Full text of H.16 Capital Market Developments : April 28, 1975
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Capital Market Developments April 2 8 , 1 9 7 5 Prepared by the CAPITAL MARKETS SECTION in conjunction with the MORTGAGE, AGRICULTURAL, and CONSUMER FINANCE SECTION DIVISION OF RESEARCH AND STATISTICS , / / B O A R D OF GOVERNORS ' / F E D E R A L RESERVE SYSTEM Washington, D.C. 20551 I Index TABLES SYMBOLS 1-6 SECURITY VOLUME AND YIELDS 7, 8 STOCK MARKET AND SECURITY CREDIT 9-16 MORTGAGE MARKET e P r n.a ESTIMATE PRELIMINARY REVISED NOT AVAILABLE DATA DO NOT EXIST Table 1 3 YIELDS, VOLUME AND RECEPTION CORPORATE BOND MARKET WEEK ENDING NEW ISSUE 1 Aaa UTILITY RECENTLY 2 OFFERED Aaa UTILITY GROSS 3 OFFERINGS ($ MILLIONS) PER CENT SOLD BY END OF WEEK NEW ISSUES 4 IN SYNDICATE ($ MILLIONS) 1975 - Mar. 7 14 21 28 8.91 9.27 9.60 9.60 9.17 9.31 9.41 9.62 850 821 1,130 714 92 78 79 96 266 290 464 208 Apr. 4 11 18 25 9.80 9.65 9.51 9.66p 9.70 9.60 9.55 9.70 576 687 821 647 97 98 98 93 47 13 26 54 MUNICIPAL BOND MARKET YIELDS WEEK ENDING 1975 - Mar. 7 14 21 28 MOODY'S NEW ISSUE Aaa 6.10 6.20 6.35 6.45 Apr. 4 11 18 25 6.45 6.55 6.40 6.45 VOLUME BOND BUYER 20-60ND INDEX 6.54 6.65 6.80 6.95 GROSS 3 OFFERINGS ($ MILLIONS) 613 478 379 373 PER CENT SOLD BY END OF WEEK 88 78 66 91 6.93 7.03 6.86 6.97 450 403 455 605 76 87 90 84 NEW ISSUES 4 IN SYNDICATE ($ MILLIONS) 117 168 389 107 154 92 91 122 NOTES: 1 Federal Reserve series of implied yield on newly issued, Aaa-rated utility bond with 5-year call protection. 2 Federal Reserve series of implied free-market yield on competitively bid Aaa-rated utility bond with 5-year call protection, released from price restrictions sometime during the last four weeks. 3 Estimated by F.R. on the basis of available data. 4 Corporate Market: Salomon Brothers Bond Market Roundup; Municipal Market: Weekly Bond Buyer. Data are adjusted by Federal Reserve when necessary to make coverage of this series consistent with the gross offerings series. I ) Table 2 HIGH GRADE BOND YIELDS / NEW ISSUE Aaa UTILITY DATE 1971 1972 1973 1975 1975 - 3 U.S. GOVT. 20-YEAR CONSTANT MATURITY 4 B O N D BUYER 2Q-BOND INDEX (7/30) 8.23 (1/1) 7.71 (8/21) 6.51 (6/18) 6.23 (6/23) 7.02 (2/5) 7.17 (12/31) 7.06 (2/12) 5.69 (3/23) 4.97 (10/21) High 7.60 (4/21) 7.49 (4/21) 7.36 (4/28) 6.19 (4/14) 5.54 (4/13) Low 6.99 (11/24) 7.15 (12/1) 7.05 (2/12) 5.74 (11/17) 4.96 (10/21) 8.52 (8/10) 8.32 (8/10) 7.77 (8/24) 7.79 (8/10) 5.59 (8/3) 7.29 (1/21) 7.28 (1/5) 7.11 (1/5) 6.42 (1/5) 4.99 (10/11) - High - MOODY'S SEASONED CORPORATE Aaa 8.26 Low 1974 RECENTLY OFFERED * Aaa UTILITY Low - High - 1 10.61 (10/4) 10.52 Low 8.05 (2/15) 8.13 High 9.83 (4/4) Low 8.89 (2/7) High - Mar. Apr. (10/11) 9.39 (10/11) 8.68 (8/30) 7.15 (12/12) (1/4) 7.73 (1/4) 7.39 (1/4) 5.16 (2/7) 9.70 (4/25) 8.96 (4/25) 8.40 (4/25) 7.08 (1/2) 9.06 (2/28) 8.57 (2/28) 7.63 (2/21) 6.27 (2/13) 7 8.91 9.17 8.59 7.75 14 9.27 9.31 8.61 7.83 6.65 21 9.60 9.41 8.69 8.09 6.80 28 9.60 9.62 8.78 8.29 6.95 4 9.80 9.65 9.51 8.87 8.94 8.32. 8.36 6.93 11 18 9.70 9.60 9.55. 8.95 8.31r 7.03 6.86 25 9.61p 9. 70p 8.96p 8.40p 6.97 6.54 NOTES: 1 Federal Reserve series of implied yield on newly issued, Aaa-rated utility bond with 5-year call protection. 2 Federal Reserve series of implied free-market yield on competitively bid Aaa-rated utility bond with 5-year call protection released from price restrictions sometime during the last 4 3 Weekly average of daily closing figures. 4 Weekly average of daily figures. U S. Treasury data. 5 Thursday figures. The average rating of the 20 bonds used in this index falls midway between the four top groups as classified by Moody's Investors Service. Weekly Bond Buyer data. 5 Table 3 5 LONG-TERM CORPORATE AND STATE AND LOCAL GOVERNMENT SECURITY OFFERINGS AND PLACEMENTS IN MILLIONS OF DOLLARS G R O S S PROCEEDS 1 CORPORATE PERIOD 1975 January February April May June July August September October November December Q1 02 03 04 1st Half 3 Qtrs. Year I 1975 3,328 2,687 3,217 2,327 1,962 3,933 2,289 2,309 1,966 3,066 3,164 2,981 I 1 1974 | 1973 2,255 2,003 2,025 1,977 1,515 2,467 2,497 2,543 3,578 2,397 2,304 2,166 1,826 1,939 2,152 3,260 2,668 1,629 2,631 1,806 1,915 1,459 1,106 1,701 2,028 1,657 1,750 4,642 3,734 3,409 3,398 3,563 3,238 2,860 2,483 1,479 2,313 2,257 2,089 9,232 9,211 7,557 11,785 8,222 8,618 6,352 10,199 6,283 6,867 4,266 6,822 5,959 5,917 5,435. 