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April 21, 1980

°£KAi

Capital
^
Market
Developments

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

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
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 t o Purchase Home Mortgages
FHLMC Auctions of Commitments t o 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 t o one
address, $13.50 per year or $ . 3 5 each. Elsewhere, $20.00 per year or $.50 each. Address requests t o Publications Services, Division of
Support Services, and make payment remittance payable t o the order of the Board of Governors of the Federal Reserve System in a
form collectible at par in U.S. Currency.



1. YIELDS, VOLUME A N D RECEPTION
C o r p o r a t e Bond Market
Yields
Week ending

1980-Feb.

N e w issue
Aaa utility 1

Volume

Recently o f f e r e d
Aaa utility2

Gross o f f e r i n g s 3
($ millions)

Percent sold by
end of week

N e w issues in s y n d i c a t e 4
($ millions)

1
8
15
22
29

12.96
13.27
13.92
14.11

12.35
12.80
13.17
14.11
13.83

311
458
320
114
580

74
100
97
100
100

80
0
10
0
0

Mar.

7
14
21
28

13.98
13.95
13.85
14.22

13.94
13.72
13.80
14.12

348
392
810
230

82
87
96
98

63
50
31
5

Apr.

4
11
18

13.98
13.28r
12.70p

13.93
13.30r
12.53p

825
355
565

91
100
100

75
0

——

0

2. YIELDS, VOLUME A N D RECEPTION
Municipal Bond Market
Yields
Week ending

Volume

Moody's new
issue Aaa

Bond Buyer
G.O.bond
index

Bond Buyer
Rev. bond
index

Gross offerings
($ millions)

Percent sold by
end of w e e k 3

New issues in
syndicate4
($ millions)

1980-Feb.

1
8
15
22
29

6.80
7.00
7.00
7.60
8.00

7.52
7.71
7.75
8.46
8.72

8.30
8.47
8.53
9.14
9.49

578
549
525
526
694

87
84
83
96
98

157
120
110
81
39

Mar.

7
14
21
28

8.00
8.15
8.25
8.25

8.94
9.08
9.20
9.44

9.71
9.91
9.99
10.19

493
487
714
337

96
95
85
97

32
35
122
45

Apr.

4
11
18

8.25
8.60
7.60

9.44
9.07
7.89

10.25
9.90
9.19

225
608
1,291

93
94
92

38
39
112

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 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.




3. HIGH G R A D E B O N D Y I E L D S
Recently offered
Aaa utility2

Moody's
seasoned
corporate A a a 3

U.S. govt.
20-year constant
maturity4

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)

5.93(2/4)
5.45(11/17)

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

9.54(12/22)
8.48(1/6)

9.27(12/29
8.30(1/6)

8.01(1/6)

9.00(12/22)

6.67(12/22)
5.58(3/17)

N e w issue
Aaa utility1

Date

1977-High
Low

1978-High
Low

1979-High

Bond Buyer
G O. bond
index5

Bond Buyer
Rev. b o n d
index6

11.51(11/2)
9.40(8/17)

11.45(11/9)
9.39(6/29)

10.87(12/28 1 0 . 5 6 ( 1 1 / 9 )
9.16(7/6)
8.79(7/6)

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

14.22(3/28)
LI.51(1/11)

14.12(3/28)
11.44(1/4)

13.00(3/28) 1 2 . 7 9 ( 2 / 2 2 )
10.88(1/4) 10.30(1/4)

9.44(4/4)
7.28(1/18)

1979-Jan.
Feb.
Mar.

9.54
9.53
9.62

9.51
9.56
9.62

9.25
9.26
9.37

8.98
9.03
9.08

6.47
6.31
6.33

Apr.
May
June

9.70
9.83
9.50

9.74
9.84
9.50

9.38
9.50
9.29

9.21
9.21
8.91

6.29
6.25
6.13

July
Aug.
Sept.

9.58
9.48
9.93

9.53
9.49
9.87

9.20
9.23
9.44

8.92
8.97
9.21

6.20

Dec.

10.97
11.42
11.25

10.91
11.36
11.32

10.13
10.76
10.74

9.99
10.37
10.18

7.08
7.30
7.22

7.80
8.11
8.08

1980-Jan.
Feb.
Mar.

11.73
13.57
14.00

11.77
13.35
13.90

11.09
12.38
12.96

10.65

7.35

8.21

7
14
21
28

13.98
13.95
13.85
14.22

13.94
13.72
13.80
14.12

13.00
13.00
12.83
13.00

4
11
18

13.98
13.28r
12.70p

13.93
13.30r
12.53p

12.97
12.57r
12.07p

Low

1980-High
Low

Oct.
Nov.

1980-Mar.

Apr.

1
2
3
4
5
6

12.21

8.24(11/23)
7.23(9/21)
10.25(4/4)
8.15(1/18)

6.13

6.52

8.16
9.17

8.91
9.95

12.36
12.29
12.71

12.61

8.94
9.08
9.20
9.44

9.71
9.91
9.99
10.19

12.43
11.77r
11.27p

9.44
9.07
7.89

10.25
9.90
9.19

12.49

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 competitively bid Aaa-rated utility bond with 5-year call protection released from price
restrictions sometime 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 20 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 25 revenue bonds used in this index falls midway between the five top groups as classified by Moody's
Investors Service. Weekly Bond Buyer data.




4 . LONG-TERM CORPORATE A N D STATE A N D LOCAL GOVERNMENT SECURITY OFFERINGS A N D PLACEMENTS
Gross proceeds, millions of dollars
Period

1978
3,326
2,770
4,569

January
February
March

Corporate

1979
3,770
3,170
4,401

1980
4,300e
3,425e
4,550e

S t a t e and Local

1978
3,306
2,753
4,844

1979
2,840
2,603
4,644

3,397
4,227
5,539

4,692
4,167
6,247

3,824
5,525
4,369

3,444
3,042
4,724

August
September

4,414
3,379
4,236

4,095
4,083
4,308

3,920
6,407
2,323

3,396
4,256
2,472

October
November
December

3,799
3,207
4,401

4,561
3,834
3,774

3,231
4,320
3,690

4,217
4,160
3,567

47,264

51,102

48,512

1980
3,000e
2,400e
2,700e

43,365

April
May
June
July

Year

1 Securities and Exchange Commission estimates of gross proceeds.
2 Public Securities Association estimates of principal amounts,
e Estimated by Federal Reserve on the basis of available data.

5. TREASURY A N D GOVERNMENT-SPONSORED AGENCY BORROWING
Millions of dollars
Federal G o v e r n m e n t

Period

Combined
deficit(+)

Means of financing c o m b i n e d deficit
Net cash borrowing f r o m t h e p u b l i c 2
Public d e b t securities
Gov't,
Nonagency
Bills
Coupons
marketable
securities

D e c r e a s e d ) / Sponsored
increase(—)
agency
in cash
borrowing4
operating
balance

or
surplus(-)1

Totals

52,870
41,397

53,683
37,360

706
10,899

31,777
28,041

22,644
-397

-1,431
-1,402

3,206
1,115

-4,019
366

23,509
23,631

-9,834
May
4,822
June -11,237

-4,965
1,806
-1,458

-1,729
-654
-3,186

2,396
2,937
-30

-5,493
-269
1,867

-158
-237
-91

-4,212
-669
3,049

-657
3,685
-12,828

2,218
1,037
2,181

Jul)
8,167
Aug. 16,003
Sept , -15.558

4,831
3,268
4,250

48
551
889

3,529
2,700
2,570

1,312
-41
280

-68
-17
-14

-619
6,155
-2,582

3,955
6,580
-17,226

3,094
821
910
3,196
2,546
1,542

CY—-1978
CY -1979
1979-Apr.

