Full text of H.16 Capital Market Developments : August 25, 1975
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Mr •II' Capital Market Developments August 2 5 , 1 9 7 5 Prepared by the CAPITAL MARKETS SECTION in conjunction with the MORTGAGE, AGRICULTURAL, and CONSUMER FINANCE SECTION DIVISION OF RESEARCH AND STATISTICS BOARD OF GOVERNORS FEDERAL RESERVE SYSTEM Washington, D C. 20551 Index SYMBOLS TABLES 1-6 SECURITY VOLUME AND YIELDS 7, 8 STOCK MARKET AND SECURITY CREDIT 9-16 MORTGAGE MARKET e ESTIMATE p PRELIMINARY r REVISED n.a NOT AVAILABLE DATA DO NOT EXIST Table 1 3 YIELDS, VOLUME AND RECEPTION CORPORATE BOND MARKET YIELDS WEEK ENDING 1975 - J u l y Aug. NEW ISSUE 1 Aaa UTILITY VOLUME RECENTLY ' OFFERED Aaa UTILITY ! GROSS 3 OFFERINGS ( $ MILLIONS) PER CENT SOLD BY END OF WEEK NEW ISSUES 4 IN SYNDICATE ( $ MILLIONS) 4 11 18 25 9.62 9.38 9.53 9.25 9.30 9.45 9.57 9.33 220 750 875 520 95 97 98 91 n 1 8 15 22 9.37 9.44 9.43 9.53p 9.35 9.51 9.49r 9.53p 243 360 235 342 80 80 90 95 63 96 33 4 58 36 74 MUNICIPAL BOND MARKET YIELDS WEEK ENDING MOODY'S NEW ISSUE Aaa VOLUME BOND BUYER 20-BQND INDEX 3 GROSS OFFERINGS ( $ MILLIONS) PER CENT SOLD BY END OF WEEK NEW ISSUES 4 IN SYNDICATE ( $ MILLIONS) 1975 - J u l y 4 11 18 25 6.30 6.33 6.40 6.50 6.96 6.98 7.09 7.22 1,705 357 604 669 97 79 88 84 108 151 111 170 Aug. 1 8 15 22 6.40 6.40 6.40 6.40 7.09 7.16 7,17 7.18 524 664 442 685 90 83 69 85 138 146r 215 207 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 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. Table 2 HIGH GRADE BOND YIELDS NEW I S S U E A a a UTILITY DATE 1 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 4 C O N S T A N T MATURITY BOND BUYER 2G- BON D INDEX 1971 - High Low 8.26 (7/30) 7.02 (2/5) 8.23 (1/1) 7.17 (12/31) 7.71 (8/21) 7.06 (2/12) 6.51 (6/18) 5.69 (3/23) 6.23 (6/23) 4.97 (10/21) 1972 - High Low 7.60 (4/21) 6.99 (11/24) 7.49 (4/21) 7.15 (12/1) 7.36 (4/28) 7.05 (2/12) 6.19 (4/14) 5.74 (11/17) 6.54 (4/13) 4.96 (10/21) 1973 - High Low 8.52 (8/10) 7.29 (1/21) 8.32 (8/10) 7.28 (1/5) 7.77 ( 8 / 2 4 ) 7.11 (1/5) 7.79 (8/10) 6.42 (1/5) 5.59 (8/3) 4.99 (10/11) 1974 - High Low 10.61 (10/4) 8.05 (2/15) 10.52 (10/11) 8.13 (1/4) 9.39 (10/11) 7.73 (1/4) 8.68 (8/30) 7.39 (1/4) 7.15 (12/12) 5.16 (2/7) 1975 - High Low 9.80 (5/2) 8.89 (2/7) 9.71 (5/25) 9.06 (2/28) 9.01 (5/2) 8.57 (2/28) 8.54 (8/22) 7.63 (2/21) 7.22 (7/24) 6.27 (2/13) 4 11 18 25 9.62 9.38 9.53 9.25 9.30 9.45 9.57 9.33 8.82 8.84 8.82 8.85 8.13 8.18 8.13 8.18 6.96 6.98 7.09 7.22 1 8 15 22 9.37 9.44 9.43 9.53p 9.35 9.51 9.49r 9.53p 8.86 8.93 8.95r 8.96p 8.27 8.49 * 8.50r 8.54p 7.09 7.16 7.17 7.18 1975 - J u l y Aug. NOTES: 1 Federal Reserve series of Implied yield on newly issued, Aaa-ratad utility bond with 5-year call protection. 2 Federal Reserve series of Implied free-market yield on competitively bid Aaa-ratad 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 uied in this index falls midway between the four t o p groups as classified by Moody's Investors Service. Weekly Bond Buyer data. 7 5 Table 3 $ LONG-TERM CORPORATE AND STATE AND LOCAL GOVERNMENT SECURITY OFFERINGS AND PLACEMENTS IN MILLIONS OF DOLLARS GROSS PROCEEDS PERIOD 1975 1 CORPORATE 1 1 1974 1973 1975 STATE AND LOCAL 1 1974 1 2 1973 January February March 5,379 4,526 5,368 3,328 2,687 3,217 2,327 1,962 3,933 2,361 2,322 2,088 2,255 2,003 2,025 1,977 1,515 2,467 April May 4,407 3,060 3,164 2,981 2,497 2,543 3,578 2,384 2,858 2,945 2,397 2,304 2,166 1,826 1,939 2,152 3,257 2,666 1,617 2,631 1,806 1,915 1,459 1,106 1,701 2,028 1,657 1,750 4,609 3,746 3,505 3,398 3,563 3,238 2,860 2,483 1,479 2,313 2,257 2,089 9,232 9,205 7,540 11,860 8,222 8,618 6,352 10,199 6,283 6,867 4,266 6,822 5,959 5,917 5,435 6,659 18,437 25,977 37,837 16,840 23,192 33,391 13,150 17,416 24,238 11,876 17,311 23,970 July August September . October November December 01 02 03 04 15,274 1st Half 3 Qtrs. Year j NOTES: 1 Securities and Exchange Commission estimates of gross proceeds. 