Full text of H.16 Capital Market Developments : April 20, 1981

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April 2 0 , 1 9 8 1

Capital
Market
Developments
^

Research uorary*^

Prepared by
the Capital Markets Section
in conjunction with
the Mortgage and Consumer Finance Section
and the Government Finance Section
Division of Research and Statistics
Board of Governors of the Federal Reserve System
Washington, D C. 20551




CONTENTS
1.
2.
3.
4.
5.

Yields, Volume and Reception: Corporate Bond Market
Yields, Volume and Reception: Municipal Bond Market
High Grade Bond Yields
Long-Term Corporate and State and Local Government Security Offerings and Placements
Treasury and Government-Sponsored Agency Marketable Coupon Offerings and Placements

6.
7.
8.
9.
10.
11.
12.
13.

New Corporate Security Issues by Type of Issue
New Corporate Security Issues by Type of Issuer
Public Offerings of Intermediate- and Long-Term Securities: Corporate
Public Offerings of Intermediate- and Long-Term Securities: State and Local
Public Offerings of Intermediate- and Long-Term Securities: U.S. Treasury
Public Offerings of Intermediate- and Long-Term Securities: Government-Sponsored Agencies
Forthcoming Public Offerings of Intermediate- and Long-Term Securities: Corporate
Forthcoming Public Offerings of Intermediate- and Long-Term Securities: State and Local

14.
15.
16.
17.
18.
19.
20.
21.
22.
23.
24.
25.

Stock Prices
Trading Volume
Security Credit
Savings Flow at Selected Nonbank Thrift Institutions
Mortgage Commitments Outstanding at Selected Institutions
Net New Money Borrowings by Major Housing Credit Agencies
Net Change in Mortgage Holdings at Selected Institutions
Net Change in Mortgage Debt Outstanding, By Type of Property
Average Rates and Yields on Home Mortgages and Pass-Through Securities
FNMA Auctions of Commitments to Purchase Home Mortgages
FHLMC Auctions of Commitments to Purchase Home Mortgages
Issues of Mortgage-Backed Securities

SYMBOLS
e
p
r
n.a.
—

estimate
preliminary
revised
not available
data do not exist

SUBSCRIPTION RATES
Weekly $15.00 per year or $.40 each in 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, Div.von o
Support Services, and make payment remittance payable to the order of the Board of Governors of the Federal Reserve ystem
form collectible at par in U.S. Currency.



%

1. YIELDS, VOLUME AND RECEPTION
Corporate Bond Market
Week ending

1981-Jan.

2
9
16
23
30

Feb.

6
13
20
27

Mir.

Apr.

New issue
Aaa utility1
——

14.05
14.07
14.29
14.06

—*
•» —

14.90

6
13
20
27

14.55.
14.42

3
10
17

14.87

Gross offerings 3
($ millions)

Volume
Percent sold by
end of week

New issues in syndicate4
($ millions)

14.15
14.10
14.17
14.33
14.08

100
828
759
414
853

100
97
98
100
100

0
25
16
0
0

14.30
14.58
14.57
14.85

430
708
191
1,068

100
99
100
98

0
8
0
25

14.53
14.18
13.98
14.71
e.

521
540
1,736
517

94
93
97
90

30
40
60
53

14.89
15.19r
15.36p

980
l,089r
505

98
100
95

19
0
25

Yields
Recently offered
Aaa utility 2

•w —

15.07

•:r>

2. YIELDS, VOLUME AND RECEPTION
Municipal Bond Market
Volume

Yields
Week ending

Moody's new
issue Aaa

Bond Buyer
G O. bond
index

Bond Buyer
Rev. bond
index

Gross offerings
($ millions)

Percent sold by
end of week 3

New issues in
syndicate4
($ millions)

1981-Jan.

2
9
16
23
30

9.00
8.80
8.80
9.00
9.30

9.76
9.49
9.57
9.68
9.91

10.81
10.41
10.34
10.72
11.07

287
419
423
518
859

98
71
94
94
93

23
127
56
65
69

Feb.

6
13
20
27

9.30
9.40
9.50
9.65

9.90
9.99
10.22
10.27

10.84
11.06
11.06
11.07

391
715
498
824

87
94
80
90

61
70
129
120

Mar.

6
13

10.40
10.34
9.81
10.09

11.10
10.67
10.80

585
976
968
635

82
97
98
76

153

27

9.80
9.80
9.20
9.20

3
10
17

9.50
9.80
9.80

10.21
10.45
10.70

10.92
11.17
11.30

865
1,233
1,371

83
95
95

20

Apr.

1
2
3
4

11.03

'

80
28
233

"

268
171r
172

Federal Reserve series of implied yield on newly issued, Aaa-rated utility bond with 5-year call protection.
Federal Reserve series of implied free-market yield on Aaa-rated utility bond with 5-year call protection, released from price restrictions sometime
during the last four weeks.
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 t o make coverage of this series consistent with the gross offerings series.




3. HIGH GRADE BOND YIELDS
New issue
Aaa utility1

Recently offered
Aaa utility 2

9.30(11/10)
8.61(3/24)

8.48(1/6)

Date

1978-High
Low

Moody's
seasoned
corporate Aaa 3

9.27(12/29)
. 8.30(1/6)

9.54(12/22)
'

U.S. govt.
20-year constant
maturity 4

9.00(12/22) 6.67(12/22)
5.58(3/17)
8.01(1/6)

Low

1980-High
Low

Low

——

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

8.24(11/23
7.23(9/21)

14.51(12/12) 15.03(12/12) 13.49(12/19) 12.86(12/12) 10.56(12/19)
7.11(5/9)
9.59(6/20)
10.53(6/20) 10.79(6/20) 10.34(6/20)

11.41(12/19
8.15(5/8)

15.07(3/27)
14.05(1/9)

1981-High

Bond Buyer
Rev. bond
index6

• #

11.51(11/12) 11.45(11/9) 10.87(12/28) 10.56(11/9)
8.7»(7/6)
9.39(6/29) 9 . 1 6 ( 7 # )
9.40(8/17)

1979-High

Bond Buyer
G O. bond
index 5

15.36(4/17) 13.87(4/17)
13.99(3/20) 12.59(1/9)

13.52(4/17)
11.98(1/9)

10.70(4/17)
9.49(1/9)

11.30(4/17)
10.34(1/16)

1980-Jan.
Feb.
Mar.

11.73
13.57
14.00

11.77
13.35
13.90

11.09
12.38
12.96

10.65
12.21
12.49

7.35
8.16
9.17

8.21
8.91
9.95

Apr.
May
June

12.90
11.53
10.95

12.91
11.64
10.99

12.04
10.99
10.58

11.42
10.44
9.89

8.63
7.59
7.63

9.66
8.50
8.47

July
Aug.
Sept.

11.60
12.32
12.74

11.41
12.31
1-2.72

11.07
11.64
12.02

10.32
11.07
11.47

8.13
8.67
8.94

8.87
9.57
9.84

Oct.

13.18
13.85
14.51

13.13
13.91
14.38

12.31
12.97
13.21

11.75
12.44
12.49

9.11
9.56
10.11

9.97
10.43
11.08

14.21
14.90
14.71

14.17
14.58
14.41

12.81
13.35
13.33

12.29
12.98
12.94

9.66
10.10
10.16

10.64
11.01
10.90

6
13
20
27

14.55
14.42

14.53
14.18
13.98
14.71

13.61
13.31
13.06
13.32

13.21
12.87
12.54
13.11

16.40
10.34
9.81
10.09

11.10
11.03
10.67
10.80

3 10
17

14.87

14.89
15.19r
15.36p

13.41
13.72
13.87p

13.05
13.38r
13.52p

10.21
10.45
10.70

10.92
11.17
11.30

Nov.

