Full text of H.16 Capital Market Developments : August 14, 1978

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Capital
Market
Developments

August 14, 1978

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



DIVISION OF RESEARCH AND STATISTICS
BOARD OF GOVERNORS
FEDERAL RESERVE SYSTEM
Washington, D C. 20551

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
7, 8

SECURITY VOLUME AND YIELDS
STOCK MARKET AND SECURITY
CREDIT

9-16

MORTGAGE MARKET

SYMBOLS
e

ESTIMATE

p
r

PRELIMINARY
REVISED

n.a.

NOT AVAILABLE
DATA DO NOT EXIST

Table 1

YIELDS, VOLUME AND RECEPTION
CORPORATE BOND MARKET
VOLUME

YIELDS
WEEK ENDING

NEW ISSUE
A a a UTILITY

1

RECENTLY 2
OFFERED
A a a UTILITY

3
GROSS
OFFERINGS
( $ MILLIONS)

PER CENT
SOLD BY END
O F WEEK

NEW I S S U E S 4
IN SYNDICATE
( $ MILLIONS)

1978 - July

7
14
21
28

9.18
9.17
9.12
9.08

9.20
9.22
9.19
9.10

76
710
742
435

41
89
92
95

45
75
63
20

Aug.

4
11

8.90r
8.80p

8.91r
8.89p

310
190

100
93

0
14

MUNICIPAL BOND MARKET
VOLUME

YIELDS
WEEK ENDING

MOODY'S
NEW ISSUE
Aaa

BOND BUYER
2Q-BOND
INDEX

3
GROSS
OFFERINGS
( $ MILLIONS)

PER CENT
SOLD BY END
O F WEEK

NEW ISSUES 4
IN SYNDICATE
( $ MILLIONS)

1978 - July

7
14
21
28

5.85
5.85
5.75
5.74

6.31
6.32
6.26
6.24

156
1,041
1,027
757

86
91
95
86

156
165
123
191

Aug.

4
11

5.65
5.55

6.12'
6.03

1,916
1,027

90
92

184
172

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
4

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.




Table 2

HIGH GRADE BOND YIELDS
1

NEW I S S U E
A a a UTILITY

DATE

RECENTLY OFFERED
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

BOND BUYER
2 0 - B 0 N D INDEX

1974 - High
Low

10.61 (10/4)
8.05 (2/15)

10.52 (10/11)
8 . 1 3 (1/4)

9.39 (10/11)
7.73 (1/4)

8.68 (8/30)
7.39 (1/4)

7.15 (12/12)
5.15 (2/7)

1975 - High
Low

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

9 . 7 1 (5/25)
9 . 0 6 (2/28)

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

8 . 6 3 (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 (5/28)
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 . 4 8 (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

9.18(7/7)
8.60 (3/24)

9.22 (7/14)
8.48 (1/6)

8.90 (7/14)
8 . 3 0 (1/6)

8.72 (7/14)
8.02 ( 1 / 6 )

6.32 (7/13)
5.58 (3/17)

1978 - June

2
9
16
23
30

9.04
9.03
9.13
9.16

9.05
9.06
8.96
9.10
9.18

8.79
8.74
8.72
8.76
8.82

8.49
8.47
8.47
8.55
8.63

6.19
6.18
6.16
6.26
6.29

July

7
14
21
28

9.18
9.17
9.12
9.08

9.20
9.22
9.19
9.10

8.85
8.90
8.89
8.88

8.68
8.72
8.69
8.67

6.31
6.32
6.26
6.24

Aug.

4
11

8.90r
8.80p

8.91r
8.89p

8.76r
8.65p

8.49r
8.39p

6.12
6.03

— —

5

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.


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Table 3

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

1978
January

3,013

February
March

2,657

3

4,442

April
May
June

3,285

July
August
September

3,300e

3,500e
4,200e

October
November
December
Q1

10,112
10,985e

02
03
04
1st Half
3 Qtrs.
Year

GROSS PROCEEDS
1

CORPORATE

PERIOD

21,097e

19761

19771
4,362
2,792
5,578

3,381

3,295

3,863

2,743

6,632

4,744

3,507
4,186

3,799

1977%

19762

3,402
3,442
4,063

2,451
2,885
3,365

3,409
4,566
5,786

3,575
3,115

3,113
4,118

2,734
2,821

2,218

3,998
3,797
5,660

6,439

4,289
3,469

3,216
3,357

4,177

4,817

4,013

2,814

4,221
5,331
6,531

4,511
3,074
6,503

3,807
3,332
3,646

3,524
3,336
2,342

10,907
13,761

8,701
8,908

11,244
10,785

8,369
9,202

24,668
35,912
46,697

17,609
25,978

12,732

13,876

13,455

14,132

11,935
16,083

11,390
14,088

26,187
38,122

28,008
39,398

54,205

53,488

NOTES:
1

Securities and Exchange Commission estimates of gross proceeds.

2

Securities Industry Association estimates of principal amounts.