Other

Oct.
Nov.
Dec.

14,646
8,941
1,997

2,217
5,548
11,207

314
3,408
7,544

2,085
1,463
3,614

357
704
57

-20
-80
-62

-1,287
8,984
1,124

13,716
4,869
-10,334

1980-Jan.
Feb.
Mar.

5,170
10,458

5,201

2,878

2,050

163

-27

-709

-678

1
2

3
4

U.S. unified budget deficit or surplus plus off-budget entities deficit or surplus.
accwims" ° U t $ t a n d i n 9 a m ° u n t o f p u b l i c d e b t securities and government agency securities less change in holdings of those securities by government
Also includes changes in matured and noninterest-bearing public debt.
0U tstand n arT o nt of
j 9 ; "
marketable securities issued by Federal Farm Credit Banks, Federal Home Loan Banks. Federal Home Loan Morti
gage Corporation, Federal National Mortgage Association.

5 CY = Calendar Year.



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

Bonds
Total

Publicly
offered

Privately
placed

Common and
preferred
stocks

Memo
Issues included
Foreign
Convertible

1977
1978
1979

53,792
47,230
51,102

24,072
19,815
25,815

17,943
17,057
13,877

11,777
10,358
11,410

1979-QI
QII
QUI
QIV

11,341
15,106
12,486
12,169

4,522
9,154
6,387
5,752

4,570
3,890
2,607
2,810

2,249
2,062
3,492
3,607

1979-Jan.
Mar.

3,770
3,170
4,401

1,282
1,336
1,904

1,824
921
1,825

664
913
672

16
10
21

3
5
0

Apr.
May
June

4,692
4,167
6,247

2,984
1,999
4,171

1,129
1,576
1,185

579
592
891

23
1
8

759
350
385

July
Aug.
Sept.

4,095
4,083
4,308

2,247
1,973
2,167

867
886
854

981
1,224
1,287

257
90
423

153
159
228

Oct.
Nov.
Dec.

4,561
3,834
3,774

2,669
1,583
1,500

863
1,006
941

1,029
1,245
1,333

10
21
81

50
24
113

Feb.

1,340
1,092
n.a.

47
32
770
n.a.

863
418
2,229

8
1,494
540
187

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

1977
1978
1979

Period

Manufacturing

13,393
10,813
11,276

Public utility

14,127
12,232
13,273

Communications

4,442
3,640
4,500

Other issuers 1

21,827
20,549
22,048

1979-QI
QII
QUI
QIV

2,096
3,058
3,661
2,461

3,059
3,648
2,422
4,144

1,399
778
931
1,392

4,785
7,621
5,473
4,169

1979-Jan.
Feb.
Mar.

934
399
763

817
1,186
1,056

259
558
582

1,759
1,026
2,000

Apr.
May
June

572
1,293
1,193

1,410
865
1,373

261
109
409

2,450
1,899
3,272

July
Aug.
Sept.

1,006
1,166
1,489

772
503
1,147

94
336
501

2,222
2,079
1,172

Oct.

1,485
482
496

1,769
1,267
1,108

480
856
56

825
1,229
2,115

Nov.

Dec.

L ° t h 8 e 'SSUe.rS 8 r e ® x 2 r a c ' l v e - railroad and other transportation, real estate and finance, and commercial and other.
Source. Securities and Exchange Commission and Federal Reserve Board.



4. LONG-TERM CORPORATE A N D STATE A N D LOCAL GOVERNMENT SECURITY OFFERINGS A N D PLACEMENTS

Gross proceeds, millions of dollars

January
February
March

1978
3,326
2,770
4,569

Corporate
1979
3,770
3,170
4,401

April
May
June

3,397
4,227
5,539

July
August
September
October
November
December

1978
3,306
2,753
4,844

State and Local
1979
2,840
2,603
4,644

4,692
4,167
6,247

3,824
5,525
4,369

3,444
3,042
4,724

4,414
3,379
4,236

4,095
4,083
4,308

3,920
6,407
2,323

3,396
4,256
2,472

3,799
3,207
4,401

4,561
3,834
3,774

3,231
4,320
3,690

4,217
4,160
3,567

47,264

51,102

48,512

43,365

Period

Year

1980
4,300e
3,425e
4,550e

1980
3,OOOe
2,400e
2,700e

1 Securities and Exchange Commission estimates of gross proceeds.
2 Public Securities Association estimates of principal amounts,
e Estimated by Federal Reserve on the basis of available data.

5. TREASURY A N D 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,
Nonagency
Bills
Coupons marketable securities

Combined
deficit(+)
or
surplus*—)?

Total 3

52,870
41,397

53,683
37,360

706
10,899

31,777
28,041

22,644
-397

-1,431
-1,402

3,206
1,115

-4,019
366

23,509
23,631

1979-Apr. - 9 , 8 3 4
May
4,822
June -11,237

-4,965
1,806
-1,458

-1,729
-654
-3,186

2,396
2,937
-30

-5,493
-269
1,867

-158
-237
-91

-4,212
-669
3,049

-657
3,685
-12,828

2,218
1,037
2,181

July
8,167
Aug. 16,003
Sept , -15.558

4,831
3,268
4,250

48
551
889

3,529
2,700
2,570

1,312
-41
280

-68
-17
-14

-619
6,155
-2,582

3,955
6,580
-17,226

3,094
821
910
3,196
2,546
1,542

Period

CY—-1978
CY -1979

Other

Decrease(+)/ Sponsored
increase*—)
agency
in cash
borrowingA
operating
balance

Oct.
Nov.
Dec.

14,646
8,941
1,997

2,217
5,548
11,207

314
3,408
7,544

2,085
1,463
3,614

357
704
57

-20
-80
-62

-1,287
8,984
1,124

13,716
4,869
-10,334

1980-Jan.
Feb.
Mar.

5,170
10,458

5,201

2,878

2,050

163

-27

-709

-678

1
2

U.S. unified budget deficit or surplus plus off-budget entities deficit or surplus.
^ c o u m s " ° U t S t a n d ' n 9 a m o u n t o f p u b l i c d e b t securities and government agency securities less change in holdings of those securities by government

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.

CY = Calendar Year.



6. NEW CORPORATE SECURITY ISSUES BY TYPE OF ISSUE

Gross proceeds, millions of dollars
Period

Total

Bonds
Privately
placed
17,943
17,057
13,877

Common and
preferred
stocks
11,777
10,358
11,410

Memo
Issues included
Foreign
Convertible
1,340
863
1,092
418
n.a.
2,229

1977
1978
1979

53,792
47,230
51,102

Publicly
offered
24,072
19,815
25,815

1979-QI
QII
QUI
QIV

11,341
15,106
12,486
12,169

4,522
9,154
6,387
5,752

4,570
3,890
2,607
2,810

2,249
2,062
3,492
3,607

1979-Jan.
Feb.
Mar.

