Full text of H.16 Capital Market Developments : April 28, 1980

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April 28, 1980
0

f KANSAS O f f
iV.k'V

5

Research

1930
Liofofy

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. Yields, Volume and Reception: Corporate Bond Market
2. Yields, Volume and Reception: Municipal Bond Market
3. High Grade Bond Yields
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
17.
18.
19.
20.
21.
22.
23.
24.
25.

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

SYMBOLS
e
P
r
n.a.
—

estimate
preliminary
revised
not available
data do not exist

SUBSCRIPTION RATES
Weekly $15.00 per year or $.40 each in the United States, its possessions, Canada, and Mexico; 10 or more of the same issue to one
address, $13.50 per year or $.35 each. Elsewhere, $20.00 per year or $.50 each. Address requests to Publications Services, Division of
Support Services, and make payment remittance payable to the order of the Board of Governors of the Federal Reserve System in a
form collectible at par in U.S. Currency.



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 B o n d Market

Week ending

New issue
Aaa utility1

Yields
Recently offered
Aaa utility^
12.35
12.80
13.17
14.11
13.83

Gross offerings3
($ millions)
311
458
320
114
580

Volume
Percent sold by
end of week
74
100
97
100
100

New issues in syndicate*
($ millions)
80
0
10
0
0

1980-Feb.

1
8
15
22
29

12.96
13.27
13.92
14.11

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
25

13.98
13.28
12.87r
12.47p

13.93
13.30
12.69r
12.64p

825
355
565

91
100
100
90

75

——

1,047

0
0
125

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 B o n d Market
Volume

Yields
Week e n d i n g

Moody's new
issue Aaa

B o n d Buyer
G.O. b o n d
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

N e w 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
25

8.25
8.60
7.60
7.66

9.44
9.07
7.89
8.11

10.25
9.90
9.19
9.29

225
608
1,291

93
94
92

38
39
112

1,356

86

167

1
2
3
4

Federal Reserve series of implied yield on newly issued, Aaa-rated utility bond with 5-year call protection.
Federal Reserve series of implied free-market yield on Aaa-rated utility bond with 5-year call protection, released from price restrictions sometime
during the last four weeks.
Estimated by F.R. on the basis of available data.
Corporate Market: Salomon Brothers Bond Market Roundup; Municipal Market: Weekly Bond Buyer. Data are adjusted by Federal Reserve when
necessary 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
N e w issue
Aaa u t i l i t y 1

Date

1977-High
Low

1978-High
Low

1979-High
Low

1980-High
Low

Recently offered
Aaa u t i l i t y 2

Moody's
seasoned
corporate A a a 3

U.S. govt.
20-year c o n s t a n t
maturity4

Bond Buyer
G.O. b o n d
index5

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) 9.00(12/22)
8.30(1/6)
8.01(1/6)

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

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

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

10.87(12/28) 10.56(11/9)
9.16(7/6)
8.79(7/6)

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

14.22(3/28)
11.51(1/11)

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

13.00(3/28) 12.79(2/22)
10.88(1/4)
10.30(1/4)

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

B o n d Buyer
Rev. b o n d
index6

——

__

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

1979-Jan.
Feb.
Mar.

9.54
9.53
9.62

9.51
9.56
9.6?

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

6.13
6.20
6.52

—

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
12.21
12.49

7.35
8.16
9.17

8.21
8.91
9.95

Oct.
Nov.

1980-Mar.

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

12.61
12.36
12.29
12.71

8.94
9.08
9.20
9.44

9.71
9.91
9.99
10.19

Apr.

4
11
18
25

13.98
13.28
12.87r
12.47p

13.93
13.30
12.69r
12.64p

12.97
12.57
11.87r
11.48p

12.43
11.77
11.15r
10.96p

9.44
9.07
7.89
8.11

10.25
9.90
9.19
9.29

1
2
3
4
5
6

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 AND STATE AND LOCAL GOVERNMENT SECURITY OFFERINGS AND PLACEMENTS
Gross proceeds, millions of dollars
Corporate
State and Local
Period
1978
1979
1980
1978
1979
1980
January
3,326
3,770
3
,
3
0
6
5,740
2,840
3,000
February
2,770
3,170
3,425e
2,753
2,603
2,400e
March
4,569
4,401
4,550e
4,844
4,644
2,700e
April
May
June

3,397
4,227
5,539

4,692
4,167
6,247

3,824
5,525
4,369

3,444
3,042
4,724

July
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

43,365

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

Combined
deficit(+)
or
surplus(-)1

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.
-9,834
May
4,822
June - 1 1 , 2 3 7

-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. 1 6 , 0 0 3
Sept . - 1 5 . 5 5 8

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
borrowing*
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

U.S. unified budget deficit or surplus plus off-budget entities deficit or surplus.