19783

2

STATE AND LOCAL

5,380
4,186
3,700e

10,782
13,365

24,147

35,180

Table 4

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

G R O S S PROCEEDS BY TYPE OF ISSUE
PERIOD

1977 -

1978 -

BONDS
TOTAL

PUBLICLY
OFFERED

COMMON
AND
PRIVATELY
PREFERRED
PLACED
STOCK

G R O S S PROCEEDS BY TYPE OF ISSUER

1

MEMO
I S S U E S INCLUDED
FOREIGN

CONVERTIBLE

MANUFACTURING

PUBLIC
UTILITY

COMMUNICATIONS

OTHER
ISSUERS

II
III
IV

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

858
1,810
1,560
1,025

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

I

10,112

4,748

3,383

1,981

1,275

4

2,218

2,367

844

4,684

5,578
3,998
3,797
5,660
4,289
3,469
4,177
4,221
5,331
6.531

2,610
1,961
1,600
2,045
2,360
1,947
1,908
2,114
2,211
1,542

1,773
1,446
949
2,580
972
965
1,569
979
1,200
3,820

1,195
591
1,248
1,035
695
557
700
1,128
1,920
1,169

125
600
350
850
935
150
475
300
425
300

0
50
2
56
25
262
208
1
22
16

1,145
1,381
643
1,416
1,349
1,068
833
731
782
2,541

1,588
984
1,670
1,471
903
497
1,501
1,437
1,729
1,080

808
334
309
416
277
45
322
8
1,013
299

2,038
1,298
1,176
2,356
1,761
1,858
1,521
2,045
1,805
2,610

3,013
2,657
4,442
3,285

1,382
1,464
1,902
1,958

998
667
1,718
853

633
526
822
474

325
0
950
550

0
0
4
20

273
716
1,229
549

644
465
1,258
743

519
34
291
35

1,578
1,441
1,665
1,960

I

1977 - March
April
May
June

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

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




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I

T a b l e SA

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY '
July 31 through August 11, 1978

ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

CORPORATE

Houston F i r s t Savings Assoc.
Texas Oil & Gas Corp.
P a c i f i c Northwest B ell T e l . Co.
Allegheny A i r l i n e Inc.
Nevada Pwr. Co.
Continental Telephone Co.
Essex Chemical Corp.
Southwestern E l e c t r i c Power Co.
Idaho Power Co.
Pneumo Corp.
Empire D i s t r i c t E l e c t r i c Co.
Telemed Corp.
Duke Power Co.
Idaho Power Co.
Memorex Corp.

Mtg.-backed
1 s t . mtg.
Debt.
pfd. stk.(conv)
Com. s t k .
Com. stk.
Debt.
1 s t . mtg.
1 s t . mtg.
Debt.
1 s t . mtg.
Debt.
pfd. s t k .
Com. s t k .
Com. s t k .

50.0
100.0
150.0
40.0
17.5
23.8
25.0
50.0
60.0
25.0
15.0
15.0
40.4
32.4
38.1

1984
1998
2018

8.88
9.00
8.75
7.50

OFFERING
YIELD

MOODY'S/S&P'S
RATINGS

8.90
9.00
8.75
7.50

--/AAA
A/A+
Aaa/AAA
B/B

- -

- -

—

—-

- -

—

1998
2008
2003
1998
2008
1993
«• —
«• *

NOTES:
*

Rights offering.

1

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




COUPON RATE

11.38
8.75
9.00
9.63
9.13
12.25
8.84
we • »

11.38
8.75
8.90
11.15
9.13
12.25
8.84

- -

B/B

Aa/AA
A/A
Ba/BB
A/A
B/B
A/A

00

Table 5 8

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY 1
July 31 through August 11, 1978

TYPE

ISSUER
STATE AND LOCAL

Texas Muni. Power Agy.
Texas Muni. Power Agy.
Texas Muni. Power Agy.
Maryland Transportation Auth.
Maryland Transportation Auth.
Maryland Transportation Auth.
Owensboro, Ky.
Owensboro, Ky.
Owensboro, Ky.
Muscatine, Iowa
Muscatine, Iowa
Portland, Oregon
Anchorage, Alaska
Anchorage, Alaska
Fort Pierce U t i l i t i e s Auth., F l a .
Fort Pierce U t i l i t i e s Auth., F l a .
Bellevue Sch. D i s t . # 405, Wash.
Bay Co., Mich.
Brownsville, Texas
Brownsville, Texas
Hattiesburg, Miss.
Hattiesburg, Miss.
C i n c i n n a t i , Ohio
Houston, Texas

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

AMOUNT
(MILLIONS OF
DOLLARS)

72.5
45.4
132.1
27.2
18.6
76.2
24.1
22.5
31.3
16.4
13.6
14.0
5.3
20.7
37.0
30.4
18.4
28.0
9.1
24.2
4.7
10.3
11.5
40.0

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.




MATURITY

1984-1997
2002
2011
1979-1997
2003
2016
1991-1998
2003
2008
1979-1997
2013
2010
1979-1991
1979-1996
1978-2003
2003
1979-1991
1982-2008
1984-1997
2010
1981-1995
2008
1979-2003
1979-1998

NET INTEREST
COST

6.92
6.92
6.92
6.78
6.78
6.78
- - -

- -

6.32
6.32
8.05
5.77
6.04
6.23
5.25
- -

6.21
7.39
7.39
- - "

5.35
5.18

OFFERING
YIELD

5.35-6.60
6.88
7.00
4.50-6.20
6.63
6.86
5.90-6.55
6.75
6.85
4.70-5.90
6.70
7.87
4.50-5.90
4.50-6.30
4.40-6.60
" 5.75
4.70-5.50
4.80-6.70
5.70-6.90
7.38
5.50-7.50
8.00
4.50-6.00
4.50-5.65

