Full text of H.16 Capital Market Developments : August 25, 1980

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

August 25, 1 9 8 0
<

Capital
Market
Developments
FEDERAL RESERVE BANK
0# KANSAS e r v
RFP 0 2 1980

— Research Library

*

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

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
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 Fedew; Reserve System in a
form collectible at par in U.S. Currency.



1. YIELDS, VOLUME AND RECEPTION
Corporate Bond Market
Week ending

1980-June

July

Aug.

New issue
Aaa utility 1

Yields
Recently offered
Aaa utility?

Gross offerings 3
($ millions)

Volume
Percent sold by
end of week

6
13
20
27

11.45
10.91
10.53
10.90

11.28
10.85
10.79
11.08

1,911
2,331
1,609
1,059

99
100
81
86

3
11
18
25

11.50
11.48
11.54
11.65

11.18
11.26
11.33
11.44

217
1,204
1,614
1,305

68
76

1
8
15
22

11.92
12.03
12.36r
12.49p

12.00
12.10
12.27r
12.44p

963
467
l,710r
652

8C
86
91r
93

New issues in syndicate 4
($ millions)

15
0

299
150
70
288
98
160

94

88

188
65
158r
46

2. YIELDS, VOLUME AND 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)

1980-June

6
13
20
27

7.40
7.25
6.80
7.11

7.67
7.53
7.55
7.76

8.51
8.44
8.39
8.52

1,536
1,052
1,171
1,010

93
85
89
67

178
226
184
466

July

3
11
18
25

7.00
7.40
7.50
7.50

7.88
7.95
8.03
8.19

8.66
8.70
8.77
8.89

1,108
599
1,139
909

93
77
90
76

349
342
237
312

Aug.

1
8
Is
22

8.15
8.00
8.00
8.00

8.59
8.61
8.53
8.68

9.31
9.47
9.39
9.62

1,054
999
807
775

87
93
92
91

253
147
134
134

1
2
3
4

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 Aaa-rated utility bond with 5-year call protection, released from price restrictions sometime
during the last four weeks.
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.




3. H I G H G R A D E B O N D Y I E L D S
N e w issue
Aaa utility1

Date

Recently offered
Aaa u t i l i t y 2

Moody's
seasoned
corporate A a a 3

U.S. govt.
20-year constant
maturity4

Bond Buyer
G.O. b o n d
index5

B o n d Buyer
Rev. b o n d
index6

1977-High
Low

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

8.48(12/30) 8.28(12/30)
7.95(1/7)
7.88(1/7)

7/26(1/7)

5.93(2/4)
5.45(11/17)

—

1978-High
Low

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

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

9.00(12/22)
8.01(1/6)

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

—

7.99(12/30)

1979-High
Low

11.51(11/12) 11.45(11/9) 10.87(12/28) 10.56(11/9)
9.40(8/17)
9.39(6/29) 9 . 1 6 ( 7 / 6 )
8.79(7/6)

7.38(10/26) 8.24(11/23)
6.08(7/6)
7.23(9/21)

1980-High
Low

14.22(3/28)
10.53(6/20)

12.79(2/22)
9.59(6/20)

9.44(4/4)
7.11(5/9)

1979-Apr.
May
June

9.70
9.83
9.50

9.74
9.84
9.50

9.38
9.50
9.29

9.21
9.21
8.91

6.29
6.25
6.13

July
Aug.
Sept.

9.58
9.48
9.93

9.53
9.49
9.87

9.20
9.23
9.44

8.92
8.97
9.21

6.13
6.20
6.52

Oct.
Nov.
Dec.

10.97
11.42
11.25

10.91
11.36
11.32

10.13
10.76
10.74

9.99
10.37
10.18

7.08
7.30
7.22

7.80
8.11
8.08

1980—Jail.
Feb.
Mar.

11.73
13.57
14.00

11.77
13.35
13.90

11.09
12.38
12.96

10.65
12.21
12.49

7.35
8.16
9.17

8.21
8.91
9.95

Apr.
May
June

12.90
11.53
10.97

12.91
11.64
10.99

12.04
10.99
10.58

11.42
10.44
9.89

8.63
7.59
7.63

9.66
8.50
8.47

July

11.60

11.41

11.07

10.32

8.13

8.87

3
11
18
25

11.50
11.48
11.54
11.65

11.18
11.26
11.33
11.44

10.84
10.94
11.09
11.11

10.15
10.26
10.29
10.29

7.88
7.95
8.03
8.19

8.66
8.70
8.77
8.89

1
8
15
22

11.92
12.03
12.36r
12.49p

12.00
12.10
12,27r
12.44p

11.33
11.44
11.57r
11.69p

10.64
10.78
10.97r
11.17p

8.59-/
8.61
8.53
8.68

9.31^
9.47
9.39
9.62

1980-July

Aug.

1
2
3
4
5
6

14.12(3/28) 13.00(3/28)
10.79(6/20) 10.34(6/20)

10.25(4/4)
8.15(5/8)

—

Federal Reserve series <Df implied yield on ne>wly issued, Aaa-rated utility bond with 5-y ear 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.




4. LONG-TERM CORPORATE AND STATE AND LOCAL GOVERNMENT SECURITY OFFERINGS AND PLACEMENTS
Gross proceeds, millions of dollars
Period

1978

Corporate

State and Local
1979

1979

1980

1978

3,770

6,210
4,452
4,353

3,306
2,753
4,844

2,840
2,603
4,644

3,042
2,381
2,379

3,824
5,525
4,369

3,444
3,042
4,724

4,833
4,564
5,800e

3,920
6,407
2,323

3,396

4,600e

4,256
2,472

January
February
March

3,326
2,770
4,569

3,165
4,354

April
May
June

3,397
4,227
5,539

4,692
4,160
6,238

5,646

July
August
September

4,414
3,379
4,236

4,103
4,162
4,587

7,100e

October
November
December

3,799
4,401

4,601
3,831
3,801

3,231
4,320
3,690

4,217
4,160
3,567

47,264

51,464

48,512

43,365

3,207

Year

8,966r
9,400e

1980

1 Securities and 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.

5. TREASURY AND GOVERNMENT SPONSORED AGENCY BORROWING
Millions of dollars
Federal Government
Means of financing combined deficit
Net cash borrowing from the publicZ
Public debt securities
Gov't,
agency
NonBills
Coupons
marketable
securities

Combined
deficit(+)
or
surplus!—I1

Total 3

52,870
41,397

53,683
37,360

706
10,899

31,777
28,041

22,644
-397

1979-July
8,167
Aug. 16,003
Sept -15,558

4,831
3,268
4,250

48
551
889

3,529
2,700
2,570

1,312
-41
280

Period

CY-/-1978
CY -1979

-1.431
-1,402

Other

Decrease(+)/ Sponsored
increase!—)
agency
borrowing4
in cash
operating
balance

3,206
1,115

-4,019
366

23,509
23,631

—68
-619
-17
6,155
-14 - 2 , 5 8 2

3,955
6,580
-17,226

3,094
821
910

Oct.
Nov.
Dec.

14,646
8,941
1,997

2,217
5,548
11,207

314
3,408
7,544

2,085
1,463
3,614

357
704
57

-20
-80
-62

-1,287
8,984
1,124

13,716
4,869
-10,334

3,196
2,546
1,542

1980-Jan.
Feb.
Mar.

5,170
10,458
15,350

5,201
2,066
11,802

2,878
1,900
13,358

2,050
3,307
3,51?

