Full text of H.16 Capital Market Developments : April 16, 1979
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«•«« Market Developments April 16, 1979 Prepared by the CAPITAL 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 $15.00 per year or $.40 each in the United States, its possessions. Canada, and Mexico; 10 or more of the same issue to one address, $13.50 per year or $.35 each. Elsewhere, $20.00 per year or $.50 each. Address requests to Publications Services, Division of 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. TABLES 1 - 6 S E C U R I T Y V O L U M E AND Y I E L D S 7, 8 STOCK MARKET AND S E C U R I T Y CREDIT 9 - 1 6 MORTGAGE MARKET SYMBOLS e p r n.a ESTIMATE PRELIMINARY REVISED NOT AVAILABLE — DATA DO NOT EXIST 3 Table 1 YIELDS, VOLUME AND RECEPTION CORPORATE BOND MARKET YIELDS WEEK ENDING 1979-Feb. Mar. Apr. 2 9 16 23 NEW ISSUE 1 A a a UTILITY VOLUME RECENTLY 2 OFFERED Aaa UTILITY — — 9.42 — — 9.59 NEW ISSUES 4 IN SYNDICATE ( $ MILLIONS) 663 454 20 290 100 97 100 70 0 15 0 86 325 120 123 1,064 425 99 100 100 97 100 4 0 0 35 0 615 300 98 100 13 0 9.64 9.61 9.64 9.60 9.67 9.60 9.65 9.63 9.59 6 13 9.59 9.68p 9.61r 9.67p - PER CENT SOLD BY END OF WEEK 9.40 9.51 9.55 9.63 2 9 16 23 30 - 3 GROSS OFFERINGS ( $ MILLIONS) MUNICIPAL BOND MARKET YIELDS WEEK ENDING MOODY'S NEW ISSUE Aaa VOLUME BOND BUYER 20-BOND INDEX 3 GROSS OFFERINGS ( $ MILLIONS) PER CENT SOLD BY END O F WEEK NEW ISSUES 4 IN SYNDICATE ( $ MILLIONS) 1979-Feb. 2 9 16 23 5.70 5.60 5.60 5.75 6.22 6.31 6.33 6.38 393 265 596 745 81 80 77 79 115 53 156 264 Mar. 2 9 16 23 30 5.80 5.80 5.80 5.80 5.90 6.42 6.34 6.30 6.29 6.28 981 828 1,376 759 913 91 89 94 80 88 138 122 178 226 197 Apr. 6 13 5.85 5.85 6.25 6.33 657 756 92 76 163 279 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 1975 - High 1 RECENTLY OFFERED Aaa UTILITY 2 MOODY'S SEASONED CORPORATE Aaa 3 U S. GOVT. 20-YEAR CONSTANT MATURITY 4 BOND BUYER 2Q-BOND INDEX 9.80 (5/2) 8.89 (2/7) 9.71 (5/25) 9.06 (2/28) 9.01 (5/2) 8.57 (2/28) 8.63 (9/19) 7.63 (2/21) 7.67 (10/3) 6.27 (2/13) 8.95 (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) 8.36 (12/16) 7.90 ( V 7 ) 8.48 (12/30) 7.95 (1/7) 8.28 (12/30) 7.88 (1/7) 7.99 (12/30) 7.26 (1/7) 5.93 (2/4) 5.45 (11/17) 9.29 (12/15) 8.60 (3/24) 9.54 (12/22) 8.48 (1/6) 9.27 (12/29) 8.30 (1/6) 9.00 (12/22) 8.02 (1/6) 6.67 (12/22) 5.58 (3/17) 9.68 (4/13) 9.42 (2/9) 9.67 (4/13) 9.40 (2/2) 9.38 (3/23) 9.19 (2/2) 9.12 (3/2) 8.89 (2/2) 1979 - January February March 6.42 (3/2) 6.22 (2/2) 9.54 9.53 9.62 9.51 9.56 9.62 9.25 9.26 9.37 8.98 9.03 9.08 6.47 6.31 6.33 1979 - Mar. 9.64 9.61 9.36 9.35 9.38 9.38 9.35 9.12 9.08 9.07 9.08 9.05 6.42 6.35 6.30 6.29 6.28 9.31 9.36p 9.05 9.10p 6.25 6.33 Low 1976 - High Low 1977 - High Low 1978 - High Low 1979 - High Low Apr. 2 9 16 23 30 9.64 9.60 9.67 9.60 9.65 9.63 9.59 6 13 9.59 9.68p 9.61r 9.67p 5 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 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. • • • • • • • • • • / Table 3 LONG-TERM CORPORATE AND STATE AND LOCAL GOVERNMENT SECURITY OFFERINGS AND PLACEMENTS IN MILLIONS OF DOLLARS GROSS PROCEEDS 1 CORPORATE PERIOD 2 STATE AND LOCAL 1979 1978 1977 1979 1978 1977 2,675e 2,800e 3,600e 3,013 2,657 4,442 4,362 2,792 5,578 2,778 2,571 4,400e 3,306 2,753 4,844 3,402 3,442 4,063 April May June 3,285 4,035 5,215 3,998 3,797 5,660 3,824 5,525 4,369 3,409 4,566 5,786 July August September 4,226 3,311 3,832 4,289 3,469 4,177 3,920 6,407 2,323 3,113 4,118 4,013 October November December 3,685 3,207 4,374e 4,221 5,331 6,531 3,231 4,320 3,690 3,807 3,332 3,646 02 03 04 10,112 12,535 11,369 ll,266e 12,732 13,455 11,935 16,083 10,903 13,718 12,650 11,241 10,907 13,761 11,244 10,785 1st Half 3 Qtrs. Year 22,647 34,016 45,282e 26,187 38,122 54,205 24,621 37,271 48,512 24,668 35,912 46,697 January February March 01 9,075e NOTES: 1 Securities and Exchange Commission estimates of gross proceeds. 