6,659 18,443 26,000 37,785 16,840 23,192 33,391 13,150 17,416 24,238 NOTES: 1 Securities and Exchange Commission estimates of gross proceeds. 2 Securities Industry Association estimates of principal amounts. 2 S T A T E A N D LOCAL 1973 1974 11,876 17,311 23,970 Table 4 NEW CORPORATE SECURITY ISSUES BY TYPE OF ISSUE AND ISSUER IN MILLIONS OF DOLLARS PERIOD 1974 - I II III IV TOTAL GROSS PROCEEDS BY TYPE OF ISSUE GROSS PROCEEDS BY TYPE OF ISSUER 1 BONDS MEMO COMMON MANUFACPUBLIC COMMUNIOTHER ISSUES INCLUDED PUBLICLY PRIVATELY p p c AND c c o p c n TURING UTILITY ISSUERS CATIONS OFFERED PLACED r n c r c n n t u FOREIGN (CONVERTIBLE STOCK 9,232 9,211 7,557 11,785 5,818 5,883 5,025 8,611 1,638 1,794 1,237 1,452 1,776 1,534 1,297 1,722 88 115 373 374 58 39 310 76 1,927 2,542 1,887 4,023 3,569 3,190 2,376 3,683 874 1,313 1*008 729 2,869 2,172 2,289 3,351 1974 - Jan. Feb. Mar. 3,328 2,687 3,217 2,115 1,683 2,020 783 418 437 430 586 760 56 11 21 2 4 52 896 390 641 1,441 829 1,299 146 397 331 850 1,072 947 Apr. May June 3,066 3,164 2,981 1,594 2,350 1,939 671 607 516 801 207 526 63 42 10 12 15 12 1,202 862 478 1,131 912 1,147 294 663 356 442 730 1,000 July Aug. Sept. 3,260 2,668 1,629 2,086 2,042 897 620 299 318 555 327 415 223 150 205 104 1 1,094 605 188 618 1,079 680 295 364 349 1,254 620 413 Oct. Nov. Dec. 4,642 3,734 3,409 3,423 3,016 2,172 366 303 783 853 415 454 175 199 76 742 1,684 1,597 2,109 963 611 471 88 170 1,318 1,003 1,030 NOTES: 1 Other issuers are extractive, railroad and other transportation, real estate and finance, and commercial and other. Source: Securities and Exchange Commission. Table 5A INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY 1 March 31, thru April 25, 1975 ISSUER TYPE AMOUNT (MILLIONS OF DOLLARS) MATURITY COUPON RATE OFFERING YIELD MOODY'S RATING CORPORATE Detroit Edison Pennsylvania Power & Light Eastern Gas & Fuel Assoc. Baker Oil Tools Inc Ralston Purina Co. Halliburton Co. GTE Sylvania Inc. El Paso Co. Portland General Electric Westvaco Corp. Vulcan Materials Corp. Potomac Electric Power Co. New England Electric System Dresser Industries Inc. Potomac Electric Co. Michigan Wise. Pipeline Co. Rohm & Haas Rohm & Haas Warner-Lambert Co. Warner-Lambert Co. TRW Inc. TRW Inc. Cent. Illinois Pub. Ser. Co. Com stk Com stk Com stk Com stk Conv debt SF debt SF debt Govt gtr 1st mtge Notes SF debt Com stk Com stk Com stk Pfd stk 1st mtge SF debt Notes Notes Debt SF debt Notes 1st mtge 34.1 54.0 20.1 25.2 100.0 150.0 75.0 130.5 40.0 20.0 60.0 21.1 40.0 20.1 25.0 50.0 50.0 50.0 75.0 75.0 50.0 50.0 25.0 — — — — — — — — — — — — — — — 2000 2000 2000 2000 1982 1983 2000 5.75 9.25 10.00 9.25 10.00 9.00 10.25 Rights offering. 1 Includes only co — — — — — — — — — — — 1995 2000 1985 1985 2000 2000 i 1983 i and other security offerings of $15 million and over; excludes options, exchanges, and secondary offerings. Baa/A Aa A jAaa Baa/Bbb A A — NOTES: • — 5.75 9.30 10.00 9.25 10.00 9.00 10.25 10.92 10.63 9.88 9.00 8.30 8.88 9.88 9.00 9.00 10.92 10.63 10.00 9.00 8.30 8.93 10.12 9.10 8.89 — A A A A Aaa Aaa A A Aa INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY March 31, thru April 25, 1975 ISSUER TYPE AMOUNT (MILLIONS OF DOLLARS) MATURITY COUPON RATE OFFERING YIELD MOODY'S RATING CORPORATE Anheuser-Busch Inc. Pennwalt Corp. Amp Inc. Bucyrus-Erie Co. Ohio Edison Oklahoma Gas & Electric Co. Tucson Gas & Electric Co. Dominion Bankshares Corp. S. Central Bell Tele. Co. S. Central Bell Tele. Co. Williams Co. Kroger Company N. Illinois Gas Co. United Aircraft Corp. United Aircraft Corp. United Telecommunications Inc. Harsco Corp. Huron & Erie Mortgage Corp. Foxboro Co. Gen. Tele, of the Midwest Occidental Petroleum Corp. Utah Power & Light Philadelphia Electric Co. Atlantic City Electric Co. Norfolk & Western RR Co. Appalachian Power Co. SF debt Notes Notes Com stk Com stk Pfd stk Com stk Notes Debt Notes Notes Notes 1st mtge Notes Debt Debt SF debt Pfd stk Com stk Pfd stk Pfd stk Com stk Com stk 1st mtge Equip tr 1st mtge 125.0 50.0 25.0 44.4 56.5 40.0 21.7 25.0 200.0 100.0 100.0 50.0 50.0 100.0 100.0 50.0 50.0 30.0 16.4 15.0 75.0 29.2 51.0 35.0 15.0 40.0 2005 1985 1985 — 9.20 9.00 8.63 9.20 9.00 8.63 —— — —— 9.45 9.45 —— —— 1983 2010 1983 1983 1983 1983 1985 2005 2005 2005 — „ —— —— Aa — 9.50 9.20 8.20 10.25 9.88 8.50 9.00 9.88 11.00 9.88 7.25 9.50 9.20 8.20 10.25 9.94 8.50 9.10 9.95 11.00 9.90 7.25 A Aaa Aaa Baa/Bbb A/Bbb Aa A A