MOODY S / S &
RATINGS

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

—/—

A/A
A/A
A/A
Aaa/AAA

——/ — —

A-1/A+
Baa-1/Baa-1/Baa/ABaa/AAa/AA
Aaa/AAA

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$

#

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#

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#

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T a b l e SB C o n t i n u e d

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
July 31 through August 11, 1978

ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

13.7
6.4
16.9
33.0
75.0
47.0
78.0
21.0
38.5
15.1
238.0
133.4
261.4
15.5
15.5
5.5
12.8
34.4
13.5
13.2
2.5
3.2
21.5
4.2
10.8
16.0
26.4

1979-1993
1979-1998
1979-2000
1981-1996
1980-2003
1980-1998
2011
1982-1998
1980-1998
2009
1979-1989
1993
2000
1979-1995
2003
1979-1993
2006
1979-2009
1979-2005
1982-2005
1981-2008
1981-2008
1980-1994
1979-1994
2008
1979-1998
1985-1998

NET INTEREST
COST

OFFERING
YIELD

MOODY S / S
RATING

STATE AND LOCAL

Olathe Unified Sch. D i s t . , Kan.
University of Texas at Austin
University of Texas a t Austin
U n i v e r s i t y of Texas System
San Antonio, Texas
Kentucky Housing Corp.
Kentucky Housing Corp.
Las Vegas Valley Water D i s t . , Nev.
Wyoming Development Auth.
Wyoming Development Auth.
Massachusetts, State of
Massachusetts, State of
Massachusetts, State of
Knox Co. Hlth. & Educ. Fac. Bd., Tenn.
Knox Co. Hlth. & Educ. Fac. Bd., Tenn.
Eastern I l l i n o i s Univ.
Eastern I l l i n o i s Univ.
Western I l l i n o i s Univ.
Oregon, State of
Oregon, State of
Oregon, State of
Oregon, State of
Oakland Co. Comm. College D i s t . , Mich.
New Jersey Hlth. Fac. Fin. Auth.
New Jersey Hlth. Fac. Fin. Auth.
Hamilton Co., Tenn.
New Jersey Highway Auth.




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

5.36
5.68
5.78
5.57
5.97
6.64
6.64
5.83
6.35
6.35
6.42
6.42
6.42
— —

——
——

——

5.37
5.43
5.65
5.67
5.92
— —

5.21
6.59

4.50-5.50
4.60-6.15
4.60-6.20
4.80-5.95
4.70-6.50
4.90-6.20
6.79
5.00-6.05
4.90-6.25
6.70
4.75-6.00
6.20
6.59
4.80—6.60
7.25
5.00-6.75
7.20
5.00-7.25
4.25-5.80
4.60-5.80
4.60-5.80
4.60-5.80
4.75-6.10
4.75-6.70
7.06
4.40-5.50
5.30-6.40

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

A/A
A/A
Aa/AA
A/A-

Table 5B Continued

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
July 31 through August 11, 1978

ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

56.2
3.2
4.7
9.4
15.0
10.8
50.0
11.9
19.0
6.0
13.1
22.0
30.5
11.5
20.0
107.8
36.3
53.9
4.0
7.0
16.5
23.0
21.0
29.3
22.2
20.5
26.7

2011
1979-1993
2003
2013
1979-1996
1981-2008
2008
1979-1998
1979-1996
1999
2003
1984-2007
1979-1993
2003
2008
1978-2009
1990-2000
2009
1980-1997
2009
1980-1999
2008
1980-1999
2008
1991-2007
1979-1992
1979-2008

NET INTEREST
COST

OFFERING
YIELD

MOODY'S/S&P'S
RATINGS

STATE AND LOCAL

New Jersey Highway Auth.
Largo, Fla.
Largo, Fla.
Largo, Fla.
West Palm Beach, F l a .
Scranton Hlth. & Welfare Auth,. , Pa.
Gary, Indiana
Douglas Co. Schl. D i s t . , Nev.
Allegheny Co. Sanitary Auth., Pa.
Allegheny Co. Sanitary Auth., Pa.
Allegheny Co. Sanitary Auth., Pa.
Orlando, Fla.
Detroit School D i s t r i c t , Mich,
Pleasants Co., W. Va.
Pleasants Co., W. Va.
Bergen Co. U t i l i t i e s Auth., N .J.
Bergen Co. U t i l i t i e s Auth., N .J.
Bergen Co. U t i l i t i e s Auth., N .J.
S a l t Lake C i t y , Utah
S a l t Lake City, Utah
Underwood, N.D.
Underwood, N.D.
Underwood, N.D.
Underwood, N.D.
Savannah, Ga.
Johnson Co. Water D i s t . , Kan.
Health Central I n c . , Minn.




Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
G • 0.
Rev.
Rev.
Rev.
Rev.
G.O.
Rev.
Rev.
Rev.
Rev.
Rev.
Rev*
Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
Rev.

6.59
7.11
7.11
7.11

5.93
——

6.27
6.04
7.05
7.05
- - - ——
- —
——
——
——
——
——
- - -

6.60
4.75-6.50
7.00
7.13
4.50-6.20
5.75-7.50
6.77
5.00-6.15
4.90-6.65
6.75
6.88
5.00-6.50
4.75-6.10
6.95
7.04
4.30-5.80
5.40-6.15
6.40
5.00-7.00
7.35
5.00-6.75
7.00
5.00-6.75
7.00
5.40-6.35
4.60-5.50
5.00-7.63

A/ABaa-1/BBB+
Baa—1/BBB+
Baa-1/BBB+
A/A
Baa—1/—
Aa/AAA/A
•—/AA
—/AA
f

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

j

mm mm

— —

J wm mm

e

#

e

e

#

#

e

e

Table 5B Continued

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
As of August 11, 1978

ISSUER

TYPE

STATE AND LOCAL

Largo, F l a .
Middletown Tp., Pa.
Middletovm Tp., Pa.




i
< *

Rev.
Rev.
Rev.