2 Securities Industry Association estimates of principal amounts. 9,749e 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 BONDS COMMON AND PRIVATELY PREFERRED PLACED STOCK MEMO MANUFACTURING PUBLIC UTILITY COMMUNICATIONS OTHER ISSUERS TOTAL PUBLICLY OFFERED FOREIGN CONVERTIBLE 1977 - I II III IV 12,732 13,455 11,935 16,083 6,498 5,606 6,215 5,867 3,527 4,975 3,506 5,999 2,707 2,874 2,214 4,217 268 346 272 275 6 108 495 39 3,031 3,440 3,250 4,054 3,047 4,125 2,901 4,246 1,415 1,059 644 1,320 5,238 4,830 5,140 6,460 1978 - I II III 10,112 12,535 11,369 4,748 5,421 5,284 3,383 4,196 3,868 1,981 2,918 2,217 233 260 120 4 158 115 2,218 2,898 2,534 2,367 3,672 3,012 844 384 1,120 4,684 5,581 4,701 1977 - October November December 4,221 5,331 6,531 2,114 2,211 1,542 979 1,200 3,820 1,128 1,920 1,169 10 89 176 1 22 16 731 782 2,541 1,437 1,729 1,080 8 1,013 299 2,045 1,805 2,610 1978 - January February March April May June July August September October r / November 3,013 2,657 4,442 3,285 4,935 5,215 4,226 3,311 3,832 3,685 3,207 1,382 1,464 1,902 1,958 1,719 1,744 2,177 1,497 1,610 1,651 1,608 998 667 1,718 853 1,277 2,066 1,541 1,032 1,295 865 873 633 526 822 474 1,039 1,405 508 782 927 1,169 726 233 0 0 12 106 142 80 40 0 10 30 0 0 4 20 2 136 16 6 93 101 22 273 716 1,229 549 878 1,471 842 721 971 495 840 644 465 1,258 743 1,685 1,244 799 875 1,338 1,619 761 519 34 291 35 1,578 1,441 1,665 1,960 1,470 2,151 2,231 1,162 1,308 1,279 1,148 ISSUES INCLUDED NOTES: 1 Other issuers ere extractive, railroad and other transportation, real estate and finance, and commercial and other. Source: Securities and Exchange Commission. 349 353 552 215 290 457 1 Table SA INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY ' A p r i l 2 t h r o u g h A p r i l 13, 1979 ISSUER TYPE AMOUNT (MILLIONS OF DOLLARS) MATURITY COUPON RATE OFFERING YIELD MOODY'S/S&P'S RATINGS CORPORATE Philadelphia Elec. Co. Continental Oil Co. Tennessee Natural Gas Line Co. Iowa Public Service Public Service Co. of Indiana Virginia Electric & Power Co. Avco Financial Services Inc. Gulf States Utilities Chemical New York Corp. Pacific Power & Light Co. Chesapeake & Potomac Tel. Co. of Va. Com. s t k . Debt. Debt. Com. s t k . Pfd. s t k . 1 s t . mtg. Notes 1 s t . mtg. Notes** 1 s t mtg. Debt 65.6 200.0 15.0 21.5 35.0 100.0 125.0 75.0 100.0 100.0 200.0 OTHER Sweden, Kingdom of Notes 150.0 2009 1989 9.38 10.25 9.40 10.25 Aa/AA —/B 2009 1987 2009 2004 2009 2019 8.96 10.25 9.88 10.13 10.90 10.25 9.50 8.96 10.30 9.97 10.13 10.90 10.32 9.58 Aa/AA A/A A/A A/A+ Aaa/-Baa/BBB Aaa/AAA 1986 9.50 9.63 Aaa/AAA — — — - NOTES: * Rights offering. 1 Includes only corporate and other security offerings of $15 million and over; excludes options, exchanges, and secondary offerings. Digitized FRASER **forFloating rate notes. 