278
-3,149
-5,066

-27
-40
-19

647
2,478
1,013

-678
5,914
2,535

2,261
1,542
4,764

Apr.
May
June

-8,037
16,318

4,632
5,350

4,515
91

2,899
6,077

2,602
-941

-86
-32

-2,393
3,200

-10,276
7,768

3,632

1
2
3
4

U.S. unified budget deficit or surplus plus off-budget entities deficit or surplus.
Change in outstanding amount of public debt securities and government agency securities less change in holdings of those securities by government
accounts.
Also includes changes in matured and noninterest-bearing public debt.
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.




6
6. NEW CORPORATE SECURITY ISSUES BY TYPE OF ISSUE
Gross proceeds, millions of dollars
Bonds
Period

Total

Publicly
offered

Privately
placed

Memo
Issues included
Convertible
Foreign

Common and
preferred
stocks

1977
1978
1979

53,792
47,230
51,464

24,072
19,815
25,814

17,943
17,057
14,325

11,777
10,358
11,325

1,340
1,349

1,008

863
418
2,229

1979-Q1
QII
QUI
QIV

11,289
15,090
12,852
12,233

4,522
9,154
6,386
5,752

4,570
3,874
2,974
2,907

2,197
2,062
3,492
3,574

67
59
763
119

8
1.4A4
540
187

1980-QI

15,015

5,861

4,600

4,554

169

908

1939-Oct.
Nov.
Dec.

4,601
3,831
3,801

2,669
1,583
1,500

903
1,029
975

1,029
1,219
1,326

10
21
88

50
24
113

1980-Jan.
Feb.
Mar.

6,210
4,452
4,353

2,450
1,426
1,985

2,384
1,430
786

1,376
1,596
1,582

47
122
0

32
76
800

Apr.
May

5,646
8,966

3,828
6,810

916
424

902
1,732

89
n.a.

383
375

7. NEW CORPORATE SECURITY ISSUES BY TYPE OF ISSUER
Gross proceeds, millions of dollars
Period

1977
1978
1979

Manufacturing

Public utility

Communications

Other issuers1

13,393
10,813
11,346

14,127
12,232
13,289

4,442
3,640
4,522

21,827
20,549
22,309

1979-Q1
QII
QUI
QIV

2,096
3,050
3,704
2,496

3,012
3,626
2,472
4,179

1,399
799
931
1,413

4,779
7,637
5,745
4,148

1980-QI

3,907

4,966

1,278

4,864

1979-Oct.
Nov.
Dec.

1,487
477
532

1,786
1,265
1,128

482
856
75

845
1,236
2,067

1980—Jail.
Feb.
Mar.

1,276
1,340
1,291

1,873
1,262
1,831

483
572
223

2,578
1,276

Apr.
May

1,799
2,588

915
1,317

1,180

643

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.




1,010
2,289
3,882

8. PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: CORPORATE 1
Issuer

Date

US Air Inc.
8/1
Portland Gen'l E l e c t r i c Co.
8/1
Prime Computer Inc.
8/5
Republic New York Corp.
8/6
Burroughs Corp.
8/6
Burroughs Corp.
8/6
First National Charter Corp. 8/6
American Maize Products Co.
8/6
Cleveland E l e c t r i c Illuminating Co.
8/6
Puget Sound Pwr. & Lgt. Co.
8/7
Metpath Inc.
8/7
Berkshire Hathaway Inc.
8/8
8/12
Burlington Northern Inc.
8/12
I l l i n o i s Bell Tel. Co.
8/12
Storage Technology Corp.
New York State Elec. & Gas Co. 8/13
8/13
I l l i n o i s Power Co.
8/13
I l l i n o i s Power Co.
8/13
American Standard Inc.
I n t ' l . Harvester Credit Corp. 8/13
8/13
Polaroid Corp.
8/13
P a c i f i c Gas & Elec. Co.
8/13
Columbia Gas System
8/14
Caesars World Inc.
8/14
F i r s t I n t ' l . Bancshares
8/14
Intel Corp.
8/15
Savin Corp.
8/15
Computervision Corp.
Hartke-Hanks Communication
8/15
Inc.
8/19
Duke Power Co.
8/19
Duke Power Co.
8/20
Federal-Mogul Corp.
8/20
Federal-Mogul Corp.
8/20
Duke Power Co.
8/21
Wang Laboratories Inc.
8/21
Public Service of Indiana
Peoples Gas Light & Coke Co. 8/21
8/21
Texas Gas Transmission
8/21
Public Service of Indiana

OTHER
Sea Containers Atlantic Ltd.
*
1

8/1

Type

Amount
(millions
of dollars)

Debt.
60.0
1 s t . mtg.
75.0
Conv. debt. 30.0
Com. s t k .
27.4
Notes
100.0
Debt.
150.0
Notes
25.0
Conv. debt, 25.0
Com. stk.
Com. stk.
Debt.
Debt.
Con-mtg.
Debt.
Conv. debt,
Com. s t k .
1 s t . mtg.
1 s t . mtg.
Debt.
Notes
Notes
1 s t . mtg.
Debt.
Debt.
Conv. debt
Conv. debt
Debt.
Com. s t k .

66.0
47.7
30.0
50.0
125.0
300.0
100.0
41.3
75.0
50.0
100.0
100.0
125.0
250.0
100.0
25.0
100.0
150.0
40.0
39.7

35.0
Conv. debt
1 s t . mtg.
50.0
1 s t . mtg.
75.0
50.0
Debt.
50.0
Notes
69.5
Com. s t k .
Conv. debt , 100.0
1 s t . mtg.
125.0
60.0
1 s t . mtg.
Debt.
75.0
Com. s t k .
56.4

Pfd. s t k .

30.0

Maturity

2005
2010
2000
——

1987
2010
1990
2000
——
——

2000
2005
2005
2017
2000
- -

1987
2010
2010
1990
1990
2013
2000
2000
2005
2005
2000
- -

2005
2010
1990
2005
1990
- -

2005
1990
1990
1990

- -

Coupon
rate

Offering
yield

Moody's/S&P's
ratings

8.25
13.88
10.00
n.a.
10.75
11.50
12.00
11.75

8.25
13.88
10.00
n.a.
10.85
11.50
12.00
11.75

Ba/BBBaa/BBB
BA/B

n.a.
n.a.
13.25
12.75
12.88
12.25
10.25
n.a.
11.38
12.63
12.38
13.50
11.88
12.88
12.75
12.50
7.75
7.00
14.00
n.a.

n.a.
n.a.
14.75
12.75
12.91
12.25
10.25
n.a.
11.45
12.70
12.40
13.50
12.00
12.90
12.80
15.82
7.75
7.00
15.50
n.a.

8.00
13.13
12.00
13.00
12.50
n.a.
9.00
12.13
12.13
12.13
n.a.

8.00
13.16
12.10
13.00
12.50
n.a.
9.00
12.13
12.30
12.32
n.a.