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

19.8
9.1
13.0

1978-2012
1979-2012
1980-2012

NET INTEREST
COST

OFFERING
YIELD

4.25-5.10
4.50-6.70
4.80-6.20

MOODY S / S & P ' S
RATINGS

Aaa/AAA
--/AAA
Aaa/AAA

12
T a b l e 6A

FORTHCOMING INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
As of August 11, 1978

ISSUER

TYPE

1

AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

CORPORATE

Atchison, Topeka & Santa Fe
Railroad Co.
Norin Corp.
D e t r o i t Edison Co.
Southwestern B e l l Telephone Co.
Florida Pwr. & -Light Co.
Iowa Public Service Co.
Mountain Fuel Supply Co.
Kenai Corp.
^National CCS Inc.
Houston Lighting & Power Co.
Equimark Corp.
Texas I n t e r n a t i o n a l Co.
Kansas City Power & Light Co.
Telex Corp.
Central Power & Light Co.
Southern B e l l T e l e . & T e l . Co.
Oklahoma Gas & E l e c t r i c Co.
Consumers Power Co.
*Consumers Power Co.
*Gulf Power Co.
Ohio Edison Co.
Metro Edison Co.
Rochester Gas & E l e c t r i c Co.
*Montana Dakota U t i l i t i e s Co.
Washington Water Power Co.
*Public Service of Colorado
Wainoco Oil Corp.
OTHER
Canada Export Development Corp.

Equip, t r .
Debt.
Com. s t k .
Debt.
pfd. s t k .
1 s t . mtg.
Com. s t k .
Debt.
Conv. debt.
1 s t . mtg.
pfd. s t k . (conv.)
Debt.
Com. s t k .
Debt.
1 s t . mtg.
Debt.
Com. s t k .
Com. s t k .
1 s t . mtg.
1 s t . mtg.
pfd. s t k .
1 s t . mtg.
Com. s t k .
1 s t . mtg.
Com. s t k .
1 s t . mtg.
Conv. debt.

18.0
25.0
75.0
300.0
50.0
25.0
25.0
20.0
18.0
125.0
15.0
30.0
20.0
35.0
75.0
175.0
54.0
90.0
75.0
25.0
45.0
50.0
20.0
20.0
20.0
50.0
25.0

Aug. 15
Aug. 16
Aug. 16
Aug. 22
Aug. 22
Aug. 22
Aug. 22
Aug. 23
Aug. 24
Aug. 29
Aug.
Aug.
Aug.
Aug.
Sept. 7
Sept. 12
Sept. 13
Sept. 13
Sept. 14
Sept. 19
Sept. 19
Sept. 20
Sept. 20
Sept. 21
Sept. 21
Sept. 26
Sept.

Notes

125.0

Aug. 17

NOTES:
*

Included in table for first time.

1

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




13
Table 6B

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

1

As of August 11, 1978

ISSUER
STATE & LOCAL

*Franklin Co., Ohio
S p r i n g f i e l d , Mo.
•Shelby Co. Health F a c . , Tenn.
•Northglenn, Colo.
San Jose, Cal.
C a l i f o r n i a , State of
Palm Beach Co., F l a .
Oklahoma City, Okla.
Sebring U t i l i t i e s Comm., F l a .
Martin Co. Redev. Agy., Cal.
•Colorado Health Fac. Auth.
Suffolk Co., N.Y.
Washington, State of
Allegheny Co., Pa.
Missouri Hsg. Dev. Comm.
Delaware, S t a t e of
King Co., Wash.
Cook Co., 111.
Riverside, Cal.
Anaheim, Cal.
*State of Utah
*State of Utah
New Castle Co., Del.
*Albany Co., N.Y.
*Savannah, Ga.
•Louisiana Offshore Terminal Auth.
Baytown Area Wtr. Auth., Tex.
•Harris Co. Flood Control D i s t . ,
Texas
Dallas Ind. Sch. D i s t . , Texas
•Pleasants Co., W. Va.
• P l e a s a n t s Co., W. Va.
• G a r f i e l d Heights, Ohio
•Pueblo, Colo.
•Denver, Colo.
•Vero Beach, Fla.
POSTPONEMENT
Harristown Dev. Corp, Pa.

TYPE

AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

14
14
15
15
15
15
15
15
15
15
16
16
16
16
16
17
21
22
22
22
22
22
22
22
23
23
24

38.9
23.8
39.0
29.0
11.0
100.0
35.0
14.6
15.0

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

20.0

60.0

Aug. 24
Aug. 28
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.

Rev.

100.0

Aug. 9

16.0

12.0
59.2
47.4
31.8

28.0

50.0
227.1
69.0
43.0
42.0
25.1
25.0
18.0
35.0
38.0
450.0
11.9
50.0

21.0
25.0
27.4

20.0
50.0

NOTES:
1

Includes state and local government issues of $10 million and over, foreign government. International Bank for Reconstruction
issues of Federally sponsored agencies; excludes secondary offerings.