-

Dec.
1981-Jan.
Feb.
Mar.
1981-Mar.

Apr.

1
2
3
4
5
6

15.07

Federal Reserve series of implied yield on nev/vly issued, Aaa-rated utility bond with 5-year call protection.
Federal Reserve series of implied free-market yield on competitively bid Aaa-rated utility bond with 5-year call protection released from price
restrictions s o m e t i m e during the last four weeks.
Weekly average of daily closing figures.
Weekly average of daily figures. U.S. Treasury data.
Thursday figures. The average rating of the 2 0 general obligation bonds used in this index falls midway between the five top groups as classified by
Moody's Investors Service. Weekly Bond Buyer data.
,
Thursday figures. The average rating of the 2 5 revenue bonds used in this index falls midway between the five top groups as classified by Moody s
I nvestors Service. Weekly Bond Buyer data.




5
4. LONG-TERM CORPORATE AND STATE AND LOCAL GOVERNMENT SECURITY OFFERINGS AND PLACEMENTS
Gross proceeds, millions of dollars
Corporate 1

Period

1979

1980

January *
February
March

3,770
3,165
4,354

6,190
4,427
4,454

April
May
June

4,692
4,160
6,238

July
August
September
October
November
December
Year
1
2

State and Local

1979

1981

1980

2,840
2,603
4,644

3,078
2,424
2,435

5,677
9,074
9,645

3,444
3,042
4,724

4,962
4,746
6,136

4,103
4,211
4,593

8,026
5,437
5,025

3,396
4,256
2,472

4,872
3,946
4,523

4,601
3,868
3,778

5,728

3,827
5,376

4,217
4,160
3,567

4,474
2,916
3,854

51,533

72,886

43,365

5,573
4,157
6,100e

2

1981
2,575
2,800e
3,600e

48,366..

Securities and Exchange Commission estimates of gross proceeds.
Public Securities Association estimates of principal amounts.

5. TREASURY AND GOVERNMENT SPONSORED AGENCY BORROWING
Millions of dollars
Federal Government
Means of financing combined deficit
Net cash borrowing from the public2
Public debt securities
Gov't,
agency
NonBills
Coupons
marketable securities

Combined
deficit(+)
or
surplus(—I1

Total 3

f l / -1978
r- - 1 9 7 9

52,870
41,397

53,683
37,360

706
10,899

31,777
28,041

22,644
-397

-1,431
-1,402

980—Jan.
Feb.
Mar.

5,170
10,458
15,350

5,201
2,066
11,802

2,878
1,900
13,358

2,050
3,307
3,517

278
-3,169
-5,066

-27
-40
-19

Apr. - 8 , 0 3 7
16,318
May
June -11,963

4,632
5,350
-4,615

4,515
91
-10,703

2,899
6,077
6,835

-2,602
-941
—685

J u l y 16,384
8,347
Aug.
Sept. -4,434

9,737
11,111
6,260

6,807
7,815
526

2,602
3,245
7,026

17,146
10,698
7,869

4,758
9,231
13,668

2,477
6,412
7,382

2,422
3,267r
7,233

Period

Oct.
Nov.
Dec.
1
2

Other

Decrease(+)/ Sponsored
agency
increase!—)
borrow! ng4
in cash
operating
balance

3,206
1,115

-4,019
366

23,509
23,631

647
2,478
1,013

-678
5,914
2,535

2,261
1,542
4,764

—86
-32
-101

-2,393
3,200
-3,918

-10,276
7,768
-3,430

3,632
1,957
-529

456
219
-1,407

-76
-28
-36

2,986
-701
-2,199

3,661
-2,063
-8,495

575
-835
2,432

-63
-315
-1,023

-23
-30
-79

4,076
-3,985
-720

8 ,312
5,452
-5,079

5,116
412
3,378

.

U.S. unified budget deficit or surplus plus off-budget entities deficit or surplus.
Change in outstanding amount of public debt securities and government agency securities less change in holdings of those securities by government
accounts.
3 Also includes changes in matured and noninterest-bearing public debt.
4 Change in outstanding amount of marketable securities issued by Federal Farm Credit Banks, Federal Home Loan Banks, Federal Home Loan Mortgage Corporation, Federal National Mortgage Association.
5 CY= Calendar Year




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

Total

Common and
preferred
stocks
11,777
10,358
11,325
20,363

Memo
Issues included
Foreign
Convertible
1,340
863
1,349
418
1,008
2,229
n. a.
4,685

1977
1978
1979
1980

53,792
47,230
51,533
72,886

Publicly
offered
24,072
19,815
25,814
41,545

1980-QI
QII
QUI
OIV

15,071
24,395
18,488
14,931

5,861
18,186
11,618
5,880

4,624
2,213
2,163
1,978

4,586
3,997
4,707
7,073

n.a.

908
967
1,510
1,300

1980-July
Aug.

8,026
5,437
5,025

5,354
3,843
2,421

1,298
370
495

1,374
1,224
2,109

100
191
340

208
805
497

5,728
3,827
5,376

2,756
1,405
1,719

519
650
809

2,453
1,772
2,848

348
12

n.a.

687
398
215

5,573
4,157

2,928
2,408

445
426

2,200
1,323

n.a.
n.a.

303
575

Sept.
Oct.

Nov.
Dec.
1981-Jan.

Feb.

Privately
placed
17,943
17,057
14,394
10,978

169
529
631

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

Manufacturing

Public utility

Communications

13,393
10,813
11,357
20,048

14,127
12,232
13,324
15,734

4,522
3,640
4,522
7,225

Other issuers1
21,827
20,549
22,332
29,877

1980-QI
QII
QUI
QIV

3,950
6,89(?
5,925
3,277

4,864
4,151
3,701
3,018

1,324
2,182
1,936
1,783

4,932
11,169
6,924
6,852

1980-July
Aug.

Sept.

3,032
1,838
1,055

1,065
1,434
1,202

787
626
523

3,141
1,539
2,244

Oct.
Nov.
Dec.

1,462
506
1,309

1,280
792
946

858
276
649

2,128
2,254
2,470

1981-Jan.

2*249
1,344

1,362
853

62
303

1,901

1977
1978
1979
1980

Feb.

1 Other issuers are extractive, railroad and other transportation, real estate and finance, and commercial and other.
Source: Securities and Exchange Commission and Federal Reserve Board.




1,660

7
8. PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: CORPORATE 1
Issuer

G e n e r a l Motors A c c e p t . Corp.
P h i l i p Morris Inc.
Kroger Co.
MCI Communications Corp.
F i r s t S e c u r i t y Corp.
Kansas Gas & E l e c . Co.
P h i l a d e l p h i a E l e c . Co.
American E l e c . Power Co.
Petroleum H e l i c o p t e r s , Inc.
Nucorp Energy I n c .
I n t e r g r a p h Corp.
Oak I n d u s t r i e s I n c .
E a t o n Corp.
Montana Power Co.
Cities Service Inc.
Union Corp.
Sun Co.
Big T h r e e I n d u s t r i e s I n c .
T e l e . Communications I n c .
L o u i s i a n a Power & L i g h t Co.
A p p a l a c h i a n Power Co.
Southwest A i r l i n e s Co.
Leaseway T r a n s p . C o r p .
C e n t r a l Maine Power Co.
J . C. Penney C o . , I n c .
OTHER
Hitachi
Sweden,
British
Auth.
British
Auth.