8.40

14.00

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




/

Aa/AA+
Aa/AA+
A/AA
Ba/BB
—

/

—

/

B/B
—/A
A/A
Aaa/AAA
Ba/BA
——j——

Aa/AA
Aa/AA
A/A+
Baa/BBB
A+/A+
Aa/AAA/A
--/B
A/A
Baa/BBB
B/B

—

/

—

A/A+
A/A+
A/A
A/A
- - / - -

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

Ba/BB

9. PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: STATE AND LOCAL 1
Issuer

Charlotte, NC
Clark Co., NV
Washington Pub. Power Supply
System
Washington Pub. Power Supply
System
Washington Pub. Power Supply
System
Washington Pub. Power Supply
System
Washington Pub Power Supply
System
Ohio, Higher Education Fac.
Massachusetts Muni. Wholesale
E l e c t . Co.
Municipal E l e c t . Auth. of GA
Municipal E l e c t . Auth. of GA
Municipal E l e c t . Auth. of GA
Municipal E l e c t . Auth. of GA
Municipal E l e c t . Auth. of GA
I l l i n o i s Hsg. Devel. Auth.
I l l i n o i s Hsg. Devel. Auth.
I l l i n o i s Hsg. Devel. Auth.
Puerto Rico Pub. Bldg. Auth.
Puerto Rico Pub. Bldg. Auth.
Massachusetts Health & Ed.
Fac. Auth.
Massachusetts Health & Ed.
Fac. Auth.
Massachusetts Health & Ed.
Fac. Auth.
Massachusetts Health & Ed.
Fac. Auth.
Oregon, State of
Oregon, State of
Oregon, State of
Muscatine, IA
Muscatine, IA
Muscatine, IA
California, State of
Ohio Air Quality Dev. Auth.
Ohio Air Quality Dev. Auth.
Ohio Air Quality Dev. Auth.
Orange Co., Fl.
Orange Co., Fl.
Orange Co., Fl.
Ohio Air Quality Dev. Auth.
Ohio Air Quality Dev. Auth.
Philadelphia, PA
Philadelphia, PA
Philadelphia, PA
Philadelphia, PA
Orange Co., CA

Date

Type 2

Amount
(millions
of$)

Maturity

Net
interest
cost

Moody's/S&P's
ratings

8/5
8/5

G.O.
G.O.

27.0
28.0

1983-2003
1981-1995

7.83
8.34

5.25-8.35
5.75-9.00

Aaa/AAA
A/A

8/5

Rev.

55.4

1986-1995

8.87

6.50-8.25

Aaa/AAA

8/5

Rev.

37.0

2002

8.87

9.00

Aaa/AAA

8/5

Rev.

17.0

2005

8.87

9.20

Aaa/AAA

8/5

Rev.

70.6

2013

8.87

9.34

Aaa/AAA

8/5
8/6

Rev.
Rev.

30.0
85.0

2017
1981-2005

8.87
9.09

9.30
5.60-9.40

Aaa/AAA
A/A+

8/6
8/7
8/7
8/7
8/7
8/7
8/7
8/7
8/7
8/7
8/7

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

112.0
26.8
33.0
13.8
56.2
20.2
6.1
3.3
35.4
12.5
87.5

1984-2008
1984-1995
2002
2005
2013
2015
1982-1997
2001
2023
1982-1988
2010

10.24
9.13
9.13
9.13
9.13
9.13
9.43
9.43
9.43
10.31
10.31

7.50-9.50
5.75-8.20
9.13
9.25
9.50
9.35
6.10-9.00
9.25
9.88
7.00-9.00
10.25

A/A
A/AAA/AAA/AAA/AAA/AAAl/AA
Al/AA
Al/AA
Baal/A
Baal/A

8/7

Rev.

19.9

1990-1995

8.46

7.25-8.13

Aaa/AAA

8/7

Rev.

17.9

2000

8.46

8.63

Aaa/AAA

8/7

Rev.

21.0

2004

8.46

8.75

Aaa/AAA

8/7
Rev.
8/8
Rev.
8/8
Rev.
8/8
Rev.
8/12 Rev.
8/12 Rev.
8/12 Rev.
8/12 G.O.
8/12 Rev.
8/12 Rev.
8/12 Rev.
8/12 Rev.
8/12 Rev.
8/12 Rev.
8/12 Rev.
8/12 Rev.
8/14 Rev.
8/14 Rev.
8/14 Rev.
8/14 Rev.
8/14 Rev.

21.2
23.0
6.0
13.0
16.9
15.0
48.1
150.0
9.0
21.5
1.0
5.0
6.5
23.5
25.0
25.0
24.5
13.8
11.5
50.2
12.9

2007
1981-1983
1998
2011
1990-1999
2004
2013
1981-2005
2000
2010
' 2010
1983-1995
2003
2015
2000
2010
1983-1990
1993
1995
2001
1983-1993

8.46
8.80
9.19 5.70-8.80
9.19
9.25
9.19
9.50
9.66^ h . 60-9.10
9.66^ / 9.50
9.66^ / 9.70
7.933 / 5 . 1 0 - 8 . 5 0
n.a.
9.75
n.a.
10.00
n.a.
10.00
n . a . 6.00-8.40
n.a.
9.00
n.a.
9.25
n.a.
10.00
n.a.
10.18
9.52 6.25-8.25
9.52
9.13
9.52
9.50
9.52
9.68
9.49 6.25-9.00

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.




Offering
yield

Aaa/AAA
A1/A+
A1/A+
A1/A+
A/A
A/A
A/A
Aa/AA+
Baa/BBB
Baa/BBB
Baa/BBB
--/AAA
——/AAA
——/AAA
Baa/BBB
Baa/BBB
A/A
A/A
A/A
A/A
A/A+

#

9. PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: STATE AND LOCAL? ( c o n ' t )
Issuer

0

0

^

—
*

®

@

#

#

Date

8/14
Orange Co., CA
8/14
Orange Co., CA
8/14
Orange Co., CA
8/14
Detroit, Michigan
Tulsa International Airport,
8/15
OK
Tulsa International Airport,
8/15
OK
Tulsa International Airport,
8/15
OK
Tulsa International Airport,
8/15
OK
New Hampshire Ed. & Health
8/15
Fac. Auth.
New Hampshire Ed. & Health
8/15
Fac. Auth.
South Central Connecticut Reg.
8/15
Water Auth., CT
South Central Connecticut Reg.
8/15
Water Auth., CT
South Central Connecticut Reg.
8/15
Water Auth., CT
South Central Connecticut Reg.
Water Auth., CT
8/15
South Central Connecticut Reg.
Water Auth., CT
8/15
8/18
Harrison Co., MS
Beaver County Ind. Devel. Auth. >
8/19
PA
Beaver County Ind. Devel. Auth. 9
8/19
PA
8/20
Municipal A s s i s t . Corp., NY
8/20
Municipal A s s i s t . Corp., NY
8/20
Municipal A s s i s t . Corp., NY
8/21
San Antonio, TX
8/21
Burlington, KS
8/22
Chatham Co. Hosp. Auth., GA
8/22
Chatham Co. Hosp. Auth., GA
8/22
Chatham Co. Hosp. Auth., GA
8/22
Franklin Co., OH
8/22
Franklin Co., OH
8/22
Franklin Co., OH
8/22
Franklin Co., OH
8/22
Franklin Co., OH
8/22
Pomona Redevel. Agcy., CA
8/22
Pomona Redevel. Agcy., CA
8/22
Pomona Redevel. Agcy., CA
8/22
Pomona Redevel. Agcy., CA

Net
interest
cost

Amount
(millions
of $)

Maturity

Rev.
Rev.
Rev.
Rev.

10.9
13.0
63.2
40.1

1998
2002
2012
1985-2010

9.25
9.49
9.00
9.49
9.50
9.49
n . a . 7.75-10.00

Rev.

5.7

1986-1992

n.a.

6.75-8.20

A/A

Rev.

2.6

1995

n.a.

8.50

A/A

Rev.

6.0

2000

: n.a.

