Full text of H.16 Capital Market Developments : August 17, 1981

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August 17, 1 9 8 1

AUG 2 1 y

Capital
Market
Developments

Prepared by
the Capital Markets Section
in conjunction with
the Mortgage and Consumer Finance Section
and the Government Finance Section
Division of Research and Statistics
Board of Governors of the Federal Reserve System
Washington, D C. 20551




CONTENTS
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.

Yields, Volume and Reception: Corporate Bond Market
Yields, Volume and Reception: Municipal Bond Market
High Grade Bond Yields
Long-Term Corporate and State and Local Government Security Offerings and Placements
Treasury and Government-Sponsored Agency Marketable Coupon Offerings and Placements
New Corporate Security Issues by Type of Issue
New Corporate Security Issues by Type of Issuer
Public Offerings of Intermediate- and Long-Term Securities: Corporate
Public Offerings of Intermediate- and Long-Term Securities: State and Local
Public Offerings of Intermediate- and Long-Term Securities: U.S. Treasury
Public Offerings of Intermediate- and Long-Term Securities: Government-Sponsored Agencies
Forthcoming Public Offerings of Intermediate- and Long-Term Securities: Corporate
Forthcoming Public Offerings of Intermediate- and Long-Term Securities: State and Local

14.
15.
16.
17.
18.
19.
20.
21.
22.
23.
24.
25.

Stock Prices
Trading Volume
Security Credit
Savings Flow at Selected Nonbank Thrift Institutions
Mortgage Commitments Outstanding at Selected Institutions
Net New Money Borrowings by Major Housing Credit Agencies
Net Change in Mortgage Holdings at Selected Institutions
Net Change in Mortgage Debt Outstanding, By Type of Property
Average Rates and Yields on Home Mortgages and Pass-Through Securities
FNMA Auctions of Commitments to Purchase Home Mortgages
FHLMC Auctions of Commitments to Purchase Home Mortgages
Issues of Mortgage-Backed Securities

SYMBOLS
e
P
r
n.a.
"

estimate
preliminary
revised
not available
data do not exist

SUBSCRIPTION RATES
Weekly $15.00 per year or $.40 each in the United States, its possessions, Canada, and Mexico; 10 or more of the same issue to one
address, $13.50 per year or $.35 each. Elsewhere, $20.00 per year or $.50 each. Address requests to Publications Services, Division of
Support Services, and make payment remittance payable to the order of the Board of Governors of the Federal Reserve System in a
form collectible at par in U.S. Currency.




3

1. YIELDS, VOLUME A N D RECEPTION
Corporate Bond Market
Volume

Yields
Week ending

1981-June

July

Aug.

New issue
Aaa utility 1

5
12
19
26
2
10
17
24
31
7
14

Recently offered
Aaa utility?

Gross offerings 3
($ millions) 5

1,020
1,115
669*
668

15.03
14.74
14.59
14.80

14.93
15.01
14.35

Percent sold by
end of week

New issues in syndicate 4
($ millions)

98
94
89
100

20
66
83
0

15.72
16.41
16.77

14.94
15.04
15.67
16.05
16.55

519
382
594
45
453

99
100
97
84
100

3
0
15
7
0

15.65p

16.50r
16.08p

35
362

100
100

0
0

2. YIELDS, VOLUME A N D RECEPTION
Municipal Bond Market
Volume

Yields
Week ending

Moody's new
issue Aaa

Bond Buyer
G.O. bond
index

Bond Buyer
Rev. bond
index

Gross offerings
($ millions)

Percent sold by
end of week 3

New issues in
syndicate 4
($ millions)

400
1,125
1,006*
966

90
83
81
91

83
242
243
200

1981-June

5
12
19
26

10.00
9.75
9.75
9.95

10.59
10.63
10.73
10.74

11.48
11.47
11.48
11.54

July

2
10
17
24
31

9.86
10.15
10.30
10.30
10.50

10.85
10.97
11.09
11.34
11.44

11.66
11.73
11.87
12.01
12.12

681
637
580
838
527

79
93
87
92
91

257
120
137
135
115

Aug.

7
14

11.10
11.10

11.63
11.94

12.34
12.55

488
417

97
87

67
58

* Excludes $;L50 m i l l i o n i s s u e of Alask a Housing FinLance Corporal [ i o n .

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

5 Gross o f f e r i n g s r e f l e c t s g r o s s p r o c e e d s r a t h e r than p a r v a l u e of o r i g i n a l d i s c o u n t bonds.



3. HIGH G R A D E B O N D Y I E L D S
New issue
Aaa utility 1

Date

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

1978-High
Low

1979-High
Low

1980-High
Low

1981-High

Recently offered
Aaa utility 2

Moody's
seasoned
corporate A a a 3

9.54(12/22) 9.27(12/29)
8.48 ( 1/6) 8.30( 1/6)

1980-July
Aug.
Sept.

Bond Buyer
G.O. bond
index5

Bond Buyer
Rev. bond
indexG

9.00(12/22) 6.67(12/22)
8.01( 1/6) 5.58( 3/17)

11.51(11/12) 11.45( 11/9) 10.87(12/28) 10.56( 11/9) 7.38(10/26)
9.40( 8/17) 9.39( 6/29) 9.16( 7/6) 8 .79 ( 7/6) 6.08( 7/6)

8.24(11/23)
7 .23( 9/21)

14.51(12/12) 15.03(12/12) 13.49(12/19) 12.86(12/12) 10.56(12/19)
10.53( 6/20) 10.79( 6/20) 10.34 ( 6/20) 9.59 ( 6/20) 7.11( 5/9)

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

16 - 77C 7/31) 16,55( 7 / 3 1 ) 1 4 . 8 2 (
14.05( 1/9) 13.99( 3/20)12.59(

Low

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

3/7) 14.51(
1/9) 11.98(

8 / 7 ) 1 1 . 9 4 ( 8/14)
1/9) 9 . 4 9 ( 1/9)

12,55( 8/14)
10.34( 1/16)

11.60
12.32
12.74

11.41
12.31
12.72

11.07
11.64
12.02

10.32
11.07
11.47

8.13
8.67
8.94

8.87
9.57
9.84

Dec.

13.18
13.85
14.51

13.13
13.91
14.38

12.31
12.97
13.21

11.75
12.44
12.49

9.11
9.56
10.11

9.97
10.43
11.08

1981-Jan.
Feb.
Mar.

14.12
14.90
14.71

14.17
14.58
14.41

12.81
13.35
13.33

12.29
12.98
1,2.94

9.66
10.10
10.16

10.64
11.01
10.90

Apr.
May
June

15.68
15.81
14.76

15.48
15.48
14.81

13.88
14.32
13.75

13.46
13.82
13.20

10.62
10.79
10.67

11.32
11.60
11.49

July

16.30

15.73

14.38

13.92

11.14

11.88

2
10
17
24
31

15.72
16.41
16.77

14.94
15.04
15.67
16.05
16.55

14.04
14.19
14.25
14.55
14.61

13.61
13.66
13.73
14.16
14.23

10.85
10.97
11.09
11.34
11.44

11.66
11.73
11.87
12.01
12.12

7
14

15.65p

16.50r
16.08p

14.82r
14.61p

14.51r
14.lip

11.63
11.94

12.34
12.55

Oct.
Nov.

