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Capital

Mari<et
Developments

April 2, 1979

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

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

_

g

g ^ U R I T Y VOLUME AND YIELDS

®

STOCK MARKET AND SECURITY
CREDIT
9 — 16 M O R T G A G E M A R K E T
SYMBOLS
e

ESTIMATE

P

PRELIMINARY

r

REVISED

n.3.

NOT A V A I L A B L E
D A T A DO NOT EXIST

Table 1

YIELDS, VOLUME AND RECEPTION
CORPORATE BOND MARKET
VOLUME

YIELDS
WEEK ENDING

197°-Jan.

Feb.

Mar.

5
12
19
26
2
9
16
23
2
9
16
23
30

NEW ISSUE 1
A a a UTILITY

RECENTLY
OFFERED
A a a UTILITY

GROSS
OFFERINGS
( $ MILLIONS)

3

PER CENT
S O L D BY END
O F WEEK

NEW ISSUES 4
IN SYNDICATE
( $ MILLIONS)

9.51
9.55
9.57
9.45

— —

9.54
*

— —

9.42
— —

9.59

10
0
530
187

100
97
100

18
0

9.40
9.51
9.55
9.63

— —

W

2

663
454
20
290

100
97
100
70

0
15
0
86

99
100
100
97r
100

4
0
0
35r
0

325
120
123
1,064
425

9.67
9.60
9.65
9.63r
9.62p

9.64
9.61
— —

9,64r
9.60p

0

—

MUNICIPAL BOND MARKET
VOLUME

YIELDS
WEEK ENDING

MOODY'S
NEW ISSUE
Aaa

B O N D BUYER
2D-BOND
INDEX

GROSS
OFFERINGS
( $ MILLIONS)

3

PER C E N T
S O L D BY END
O F WEEK

NEW I S S U E S 4
IN SYNDICATE
( $ MILLIONS)

1979-Jan.

5
12
19
26

6.05
6.00
6.00
5.75

6.58
6.50
6.48
6.30

137
960
488
460

78
89
94
87

78
151
65
77

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.

1

5.80
5.80
5.80
5.80
5.90

6.42
6.35
6.30
6.29
6.28

981
828
1,376
759
913

91
89
94
80
88

138
122
178
226
197

9
16
23
30

NOTES:
1

Federal Reserve series of implied yield on newly issued, ^aa-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 I S S U E
A a a UTILITY

DATE

1

RECENTLY OFFERED
A a a UTILITY

2

MOODY'S S E A S O N E D
CORPORATE A a a

3

U . S . GOVT. 20-YEAR
C O N S T A N T MATURITY

4

BOND BUYER
2G-BOND INDEX

1975 - High
Low

9.80 ( 5 / 2 )
8.89 ( 2 / 7 )

9 . 7 1 (5/25)
9.06 (2/28)

9 . 0 1 (5/2)
8.57 (2/28)

8 . 6 3 (9/19)
7 . 6 3 (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 . 1 7 (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 )

8.28 (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

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)

1979 - High
Low

9.64 (3/23)
9.42 ( 2 / 9 )

9.67 ( 3 / 2 )
9.40 ( 2 / 2 )

9.38 (3/23)
9.19 (2/2)

9.12 ( 3 / 2 )
8.89 (2/2)

6.42 (3/2)
6.22 (2/2)

1978 - December

9.28

9.41

9.16

8.90

6.51

1979 - January

9.54
9.53

9.51
9.56

9.25
9.26

8.98
9.03

6.47
6.31

9.40
9.51
9.55r
9.63r

9.19
9.23
9.25
9.28

8.89
9.00
9.04
9.09

6.22
6.31
6.33
6.38

9.67
9.60
9.65
9,63r
9.62p

9.36
9.35
9.38
9.38
9.36p

9.12
9.08
9.07
9.08
9.05p

6.42
6.35
6.30
6.29
6.28

February

1979 - Feb.

Mar.

2
9
16
23

— —

9.42
-

-

9.59

2
9
16
23
30

9.64
9.61
- -

9.64r
9.60p

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.




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Table 3

LONG-TERM CORPORATE AND
STATE AND LOCAL GOVERNMENT
SECURITY OFFERINGS AND PLACEMENTS
IN MILLIONS OF DOLLARS

G R O S S PROCEEDS

1

CORPORATE

PERIOD

2

S T A T E A N D LOCAL

1979
January
February
March

1978

1977

1979

1978

1977

3,275e
2,950e
3,500e

3,013
2,657
4,442

4,362
2,792
5,578

2,746
2,700e
4,400e

3,306
2,753
4,844

3,402
3,442
4,063

3,285
4,035
5,215

3,998
3,797
5,660

3,824
5,525
4,369

3,409
4,566
5,786

4,226
3,311
3,832

4,289
3,469
4,177

3,920
6,407
2,323

3,113
4,118
4,013

3,685
3,207
4,150 e

4,221
5,331
6,531

3,231
4,320
3,690

3,807
3,332
3,646

10,903
13,718
12,650
11,241

10,907
13,761
11,244
10,785

24,621
37,271
48,512

24,668
35,912
46,697

April
May
June
July
August
September
October
November
December

9,725

01
02
03
04
1st Half
3 Qtrs.
Year

10,112
12,535
11,369
ll,042e

12,732
13,455
11,935
16,083

22,647
34,016
45,058e

26,187
38,122
54,205

NOTES:
1

Securities and Exchange Commission estimates of gross proceeds.

2

Securities Industry Association estimates of principal amounts.




9,846e

Table 4

NEW CORPORATE SECURITY ISSUES
BY TYPE OF ISSUE AND ISSUER
IN MILLIONS OF DOLLARS

G R O S S PROCEEDS BY TYPE OF ISSUER

G R O S S PROCEEDS BY TYPE OF I S S U E
PERIOD

MEMO

BONDS

COMMON
AND
PRIVATELY
PREFERRED
PLACED
STOCK

MANUFACTURING

PUBLIC
UTILITY

COMMUNICATIONS

1

OTHER
ISSUERS

TOTAL

PUBLICLY
OFFERED

FOREIGN

CONVERTIBLE

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

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

1977 - I
II
III
IV

1978 -

I
II
III

I S S U E S INCLUDED

——

349
353
552
215
290
457

NOTES:
1

Other issuers are extractive, railroad and other transportation, real estate and finance, and commercial and other.