*
1

Date

Type

4/1
4/1
4/1
4/2
4/2
4/2
4/2
4/7
4/7
4/7
4/8
4/8
4/8
4/9
4/9
4/9
4/10
4/14
4/14
4/14
4/15
4/15
4/15
4/15
4/15

Debt.
Notes
Conv.debt.
Debt.
Conv.debt.
Com. s t k .
Com. s t k .
Com. s t k .
Com. s t k .
Conv.debt.
Com. s t k .
Debt.
Debt.
Com. s t k .
Debt.
Debt.
Debt.
Conv.debt.
Com. s t k .
1 s t . mtg.
Pfd. stk.
Com. s t k .
Equip, t r .
1 s t . mtg.
Debt.

4/9
Ltd.
4/14
Kingdom of
Columbia Hydro & Power
4/16
Columbia Hydro & Power
4/16

Amount
(millions
of dollars)

Maturity

400.0
125.0
50.0
125.0
40.0
28.6
61.9
146.3
26.8
50.0
27.0
100.0
200.0
43.1
300.0
30.0
389.1
100.0
52.2
75.0
40.0
39.8
50.0
45.0
200.0

2011
1991
2006
2001
2006

Coupon
rate

Offering
yield

Moody's/S&P's
ratings

6.00
14.00
10.50
14.12
9.50

13.80
14.12
10.50
16.80
9.50

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

——-

——

——
——

——

——

2001

9.25

9.25

2001
2011
—
2011
2001
2006
2006
—
2011
—
—
1986
1991
2006

13.65
7.00

16.19
14.57

Conv.debt. 150.0
200.0
Notes
Bonds
Notes

—/—
—/—
Ba/BB+
A/A—

——

j

—

7.00
14.50
10.75
8.50

14.25
17.25
10.75
8.50

16.00
15.00
—
15.38
16.13
6.00

16.10
15.00
—
15.45
16.13
14.85

A/A+
B/B+
A/—
Baa/A
—/—
Baa/BBB—
Baa / —
—/—
A/A
Baa/BBB
A/A+

1996
1988

5.75
14.63

5.75
14.63

Aaa/AAA
Aaa/AAA

200.0

2011

15.00

15.10

Aaa/AAA

150.0

1991

14.50

14.50

Aaa/AAA

Rights offering.
Includes only corporate and other security offerings of $ 2 5 million and over; excludes options, exchanges, and secondary offerings.




—J—
—j—
—j—

8
9. PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: STATE AND LOCAL 1
Issuer

J e f f e r s o n P a r i s h School B d . ,
LA
U n i v e r s i t y of L o u i s v i l l e , KY
C a l i f o r n i a Ed. F a c . A u t h .
D a l l a s , TX
D a l l a s , TX
D a l l a s , TX
W a s h i n g t o n , S t a t e of
G r e a t e r Chicago M e t r o . S a n i .
D i s t . , IL
N o r t h C a r o l i n a Muni. Power
Agcy.
N o r t h C a r o l i n a Muni. Power
Agcy.
N o r t h C a r o l i n a Muni. Power
Agcy.
N o r t h C a r o l i n a Muni. Power
Agcy.
South Dakota S t u d e n t Loan
A s s i s t . Corp.
Memphis-Shelby Co. A i r p o r t
A u t h . , TN
Snohomish C o . , WA
C h i c a g o , 111.
Pima Co. I n d u s . Dev. A u t h . , AZ
Pima Co. I n d u s . Dev. A u t h . , AZ
L i n c o l n & Emery C o . , WY
N o r t h e r n M u n i c i p a l Power
A g c y . , MN
N o r t h e r n M u n i c i p a l Power
A g c y . , MN
N o r t h e r n M u n i c i p a l Power
A g c y . , MN
N o r t h e r n M u n i c i p a l Power
A g c y . , MN
N o r t h e r n M u n i c i p a l Power
A g c y . , MN
N o r t h e r n M u n i c i p a l Power
A g c y . , MN
Washington P u b l i c Power Supply
Syst.
Washington Power-Power Supply
Syst.
Washington Power Power Supply
Syst.
Pomona Redev. A g c y . , CA
Pomona Redev. A g c y . , CA
Maryland Comm. Dev. Admin.
Ohio A i r Q u a l . Dev. Auth.
L o u i s i a n a , S t a t e of
C o n n e c t i c u t , S t a t e of
San F r a n c i s c o , CA
1
2
3

Type^

Amount
(millions
of$)

Maturity

Net
interest
cost

Offering
yield

Moody's/S&P's
ratings

4/1
4/1
4/1
4/1
4/1
4/1
4/1

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

45.0
28.7
53.2
66.0
25.6
35.6
122.0

1982-2001
1982
1982-2006
1982-1996
1999
2001
1982-2001

n.a.
8.32
9.69
n.a.
n.a.
n.a.
9.46

7.50-10.70
7.90
6.75-9.75
7.50-10.00
10.31
10.19
7.00-9.75

Baal/Al
MIG-1
Aaa/AAA
Aa/AA
Aa/AA
Aa/AA
Aa/AA+

4/2

G.O.

56.0

1983-2001

10.39

8.00-10.85

Aa/AA

4/2

Rev.

11.1

1991-1998

n.a.

9.40-10.50

A/A

4/2

Rev.

9.9

2001

n.a.

10.75

A/A

4/2

Rev.

25.0

2017

n.a.

10.96

A/A

4/2

Rev.

79.0

2020

n.a.

11.18

A/A

4/3

Rev.

32.3

1984

n.a.

8.50

4/7
4/7
4/8
4/8
4/8
4/9

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

40.0
35.0
55.0
126.0
163.0
90.0

4/9

Rev.

16.8

4/9

Rev.

16.3

4/9

Rev.

4/9

Date

n.a.
1984
1984-2001 10.52
1982
9.06
1984
- n.a.
1986
n.a.
2011
n.a.

9.00
8.00-10.80
8.50
9.13
9.38
11.13

Baa/AAa/AAMIG-1
A/A+
A/A+
A/A+

1986-1996

n.a.

8.75-10.75

A/A

2001

n.a.

11.25

A/A

38.3

2008

n.a.

11.35

A/A

Rev.

116.7

2013

n.a.

11.88

A/A

4/9

Rev.

40.0

2020

n.a.

11.25

A/A

4/9

Rev.

40.0

2021

n.a.

11.75

A/A

4/13

Rev.

120.0

4/13

Rev.

40.0

2016

11.30

4/13
4/13
4/13
4/13
4/14
4/14
4/14
4/15

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

40.0
115.9
2.6
30.5
100.0
179.1
100.0
50.0

2015
2014
1982-1986
1983
1984
1982-2006
1982-2001
1984-2002

10.29
n.a.
n.a.
9.27.
n.a.
9.49
10.12
10.34

1996-2012

11.30

Includes only state and local security offerings of $ 2 5 million and over; excludes secondary offerings.
For state and local government securities, G.O. denotes general obligation; Rev. denotes revenue obligations,
Canadian interest cost.




A1/A+

1 0 . 5 0 - 1 1 . 6 : —/AAA
11.50
10.25
9.40
7.90-8.75
. 8.50
8.50
7.40-10.25
7.75-10.70
8.00-10.62

—/AAA
—/AAA
—/A
—/A
MIG-1
Ash/AAA
Aa/AA
Aa/AA
A/AAA

9. PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: STATE AND LOCAL 1
Issuer

Nassau C o . , NY
Orange Co. Hsg. F i n . A u t h . ,
FL
Orange Co. Hsg. F i n . A u t h . ,
FL
M a s s a c h u s e t t s Hsg. F i n . Agcy.
W e i r t o n , WV
T u l s a I n d u s . A u t h . , OK

Date

Type2

Amount
(millions
of $)

Maturity

Net
interest
cost

Offering
yield

1Moody's/S&P's
ratings

4/15

G.O.

33.5

1982-2001

n.a.

7.25-10.30

Al/AAA

4/15

Rev.