1981-July

Aug.

1
2
3
4
5
6

Federal Reserve series of implied yield on newly issued, Aaa-rated utility bond with 5-year call protection.
Federal Reserve series of implied free-market yield on competitively bid Aaa-rated utility bond with 5-year call protection released from price
restrictions sometime during the last four weeks.
Weekly average of daily closing figures.
Weekly average of daily figures. U.S. Treasury data.
Thursday figures. The average rating of the 20 general obligation bonds used in this index falls midway between the five top groups as classified by
Moody's Investors Service. Weekly Bond Buyer data.
Thursday figures. The average rating of the 25 revenue bonds used in this index falls midway between the five top groups as classified by Moody's
Investors Service. Weekly Bond Buyer data.




5
4. L O N G - T E R M C O R P O R A T E A N D S T A T E A N D L O C A L G O V E R N M E N T S E C U R I T Y O F F E R I N G S A N D P L A C E M E N T S
Gross proceeds, millions of dollars
Corporate

Period

•

1980
6,173
4,507
4,454

1981
5,581
4,157
6,423

1979
2,840
2,603
4,644

1980
3,078
2,424
2,435

1981
2,651
2,923
3,869

4,692
4,160
6,238

5,656
9,074
9,645

6,511
5,347
7,600e*

3,444
3,042
4,724

4,962
4,746
6,136

5,061
3,395
4,700e*

4,103
4,211
4,593

8,029
5,437
5,025

3,900e

3,396
4,256
2,472

4,872
3,946
4,523

3,500e

4,601
3,868
3,778

5,819
3,936
5,933

4,217
4,160
3,567

4,474
2,916
3,854

51,553

73,688

43,365

48,366

February
March

#

April
May
June
July
August
September

e

October
November
December
Year

2

1979
3,770
3,165
4,354

January

I

State and Local

1

1 Securities ?nd Exchange Commission estimates of gross proceeds.
2 Public Securities Association estimates of principal amounts.
e Estimated by Federal Reserve on the basis of available data.

*

Excludes $150 m i l l i o n i s s u e of Alaska Housing F i n a n c e C o r p o r a t i o n .

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

Period

Combined
deficit(+)
or
surplus(—) 1

Totals

Federal Government
Means of financing combined deficit
Net cash borrowing from the public2
Public debt securities
Gov't,
agency
NonBills
Coupons marketable securities

Other

Qecrease(+)/ Sponsored
agency
increase(-)
borrowing*
in cash
operating
balance

41,397
50,670

37,360
79,201

10,899
43,458

28,041
50,480

-397
-14,298

-1,402
-577

1,115
484

366
3,621

23,631
24,705

1 9 8 0 - - J u l y 16,384
8,347
Aug.
Sept. -4,434

9,737
11,111
6,260

6,807
7,815
526

2,602
3,245
7,026

456
219
-1,407

-76
-28
-36

2,986
-701
-2,199

3,661
-2,063
-8,495

575
-835
2,432

Oct.
Nov.
Dec.

17,146
10,698
7,869

4,758
9,231
13,668

2,477
6,412
7,382

2,422
3,267
7,233

-63
-315
-1,023

-23
-30
-79

4,076
-3,985
-720

8,312
5,452
-5,079

5,116
412
3,378

1981—Jan.
Feb.
Mar.

8,339
17,063
13,048

6,772
13,916
15,138

4,320
8,548
6,343

4,159
5,849
8,997

-1,480
-489
-347

-35
-55
-14

3,179
-664
-1,479

-1,612
3,811
-611

1,408
13
1,960

Apr.
May
June

45,251
18,379
43,820

-3,725
539

-9,466
-1,336

6,307
2,155

-417
-158

-71
-37

-1,092
2,391

-10,434
15,449

CY-/ -1979
CY
-1980

1 U.S. unified budget deficit or surplus plus off-budget entities deficit or surplus.
2 Change in outstanding amount of public debt securities and government agency securities less change in holdings of those securities by government
accounts.
3 Also includes changes in matured and noninterest-bearing public debt.
4 Change in outstanding amount of marketable securities issued by Federal Farm Credit Banks, Federal Home Loan Banks, Federal Home Loan Mortgage Corporation, Federal National Mortgage Association.
5 CY= Calendar Year



6
6. NEW C O R P O R A T E S E C U R I T Y ISSUES BY TYPE O F ISSUE
Gross proceeds, millions of dollars
Bonds
Period

Total

Publicly j
offered

Privately
placed

C o m m o n and
preferred
stocks

Memo
Issues included
Convertible
Foreign

1977
1978
1979
1980

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

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

17,943
17,057
14,394
11,612

11,777
10,358
11,325
20,490

1,340
1,349
1,008
1,495

863
418
2,229
4,685

1980-QI
QII
QUI
QIV

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

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

4,624
2,213
2,163
2,612

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

169
529
631
498

908
967
1,510
1,300

1981-QI

16,161

9, 114

1,381

5,666

277

1,317

1980-0ct.
Nov.
Dec.

5,819
3,936
5,933

2, 756
1, 405
1, 719

528
759
1,325

2,535
1,772
2,889

348
12
138

687
398
215

1981-Jan.

5,581
4,157
6,423

2, 928
2, 408
3, 778

458
426
497

2,195
1,323
2,148

162
105
10

303
575
439

6,511
5,347

3 , 668
2 , 490

605
480

2,238
2,377

168
121

719
399

Feb.

Mar.
Apr.

May

7. NEW C O R P O R A T E S E C U R I T Y ISSUES BY T Y P E O F ISSUER
Gross proceeds, millions of dollars
Period

Manufacturing

Public utility

Communications

Other issuers 1

13,393
10,813
11,357
20,248

14,127
12,232
13,324
15,786

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

21,827
20,549
22,332
30,404

1980-QI
QII
QUI
QIV

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

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

1,324
2,182
1,936
1,808

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

1981-QI

5,387

3,223

1,337

6,221

1980-0ct.
Nov.
Dec.

1,474
550
1,453

1,295
792
983

830
260
718

2,220
2,335
2,778

1981-Jan.

2,244
1,344
1,799

1,362
853
1,008

76
303
958

1,901
1,660
2,660

1,886
2,172

1,491
1,195

609
56

2,524
1,924

1977
1978
1979
1980

Feb.

Mar.
Apr.

May

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

2 T o t a l r e f l e c t s g r o s s p r o c e e d s r a t h e r t h a n p a r v a l u e of o r i g i n a l d i s c o u n t bonds.




