Full text of H.16 Capital Market Developments : August 16, 1976
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I ' -is Capital Market Developments August 16,1976 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 O F GOVERNORS F E D E R A L R E S E R V E SYSTEM Washington, D C. 20551 Index SUBSCRIPTION RATES: Weekly $ 1 5 . 0 0 per year or $ . 4 0 each in t h e United States, its possessions, Canada, and Mexico; 10 or m o r e of t h e same issue t o one address, $ 1 3 . 5 0 per year or $ . 3 5 each. Elsewhere, $ 2 0 . 0 0 per year or $ . 5 0 each. Address requests to Publications Services, Division of Administrative Services, and m a k e p a y m e n t remittance payable t o t h e order of t h e Board of Governors qf t h e Federal Reserve System in a f o r m collectible at par in U.S. Currency. TABLES 1 - 6 SECURITY VOLUME AND YIELDS 7, 8 STOCK MARKET AND SECURITY CREDIT 9 - 1 6 MORTGAGE MARKET SYMBOLS 6 ESTIMATE p PRELIMINARY r REVISED n.a NOT AVAILABLE — DATA DO NOT EXIST 3 Table 1 YIELDS, VOLUME AND RECEPTION CORPORATE BOND MARKET YIELDS WEEK ENDING 1976 - July August NEW ISSUE 1 Aaa UTILITY VOLUME RECENTLY OFFERED Aaa UTILITY 2 3 GROSS OFFERINGS ( $ MILLIONS) PER CENT SOLD BY END OF WEEK NEW ISSUES 4 IN SYNDICATE ( $ MILLIONS) 2 9 16 23 30 8.72 8.58 8.53 8.66 8.72 8.67 8.57 8.55 8.68 8.69 260 248 515 160 158 80 85 87 98 97 213 146 139 13 19 6 13 8.60 8.50p 8.60 8.49p 299 677 96 89 32 110 MUNICIPAL BOND MARKET YIELDS WEEK ENDING 1976 - J u l y August MOODY'S NEW ISSUE Aaa VOLUME BOND BUYER 20-80ND INDEX 3 GROSS OFFERINGS ( $ MILLIONS) PER CENT SOLD BY END O F WEEK NEW ISSUES 4 IN SYNDICATE ( $ MILLIONS) 2 9 16 23 30 5.81 5.75 5.70 5.67 5.62 6.87 6.78 6.78 6.77 6.73 532 492 677 639 559 74 82 75 91 88 204 228 238 212 175 6 13 5.54 5.50 6.65 6.60 362 490 93 88 107 101 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 cell protection, releesed 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 NEW ISSUE Aaa UTILITY DATE 1972 - High Low 1 RECENTLY OFFERED * Aaa UTILITY MOODY'S SEASONED CORPORATE Aaa 3 U S . GOVT. 20-YEAR 4 CONSTANT MATURITY BOND BUYER 2 0 - B 0 N D INDEX 7, 60 6. 99 (4/21) (11/24) 7 49 7. 15 (4/21) (12/1) 7.,36 7. 05 (4/28) (2/12) 6. 19 5.,74 (4/14) (11/17) 6. 54 4.,96 (4/13) (10/21) (8/10) (1/5) 7.,77 7., 1 1 (8/24) (1/5) 7 ., 7 9 6., 4 2 (8/10) (1/5) 5.,59 4.,99 (8/3) (10/11) (10/11) (1/4) 9. 39 7., 7 3 (10/11) (1/4) 8.. 6 8 7 .. 3 9 (8/30) (1/4) 7 .. 1 5 5..16 (12/12) (2/7) 1973 - High Low 8. 52 7 29 (8/10) (1/21) 8. 32 7 28 1974 - High Low 10. 61 8. 05 (10/4) (2/15) 10., 5 2 8. 13 1975 - High Low 9. 8 0 8. 89 (5/2) (2/7) 9. 71 9, 0 6 (5/25) (2/28) 9., 0 1 8. 57 (5/2) (2/28) 8.. 6 3 7,. 6 3 (9/19) (2/21) 7 .. 6 7 6.,27 (10/3) (2/13) 1976 - High Low 8. 95 8. 38 (5/28) (4/23) 9. 10 8., 4 4 (1/2) (4/16) 8.,66 8. 36 (5/28) (4/23) 8,. 1 7 7 .. 8 0 (5/28) (4/23) 7 .. 2 9 6.54 (1/2) (4/16) 1976 - July 2 9 16 23 30 8. 72 8.,58 8.. 5 3 8., 6 6 8.. 7 2 8.. 6 7 8.. 5 7 8,. 5 5 8,. 6 8 8.69 8., 6 3 8.,57 8 .. 5 3 8 .. 5 5 r 8., 5 5 r 8 .. 0 2 7,. 9 8 7 .. 9 6 8,. 0 3 8,. 0 3 6.. 8 7 6 .. 7 8 6 .. 7 8 6,. 7 7 6 .. 7 3 Aug. 6 8.. 6 0 8 .. 6 0 8.51r 7 .99r 6,. 6 5 NOTES: 1 Federal Reserve series of Implied yield on newly issued, Aaa-rated utility bond with B-yeer cell protection. 2 Federal Reserve series of implied free-market yield on competitively bid Aafrreted utility bond with 6-year call protection released from price restrictions sometime during the lest 4 week*. 