3.2

1982-1986

9.60

7.75-8.75

A1/A+

4/15
4/15
4/15
4/17

Rev.
Rev.
Rev.
Rev.

126.8
37.7
42.0
44.0

9.60
n.a.
n.a.
n.a.

9.50
8.75
9.44
9.25

A1/A+
MIG-1

2013
1984
2011
1986

1
2

Includes only state and local security offerings of $ 2 5 million and over; excludes secondary offerings.
For state and local government securities, G O. denotes general obligation; Rev. denotes revenue obligations.

3

Canadian interest cost.




(con't.)

—

/

—

—/Aa

IS OF INTERMEDIATE- AND LONG-TERM SECURITIES: U.S. TREASURY

Length

. 5

6
7
25
.

3

16
18
30

Maturity
date

Coupon Auction
average
rate
(percent) (percent)

13-1/4
3 - y r 6-mc 5 / 1 5 / 8 4
13
10-yr
11/15/90
30-yr
11/15/05-10 12-3/4
13-7/8
11/30/82
2-yr

13.31
13.07

5 - y r 2-mc 2 / 1 5 / 8 6
2-yr
12/31/8.2
12/31/84
4-yr
1/15/88
7-yr

13-1/2
15-1/8
14
12-3/8

13.52
15.15
14.03
12.49

2 0 - y r 1-m
2-yr

Amount (millions of dollars)
Net proceeds

Gross proceeds
Total

4,315
2,663

12.81

2,160

13.99

4,966

I

Private?

3,815
2,443
2,001
4,601

Total

Private 1 < 2

Memo:
Foreign
add-ons 3

0
2,815

2,815

190

1,771

1,771

0
0

3,188

3,188

3,188

3,188

170

8,575

7,973

2,337

2,337

63

2,710

2,710

2,710

2,710

0

1 1 - 3 / 4 11.82
13-5/8 13.69

1.501
4,964p

1,501
4,503p

1,501
l,818p

1,501
l,818p

125

4.502
2,900
2,575
5,180p
3,254p

»8,502p

3,339p

3,339p

130

4,754
3,254p

2,293p
3,254p

2,293p
3,254p

0

981

. 6
21
.

3
4
5
24

26

.18
24

26
31

Excli
May




2/15/01
1/31/83

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

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

13-1/4 13.37
13
12.89
12-3/4 12.68
13-7/8 13.97
13-3/4 13.79

2-yr
4-yr
0-yr
7-yr

3/31/83
3/31/85
IHEO 5 / 1 5 / 0 1
4/15/88

13-3/8
13-1/8
13-1/4

0
0

12-5/8 12.65
13.49
13.21
13.34

Government investment accounts and the Federal Reserve. Also excludes add-ons to foreign accounts,
al if the Government accounts and/or the Federal Reserve do not fully roll-over their maturing holdings.
:urities issued to foreign and international monetary authorities at the average auction price for new cash.

0
186
195

68

11
11. PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: GOVERNMENT SPONSORED AGENCIES
Issuer

Offering Payment
date
date

Length

Maturity
date

Yield
(percent)

Amount (millions of dollars)
Gross
proceeds

Maturing
issues

Net
proceeds

FHLB

11/14
11/14

11/25
11/25

1-yr
4-yr

9-mo
8-mo

8/25/82
7/25/85

13.10
12.80

1,200
750

1,800

150

FFCB

11/26

12/1

2-yr

3-mo

9/1/83

13.75

521

0

521

FNMA

12/5

12/10

3-yr

1-mo

1/10/84

14.05

500

950

-450

FFCB

12/2480 1 / 5 / 8 1 3 - y r

8-mo

9/3/85

12.75

404

433

-29

1/10/86

13.00

1,000

0

1,000

1981

1981

FNMA

1/8

1/12

5-yr

FFCB

1/13
1/13

1/20
1/20

4-yr
8-yr

1-mo

3/4/85
1/23/89

13.20
13.05

785
638

858

565

FHLB

1/21

1/28

2-yr

6-mo

7/25/83

13.35

600

0

600

FHLB

2/11
2/11

2/25
2/25

3 - y r 4-mo
4 - y r 11-mo

6/25/84
1/27/86

14.00
13.85

1,000
700

1,500

200

FNMA

2/13

2/17

7-yr

2/10/88

14.40

300

0

300

FNMA

3/4

3/10

4-yr

3/11/85

14.25

500

1,150

-650

FHLB

3/11
3/11

3/25
3/25

1-yr
3-yr

6/25/82
9/25/84

14.10
13.85

1,100
700

1,000

800

FFCB

3/25
3/25

4/1
4/1

2 - y r 11-mo
4 - y r 11-mo

3/1/84
3/3/86

13.85
13.95

683
970

364

1,289

FNMA

4/1

4/10

4-yr

4/10/85

13.75

500

1,300

-800

FFCB

4/15
4/15
4/15

4/20
4/20
4/20

2 - y r 8-mo
4 - y r 8-mo
10-yr

12/1/83
12/2/85
4/22/91

14.10
14.30
14.10

588
769
544

924

977

FFCB
FHLB
FHLMC —
FNMA
-

Federal
Federal
Federal
Federal




3-mo
6-mo

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

12

As of A p r i l 1 7 , 1981

12. FORTHCOMING PUBLIC OFFERINGS OF INTERMEDIATE-AND LONG-TERM SECURITIES: CORPORATE 1
Issuer

Type

B e l l T e l . Co. of P e n n s y l v a n i a
Monsanto Co.
* D a l l a s Power & L i g h t Co.
New York S t a t e E l e c . & Gas. Corp.
D a l l a s Power & L i g h t Co.
V i r g i n i a E l e c t r i c & Power Co.
Toledo E d i s o n Co.
^ P a c i f i c Gas & E l e c . Co.
Long I s l a n d L i g h t i n g Co.
Alabama Power Co.
Middle South U t i l s . Co.
Michigan B e l l T e l . Co.
G e n e r a l T e l . Co. of Ohio
*Aluminum Company of America
*Archer D a n i e l s Midland Co.
* A r c h e r D a n i e l s Midland Co.
*Air P r o d u c t s & C h e m i c a l s I n c .
*ITT F i n a n c i a l Corp.
*ITT F i n a n c i a l Corp.
* P h i l l i p s P e t r o l e u m Co.
* F l o r i d a Power & L i g h t Co.
*Northwest Energy Co.
* J . C . Penney C o . , I n c .
R e p u b l i c New York Corp.
Ford Motor C r e d i t Co.
D i a l F i n a n c i a l Corp.
Xerox C r e d i t Corp.
Borg Warner A c c e p t . Corp.
Southwestern Public Service
M e l l o n N a t i o n a l Corp.
B a r c l a y s N. Amer. C a p i t a l Corp.
C y p r e s s Mines Corp.
C y p r e s s Mines Corp.
Citicorp.
Westvaco C o r p .
W e l l s F a r g o & Co.
Amoco C r e d i t C o r p .
Diamond Shamrock Corp.
W e s t i n g h o u s e C r e d i t Corp.
U n i t e d Gas P i p e l i n e
G e n ' 1 . T e l . Co. of C a l i f .
G e n ' 1 . T e l . Co. of C a l i f .
New England Power Co.
D e t r o i t E d i s o n Co.
B e n e f i c i a l Corp.
* F l o r i d a Power Co.
*E1 Paso E l e c t r i c Co.
*Columbus & S o u t h e r n Ohio E l e c t . Co.

