Full text of H.16 Capital Market Developments : August 10, 1981

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August 10, 1 9 8 1

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. Long-Term Corporate and State and Local Government Security Offerings and Placements
5. Treasury and Government-Sponsored Agency Marketable Coupon Offerings and Placements
6. New Corporate Security Issues by Type of Issue
7. New Corporate Security Issues by Type of Issuer
8. Public Offerings of Intermediate- and Long-Term Securities: Corporate
9. Public Offerings of Intermediate- and Long-Term Securities: State and Local
10. Public Offerings of Intermediate- and Long-Term Securities: U.S. Treasury
11. Public Offerings of Intermediate- and Long-Term Securities: Government-Sponsored Agencies
12. Forthcoming Public Offerings of Intermediate- and Long-Term Securities: Corporate
13. Forthcoming Public Offerings of Intermediate- and Long-Term Securities: State and Local
14. Stock Prices
15. Trading Volume
16. Security Credit
17. Savings Flow at Selected Nonbank Thrift Institutions
18. Mortgage Commitments Outstanding at Selected Institutions
19. Net New Money Borrowings by Major Housing Credit Agencies
20. Net Change in Mortgage Holdings at Selected Institutions
21. Net Change in Mortgage Debt Outstanding, By Type of Property
22. Average Rates and Yields on Home Mortgages and Pass-Through Securities
23. FNMA Auctions of Commitments to Purchase Home Mortgages
24. FHLMC Auctions of Commitments to Purchase Home Mortgages
25. Issues of Mortgage-Backed Securities

SYMBOLS
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. YIELDS, VOLUME AND RECEPTION
Corporate Bond Market
Week ending
1981-June

5
12
19
26

July

2
10
17
24
31

Aug.

New issue
Aaa utility1

Yields
Recently offered
Aaa utility 2

Gross offerings^
($ millions) 5

15.03
14.74
14.59
14.80

1,020
1,115
669*
668

14.93
15.01
14.35
—

—

15.72
16.41
16.77r

7

Volume
Percent sold by
end of week

New issues in syndicate4
($ millions)

98
94
89
100

20
66
83
0

14.94
15.04
15.67
16.05
16.55

519
382
594
45
453

99
100
97
84
100

3
0
15
7
0

16.69p

35

100

0

2. YIELDS, VOLUME AND RECEPTION
Municipal Bond Market
Week ending

Moody's new
issue Aaa

Yields
Bond Buyer
G.O. bond
index

Volume
Bond Buyer
Rev. bond
index

Gross offerings
($ millions)

Percent sold by
end of week 3

New issues in
syndicate4
($ millions)

400
1,125
1,006*
966

90
83
81
91

83
242
243
200

1981-June

5
12
19
26

10.00
9.75
9.75
9.95

10.59
10.63
10.73
10.74

11.48
11.47
11.48
11.54

July

2
10
17
24
31

9.86
10.15
10.30
10.30
10.50

10.85
10.97
11.09
11.34
11.44

11.66
11.73
11.87
12.01
12.12

681
637
580
838
527

79
93
87
92
91

257
120
137
135
115

Aug.

7

11.10

11.63

12.34

488

97

67

* E x c l u d e s $: .50 m i l l i o n i s s u e o f Alask a H o u s i n g FinLance Corporal t i o n .

Federal Reserve series of implied yield on newly issued, Aaa-rated utility bond with 5-year call protection.
Federal Reserve series of implied free-market yield on Aaa-rated utility bond with 5-year call protection, released from price restrictions sometime
during the last four weeks.
3 Estimated by F.R. on the basis of available data.
4 Corporate Market: Salomon Brothers Bond Market Roundup; Municipal Market: Weekly Bond Buyer. Data are adjusted by Federal Reserve when
necessary to make coverage of this series consistent with the gross offerings series.
1
2

5 G r o s s o f f e r i n g s r e f l e c t s g r o s s p r o c e e d s r a t h e r t h a n par v a l u e o f o r i g i n a l d i s c o u n t b o n d s .



3. HIGH GRADE BOND YIELDS
New issue
Aaa utility1

Date
1978-High
Low

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

Recently offered
Aaa utility 2

Moody's
seasoned
corporate Aaa 3

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

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

U.S. govt.
20-year constant
maturity 4

Bond Buyer
G.O.bond
index 5

Bond Buyer
Rev. bond
index6

9.00(12/22) 6.67(12/22)
1/6) 5 . 5 8 ( 3 / 1 7 )

8.01(

1979-High
Low

11.51(11/12) 11.45 ( 11/9) 10.87(12/28) 10.56( 11/9)
9.40 ( 8/17)
9.39( 6/29) 9.16 ( 7/6)
8.79(
7/6)

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

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

1980-High
Low

1 4 . 5 1 ( 1 2 / 1 2 ) 1 5 . 0 3 ( 1 2 / 1 2 ) 1 3 . 4 9 ( 1 2 / 1 9 ) 12.86(12/12) 1 0 . 5 6 ( 1 2 / 1 9 )
10.53( 6/20) 10.79( 6/20) 10.34( 6/20)
9.59C 6 / 2 0 ) 7 . 1 1 (
5/9)

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

1981-High
Low

16.77( 7/31) 16.69(
8/7) 14.84(
14.05(
1/9) 13.99( 3/20) 12.59(

12.34(
8/7)
10.34( 1/16)

11.60

1980-July
Aug.
Sept.

3/7) 14.53(
1/9) 11.98(

8/7)11.63(
1/9) 9.49(

8/7)
1/9)

12.32
12.74

11.41
12.31
12.72

11.07
11.64

12.02

10.32
11.07
11.47

8.13
8.67
8.94

8.87
9.57
9.84

Oct.
Nov.
Dec.

13.18
13.85
14.51

13.13
13.91
14.38

12.31
12.97
13.21

11.75
12.44
12.49

9.11
9.56

10.11

9.97
10.43

1981-Jan.
Feb.
Mar.

14.12
14.90
14.71

14.17
14.58
14.41

12.81

12.29
12.98
12.94

9.66

13.35
13.33

10.10
10.16

10.64
11.01
10.90

Apr.
May
June

15.68
15.81
14.76

15.48
15.48
14.81

13.88
14.32
13.75

13.46
13.82
13.20

10.62
10.79
10.67

11.49

July

16.30

15.73

14.38

13.92

11.14

11.88

15.72
16.41
16.77r

14.94
15.04
15.67
16.05
16.55

14.04
14.19
14.25
14.55
14.61r

13.61
13.66
13.73
14.16
14.23r

10.85
10.97
11.09
11.34
11.44

16.69p

14.84p

14.53p

11.63

1981-July

Aug.

2
10
17
24
31
7

1
2

11.08

11.32

11.60

11.66
11.73
11.87

12.01
12.12
12.34

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.
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 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.
6 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.