3,770
3,170
4,401

1,282
1,336
1,904

1,824
921
1,825

664
913
672

16
10
21

3
5
0

Apr.
May
June

4,692
4,167
6,247

2,984
1,999
4,171

1,129
1,576
1,185

579
592
891

23
1
8

759
350
385

July
Aug.
Sept.

4,095
4,083
4,308

2,247
1,973
2,167

867
886
854

981
1,224
1,287

257
90
423

153
159
228

Oct.
Nov.
Dec.

4,561
3,834
3,774

2,669
1,583
1,500

863
1,006
941

1,029
1,245
1,333

10
21
81

50
24
113

47
32
770
n.a.

8
1,494
540
187

7. NEW CORPORATE SECURITY ISSUES BY TYPE OF ISSUER

Gross proceeds, millions of dollars
Period
Manufacturing
1977
13,393
1978
10,813
1979
11,276

Public utility
14,127
12,232
13,273

Communications
4,442
3,640
4,500

Other issuers1
21,827
20,549
22,048

1979-QI
QII
QUI
QIV

2,096
3,058
3,661
2,461

3,059
3,648
2,422
4,144

1,399
778
931
1,392

4,785
7,621
5,473
4,169

1979—Jan.
Feb.
Mar.

934
399
763

817
1,186
1,056

259
558
582

1,759
1,026
2,000

Apr.
May
June

572
1,293
1,193

1,410
865
1,373

261
109
409

2,450
1,899
3,272

July
Aug.
Sept.

1,006
1,166
1,489

772
503
1,147

94
336
501

2,222
2,079
1,172

Oct.
Nov.
Dec.

1,485
482
496

1,769
1,267
1,108

480
856
56

825
1,229
2,115

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.




8. PUBLIC OFFERINGS OF INTERMEDIATE- A N D LONG-TERM SECURITIES: CORPORATE 1
Issuer

P u b l i c S e r v . Co. of New Mexico
Oak I n d u s t r i e s I n c .
Grumman Corp.
Hughes Tool Co.
Ford Motor Co.
Ford Motor Co.
C&P T e l . Co. of Wash., D.C.
Ohio Edison Co.
Ohio Edison Co.
C a r o l i n a Power & L i g h t Co.
Gen'1 T e l . Co. of Wisconsin
Sunshine Mining Co.
Pub. Serv. Co. of N. Hampshire
Houston I n d u s t r i e s Co.
P e r k i n Elmer Corp.
Houston Oil Royalty T r u s t Co.
G e n ' l . T e l . Co. of C a l i f o r n i a
Gen'1. T e l . Co. of C a l i f o r n i a
F l o r i d a Power Corp.
Bell T e l . Co. of Pennsylvania
Rowan Companies

1

Date

4/1
4/1
4/3
4/3
4/3
4/3
4/8
4/9
4/9
4/10
4/10
4/10
4/10
4/15
4/15
4/15
4/15
4/15
4/16
4/17
4/18

Type

Pfd. s t k .
Conv. debt
Conv. debt
Conv. debt
Notes
Notes
iDebt
1 s t . mtg.
1 s t . mtg.
1st mtg.
Debt.
)ebt.
Pfd. s t k .
om. s t k .
om. s t k .
om. s t k .
1 s t . mtg.
1 s t . mtg.
1 s t . mtg.
Oebt.
]onv. debt

Amount
(millions
of dollars)

50.0
50.0
75.0
100.0
250.0
150.0
75.0
50.0
50.0
125.0
30.0
25.0
30.0
82.1
39.1
60.0
75.0
50.0
100.0
250.0
75.0

Maturity

Coupon
rate

Offering
yield

2000
2000
2005
1985
1990
2017
1987
2010
1987
2010
1995

14.75
11.00
11.00
8.50
14.75
14.25
13.00
15.25
15.50
14.13
14.38
8.50

14.75
13.00
11.00
8.50
14.75
14.25
13.07
15.31
15.50
14.18
14.38
8.50
17.00

A/B/B
B/B
Baa/BBB
Aa/AAA
Aa/AAA
Aaa/AAA
A/BBB+
A/BBB+
A/A
A/A
B/B
Ba/BB

2010
1987
1987
2020
2000

14.13
13.75
13.63
11.88
8.75

14.20
13.75
13.63
11.88
8.75

A/A
A/A
A/A+
Aaa/AAA
Ba/BB

Rights offering.
Includes only corporate and other security offerings of $25 million and over; excludes options. exchanges, and secondary offerings.




Moody's/S&P's
ratings

9. PUBLIC OFFERINGS OF INTERMEDIATE- A N D LONG TERM SECURITIES: STATE A N D LOCAL 1
Issuer

Payne Co. Home F i n . Auth. , OK
Payne Co. Home F i n . Auth. , OK
Payne Co. Home F i n . Auth. , OK
West V i r g i n i a Hsg. Devel. Fund
West V i r g i n i a Hsg. Devel. Fund
West V i r g i n i a Hsg. Devel. Fund
King Co., W
A
Sedgwick Co., KS
Sedgwick Co., KS
Sedgwick Co., KS
Sedgwick Co., KS
Shawnee Co., KS
Shawnee Co., KS
Shawnee Co., KS
Shawnee Co., KS
North Slope Borough, AK
Cowley Co., KS
Cowley Co., KS
Cowley Co., KS
Long Beach, CA
Long Beach, CA
Ohio Air Quality Devel. A u t h . ,
OK
Greater Chicago Metro. San
D i s t . , IL
North Carolina Mun. Power Agcy
North Carolina Mun. Power Agcy
North Carolina Mun. Power Agcy
Midland, MI
P h i l a d e l p h i a , PA
P h i l a d e l p h i a , PA
P h i l a d e l p h i a , PA
P h i l a d e l p h i a , PA
Louisiana O f f s h o r e Terminal
Auth.
Louisiana O f f s h o r e Terminal
Auth.
Louisiana O f f s h o r e Terminal
Auth.
Louisiana O f f s h o r e Terminal
Auth.
Louisiana O f f s h o r e Terminal
Auth.
H a r r i s Co., TX
Maryland Community Devel.
Auth.
Maryland Community Devel.
Auth.
Maryland Community Devel.
Auth.
Maryland Community Devel.
Auth.

Amount
(millions
of $)

Date

Type2

4/2
4/2
4/2
4/2
4/2
4/2
4/7
4/8
4/8
4/8
4/8
4/8
4/8
4/8
4/8
4/9
4/9
4/9
4/9
4/9
4/9

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

6.5
4.4
19.1
24.9
5.0
20.1
30.0
9.8
2.5
40.3
7.4

4/10

Maturity

Net
interest
cost

Moody's/S&P's
ratings

8.3
26.2

2011
1981-1995
2010
1981-1995
1998
2011
1982-1999
1982-1995
2002
2011
2012
1982-1995
2002
2011
2012
1982-1991
1981-1994
2011
2012
1984-1995
2008

11.17
11.17
11.17
n.a.
n.a.
n.a.
8.44
11.63
11.63
11.63
11.63
11.63
11.63
11.63
11.63
n.a.
11.31
11.31
11.31
11.96
11.96

11.13
9.00-10.20
11.13
8.60-10.10
10.40
10.63
8.00—8.70
9.20-10.40
11.00
11.25
11.25
9.20-10.40
11.00
11.25
11.25
9.80-10.20
9.25-10.50
11.38
11.38
9.00-10.50

Rev.