Debt.
Com. s t k .
1 s t . mtg.
Pfd. stk.
Pfd. stk.
1 s t . mtg.
1 s t . mtg.
1 s t . mtg.
Com. s t k .
1 s t . mtg.
Com. s t k .
Debt.
Debt.
Debt.
Debt.
Debt.
Debt.
Notes
Debt.
Debt.
1 s t . mtg.
Debt.
Debt.
Notes
Notes
Notes
Notes
Notes
Com.stk(rts)
Notes
Debt.
Notes
Debt.
Notes
Debt.
Notes
Debt.
Debt.
Notes
Notes
Notes
Debt.
Pfd. s t k .
Pfd. stk.
Notes
1 s t . mtg.
1 s t . mtg. 1 s t . mtg.

OTHER
*Venezuela
U n i t e d Mexican S t a t e s
*Pembroke C a p i t a l L t d .
*Pembroke C a p i t a l L t d .

Notes
Bonds
Debt.
Notes

*
1

Amount
(millions of dollars)

150.0
200.0
50.0
30.0
30.0
100.0
35.0
250.0
115.0

100.0
110.0
250.0
50.0
250.0
125.0
200.0
175.0
75.0
200.0
350.0
125.0
100.0
100.0
50.0
200.0
50.0

100.0
50.0
37.0
50.0
125.0

100.0
100.0
250.0
75.0

100.0
100.0
200.0

100.0
75.0
50.0
100.0
50.0
25.0
100.0
75.0
75.0
110.0

Approximate date
of offering

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

100.0

100.0
200.0
100.0

Included in table for first time.
Includes only corporate and other security issues of $ 2 5 million and over; excludes exchanges, options, and secondary offerings.




Apr.
Apr.
May
May

20
20
21
21
21
21
21
22
23
23
28
28
29

5
5
13

13
12. FORTHCOMING PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: CORPORATE 1 (
Issuer

Type

OTHER
Olso Norway

Bonds

POSTPONED
M i s s o u r i P a c i f i c R.R. Co.

Equip, t r .

*
I

Amount
(millions of dollars)

100.0
26.7

-)

Approximate date
of offering

Indef.
Apr. 14

Included in table for first time.
...
Includes only corporate and other security issues of $ 2 5 million and over; excludes exchanges, options, and secondary offerings.




c o n

14

As of A p r i l 17, 1981

13. FORTHCOMING PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: STATE AND LOCAL 1
Issuer

*New J e r s e y Hsg. F i n . Agcy.
Milwaukee C o . , WI
D e n v e r , CO
New H a m p s h i r e , S t a t e of
*Monroe Co. Hosp. A u t h . , IN
B a l t i m o r e , MD
Sacramento Muni. U t i l . D i s t . , CA
Manatee Co. HFA, FL
J e f f e r s o n C o . , AK
* J e f f e r s o n C o . , CO
G i l a Co. I n d u s . D e v e l . A u t h . , AZ
New H a m p s h i r e , S t a t e of
Shelby Co. H e a l t h & Ed. F a c . B d . , TN
*Cherry C r e e k , CO
Cape May Co. I n d u s . - P o l l . C n t r l . F i n . A u t h . ,
NJ
N o r t h Texas H i g h e r Ed. A u t h . , I n c .
Johnson C o . , KS
*Califoraia, State
S a c r a m e n t o , CA
J a c k s o n C o . , OR
*Tucson A i r p o r t A u t h . , AZ
M i n n e s o t a Hgs. F i n . Agcy.
*Oakland C o . , MI
F o r s y t h MT
* B u t l e r C o . , OH
Houston P o r t . A u t h . , TX
I n t e r m o u n t a i n Power A g c y . , VT
M i n n e s o t a Hsg. F i n . Agcy.
*Maine, S t a t e of
Georgia, State
F o r t Worth, TX
Oregon, S t a t e
*South C a r o l i n a P u b l i c S e r v . A u t h .
P l a t t e R i v e r Power A u t h . , Co.
W i s c o n s i n , S t a t e of
POSTPONED
P i t t s b u r g h Redev. A g c y . , CA
Oregon, S t a t e of
Burbank Redev. A g c y . , AK

*
1

Amount
(millions of dollars)

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

118.9
42.4
29.0
87.3
37.5
35.0
50.0
35.0
58.6
38.1
90.0
87.3
91.4
26.8

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

20
21
21
22
23
23
23
24
24
24
24
24
24
24

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

38.7
35.0
64.7
150.0
150.0
47.0
65.0
30.0
44.0
356.0
26.0
25.0
250.0
30.0
28.6
150.4
40.0
240.0
200.0
125.0
75.0

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

24
24
24
28
28
28
29
30
30
30
30
30
30
30
5
5
6
12
14
21
27

Rev.
G.O.
Rev.

31.3
240.0
55.5

Apr. 1
Apr. 7
Apr. 30

Included in table for first time.
Includes state and local government issues of $ 2 5 million and over; excludes secondary offerings.




Approximate d
of offering

Type

14. STOCK PRICES 1
NYSE Index3

Date

NASDAQ 5

AMEX4

DJ Industrials

1978-High
Low

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

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

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

139.25 (9/13)
99.09 (1/11)

1979-High
Low

63.39 (10/5)
53.88 (2/27)

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

247.07 (12/31)
152.03 (1/2)

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

1980-High
Low

81.02 (11/28)
55.30 (3/27)

1000.17 ( 1 1 / 2 0 )
759.13 (4/21)

370.75 (11/29)
215.69 (3/27)

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

1981-High
Low

79.14 (1/6)
72.45 (2/20)

1015.22 ( 3 / 2 5 )
931.57 (2/13)

370.24 ( 4 / 2 )
330.34 (2/20)

216.64 (4/16)
192.29 (2/20)

1981-Mar.

6
13
20
27

74.46
76.32
77.09
77.59

964.62
985.77
992.80
994.78

336.66
344.41
352.39
357.87

199.89
202.17
206.29
208.82

Apr.

3
10
17

78.14
77.78
77.76

1007.11
1000.27
1005.58

369.13
368.50
365.42

212.65
215.15
216.64

15. TRADING VOLUME2
NYSE

Date

AM EX

NASDAQ

1978-High
Low

66.4 (8/3)
7.6 (1/2)

11.0 (10/30)
1 . 3 (1/20)

18.8 (5/18)
2 . 8 (1/20)

1979-High
Low

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

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

25.8 (12/17)
7.2 (1/2)

1980-High
Low

84.1 (11/5)
16.1 (12/26)

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

60.4 (11/19)
10.7 (4/14)

1981-High
Low

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

15.8 (1/7)
3.6 (2/13)

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

1981-Mar.

6
13
20
27

46.6
54.6
59.2
57.6

4.9
5.3
6.2
6.4

29.4
31.7
31.5
32.6

Apr.

3
10
17

48.1
50.7
51.8

6.2
5.8
6.4

32.7
35.4
35.6

1
2
3
4
5

Figures other than highs and lows are Friday figures only,
Volume figures are weekly averages of daily figures (millions of shares). Highs and lows refer t o single days.
12/31/65 = 50
8 / 3 1 / 7 3 = 100
2/5/71 = 100




16
16. SECURITY CREDIT*

r*_ j
' . -i
End
of period

1

Margin credit extended
by brokers on:
Marginable
stock

Convertible
bonds

Number of
margin accounts
(thousands)

Percent of debt
in accounts with
40 percent or more
customer equity

1976

7,960

204

810

88

1977

9,740

250

885

81

1978

10,830

205

955

67

1979

11,450

167

1,020

84

1979 - J a n .
Feb.
Mar.

10,750
10.790
10,870

199
195
181

950
950
965

79
71
79

Apr.
May
June

11,220
11,130
11,590

194
183
172

960
970
980

77
78
79

July
Aug.
Sept.

11,840
12,060
12,000

178
176
177

970
995
1,005

81
86
84

Oct.
Nov.
Dec.

11,310
10,920
11,450

173
161
167

985
1,000
1,020

73
83
84

1980 — J a n .
Feb.
Mar.