5
4. LONG-TERM CORPORATE AND STATE AND LOCAL GOVERNMENT SECURITY OFFERINGS AND PLACEMENTS
Gross proceeds, millions of dollars
Period

Corporate 1
1980
6,173
4,507
4,454

1981
5,581
4,157
6,423

1979
2,840
2,603
4,644

State and Local 2
1980
3,078
2,424
2,435

1981
2,651
2,923
3,869

January
February
March

1979
3,770
3,165
4,354

April
May
June

4,692
4,160
6,238

5,656
9,074
9,645

6,511
5,347
7,600e*

3,444
3,042
4,724

4,962
4,746
6,136

5,061
3,395
4,700e*

July
August
September

4,103
4,211
4,593

8,029
5,437
5,025

3,900e

3,396
4,256
2,472

4,872
3,946
4,523

3,500e

October
November
December

4,601
3,868
3,778

5,819
3,936
5,933

4,217
4,160
3,567

4,474
2,916
3,854

51,553

73,688

43,365

48,366

Year

1 Securities ?nd 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.

*

Excludes $150 m i l l i o n i s s u e of Alaska Housing Finance Corporation.

5. TREASURY AND GOVERNMENT-SPONSORED AGENCY BORROWING
Millions of dollars

p€r«od

Combined
deficit(+)
or
surplus(-) 1

Total3

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

Decrease^)/ Sponsored
agency
increase(-)
borrowing*
in cash
operating
balance

Other

41,397
50,670

37,360
79,201

10,899
43,458

28,041
50,480

-397
-14,298

-1,402
-577

1,115
484

366
3,621

23,631
24,705

1980--July 16,384
8,347
Aug.
Sept. -4,434

9,737
11,111
6,260

6,807
7,815
526

2,602
3,245
7,026

456
219
-1,407

-76
-28
-36

2,986
-701
-2,199

3,661
-2,063
-8,495

575
-835
2,432

Oct.
Nov.
Dec.

17,146
10,698
7,869

4,758
9,231
13,668

2,477
6,412
7,382

2,422
3,267
7,233

-63
-315
-1,023

-23
-30
-79

4,076
-3,985
-720

8,312
5,452
-5,079

5,116
412
3,378

1981—Jan.
Feb.
Mar.

8,339
17,063
13,048

6,772
13,916
15,138

4,320
8,548
6,343

4,159
5,849
8,997

-1,480
-489
-347

-35
-55
-14

3,179
-664
-1,479

-1,612
3,811
-611

1,408
13
1,960

Apr.
May
June

45,251
18,379
43,820

-3,725

-9,466

6,307

-417

-71

-1,092

-10,434

CY-/ - 1 9 7 9
CY
-1980

accounts.

;

s s s r s r s t i s u .

gage Corporation, Federal National Mortgage Association.
5 CY= Calendar Year




^

^

»

-

«

.

^««,.

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

Bonds
Publicly *
Privately
offered
placed

Total

Memo
Issues included
Foreign
Convertible

Common and
preferred
stocks
11,777
10,358
11,325
20,490

1,340
1,349
1,495

863
418
2,229
4,685

4,624
2,213
2,163

2,612

4,586
3,997
4,711
7,196

169
529
631
498

908
967
1,510
1,300

9,114

1,381

5,666

277

1,317

5,819
3,936
5,933

2,756
1,405
1,719

528
759
1,325

2,535
1,772
2,889

348

138

687
398
215

1981—Jan.
Feb.
Mar.

5,581
4,157
6,423

2,928
2,408
3,778

458
426
497

2,195
1,323
2,148

162
105
10

303
575
439

Apr.
May

6,511
5,347

3,668
2,490

605
480

2,238
2,377

168
121

719
399

1977
1978
1979
1980

53,792
47,230
51,533
73,688

24,072
19,815
25,814
41,587

17,943
17,057
14,394

1980-QI
QII
QUI
QIV

15,134
24,375
18,492
15,688

5,924
18,165
11,618
5,880

1981-QI

16,161

1980-0ct.
Nov.
Dec.

11,612

7. NEW CORPORATE SECURITY ISSUES BY TYPE OF ISSUER
Gross proceeds, millions of dollars
Public utility
Manufacturing
Period
14,127
13,393
1977
12,232
10,813
1978
13,324
11,357
1979
15,786
20,248
1980

1,008

12

Communications
4,522
3,640
4,522
7,250

Other issuer^
21,827
20,549
22,332
30,404

1980-QI
QII
QIII
QIV

3,950
6,896
5,925
3,477

4,864
4,151
3,701
3,070

1,324

1,808

4,995
11,148
6,928
7,333

1981-QI

5,387

3,223

1,337

6,221

1980-0ct.
Nov.
Dec.

1,474
550
1,453

1,295
792
983

830
260
718

2,220
2,335
2,778

1981-Jan.
Feb.
Mar.

2,244
1,344
1,799

1,362
853

1,901

1,008

76
303
958

1,660
2,660

Apr.
May

1,886

1,491
1,195

609
56

2,524
1,924

2,172

2,182
1,936

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.

2 T o t a l r e f l e c t s g r o s s p r o c e e d s r a t h e r t h a n par v a l u e o f o r i g i n a l d i s c o u n t b o n d s ,




8. PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: CORPORATE 1
Issuer

N a t i o n a l B a n c s h a r e s Corp.
El P a s o E l e c . Co.

*
1

Date

8/5
8/5

Type

Amount
(millions
of dollars)

(]onv. d e b t ,
(]om. s t k .

25.0
43.0

Maturity

Coupon
rate

Offering
yield

2006

10.00

10.00

Moody's/S&P's
ratings

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




8
9. PUBLIC OFFERINGS OF INTERMEDIATE AND LONG-TERM SECURITIES: STATE AND LOCAL1
Net
interest
cost

Issuer

Date

Type2

Amount
(millions
of $)

Dade Co. H e a l t h F a c . A u t h . , FL
Dade Co. H e a l t h F a c . A u t h . , FL
Dade Co. H e a l t h F a c . A u t h . , FL
M i n n e a p o i l s , MN
M i n n e a p o l i s , MN
Bexar Co. H s g . F i n . C o r p . , TX
Bexar Co. H s g . F i n . C o r p . , TX
P h i l a d e l p h i a , PA
H i l l s b o r o u g h Co. I n d u s . Dev.
A u t h . , FL
M a s s a c h u s e t t s Muni. W h o l e s a l e
E l e c t . Auth.
M a s s a c h u s e t t s Muni. W h o l e s a l e
E l e c t . Auth.
M a s s a c h u s e t t s Muni. W h o l e s a l e
E l e c t . Auth.
Sacramento M u n i c i p a l U t i l .
D i s t . , CA
New York S t a t e Med. Care F a c .
F i n . Agcy.
New York S t a t e Med. C a r e . F a c .
F i n . Agcy.
Georgia P r i v a t e C o l l . & Univer,
Fac. Auth.

