Full text of H.16 Capital Market Developments : April 27, 1981

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April 2 7 ,

1981

# # . "
1

«*SAP

may 0 4

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




"

\ m

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 oca

14. Stock Prices
15. Trading Volume
16. Security Credit
17. Savings Flow at Selected Nonbank Thrift Institutions
18. Mortgage Commitments Outstanding at Selected Institutions
19. Net New Money Borrowings by Major Housing Credit Agencies
20. Net Change in Mortgage Holdings at Selected Institutions
21. Net Change in Mortgage Debt Outstanding, By Type of Property
22. Average Rates and Yields on Home Mortgages and Pass-Through Securities
23. FNMA Auctions of Commitments to Purchase Home Mortgages
24. FHLMC Auctions of Commitments to Purchase Home Mortgages
25. Issues of Mortgage-Backed Securities

SYMBOLS
estimate
preliminary
P
revised
r
n.a. not available
data do not exist

e

SUBSCRIPTION RATES

form collectible at par in U.S. Currency.




1. Y I E L D S , V O L U M E A N D R E C E P T I O N

Corporate
Bond
uui
pui a i c ui

Market
Yields
Recently offered
New issue1
Aaa utility2
Aaa utility
14.15
14.10
14.05
14.17
14.07
14.33
14.29
14.08
14.06

Week ending
1981-Jan.

2
9
16
23
30

Feb.

6
13
20
27

Mar.

Apr.

—

14.90

6
13
20
27

14.55
14.42

3
10
17
24

14.87

15.07

15.85p

Gross offerings3
($ millions)
100
828
759
414
853

Volume
Percent sold by
end of week
100
97
98
100
100

New issues in syndicate4
($ millions)
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

521
540
1,736
517

94
93
97
90

30
40
60
53

14.89
15.19
15.36
15.76p

980
1,089
505
1,150

98
100
95
82

19
0
25
208

2. Y I E L D S , V O L U M E A N D R E C E P T I O N

Municipal Bond Market
Volume

Yields
Week ending

Moody's new
issue Aaa

Bond Buyer
G.O.bond
index

Bond Buyer
Rev. b o n d
index

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

,

P e r c e n t sold b y
e n d of w e e k 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
20
27

9.80
9.80
9.20
9.20

10.40
10.34
9.81
10.09

11.10
11.03
10.67
10.80

585
976
968
635

82
97
98
76

153
80
28
233

Apr.

3
10
17
24

9.50
9.80
9.80
10.00

10.21*
10.45
10.70
10.80

10.92
11.17
11.30
11.48

865
1,233
1,371
630

83
95
95
84

268
171
172
165

1
2

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.
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 GRADE BOND YIELDS

New issue
Aaa utility1

Date
1978-High
Low

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

U.S. govt.
Moody's
Recently offered
seasoned 3 20-year constant
2
Aaa utility
maturity4
corporate Aaa
9.54(12/22) 9.27(12/29)
8.30(1/6)
8.48(1/6)

Bond Buyer
G.O. bond
index5

Bond Buyer
Rev. bond
index6

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

1979-High
Low

11.51(11/12) 11.45(11/9) 10.87(12/28) 10.56(11/9)
8.79(7/6)
9.40(8/17)
9.39(6/29) 9 . 1 6 ( 7 / 6 )

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

8.24(11/23)
7.23(9/21)

1980-High
Low

14.51(12/12) 15.03(12/12) 13.49(12/19) 12.86(12/12) 10.56(12/19)
9.59(6/20) 7 . 1 1 ( 5 / 9 )
1 0 . 5 3 ( 6 / 2 0 ) 10.79(6/20) 10.34(6/20)

11.41(12/19)
8.15(5/8)

1981-High
Low

15.85( 4/24) 15.76( 4/24)14.01( 4/24) 13-52(4/17) 10.80( 4/24)
11.98(1/9)
9.49(1/9)
13.99(3/20) 12.59(1/9)
14.05(1/9)

11.48( 4/24)
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
12.72

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.
Nov.
Dec.

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

1981-Jan.
Feb.
Mar.

14.12
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

10.40
10.34
9.81
10.09

11.10
11.03
10.67
10.80

3
10
17
24

14.87

14.89
15.19
15.36
15.76p

13.41
13.72
13.89r
14.Olp

13.05
13.38
13.52
13.49p

10.21
10.45
10.70
10.80

10.92
11.17
11.30
11.48

1981-Mar.

Apr.

15.07

15.85p

; : : : z z = : : z :
3

restrictions sometime during the last four weeks.
Weekly average of daily closing figures.

5

T h u r ^ n ^

6

Thursday'"igl^s ^
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.




of the 20 general obligation bonds used in this index falls midway between the five top groups as classified by

4. LONG-TERM CORPORATE AND STATE AND LOCAL GOVERNMENT SECURITY OFFERINGS AND PLACEMENTS

Gross proceeds, millions of dollars
Corporate

Period

State and Local
1980

1979
2,840
2,603
4,644

1981
5,573
4,157
6,lOOe

January
February
March

1979
3,770
3,165
4,354

1980
6,190
4,427
4,454

April
May
June

4,692
4,160
6,238

5,677
9,074
9,645

3,444
3,042
4,724

4,962
4,746
6,136

July
August
September

4,103
4,211
4,593

8,026
5,437
5,025

3,396
4,256
2,472

4,872
3,946
4,523

October
November
December

4,601
3,868
3,778

5,728
3,827
5,376

4,217
4,160
3,567

4,474
2,916
3,854

51,553

72,886

43,365

48,366

Year

iy»i
2,575
2,800e
3,600e

3,078
2,424
2,435

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 AND GOVERNMENT SPONSORED AGENCY BORROWING

Millions of dollars

Period

Combined
deficit(+)
or
surplus*—

Total 3

Federal Government
Means of financing combined deficit
Net cash borrowing from the publics
Public debt securities
Gov't,
agency
NonCoupons
Bills
securities
marketable