9.14

A/A

Rev.

16.7

2008

n.a.

9.38

A/A

Rev.

4.2

1983-1990

9.94

6.30-8.25

A/A

Rev.

24.8

2012

9.94

9.88

A/A

Rev.

16.0

1981-1995

9.02

5.30-8.20

A/A

Rev.

23.4

2000

9.02

9.00

A/A

Rev.

27.6

2004

9.02

9.17

A/A

Rev.

64.6

2010

9.02

9.28

A/A

Rev.
Rev.

30.2
25.5

2012
2010

9.02
8.48

9.22
8.38

A/A
Aaa/AAA

Rev.

27.5

2010

n.a.

12.00

/__

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

6.0
46.0
19.0
35.0
85.0
25.5
8.1
4.4
14.8
1.4
1.9
5.3
10.8
28.2
1.3
4.6
12.0
82.1

1990
1982-1988
1994
2008
1982-2005
1983
1984-1998
2002
2010
1985-1990
1991-1995
2001
• 2005
2013
1982-1983
1984-1987
1994
2013

n.a.
9.58
9.58
9.58
8.82
7.75
8.94
8.94
8.94

11.00

/

Type 2

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

e

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




Offering
yield

6.50-8.70
9.50
9.75
5.75-9.15
7.25
5.80-8.50
9.00
9.19
N.R.
8.30-9.10
10.00
10.13
10.25
N.R.
7.15-8.00
9.50
10.00

Moody's/S&P's
ratings

A/A+
A/A+
A/A+
Baa/BBB

Baa-l/A
Baa-l/A
Baa-l/A
Aa/AA
Baa/BBB
Aa/AA
Aa/AA
Aa/AA
A/A
A/A
A/A
A/A
A/A
--/A
--/A
--/A
— /A

10. PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: U.S. TREASURY
Notes and Bonds
Offering
date

Payment
date

Length

Amount (millions of dollars)

Maturity
date

Coupon Auction
average
rate
(percent) (percent)

Total

Private

2/15/95
1/31/82

10-1/2 10.60
11-1/2 11.52

1,502
4,484

1,502
4,051

1,502
609

1,502
609

0
0

9,404

7,626

2,452

2,452

0

4,497
2,719

4,098
2,719

677
2,719

677
2,719

0
200

Net proceeds

Gross proceeds
1

Total

Private 1 - 2

Memo:
Foreign
add-ons 3

1980
Jan.

3
23

1/10
1/31

15yr lmo
2yr

5

6
7
20
26

2/15
2/15
2/28
2/28
3/3

3-l/2yr
7-1/4yr
30yr
2yr
Syr 2-l/2mo

Mar. 20
25

3/31
3/31

Apr.

2
22

4/8
4/30

15yr lmo
2yr

May

6
7
8

5/15
5/15
5/15

3-l/4yr
9-l/2yr
30yr

2
3
19
24

6/5
6/5
6/30
6/30

2yr
Syr 2-1/2mo
2yr
4yr

5/31/82
8/15/85
6/30/82
6/30/84

July 2
23

7/9
7/31

14yr lOmo
2 yr

Aug. 5
6
7
20

8/15
6/15
8/15
9/2

3 - 1 / 4 yr
10 yr
29-1/4 yr
2-yr

Feb.

June

1
2
3

2yr
4yr

8/15/83
5/15/87
2/15/05-10
2/28/82
5/15/85

11-7/8
12
11-3/4
13-7/8
14-3/8

11.98)
12.02}
11.84/
13.98
14.39

3/31/82
3/31/84

15
15.01
14-1/4 14.29

4,072
2,974

3,572
2,605

910

910

0
66

5/15/95
4/30/82

12-5/8 12.69
11-3/8 11.44

1,503
4,574

1,503
4,115

1,503
1,394

1,503
1,394

0
0

8/15/83
9 - 1 / 4 9.32)
11/15/89 10-3/4 9.88 13,019
5/15/05-10 10
10.12/

7,743

5,754

5,754

102
55
0

9.37
9.66
8.63
8.99

4,284
3,293
5,215
3,726

4,010
1,186
3,293
3,293
4,51&
3,030
3,221 . -681

1,186
3,293
2,660
-311

0
285
214
0

5/15/95
7/31/82

10-3/8 10.42
8 - 7 / 8 8.97

1,504
5,331

1,504
4,543

1,504
1,167

0
0

11/15/83
8/15/90
11/15/09
8/31/82

9-7/8 9.88
10-3/4 10.81
10-3/8 10.71
11-1/8 11.24

9-3/8
9-5/8
8-5/8
8-7/8

1,504
1,167

8,284p
4,502p

3,942p

957p

957p

Excludes amounts sold to Government investment accounts and the Federal Reserve. Also excludes aeM-onc to foreign accounts.
May be larger thai the total if the Government accounts and/or the Federal Reserve ds me* full / roll-www sk#*
Additional amounts of securities issued to foreign arid interna* w W monetary authorities at the average auction price for new eaeh.




0
0
0
0

11
11. PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: GOVERNMENT SPONSORED AGENCIES
Issuer

•

e

•

#

4*
w

•

•

Length

Maturity
date

Yield
(percent)