3 4 Weekly average of deity closing figures. Weekly average of daily figures. US. Treasury data. 5 Thursday ffoiies. The average rating of the 20 bonds used in this index fells midway between the four top groups es classified by Moody's Investors Service. Weekly Bond Buyer data. 5 5 Table 3 LONG-TERM CORPORATE AND STATE AND LOCAL GOVERNMENT SECURITY OFFERINGS AND PLACEMENTS IN MILLIONS OF DOLLARS GROSS PROCEEDS CORPORATE PERIOD 1976 1 1 1975 1974 2 STATE AND LOCAL 1976 1 1975 | 1974 January February March 3,372 3,838 6,624 5,384 4,528 5,378 3,328 2,687 3,217 2,347 2,707 3,339 2,361 2,387 2,135 2,255 2,003 2,025 April May 3,380 4,294 5,798 5,596 3,060 3,164 2,981 2,430 3,477 2,741 2,406 2,900 3,064 2,397 2,304 2,166 July August September 4,327 2,399 2,836 3,248 2,667 1,617 3,580 2,783 2,159 1,459 1,106 1,701 October November December 4,705 4,068 4,316 4,609 3,739 3,511 2,323 2,381 2,052 2,860 2,483 1,479 04 15,290 15,688 9,562 13,089 9,232 9,205 7,532 11,859 6,883 8,370 8,522 6,756 6,283 6,867 4,266 6,822 1st Half 3 Otrs. Year 30,978 40,540 53,629 18,437 25,969 37,828 15,253 23,775 30,531 13,150 17,416 24,238 Q1 Q2 03 13,834 NOTES: 1 Securities and Exchange Commission estimates of r o w proceeds. 2 Securities Industry Aaociation estimates of prmdpel amounts. 8,393 8,648 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 BONDS TOTAL PUBLICLY OFFERED COMMON MANUFACAND ISSUES INCLUDED PRIVATELY TURING PREFERRED PLACED FOREIGN [CONVERTIBLE STOCK COMMUNICATIONS OTHER ISSUERS 1975 II III IV 15,707 91,559 13,082 10,510 5,428 5,816 1,595 2,076 4,136 3,602 2,054 3,131 1,035 1,225 1,902 656 463 215 6,699 2,450 3,468 4,407 3,324 3,421 1,190 679 1,215 3,412 3,105 4,979 1976 I 13,806 7,569 2,693 3,544 1,340 257 4,480 4,044 765 4,517 1975 Apr. May June 4,294 5,798 5,596 2,771 3,796 3,943 423 502 651 1,100 1,500 135 475 425 130 315 211 1,731 2,650 2,318 1,380 1,549 1,478 415 413 362 767 1,188 1,437 July Aug. Sept. 4,327 2,399 2,836 2,658 1,356 1,414 \°!o 4 925 425 1,120 585 654 563 837 300 38 681 619 1,039 1,024 1,264 270 112 297 : 1,8*7 582 657 Oct. Nov. Dec. 4,705 2,389 1,761 1,547 772 797 102 825 975 61 4,316 769 1,630 1,758 154 952 1,103 1,425 1,247 1,275 902 928 55 232 1,579 1,635 1,758 3,372 3,838 6,624 3,380 2,189 2,142 3,238 2,350 613 769 1,339 509 570 927 2,047 605 335 400 121 15 121 1,064 1,183 2,243 1,097 789 2,158 16 171 578 1:58 • 639 448 1,745 1976 - Jan. Feb. Mar. Apr. 4,068 1,666 1,002 521 428 NOTES: 1 1 PUBLIC UTILITY Other issuers ere extractive, railroad and other transportation, reel Source: Securities and Exchange Commission. end finance, and commercial end other. 37 . 549 1,644 Table 5A INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY 1 August 2 through August 13, 1976 ISSUER TYPE AMOUNT (MILLIONS OF DOLLARS) MATURITY COUPON RATE OFFERING YIELD MOODY'S RATING CORPORATE V i r g i n i a N a t i o n a l Bankshares I n c . N a t i o n a l S t e e l Corp. Jones & L a u g h l i n S t e e l Corp. I n t e r n a t i o n a l Paper Co. Abbott L a b o r a t o r i e s AMDAHL Long I s l a n d Lgt. Co. T r a n s c o n t i n e n t a l Gas P i p e Line Corp. General Motors Acceptance Corp. T r a n s c o n t i n e n t a l Gas P i p e Line Corp. N a t u r a l Gas P i p e l i n e Western Union T e l e . Fruehauf Corp. I l l i n o i s B e l l T e l . Co. Mountain Fuel Supply American Credit Corp. NOTES: • 1 Notes 1 s t mtge 1 s t mtge Com s t k Com s t k Com s t k Com s t k ( r t s ) Pfd s t k Notes 1 s t mtge 1 s t mtge SF debt Debt Debt 1 s t mtge Bonds 30.0 175.0 75.0 155.3 93.3 27.5 73.0 50.0 200.0 75.050.0 25.0 50.0 175.0 40.0 50.0 1986 2006 1996 8.88 8.38 9.75 -r— T-— 1986 1986 1986 1986 1996 2016 2001 1986 r Rights offering. Includes only corporate and other security offerings of $15 million and over; excludes options, exchanges, and secondary offerings. 