2

accounts" ° U t S t a n d ' n 9

3

Also includes changes in matured and noninterest-bearing public debt.
2 Z Z . 1 : O U t t S t a n d j n 9 a n r ! 0 " n t o f marketable securities issued by Federal Farm Credit Banks, Federal Home Loan Banks. Federal Home Loan Mortgage Corporation, Federal National Mortgage Association.

4

a m o u n t of public

5 CY = Calendar Year.



debt securities and government agency securities less change in holdings of those securities by government

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

Period

Total

Bonds

Memo
Issues included
Foreign
Convertible
1,340
863
1,092
418
961
2,229

Privately
placed
17,943
17,057
13,877

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

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

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

47
32
770
112

8
1,494
540
187

1977
1978
1979

53,792
47,230
51,102

Publicly
offered
24,072
19,815
25,815

1979-QI
QII
QIII
QIV

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

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

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

1980-Jan.

5,740

2,450

1,947

1,343

n.a.

j

n.a.

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

Period
1977
1978
1979
1979-QI
QII
QIII
QIV

Manufacturing
13,393
10,813
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

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

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

1,098

1,844

483

2,315

1980-Jan.

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 O F F E R I N G S OF INTERMEDIATE- A N D LONG-TERM SECURITIES: C O R P O R A T E 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 C o r p .
Hughes Tool Co.
Ford Motor Co.
Ford Motor Co.
C&P T e l . Co. of Wash., D.C.
Ohio Edison Co.
Ohio E d i s o n Co.
C a r o l i n a Power & L i g h t Co.
G e n ' l T e l . Co. of W i s c o n s i n
Sunshine Mining Co.
Pub. S e r v . Co. of N. Hampshire
Houston I n d u s t r i e s Co.
P e r k i n Elmer C o r p .
Houston O i l R o y a l t y 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
G e n ' l . T e l . Co. of C a l i f o r n i a
F l o r i d a Power C o r p .
B e l l T e l . Co. of P e n n s y l v a n i a
Rowan Companies
Citicorp
C r y s t a l O i l Co.
Household F i n a n c e Corp.
Wells F a r g o Co.
M i s s i s s i p p i Power Co.
Page P e t r o l e u m L t d .
P h i l a d e l p h i a E l e c t r i c Co.
P h i l a d e l p h i a E l e c t r i c Co.
U n i t e d I l l u m i n a t i n g Co.
Data G e n e r a l Corp.
Masco Corp.
C a r o l i n a T e l . & T e l . Co.

*
1

Date

Type

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
4/22
4/22
4/22
4/22
4/22
4/22
4/23
4/23
4/24
4/24
4/25
4/25

Pfd. s t k .
Conv. d e b t .
Conv. d e b t .
Conv. d e b t .
Notes
Notes
Debt
Lst. mtg.
1 s t . mtg.
Lst m t g .
)ebt.
Debt.
Pfd. s t k .
Com. s t k .
Com. s t k .
Com. s t k .
1 s t . mtg.
1 s t . mtg.
1 s t . mtg.
Debt.
Conv. d e b t .
Notes
Conv. d e b t .
Debt.
Notes
1 s t . mtg.
Conv. d e b t .
Debt.
Debt.
Pfd. s t k .
Debt.
Notes
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
250.0
50.0
200.0
100.0
25.0
25.0
100.0
50.0
30.0
75.0
100.0
50.0

Maturity

—
—
2000
2000
2005
1985
1990
2017
1987
2010
1987
2010
1995

—
—
- —

Coupon
rate

Offering
yield

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

——
-

-

-

-

- -

——

- -

2010
1987
1987
2020
2000
2010
2000
1987
1983
2010
2000
2005
1990

——

2005
1985
2010

14.13
13.75
13.63
11.88
8.75
16.90
11.38
12.00
12.25
13.75
10.00
14.75
14.13
15.88
13.00
12.25
12.70

14.20
13.75
13.63
11.88
8.75
16.90
13.26
12.00
12.25
13.80
10.00
14.67
14.10
15.88
13.00
12.39
12.70

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
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