8. PUBLIC O F F E R I N G S O F I N T E R M E D I A T E - A N D L O N G - T E R M S E C U R I T I E S : C O R P O R A T E 1
Issuer

N a t i o n a l Bancshares Corp.
El Paso E l e c . Co.
P e t r o Lewis Corp.
P e t r o Lewis Corp.
Oklahoma Gas & E l e c . Co.
P i t n e y Bowes I n c .
N a t ' l . R u r a l U t i l i t i e s Coop.
F i n . Corp.
P u b l i c S e r v i c e E l e c . & Gas
Co.
New York S t a t e E l e c . & Gas
Co.
Toys R Us, I n c .

*
1

Date
8/5
8/5

Type

Conv. d e b t ,
Com. s t k .
Bond
Debt.
Com. s t k .
Com. s t k .

Amount
(millions
of dollars)

Maturity

Coupon
rate

Offering
yield

25.0

2006

10.00

10.00

43.0

— —

——

—

—

/

—

32.1
65.0
26.0
30.3

1989
2003

0
12.63

17.75
18.25

B/B
B/B

8/12 Debt.

100.0

1991

15.75

15.85

Aa/AA

8/12 1 s t . mtg.

100.0

2011

15.88

15.88

Aa/AA

8 / 1 3 Com. s t k .
8/13 Conv.debt.

38.8
50.0

——

——

2007

9.25

8/12
8/12
8/12
8/12

-

-

9.25

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




Moody's/S&P's
ratings

Baa/B-

9. PUBLIC O F F E R I N G S O F I N T E R M E D I A T E - A N D LONG-TERM S E C U R I T I E S : S T A T E A N D LOCAL 1
Net
interest
cost

Issuer

Date

Type2

Amount
(millions
of $)

Dade Co. H e a l t h Fac. A u t h . , FL
Dade Co. Health Fac. A u t h . , FL
Dade Co. Health F a c . A u t h . , FL
M i n n e a p o l i s , MN
M i n n e a p o l i s , MN
Bexar Co. Hsg. F i n . C o r p . , TX
Bexar Co. Hsg. F i n . C o r p . , TX
P h i l a d e l p h i a , PA
H i l l s b o r o u g h Co. I n d u s . Dev.
A u t h . , FL
M a s s a c h u s e t t s Muni. Wholesale
E l e c t . Auth.
M a s s a c h u s e t t s Muni. Wholesale
E l e c t . Auth.
M a s s a c h u s e t t s Muni. Wholesale
E l e c t . Auth.
Sacramento Municipal U t i l .
D i s t . , CA
New York S t a t e Med. Care F a c .
F i n . Agcy.
New York S t a t e Med. C a r e . F a c .
F i n . Agcy.
Georgia P r i v a t e C o l l . & Univer,
Fac. Auth.
Rhode I s l a n d HSG & Morg.
F i n . Corp.
H e n r i c o . Co., VA
Hawaii, S t a t e of
Triborough Bridge & Tunnel
A u t h . , NY
Triborough Bridge & Tunnel
A u t h . , NY
Triborough Bridge & Tunnel
A u t h . , NY
V i r g i n i a HSG. Dev. Auth.
V i r g i n i a HSG. Dev. Auth.

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

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

5.0
4.8
27.2
3.3
21.8
2.9
52.1
60.5

8/5

Rev.

25.0

8/6

Rev.

10.0

8/6

Rev.

5 .6

2003

n.a.

13.25

A/A

8/6

Rev.

84.4

2017

n.a.

13.50

A/A

8/6

Rev.

60.0

1982-11

11.53

8.50-11.50

Aa/AA

8/7

Rev.

2.7

1984-93

n.a.

9.25-11.40

A/A-

8/7

Rev.

23.9

2010

n.a.

12.94

A/A-

8/7

Rev.

28.0

1984

9.90

9.50

8/11
8/13
8/13

Rev.
Rev.
G.O.

28.0
35.0
75.0

n.a.
1983
n.a.
1983
1984-2001 1 1 . 6 1

9.85
10.08
9.50-12.00

MIG-1
MIG-1
Aa/AA

8/14

Rev.

13.5

1986-96

n.a.

9.50-11.90

A/A

8/14

Rev

14.2

n.a.

12.50

A/A

8/14
8/14
8/14

Rev.
Rev.
Rev.

72.4
3.1
39.6

2011
1984-93
2013

n.a.
n.a.
n.a.

12.75
9.10-11.00
12.38

A/A
Al/AA
Al/AA

8/13
8/13
8/13
8/13
8/13
8/13
8/13
8/13

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

7.4
6.3
9.7
208.9
42.8
38.0
69.0
201.0

1982
1986
1990
2010
1982-91
1996
2001
2009

n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.

10.25
10.75
11.50
13.38
10.00-11.32 i
12.50
13.00
13.25

A/A
A/A
A/A
A/A
A1/A+
A1/A+
A1/A+
A1/A+

MEMORANDUM:
*Kentucky TurnPike
*Kentucky TurnPike
*Kentucky TurnPike
*Kentucky TurnPike
*Kentucky TurnPike
*Kentucky TurnPike
*Kentueky TurnPike
*Kentucky TurnPike

Auth.
Auth.
Auth.
Auth.
Auth.
Auth.
Auth.
Auth.

Maturity

1984-95
2000
2011
1985-95
1982-02
1982-90
1991
1982-06
2011
1988-00

2001

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

1 Includes only state and local security offerings of $25 million and over; excludes secondary offerings.
2 For state and local government securities, G O . denotes general obligation; Rev. denotes revenue obligations.
3 Canadian interest cost.

*Private placement.




Offering
yield

1Moody's/S&P's
ratings

8 . 7 5 - 1 1 . 1 0 —/AAA
—/AAA
11.75
—/AAA
12.00
9 . 3 0 - 1 0 . 7 5 Aaa/AAA
8 . 7 5 - 1 1 . 2 5 Aaa/AAA
8 . 7 5 - 1 0 . 7 5 Aa/ —
Aa/—
11.50
10.00-13.51 1 Baa/BBB+
11.88

Aa/AA-

10 05-13.0( ) A/A

MIG-l/AA-

10. PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: U.S. TREASURY

Notes and Bonds
Offering
date

Payment
date

Length

Maturity
date

Coupon Auction
average
rate
(percent) (percent)

Amount (millions of dollars)
Net proceeds
Gross proceeds

Memo:
Foreign
addons

Total

Private1 -2

>8,259
J
4,601

2,815

2,815

1,771

1,771

3,188

3,188

3,188

t7,973

2,337

2,337

2,710

2,710

2,710

170
0
63
0

1,501
4,730

1,501
2,045

1,501
2,045

0
125

18,801
J
5,012
3,460

3,638

3,638

2,551
3,460

2,551
3,460

0
130
0
186
195

Private1

Total

1980
Nov.

Dec.

