Full text of H.16 Capital Market Developments : April 30, 1979

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- A

Capital
Marl<et
Developments

April 3 0 , 1 9 7 9

Prepared by the
CAPITAL MARKETS SECTION
in conjunction with the
MORTGAGE and CONSUMER
FINANCE SECTION



DIVISION OF RESEARCH AND STATISTICS
BOARD OF GOVERNORS
F E D E R A L R E S E R V E SYSTEM
Washington, D C. 20551

Index

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 Administrative 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.




TABLES
1 -6

SECURITY VOLUME AND YIELDS

7, 8

STOCK MARKET AND SECURITY
CREDIT
9 - 1 6 MORTGAGE MARKET
SYMBOLS
e

ESTIMATE

p

PRELIMINARY

r

REVISED

n.3.

NOT A V A I L A B L E
DATA DO NOT EXIST

3

Table 1

YIELDS, VOLUME AND RECEPTION
CORPORATE BOND MARKET
VOLUME

YIELDS
WEEK ENDING

NEW ISSUE 1
A a a UTILITY

1979-Feb.

Mar.

Apr.

2r
9
16
23
2
9
16
23
30
6
13
20
27

— —

9.42
— —

9.59

RECENTLY 2
OFFERED
Aaa UTILITY
9.40
9.51
9.55
9.63

9.64
9,61

GROSS 3
OFFERINGS
($ MILLIONS)
663
454
20
290

PER CENT
SOLD BY END
OF WEEK
100
97
100
70

NEW ISSUES 4
IN SYNDICATE

($ MILLIONS)
0
15
0
86

9.64
9.60

9.67
9.60
9.65
9.63
9.59

325
120
123
1,064
425

99
100
100
97
100

4
0
0
35
0

9.59
9.68
9.66
9.86

9.61
9.68
9.70r
9.82p

615
300
727
1,233

98
100
87
91

13
0
91
117

— —

MUNICIPAL BOND MARKET
VOLUME

YIELDS
WEEK ENDING

MOODY'S
NEW ISSUE
Aaa
5.70
5.60
5.60
5.75

BOND BUYER
20-60ND
INDEX
6.22
6.31
6.33
6.38

GROSS 3
OFFERINGS
($ MILLIONS)
393
265
596
745

PER CENT
SOLD BY END
OF WEEK
81
80
77
79

NEW ISSUES 4
IN SYNDICATE
($ MILLIONS)

1979-Feb.

2
9
16
23

Mar.

2
9
16
23
30

5.80
5.80
5.80
5.80
5.90

6.42
6.34
6.30
6.29
6.28

981
828
1,376
759
913

91
89
94
80
88

138
122
178
226
197

Apr.

6
13
20
27

5.85
5.85
5.75
5.75

6.25
6.33
6.30
6.26

657
756
557
653

92
76
88
85

163
279
151
172

115
53
156
264

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.

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.


4

Table 2

HIGH GRADE BOND YIELDS
NEW ISSUE
A a a UTILITY

DATE

1

RECENTLY OFFERED
A a a UTILITY

2

MOODY'S SEASONED
CORPORATE A a a

3

U . S . GOVT. 20-YEAR
CONSTANT MATURITY

4

BOND BUYER
2 0 - B 0 N D INDEX

1975 - High
Low

9.80 (5/2)
8.89 (2/7)

9.71 (5/25)
9.06 (2/28)

9.01 (5/2)
8.57 (2/28)

8.63 (9/19)
7.63 (2/21)

7.67 ( 1 0 / 3 )
6.27 (2/13)

1976 - High
Low

8.95 (5/28)
7 . 9 3 (12/10)

9.10 (1/2)
7.84 (12/31)

8.66 ( 5 / 2 8 )
7.91 (12/31)

8.17 (5/28)
7.27 (12/31)

7.29 ( 1 / 2 )
5 . 9 5 (12/16)

1977 - High
Low

8 . 3 6 (12/16)
7.90 (1/7)

8 . 4 8 (12/30)
7.95 (1/7)

8 . 2 8 (12/30)
7.88 ( 1 / 7 )

7.99 (12/30)
7.26 ( 1 / 7 )

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

1978 - High
Low

9 . 2 9 (12/15)
8 . 6 0 (3/24)

9 . 5 4 (12/22)
8.48 (1/6)

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

9 . 0 0 (12/22)
8.02 (1/6)

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

1979 - High
Low

9.86 (4/27)
9.42 (2/9)

9.82 ( 4 / 2 7 )
9.40 (2/2)

9 . 4 3 (4/27)
9.19 ( 2 / 2 )

9 . 1 8 (4/27)
8.89 (2/2)

6.42 (3/2)
6.22 (2/2)

1979 - J a n u a r y
February
March

9.54
9.53
9.62

9.51
9.56
9.62

9.25
9.26
9.37

8.98
9.03
9.08

6.47
6.31
6.33

1979 - Mar.

9.64
9.61

9.36
9.35
9.38
9.38
9.35

9.12
9.08
9.07
9.08
9.05

6.42
6.35
6.30
6.29
6.28

9.31
9.37
9.39
9.43p

9.05
9.11
9.12
9.18p

6.25
6.33
6.30
6.26

Apr.

2
9
16
23
30

9.64
9.60

9.67
9.60
9.65
9.63
9.59

6
13
20
27

9.59
9.68
9.66
9.86p

9.61
9.68
9.70r
9.82p

— -

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
weeks.

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

5
Table 3

LONG-TERM CORPORATE AND
STATE AND LOCAL GOVERNMENT
SECURITY OFFERINGS AND PLACEMENTS
IN MILLIONS OF DOLLARS

PERIOD

January

e

February
March

1979

1978

1977

3,668
2,800e
3,600e

3,013
2,657
4,442

4,362
2,792
5,578

3,285
4,035
5,215

April
May
June

#

July
August
September
October
November

e

December
01
02

10,068e

03
04

*

1st Half
3 Qtrs.
Year

G R O S S PROCEEDS
1

CORPORATE

1979

1978

1977

2,778
2,571
4,400e

3,306
2,753
4,844

3,402
3,442
4,063

3,998
3,797
5,660

3,824
5,525
4,369

3,409
4,566
5,786

4,226
3,311
3,832

4,289
3,469
4,177

3,920
6,407
2,323

3,113
4,118
4,013

3,685
3,207
4,401

4,221
5,331
6,531

3,231
4,320
3,690

3,807
3,332
3,646

10,112
12,535
11,369
11,293

12,732
13,455
11,935
16,083

10,903
13,718
12,650
11,241

10,907
13,761
11,244
10,785

22,647
34,016
45,309

26,187
38,122
54,205

24,621
37,271
48,512

24,668
35,912
46,697

NOTES:
1

Securities and Exchange Commission estimates of gross proceeds.

