Full text of H.16 Capital Market Developments : August 13, 1979

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1 Research Ub<*v

Capital
Market
Developments

August 13, 1979

Prepared by the
C A P I T A L MARKETS SECTION
in conjunction with the
MORTGAGE and CONSUMER
FINANCE SECTION




DIVISION O F 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

S U B S C R I P T I O N 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 t o one address, $13.50 per
year or $.35 each. Elsewhere, $20.00 per year or $.50
each. Address requests to Publications Services, Divi-

TABLES

1-6
7, 8

SECURITY VOLUME AND YIELDS
STOCK MARKET AND SECURITY
CREDIT
9 - 1 6 MORTGAGE MARKET

sion of Administrative Services, and make payment
remittance payable to the order of the Board of
Governors of the Federal Reserve System in a f o r m
collectible at par in U.S. Currency.




SYMBOLS
e

ESTIMATE

P

PRELIMINARY

r

REVISED

n.3.

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

Table 1

YIELDS, VOLUME AND RECEPTION
CORPORATE BOND MARKET
VOLUME

YIELDS
WEEK ENDING

1979 - J u l y

Aug.

6
13
20
27
3
10

NEW ISSUE
Aaa UTILITY

1

RECENTLY
OFFERED
Aaa UTILITY

2

GROSS
OFFERINGS
($ MILLIONS)

3

PER CENT
SOLD BY END
OF WEEK

NEW ISSUES 4
IN SYNDICATE
($ MILLIONS)

9.57
9.63

9.41
9.50
9.58
9.59

175
440
257
754

77
70
96
90

40
133
10
79

9.52r
9.39p

9.57
9.44p

429
529

90
86

42
72

——
——

MUNICIPAL BOND MARKET
VOLUME

YIELDS
WEEK ENDING

MOODY'S
NEW ISSUE
Aaa

BOND BUYER
20-BQND
INDEX

GROSS
OFFERINGS
($ MILLIONS)

3

PER CENT
SOLD BY END
OF WEEK

NEW ISSUES 4
IN SYNDICATE
($ MILLIONS)

1979 - J u l y

6
13
20
27

5.50
5.60
5.60
5.60

6.08
6.11
6.15
6.19

465
836
427
941

83
90
82
86

278
299
272
274

Aug.

3
10

5.60
5.70

6.14
6.13

548
823

92
81

208
291

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
restrict*### semetime during the last four weeks.

1
4

Ertmftetf by F.R. en the basis of available data.
Corporate Market: Salomon Brothers Bond Market Roundup; Municipal Market: Weekly Bond Buyer. Data are adjusted by Federal Reserve when
Tmrnnr
make coverage of this series consistent with the gross offerings series.




Table 2

HIGH GRADE BOND YIELDS
NEW I S S U E
A a a UTILITY

DATE

1

RECENTLY O F F E R E D
A a a UTILITY

2

MOODY'S S E A S O N E D
CORPORATE A a a

3

U . S . GOVT. 2 0 - Y E A R
C O N S T A N T MATURITY

4

B O N D 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 (10/3)
6.27 (2/13)

1976 - High
Low

8.95 (5/28)
7.93 (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)
5.95 (12/16)

1977 - High
Low

8.36 (12/16)
7.90 (1/7)

8.84 (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)

1978 - High
Low

9.29 (12/15)
8.60 (3/24)

9.54 (12/22)
8.84 (1/6)

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

9.00 (12/22)
8.02 (1/6)

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

1979 - High
Low

9.87 (4/27)
9.39 (8/10)

9.93 (5/11)
9.39 ( 6 / 2 9 )

9.52 (5/11)
9.16 ( 7 / 6 )

9.30 (5/11)
8.79 (7/6)

6.42 (3/2)
6.08 (7/6)

1979 - May
June
July

9.83
9.50
9.58r

9.83
9.50
9.53

9.50
9.29
9.20

9.21
8.91
8.92

6.25
6.13
6.13

9.16
9.17
9.19
9.23

8.79
8.97
8.98

6.08
6.11
6.15
6.19

9.24r
9.20p

8.96r
8. 91p

6.14
6.13

1979 - J u l y

Aug.

6
13
20
27

9.57
9.63

9.41
9.50
9.58
9.59

3
10

9.52r
9. 39p

9.57
9.44p

mm mm

——

8.88

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

Table 3

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

GROSS PROCEEDS

1

CORPORATE

PERIOD

2

STATE AND LOCAL

1979

1978

1977

1979

1978

1977

February
March

3,668
3,165
3,922e

3,326
2,770
4,569

4,358
2,790
5,578

2,810
2,512
4,477

3,306
2,753
4,844

3,402
3,442
4,063

April
May
June

4,lOOe
3,200e
6,200e

3,397
4,227
5,539

3,928
3,733
5,632

3,056
3,087
4,400e

3,824
5,525
4,369

3,409
4,566
5,786

July
August
September

3,550e

4,414
3,379
4,236

4,251
3,458
4,178

3,200e

3,920
6,407
2,323

3,113
4,118
4,013

3,799
3,207
4,401

4,025
5,341
6,518

3,231
4,320
3,690

3,807
3,332
3,646

January

October
November
December
01
02
03
04

10,755e
13,500e

10,665
13,163
12,029
11,407

12,726
13,295
11,887
15,884

9,799
10,543e

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

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

1st Half
3 Qtrs.
Year

24,255e

23,828
35,857
47,264

26,021
37,908
53,792

20,342e

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.




