7
6.9
8.6
7.4
11.2
12.7
17.0
15.4
1.0
0.0
1.0
1.3
1971 - I
II
III
IV
41.2
51.8
57.8
59.5
32.7
40.3
43.1
44.7
23.2
29.6
33.8
35.7
9.5
10.7
9.3
9,1
6.7
9.3
12.1
11.6
16.2
20.0
21.4
20.7
1.7
2.1
2.6
3.1
1972 - I
II
III
IV
67.6
74.1
77.6
88.1
49.3
54.1
59.1
63.6
38.0
41.0
48.1
47.9
11.3
13.1
11.0
15.7
14.8
16.5
14.9
21.0
26.1
29.6
25.9
36.7
3.5
3.5
3.6
3.6
1973 - I
II
III
IV
80.6
87.4
80.7
70.4
56.0
59.9
56.2
48.5
47.8
46.9
43.7
40.6
8.2
13.0
12.5
7.9
19.1
21.7
19.4
16.4
27.3
34.7
31.9
24.3
5.6
5.8
5.0
5.5
1974 - I
II
II
IV
69.9
70.9
54.5
46.7
48.7
47.2
35.1
29.7
39.2
40.3
28.4
25.4
9.5
6.9
6.7
4.3
17.5
18.7
13.6
11.2
27.0
25.6
20.3
15.5
3.6
4.9
5.8
5.9
1975 - I
II
III
IV
44.0
55.0
62.3
67.7
29.7
39.8
45.3
50.8
28.9
39.8
44.9
51.9
0.8
0.0
0.4
-1.1
9.0
10.3
12.9
12.8
9.8
10.3
13.3
11.7
5.3
4.9
4.0
4.1
1976 - I
II
III
IV
78.6
77.3
94.0
98.6
59.7
58.0
73.8
78.0
58.3
58.1
70.0
75.5
1.4
-0.1
3.8
2.5
13.7
14.5
13.4
13 .0
15.1
14.4
17.2
16.9
5.3
4.8
6.9
7.6
108.3
132.2
140.3
140.1
84.2
102.6
106.6
109.2
80.3
96.1
98.9
99.7
3.9
6.5
7.7
9.5
15.5
20.3
24.8
22.9
19.4
26.8
32.5
32.4
8.6
9.3
8.9
8.0
1977 - I
II
III
IV (p)
NOTES:
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.
2
R e s i d e n t i a l mortgage d e b t i n c l u d e s nonfarm o n l y and i s sum of 1 - t o 4 - f a m i l y and
debt.
Digitized for
mFRASER
u l t i f a m i ly mortgage
•
•
•
•
•
•
•
•
•
T a b l e 14
PRIVATE HOUSING PERMITS, STARTS,
COMPLETIONS, AND MOBILE HOME SHIPMENTS
IN T H O U S A N D S OF UNITS, SEASONALLY ADJUSTED ANNUAL RATES
PERIOD
TOTAL
1969
1970
1971
1972
1973
1974
1975
1976
1977
1977 - J u l y
Aug.
Sept.
Oct.
Nov.
Dec.
1978 - J a n .
Feb.
!
1 —FAMILY
COMPLETIONS
STARTS
PERMITS 1
2 - O R MORE
FAMILY
TOTAL
1—FAMILY
2 - O R MORE
FAMILY
TOTAL
1—FAMILY
2 - O R MORE
FAMILY
MOBILE
HOME
SHIPMENTS
1,324
1,352
1,925
2,219
1,820
1,074
939
1,297
1,677
626
647
906
1,033
882
644
676
894
1,125
698
705
1,018
1,186
937
431
264
403
552
1,407
1,434
2,052
2,357
2,045
1,338
1,160
1,538
1,987
811
813
1,151
1,309
1,132
888
892
1,162
1,451
656
621
901
1,048
914
450
268
376
375
1,399
1,418
1,706
1,972
2,014
1,692
1,297
1,362
1,652
808
802
1,014
1,143
1,174
932
867
1,026
1,254
592
617
692
828
840
760
430
336
398
413
401
497
576
567
329
216
246
277
1,639
1,772
1,695
1,850
1,893
1,811
1,089
1,156
1,135
1,216
1,257
1,210
550
616
560
634
636
601
2,072
2,038
2,012
2,139
2,096
2,203
1,453
1,454
1,508
1,532
1,544
1,574
619
584
504
607
552
629
1,671
1,677
1,875
1,665
1,769
1,630
1,253
1,269
1,458
1,249
1,280
1,288
419
409
417
416
489
342
251
270
300
319
318
324
1,496
1,622
1,027
967
469
925
1,547
1,580
1,155
1,091
392
489
1,721
1,261
460
322
269
NOTES:
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
home shipments are Mobile Home Manufacturers Association data converted to seasonally adjusted annual rate by Census Bureau.