Other

Decreased)/ Sponsored
agency
increase!—)
borrowing4
in cash
operating
balance

CY—^ -1979
-1980
CY

41,397
50,670

37,360
79,201

10,899
43,458

28,041
50,480

-397
-14,298

-1,402
-577

1,115
484

366
3,621

23,631
24,705

1980- -Apr.
May
June

-8,037
16,318
-11,963

4,632
5,350
-4,615

4,515
91
-10,703

2,899
6,077
6,835

-2,602
-941
-685

—86
-32
-101

-2,393
3,200
-3,918

-10,276
7,768
-3,430

3,632
1,957
-529

July
Aug.
Sept.

16,384
8,347
-4,434

9,737
11,111
6,260

6,807
7,815
526

2,602
3,245
7,026

456
219
-1,407

-76
-28
-36

2,986
-701
-2,199

3,661
-2,063
-8,495

575
-835
2,432

Oct.
Nov.
Dec.

17,146
10,698
7,869

4,758
9,231
13,668

2,477
6,412
7,382

2,422
3,267
7,233

-63
-315
-1,023

-23
-30
-79

4,076
-3,985
-720

8,312
5,452
-5,079

5,116
412
3,378

1981-- - J a n .
Feb.
Mar.

8,339

6,772

4,320

4,159

-1,480

-35

3,179

-1,612

Change'i^outstarKji^ amount^TpubMc'debt securities and government agency securities less change in holdings of those securities by government
accounts.
F.,m C , « « = . « ,
gage Corporation, Federal National Mortgage Association.




H o ™ Loan B o o k , «

«

—

U -

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

Period

Total

Bonds

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

Memo
issues included
Foreign
Convertible
863
1,340
418
1,349
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

169
529
631
n.a.

908
967
1,510
1,300

1980-July
Aug.
Sept.

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

Oct.
Nov.
Dec.

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

1981-Jan.
Feb.

5,573
4,157

2,928
2,408

445
426

2,20_0
1,323

n.a.
n.a.

303
575

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

-

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

Manufacturing

Public utility

Communications

Other issuers1

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

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

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

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.
Feb.

2,249
1,344

1,362
853

62
303

1,901
1,660

1977
1978
1979
1980

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. P U B L I C O F F E R I N G S O F I N T E R M E D I A T E - A N D L O N G - T E R M S E C U R I T I E S : C O R P O R A T E 1

Issuer

Date

Type

Amount
(millions Maturity
3f dollars)

<

General Motors Accept. Corp.
P h i l i p Morris I n c .
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 , I n c .
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 .
Eaton Corp.
Montana Power Co.
C i t i e s Service Inc.
Union Corp.
Sun Co.
Big Three I n d u s t r i e s I n c .
T e l e . Communications I n c .
Louisiana Power & Light Co.
Appalachian Power Co.
Southwest A i r l i n e s Co.
Leaseway Transp. Corp.
C e n t r a l Maine Power Co.
J . C. Penney Co., I n c .
B e l l T e l . Co. of Pennsylvania
New York S t a t e E l e c . & Gas
Corp.
Toledo Edison Co.
V i r g i n i a E l e c t r i c & Power Co.
Aluipinum Company of America
D i a l F i n a n c i a l Corp.
J . C . Penney Co., I n c .
P a c i f i c Gas & E l e c . Co.
Alabama Power Co.
Browning-Ferris I n d u s t r i e s ,
Inc.
Long I s l a n d L i g h t i n g Co.
Monsanto Co.
PHM C r e d i t Corp.

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
4/20

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.
Debt.

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
150.0

4/21
4/21
4/21
4/22
4/22
4/22
4/22
4/23

Pfd. stk.
1 s t . mtg.
1 s t . mtg.
Debt.
Notes
Debt.
1 s t . mtg.
1 s t . mtg.

30.0
35.0
100.0
250.0
50.0
200.0
250.0
100.0

4/23
4/23
4/23
4/23

Com.
Com.
Coin.
Mtg.

OTHER
4/9
Hitachi Ltd.
4/14
Sweden, Kingdom of
B r i t i s h Columbia Hydro & Power
4/16
Auth.
B r i t i s h Columbia Hydro & Power
4/16
Auth.
4/23
O n t a r i o , Province of
4/23
Ontario, P r o v i n c e of