8/3
8/3
8/3
8/4
8/4
8/4
8/4
8/4

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

5.0
4.8
27.2
3.3
21.8
2.9
52.1
60.5

8/5

Rev.

25.0

8/6

Rev.

10.0

8/6

Rev.

5.6

2003

n .a.

13.25

A/A

8/6

Rev.

84.4

2017

n.a.

13.50

A/A

8/6

Rev.

60.0

1982-11

11.53

8.50-11.50

Aa/AA

8/7

Rev.

2.7

1984-93

n.a.

9.25-11.40

A/A-

8/7

Rev.

23.9

2010

n.a.

12.94

8/7

Rev.

28.0

1984

9.90

9.50

Maturity

1Vloody's/S&P's
ratings

n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
13.913

8.75-11.10
11.75
12.00
9.30-10.75
8.75-11.25
8.75-10.75
11.50
10.00-13.50

2011

n.a.

11.88

1988-00

n.a.

1984-95
2000
2011
1985-95
1982-02
1982-90
1991
1982-06

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

—/AAA
—/AAA
—/AAA
Aaa/AAA
Aaa/AAA
Aa/—
Aa/—
Baa/BBB+
Aa/AA-

10 0 5 - 1 3 . 0 < i A/A

A/AMIG-l/AA-

9
10. PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: U.S. TREASURY
Notes and Bonds
Amount (millions of dollars)
Coupon Auction
Net proceeds
Gross
proceeds
Maturity
Offering Payment
average rate
Length
date
1
date
date
percent) (percent)
Private1 - 2
Total
Private
Total

•

Memo:
Foreign
add-ons3

1980
Nov.

e

*
Dec.
'

e

11/17
11/17
11/17
12/1

3 - y r 6-mo 5 / 1 5 / 8 4
11/15/90
10-yr
30-yr
11/15/10
11/30/82
2-yr

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

13.31
13.07
12.81
13.99

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

]
18,259
]
4,601

3
16
18
30

12/8
12/31
12/31
1/5

5 - y r 2-mo 2 / 1 5 / 8 6
12/31/82
2-yr
12/31/84
4-yr
1/15/88
7-yr

13-1/2
15-1/8
14
12-3/8

13.52
15.15
14.03
12.49

3,188
4,955
3,620
2,710

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

1,501
5,191

0
190
0
0

2,815

2,815

1,771

1,771

3,188
'
^7,973
,
2,710

3,188

3,188

2,337

2,337

2,710

2,710

170
0
63
0

1,501
4,730

1,501
2,045

1,501
2,045

0
125

|8,801

3,638

3,638

5,012
3,460

2,551
3,460

2,551
3,460

0
130
0
186
195

1981

#

#

#

A

2/15/01
1/31/83

Jan.

6
21

1/12
2/2

2 0 - y r 1-mo
2-yr

Feb.

3
4
5
24
26

2/17
2/17
2/17
3/2
3/4

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

Mar. 18
24
26
31

3/31
3/31
4/2
4/6

2-yr
4-yr
2 0 - y r 1-mo
7-yr

A p r . 22

4/30

May

5
6
7
20
28

5/15
5/15
5/15
6/1
6/3

June 18
23
25
30

6/30
6/30
7/2
7/7

2-yr
4-yr
2 0 - y r 1-mo
7-yr

6/30/83
6/30/85
8/15/01
7/15/88

1A»5/J
14 . :
13-3/8
14

J u l y 22

7/31

2-yr

7/31/83

15-7/8 15.92

8/17
8/17
8/17

15.96
3 y r 3-mo 1 1 / 1 5 / 8 4 16
8 / 1 5 / 9 1 14-7/8 14.98
10-yr
29 y r 9-mo • 5 / 1 5 / 0 6 - 1 1L 1 3 - 7 / 8 1 4 . 0 6

e

#

5
6
7
25

Aug.

4
5
6

6-mo 8 / 1 5 / 8 4
9-mo 1 1 / 1 5 / 9 0
9-mo 1 1 / 1 5 / 1 0
2/28/83
2-mo 5 / 1 5 / 8 6

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

13.37
12.89
12,68
13.97
13.79

4,662
3,038
2,576
5,438
3,460

3/31/83
3/31/85
5/15/01
4/15/88

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

1 2 . 75
13.49
13.21
13.34

5,601
3,794
1,751
2,972

4,901
3,535
1,751
2,972

2,085
985
1,751
2,972

2,118
952
1,751
2,972

68
0
0
215

4/30/83

14-1/2

14.51

4,586

4,325

1,573

1,573

0

3,776
2,074 |
2,302

6,844

2,221

2,221

0
0
0

4,763 1 4,352
3,206
3,206

2,120
3,206

2,120
3,206

195

4,606 '
3,389
l,751p
3,001p

4,306 .
3,277
l,751p
3,001p

1,549
875
l,751p
3,001p

1,581
843
1,75IP
3,001p

0
0
0
450

4,853p

4,502p

l,982p

l,631p

n.a.

2-yr

5/15/84
3-yr
5/15/91
10-yr
>/15/06~ll
30-yr
5/31/83
2-yr
. 5 - y r 5-mo 1 1 / 1 5 / 8 6

15-3/4 15.81
14-1/2 14.56
13-7/8 13.99
15-5/8 15.72
13-7/8 13.95
14.72
14.04
13.45
14.07

•
1

Excludes amounts sold to Government investment accounts and the Federal Reserve. Also excludes add-ons to foreign account*.

3

Addi^onal^mounts^of^curitiM'iMU^'urforei^m




m w e t a i ^ ^ t l r o S l M ^ / t h ^ M r a ^ a u r t t o n ^ e B ' f o r new ca

0

10
11. PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: GOVERNMENT SPONSORED AGENCIES
Offering
date

i suer

Payment
date

Length

Maturity
date

Yield
(percent)