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
TOTAL

PUBLICLY
OFFERED

COMMUNICATIONS

OTHER
ISSUERS

10,665
13,163
12,029
11,407

4,748
5,422
5,159
4,486

3,886
4,788
4,526
3,891

2,031
2,953
2,344
3,030

233
260
120
189

4
158
115
129

2,555
3,148
2,699
2,411

2,433
3,728
3,049
3,041

854
424
1,143
1,219

4,822
5,863
5,142
4,737

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

3,326
2,770
4,569
3,397
4,227
5,539
4,414
3,379
4,236
3,799
3,207
4,401

1,382
1,464
1,902
1,959
1,719
1,744
2,052
1,497
1,610
1,651
1,608
1,227

1,311
730
1,845
931
1,469
2,388
1,734
1,100
1,692
964
873
2,054

633
576
822
507
1,039
1,407
628
782
934
1,184
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

465
755
1,335
606
958
1,854
843
740
1,116
498
840
1,073

644
531
1,258
743
1,713
1,272
793
877
1,379
1,626
761
654

529
34
291
75
349
376
552
215
302
457
460

1,689
1,450
1,683
1,973
1,557
2,333
2,404
1,211
1,527
1,372
1,150
2,215

1979-January
February

3,668
3,165

1,282
1,336

1,722
916

664
913

16
10

3
5

907
471

890
1,186

259
558

1,612
949

1978-1
II
III
IV

NOTES:
1

PUBLIC
UTILITY

Other issuers are extractive, railroad and other transportation, real estate and finance, and commercial and other.

Source: Securities and Exchange Commission.




-

-

1

Table 5A

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY '
J u l y 30 t h r o u g h August 10, 1979

ISSUER

CORPORATE

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

Western B a n c o r p .
S t . L o u i s S o u t h w e s t e r n Ry.
Sun Chemical C o r p .
N a t i o n a l F u e l Gas Co.
Eureka F e d e r a l S&L A s s o c .
G i b r a l t e r S&L A s s o c .
P u l l m a n L e a s i n g Co.
Gerber S c i e n t i f i c I n c .
Argo P e t r o l e u m C o r p .
B o s t o n E d i s o n Co.
Potomac E l e c . Power Co.
C l e v e l a n d E l e c t r i c I l l u m i n a t i n g Co.
U n i t e d Energy R e s o u r c e s I n c .
Gulf S t a t e s U t i l i t i e s Co.
Burlington Northern Inc.
Southland Corp.
Kentucky U t i l i t i e s Co.
Union C a r b i d e Corp.
Union C a r b i d e Corp.
E l Paso E l e c t r i c Co.

Conv. d e b t .
Equip, t r .
Debt.
Debt.
tftg.-backed
Mtg.-backed
Equip, t r .
Debt.
Conv. d e b t .
Com. s t k .
Pfd. s t k .
Com. s t k .
Com. s t k .
Pfd. s t k .
Equip, t r .
Debt.
1 s t mtg.
Debt.
Notes
Com. s t k .

100.0
24.6
40.0
40.0
45.0
100.0
40.0
18.0
15.0
44.8
35.0
81.0
44.0
35.0
23.6
75.0
50.0
200.0
100.0
16.5

2004
1980-1994
1996
1999
1986
1989
1999
1984
1999

OTHER
Canon, I n c .

Conv. d e b t .

80.0

1994

— —

7.25
9.75-9.35
11.25
9.88
9.85
9.50
9.70
12.13
10.00

8.46

8.46

- -

-

MOODY'S/S&P'S
RATINGS

A/--

Aaa/AAA
B/BBA/A
Aaa/AAA
Aaa/AAA
A/A
B/B
--/ccc
— —

A/A

-

-

-

-

-

-

- -

-

-

-

-

1980-1994
2004
2009
2009
1986

8.46
9.25
9.50
9.63
9.35
9.13

-

8.46
9.75-9.25
9.58
9.50
9.35
9.22

A/A
Aa/AA
A/A
Aa/ AA
Aa / A+
Aa/A+

——

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




OFFERING
YIELD

7.25
9.25
11.25
9.88
9.85
9.50
9.63
12.13
10.00

- -

NOTES:
*
Rights offering.
1

COUPON RATE

6. 75

6.75

•—/A-

oo
Table SB

INTERMEDIATE AND LONG-TERM *
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY '
J u l y 30 t h r o u g h August 10, 1979
ISSUER
S T A T E AND LOCAL

Anchorage, Alaska
Santa Barbara, C a l i f .
Santa Barbara, C a l i f .
M u n i c i p a l A s s t . C o r p . , N.Y.C.
M u n i c i p a l A s s t . C o r p . , N.Y.C.
M u n i c i p a l A s s t . C o r p . , N.Y.C.
S o u t h e a s t Texas Hosp. F i n . Agcy.
S o u t h e a s t Texas Hosp. F i n . Agcy.
S o u t h e a s t Texas Hosp. F i n . Agcy.
South Dakota S t u d e n t Loan A s s t . C o r p .
South Dadota S t u d e n t Loan A s s t . C o r p .
S o u t h Dakota S t u d e n t Loan A s s t . C o r p .
A b i l e n e H i g h e r E d u c . A u t h . , Texas
A b i l e n e H i g h e r Educ. A u t h . , Texas
Boone C o u n t y , Mo.
Boone C o u n t y , Mo.
C a l i f o r n i a Hsg. F i n . Agcy.
C a l i f o r n i a Hsg. F i n . Agcy.
C a l i f o r n i a Hsg. F i n . Agcy.
Mercer Co. Improv. A u t h . , N . J .
Mercer Co. Improv. A u t h . , N . J .
Mercer Co. Improv. A u t h . , N . J .
Mercer Co. Improv. A u t h . , N . J .
Mercer Co. Improv. A u t h . , N . J .
Mercer Co. Improv. A u t h . , N . J .