2 Securities Industry Association estimates of principal amounts. 6,771 8,187 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 TOTAL 1974 - I I III IV 9,205 7,540 11,860 5,883 \ 5,025 8,611 1,789 1,222 1,565 1,533 1,293 1,684 115 373 374 1975 - I 15,274 10,829 2,336 2,109 3,060 3,164 2,9^1 1,594 2,350 1,939 666 607 516 800 207 526 July Aug. Sept. 3,257 2,668 1,617 2,086 2,042 897 616 299 307 Oct. Nov. Dec. 4,609 3,746 3,505 3,423 3,016 2,172 1975 - J a n . Feb. Mar. 5,379 4,526 5,368 Apr. 4,407 1974 - Apr. May June 1 COMMUNICATIONS OTHER ISSUERS 2,541 1,887 4,079 3,189 2,376 3,702 1,307 1,008 743 2,164 2,272 3,339 1,255 1 6,055 4,736 1,380 3,104 63 42 10 12 15 12 1,203 862 477 1,130 912 1,147 288 663 356 442 730 992 555 325 413 223 150 205 104 1 1,094 605 188 618 1,078 680 295 364 349 1,251 620 401 355 330 880 831 400 453 175 199 76 728 1,699 1,652 2,109 964 629 475 93 175 1,297 993 1,049 3,657 3,201 3,971 1,133 703 500 589 622 897 470 610 175 1 1,901 1,675 2,479 1,272 1,957 1,507 938 125 317 1,267 771 1,066 2,771 360 1,276 135 130 1,706 1,408 561 732 — Other issuers are extractive, railroad and other transportation, real estate and finance, and commercial and other. PUBLIC UTILITY 39 310 76 NOTES: Source: Securities and Exchange Commission. G R O S S PROCEEDS BY TYPE OF ISSUER MEMO BONDS COMMON MANUFACAND ISSUES INCLUDED PUBLICLY PRIVATELY PREFERRED TURING PLACED OFFERED FOREIGN ^CONVERTIBLE STOCK — 1 T a b l e 5A INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY' August 4 , t h r u August 2 2 > 1 9 7 5 ISSUER CORPORATE Interstate Power Kansas City Power & Light Harnischfeger Corp. Crocker Nat'1 Corp. Tucson Gas & Electric Commonwealth Edison Co. Philadelphia Electric Ohio Electric Co. Public Service of Indiana Northern States Power Big Three Ind. Inc. North American Philips Corp. Southwestern Electric Power Co. British Petroleum Co. British Petroleum Co. Pennsylvania Electric Co. Norfolk & Western RR Dayton Power & Light Pfizer Inc. Pfizer Ipc. Central Maine Power TYPE AMOUNT (MILLIONS OF DOLLARS) 16.5 Com stk 20.4 Com stk . 23.4 Com stk 33.8 Com stk 27.6 Com stk 125.0 1 s t mtge 80.0 1 s t mtge 75.0 1 s t mtge 80.0 1 s t mtge 40.3 Com stk 47.7 Com stk Com stk (rts) 28.6 40.0 1 s t mtge 50.0 Notes 100.0 Debt 45.0 1 s t mtge 11.6 Equip tr 45.0 1 s t mtge 100.0 S . F . debt 100.0 Notes 20.0 1 s t mtge MATURITY COUPON RATE 1983 2000 1983 2005 2005 1980 2000 1984 1988 2005 2000 1985 1984 NOTES: \ I Z w d w y L p o r a t e and other security offering, of $16 million end over; excludes options, exchange and secondary offerings. 9.00 11.00 11.00 9.60 9.63 9.00 10.00 10.75 9.00 10.70 9.25 9.88 10.65 OFFERING YIELD MOODY'S RATING 8.85 11.00 10.75 9.60 Aaa/AaA Baa/Bbb+ Aa 9.60 9.00 10.00 10.75 7.75-9.20 10.70 9.30 9.88 10.65 Aa Aa Aa A/Bbb Aa A Aa Aa A/Bbb+ T a b l e 5A C o n t i n u e d INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY August 4 , t h r u August 2 2 , 1975 TYPE ISSUER AMOUNT (MILLIONS OF DOLLARS) MATURITY COUPON RATE OFFERING YIELD MOODY'S RATING CORPORATE M i n n e s o t a Power & L i g h t Co. P u g e t Sound Power & L i g h t Co. P e n n s y l v a n i a Power & L i g h t Portland General E l e c t r i c 1st 1st Pfd Com mtge mtge stk stk 35.0 30.0 50.0 31.3 2005 1985 10.50 10.45 11.00 10.50 10.45 11.00 A Baa/BBB Baa Table 5 8 INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY < August 4 , t h r u August 2 2 , 1975 ISSUER TYPE 2 AMOUNT (MILLIONS OF DOLLARS) MATURITY NET INTEREST COST OFFERING YIELD MOODY'S RATING STATE AND LOCAL Dade C o . , F l a . P e n n s y l v a n i a , S t a t e of New Hampshire Educ. & H e a l t h F a c . Auth. New Hampshire Educ. & H e a l t h F a c . Auth. P h o e n i x Union H . S . D . #210, A r i z . M a r i c o p a Co. I n d u s t . Dev. A u t t i . , Ariz. M a r i c o p a C o . < E n d u s t . Dev. A u t h . , Ariz, M a r i c o p a Co. I n d u s t . Dev. A u t h . , Ariz. M a r s h a l l C o . , Ky. I l l i n o i s I n d u s t . P o l l u t i o n Cont. Auth. I l l i n o i s I n d u s t . P o l l u t i o n Cont. Auth. New York S t a t e D o r m i t o r y A u t h . S. Dakota B u i l d i n g Auth. Colorado S p r i n g s , Colo. H o u s t o n , Texas Rev G.O. 25.0 180.0 1978 1977-1995 6.78 7.50 4.80-7/25 A A-l Rev 4.0 1979-1985 8.91 6.75-8.00 A Rev G.O. 10.4 14.8 2003 1980-1983 8.91 5.75 8.25-9.00 5.25-5.75 A Aa 2.9 1976-1985 9.26 6.00-7.90 A-l 1995 Rev -WW Rev 6.5 9.26 8.75 A-l Rev Rev 15.1 15,0 2005 2000 9.26 8*30 9.25 8.25 A-l A Rev 10.0 1985 8.24 6.75 A Rev Rev Rev Rev G.O. 35.0 23.0 17.5 47.4 25.0 8.24 10.57 7.39 7.43 5.80 8.25 10.00 5.00-7.50 5.00-7.50 3.90-6.30 ..... „ 2000 1977 1976-1993 1978-2005 1976-1995 A A-l A-l Aa Aaa NOTES: 1 Includes only state and local security offerings of $10 million and over; excludes secondary offerings 2 In case of State and local government securities, G O denotes general obligation; Rev.-Ut., revenue obligations secured only by Income from public utilities; Rev.-Q.-UL, revenue bonds secured only by Income from quasi-otilttiei; Rev.-S.T., revenue bonds secured by revenue from specific taxes only; Rev.-Rent., revenue bonds secured solely by lee* payments. 3 Includes foreign government and International Bank for Reconstruction and Development Issues end non-guaranteed issues by Federal Agencies. 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 August 4 , t h r u August 22 , 1975 ISSUER TYPE AMOUNT (MILLIONS OF DOLLARS) MATURITY NET INTEREST COST OFFERING YIELD MOODY'S RATING STATE AND LOCAL Morristown I n d u s t . Dev. Bd. Tenn. Nebraska P u b l i c Power D i s t . G e o r g i a , S t a t e of Chicago School D i s t . , 111. St. Petersburg, Fla. Saugus, Mass. S a u g u s , Mass. T r i n i t y R i v e r Auth. Texas Los A n g e l e s Co. Flood C o n t r o l D i s t . , Calif. M u n i c i p a l A s s i s t a n c e C o r p . , N.Y. M u n i c i p a l A s s i s t a n c e C o r p . , N.Y. M u n i c i p a l A s s i s t a n c e C o r p . , N.Y. A u s t i n , Tex.. P h i l a d e l p h i a Mun. Hosp. A u t h . P h i l a d e l p h i a Mun. Hosp. A u t h . P h i l a d e l p h i a Mun. Hosp. A u t h . P h i l a d e l p h i a Mun. Hosp. A u t h . Birmingham M e d i c a l C l i n i c B d . , A l a . Birmingham M e d i c a l C l i n i c B d . , A l a . P l a t t e R i v e r Power A u t h . , C o l o . P l a t t e R i v e r Power A u t h . , C o l o . P l a t t e R i v e r Power A u t h . , C o l o . Gulf C o a s t Waste D i s p o s a l A u t h . , T e x . Gulf Coast Waste D i s p o s a l A u t h . , T e x . Nassau C o . , N.Y. B r i d g e p o r t , Conn. Wayne C o . , Mich. D e t r o i t B l d g . A u t h . , Mich. Rev Rev G.O. G.O. Rev Rev Rev Rev 17.0 23.5 39.0 65.0 15.0 13.9 16.1 17.4 2000 1977-2004 1976-2000 1977-1990 1976-1995 1977-1985 1994 1978-1999 8.51 7.38 6.19 6.76 7.10 G.O. Rev Rev Rev Rev Rev Rev Rev Rev Rev Rev Rev Rev Rev Rev Rev 10.0 70.0 65.0 140.0 26.0 11.8 6.8 2.0 13.4 5.0 17.7 8.7 5.7 20.6 3.0 19.0 31.6 13.0 16.0 20.0 1991-1995 1980 1981 1983 1987-2000 1979-1990 1995 1997 2008 1977-1990 2005 1981-1995 2000 2010 1985 2005 1976-2004 1976-1995 1984-2000 1979-1994 G.O. G.O. G.O. G.O. 7.15 8.40 4.75-7.60 4.00-6.65 4.90-7.40 4.75-7.35 5.75-7.00 8.00 5.00-7.60 A A-l Aaa A-l A-l A A A 5.93 11.03 11.03 13 .03 7.29 8.05 8.05 8.05 8.05 8.45 8.45 8.08 8.08 8.08 8.16 8.16 7.18 6.46 7.46 9.90 6.05-6.20 10.00 10.50 11.00 6.50-7.55 6.10-7.70 8.00 8.09 8.25 7.80-8.00 8.38 6.00-7.60 7.88 8.13 6.50 8.20 5.35-7.70 4.40-6.90 6.60-7.50 8.50-9.63 Aaa A A A Aa Aa Aa Aa Aa Aa Aa A A A A A A-l Aa A Baa — 11 FORTHCOMING INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY 1 a s of August 2 2 , 1975 AMOUNT (IN MILLIONS OF DOLLARS) ISSUER APPROXIMATE DATE OF OFFERING CORPORATE G e n e r a l Telephone Co. of W i s c o n s i n Wisconsin Gas N i a g a r a Mohawk Power N i a g a r a Mohawk Power N i a g a r a Mohawk Power M i s s i s s i p p i Power & L i g