8.88 8.38 9.80 10.00 8.15 9.75 8.20 10.00 9.70 8.25 8.88 8.88 10.00 8.15 9.83 8.20 10.00 9.70 8.25 8.93 9.00 A Aa Baa/BBB 1 — -— — Ba/BB Aa/A Baa/BBB A Baa/BBB Baa/BBB Aaa A" A/A- Table SB INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY 1 August 2 through August 13, 1976 ISSUER TYPE 2 AMOUNT (MILLIONS OF DOLLARS) MATURITY NET INTEREST COST OFFERING YELD MOODY'S RATING STATE AND LOCAL Ramsey Co., Minn. Ramsey C o . , Minn. Univ. of Kansas Medical Center Lucas Co., Ohio Lucas Co., Ohio Erie Co. H o s p i t a l A u t h . , Pa. Erie Co. H o s p i t a l Auth.> Pa. E r i e Co. H o s p i t a l A u t h . , Pa. S t . Charles P a r i s h , La. S t . Charles P a r i s h , La. Dallrs-Fort Worth A i r p o r t , Texas D a l l a s - F o r t Worth A i r p o r t , Texas D a l l a s - F o r t Worth A i r p o r t , Texas D a l l a s - F o r t Worth A i r p o r t , Texas Rumfcrd, Maine Rumford, Maine F l o r i d a , S t a t e of C a l i f o r n i a P o l l . Control F i n . Auth. New Hampshire Educ. & H l t h s F a c . Auth. New Hampshire Educ. & H l t h . F a c . Auth. New Hampshire Educ. & H l t h . F a c . Auth. New Hampshire Educ. & H l t h . F a c . Auth. Mass. Hsg. Finance Agy. G.O. G.O. Rev Rev Rev Rev Rev Rev Rev Rev Rev Rev Rev Rev Rev Rev G.O. Rev Rev Rev Rev Rev Rev 11.1 3.0 22.0 10.9 11.6 3.2 2.8 8.4 16.5 1.0 9.5 6.0 18.0 1.5 1.6 10.0 30.0 16.0 3.8 2.4 10.4 3.1 2.4 1977-1990 1977-1990 1988-1996 1977-1991 1998 1978-1993 2000 2011 2001 2001 1980-1986 1996 2006 2006 1986 2001 1977-2006 2001 1977-1991 1996 2007 2009 1978-1991 5.08 5.12 7.14 7.57 7.57 7.36 7.36 7.36 —— 7.99 7.99 7.99 7.99 7.39 7.39 5.68 —— 8.40 8.40 8.40 8.40 8.31 3.30-5.60 3.30-5.60 6.60-7.25 4.25-7.25 7.78 4.25-7.00 7.20 7.38 6.44 6.44 6.00-7.20 7.80 8.06 8.05 6.00 7.38 3.20-6.10 6.13 4.75-7.75 8.00 8.50 8.45 5.00-7.50 Aa Aa A-l A-l A-l A-l A-l A-l Aa Aa Baa Baa Baa Baa A A Aa Aa Baa-1 Baa-1 Baa-1 Baa-1 A-l NOTES: 1 2 3 Includm only state and local security offering* of $10 million and over; excludes secondary offering* In C**e of State and local government securities, G O denotes general obligation; Rev.-Ut., revenue obligations secured only by Income from public utNMes; Rev.-Q.-Ut, w w w bonds secured only by income from queri-utWties; Rev.-S.T_, revenue bonds secured by revenue from specific taxes only; Rev.-Rent, revenue bonds secured solely by lee* payments. includes foreign government and International Bank for Reconstruction and Development issues and non-guaranteed Isaues by Federal Afsnciss. Table 5 8 Continued INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY August 2 through August 13, 1976 ISSUER TYPE AMOUNT (MILLIONS OF DOLLARS) MATURITY NET INTEREST COST OFFERING YIELD 8.31 6.65 6.65 6.65 6.65 6.65 4.00 5.59 5.59 7.55 7.55 7.32 7.32 8.25 3.50-6.20 6.50 6.75 6.88 6.63 4.00 MOODY'S RATMG STATE AND LOCAL Mass* Hsg. Finance Agy. P i n e l l a s Co., F l a . P i n e l l a s Co., Fla. P i n e l l a s Co., Fla. P i n e l l a s Co., Fla. P i n e l l a s Co., Fla. Kentucky Housing Corp. Gwinnett Co. Sch. D i s t . , Ga. Gwinnett Co. Sch. D i s t . , Ga. Topeka, Kansas Topeka, Kansas Ontonagon, Mich. Ontonagon, Mich. Beaver Co. I n d u s t . Dev. A u t h . , Pa. Oklahoma C i t y , Okla. Maryland Dept. of T r a n s p o r t a t i o n Colorado S p r i n g s , Colo. Colorado S p r i n g s , Colo. Colorado S p r i n g s , Colo. Mobile Bd. of Water & Sewer Comm. Ala. St P e t e r s b u r g , F l a . Maine S t a t e Hsg. Auth. Maine S t a t e Hsg. Auth. Rutgers S t a t e U n i v . , N . J . Rutgers S t a t e U n i v . , N . J . Delaware Co., A u t h . , Pa. Delaware C o . , A u t h . , Pa. Rev Rev Rev Rev Rev Rev Rev G.O. G.O. Rev Rev Rev Rev Rev G.O. Rev Rev Rev Rev Rev. Rev Rev Rev Rev Rev Rev Rev 22.6 9.4 5.8 6.1 5.7 