TYPE

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

AMOUNT
(MILLIONS OF
DOLLARS)

11.0
2.1
9.3
16.0
16.2
100.0
17.5
11.2
8.6
28.0
9.6
14.5
7.5
2.5
7.7
11.3
15.8
22.7
61.5
9.6
5.9
11.4
6.2
8.0
19.1

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 t h a n 12 m o n t h s .




MATURITY

1980-1999
1981-1994
2014
1993
1994
1999
1980-2004
1980-2002
2009
1980-1995
1989
1996
1983-1993
1997
1982-1999
2009
1981-1999
2009
2022
1982-1994
1999
2006
2009
2017
2018

NET INTEREST
COST

6.48
6.27
6.27
7.70
7.70
7.70
- -

6.46
6.46
6.46
- -

7.02
7.02
- - -

- -

6.33
6.33
6.33
6.33
6.33
6.33

OFFERING
YIELD

5.35-6.50
5.10-5.70
6.20
7.40
7.46
7.63
5.10-6.25
5.15-6.30
6.50
5.40-6.45
6.00
6.50
5.40-6.10
6.40
5.50-7.00
7.12
5.25-6.50
6.79
6.89
5.10-5.70
6.00
6.30
6.34
6.40
6.43

MOODY'S/S&P'S
RATINGS

Baa-l/A
A-l/A
A-l/A
Baa-l/A
Baa-l/A
Baa-l/A
Aaa/AAA
Aa/AA
Aa/AA
--/A
--/A
--/A
--/A
--/A
A / P r o v . AA / P r o v . ACon.A-l/A+
Con.A-l/A+
Con.A-l/A+
Con.Aa/AA
Con.Aa/AA
Con.Aa/AA
Con.Aa/AA
Con.Aa/AA
Con.Aa/AA

Table 5B Continued

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
J u l y 30 t h r o u g h August 10, 1979

ISSUER
STATE AND LOCAL

Mercer C o . , W. Va.
Mercer C o . , W. Va.
Mercer C o . , W. Va.
C l e v e l a n d C t y . Home Loan Auth. , Okla.
C l e v e l a n d Cty. Home Loan Auth , Okla,
F l o r i d a , S t a t e of
S t . Tammany Pub. T r u s t . F i n . A u t h . ,
La.
S t . Tammany Pub. T r u s t F i n . A u t h . , La
S t . Tammany Pub. T r u s t F i n . A u t h . , La
Monroe-West Monroe Pub. T r u s t F i n .
A u t h . , La.
Monroe-West Monroe Pub. T r u s t F i n .
Auth., La.
Monroe-West Monroe P u b . T r u s t . F i n .
A u t h . , La.
N a s h v i l l e & Davidson County, Tenn.
Moorhead, Minn.
Moorhead, Minn.
Tallahassee, Fla.
C a l i f o r n i a , S t a t e of
Kenton County A i r p o r t B d . , Ky.
Sulphur Hsg. & Mortgage F i n . T r u s t ,
La.
Sulphur Hsg. & Mortgage F i n . T r u s t .
La.
Marion C o . , W. Va.
**

Canadian I n t e r e s t Cost




TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

NET INTEREST
COST

OFFERING
YIELD

MOODY'S/S&P'S
RATINGS

—-"

5.40-7.00
7.25
7.25
5.40-7.00

5.80

5.00-6.05

Aa/AA
Aa/AA
Aa/AA
A-l/AAA-l/AAAa/AA

5.40-7.00
7.20
7.20

Aa/AA
Aa/AA
Aa/AA

1981-1999

5.40-7.00

Aa/AA

2010

7.20

Aa/AA

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

7.1
10.6
2.3
9.2
18.4
10.0

1981-1999
2010
2011
1981-1999
2011
1981-2008

Rev.
Rev.
Rev.

17.3
26.4
6.3

1981-1999
2010
2011

Rev.

13.7

Rev.

21.3

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

5.0
21.0
4.5
15.5
12.0
125.0
17.0

2011
1980-2004
1981-1994
2011
1981-2001
1980-2004
1981-2002

Rev.

4.0

1980-1999

Rev.
Rev.

7.5
9.3

2010
1981-2001

7.20
7.20
7.20

—

—
—

——

5.62
.

——

5.92**
5.52
6.25
——

7.20
5.00-5.90
5.40-6.50
7.10
5.15-6.00
4.80-5.75
5.30-6.55
——

——

5.50-7.20

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

Table 5B Continued

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
J u l y 30 t h r o u g h August 10, 1979

ISSUER
STATE AND LOCAL

Marion C o . , W. Va.
P u l a s k i C t y . Hsg. F a c . B d . , Ark.
P u l a s k i Cty. Hsg, F a c . B d . , Ark.
P u l a s k i C t y . Hsg. F a c . B d . , Ark.
Raleigh, F a y e t t e & Nicholas Cos.;
W. Va.
Raleigh, Fayette & Nicholas Cos.,
W. Va.
R a l e i g h , F a y e t t e & N i c h o l a s Cos.
W. Va.
Wayne C o . , Mich.
H a r r i s C o . , Tex.
P o r t of Houston A u t h . , Tex.
E a s t Baton Rouge P a r . Hosp. S e r v .
D i s t . #3, La.
E a s t Baton Rouge P a r . Hosp, S e r v .
D i s t . #3. La.
New York S t a t e Dorm. Auth.
New York S t a t e Dorm. Auth.
New York S t a t e Dorm. A u t h .
West C o a s t Reg. Water Supply A u t h . ,
Fla.
West C o a s t Reg. Water Supply A u t h . ,
Fla.




TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

Rev.
Rev.
Rev.
Rev.

12.2
30.8
57.2
12.0

2011
1981-1999
2010
2011

7.14
7.14
7.14

7.38
5.40-7.00
7.25
7.25

— / AAAa/AA
Aa/AA
Aa/AA

Rev.

11,6

1981-1999

7.20

5.40-7.00

Aa/AA

Rev.

17.3

2010

7.20

7,25

Aa/AA

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

3.7
28.2
10.0
15.0

2011
1980-1982
1980-1999
1980-1999

7.20
6.14
5.46
5.46

7.25
5.90-6.00
5.00-5.70
5.00-5.70

Rev.

3.7

1982-1995

Rev.
Rev.
Rev.
Rev.

8.5
28.0
43.2
20.3

2008
1981-1996
2006
2009

Rev.

8.4

Rev.

9.8

MATURITY

NET INTEREST
COST

OFFERING
YIELD

MOODY'S/S&P'S
RATINGS

Aa/AA
MIG3/—
Aaa/AAA
Aaa/AAA

5.50-6.75

— —

7.20
5.75-7.20
7.30
7.29

Baa/A
Baa/A
Baa/A

1981-2000

6.36

5.25-6.25

A/A+

2010

6.36

6.34

——

——

— / —

A/AAA

11
Table 6 A

FORTHCOMING INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY '
As of August 1 0 , 1979

ISSUER
CORPORATE

*Southern R a i l w a y Co.
Oklahoma Gas & E l e c . Co.
Idaho Power Co.
Wltco Chemical Corp.
*Washington M u t u a l S a v i n g s Bank
*Home S a v i n g s & Loan A s s o c .
A. E. S t a l e y Manuf. Co.
Nevada Power Co.
N o r t h w e s t e r n B e l l T e l e p h o n e Co.
A l l e g h e n y Power System
Long I s l a n d L i g h t Co.
Iowa P u b l i c S e r v i c e Co.
P u b l i c S e r v i c e Co. of I n d i a n a
Richmond Tank Car Co.
Wang Lab. I n c .
Grumman C o r p .
Kansas Gas & E l e c t r i c Co.
* F i r s t Union R e a l E s t a t e I n v e s t m e n t s
E q u i t a b l e L i f e Mortgage & R e a l t y
Investors
Gamble-Skogmo I n c .
A p p a l a c h i a n Power Co.
Texas American O i l Corp.
Resorts International Inc.
S o u t h e r n C a l i f . Edison Co.
*American E l e c t r i c Power Co.
South C e n t r a l B e l l T e l . Co.
Union P a c i f i c R a i l r o a d Co.
Potomac E d i s o n Co.
^ N i a g a r a Mohawk Power Co.
A t c h i s o n , Topeka & S a n t a Fe
Ry. Co.
* C e n t r a l & South West C o r p .
L o u i s v i l l e Gas & E l e c t r i c Co.
* L o u i s v i l l e Gas & E l e c t r i c Co.
^Consumers Power Co.
Southwest Gas Co.

TYPE

AMOUNT
(IN MILLIONS
OF DOLLARS)

Equip. t r .
Com. s t k .
Com. s t k .
Debt.
M t g . - b a c k e d bonds
Mtg.-backed c e r t s .
Com. s t k .
Com. s t k .
Debt.
Com. s t k .
Pfd. stk.
1 s t mtg.
Com. s t k .
Pfd. stk.
Com. s t k .
Com. s t k .
Com. s t k .
Conv. d e b t .

23.3
34.0
37.5
50.0
50.0
100.0
30.0
20.0
300.0
80.0
75.0
50.0
50.0
18.8
20.0
50.0
24.0
40.0

Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug,
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.

Floating-rate notes
Conv. d e b t .
1 s t mtg.
Debt.
Debt.
Pfd. stk.
Com. s t k .
Debt.
Equip. T r .
1 s t mtg.
Com. s t k .

50.0
35.0
35.0
20.0
60.0
75.0
161.0
250.0
20.0
30.0
40.0

Aug.
Aug.
Aug.
Aug.
Aug./Sep t
Sept.
5
Sept.
6
S e p t . 11
S e p t . 11
S e p t . 18
S e p t . 18

14
14
15
16
16
16
20
21
21
22
27
28
28

•

Equip. t r .
Com. s t k .
1 s t mtg.
Pfd. stk.
Com. s t k .
Com. s t k .

24.0
80.0
25.0
25.0
96.0
20.0

NOTES:
*

Included in table for first time.

1

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




APPROXIMATE
DATE OF OFFERING

Sept.
Sept.
Sept.
Sept.
Sept.
Sept.