——/ ——
——/——
——/ — —

A/A
A/A
A/A+
Aaa/AAA
Ba/BB
Aaa/AA
B/B
Aa/AA
Aa/AA
A/A

— —/-• —

Baa/BBBBaa/BBB——1——

Baa/AA/A
Aa/AA

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

Payne Co. Home F i n . A u t h . , OK
Payne Co. Home F i n . A u t h . , OK
Payne Co. Home F i n . A u t h . , OK
West V i r g i n i a Hsg. D e v e l . Fund
West V i r g i n i a Hsg. D e v e l . Fund
West V i r g i n i a Hsg. D e v e l . Fund
King C o . , WA
Sedgwick C o . , KS
Sedgwick C o . , KS
Sedgwick C o . , KS
Sedgwick C o . , KS
Shawnee C o . , KS
Shawnee C o . , KS
Shawnee C o . , KS
Shawnee C o . , KS
North Slope Borough, AK
Cowley C o . , KS
Cowley C o . , KS
Cowley C o . , KS
Long Beach, CA
Long Beach, CA
Ohio A i r Q u a l i t y D e v e l . A u t h . ,
OK
G r e a t e r Chicago M e t r o . San
D i s t . , IL
North C a r o l i n a Mun. Power Agcy
North C a r o l i n a Mun. Power Agcy
North C a r o l i n a 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 Offshore Terminal
Auth.
Louisiana Offshore Terminal
Auth.
Louisiana Offshore Terminal
Auth.
Louisiana O f f s h o r e Terminal
Auth.
Louisiana Offshore Terminal
Auth.
H a r r i s C o . , TX
Maryland Community D e v e l .
Auth.
Maryland Community D e v e l .
Auth.
Maryland Community D e v e l .
Auth.
Maryland Community D e v e l .
Auth.

Amount
(millions
of $)

Date

Type 2

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.O.
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

A-l/-A-l/-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

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
S. 2 0 - 1 0 . 4 0
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

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-

4/11.

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
29.5

2010
1981-1993

9.05
7.58

9.20
7.00-7.60

Aa/AA
A/A-

4/1

Rev.

43.8

1981-1993

9.96

8.25-9.60

Aa/—

4/15

Rev.

9.8

1996

9.96

9.60

Aa/ —

4/1

Rev.

34.7

2010

9.96

10.00

Aa/—

4/lj

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

16.1
67.0

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

9. PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: STATE AND LOCAL1 (cotl f t )
Issuer

C a r r o l l C o . , KY
Dupage C o . , IL
Dupage C o . , IL
Dupage C o . , IL
G e o r g i a , S t a t e of
P o r t of O a k l a n d , CA
Richmond, VA
P l a t t e R i v e r Power A u t h . , Co.
P l a t t e R i v e r Power A u t h . , Co.
P l a t t e R i v e r Power A u t h . , Co.
S i o u x C i t y , IA
S i o u x 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
A u s t i n Hsg. F i n . Corp.
A u s t i n Hsg. F i n . Corp.
A u s t i n Hsg. F i n . Corp.
A u s t i n Hsg. F i n . Corp.
A u s t i n Hsg. F i n . C o r p .
Wyoming Community D e v e l . A u t h .
Wyoming Community D e v e l . A u t h .
R i l e y Co. & G e a r y C o . , KS
R i l e y Co. & G e a r y C o . , KS
R i l e y Co. & G e a r y C o . , KS
Denver C i t y & C o . , CO
Denver C i t y & C o . , CO
Memphis, TN
I l l i n o i s , S t a t e of
Michigan S t a t e Hsg. Devel.
Auth.
Michigan S t a t e Hsg. Devel.
Auth.
Michigan S t a t e Hsg. D e v e l .
Auth.
Lee C o . , FL
Lee C o . , FL
W i s c o n s i n , S t a t e of
Wisconsin, S t a t e of
W i s c o n s i n , S t a t e of
W i s c o n s i n , S t a t e of
S e b a s t i o n Co. R e s i d e n t i a l H s g .
F a c . B d . , AR
S e b a s t i o n Co. R e s i d e n t i a l H s g .
F a c . B d . , AR
S e b a s t i o n Co. R e s i d e n t i a l H s g .
F a c . B d . , AR
Cameron Co. H s g . F i n . C o r p .
Cameron Co. H s g . F i n . C o r p .
Cameron Co. Hsg. F i n . C o r p .
Wamego C o . , KS
K a n s a s C i t y , KS
B a l t i m o r e , MD

Date

Type2

Amount
(millions
of $)

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
4/22
4/22
4/22
4/22
4/22
4/22
4/22

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

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
2.7
21.5
3.5
18.0
26.0
75.0
150.0

4/23

Rev.

31.7

4/23

Rev.