2

Securities Industry Association estimates of principal amounts.




2

STATE AND LOCAL

9,749e

Table 4

NEW CORPORATE SECURITY ISSUES
BY TYPE OF ISSUE AND ISSUER
IN MILLIONS OF DOLLARS

GROSS PROCEEDS BY TYPE OF ISSUER

GROSS PROCEEDS BY TYPE OF ISSUE
PERIOD

MEMO
COMMON
MANUFACAND
ISSUES INCLUDED
PRIVATELY
TURING
PREFERRED
PLACED
FOREIGN CONVERTIBLE
STOCK

BONDS

1
PUBLIC
UTILITY

COMMUNICATIONS

OTHER
ISSUERS

TOTAL

PUBLICLY
OFFERED

12,732
13,455
11,935
16,083

6,498
5,606
6,215
5,867

3,527
4,975
3,506
5,999

2,707
2,874
2,214
4,217

268
346
272
275

6
108
495
39

3,031
3,440
3,250
4,054

3,047
4,125
2,901
4,246

1,415
1,059
644
1,320

5,238
4,830
5,140
6,460

10,112
12,535
11,369
11,293

4,748
5,421
5,284
4,486

3,383
4,196
3,868
3,792

1,981
2,918
2,217
3,015

233
260
120
189

4
158
115
129

2,218
2,898
2,534
2,408

2,367
3,672
3,012
3,034

844
384
1,120
1,207

4,684
5,581
4, 701
4, 641

1978-January
February
March
April
May
June
July
August
September
October
November
December

3,013
2,657
4,442
3,285
4,935
5,215
4,226
3,311
3,832
3,685
3,207
4,401

1,382
1,464
1,902
1,958
1,719
1,744
2,177
1,497
1,610
1,651
1,608
1,227

998
667
1,718
853
1,277
2,066
1,541
1,032
1,295
865
873
2,054

633
526
822
474
1,039
1,405
508
782
927
1,169
726
1,120

233
0
0
12
106
142
80
40
0
10
30
149

0
0
4
20
2
136
16
6
93
101
22
6

273
716
1,229
549
878
1,471
842
721
971
495
840
1,073

644
465
1,258
743
1,685
1,244
799
875
1,338
1,619
761
654

519
34
291
35
349
353
552
215
290
457
460

1,578
1,441
1,665
1,960
1,470
2,151
2,231
1,162
1,308
1,279
1,148
2,214

1979-January

3,668

1,282

1,722

664

n. a.

n.a.

907

890

259

1,612

1977-1
II
III
IV

1978-1
I I
I I I
IV

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




T a b l e 5A

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY 1
A p r i l 2 through A p r i l 27, 1979

ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

COUPON RATE

OFFERING
YIELD

MOODY'S/S&P'S
RATINGS

CORPORATE

P h i l a d e l p h i a E l e c . Co.
C o n t i n e n t a l Oil Co.
Tennessee N a t u r a l Gas Line Co.
Iowa P u b l i c S e r v i c e
P u b l i c S e r v i c e Co. of I n d i a n a
V i r g i n i a E l e c t r i c & Power Co.
Avco F i n a n c i a l S e r v i c e s I n c .
Gulf S t a t e s U t i l i t i e s
Chemical New York Corp.
P a c i f i c Power & L i g h t Co.
Chesapeake & Potomac T e l . Co. of Va,
Utah Power & Light Co.
South C a r o l i n a E l e c . & Gas Co.
I l l i n o i s Power Co.
F l e x i - V a n Corp.
S. C a r o l i n a E l e c . & Gas Co.
Mapco I n c .
Georgia Power Co.
Time I n c .
Utah Power & Light Co.
C o n t i n e n t a l I l l i n o i s Corp.
C h a r t e r New York Corp.

Com. s t k .
Debt.
Debt.
Com. s t k .
Pfd. stk.
1 s t . mtg.
Notes
1 s t . mtg.
Notes**
1st mtg.
Debt.
Pfd. s t k .
Com. s t k .
Com. s t k .
Pfd. stk.
1 s t mtg.
Debt.
1 s t mtg.
Debt.
1st mtg.
Notes***
Notes**

65.6
200.0
15.0
21.5
35.0
100.0
125.0
75.0
100.0
100.0
200.0
20.4
16.9
66.8
37.5
35.0
75.0
125.0
150.0
35.0
200.0
90.0

OTHER
Sweden, Kingdom of

2009
1999
2009
2009
2009
1987
2004

Notes

150.0

1986

2009
1989
2009
1987
2009
2004
2009
2019

*

Rights offering.

1

Includes only corporate and other security offerings of $15 million and over; excludes options, exchanges, and secondary offerings

rate notes.

Digitized ***
for FRASER
Convertible


floating-rate notes.
i

9.40
10.25

Aa/AA

8.96
10.25
9.88
10.13
10.90
10.25

8:96
10.30
9.97
10.13
10.90
10.32
9.58
9.44

Aa/AA
A/A
A/A
A/A+
Aaa/
Baa/BBB
Ada/AAA
A/AA

10.13
10.75
11.00
9.38
10.13
10.60
11.05

10.73
10.15
10.75
11.00
9.43
10.05
10.60
11.05

Baa/BB
A/A
Ba/BB
Baa/BBB
Aa/AA
A/AAAaa/AAA
Aa/ —

9.50

9.63

Aaa/AAA

9.44

—

NOTES:

** F l o a t i n g

9.38
10.25

—/B

T a b l e 5A Continued

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
A p r i l 2 through A p r i l 27, 1979

ISSUER

CORPORATE

P u b l i c S e r v i c e of Colorado
Consumers Power Co.
C r e d i t h r i f t F i n a n c i a l Corp.
C r e d i t h r i f t F i n a n c i a l Corp.
General Motors Accept. Corp.
General Motors A c c e p t . Corp.
Gulf Power Co.
Emons I n d u s t r i e s I n c .
Southwestern P u b l i c S e r v i c e Co.
Southern Railway Co.
F i r s t I n t e r n a t i o n a l Bancshares I n c .
Republic of Texas Corp.
L o u i s i a n a Power & L i g h t Co.
Chase Manhattan Corp.
M a n u f a c t u r e r s Hanover Corp.