5
6
7
25

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

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

13-1/4
13
1 2 -3 / 4
13-7/8

13.31
13.07
12.81
13.99

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

3
16
18
30

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

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

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

13.52
15.15
14.03
12.49

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

1 1 - 3 / 4 11.82
1 3 - 5 / 8 13.69

1,501
5,191

6-mo 8 / 1 5 / 8 4
9-mo 1 1 / 1 5 / 9 0
9-mo 1 1 / 1 5 / 1 0
2/28/83
5
/15/86
2-mo

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

13.37
12.89
12,68
13.97
13.79

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

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

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

12. 75
13.49
13.21
13.34

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

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

2,085
985
1,751
2,972

2,118
952
1,751
2,972

68
0
0
215

4/30/83

14-1/2

14.51

4,586

4,325

1,573

1,573

0

15.81
14.56
13.99
15.72
13.95

3,776 )
2,074 & 6,844
2,302

2,221

2,221

4,763
3,206

4,352
3,206

2,120
3,206

2,120
3,206

0
0
0
0
195

)

)

0
190
0
0

1981
2/15/01
1/31/83

Jan.

6
21

1/12
2/2

2 0 - y r 1-mo
2-yr

Feb.

3
4
5
24
26

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

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

Mar. 18
24
26
31

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

2-yr
4-yr
20-yr 1-mo
7-yr

Apr. 22

4/30

May

5
6
7
20
28

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

5/15/84 15-3/4
3-yr
10-yr
5/15/91 14-1/2
30-yr
>/15/06-11 1 3 - 7 / 8
5/31/83 15-5/8
2-yr
. 5 - y r 5-mo 1 1 / 1 5 / 8 6 1 3 - 7 / 8

June 18
23
25
30

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

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

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

14-5/8
14
13-3/8
14

14.72
14.04
13.45
14.07

4,607
3,393
1,753
3,469

4,307
3,281
1,753
3,469

1,550
879
1,753
3,469

1,582
847
1,753
3,469

0
0
0
450

J u l y 22

7/31

2-yr

7/31/83

1 5 - 7 / 8 15.92

4,966

4,615

1,744

1,744

0

8/17
8/17
8/17

3 y r 3-mo 11/15/84 16
15.96
10-yr
8 / 1 5 / 9 1 1 4 - 7 / 8 14.98
29 y r 9-mo 5/15/06-11 1 3 - 7 / 8 14.06

Aug.

1
2
3

4
5
6

2-yr

)

!

Excludes amounts sold to Government investment accounts and the Federal Reserve. Also excludes add-ons to foreign accounts.
May be larger than the total if the Government accounts and/or the Federal Reserve do not fully roll-over their maturing holdings.
Additional amounts of securities issued to foreign and international monetary authorities at the average auction price for new cash.




271
150
0

10
11. PUBLIC O F F E R I N G S O F I N T E R M E D I A T E - A N D LONG-TERM S E C U R I T I E S : G O V E R N M E N T S P O N S O R E D A G E N C I E S
Offering
date

Issuer

Payment
date

Length

Maturity
date

Yield
(percent)

A m o u n t (millions of dollars)
Gross
proceeds

Maturing
issues

Net
proceeds

FFCB

3^25
3/25

4/1
4/1

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

3/1/84
3/3/86

13.85
13.95

683
970

364

1,289

FNMA

4/1

4/10

4-yr

4/10/85

13.75

500

1,300

-800

FFCB

4/15
4/15
4/15

4/20
4/20
4/20

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

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

14.10
14.30
14.10

588
769
544

924

977

FHLB

4/22

4/29

1 - y r 9-mo

1/25/83

14.50

1,200

FHLB

5/13
5/13
5/13

5/26
5/26
5/26

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

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

17.05
15.80
15.50

1,200
1,000
600

1,400

1,400

FFCB

5/28

6/1

4 - y r 3-mo

9/3/85

14.90

662

0

662

FNMA

6/3

6/10

3 - y r 4-mo

10/10/84

14.90

500

750

-250

FHLB

6/10
6/10

6/25
6/25

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

3/25/83
4/25/85

14.80
14.55

1*100

700

0

1,800

FNMA

6/26

7/10

3 - y r 10-mo

5/10/85

15.25

600

1,200

-600

FFCB

7/8
7/8
7/8

7/20
7/20
7/20

3-yr
5-yr
10-yr

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

15.25
15.15
14.70

759
938
617

905

1,409

FHLB

7/15
7/15
7/15

7/27
7/27
7/27

1-yr
3-yr
5-yr

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

15.90
15.55
15.35

1,000
1,000

900

1,500

FFCB
FHLB
FHLMC
FNMA

—
—
—
-

Federal
Federal
Federal
Federal




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

400

1,200

As of August 14, 1981

H

12. F O R T H C O M I N G P U B L I C O F F E R I N G S O F I N T E R M E D I A T E - A N D L O N G - T E R M S E C U R I T I E S : C O R P O R A T E 1
Issuer

R o c h e s t e r Gas & E l e c . Co.
C e n t r a l Hudson Gas & E l e c . Co.
Ohio Edison Co.
Arkansas Power & L i g h t Co.
D e t r o i t Edison Co.
Union P a c i f i c R a i l r o a d Co.
U.S. L e a s i n g C o r p .
Brunswick Corp.
Iowa E l e c . L i g h t & Power Co.
Southwestern P u b l i c S e r v i c e
Republic A i r l i n e s , I n c .
U.S Home Corp.
B.F. Goodrich Co.
Mary Kay C o s m e t i c s , I n c .
Farmland I n d u s t r i e s , I n c .
Kentucky U t i l i t i e s Co.
Kerr-McGee C o r p .
B a r c l a y s American Corp.
B a r c l a y s American Corp.
G e n ' l . T e l . Co. of the Southwest
E q u i t a b l e of Iowa Companies
Xerox C r e d i t Corp.
Xerox C r e d i t Corp.
MGM Film Co.
K a i s e r Cement Corp.
F i r s t Savings A s s n . of Wise.
Allegheny Power System
Gelco Co.
Delmarva Power & L i g h t Co.
J e t American A i r l i n e s
Wells Fargo & Company
K a i s e r Aluminum & Chemical Corp.
Northern Indiana Public Service
ITT F i n a n c i a l Corp.
Cameron I r o n Works, I n c .
K a i s e r Aluminum & Chemical Corp.
S o u t h e r n N a t u r a l Gas Co.
Anardarko P r o d u c t i o n Co.
Anardarko P r o d u c t i o n Co.
Texas G e n e r a l Resources
G e n ' l . E l e c . C r e d i t Corp.
G e n ' l . E l e c . C r e d i t Corp.
Wisconsin Gas Co.
Chase Manhattan Corp.
C o n t i n e n t a l I l l i n o i s Corp.
I n t e r n a t ' l . B u s i n e s s Machines Corp.
Brooklyn Union Gas Co.
N a t i o n a l Medical Care
P r i v a t e Export Funding Corp.
M a n u f a c t u r e r s Hanover T r . Corp.
Frontier Airlines, Inc.
C r e d i t h r i f t F i n . Corp.
Columbia Gas Systems
Cable American Corp.