8.6

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

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

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

Maturity

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
1982-1994
2011
2012
1985-2000
2006
1982
1981-2005
1982-1995

Net
interest
cost

Offering
yield

Moody's/S&P':
ratings

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.
10.70
10.70
10.70
7.63
7.63
7.49
7.12

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
8.75-9.40
10.75
10.75
6.50-7.40
7.70
7.25
6.30-7.50

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/—
A-1/A+
A-1/A+
A-1/A+
Aa/AAA
Aa/AAA
MIG-1/-Aaa / —

7.75-9.25

Aa/A+

9.66

1998

9.66

9.50

39.7
8.2
26.8
39.9
12.5
17.9
9.8

2012
1984-1997
2009
1982-1995
2000
2010
2011

9.66
8.64
8.64
9.19
9.19
9.19
9.19

9.75
6.80-8.00
8.63
7.40-8.80
9.13
9.38
9.38

Aa/A+
--/AAA
— /AAA
Aa/AA
Aa/AA
Aa/AA
Aa/AA

Rev.

10.5

1982-2001

9.69

7.75-9.60

Aa/AA

Rev.

2.8

Rev.

17.8
13.9
30.1
6.0
45.0
25.5
85.3

Rev.

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

2011
2012
1980-1998
2011
2012
1983
1982
1981-2011

9.69
9.69
9.97
9.97
9.97
n.a.
8.30
8.41

1 Includes onhy 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.




—— j — —

9.50
9.75
7.50-9.50
10.00
10.00
8.25
8.00
7.00-8.70

Aa/A+

Aa/AA
Aa/AA
Aa/AA
Aa/AA
Aa/AA
Aa/ —
MIG-2/-A-l/A

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

Lower C o l o r a d o R i v e r A u t h . ,
TX
Lee C o . , FL
Massachusetts H l t h . & Educa.
Fac. Auth.
Massachusetts H l t h . & Educa.
Fac. Auth.
M a s s a c h u s e t t s H l t h . & Educa.
Fac. Auth.
Massachusetts H l t h . & Educa.
Fac. Auth.
N o r t h C a r o l i n a F i n . Agcy.
N o r t h C a r o l i n a F i n . Agcy.

Amount
(millions
of $)

Date

Type2

4/24
4/24

Rev.
Rev.

30.0
35.0

4/25

Rev.

3.6

4/25

Rev.

4/25
4/25
4/25
4/25

Maturity

Net
interest
cost

Moody's/S&P's
ratings

7.95
8.64

7.00-8.40
6.80-8.58

A-1/A+
--/AAA

1990

n.a.

7.00

--/AAA

5.9

1995

n.a.

7.40

—/AAA

Rev.

9.0

2000

n.a.

7.90

--/AAA

Rev.
Rev.
Rev.

37.1
30.3
27.7

2010
1981-2000
2011

n.a.
8.83
8.83

8.25
6.75-8.80
9.00

— /AAA
Aa/AA
Aa/AA

1986-2001
1984-2009

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




Offering
yield

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

Maturity
date

Coupon Auction
rate
average
(percent (percent

2/15/95
1/31/82

10-1/2
11-1/2

Payment
date

Length

Jan. 3
23

1/10
1/31

1 5 - y r 1-mo
2-yr

Feb. 5
6
7
20
26

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

3-1/2-yr
8/15/83 11-7/8
7-1/4-yr
5 / 1 5 / 8 7 12
30-yr
2/15/05-10 1 1 - 3 / 4
2-yr
2/28/82 1 3 - 7 / 8
5yr2-l/2mo 5/15/85 14-3/8

Mar. 20
25

3/31
3/31

Apr.

4/8

Amount (millions of dollars)
Gross proceeds
Net proceeds
Total

Private*

Total

Memo:
Foreign 3
Private .2 add-ons
1

1980

2
22

4/30

2-yr
4-yr
1 5 - y r 1-mo
2-yr

10.60
11.52

1,502
4,484

1,502
4,051

1,502
609

1,502
609

11.98

12.02

11.84V
13.98
14.39

9,402

7,624

2,450

2,450

4,472
2.500

4,073
2.500

652
2.500

652
2.500

0
0

839

839

0

3/31/82
3/31/84

15
14-1/4

15.01
14.29

4,032
2,883

3,532)
2,574)

5/15/95

12-5/8

12.69

1.501

1.501

1.501

1.501

0

4/30/82 11-3/8

11.44

4,010

3,551

830

830

0

Mav teTaroer than th'p't *• ^ ? y e j ' n n l e n t investment accounts and the Federal Reserve. Also excludes add-ons to foreign accounts.