11,820
12,460
11,740

165
175
171

1,035
1,065
1,075

87
84
54

Apr.
May
June

11,140
11,270
11,200

168
167
165

1,055
1,055
1,065

72
81
83

July
Aug.
Sept.

11,320
11,800
12,520

198
204
208

1,075
1,095
1,105

88
89
87

Oct.
Nov.
Dec.

13,080
14,140
14,500

211
220
219

1,120
1,155
1,180

87
87
86

1981 - J a n .
Feb.
Mar.

14,020
13,950
14,020

221
220
n.a.

1,195
1,205
1,235

80
80
84

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




17
17. SAVINGS FLOWS AT SELECTED NONBANK THRIFT INSTITUTIONS
Millions of dollars
Mutual Savings Banks
(regular deposits) 1
Net flow

Date

N.S.A.

Sea. adj.

Annual
growth
rate 3

Net flow
N.S.A.

Sea. adj.

Annual
growth
rate 3

Memo:
Net New Money 2

Total

Savings and Loan Associations

Net
flow
sea. adj.)

Annual
growth
rate 3

At
insured
S&L's

1976

12,670

11.6

50,169

17.5

62,854

15.9

34,369

5,283

1977

10,783

8.7

|50,888

15.0

60,982

13.3

32,004

2,874

1978

8,426

6.3

44,153

11.3

52,292

10.1

23,460

-591

1979

4,000

2.1

39,051

9.1

42,226

7.4

15,029

-6,963

1980

7,380

5.1

|40,955

8.7

48,330

7.9

10,667

-4,831

2,006

2,906
3,487
2,444

7.7
9.2
6.4

2,854
3,972
2,676

5.9
8.0
5.1

1,455
717
-198

-733
-504
-1,072

1979-July
Aug.
Sept,

-337
-92
520

49
485
232

-0.4
4.0
1.9

1,199
4,744

Oct.
Nov.
Dec.

-983
-325

—5.8
-0.8
1.5

1,855
1,153
4,505

3,243
3,498

1,006

-697
93
183

2,166.

8.4
9.0
5.6

2,546
3,405
2,349

5.0
7.0
4.6

1,314
732
-700

-1,421
-765
-987

1980-Jan.
Feb.
Mar.

-927
141
930

-605

-5.0
1.4
-1.9

2,059

2,080

5.3

4,390

2,614
-336

-0.8

1,475
2,782
-558

2.9
5.4
-1.1

1,167
1,079
-696

-1,436
-543
-679

Apr.
May
June

-449

402

3.4
9.2
9.9

325

3,793
5,162
3,962

7.4
10.0
7.6

-817
1,785
-169

-1,024
242
-176

4,428
5,802
4,787

8.4
11.0
7.8

961
1,285
6

246
1
-460

11.4
10.5
9.9

2,550
1,461
2,055

-169
-227
-606

3.7
6.2

599
785

-967
-385

168

-222

1,770

1,106
1,200

881

1,622

3,011
5,269

2,216

6.6

3,391
4,056
2,762

8.6
10.2

3,089
4,574

7.6

6.9

July
Aug.
Sept.

992

1,339

610

1,228

11.0
10.0

1,377

971

7.8

2,507
5,588

Oct.
Nov.
Dec.

402
312
1,341

713
605
485

5.7
4.8
3.9

3,870
2,507
7,591

5,442
5,116
4,936

13.2

11.7

6,155
5,721
5,421

-339
115

—18

-0.1

1,987

2,066

4.8
7.7

2,048
3,442

1981-Jan.
Feb.P

1 RMti. *

» » « . «

2 Z! Z Z m




1.1

144

2,220

3,216

3,298

11.2
7.8

12.2

m u l » l « « W l » « k . o « l " d . ton, tudi «ChrMm« dub m l - c r o w
W*.

«•

Otte for SSL'. » .

«*,.

- 1 *—11 B " " 1
' « «"•"< «'

18
18. MORTGAGE COMMITMENTS OUTSTANDING AT SELECTED INSTITUTIONS
Billions of dollars, seasonally adjusted

Federal and Related Agencies

Thrift Institutions
End of Period

Total

All savings
and loan
associations;

Mutual
savings banks
(N Y. state)

Total

FNMA

GNMA

1978

37 .5

32.7

4.8

16.5

9.9

4.8

1.8

1979

31.5

28.1

3.4

12.6

6.9

4.7

1.0

1980

28.9

27 . 3

1.6

9.3

3.5

5.2

0 .<>

1979-Jan.

32.2
31.8
31.4

4.8
4.7
4.6

15.4
14.1
13.0

8.9
7.7
6.7

4.8
4.8
4.8

1.7

Mar.

37.0
36.5
36.0

Apr.
May
June

36.2
35.8
35.7

31.7
31.7
31.5

4.5
4.1
4.2

12.6
12.0

6.4

11.7

5.6

4.8
4.7
4.8

1.4
1.3
1.3

July
Aug.
Sept.

35.7
35.9
36.7

31.7
32.0
32.7

4.0
3.9
4.0

11.6

5.5
5.5

12.2

6.8

4.8
4.4
4.2

1.3
1.3
1.3

Oct.
Nov.
Dec.

35.9
33.0
31.5

32.3
29.4

3.6
3.6
3.4

14.1
13.5

8.2

12.6

7.7
6.9

4.6
4.7
4.7

1.1
1.0

1980-Jan.
Feb.
Mar.

30.7
29.9
26.5

27.5
27.1
24.0

3.2

11.9

6.2

1.0
1.0
0.8

Apr.
May
June

22.8
21.1
22.4

July
Aug.
Sept.

26.0
28.4
29.9

26.7
28.0

Oct.
Nov.
Dec.

29.5
29.5
28.9

27 .7
27.8
27.3

1981-Jan.
Feb.
Mar.

28.6

27.1

Feb.

s s m ;

27 . 5
n. a.

28.1

1.3

2.8

11.2

2.5

10.5

5.7
5.2

4.7
4.5
4.7

20.7
19.3
20.7

2.1

9.2
9.3
10.3

4.2
3.5
3.6

4.4
5.0
5.7

0.6
0.8
1.0

23.7

1.8
1.8

10.6

5.5
5.1
4.8

1.2

10.6
10.8

3.9
4.4
5.1

1.1
0.9

1.6

10.4
10.3
9.3

4.9
4.4
3.5

4.8
5.2
5.2

0.7
0.7
0.6

1.5
1.4
n.a.

10.3
9.6
n.a.

3.3

6.3

0.7

6.2
6.0

n.a.

26.1
n.a.

process. Subtotals may not add t o total because of rounding.




11.2

6.0

1.6
1.5

1.8
1.7

1.9

1.8
1.7

2.8
2.3

0.6

19
NET NEW MONEY BORROWINGS BY MAJOR HOUSING CREDIT AGENCIES
Millions of dollars
FNMA and FHLB
short-term
discount notes

Total including
short-term
discount notes

Total

FHLB

1976

-1,750

-1,131

-2,031

0

900

-619

1977

2,732

1,444

496

-4

952

1,288

1978

19,030

13,578

6,302

576

6,700

5,452

9-Jan.
Feb.
Mar.

967
1,457
912

0
1,033
1,372

0
834
0

0
199
-128

0
0
1,500

967
424
-460

Apr.
May
June

1,027
304
1,363

997
215
1,299

0
222
0

-3
-7
199

1,000
0
1,100

30
89
64

July
Aug.
Sept,

1,625
360
398

1,916
613
-154

700
415
0

216
198
146

1,000
0
-300

-291
-253
552

Oct,
Nov,
Dec.

2,297
1,791
1,375

1,599
1,453
150

1,300
953
0

-1
0
150

300
500
0

698
338
1,225

!0-Jan.
Feb.
Mar.