Type

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

Amount
(millions of dollars)

50.0
30.0
90.0
90.0
60.0
25.2
40.0
75.0
30.0
30.0
50.0
100.0
50.0
50.0
100.0
75.0
200.0
50.0
150.0
50.0
40.0
100.0
100.0
60.0
37.0
41.0
80.0
45.0
25.0
28.8
35.0
75.0
48.0
200.0
75.0
75.0
100.0
75.0
75.0
25.0
150.0
300.0
30.0
100.0
100.0
250.0
50.0
30.0
100.0
100.0
40.0
50.0
125.0
50.0

Approximate date
of offering

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

* Included in table for first time.
1 Includes only corporate and other security issues of $25 million and over; excludes exchanges, options, and secondary offerings.




18
19
19
20
26

12
12. F O R T H C O M I N G PUBLIC O F F E R I N G S O F I N T E R M E D I A T E - A N D L O N G - T E R M S E C U R I T I E S : C O R P O R A T E 1 ( c o n ' t . )
Type

Issuer

Amount
(millions of dollars)

Approximate date
of offering

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

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

Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Sept. 1
Sept. 2
S e p t . 21
S e p t . 23
Sept.
Indef.
Indef.
Indef.
Indef.
Indef.

OTHER
Kruger, Inc.
O r i e n t L e a s i n g Co.
World Bank
World Bank
M o n t r e a l , P r o v i n c e of
Canadian N a t ' l . Railway
Hydro-Quebec
Kruger Co.
Oslo Norway

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

100.0
30.0
250.0
250.0
100.0
100.0
100.0
100.0
100.0

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

POSTPONED
C l a b i r Corp.
Pennsylvania E n g i n e e r i n g Corp.

Debt.
Debt.

C r y s t a l O i l Co.
F l o r i d a Telephone Corp.
Northwest Energy Co.
Ford Motor C r e d i t Co.
P h i l l i p s Petroleum Co.
Mellon N a t i o n a l Corp.
Amoco C r e d i t Corp.
B e n e f i c i a l Corp.
Westvaco Corp.
Diamond Shamrock Corp.
Lorimar P r o d u c t i o n Co.
*MCI Communications Corp.
* I n d i a n a B e l l T e l . Co.
* P u b l i c S e r v i c e Co. of New Mexico
* P h i l a d e l p h i a E l e c . Co.
*Ohio Power Co.
P h i l a d e l p h i a E l e c . Co.
Cypress Mines Corp.
Cypress Mines Corp.
D a l l a s Power & L i g h t Co.
Union E l e c t r i c Company
New England Power Co.

30.0
30.0

Aug.
Aug.

* Included in table for first time.
1 Includes only corporate and other security issues of $25 million and over; excludes exchanges, options, and secondary offerings.




As of August 14, 1981
13. FORTHCOMING PUBLIC O F F E R I N G S O F INTERMEDIATE- AND LONG-TERM SECURITIES: STATE AND LOCAL1
Issuer

Marion Co. Hosp. A u t h . , IN
*Calexico Coram. Redev. A g c y . , CA
*Shawnee Co., KS
^Chicago T r a n s i t Auth.
Montana, S t a t e of
* V e s t a v i a H i l l s , AL
Washington, S t a t e of
Rhode I s l a n d , S t a t e of
Cook C o . , IL
Oregon, S t a t e of
P u e r t o Rico I n d u s . , Med. P o l l . C o n t r o l
Fac. F i n . Auth.
Monroe Co., MI
*Ohio Bldg. Auth.
*Jackson C o . , MI
Los Angeles Coram* Redev. A g c y . , CA
^Minnesota Higher Ed. C o o r d i n a t i n g Bd.
San A n t o n i o , TX
C a l i f o r n i a , S t a t e of
* J e f f e r s o n P a r i s h , LA
*Inglewood, CA
H a r r i s C o . , TX
Washington Pub* Power Supply S y s t .
New O r l e a n s , LA
North C a r o l i n a Muni Power Agcy.
POSTPONEMENTS
Los Angeles Comm. Redev. Agcy., CA
Richmond Redev. Agcy., CA

*
1

Type

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

26.3
27.5
25.0
140.0
36.6
34.5
128.6
52.5
60.0
180.0

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

40.0
26.0
38.0
118.7
30.0
60.0
41.8
100.0
35.0
52.5
40.0
300.0-400.0
27.0
160.0

Rev.
Rev.

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




Amount
(millions of dollars)

30.0
59.0

Approximate date
of offering

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

17
17
17
17
18
18
18
18
19
19

Aug. 21
Aug. 21
Aug. 21
Aug. 21
Aug. 25
Aug. 26
Aug. 27
Sept. 1
Sept. 2
Sept. 4
S e p t . 10
S e p t . 11.
S e p t . 16
S e p t . 18
Aug. 5
Aug. 7

14
14. STOCK PRICES 1
NYSE Index 3

Date

NASDAQ5

AMEX4

DJ Industrials

1979-High
Low

63.39 ( 1 0 / 5 )
53.88 ( 2 / 2 7 )

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

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

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

1980-High
Low

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

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

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

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

1981-High
Low

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

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

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

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

1981-July

2
10
17
24
31

74.73
75.15
75.96
74.60
75.95

959.18
955.67
958.90
936.74
952.34

366.84
363.44
370.02
366.72
361.97

212.80
210.54
212.76
208.00
211.63

Aug.

7
14

76.58
77.00

942.54
936.93

369.52
378.09

211.36
212.12

15. TRADING VOLUME 2
AMEX

NYSE

Date

1979-High
Low

1980-High
Low

1981-High
Low

NASDAQ

8 1 . 6 (10/10)
18.0 ( 1/2)

13.2 (10/10)
2 . 2 ( 1/22)

2 5 . 8 (12/17)
7.2 ( 1/2)

8 4 . 1 ( 11/5)
1 6 . 1 (12/26)

1 5 . 0 ( 1/15)
2.5 ( 4/14)

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

92.9 (
28.9 (

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

53.2 (
19.7 (

1/7)
1/2)

1981-July

2
10
17
24
31

43.4
45.9
42.8
44.4
41.3

4.7
4.3
4.1
4.2
4.8

32.9
29.1
27.7
29.0
27.0

Aug.

7
14

44.8r
48.5

4.6r
5.9

30.2r
33.2

1
2
3
4
5

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




1/7)
1/2)

16. S E C U R I T Y C R E D I T ?
Outstanding, dollar amounts in millions

End of period

Marginable
stock

Convertible
bonds

Number of
margin accounts
(thousands)

Percent of debt
in accounts with
4 0 percent or more
customer equity

1976

7,960

204

810

88

1977

9,740

250

885

81

1978

10,830

205

955

67

1979

11,450

167

1,020

84

1980

14,500

219

1,180

86

Jan.
Feb.
Mar.

10,750
10,790
10,870

199
195
181

950
950
965

79
71
79

Apr.
MayJune

11,220
11,130
11,590

194
183
172

960
970
980

77
78
79

July
Aug.

11,840
12,060
12,000

178
176
177

970
995
1,005

81
86
84

Dec.

11,310
10,920
11,450

173
161
167

985
1,000
1,020

73
83
84

Jan.
Feb.
Mar.

11,820
12,460
11,740

165
175
171

1,035
1,065
1,075

87
84
54

Apr.
May
June

11,140
11,270
11,200

168
167
165

1,055
1,055
1,065

72
81
83

July
Aug.
Sept.