Amount (millions of dollars)
Gross
proceeds

Maturing
issues

Net
proceeds

FFCB

3/25
3/25

4/1
4/1

2 - y r 11-mo
4 - y r 11-mo

3/1/84
3/3/86

13.85
13.95

683
970

364

1,289

FNhA

4/1

4/10

4-yr

4/10/85

13.75

500

1,300

-800

FFCB

4/15
4/15
4/15

4/20
4/20
4/20

2 - y r 8-mo
4 - y r 8-mo
10-yr

12/1/83
12/2/85
4/22/91

14.10
14.30
14.10

588
769
544

924

977

FHLB

4/22

4/29

1 - y r 9-mo

1/25/83

14.50

1,200

0

1,200

FHLB

5/13
5/13
5/13

5/26
5/26
5/26

11-mo
2 - y r 8-mo
5-yr

4/26/82
1/25/84
5/27/86

17.05
15.80
15.50

1,200
1,000
600

.1,400

1,400

FFCB

5/28

6/1

4 - y r 3-mo

9/3/85

14.90

662

0

662

FNMA

6/3

6/10

3 - y r 4-mo

10/10/84

14.90

500

750

-250

FHLB

6/10
6/10

6/25
6/25

1 - y r 9-mo
3 - y r 10-mo

3/25/83
4/25/85

14.80
14.55

1*100
700

0

1,800

FNMA

6/26

7/10

3 - y r 10-mo

5/10/85

15.25

600

1,200

-600

FFCB

7/8
7/8
7/8

7/20
7/20
7/20

3-yr
5-yr
10-yr

7/23/84
7/21/86
7/22/91

15.25
15.15
14.70

759
938
617

905

1,409

FHLB

7/15
7/15
7/15

7/27
7/27
7/27

1-yr
3-yr
5-yr

7/26/82
7/25/84
7/25/86

15.90
15.55
15.35

1,000
1,000
400

900

1,500

FFCB
FHLB
FHLMC
FNMA

—
—
—
—

Federal
Federal
Federal
Federal




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

As of August 7 , 1 9 8 1

11

12. FORTHCOMING PUBLIC OFFERINGS OF INTERMEDIATE-AND LONG-TERM SECURITIES: CORPORATE 1
Issuer

Union P a c i f i c R a i l r o a d Co.
P u b l i c S e r v i c e E l e c . & Gas Co.
New York S t a t e E l e c . & Gas Co.
R o c h e s t e r Gas & E l e c . Co.
C e n t r a l Hudson Gas & E l e c . Co.
Ohio E d i s o n Co.
A r k a n s a s Power & L i g h t Co.
D e t r o i t E d i s o n Co.
* U . S . L e a s i n g Corp.
*Toys R U s , I n c .
^Brunswick Corp.
Iowa E l e c . L i g h t & Power Co.
C l a b i n Corp.
Republic A i r l i n e s , Inc.
Southwestern Public Service
Lorimar P r o d u c t i o n Co.
G e n 1 1 . T e l . Co. of t h e S o u t h w e s t
ITT F i n a n c i a l Corp.
Xerox C r e d i t Corp.
Xerox C r e d i t Corp.
U . S . Home Corp.
B . F . G o o d r i c h Co.
Mary Kay C o s m e t i c s , I n c .
Farmland I n d u s t r i e s , I n c .
Kentucky U t i l i t i e s Co.
Kerr-McGee Corp.
N a t ' 1 . R u r a l U t i l i t i e s Coop. F i n . Corp,
B a r c l a y s American Corp.
B a r c l a y s American Corp.
MGM F i l m Co.
E q u i t a b l e o f Iowa Companies
K a i s e r Cement Corp.
F i r s t Savings Assn. of Wise.
A l l e g h e n y Power S y s t e m
* G e l c o Co.
Delmarva Power & L i g h t Co.
P i t n e y Bowes I n c .
J e t American A i r l i n e s
W e l l s Fargo & Company
Oklahoma Gas & E l e c . Co.
K a i s e r Aluminum & C h e m i c a l Corp.
Northern Indiana P u b l i c S e r v i c e
Cameron I r o n Works, I n c .
K a i s e r Alum. & Chemical Corp.
S o u t h e r n N a t u r a l Gas Co.
Anardarko P r o d u c t i o n Co.
Anardarko P r o d u c t i o n Co.
Texas General Resources
G e n 1 1 . E l e c . C r e d i t Corp.
G e n 1 1 . E l e c . C r e d i t Corp.
P e n n s y l v a n i a E n g i n e e r i n g Corp.
W i s c o n s i n Gas Co.
Chase Manhattan Corp.
C o n t i n e n t a l I l l i n o i s Corp.
I n t e r n a t ' l . B u s i n e s s Machines Corp.

Type

Equip, t r .
1 s t . mtg.
Com. s t k .
1 s t . mtg.
1 s t . mtg.
Com. s t k .
1 s t . mtg.
Com. s t k .
Notes
Conv. d e b t .
Conv. d e b t .
1 s t . mtg.
Debt.
Conv. d e b t .
1 s t . mtg.
Notes
1 s t . mtg.
Notes
Debt.
Notes
Bonds
Notes
Conv. d e b t .
Debt.
1 s t . mtg.
Debt.
Debt.
Notes
Debt.
Com. s t k .
Notes
Com. s t k .
Com. s t k .
Com. s t k .
Com. s t k .
Com. s t k .
Com. s t k .
Com. s t k .
Pfd. stk.
Com. s t k .
-Pfd. stk(conv)
Com. s t k .
Notes
Conv. d e b t .
Debt.
Debt.
Notes
Conv. d e b t .
Notes
Debt.
Debt.
1 s t . mtg.
Notes
Notes
Debt.

Amount
(millions of dollars)

25.2
100.0
35.0
50.0
30.0
90.0
90.0
60.0
40.0
50.0
75.0
30.0
30.0
50.0
30.0
30.0
50.0
200.0
100.0
100.0
100.0
50.0
50.0
100.0
75.0
200.0
100.0
50.0
150.0
60.0
40.0
37.0
41.0
80.0
45.0
25.0
33.0
28.8
35.0
39.0
75.0
48.0
75.0
75.0
100.0
75.0
75.0
25.0
150.0
300.0
30.0
30.0
100.0
100.0
250.0

Approximate
of offerin

Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.

* 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.




11
12
13
18
19
19
20
26

12
12. FORTHCOMING PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: CORPORATE 1 ( c o n ' t . )
Issuer

B r o o k l y n Union Gas Co.
N a t i o n a l M e d i c a l Care
P r i v a t e E x p o r t Funding Corp.
M a n u f a c t u r e r s Hanover Tr. Corp.
Frontier A i r l i n e s , Inc.
C r e d i t h r i f t F i n . Corp.
Columbia Gas S y s t e m s
Cable American Corp.
C r y s t a l O i l Co.
F l o r i d a T e l e p h o n e Corp.
N o r t h w e s t Energy Co.
Ford Motor C r e d i t Co.
P h i l l i p s P e t r o l e u m Co.
M e l l o n N a t i o n a l Corp.
Amoco C r e d i t Corp.
B e n e f i c i a l Corp.
Westvaco Corp.
Diamond Shamrock Corp.
P e t r o Lewis Corp.
P e t r o L e w i s Corp.
^ P h i l a d e l p h i a E l e c . Co.
C y p r e s s Mines Corp.
C y p r e s s Mines Corp.
D a l l a s Power & L i g h t Co.
Union E l e c t r i c Company
New England Power Co.
OTHER
Kxuger, I n c .
O r i e n t L e a s i n g Co.
World Bank
World Bank
M o n t r e a l , P r o v i n c e of
*Canadian N a t 1 1 . R a i l w a y
Hydro-Quebec
Kruger Co.
O s l o Norway
CANCELLATION
American A i r l i n e s ,

Inc.