74.7

1983

9.70

9.25

Aa/AA-

4/10
4/11
4/11
4/11
4/14
4/14
4/14
4/14
4/14

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

50.0
16.9
16.1
67.0

25.0
67.4

1982-2000
1986-1995
2000
2010
1981-2010
1982-1990
1994
1999
2004

9.25
n.a.
n.a.
n.a.
9.07
10.39
10.39
10.39
10.39

8.50-9.25
9.10-9.90
10.25
10.50
8.10-9.20
8.75-9.50
10.00
10.25
10.38

Aa/AA
A/A
A/A
A/A
A/—
A/A
A/A
A/A
A/A

4/14

Rev.

40.0

1983-1992

9.05

8.00-8.60

Aa/AA-

4/1/

Rev.

12.0

1995

9.05

8.86

Aa/AA-

4/14

Rev.

20.0

2000

9.05

9.13

Aa/AA-

4/14

Rev.

37.0

2009

9.05

9.25

Aa/AA-

4/14
4/1!

Rev.
G.O.

16.0

9.05
7.58

9.20

29.5

2010
1981-1993

7.00-7.60

Aa/AA
A/A-

4/1!

Rev.

43.8

1981-1993

9.96

8.25-9.60

Aa/—

4/1

Rev.

9.8

1996

9.96

9.60

Aa/—

4/1!

Rev.

34.7

2010

9.96

10.00

Aa/~

4/1

Rev.

11.7

2011

9.96

10.00

Aa/—

8.2

2.5
33.2

6.1

70.0
2.5
15.6

2.6

26.0
21.6
11.0

1 Includes only state and local security offerings of $25 million and over; excludes secondary offerings.
2 For state and local government securities, G.O. denotes general obligation; Rev. denotes revenue obligations.
3 Canadian interest cost.




Offering
yield

12.00

A-l/-A-1/-A-l/-Aa/AAAa/AAAa/AAAa/AA
Aa/AA
Aa/AA
Aa/AA
Aa/AA
Aa/AA
Aa/AA
Aa/AA
Aa/AA
A/A
Al/AAAl/AAAl/AABaa-l/AAA
Baa-l/AAA

9. PUBLIC OFFERINGS OF INTERMEDIATE- A N D LONG-TERM SECURITIES: STATE A N D LOCAL 1 ( c o n ' t )
Issuer

C a r r o l l Co., KY
Dupage Co., IL
Dupage Co., IL
Dupage Co., IL
Georgia, S t a t e of
P o r t of Oakland, CA
Richmond, VA
P l a t t e River Power A u t h . , Co.
P l a t t e River Power A u t h . , Co.
P l a t t e River Power A u t h . , Co.
Sioux C i t y , IA
Sioux C i t y , IA
C a l i f o r n i a , S t a t e of
C a l i f o r n i a , S t a t e of
Austin Hsg. F i n . Corp.
Austin Hsg. F i n . Corp.
Austin Hsg. F i n . Corp.
Austin Hsg. F i n . Corp.
Austin Hsg. F i n . Corp.
Wyoming Community Devel. Auth.
Wyoming Community Devel. Auth.

Date

4/15
4/15
4/15
4/15
4/15
4/16
4/16
4/17
4/17
4/17
4/17
4/17
4/17
4/17
4/18
4/18
4/18
4/18
4/18
4/18
4/18

Type2

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

6.0.

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

Amount
(millions
of$)

50.0
5.5
29.7
3.8
64.0
35.0
29.0
15.5
34.5

20.0

4.9
23.1
45.0

80.0

21.6
12.5
4.0
52.0

10.0

7.8
17.2

Maturity

Net
interest
cost

1983
1982-1995
2011
2012
1981-2005
1980-2003
1981-1998
1983-1994
2010
2010
1984-1995
2010
1981-2000
1981-2005
1982-1997
2001
2002
2011
2012
2000
2012

9.12
11.31
11.31
11.31
7.29
9.00
6.97
9.13
9.13
9.13
10.45
10.45
6.821/
6.971!
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.

1 Includes only state and local security offerings of $25 million and over; excludes secondary offerings.
2 For state and local government securities, G.O. denotes general obligation; Rev. denotes revenue obligations.
3 Canadian interest cost.




Offering
yield

9.00
9.25-10.40
11.25
11.25
6.50—7.60
7.25-9.78
6.50-7.15
8.00-8.45
9.10
9.25
8.80-10.00
10.38
6.25-7.00
6.25-7.25
7.75-9.50
9.25
9.80
10.00
9.99

8.88

9.25

Moody's/S&P's
ratings

Aa/—
Al/AA
Al/AA
Al/AA
Aaa/AA
A1/A+
Aa/—
A/A+
A/A+
A/A+
Al/AA
Al/AA
Aa/AA+
Aa/AA+
Aa/—
Aa/—
Aa/—
Aa/—
Aa/—

10
10. PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: U.S. TREASURY
Notes and Bonds
Offering
date

Payment
date

Length

Amount (millions of dollars)

Maturity
date

Coupon Auction
rate
average
(percent) (percent)

Total

Private

2/15/95
1/31/82

10-1/2 10.60
11-1/2 11.52

1,502
4,484

Gross proceeds

Net proceeds
1

1

Memo:
Foreign
add-ons 3

Total

Private -2

1,502
4,051

1,502
609

1,502
609

0
0

7,624

2,450

2,450

0

4,073
2,500

652
2,500

652
2,500

0
0

839

839

0

1,501

1,501

0

1980
3
23

1/10
1/31

15-yr
2-yr

Feb. 5
6
7
20
26

2/15
2/15
2/28
2/28
3/3

3-1/2-yr
8 / 1 5 / 8 3 11-7/8 11.983
7-1/4-yr
5 / 1 5 / 8 7 12
1 2 . 0 2 | 9,402
30-yr
2/15/05-10 11-3/4 11.84/
2-yr
2/28/82 13-7/8 13.98 4,472
5yr2-l/2mo 5 / 1 5 / 8 5 14-3/8 14.39 2,500

Mar. 20
25

3/31
3/31

Apr.

4/8

Jan.

1
.
3

2

1-mc

2-yr
4-yr
15-yr

3/31/82 15
3/31/84 14-1/4
1-mc

5/15/95

15.01
14.29

4,032
2,883

3,532)
2,574)

12-5/8 12.69

1,501

1,501

Excludes amounts sold to Government investment accounts and the Federal Reserve. Also excludes add-ons to foreign accounts.
' a r 9 e r than the total if the Government accounts and/or the Federal Reserve do not fully roll-over their maturing holdings.
Additional amounts of securities issued to foreign and international monetary authorities at the average auction price for new cash.




•

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

8/15
8/15

8/27
8/27

2 - y r . 9-mo
4 - y r . 6-mo

5/25/82
2/27/84

9.15
9.05

900
900

1,400

400

FNMA

8/30

9/10

3 - y r . 6-mo

3/10/83

9.50

700

1,000

-300

FFCB

9/19

10/1

4 - y r . 9-mo

6/4/84

9.70

749

201

548

FNMA

9/26

10/10

3-yr.11-mo

9/10/84

9.75

700

400

300

FFCB

10/11 10/23
10/11 10/23
10/11 10/23

3 - y r . 6-mo
7-yr.
10-yr.