00 T a b l e 5B INTERMEDIATE AND LONG-TERM* PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY 1 A p r i l 2 through A p r i l 13,1979 ISSUER AMOUNT (MILLIONS OF DOLLARS) TYPE NET INTEREST COST MATURITY OFFERING YIELD MOODY'S/S&P'S RATINGS 5.15-5.50 5.20-6.90 5.50-7.10 7.30 5.60-7.20 5.10-5.85 5.25-6.45 5.15-6.00 5.10-5.65 5.20-5.90 5.30-6.10 6.25 5.70-7.25 7.38 5.50-6.80 7.00 5.90-7.40 7.88 5.60-7.10 7.38 7.38 5.30-6.70 7.00 A-1/A+ Aa/AA --/AA --/AA A-l/AA Aaa/AAA A-1/A+ Aa/AA A-l/AAA Aa/A+ STATE AND LOCAL Hinds County, Miss. Memphis, Tenn. Kansas C i t y , Kansas Kansas C i t y , Kansas Wichita, Kansas D a l l a s , Texas Nueces River A u t h . , Tex. F l o r i d a S t a t e Board of Education Hempstead, N.Y. Kenosha County, Wise. Penn H i l l s School D i s t . , Pa. Penn H i l l s School " i s t . , Pa. Floyd C t y . , Ky. Floyd C t y . , Ky. H e a r t l a n d Consumers Power D i s t . , H e a r t l a n d Consumers Power D i s t . , P u e r t o Rico P u b l i c Bldg. Auth. Puerto Rico P u b l i c Bldg. Auth. C a b e l l , Putnam & Wayne C o u n t i e s , C a b e l l , Putnam & Wayne C o u n t i e s , C a b e l l , Putnam & Wayne C o u n t i e s , Delaware S t a t e Hsg. Auth. Delaware S t a t e Hsg. Auth. 10.0 25.0 16.9 18.1 30.0 37.0 13.0 33.0 14.4 10.0 5.5 5.3 15.3 3.7 37.2 77.9 25.8 99.2 17.5 26.2 6.2 30.7 18.5 G.O. G.O. Rev. Rev. Rev. G.O. Rev. G.O. G.O. G.O. G.O. G.O. G.O. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. S.D. S.D. W.Va. W.Va. W.Va. 1980-1994 1981-1999 1980-1999 2009 1980-2009 1980-1999 1981-2009 1980-2000 1980-1993 1981-1998 1981-1994 1998 1981-1999 2002 1984-2002 2016 1980-1991 2004 1981-1999 2010 2011 1980-1997 2011 — — 5.72 - - — — 5.49 6.03 5.72 5.57 - - — — — — 7.24 7.24 - - —— 7.90 7.90 - - - - - - ——/ — — ——/ —— --/AA—/AAA/AA/ABaa-l/A Baa-l/A A/AA A/AA A/AA Aa/-Aa/ - - 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. * Greater than 12 months. http://fraser.stlouisfed.org/ # e Federal Reserve Bank of St. Louis # # # e e # # • • Table 5B Continued INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY A p r i l 2 through A p r i l 13, 1979 ISSUER STATE AND LOCAL Massachusetts Bay Trans. Auth. I b e r i a Home Mtg. A u t h . , La. I b e r i a Home Mtg. A u t h . , La. I b e r i a Home Mtg. A u t h . , La. Houston, Texas Houston, Texas San F r a n c i s c o Redev. Agcy., C a l i f . San F r a n c i s c o Redev. Agcy., C a l i f . Maine S t a t e Housing Auth. Maine S t a t e Housing Auth. D e t r o i t , Michigan D e t r o i t , Michigan Tacoma, Wash. Martinsburg, W. Va. Martinsburg, W. Va. Oregon, S t a t e of Alaska, S t a t e of Arkansas Hsg. Dev. Agcy. Arkansas Hsg. Dev. Agcy. TYPE Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. G.O. G,0. Rev. Rev. AMOUNT (MILLIONS OF DOLLARS) 60.0 5.9 9.5 2.2 10.0 25.0 40.0 57.0 6.4 17.2 3.5 29.9 38.0 10.0 15.0 150.0 60.0 15.0 60.0 MATURITY 1980-2019 1981-1999 2010 2011 1981-1999 2012 1983-1999 2009 1980-1999 2020 1984-1988 2004 1984- 2014 1980-1999 2010 1990-1999 1980-1989 2011 1981-2005 NET INTEREST COST 6.65 — — — — — — 6.66 6.66 7.24 7.24 - - - - 6,33 - - 5.82 5.59 - - OFFERING YIELD 5.50-6.90 5.70-7.10 7.35 7.30 5.75-6.20 6.75 6.10-7.00 7.25 5.50-6.90 7.20 5.50-5.80 6.75 5.40-6.65 5.50-7.15 7.38 5.40-5.95 5.30-5.55 6.80 5.40-6.60 MOODY S/S&P S RATINGS A-l/AA A-l/AA A-l/AA A-l/AA A/A A/A A/A A/A A-l/AA A-l/AA A/A A/A A-1/A+ A-l/AA A-l/AA Aaa/AA+ A-1/A+ Aa/AA Aa/AA 10 Table 6A FORTHCOMING INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY As of A p r i l 13, 1979 ISSUER TYPE 1 AMOUNT (IN MILLIONS OF DOLLARS) APPROXIMATE DATE OF OFFERING CORPORATE Mapco I n c . Georgia Power Co. South C aro lin a E l e c . & Gas Co. South C aro lin a E l e c . & Gas Co. I l l i n o i s Power