*

Included in the table for the first time.




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.

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

Table 7

STOCK PRICES AND VOLUME
1

STOCK PRICES

DATE
N Y S E INDEX

3

AMEX

B J INDUSTRIALS

4

NASDAQ

2

TRADING VOLUME
NYSE

AMEX

NASDAQ

1974-High
Low

53.37 (3/13)
32.89 (10/3)

891.66 (3/13)
577.60 (12/6)

102.01 (3/14)
58.26 (12/9)

96.53 (3/15)
54.87 (10/3)

24.-9 (1/3)
7.5 (7/5)

4.4 (1/3)
.9 (9/26)

7.5 (1/3)
2.8 (7/5)

1975-High

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

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

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

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

35.2 (2/13)
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 (9/21)
858.71 (1/2)

107.05 (7/12)
84.31 (1/2)

92.52 (7/15"
78.06 (1/2)

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

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

1 1 . 1 (2/20)
3.5 ( 1 / 2 )

1977-High
Low

57.69 (1/3)
49.78 (11/2)

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

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

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

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

4.2 (1/13)
1 . 4 (9/22)

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

1978-High
Low

58.75 (8/9)
48.37 (3/6)

891.63 (8/9)
742.12 (2/28)

161.30 ( B / U )
119.73 (1/11)

132.00 (8/11)
99.09 (1/11)

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

6.6 ( 8 / 3 )
1 . 3 (1/20)

18.8 (5/18)
2 . 8 (1/20)

June

7
14
21
28

53.34
54.82
54.91
56.18

812.46
839.83
833.42
856.29

146.30
149.92
151.84
154.15

119.16
121.58
123.60
125.62

20.9
25.7
28.5
30.6

2.7
3.4
3.8
3. 8

7.8
9.9
11.3
11.1

4
11

58.34
58.53

888.43
890.94

157.93
161.30

129.71
132.00

44. l r
39.1

4.9r
4.6

14.2r
14.4

Lqw

July

•

NOT*#:
1

Figures other then h i ^ u and lows m Fridiys only. Highs end lows are for the year and are not necessarily for Fridays.

2

Volume figures are weekly averages of daHy figures (millions of shares).

3

12/31/66-BO

4

Beeed on average price change until September 4 . 1 9 7 3 thereefter, based on merket value of shares listed.




Table 8

SECURITY CREDIT
...
END OF PERIOD

REGULATED MARGIN CREDIT EXTENDED BY
B R O K E R S ON
MARGIN
STOCK

1

B R O K E R S ON
CONVERTIBLE
BONDS

3

2

BANKS

UNREGULATED NONMARGIN
STOCK CREDIT
AT BANKS

OUTSTANDING

1977 - April
May
June
July
August
September
October
November
December
1978 - January
February
March
April
May
June

2,350
2,345
2,551
2,568
2,587
2,581
2,579
2,604
2,568

196
196
198
204
200
196
191 ,
246250

807
801
873
875
885
881
882
872
873

9,590
9,780
9,920
10,260
10,660
11,090

246
242
250
248
245
242

851
2,565
877
2,544
855
2,544
914
2,560
s e r i e s discontinued

190
190
160
230
100
30
-30
50
130

-3

8,880
9,070
9,230
9,460
9,560
9,590
9,560
9,610
9,740

CHANGE IN OUTSTANDING

1977 - April
May
June
July
August
September
October
November
December
1978 - January
February
March
April
May
June

-150
190
140
340
400
430

2
6
-4
-4
~5 s ,
n.a.—
4
-4
-4
8
-2
-3
-3

-3
—6
72
-2
10
-4
1
-10
1

38
-5
206
17
19
—6
-2
25
-36

-3
-22
26
-21
-22
-59
16
s e r i e s 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.

5

Data p r i o r t o November n o t s t r i c t l y comparable due to changes i n r e p o r t i n g .




4

Table 9

SAVINGS FLOWS AT NONBANK THRIFT INSTITUTIONS
IN MILLIONS OF DOLLARS

MUTUAL SAVINGS BANKS
DATE

REGULAR DEPOSITS
NET
FLOW

1974
1975
1976
1977

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

1

ANNUAL 3
GROWTH
RATE

2.3
11.3

11.6
8.9

m

SAVINGS & LOAN ASSOCIATIONS
SHARE CAPITAL

NET
NEW
MONEY

NET
FLOW

•2,822
4,757
5,275
2,874

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

ANNUAL 3
GROWTH
RATE

7.1
17.6
17.6
15.2

TOTAL
DEPOSITS

NET
NEW
MONEY

NET
FLOW

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

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

ANNUAL 3
GROWTH
RATE

5.6
15.8
15.9
13.5

NET
NEW
MONEY

1,846
34,033
39,644
34,783

NOT SEASONALLY ADJUSTED
1977

October
November
December

683
406
1,425

296
99
-115

2,396
1,729
5,542

2,270
1,516
883

3,079
2,135
6,967

2,566
1,615
768

1978 - January
February
March
April

626
476
1,712
-264
436
1,475

-59
170
338
-553
97
-75

2,745
2,297
7,153
558
2,380
6,651

2,877
2,073
2,592
401
2,145
1,749
SEASONALLY ADJUSTED

3,371
2,773
8,865
294
2,816
8,126

2,243
2,930
-152
2,242
1,674

——

3,832
3,711
3,410

12.2
11.7
10.6

5,089
4,226
4,065

12.0

2,012
2,226
2,846
2,133
3,010
3,447

6.2
6.8
8.7
6.5
9.1
10.3

2,733
2,596
3,294
2,474
3,553
4,131

6.3
5.9
7.5
5.6

XL*/
1977 - October
November
December

1,257
515
655

11.6
4.7
5.9

1978 - January
February
March
April
May
June^

721
370
448
341
543
684

6.5
3.3
4.0
3.0
4.8
6.1

2,818

9.9
9.4

8.0
9.2

NOTES:
1

Repjlar deposits *t mutual saving, banks exclude item, such « Christmas club and certain escrow accounts, which represent a very small part of total deposits.