TYPE

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

AMOUNT
(MILLIONS
OF
DOLLARS)

40.3
100.0
35.0
15.0
200.0
100.0
30.0
25.0
30.0
18.0
100.0
75.0
45.0
300.0
150.0

MATURITY

—

2009
1989
1994
2003
1989
2009
1994
1986
1980-1994
1987
2004
1989
2009

COUPON RATE

—

10.38
10.25
10.50
9.75
9.63
10.25
11.45
9.63
9.63
10.65
11.05
10.88
10.75
11.13

OFFERING
YIELD

MOODY'S/S&P'S
RATINGS

——

10.45
10.35
10.60
9.75
9.63
10.30
11.45
9.63
10.00-9.60
10.65
11.05
10.90
10.75
11.13

A/AA/A
Baa/BBB
Aaa/AAA
Aaa/AAA
A/A+
Ba/B
Aa/AA
Aa/AA+
Aa+/AA
A+/AA
Baa/BBBAaa/ —
Aaa/ —

T a b l e SB

INTERMEDIATE AND LONG-TERM*
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY '
A p r i l 2 through A p r i l 27, 1979
ISSUER

TYPE

AMOUNT
(MILLIONS OF
DOLLARS)

MATURITY

NET INTEREST
COST

OFFERING
YIELD

MOODY'S/S&P'S
RATINGS

5.15-5.50
5.20-6.90
5.50-7.10
7.30
5.60-7.20
5.10-5.85
5.25-6.45
5.15-6.00
.5.10-5.65
5.20-5.90
5.30-6.10
6.25
5.70-7.25
7.38
5.50-6.80
7.00
5.90-7.40
7.88
5.60-7.10
7.38
7.38
5.30-6.70
7.00
7.00

A-1/A+
Aa/AA
--/AA
--/AA
A-l/AA
Aaa/AAA
A-1/A+
Aa/AA
A-l/AAA
Aa/A+

STATE AND LOCAL

Hinds County, M i s s .
Memphis, Tenn.
Kansas C i t y , Kansas
Kansas C i t y , Kansas
W i c h i t a , Kansas
D a l l a s , Texas
Nueces River A u t h . , Tex.
F l o r i d a S t a t e Board of Education
Hempstead, N.Y.
Kenosha County, Wise.
Penn H i l l s School D i s t . , Pa.
Penn H i l l s School D i s t . , P a .
Floyd C t y . , Ky.
Floyd C t y . , Ky.
H e a r t l a n d Consumers Power D i s t . ,
H e a r t l a n d Consumers Power D i s t . ,
P u e r t o Rico P u b l i c Bldg. Auth.
P u e r t o Rico P u b l i c Bldg. Auth.
C a b e l l , Putnam & Wayne C o u n t i e s ,
C a b e l l , Putnam & Wayne C o u n t i e s ,
C a b e l l , Putnam & Wayne C o u n t i e s ,
Delaware S t a t e Hsg. Auth.
Delaware S t a t e Hsg. Auth.
Delaware S t a t e Hsg. Auth.

S.D.
S.D.
W.Va.
W.Va.
W.Va.

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

10.0
25.0
16.9
18.1
30.0
37.0
13.0
33.0
14.4
10.0
5.5
5.3
15.3
3.7
37.2
77.9
25.8
99.2
17.5
26.2
6.2
30.7
4.9
13.6

1980-1994
1981-1999
1980-1999
2009
1980-2009
1980-1999
1981-2009
1980-2000
1980-1993
1981-1998
1981-1994
1998
1981-1999
2002
1984-2002
2016
1980-1991
2004
1981-1999
2010
2011
1980-1997
2011
2010

— —

5.72
— —
— —

5.49
6.03
5.72
5.57
— —

— —

7.24
7.24
— —

7.90,
7.90
- -

-

— —

6.62
6.62
6.62

--/AA--/AAA/AA/A-

Baa-l/A
Baa-l/A
A/AA - • *
A/AA
A/AA
Aa/ - Aa / - Aa/—

NOTES:
1

Includes only state and local security offerings of $10 million and over; excludes secondary offerings.

2

For State and local government securities, G O. denotes general obligation; Rev. denotes revenue obligations.

*

G r e a t e r than 12 months.




so
y

Table 5B Continued

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
A p r i l 2 through A p r i l 27, 1979

ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

NET INTEREST
COST

OFFERING
YIELD

MOODY S / S * P S
RATINGS

STATE AND LOCAL

M a s s a c h u s e t t s Bay T r a n s . Auth.
I b e r i a Home Mtg. A u t h . , La.
I b e r i a Home Mtg. A u t h . , La.
I b e r i a Home Mtg. A u t h . , La.
Houston, Texas
Houston, Texas
San F r a n c i s c o Redev. Agcy., C a l i f .
San F r a n c i s c o Redev. Agcy., C a l i f .
Maine S t a t e Housing Auth.
Maine S t a t e Housing Auth.
D e t r o i t , Michigan
D e t r o i t , Michigan
Tacoma, Wash.
M a r t i n s b u r g , W. Va.
M a r t i n s b u r g , W. Va.
Oregon, S t a t e of
A l a s k a , S t a t e of
Waukegan, 111.
Waukegan, 111.
Waukegan, 111.
Addison, 111.
Addison, 111.
S a l i n e Cty. Res. Hsg. Fac. Bd., Ark.
S a l i n e Cty. Res. Hsg. Fac. Bd., Ark.




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

60.0
5.9
9.5
2.2
10.0
25.0
40.0
57.0
6.4
17.2
3.5
29.9
38.0
10.0
15.0
150.0
60.0
8.4
12.3
3.0
10.0
15.0
10.0
18.9

1980-2019
1981-1999
2010
2011
1981-1999
2012
1983-1999
2009
1980-1999
2020
1984-1988
2004
1984- 2014
1980-1999
2010
1990-1999
1980-1989
1981-1999
2010
2011
1980-2000
2011
1982-1999
2011

6.65
7.30
7.30
7.30
6.66
6.66
7.24
7.24
7.19
7.19
— —

- -

6.33
7.35
7.35
5.82
5.59
——

——
— mm

——

5.50-6.90
5.70-7.10
7.35
7.30
5.75-6.20
6.75
6.10-7.00
7.25
5.50-6.90
7.20
5.50-5.80
6.75
5,40-6.65
5.50-7.15
7.38
5.40-5.95
5.30-5.55
5.60-7.20
7.50
7.50
5.60-7.20
7.50
5.75-7.20
7.40

A-l/AA
A-l/AA
A-l/AA
A-l/AA
A/A
A/A
A/A
A/A

A-l/AA
A-l/AA
A/A
A/A
A-1/A+
A-l/AA
A-l/AA
Aaa/AA+
A-1/A+
A-l/AA
A-l/AA
A-l/AA
——/AA
—/AA
A/AA
A/AA

Table SB Continued

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
A p r i l 2 through A p r i l 2 7, 1979

ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

NET INTEREST
COST

OFFERING
YIELD

MOODY S / S & P ' S
RATINGS

STATE AND LOCAL

Montgomery Co., Ky.
Montgomery Co., Ky.
L a f a y e t t e Pub. T r u s t F i n . A u t h . , La.
L a f a y e t t e Pub. T r u s t F i n . A u t h . , La.
L a f a y e t t e Pub. T r u s t F i n . A u t h . , La.
Davenport, Iowa
Davenport, Iowa
A l i e f I n d . Sch. D i s t . , Tex.
Clark County, Ky.
Clark County, Ky.
South C a r o l i n a Pub. S e r v i c e Comm.
South C a r o l i n a Pub. S e r v i c e Comm.
South Carolina Pub. S e r v i c e Comm.
H a r r i s County Flood C o n t r o l D i s t . , Tex
Nassau Co., N.Y.
Arkansas Hsg. Dev. Agcy.
Arkansas Hsg. Dev. Agcy.
Albuquerque, N. Mexico
F a y e t t e v i l l e Res. Hsg. Fac. Bd., Ark.
F a y e t t e v i l l e Res. Hsg. F a c . Bd., Ark.
North L i t t l e Rock Res. Hsg. Fac.
Bd., Ark.
North L i t t l e Rock Res. Hsg. F a c .
Bd., Ark.
North L i t t l e Rock Res. Hsg. F a c .
Bd., Ark.



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

6.2
6.2
25.1
40.4
9.5
7.0
13.0
12.0
6.2
6.2
30.2
16.6
63.2
15.0
20.0
60.3
14.7
12.8
6.3
11.7

1981-1999
2002
1981-1999
2010
2011
1981-2000
2011
1980-1998
1981-1999
2002
1980-2003
2009
2019
1980-1999
1980-2009
1981-2005
2011
1981-1998
1981-1999
2011

Rev.

17.7

Rev.
Rev.

7.18
7.18

5.70-7.30
7.40
5.50-6.90
7.20
7.13
5.40-7.00
7.25
5.20-5.80
5.70-7.30
7.38
5.40-6.50
6.75
6.88
5.10-5.75
5.20-6.14
5.40-6.60
6.80
5.30-5.90
5.50-7.00
7.30

— / AA—
~/AAa/—
Aa / —
Aa/—
Aa/AA
Aa/AA
A-1/A+
—/AA—
— / AA—
A-1/A+
A-1/A+
A-1/A+
Aaa/AAA
A-l/AAA
Aa/AA
Aa/AA
Aa/AA
—/AA
—/AA

1982-1998

5.60-7.10

Aa/AA

10.0

2009

7.10

Aa/AA

24.5

2010

7.30

Aa/AA

——
——
—
——

5,61
7.19
7.19
——

5.52
6.01
6.48
6.48
5.92
——

T a b l e SB Continued

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
A p r i l 2 through A p r i l 27, 1979

ISSUER

STATE AND LOCAL

North C a r o l i n a S t a t e Educ. A s s t . Auth.
North C a r o l i n a S t a t e Educ. A s s t . Auth.
New Hampshire Hsg. F i n . Agy.
New Hampshire Hsg. F i n . Agy.
H a r r i s b u r g , Pa.
H a r r i s b u r g , Pa.
H a r r i s b u r g , Pa.
Chicago H e i g h t s , 111.
Chicago H e i g h t s , 111.
Aurora, Colo.
Aurora, Colo.
B a l t i m o r e , Md.
Boston, Mass.
Kansas Hgr. Educ. Loan
Boone County, Ky.
Boone County, Ky.
Wisconsin, S t a t e of
S p r i n g f i e l d , 111.
S p r i n g f i e l d , 111.
M a r s h a l l County, W. Va.
M a r s h a l l County, W. Va.
M a r s h a l l County, W. Va.
North Slope Borough, Alaska
J o l i e t , 111.
J o l i e t , 111.




TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

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

10.0
10.0
60.6
29.4
5.0
4.4
7.0
4.0
8.0
25.1
49.9
30.4
55.0
40.0
8.0
11.4
86.8
12.7
18.3
7.1
4.0
7.0
50.0
11.0
16.9

1997
1981-1990
1981-1999
2011
1982-1993
1999
2004
1980-1998
2010
1980-1999
2010
1980-2004
1980-1999
1983
1981-1999
2012
1980-2004
1981-1999
2009
1981-2000
2005
2010
1981-1991
1981-1999
2009

NET INTEREST
COST

- -

6.85
6.85
7.42
7.42
7.42
— —
— —

7.36
7.36
5.84
7.04
— —

7.44
7.44
5.51
— —
— —
— —
— —
— —

7.47
7.47

OFFERING
YIELD

6.25
5.30-5.75
5.40-6.90
7.10
6.00-7.00
7.30
7.42
5.60-7.30
7.60
5.50-7.15
7.46
5.40-6.40
5.75-7.10
5.60
5.65-7.25
7.50
5.10-5.90
5.40-7.10
7.30
5.70-7.25
7.40
7.50
5.50-6.60
5.60-7.30
7.50

MOODY'S/S$P'S
RATINGS

A-l/-A-l/-A-l/AA
A-l/AA
Baa/-Baa/-Baa/---/AA
--/AA
- -/AA
--/AA
A-l/A
Baa/AAa/---/AA--/AAAaa/AAA
Aa/ - Aa/ - A/AA
A/AA
A/AA
A/A
--/AA
--/AA

Table 6A

FORTHCOMING INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
As of A p r i l 27, 1979

ISSUER

TYPE

1

AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

CORPORATE

I t . Louis Southwestern Ry.
United Gas P i p e l i n e Co.
Transamerica Corp.
*Montgomery Ward C r e d i t Corp.
Kansas C i t y Power & L i g h t Co.
Trunkline Gas Co.
West Texas U t i l i t i e s Co.
P u b l i c S e r v i c e Co. of I n d i a n a
T r a i l e r T r a i n Co.
*Applachian Power Co.
Appalachian Power Co.
P u b l i c S e r v i c e of New Mexico
Columbia Gas System I n c .
Montana Dakota U t i l i t i e s Co.
*Allegheny A i r l i n e s
C a r o l i n a Power & L i g h t Co.
Delmarva Power & L i g h t Co.
General T e l . Co. of C a l i f .
* I t e l Corp.
*Humuna I n c .
*Utah Power & L i g h t Co.
*Commerical C r e d i t Co.
*Smith I n t e r n a t i o n a l I n c .
*Documation I n c .
* I n t e g r a t e d Resources I n c .
*Forest O i l Corp.
Johns-Manville Corp.
Brae Corp.
*C&P T e l . Co. of W. V i r g i n i a
P a c i f i c Gas & E l e c t r i c Co.
P u b l i c S e r v i c e Co. of New Hampshire

Equip. t r .
1 s t mtg.
Debt.
Med-term n o t e s
Com. s t k .
Debt.
1 s t mtg.
1 s t mtg.
Equip t r .
Com. s t k .
1 s t mtg.
Com. s t k .
Debt.
1 s t mtg.
Com. s t k .
1 s t mtg.
Com. s t k .
Debt.
Com. s t k .
Com. s t k .
Com. s t k .
Notes
Debt.
Debt.
Debt.
Debt.
Notes
Com. s t k .
Debt.
1 s t mtg.
Com. s t k .