4.3 18.0 1.3 8.7 9.8 15.2 3.8 7.2 45.0 34.8 50.0 4.0 4.1 18.9 23.9 20.0 1.0 9.3 11.4 13.4 10.6 2.3 2017 1976-1991 1996 2000 2005 2005 1978 1979-1986 1987-1997 1979-1996 2006 1977-1986 1996 2006 1979-1996 1978-1991 1981-1999 2006 2016 1977-2001 1977-2001 1978-1996 2018 1977-2001 2011 1980-1994 1996 4.83 5.49 6.47 6.47 6.47 6.38 6.05 — —— 6.73 6.73 6.58 6.58 —— 5.05-6.00 4.50-7.30 7.63 4.50-6.40 7.38 7.88 3.60-5.90 3.80-5.80 4.25-6.20 6.38 6.50 3.75-6.75 3.50-6.40 4.30-6.90 7.28 3.75-6.60 6.90 4.40-6.40 6.50 A-l A-l A-l A-l A-l A—1 MIG-1 A-l A-l A A Baa Baa Baa Aa Aa Ar'l Aa Aa A A-l A-l A-l A A Aa Aa Table 5B Continued INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY August 2 through August 13, 1976 TYPE ISSUER AMOUNT (MILLIONS OF DOLLARS) MATURITY NET INTEREST COST OFFERING YIELD MOOPY'S RATMQ STATE AND LOCAL Delaware Co. A u t h . , Pa. North Shore S a n i t a r y D i s t . , 111. La C r o s s e , Wise. Delaware Co. A u t h . , Pa. & Rev G.O. G.O. Rev 13.9 10.0 19.8 2005 1979-1993 1977-1990 6.58 5.62 4.76 6.90 4.20-6.25 3.25-5.35 Aa A Aa 16.2 1976-1985 6.58 2.75-5.10 Aaa 11 Table 6A FORTHCOMING INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U S. TREASURY As of August 13, 1976 NOTES: 1 12 Table 6B FORTHCOMING INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY 1 As of August 13, 1976 ISSUER TYPE AMOUNT (IN MILLIONS OF DOLLARS) APPROXIMATE DATE OF OFFERING STATE & LOCAL Oregon, S t a t e of Cumberland Reg. Sch. D i s t . , N . J . Bergen Co., N . J . Michigan S t a t e Hsg. Dev. Auth. Univ. of Puerto Rico P e n n s y l v a n i a , S t a t e of Murray, Utah Provo; Utah Pasadena Redev. Agy. Cal. M i s s i s s i p p i , S t a t e of C a l i f o r n i a , S t a t e of Michigan S t a t e Hosp. F i n . Auth. Wayne Co. Comm. C o l l e g e D i s t , Mich. Tennessee, S t a t e of Hawaii, S t a t e of *Burlington C o . , N . J . *Kansas, S t a t e of *Sacramento Reg. Co. S a n i t a t i o n D i s t . , Cal. •Sacramento M u n . U t i l i t y D i s t . , Cal. * J e f f e r s o n P a r i s h , La. G.O. G.O. G.O. Rev Rev G.O. Rev Rev Rev G.O. G.O. Rev G.O. G.O. G.O. G.O. Rev 150.0 10.0 12.0 15.0 22.6 130.0 10.7 19.2 21.3 13.5 75.0 31.3 29.0 110.0 25.0 11.0 64.0 August August August August August August August August August August August August August August September September September 17 18 18 18 18 19 19 19 24 24 24 25 30 31 2 8 9 G.O. G.O. G.O. 25.0 25.0 10.0 September September September 15 16 16 NOTES: 1 * Includes state and local government issues of $10 million and over,foreigngovernment. International Bank for Reconstruction issues of Federally sponsored egencies; excludes secondary offerings Included in the table for the first time. I Table 7 STOCK PRICES AND VOLUME 1 STOCK PRICES D ATE NYSE INDEX 3 | ©J INDUSTRIALS 1051. 50 ( 1 / 1 1 ) 788. 31 ( 1 2 / 5 ) TRADING VOLUME 4 NASDAQ NYSE AMEX 1 136.84 ( 1 / 1 1 ) 26. 0 ( 9 / 2 0 ) 130. 47 ( 1 / 1 1 ) 8 9 . 1 2 ( 1 2 / 1 3 ) 9. 0 ( 8 / 2 0 ) 85. 26 ( 1 2 / 2 0 ) 1 AMEX 5. 5 (1/12) 1. 4 ( 8 / 2 0 ) | NASDAQ 11. 3 ( 1 / 1 1 ) 3. 5 (8/27) 1973 - High Low 6 5 . 58 ( 1 / 1 1 ) 49. 12 ( 1 2 / 1 3 ) 1974 - High Low 53. 37 ( 3 / 1 3 ) 32. 89 ( 1 0 / 3 ) 891. 66 ( 3 / 1 3 ) 577. 60 ( 1 2 / 6 ) 102. 01 ( 3 / 1 4 ) 58. 26 ( 1 2 / 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 Low 51. .24 ( 7 / 1 5 ) 37. 16 ( 1 / 8 ) 881. 81 ( 7 / 1 5 ) 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 / 1 5 ) 4. 2 ( 2 / 2 1 ) 1. 1 ( 9 / 1 5 ) 8. 1 ( 2 / 1 3 ) 2. 5 ( 9 / 1 5 ) 1976 - High Low 56. ,61 ( 7 / 1 4 ) 48. ,04 ( 1 / 2 ) 1011. 21 ( 7 / 1 2 ) 858. ,71 ( 1 / 2 ) 107.,05 ( 7 / 1 2 ) 84. ,31 ( 1 / 2 ) 92.52 (7/15) 78.06 (1/2) 44. ,5 ( 2 / 2 0 ) 10..3 ( 1 / 2 ) 8.,6 ( 2 / 2 0 ) 1.,1 ( 1 / 2 ) 11,.1 ( 2 / 2 0 ) 3..5 ( 1 / 2 ) July 2 9 16 2? 