4/20/83
10/20/86
10/23/89

10.90
10.75
10.60

542
630
414

1,069

517

FHLB

10/18 10/25
10/18 10/25

2-yr.10-mo
4 - y r . 7-mo

8/25/82
5/25/84

11.25
11.00

750
550

0

1,300

FNMA

11/8

11/13

4-yr.11-mo

10/10/84

11.70

500

0

500

FHLB

11/15 11/26
11/15 11/26
11/15 11/26

1 - y r . 9-mo
3 - y r . 6-mo
7-yr.

8/25/81
5/25/83
11/26/86

12.30
11.60
11.30

1,000
1,000
600

1,700

900

FHLMC

11/15

12/3

2 9 - y r . 9-mo

9/15/09

12.48

150

0

150

FNMA

12/5

12/10

3 - y r . 6-mo

7/11/83

10.85

1,000

1,000

0

FFCB

#

1979

FHLB

e

1979

12/19 1 / 2 / 8 0

5-yr.

12/3/84

10.65

433

531

-98

10/20/82
1/21/85
1/22/90

10.95
10.90
10.95

755
818
438

900

1,111

2/11/85

11.70

500

300

200

e

#

1980

1980

1/16
1/16
1/16

1/21
1/21
1/21

FNMA

1/31

2/11

5-yr.

FHLB

2/15
2/15

2/25
2/25

1 - y r . 8-mo
3 - y r . 6-mo

10/26/81
8/25/83

12.85
12.25

900
600

1,850

-350

FNMA

3/5
3/5

3/10
3/10

1-yr.11-mo
3-yr.11-mo

2/10/82
2/10/84

15.25
14.10

1,000
500

1,000

500

FHLB

3/13
3/13

3/25
3/25

1 - y r . 4-mo
3 - y r . 7-mo

7/27/81
10/25/83

15.80
14.05

900
500

0

1,400

FNMA

4/2
4/2

4/10
4/10

2-yr.
4 - y r . 1-mc

4/12/82
5/10/84

15.30
14.25

600
1,000

1,100

500

FFCB

4/9
4/9
4/9

4/21
4/21
4/21

3-yr.
5-yr.
8-yr.

4/20/83
4/22/85
4/20/88

13.40
13.25
12.65

1,030
811
454

1,165

1,130

FFCB

e

#

#

2-yr.10-mo
5-yr.
10-yr.

#
FFCB
FHLB
FHLMC
FNMA

—
—
—
—

Federal
Federal
Federal
Federal




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

12

As of A p r i l 18, 1980

12. FORTHCOMING PUBLIC OFFERINGS OF INTERMEDIATE- A N D LONG-TERM SECURITIES: CORPORATE 1
Issuer

Reading & Bates Corp.
P u b l i c S e r v i c e E l e c . & Gas Co.
M i s s i s s i p p i Power Co.
C r y s t a l O i l Co.
P h i l a d e l p h i a E l e c t r i c Corp.
*United I l l u m i n a t i n g Co.
Citicorp
*Wells Fargo Co.
Kentucky U t i l i t i e s Co.
^Missouri P a c i f i c R.R. Co.
Middle South U t i l i t i e s Co.
*Agway, I n c .
Teachers S e r v . O r g a n i z a t i o n I n c .
Houston O i l & M i n e r a l s Corp.
P a c i f i c Power & L i g h t Co.
P a c i f i c Northwest B e l l T e l . Co.
Toledo Edison Co.
Columbia Gas Co.
D e t r o i t Edison Co.
D e t r o i t Edison Co.
P a c i f i c Power & L i g h t Co.
P a c i f i c Power & L i g h t Co.
Kansas C i t y Power & L i g h t Co.
*Seaboard Coast Line R.R. Co.
^Wisconsin E l e c t r i c Co.

Type

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

Amount
(millions of dollars)

Approximate date
of offering

50.0
75.0
25.0
40.0
150.0
25.0
250.0
100.0
25.0
25.0
80.0
30.0
80.0
60.0
75.0
150.0
30.0
75.0
56.0
45.0
70.0
50.0
25.0
72.6
70.0

* Included in table for first time.
1 Includes only corporate and other security issues of $25 million and over; excludes exchanges. options, and secondary offerings.




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

21
22
22
22
23
24
24
24
28
29
29

14
20
20
21

As of A p r i l 18, 1980

13

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

*Rlley Co. and Geary Co., KS
*0ceanside Redevel. Agcy., CA
•Wamego, KS
*Michigan S t a t e Housing Devel. Auth.
Wisconsin, S t a t e of
Massachusetts Health & Ed. Fac. Auth.
I l l i n o i s , S t a t e of
Denver, CO
Lower Colorado River A u t h . , TX
Baltimore, M
D
Chattanooga-Hamilton Hosp. A u t h . , TX
*Johnson Co., KS
Memphis, TN
Fort Worth Indep. Sch. D i s t . , TX
Chicago Sch. F i n . Auth.
*Broward Co., FL
*Calcasieu P a r i s h Home Mortgage P u b l i c T r u s t ,
•Washington P u b l i c Power Supply System
Montgomery Co., M
D
•Oakland Co., MI
Michigan Publ Power Agcy.
•Kansas C i t y , KS
Santa Ana Community Redev. Agcy., CA
•Oregon, S t a t e of
Los Angeles Dept. of Water & Power
•Puerto Rico

*
1

Type

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

Included in table for first time.
Include, state and local government issues of $25 million and over; excludes secondary offerings.




Amount
(millions of dollars)

27.6
35.6
45.0

80.0
62.0

55.6
150.0
44.0

60.0

85.3
77.0
115.0
75.0
25.0
220.0
25.0
50.0
130.0
50.0
32.7
45.0
37.0
26.9

60.0
75.0

200.0

Approximate date
of offering

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

21
21
21
21
21
21
22
22
24
24
25
25
25
29
29
29

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

29
29
29
30
30
2
5
6
7

14
14. STOCK PRICES 1

Date
1977-High
Low

NYSE Index3
57.69 (1/2)
49.78 (11/2)

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

AMEX4
127.89 (12/30)
109.61 (1/12)

NASDAQ5
105.00 (12/30)
93.66 (4/5)

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)

1979-High
Low

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

897.61 (10/5)
796.67 (11/8)

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

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

1980-High
Low

67.77 (2/13)
55.30 (3/27)

903.84 (2/12)
759.98 (3/27)

303.48 (2/28)
215.69 (3/27)

165.25 (2/8)
124.09 (3/27)

1980-Mar.

7
14
21
28

60.96
60.07
58.24
56.82

820.56
811.69
785.15
777.65

277.50
262.03
252.78
228.89

146.19
144.44
138.80
129.25

Apr.

4
11
18

57.95
59.00
57.21

784.13
791.55
763.40

237.01
247.30
235.72

136.01
137.75
134.66

15. TRADING VOLUME2
Date

NYSE

AM EX

NASDAQ

1977-High
Low

35.3 (11/11)
10.6 (10/10)

4 . 2 (1/12)
1.4 (9/22)

11.2 (11/10)
5 . 1 (5/27)

1978-High
Low

66.4 (8/3)
7.6 (1/20)

11.0 (10/30)
1.3 (1/20)

1 8 . 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 / 2 2 )

2 5 . 8 (12/17)
7.2 (1/2)

1980-High
Low

67.7 (1/16)
2 3 . 1 (4/14)

15.0 (1/15)
2 . 5 (4/14)

3 6 . 1 (2/8)
10.7 (4/14)

1980-Mar.