Source: Securities and Exchange Commission.


http://fraser.stlouisfed.org/
Federal Reserve Bank of St. +
Louis

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T a b l e 5A

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY 1
February 26 through March 20, 1979

ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

Transamerica F i n a n c i a l Corp.
South C e n t r a l Bell T e l . Co.
P o r t l a n d General E l e c . Co.
Southern P a c i f i c T r a n s p o r t a t i o n Co.
El Paso Co.
Hershey Foods Corp.
Minnesota Power & Light Co.
Federal Express Corp.
Duke Power Co.
M e r c a n t i l e Texas Corp.
A l l s t a t e F i n a n c i a l Corp.
Denver Rio Grande Western R.R. Co.
Golden Nugget I n c .
C i n c i n n a t i Gas & E l e c t . Co.
Southwestern Bell T e l . Co.
Monongahela Power Co.
Atchison, Topeka & Santa Fe Railway
Co.
Ford Motor C r e d i t Co.
Ford Motor C r e d i t Co.
J . Ray McDermott & Co.
General E l e c t r i c C r e d i t Corp.
General M i l l s I n c .
N a t i o n a l Rural U t i l s . Coop. F i n . Corp.

Debt.
Debt.
Com. s t k .
Equip, t r .
Govt. g t d .
Debt.
Com. s t k .
Com. s t k .
Com. s t k .
Notes* *
Notes
Equip, t r .
Units
1 s t . mtg.
Debt.
1 s t . mtg.

75.0
250.0
89.4
24.0
20.8
75.0
20.2
18.9
107.3
35.0
50.0
16.5
21.0
100.0
450.0
40.0

Equip, t r .
Notes
Debt.
Debt.
Notes
Debt.
Coll, t r .

24.0
150.0
150.0
150.0
200.0
125.0
100.0

CORPORATE

MATURITY

1999
2019
» mm

1979-1994
2003
2009

COUPON RATE

OFFERING
YIELD

MOODY'S/S&P'S
RATINGS

9.88
9.63

9.92
9.65

A/A+
Aaa/AAA

——

9.50
9.40
9.50

— —

10.25-9.50
9.40
9.54

Aa/AA
—

/

—

A/A+

-

-

-

-

-

—
-

-

-

1999
1986
1980-1994
1994
2009
2119
2009

11.20
9.63
9.38
12.25
10.00
9.63
10.50

11.20
9.65
10.15-9.40
13.80
9.87
9.65
10.47

- -/AAAa/AA
Aaa/AAA
B/B
Aa/AA
Aaa/AAA
Baa/A-

1980-1994
1987
2004
2004
1987
2009
2009

9.50
9.75
9.85
9.63
9.75
9.38
9.75

10.20-9.50
9.75
9.85
9.65
9.75
9.47
9.80

Aaa/AAA
Aaa/AAAaa/AAA/A
Aa/AAA/A+
A/AA

NOTES:
*

Rights offering.

1

Includes only corporate and other security offerings of $15 million and over; excludes options, exchanges, and secondary offerings.

** Floating rate notes.



^

00

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
February 36 through March 30, 1979

ISSUER

AMOUNT
(MILLIONS
OF
DOLLARS)

TYPE

COUPON RATE

MATURITY

OFFERING
YIELD

MOODY S / S & P ' S
RATINGS

CORPORATE

Com. s t k .

20.0

Debt.

Kentucky U t i l s . Co.

60.0

OTHER

Stockholm

—

-

-

-

9.88

9.75

1994

-

Aaa/AAA

y
)




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T a b l e SB

INTERMEDIATE AND LONG-TERM *
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY '
March 1 through March 30,
ISSUER

1979

TYPE

AMOUNT
(MILLIONS OF
DOLLARS)

MATURITY

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

49.5
56.3
12.0
50.0
30.9
115.6
7.5
4.3
8.2
50.0
4.8
8.6
28.2
51.2
88.5
80.0

1980
1981-2000
2010
1979-1987
2010
1980-1999
2009
2003
1980-1998
1981-2009
1981-1996
2008
1982-1995
2006
1980-1999
1981-2006

7.33
7.33
5.56
6.26

5.50-6.55
6.88
5.10-5.25
7.10
5.40-6.90
6.90
6.80
5.75-6.60
5.35-6.40
5.50-6.25
6.88
6.00-7.00
7.25
5.10-5.80
5.25-6.50

Rev.

63.8

2010

7.30

7.38

Aa/AA

Rev.
Rev.
Rev.
Rev.
Rev.

36.2
16.9
8.1
39.5
9.6

1980-1999
2011
1982-1999
2011
2012

7.30

5.40-7.00
7.50
5.70-7.20
7.30
7.30

Aa/AA
A/AA
A/AA
Aa/AA
Aa/AA

NET INTEREST
COST

STATE AND LOCAL

Chicago Metro. S a n i t a r y D i s t . , 111.
Wyoming Comm. Dev. Auth.
Wyoming Comm. Dev. Auth.
Ohio, S t a t e of
South Dakota Hsg. Dev. Auth.
South Dakota Hsg. Dev. Auth.
Dade Co., F l a .
Dade Co., F l a .
Dade Co., F l a .
Broward Co., F l a .
Secaucus Mun. U t i l i t i e s A u t h . , N . J .
Secaucus Mun. U t i l i t i e s A u t h . , N . J .
Orange Cty. Muni. Water D i s t . , C a l i f .
Orange Cty. Muni. Water D i s t . , C a l i f .
Minnesota, S t a t e of
A u s t i n , Texas
East Baton Rouge P a r i s h Mtg. F i n .
A u t h . , La.
East Baton Rouge P a r i s h Mtg. F i n .
A u t h . , La.
Lonoke Cty. Res. Hsg. Fac. Bd., Ark.
Lonoke Cty. Res. Hsg. Fac. Bd., Ark.
L i t t l e Rock Res. Hsg. Fac. Bd., Ark.
L i t t l e Rock Res. Hsg. Fac. Bd., Ark.

5.94

——
— —

5.33
6.74
6.74
6.82
6.82
6.82
6.13

——
——

-

—

— —

7.25
7.25

OFFERING
YIELD

——

MOODY'S/S&P'S
RATINGS

——/——
Aa/AA
Aa/AA
Aaa/AAA
A-l/AA
A-l/AA
A/AA/AA/AA-1/A+
A-l/-A-l/A
Baa-1/BBB+
Baa- 1/BBB+Aaa/AAA
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.