1
Permit data for 1969 and 1970 based on 13,000 areas with permit systems
Table 15
AVERAGE RATES AND YIELDS ON HOME MORTGAGES
NEW HOMES
PERIOD
RATE
(IN PER CENT)
SPREAD
(BASIS
POINTS)
EXISTING HOMES
1
RATE
(IN PER CENT)
SPREAD
BETWEEN
NEW Aaa
RETURNS ON
NEW HOMES
UTILITY
CONVENTIONAL
1
AND HUD(FHA)
BOND
YIELD
NEW HOME
SPREAD
YIELD
DISCOUNT
(IN PER CENT)
(BASIS
(PERCENTAGE MORTGAGES (M PER CENT)
(BASIS
POINTS)
POINTS)
POINTS)
HUD(FHA) INSURED LOANS
SECONDARY MARKET
CONVENTIONAL LOANS
PRIMARY MARKET
SPREAD
(BASIS
POINTS)
1
1976 - High
Low
9.05
8.90
91
5
9.10
8.95
95
10
9.06
8.25
59
8
4.3
2.0
65
-4
8.72
8.05
1977 - High
Low
9.10
8.80
99
52
9.20
8.85
98
63
9.11
8.40
73
22
4.7
1.7
40
4
8.31
8.01
1977 - J u l y
Aug.
Sept.
Oct.
Nov.
Dec.
9.00
9.00
9.00
9.00
9.05
9.10
83
99
86
72
82
N.A.
9.05
9.05
9.05
9.05
9.05
9.10
88
104
91
77
82
N.A.
8.74
8.74
8.72
8.78
8.78
8.91
57
73
58
50
55
N.A.
1.9
1.9
1.7
2.2
2.2
3.2
26
26
28
22
27
19
8.17
8.01
8.14.
8.28
8.23
N.A.
1978 - J a n .
Feb.
9.15
9.25
N.A.
54
9.20
9.25
N.A.
54
9.11
N.A.
N.A.
N.A.
4.7
N.A.
4
N.A.
N.A.
8.71
NOTES:
1
Gross yield spread is average mortgage return before deducting servicing costs, minus average yield on new issues of high-grede utility bonds with 5-year call protection.
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 erees
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.
H.1@
21
Table 16
FNMA AUCTION RESULTS
HOME MORTGAGE COMMITMENTS
CONVENTIONAL
GOVERNMENT-UNDERWRITTEN
AMOUNT
(IN MILLIONS OF DOLLARS)
DATE OF
AUCTION
OFFERED
AVERAGE
YIELD
AMOUNT
(IN MILLIONS OF DOLLARS)
OFFERED
ACCEPTED
855 (12/27) 570 (12/27) 8 . 9 8 ( 1 2 / 2 } 383 (5/2)
1977 - High
AVERAGE
YIELD
ACCEPTED
278 (5/2)
35 (9/7)
8.46(1/10) 123 (7/25)
130.5
75.9
77.3
54.1
8.72
8.71
163.9
122.9
101.6
82.8
9.08
9.06
8
22
195.0
119.9
143.1
78.3
8.75
8.77
199.8
170.4
144.4
92.3
9.06
9.06
Sept. 7
19
50.3
62.6
35.1
40.3
8.74
8.74
138.9
107.5
113.9
70.5
9.06
9.05
3
17
31
131.3
325.8
156.1
82.2
212.6
105.7
8.77
8.84
8.86
187.3
242.7
328.1
137.2
167.8
224.0
9.07
9.11
9.14
Nov. 14
28
110.6
99.8
69.5
83.2
8.86
8.85
308.6
229.0
202.8
183.5
9.16
9.16
Dec. 13
27
329.1
855.4
224.3
569.7
8.89
8.98
262.2
329.4
168.9
190.5
9.17
9.21
50 (9/7)
Low
1977 - J u l y 11
25
Aug.
Oct.
71 (9/19)
9 . 2 1 (12/27)
8 . 8 1 (1/10)
1978 - J a n .
9
23
1011.0
768.8
605.3
356.6
9.13
9.21
403.6
546.3
192.8
256.8
9.28
9.37
Feb.
6
21
640.9
558.2
338.0
285.5
9.27
9.35
633.6
580.5
299.3
266.7
9.45
9.53
Mar.
6
20
358.8
164.9
218.5
116.4
9.36
9.33
444.8
378.7
266.4
246.1
9.59
9.62
Apr.
3
325 .5
363.7
9.44
522.8
295.3
9.69
NOTES:
Average secondary market yields are gross before deduction of the fee of 38 basis points paid for mortgage servicing. They reflect the average accepted bid yield for home mortgages assuming a prepayment period of 12 years for 30-year loans, without special adjustment for Federal National
•
Mortgage Association (FNMA) commitment fees and FNMA stock purchase and holding requirements on 4-month commitments. Mortgage amounts
offered
by bidders relate to total eligible bids received.
H.16
@FedFRASER