Co. Emons I n d u s t r i e s I n c . *Charter New York Corp. *Time I n c . Utah Power & Light Co. Utah Power & Light Co. Consumers Power Co. C o n t i n e n t a l I l l i n o i s Corp. Gulf Power Co. *Southwestern P u b l i c Service Co. Southern Railway Co. Louisiana Power & Light Co. General Motors Accept. Corp. General Motors Accept. Corp. Flexi-Van Corp. Public Service of New Hampshire Wisconsin Power & Light Co. Delmarva Power & Light Co. C r e d i t h r i f t F i n a n c i a l Corp. C r e d i t h r i f t F i n a n c i a l Corp. *Johns-Manville Corp. *United Gas P i p e l i n e Co. *Transamerica Corp. West Texas U t i l i t i e s Co. Public S e r v i c e Co. of Indiana T r a i l e r T r a i n Co. Appalachian Power Co. Columbia Gas System I n c . Montana Dakota U t i l i t i e s Co. *Carolina Power & L i g h t Co. ^General T e l . Co. of C a l i f . Brae Corp. Kansas City Power & Light Co. Debt. 1st nrbg. Com. s t k . 1st mtg. Com. s t k . Equip, t r . Notes Debt. Pfd. s t k . 1 s t mtg. 1st nrbg. Notes 1st mtg. 1st mtg. Equip, t r . 1st mtg. Debt. Notes Com. s t k . Pfd. stk. Com. s t k . Com. s t k . Notes Notes Notes 1st mtg. Debt. 1st mtg. 1st nrbg. Equip, t r . 1st mtg. Debt. 1st mtg. 1st mtg. Debt. Com. s t k . Pfd. s t k . 50.0 125.0 20.0 35.0 65.0 25.0 75.0 150.0 20.0 35.0 100.0 200.0 30.0 30.0 18.0 45.0 200.0 100.0 30.0 25.0 20.0 26.0 35.0 15.0 100.0 50.0 100.0 25.0 50.0 24.0 70.0 75.0 35.0 100.0 75.0 19.0 40.0 NOTES: * Included in table for first time. 1 Includes only corporate and other security issues of $15 million and over; excludes exchanges, options Apr. Apr. Apr. Apr. Apr. Apr. Apr. Apr. Apr. Apr. Apr. Apr. Apr. Apr. Apr. Apr. Apr. Apr. Apr. Apr. Apr. Apr. Apr. Apr. Apr. May May May May May May May May May May May May 18 18 18 18 19 19 19 19 19 19 23 23 24 25 25 26 26 26 2 3 8 10 10 15 16 17 22 23 11 Table 6B FORTHCOMING INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY ' As of A p r i l 13, 1979 ISSUER TYPE AMOUNT (IN MILLIONS OF DOLLARS) Rev. Rev. Rev. Rev. G.O. G .0. Rev. G.O. G.O. 75.0 110.0 52.1 23.7 12.8 12.0 12.4 16.6 20.0 Apr. Apr. Apr. Apr. Apr. Apr. Apr. Apr. Apr. 16 16 16 16 16 18 19 19 19 Rev. Rev. G.O. G.O. G.O. Rev. Rev. Rev. Rev. G.O. Rev. G.O. G.O. 15.0 12.4 86.8 30.4 55.0 25.0 55.0 30.0 43.0 40.5 150.0 12.0 48.0 Apr. Apr. Apr. Apr. Apr. Apr. Apr. Apr. Apr. May May May May 19 20 24 24 26 APPROXIMATE DATE OF OFFERING STATE * LOCAL L a f a y e t t e Pub. T r . F i n . A u t h . , L a . South Carolina Public S e r v . Auth. N. L i t t l e Rock Resid.Hsg.Fac.Bd.Ark. *Waukegan, 111. Albuquerque, N. Mexico Alief I n d . Sch. D i s t . , Texas *Clark County, Kentucky *Nassau Co., N.Y. *Nassau Co., N.Y. H a r r i s County Flood Control D i s t . , Texas *Monfcgomery Co., Kentucky Wisconsin, S t a t e of Baltimore, Md. Boston, Mass. Addison, 111. Mesa County, Colorado Vermont Housing F i n . Agcy. New J e r s e y Health Care F i n . Auth. *New Hampshire *N. Carolina Mun. Power Agcy. No.l *Davis Co. Sch. D i s t . , Utah *Valdez, Alaska NOTES: 1 Include state and local government issues of $10 million and over. Included in the table for the first time. 9 10 15 M Table 7 STOCK PRICES AND VOLUME STOCK PRICES DATE im- -High NYSE INDEX BJ INDUSTRIALS TRADING VOLUME AMEX NASDAQ NYSE AMEX NASDAQ 51.24 (7/15) 37.16 (1/8) 881.81 (7/15) 632.04 (1/2) 96.86 (7/15) 62.20 (1/2) 88.00 (7/15) 60.70 (1/2) 35.2 (2/13) 8.7 (9/15) 1976- •High Low 4.2 (2/21) 1 . 1 (9/15) 57.51 (9/21) 48.04 (1/2) 8 . 