1

2011
1991
2006
2001
2006

Coupon
rate

Offering Moody's/S&P's
ratings
yield

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

13.65
7.00

16.19
14.57

Ba/BB+
A/A-

2011
2001
2006
2006

7.00
14.50
10.75
8.50

14.25
17.25
10.75
8.50

A/A+
B/B+
A/ —
Baa/A

2011

16.00
15.00

16.10
15.00

Baa/BBBBaa/—

15.38
16.13
6.00
15.13

15.45
16.13
14.85
15.25

A/A
Baa/BBB
A/A+
Aaa/AAA

1991
1989
2011
1988
1989
2014
2011

15.38
16.25
15.75
7.00
15.38
0
16.25
17.38

15.38
16.25
15.81
14.70
15.38
14.25
16.40
17.50

Baa/BBB
Baa/BBB+
A/A
A/A
A/ —
A/A+
Aa/AABaa/BBB-

34.9
128.3
213.0
40.0

2009

15.75

16.09

~/AA

Conv.debt.. 150.0
200.0
Notes

1996
1988

5.75
14.63

5.75
14.63

Aaa/AAA
Aaa/AAA

Bonds

200.0

2011

15.00

15.10

Aaa/AAA

Notes
Debt.
Note

150.0
200.0
100.0

1991
2011
1991

14.50
15.13
14.63

14.50
15.23
14.70

Aaa/AAA
Aaa/AAA
Aaa/AAA

stk.
stk.
stk.
bkd.

,

1986
1991
2006
2021
—- —

IncludeTon'i'y corporate and other security offerings of $25 million and over; excludes options, exchanges, and secondary offerings.




9. PUBLIC O F F E R I N G S OF I N T E R M E D I A T E A N D LONG-TERM S E C U R I T I E S . S T A T E A N D L O C A L 1

Issuer

Date

J e f f e r s o n P a r i s h School B d . ,
LA
4/1
U n i v e r s i t y of L o u i s v i l l e , KY
4/1
C a l i f o r n i a Ed. Fac. Auth.
4/1
D a l l a s , TX
4/1
D a l l a s , TX
4/1
D a l l a s , TX
4/1
Washington, S t a t e of
4/1
G r e a t e r Chicago Metro. S a n i .
D i s t . , IL
4/2
North C a r o l i n a Muni. Power
Agcy.
4/2
North C a r o l i n a Muni. Power
. Agcy.
4/2
North C a r o l i n a Muni. Power
Agcy.
4/2
North C a r o l i n a Muni. Power
Agcy.
4/2
South Dakota Student Loan
A s s i s t . Corp.
4/3
Memphis-Shelby Co. A i r p o r t
A u t h . , TN
4/7
Snohomish C o . , WA
4/7
Chicago, 111.
4/8
Pima Co. I n d u s . Dev. A u t h . , AZ 4 / 8
Pima Co. I n d u s . Dev. A u t h . , AZ 4 / 8
L i n c o l n & Emery C o . , WY
4/9
N o r t h e r n M u n i c i p a l Power
Agcy. , MN
4/9
N o r t h e r n M u n i c i p a l Power
Agcy. , MN
4/9
N o r t h e r n M u n i c i p a l Power
Agcy., MN
4/9
N o r t h e r n M u n i c i p a l Power
Agcy. , MN
4/9
N o r t h e r n M u n i c i p a l Power
Agcy., MN
4/9
N o r t h e r n M u n i c i p a l Power
Agcy., MN
4/9
Washington P u b l i c Power Supply
Syst.
4/13
Washington Power-Power Supply
Syst.
4/13
Washington Power Power Supply
Syst.
4/13
Pomona Redev. Agcy., CA
4/13
Pomona Redev. Agcy., CA
4/13
Maryland Comm. Dev. Admin.
4/13
Ohio Air Qual. Dev. Auth.
4/14
L o u i s i a n a , S t a t e of
4/14
C o n n e c t i c u t , S t a t e of
4/14
San F r a n c i s c o , CA
4/15

Type

2

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

Amount
< millions
of $)
45.0
28.7
53.2

66.0

Maturity

1982-2001

1982
1982-2006
1982-1996
1999
2001

G.O.

25.6
35.6
122.0

G.O.

56.0

1983-2001

Rev.

11.1

1991-1998

Rev.

9.9

Rev.

1982-2001

Net
interest
cost

Offering
yield

Moody's/S&P's
: arinqs

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/A1
MIG-1
Aaa/AAA
Aa/AA
Aa/AA
Aa/AA
Aa/AA+

10.39 I 8 . 0 0 - 1 0 . 8 5
n.a.

9.40-10.50

A/A

2001

n.a.

10.75

A/A

25.0

2017

n.a.

10.96

A/A

Rev.

79.0

2020

n.a.

11.18

A/A

Rev.

32.3

1984

n.a.

8.50

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

40.0
35.0
55.0
126.0
163.0
90.0

1984
1984-2001
1982
1984
1986
2011

Rev.

16.8

1986-1996

Rev.

16.3

Rev.

9.00
n.a.
10.52 | 8 . 0 0 - 1 0 . 8 0
8.50
9.06
9.13
n.a.
9.38
n.a.
11.13
n.a.

A1/A+
Baa/AAa/AAMIG-1
A/A+
A/A+
A/A+

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

Rev.

40.0

2020

n.a.

11.25

A/A

Rev.

40.0

2021

n.a.

11.75

A/A

Rev.

120.0

Rev.

40.0

2016

11.30

11.50

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

40.0

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

10.25
9.40
7.90-8.75
8.50
8.50
17.40-10.25
7.75-10.70
8.00-10.62

115.9
2.6
30.5

100.0

179.1

100.0
50.0

1996-2012

11.30

1
2

Includes only state and local security offerings of $25 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.