2
3

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.
Annual powth 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.

http://fraser.stlouisfed.org/
Federal Reserve
Bank of St. Louis
•
e
#
e
e

•

e

e

e

•

i

17
Table 10

MORTGAGE COMMITMENTS AT
SELECTED THRIFT INSTITUTIONS
BILLIONS OF DOLLARS, SEASONALLY ADJUSTED

OUTSTANDING COMMITMENTS
PERIOD
TOTAL

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

NET CHANGE
TOTAL

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

1972

25.2

20.3

4.9

7.48

6.28

1.20

1973

19.9

16.4

3.5

-5.31

-3.92

-1.39

1974

14.7

12.5

2.2

-5.20

-3.91

-1.29

1975

20.6

18.6

2.0

5.81

6.06

- .25

1976 - Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec

20.6
21.3
21.8
21.8
22.4
22.9
23.2
23.6
24.5
25.7
27.1
27.9

18.6
19.4
19.6
19.6
20.1
20.7
21.0
21.3
21.9
23.1
24.3
25.0

2.0
2.0
2.2
2.2
2.3
2.2
2.3
2.3
2.6
2.6
2.7
2.8

.35
.79
.33
.12
.50
.57
.30
.40
.89
1.21
1.35
.76

.35
.84
.16
.04
.46
.59
.27
.35
.62
1.21
1.24
.70

1977 - Jan
Feb
Mar .
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec

28.0
28.6
29.7
30.2
30.6
31.9
32.4
34.0
35.1
37.4
38.8
39.2

25.4
25.6
26.5
27.0
27.3
28.1
28.7
30.0
31.0
32.8
34.0
34.3

2.8
3.0
3.2
3.2
3.3
3.8
3.8
3.9
4.1
4.5
4.7
4.6

.45
.43
1.07
.49
.37
1.33
.54
1.50
1.24
1.95
1.41
.24

.38
.23
.90
.49
.30
.80
.57
1.32
1.07

1978 - Jan
Feb
Mar
Apr
May
June

38.6
37.6
36.9
36.3
35.8
35.8

34.2
33.3
32.8
32.0
31.5
31.2

4.4
4.3
4.2
4.2
4.3
4.6

- .35
-1.05
- .45
- .74
- .49
.01

1.78

1.18
.34
-

-

.11

.96
.51
.70
.54
.33

- .05
.17
.08
.04
- .02
.03
.05
.27
——

.11
.06
.07
.20
.17
.07
.53
- .03
.18
.17
.37
.23
- .10
- .24
- .09
— .06
- .04
.05
.34

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
&
•
U FHLB
• FilwD
SHORT-TERM
DISCOUNT
NOTES 1

1975 - July
Aug.
Sept.
Oct.
Nov.
Dec.

+236
-398
215
587
152
669

+300
-700
100
850
200
600

0
-700
0
+150
0
0

0
0
0
0
200
0

+300
0
100
700
0
600

—64
302
115
-263
—48
69

1976 - Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov._
Dec.

-197
-964
-851
124
-953
-107
-58
787
195
-37
-552
145

0
—604
-304
693
-607
-206
291
+190
190
310
-297
-219

0
-1,100
0
0
-600
0
0
0
0
0
-300
0

0
196
-4
-7
-7
—6
-9
+190
-10
—8
-9
-7

0
300
-300
700
0
-200
300
0
200
318
12
-212

-197
-360
-547
-569
-346
99
-349
597
5
-347
-255
364

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.
April
May
June
July®

399
1,712
887
848
3,091
1,492
1,624

-12
1,388
-17
600
1,483
1,276
1,900

0
1,400
0
0
1,500
0
700

-12
-12
-17
0
-17
276
0

0
0
0
600
0
1000
1200

411
324
904
248
1,608
216
-276

NOTES:
Based on data from Treasury Survey of Ownership.
1

Sales of FHLB discount notes began in May 1974.