24.0
50.0
100.0
50.0
42.0
75.0
25,0
50.0
24.0
40.0
70.0
55.0
75.0
35.0
20.0
125.0
25.8
75.0
38.0
40.0
40.0
100.0
75.0
20.0
20.0
60.0
100.0
19.0
50.0
200.0
25.0

NOTES:
*

Included in table for first time.

1

Includes only corporate and other security issues of $15 million and over; excludes exchanges, options




May 1
May 2
May 3
May 7
May 8
May 8
May 8
May 10
May 10
May 15
May 15
May 15
May 16
May 17
May 21
May 22
May 23
May 23
May
May
May
May
May
May
May
May
May
May
June 6
June 6
Indef.

14
T a b l e 6B

FORTHCOMING INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U S. TREASURY

1

As of A p r i l 27, 1979

ISSUER
STATE & LOCAL

Palmdale Comm. Dev. Agcy., Cal.
Duarte Redev. Agcy., Cal.
Nassau Co., N.Y.
Montgomery County, Md.
New York Job Dev. Auth.
Lewis County, Ky.
*Clayton Co. School D i s t . , Ga.
^ D e t r o i t , Mich.
Pike County, Ky.
*King County, Wash.
*Long Beach Red. Agcy., C a l .
^Anchorage, Alaska
*Va. Education Loan Auth.
N. J e r s e y H e a l t h Care F a c . F i n .
Auth.
New Hampshire
^Minneapolis, Minn.
N. C a r o l i n a Mun. Power Agcy. No.l
K l e i n I n d . Sch. D i s t . , Tex.
*Garland, Tex.
*Garland, Tex.
Davis Co. Sch. D i s t . , Utah
*Ft. L a u d e r d a l e , F l a .
West V i r g i n i a
*Valdez, Alaska
^ P o r t l a n d , Ore.
* Y s l e t a I n d . Sch. D i s t . , Tex.
^Mississippi
*North East I n d . Sch. D i s t . , Tex.
F l o r i d a S t a t e Board of Education
* D a l l a s , Texas
New J e r s e y H e a l t h Care F i n . Auth.
POSTPONEMENT
Mesa County, Colorado

NOTES:
1

Includes state and local government issues of $10 million and over,

*

Included in the table for the first time.




TYPE

AMOUNT
(IN MILLIONS
OF DOLLARS)

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

46.5
26.6
16.6
45.0
11.3
12.4
14.0
57.5
19.0
38.8
11.7
11.4
35.0

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

30
30
30
1
1
2
3
3
3
7
8
8
8

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

23.2
40.5
18.2
150.0
17.0
4.2
9.2
12.0
26.0
100.0
48.0
38.0
10.0
10.0
15.0
125.0
40.0
43.0

May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May

8
9
10
10
14
15
15
15
15
15
16
16
22
22
22
22
30

Rev.

55.0

Apr.

APPROXIMATE
DATE OF OFFERW

Table 7

STOCK PRICES AND VOLUME
3

NYSE
35.2 (2/13)
8.7 (9/15)

AMEX
4.2 (2/21)
1.1 (9/15)

NASDAQ
8 . 1 (2/13)
2.5 (9/15)

107.05 ( 7 / 1 2 )
84.31 (1/2)

92.52 ( 7 / 1 5 )
78.06 ( 1 / 2 )

44.5 (2/20)
10.3 ( 1 / 2 )

8.6 (2/20)
1.1 (1/2)

11.1 (2/20)
3.5 (1/2)

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

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

105.05 (12/30)
93.66 ( 4 / 5 )

35.3 (11/11)
10.6 ( 1 0 / 1 0 )

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

11.2 ( 1 1 / 1 0 )
5.1 (5/27)

60.38 ( 9 / 1 2 )
48.37 (3/6)

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

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

139.25 ( 9 / 1 3 )
99.09 ( 1 / 1 1 )

66.4 ( 8 / 3 )
7.6 ( 1 / 2 0 )

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

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

58.18 ( 4 / 1 0 )
53.88 ( 2 / 2 7 )

878.72 (4/10)
8 0 7 . 0 0 (2/27)

183.65 (4/26)
152.03 ( 1 / 2 )

134.78 ( 4 / 2 5 )
117.84 ( 1 / 2 )

41.9 (4/4)
18.3 ( 1 / 2 )

5.4 (4/4)
2.2 (1/22)

18.3 (4/4)
7.2 (1/2)

58.04
57.53
57.09
57.40

875.69
869.89
856.98
856.64

181.74
180.32
180.82
183.65

133.75
133.54
133.67
134.37

34.7
29.7
29.4r
31.3

4.5
4.0
3.8r
4.2

16.5
15.2
13.5r
14.4

1976-High
Low

57.51 (9/21)
48.04 (1/2)

1014.79 ( 9 / 2 1 )
858.71 (1/2)

1977-High
Low

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

1978-High
Low
1979-High
Low
6
13
20
27

4

2

TRADING VOLUME

NASDAQ
88.00 (7/15)
60.70 (1/2)

1975-High
Low

NYSE INDEX
51.24 ( 7 / 1 5 )
37.16 ( 1 / 8 )

1979
Apr.

1

STOCK PRICES

DATE

BJ INDUSTRIALS
881.81 (7/15)
632.04 ( 1 / 2 )

AMEX
96.86 (7/15)
62.20 ( 1 / 2 )

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.