Aa/AA

1 0 . 5 0 - 1 1 . 6 3 —/AAA
—/AAA
— / AAA
— /A
—/A
MIG-1
Aaa/ AAA
Aa / AA
Aa / AA
A/AAA

9
9. P U B L I C O F F E R I N G S O F I N T E R M E D I A T E - A N D L O N G - T E R M S E C U R I T I E S : S T A T E A N D L O C A L 1

Issuer
Nassau Co., NY
Orange Co. Hsg. F i n . A u t h . ,
FL
Orange Co. Hsg. F i n . A u t h . ,
FL
Massachusetts Hsg. F i n . Agcy.
Weirton, WV
Tulsa Indus. A u t h . , OK
Gila Co. I n d u s . Devel. A u t h . ,
AZ
Milwaukee Co., WI
Uinta Co., WY
North Bergen, N . J .
New Hampshire, S t a t e of
New J e r s e y Hsg. F i n . Agcy.
New J e r s e y Hsg. F i n . Agcy.
New J e r s e y Hsg. F i n . Agcy.
New J e r s e y Hsg. F i n . Agcy.
Sacramento Muni. U t i l e D i s t . ,
CA
B a l t i m o r e , MD
Monroe Co. Hosp. A u t h . , IN
Monroe Co. Hosp. A u t h . , IN
Monroe Co. Hosp. A u t h . , IN
Monroe Co. Hosp. A u t h . , IN

1
2
3

Maturity

Net
interest
cost

Offering
yield

Moody's/S&P's
ratings

33.5

1982-2001

ri.a.

7.25-10.30

Al/AAA

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

2013
1984
2011
1986

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

9.50
8.75
9.44
9.25

A1/A+
MIG-1

4/17
4/21
4/22
4/22
4/22
4/22
4/22
4/22
4/22

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

90.0
27.6
44.2
25.0
87.3
14.8
14.2
51.4
12.8

2001
1982-1996
1984
1982-2001
1982-2011
1982-1996
2002
2012
2014

n.a.
9.67
n.a.
10.63
9.64
n.a.
n.a.
n.a.
n.a.

11.25
7.50-10.20
8.50
8.00-10.90
7.25-10.30
7.50-11.00
11.25
11.60
11.40

Aaa/AAA
Aa/AA
Aaa/AAA
—/AAA
Aaa/—
Al/AA
Al/AA
Al/AA
Al/AA

4/23
4/23
4/24
4/24
4/24
4/24

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

50.0
35.0
3.6
2.1
5.4
26.3

1982-2011
1982-1991
1985-1993
1996
2001
2011

10.91
10.00
n.a.
n.a.
n.a.
n.a.

7.00-10.75
8.25-10.20
8.50-10.50
11.25
11.75
12.00

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

Date

Amount
Type2 (millions
of $)

4/15

G.O.

4/15

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




(con ' t . )

—/—

—/Aa

O F I N T E R M E D I A T E - A N D L O N G - T E R M S E C U R I T I E S : U.S. T R E A S U R Y
A m o u n t (millions of dollars)
Length

Maturity
date

Coupon Auction
average
rate
(percent) (percent)

Gross p r o c e e d s

4,315
2,663
2,160
4,966

5-yr 2-mc 2/15/86
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

. 6

20-yr 1 -mo 2/15/01
1/31/83
2-yr

11-3/4 11.82
13-5/8 13.69

. 3
4
5
24

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

6

7
25
. 3
16
18
30

13.52
15.15
14.03
12.49

Private1.2

Private'

13-1/4 13.31
3-yr 6-mc 5/15/84
13
11/15/90
13.07
10-yr
11/15/05-10 12-3/4 12.81
30-yr
13-7/8 13.99
11/30/82
2-yr

. 5

Net p r o c e e d s

2,815

2,815

4,601

1,771

1,771

3,188

3,188

3,188

3,188

8,575

7,973

2,337

2,337

2,710

2,710

2,710

2,710

1.501
4,964p

1,501
4,503p

1,501
1,818p

1,501
l,818p

3,339p

3,339p

2,293p
3,254p

2,293p
3,254p

981
21

26

.18
24
26
31

Excli
May I




6-mo 8/15/84
9-mo 11/15/90
9-mo 11/15/10
2/28/83
2-mo 5/15/86

2-yr
3/31/83
4-yr
3/31/85
;0-yr Irao 5 / 1 5 / 0 1
7-yr
4/15/88

13-1/4
13
12-3/4
13-7/8
13-3/4

13.37
12.89
12.68
13.97
13.79

12-5/8
13-3/8
13-1/8
13-1/4

12.65
13.49
13.21
13.34

4.502
2,900
*8,502p
2,575
5,180p 4,754
3,254p 3,254p

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.

11
11. PUBLIC O F F E R I N G S O F I N T E R M E D I A T E - A N D L O N G - T E R M S E C U R I T I E S : G O V E R N M E N T - S P O N S O R E D A G E N C I E S

Offering Payment
date
date

Issuer

Length

Maturity
date

Yield
(percent)

Amount (millions of dollars)
Net
Maturing
Gross
proceeds
proceeds
issues

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

12/2460 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

FHLB

4/22

4/29

1/25/83

14.50

1,200

0

1,200

FFCB
FHLB
FHLMC
FNMA

—
—

Federal
Federal
Federal
Federal




3-mo
6-mo

1 - y r 9-mo

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

12

As of A p r i l 24, 1981

12. F O R T H C O M I N G PUBLIC O F F E R I N G S O F I N T E R M E D I A T E - A N D L O N G - T E R M S E C U R I T I E S : C O R P O R A T E ?