18
19
26
26

12
Table 6B

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

1

As of August 1 0 , 1979

ISSUER
STATE & LOCAL

J a c k s o n C o . , W. Va.
*Derry Tp. Mun. A u t h . , P a .
* F a r m i n g t o n , N. Mexico
^ V i r g i n i a C o l l e g e Bldg. Auth.
*Inglewood, C a l i f .
*Rapides P a r . Housing & M o r t . F i n .
A u t h . , La.
M u s c a t i n e , Iowa
C h a r l e s t o n C o . , S.C.
P l e a s a n t P r a i r i e , Wis.
Evansville, Ind.
Oklahoma C i t y , O k l a .
M i n n e s o t a Hgr. Educ. Coord. Bd.
* J e f f e r s o n P a r i s h Home M o r t . A u t h . ,
La.
*Moline, 111.
New York S t a t e Energy R e s e a r c h &
Dev. A u t h .
* B o l i n g b r o o k , 111.
M a s s a c h u s e t t s Mun. W h o l e s a l e
E l e c t r i c Co.
^Montana Board of Housing
*New J e r s e y Mortgage F i n . Agcy.
^ W i s c o n s i n , S t a t e of
* N a s h v i l l e & Davidson C o u n t y , Tenn.
^ I l l i n o i s Ind. P o l l u t i o n Cont. F i n .
Auth.
Chicago P u b l i c B l d g . Comm., 111.
* P l e a s a n t H i l l Redev. Agcy.
U n i v e r s i t y of C a l i f o r n i a
Oregon
New Hampshire Educ. & H e a l t h A u t h .
*Caddo P a r i s h , La.
*New J e r s e y Economic Dev. Auth.
*Bend Sch. D i s t . # 1 , Oregon

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.
Rev.
Rev.
Rev.

20.7
12.2
130.0
16.9
11.6

Aug.
Aug.
Aug.
Aug.
Aug.

13
13
14
14
14

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

37.8
50.0
12.5
26.0
22.9
25.4
100.0

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

14
14
14
14
14
14
14

Rev.
Rev.

100.0
30.0

Aug.
Aug.

15
15

Rev.
Rev.

10.0
50.0

Aug.
Aug.

15
15

Rev.
Rev.
Rev.
Rev.
Rev.

150.0
100.0
21.7
40.0
16.0

Aug.
Aug.
Aug.
Aug.
Aug.

15
16
17
21
21

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

36.0
29.0
31.4
25.0
19.3
12.7
15.0
46.0
17.1

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

22
23
28
28
28

APPROXIMATE
DATE OF OFFERING

5
5
14

Table 7

STOCK PRICES AND VOLUME
1

STOCK PRICES

DATE
NYSE INDEX

3

BJ INDUSTRIALS

AMEX

4

NASDAQ

2

TRADING VOLUME
NYSE

AMEX

NASDAQ

1975-High
Low

51.24 (7/15)
37.16 (1/8)

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

96.86 ( 7 / 1 5 )
62.20 (1/2)

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

35.2 ( 2 / 1 3 )
8.7 (9/15)

4.2 (2/21)
1 . 1 (9/15)

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

1976-High
Low

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

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

107.05 (7/12)
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)

1977-High
Low

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

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

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

105.05 ( 1 2 / 3 0 )
93.66 (4/5)

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

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

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

1978-High
Low

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 / 1 3 )
99.09 ( 1 / 1 1 )

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

1979-High
Low

59.36 (8/1)
53.88 (2/27)

878.72 ( 4 / 1 0 )
807.00 (2/27)

202.41 (8/10)
152.03 (1/2)

145.07 ( 8 / 1 0 )
117.84 ( 1 / 2 )

45.5 (6/12)
18.3 (1/2)

7.9 (6/7)
2.2 (1/22)

19.7 (7/10)
7.2 ( 1 / 2 )

11.0 (10/30) 18.8 (5/18)
2 . 8 (1/20)
1.3 (1/20)

1979
June

1
8
15
22
29

56.03
57.42
57.85
58.21
58.38

821.21
835.15
843.30
849.10
841.98

188,00
194.28
197.19
200.25
200.76

131.76
134.96
136.25
137,24
138.13

27.9
34.8
37.0
33.7
35.2

3.9
6.0
6.1
5.0
4.3

13.7
16. 7
16.2
15.6
15.5

July

6
13
20
27

58.82
58.17
57.89
58.73

846.16
833.53
828.07
839.76

200.47
196.09
195.37
199.58

138.64
138.52
137.98
140.02

33.1
36.7
30. Or
30.3r

3.6
4.4
3.7
3.8

14.6

Aug..

3
10

59.33
60.64

846.16
866.89

198.99
202.41

142.63
145.07

33. l r
38.1

3.8r
4.1

14. l r
14.6

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
4

12/31/65 = 50
Based on average price change until September 4, 1973 thereafter, based on market value of shares listed.




16.9
15.6
14.2

14
Table 8

SECURITY CREDIT
REGULATED MARGIN CREDIT EXTENDED BY
END OF PERIOD

BROKERS ON
MARGIN
STOCK

1

BROKERS ON 2
CONVERTIBLE
BONDS

3
BANKS

UNREGULATED NONMARGIN
STOCK CREDIT
AT BANKS

OUTSTANDING

1978 - MayJune
July
August
September
October
November
December

10,660
11,090
11,190
11,740
12,400
12,090
11,000
10,830

245
242
247
243
225
216
209
205

1979 - J a n u a r y
February
March
April
May
June
July

10,750
10,790
10,870
11,220
11,130
11,590
11,840

199
195
181
194
183
173
n.a.

400
430
100
550
660
-130
-1,090
-170

-3
-3
5
-4
—18
-9
-7
-4

—80
40
80
350

-6
4
14
13
-11
-10
n.a.

series discontinued

CHANGE IN OUTSTANDING

1978 - May
June
July
Augus t
September
October
November
December
1979 - J a n u a r y
February
March
April
May
June
July

90

460
250

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.