A d L o n a ^ m = % : ^




0
0

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

1979

1979

FHLB

8/15
8/15

8/27
8/27

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

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
10/18

10/25
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
11/15
11/15

11/26
11/26
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

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

1,850

-350

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

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

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

FHLB

FFCB
FHLB
FHLMC
FNMA

—
—
—
—

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

Federal Farm Credit Banks
Federal Home Loan Banks
F#dfcfSl Horn# Lo«ln Mortgage Corporation
Federal IMMronal Mortgage Association




13

As of A p r i l 2 5 , 1980
12. FORTHCOMING PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: CORPORATE 1
Issuer

Kentucky U t i l i t i e s Co.
• A t l a n t i c R i c h f i e l d Co.
M i s s o u r i P a c i f i c R . R . Co.
Middle South U t i l i t i e s Co.
*Kroger Co.
*U.S. B a n c o r p .
Agway, I n c .
Reading & B a t e s Corp.
•Consumers Power Co.
• F l o r i d a Power & L i g h t Co.
P u b l i c S e r v i c e E l e c . & Gas Co.
Seaboard C o a s t L i n e R.R. Co.
P a c i f i c Power & L i g h t Co.
P a c i f i c N o r t h w e s t B e l l T e l . Co.
Toledo E d i s o n Co.
Columbia Gas Co.
*RCA Corp.
*RCA Corp.
• C i n c i n n a t i Gas & E l e c t r i c Co.
•Owens C o r n i n g F i b e r g l a s C o r p .
• C o n t i n e n t a l Group I n c .
D e t r o i t E d i s o n Co.
D e t r o i t E d i s o n 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.
W i s c o n s i n E l e c t r i c Co.
Teachers Serv. Organization Inc.
Houston O i l & M i n e r a l s C o r p .

Type

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

Amount
(millions of dollars)

25.0
300.0
25.0
80.0
50.0
100.0
30.0
50.0
40.0
100.0
100.7
72.6
75.0
150.0
30.0
75.0
75.0
150.0
100.0
100.0
100.0
56.0
45.0
70.0
50.0
25.0
70.0
80.0
60.0

* 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.




Approximate date
of offering

Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
Indef
Indef

28
29
29
29
30
30
6
8
8
14
14
20
20
21

.
.

14

As of A p r i l 25, 1980
13. FORTHCOMING PUBLIC OFFERINGS OF INTERMEDIATE AND LONG-TERM SECURITIES: STATE AND LOCAL1
Type

• ^ P h i l a d e l p h i a Hosp. A u t h .
*New J e r s e y Mortgage F i n . Agcy.
Johnson C o . , KS
O c e a n s i d e R e d e v e l . A g c y . , CA
*Dade Co. Hsg. F i n . A u t h . , PL
F o r t Worth I n d e p . Sch. D i s t . , TX
Chicago Sch. F i n . A u t h .
Broward C o . , FL
C a l c a s i e u P a r i s h Home Mortgage Pub. T r u s t ,
Washington P u b l i c Power Supply System
Montgomery C o . , MD
Kansas C i t y , KS
Oakland C o . , MI
Michigan Pub. Power Agcy.
^Vermont Hsg. F i n . Agcy.
C h a t t a n o o g a - H a m i l t o n Hosp. A u t h . , TN
S a n t a Ana Community R e d e v e l . A g c y . , CA
•'Nebraska P u b l i c Power D i s t .
^Houston Hsg. F i n . Corp.
Oregon, S t a t e of
^Washington, S t a t e of
Los Angeles D e p t . of Water & Power, CA
- ' M a s s a c h u s e t t s H e a l t h & Educa. F a c . Auth.
P u e r t o Rico
*0klahoma Hsg. F i n . Agcy.

Amount
(millions of dollars)

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

31.3
129.8
115.3
35.6
150.0
25.0
220.0
25.0
50.0
130.0
50.0
38.1
32.7
45.0
75.0
77.0
26.9

43.0
75.0
38.0
200.0
150.0

Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
May
May
May
May
May
May
May
May
May
May
June

POSTPONED
*Pueblo C o . , CO

Rev.

105.0

Apr. 25

Issuer

»
1

Included in table for first time.
Includes state and local government issues of $26 million and over; excludes secondary offerings.




80.0

200.0

60.0

Approximate date
of offering

28
28
28
28
28
29
29
29
29
29
29
30
30
30

14
5

14. STOCK PRICES 1
Date

NYSE Index3

1977-High
Low

1978-High
Low

1979-High
Low

1980-High
Low

AMEX4

DJ Industrials

NASDAQ5

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

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

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

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

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

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

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

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

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

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

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

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

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

903.84 ( 2 / 1 2 )
759.13 (4/21)

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
25

57.95
59.00
57.21
59.73

784.13
791.55
763.40
803.58

237.01
247.30
235.72

136.01
137.75
134.66

249.31

137.92

15. T R A D I N G V O L U M E 2
Date

NYSE

1977-High

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

Low

1978-High
Low

1979-High
Low

1980-High
Low

AM EX

4.2 (1/12)
1.4 (9/22)