Type

Amount
(millions of dollars)

Approximate date
of offering

1 s t . mtg.
Conv. d e b t .
Notes
Notes
Conv. d e b t .
Notes
1 s t . mtg.
Notes
Conv. d e b t .
Notes
Debt.
Notes
Debt.
Notes
Debt.
Notes
Debt.
Notes
Debt.
Debt.
Com. s t k .
Notes
Debt.
-Pfd. stk.
Pfd. stk.
Pfd. stk.

50.0
30.0
100.0
100.0
40.0
50.0
125.0
50.0
31.2
45.0
100.0
200.0
350.0
50.0
100.0
100.0
75.0
200.0
100.0
50.0
100.0
100.0
100.0
30.0
75.0
50.0

Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Sept.
Indef.
Indef.
Indef.
Indef.
Indef.

Debt.
Conv. d e b t .
Notes
Notes
Debt.
Debt.
Debt.
Notes
Bonds

100.0
30.0
250.0
250.0
100.0
100.0
100.0
100.0
100.0

Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Indef.

Com. s t k .

65.0

* 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.




Aug.

As of August 7 , 1 9 8 1

13
1

13. FORTHCOMING PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: STATE AND LOCAL
Issuer
Monroe C o . , MI
^Kentucky T u r n p i k e A u t h .
Hawaii, S t a t e of
T r i b o r o u g h B r i d g e & Tunnel A u t h . , NY
^ V i r g i n i a H s g . Dev. A u t h .
^Montana, S t a t e o f
Washington, S t a t e of
Rhode I s l a n d , S t a t e o f
*Cook C o . , 1 1 1 .
Oregon, S t a t e of
* P u e r t o R i c o I n d u s . Med. P / c F a c . F i n . A u t h .
Los A n g e l e s Comm. R e d e v . A g c y . , CA
San A n t o n i o , TX
C a l i f o r n i a , S t a t e of
H a r r i s C o . , TX
^Washington Pub. Power Supply S y s t .
*New O r l e a n s , LA
N o r t h C a r o l i n a Muni. Power A g c y .
POSTPONEMENTS
Los A n g e l e s Comm. R e d e v . A g c y . , CA
Marion Co. Hosp. A u t h . , IN
Richmond R e d e v . A g c y . , CA

1

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

Rev.
Rev.
Rev.

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




Amount
(millions of dollars)

Approximate date
of offering

26.0
599.8
75.0
100.0
43.3
36.6
128.6
52.5
60.0
180.0
40.0
30.0
41.8
100.0
40.0
300.0-400.0
27.0
160.0

Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Sept.
Sept.
Sept.
Sept.
Sept.

30.0
26.3
59.0

Aug.
Aug.
Aug.

12
13
13
14
14
18
18
18
19
19
21
25
27
1
10
11
16
18

5
6
7

14. STOCK PRICES1
Date
1979-High
Low

NYSE Index3
63.39 (10/5)
53.88 (2/27)

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

AMEX4
247.07 (12/31)
152.03 ( 1/2)

NASDAQ5
152.29 (10/5)
117.84 ( 1/2)

1980-High
Low

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

1000.17 (11/20)
759.13 ( 4/21)

370.75 (11/29)
215.69 ( 3/27)

208.15 (11/28)
124.09 ( 3/27)

1981-High
Low

79.14 ( 1/6)
72.45 ( 2/20)

1024.05 ( 4/27)
931.57 ( 2/13)

379.77 ( 5/27)
330.34 ( 2/20)

223.47 ( 5/29)
192.29 ( 2/20)

1981-July

2
10
17
24
31

74.73
75.15
75.96
74.60
75.95

959.18
955.67
958.90
936.74
952.34

366.84
363.44
370.02
366.72
361.97

212.80
210.54
212.76
208.00
211.63

Aug.

7

76.58

942.54

369.52

211.36

15. TRADING VOLUME2
AM EX

NYSE

Date

NASDAQ

1979-High
Low

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

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

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

1980-High
Low

84.1 ( 11/5)
16.1 (12/26)

15.0 ( 1/15)
2.5 ( 4/14)

60.4 (11/19)
10.7 ( 4/14)

1981-High
Low

92.9 (
28.9 (

15.8 ( 1/7)
3.6 ( 2/13)

53.2 (
19.7 (

1981-July

2
10
17
24
31

Aug.

7

1/7)
1/2)

43.4
45.9
42.8
44.4
41.3r

4.7
4.3
4.1
4.2
4.8

32.9
29.1
27.7
29.0
2 7 . Or

46.4

4.7

29.9

1 Figures other than highs and lows are Friday figures only.
2 Volume figures are weekly averages of daily figures (millions of shares). Highs and lows refer to single days.
3 12/31/65 = 50
4 8/31/73 = 100
5 2/5/71 = 1 0 0




1/7)
1/2)

16. SECURITY CREDIT?
Outstanding, dollar amounts in millions
cna ot periou

Marginable
stock

Convertible
bonds

Number of
margin accounts
(thousands)

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

1976

7,960

204

810

88

1977

9,740

250

885

81

1978

10,830

205

955

67

1979

11,450

167

1,020

84

1980

14,500

219

1,180

86

Jan.
Feb.
Mar.

10,750
10,790
10,870

199
195
181

950
950
965

79
71
79

Apr.
May
June

11,220
11,130
11,590

194
183
172

960
970
980

77
78
79

July
Aug.
Sept.

11,840
12,060
12,000

178
176
177

970
995
1,005

81
86
84

Oct.
Nov.
Dec.

11,310
10,920
11,450

173
161
167

985
1,000
1,020

73
83
84

Jan.
Feb.
Mar.

11,820
12,460
11,740

165
175
171

1,035
1,065
1,075

87
84
54

Apr.
May
June

11,140
11,270
11,200

168
167
165

1,055
1,055
1,065

72
81
83

July
Aug.
Sept.

11,320
11,800
12,520

198
204
208

1,075
1,095
1,105

88
89
87

Oct.
Nov.
Dec.

13,080
14,140
14,500

211
220
219

1,120
1,155
1,180

87
87
86

Jan.
Feb.
Mar.

14,020
13,950
14,020

221
220
222

1,195
1,205
1,235

Apr.
May
June

14,630
14,700
14,870

238
250
254

1,260
1,260
1,320

1979

1980

1981

1

Margin credit extended
by brokers on:

-

-

-

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




k

80
80
84
79
79
75

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

Net flow
N.S.A.

Sea. adj.

Annual
growth
rate 3

Net flow
N.S.A.

Sea. adj.

Annual
growth
rate 3

Memo:
Net New Money2

Total

Savings and Loan Associations

Net
flow
(sea. adj.)