Approximate date
of offering

Type

Amount
(millions of dollars)

*Union P a c i f i c Equip. R.R. Co.
Middle South U t i l s . I n c .
Diamond Shamrock Corp.
^Carolina Power & Light Co.
General T e l . Co. of Ohio
F l o r i d a Power & Light Co.
Northwest Energy Co.
Archer D a n i e l s Midland Co.
Archer D a n i e l s Midland Co.
Air P r o d u c t s & Chemicals 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 Petroleum Co.
Republic New York Corp.
Ford Motor C r e d i t Co.
Xerox C r e d i t Corp.
Borg Warner Accept. Corp.
Southwestern P u b l i c S e r v i c e Co.
Mellon N a t i o n a l Corp.
Barclays N. Amer. C a p i t a l Corp.
Cypress Mines Corp.
Cypress Mines Corp.
*Citicorp
Westvaco Corp.
Wells Fargo & Co.
Amoco C r e d i t Corp.
Michigan B e l l T e l . Co.
Westinghouse C r e d i t Corp.
United Gas P i p e l i n e
Gen * 1. T e l . Co. of C a l i f .
G e n ' l . T e l . Co. of C a l i f .
New England Power Co.
D e t r o i t Edison Co.
B e n e f i c i a l Corp.
*Rohr I n d u s t r i e s , I n c .
*Dayton Power & Light Co.
*Kentucky U t i l i t i e s Co.
*Public S e r v i c e Co. of New Hampshire
*Union E l e c t r i c Co.
F l o r i d a Power Co.
El Paso E l e c t r i c Co.
Columbia & Southern Ohio E l e c t . Co.
Washington Gas Light
C i n c i n n a t i Gas & E l e c . Co.
^Western Union Telegraph Co.
*Southern Co.

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

25.5
110.0
200.0
40.0
50.0
215.0
100.0
125.0
200.0
175.0
75.0
200.0
350.0
50.0
200.0
100.0
50.0
37.0
50.0
125.0
100.0
100.0
150.0
75.0
100.0
100.0
250.0
100.0
75.0
50.0
100.0
50.0
25.0
100.0
25.0
35.0
100.0
35.0
75.0
75.0
75.0
110.0
35.0
75.0
75.0
125.0

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
May
May
May
May
May
May
May
May
June

OTHER
Venezuela, Republic of
^Montreal , Province of
*New Brunswick E l e c . Pwr. Comm.
United Mexican S t a t e s
Pembroke C a p i t o l L t d .

Notes
Debt.
Debt.
Bonds
Debt.

100.0
100.0
150.0
100.0
200.0

Apr. 28
Apr.
Apr.
Apr.
May

Issuer

* 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.




28
28
28
29
29

1
4
5
5
5
5
5
13
20
9

13
12. F O R T H C O M I N G P U B L I C O F F E R I N G S O F I N T E R M E D I A T E - A N D L O N G - T E R M S E C U R I T I E S : C O R P O R A T E 1 ( c o n ' t . )

Issuer

Type

Amount
(millions of dollars)

Approximate date
of offering

OTHER
Pembroke C a p i t a l L t d .
Oslo Norway

Notes
Bonds

100.0
100.0

May
Indef.

POSTPONEMENT
D a l l a s Power & Light Co.
D a l l a s Power & Light Co.
Citicorp

Pfd. stk.
1 s t . mtg.
Notes

30.0
50.0
250.0

Apr. 21
Apr. 21
Apr.

* 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.




As of A p r i l 24, 1981
14
13. FORTHCOMING PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: STATE AND LOCAL1
Issuer

Intermountain Power Agcy., VT
Cherry Creek, CO
*South Dakota Health & Ed. Fac. Auth.
^ C a l i f o r n i a P o l l . C n t r l . F i n . Auth.
California, State
Jackson Co., OR
*Tucson A i r p o r t A u t h . , AZ
Minnesota Hsg. F i n . Agcy.
Johnson Co., KS
Cape May Co. Indus. P o l l . C n t r l . F i n . A u t h . ,
NJ
J e f f e r s o n Co., AK
Oakland Co., MI
F o r s y t h , MT
B u t l e r Co., OH
Shelby Co. Health & Ed. Fac. Bd., TN
Manatee Co. HFA, FL
Houston P o r t . A u t h . , TX
North Texas Higher Ed. A u t h . , I n c .
Maine, S t a t e of
* C i t r u s Co., FL
Fort Worth, TX
*San F r a n c i s c o , CA
Georgia, S t a t e of
Oregon, S t a t e of
South C a r o l i n a P u b l i c Serv. Auth.
P l a t t e River Power A u t h . , CO
Wisconsin, S t a t e of
POSTPONED
P i t t s b u r g Redev. Agcy., CA
Oregon, S t a t e of
Burbank Redev. Agcy., AK
Denver, CO

*
1

Amount
(millions of dollars)

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

250.0
26.8
37.0
60.0
150.0
47.0
65.0
30.0
64.7

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

27
27
27
27
28
28
29
30
30

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

38.7
58.6
44.0
356.0
26.0
91.4
35.0
25.0
35.0
28.6
75.0
40.0
50.0
150.4
240.0
200.0
125.0
75.0