NASDAQ

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

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

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

18.8 (5/18)
2.8 (1/20)

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

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

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

67.7 (1/16)
23.1 (4/14)

15.0 (1/15)

36.1 (2/8)

2.5 (4/14)

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
31.6

3.9
3.4

14.1
12.8

2?„8r
38.5

3.Or
4.0

12.3r
14.4

25

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
Outstanding, dollar amounts in millions

End of period

1

Margin credit extended
by brokers on:

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

Marginable
stock

Convertible
bonds

1976

7,960

204

810

88

1977

9,740

250

887

81

1978

10,830

205

955

67

1979

11,450

164

995

84

1979 - J a n .
Feb.
Mar.

10,750
10,790
10,870

199
195
181

950
950
965

79
71
79

Apr.
May
June

11,220
11,130
11,590

194
183
172

960
970
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 - J a n .
Feb.
Mar.

11,820
12,460
11,740

165
175
171

1,000
1,030
1,040

87
84
55

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

n.a.

Number of
margin accounts

not available




(thousands)

17. S A V I N G S FLOWS A T SELECTED N O N B A N K T H R I F T INSTITUTIONS
Millions of dollars
Mutual Savings Banks
(regular deposits) 1
Date

Net f l o w
N.S.A.

Sea. adj.

Savings and Loan Associations
Net f l o w

Annual
growth
rate 3

N.S.A.

11.6

50,169

Memo:
Net New Money 2

Total

Annual
growth
rate 3

Net
flow
(sea. adj.)

Annual
growth
rate 3

At
insured
S&L's

—

17.5

62,854

15.9

34,369

5,223

Sea. adj.

At
MSB's

1976

12,670

1977

10,783

—

8.7

50,888

——

15.0

60,982

13.3

32,004

2,874

1978

8,426

—

6.3

44,153

—

11.3

52,292

10.1

23,460

-591

1979

2,733

*

2.0

39,218

——

9.1

42,123

7.4

15,029

-6,955

Mar.

626
476
1,712

928
483
580

8.4
4.3
5.2

2,740
2,293
7,143

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

Apr.
May
June

-209
436
1,304

567
636
807

5.1
5.6
7.1

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

July
Aug.

341
260
1,378

626
884
1,036

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

2,812
2,069
1,606

38
-75
-41

510
275
1,317

802
518
490

6.9
4.4
4.2

2,641
2,155
5,795

3,956
4,269
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

48
59
-405

Mar.

218
683
1,971

584
705
798

5.0
6.0
6.7

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

4,377
2,180
3,146

-118
342
463

Apr.
May
June

-832
61
890

16
280
341

0.1
2.3
2.9

-1,147
2,037
6,854

1,667
3,006
4,515

4.5
8.1
12.1

1,683
3,286
4,856

3.4
6.7
9.8

-1,490
1,627
1,469

-1,192
-341
-649

July
Aug.

-318
-112
517

9
508
134

0.1
4.2
1.1

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

1,455
717
-198

-714
-504
-1,000

-985
-199
839

-694
74
17

-5.8
0.6
0.1

1,863
1,157
4,525

3,321
3,527
2,030

8.6
9.1
5.2

2,627
3,601
2,047

5.2
7.1
4.0

1,314
732
-700

-1,420
-765
—986

-923
141
850

-602
168
-300

-5.0
1.4
-2.5

2,065
1,626
4,203

2,191
2,617
-523

5.6
6.6
-1.3

1,589
2,785
-823

3.1
5.4
-1.6

1,167
1,079
-939

-1,436
-543
-750

1978-Jan.
Feb.

Sept.
Oct.

Nov.
Dec.

19 7 9 - J a n .
Feb.

Sept.
Oct.

Nov.
Dec.

.9 8 0 - J a n .
Feb.

Mar .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. 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

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.
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.

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
1.1

30.8
29.9

27.5
27.1
24.1

3.3
2.8

12.2
11.4
n.a.

6.4
5.8

4.7
4.6
4.7

1.0
0.8

Nov.

Nov.
Dec.
1980-Jan.
Feb.
Mar.

n. a.

n.a.

1
|

n.a.

1. i

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




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

Total including
short-term
discount notes

Intermediate- and long-term issues
Total

FHLB

FHLMC

FNMA

FNMA and FHLB
short-term
discount notes

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

1978-Jan.
Feb.
Mar.

563
1,731
912

82
1,399
-1

0
1,399
-1

82
0
0

0
0
0

481
332
913

Apr.
May
June

701
3,338
1,504

470
1,496
1,300

-1
1,498
0

-129

600

231
1,842
204

July
Aug.
Sept.