11,320
11,800
12,520

198
204
208

1,075
1,095
1,105

88
89
87

Oct.
Nov.
Dec.

13,080
14,140
14,500

211
220
219

1,120
1,155
1,180

87
87
86

Jan.
Feb.
Mar.

14,020
13,950
14,020

221
220
222

1,195
1,205
1,235

80
80
84

Apr.
May
June

14,630
14,700
14,870

238
250
254

1,260
1,260
1,320

79
79
75

1979

-

Sept.
Oct.
Nov.

1980

1981

1

Margin credit extended
by brokers on:

-

-

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




17. S A V I N G S F L O W S A T S E L E C T E D N O N B A N K T H R I F T I N S T I T U T I O N S
Millions of dollars
Mutual Savings Banks
(regular deposits) 1
Net f l o w

Date

N.S.A.

Sea. adj.

Annual
growth
rate 3

Net f l o w
N.S.A.

Sea. adj.

Annual
growth
rate 3

Memo:

Total

Savings and Loan Associations

Net
flow
(sea. adj.)

Net N e w Money 2

Annual
growth
rate 3

At
insured
S&L's

At
MSB's

17.5

62,854

15.9

34,369

5,283

50,888

15.0

60,982

13.3

3],004

2,874

6.3

44,153

11.3

52,292

10.1

23,460

-591

2,900

2.1

39,051

9.1

42,226

7.4

15,029

-6,963

7,380

5.1

40,955

8.7

48,330

7.9

10,667

-4,831
-733

1976

12,670

—

11.6

50,169

1977

10,783

—

8.7

1978

8,426

—

1979
1980

—

-337
-92

-76

-0.6

2,006

2,799

7.4

2,723

5.5

1,455

344

2.9

1,199

7.4

3,139

6.3

717

-504

520

76

0.6

4,744

2,795
2,822

7.4

2,898

5.8

-198

-1,072

Oct.

-983

-372

2,810

2.2

1,153
4,505

3,009
2,666

2,438
2,764

Dec.

-245
266

7.3
7.8

4.8

-325
1,006

-3.1
-2.0

1,855

Nov.

6.8

2,932

5.8

1,314
732
-700

-1,421
-765
-987

1980-Jan.
Feb.
Mar.

-927
141
930

-399
189
-115

-3.3
1.6
-1.0

2,059
1,622
4,390

2,206

5.6
6.9
—0.3

1,807

-1,436

2,923
-216

3.5
5.7
-0.4

1,167

2,734
-101

1,079
-696

-543
-679

Apr.
May

-449
881

481
1,001

325
3,011

4,235
3,078

10.7
7.7

4,716
4,079

7.9

-817
1,785

-1,024
242

June

1,770

991

4.0
8.3
8.2

5,269

3,118

7.8

4,109

7.9

-169

-176

July

992

1,274

10.5

2,216

3,083

7.6

4,359

8.3

961

246

1979-July
Aug.
Sept.

610

Aug.
Sept.
Oct.

1,017

8.3

2,507

4,130

10.1

5,147

9.7

4,427

8.3

6

1
—460
-169

1,377

914

7.4

5,588

3,513

8.6

402

1,078

8.7
3.2
4.0

3,870
2,507

11.9
10.8

7,591

4,909
4,498
5,693

4.7
8.3
-2.6

401
496

Dec.
1981—Jan•

-365

200

1.6

1,987

1,983

Feb.

295
1,284

349
191

2.8
1.5

2,304
3,740

3.556
-1,105

' -1,201

-210
349
-135

-1.6

-2,919

1,461

3.4

2.8

1,557
164

1,519
-2,133

3.5
-4.9

Mar.
Apr.
May
Junep

1

229
700

-1.1

9.2

1,285

312
1,307

Nov.

5.5

13.5

5,987

11.1

2,550

4,899
6,184

9.0
11.3

1,461

-227

2,055

-639

2,183

3.9
7.0
—1 • 6

599
879
-2,137

-979

2.2

-4,638
-70

-2,025
-676
-1,400

3,895
-919
1,251
1,868
-2,268

3.4
-4.1

-5,613

-385
-757

Regular deposits at mutual savings banks exclude items such as Christmas club and certain escrow accounts, which represent a very small part of
total deposits.
2 New deposits net of both withdrawals and interest. Data for S&L's are for insured associations only, which represent 96 percent ofjndustry 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.




18. M O R T G A G E C O M M I T M E N T S O U T S T A N D I N G A T S E L E C T E D I N S T I T U T I O N S
Billions of dollars, seasonally adjusted
Federal and Related Agencies

Thrift Institutions
End of Period

Total

All savings
and loan
associations

Mutual
savings banks
(N.Y. state)

Total

FNMA

GNMA

FHLMC

1979

31.4

28.1

3.3

12.1

6.5

4.6

1.0

1980

28.8

27.3

1.5

9.0

3.3

5.1

0.6

1980-Jan.
Feb.
Mar.

30.7
29.9
26.5

27.5
27.1
24.0

3.2
2.8
2.5

11.7
11.1
10.6

6.0
5.6
5.3

4.7
4.5
4.5

1.1
1.0
0.8

Apr.
May
June

22.9
21.2
22.5

20.7
19.3
20.7

2.2
1.9
1.8

9.5
9.5
10.5

4.4
3.7
3.9

4.4
5.0
5.6

0.6
0.9
1.0

July
Aug.
Sept.

25.6
28.5
29.8

23.7
26.7
28.0

1.9
1.8
1.8

10.7
10.8
10.8

4.2
4.6
5.0

5.4
5,2
5.0

1.1
1.0
0.8

Oct.
Dec.

29.4
29.4
28.8

27.7
27.8
27.3

1.7
1.6
1.5

10.1
9.7
9.0

4.5
3.9
3.3

4.9
5.1
5.1

0.7
0.7
0.6

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

28.5
27.6
26.9
27.0
26.5
26.2

27.1
26.2
25.5
25.3
24.8
24.7

1.4
1.4
1.4
1.7
1.7
1.5

10.3
9.6
9.1
8.6
8.1
9.3

3.3
2.8
2.3
2.1
2.1
2.9

6.3
6.2
6.0
5.8
5.7
5.5

0.7
0.6
0.8
0.7
0.3
0.9

Nov.

Based on data from Federal Home Loan Bank Board, Savings Banks Association of New York State, and federal and related agencies, seasonally adjusted
by Federal Reserve. Both thrift institutions series include a minor amount of non-residential commitments; S&L commitments also include loans in
process. Subtotals may not add to total because of rounding.




18
19. NET NEW MONEY BORROWINGS BY MAJOR HOUSING CREDIT AGENCIES
Millions of dollars
Intermediate- and long-term issues

FNMA and FHLB
short-term
discount notes

Total including
short-term
discount notes

Total

FHLB

1976

-1,750

-1,131

-2,031

0

900

-619

1977

2,732

1,444

496

-4

952

1,288

1978

19,030

13,578

6,302

576

6,700

5,452

1979-Jan.
Feb.
Mar.