1 (2/13) 2.5 (9/15) 1014.79 (9/21) 858.71 (1/2) 107.05 (7/12) 84.31 (1/2) 92.52 (7/15) 78.06 (1/2) 44.5 (2/20) 10.3 (1/2) 8.6 (2/20) 1977- •High Low 57.69 (1/2) 49.78 (11/2) 11.1 (2/20) 3.5 (1/2) 105.05 (12/30) 93.66 (4/5) 35.3 (11/11) 10.6 (10/10) 1978- •High Low 4 . 2 (1/13) 1.4 (9/22) 60.38 48.37 58.0$ 53.88 Low 1979- High Low 1979 Jan. (9/12) (3/6) (4/5) (2/27) 1.1 (1/2) 999.75 (1/3) 127.89 (12/30) 800.85 (11/2) 109.61 (1/12) 907.74 (9/8) 176.87 (9/15) 742.12 (2/28) 119.73 (1/11) 877.60 (4/5) 182.38 (4/3fr 807.00 (2/27) 152.03 (1/2) 139.25 (9/13) 99.09 (1/11) 66.4 (8/3) 7.6 (1/20) 11.0 (10/30) 1 . 3 (1/20) 18.8 (5/18) 2.8 (1/20) 133.75 (4/6) 117.84 (1/2) 41.9 (4/4). 18.3 (1/2) 5.4 (4/4) 2.2 (1/22) 18.3 (4/4) 7.2 (1/2) 10.6 11.2 5 12 19 26 55.41 55.91 55.85 56.99 830.73 836.28 837.49 859.75 157.66 160.33 161.04 162.35 122.05 123.74 124.65 127.04 27.4 27.1 27.4 30.4 Feb. 2 9 16 23 3.5 3.2 3.3 2.9 55.79 54.88 55.37 54.88 834.63 822.42 827.01 823.28 159.25 160.08 163.15 162.55 125.82 123.76 125.57 125.04 27.0 25.2 24.0 24.3 Mar. 2 9 16 23 3(5 54.37 55.81 56.55 57.08 57.13r 2.5 2.8 3.0 3.0 10.4 10.2 10.0 10.3 815.75 842.86 852.82 859.75 862.18 162.97 166.66 172.77 176.80 179.70 6 13 58.04 57.53 875.69 870.50 181.74 180.32 25.2 28.9 28.5 32.2 31.0 34.7r 29.7 3.2 3.5 4.1 4.7 4.6 Aprl 123.67 127.25 128.55 130.58 131.76 133.75 133.54 11.0 13.4 12.9 14.4 15.3 16.5r 15.1 NOTES: 1 2 3 Figures other then highs end tows are Fridays only. Highs and lows are for the year and are not necessarily for Fridays. Volume figures are weekly averages of dally figures (millions of shares). 12/31/68 - 60 4 Based on average price change until September 4,1973 thereafter, based on market value of shares listed. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. # Louis # e # # e 11.0 10.8 12.1 4.5r 4.0 e (11/10) 5 . 1 (5/27) * e 13 Table 8 SECURITY CREDIT REGULATED MARGIN CREDIT EXTENDED BY END OF PERIOD B R O K E R S ON MARGIN STOCK 1 BROKERS ON 2 CONVERTIBLE BONDS 3 BANKS UNREGULATED NONMARGIN STOCK CREDIT AT BANKS OUTSTANDING 1978 - February March April May June July August September October November December 1979 - January February March CHANGE IN OUTSTANDING 1978 - February March April May June July August September October November December 1979 - January February March 9.780 9,920 10,260 10,660 11,090 11,190 11,740 12,400 12,090 11,000 10,830 242 246 248 245 242 247 243 225 216 209 205 10,750 10,790 10,870 204 195 n.a. 190 140 340 400 430 100 550 660 -310 -1,090 -170 -4 4 2 -3 -3 5 -4 -18 -9 -7 -4 -80 40 80 877 2,544 855 2,544 914 2,560 s e r i e s discontinued 26 -21 -22 -59 16 s e r i e s discontinued — — -1 9 n.a. NOTES: 1 Margin account debt as reported by the New York Stock Exchange, excluding credit for subscription issues and convertible bonds. 2 New York Stock Exchange data. 3 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 value. 4 Table 9 SAVINGS FLOWS AT NONBANK THRIFT INSTITUTIONS IN MILLIONS OF DOLLARS SAVINGS & LOAN ASSOCIATIONS MUTUAL SAVINGS BANKS REGULAR DEPOSITS DATE 1974 1975 1976 1977 1978-June July August September October November December NET FLOW 2,165 11,070 12,670 10,647 ANNUAL 3 GROWTH RATE 2.3 11.3 11.6 8.9 19 7 9 - J a n u a r y ^ . February^ 1,304 341 260 1,378 510 275 1,236 266 700 1978-June July August Sep tember October November December 723 668 1,054 1,116 1,096 353 456 6.4 5.9 9.2 9.7 9.4 3.0 3.9 452 729 3.8 6.2 1979-January . February^ 1 — — — — — — — NET NEW MONEY -2,822 4,757 5,275 2,874 -90 38 -75 -41 48 -59 -391 -121 350 — — 2 SHARE CAPITAL NET NEW MONEY ANNUAL 3 GROWTH RATE 4,668 7.1 16,006 29,276 17.6 42,769 17.6 34,369 50,169 15.2. 