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

30
30
30
30
30
30
30
30
4
5
5
6
7
12
12
14
21
27

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

31.3
240.0
55.5
29.0

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




Approximate date
of o f f e r i n g

Type

Apr. 1
Apr. 7
Apr. 30
Apr. 21

15
1

14. STOCK PRICES

NYSE I n d e x 3

Date

NASDAQ5

AMEX4

DJ Industrials

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

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

1000.17 (11/20)
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)

1020.35 ( 4/24)
931.57 (2/13)

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

219.56 ( 4/24)
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
24

78.14
77.78
77.76
78.05

1007.11
1000.27
1005.58
1020.35

369.13
368.50
365.42
361.08

212.65
215.15
216.64
219.56

15. TRADING VOLUME2
NYSE

Date

AMEX

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

8 4 . 1 (11/5)
1 6 . 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
24

48.1
50.7
51.8
59.0

6.2
5.8
6.4
7.1

32.7
35.4
35.6
36.9

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




16
16. SECURITY CREDIT1

End of period

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.

11,220
11,130
11,590

194
183
172

960
970
980

77
78
79

11,840
12,060
12,000

178
176
177

970
995
1,005

81
86
84

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.

11,140
11,270
11,200

168
167
165

1,055
1,055
1,065

72
81
83

11,320
11,800
12,520

198
204
208

1,075
1,095
1,105

88
89
87

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
222

1,195
1,205
1,235

80
80
84

May
June
July
Aug.
Sept.
Oct.
Nov.

May
June
July
Aug.
Sept.
Oct.
Nov.

]

Margin credit extended
by brokers on:

Margin account debt as reported by the 1Mew York Stock Exchange,




17. SAVINGS FLOWS AT SELECTED NONBANK THRIFT INSTITUTIONS
Millions of dollars

Date

Mutual Savings Banks
(regular deposits)1
Net flow
Annual
growth
N.S.A.
Sea. adj.
rate3

Total

Savings and Loan Associations
Net flow
N.S.A.

Sea. adj.

Memo:
Net New Money2
At
At
insured
MSB's
S&L's

Net
flow
(sea. adj.)

Annual
growth
rate3

17.5

62,854

15.9

34,369

5,283

Annual
growth
rate3

1976

12,670

11.6

50,169

1977

10,783

8.7

50,888

15.0

60,982

13.3

3],004

2,874

1978

8,426

6.3

44,153

11.3

52,292

10.1

23,460

-591

1979

2,900

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

—

-337.
-92
520

-76
344
76

—0.6
2.9
0.6

2,006
1,199
4,744

2,799
2,795
2,822

7.4
7.4
7.4

2,723
3,139
2,898

5.5
6.3
5.8

1,455
717
-198

-733
-504
-1,072

Oct.
Nov.
Dec.

-983
-325
1,006

-372
-245
266

-3.1
-2.0
2.2

1,855
1,153
4,505

2,810
3,009
2,666

7.3
7.8
6.8

2,438
2,764
2,932

4.8
5.5
5.8

1,314
732
-700

-1,421
-765
-987

1980-Jan.
Feb.
Mar.

-927
141
930

-399
189
-115

—3.3
1.6
-1.0

2,059
1,622
4,390

2,206
2,734
-101

5.6
6.9
—0 • 3

1,807
2,923
-216

3.5
5.7
-0.4

1,167
1,079
-696

-1,436
-543
-679

Apr.
May
June

-449
881
1,770

481
1,001
1,991

4.0
8.3
8.2

325
3,011
5,269

4,235
3,078
3,118

10.7
7.7
7.8

4,716
4,079
4,109

9.2
7.9
7.9

-817
1,785
-169

-1,024
242
-176

July
: Aug.
Sept.

992
610
1,377

1,274
1,017
914

10.5
8.3
7.4

2,216
2,507
5,588

3,083
4,130
3,513

7.6
10.1
8.6

4,359
5,147
4,427

8.3
9.7
8.3

961
1,285
6

246
1
—460

Oct.
Nov.
Dec.

402
312
1,341

1,078
401
597

8.7
3.2
4.8

3,870
2,507
7,591

4,909
4.498
5,693

11.9
10.8
13.5

5,987
4,899
6,290

11.1
9.0
11.5

2,550
1,461
2,055

-169
-227
-606

-339
115

159
169

1.3
1.3

1,987
2,220

1,983
3,461

4.7
8.1

2,142
3,630

3.9
6.6

599
785

-967
-385

1979-July
Aug.
Sept.

1981-Jan.
Feb.P

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 percent of industry total
resources.
3 Annual growth rate for monthly data is the annualized monthly percentage increase in deposits.
Source: National Association of Mutual Savings Banks and Federal Home Loan Bank Board.




18
18. MORTGAGE COMMITMENTS OUTSTANDING AT SELECTED INSTITUTIONS
Billions of dollars, seasonally adjusted
Thrift Institutions
End of Period

Total

All savings
and loan
associations

Federal and Related Agencies
Mutual
savings banks
(N.Y. state)

Total

FNMA

GNMA

FHLMC

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

0.6

1979-Jan.
Feb.
Mar.

37.0
36.5
36.1

32.2
31.8
31.5

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
1.6
1.5

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
11.7

6.4
6.0
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
11.2
12.2

5.5
5.5
6.8

4.8
4.4
4.2

1.3
1.3
1.3

Oct.
Nov.
Dec.

35.9
33.1
31.5

32.3
29.5
28.1

3.6
3.6
3.4

14.1
13.5
12.6

8.2
7.7
6.9

4.6
4.7
4.7

1.3
1.1
1.0

1980-Jan.
Feb.
Mar.