4

Table 9

SAVINGS FLOWS AT NONBANK THRIFT INSTITUTIONS
IN MILLIONS OF DOLLARS

MUTUAL SAVINGS BANKS
DATE

1974
1975
1976
1977
1978

REGULAR DEPOSITS

NET
FLOW
2,165
11,070
12,670
10,783
8,426

1979-January
February
March
April
May /
Juried

218
683
1,971
-832
61
900

1979-January
February
March
April
May #
June^-

404
712
728
-74
190
283

1

SAVINGS & LOAN ASSOCIATIONS

NET
NEW
MONEY

2

ANNUAL 3
GROWTH
RATE
2.3
-2,822
11.3
4,757
11.6
5,275
8,8
2,874
6.3
-591
—
—-~
——

-121
338
463
-1,192
r-300
-600

3.4
6,0
6,1
-0,6
1.6
2.4

i—
' —

r- F—I

SHARE CAPITAL

NET
FLOW
16,006
42,769
50,169
50,888
44,209

ANNUAL 3
GROWTH
RATE
7.1
17.6
17.6
15.1
11.4

NET
NEW
MONEY
4,668
29,276
34,369
32,004
23,460

NOT SEASONALLY ADJUSTED4,743
4,377
——
2,881
2,580
——
8,348
3,146
——
-1,150
-1,490
F——
2,041
1,627
6,846
1,455
SEASONALLY ADJUSTED
—
4,564
12.7
3,416
9.4
——
3,833
10.5
890
2.4
2,796
7.5
12.6
4,718
——

— mm

2

TOTAL
DEPOSITS

NET
FLOW
18,171
53,839
62,839
61,671
52,554
4,961
3,564
10,319
-1,982
2,986
7,746
4,968
4,128
4,561
816
2,986
5,001

ANNUAL 3
GROWTH
RATE
5.6
15.8
15.9
13.5
10.1

——
——

10.4
8.6
9.4
1.6
6.1
10.2

NET
NEW
MONEY

2

1,846
34,033
39,644
34,878
22,869
4,256
2,918
3,609
-2,682
1,327
855

.
——
——

'

NOTES:
1

Regular deposits at mutual savings banks exclude items such as Christmas club and certain escrow accounts, which represent a very small part of total deposits.

2

New deposits net of both withdrawals and interest. Data for S&L's are for insured associations only, which represent 96 per cent of industry total resources.

3

Annual growth rate for monthly data is the annualized monthly percentage increase in deposits.

Source: National Association of Mutual Savings Banks and Federal Home Loan Bank Board.



H.16

16

Table 10

MORTGAGE COMMITMENTS AT
SELECTED THRIFT INSTITUTIONS
BILLIONS O F D O L L A R S , S E A S O N A L L Y A D J U S T E D

NET CHANGE

OUTSTANDING COMMITMENTS
PERIOD

TOTAL

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

TOTAL

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

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
Aug.
Sept.
Oct.
Nov.
Dec.

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

1979 - J a n .
Feb.
Mar.
Apr.
May
June

37.5
36. 6
36.0
36.0
35.4

32.6
31. 8
31.4
31.6
31.3
31.1

4.8
4.8
4.6
4.4
4.1

—. 88
-.93
-.52
-.02
-.67

-.81
-.83
-.32
+ ,19
—. 35
-.26

-.04
-.07
-.20
-.17
-.32

NOTES:
Based on data from Federal Home Loan Bank Board and Savings Banks Association of New York State. Both series include a minor amount of nonresidential commitments; S&L commitments also include loans in process. Net changes are derived directly from unrounded end of-period outstanding
levels as reported and after seasonal adjustment by Federal Reserve. Subtotals may not add to totals because of rounding.
H.16




T a b l e 11

NET NEW MONEY BORROWINGS
BY MAJOR HOUSING AGENCIES
IN MILLIONS OF DOLLARS

PERIOD

TOTAL
INCLUDING
SHORT-TERM
DISCOUNT
NOTES

INTERMEDIATE AND 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

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
534
1,933
1,478
1,029
517
1,376

-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

0
1,325
1,479
979
477
1,279

0
837
0
0
400
0

-116
488
-21
-21
77
179

0
0
1,500
1,000
0
1,100

650
608
-1
50
40
97

1979-Jan.
Feb.
Mar.
Apr.
May
June

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



-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

T a b l e 12

NET CHANGE IN MORTGAGE HOLDINGS
IN MILLIONS OF 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
110,936

2

FINANCIAL INSTITUTIONS

INSURANCE FNMA-GNMA
COMPANIES

TOTAL

COMMERCIAL
BANKS

MSB's

S & L's

17,020
39,018
55,561
55,072
36,517
38,658
64,903
95,924
102,240

2,462
9,940
16,800
19,600
11,700
4,200
13,900
27,900
35,000

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

10,254
23,919
31,932
25,552
17,567
29,289
44,515
58,158
51,695

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 - O c t .
Nov.
Dec.