Annual
growth
rate 3

At
insured
S&L's

At
MSB's

1976

12,670

11.6

50,169

17.5

62,854

15.9

34,369

5,283

1977

10,783

8.7

50,888

15.0

60,982

13.3

3],004

2,874

1978

8,426

6.3

44,153

11.3

52,292

10.1

23,460

-591

1979

2,900

2.1

39,051

9.1

42,226

7.4

15,029

-6,963

1980

7,380

5.1

40,955

8.7

48,330

7.9

10,667

-4,831

—0 • 6
2.9
0.6

2,006
1,199
4,744

2,799
2,795
2,822

7.4
7.4
7.4

2,723
3,139
2,898

5.5
6.3
5.8

1,455
717
-198

-733
-504
-1,072

-372
-245
266

-3.1
-2.0
2.2

1,855
1,153
4,505

2,810
3,009
2,666

7.3
7.8
6.8

2,438
2,764
2,932

4.8
5.5
5.8

1,314
732
-700

-1,421
-765
-987

-927
141
930

-399
189
-115

-3.3
1.6
-1.0

2,059
1,622
4,390

2,206
2,734
-101

5.6
6.9
-0.3

1,807
2,923
-216

3.5
5.7
-0.4

1,167
1,079
-696

-1,436
-543
-679

Apr.
May
June

-449
881
1,770

481
1,001
991

4.0
8.3
8.2

325
3,011
5,269

4,235
3,078
3,118

10.7
7.7
7.8

4,716
4,079
4,109

9.2
7.9
7.9

-817
1,785
-169

-1,024
242
-176

July
Aug.
Sept.

992
610
1,377

1,274
1,017
914

10.5
8.3
7.4

2,216
2,507
5,588

3,083
4,130
3,513

7.6
10.1
8.6

4,359
5,147
4,427

8.3
9.7
8.3

961
1,285
6

246
1
-460

Oct.
Nov.
Dec.

402
312
1,307

1,078
401
496

8.7
3.2
4.0

3,870
2,507
7,591

4,909
4,498
5,693

11.9
10.8
13.5

5,987
4,899
6,184

11.1
9.0
11.3

2,550
1,461
2,055

-169
-227
-639

1981-Jan.
Feb.
Mar.

-365
295
1,284

200
349
191

1.6
2.8
1.5

1,987
2,304
3,740

1,983
3,546
-1,105

4.7
8.3
-2.6

2,183
3,895
-919

3.9
7.0
-1.6

599
879
-2,137

-979
-385
-757

Apr. ' - 1 , 2 0 1
May
229
June?
700

-210
349
-135

-1.6
2.8
-1.1

-2,919
1,557
164

1,461
1,519
-2,133

3.4
3.5
-4.9

1,251
1,868
-2,268

2.2
3.4
-4.1

-4,638
-70
-5,613

-2,025
-676
-1,400

1979-July
Aug.
Sept.

-337
-92
520

-76
344
76

Oct.
Nov.
Dec.

-983
-325
1,006

1980-Jan.
Feb.
Mar.

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 ofindustry 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.




17
18. MORTGAGE COMMITMENTS OUTSTANDING AT SELECTED INSTITUTIONS
Billions of dollars, seasonally adjusted
Federal and Related Agencies

Thrift Institutions
End of Period

Total

All savings
and loan
associations

Mutual
savings banks
( N . Y . state)

Total

FNMA

GNMA

FHLMC

1979

31.4

28.1

3.3

12.1

6.5

4.6

1.0

1980

28.8

27.3

1.5

9.0

3.3

5.1

0.6

1980-Jan.
Feb.
Mar.

30.7
29.9
26.5

27.5
27.1
24.0

3.2
2.8
2.5

11.7
11.1
10.6

6.0
5.6
5.3

4.7
4.5
4.5

1.1
1.0
0.8

Apr.
May
June

22.9
21.2
22.5

20.7
19.3
20.7

2.2
1.9
1.8

9.5
9.5
10.5

4.4
3.7
3.9

4.4
5.0
5.6

0.6
0.9
1.0

July
Aug.
Sept.

25.6
28.5
29.8

23.7
26.7
28.0

1.9
1.8
1.8

10.7
10.8
10.8

4.2
4.6
5.0

5.4
5.2
5.0

1.1
1.0
0.8

Oct.
Dec.

29.4
29.4
28.8

27.7
27.8
27.3

1.7
1.6
1.5

10.1
9.7
9.0

4.5
3.9
3.3

4.9
5.1
5.1

0.7
0.7
0.6

1981-Jan.
Feb.
Mar.
Apr.
May
June

28.5
27.6
26.9
27.0
26.5
n.a.

27.1
26.2
25.5
25.3
24.8
24.7

1.4
1.4
1.4
1.7
1.7
n.a.

10.3
9.6
9.1
8.6
8.1
9.3

3.3
2.8
2.3
2.1
2.1
2.9

6.3
6.2
6.0
5.8
5.7
5.5

0.7
0.6
0.8
0.7
0.3
0.9

Nov.

sszsxz'.

process. Subtotals may not add t o total because of rounding.




.

18
19. NET NEW MONEY BORROWINGS BY MAJOR HOUSING CREDIT AGENCIES
:
1 NMA

FNMA

and FHLB
short-term
discount notes

0

900

-619

496

-4

952

1,288

13,578

6,302

576

6,700

5,452

967
1,457
912

0
1,033
1,372

0
834
0

0
199
-128

0
0
1,500

967
424
—460

Apr.
May
June

1,027
304
1,363

997
215
1,299

0
222
0

-3
-7
199

1,000
0
1,100

30
89
64

July
Aug.
Sept.

1,625
360
398

1,916
613
-154

700
415
0

216
198
146

1,000
0
-300

-291
-253
552

Oct.
Nov.
Dec.

2,297
1,791
1,375

1,599
1,453
150

1,300
953
0

-1
0
150

300
500
0

698
338
1,225

1980-Jan.
Feb.
Mar.

328
927
3,580

-2
10
1,780

0
-350
1,400

-2
160
-120

0
200
500

330
917
1,800

Apr.
May
June

2,205
1,366
-929

1,499
2,649
1,000

1,000
900
0

-1
-1
0

500
1,750
1,000

706
-1,283
*1,929

July
Aug.
Sept.

-979
-458
1,325

442
1,200
253

0
200
1,000

-8
0
-97

450
1,000
-650

-1,421
-1,658
1,072

Oct.
Nov.
Dec.

3,607
313
3,390

1,300
900

1,600
150

0
0

-300
750

2,307
-587

250

700

0

-450

3,140

1,000
300
-650 i

-1,375
-514
912 •

-800
0

719
1,579

Intermediate- and long-term issues

Total including
short-term
discount notes

Total

FHLB

1976

-1,750

-1,131

-2,031

1977

2,732

1,444

1978

19,030

L979-Jan„
Feb.
Mar.

Period

1981-Jan.
Feb.
Mar.
Apr.
May

207
-18
957.
1,119
2,979

Based on data from Treasury Survey of Ownership.