h t Ashland O i l I n c . Puget Sound Power & L i g h t I n l a n d S t e e l Co. Mead Corp. Western Union T e l e . Co. Armco S t e e l Corp. Pan American B a n c s h a r e s C i t i e s S e r v i c e Co. W h i r l p o o l Corp. New England Power P a c i f i c Power & L i g h t A t c h i s o n , Topeka & S a n t a Fe Railway G e n e r a l T e l e . Co of Kentucky Union P a c i f i c R a i l r o a d Co. Union P a c i f i c R a i l r o a d Co. F l o r i d a Power & L i g h t Co. B a l t i m o r e & Ohio RR *General P u b l i c U t i l i t i e s Toledo E d i s o n L o u i s i a n a Power & L i g h t C o n n e c t i c u t L i g h t & Power C o n n e c t i c u t L i g h t & Power I n d i a n a p o l i s Power & L i g h t Reading & B a t e s O f f s h o r e D r i l l i n g Co. ^ S o u t h e r n Ry Co. Tucson Gas & E l e c t r i c Philadelphia Electric Mountain S t a t e T e l e . & T e l e . Co. Washington N a t u r a l Gas Co. F l o r i d a Power I n d i a n a & Michigan E l e c t r i c 1 s t mtge Pfd s t k Com s t k Pfd stk Gen mtge 1 s t mtge SF d e b t Com s t k 1 s t mtge SF d e b t Notes Notes Notes SF d e b t SF d e b t Pfd s t k Com s t k Equip t r Pfd s t k Equip t r Equip t r 1 s t mtge Equip t r Com s t k ( r t s ) Pfd s t k 1 s t mtge Pfd s t k 1 s t mtge 1 s t mtge Com s t k Equip t r Pfd s t k Com s t k ( r t s ) Notes 1 s t mtge Com s t k j Pfd, s t k 20.0 16.0 36.0 30.0 50.0 25.0 100.0 19.0 100.0 100.0 50.0 21.0 20.0 150.0 75.0 25.0 60.0 15.0 15.0 40.0 20.0 75.0 10.5 80.0 30.0 50.0 20.0 40.0 80.0 24.6 15.0 25.0 80.0 250.0 20.0 30.0 30.0 NOTES: * Included in table for first time. 1 Includes only corporate and other security issues of $15 million and over; excludes exchanges, options August 25 August 26 August 26 August 26 August 26 August 26 August 27 August 27 August August August August August August August September 3 September 4 September 4 September 9 September 9 September 9 September 9 September 9 September 10 September 10 September 10 September 1 1 September 11 September 1 1 September September September September September September September September 15 16 16 17 17 17 18 18 12 T a b l e 6A C o n t i n u e d FORTHCOMING INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY 1 a s of August 22, 1975 ISSUER TYPE AMOUNT (IN MILLIONS O F DOLLARS) APPROXIMATE DATE OF OFFERING CORPORATE * M i s s o u r i P a c i f i c RR Co. Shenandoah O i l Corp. Long I s l a n d L i g h t i n g Co. I n d i a n a & Michigan E l e c t r i c Co. I l l i n o i s Power Kentucky U t i l i t i e s Western Maryland Railway M a s s a c h u s e t t s E l e c t r i c Co. Alabama Power Co. Houston L i g h t i n g & Power Houston L i g h t i n g & Power Potomac Edison Co. M e t r o p o l i t a n Edison Co. Long I s l a n d L i g h t i n g Co. *Michigan W i s c o n s i n P i p e l i n e . H a r t f o r d E l e c t r i c L i g h t & Power Co. *Alza Corp. South C a r o l i n a E l e c t r i c & Gas Raychem Corp. A l l i e d F i n a n c e Co. Kewanee I n d u s t r i e s I n c . Wisconsin Gas Co. M i t s u i & Co. *Archer D a n i e l s Midland Co. B a r n e t t Banks of F l a . , I n c . Emerson E l e c t r i c Co. F i r s t Maryland Bancorp Texas Gas T r a n s m i s s i o n Co. Chesapeake & Ohio RR Van Dyk R e s e a r c h Corp. Other Nova S c o t i a Power Corp. Postponements Montgomery Ward & C o . , I n c . New J e r s e y B e l l T e l e . S o u t h e r n N a t u r a l Gas Co. P a c i f i c Gas & E l e c t r i c * F i r s t Maryland Bancorp *Macy C r e d i t Corp. Equip t r Conv d e b t 1 s t mtge 1 s t mtge Com s t k Pfd s t k Equip t r 1 s t mtge 1 s t mtge Pfd s t k Com s t k 1 s t mtge 1 s t mtge Com s t k ( r t s ) Pfd s t k 1 s t mtge Com s t k ( r t s ) Pfd s t k Com s t k Notes SF d e b t 1 s t mtge Conv d e b t Com s t k Notes Notes Notes Debt Equip t r SF d e b t 12.9 20.0 90.0 50.0 40.0 20.0 11.0 40.0 35.0 40.0 40.0 30.0 45.0 60.0 50.0 30.0 20.0 15.0 32.0 20.0 45.0 20.0 50.0 63.0 50.0 