967
1,457
912

0

0

0
199

0
0

967
424
-460

Apr.
May
June

Period

FHLMC

FNMA

1,033
1,372

834
0

-128

1,500

1,027
304
1,363

997
215
1,299

0
222
0

-3
-7
199

1,000

July
Aug.
Sept.

1,625
360
398

1,916
613
-154

700
415
0

216
198
146

1,000

Oct.
Nov.
Dec.

2,297
1,791
1,375

1,599
1,453
150

1,300
953
0

-1
0
150

300
500

1980-Jan.
Feb.
Mar.

328
927
3,580

-2

0
-350
1,400

-2

Apr.
May
June

2,205
1,366
-929

1,499
2,649

July
Aug.
Sept.

-979
-458
1,325

442

Oct.
Nov.
Dec.

3,607
313
3,390

1981-Jan.
Feb.
Mar.

207
957

Apr.
May

1,119
2,979

10
1,780

1,000

Based on data from Treasury Survey of Ownership.




900
0

253

0
200
1,000

1,300
900
250

1,600
150
700

1,200

-18

1,000

1,582
496
45 •
400
1,400

600
200
800-

1,200

1,400

0

1,100
0

-300

0
0

30
89
64
-291
-253
552
698
338
1,225
330
917

160
-120

200
500

1,800

-1
-1

500
1,750

706
-1,283
11,929

450

0

1,000

-8
0

1,000

-97

-650

-1,421
-1,658
1,072

0
0

-300
750

2,307
-587

0

-450

3,140

-18

1,000
300
-650»

-1,375
-514
912 -

-800
0

719
1,579

-4
-105
0
0

19
v

0

NET CHANGE IN MORTGAGE HOLDINGS A T SELECTED INSTITUTIONS
Millions of dollars, seasonally adjusted
Major private financial institutions
" <•' >d

Total

179

122,984

980

86,712

FNMA
and
GNMA

Mortgage pools
FHLMC

FHLMCGNMAguaranteed guaranteed

Commercial
banks

MSB's

S&L's

Life insur.
companies

29,225

3,882

43,064

12,609

8,162

976

20,804

3,262

59,254 18,574

491

27,826

12,363

7,314

1,036

17,445

1,663

Total
88,780

1980
Jan.
Feb.
Mar.

9,423
8,736
7,327

5,917
6,397
5,163

2,260
2,328
1,973

152
275
22

2,126
2,557
1,828

1,379
1,238
1,340

1,061
664
1,087

50
99
9

2,229
1,439
862

166
138
206

Apr.
May
June

7,047
3,340
2,398

3,493
1,414
714

1,447
620
195

-13
106
-109

857
-438
-236

1,203
1,127
864

1,125
533
259

135
-72
-1

2,125
1,263
1,246

169
202
181

July
Aug.
Sept.

6,111
7,624
8,076

3,871
5,575
6,287

1,095
1,084
1,159

—116
-103
-14

1,767
3,587
4,442

1,125
1,006
700

315
109
72

60
142
169

1,596
1,639
1,326

269
159
222

10,683
7,846
8,100

8,121
6,403
5,899

2,601
1,868
1,945

169
74
48

4,511
3,631
3,195

840
829
711

109
595
844

146
97
200

1,770
771
1,180

36
-21
-63

5,262
5,518
4,526
5,983
4,373
n.a

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

121
125
21
144
-92
n.a.

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

160
74
-133
108
-278
n.a.

—68
139
-35
134
209
59

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

173
122
216
77
242
59

Oct.

Nov.
Dec.

1981
Jan.
Feb.
Mar.
Apr.
May
June

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

710
1,082
628
759
745
n.a.

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 Association of Mutual Savings Banks, Federal Home Loan Bank
Board, American Council of Life Insurance, the Federal National Mortgage Association, the Government National Mortgage Association, and the Federal
Home Loan Mortgage Corporation. Data for mutual savings banks and life insurance companies may differ somewhat from those derived from regular
quarterly series because of minor conceptual differences for which adjustments are not made in the monthly series. Altogether, these groups accounted
for 89 percent of the net increase estimated for all holders in 1978.




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

1

Total

Total

1 - to 4family

Multifamily

Commercial

Multifamily
and
commercial

Farm

1976-Q1
Q2
Q3
Q4

84.0
75.1
92.1
97.7

68.4
59.4
72.6
78.1

62.8
55.6
68.9
75.5

5.6
3.8
3.7
2.6

10.8
11.3
13.2
12.4

16.4
15.1
16.8
15.0

4.8
4.4
6.4
7.3

1977-Q1
Q2
Q3
Q4

106.6
129.2
142.3
151.2

84.1
109.6
115.6
117.6

79.5
101.3
108.8
108.0

4.6
8.3
6.8
9.6

16.1
11.2
19.9
26.8

20.7
19.5
26.7
36.4

6.4
8.4

1978-Q1
Q2
Q3
Q4

132.7
146.4
152.8
161.6

102.2
115.1
123.4
134.1

92.8
104.2
115.2
125.2

9.4
10.9
8.2
8.9

23.8
23.3
21.4

20.0

33.1
34.2
29.6
28.9

1979-Q1
Q2
Q3
Q4

151.6
158.9
162.2
150.8

116.7
122.3
125.8
115.8

109.7
113.9
118.5
107.8

7.0
8.4
7.3

23.7
23.9
25.3
24.9

30.7
32.3
32.6
32.9

1980-Q1
Q2
Q3
Q4

152.0
74.0
123.1
153.4

101.9
42.0
98.8
114.8

93.6
34.3
90.6
105.4

8.3
7.7
8.2
9.4

33.0

18.0

13.8
24.2

41.3
25.7
22.0
33.6

17.1
14.0
10.5
14.4

1981-Q1

108.0

76.8

71.4

5.4

19.5

24.9

11.7

8.0

6.8
6.8

6.7

8.0
8.0

7.5

11.2

12.7

11.1

10.1

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




21
22. AVERAGE RATES A N D YIELDS ON HOME MORTGAGES AND PASS-THROUGH SECURITIES
Secondary market

Primary market

Conventional mortgages

F H A / V A mortgages
Period

Rates on
conventional
loans at
S&L's

1979-High
Low

12.90
10.38

1979-HigV
Low

1980-High
Low

16.35
12.18

1981-High
Low

Discount
points
in F N M A
auction

Ceiling
rate

13.29
10.42

12.54
4.16

1980-HigV
Low

15.93
12.28

17.13
14.80

1981 Hlgt
Low

3
10
17
. 24

15.40
15.50
15.65
15.77

Apr.