32,004 50,963 NOT SEASONALLY ADJUSTED 6,656 1,744 2,812 3,074 2,312 2,069 1,606 6,433 2,645 2,534 2,157 1,897 5,802 710 4,743 4,377 2,874 2,571 SEASONALLY ADJUSTED-4/ 4,675 14.0 3,846 11.4 4,578 13.4 5,757 16.7 3,510 10.0 4,399 12.4 3,710 10.4 — 4,564 12.7 3,409 9.4 NET FLOW —— — — — — —— —— — — — mm mm - - - - TOTAL 2 DEPOSITS NET FLOW 18,171 53,839 62,839 61,610 7,960 3,415 2,572 7,811 3,155 2,432 7,038 5,009 3,574 5,398 4,514 5,632 6,873 4,606 4,752 4,166 5,016 4,138 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. 4 Seasonally a d j u s t e d s e r i e s have been r e v i s e d due to r e c a l c u l a t i o n of seasonal f a c t o r s . SOURCE: National Association of Mutual Savings Banks and Federal Home Loan Bank Board. ANNUAL 3 GROWTH RATE 5.6 15.8 15.9 13.5 — — — — • • 12.1 10.0 12.3 14.9 9.9 10.1 8.8 10.5 8.6 NET NEW MONEY 1,846 34,033 39,644 34,783 1,654 2,850 1,994 1,565 2,582 1,838 298 4,256 2,921 — — — — - - 2 15 T a b l e 10 MORTGAGE COMMITMENTS AT SELECTED THRIFT INSTITUTIONS B I L L I O N S O F DOLLARS, SEASONALLY A D J U S T E D OUTSTANDING COMMITMENTS PERIOD TOTAL ALL S A V I N G S MUTUAL & LOAN SAVINGS BKS ASSOCIATIONS (N Y. S T A T E ) NET C H A N G E TOTAL ALL S A V I N G S MUTUAL & LOAN SAVINGS BKS ASSOCIATIONS (N Y. S T A T E ) 1974 14.5 12.3 2.2 -5.36 -4.03 -1.33 1975 20.0 18.0 2.0 5.47 5.72 -.25 1976 27.3 24.6 2.7 7.30 6.60 .70 1977 38 2 33.7 4.5 10.89 9.08 1.81 1978 38.3 33.4 4.9 ,06 —. 32 .38 1978 - Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 38.0 37.3 36.9 36.5 36.2 36.1 36.0 36.4 36.7 38.8 39.1 38.3 33.6 33.0 32.7 32.3 31.9 31.5 31.5 31.9 32.3 33.9 34.0 33.4 4.4 4.3 4.3 4.3 4.3 4.6 4.6 4.6 4.4 4.8 4.9 4.9 -.32 -.70 -.38 -.39 -.34 .02 -.05 .35 -.34 1.96 .22 -.65 —. 08 -.24 -.09 -.04 -.03 .05 .34 1979 - Jan. Feb. 37.5 36.5 32.6 31.7 4.8 4.8 —. 88 -.79 -.61 -.34 -.42 -.39 -.32 -.03 .36 .42 1.63 .10 -.64 —. 81 —. 86 -.02 -.01 -.08 .33 .12 -.01 -.04 -.07 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 end of period outstanding levels as reported and after seasonal adjustment by Federal Reserve. Subtotals may not add to totals because of rounding. http://fraser.stlouisfed.org/ H.16 Federal Reserve Bank of St. Louis 16 Table 11 NET NEW MONEY BORROWINGS BY MAJOR HOUSING A G E N C I E S IN MILLIONS OF DOLLARS PERIOD TOTAL INCLUDING SHORT-TERM DISCOUNT NOTES INTERMEDIATE AND LONG-TERM ISSUES TOTAL FHLB 1977-Jan. 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 1978-Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 399 1,712 887 848 3,091 1,492 1,605 1,811 1,683 1,680 1,108 3,023 534 1,933 1,499 -12 1,388 -17 600 1,483 1,276 1,881 1,182 1,131 1,630 885 2,183 0 1,400 0 0 1,500 0 700 1,200 0 0 900 750 0 1,325 1,500 0 837 0 1979-Jan. Feb e/ Mar.- 7 NOTES: Based on data from Treasury Survey of Ownership. Sales of FHLB discount notes began in May 1974. 