50.0 25.0 40.0 15.0 10.0 September September September September September September September September September September September September September September September September September September September September September September September INDEF INDEF INDEF INDEF INDEF INDEF INDEF 18 18 18 18 23 23 23 23 23 24 24 24 25 26 30 30 Debt 50.0 September 4' 75.0 75.0 60.0 175.0 25.0 50.0 August August August September September September SF d e b t Debt SF d e b t 1 s t mtge Notes Debt : i g ' ' T a b l e 6 A Continued ^ FORTHCOMING INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY 1 a s of August 2 2 , 1975 TYPE ISSUER AMOUNT (IN MILLIONS OF DOLLARS) APPROXIMATE DATE OF OFFERING CORPORATE Postponements Consol E d i s o n Co. of New York A r k a n s a s L o u i s i a n a Gas Co. W i s c o n s i n E l e c t r i c Power Co. J . P . Morgan & Co. C a l i f o r n i a F e d e r a l S&L 1 s t mtge 1 s t mtge 1 s t mtge Notes 1 s t mtge O t h e r Postponements European I n v e s t m e n t Bank European I n v e s t m e n t Bank Notes Notes 80.0 60.0 60.0 150.0 50.0 INDEF INDEF INDEF INDEF INDEF 50.0 50.0 August August Ill Table 6B FORTHCOMING INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY 1 as of August 2 2 , 1975 TYPE ISSUER AMOUNT (IN MILLIONS OF DOLLARS) APPROXIMATE DATE OF OFFERING STATE & LOCAL M i n n e s o t a H i g h e r Educ. Comm. • H a w a i i , S t a t e of F l o r i d a S t a t e Bd. of E d u c a t i o n • E u g e n e , Oregon * J a y , Maine L o u i s a I n d u s t . Dev. A u t h . , Va. •Aurora, Colo. L o u i s i a n a , S t a t e of E c t o r C o . , Texas P o r t of S e a t t l e , Wash. Oklahoma C i t y , O k l a . M i s s i s s i p p i , S t a t e of M i s s i s s i p p i , S t a t e of • A l b u q u e r q u e , New Mexico Postponement Minneapolis-St. Paul Metro. Council Rev G.O. Rev Rev Rev Rev G.O. G.O. G.O. G.O. G.O. G.O. G.O. G.O. 16.0 75.0 28.5 59.0 12.0 26.0 12.0 75.0 15.4 16.0 25.9 50.0 10.0 10.0 August , August August August August August September September September September September September September September 25 26 26 27 28 28 3 4 8 9 9 9 9 15 G.O. 52.4 August 26 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. Table 7 STOCK PRICES AND VOLUME STOCK PRICES S J INDUSTRIALS TRADING VOLUME NASDAQ AMEX NASDAQ 5 . 5 (1/12) 1.4 (8/20) 11.3 (1/11) 3.5 (8/27) 24.9 ( 1 / 3 ) 7.5 (7/5) 4.4 (1/3) .9 ( 9 / 2 6 ) 7.5 (1.3) 2.8 (7/5) 88.00 (7/15) 60.70 (1/2) 35.2 (2/13) 10.6 (8/15) 1.2 (8/18) 4.2 (2/21) 8 . 1 (2/13) 3.6 (1/20) 90.69 8 9 .4 3 91.08 92.94 84.77 83.43 85.24 86.50 24.7 19.0 19.9 22.5 3.4 2.4 2.1 6.2 6.0 3.1 6.3 871.79 871.09 862.41 834.09 92.60 95.27 95.67 91.14 86.20 19.3 22.5 2.6 6.0 47.10 45.92 826.50 817.74 89.23 85.86 81.92 44.85 804.76 83.58 76.45 1973 - High Low 65.48 (1/11) 49.12 (12/13) 1051.50 (1/11) 788.31 (12/5) 130.47 ( 1 / 1 1 ) 85.26 (12/20) 1974 - High Low 53.37 ( 3 / 1 3 ) 32.89 ( 1 0 / 3 ) 891.66 (3/13) 577.60 (12/6) 102.01 (3/14) 58.29 ( 1 2 / 9 ) 9 6 . 5 3 (3/15) 54.87 ( 1 0 / 3 ) 1975 - High Low 51.24 ( 7 / 1 5 ) 37.16 ( 1 / 8 ) 881.81 (7/15) 632.04 ( 1 / 2 ) 62.20 (1/2) 96.86 ( 7 / 1 5 ) 6 13 20 27 49.19 48.20 49.39 50.66 839.64 816.96 855.44 873.12 11 18 25 50.4550.71 50.07 47.87 1 8 15 22 46.02 825.64 86.16 136.84 ( 1 / 1 1 ) 2 6 . 0 ( 9 / 2 0 ) 89.12 (12/13) 9 . 0 ( 8 / 2 0 ) 87.20 87.02 83.60 79.55 78.58 NOTES: 1 Figures other than hfflks and tows we Fridays oofy. High# end lows are for the y 2 Volume figures are weakly i m r i p i of daily figures (millions of shores). 3 4 12/81/66-60 Based on e w a p price change until September 4 . 1 9 7 3 theraefter, based on market value of shares listed. 22.8 18.6. 