Baa/Bbb A 10.50 10.00 10.50 10.00 A — — —— 9.25 9.00 11.13 9.25 7.50-9.25 11.00 — — — 1983 1990 1983 Aa A Aa —— —— • Aa/A Aa Baa/Bbb Table 5A Continued INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY March 31, thru April 25, 1975 ISSUER TYPE AMOUNT (MILLIONS OF DOLLARS) MATURITY COUPON RATE OFFERING YIELD MOODY'S RATING Aa A Aa Aa Baa/A B A A CORPORATE Ingersoll-Rand Co. Philadelphia Electric Co. Cleveland Electric Ilium. Cleveland Electric Ilium. Carolina Power & Light Co. Houston Oil & Minerals Corp. Lone Star Gas Co. Southeast Banking Corp. Other Asian Dev. Bank Societe Nationale des Chemis de fer Francis Notes 1st mtge 1st mtge 1st mtge 1st mtge Conv debt SF debt Notes 100.0 65.0 50.0 100.0 100.0 30.0 40.0 1985 2000 1983 2010 1984 1995 2000 1983 8.75 11.63 8.85 9.85 11.00 6.25 10.63 10.00 8.80 11.50 8.85 9.85 11.04 6.25 10.63 Notes 75.0 1980 8.50 8.75 Notes 50.0 1982 9.13 9.13 60.0 10.00 Aaa INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY ' March 31, thru April 25, 1975 AMOUNT (MILLIONS OF DOLLARS) NET INTEREST COST OFFERING YIELD MOODY'S RATING STATE AND LOCAL Rev New York State Dormitory Auth. Rev New York State Dormitory Auth. Rev New York State Dormitory Auth. G.O. Dade Co., Fla. G.O. Middlesex Co., N.J. Washington Suburban Sanitary Dist., Md. G.O. G.O. Houston, Texas Rev Sweetwater Co., Wyoming G.O. California, State of Rev Bryan, Texas G.O. Cincinnati, Ohio Rev Independence, Mo. Rev St. Louis, Mo. Rev Green River, Wyo. Rev Green River, Wyo. G.O. Tempe, Ariz. Rev Tempe, Ariz. G.O. King County, Wash. G.O. Cuyahoga Co., Ohio G.O. New Jersey, State of Rev Carson Redevelopment Agency, Calif. Rev Carson Redevelopment Agency, Calif. G.O. Springfield, Mass. 15.4 14.4 6.0 49.6 13.4 63.,9 26.,0 15.0 75..0 12..5 32..0 14..0 25..0 4..0 10,.5 6,.2 3,.9 22 .8 29 .7 75 .0 18..6 17..2 12,.0 1978-1990 2002 2007 1976-1999 1976-1990 1978-2010 1977-1989 2005 . 1982-2000 1977-2000 1976-2000 1976-1991 1976-1995 1981-1985 1999 1976-1985 1985-1989 1977-2015 1981-1999 1979-1995 1976-1989 1975-2000 1976-1985 8.58 8.58 8.58 6.91 6.08 7.11 5.70 — 5.98 6.92 6.46 6.73 7.45 6.10 7.14 7.35 6.83 6.00 6.67 7.93 5.29 6.25-7.25 8.75 8.90 4.25-7.35 4.00-6.50 4.75-7.15 4.00-5.85 8.38 5.10-6.50 4.15-7.10 4.30-7.25 4.75-7.05 5.00-7.70 6.00-6.75 8.00 4.30-6.25 6.90-7.00 4.50-7.40 5.65-7.30 4.75-6.30 4.75-6.80 5.75-8.00 4.00-5.65 A-l A-l A-l A-l Aa Aa Aaa Baa j Aaa • A—1 Aa Aa A A A A-l A-l Aa Aa Aaa Aaa A Aa NOTES: 1 Includes only state and local security offerings of $10 million and over; excludes secondary offerings. 2 In case of State and local government securities, G O denotes general obligation; Rev.-Ut., revenue obligations secured only by income from public utilities; Rev.-Q.-Ut.. revenue bonds secured only by income from quasl-utilities; Rev.-S.T., revenue bonds secured by revenue from specific taxes only; Rev.-Rent., revenue bonds secured solely by lease payment*. 3 Includes foreign government and International Bank for Reconstruction and Development issues and non-guaranteed issues by Federal Agencies. Table SB Continued INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY March 31, thru April 25, 1975 TYPE ISSUER AMOUNT (MILLIONS OF DOLLARS) MATURITY NET INTEREST COST OFFERING YIELD MOODY'S RATING STATE AND LOCAL Salt River Agricultural Improv. & Pwr. Dist., Ariz. Salt River Agricultural Improv. & Pwr. Dist., Ariz. Westminster Sch. Dist. # 50., Colo. Florida State Board of Education Pueblo, Colo. Pueblo, Colo. Los Angeles Co. Flood Control Dist., Calif Los Angeles Co. Flood Control Dist., Cali£ Port of Astoria, Oregon Port of Astoria, Oregon Port of Astoria, Oregon Clark Co., Nev. Parrish Industrial Dev. Board., Ala. Chesterfield Co. Industrial Dev. Auth., Va. Chesterfield Co. Industrial Dev. Auth., Va. Austin Ind. School Dist,, Texas Puerto Rico Telephone Authority Puerto Rico Telephone Authority Puerto Rico Telephone Authority Puerto Rico Telephone Authority Rev 13.0 1983-1999 Rev G.O. Rev Rev Rev G.O. G.O. Rev Rev Rev G.O. Rev 62.0 11.4 41.6 2.9 11.1 6.0 42.0 1.0 ,3.5 W.5 12.0 28.8 2015 1975-1987 1976-1996 1979-1990 2005 1976-1995 1976-2005 1985 1985 2000 1977-1994 2005 Rev Rev G.O. Rev Rev Rev Rev 1.0 11.5 10.0 4.0 10.0 16.0 45.0 1985 1995 1979-1989 1977-1980 1985 2000 2015 7.60 5.80-7.40 A-l 7.60 7.60 4.25-6.60 4.00-6.70 6.25-8.00 8.75 4.00-6.40 4.00-6.65 6.50 6.50 7.63 5.00-7.40 9.50 A-l 6.42 —— 5.92 6.21 —— —— mmmm 7.27 — mm 5.95 9.13 