0 -200 0 —6 105 0 0 304 0 0 300 0 FHLMC FNMA FNMA & FHLB SHORT-TERM DISCOUNT NOTES 1 -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 -12 -12 -17 0 -17 276 -19 -18 181 -70 -15 183 -116 488 0 0 0 0 600 0 1,000 1,200 0 950 1,700 0 1,250 411 324 904 248 1,608 216 -276 629 552 50 223 840 0 0 1,500 650 608 -1 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 96,814 109,736 1970 1971 1972 1973 1974 1975 1976 1977 1978 2 FINANCIAL INSTITUTIONS TOTAL 17,020 39,018 55,561 55,072 36,517 38,658 64,903 95,924 101,040 COMMERCIAL BANKS 2,462 9,940 16,800 19,600 11,700 4,200 13,900 27,900 33,800 MSB's S & L's 1,946 3,938 5,377 5,642 2,172 2,236 4,074 6,565 6,378 10,254 23,919 31,932 25,552 17,567 29,289 44,515 58,158 51,695 INSURANCE FNMA-GNMA COMPANIES 2,348 1,221 1,452 4,278 5,078 2,933 2,414 5,184 9,167 4,910 2,388 2,026 3,300 6,222 4,839 -2,120 890 8,696 Not Seasonally Adjusted 1978 - J u l . Aug. Sept. Oct. Nov. Dec. 9,156 11,061 9,391 9,444 9,408 8,618 8,428 10,063 8,407 8,561 8,923 7,916 3,200 3,700 2,800 3,000 3,200 2,200 1979 - J a n . Feb. 681 636 550 500 594 452 3,991 4,721 4,294 4,265 4,184 3,438 556 1,006 763 796 945 1,826 728 998 984 883 485 702 377 2,602 2,464 465 798 604 552 531 464 632 317 3,647 4,214 4,188 4,450 4,762 3,818 707 1,096 708 822 964 1,156 538 915 808 898 604 654 544 3,925 3,470 591 820 Seasonally Adjusted 1978 - J u l . Aug. Sept. Oct. Nov. Dec. 8,586 10,195 8,990 9,729 10,140 8,414 1979 - Jan. Feb. 8,048 9,280 8,182 8,831 9,536 7,760 3,090 3,418 2,755 3,095 3,178 2,469 Seasonally a d j u s t e d data revised due t o r e - e s t i m a t i o n of seasonal f a c t o r s . NOTES: 1 fW commercial banks based on Federal Reserve estimates bench marked to Call Report data on real estate loans outstanding as avail ' 9 a 9® d e b t outstanding as reported separately by National Assn. of Mutual Savings Banks, Federal Home Loan n r , 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 alt holders in 1974. http://fraser.stlouisfed.org/ Beginning 1972 data reflect activity in limited amount of conventional mortgages. Federal Reserve Bank January of St. Louis d ^ d 8 t a d e r V e d f r o m mort T a b l e 13 NET INCREASE IN MORTGAGE DEBT OUTSTANDING 1 IN BILLIONS OF DOLLARS, SEASONALLY ADJUSTED ANNUAL RATES 2 QUARTER TOTAL 3 RESIDENTIAL TOTAL 1- t o 4 FAMILY MULTIFAMILY COMMERCIAL MULTFAMLY & COMMERCIAL FARM 1972 - I II III IV 67,9 73.9 77.2 88.8 49,8 53.9 58,6. 64.1 38,5 40.7 47.7 48.4 11,3 13,2 11.0 15,7 14.7 16,5 14,9 21,1 26.0 29.6 25.9 36.8 3.5 3,5 3,7 3.6 1973 - I II III IV 82.0 86.7 79.8 71.1 57.5 59,2 55.4 48.9 49,4 46,1 42.9 41.1 8,1 13,1 12,5 7.9 18,8 21,7 19,4 16.7 27,0 34,8 31.9 24,5 5,6 5,8 5,0 5,5 1974 - I II III IV 71.1 69.6 53.6 47.7 50.4 45.9 34.1 30.4 • 40,8 39.0 27,4 26.1 9,5 7.0 6,7 4,3 17.2 18.8 13.7 11.4 26.7 25.7 20.3 15.7 3.6 4,0 5.8 5,9 1975 - I II III IV 45.8 53.0 61.3 68.7 32,0 38.1 45.1 50.4 31.1 38.7 45,2 50,5 0.9 -0.6 -0.1 —0.1 8,6 10.1 12,1 14,2 9,4 9,4 12.1 14.1 5.3 4,9 4.0 4.1 1976 - I II III IV 80.9 74.5 93.1 99.6 62.5 55.0 72.7 78.9 61.0 55.2 68.9 76.5 1.5 —0.2 3.8 2.4 13.3 14.8 13.5 13.0 14.8 14.5 17.2 15.5 5.2 4.7 6.9 7.7 1977 - I II III IV 108.5 133.8 140.1 153.6 85.9 110.0 113.7 119.4 81.6 101.8 106.2 110.2 4.2 8.3 7.5 9.2 14.0 14.5 17.8 25.6 18.2 22.8 25.3 34.8 8.6 9.2 8.6 8.7 1978 - I II I I I (r) IV (p) 133.7 145.3 152.4 152.6 105.4 114.0 112.5 120.5 96.2 104.8 101.4 109.7 9.2 9.2 11.1 10.8 19.3 21.7 28.1 21.1 28.5 30.9 39.2 31.9 9.0 9.6 11.8 11.0 NOTES: 1 Derived from data on mortgage debt outstanding from Federal Deposit Insurance Corporation, Federal Home Loan Bank Board, Institute of Life Insurance, Natighal 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 #r6^eMy where hot 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 muitifamilv mortgage debt. Table 14 PRIVATE HOUSING PERMITS, STARTS, COMPLETIONS, AND MOBILE HOME SHIPMENTS IN THOUSANDS OF UNITS, SEASONALLY ADJUSTED ANNUAL RATES PERMITS 1 PERIOD 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1978 - J u l y