30 55..57 56..06 55,.94 55 . 6 3 55 .26 999. .84 1003 .11 993 .21 990 .91 984 .64 105,.17 106,.57 106 .02 111 .10 103 .67 90.88 91.48 92.40 91.60 91.29 19 .8 20,. 0 23 . 9 17 . 4 r 14 . 6 2,.3 2,.1 2 .5 2.lr 1 .6 5,. 8 6,. 2 6 .9 6 .0 5 .2 August 6 13 56,.46 55 . 6 9 986, .00 990 .19 103 .41 103 . 8 0 91.64 91.81 17 .1 15 .7 1 .7 1 ,6 5 .3 5 .4 NOTES: ! 2 Volume ftfvres art weekly erne#* of deWy flfures (millions of shares). Fipires ether than Ntfwand lows are Fridays only. Hifhi end lows are tor the year end ere not necessarily for Fridays. 3 4 12/31/W-BO Besed on aweraje prlee ehame until September 4 , 1 9 7 3 thereafter, based on market value of share* listed. H V*> 14 Table 8 SECURITY CREDIT REGULATED MARGIN CREDIT EXTENDED BY END OF PERIOD BROKERS ON MARGIN STOCK 1 BROKERS ON 2 CONVERTIBLE BONDS BANKS a1 IUNncGULATcD liiBC^I 11 A T t n NONMAKUIn UAIiliAD/%111 STOCK CREDIT AT BANKS 4 OUTSTANDING 1 9 7 5 - May June July Aug. Sept. Oct. Nov. Dec. 1976 - 4,700 4,990 5,300 5,220 5,250 5,300 5,370 5,390 140 146 143 142 145 144 146 147 819 844 820 832 852 1,007 1,008 960 1,883 2,434 2,387 2,457 2,520 2,311 2,270 2,281 5,420 5,950 6,410 6,690 6,940 7,080 146 153 162 163 161 1,000 1,037 1,042 1,076 1,007 2,321 2,333 2,355 2,325 2,357 166 1,028 2,368 June July Aug. Sept. Oct. Nov. Dec. 340 290 310 -80 30 50 70 20 2 6 -3 -1 3 -1 2 1 -5 25 -24 12 20 155 1 -48 -2 551 -47 70 63 -209 -41 11 Jan. Feb. Mar. Apr. May 30 530 460 280 250 -1 7 9 1 -2 40 37 5 40 12 22 34 -69 -30 32 June 140 5 21 Jan. Feb. Mar. Apr. May June CHANGE IN OUTSTANDING 1975 - 1976 - May ; | * t 1 NOTES: | 1 Margin account debt *s reported by the New York Stock Exchange, excluding credit for subscription issues and convertible bonds. f 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 non margin stocks are unregulated; at brokers, such stocks have no T a b l e ft SAVINGS FLOWS AT NONBANK THRIFT INSTITUTIONS IN MILLIONS OF DOLLARS MUTUAL SAVINGS BANKS REGULAR DEPOSITS NET FLOW 9,621 10,067 4,815 2,909 11,070 1971 1972 1973 1974 1975 1975 - September October November December 1976 - January February March April May . JuneBJ 785 348 765 1,394 1,037 1,017 2,029 586 801 1,195 1 SAVINGS * LOAN ASSOCIATIONS NET NEW MONEY SHARE CAPITAL ANNUAL 3 GROWTH RATE 5,378 13.5 5,451 12.4 -442 5.3 -2,822 3.0 4,757 11.3 27,793 32,567 20 ,237 16,053 43,118 -338 131 549 114 3,698 2,264 2,246 4,332 • —— —— — —— —— —— -- 810 787 866 352 561 -55 NET FLOW 5,376 3,946 7,070 2,797 3,050 5,047 ANNUAL 3 GROWTH RATE 19.0 18.7 9.8 -7.0 17.7 mm — —— —— - - — - —— NET NEW MONEY 2 TOTAL DEPOSITS NET FLOW ANNUAL 3 GROWTH RATE 17.2 16.7 8.4 5.8 15.9 20,653 23,884 10,507 4,668 29,276 37,414 42,634 25,052 18,962 54,188 631 2,086 2,072 968 4,483 2,612 3,011 9,726 —— 5,108 3,719 3,687 2,583 2,835 1,348 6,413 4,963 9,099 3,383 3,851 6,242 - - - - — - - — - - NET NEW MONEY 26,331 29,335 10,062 1,846 34,033 293 2,217 2,621 1,082 5,918 4,497 4,553 3,935 3,396 1,293 NOTES: 1 Regular deposits at mutual savings banks exclude items such as Christmas dub and certain escrow accounts, which represent a very smell part of total deposits. 2 New deposits net of both withdrawals and Interest. Data for SSL's are for insured associations only, which represent 96 per cent of Industry total resources. 