1,626
1,550
1,627

1,000

700
0

0
0
126

1,200
0

-274
550
551

Oct.
Nov.
Dec.

1,799
1,429
2,250

1,695
1,113
2,048

-5
1,114
598

0
-1
200

1,700

1979-Jan.
Feb.
Mar.

967
1,457
912

0
1,033
1,372

0
834

0
199

0
0

Apr.
May
June

1,027
304
1,363

997
215
1,299

July
Aug.
Sept.

1,625
360
398

Oct.
Nov.
Dec.
1980-Jan.
e/
Feb.

1,900
1,076

300

0
1,000

950

0

1,250

104
316
202
967
424
-460

0

-128

1,500

0
222
0

-3
-7
199

1,000
0

30
89
64

1,916
613
-154

700
415
0

216
198
146

1,000
0

-291
-253
552

2,297
1,791
1,375

1,599
1,453
150

1,300
953
0

150

328
136

36

0
-350

186

$

Based on data from Treasury Survey of Ownership.




1,000

-2

-2

-1
0
-2

1,100

-300
300
500

0
0

200

698
338
1,225
330
100

20
2 0 . NET CHANGE IN M O R T G A G E H O L D I N G S A T SELECTED INSTITUTIONS
Millions of dollars, seasonally adjusted
Major private financial institutions
Period

Total

Total

Commercial
banks

MSB's

S&L's

Life insur.
companies

FNMA
and
GNMA

Mortgage pools
FHLMC

FHLM(
GNMAguaranteed guarante

1976

75,733

65,184

13,800

4,074

44,896

2,414

-2,120

-178

12,314

1,073

1977

114,298

96,137

26,200

6,595

58,158

5,184

890

-993

14,325

3,939

1978

126,615 103,399

35,400

6,378

52,219

9,402

8,696

-212

9,451

5,281

— 84
17
239

911
-459
932

364
326
73

1978-Jan.
Feb.
Mar.

10,392
8,687
10,314

8,851
8,316
8,565

3,073
2,567
2,691

587
554
625

4,699
4,717
4,691

492
478
558

350
487
505

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
1,037
698

538
915
808

-300
516
18

808
843
761

998
-815
375

Oct.
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
1,667

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.
Dec.

11,696
10,926
8,408

8,684
7,111
4,995

2,931
2,665
2,574

237
334
-2

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
294
n.a.

2,088
2 ,.239
1,612

1,448
n.a.
n.a.

1,170
901
n.a.

2,377
1,200
n.a.

35
51
n.a.

Nov.

Nov.

123
157
n.a.

Monthly data for commercial banks bated on Federal Reserve estimates benchmarked to Call Report data on real estate loans outstanding as available.
Other data derived from mortgage debt outstanding as reported separately by National 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.




2 1 . NET CHANGE IN M O R T G A G E D E B T O U T S T A N D I N G , BY TYPE OF P R O P E R T Y 1
Billions of dollars, seasonally adjusted annual rates
Residential 2
Quarter

1

2

Total

Total

1 - t o 4family

Multifamily

Commercial

Multifamily
and
commercial

Farm

1976-Q1

81.7

62.9

61.5

1.4

13.7

15.1

5.1

Q2

75.5

55.4

55.6

-0.2

15.3

15.1

4.8

Q3

92.7

72.7

69.0

3.7

13.2

16.9

Q4

6.8

98.1

78.0

75.4

2.6

12.4

15.0

7.7

1977-Q1
Q2

110.7

87.5

83.3

18.8

8.6

110.3

102.0

4.2
8.3

14.6

134.9

15.2

23.5

9.4

Q3

140.2

114.3

106.1

8.2

17.5

25.6

8.4

Q4

150.2

116.8

108.2

8.6

24.6

33.2

8.8
8.8

1978-Q1

135.3

105.6

97.4

8.2

20.9

29.0

Q2

116.5

106.6

9.9

Q3

147.0
154.3

30.6

9.8

116.0

104.1

11.9

20.7
26.7

38.6

Q4

11.6

160.4

123.7

113.3

10.4

25.5

35.8

11.2

1979-Q1

155.9

117.8

109.0

8.8

22.3

31.1

Q2

164.3

15.9

117.9

111.0

6.9

28.5

Q3
Q4p

35.4

160.4

17.9

114.5

29.6

38.7

16.3

115.0

105.4
105.0

9.1

153.7

10.0

24.3

34.3

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




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 P A S S - T H R O U G H SECURITIES
Secondary market