7
14
21
28

46.6
38.3
37.1
46.1

6.3
5.2
5.2
7.3

21.1
17.3
16.1
18.8

Apr.

4
11
18

32.8
31.6r
30.6

3.9
3.4r
3.1

14.1
12.8r
12.4

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 to single days.
12/31/65 = 50
8/31/73 = 100
2/5/71 = 100




15
16. SECURITY CREDIT1

Outstanding, dollar amounts in millions
End of period

#

1976

Margin credit extended
by brokers on:
Marginable
Convertible
stock
bonds
7,960
204

Number of
margin accounts
(thousands)

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

810

88

1977

887

81

10,830

205

955

67

1979

11,450

164'

995

84

1979 - Jan.
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
975

77
78
79

July
Aug.
Sept.

11,840
12,060
12,000

178
176
177

960
975
985

81
86
84

Oct.
Nov.
Dec.

11,310
10,920
11,450

173
161
167

985
980
995

73
83
84

1980 - Jan.
Feb.
Mar.

e

250

1978

e

9,740

11,820
12,460
11,740

165
175
n.a.

1,000
1,030
1,040

87
84
55

e

#

e

e

#

#

*

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

n.a.

not available




16
17. SAVINGS FLOWS AT SELECTED NONBANK THRIFT INSTITUTIONS
Millions of dollars
Mutual Savings Banks
(regular deposits) 1
Date

Net flow

N.S.A.

Sea. adj.

Savings and Loan Associations
Net flow

Annual
growth
rate 3

Memo:
Net New Money2

Total

Annual

Net
I Annual
flow I growth
(sea. adj.)
rate3

I
N.S.A. I Sea. adj. I growth
rate3
50,169 1
—
—
17.5

~At

At
MSB's

11.6

1977

10,783

8.7

50,888

1978

8,426

6.3

44,153

1979

2,733

2.0

39,218 ,

1978-Jan.
Feb.
Mar.

626
476
1,712

928
483
580

8.4
4.3
5.2

2,740
2,293
7,143

Apr.
May
June

-209 I
436
1,304

567
636
807

5.1
5.6
7.1

July
Aug.
Sept.

341
260
1,378

626
884
1,036

Oct.
Nov.
Dec.

510 I
275
1,317

1579"

60,982

13.3

32,004

2,874

11.3

12,670

62,854

15.0

1976

insured
S&L's
34,369

52,292 |

10.1

23,460

-591

15,029

-6,955

1 —
1 — 1

5,283

9.1

42,123

7.4

2,780
2,946
3,155

8.6
9.1
9.6

3,708
3,429
3,735

8.6
7.9
8.5

2,877
2,073
2,592

-59
170
338

557
2,376
6,648

2,975
3,234
4,548

9.0
9.7
13.6

3,542
3,870
5,355

8.0
8.7
11.9

401
2,145
1,744

-553
97
-90

5.5
7.7
9.0

3,070
2,310
6,425

3,838
4,228
4,577

11.3
12.4
13.2

4,464
5,112
5,613

9.9
11.2
12.2

802
518
490

2,812
2,069
1,606 !

6.9
4.4
4.2

2,641 I 3,956
2,155 4,269
5,795 3,429

11.3
12.1
9.6

4,758
4,787
3,919

10.2
10.2
8.3

2,534
1,897
710

218
683
1,971

48
59
-405

584
705
798

6.0

5.0

4,735
2,876
8,334

4,987
3,733
3,909

13.9
10.3
10.7

5,571
4,438
4,707

11.7
9.2
9.7

Apr.
May
June

4,377
2,580
3,146

-832
61
890

-118
342
463

16
280
341

-1,147
2,037
6,854

1,667
3,006
4,515

8.1
12.1

4.5

1,683
3,286
4,856

3.4
6.7
9.8

July
Aug.
Sept.

-1,490
1,627
1,469

-318

-1,192
-341
-649

-112

517

9
508
134

4.2

2,015
1,199
4,770

2,844
3,192
2,620

7.5
8.4

6.8

2,853
3,700
2,754

5.7
7.4
5.5

Oct.
Nov.
Dec.

1,455
717
-198

-985
-199
839

-714
-504
-1,000

-694
74
17

-5.8
0.6

1,863 3,321
1,157 3,527
4,525 | 2,030

9.1
5.2

8.6

2,627
3,601
2,047

5.2
7.1
4.0

1,314
732
-700

-1,420
—765
-986

-5.0

2,065
1,560

5.6
6.5

1,589
2,478

3.1
4.8

1,167
1,019

-1,436
-525

1979-Jan.
Feb.
Mar.

J

6.7

0.1

2.3
2.9

0.1

1.1

0.1

1

1

38
-75
-41

1980-Jan.
Feb.p

-113

-602

-100

-73

'

** mutual savings banks exclude items such as Chriumat club and certain escrow accounts, nfiich represent a very small pan of

' Z Z " " ~

""" " " " " " " " d




-0.6

D

™ *>'

2,191
2,551

associations on,,.

r

^ „ * percent „ industr,

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

End of Period

Total

Thrift Institutions
All savings
Mutual
and loan
savings banks
associations
(N.Y. state)

Federal and Related Agencies
Total

FNMA

GNMA

FHLMC

1976

27.3

24.6

2.7

8.1

3.8

3.8

0.5

1977

39.2

34.7

4.5

11.3

5.4

4.5

1.4

1978

38.3

33.4

4.9

17.4

10.6

4.9

1.9

1978-Jan.
Feb.
Mar.

37.7
37.4
37.0

33.3
33.1
32.7

4.4
4.3
4 3

12.3
13.5
13.9

6.5
7.3
7.5

4.5
4.8
5.0

1.3
1.4
1.4

Apr.
May
June

36.7
36.5
36.5

32.4
32.2
31.9

4.3
4.3
4.6

14.0
14.9
14.6

8.0
9.0
8.7

4.8
4.6
4.4

1.2
1.3
1.5

"July
Aug.
Sept.

36.5
36.7
36.7

31.9
32.1
32.3

4.6
4.6
4.4

15.2
15.0
15.9

9.0
8.8
9.4

4.5
4.3
4.5

1.7
1.9
2.0

Oct.
Nov.
Dec.

38.2
38.2
37.6

33.4
33.3
32.7

4.8
4.9
4.9

17.2
17.3
17.3

10.7
10.9
10.6

4.6
4.7
4.8

1.9
1.7
1.9

1979-Jan.
Feb.
Mar.

37.1
36.6
36.1

32.2
31.8
31.5

4.9
4.8
4.6

15.7
14.3
13.2

9.2
7.8
6.7

4.8
4.9
5.0

1.7
1.6
. 1.5

Apr.
May
June

36.1
35.8
35.6

31.7
31.7
31.5

4.4
4.1
4.1

12.6
11.9
11.3

6.3
6.0
5.4

4.9
4.7
4.7

1.4
1.2
1.2

July
Aug.
Sept.