19

Table 12

NET CHANGE IN MORTGAGE HOLDINGS
IN MILLIONS O F DOLLARS

PERIOD

1970
1971
1972
1973
1974
1975
1976
1977

TOTAL
INCLUDING
FNMA-GNMA

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

2

FINANCIAL INSTITUTIONS

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

COMMERCIAL
BANKS
2,462
9,940
16j 800
19,600
11,700
4,200
13,900
25,400

MSB's
1,956
3,938
5,377
5,642
2,172
2,236
4,074
6,474

S & Ls
10,254
23,919
31,932
25,552
17,567
29,289
44,515
58,566

INSURANCE
COMPANIES
2,348
1*221
1,452
4,278
5,078
2,933
2,414
5,184

Not Seasonally Adjusted
1977 - Oct
Nov
Dec
1978 - Jan
Feb
Mar
Apr
May
June

FNMA-GNMA

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

8,449
8,640
9,896

8,480
8,544
9,674

2,300
2,800
2,500

690
564
771

4,876
4,754
4,748

614
426
1,655

-31
96
222

5,557
6,155
8,749
9,304
10,307

5,237
5,657
8,276
8,696
9,063

1,400
1,600
2,400
2,500
3,100
3,200

412
344
553
486
569

3,019
3,409
4,835
4,856
5,021
5,587

406
304
488
854
373

320
498
473
608
1,244

Seasonally Adjusted
1977 - Oct
Nov
Dec

8,633
9,522
9,992

8,725
9,429
9,9 17

2,365
2,984
2,751

675
605
647

5,162
5,437
5,262

523
403
1,257

-92
93
75

1978 — Jan
Feb
Mar
Apr
May
June

7,588
7,542
8,921
8,495
9,413

7,209
6,942
8,361
7,748
7,958.

1,788
2,009
2,329
2,149
2,893
2,833

572
515
587
482
563

4,305
4,041
4,830
4,300
3,993
4,543

544
377
615
817
509

379
600
560
747
1,455

NOTES:
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.
2

Beginning January 1972 data reflect activity in limited amount of conventional mortgages.




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 A N N U A L R A T E S

2
QUARTER

TOTAL

3

RESIDENTIAL

TOTAL

1- to 4 FAMILY

MULTIFAMILY

COMMERCIAL

MULTFAMLY
&
COMMERCIAL

FARM

1971 - I
II
III
IV

41.2
51.8
57.8
59.5

32.7
40.3
43.1
44.7

23.2
29.6
33.8
35.7

9.5
10.7
9.3
9.1

6.7
9.3
12.1
11.6

16.2
20.0
21.4
20.7

1.7
2.1
2.6
3.1

1972 - I
II
III
IV

67.6
74.1
77.6
88.1

49.3
54.1
59.1
63.6

38.0
41.0
48.1
47.9

11.3
13.1
11.0
15.7

14.8
16.5
14.9
21.0

26.1
29.6
25.9
36.7

3.5
3.5
3.6
3.6

1973 - I
II
III
IV

80.6
87.4
80.7
70.4

56.0
59.9
56.2
48.5

47.8
46.9
43.7
40.6

8.2
13.0
12.5
7.9

19.1
21.7
19.4
16.4

27.3
34.7
31.9
24.3

5.6
5.8
5.0
5.5

1974 - I
II
III
IV

69.9
70.9
54.5
46.7

48.7
47.2
35.1
29.7

39.2
40.3
28.4
25.4

9.5
6.9
6.7
4.3

17.5
18.7
13.6
11.2

27.0
25.6
20.3
15.5

3.6
4.9
5.8
5.9

1975 - I
II
III
IV

44.0
55.0
62.3
67.7

29.7
39.8
45.3
50.8

28.9
39.8
44.9
51.9

0.8
0.0
0.4
-1.1

9.0
10.3
12.9
12.8

9.8
10.3
13.3
11.7

5.3
4.9
4.0
4.1

1976 - I
II
III
IV

78.6
77.1
94.0
98.5

59.7
57.8
73.8
78.0

58.3
58.0
70.0
75.5

1.4
-0.1
3.8
2.5

13.7
14.5
13.4
13.0

15.0
14.4
17.2
15.5

5.3
4.8
6.9
7.6

1977 - I (r)
I I (r)
I I I (r)
IV (r)

105.3
136.4
142.1
152.1

82.0
113.1
115.1
116.8

77.9
104.6
108.2
107.2

4.1
8.5
6.9
9-6

14.5
14.0
18.5
26.5

23.3
23.3
27.0
35.3

8.8
9.3
8.5
8.8

1978 - I (r)
I I (p)

131-4
136.5

99-3
103.3

89-0
93.0

10.3
10.3

22.4
23.4

33.0
33.9

9.7
9.8

NOTES:
1

Derived from data on mortgage dc >t 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.

R e s i d e n t i a l mortgage debt includes nonfarm only and i s sum of 1 - t o 4-family and
multifamily mortgage debt.



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 OF UNITS, SEASONALLY A D J U S T E D ANNUAL RATES

PERMITS 1
PERIOD

1969
1970
1971
1972
1973
1974
1975
1976
1977
1977

1978

-

-

TOTAL

1—FAMILY

626

1,324
1,352
1,925
2,219

647
906
1,033

1,820

882

1,074
939
1,297
1,677

644
676

July
Aug.
Sept.
Oct.
Nov.
Dec.

1,639
1,772
1,695
1,850
1,893

Jan.
Feb.
Mar.
Apr.
May
Jun.