Primary market

Conventional mortgages

F H A / V A mortgages
Rates o n
conventional
loans at
S&L's

Period

Period

Yield in
FNMA
auction

Discount
points
in FNMA
auction

9.20

Ceiling
rate

Yield o n
GNMA
securities

Yield in
FNMA
auction

Yield in
FHLMC
auction

1976-High
Low

9.10
8.70

1976—Higt i
Low

8.39

4.93
1.96

8

8.44
7.57

9.31
8.80

1977-High
Lew

9.00
8.65

1977-High i
Low

8.98
8.46

5.18
1.50

8-1/2
8

8.39

7.56

9.21
8.81

9.02
8.63

1978-High
Lew

10.38
8.98

1978-Higi
Lew

10.60
9.13

7.13
1.88

9-1/2
8-1/2

9.68
8.43

10.92
9.28

10.42
9.12

1979-High
Lew

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

12.93

8.44

12.57

6.45

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

12.42

5.55

12.55

6.30

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

11.18
11.49
11.39
11.39

12.70

7.17

13.11

9.43

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

11.70
11.70
12.07
12.28

13.76

12.88

15.21

17.25

15.26

12.19

11-1/2
12
12
12
13

12.53
12.74
13.72
13.65
13.58

15.73

14.42

15.93

15.35

13
13
13
13

13.57
13.84
14.17
13.78

15.18

6.41

14
14
14

13.40
12.96
12.23

1979-Nov.

Dec.

1980—Jan.

Feb.

Mar.

Apr.

2
9
16
23
30

12.80
12.85
12.80
12.80
12.90

Nov.

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
18

16.35
16.35
16.35

Apr.

5
13
20
27
Dec. 3

7
14
21
28

7
14
21

9

13.97
13.35
12.98
12.99
13.10
13.29
13.67
14.57
15.36
17.00
17.51
16.91

—

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
15.34
16.16
16.22
16.05
15.7b
15.53
15.04

Column 2 is average of contract interest rates on commitments for conventional first mortgages with 80 percent loan-to-value ratios 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 GNMAguaranteed 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.




23. FNMA AUCTIONS OF COMMITMENTS TO PURCHASE HOME MORTGAGES
Dollar amounts in millions
Offered

FHA/VA mortgages
Accepted

Average yield

Offered

1977-High
Low

855.4
50.3

569.7
35.1

8.98
8.46

415.9
122.9

278.0
70.5

9.21
8.81

1978-High
Low

1,249.4
130.3

605.3
80.1

10.60
9.13

716.9
74.7

362.5
47.5

10.92
9.28

1979-High
Low

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

Date of
auction

Conventional mortgages
Accepted
Average yield

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 amounts in millions
Date of
auction

Offered

Immediate delivery program
Accepted
Average yield

Offered

Future commitment program
Accepted
Average yield

1977-High
Low

303.0
76.7

132.6
49.8

9.02
8.63

262.8
66.4

131.0
35.3

9.03
8.63

1978-High
Low

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

7
14
21
28

72.3
44.9
33.0
40.3

30.7
35.4
31.5
36.7

15.34
16.16
16.22
16.05

4
11
18

31.1
25.0
24.8

25.8
20.8
21.7

15.78
15.53
15.04

1980-Mar.

Apr.

-w-w

• —

—

67.1

17.2

——

——

. ——

17.36
—
——

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




24
25. ISSUES OF M O R T G A G E - B A C K E D S E C U R I T I E S
Millions of dollars, not seasonally adjusted
Pass-through securities

Period

GNMA-guaranteed

New issues

Outstanding
(end of p e r i o d )

FHLMC-guaranteed
N e w issues

Outstanding
(end of p e r i o d )

Privately i n s u r e d
N e w issues

Outstanding
(end of p e r i o d )

Public o f f e r i n g s
of mortgagebacked bonds
by savings and
loan assoc.

1976

13,764

30,571

1,396

2,671

n. a .

n.a.

75

1977

17,440

44,896

4,131

6,610

242

238

1,115

1978

15,358

54,347

6,212

11,892

1,011

1,141

465

1978-Jan.
Feb.
Mar.

1,327
929
1,315

45,890
45,325
46,357

504
470
120

7,033
7,431
7,471

0
10
119

236
243
358

0
0
50

Apr.

May
June

823
1,255
999

46,463
47,387
48,033

466
651
1,093

7,861
8,434
9,422

201
135
23

557
689
703

290
75
0

July
Aug.
Sept.

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

0
50
0

Oct.

Dec.

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

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

51
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, 5 7
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

488
300
470

2,981
3,353
3,641

0
0
70

1980-Jan.
Feb.
Mar.

2,611
1,354
1,125

78,849
79,900
n.a.

180
207
n.a.

15,274
15,397
n.a.

382
205
342

4,019
4,213
4.728

50
0
0

Nov.