35.7
35.9
36.7

31.7
32.0
32.7

4.0
3.9
4.0

11.2
10.9
11.9

5.2
5.3
6.6

4.7
4.3
4.0

1.3
1.3
1.3

Oct.
Nov.
Dec.

36.0
33.1
31.6

32.3
29.5
28.1

3.7
3.6
3.5

14.4
13.8
13.3

8.4
8.0
7.4

4.6
4.7
4.8

1.4
1.1
l.l

1980-Jan.
Feb.

30.8
29.9

27.5
27.1

3.3
2.8

12.2
11.4

6.4
5.8

4.7
4.6

1.1
1,0

Based on-data from Federal Home Loan Bank Board, Savings Banks Association of New York State, and federal and related agencies, seasonally adjusted
by Federal Reserve. Both thrift institutions series include a minor amount of non-residential commitments; S&L commitments also include loans in
process. Subtotals may not add to total because of rounding.







BORROWINGS BY MAJOR HOUSING CREDIT AGENCIES

Total including
short-term
discount notes

Intermediate- and long-term issues
Total

-1,750

-1,131

-2,031

0

900

•619

2,732

1,444

496

-4

952

288

19,030

13,578

6,302

576

6,700

452

563
1,731
912

82
1,399
-1

0
1,399
-1

82
0
0

0
0
0

481
332
913

701
3,338
1,504

470
1,496
1,300

-1
1,498
0

-129
-2
300

600
0
1,000

231
842
204

1,626
1,550
1,627

1,900
1,000
1,076

700
1,000
0

0
0
126

1,200
0
950

•274
550
551

1,799
1,429
2,250

1,695
1,113
2,048

-5
1,114
598

0
-1
200

1,700
0
1,250

104
316
202

967
1,457
912

0
1,033
1,372

0
834
0

0
199
-128

0
0
1,500

967
424
•460

1,027
304
1,363

997
215
1,299

0
222
0

-3
-7
199

1,000
0
1,100

30
89
64

1,625
360
398

1,916
613
-154

700
415
0

216
198
146

1,000
0
-300

•291
253
552

2,297
1,791
1,375

1,599
1,453
150

1,300
953
0

-1
0
150

300
500
0

698
338

328
136

-2
36

0
-350

-2
186

0
200

Survey of Ownership.

FHLB

FHLMC

FNMA

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

Total

Major private financial institutions
Total

Commercial I
MSB's
banks

S&L's

Life insur
companies

FNMA
and
GNMA

FHLMC

Mortgage pools
GNMA- FHLMCguaranteed guaranteed

1976

75,733

65,184

13,800

4,074

44,896

2,414

-2,120

-178

12,314

1,073

1977

1114,298

96,137

26,200

6,595

58,158

,184

890

-993

14,325

3,939

126,615 103,399

35,400

6,378

,402

8,696

-212

9,451

5,281

10,392 I 8 , 8 5 1
8,687
8,316
10,314
8,565

3.073
2,567
2,691

587
554
625

4,699
4,717
4,691

492
478
558

350
487
505

- 84
17
239

911
-459
932

364
326
73

Apr.
May
June

9,319
11,469
10,701

7,896
8,602
8,797

2,370
3,009
3,246

520
583
468

4,395
4,281
4,332

611
729
751

660
1,420
870

- 88

-198
-731

468
1,103
786

383
542
979

July
Aug.
Sept.

10,352
11,183
10,366

8,308
9,094
8,404

3,349
3,274
3.074

594
544
498

3,695
4,239
4,134

670
,037
698

538
915
808

-300
516
18

808
843
761

998
-815
375

Oct.
Nov.
Dec.

11,375
11,617
10,629 |

8,682
9,175
8,540

2,974
3,014
2,733

456
626
263

4,447
4,649
3,877

805
886
667

898
604
654

268
178
- 49

1,017
1,235
994

510
425
490

1979-Jan.
Feb.
Mar.

10,315
10,153
10,272

7,917
7,722
7,237

2,694
2,489
2,413

575
486
395

4,015
3,804
3,359

633
943
1,070

820
846
1,125

231
74
338

1,205
1,083
1,266

142
428
36

Apr.
May
June

9,633
11,168
10,677

7,370
8,253
8,284

2,477
2,304
2,742

185
356
348

3,832
4,616
4,204

876
977
990

466
1,016
610

60

- 45
- 84

1,540
1,469
1,610

317
475
257

July
Aug.
Sept.

9,918
10,639
10,852

8,193
7,458
8,039

2,805
2,649
3,062

410
299
277

3,804
3,501
3,542

1,174
1,009
1,158

-220

515
191

79
156
162

1,597
2,129
2,152

269
381
308

Oct.
Nov.
Dec.

11,696
10,926
8,408

8,684
7,111
4,995

2,931
2,665
2,574

237
334

3,886
2,938
1,455

1,630
1,174
968

820
890
830

-114
286
-49

1,854
2,612
2,307

452
27
325

1980-Jan.
Feb.
Mar.

9,583
n. a.
n.a.

5,878
n.a.
n.a.

2,136
2,380
2,077

206
n.a.
n.a.

2,088- 1 , 4 4 8
2,197
n.a.
n , # * n.a.
, J k-

1,170
n.a.
n.a.

123
157
n.a.

2,377

35
51
n.a.

1978
1978-Jan.
Feb.
Mar.




-2

%

-

1,200
n.a.

21. NET CHANGE IN MORTGAGE DEBT OUTSTANDING, BY TYPE OF PROPERTY 1
Billions of dollars, seasonally adjusted annual rates
Residential 2
Quarter

Total

Total

1 - t o 4family

Multifamily

Commercial

Multifamily
and
commercial

1976-Q1
Q2

81.7

62.9

61.5

1.4

13.7

15.1

75.5

55.4

55.6

-0.2

15.3

Q3
Q4

92.7
98.1

72.7
78.0

6*;0

3.7
2.6

12.4

15.1
16.9
15.0

1977-Q1
Q2

4.2
8.3

14.6
15.2

18.8
23.5

17.5

150.2

106.1
108.2

8.2

Q4

87.5
110.3
114.3
116.8

83.3
102.0

Q3

110.7
134.9
140.2

8.6

24.6

25.6
33.2

1978-Q1
Q2
Q3
Q4

135.3
147.0
154.3
160.4

105.6
116.5
116.0
123.7

97.4
106.6
104.1
113.3

8.2

20.9
20.7
26.7

1979-Q1
Q2
Q3
Q4p

155.9
164.3
160.4
153.7

117.8

109.0

8.8

22.3

117.9
114.5
115.0

111.0
105.4
105.0

6.9
9.1
10.0

28.5
29.6
24.3

1

w

9.9
11.9
10.4

13.2

25.5

Farm

5.1
4.8
6.8
7.7
8.6
9.4
8.4
8.8

29.0
30.6
38.6
35.8

11.2

31.1
35.4
38.7
34.3

17.9
16.3
14.4

8.8
9.8
11.6

15.9

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 Residential mortgage debt includes nonfarm and is the sum of 1 - to 4-family and multifamily mortgage debt.