16
Table 8

SECURITY CREDIT
REGULATED MARGIN CREDIT EXTENDED BY
END OF PERIOD

BROKERS ON
MARGIN
STOCK

1

BROKERS O N 2
CONVERTIBLE
BONDS

BANKS

3

UNREGULATED NONMARGIN
STOCK CREDIT
AT BANKS

OUTSTANDING

1978 - F e b r u a r y
March
April
May
June
July
August
September
October
November
December

9.780
9,920
10,260
10,660
11,090
11,190
11,740
12,400
12,090
11,000
10,830

242
246
248
245
242
247
243
225
216
209
205

1979 - J a n u a r y
February
March

10,750
10,790
10,870

204
195
185

190
140
340
400
430
100
550
660
-310
-1,090
-170

-4
4
2
-3
-3
5
-4
-18
-9
-7
-4

-80
40
80

-1
9
-13

CHANGE IN OUTSTANDING

1978 - F e b r u a r y
March
April
May
June
July
August
September
October
November
December
1979 - J a n u a r y
February
March

877
2,544
855
2,544
914
2,560
series discontinued

26
-21
-22
-59
16
series discontinued
— —

NOTES:
1

Margin account debt as reported by 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
value.




4

Table 9

SAVINGS FLOWS AT NONBANK THRIFT INSTITUTIONS
IN MILLIONS OF DOLLARS

REGULAR DEPOSITS
DATE

1974
1975
1976
1977

NET
FLOW
2,165
11,070
12,670
10,647

1978-August
September
October
November
December

260
1,378
510
275
1,236

1979-January
February
March"

266
667
2,000

1978-August
September
October
November
December
1978-January
February
March"

1

ANNUAL 3
GROWTH
RATE
2.3
11.3
11.6
8.9

- -

—

1,054
1,116
1,096
353
456

9.2
9.7
9.4
3.0
3.9

452
696
757

3.8
5.9
6.4

TOTAL

S A V I N G S & LOAN ASSOCIATIONS

MUTUAL SAVINGS BANKS

NET
NEW
MONEY

2

SHARE CAPITAL

NET
FLOW

ANNUAL 3
GROWTH
RATE
7.1
17.6
17.6
15.2

2

NET
NEW
MONEY

DEPOSITS

NET
FLOW

4,668
29,276
34,369
32,004

18,171
53,839
62,839
61,610

-75
-41
48
-59
-391

NOT SEASONALLY ADJUSTED
2,069
2,312
1,606
6,433
2,534
2,645
1,897
2,157
710
5,802

2,572
7,811
3,155
2,432
7,038

-121
338
500

4,743
2,881
8,322

4,377
2,580
3,118

5,009
3,548
10,322

-2,822
4,757
5,275
2,874

16,006
42,769
50,169
50,963

4/
SEASONALLY ADJUSTED13.4
4,578
16.7
5,757
10.0
3,510
12.4
4,399
10.4
3,710
- -

4,564
3,416
3,807

12.7
9.4
10.4

-

-

ANNUAL 3
GROWTH
RATE
5.6
15.8
15.9
13.5

NET
NEW
MONEY

2

1,846
34,033
39,644
34,783
1,994
1,565
2,582
1,838
298

- -

4,256
2,918
3,618

5,632
6,873
4,606
4,752
4,166

12.3
14.9
9.9
10.1
8.8

5,016
4,112
4,564

10.5
8.5
9.4

—

- -

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.

1

.

4 S e a s o n a l l y a d j u s t e d s e r i e s have been r e v i s e d due to r e c a l c u l a t i o n of s e a s o n a l f a c t o r s .
DigitizedSource:
for FRASER N a t i o n a l A s s o c i a t i o n of Mutual Savings Banks and F e d e r a l Home Loan Bank B o a r d .


.J

H16

-

:

18

Table 10

MORTGAGE COMMITMENTS AT
SELECTED THRIFT INSTITUTIONS
BILLIONS OF DOLLARS, SEASONALLY A D J U S T E D

NET CHANGE

OUTSTANDING COMMITMENTS
PERIOD
TOTAL

ALL SAVINGS
MUTUAL
SAVINGS BKS
& LOAN
ASSOCIATIONS (N Y. S T A T E )

TOTAL

MUTUAL
A L L SAVINGS
SAVINGS BKS
& LOAN
ASSOCIATIONS (N Y. STATE)

1974

14.5

12.3

2.2

-5.36

-4.03

-1.33

1975

20.0

18.0

2.0

5.47

5.72

-.25

1976

27.3

24.6

2.7

7.30

6.60

.70

1977

38 2

33.7

4.5

10.89

9.08

1.81

1978

38.3

33.4

4.9

,06

-.32

.38

1978 - J a n .
Feb.
Mar.
Apr.
May
June
July

38.0
37.3
36.9
36.5
36.2
36.1
36.0
36.4
36.7
38.8
39.1
38.3

33.6
33.0
32.7
32.3
31.9
31.5
31.5
31.9
32.3
33.9
34.0
33.4

4.4
4.3
4.3
4.3
4.3
4.6
4.6
4.6
4.4
4.8
4.9
4.9

-.32
-.70
-.38
-.39
-.34
.02
-.05
.35
-.34
1.96
.22
-.65

—. 08
-.61
-.34
-.42
-.39
-.32
-.03
.36
.42
1.63
.10
-.64

-.24
-.09
-.04
-.03
.05
.34
-.02
-.01
— .08
.33
.12
-.01

37.5
36. 6

32.6
31. 8
31.4

4.8
4.8

—. 88
- . 93

-.81
-.83
-.39

-.04
-.07

Aug.

Sept.
Oct.
Nov.
Dec.
1979 - J a n .
Feb.
Mar.

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 arid after seasonal adjustment by Federal Reserve. Subtotals may not add to totals because of rounding.




H.16

19

T a b l e 11

N E T NEW MONEY B O R R O W I N G S
BY MAJOR HOUSING A G E N C I E S
IN MILLIONS OF DOLLARS

PERIOD

TOTAL
INCLUDING
SHORT-TERM
DISCOUNT
NOTES

INTERMEDIATE A N D LONG-TERM I S S U E S
TOTAL

FHLB

FHLMC

FNMA

FNMA & FHLB
SHORT-TERM
DISCOUNT
NOTES 1

.1977-Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

12
-862
289
344
532
605
531
347
195
247
466
1,078

188
-592
-354
746
297
203
553
301
-291
211
500
0

0
-200
0
-6
105
0
0
304
0
0
300
0

-189
-393
-4
0
200
3
-47
-3
9
11
200
0

-1
1
-350
752
—8
200
600
0
-300
200
0
0

-176
-270
643
-402
235
402
-22
46
486
-36
-34
1,078

1978-Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

399
1,712
887
848
3,091
1,492
1,605
1,811
1,683
1,680
1,108
3,023

-12
1,388
-17
600
1,483
1,276
1,881
1,182
1,131
1,630
885
2,183

0
1,400
0
0
1,500
0
700
1,200
0
0
900
750

-12
-12
-17
0
-17
276
-19
-18
181
-70
-15
183

0
0
0
600
0
1,000
1,200
0
950
1,700
0
1,250

411
324
904
248
1,608
216
-276
629
552
50
223
840

1979-Jan.
Feb. .
Mar.-/

534
1,933
1,499

0
1,325
1,500

0
837
0

-116
488
0

0
0
1,500

650
608
-1

NOTES:
Based on data from Treasury Survey of Ownership.
Sales of FHLB discount notes began in May 1974.