3 Annuel yowth rata for monthly data is the annualized monthly percentage increase in deposits. Source: National Association of Mutual Savings Banks end Federal Home Loan Bank Boerd. H.16 Table 9 SAVINGS FLOWS AT NONBANK THRIFT INSTITUTIONS IN MILLIONS OF DOLLARS MUTUAL SAVMQS BANKS REGULAR DEPOSITS NET FLOW *9 75 - 1976 - 1 NET NEW MONEY ANNUAL 3 GROWTH RATE October November December 731 772 663 8.2 8.6 7.0 January February March April May , June^- 1,039 796 1,018 917 1,024 682 11.4 8.7 11.0 9.8 10.8 6.5 — —— — —— —— SAVINGS & LOAN ASSOCIATIONS SHARE CAPITAL NET FLOW ANNUAL 3 GROWTH RATE SEASONALLY ADJUSTED 3,334 14.4 13.3 3,125 2,926 12.3 4,232 3,658 4,078 3,676 3,642 2,866 17.7 15.0 16.5 14.7 14.4 11.2 NET NEW MONEY —— * - —— —— —— TOTAL DEPOSITS NET FLOW ANNUAL 3 GROWTH RATE 4,065 3,897 3,559 12.6 12.0 10.8 5,271 4,454 5,096 4,593 4,666 3,548 15.9 13.3 15.0 13.4 13.4 9.9 NET NEW MONEY —— ' —— —— —— —— —— \ NOTES: tegular depotlts at mutual savings banks exclude items such as Christmas dub and certain escrow accounts, which represent a very small part of total deposits. 2 New deootifi net of both'withdrawals and Interest. Data for S&L's are for Insured sssociatlons only, which represent 96 par cent of industry total resources. 1 Aur.'je' growth rats for monthly date Is the annualized monthly peicentap Increess In dspostts. Source: National Assocletion of Mutual Savings Benin end Federal Home Loan Bank Boerd. H.16 1 7 Table 10 MORTGAGE COMMITMENTS AT SELECTED THRIFT INSTITUTIONS BILLIONS OF DOLLARS, SEASONALLY ADJUSTED NET CHANGE OUTSTANDING COMMITMENTS PERIOD TOTAL MUTUAL ALL SAVINGS SAVINGS BKS & LOAN ASSOCIATIONS (N Y. STATE) TOTAL MUTUAL ALL SAVINGS SAVINGS BKS & LOAN ASSOCIATIONS (N Y. STATE) 1972 - Dec. 25.2 20.3 4.9 .45 .43 .02 1973 - Dec. 19.9 16.4 3.5 .04 .21 -.17 1974 - Dec. 14.6 12.4 2.2 — .09 -.09 1975 - Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 14.6 14.5 15.0 16.2 16.8 17.0 17.9 19.1 20.0 20.1 20.4 20.4 12.5 12.6 13.0 14.2 14.7 14.9 15.9 .16.9 17.9 18.0 18.4 18.5 2.1 1.9 2.0, 2.0 2.1 2.1 2.1 2.2 2.1 2.1 2.0 2.0 .08 .14 .39 1.17 .49 .21 .94 1.10 .96 .07 .42 .08 -.11 -.24 .11 .01 .06 .04 -.02 .11 -.06 -.06 -.07 .04 1976 - Jan. Feb. Mar. Apr. 20.5 21.1 21.5 *21.9 #.5 18.5 19.2 19.4 19.7 20.2 20.4 2.0 1.9 2.1 2.2 2.3 May June -.03 — .01 .50 1.18 .55 .25 .92 1.21 .90 .01 .35 .04 .06 .61 .48 .38. .48 .02 .67 .27 .29 . .44 .30 • % .04 -*06 .21 .09 .04 - NOTES: Based on data from Federal Home Loen 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-pariod outstanding levels as reported and after seasonal adjustment by Federal Reserve. Subtotals may not add to totals because of rounding. 18 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 FNMA & FBLB INTERMEDIATE AND LONG-TERM I S S U E S TOTAL jg&LB FHLMC FNMA 1973 - J u l y Aug. Sept. Oct. Nov. Dec. +1,475 . +1,693 +1,910 ,+1,946 +11 +598 +1,528 +1,349 +1,850 +1,950 -150 +256 +998 +1,349 +1,500 +1,300 1974 - Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. -671 -695 +424 +508 +1,442 +2,699 +1,804 +878 +2,768 +1,665 -89 +507 -756 -657 +450 -4 +992 +2,250 +1,499 +200 +2,750 +1,599 +93 +961 — — -4 +992 +1,500 +1,000 +400 +1,700 +1,499 -217 +470 — — —— — 1975 - J a n . Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. -242 -659 +440 0 -1,568 +330 +236 -398 215 587 152 669 -5 -254 +689 +69 -1,279 + 600 +300 -700 100 850 200 600 -4 -554 -11 -30 -1,279 0 0 -700 0 +150 0 0 1976 - Jan. Feb. Mar. Apr. May June p -197 -1,160 447 131 -946 -101 0 -800 -100 700 -600 -200 0 -1,100 0 0 -600 0 +530 — — — +350 +650 — — -150 — — — +256 -800 -657 — +44 —— — Notes: Based on d a t a from t h e Treasury Survey o f Ownership. 