Digitized * FRASER
for Greater t h a n


12 months

V
O

Table 5B Continued

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
March 1 through March 30, 1979

ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

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

25.9
18.7
25.0
6.3
100.0
25.0
3.8
8.0
7.7
13.3
11.0
4.0
3.6
16.0
29.7
7.4
31.6
57.1
35.0
50.0
98.1
48.6
16.3
129.4
170.6

1981-1999
1980-1999
2008
2009
1999
1989-1993
2006
1981-1999
1981-1999
2010
1983-1993
1997
1982-1994
2011
1984
1982-1994
2011
1981-1994
1983-1989
1999
1980-1996
2010
2011
1985-2002
2012

NET INTEREST
COST

OFFERING
YIELD

MOODY'S/S&P'S
RATINGS

7.25

5.60-7.00
5.60-7.30
7.60
7.60
8.63
8.10-8.40
7.70
6.00-6.50
5.70-7.20
7.50
5.40-6.00
6.30
5.80-7.25
7.63
6.90
6.10-7.70
8.25
5.70-6.40
5.70-6.25
6.77
5.60-6.90
7.25
7.34
5.50-6.80
7.00

Aa/AA
A/AA
A/AA
A/AA
Baa-l/A
Baa-l/A
- - / BB
--/BB
A-l/ —
A-l/—
— /A

STATE AND LOCAL

L i t t l e Rock Res. Hsg. Fac. Bd., Ark.
Anchorage, Alaska
Anchorage, Alaska
Anchorage, Alaska
Municipal A s s i s t a n c e C o r p . , N.Y.C.
Municipal A s s i s t a n c e C o r p . , N.Y.C.
Redwood C i t y Gen. Imp. D i s t . , C a l i f .
Redwood C i t y Gen. Imp. D i s t . , C a l i f .
Sussex Co., Del.
Sussex Co., Del.
C e n t r a l Texas Hgr. Educ. A u t h . , I n c .
C e n t r a l Texas Hgr. Educ. A u t h . , I n c .
Orangeburg Co., S.C.
Orangeburg Co., S.C.
P h i l a . Equip. Leasing A u t h . , Pa.
P o n t i a c , Mich.
P o n t i a c , Mich.
Kentucky Hsg. Corp.
Savannah P o r t A u t h . , Ga.
Savannah P o r t A u t h . , Ga.
Rhode I s l a n d Hsg. & Mtg. Corp.
Rhode I s l a n d Hsg. & Mtg. Corp.
Rhode I s l a n d Hsg. & Mtg. Corp.
Texas Municipal Power Agcy.
Texas Municipal Power Agcy.




— —

- — —

- — —

6.95
6.95

— —

- — —

— —
— —

6.35
6.75
6.75
7.15
7.15
7.15
6.90
6.90

--/A

Baa-l/A-

Baa-l/A--/ABaa/ABaa/AA-l/AAA/A
A/A
Aa/AAAa/AAAa/AAA/A+
A/A+

#

#

#

#

#

#

#

#

NET INTEREST
COST

OFFERING
YIELD

T a b l e 5B C o n t i n u e d

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
March 1 through March 30, 1979

ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

MOODY'S/S&P'S
RATINGS

STATE AND LOCAL

Columbus, Ohio
Sulphur, La.
West Virginia Hsg. Dev. Fund
West Virginia Hsg. Dev. Fund
St. Paul, Minn.
St. Paul, Minn.
Arlington, Texas
Arlington, Texas
Anaheim Stadium Inc., Calif.
Anaheim Stadium Inc., Calif.
Anaheim Stadium Inc., Calif.
Washington Public Power Supply Sys.
Washington Public Power Supply Sys.
Washington Public Power Supply Sys.
Lakeland, Fla.
Hamilton Co., Ohio
Hamilton Co., Ohio
Hamilton Co., Ohio
Hamilton Co., Ohio
Chicago Park Dist., 1 1 1 .
Sebastian Cty. Res. Fac. Bd., Ark.
Sebastian Cty. Res. Fac. Bd., Ark.
Massachusetts, State of
Colorado Hsg. Finance Auth.
Colorado Hsg. Finance Auth.
Colorado Hsg. Finance Auth




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

12.6
10.0
68.0
32.0
17.9
32.1
8.5
14.9
4.5
9.3
19.2
62.9
33.5
83.6
50.0
8.0
3.2
4.0
16.3
42.0
27.4
5.1
125.0
10.5
7.1
25.2

1981-2005
1980-2003
1980-1999
2010
1981-2000
2011
1981-2000
1981-2000
1986-1995
2005
2015
1982-1999
2004
2012
1984-2006
1984-1995
1998
2001
2009
1980
1997
1997
1980-1999
1981-2002
2009
2021

5.82
6.66
——
-

-

——
——

5.74
5.57
6.99
6.99
6.99
6.49
6.49
6.49
6.22

——
-

-

——

5.96
6.75
7.00
6.49
6.87
6.87
6.87

5.20-6.10
5.50-6.90
5.40-6.90
7.15
5.50-7.00
7.25
5.30-6.20
5.15-6.10
6.00-6.50
6.80
7.00
5.25-6.04
6.40
6.75
5.35-6.45
6.00-7.25
7.50
7.63
7.75
5.75
6.75
7.00
5.50-6.70
5.40-6.50
6.80
6.96

Aa/AA
Baa-l/BB&f
Aa/AAAa/AAAa/-Aa/-A/A

A/A+
A/AA/AA/AAaa/AAA
Aaa/AAA
Aaa/AAA
Aa/AA
Baa-l/A
Baa-l/A
Baa-l/A
Baa-l/A

— /——
—

Aa/~
——/ ——

A-l/AA
Aa/AA
Aa/AA
Aa/AA

Table 5B Continued

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
March 1 through March 3 0 , 1979

ISSUER

STATE AND LOCAL

Phelps County, Mo.
Phelps Coutny, Mo.
Maryland Comm. Dev. Adm.
Maryland Comm. Dev. Adm.
Hawaiian Gardens Redev. A g c y . , C a l i f .
Hawaiian Gardens Redev. A g c y . , C a l i f .
Shelby Co., Tenn.
Florence Cty. S.D. No. 1, S.C.
Nevada, S t a t e of
C a l i f o r n i a , S t a t e of
B u t l e r Area Sewer A u t h . , Pa.
Chicago, 111.
Chicago, 111.
Chicago, 111.
West Memphis R e s i d . Hsg. Fac. Bd.,
Ark.
West Memphis R e s i d . Hsg. F a c . Bd.,
Ark.
West Memphis R e s i d . Hsg. Fac. Bd.,
Ark.
Mass. Home Mort. F i n . Agency
Mass. Home Mort. F i n . Agency
Montgomery Cty. Hsg. O p p o r t u n i t i e s
Comm., Md.