15.6 13.7 12.4r 15.3 3.4 3.3 2.4 1.8 1.6 1.4 1.6 7.2 6.2 6.5 5.8 4.9 4.6 4.4r 4.7 16 Table 8 SECURITY CREDIT REGULATED MARGIN CREDIT EXTENDED BY END OF PERIOD BROKERS ON MARGIN STOCK 1 BROKERS ON % CONVERTIBLE BONDS 3 .BANKS UNREGULATED NONMARGIN STOCK CREDIT AT BANKS OUTSTANDING 1974 - J u l y Aug. Sept. Oct. Nov. Dec. 1975 - J a n . Feb. Mar. Apr. May June July 4,840 4,590 4,090 4,000 4,040 3,910 158 156 148 145 139 137 1,023 953 924 916 891 856 2,091 2,119 2,060 2,024 2,053 2,064 4,030 4,200 4,260 4,440 4,780 5,010r 5,320 134 136 134 138 140 146 848 830 844 824 819 n.a. 1,919 1,897 1,882 1,885 1,883 -320 -250 -500 -90 40 -130 -14 -3 -7 -3 —6 -2 -14 -70 -29 -8 -25 -35 19 28 -59 -36 29 11 120 170 60 180 340 230 310 -3 2 -2 4 2 6 -8 -18 14 -20 -5 n. a. -145 -22 -15 -3 -2 n.a. CHANGE IN OUTSTANDING 1974 - J u l y Aug. Sept. Oct. Nov. Dec. 1975 - J a n . Feb. Mar. Apr. May July HOTES: Margin account debt as reported by the New York Stock Exchange, excluding credit for subscription issues and convertible bonds. 1 2 3 New York Stock Exchange data. 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 Table 0 SAVINGS FLOWS AT NONBANK THRIFT INSTITUTIONS IN MILLIONS OF DOLLARS NET FLOW 9,621 10,067 4,815 2,909 1971 1972 1973 1974 1974 - F e b r u a r y March April May June 1975 February March April May J u n e j>/ 521 1,240 -441 6 769 1 ANNUAL 3 GROWTH RATE * 13.5 12.4 5.3 3.0 we —— NET NEW MONEY SHARE CAPITAL NET FLOW 5,378 5,451 -442 -2,822 27,793 32,567 20,237 16,008 341 308 -645 -182 -370 1,824 4,165 -218 511 •2,685 708 1,029 395 930 700 909 2,052 626 1,143 1,900 TOTAL SAVINGS & LOAN ASSOCIATIONS MUTUAL SAVINGS BANKS REGULAR DEPOSITS ANNUAL 3 GROWTH RATE 19.0 18.7 9.8 7.0 *»—— —— 3,297 6,493 2,858 3,895 6,218 DEPOSITS NET NEW MONEY NET FLOW 20,653 23,884 10,507 4,669 37,414 42,634 25,052 18,917 1,697 1,751 -340 420 16 2,345 5,405 -659 517 3,454 3,114 3,690 2,673 3,690 3,086 4,206 8,545 ,3,484 5,038 8,118 ANNUAL 3 GROWTH RATE 17.2 16.7 8.4 5.8 —— • — — —— - — — NET NEW MONEY 26,331 29,335 10,062 1,847 2,Q38 2,059 -985 233 -354 3,822 4,719 3,068 4,620 3,786 SEASONALLY. ADJUSTED 1975 - J a n u a r y February March April Mayp/ June £ / 369 715 1,489 867 1,352 1,559 4.5 8.7 18.0 10.3 15.9 18.1 •— - - --— 2,455 3,057 4,842 3,642 4,331 5,013 12.1 14.9 23.3 17.2 20.2 22.9 • __ -— — — 2,824 3,772 6,331 4,509 5,683 6,572 NOTES: 1 Regular deposit! et mutual savings banks exclude heme such aa Christmas ehib end certain eawfw ecoounta. wMch repiesent a very smelt part of total deposits. New deposits net of both* withdrawals and interest. Data for S&L's are for insured eeeooiertoni only, which uprasent M par cant of induetry total resources. 2 3 Annual growth rata for monthly data is the annualized monthly percental increase in deposits. Source: National Association of Mutual Savines Banks and Federal Home Loen Bank Board. 9.9 13.1 21.7 15.2 19.0 21.6 — Table 10 MORTGAGE COMMITMENTS AT SELECTED THRIFT INSTITUTIONS BILLIONS OF DOLLARS, SEASONALLY ADJUSTED OUTSTANDING COMMITMENTS PERIOD ALL SAVINGS MUTUAL SAVINGS BKS> & LOAN ASSOCIATIONS (N.Y. STATE) TOTAL TOTAL NET CHANGE MUTUAL ALL SAVINGS SAVINGS BKS & LOAN ASSOCIATIONS (N.Y. STATE) 1971 - Dec. 17.7 14.0 3.7 .49 .30 .19 1972 - Dec. 25.1 20.2 4.9 ^56 .55 .01 1973 - J a n . Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 25.8 25.8 25.4 24.8 24.0 23.7 23.1 22.2 21.0 20.0 19.6 19.7 20.8 20.9 20.6 20.2 19.5 19.3 18.8 18,0 17.0 16.1 15.9 16.2 5.0 4.9 4.8 4.6 4.5 4.4 4.3 4.2 4.0 3.9 3.7 3.5 .80 .21 -.43 -.57 -.89 -.21 -.67 -.92 -1.15 -1.06 -.41 .15 .66 .11 -.28 -.40 -.77 -.15 -.56 -.75 -1.00 -.90 -.26 .35 .14 -.10 -.15 -.17 -.12 - .06 -.11 -.17 -.15 - .16 -.15 -.20 1974 - J a n . Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 19.3 19.4 19.5 19.7 18.5 18.0 17.3 16.7 16.2 14.9 14.4 14.4 15 .9 16.0 16.4 16.7 15.6 15.1 14.5 13.9 13.5 12.5 12.1 12.2 3.4 3.2 3.1 3.0 2.9 2.9 2.8 2.8 2.7 2.4 2.3 2.2 -.33 -.06 .20 .20 -1.08 -.61 -.64 -.56 -.56 -1.31 -.54 -.03 -.33 .13 .33 .30 -1.02 - .54 -.60 -.55 -.43 -1.01 - .44 .14 -.10 -.19 -.13 -.10 - .06 - .06 -.04 -.01 -.13 -.30 -.10 -.11 1975 - J a n . Feb. Mar. Apr. May 14.4 14.4 15.2 16.2 16.9 17.1 12.3 12.6 13.2 14.2 14.8 15.0 2.1 1.8 2.0 2.0 2.1 2.1 -.04 .05 .71 1.13 .73 .27 .06 .30 .60 -.10 -.25 . 