20
Table 12

NET CHANGE IN MORTGAGE H O L D I N G S
IN MILLIONS O F DOLLARS

PERIOD

1970
1971
1972
1973
1974
1975
1976
1977
1978

TOTAL
INCLUDING
FNMA-GNMA

21,930
41,406
57,587
58,372
42,739
43,497
62,783
96,814
109,736

2

FINANCIAL INSTITUTIONS

TOTAL
17,020
39,018
55,561
55,072
36,517
38,658
64,903
95,924
101,040

COMMERCIAL
BANKS
2,462
9,940
16,800
19,600
11,700
4,200
13,900
27,900
33,800

MSB's
1,946
3,938
5,377
5,642
2,172
2,236
4,074
6,565
6,378

S & L's
10,254
23,919
31,932
25,552
17,567
29,289
44,515
58,158
51,695

INSURANCE
COMPANIES

FNMA-GNMA

2,348
1,221
1,452
4,278
5,078
2,933
2,414
5,184
9,167

4,910
2,388
2,026
3,300
6,222
4,839
-2,120
890
8,696

Not S e a s o n a l l y A d j u s t e d
1978 - J u l .
Aug .
Sept.
Oct.
Nov.
Dec.

9,156
11,061
9,391
9,444
9,408
8,618

8,428
10,063
8,407
8,561
8,923
7,916

1979 - J a n .
Feb.
Mar.

3,200
3,700
2,800
3,000
3,200
2,200

681
636
550
500
594
452

3,991
4,721
4,294
4,265
4,184
3,438

556
1,006
763
796
945
1,826

728
998
984
883
485
702

N.A.
N.A.
N.A.

377
275

2,602
2,445
3,442

465
740

798
871

Seasonally Adjusted
1978 - J u l .
Aug.
Sept.
Oct.
Nov.
Dec •
1979 - J a n .
Feb.
Mar.

NOTES:
1

8,586
10,195
8,990
9,729
10,140
8,414

8,048
9,280
8,182
8,831
9,536
7,760

3,090
3,418
2,755
3,095
3,173
2,469

604
552
531
464
632
317

3,647
4,214
4,188
4,450
4,762
3,818

707
1,096
708
822
964
1,156

538
915
808
898
604
654

N.A.
N.A.
N.A.

544
493

3,925
3,451
3,341

591
878

820
846

S e a s o n a l l y a d j u s t e d d a t a r e v i s e d due t o r e - e s t i m a t i o n of s e a s o n a l f a c t o r s .

Monthly data for commercial banks based 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 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 83 per cent of the net increase estimated for all holders in 1974.
Digitized
FRASERJanuary 1972 data reflect activity in limited amount of conventional mortgages.
2 forBeginning


Table 13

NET INCREASE IN
MORTGAGE DEBT OUTSTANDING
IN BILLIONS OF DOLLARS, S E A S O N A L L Y A D J U S T E D ANNUAL R A T E S

2

3

RESIDENTIAL

MULTFAMILY
4
COMMERCIAL

TOTAL

1- to 4FAMILY

MULTIFAMILY

COMMERCIAL

67,9
73.9
77.2
88.8

49.8
53.9
58,6
64.1

38.5
40.7
47.7
48.4

11,3
13.2
11.0
15,7

14.7
16.5
14,9
21.1

26.0
29.6
25.9
36.8

3.5
3.5
3.7
3.6

1973 - I
II
III
IV

82.0
86.7
79.8
71.1

57.5
59,2
55.4
48,9

49.4
46,1
42.9
41.1

8.1
13,1
12,5
7.9

18,8
21,7
19,4
16.7

27.0
34.8
31.9
24.5

5.6
5,8
5.0
5.5

1974 - I
II
III
IV

71.1
69.6
53.6
47.7

50,4
45.9
34.1
30.4

40,8
39.0
27,4
26.1

9,5
7.0
6,7
4.3

17.2
18,8
13.7
11,4

26.7
25.7
20.3
15.7

3.6
4,0
5.8
5.9

1975 - I
II
III
IV

45.8
53.0
61.3
68.7

32.0
38,1
45.1
50.4

31.1
38.7
45,2
50,5

0.9
*-0.6
-0.1
-0.1

8.6
10,1
12.1
14.2

9.4
9.4
12.1
14,1

5.3
4.9
4.0
4,1

1976 - I
II
III
IV

80.9
74.5
93.1
99.6

62.5
55.0
72.7
78.9

61.0
55.2
68,9
76.5

1.5
-0.2
3,8
2.4

13.3
14.8
13.5
13.0

14,8
14,5
17.2
15.5

5.2
4.7
6.9
7.7

1977 - I
II
III
IV

108.5
133.8
140.1
153.6

85.9
110.0
113.7
119.4

81.6
101.8
106,2
110.2

4.2
8.3
7.5
9.2

14.0
14.5
17.8
25,6

18.2
22.8
25.3
34.8

8.6
9.2
8.6
8.7

1978 - I
II
I I I (r)
IV (p)

133.7
145.3
152.4
152.6

105.4
114.0
112.5
120.5

96.2
104.8
101.4
109.7

9.2
9.2
11.1
10.8

19.3
21.7
28.1
21.1

28.5
30.9
39.2
31.9

9.0
9.6
11.8
11.0

TOTAL

1972 - I
II
III
IV

QUARTER

FARM

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 debt.



\
Table 14

PRIVATE HOUSING PERMITS, STARTS,
COMPLETIONS, AND MOBILE HOME SHIPMENTS
IN THOUSANDS OF UNITS, SEASONALLY ADJUSTED ANNUAL RATES
PERMITS 1
PERIOD
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1978 - J u l y
Aug.
Sept.
Oct.
Nov.
Dec.

1979 - J a n .
Feb.
Mar.