9,644
9,508
8,871

8,761
9,023
8,169

3,200
3,300
2,500

500
594
405

4,265
4,184
3,438

796
945
1,826

883
485
702

1979 - J a n .
Feb.
Mar.
Apr.
May
June

6,660
5,924
7,983
8,324
9,992

5,862
5,053
6,983
7,905
9,155

2,400
1,600
2,100
2,800
2,900
3,800

395
268
316
NA
339

2,602
2,445
3,515
4,285
5,349
5,448

465
740
1,052
820
567

798
871
1,000
419
837

Seasonally Adjusted
1978 - O c t .
Nov.
Dec.
19 79 — J a n .
Feb. 1
Mar.
Apr.
May
June

9,925
10,234
8,660

9,027
9,630
8,006

3,299
3,278
2,769

456
626
263

4,450
4,762
3,818

822
964
1,156

898
604
654

8,726
7,833
8,387
7,595
9,532

7,906
6,987
6,992
7,129
8,516

2,815
2,172
2,031
2,619
2,746
3,313

575
486
395
NA
356

3,925
3,451
3,414
3,780
4,641
4,235

591
878
1,152
730
773

820
846
1,395
466
1,016

NOTES:
1. Monthly d a t a f o r commercial banks b a s e d on F e d e r a l Reserve e s t i m a t e s benchmarked t o C a l l
Report d a t a on r e a l e s t a t e l o a n s o u t s t a n d i n g a s a v a i l a b l e . O t h e r d a t a d e r i v e d f r o m mortgage
d e b t o u t s t a n d i n g as r e p o r t e d s e p a r a t e l y by N a t i o n a l Assn. of Mutual Savings Banks, F e d e r a l Home
Loan Bank Board, American C o u n c i l of L i f e I n s u r a n c e a n d , t h r o u g h August 1968, t h e F e d e r a l
N a t i o n a l Mortgage A s s o c i a t i o n , and t h e r e a f t e r by FNMA and t h e Government N a t i o n a l Mortgage
A s s o c i a t i o n , Data f o r m u t u a l s a v i n g s banks and f o r L i f e I n s u r a n c e companies may d i f f e r somewhat
from t h o s e d e r i v e d f r o m r e g u l a r q u a r t e r l y s e r i e s b e c a u s e of minor c o n c e p t u a l d i f f e r e n c e s f o r
which a d j u s t m e n t s a r e n o t made i n t h e monthly s e r i e s . A l t o g e t h e r , t h e s e g r o u p s a c c o u n t e d f o r
83 p e r c e n t of t h e n e t i n c r e a s e e s t i m a t e d f o r a l l h o l d e r s i n 1978.
2. Beginning J a n u a r y 1972 d a t a r e f l e c t a c t i v i t y i n l i m i t e d amount of c o n v e n t i o n a l m o r t g a g e s .



T a b l e 13

NET INCREASE IN
MORTGAGE DEBT OUTSTANDING
IN BILLIONS OF DOLLARS, SEASONALLY ADJUSTED ANNUAL RATES

2
QUARTER

TOTAL

3

RESIDENTIAL
TOTAL

1- to 4 FAMILY

MULTIFAMILY

COMMERCIAL

MULTIFAMILY
&
COMMERCIAL

FARM

1972 - I
II
III
IV

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
140.9
152.8

85.9
110.0
114.5
118.6

81.6
101.8
106.2
110.2

4.2
8.3
8.3
8.4

14.0
14.5
17.8
25.6

18.2
22.8
26.1
34.0

8.6
9.2
8.6
8.7

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

133.2
145.9
154.8
162.2

104.9
114.6
116.1
126.4

95.8
105.3
104.0
116.2

9.1
9.2
12.0
10.2

19.3
21.7
25.9
25.4

28.4
31.0
38.9
35.6

9.0
9.6
11.8
10.3

1979 - I (p)

150.0

112.8

103.4

9.4

24.8

34.2

12.4

'

NOTES:
1. Derived from d a t a on mortgage d e b t o u t s t a n d i n g from F e d e r a l D e p o s i t I n s u r a n c e
C o r p o r a t i o n , F e d e r a l Home Loan Bank Board, American C o u n c i l of L i f e I n s u r a n c e , N a t i o n a l
A s s o c i a t i o n of Mutual S a v i n g s Banks, Departments of Commerce and A g r i c u l t u r e , F e d e r a l
N a t i o n a l Mortgage A s s o c i a t i o n , F e d e r a l Housing A d m i n i s t r a t i o n , V e t e r a n s A d m i n i s t r a t i o n and
C o m p t r o l l e r of t h e C u r r e n c y . S e p a r a t i o n of nonfarm mortgage d e b t by t y p e of p r o p e r t y ,
where n o t a v a i l a b l e , and i n t e r p o l a t i o n s and e x t r a p o l a t i o n s , where r e q u i r e d , e s t i m a t e d
mainly by F e d e r a l R e s e r v e .
2 . May d i f f e r somewhat f r o m r e l a t e d f l o w of f u n d s s e r i e s m a i n l y b e c a u s e of more
a g g r e g a t i v e t y p e of s e a s o n a l a d j u s t m e n t .
3. R e s i d e n t i a l m o r t g a g e d e b t i n c l u d e s nonfarm only and i s sum of 1 t o 4 - f a m i l y and
m
u
l
 t i f a m i l y mortgage d e b t .


T a b l e 14

PRIVATE HOUSING PERMITS, STARTS,
COMPLETIONS, AND MOBILE HOME SHIPMENTS
IN T H O U S A N D S O F U N I T S , S E A S O N A L L Y A D J U S T E D A N N U A L R A T E S

PERMITS 1
PERIOD

TOTAL

1 —FAMILY

2 - O R MORE
FAMILY

1969
1970
1971
1972
1973
1974
1974
1976
1977
1978

1,324
1,352
1,925
2,219
1,820
1,074
939
1,297
1,677
1,801

626
647
906
1,033
882
644
676
894
1,125
1.183

698
705
1,018
1,186
937
431
264
403
552
618

1978 - J u l y
Aug.
Sept.
Oct.
Nov.
Dec.