9.13 9.13 9.13 6.63 7.50 4.40-5.85 6.00-7.00 8.00 9.01 9.25 Aa A-l A-l Aaa Aaa A A A A-l Baa A A Aaa A A A A / Table 58 Continued INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY March 31, thru April 25, 1975 ISSUER STATE AND LOCAL Massachusetts, State of Becker, Minn. Boston, Mass. Cape Coral, Fla. Cape Coral, Fla. Port of Portland, Oregon San Francisco, Calif. San Francisco, Calif. New York State Medical Care New York State Medical Care New York State Medical Care New York State Medical Care TYPE / Fin. Fin. Fin. Fin. Agy. Agy. Agy. Agy. G.O. Rev G.O. Rev Rev Rev G.O. G.O. Rev Rev Rev Rev AMOUNT (MILLIONS OF DOLLARS) 150.,0 25.,0 40.,0 6..6 16,.5 17..5 10..0 62,.0 3,.6 4,.8 19, .5 34 .1 MATURITY 1976-2005 2005 1976-1995 1976-1992 2015 2004 1981-1991 1976-1995 1977-1989 1995 2006 2016 NET INTEREST COST OFFERING YIELD 6.19 4,.25-6.70 7.63 5,.00-7.70 4 .50-7.00 7 .20-7.30 9.50 5 .15-6.10 4 .00-6.50 7 .00-9.50 9.00 9.59 9.38 7.26 6.20 5.67 9.63 9.63 9.63 9.63 MOODY'S RATING Aa Aa A Baa-1 Baa-1 — Aaa Aaa A-l A-l A-l A-l FORTHCOMING INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY ' as of April 25, 1975 ISSUER TYPE AMOUNT (IN MILLIONS OF DOLLARS) APPROXIMATE DATE OF OFFERING CORPORATE Ingersoll-Rand Co. Michigan Consol. Gas Iowa Pub. Ser. Co. NTL Corp. *Gulf States Utilities Inc. Gulf States Utilities Inc Cincinnati Gas & Electric Co. Mesa Petroleum Pacific Lighting Corp. Cincinnati Gas & Electric Co. Union Pacific Corp. *Lone Star Gas Co. Occidental Petroleum Corp. Burlington Industries Inc. New England Tele. & Tele. Syborn Corp. Texas Oil & Gas Corp. Avco Fin. Ser. Inc. Barnett Banks of Fla., Inc. McDonalds Corp. N. American Car Corp. Dresser Industries Inc. Pacific Pwr. & Light Pacific Gas & Electric San Diego Gas & Electric Cont. Tele. Corp. Union Pacific RR Northern Natural Gas San Diego Gas Electric American Smelting & Refining Co. American Smelting & Refining Co. California Water Service *Utah Power & Light Co. Chesapeake & Potomac Tele. Co. of W. Va. Atchison Topeka & Santa Fe RR *Tenneco Inc. Norton Co. Florida Power & Light Com stk 1st mtge 1st mtge Notes 1st mtge Com stk Com stk Pfd stk Com stk 1st mtge Notes Pfd stk Notes SF debt Com stk (rts) Notes 1st mtge Notes Notes Notes Equip tr SF debt 1st mtge Com stk (rts) Com stk Notes Equip tr 1st mtge 1st mtge SF debt Notes 1st mtge Pfd stk 79.9 40.0 20.0 50.0 40.0 36.0 40.0 75.0 45.0 60.0 100.0 40.0 75.0 75.0 28.8 35.0 50.0 50.0 50.0 80.0 25.0 75.0 60.0 150.0 20.0 75.0 15.0 100.0 40.0 100.0 50.0 26.0 40.0 April April April April April April April April April April April April April April April April April April April April April April May May May May May May May May May May May 1 5 6 6 6 6 6 7 7 7 13 Debt Equip tr Debt SF debt 1st mtge 50.0 15.0 100.0 40.0 100.0 May May May May May 13 13 14 14 14 NOTES: * Included in table for first time. 1 Includes only corporate and other security issues of $15 million and over; excludes exchanges, options 29 29 29 29 29 29 29 30 30 30 30 Table 6A Continued FORTHCOMING INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY ' As of April 25, 1975 ISSUER TYPE AMOUNT (IN MILLIONS OF DOLLARS) APPROXIMATE DATE OF OFFERING CORPORATE New England Gas & Electric Assoc. *Florida Power & Light Co. VEPCO El Paso *Burlington Northern RR Columbia Gas Systems N. States Power Co. Jersey Central Pwr. & Lgt. *Brooklyn Union Gas Co. Brooklyn Union Gas Co. *Puget Sound Power & Lgt. Co. Georgia Pacific Corp. IC Products Co. Becton Dickinson Scott & Fetzer Co. Pennzoil Co. First Maryland Bancorp Texaco Inc. General Tele, of Ohio Manufacturers Hanover Tr. Co. Manufacturers Hanover Corp. Emerson Electric Co. Ashland Oil Inc. ERC Corp. American Finance Corp. Potomac Edison Co. Wal-Mart Stores Inc. Pennsylvania Power & Light Bene int Com stk Com stk Com stk Equip tr Pfd stk 1st mtge Pfd stk Pfd stk 1st mtge Pfd stk Conv debt Debt Com stk Notes Debt Notes Debt Pfd stk Debt Notes Notes Debt Debt Debt 1st mtge Conv debt 1st mtge 84.4 63.0 60.0 60.0 15.0 50.0 80.0 25.0 15.0 35.0 15.0 100.0 50.0 53.6 30.0 75.0 25.0 300.0 20.0 75.0 125.0 50.0 100.0 25.0 30.0 35.0 15.0 125.0 May May May May May May May May May May May May May May INDEF INDEF INDEF INDEF INDEF INDEF INDEF INDEF INDEF INDEF INDEF INDEF INDEF INDEF Other Newfoundland British Columbia Hydro & Power Montreal, Quebec Govt, of Ireland Hydro-Quebec Hydro-Quebec SF debt Guar SF debt SF debt Notes Debt Debt 