11 1.07 .62 .20 .06 .11 .07 ? • 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 eod-of-period outstanding levels as reported and after seasonal adjustment by Federal Reserve. Subtotals may not add to totals because of rounding. % ^ t > T a b l e 11 NET NEW MONEY BORROWINGS BY MAJOR HOUSING AGENCIES IN MILLIONS OF DOLLARS TOTAL INCLUDING SHORT-TERM DISCOUNT NOTES INTERMEDIATE AND LONG-TERM ISSUES TOTAL FHLB +1,528 +1,349 +1,850 +1,950 -150 +256 +998 +1,349 +1,500 +1,300 Dec. +1,475 +1,693 +1,910 +1,946 +11 +598 1974 - J a n . 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 -800 -657 1975 - J a n . Feb. Mar. Apr. May June p July p -242 -659 +440 0 -1,568 +252 +165 -5 -254 +689 +69 -1,279 +600 +300 1973 - J u l y Aug. Sept. Oct. Nov. +350 +650 +450 +750 +499 +1,000 +400 +1,700 +1,499 -217. +470 -4 -554 -11 -30 -1,279 0 0 +256 +44 -4 +992 +1,500 . FNMA +530 -150 Notes: Based on data from the Treasury Survey of Ownership, 1/ Sales of FHLB discount notes began in May 1974. £;/ Preliminary. FHLMC -200 +1,050 +100 +310 +491 +300 0 -1 0 0 0 -1 0 +700 +100 0 +600 +300 FNMA SHORT-TERM DISCOUNT NOTES -53 +344 +60 -4 +161 +342 +85 -38 -26 +512 +450 +449 +305 +678 +18 +66 -182 -454 -237 -405 -249 -69 -289 -348 -135 Table 12 20 NET CHANGE IN MORTGAGE HOLDINGS IN MILLIONS OF DOLLARS PERIOD TOTAL INCLUDING FNMA-GNM/ 2 FINANCIAL INSTITUTIONS TOTAL COMMERCIAL BANKS MSB's S & Ls INSURANCE FNMA-GNMA COMPANIES Not S e a s o n a l l y Adinst-orl 21,736 41,647 57,587 58,372 42,748 16,827 39,259 55,561 55,072 36,526 2,462 9,940 16,800 19,600 11,700 . 1,845 3,938 5,377 5,642 2,170 10,254 23,919 31,932 25,552 17,578 2,348 1,221 1,452 4,278 5,078 4,909 2,388 2,026 3,300 6,222 1974 - O c t . Nov. Dec. 2,419 1,992 2,255 1,655 1,476 1,082 500 400 500 45 79 - 22 565 522 595 545 475 729 764 516 453 1975 - J a n . Feb. Mar. Apr. May June 1,313 1,588 2,333 3,458 3,964 4,416 862 1,514 1,946 3,268 3,907 4,374 100 66 428 -100 100 1,111 0 70 1,618 400 132 2,285 300 3,182 181 500 3,435 286 S e a s o n a l l y Ad l u s t e d 268 403 258 451 244 153 451 74 387 190 57 42 1974 - O c t . Nov. Dec. 2,847 2,461 1,986 2,205 1,973 1,456 533 509 734 98 67 -102 1,037 985 629 537 412 195 642 488 530 1975 - J a n . Feb. 2,614 2,829 2,473 3,519 3,486 3,219 2,108 2,630 1,912 3,128 3,305 3,154 447 184 53 384 33 167 170 242 47 166 149 156 1,156 1,648 1,415 2,015 2,767 2,665 335 556 397 563 356 506 199 561 391 181 65. 1970 1971 1972 1973 1974 Mar. Apr. May June 166 1 Monthly data for commercial banks based on Federal Reserve estimates benchmark^ 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 89 per cent of the net increase estimated for all holders in 1972. 2 Beginning January 1972 data reflect activity in limited amount of conventional mortgages. J : v NET INCREASE IN MORTGAGE DEBT OUTSTANDING IN BILLIONS OF DOLLARS, SEASONALLY ADJUSTED ANNUAL RATES i RESIDENTIAL QUARTER TOTAL TOTAL MULTIFAMILY FAMILY COMMERCIAIL MULTFAIflL)f & COMMERCIAIL FARM 1968 - I II III IV 28.1 26.4 25.5 29.6 19.4 18.2 17.2 20.4 16.3 15.0 13.6 16.5 3.1 3.2 3.5 3.9 6.4 6.0 6.5 7.4 9.5 9.2 10.1 11.3 2.3 2.2 1.8 1.9 1969 - I II III IV 32.0 29.1 25.8 25.2 23.8 21.5 18.7 18.5 19.4 16.8 14.0 13.1 4.4 4.6 4.7 5.4 6.0 5.4 5.3 5.3 10.4 10.1 10.0 10.7 2.2 2.2 1.7 1.4 1970 20.7 22.9 28.5 . 31.8 14.4 16.8 21.3 22.8 9.4 11.6 15.0 16.2 5.0 5.2 6.3 6.6 4.8 .4:6 5.1 6.8 9.8 9.8 11.5 13.4 1.5 1.5 2.1 2.2 1971 - I II III IV 37.3 47.7 52.3 54.2 27.4 35.5 38.5 41.2 19.4 26.2 28.6 31.3 8.0 9.4 9.9 9.9 7.7 9.8 11.5 10.5 15.7 19.2 21.4 20.4 2.2 2.4 2.3 2.5 1972 - I II III IV 62.8 64.9 65.1 68.3 46.1 47.0 47.1 49.5 37.7 37.4 38.0 40.0 8.4 9.6 9.1 9.5 14.1 15.3 15.3 16.3 22.5 24.9 24.4 25.8 2.6 2.6 2.6 2.5 1973 - I II III IV 83.4 75.6 71.3 57.9 63.1 53.9 51.4 38.3 53.1 44.0 41.8 31.7 10.0 9.9 9.6 6.5 16.3 17.8 16.3 15.0 26.3 27.8 25.9 21.5 4.1 3.8 3.6 4.6 1974 - I II III IV 58.5 65.3 50.0 38.6 39.5 44.0 35.7 23.7 32.1 37.1 27.5 17.3 7.4 6.8 8.2 6.4 15.4 17.3 9.0 7.6 22.7 24.1 17.2 14.0 3.6 4.0 5.3 7.3 1975 - I p 34.9 25.8 21.1 4.7 4.2 8.8 4.7 I II III IV ... NOTES: 1 j 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. 