1 —FAMILY

TOTAL

COMPLETIONS

STARTS
2 - O R MORE
FAMILY

TOTAL

1,407
1,434
2,052
2,357
2,045
1,338
1,160
1,538
1,987
2,020

2 - O R MORE
FAMILY

TOTAL

811
813
1,151
1,309
1,132
888
892
1,162
1,451
1,433

656
621
901
1,048
914
450
268
376
375
587

1,399
1,418
1,706
1,972
2,014
1,692
1,297
1,362
1,652
1,866

808
802
1,014
1,143
1,174
932
867
1,026
1,254
1,366

592
617
692
828
840
760
430
336
398
499

413
401
497
576
567
329
216
246
277
275

1,928
1,948
1,900
1,883
1,885
1,888

1,320
1,363
1,370
1,414
1,375
1,416

608
584
530
468
510
472

232
283
272
286
280
303

1,805
1,89.2

1,321
1,367

484
525

311
272
268

1—FAMILY

1,324
1,352
1,925
2,219
1,820
1,074
939
1,297
1,677
1,658

626
647
906
1,033
882
644
676
894
1,125
1,078

698
705
1,018
1,186
937
431
264
403
552
581

1,632
1,563
1,731
1,727
1,724
1,664

1,035
1,020
1,092
1,135
1,114
1,149

597
543
639
592
610
515

2,104
2,004
2,024
2,054
2,107
2,074

1,455
1,431
1,432
1,436
1,502
1,539

646
573
592
618
605
535

1,324
1,321
1,579

841
787
978

483
534
601

1,679
1,384
1,793

1,139
£46
1,263

540
438
530

,

MOBILE

HOME
1 —FAMILY 2 - O R MORE
FAMILY
SHIPMENTS

|

NOTES:
Private building permits (for 1 4 , 0 0 0 areas with permit systems, e x c l u d i n g farm), starts, and c o m p l e t i o n s are Census Bureau data. A dwelling unit is started w h e n e x c a v a t i o n begins. In t h e case of
apartment buildings, all units are considered started at that time; h o w e v e r , all such units are considered c o m p l e t e d w h e n more than half of the units in the structure are ready for use. Private m o b i l e
h o m e s h i p m e n t s are Mobile H o m e Manufacturers Association data converted t o seasonally adjusted annual rate by Census Bureau.
1

Permit data for 1 9 6 9 and 1 9 7 0 based on 1 3 , 0 0 0 areas with permit s y s t e m s


http://fraser.stlouisfed.org/
Federal #
Reserve Bank of St. eLouis

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T a b l e 15

AVERAGE RATES AND YIELDS ON HOME MORTGAGES

EXISTING HOMES

NEW HOMES

1

PERIOD

SPREAD
BETWEEN
NEW A a a
RETURNS ON
NEW HOMES
UTILITY
CONVENTIONAL
1
BOND
AND HUD(FHA)
YIELD
NEW HOME
DISCOUNT
SPREAD
(PERCENTAGE MORTGAGES (IN PER CENT)
(BASIS
(BASIS
POINTS)
POINTS)
POINTS)

HUD(FHA) INSURED LOANS
SECONDARY MARKET

CONVENTIONAL LOANS
PRIMARY MARKET

1

RATE
(IN PER CENT)

SPREAD
(BASIS
POINTS)

RATE
(IN PER CENT)

SPREAD
(BASIS
POINTS)

YIELD
(IN PER CENT)

1976 - High
Low

9.05
8.90

91
5

9.10
8.95

95
10

9.06
8.25

59
8

4 .3
2 .0

65
- 4

8.72
8.05

1977 - High
Low

9.10
8.80

99
52

9.20
8.85

98
63

9.11
8.40

73
22

4 7
1.7

40
4

8.31
8.01

1978 - J a n .

9.15
9.25
9.30
9.40
9.60
9.75
9.80
9.80
9.80
9.95
10.10
10.30

NA
54
47
48
58
59
72
100
74
72
NA
NA

9.20
9.25
9.30
9.45
9.60
9.75
9.80
9.80
9.85
9.95
10.15
10.30

NA
54
47
53
58
59
72
100
79
72
NA
NA

9.11
NA
9.29
9.37
9.67
NA
9.92
9.78
9.78
9.93
9.99
10.16

NA
NA
46
45
65
NA
84
98
72
55
NA
NA

4.7
NA
4 .1
4.7
5 .0
NA
3.1
2.1
2.1
2.1
3.6
4.8

4
NA
1
3
- 7
NA
-12
2
2
2
11
14

NA
8.71
8.83
8 .92
9.02
9.16
9.08
8.80
9.06
9.23
NA
NA

10.30
10.35
10.35

NA
76
75

10.30
10.35
10.40

NA
76
80

10.17
10.17
10,19

NA
58
59

4.9
4.9
5.0

13
18

NA
9.59
9.60

Feb.

Mar.
Apr.
May

June
July
Aug.
Sept.

Oct.
Nov.
Dec.
1979 - J a n .
Feb.

Mar.

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
AMOUNT
(IN MILLIONS OF DOLLARS)

DATE OF
AUCTION

OFFERED

AMOUNT
(IN MILLIONS OF DOLLARS)
OFFERED

ACCEPTED

AVERAGE
YIELD

ACCEPTED

10.69(12/27) 717(5/15) 363(5/15)

10.92(12/27)

1011(1/9)

605(1/9)

Low

130(8/7)

80(8/7)

J u l y 10
24

503.3
253.4

327.4
144.1

10.02
10.00

169.8
146.2

90.5
88.4

10.17
10.21

Aug.

7
21

130.3
368.8

80.1
197.1

9.82
9.80

74.7
150.0

47.5
81.0

10.15
10.07

Sept. 5
18

351.2
366.7

154.7
181.2

9.78
9.79

199.4
285.3

126.3
157.4

10.02
10.01

Oct.

2
16
30

682.4
425.4
857.0

278.6
176.2
377.6

9.91
9.98
10.20

395.5
336.1
425.2

166.9
148.8
179.9

10.10
10.18
10.31

Nov. 13
27

452.8
335.2

182.4
139.4

10.27
10.33

488.2
373.2

199.5
187.3

10.49
10.64

Dec. 11
27

283.4
343.6

144.4
175.2

10.40
10.60

262.2
155.2

141.5
79.4

10.77
10.92

Jan.
23

211.0
93.9

101.1
54.3

10.67
10.73

71.2
42.3

36.0
22.1

11.02
11.13

Feb.

6
20

42.4
168.2

37.9
123.3

10.61
10.47

19.4
43.6

17.9
27.5

11.07
11.02

Mar.

5
19

265.0
243.3

141.8
142.6

10.43
10.42

47.0
97.9

33.8
79.7

10.96
10.92

Apr.

2
16

260.7
326.9

139.2
191,5

10.44
10.51

167.8
252.9

98.6
157,7

1978 - High

1979

AVERAGE
YIELD

9.13(1/9)

75(8/7)

48(8/7)

9.28(1/9)

10.92
11.01

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.