50.0 125.0 75.0 25.0 20.0 100.0 INDEF INDEF INDEF INDEF INDEF INDEF 14 15 15 19 20 21 21 22 28 28 29 Table 6B 1$ FORTHCOMING INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY 1 as of April 25, 1975 ISSUER TYPE AMOUNT (IN MILLIONS OF DOLLARS) APPROXIMATE DATE OF OFFERING STATE & LOCAL Maricopa Co., Ariz. *Maine, State of *Carson Redevelopment Agency., Calif San Francisco Mun. Railway Improv. Corp. *Allegheny Co. Industrial Auth., Pa. *Syracuse, N.Y. Pennsylvania, State of *Las Vegas Valley Water Dist., Nev. *Minneapolis, Minn. *Michigan, State of Jersey City, N.J. *Phoeniz, Arizona Ohio, State of Pennsylvania State Public Sch. Bldg. Auth. Harris Co., Texas Harris Co. Flood Control Dist., Texas Port of Houston, Texas Florida State Board of Eucation *Maryland, State of Springfield, Oregon Texas, State of *New York State Power Authority Antelope Valley-East Kern Water Agency, Calif. Ascension & St. Charles Parishes, La. *Los Angeles Dept. of Water & Power Postponement Memphis, Tenn. Jacksonville Electric Auth., Fla. G.O. G.O. G.O. 15.0 17.0 15.0 April April April 28 29 29 Rev Rev G.O. G. 0. G.O. G.O. G.O. G.O. Rev G.O. 26.4 26.0 14.0 140.0 10.0 15.0 100.0 15.0 14.0 50.0 April April May May May May May May May May 29 30 1 1 6 6 6 6 6 6 Rev G.O. 10.6 25.0 • May May 7 8 G.O. G.O. Rev G.O. Rev G.O. Rev 10.0 10.0 48.9 89.0 14.0 11.0 150.0 May May May May May May May 8 8 13 14 14 14 15 G.O. 23.0 May 20 Rev Rev 45.0 50.0 May May 22 28 Rev Rev 32.0 40.0 April April 22 23 NOTES: 1 Include* state and local government issues of $10 million and over, foreign government. International Bank for Reconstruction issues of Federally sponsored agencies; excludes secondary offerings. * Included in the table for the first time. Table 7 STOCK PRICES AND VOLUME 1 STOCK PRICES DATE NYSE INDEX 1973 - High 65.48 (1/11) Low 49.12 (12/13) 3 BJ INDUSTRIALS | 1051.50 (1/11) 788.31 (12/5) 4 2 TRADING VOLUME NASDAQ NYSE 130.47 (1/11) 85.26 (12/20) 136.84 (1/11) 89.12 (12/13) 26.0 (9/20) 9.0 (8/20) 5.5 (1/12) 1.4 (8/20) 11.3 (1/11) 3.5 (8/27) AMEX | | AMEX | NASDAQ 1974 - High 53.37 (3/13) Low 32.89 (10/3) 891. 66 (3/13) 577. 60 (12/6) 102.01 (3/14) 59.13 (12/6) 96.53 (3/15) 54.87 (10/3) 24.9 (1/3) 7.5 (7/5) 4.4 (1/3) .9 (9/26) 7.5 (1/3) 2.8 (7/5) 1975 - High 46.24 (4/21) Low 37.16 (1/8) 819.46 (4/17) 632. 04 (1/2) 84.36 (4/21) 62.20 (1/2) 79.08 (4/21) 60.70 (1/2) 35.2 (2/13) 13.4 (1/20) 4.2 (2/21) 1.5 (1/21) 8.1 (2/13) 3.6 (1/20) 1975 Feb. 7 14 21 28 41.08 43.21 43.70 43.07 711,,91 734..20 749,.77 739,.05 75.08 76.79 77.73 77.27 71.12 73.26 73.79 73.00 25.7 22.2 23.2 18.8 2.8 2.4 3.0 2.1 6.4 6.0 6.0 5.1 Mar. 7 14 21 28 44.55 44.74 44.26 44.46 770,.10 773 .47 763.06 770 .26 77.66 80.00 80.47 80.01 74.40 76.07 75.92 76.18 26.0 24.4 24.4 18.3 2.6 3.0 3.0 2.1 5.9 6.2 6.2 5.2 Apr. 4 11 18 25 42.98 44.61 45.75 45.95 747 .26 789.50 808.43 811 .80 79.01 81.24 83.41 84.18 74.73 76.31 78.08 14.9 18.3r 26.9r 17.8 1.8 2.1. 3.Or 2.0 4.8 5.0 6.8r 5.0 78.64 NOTES: 1 Figures other than highs and lows are Fridays only. Highs and lows are for the year and are not necessarily for Fridays. 2 Volume figures are weekly averages of daily figures (millions of shares). 3 12/31/66 - 50 4 Based on average price change until September 4, 1973 thereafter, based on market value of shares listed. Table 8 SECURITY CREDIT R E G U L A T E D M A R G I N C R E D I T E X T E N D E D BY E N D O F PERIOD BROKERS ON MARGIN STOCK 1 BROKERS ON % CONVERTIBLE BONDS BANKS 17 51 UNREGULATED NONMARGIN STOCK CREDIT AT BANKS OUTSTANDING 1974 - 1975 - Mar. 5,330 180 1,008 1,869 Apr. 5,370 179 1,009 1,868 May 5,180 172 1,020 1,858 5,080 172 1,037 2,072 1,023 2,091 July 4,760 158 Aug. 4,510 156 Sept. 4,020 148 924 2,060 Oct. 3,930 145 916 2,024 953 2,119 Nov. 3,960 139 891 2*053 Dec. 3,840 137 856 2,064 848 830 1,919 1,897 ^ Jan. 3,950 134 Feb. 4,130 136 Mar. 4,180 — — — C H A N G E IN O U T S T A N D I N G 1974 - Mar. 100 -3 -31 26 Apr. 40 -1 1 -1 May -190 -10 -100 -7 —— 11 June 17 214 July -320 -14 Aug. -250 -3 -70 28 Sept. -490 -7 -29 -59 -90 -3 —8 -36 Oct. 1975 - -14 19 Nov. -30 -6 -25 +29 Dec. -120 -2 -35 +11 Jan. 110 -3 Feb. 180 2 -8 -18 -145 -22 Mar. 50 NOTES: 1 Margin account debt as reported fay the New York Stock Exchange, excluding credit for subscription issues and convertible bonds. 