AMOUNT
(MILLIONS
OF
DOLLARS)

TYPE

MATURITY

NET INTEREST
COST

OFFERING
YIELD

MOODY'S/S&P'S
RATINGS

7.31
7.31

Baa-l/ABaa-l/A— /A
--/A
Aa/AA
A/A+
Aa/AA
Aaa/AAA

6.96
6.96
6.96

5.90-7.10
7.45
5.30-6.75
6.88
5.50-6.90
7.25
5.20-6.15
5.30-6.35
5.20-6.10
5.10-6.00
5.90
5.50-6.95
7.20
6.60

—-

5.70-7.10

--/AA

7.41

—/AA
—/AA
A/A+
Aa/A+
Aa/A+

•

Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
G .0.
G.O.
G.O.
G.O.
Rev.
Rev.
Rev.
Rev.

5.7
8.8
12.8
J
7:2
5.5
9.0
47.0
10.0
47.0
125.0
29.1
63.5
56.5
30.0

1983-1999
2009
1980-1999
2011
1981-1996
2011
1980-1999
1982-2003
1983-2009
1980-2004
1981
1980-1999
2009
2008

Rev.

5.4

1981-1998

Rev.

9.3

2010

Rev.
Rev.
Rev.

2.0
17.8
7.2

2011
1981-1999
2010

- -

7.42
5.50-6.80
7.00

Rev.

36.0

1980-1996

6.38

5.40-6.30

<v

——
——
——
——

5.63
5.90
5.92
5.72
«# —

- -

- —

——

— /-— /—

--/—

Aa/AA
Aa/AA
Aa/AA

#

s

#

•

«

#

#

#

#

•

. •

T a b l e 5B C o n t i n u e d

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
March 1 through March 30, 1979

ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

NET INTEREST
COST

OFFERING
YIELD

MOODY'S/S&P'S
RATINGS

STATE AND LOCAL

Montgomery Cty. Hsg. O p p o r t u n i t i e s
Comm., Md.
Montgomery Cty. Hsg. O p p o r t u n i t i e s
Comm. Md.
Montgomery Cty. Hsg. O p p o r t u n i t i e s
Comm., Md.
Connecticut Hsg. F i n . Auth.
Connecticut Hsg. F i n . Auth.
Allegheny Cty. Hsp. Dev. A u t h . , Pa.
Allegheny Cty. Hsp. Dev. A u t h . , Pa.
Allegheny Cty. Hsp. Dev. A u t h . , Pa.
Anaheim Union High Sch. Comm. A u t h . ,
Cal.
Anaheim Union High Sch. Comm. A u t h . ,
Cal.
Anaheim Union High Sch. Comm. A u t h . ,
Cal.
Tippecanoe Co. Hosp. A u t h . , I n d .
Tippecanoe Co. Hosp. A u t h . , I n d .
Gwinnett Co. Sch. D i s t . , Ga.
New Orleans Home Mort. Auth. La.
New Orleans Home Mort. A u t h . , La.
Houma-Terrebone P u b l i c Trust F i n .
A u t h . , La.




Rev.

8.0

2000

6.38

6.50

Aa/A+

Rev.

7.9

2005

6.38

6.90

Aa/A+

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

4.9
103.8
54.5
20.9
16.4
42.0

2010
1980-1998
2011
1983-1997
2003
2012

6.38
6.57
6.57
7.37
7.37
7.37

7.00
5.40-6.50
6.80
5.80-7.10
7.25
7.38

Aa/A+
Aa/AA
Aa/AA
A-1/A+
A-1/A+
A-1/A+

Rev.

1.4

1982-1991

7.05

5.60-6.40

A/A-

Rev.

2.8

2001

7.05

6.88

A/A-

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

5.8
4.7
9.3
20.0
27.8
57.2

2011
1982-1999
2011
1982-2000
1980-1999
2011

7.05

7.00
5.40-6.75
7.25
5.20-6.05
5.50-6.90
7.25

A/AA/A+
A/A+
A-l/A
Aa/AA
Aa/AA

Rev.

8.6

1981-1999

5.60-7.10

—/AA

——

- —

5.89
——
——

w

Table 5B Continued

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
March 1 through March 30, 1979

ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

Rev.

13.3

2010

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

3.1
15.0
24.8
12.5
75.0
16.3

2011
1980-1998
1981-1999
2011
2014
1980-1999

Rev.

22.0

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

38.0
20.0
20.0
14.0
1.8
1.2
8.5
6.9
9.9
19.4

MATURITY

NET INTEREST
COST

OFFERING
YIELD

MOODY'S/S&P'S
RATINGS

STATE AND LOCAL

Houma-Terrebone P u b l i c T r u s t F i n .
Auth, La.
Houma-Terrebone P u b l i c Trust F i n .
Auth. La.
Providence, R. I .
North Carolina Hsg. F i n . Agy.
North Carolina Hsg. F i n . Agy.
Port Airfch. of New York & New J e r s e y
V i r g i n i a P u b l i c School Auth.
Los Angeles Dept. of Water & Power,
Cal.
Los Angeles Dept. of Water & Power,
Cal.
C i t r u s Co., F l a .
C i t r u s Co., F l a .
San F r a n c i s c o , Gal.
P h i l a d e l p h i a I n d u s t . Dev. A u t h . , Pa.
P h i l a d e l p h i a I n d u s t . Dev. A u t h . , Pa.
P h i l a d e l p h i a I n d u s t . Dev. A u t h . , Pa.
Idaho F a l l s , Idaho
Idaho F a l l s , Idaho
Idaho F a l l s , Idaho




7.30

—/AA

6.80
5.63

7.30
5.40-6.15
5.25-6.25
6.63
6.75
5.10-5.85

— - /AA
A-l/—
Aa/A+
Aa/A+
A/A
Aa/AA

1985-2000

6.31

5.25-6.00

Aa/AA

2019
2004
2009
1980-1999
1982-1991
1995
2009
1984-1999
2009
2019

6.31

6.41
6.75
6.88
5.15-6.10
6.00-7.50
7.75
8.25
5.40-5.90
6.60
6.75

- -

- -

5.95
- -

—

- - -

5.57
- -

—
——

- - -

Aa/AA
A/A+

A/A+
Aaa/AA
--/—
— mm J

mm mm

/—

A-l/A
A-l/A
A-l/A

#

#

#

#

#

#

#

Table 5B Continued

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
March 1 through March 30, 1979

ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

NET INTEREST
COST

OFFERING
YIELD

MOODY'S/S&P'S
RATINGS

STATE AND LOCAL

Montgomery Cty. Hsg. O p p o r t u n i t i e s
Comm., Md.
Montgomery Cty. Hsg. O p p o r t u n i t i e s
Comm. Md.
Montgomery Cty. Hsg. O p p o r t u n i t i e s
Comm., Md.
Connecticut Hsg. F i n . Auth.
Connecticut Hsg. F i n . Auth.
Allegheny Cty. Hsp. Dev. A u t h . , Pa.
Allegheny Cty. Hsp. Dev. A u t h . , Pa.
Allegheny Cty. Hsp. Dev. A u t h . , Pa.
Anaheim Union High Sch. Comm. A u t h . ,
Cal.
Anaheim Union High Sch. Comm. A u t h . ,
Cal.
Anaheim Union High Sch. Comm. Atrfch.,
Cal.
Tippecanoe Co. Hosp. A u t h . , I n d .
Tippecanoe Co. Hosp. A u t h . , I n d .
Gwinnett Co. Sch. D i s t . , Ga.
New Orleans Home Mort. Auth. La.
New Orleans Home Mort. A u t h . , La.
Houma-Terrebone Public T r u s t F i n .
Atrfch., La.




Rev.

8.0

2000

6.38

6.50

Aa/A+

Rev.

7.9

2005

6.38

6.90

Aa/A+

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

4.9
103.8
54.5
20.9
16.4
42.0

2010
1980-1998
2011
1983-1997
2003
2012

6.38
6.57
6.57
7.37
7.37
7.37

7.00
5.40-6.50
6.80
5.80-7.10
7.25
7.38

Aa/A+
Aa/AA
Aa/AA
A-1/A+
A-1/A+
A-1/A+

Rev.

1.4

1982-1991

7.05

5.60-6.40

A/A-

Rev.

2.8

2001

7.05

6.88

A/A-

Rev.
Rev.
Rev.
G .0.
Rev.
Rev.

5.8
4.7
9.3
20.0
27.8
57.2

2011
1982-1999
2011
1982-2000
1980-1999
2011

7.05

7.00
5.40-6.75
7.25
5.20-6.05
5.50-6.90
7.25

A/A—
A/A+
A/A+
A-l/A
Aa/AA
Aa/AA

Rev.

8.6

1981-1999

5.60-7.10

—/AA

- - -

5.89
——
——

w

Table 5B Continued

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
March 1 t h r o u g h March 30, 1979

ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

Rev.

13.3

2010

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

3.1
15.0
24.8
12.5
75.0
16.3

2011
1980-1998
1981-1999
2011
2014
1980-1999

Rev.

22.0

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

38.0
20.0
20.0
14.0
1.8
1.2
8.5
6.9
9.9
19.4

MATURITY

NET INTEREST
COST

OFFERING
YIELD

MOODY S / S & P S
RATINGS

STATE AND LOCAL

Houma-Terrebone Public T r u s t F i n .
Auth, La.
Houma-Terrebone Public Trust F i n .
Auth. La.
Providence, R. I .
North Carolina Hsg. F i n . Agy.
North Carolina Hsg. F i n . Agy.
Port Avrfch. of New York & New J e r s e y
V i r g i n i a P u b l i c School Auth.
Los Angeles Dept. of Water & Power,
Cal.
Los Angeles Dept. of Water & Power,
Cal.
C i t r u s Co., F l a .
C i t r u s Co., F l a .
San F r a n c i s c o , Cal.
P h i l a d e l p h i a I n d u s t . Dev. A u t h . , Pa.
P h i l a d e l p h i a I n d u s t . Dev. A u t h . , Pa.
P h i l a d e l p h i a I n d u s t . Dev. A u t h . , Pa.
Idaho F a l l s , Idaho
Idaho F a l l s , Idaho
Idaho F a l l s , Idaho




- —

7.30

—/AA

6.80
5.63

7.30
5.40-6.15
5.25-6.25
6.63
6.75
5.10-5.85

—/AA
A-l/~
Aa/A+
Aa/AHA/A
Aa/AA

1985-2000

6.31

5.25-6.00

Aa/AA

2019
2004
2009
1980-1999
1982-1991
1995
2009
1984-1999
2009
2019

6.31

6.41
6.75
6.88
5.15-6.10
6.00-7.50
7.75
8.25
5.40-5.90
6.60
6.75

Aa/AA
A/A+
A/A+
Aaa/AA

- -

5.95
- -

- - —

5.57
- -

—
-—

- ——

— / —

•»«* J »«

A-l/A
A-l/A
A-l/A

9
15
T a b l e 6A

FORTHCOMING INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
As of March 30, 1979

ISSUER

TYPE

1

AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

CORPORATE

Iowa Public S e r v i c e
Public Service Co. of I n d i a n a
Avco F i n a n c i a l S e r v i c e s I n c .
P h i l a d e l p h i a Glee. Co.
V i r g i n i a E l e c . Power Co.
Gulf S t a t e s U t i l s .
P a c i f i c Power & Light Co.
Chesapeake & Potomac T e l . Co. of
Virginia
C o n t i n e n t a l Oil Co.
Georgia Power Co.
South Carolina E l e c . & Gas Co.
S. C aro lin a E l e c . & Gas Co.
* I l l i n o i s Power Co.
Utah Power & Light Co.
Utah Power & Light Co.
*Chemical New York Corp.
Consumers Power Co.
Gulf Power Co.
^Southern Railway Co.
Louisiana Power & Light Co.
Emons I n d u s t r i e s I n c .
*Mapco I n c .
Public Service of New Hampshire
Wisconsin Power & Light Co.
Delmarva Power & Light Co.
*West Texas U t i l i t i e s Co.
*Public Service Co. of Indiana
*Brae Corp.
OTHER
Sweden, Kingdom of

Com. s t k .
Pfd. s t k .
Notes
Com. s t k .
1st nrfcg.
1st nrfcg.
1 s t mfcg.

21.0
35.0
125.0
68.0
100.0
75.0
100.0

Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.

3
3
3
3
3
4
10

Debt.
Debt.
1st nrfcg.
Com. s t k .
1st nrfcg.
Com. s t k .
Pfd. stk.
1st nrfcg.
Floating r a t e note
1st nrfcg.
1st nrfcg.
Equip t r .
1st nrfcg.
Equip t r .
Debt.
Pfd. s t k .
Com. s t k .
Com. s t k .
1 s t nrfcg.
1st nrfcg.
Com. s t k .