Aug. Sept. Oct. Nov. Dec. 1979 - Jan. Feb. TOTAL 1—FAMILY COMPLETIONS STARTS 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 1,658 626 647 906 1,033 882 644 676 894 1,125 1,078 698 705 1,018 1,186 937 431 264 403 552 581 1,407 1,434 2,052 2,357 2,045 1,338 1,160 i 1,538 I 1,987 2,020 811 813 1,151 1,309 1,132 888 892 1,162 1,451 1,433 656 621 901 1,048 914 450 268 376 375 587 1,399 1,418 1,706 1,972 2,014 1,692 1,297 1,362 1,652 1,866 808 802 1,014 1,143 1,174 932 867 1,026 1,254 1,366 592 617 692 828 840 760 430 336 398 499 413 401 497 576 567 329 216 246 277 275 ! 1,632 1,563 1,731 1,727 1,724 1,664 1,035 1,020 1,092 1,135 1,114 1,149 597 543 639 592 610 515 2,104 2,004 2,024 2,054 2,107 2,074 1,455 1,431 1,432 1,436 1,502 1,539 646 573 592 618 605 535 1,928 1,948 1,900 1,883 1,885 1,872 1,320 1,363 1,370 1,414 1,375 1,405 608 584 530 468 510 467 232 283 272 286 280 303 1,324 1,360 841 814 483 546 1,669 1,411 1,148 964 521 447 1,814 1,314 500 311 264 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 vo Table 15 AVERAGE RATES AND YIELDS ON HOME MORTGAGES CONVENTIONAL L O A N S PRIMARY MARKET NEW HOMES PERIOD 1 HUD(FHA) INSURED LOANS SECONDARY MARKET EXISTING H O M E S NEW HOMES 1 1 SPREAD BETWEEN RETURNS ON NEW A a a CONVENTIONAL UTILITY AND HUD(FHA) BOND NEW HOME YIELD MORTGAGES (IN PER CENT) (BASIS POINTS) RATE (IN PER CENT) SPREAD (BASIS POINTS) RATE (IN PER CENT) SPREAD (BASIS POINTS) YIELD (IN PER CENT) SPREAD (BASIS POINTS) DISCOUNT (PERCENTAGE POINTS) 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 1978 - Jan. Feb . 9.15 9.25 9.30 9.40 9.60 9.75 9.80 9.80 9.80 9.95 10.10 10.30 NA 9.20 9.25 9.30 9.45 9.60 9.75 9.80 9.80 9.85 9.95 10.15 10.30 54 47 53 58 59 72 100 79 72 NA 9.11 NA NA 4.7 4 NA NA NA Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 1979 - Jan. Feb. 10.30 10.35 54 47 48 58 59 72 100 74 72 NA NA NA 76 10.30 10.35 NA NA NA 76 NA 9.29 9.37 9.67 46 45 65 4.1 4.7 5.0 NA NA NA 9.92 9.78 9.78 9.93 9.99 10.16 10.17 10.17 84 98 72 55 1 3 - 7 NA NA NA 3.1 2.1 2.1 2.1 3.6 4,8 -12 2 2 2 11 14 NA NA 4.9 4.9 13 18 8.71 8.83 8.92 9.02 9.16 9.08 8.80 9.06 9.23 NA NA NA 9.59 NOTES: 1 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. Rate* 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. 21 Table 16 FNMA AUCTION RESULTS HOME MORTGAGE COMMITMENTS GOVERNMENT-UNDERWRITTEN DATE OF AUCTION AMOUNT (IN MILLIONS OF DOLLARS) OFFERED ACCEPTED OFFERED AVERAGE YIELD ACCEPTED 1011(1/9) 605(1/9) Low 130(8/7) 80(8/7) July 10 24 503.3 253.4 327.4 144.1 10.02 10.00 169.8 146.2 90.5 88.4 10.17 10.21 Aug. 7 21 130.3 368.8 80.1 197.1 9.82 9.80 74.7 150.0 47.5 81.0 10.15 10.07 Sept. 5 18 351.2 366.7 154.7 181.2 9.78 9.79 199.4 285.3 126.3 157.4 10.02 10.01 Oct. 2 16 30 682.4 425.4 857.0 278.6 176.2 377.6 9.91 9.98 10.20 395.5 336.1 425.2 166.9 148.8 179.9 10.10 10.18 10.31 Nov. 13 27 452.8 335.2 182.4 139.4 10.27 10.33 488.2 373.2 199.5 187.3 10.49 10.64 Dec. 11 27 283.4 343.6 144.4 175.2 10.40 10.60 262.2 155.2 141.5 79.4 10.77 10.92 Jan. 8 23 211.0 93.9 101.1 54.3 10.67 10.73 71.2 42.3 36.0 22.1 11.02 11.13 Feb. 6 20 42.4 168.2 37.9 123.3 10.61 10.47 19.4 43.6 17.9 27.5 11.07 11.02 Mar. 5 19 265.0 243.3 141.8 142.6 10.43 10.42 47.0 97.9 33.8 79.7 10.96 10.92 Apr. 2 260.7 139.2 10.44 167.8 98.6 1978 - High 1979 AVERAGE YIELD CONVENTIONAL AMOUNT (IN MILLIONS OF DOLLARS) 10.69(12/27) 717(5/15) 363(5/15) 9.13(1/9) 75(8/7) 48(8/7) 10.92(12/27) 9.28(1/9) 10.92 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.
@FedFRASER