2 New York Stock Exchange data. 3 June data for banks are universe totals; all other data for banks represent estimates for all commercial banks based on reports by a reporting sample, which accounted for 60 per cent of security credit outstanding at banks on June 30. 4 Nonmargin stocks are those not listed on a national securities exchange and not included on the Board of Governors of the Federal Reserve System's list of OTC margin stocks. At banks, loans to purchase or carry nonmargin stocks are unregulated; at brokers, such stocks have no 4 / Table 9 SAVINGS FLOWS AT NONBANK THRIFT INSTITUTIONS IN MILLIONS OF DOLLARS SAVINGS & LOAN ASSOCIATIONS MUTUAL SAVINGS BANKS REGULAR DEPOSITS NET FLOW 1971 1972 1973 1974 1973 - December 1974 - January February 1974 - December 1975 - January February r/ 9,621 10,067 4,815 2,909 1,057 257 521 1,053 472 909 1 ANNUAL 3 GROWTH RATE 13.5 12.4 5.3 3.0 —— -- -- NET NEW MONEY 2 SHARE CAPITAL NET FLOW 5,378 5,451 -442 -2,822 27,793 32,567 20,237 16,008 -42 46 341 2,914 2,177 1,824 -37 250 708 3,385 3,285 3,277 ANNUAL 3 GROWTH RATE 19.0 18.7 9.8 7.0 —— -— NET NEW MONEY 2 TOTAL DEPOSITS NET FLOW ANNUAL 3 GROWTH RATE 20,653 23,884 10,507 4,669 37,414 42,634 25,052 18,917 406 2,018 1,697 3,971 2,434 2,345 —— 571 3,094 3,097 4,438 3,757 4,186 — 17.2 16.7 8.4 5.8 -- NET NEW MONEY 26,331 29,335 10,062 1,847 364 2,064 2,038 534 3,344 3,805 SEASONALLY ADJUSTED 1974 - September October November December 172 260 535 431 2.1 3.2 6.6 5.3 -- 1975 - January February r/ 369 715 4.5 8.7 __ — -- .. 818 1,277 1,752 2,480 4.1 6.4 8.8 12.3 -- 2,455 3,037 12.1 14.8 —— ~-- 990 1,537 2,287 2,911 3.6 5.5 8.1 10.3 __ 2,824 3,752 9.9 13.0 -- "" NOTES: 1 Regular deposits at mutual savings banks exclude items such as Christmas club and certain escrow accounts, which represent a very small part of total deposits. 2 New deposits net of both withdrawals and interest. Data for S&L's are for insured associations only, which represent 96 per cent of industry total resources. 3 Annual growth rate for monthly data is the annualized monthly percentage increase in deposits. Source: National Association of Mutuel Savings Banks and Federal Home Loan Bank Board. --w 2 Table 10 MORTGAGE COMMITMENTS AT SELECTED THRIFT INSTITUTIONS BILLIONS OF DOLLARS, SEASONALLY ADJUSTED OUTSTANDING COMMITMENTS PERIOD TOTAL ALL SAVINGS MUTUAL S A V I N G S BKS ? & LOAN ASSOCIATIONS ( N Y . S T A T E ) NET CHANGE TOTAL ALL SAVINGS MUTUAL & LOAN SAVINGS BKS ASSOCIATIONS ( N Y. S T A T E ) 1971 - Dec. 17.7 14.0 3.7 .49 .30 .19 1972 - Dec. 25.1 20.2 4.9 .56 . .55 .01 1973 - Jan. Feb. Mar. Apr. May 25.8 25.8 25.4 24.8 24.0 23.7 23.1 22.2 21.0 20.0 19.6 19.7 20.8 20.9 20.6 • 20.2 19.5 19.3 18.8 18.0 17.0 16.1 15.9 16.2 5.0 4.9 4.8 4.6 4.5 4.4 4.3 4.2 4.0 3.9 3.7 3.5 .80 .21 -.43 -.57 -.89 -.21 -.67 -.92 -1.15 -1.06 -.41 .15 .66 .11 -.28 -.40 -.77 -.15 -.56 -.75 -1.00 -.90 -.26 .35 .14 -.10 -.15 -.17 -.12 -.06 -.11 -.17 -.15 -.16 -.15 -.20 19.3 19.4 19.5 19.7 18.5 18.0 17.3 16.7 16.2 14.9 14.4 14.4 15.9 16.0 16.4 16.7 15.6 15.1 14.5 13.9 13.5 12.5 12.1 12.2 3.4 3.2 3.1 3.0 2.9 2.9 2.8 2.8 2.7 2.4 2.3 2.2 -.33 -.06 .20 .20 -1.08 -.61 -.64 -.56 -.56 -1.31 -.54 -.03 -.33 .13 .33 .30 -1.02 -.54 -.60 -.55 -.43 -1.01 - .44 .14 -.10 -.19 -.13 -.10 -.06 -.06 -.04 -.01 -.13 -.30 -.10 -.11 14.4 14.4 12.3 12.6 2.1 1.8 .06 29 ,.10 -.25 July Aug. Sept. Oct. Nov. Dec. 1974 - Jan. Feb. Mar. Apr. May July Aug. Sept. Oct. Nov. Dec. 1975 - Jan. Feb. - . 04 .04 NOTES: Based on data from Federal Home Loan Bank Board and Savings Banks Association of New York State. Both series include a minor amount of nonresidential commitments; S&L commitments also include loans in process. Net changes are derived directly from unrounded end-of period outstanding levels as reported and after seasonal adjustment by Federal Reserve. Subtotals may not add to totals because of rounding. Series revised due to reestimation of seasonal factors. T a b l e 11 NET NEW MONEY BORROWINGS BY MAJOR HOUSING AGENCIES IN M I L L I O N S OF D O L L A R S PERIOD TOTAL INCLUDING SHORT-TERM DISCOUNT NOTES INTERMEDIATE A N D L O N G - T E R M ISSUES TOTAL FHLB +998 +1,349 +1,500 +1,300 1973 - July Aug. Sept. Oct. Nov. Dec. +1,475 +1,693 +1,910 +1,946 +11 +598 +1,528 +1,349 +1,850 +1,950 -150 +256 1974 - Jan. Feb. Mar. Apr. May July Aug. Sept. Oct. Nov. Dec. p -671 -695 4424 +508 +1,442 +2,699 +1,804 +878 +2,768 +1,665 -89 +595 -756 -657 +450 -4 +992 +2,250 +1,499 +200 +2,750 +1,599 +93 +1,000 1975 - Jan. p -12 --- -800 -657 —— -4 +992 +1,500 +1,000 +400 +1,700 +1,499 -217 +500 Notes: Based on data from the Treasury Survey of Ownership. If Sales of FHLB discount notes began in May 1974. qJ Preliminary. FHLMC FNMA & FHLB FNMA +530 —— —- -150 — — +350 +650 —— +256 *. — +44 —— —— -- +450 —— —— —— —— —— +750 +499 —— -200 — — —— — —— +1,050 +100 +310 +500 SHORT-TERM DISCOUNT NOTES]./ -53 +344 +60 -4 +161 +342 +85 -38 -26 +512 +450 +449 +305 +678 +18 +66 -182 -405 -12 Table 12 21 NET CHANGE IN MORTGAGE HOLDINGS IN MILLIONS OF DOLLARS PERIOD TOTAL INCLUDING FNMA-GNMA TOTAL FINANCIAL INSTITUTIONS COMMERCIAL MSB's S & L'S BANKS 2 INSURANCE FNMA-GNMA COMPANIES Not Seasonally Adlusted — 21,736 41,647 57,587 58,372 42,748 16,827 39,259 55,561 55,072 36,526 2,462 9,940 16,800 19,600 11,700 1,845 3,938 5,377 5,642 2,170 10,254 23,919 31,932 25,552 17,578 2,348 1,221 1,452 4,278 5,078 4,909 2,388 2,026 3,300 6,222 1974 - Oct. Nov. Dec. 2,419 1,992 2,255 1,655 1,476 1,082 500 400 500 45 79 - 22 565 522 595 545 475 729 764 516 453 1975 - Jan. Feb. Mar. 1,313 862 100 -200 66 100 428 1,111 1,616 Seasonally Ad lusted 268 451 74 351 1974 - Oct. Nov. Dec. 2,847 2,461 1,986 2,205 1,973 1,456 533 ,509 734 98 67 -102 1,037 985 629 537 412 195 642 488 530 1975 - Jan. Feb. Mar. 2,614 2,108 447 84 170 242 1,156 1,648 1,413 335 506 199 525 . 1970 1971 1972 1973 1974 NOTES: 1 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 Assn. of Mutual Savings Banks, Federal Home Loan Bank Board, Institute of Life Insurance and, through August 1968, the Federal National Mortgage Association, and thereafter by FNMA and the Government National Mortgage Association. Data for mutual savings banks and for Life Insurance companies may differ somewhat from those derived from regular quarterly series because of minor conceptual differences for which adjustments are not made in the monthly series. Altogether, these groups accounted for 89 per cent of the net increase estimated for all holders in-1972. 2 Beginning January 1972 data reflect activity in limited amount of conventional mortgages. Series revised due to reestimation of seasonal factors. NET INCREASE IN MORTGAGE DEBT OUTSTANDING IN BILLIONS OF DOLLARS, S E A S O N A L L Y ADJUSTED A N N U A L RATES 2 QUARTER TOTAL RESIDENTIAL TOTAL FAMILY 1968 - I II III IV 28.1 26.4 25.5 29.6 19.4 18.2 17.2 20.4 16.3 15.0 13.6 16.5 1969 - I II III IV 32.0 29.1 25.8 25.2 23.8 21.5 18.7 18.5 19.4 16.8 14.0 13.1 1970 I II III IV 20.7 22.9 28.5 31.8 14.4 16.8 21.3 22.8 1971 - I II III IV 37.3 47.7 52.3 54.2 1972 - I II III IV . 2 MULTIFAMILY ' 3.1 3.2 3.5 3.9 COMMERCIAL MULTIFAMILY & COMMERCIAL FARM 6.4 6.0 6.5 7.4 9.5 9.2 10.1 11.3 2.3 2.2 1.8 1.9 4.4 4.6 4.7 5.4 6.0 5.4 5 .3 5.3 10.4 10.1 10.0 10.7 2.2 2.2 1.7 1.4 9.4 11.6 15.0 16.2 5.0 5.2 6.3 6.6 4.8 4.6 5.1 6.8 9.8 9.8 11.5 13.4 1.5 1.5 2.1 2.2 27.4 35.5 38.5 41.2 19.4 26.2 28.6 31.3 8.0 9.4 9.9 9.9 7.7 9.8 11.5 10.5 15.7 19.2 21.4 20.4 2.2 2.4 2.3 2.5 62.8 64.9 65.1 68.3 46.1 47.0 47.1 49.5 37.7 37.4 38.0 40.0 8.4 9.6 9.1 9.5 14.1 15.3 15.3 16.3 22.5 24.9 24.4 25.8 2.6 2.6 2.6 2.5 1973 - I II III IV 83.4 75.6 71.3 57.9 63.1 53.9 51.4 38.3 53.1 44.0 41.8 31.7 10.0 9.9 9.6 6.5 16.3 17.8 16.3 15.0 26.3 27.8 25.9 21.5 4.1 3.8 3.6 4.6 1974 - I II III IV 58.5 65.3 50.0 38.6 39.5 44.0 35.7 23.7 32.1 37.1 27.5 17.3 7.4 6.8 8.2 6 .4 . 15-4 17 .3 9.0 7.6 22.7. 24.1 17.2 14.0 3.6 4.0 5.3 7.3 NOTES: 1 Derived from data on mortgage debt outstanding from Federal Deposit Insurance Corporation, Federal Home Loan Bank Board, Institute of Life Insurance, National Association of Mutual Savings Banks, Departments of Commerce and Agriculture, Federal National Mortgage Association, Federal Housing Administration, Veterans Administration and Comptroller of the Currency. Separation of nonfarm mortgage debt by type of property, where not available, and interpolations and extrapolations, where required, estimated mainly by Federal Reserve. 2 May differ somewhat from related flow of funds series mainly because of more aggregative type of seasonal adjustment. 3 Residential mortgage debt includes nonfarm only and is sum of 1-to 4- family and multifamily mortgage deb^combmed. Table 14 PRIVATE HOUSING PERMITS, STARTS, COMPLETIONS, AND MOBILE HOME SHIPMENTS IN THOUSANDS OF UNITS, SEASONALLY ADJUSTED ANNUAL RATES PERMITS STARTS 2-OR MORE FAMILY TOTAL 1—FAMILY 2-OR MORE TOTAL COMPLETIONS MOBILE HOME 1—FAMILY 2-OR MORE FAMILY SHIPMENTS TOTAL 1—FAMILY 1969 1970 1971 ' . 