200.0
200.0
125.0.
20.0
35.0
65.0
20.0
35.0
100.0
100.0
30.0
18.0
45.0
25.0
50.0
25.0
20.0
26.0
25.0
50.0
19.0

Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
May
May
May

10
10
18
18
18
19
19
19
16
23
24
25
26

Notes

150.0

Apr.

NOTES:
*

Included in table for first time.

1

Includes only corporate and other security issues of $15 million and over; excludes exchanges, options




8
10

11

r
16
Table 6B

FORTHCOMING INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY

1

As of March 30, 1979
ISSUER

TYPE

AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

STATE & LOCAL

*Cabell, Putnam & Wayne Counties,
W. Va.
*Hinds County, Miss.
*Wichita, Kansas
Hempstead, N.Y.
La Habra Redev. Agy., C a l i f .
Kenosha County, Wise.
Memphis, Tenn.
F l o r i d a S t a t e Board of Education
Nueces River A u t h . , Tex.
D a l l a s , Texas
*Floyd C t y . , Ky.
*Hearthland Consumers Power D i s t . ,
S.D.
Delaware S t a t e Hsg,
^ I l l i n o i s Ind. P o l l u t i o n Control Fin
Fin. Auth.
Puerto Rico P u b l i c Bldg. Auth.
Arkansas Hsg. Dev. Agy.
*Massachusetts Bay Transp. Auth.
Alaska, S t a t e of
Oregon, S t a t e of
*San Francisco Redev. Agy., C a l i f .
Houston, Texas
Tacoma, Wash.
Alief Ind. Sch. D i s t . , Tex.
Wisconsin, S t a t e of
Baltimore, Md.
*Maine S t a t e Housing Auth.
Martinsburg, W. Va.
Addison, 111.
Mesa County, Colorado
Kansas C i t y , Kan.
Vermont Housing Fin. Agy.
New J e r s e y Health Care Fin. Auth.
POSTPONEMENT
La Habra Redev. Agy., C a l i f .
Martinsburg, W. Va.
Addison. 111.
NOTES:
1

Includes state and local government issues of $10 million and over.
Included in the table for the first time.




Rev.
G. 0.
Rev.
G.O.
Rev.
G.O.
G.O.
G.O.
Rev.
G.O.
G.O.

60.0
10.0
30.0
14.4
32.6
10.0
25.0
32.7
13.0
37.0
19.0

Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.

3
3
3
3
3
3
4
4
5

Rev.
Rev.

116.0
38.9

Apr.
Apr.

5
5

Rev.
Rev.
Rev.
Rev.
G. 0,
G.O.
Rev.
Rev.
Rev.
G. 0,
G.O.
G.O.
Rev.
Rev.
Rev.
Rev.
Rev.
Rev,
Rev.

35.0
80.0
75.0
60.0
60.0
150.0
97.0
35.0
38.0
12.0
86.8
30.4
25.0
25.0
25.0
55.0
35.0
30.0
43.0

Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.

9
9
9
10
10
10
11
11
11
18
24
24

Rev.
Rev.
Rev.

32.6
25.0
25.0

2
2

Mar. 27
Mar.
Mar.

#

#

#

#

#

#

#

#

#

#

Table 7

STOCK PRICES AND VOLUME
1

STOCK PRICES

DATE
NYSE INDEX

3

AMEX

BJ INDUSTRIALS

4

NASDAQ

2

TRADING VOLUME
NYSE

|

AMEX

|

NASDAQ

8 . 1 (2/13)
2.5 (9/15)

1975-High
Low

51.24 ( 7 / 1 5 )
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)

1976-High
Low

5 7 . 5 1 (9/21)
48.04 ( 1 / 2 )

1014.79 (9/21)
858.71 (1/2)

107.05 ( 7 / 1 2 )
84.31 (1/2)

92.52 (7/15)
78.06 (1/2)

44.5 (2/20)
10.3 ( 1 / 2 )

8 . 6 (2/20)
1 . 1 (1/2)

1 1 . 1 (2/20)
3 . 5 (1/2)

1977-High
Low

57.69 (1/2)
49.78 (11/2)

999.75 ( 1 / 3 )
800.85 (11/2)

127.89 (12/30)
109.61 (1/12)

105.05 (12/30)
93.66 (4/5)

3 5 . 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

60.38 (9/12)
48.37 (3/6)

907.74 (9/8)
742.12 (2/28)

176.87 (9/15)
119.73 (1/11)

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)

1979-High
Low

57.53 (3/27)
53.88 (2/27)

871.36 (3/27)
807.00 (2/27)

179.70 (3/30)
152.03 (1/2)

131.76 (3/30)
117.84 (1/2)

39.9 (3/28)
lti.3 U / 2 )

5 . 3 (3/22)
2.2 (1/22)

17.5
7.2

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

3.5
3.2
3.3
2.9

10.6
11.0
10.8
12.1

Feb.

2
9
16
23

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

2.5
2.8
3.0
3.0

10.4
10.2
10.0
10.3

Mar.

2
9
16
23
3d

54.37
55.81
56.55
57.08
57.12

815.75
842.86
852.82
859.75
862.18

162.97
166.66
172.77
176.80
179.70

123.67
127.25
128.55
130.58
131.76

25.2
28.9
28.5
32.2
31.2

3.2
3.5
4.1
4.7
4.8

11.0
13.4
12.9
14.4
15.5

1979
Jan.

NOTES:
1
Figures other than highl 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
12/31/66 - 50
4
I ^ H on average price change until September 4, 1973 thereafter, based on market value of shares listed.



ll'AV

18
Table 8

SECURITY CREDIT
REGULATED MARGIN CREDIT EXTENDED BY
END OF PERIOD

B R O K E R S ON
MARGIN
STOCK

1

B R O K E R S ON 2
CONVERTIBLE
BONDS

OUTSTANDING

1978 - February
March
April
May
June
July
August
September
October
November
December

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

1979 - January
February

10,750
10,790

-4
4
2
-3
-3
5
-4
-18
-9
-7
-4

-80
40

BANKS

UNREGULATED NONMARGIN
STOCK CREDIT
AT BANKS

2,544
877
2,544
855
2,560
914
s e r i e s discontinued

204
n.a.

190
140
340
400
430
100
550
660
-310
-1,090
-170

3

-1
n.a.