22. AVERAGE RATES AND YIELDS ON HOME MORTGAGES AND PASS THROUGH SECURITIES
Primary market
Rates on
conventional
loans at
S&L's

Period

1976-High
Low

Secondary market
FHA/VA mortgages

Period

Yield in
FNMA
auction

Discount
points
in FNMA
auction

Ceiling
rate

Yield on
GNMA
securities

Yield in
FNMA
auction

Yield in
FHLMC
auction

9.10
8-70

1976—Higill
LW
O

9.20
8.39

4.93
1.96

9
8

8.44
7.57

—

1977-High
Low

9.31
8.80

9.00
8.65

1977-Hig
Lew

8.98
8.46

5.18
1.50

8-1/2
8

8.39
7.56

1978-High
Low

9.21
8.81

9.02
8.63

10.38
8.98

1978-Hig]
Low

10.60
9.13

7.13
1.88

9-1/2
8-1/2

9.68
8.43

1979-High
Lew

10.92
9.28

12.90
10.38

10.42
9.12

1979-Higl•
Lew

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

—
12.93

8.44

11-1/2
11-1/2
11-1/2
11-1/2
11-1/2

11.73
11.51
11.69
11.36
11.29

11-1/2
11-1/2
11-1/2
11-1/2

11.18
11.49
11.39
11.39

11-1/2
11-1/2
11-1/2
11-1/2

11.70
11.70
12.07
12.28

11-1/2
12
12
12
13

12.53
12.74
13.72
13.65
13.58
13.57
13.84
14.17
13.78

17.51

15.34
16.16
16.22
16.05

13.40
12.96

16.91

15.78
15.53

,

1979-Nov.

2

9
16
23
30

12.80
12.85
12.80
12.80
12.90

5i
13
20
27
Dec. 3

7
14
21
28

12.90
12.90
12.90
12.90

Dec. 10
17
26
31

4
11
18
25

12.85
12.90
12.87
12.89

Jan.

1
8
15
22
29

12.85
12.85
12.88
12.98
13.59

Feb.

4
11
19
25
Mar. 3

7
14
21
28

14.00
15.40
15.70
16.03

Mar. 10
17
24
31

4
11

16.35
16.35

Apr.

Dec.

1980-Jan.

Feb.

Mar.

Apr.




Nov.

7
14
21
28

7
14

—

12.57

6.45

—

12.42

5.55

——•

12.55

6.30

—

12.70

7.17

—

13.11

9.43

—

13.76

12.88

—

15.21

17.25

—

15.26

12.19

15.73

14.42

15.93

15.35

13
13
13
13

15.18.

6.41

14
14

13.97
13.35
12.98
12.99
13.10
13.29
13.67
14.57
15.36
17.00

13.56
13.22
13.00
12.89
12.69
12.50
12.51
12.47
12.52
12.63
12.69
12.76
12.90
13.05
13.25
13.48
14.10
14.44

22
23. FNMA AUCTIONS OF COMMITMENTS TO PURCHASE HOME MORTGAGES
Dollar a m o u n t s in millions
F H A / V A mortgages

Date of
auction

Conventional mortgages
Accepted
Average yield

Offered

Accepted

1977-High
Low

855.4
50.3

569.7
35.1

8.98
8.46

415.9
122.9

278.0
70.5

8.81

1978-High
Lew

1,249.4
130.3

605.3

10.60
9.13

716.9
74.7

362.5
47.5

10.92
9.28

1979-High
Lew

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

Average yield

80.1

Offered

9.21

Feb.

4
19

525.2
644.2

240.0
323.7

13.76
15.21

161.4
250.7

73.0
74.8

13.67
14.57

Mar.

3
17
31

535.4
442.7
289.2

178.1
148.5
99.5

15.26
15.73
15.93

324.4
426.0
168.2

73.4
114.2
52.3

15.36
17.00
17.51

Apr. 14

284.8

110.9

15.18

81.3

41.7

16.91

24. FHLMC AUCTIONS OF COMMITMENTS TO PURCHASE HOME MORTGAGES
Conventional mortgages, dollar a m o u n t s in millions
Date of
auction

1977-High
Low

Imn l e d i a t e delivery program
Offered

303.0
76.7

Accepted

132.6
49.8

F u t u r e c o m m i t m e n t program

Average yield

Offered

9.02
8.63

Accepted

262.8
66.4

131.0
35.3

9.03
8.63

Average yield

1978-High
Lew

359.7
71.2

191.7
53.6

10.42
9.12

247.1
69.7

84.4
18.2

10.54
9.20

1979-High
Low

298.0
38.7

150.5
17.9

13.56
10.40

166.6
38.7

37.8
13.7

13.89
10.43

1
8
15
22
29

66.4
57.2
72.7
52.9
55.7

43.3
37.1
50.9
28.8
29.7

13.05
13.25
13.48
14.10
14.44

—

14.3

15.11

7
14
21
28

72.3
44.9
32.2
40.3

30.7
35.4
30.7
36.7

15.34
16.16
16.22
16.05

17.2

17.36

25.8
20.8

15.78
15.53

1980-Feb.

Mar.

Apr.

4
11

31.1
25.0

78.1
—

P l

67.1
—

——

Offerings in the FNMA auctions of 4-month purchase commitments relate to total bids submitted, and average yields to FNMA on accepted bids are gross
(before deduction of 37% basis points for mortgage servicing) assuming prepayment in 12 years for 30-year mortgages, without adjustments for FNMA
commitment fees or stock related requirements. Offerings in the FHLMC auctions relate to total bids submitted, and average yields to FHLMC on
accepted bids are net, excluding 37% basis points for mortgage servicing.
Source: FNMA and FHLMC







)RTGAGE BACKED SECURITIES
ars, not seasonally adjusted
GNM A guaranteed
New issues

Outstanding
(end of period)

Pass-through securities
FHLIVIC guaranteed
New issues

Outstanding
(end of period)

Privately insured
New issues

Outstanding
(end of period)

lie offer
mortgai
:ked boi
savings ;
>an asso

13,764

30,571

1,396

2,671

n. a.

17,440

44,896

4,131

6,610

242

238

1,115

15,358

54,347

6,212

11,892

1,011

1,141

465

1,327
929
1,315

45,890
45,325
46.357

504
470

0

120

7,033
7,431
7,471

10
119

236
243
358

0
0

823
1,255
999

46,463
47,387
48,033

466
651
1,093

7,861
8,434
9,422

135
23

557
689
703

290
75

997
1,648
1,203

48,663
50,051
50,844

299
725
394

10,371
10,224
10,512

72
35
33

764
797
822

50

1,762
1,721
1,381

52,095
53.358
54,347

369
581
540

10,987
11,463
11,892

57
36
275

872
897
1,161

0
0
0

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

1,489
1,673
1,860

60,274
61,551
63,001

364
572
382

12,790
13,296
13,562

201

1,619

0
0

2,032
2,934
2,640

64,401
67,135
69,358

321
554
347

13,781
14,200
14,421

2,639
3,250
1,895

71,457
74,106
76,401

530
361

2,611

78,849
79,900
n.a.

180
207
n.a.

1,354
1,125

HUD, and Federal Reserve.

186

201

51
142

n.a.

1,821

75

50

0
0
0

1,915

400

204
190
254

2,105
2,257
2,516

225
350
65

14,838
14,916
15,180

488
300
470

2,981
3,353
3,641

0
0

70

15,274

382
205

4,019

50

4,213

n.a.

n.a.

0
0

15,397

n.a.

,'i ',135555

lortgages
FHLMC

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