328
927
3,580

-2
10
1,780

0
-350
1,400

-2
160
-120

0
200
500

330
917
1,800

Apr.
May
June

2,205
1,366
-929

1,499
2,649
1,000

1,000
900
0

-1
-1
0

500
1,750
1,000

706
-1,283
-1,929

July
Aug.
Sept.

-979
-458
1,325

442
1,200
253

0
200
1,000

-8
0
-97

450
1,000
-650

-1,421
-1,658
1,072

Oct.
Nov.
Dec.

3,607
313
3,390

1,300
900
250

1,600
150
700

0
0

-300
750

2,307
-587

0

-450

3,140

Il-Jan.

207

1,582

600

-18

1,000

-1,375

Period

r

Intermediate- and long-term issues

Based on data from Treasury Survey of Ownership.




FHLMC

FNMA

20. NET CHANGE IN MORTGAGE HOLDINGS AT SELECTED INSTITUTIONS
Millions of dollars, seasonally adjusted
Period

Totaf

Total

Major private financial institutions
Commercial
Life insur.
MSB's
S&L's companies
banks

FNMA
and
GNMA

FHLMC

Mortgage pools
GNMAFHLMCguaranteed guaranteed

1978

126,411 103,221 35,376

6,314

52,153

9,378

8,735

-233

9,389

5,275

1979

122,121

88,877 31,504

3,886

43,064

12,607

8,147

973

20,854

3,270

1980

87,021

59,418 18,574

516

27,826

12,318

7,262

1,127

17,479

1,754

1979

Apr.
May
June

8,276
11,033
10,814

5,940
8,349
8,400

2,487
2,328
2,753

204
388
373

3,998
4,654
4,253

848
979
1,021

489
745
530

-3
19
-25

1,542
1,505
1,625

308
415
284

July
Aug.
Sept.

10,277
10,520
10,612

8,267
7,446
7,731

2,809
2,636
2,953

384
297
276

3,919
3,380
3,375

1,155
1,133
1,127

35
524
284

62
114
144

1,608
2,122
2,161

304
314
293

Oct.
Nov.
Dec.

11,581
10,297
8,549

8,501
6,818
4,996

2,844
2,594
2,521

248
265
21

3,808
2,827
1,469

1,601
1,132
985

764
866
903

-71
202
34

2,002
2,393
2,338

385
18
277

Jan.
Feb.
Mar.

9,962
8,537
7,423

6,234
6,484
5,077

2,474
2,402
1,826

197
290
6

2,126
2,557
1,828

1,437
1,235
1,405

1,182
631
1,286

68
144
29

2,374
1,198
834

104
80
199

Apr.
May
June

6,339
3,266
1,876

2,884
1,369
474

890
526
50

-49
148
-168

857
-438
-236

1,187
1,133
802

1,155
584
193

154
-130
30

2,006
1,205
1,084

140
238
189

July
Aug.
Sept.

6,348
7,773
7,906

4,011
5,651
6,175

1,886
1,123
1,115

-115
-113
-10

1,767
3,587
4,442

1,116
1,054
588

196
-8
-94

45
192
214

1,570
1,758
1,342

338
187
269

11,053
7,968
8,570

8,304
6,609
6,146

2,750
2,090
2,135

180
117
33

4,511
3,631
3,101

863
771
718

689
542
906

115
50
216

1,881
873
1,354

64
-106
-52

6,775

5,442

n.a.
n.a.

3,066
2,680

785

n.a.
n.a.

1,365
1,564
2,090

226

n.a.
n.a.

160.
74

—48
188

1,114
1,381

1980

Oct.
Nov.
Dec.
1981

Jan.
Feb.
Mar.

n.a.

n.a.
n.a;

n.a.

n.a.

n.a.

107

n.a.
n.a.

Monthly data for commercial banks based on Federal Reserve estimates benchmarked t o Call Report data on real estate loans outstanding as available.
Other data derived from mortgage debt outstanding as reported separately by National Association of Mutual Savings Banks, Federal Home Loan Bamc
Board, American Council of Life Insurance, the Federal National Mortgage Association, the Government National Mortgage Association, and the Federal
Home Loan Mortgage Corporation. Data for mutual savings banks and life insurance companies may differ somewhat from those derived from regular
quarterly series because of minor conceptual differences for which adjustments are not made in the monthly series. Altogether, these groups accounted
for 8 9 percent of the net increase estimated for all holders in 1978.




21
21. NET CHANGE IN MORTGAGE DEBT OUTSTANDING, BY TYPE OF PROPERTY1
Billions of dollars, seasonally adjusted annual rates
Quarter

Total

Total

Residential
1 to 4family

Multifamily

Commercial

Multifamily
and
commercial

Farm

84.0
75.1
92.1
97.7

68.4
59.4
72.6
78.1

62.8
55.6
68.9
75.5

5.6
3.8
3.7
2.6

10.8
11.3
13.2
12.4

16.4
15.1
16.8
15.0

4.8
4.4
6.4
7.3

Q2
Q3
Q4

108.9
134.2
139.1
150.6

87.8
111.3
115.0
118.3

83.5
102.8
106.7
109.7

4.3
8.4
8.2

8.6

14.5
14.9
17.4
25.5

18.7
23.3
25.6
34.1

6.7
8.1
6.8
6.8

1978-Q1
Q2
Q3
Q4

131.4
144.1
150.4
159.7

101.8
112.2
120.5
131.0

93.2
101.2
111.3
122.9

8.6
11.1
9.2
8.1

23.0
23.9
21.9
21.1

31.6
35.0
31.1
29.3

6.7
8.0
8.0
7.5

1979-Q1
Q2
Q3
Q4

151.7
160.8
158.5
148.2

116.5
120.5
119.6
116.2

109.9
114.3
110.6
107.0

6.6

6.2
9.0
9.2

23.9
27.6
27.7
22.0

30.5
33.8
36.7
31.1

11.2
12.7
11.1
10.1

1980-01

150.5
73.0
123.8
151.3

103.7
43.0
92.6
115.2

95.5
36.2
82.7
104.0

8.2
6.8
9.9
11.2

29.7
16.0
20.7
21.6

38.0
22.8
30.6
32.9

17.1
14.0
10.5
14.4

1976-Q1
Q2
Q3
Q4
1

/-Ql

' 02

Q3
Q4

not available, and interpolations and extrapolations, where required, estimated mainly by Federal Reserve.




22
22. AVERAGE RATES AND YIELDS ON HOME MORTGAGES AND PASS-THROUGH SECURITIES
Secondary market
Primary market
FHA/VA mortgages
Rates on
Discount
Yield on
Yield in
conventional
Ceiling
points
Period
GNMA
Period
FNMA
loans at
rate
in FNMA
securities
auction
S&L's
auction

Conventional mortgages
Yield in
FNMA
auction

Yield in
FHLMC
auction

1979-High
Low

12.90
10.38

1979-High
Low

13.29
10.42

12.54
4.16

11-1/2
9-1/2

11.77
9.51

13.97
10.92

13.56
10.40

16.35
12.18

1980-High
Low

15.93
12.28

15.40
.93

14
11-1/2

14.17
10.73

17.51

1980-High
Low

12.81

16.22
11.60

1981-High
Low

15.50
14.80

1981 H i g h
Low

16.47
14.84

12.51
7.33

14- 1 / 2
13- 1/2

14.69
13.18

15.57
14.83

15.44
14.16

3
10
17
24
31

13.60
13.73
13.78
13.85
14.00

Oct.

13
13
13
13
13

12.70
12.59
12.98
13.35
13.42

7
14
21
28

14.08
14.18
14.28
14.28

Nov.