CHANGE IN OUTSTANDING

1978 - February
March
April
May
June
July
August
September
October
November
December
1979 - January
February

-21
26
—-22
16
-59
series discontinued

NOTES:
Margin account debt as reported by the New York Stock Exchange, excluding credit for subscription issues and convertible bonds.
1
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
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
1979-January^ ,
February^
1978-June
July
August
Sep tember
October
November
December
1979-January
,
February^

NET
FLOW
2,165
11,070
12,670
10,647
1,304
341
260
1,378
510
275
1,236
266
700

1

ANNUAL 3
GROWTH
RATE
2.3
11.3
11.6
8.9
——
——
— —

— —
— —

723
668
1,054
1,116
1,096
353
456

3.8
6.2

-2,822
4,757
5,275
2,874
-90
38
-75
-41
48
-59
-391
-121
350

6.4
5.9
9.2
9.7
9.4
3.0
3.9

452
729

NET
NEW
MONEY

-m —

2

SHARE CAPITAL

NET
FLOW
16,006
42,769
50,169
50,963
NOT
6,656
3,074
2,312
6,433
2,645
2,157
5,802

NET
NEW
MONEY

ANNUAL 3
GROWTH
RATE
4,668
7.1
29,276
17.6
34,369
17.6
32,004
15.2.
SEASONALLY ADJUSTED
1,744
2,812
2,069
1,606
2,534
1,897
710
——

— —

TOTAL

2

DEPC>SITS

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

4,377
2,571
SEASONALLY ADJUSTED^/
14.0
4,675
11.4
3,846
13.4
4,578
16.7
5,757
10.0
3,510
12.4
4,399
10.4
3,710

5,398
4,514
5,632
6,873
4,606
4,752
4,166

12.1
10.0
12.3
14.9
9.9
10.1
8.8

4,564
3,409

5,016
4,138

10.5
8.6

4,743
2,874

— —

12.7
9.4

— —

-

-

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 Seas
o n a l l y 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 s e a s o n a l f a c t o r s .
SOURCE: N
http://fraser.stlouisfed.org/ a t i o n a l A s s o c i a t i o n of Mutual Savings Banks and F e d e r a l Home Loan Bank Board.
Federal Reserve Bank of St. Louis

ANNUAL 3
GROWTH
RATE
5.6
15.8
15.9
13.5

— —

-

-

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

Table 10

MORTGAGE COMMITMENTS AT
SELECTED THRIFT INSTITUTIONS
BILLIONS OF DOLLARS, S E A S O N A L L Y A D J U S T E D

NET CHANGE

OUTSTANDING COMMITMENTS
PERIOD
TOTAL

MUTUAL
ALL S A V I N G S
SAVINGS BKS
& LOAN
ASSOCIATIONS (N Y. S T A T E )

TOTAL

MUTUAL
ALL S A V I N G S
SAVINGS BKS
& LOAN
ASSOCIATIONS (N.Y. S T A T E )

1972

25.3

20.3

5.0

7.48

6.28

1.20

1973

20.0

16.4

3.5

-5.31

-3.92

-1.39

1974

14.7

12.4

2.3

-5.20

-3.91

-1.29

1975

20.2

18.2

2.2

5.81

6.06

1976

27.8

25.0

2.8

7.46

6.80

.66

Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

27.8
28.5
29.7
30.4
30.8
32.1
32.8
34.1

25.0
25.5
26.5
27.2
27.5
28.3
29.0
30.1
30.9
32.7
33.5
33.7

2.8

.45

3.0
3.2
3.3
3.3
3.8
3.8
4.0
4.1
4.4
4.5
4.5

. 66
1.20

.38
.46

.20

1.00

.17

.40
.79
.63

.07
.53
.03

.06

.16

-

.10

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

38.0
37.3
36.9
36.5
36.2
36.1
36.0
36.4
36.7
38.8

4.4
4.3
4.3
4.3
4.3
4.6
4.6
4.6
4.4

-.32
-.70
-.38
-.39
-.34

—. 08
—. 61

-

.24
.09
.04
.03
.05
.34

Nov.
Dec.

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

Jan.
Feb.

37.5

32.6
31.7

4.8

1977

1978 -

1979 -

is.o
37.2
38.2
38 . 3

4.8
4.9
4.9

.68

.47
1.32

.60

1.31
.97
2.23
1.05

.25

.07

.68
-

.20

1.11
.80
1.86

.17
.37
.23

.82

-.34
-.42

-.05
.35

"•39
-.32
-.03
.36

-.34
1.96

•42
1.63

.22

• 10

.02

-

- .02
-

.01

— . 08
. 33

-.65

-.64

-

-.88

-.81

-

. 12

.01

.04

—, 86

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.




21

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

FNMA&FHLB
SHORT-TERM
DISCOUNT
NOTES 1

FHLB

FHLMC

FNMA

0

-189
-393
-4

-1

-176
-270
643
-402
235
402

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

0
1,400
0
0
1,500
0
700

—18

0

0
0
900
750

181
-70
-15
183

950
1,700

3,023

-12
1,388
-17
600
1,483
1,276
1,881
1,182
1,131
1,630
885
2,183

1,250

216
-276
629
552
50
223
840

1979-Jan. .
Feb.S'

534
1,325

0
837

0

-116

0
0

650
488

1,811
1,683
1,680

1,108

NOTES:
Based on data from Treasury Survey of Ownership.
Sales of FHLB discount notes began in May 1974.



-200

0
—6
105
0

0
304
0
0
300
0

1,200

837

0

200
3
-47
-3
9
11
200

1

-350
752
—8

200
600
0

-300
200
0

0

0

-12
-12

0

-17

0
0

0

600

-17
276
-19

1,000
1,200

0

0

0

-22

46
486
-36
-34
1,078
411
324
904
248

1,608

22

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 & Ls

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

556
1,006
763
796
945
1,826

728
998
984
883
485
702

707
1,096
708
822
964
1,156

538
915
808
898
604
654

Not S e a s o n a l l y A d j u s t e d
1978 - J u l .
Aug.
Sept.
Oct.
Nov.
Dec.

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

377

9,156
11,061
9,391
9,444
- 9,408
8,618

2,602
2,464

Seasonally Adjusted
1978 - J u l .
Aug.
Sept.
Oct.
Nov.
Dec.
1979 - J a n .
Feb.