30.7
29.9
26.5

27.5
27.1
24.0

3.2
2.8
2.5

11.9
11.2
10.5

6.2
5.7
5.2

4.7
4.5
4.7

1.0
1.0
0.8

Apr.
May
June

22.8
21.1
22.4

20.7
19.3
20.7

2.1
1.8
1.7

9.2
9.3
10.3

4.2
3.5
3.6

4.4
5.0
5.7

0.6
0.8
1.0

July
Aug.
Sept.

26.0
28.4
29.9

23.7
26.7
28.0

1.8
1.8
1.9

10.6
10.6
10.8

3.9
4.4
5.1

5.5
5.1
4.8

1.2
1.1
0.9

Oct.
Nov.
Dec.

29.5
29.5
28.9

27.7
27.8
27.3

1.8
1.7
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

1981-Jan.
Feb.
Mar.

28.6
27.6
n. a.

27.1
26.2
25.3

1.5
1.4
n. a.

10.3
9.6
n.a.

3.3
2.8
2.3

6.3
6.2
6.0

0.7
0.6
n.a.

process. Subtotals may not add to total because of rounding.




19
19. NET NEW MONEY BORROWINGS BY MA30R HOUSING CREDIT AGENCIES
Millions of dollars
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

1979-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

1980-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
0

-300
750
-450

2,307
-587
3,140

1981-Jan.

207

1,582

600

-18

1,000

-1,375

Period

e

#

e

e

*

e

e

•

Intermediate- arid long-term issues

•

•
Based on data from Treasury Survey of Ownership.




FHLMC

FNMA

FNMA and FHLB
short-term
discount notes

20. NET CHANGE IM MORTGAGE HOLDINGS AT SELECTED INSTITUTIONS
Millions of dollars, seasonally adjusted
Major private financial institutions
Period
Total
Commercial
Life insur.
Total
MSB's
S&L's companies
banks

FNMA
and
GNMA

FHLMC

Mortgage pools
GNMA- FHLMCguaranteed 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

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

226
n.a.
n.a.

3,066
2,747
n.a.

785
n.a.
n.a.

160
74
n.a.

—48
188
n.a.

1,114
1,381
n.a.

1980

Oct.
Nov.
Dec.
1981
Jan.
Feb.
Mar.

6,775
n. a.
n. a.

5,442 1,365
n. a. 1,564
n.a. 2,090

107
n.a.
n.a.

Monthly data for commercial banks based on Federal Reserve estimates bench marked to 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 Bank
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 89 percent of the net increase estimated for all holders in 1978.




21
21. NET CHANGE IN MORTGAGE DEBT OUTSTANDING, BY TYPE OF PROPERTY 1

Billions of dollars, seasonally adjusted annual rates
Quarter

1

Total

Total

Residential
1 - to 4family

Multifamily

commercial

Multifamily
and
commercial

Farm

1976-Q1
02
Q3
Q4

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

1977-Q1
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
04

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

1930-01
02
03
04

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
Un-

29.7
16.0
20.7
21.6

38.0
22.8
30.6
32.9

17.1
14.0
10.5
14.4

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.




22
2 2 . A V E R A G E R A T E S A N D Y I E L D S ON HOME M O R T G A G E S A N D PASS-THROUGH SECURITIES
Secondary market

Primary m a r k e t

C o n v e n t i o n a l mortgages

FHA/VA mortgages
Rates on
conventional
loans at
S&L's

Period

Period

Yield in
FNMA
auction

Discount
. points
in F N M A
auction

Ceiling
rate

Yield o n
GNMA
securities

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

1980-High
Low

16.35
12.18

1980-High
Low

15.93
12.28

15.40
.93

14
11-1/2

14.17
10.73

17.51
12.81

16.22
11.60

1981-High
Low

15.65
14.80

1981 High
Low

16.47
14.84

12.51
7.33

14-1/2
13-1/2

14.78
13.18

15.57
14.83

15.51
14.16

3
10
17
24
31

13.60
13.73
13.78
13.85
14.00

Oct.

14.57

8.69

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

5
12
19
26

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

2
9
16
23
30

14.95
14.80
14.85
14.85
15.07

Jan.

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

6
13
20
27

15.00
15.03
15.20
15.30

Feb.

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.

14
14
14
14

14.17
13.96
14.23
14.18

3
10
17

15.40
15.50
15.65

Apr.

14
14-1/2
14-1/2

14.69
14.64
14.78

Oct.

Nov.

Dec.

Nov.

Dec.

6
13
20
27
3

.

15.30

12.39

—

—

10
17
24
1

15.57

13.68

8
15
22
29

15.50

—

15.49

——

14.92
—

10.65
10.67
——

7.79
—

14.47
—

14.92
15.25
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.

Feb.

Mar.