13
13
13-- 1 / 2
13-- 1 / 2

13.61
13.67
13.57
13.75

15.25

14.43
14.83
14.95
14.95

Dec.

13 - 1 / 2
13 - 1 / 2
13 - 1 / 2
13 - 1 / 2

13.79
14.01
13.24
13.31

15.65

5
12
19
26

14.95
14.80
14.85
14.85
15.07

Jan.

Feb.

3

13-1/2
13-1/2
13-1/2
13-1/2
13-1/2

13.18
13.50
13.62
13.71
13.76

15.04

2
9
16
23
30
6
13
20
27

15.00
15.03
15.20
15.30

Feb.

Mar.

10
17
23
2

13-1/2
13-1/2
13-1/2
13-1/2

14.08
14.41
14.26
14.31

6
13
20
27

15.40
15.40
15.40
15.40

Mar.

9

14
14
14
14

14.17
13.96
14.23
14.18

3
10

15.40
15.50

Apr.

Oct.

Nov.

Dec.

Nov.

Dec.

6
13
20
27
3

14.57

8.69

15.30

12.39

10
17
24
1

15.57

13.68

15.49

10.65

8
15
22
29

15.50

10.67

14.92

7.79

5
12
19

14.89

7.63

14.84

7.33

14.88

7.56

14.47
14.92

15.35

15.43

13.80
13.70
13.86
14.22
14.22
14-25
14.34
14.38
14.56
14.70
14.86
14.86
14.36

1981
Jan.

Feb.

Mar.

Apr.

26

15.59

11.11

15.88

12.51

16

15.39

7.45

23
30

15.74

9.23

6
13

16.47

10.14

7

1
14
14-1/2

14.69
14.64

14.85
14.83

15.26
15.38

14.16
14.43
14.51
14.60
14.72
15.04
15.10
15.13
15.31

15.42

15.18
14.93
15.08
15.11

15.57

15.35
15.44

15.19

net yields t o investors on GNMA-guaranteed mortgage-backed securities for immediate delivery, assuming prepayment in 1 2 years on poohsof 30-yes,
FHA/VA mortgages carrying a coupon rate 5 0 basis points below the current FHA/VA ceiling rates shown in Column 6. Column 9 is the average net
yield to FHLMC on accepted bids in its weekly auction of commitments to buy conventional home mortgages for immediate (within 6 0 days) delivery.
Beginning July 7 , 1 9 8 0 , the FNMA auction results for FHA/VA mortgages do not include graduated payment mortgages.




23
23. FNMA AUCTIONS OF COMMITMENTS TO PURCHASE HOME MORTGAGES
Dollar amounts in millions
Date of
auction

1979-High
Low

1980-High
Low

1981-High
Low

Conventional mortgages
Average yield
Accepted

Offered

FHA/VA mortgages
Accepted

1,034.9
36.5

448.3
19.4

13.29
10.42

454.0
19.4

172.2
17.9

13.97
10.92

644.2
63.8

354.6
35.1

15.93
12.28

426.0
12.4

133.0
19.6

17.51
12.76

146.9
35.8

61.2
34.1

16.47
14.84

75.5
12.4

51.3
11.1

15.57
14.83

Average yield

Offered

1981-Feb.

2
17

73.9
80.3

40.4
47.3

14.88
15.59

33.1
75.5

27.8
51.3

14.83
15.26

Mar.

3
16
30

58.4
51.1
35.8

35.4
34.1
35.2

15.88
15.39
15.74

56.9
47.4
44.9

31.7
29.8
36.1

15.38
15.19
15.42

Apr. 13

74.8

61.2

16.47

49.5

37.7

15.57

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

Future commitment program
Average yield
Accepted

401.4
4.9

200.3
2.5

16.22
11.60

255.2
34.1

26.9
10.5

17.15
12.89

141.6
27.6

65.9
15.8

15.44
14.16

73.6
30.3

18.4
5.0

15.87
15.16

13
20
26

105.9
141.6
98.0
74.3

65.9
30.0
34.0

73.6

18.4

15.16

26.0

14.16
14.43
14.51
14.60

Feb.

3
10
17
24

66.5
74.1
40.7
61.3

22.3
20.3
15.8
17.3

14.72
15.04
15.10
15.13

30.3

15.1

15.38

Mar.

3
10
17
24
31

71.3
57.2

15.31
15.18
14.93
15.08
15.11

56.7

14.3

15.43

80.4
99.6

23.0
18.4
31.6
29.7
33.1

7
14

27.6
n. a.

24.7
n.a.

15.35
15.44

62.6

5.0

15.87

1980-High
Low

1981-High
Low

1981-Jan.

Apr.

6

68.1

6-month commitments; subsequently, 8-month commitments have been auctioned.


Source: FNMA and FHLMC


25. ISSUES OF MORTGAGE-BACKED SECURITIES
Millions of dollars, not seasonally adjusted

Period

GNMA-guaranteed
New issues

Outstanding
(end of period)

Pass-through securities
F H LMC-guaranteed
New issues

Outstanding
(end of period)

Public offerings
of mortgagebacked bonds
Outstanding by savings and
(end of period)
loan assoc.

Privately insured
New issues

1977

17,440

44,896

4,131

6,610

242

238

1,115

1978

15,358

54,347

6,212

11,892

1,011

1,141

465

1979

24,940

76,401

4,546

15,180

2,575

3,641

1,110

1980

21,950

2,527

16,853

5,133

8,724

290

93,874

1979-Jan.
Feb.
Mar.

1,703
1,361
1,464

55,627
56,575
57,955

317
494
118

12,093
12,462
12,466

60
136
84

1,325
1,411
1,482

0
0
0

Apr.
May
June

1,489
1,673
1,860

60,274
61,551
63,001

364
572
382

12,790
13,296
13,562

151
201
142

1,619
1,821
1,915

0
0
400

July
Aug.
Sept.

2,032
2,934
2,640

64,401
67,135
69,358

321
554
347

13,781
14,200
14,421

204
190
254

2,105
2,257
2,516

225
350
65

Oct.

Nov.
Dec.

2,639
3,250
1,895

71,457
74,106
76,401

530
186
361

14,838
14,916
15,180

470
383
300

2,987
3,353
3,641

0
0
70

1980-Jan.
Feb.
Mar.

2,611
1,354
1,125

78,849
79,900
80,843

180
207
106

15,274
15,397
15,454

405
205
342

4,227
4,421
4,771

50
0
0

Apr.
May
June

1,778
1,127
1,320

82,419
83,385
84,282

199
391
232

15,613
15,949
16,120

510
495
413

5,269
5,760
6,168

0
0
190

July
Aug.
Sept.

1,874
2,215
1,807

85,634
88,031
89,452

288
320
275

16,370
16,658
16,852

485
466
355

6,603
6,995
7,338

50
0
0

Oct.

Nov.
Dec.

2,255
1,613
1,569

91,425
92,574
93,874

187
94
48

16,950
16,912
16,853

402
628
427

7,708
8,342
8,724

0
0
0

1981-Jan.
Feb.
Mar.

1,302
1,306
1,046

95,061
96,292
n.a.

168
n.a.
n.a.

16,952
n.a.
n.a.

529
251
n.a.

8,233
9,480
n.a.

0
0
0

GNMA-guaranteed securities are issued by private institutions and represent undivided interests in pools of Government-underwritten home mortgages
formed by these institutions. FHLMC-guaranteed securities include Participation Certificates and Guaranteed Mortgage Certificates issued by FHLMC
against pools of conventional residential mortgages formed by FHLMC Privately-insured pass-through securities are issued by private institutions against
pools of conventional residential mortgages and are underwritten by major private mortgage insurance companies.
Source: GNMA, FHLMC, HUD, and Federal Reserve.