1
8
15
22
25

15.82
16.12
16.64
16.63
16.80

May

5
12
19
26

16.76
16.69
16.71
16.62

June

3
10
17
24
31

16.64
16.79
16.74
16.88
17.11

July

7

17.13

Yield in
FNMA
auction

Yield o n
GNMA
securities

Yield in
FNMA
auction

Yield in
FHLMC
auction

11-1/2
9-1/2

11.77
9.51

13.97
10.92

13.56
10.40

15.40
.93

14
11-1/2

14.17
10.73

17.51
12.81

16.22
11.60

17.27
14.84

12.51
3.49

15-1/2
13-1/2

16.55
13.18

16.94
14.83

17.12
14.16

16.47

10.14
10.81

14.69
14.64
14.61
14.81

15.57

16.61

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

15.35
15.44
15.51
15.69

17.21

8.58

16.65

5.89

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

15.46
15.37
15.16
15.23
14.97

8
15
22
29

16.17

3.49
3.47

14.96
14.75
15.09
15.33

16.31

16.17

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

16.43

4.82

16.87

7.56

17.27

8.80

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

15.35
15.56
16.17
15.96
16.55

16.34

Aug.

6
13
20
27
3

Aug.

10

15-1/2

16.04

Period

1981
Apr.

May

June

July

Aug.

June

6
13
20
27
4
11
18
26
1

15.75
16.42
16.45

16.29

16.53
16.94

16.35
16.77
16.51
16.45
16.31
16.16
15.98
16.13
16.43
16.56
16.69
16.96
16.99
17.12
17.01

Column 2 is average of contract interest rates on commitments for level-payment conventional first mortgages with 80 percent loan-to-value ratios and 30
year maturities made by a sample of insured S&Ls. Columns 4 and 8 are average gross yield to FNMA before deduction of the fee of 37% basis points paid
for mortgage servicing. They reflect the average accepted bid yield for first mortgages for optional delivery within 4 months, assuming prepayment in 12
years for 30-year loans, without adjustments for FNMA commitment fees and FNMA stock retention requirements. Column 7 is a 1-day quote on average
net yields to investors on GNMA-guaranteed mortgage-backed securities for immediate delivery, assuming prepayment in 12 years on pools of 30-year
FHA/VA mortgages carrying a coupon rate 50 basis points below the current FHA/VA ceiling rates shown in Column 6. Column 9 is the average net
yield to FHLMC on accepted bids in its weekly auction of commitments to buy conventional home mortgages for immediate (within 60 days) delivery.
Beginning July 7 , 1 9 8 0 , the FNMA auction results for FHA/VA mortgages do not include graduated payment mortgages.




23. FNMA AUCTIONS OF COMMITMENTS TO PURCHASE HOME MORTGAGES
Dollar amounts in millions
Date of
auction

Offered

FHA/VA mortgages
Accepted

Average yield

Offered

Conventional mortgages
Accepted
Average yield

644.2
63.8

354.6
35.1

15.93
12.28

426.0
12.4

133.0
19.6

17.51
12.76

250.0
35.8

181.6
34.1

17.27
14.84

315.7
12.4

167.8
11.1

16.94
14.83

11
26

109.9
94.9

99.6
79.5

17.21
16.65

114.6
166.7

72.2
83.7

16.42
16.45

June

8
22

107.5
130.1

98.0
118.1

16.17
16.17

176.9
129.6

147.1
76.4

16.31
16.29

July

6
20

130.0
201.9

119.7
170.7

16.43
16.87

124.2
182.4

109.3
128.9

16.34
16.53

Aug.

4

250.0

181.6

17.27

315.7

167.8

16.94

1980-High
Low

1981-High
Low

1981-May

24. FHLMC AUCTIONS OF COMMITMENTS TO PURCHASE HOME MORTGAGES
Conventional mortgages, dollar amounts in millions
Immediate delivery program
Date of
auction
Average yield
Accepted
Offered
Offered

Future commitment program
Average yield
Accepted

1980-High
Low

401.4
4.9

200.3
2.5

16.22
11.60

255.2
34.1

26.9
10.5

17.15
12.89

1981-High
Low

141.6
32.0

65.9
13.2

17.12
14.16

73.6
25.2

18.4
5.0

17.54
15.16

17.5

17.12

1981-May

June

July

Aug.

4
11
18
26

44.2
41.3
47.4
44.3.

15.2
13.2
21.0
20.1

16.35
16.77
16.51
16.45

2
9
16
23
30

72.2
83.8
76.3
82.1
52.5

25.9
29.9
40.9
35.2
16.2

16.31
16.16
15.98
16.13
16.43

7
14
21
28

65.7
51.7
34.4
31.0

16.9
16.7
14.1
14.8

16.56
16.69
16.96
16.99

4
11

31.7
39.6

15.5
15.5

17.12
17.01

—

69.1

—

——

53.8

——

17.4

16.90
—

—

25.2

12.4

17.24

—-

——

25.9

16.1

——

17.54

Offerings in the FNMA auctions of 4-month purchase commitments relate to total bids submitted, and average yields to FNMA on accepted bids are gross
(before deduction of 37% basis points for mortgage servicing) assuming prepayment in 12 years for 30-year mortgages, without adjustments for FNMA
commitment fees or stock related requirements. Offerings in the FHLMC auctions relate to total bids submitted, and average yields to FHLMC on
accepted bids are net, excluding 37% basis points for mortgage servicing. Prior to June 2 4 , 1 9 8 0 , the FHLMC's future commitment program involved
6-month commitments; subsequently, 8-month commitments have been auctioned.
Source: FNMA and FHLMC




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

Period

G NMA guaranteed
New issues

Outstanding
(end of period)

Pass through securities
F H LMC-guaranteed
New issues

Outstanding
(end of period)

Privately insured
New issues

Outstanding
(end of period)

1978

15,358

54,347

6,212

11,892

1,011

I,141

1979

24,940

76,401

4,546

15,180

2,575

3,641

1980

21,950

93,874

2,527

16,853

5,133

8,724

1980-Jan.
Feb.
Mar.

2,611
1,354
1,125

78,849
79,900
80,843

180
207
106

15,274
15,397
15,454

405
205
342

4,227
4,421
4,771

Apr.
May
June

1,778
1,127
1,320

82,419
83,385
84,282

199
391
232

15,613
15.949

5,269
5,760

16,120

510
495
413

July
Aug.
Sept.

1,874
2,215
1,807

85,634
88,031
89,452

288
320
275

16,370
16,658
16.852

485
466
355

6,603
6,995
7,338

Oct.
Nov.
Dec.

2,255
1,613
1,569

91,425
92,574
93,874

187
94
48

16.950
16,912
16.853

402
628
427

7,708
8,342
8,724

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

1.382
1,306
1,046
1,404
1,245
1.383
1,590

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

168
94
127
97
422
94
n.a.

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

529
251
460
506
714
623
n.a.

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

6,168

GNMA-guaranteed securities are issued by private institutions and represent undivided interests in pools of Government-underwritten home mortgages
formed by these institutions. FH LMC-guaranteed securities include Participation Certificates and Guaranteed Mortgage Certificates issued by FHLMC
against pools of conventional residential mortgages formed by FHLMC. Privately-insured pass-through securities are issued by private institutions against
pools of conventional residential mortgages and are underwritten by major private mortgage insurance companies.
Source: G N M A , F H L M C , H U D , and Federal Reserve.