1 / S a l e s o f 5HLB d i s c o u n t n o t e s began i n May 1974. £ / Preliminary. — SHORT-TERM DISCOUNT . NOTES 1 / -53 +344 +60 -4 +161 +342 +1,050 +100 +310 +491 +85 -38 -26 +512 +450 +449 +305 +678 +18 +66 -182 -454 +300 0 -1 0 0 0 0 0 0 200 0 -1 0 + 700 +100 0 + 600 +300 0 100 700 0 600 -237 -405 -249 -69 -289 -270 —64 302 115 -263 -48 69 0 0 200 0 0 0 0 300 -300 700 0 -200 -197 -360 -547 -569 -346 99 — — -200 — — — — +450 +750 +499 — 19 Table 12 NET CHANGE IN MORTGAGE HOLDINGS IN MILLIONS OF DOLLARS PERIOD TOTAL INCLUDING FNMA-GNM/ 2 FINANCIAL INSTITUTIONS TOTAL [COMMERCIAL 1 BANKS MSB's S & Ls INSURANCE FNMA-GNMA COMPANIESi Not S e a s o n a l l y Ad l u s t e d 41,647 57,587 58,372 42,748 43,775 39,259 55,561 55,072 36,526 38,936 9,940 16,800 19,600 11,700 4,200 3,938 5,377 5,642 2,172 2,236 23,919 31,932 25,552 17,560 29,400 1,221 1,452 4,278 5,078 3,100 2,388 2,026 3,300 6,222 4,839 1975 - Oct. Nov. Dec. 4,781 3,284 4,413 4,132 2,918 3,754 900 500 600 226 200 272 2,996 2,323 2,774 210 195 508 649 366 658 1976 - Jan. Feb. Mar. Apr. May June 2,431 3,5-34 4,490 4,659 4,878 1,802 3,270 5,330 5,088 5,412 300 600 900 900 1,100 1,100 87 106 123 309 240 1,378 2,416 4,069 4,171 4,032 4,908 37 148 238 -292 40 410 264 -840 -429 -534 -643 1975 - Oct. Nov. Dec. 5,353 4,265 5,189 4,842 3,910 4,454 923 614 877 273 214 200 3,490 2,949 3,360 156 133 17 511 355 735 1976 - Jan. Feb. Mar. Apr. May June 3,682 4,748 4,678 4,280 4,071 3,196 4,333 5,364 4,535 4,414 687 962 987 762 826 699 184 249 119 301 195 2,189 2,848 3,844 3,771 3,232 3,987 145 274 414 -299 161 486 415 —686 -255 -343 -565 1971 1972 1973 1974 1975 S e a s o n a l l y Adiusted NOTES: 'BliSliBlFSIIF! 2 Beginning January 1972 data reflect activity in limited amount of conventional mortgages. Table 13 NET INCREASE IN MORTGAGE DEBT OUTSTANDING 1 IN BILLIONS OF DOLLARS, SEASONALLY ADJUSTED ANNUAL R A T E S 4 3I RESIDENTIAL COMMERCIAL MULTFAMLY & COMMERCIAL 4.4 4.7 4.7 5.7 6.2 5.3 5.3 6.0 10.6 10.0 10.0 11.7 2.2 2.2 1.8 1.4 11.1 11.5 14.9 17.1 4.6 5.2 6.3 6.3 3.5 4.5 5.1 7.0 8.1 9.7 11.4 13.2 1.5 1.5 2.1 2.2 27.4 34.9 38.1 43.1 18.7 25.6 28.4 33.6 8.7 9.4 9.7 9.5 7.6 9.4 10.8 16.3 18.7 21.4 20.4 2.2 2.4 2.3 2.4 62.8 61.7 63.9 72.1 47.7 45.5 46.2 51.5 38.0 35.8 37.4 42.6 9.7 9.7 8.8 8.9 12.4 13.7 15.1 18.2 22.1 23.3 23.9 27.1 2.6 2.6 2.7 2.4 j | i j 1973 - I II III IV 83.4 72.4 70.6 61.4 59.7 50.4 48.9 39.5 51.1 39.6 40.1 32.6 8.7 10.8 8.8 6.9 19.7 18.0 18.1 18.0 28.3 28.8 26.9 24.9 4.1 i } I j 1974 - I II III IV 60.2 62.3 52.0 43.0 37.7 38.9 31.8 25.9 29.4 32.4 26.1 21.6 8.3 6.5 5.7 4.3 18.9 18.6 14.3 11.3 27.2 25.0 20.0 15.6 3.6 4.8 5.9 'j 1.7 0.9 1.4 10.8 10.6 15.3 14.8 5.1 4.3 4.4 j i > * 9.1 9.7 13.9 14. 8 4.1 12.0 TOTAL TOTAL 1- t o 4 FAMILY 1969 - I II III IV 31.7 28.9 25.7 25.4 23.3 21.3 18.7 18.0 18.9 16.7 14.0 12.2 1970 - I II III IV 20.7 22.7 28.4 32.5 15.7 16.7 21.2 23.4 1971 - I II III IV 37.2 46.7 52.1 56.3 1972 - I II III IV QUARTER 1975 - I II III IV 35.4 45.7 58.2 69.8 21.1 31.7 39.9 49.9 19.4 30.9 38.6 49.9 1976 - I 71.5 54.0 49.9 MULTIFAMILY 1-1.6 FARM 3.9 3.7 3.9 a-7 5-1 5.4 \ f | ji I NOTES: 1 • 2 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 Apiculture, Federal National Mortgage Association, Federal Housing Administration, Veterans Administration and Comptroller of the Currency. Separation of nonfarm mgitgaga debt by type of property, where not available, and interpolations and extrapolations, where required, estimated mainly by Federal Reserve. May differ somewhat from related flow of funds series mainly because of more aggregative type of seasonal adjustment. 3 Residential mortgage debt includes nonfarm only and is sum of 1-to 4- family and multifamily mortgage debt. 4 Data r e v i s e d A p r i l 12 due t o r e e s t i m a t i o n of s e a s o n a l f a c t o r s . http://fraser.stlouisfed.org/ * Less than . 