894
1,125

2 - O R MORE
FAMILY
698
705
1,018
1,186
937
431
264
403
552
550

1,811

1,089
1.156
1,135
1,216
1,257
1,210

1,526

1,032

494
577

1,534
1,647
1,740
1,59 7

1,800

95 7
1,037
1.157
1,058
1,109

616
560
634
636
601

610
583
539
691

TOTAL

STARTS

COMPLETIONS

1—FAMILY

1 —FAMILY

MOBILE
HOME
2 - O R MORE
SHIPMENTS
FAMILY

2 - O R MORE
FAMILY

TOTAL

656

1,399

621

1,418
1,706
1,972

1,014
1,143

2,014
1,692
1,297
1,362
1,652

1,174
932
867
1,026
1,254

840
760
430
336
398
419
409
417

251
270
300

416

319
318
324

808
802

592

413

617
692

401

1,407
1,434
2,052
2,357

811
813
1,151
1,309

2,045
1,338

1,132

888

914
450

1,160
1,538
1,987

892
1,162
1,451

376
375

2,072
2,038
2,012
2,139
2,096
2,203

1.453
1.454
1,508
1,532
1,544
1,574

619
584
504
607
552
629

1,671

1,253

1,677
1,875
1,665

1,269
1,458
1,249

1,769

1,280

1,641

1.299

489
342

1,548
1,569
2,047

1,156
1,103
1,429

392

1,759
1,696

1.300

459

466
618

463
458

2,165

2,081

1.492
1.493

673
588

1,233
1,363
1,516

2,099

1,431

901
1,048

268

668

1,821
1,947
1,848

1,412

828

431
436

497
576
567
329

216
246
277

322
269
284
252
247
246

NOTES:

ro
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




T a b l e 15

N>
ho

AVERAGE RATES AND YIELDS ON HOME MORTGAGES
CONVENTIONAL LOANS
PRIMARY MARKET
NEW HOMES

EXISTING HOMES

RATE
(IN PER CENT)

SPREAD
(BASIS
POINTS)

RATE
(IN PER CENT)

SPREAD
(BASIS
POINTS)

NEW Aaa
UTILITY
1
AND HUD(FHA)
BOND
NEW HOME
DISCOUNT
YIELD
(PERCENTAGE MORTGAGES (IN PER CENT)
POINTS)
(BASIS
POINTS)

NEW HOMES

1

1

PERIOD

SPREAD
BETWEEN
RETURNS ON

HUD(FHA) INSURED LOANS
SECONDARY MARKET

YIELD
(IN PER CENT)

SPREAD
(BASIS
POINTS)
/

/

UUNVtN 1 KJIMAL

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

1977 - July
Aug.

9.00
9.00
9.00
9.00
9.05
9.10

83
99
86
72
82
N.A.

9.05
9.05
9.05
9.05
9.05
9.10

88
104
91
77
82
N.A.

8.74
8.74
8.72
8.78
8.78
8.91

57
73
58
50
55
N.A.

1.9
1.9
1.7
2.2
2.2
3.2

26
26
28
22
27
19

8.17
8.01
8.14
8.28
8.23
N.A.

9.15
9.25
9.30
9.40
9.60
9.75

N.A.
54
47
48
58
59

9.20
9.25
9.30
9.45
9.60
9.75

N.A.
54
47
53
58
59

9.11
N.A.
9.29
9.37
9.67
N.A.

N.A.
N.A.
46
45
65
N.A.

4.7
N.A.
4.1
4.7
5.0
N.A.

4
N.A.
1
3
-7
N.A.

N.A.
8.71
8.83
8.92
9.02
9.16

Sept.
Oct.

Nov.
Dec.

1978 - Jan.
Feb.

Mar.
Apr.
May
June

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.
H.1C




•

•

•

•

•

•

•

•

•

#

23
T a b l e 16

FNMA AUCTION RESULTS
HOME MORTGAGE COMMITMENTS
CONVENTIONAL

GOVERNMENT-UNDERWRITTEN
AMOUNT
(IN MILLIONS OF DOLLARS)

DATE OF
AUCTION

OFFERED

1977 - High

OFFERED

ACCEPTED

855 (12/27) 570(12/27) 8.98(12/27) 383 ( 5 / 2 )

Low
1977 - Oct.

AVERAGE
YIELD

AMOUNT
(IN MILLIONS OF DOLLARS)

50 ( 9 / 7 )

35 (9/7)

8.46 (1/10) 123 (7/25)

AVERAGE
YIELD

ACCEPTED

278 ( 5 / 2 )
71 ( 9 / 1 9 )

9.21 (12/27)

8.81 (1/10)

3
17
31

131.3
325.8
156.1

82.2
212.6
105.7

8.77
8.84
8.86

187.3
242.7
328.1

137.2
167.8
224.0

9.07
9.11
9.14

Nov. 14
28

110.6
99.8

69.5
83.2

8.86
8.85

308.6
229.0

202.8
183.5

9.16
9.16

Dec. 13
27

329.1
855.4

224.3
569.7

8.89
8.98

262.2
329.4

168.9
190.5

9.17
9.21

1978 - Jan.

9
23

1011.0
768.8

605.3
356.6

9.13
9.21

403.6
546.3

192.8
256.8

9.28
9.37

Feb.

6
21

640.9
558.2

338.0
285.5

9.27
9.35

633.6
580.5

299.3
266.7

9.45
9.53

Mar,

6
20

358.8
164.9

218.5
116.4

9.36
9.33

444.8
378.7

266.4
246.1

9.59
9.62

Apr.

3
17

625.5
283.8

363.7
165.5

9.44
9.44

522.8
451.4

295.3
282.8

9.69
9.74

May

1
15
30

655.1
611.4
851.2

349.9
269.9
446.9

9.52
9.63
9.83

645.8
716.9
573.1

305.4
362.5
300.4

9.80
9.89
10.01

June 12
26

522.0
573.0

285.2
351.4

9.86
9.96

350.1
224.4

207.0
135.0

10.07
10.13

July 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

130.3

80.1

9.82

74.7

47.5

10.15

7

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.




H.16