5
12
19
26
3
10
17
23
2
9
16
23
30
6
13
20

14.89

7.63

—

14.84
——

14.88

7.33
——

7.56

——

15.59
——

15.88

11.11
——

12.51

— mmm

—

15.39

7.45

15.74

9.23

——

16.47
—

—

10.14
——

—

14.85
—

14.83
—

15.26
——

15.38
——

15.19
15.42
15.57

14.16
14.43
14.51
14.60
14.72
15.04
15.10
15.13
15.31
15.18
14.93
15.08
15.11
15.35
15.44
15.51

Column 2 is average of contract interest rates on commitments for level-payment conventional first mortgages with 80 percent loan-to-value ratios and 30
year maturities made by a sample of insured S&Ls. Columns 4 and 8 are average gross yield to FNMA before deduction of the fee of 37% basis points paid
for mortgage servicing. They reflect the average accepted bid yield for first mortgages for optional delivery within 4 months, assuming prepayment in 12
years for 30-year loans, without adjustments for FNMA commitment fees and FNMA stock retention requirements. Column 7 is a 1-day quote on average
net yields to investors on GNMA-guaranteed mortgage-backed securities for immediate delivery, assuming prepayment in 12 years on pools of 30-year
FHA/VA mortgages carrying a coupon rate 50 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 60 days) delivery.
Beginning July 7,1980, the FNMA auction results for FHA/VA mortgages do not include graduated payment mortgages.




23. FNMA AUCTIONS OF COMMITMENTS TO PURCHASE HQM6if?^6lS@^)ID : AB-2rDAofflti1V! f 6 8 3 0 2 2 1 .SS
Dollar amounts in millions ......
vHsiloz&A ion ,MHo1jfe inoilliW
Uonventiopai
lfiofi moTTgagg?"" ~~
F
H
A
/
#
#
W
m
M
W
g
*
r
"* ^atP.of
Average yield
epted
AAVtiiage yiq
Acbepteeh•m

s

OWdHed

fraction ' ::
1

197$-High
Low

1,01.4 .5 .
36.5

_4M.3
19.4

.1-3 4 . 9

10.42

454,0
10.4

17Z._2
17.9

13.97
10.92

1980-High
Low

644.2
63.8

$54.6
35.1

15.93
12.28

'42)5.0
1(2.4

133.0
19.6

17.51
12.76

146.9
35vS

61.2
34.1

16.p
14.04

7(5.5
1(2.4

51.3
11.1

15.57
14.83

i

17

>3,9
80.3

'46.4
47.3

14.88
15.59

3p. 1
7j5.5

27 . 8
51.3

14.83
15.26

3
16
30

$8.4
51.1
35.8

35.4
34.1
35.2

15.88
15.39
15.|74

516.9
4f7.4
4)4.9

31.7
29.8
36.1

15.38
15.19
15.42

Apt. 13

74.8

61.2

16.47

4(9.5

37.7

15.57

i

1981-High
Low
1981-Feb.
Mar.

|

24. FHLMC AUCTIONS OF COMMITMENTS TO PURCHASE HOME MORTGAGES
•

Date of
auction

1980-High

Apr.

~

-

^ ;

i

Immediate delivery program
Average y;eld
Accepted
Offered

Offered
f

2.5

16.122
11.60

141.6
40.7

65.9
15.8

15.51
14.16

6
13
20
26

105.9
141.6
98.0
74.3

65.9
30.0
34.0
26.0

14.16
14.43
14.51
14.|60

3
10
17
24

66.5
74.1
40.7
61.3

22.3
20.3
15.8
17.3

14.72
15 J04
15.10
15.13

:
:

3
10
17
24
31

71.3
57.2
68.1
80.4
99.6

23.0
1&.4
31.6
2^.7
33.1

15.31
15.18
14.93
15.08
15.11

;

7
14
21

77.6
88.6
n. a.

24.7
23.8
n. a.

15.35
15.44
15.51

Low

Mar.

Jr

200.3

1981-High

Feb.

J

401.4
4.9

Low

1981-Jan.

J

'
1

'Future coitimitrtterit program
Average yield
Accepted

255.2
34.1

26.9
10.'5

73.6
30.3

18.4
5.0

17.15
12.89
(

15.87
15.16
—» —

—

;
;

73.6

18.4

15.16
—

——

——

30.3

15.1

15.38

——

——

.
56.7

14.3

——

15.43
(

. ——
——

——

——

——

62.6
• i—

5.0

15.87

—

Qfferinqs in the FNMA auctions of'4-rWit'H purchase corrimitrrlents relate to total bid*'submitted, and-atiera^e1 Vieldsto Wflmefi-aebtlSted bids are gross
(before deduction of
bastspolrtts tbr mortgage servicing) assuming prepayment in 1 2 y e a n for 30-^eer mdftigtfges,-Withouit adjustments for FNMA
commitment fees br stoci r^lkfed i%4%fgrh#nts. Offerings in thW F H t M p auctibni i'eliate t o total bids sutmSft&d, Snd-aterade yields toiF**LMC on
accepted bids are net, excluding!*?^ basis poinls'for mortgage servicing. Prior'to June 24,1'986, the.f ri'U^slbture corhmitrnent p r o ^ m involved
6-month commitments; subsequently, 8-month commitments have been auctioned.
Source: FNMA and FHLMC




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

*

#

-

Pass-thromhtsecurities

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

-Privately insured Y,v

i

,

|

Period

GNMA-goaremeed
New issues

Outstanding
(end of period)

New issues

Outstanding
(end of period)

New issues

1977

17,440

44,896

4,131

6,610

242

238

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

'i'.uo

1980

21,950

93,874

2,527

16,853

5,133

8

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

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

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.

g*

> 7 2 %ft*r< #

115

290^

o

0

0
o

0

GNMA-guaranteed securities are issued by private institutions and represent undivided interests in pools of Government-underwritten home mortgages
formed by these institutions. FH LMC-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.




,
i'

4