1972 1973 1974 1,324 1,352 1,952 2,219 1,820 1,052 626 647 928 1,033 882 726 698 705 1,025 1,186 937 419 1,467 1,434 2,052 2,357 2,045. 1,338 811 813 1,151 1,309 1,132 888 656 621 901 1,048 914 450 1,399 1,418 1,706 1,972 2,005 808 802 1,014 1,143 1,166 592 617 692 828 838 413 401 497 576 580 1974 - July Aug. Sept. Oct. Nov. Dec. 1,017 900 823 782 730 822 632 618 577 533 511 486 385 282 246 249 219 336 1,314 1,156 1,157 1,106 1,017 880 920 826 845 792 802 682 394 330 312. 314 215 198 1,655 1,592 1,562 1,627 1,657 1,606 934 919 899 908 893 852 721 674 663 719 763 754 380 370 316 248 218 216 682 714 710 495 524 517 187 190 193 999 986 980 739 722 757 260 264 223 1,544 1,266 965 755 578 512 185 219 PERIOD 1975 - Jan. Feb. Mar. FAMILY NOTES: Private permits (for 14,000 areas with permit systems, excluding farm), starts, an4 completions are Census Bureau data. A dwelling unit is started when excavation begins. In the case of apartment buildings, all units are considered started at that tittid; however, all such units are considered- completed when more than half of the units in the structure are ready for use, Private mobile home shipments'"are Mobile Home Manufacturers Assoc. data converted to seasonally adjusted annual rate by Census Bureau. 1/ Permit data for 1969 and .1970 based on 13,000 areas with permit systems. Table 15 AVERAGE RATES AND YIELDS ON HOME MORTGAGES HUD(FHA) INSURED LOANS SECONDARY MARKET NEW HOMES CONVENTIONAL LOANS PRIMARY MARKET EXISTING HOMES NEW HOMES 1 1 PERIOD RATE (IN PER CENT) SPREAD (BASIS POINTS) RATE (IN PER CENT) SPREAD (BASIS POINTS) YIELD (IN PER CENT) SPREAD (BASIS POINTS) SPREAD BETWEEN NEW Aaa RETURNS ON CONVENTIONAL UTILITY 1 AND HUD(FHA) BOND DISCOUNT NEW HOME YIELD (PERCENTAGE MORTGAGES (IN PER CENT) POINTS) (BASIS POINTS) 1973 - High Low 8.95 7.70 107 31 8.95 7.75 107 37 9.18 7.55 130 14 9.4 2.2 21 -23 8.36 7.38 1974 - High Low 9.80 8.55 45 -70 9.80 8.60 50 -70 10.38 8.54 44 -25 6.3 2.3 1 -70 10.46 8.10 1974 - Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 8.65 8.55 8.60 8.90' 9.15 9.25 9.40 9.60 9.80 9.70 9.55 9.45 40 45 -4 —8 6 -25 -70 -39 —66 -33 -13 n.a. 8.65 8.60 8.60 8.90 9.15 9.25 9.40 9.60 9.80 9.70 9.60 9.45 40 50 -4 -8 6 -25 -70 -39 -66 -33 -8 n.a. 8.54 8.66 9.17 9.46 9.46 9.85 10.30 10.38 10.13 n.a. 9.51 44 2 19 37 -4 -25 31 -8 10 n.a. n.a. n a 1 -6 -27 -31 -21 -45 -70 -58 -43 8.25 8.10 8.64 8.98 9.09 9.50 10.10 9.99 10.46 10.03 9.68 1975 - Jan. Feb. Mar. 9.15 9.05 8.90 15 11 -70 9.20 9.05 8.95 20 11 -65 8.99 8.84 8.69 -1 -10 -91 n.a. 2.3 3.2 5.1 5.3 5.3 6.3 5.8 6.3 4.6 1 3.8 -6 3.8 2.6 5 .4 16 21 21 9.00 8.94 9.60 NOTES: 1 Gross yield spread is average mortgage return before deducting servicing costs, minus average yield on new issues of high-grade utility bonds with 5-year call protection. Rates on conventional first mortgages (excluding additional fees and charges) are based on unweighted HUD (FHA) field office opinions on prevailing contract interest rates in the market areas of the insuring offices, rounded to the nearest 5 basis points. For secondary market data, weighted HUD office opinions on the average bid price for HUD (FHA) loans with minimum downpayment, prepaid in 15 years, for immediate delivery, are used. T a b l e 16 FNMA AUCTION RESULTS HOME MORTGAGE COMMITMENTS CONVENTIONAL GOVERNMENT-UNDERWRITTEN DATE OF AUCTION AMOUNT (IN MILLIONS OF DOLLARS) OFFERED 1974 - 1155 High Low 1975 - Jan. Feb. Mar. Apr. 26 AVERAGE YIELD | ACCEPTED (3/25) (11.18) 333 18 (3/25) (11/18) AMOUNT (IN MILLIONS OF D O L L A R S ) OFFERED 10.59 (9/9) 164 8.43 (2/25 14 AVERAGE YIELD | ACCEPTED (4/18) (10/21) 63 7 (4/8) (11/18) 10.71 8.47 13 25.3 21.2 9.37 17.9 14.9 9.50 27 41.4 28.6 9.12 11.1 10.6 9.39 10 24.6 18.1 8.98 14.8 9.1 9.20 24 36.2 23.8 8.87 20.0 9.1 9.04 10 99.2 60.1 8.78 34.4 22.1 8.96 24 460.5 321.4 8.85 60.7 35.8 9.00 7 551.6 2 7 7 .2 .8.98 99.8 44.6 9.13 21 470.9 247.3 9.13 79.2 64.8 9.26 (9/9) (3/11) NOTES: Average secondary market yields are gross before deduction of the fee of 38 basis points paid for mortgage servicing. They reflect the average accepted bid yield for home mortgages assuming a prepayment period of 12 years for 30-year loans, without special adjustment for Federal National Mortgage Association (FNMA) commitment fees and FNMA stock purchase and holding requirements on 4-month commitments. Mortgage amounts offered by bidders relate to total eligible bids received.
@FedFRASER