0 5 . Federal Reserve Bank of St. Louis Table 14 PRIVATE HOUSING PERMITS, STARTS, COMPLETIONS, AND MOBILE HOME SHIPMENTS IN T H O U S A N D S OF 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 COMPLETIONS STARTS 2 - O R MORE FAMILY TOTAL 1—FAMILY 2 - O R MORE FAMILY TOTAL 1—FAMILY MOBILE 2-OR MORE FAMILY HOME SHIPMENTS 1969 1970 1971 1972 1973 1974 1975 1,324 1,352 1,925 2,219 1,820 1,074 924 626 647 906 1,033 882 644 668 698 705 1,018 1,186 937 431 257 1,407 1,434 2,052 2,357 2,045 1,388 1,161 811 813 1,151 1,309 1,132 888 893 656 621 901 1,048 914 450 269 1,399 1,418 1,706 1,972 2,014 1,692 1,296 808 802 1,014 1,143 1,174 932 866 592 617 692 828 840 760 430 413 401 497 576 567 329 216 1975 - O c t . Nov. Dec. 1,111 1,127 1,091 794 814 812 317 313 279 1,431 1,381 1,283 1,093 1,048 962 338 333 321 1,115 1,386 1,329 738 992 993 377 394 336 235 230 224 1976 - J a n . Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 1,147 1,165 1,188 1,082 1,158 1,122 851 863 882 803 807 834 296 302 306 279 351 288 1,236 1,547 1,417 1,367 1,430 1,492 957 1,295 1,110 1,055 1,067 1,150 279 252 307 312 363 342 1,213 1,299 1,399 1,266 1,331 926 953 1,032 984 915 287 346 367 282 416 263 287 244 237 260 231 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 seasonal' 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 AVERAGE RATES AND YIELDS ON HOME MORTGAGES EXISTING HOMES NEW HOMES 1 1 PERIOD RATE (IN PER CENT) SPREAD (BASIS POINTS) RATE (IN PER CENT) SPREAD BETWEEN RETURNS ON NEW Aaa NEW HOMES CONVENTIONAL UTILITY 1 BOND AND HUD(FHA) DISCOUNT YIELD SPREAD NEW HOME YIELD (BASIS (PERCENTAGE MORTGAGES (M PER CENT) (IN PER CENT) POINTS) POINTS) (BASIS POINTS) HUD(FHA) INSURED LOANS SECONDARY MARKET CONVENTIONAL LOANS PRIMARY MARKET SPREAD (BASIS POINTS) 1974 - High Low 9.80 8.55 45 -70 9.80 8.60 50 -70 10.38 8.54 44 -25 6.3 2.3 1 -70 10.46 8.10 1975 - High Low 9.25 8.90 15 -70 9.30 8.95 20 -65 9.74 8.69 31 -91 6.2 2.4 21 -49 9.70 8.94 1975 - Oct. Nov. Dec. 9.25 9.20 9.15 3 n. a. n.a. 9.30 9.25 9.20 8 9.53 9.41 9.32 31 4.0 3.1 2.4 -28 -21 -17 9.22 n.a. n.a. 1976 - Jan. Feb. Mar. Apr. 9.05 9.00 8.95 8.90 9.00 9.05 39 42 42 32 5 35 9.10 9.05 9.00 8.95 9.05 9.10 44 47 47 37 10 40 9.06 9.04 n.a. 8.82 9.03 9.05 40 46 2.4 2.2 - 1 - 4 24 8 35 2.5 4.1 4.2 8 - 3 May June 0 8.66 8.58 8.53 8.58 8.95 8.70 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 arw 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. FNMA AUCTION RESULTS HOME MORTGAGE COMMITMENTS /^rkucDMUPNT-UNDERWRITTEN AMOUNT (IN MILLIONS OF DOLLARS) j DATE OF AUCTION QFrcHcU | w ^ n i - w AVERAGE YIELD | CONVENTIONAL AMOUNT (IN MILLIONS OF DOLLARS) OFFERED 1 ACCEPTED 51 ( 4 / 2 1 ) 643 ( 8 / 2 5 ) 366 ( 8 / 1 1 ) 9 . 9 5 ( 9 / 2 2 ) 100 ( 4 / 7 ) 25 ( 2 / 1 0 ) 18 ( 2 / 1 0 ) 8 . 7 8 ( 2 / 1 0 ) 10 ( 1 0 / 2 0 ) 9 ( 2 / 1 0 ) 1975 - High Low , AVERAGE YIELD 10.02 (9/22) 8.96 (3/10) 1975 - O c t . 6 20 198.5 43.2 143.0 23.2 9.95 9.65 27.5 9.7 23.5 9.2 10.02 9.81 Nov. 3 17 69.8 293.1 41.7 180.6 9.32 9.33 19.6 68.6 15.2 34.6 9.54 9.40 Dec. 1 15 29 255.9 287.1 95.3 138.5 158.8 52.7 9.32 9.31 9.29 73.9 69.7 41.8 40.5 31.2 11.8 9.38 9.36 9.35 1976 - J a n . 12 26 58.4 103.9 31.5 57.7 9.13 9.07 42.7 33.4 32.1 24.7 9.28 9.22 Feb. 9 23 252.2 126.9 179.9 .81.2 9.07 9.04 57.8 44.0 36.9 23.3 9.17 9.14 Mar. 8 22 299.9 146.3 171.9 121.6 9.06 9.03 75.4 46.2 45.0 33.7 9.15 9.1$ Apr. 5 19 106.2 132.1 56.2 60.1 8.94 8.83 56.4 55-3 31.8 33.4 9.05 9.00 May 4 17 483.3 634.3* 222.3 321.4 8.94 9.13 110.7 128.8 60.1 68.9 9.09 9.24 June 1 14 28 349.5 146.6 261.2 224.7 98.8 157.5 9.20 9.14 9.12 131.4 77.3 93.6 90.5 70.3 59.2 9.31 9.30 9.31 July 12 26 148.3 311.8 88.4 212.0 9.05 9.04 90.7 130.5 82.0 105.2 9.27 9.23 Aug. 9 190.1 107.4 9.01 136.7 93.4 9.17 NOTES: effwed by bkktan ratatt to total eligible bids received.
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