NOTES:
1

8,586
10,195
8,990
9,729
10,140
8,414

8,048
9,280
8,182
8,831
9,536
7,760

3,090
3,418
2,755
3,095
3,178
2,469

604
552
531
464
632
317

3,647
4,214
4,188
4,450
4,762
3,818

544

3,925
3,470

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
Digitized forBeginning January 1972 data reflect activity in limited amount of conventional mortgages.
FRASER

i

;

-

Table 13

23

NET INCREASE IN
MORTGAGE DEBT OUTSTANDING
IN BILLIONS OF D O L L A R S , S E A S O N A L L Y A D J U S T E D A N N U A L R A T E S

2
QUARTER

TOTAL

3

RESIDENTIAL
TOTAL

MULTFAMLY

1- t o 4 FAMILY

MULTIFAMILY

&

COMMERCIAL

FARM

COMMERCIAL

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

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

III

IV

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

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 d e b t .



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 U N I T S , S E A S O N A L L Y A D J U S T E D A N N U A L R A T E S

PERMITS 1
PERIOD

TOTAL

1—FAMILY

COMPLETIONS

STARTS

2-OR MORE
FAMILY

TOTAL

1—FAMILY

2-OR MORE
FAMILY

TOTAL

MOBILE

1 —FAMILY 2-OR MORE
FAMILY

HOME
SHIPMENTS

1969
1970
1971
1972
1973
1974
1975
1976
1977
1978

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
: 1,538
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

1978 - J u l y
Aug.
Sept.
Oct.
Nov.
Dec.

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

1979 - J a n .
Feb.

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.

for 1969 and 1970 based on 13,000 areas with permit systems.
1
Permit data


T a b l e 15

AVERAGE RATES AND YIELDS ON HOME MORTGAGES

EXISTING HOMES

NEW HOMES
PERIOD

SPREAD
BETWEEN
NEW Aaa
RETURNS ON
NEW HOMES
UTILITY
CONVENTIONAL
1
BOND
AND HUD(FHA)
YIELD
NEW HOME
DISCOUNT
SPREAD
(PERCENTAGE MORTGAGES (IN PER CENT)
(BASIS
(BASIS
POINTS)
POINTS)
POINTS)

HUD(FHA) INSURED LOANS
SECONDARY MARKET

CONVENTIONAL LOANS
PRIMARY MARKET

RATE
(IN PER CENT)

SPREAD
(BASIS
POINTS)

RATE
(IN PER CENT)

SPREAD
(BASIS
POINTS)

YIELD
(IN PER CENT)

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 - J a n .
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

9.15
9.25
9.30
9.40
9.60
9.75
9.80
9.80
9.80
9.95
10.10
10.30

N
A
54
47
48
58
59
72
100
74
72
NA
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

N
A
54
47
53
58
59
72
100
79
72
NA
NA

9.11
N
A
9.29
9.37
9.67
N
A
9.92
9.78
9.78
9.93
9.99
10.16

N
A
N
A
46
45
65
N
A
84
98
72
55
NA
NA

4.7
N
A
4.1
4.7
5.0
NA
3.1
2.1

4
N
A

3.6
4.8

2
2
2
11
14

N
A
8.71
8.83
8.92
9.02
9.16
9.08
8.80
9.06
9.23
NA
NA

1979 - J a n .
Feb.

10.30
10.35

NA
76

10.30
10.35

NA
76

10.17
10.17

NA
NA

4.9
4.9

13
18

NA
9.59

2.1
2.1

1

3
- 7
N
A
-12

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

payment, prepaid in 15 years, for immediate delivery, are used.



26
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

AVERAGE
YIELD

ACCEPTED

10.69(12/27) 717(5/15) 363(5/15)

10.92(12/27)

1011(1/9)

605(1/9)

Low

130(8/7)

80(8/7)

J u l y 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

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.

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

1978 - High

Oct.

1979

8

9.13(1/9)

75(8/7)

48(8/7)

9.28(1/9)

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.



#

#

#

#

#

#

#

#

*

#

T a b l e 15

AVERAGE RATES AND YIELDS ON HOME MORTGAGES

EXISTING HOMES

NEW HOMES

1

PERIOD

SPREAD
BETWEEN
NEW Aaa
RETURNS ON
NEW HOMES
UTILITY
CONVENTIONAL
1
BOND
AND HUD(FHA)
YIELD
NEW HOME
DISCOUNT
SPREAD
(PERCENTAGE MORTGAGES (IN PER CENT)
(BASIS
(BASIS
POINTS)
POINTS)
POINTS)

HUD(FHA) INSURED LOANS
SECONDARY MARKET

CONVENTIONAL LOANS
PRIMARY MARKET

1
YIELD
(IN PER CENT)

RATE
(IN PER CENT)

SPREAD
(BASIS
POINTS)

RATE
(IN PER CENT)

SPREAD
(BASIS
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 - J a n .

9.15
9.25
9.30
9.40
9.60
9.75
9.80
9.80
9.80
9.95
10.10
10.30

N
A
54
47
48
58
59
72
100
74
72
NA
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

N
A
54
47
53
58
59
72
100
79
72
NA
NA

9.11
N
A
9.29
9.37
9.67
N
A
9.92
9.78
9.78
9.93
9.99
10.16

N
A
NA
46
45
65
N
A
84
98
72
55
NA
NA

4.7
N
A
4.1
4.7
5.0
N
A
3.1
2.1
2.1
2.1
3.6
4,8

4
N
A
1
3
- 7
N
A
-12
2
2
2
11
14

N
A
8.71
8.83
8.92
9.02
9 .16
9.08
8.80
9.06
9.23
NA
NA

10.30
10.35

NA
76

10.30
10.35

NA
76

10.17
10.17

NA
NA

4.9
4.9

13
18

NA
9.59

Feb.
Mar.

Apr.
May

June
July
Aug.
Sept.
Oct.
Nov.
Dec.
1979 - J a n .
Feb.

NOTES:
1
Gross yield spread is average mortgage return before deducting servicing cusis, minus average y.o.« v.. new issues of ...... „
costs, mmu» avciayc yield on
high-grade utility bonds with - ' — call •
5-year
protection
neiore oeaucung
^
r
M.
i ill I M IPI
I A V
.X/!
AM
2 MM
rofoc
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.



N>
Ul

26
T a b l e 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

AVERAGE
YIELD

ACCEPTED

10.69(12/27) 717(5/15) 363(5/15)

10.92(12/27)

1011(1/9)

605(1/9)

Low

130(8/7)

80(8/7)

J u l y 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

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

1978 - High

Oct.

1979

9.13(1/9)

75(8/7)

48(8/7)

9.28(1/9)

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.




Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102