Amount (millions of dollars)
Gross
proceeds

Maturing
issues

Net
proceeds

1979

1979

FHLB

11/15
11/15
11/15

11/26
11/26
11/26

1-yr 9-mo
3-yr 6-mo
7-yr

8/25/81
5/25/83
11/26/86

12.30
11.60
11.30

1,000
1,000
600

1,700

900

FHLMC

11/15

12/3

29-yr 9-mo

9/15/09

12.48

150

0

150

FNMA

12/5

12/10

3-yr 6-mo

7/11/83

10.85

1,000

1,000

0

FFCB

12/19 1/2/80

5-yr

12/3/84

10.65

433

531

-98

10/20/82
1/21/85
1/22/90

10.95
10.90
10.95

755
818
438

900

1,111

2/11/85

11.70

500

300

200

1980

1980

FFCB

1/16
1/16
1/16

1/21
1/21
1/21

FNMA

1/31

2/11

5-yr

FHLB

2/15
2/15

2/25
2/25

1-yr 8-mo
3-yr 6-mo

10/26/81
8/25/83

12.85
12.25

900
600

1,850

-350

FNMA

3/5
3/5

3/10
3/10

1-yr 11-mo
3-yr 11-mo

2/10/82
2/10/84

15.25
14.10

1,000
500

1,000

500

FHLB

3/13
3/13

3/25
3/25

1-yr 4-mo
3-yr 7-mo

7/27/81
10/25/83

15.80
14.05

900
500

0

1,400

FNMA

4/2
4/2

4/10
4/10

2-yr
4-yr 1-mo

4/12/82
5/10/84

15.30
14.25

600
1,000

1,100

500

FFCB

4/9
4/9
4/9

4/21
4/21
4/21

3-yr
5-yr
8-yr

4/20/83
4/22/85
4/20/88

13.40
13.25
12.65

1,030
811
454

1,165

1,130

FNMA

4/30
4/30

5/12
5/12

4-yr 3-mo
7-yr

8/10/84
5/11/87

11.10
11.15

1,000
750

0

1,750

FHLB-

5/14
5/14
5/14

5/27
5/27
5/27

2-yr 2-mo
3-yr 10-mo
6-yr 9-mo

7/26/82
3/26/84
2/25/87

9.60
9.85
10.45

1,000
800
600

1,500

900

FFCB

5/29

6/2

4-yr 6-mo

12/3/84

9.55

870

0

S70

FNMA

6/4
6/4
6/4

6/10
6/10
6/10

2-yr 11-mo
4-yr 7-mo
8-yr

5/10/83
1/10/85
6/10/88

9.50
9.90
10.50

500
1,000
500

900

1,100

6/25

7/1

4-yr 11-mo

6/3/85

9.20

1,214

323

891

FNMA

7/2

7/10

4-yr 11-mo

6/10/85

9.95

1,000

550

450

FFCB

7/9
7/9
7/9

7/21
7/21
7/21

12/1/83
12/1/86
7/23/90

9.30
10.00
10.40

841
1,002
600

1,175

1,268

8/19/83

9.70

1,000

0

1,000

3/25/85
3/25/87

10.80
11.10

1,200
600

1,600

200

#

#

Offering Payment
date
date

• FFCB

FNMA

7/25

8/1

FHLB

8/13
8/13

8/25
8/25

FFCB
FHLB

2-yr 10-mo
5-yr
10-yr

3-yr 5-mo
6-yr 5-mo
10-yr
3-yr
4-yr 7-mo
6-yr 7-mo

— Federal r."rrt Credit Banks
— Federal wme Loan Banks

FHLMC

— Federal Home Loan Mort®a®e C e n e w e t i o n

FNMA

— Federal National Mortgage Association




1

12

As of August 22, 1980

12. FORTHCOMING PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: CORPORATE 1
Issuer

Gen'1. Tel. Co. of Fla.
Gen'l. Tel. Co. of Fla.
C&P Tel. Co. of Maryland
Idaho Power Co.
Houston Industries
Consolidated Freightways Inc.
CTI International Corp.
Anacomp Inc.
Steego Corp.
*Gulf United Corp.
*Pennzoil Co.
*Ingersoli-Rand Co.
*Ingersoll-Rand Co.
Jim Walter Corp.
Caterpillar Tractor Co.
Twentieth Century-Fox Film Corp.
Southern Union Co.
First Union Bancorp.
Four-Phase Systems Inc.
Citicorp
Cities Service Gas Co.
Union Pacific Corp.
Commonwealth Edison Co.
Commonwealth Edison Co.
Conn. Light & Power Co.
Western Mass. Elect. Co.
*Consumers Power Co.
Long Island Lighting Co.
Inexco Oil Co.
*Alabama Power Co.
•Niagara Mohawk Power Co.
*Duquesne Light Co.
*South Central Bell Tel. Co.
•Hawaiian Tel. Co.
•Amdahl Corp.
•Condec Corp.
•Macandrews & Forbes Co.
•Tiger International, Inc.
*MGM Grand Hotels Inc.
C a d e n c e Industries Corp.
Leaseway Transportation Corp.
FPA Corp.
Standard Pacific Corp.
Amax Inc.
Ohio Edison Co.
Boston Gas Co.
Charter Co.
U.S. Home Finance Corp.
U.S. Leasing Corp.
Florida Nat'1. Banks of Fla.
Transamerica Financial Corp.
Ina Corp.
Fidelity Fed. S&L Assoc.
Pacific First Fed. S&L Assoc.
Central Fed. S&L Assoc.

Type

Debt.
Debt.
Debt.
Com. stk.
Com. stk.
Debt.
Notes
Conv. debt.
Debt.
C o w . debt.
Debt.
Notes
Debt.
Notes
Notes
Notes
Debt.
Debt.
Debt.
Pfd. stk.
Debt.
Debt.
Pfd. stk.
Debt.
Debt.
Debt.
Com. stk.
Pfd. stk.
Conv. debt.
1 s t . mtg.
1 s t . mtg.
1 s t . mtg.
Debt.
Debt.
Com. stk.
Debt.
Debt.
Conv. debt.
Debt.
Debt.
Notes
Debt.
Debt.
Notes
Pfd. stk.
1 s t . mtg.
Debt.
Notes
Debt.
Debt.
Notes
Notes
Mtg-bked.
Mtg-bked.
Mtg-bked.

Amount
(millions of dollars)

Approximate date
of offering

50.0
50.0
175.0
35.0
90.0
75.0
50.0
25.0
25.0
100.0
150.0
150.0
150.0
100.0
300.0
50.0
50.0
40.0
25.0
150.0
100.0
250.0
50.0
50.0
65.0
25.0
70.0
60.0
50.0
125.0
75.0
50.0
300.0
50.0
30.0
30.0
30.0
60.0
50.0
25.0
75.0
30.0
25.0
100.0
50.0
40.0
50.0
100.0
25.0
50.0
75.0
75.0
50.0
50.0
75.0

* Included in table for first time.
1 Includes oniy corporate and other security issue# of $25 motion and over; excludes exchanges, options, and secondary offering;.




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

26
26
26
26
27
27
27
28
28
28
28
28
28

Sept.
Sept.

3
3

Sept. 9
Sept. 9
Sept. 10
Sept. 10
Sept. 10
Sept. 19
Sept. 2 3
Sept. 2 3
Sept. 2 4
Sept. 25
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Indef.
Indef.
Indef.
Indef.
Indef.
Indef.
Indef.
Indef.
Indef.
Iadef.
Indef.

13
12. FORTHCOMING PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: CORPORATE 1
Issuer

Type

Sears Roebuck & Co.

Notes

OTHER
MacMillan Bloedel, Ltd.
MacMillan Bloedel, Ltd.
Amoco Canada Petroleum Co.
Electricite De France
Ontario, Province of
Ontario, Province of
European Investment Bank
European Investment Bank

Notes
Debt.
Debt.
Notes
Bonds
Notes
Debt.
Notes

POSTPONED
Avco Financial Services Inc.
Harris Bankcorp
Chemical N.Y. Corp.

Notes
Debt.
Pfd. stk.

Amount
(millions of dollars)

Approximate date
of offering

200.0

Indef.

75.0

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

100.0
100.0
100.0

250.0
150.0
100.0
100.0

100.0
50.0
100.0

#

#

#

* 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.

e>



(con't.)

Aug.
Aug.
Aug.

^

As of August 22, 1980

13. FORTHCOMING PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: STATE AND LOCALl
Issuer

Type

Amount
(millions of dollars)

100. Q
114.0
200.0
38.5

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

25
25
25
25
26
26
27
28
29
3
3
9
10
10
10
14
15
16
17
18
18
25

150.0
65.0
100.0
50.0
105.0
85.0

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

1
5
8
11
21
22

26.0

Aug.

12

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

25.0
27.5
53.2
150.0-200.0
80.0
65.0
125.0
65.0
100.0
55.0
90.0
240.0
295.0
90.0
50.0
45.0
25.0

POSTPONED
South Carolina Pub. Serv. Auth.
I l l i n o i s Educational Fac. Auth.
New Orleans Home Mort. Auth., LA
New Jersey Hsg. Fin. Agcy.
Pueblo Co., CO
New Mexico Mortgage Fin. Auth.

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

WITHDRAWN
Ohio Air Quality Devel. Auth.

Rev.