1,582
496
45 •
400
1,400

600
200
800 >
1,200
1,400

FHLMC

-18
-4
-105 .
0
0

19
20. NET CHANGE IN MORTGAGE HOLDINGS AT SELECTED INSTITUTIONS
Millions of dollars, seasonally adjusted

Period

Total

Total

Major private financial institutions
Commercial
Life insur.
S&L's companies
MSB's
banks

FNMA
and
GNMA

FHLMC

Mortgage pools
FHLMCGNMAguaranteed guaranteed

1979

122,984

88,780 29,225

3,882

43,064

12,609

8,162

976

20,804

3,262

1980

86,712

59,254 18,574

491

27,826

12,363

7,314

1,036

17,445

1,663

1980
Jan.
Feb.
Mar.

9,423
8,736
7,327

5,917
6,397
5,163

2,260
2,328
1,973

152
275
22

2,126
2,557
1,828

1,379
1,238
1,340

1,061
664
1,087

50
99
9

2,229
1,439
862

166
138
206

Apr.
May
June

7,047
3,340
2,398

3,493
1,414
714

1,447
620
195

-13
106
-109

857
—438
—236

1,203
1,127
864

1,125
533
259

135
-72
-1

2,125
1,263
1,246

169
202
181

July
Aug.
Sept.

6,111
7,624
8,076

3,871
5,575
6,287

1,095
1,084
1,159

—116
-103
-14

1,767
3,587
4,442

1,125
1,006
700

315
109
72

60
142
169

1,596
1,639
1,326

269
159
222

10,683
7,846
8,100

8,121
6,403
5,899

2,601
1,868
1,945

169
74
48

4,511
3,631
3,195

840
829
711

109
595
844

146
97
200

1,770
771
1,180

36
-21
-63

6,491
7,490
5,466
8,201
5,588
n.a.

5,262
5,512
4,526
5,983
4,373
n.a

1,365
1,564
2,090
2,879
2,032
1,792

121
125
21
144
-92
n.a.

3,066
2,747
1,787
2,201
1,688
1,576

160
74
-133
108
-278
n.a

-68
139
-35
134
209
59

964
1,637
892
1,791
1,042
1,777

173
122
216
77
242
59

Oct.
Nov.
Dec.
1981
Jan.
Feb.
Mar.
Apr.
May
June

710
1,082
628
759
745
n.a.

Monthly data for commercial banks based on Federal Reserve estimates bench marked to Call Report data on real estate loans outstanding as available.
Other data derived from mortgage debt outstanding as reported separately by National Association of Mutual Savings Banks, Federal Home Loan Bank
Board, American Council of Life Insurance, the Federal National Mortgage Association, the Government National Mortgage Association, and the Federal
Home Loan Mortgage Corporation. Data for mutual savings banks and life insurance companies may differ somewhat from those derived from regular
quarterly series because of minor conceptual differences for which adjustments are not made in the monthly series. Altogether, these groups accounted
for 89 percent of the net increase estimated for all holders in 1978.




20
21. NET CHANGE IN MORTGAGE DEBT OUTSTANDING, BY TYPE OF PROPERTY 1
Billions of dollars, seasonally adjusted annual rates
Quarter

1

Total

Total

Residential
1- to 4family

Multifamily

Commercial

Multifamily
and
commercial

Farm

1976-Q1
Q2
Q3
Q4

84.0
75.1
92.1
97.7

68.4
59.4
72.6
78.1

62.8
55.6
68.9
75.5

5.6
3.8
3.7
2.6

10.8
11.3
13.2
12.4

16.4
15.1
16.8
15.0

4.8
4.4
6.4
7.3

1977-01
Q2
Q3
Q4

106.6
129.2
142.3
151.2

84.1
109.6
115.6
117.6

79.5
101.3
108.8
108.0

4.6
8.3
6.8
9.6

16.1
11.2
19.9
26.8

20.7
19.5
26.7
36.4

6.4
8.4
6.8
6.8

1978-01
Q2
03
Q4

132.7
146.4
152.8
161.6

102.2
115.1
123.4
134.1

92.8
104.2
115.2
125.2

9.4
10.9
8.2
8.9

23.8
23.3
21.4
20.0

33.1
34.2
29.6
28.9

6.7
8.0
8.0
7.5

1979-01
Q2
Q3
Q4

151.6
158.9
162.2
150.8

116.7
122.3
125.8
115.8

109.7
113.9
118.5
107.8

7.0
8.4
7.3
8.0

23.7
23.9
25.3
24.9

30.7
32.3
32.6
32.9

11.2
12.7
11.1
10.1

1980-Q1
Q2
Q3
Q4

152.0
74.0
123.1
153.4

101.9
42.0
98.8
114.8

93.6
34.3
90.6
105.4

8.3
7.7
8.2
9.4

33.0
18.0
13.8
24.2

41.3
25.7
22.0
33.6

17.1
14.0
10.5
14.4

1981-Q1

108.0

76.8

71.4

5.4

19.5

24.9

11.7

Derived from data on mortgage debt outstanding from Federal Deposit Insurance Corporation, Federal Home Loan Bank Board, Institute of Life
Insurance, National Association of Mutual Savings Banks, Departments of Commerce and Agriculture, Federal National Mortgage Association, Federal
Housing Administration, Veterans Administration and Comptroller of the Currency. Separation of nonfarm mortgage debt by type of property, where
not available, and interpolations and extrapolations, where required, estimated mainly by Federal Reserve.




22. AVERAGE RATES AND YIELDS ON HOME MORTGAGES AND PASS-THROUGH SECURITIES
Secondary market
Primary market
FHA/VA mortgages
Rates on
Discount
Yield on
Yield in
conventional
Ceiling
Period
points
Period
GNMA
FNMA
loans at
rate
in FNMA
securities
auction
S&L's
auction

Conventional mortgages
Yield in
FNMA
auction

Yield in
FHLMC
auction

1979-High
Low

12.90
10.38

1979-High
Low

13.29
10.42

12.54
4.16

11-1/2
9-1/2

11.77
9.51

13.97
10.92

13.56
10.40

1980-High
Low

16.35
12.18

1980-High
Low

15.93
12.28

15.40
.93

14
11-1/2

14.17
10.73

17.51
12.81

16.22
11.60

1981-High
Low

17.11
14.80

1981 High
Low

17.27
14.84

12.51
3.49

15-1/2
13-1/2

16.55
13.18

16.94
14.83

17.11
14.16

3
10
17
24

15.40
15.50
15.65
15.77

Apr.

14
14-1/2
14-1/2
14-1/2

14.69
14.64
14.61
14.81

1
8
15
22
25

15.82
16.12
16.64
16.63
16.80

May

14-1/2
15-1/2
15-1/2
15-1/2
15-1/2

15.46
15.37
15.16
15.23
14.97

5
12
19
26

16.76
16.69
16.71
16.62

June

15-1/2
15-1/2
15-1/2
15-1/2

14.96
14.75
15.09
15.33

16.31

3
10
17
24
31

16.64
16.79
16.74
16.88
17.11

July

15-1/2
15-1/2
15-1/2
15-1/2
15-1/2

15.35
15.56
16.17
15.96
16.55

16.34

1981
Apr.

May

June

July

June

Aug.