1,765
1,716
1,838
1,835
1,787
1,827

1,140
1,129
1.184
1,209
1,172

1979 - J a n .
Feb.
Mar.
Apr.

1,442
1,425

May

June

1,621
1,517

1,618
1,647

1,268
920
881
1,056
1,036
1,047

1,001

COMPLETIONS

STARTS
TOTAL

1—FAMILY

1,407
1,434
2,052
2,357
2,045
1,338

2 - O R MORE
FAMILY

TOTAL

1-FAMIL.Y

MOBILE
2-OR

MORE

FAMILY

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

808
802
1,014
1,143
1,174
932
867

1,538
1,987
2,020

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

1,254
1,366

592
617
692
828
840
760
430
336
398
499

625
587
654
626
617
559

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

1,928
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

522
544
565
481
571
646

1,679
1,381
1,786
1,745
1,830
1,935

1,139
953
1,266
1,278
1,226
1,281

540
428
520
467
604
654

1,815
1,894
1,957
2.015
2,015

1,331
1.376
1,412
1,438
1,336

484
518
545
577
679

1,160

1,866

1,026

HOME
SHIPMENTS

NOTES:
Private building permits (for 14,000 areas with permit systems, excluding farm), starts, and completions are Census Bureau data. A dwelling unit is started when excavation begins. In the case of
apartment buildings, all units are considered started at that time; however, all such units are considered completed when more than half of the units in the structure are ready for use. Private mobile
home shipments are Mobile Home Manufacturers Association data converted to seasonally adjusted annual rate by Census Bureau.
1

Permit data for 1969 and 1970 based on 13,000 areas with permit systems

B e g i n n i n g i n 1978 t o p r e s e n t d a t a i s b a s e d on 16,000 a r e a s .



Table 15

AVERAGE RATES AND YIELDS ON HOME MORTGAGES
HUD(FHA) INSURED LOANS
SECONDARY MARKET

CONVENTIONAL LOANS
PRIMARY MARKET
PERIOD

NEW HOMES
1

EXISTING HOMES

NEW HOMES

1

1

SPREAD
BETWEEN
NEW Aaa
RETURNS ON
UTILITY
CONVENTIONAL
BOND
AND HUD(FHA)
YIELD
NEW HOME
MORTGAGES (IN PER CENT)
(BASIS
POINTS)

YIELD
(IN PER CENT)

SPREAD
(BASIS
POINTS)

DISCOUNT
(PERCENTAGE
POINTS)

98
63

9.11
8.40

73
22

4.7
1.7

40
4

8.31
8.01

10.30
9.20

100
47

10.16
9.11

98
45

5.0
4.1

14
-12

9.23
8.71

72
100
74
72
NA
NA

9.80
9.80
9.85
9.95
10.15
10.30

72
100
79
72
NA
"NA

9.92
9.78
9.78
9.93
10.16

84
98
72
55
NA
NA

3.1
2.1
2.1
2.1
3.6
4.8

-12
2
2
2
11
14

9.08
8.80
9.06
9.23
NA
NA

NA
76
75
68
100
147

10.30
10.35
10.40
10.55
10.80
10.90

NA
76
80
68
100
147

10.17
10.17
10.19
NA
10.61
10.49

NA
58
59
NA
81
58

4.9
4.9
5.0
NA
4.0
3.2

13
18
16
NA
19
41

NA
9.59
9.60
9.87
9.80
9.43

RATE
(IN PER CENT)

SPREAD
(BASIS
POINTS)

RATE
(IN PER CENT)

1977 - High
Low

9.10
8.80

99
52

9.20
8.85

1978 - High
Low

10.30
9.15

100
47

1978 - J u l y
Aug.
Sept.
Oct.
Nov.
Dec.

9.80
9.80
9.80
9.95
10.10
10.30

1979 - J a n .
Feb.
Mar.
Apr.
May
June

10.30
10.35
10.35
10.55
10.80
10.90

SPREAD
(BASIS
POINTS)

9.99

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.




ho

22
Table 16

FNMA AUCTION RESULTS
HOME MORTGAGE COMMITMENTS
GOVERNMENT-UNDERWRITTEN
DATE O F
AUCTION

AMOUNT
(IN MILLIONS O F D O L L A R S )
OFFERED

1978 - High

1011(1/9)

Low

AVERAGE
YIELD

CONVENTIONAL
AMOUNT
(IN MILLIONS O F D O L L A R S )

AVERAGE
YIELD

ACCEPTED

OFFERED

ACCEPTED

605(1/9) 10.69(12/27)

717(5/15)

363(5/15)

10.92(12/,/

75(8/7)

48(8/7)

9.28(1/9)

130(8/7)

80(8/7)

9.13(1/9)

1979 - J a n .

8
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
30

260.7
326.9
735.1

139.2
191.5
307.8

10.44
10.51
10.82

167.8
252.9
241.2

98.6
157.7
107.3

10.92
11.01
11.17

May

14
29

279.2
147.1

118.6
66.4

10.88
10.80

250.3
208.3

102.0
112.3

11.30
11.41

J u n e 11
25

159.7
60.2

66.3
33.6

10.79
10.74

237.1
120.4

123.2
72.1

11.54
11.60

July

9
23

36.5
96.7

19.4
50.2

10,66
10.65

36.0
57.5

27.5
42.4

11.54
11.51

Aug.

6

55.7

28.1

10.64

106.8

88.9

11.50

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.