2 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 multif amity mortgage debt,combined. \ T a b l e 14 PRIVATE HOUSING PERMITS, STARTS, COMPLETIONS, AND MOBILE HOME SHIPMENTS IN THOUSANDS OF UNITS, SEASONALLY ADJUSTED ANNUAL RATES PERMITS 1 1—FAMILY COMPLETIONS 2 - O R MORE FAMILY TOTAL 1—FAMILY 2 - O R MORE FAMILY TOTAL MOBILE HOME 1 —FAMILY | 2 - O R MORE FAMILY SHIPMENTS 1,324 1,352 1,925 2,219 1,820 1,074 626 647 906 1,033 882 644 698 705 1,018 1,186 937 431 1,467 1,434 2,052 2,357 2,045 1,338 811 813 1.,151 1 ,309 1 ,132 888 656 621 901 1,048 914 450 1,399 1,418 1,706 1,972 2,005 808 802 1 ,014 1;,143 1 , 166 592 617 692 828 838 413 401 497 576 580 689 701 677 837 912 508 515 503 603 658 182 186 173 234 254 999 1,000 985 980 1,130 739 733 775 762 887 260 267 210 218 243 1,535 1,320 1,305 1,211 1,265 964 770 734 756 823 571 550 571 455 442 185 219 199 194 949 679 270 1,088 879 209 1,107 735 372 224 1,007 691 316 1,238 927 311 210 NOTES: Private building permits (for 14,000 areas with permit systems, excluding farm), starts, and completions are Census Bureau data. A dwelling unit is started when excavation begins. In the case of apartment buildings, all units are considered started at that time; however, all such units are considered completed when more than half of the units in the structure are ready for use. Private mobile home shipments are Mobile Home Manufacturers Association data converted to seasonally adjusted annual rate by Census Bureau. 1 Permit data for 1969 and 1970 based on 13,000 areas with permit systems Table 15 AVERAGE RATES AND YIELDS ON HOME MORTGAGES PERIOD CONVENTIONAL LOANS PRIMARY MARKET NEW HOMES EXISTING HOMES 1 1 SPREAD BETWEEN RETURNS ON NEW Aaa UTILITY CONVENTIONAL BOND AND HUD(FHA) YIELD NEW HOME DISCOUNT (PERCENTAGE MORTGAGES (IN PER CENT) (BASIS POINTS) POINTS) . HUD(FHA) INSURED LOANS SECONDARY MARKET NEW HOMES 1 RATE (IN PER CENT) SPREAD (BASIS POINTS) RATE (IN PER CENT) SPREAD (BASIS POINTS) YIELD (IN PER CENT) SPREAD (BASIS POINTS) 1973 - High Low 8.95 7.70 107 31 8.95 7.75 107 37 9.18 7.55 130 14 9.4 2.2 21 -23 8.36 7.38 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 1974 - Oct. Nov. Dec. 9.70 9.55 9.45 -33 -13 n.a. 9.70 9.60 9.45 -33 - 8 n.a. 10.13 n.a. 9.51 10 n.a. n.a. 4.6 n.a# 3.8 -43 n.a. - 6 10.03 9.68 n.a. - Jan. Feb. Mar. Apr. May June 9.15 9.05 8.90 9.00 9.05 9.00 15 11 -70 -66 -57 -37 9.20 9.05 8.95 9.05 9.10 9.05 20 11 -65 -61 -52 -32 - 1 -10 -91 n.a. -46 -31 3.8 2.6 5.4 n.a. 5.0 4.3 16 21 21 n.a. -11 - 6 9.00 8.94 9.60 9.66 9.62 9.37 1975 1I 1 8.99 8.84 8.69 n.a. 9.16 9.06 NOTES: 1 Gross yield spread is average mortgage return before deducting servicing costs, minus awaiega 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. 2h Table 16 FNMA AUCTION RESULTS HOME MORTGAGE COMMITMENTS CONVENTIONAL GOVERNMENT-UNDERWRITTEN DATE OF AUCTION AMOUNT (IN MILLIONS OF DOLLARS) OFFERED „ 1974 - High Low AVERAGE YIELD ACCEPTED AMOUNT (IN MILLIONS OF DOLLARS) OFFERED | AVERAGE YIELD ACCEPTED 1155 (3/25) 333 (3/25) 10.59 (9/9: ) 164 ( 4 / 1 8 ) 63 ( 4 / 8 ) 10.71 (9/9) 26 (11.18) 18 (11/18) 8 . 4 3 (2/2!> 14' (10/21) 7 (11/18) 8 . 4 7 (3/11: 1975 - J a n . 13 27 25.3 41.4 21.2 28.6 9.37 9.12 17.9 11.1 14.9 10.6 9.50 9.39 Feb. 10 24 24.6 36.2 18.1 23.8 8.98 8.87 14.8 20.0 9.1 9.1 9.20 9.04 Mar. 10 24 99.2 460.5 60.1 321.4 8.78 8.85 34.4 60.7 22.1 35.8 8.96 9.00 Apr. 7 21 551.6 470.9 277.2 247.3 8.98 9.13 99.8 79.2 44.6 64.8 9.13 9.26 May 5 19 525.5 165.6 280.4 115.0 9.29 9.25 69.8 46.4 43.9 38.4 9.43 9.41 June 2 16 30 172.5 73.4 358.7 80.4 38.6 246.9 9.14 9.06 9.07 51.2 28.5 67.5 27.1 15.7 47.3 9.26 9.21 9.18 July 14 28 333.2 415.8 174.9 247.7 9.10 9.17 71.4 56.5 35.8 34.5 9.20 9.26 Aug. 11 578.7 9.32 96.9 48.9 9.38 365.5 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.