6
13
20
27
4
11
18
26
1

——

16.47
——

16.61
——

——

10.14
—

10.81
——

17.21

8.58

16.65

5.89

8
15
22
29

16.17

6
13
20
27
4

16.43

——

16.17

3.49
——

3.47

4.82

——

16.87

7.56

——

17.27

8.80

——

15.57
—

15.75
——

16.42
16.45
——

——

16.29
——

—

16.53
—

16.94

15.35
15.44
15.51
15.69
16.35
16.77
16.51
16.45
16.31
16.16
15.98
16.13
16.43
16.56
16.69
16.96
16.99
17.11

Column 2 is average of contract interest rates on commitments for level-payment conventional first mortgages with 80 percent loan-to-value ratios and 30
year maturities made by a sample of insured S&Ls. Columns 4 and 8 are average gross yield to FNMA before deduction of the fee of 37% basis points paid
for mortgage servicing. They reflect the average accepted bid yield for first mortgages for optional delivery within 4 months, assuming prepayment in 12
years for 30-year loans, without adjustments for FNMA commitment fees and FNMA stock retention requirements. Column 7 is a 1-day quote on average
net yields to investors on GNMA-guaranteed mortgage-backed securities for immediate delivery, assuming prepayment in 12 years on pools of 30-year
FHA/VA mortgages carrying a coupon rate 50 basis points below the current FHA/VA ceiling rates shown in Column 6. Column 9 is the average net
yield to FHLMC on accepted bids in its weekly auction of commitments to buy conventional home mortgages for immediate (within 60 days) delivery.
Beginning July 7,1980, the FNMA auction results for FHA/VA mortgages do not include graduated payment mortgages.




22
23. FNMA AUCTIONS OF COMMITMENTS TO PURCHASE HOME MORTGAGES
Qollar amounts in millions
FHA/VA mortgages
Date of
Offered
Average yield
Accepted
Offered
auction
i

Conventional mortgag es
Average yield
Accepted

1980-High
Low

644.2
63.8

354.6
35.1

15.93
12.28

426.0
12.4

133.0
19.6

17.51
12.76

1981-High
Low

250.0
35.8

181.6
34.1

17.27
14.84

315.7
12.4

167.8
11.1

16.94
14.83

11
26

109.9
94.9

99.6
79.5

17.21
16.65

114.6
166.7

72.2
83.7

16.42
16.45

June

8
22

107.5
130.1

98.0
118.1

16.17
16.17

176.9
129.6

147.1
76.4

16.31
16.29

July

6
20

130.0
201.9

119.7
170.7

16.43
16.87

124.2
182.4

109.3
128.9

16.34
16.53

Aug.

4

250.0

181.6

17.27

315.7

167.8

16.94

1981-May

'

24. FHLMC AUCTIONS OF COMMITMENTS TO PURCHASE HOME MORTGAGES
Conventional mortgages, dollar amounts in millions
Future commitment pre>gram
Immediate delivery program
Date of
Average yield
Accepted
Offered
Average yield
auction
Accepted
Offered
1980-High
Low

401.4
4.9

200.3
2.5

16.22
11.60

255.2
34.1

26.9
10.5

17.15
12.89

1981-High
Low

141.6
32.0

65.9
13.2

17.12
14.16

73.6
25.2

18.4
5.0

17.24
15.16

——

—»

69.1

17.5

1981-May

June

July

Aug.

4
11
18
26

44.2
41.3
47.4
44.3.

15.2
13.2
21.0
20.1

16.35
16.77
16.51
16.45

2
9
16
23
30

72.2
83.8
76.3
82.1
52.5

25.9
29.9
40.9
35.2
16.2

16.31
16.16
15.98
16.13
16.43

7
14
21
28

65.7
51.7
34.4
31.0

16.9
16.7
14.1
14.8

16.56
16.69
16.96
16.99

4

31.7

15.5

17.12

—

17.12

—

——

——

——

——

—

53.8

17.4
—

16.90
—

—

——

"

—

——

25.2

12.4

17.24

——

—

—

—

—

commitment fees or stpck 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. Prior to June 24,1980, the FHLMC's future commitment program involved
6-month commitments; subsequently, 8-month commitments have been auctioned.
Source: FNMA and FHLMC




23
25. ISSUES OF MORTGAGE-BACKED SECURITIES
Millions of dollars, not seasonally adjusted

Period

GNMA-guaranteed
New issues

Outstanding
(end of period)

Pass-through securities
F H LMC-guaranteed
New issues

Outstanding
(end of period)

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

Privately insured
New issues

1978

15,358

54,347

6,212

11,892

1,011

1,141

465

1979

24,940

76,401

4,546

15,180

2,575

3,641

1,110

1980

21,950

93,874

2,527

16,853

5,133

8,724

290

1980-Jan.
Feb.
Mar.

2,611
1,354
1,125

78,849
79,900
80,843

180
207
106

15,274
15,397
15,454

405
205
342

4,227
4,421
4,771

50
0
0

Apr.
May
June

1,778
1,127
1,320

82,419
83,385
84,282

199
391
232

15,613
15,949
16,120

510
495
413

5,269
5,760
6,168

0
0
190

July
Aug.
Sept.

1,874
2,215
1,807

85,634
88,031
89,452

288
320
275

16,370
16,658
16,852

485
466
355

6,603
6,995
7,338

50
0
0

Oct.
Nov.
Dec.

2,255
1,613
1,569

91,425
92,574
93,874

187
94
48

16,950
16,912
16,853

402
628
427

7,708
8,342
8,724

0
0
0

1981-Jan.
Feb.
Mar.
Apr.
May
June
July

1,382
1,306
1,046
1,404
1,245
1,383
1,590

95,061
96,292
97,184
98,405
99,144
100,558
n. a.

168
94
127
97
422
94
n. a.

16,952
17,010
17,067
17,131
17,515
17,565
n. a.

529
251
460
506
714
623
n. a.

8,233
9,489
9,900
10,360
11,164
11,758
n. a.

0
0
0
40
0
0
0

GNMA-guaranteed securities are issued by private institutions and represent undivided interests in pools of Government-underwritten home mortgages
formed by these institutions. FHLMC-guaranteed securities include Participation Certificates and Guaranteed Mortgage Certificates issued by FHLMC
against pools of conventional residential mortgages formed by FHLMC. Privately-insured pass-through securities are issued by private institutions against
pools of conventional residential mortgeges #nd are underwritten by rfttjof private mortgage insurance companies.
Source: GNMA, FHLMC, HUD, and Federal Reserve.