*Palm Beach County Hsg. Fin. Auth., FL
*Wisconsin Hsg. Fin. Auth.
Pulaski Co. Residential Hsg. Fac. Bd., AK
*Allegheny Co. Hosp. Devel. Auth., PA
*East Baton Rouge, LA
Maricopa County Ind. Devel. Auth., AZ
Missouri Hsg. Devel. Comm.
*Philadelphia Hosp. Auth., PA
Jefferson Parish Home Mort. Auth., LA
Los Angeles Dept. of Water & Power, CA
Ohio, State of
^Massachusetts, State of
* I l l i n o i s Educational Fac. Auth.
*California Hsg. Fin. Agcy.
*Denton Co. Hsg. Fin. Corp., TX
*Gainesville, FL
*Indiana Toll Road Comm.
Oregon, State of
Alabama Pub. Sch. & College Auth.
Atlanta Urban Resid. Fin. Auth., GA
Lower Colorado River Auth., TX
Jefferson Parish, LA

Approximate date
of offering

116.6

#

e

*
1

Included in table for first time.
Includes state ard local government issues of $SB millmn and ever; excludes secemdary offem




14. STOCK PRICES1
NYSE Index 3

Date

1977-High
Low

1978-High
Low

1979-High
Low

1980-High
Low

NASDAQ 5

AMEX4

DJ Industrials

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

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

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

105.00 (12/30)
93.66 (4/5)

60.38 (9/12)
48.37 (3/6)

907.74 (9/8)
742.12 (2/28)

176.87 (9/15)
119.73 (1/11)

139.25 (9/13)
99.09 (1/11)

63.39 (10/5)
53.88 (2/27)

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

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

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

72.47 (8/22)
55.30 (3/27)

966.72 (8/15)
759.13 (4/21)

332.15 (8/22)
215.69 (3/27)

181.70 (8/22)
124.09 (3/27)

1980-June

6
13
20
27

64.67
66.13
65.20
66.34

861.52
876.37
869.71
881.83

282.01
287.75
285.12
296.76

152.68
156.59
156.51
159.18

July

3
11
18
25

67.07
67.44
69.84
69.10

888.91
891.13
923.98
918.09

306.36
306.60
310.41
316.47

160.87
164.82
169.99
169.63

Aug.

1
8
15
22

69.44
70.81
72.07
72.47

931.48
954.69
966.72
958.19

313.72
319.41
325.06
332.15

172.49
175.88
179.89
181.70

15. TRADING VOLUME2
NYSE

Date

Low

1978-High
Low

1979-High
Low

1980-High
Low

NASDAQ

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

66.4 (8/3)
7.6 (1/2)

11.0 (10/30)
1.3 (1/20)

18.8 (5/18)
2.8 (1/20)

81.6 (10/10)
18.0 (1/2)

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

25.8 (21/17)
7.2 (1/2)

67.7 (1/16)
23.1 (4/14)

15.0 (1/15)
2 . 5 (4/14)

36.1 (2/8)
10.7 (4/14)

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

1977-High

AM EX

4 . 2 (1/12)
1.4 (9/22)

1980-June

6
13
20
27

39.3
42.4
39.0
39.3

5.1
5.5
4.9
5.5

17.5
18.9
19.0
19.1

July

3
11
18
25

38.6
44.5
52.5
43.9

5.4
6.1
6.7
6.1

20.3
23.4
25.6
23.3

Aug.

1
8
15
22

47.9
50.6
47.3r
46.2p

6.1
6.3
6. l r
7.4p

24.1
24.6
28.2
26. Sr

1

Figures other than highs and lows are Friday figures o n l y .

2
3
4
5

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




16. SECURITY CREDIT?
Outstanding, dollar amounts in millions
Margin credit extended
by brokers on:

End of period

Marginable
stock

Percent of debt
in accounts with
40 percent or more
customer equity

1976

7,960

204

810

88

1977

9,740

250

887

81

1978

10,830

205

955

67

1979

11,450

164

995

84

1979 - Jan.
Feb.
Mar.

10,750
10,790
10,870

199
195
181

950
950
965

79
71
79

Apr.
May
June

11,220
11,130
11,590

194
183
172

960
970
980

77
78
79

July
Aug.
Sept.

11,840
12,060
12,000

178
176
177

970
995
1,005

81
86
84

Oct.
Nov.
Dec.

11,310
10,920
11,450

173
161
167

985
1,000
1,020

73
83
84

1980 - Jan.
Feb.
Mar.
Apr.
May
June
July

11,820
12,460
11,740
11,140
11,270
11,200
11,320

165
175
171
168
167
167
169

1,035
1,065
1,075
1,055
1,055
1,065
1,075

87
84
54
72
81
83
90

I
1

Convertible
bonds

Number of
margin accounts
(thousands)

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




I

17. S A V I N G S FLOWS A T S E L E C T E D N O N B A N K T H R I F T INSTITUTIONS
Millions of dollars
Mutual Savings Banks
(regular d e p o s i t s ) 1
Net f l o w

Date

N.S.A.

Sea. adj.

Savings and Loan Associations
Net f l o w

Annual
growth
rate 3

N.S.A.

Sea. adj.

Memo:
Net N e w Money 2

Total

Annual
growth
rate 3

Net
flow
(sea. adj.)

Annual
growth
rate 3

At
insured
S&L's

At
MSB's

1976

12,670

—

11.6

50,169

—

17.5

62,854

15.9

34,369

5,283

1977

10,783

—

8.7

50,888

—

15.0

60,982

13.3

32,004

2,874

1978

8,426

—

6.3

44,153

—

11.3

52,292

10.1

23,460

-591

1979

2,900

—

2.1

39,218

—

9.1

42,289

7.4

15,029

-6,885

1978—Jan.
Feb.
Mar.

626
476
1,712

928
483
580

8.4
4.3
5.2

2,740
2,293
7,143

2,780
2,946
3,155

8.6
9.1
9.6

3,708
3,429
3,735

8.6
7.9
8.5

2,877
2,073
2,592

-59
170
338

Apr.
May
June

-209
436
1,304

567
636
807

5.1
5.6
7.1

557
2,376
6,648

2,975
3,234
4,548

9.0
9.7
13.6

3,542
3,870
5,355

8.0
8.7
11.9

401
2,145
1,744

-553
97
-90

July
Aug.
Sept.

341
260
1,378

626
884
1,036

5.5
7.7
9.0

3,070
2,310
6,425

3,838
4,228
4,577

11.3
12.4
13.2

4,464
5,112
5,613

9.9
11.2
12.2

2,812
2,069
1,606

38
-75
-45

Oct.
Nov.
Dec.

510
275
1,317

802
518
490

6.9
4.4
4.2

2,641
2,155
5,795

3,956
4,269
3,429

11.3
12.1
9.6

4,758
4,787
3,919

10.2
10.2
8.3

2,534
1,897
710

48
59
-405

1979-Jan.
Feb.
Mar.

218
683
1,971

584
705
798

5.0
6.0
6.7

4,735
2,876
8,334

4,987
3,733
3,909

13.9
10.3
10.7

5,571
4,438
4,707

11.7
9.2
9.7

4,377
2,580
3,146

-118
342
463

Apr.
May
June

-832
61
890

16
280
341

0.1
2.3
2.9

-1,147
2,037
6,854

1,667
3,006
4,515

4.5
8.1
12.1

1,683
3,286
4,856

3.4
6.7
9.8

-1,490
1,627
1,469

-1,192
-341
-649

July
Aug.
Sept.

-318
-112
517

9
508
134

0.1
4.2
1.1

2,015
1,199
4,770

2,844
3,192
2,620

7.5
8.4
6.8

2,853
3,700
2,754

5.7
7.4
5.5

1,455
717
-198

-714
-504
-1,000

Oct.
Nov.
Dec.

-985
-199
1,006

-694
74
183

-5.8
0.6
15.1

1,863
1,157
4,525

3,321
3,527
2,030

8.6
9.1
5.2

2,627
3,601
2,213

5.2
7.1
4.0

1,314
732
-700

-1,420
-765
-987:

-605
-927
168
141
1
2
22
tse
402
-449
881 1,106
1,700 1,130

-5.0
1.4
—1.9
3.4
9.2
9.4

2,065 2,191
1,626 2,617
-324
4,403
326 3,393
3,022 4,067
5,208 2,700

5.6
6.6
—0 • 8
8.6
10.2
6.7

1,586,
2,785
-546
3,795
5,173
3,830

3.1
5.4
-1.1
7.4
10.0
7.3

1,167
1,079
-696
-817
1,785
-221

-1,436
-543
-679
-1,024
242
-100

1980-Jan.
Feb.
Mar.
Apr.
May
June$

1

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

2

New deposits net of both withdrawals and interest. Data for S&L's are for insured associations only, which represent 96 percent of industry total
resources.
3 Ann upgrowth rate for monthly data is the annualized monthly percentage increase in deposits.
Source: I^BonabAssociation of Mutual Savings Banks and Federal Home Loan Bank Board.




18. MORTGAGE COMMITMENTS OUTSTANDING AT SELECTED INSTITUTIONS
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

,

1976

27.1

24.4

2.7

7.9

3.7

3.8

0.4

1977

37.7

33.2

4.5

11.0

5.1

4.5

1.4

1978

37.5

32.7

4.8

16.5

9.9

4.8

1.8

1979

31.5

28.1

3.4

12.6

6.9

4.7

1.0

Feb.
Mar.

37.7
37.3
37.0

33.3
33.0
32.7

4.4
4.3
4 3

12.1
13.3
13.8

6.3
7.2
7.6

4.5
4.7
4.8

1.3
1.4

Apr.
May
June

36.7
36.6
36.5

32.4
32.1
31.9

4.3
4.5
4.6

14.2
14.9
14.9

8.2
8.9
8.9

4.7
4.6
4.5

1.3
1.4
1.5

July
Aug.
Sept.

36.5
36.7
36.7

31.9
32.1
32.3

4.6
4.6
4.4

15.6
15.2
16.1

9.4
9.0
9.6

4.5
4.4
4.6

1.7
1.8
1.9

Oct.

38.1
38.1
37.5

33.4
33.3
32.7

4.7
4.8
4.8

16.8
16.9
16.5

10.5
10.5
9.9

4.6
4.7
4.8

1.7
1.7
1.8

1978-Jan.

Nov.

Dec.

1.4

1979-Jan.

37.0

32.2

4.8

15.4

8.9

4.8

1.7

Feb.
Mar.

36.5
36.0

31.8
31.4

4.7
4.6

14.1
13.0

7.7
6.7

4.8
4.8

1.6
1.5

Apr.
May
June

36.2
35.8
35.7

31.7
31.7
31.5

4.5
4.1
4.2

12.6
12.0
11.7

6.4
6.0
5.6

4.8
4.7
4.8

1.4
1.3
1.3

July
Aug.
Sept.

35.7
35.9
36.7

31.7
32.0
32.7

4.0
3.9
4.0

11.6
11.2
12.2

5.5
5.5
6.8

4.8
4.4
4.2

1.3
1.3
1.3

Oct.
Dec.

35.9
33.0
31.5

32.3
29.4
28.1

3.6
3.6
3.4

14.1
13.5
12.6

8.2
7.7
6.9

4.6
4.7
4.7

1.3
1.1
1.0

1980-Jan.
Feb.
Mar.

30.7
29.9
26.5

27.5
27.1
24.0

3.2
2.8
2.5

11.9
11.2
10.5

6.2
5.7
5.2.

4.7
4.5
4.5

1.0
1,0
0.8

Apr.
May
June

22.8
21.1

20.7
19.3
20.8

2.1
1.8

9.2
9.3

4.2
3.5

1.7

10.3

3.6

4.4
5.0
5.7

0.6
0.8
1.0

Nov.

22.5

1

Based on data f r o m Federal H o m e Loan Benk B e e r d , Savings Banks A s e o e i e i i e n ef New Y o r k State, and federal and related agencies, seasonally adjusted

by Federal Reserve. Both thrift institutions series include a miner ameunt #f nan-residential commitments; S& L commitments also include loans in
process. Subtotals may net add te te$e* Imeme of reundinf.




m
19. NET NEW MONEY BORROWINGS BY MAJOR HOUSING CREDIT AGENCIES
Millions of dollars

FNMA and FHLB
short-term
discount notes

Intermediate- and long-term issues

Total including
short-term
discount notes

Total

FHLB

FHLMC

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

1978-Jan.
Feb.
Mar.

563
1,731
912

82
1,399
-1

0
1,399
-1

82
0
0

0
0
0

481
332
913

Apr.
May
June

701
3,338
1,504

470
1,496
1,300

-1
1,498
0

-129

600

-2

0

300

1,000

231
1,842
204

July
Aug.
Sept.

1,626

1,900

1,550
1,627

1,000

1,076

0

0
0
126

1,200

1,000

700

Oct.
Dec.

1,695
1,113
2,048

-5
1,114
598

0
-1
200

1,700

Nov.

1,799
1,429
2,250

1979-Jan.
Feb.
Mar.

967
1,457
912

0
1,033
1,372

0

834

199

0
0

0

-128

1,500

Apr.
May
June

1,027
304
1,363

997
215
1,299

0
222
0

-3
-7
199

1,000

July
Aug.

1,916
613
-154

700
415
0

216
198
146

1,000

Sept.

1,625
360
398

Oct.
Nov.
Dec.

2,297
1,791
1,375

1,599
1,453
150

1,300
953
0

-1
0

300
500

150

0

1980-Jan.
Feb.
Mar.

328
927
3,580

10
1,780

2,205
1,366
-38

1,499
2,649
1,250

Period

Apr;May e /
June—

"2

Based on data from Treasury Survey of Ownership.




0

0
-350
1,400

1,000

900
0

-2
160"

-120
-1
-1

FNMA

0

950
0

1,250

0

1,100
0

-300

0

-274
550
551
104
316
202
967
424
—460
30
89
64
-291
-253
552
698
338
1,225
330
917

200
500

1,800

.500
1,750
1,250

706
•1,283
-1,2 8^,




TGAGE HOLDINGS A T SELECTED INSTITUTIONS
nally adjusted
FNMA
and
GNMA

Major private financial institutions
Commercial
banks

MSB's

S&L's

13,737

4,041

44,727

2,393

-2,04;

055

26,157

6,540

58,021

5,156

961

939

35,376

6,314

52,237

9,378

8,735

275

574
551
619

4,699
4,717
4,691

480
473
553

352
438
494

443
333

i

3,039
2,569
2,703

1
!
'

2,380
3,033
3,259

533
614
489

4,456
4,281
4,332

584
730
777

688

1,182
818

379
498
008

:
1
'

3,354
3,262
3,049

570
545
498

3,695
4,239
4,154

653
1,147
668

759
921
884

025
•259
354

2,932
3,003
2,793

462
564
295

4,447
4,649
3,877

786
841
1,686

904
583
712

448
430
455

2,662
2,491
2,426

559
483
388

4,015
3,804
3,359

621

938
1,067

832
790
1,385

214
319
139

2,487
2,328
2,753

204
388
373

3,832
4,616
4,204

848
979
1,021

489
745
530

308
415
284

!
'
!

2,809
2,636
2,953

384
297
276

3,804
3,501
3,616

1,155
1,133
1,127

35
524
284

304
314
293

i

248
265
21

3,892
3,113
1,455

1,601
1.132
985

764
866
903

385

!

2,844
2,594
2,521

.
)

2,474
2,402
1,826

2,088
2,458
1,737

1,437
1,235
1,405

1,182
631
1,286

104

t

197
290
6
-49
148
n.a.

643
-483
-325

1,187
1.133
n.a.

1,155
584
193

140
238
189

Total

64,89?

»
i

890
t

n.a.

526

50

'

inks based on Federal Reserve estimates benchmarked to Call Report data on real estate loans o
ge debt outstanding as reported separately by National Association of Mutual Savings Banks, F<
e insurance, the Federal National Mortgage Association, the Government National Mortgage As:
on. Data for mutual savings banks and life insurance companies may differ somewhat from thos
ir conceptual differences for which adjustments are not made in the monthly series. Altogether,
se estimated for all holders in 1978.

161

18

277
80

199

2 1 . N E T C H A N G E IN M O R T G A G E D E B T O U T S T A N D I N G , BY TYPE OF P R O P E R T Y 1
Billions of dollars, seasonally adjusted annual rates
Residential 2
Quarter

1976-Q1
Q2

Multifamily

Commercial

Multifamily
and
commercial

Farm

81.7

62.9

61.5

1.4

13.7

15.1

5.1

75.5

55.4

55.6

-0.2

15.3

15.1

4.8

92.7

72.7

69.0

3.7

13.2

16.9

6.8

Q4

98.1

78.0

75.4

2.6

12.4

15.0

7.7

1977-Q1

110.7

87.5

83.3

4.2

14.6

18.8

8.6

15.2

23.5

9.4

Q2

134.9

110.3

102.0

8.3

Q3

140.2

114.3

106.1

8.2

17.5

25.6

8.4

8.6

24.6

33.2

8.8

Q4

150.2

116.8

108.2

1978-Q1

135.3

105.6

97.4

8.2

20.9

29.0

8.8

106.6

9.9

20.7

30.6

9.8

Q2

147.0

116.5

Q3

154.3

116.0

104.1

11.9

26.7

38.6

11.6

123.7

113.3

10.4

25.5

35.8

11.2

160.4

1979-Q1

155.9

117.8

109.0

8.8

22.3

31.1

15.9

Q2

164.3

117.9

111.0

6.9

28.5

35.4

17.9

Q3

161.3

114.9

105.8

9.1

30.0

39.1

16.4

Q4

150.2

114.5

104.6

9.9

21.3

31.2

14.4

1980-Q1

144.5

104.4

95.1

9.3

14,4

44.0

37.7

6,3

25.8
14.4

35.0

73.4

20.7

15,0

Q2p

2

Total

t - to 4family

Q3

Q4

1

Total

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.
Residential mortgage debt includes nonfarm and is the sum of 1- to 4-family and multifamily mortgage debt.




2 2 . A V E R A G E R A T E S A N D Y I E L D S ON HOME M O R T G A G E S A N D P A S S - T H R O U G H S E C U R I T I E S
S e c o n d a r y market

Primary market

Conventional mortgages

F H A / V A mortgages
Rates o n
conventional
loans at
S&L's

Period

Yield in
FNMA
auction

Period

Discount
points
in F N M A
auction

Ceiling
rate

Yield o n
GNMA
securities

Yield in
FNMA
auction

1976-High
Low

9.10
8.70

1976-Hlgt
Low

9.20
8.39

4.93
1.96

9
8

8.44
7.57

9.31
8.80

1977-High
Low

9.00
8.65

1977-Higt
Low

8.98
8.46

5.18
1.50

8-1/2
8

8.39
7.56

8.81

1978-High
Low

10.38
8.98

1978-High
Low

10.60
9.13

7.13

1.88

9-1/2
8-1/2

9.68
8.43

10.92
9.28

1979-High
Low

12.90
10.38

1979-Hlgt
Low

13.29
10.42

12.54
4.16

11-1/2
9-1/2

11.77
9.51

13.97
10.92

7
14
21
28

14.00
15.40
15.70
16.03

Mar. 1C
17
24
31

15.73

14.42

15.93

15.35

13
13
13
13

13.57
13.84
14.17
13.78

4
11
18
25

16.35
16.35
16.35
16.25

Apr.
14
21
28

15.18

6.41

14.03

5.83

14
14
14
13

13.40
12.96
12.23
11.98

2
9
16
23
30

15.90
14.68
14.15
13.38
13.20

May
12

13.16

0.93

11.03
11.26
11.78

27
2

12.59

6.52

13
13
11-1/2
11-1/2
11-1/2

6
13
20
27

13.06
12.85
12.58
12.35

June

9
16
23
3C

12.42

5.59
4.77

10.89
10.79
10.73
11.42

13.05

12.28

11-1/2
11-1/2
11-1/2
11-1/2

July 3
11
18
25

12.18
12.23
12.18
12.18

July

12.53

6.19
7.63

11.42
11.61
11.66
11.71

12.76

12.78

11-1/2
11-1/2
11-1/2
11-1/2

Aug. 1
8
15

12.25
12.25
12.55

13.58

11.96

14.26

15.40

11-1/2
11-1/2
11-1/2

12.34
12.84
13,01

1980-Mar.

Apr.

May

June

19

June

Aug.

7
14
21
28
11
18

11.12

9.21

17.00
17.51

16.91
15.67
13.81
13.27

11.52

12.81

12.84

13.34
14.00

Column 2 is average of contract interest rates on commitments for conventional first mortgages with 8 0 percent loan-to-value ratios 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 GNMAguaranteed 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, the FNMA auction results for FHA/VA mortgages do not include graduated

payment mortgages.



23. FNMA A U C T I O N S O F C O M M I T M E N T S T O P U R C H A S E HOME M O R T G A G E S
Dollar amounts in millions
F H A / V A mortgages

Date of
auction

Offered

1978-High
Low

1979-High
Low

1980-High
Low

Conventional mortgages

Accepted

Average yield

Offered

Accepted

Average yield

1,249.4
130.3

605.3
80.1

10.60
9.13

716.9
74.7

362.5
47.5

10.92
9.28

1,034.9
36.5

448.3
19.4

13.29
10.42

454.0
19.4

172.2
17.9

13.97
10.92

644.2
199.0

354.6
88.5

15.93
12.28

426.0
53.9

133.0
24.1

17.51
12.81

1980—June

9
23

333.1
269.4

146.1
120.4

12.42
12.28

110.1
59.6

43.4
32.6

13.05
12.81

July

7
21

629.0
426.6

256,3
174.0

12.53
12.78

107.4
121.3

58.4
82.5

12.76
12.84

Aug.

4
18

643.1
420.2

354.6
273.5

13.58
14.26

204.9
225.5

106.7
112.1

13.31
14.00

2 4 . F H L M C A U C T I O N S O F C O M M I T M E N T S T O P U R C H A S E HOME M O R T G A G E S
Conventional mortgages, dollar amounts in millions
Immediate delivery program

Date of
auction

)79-High
Low

)80-High
Low
June

17

24
July

Aug.

1

8
15
22
29
5
12
19

Future c o m m i t m e n t program

Offered

Accepted

Average yield

Offered

298.0
38.7

150.5
17.9

13.56
10.40

166.6
38.7

37.8
13.7

13.89
10.43

337.1
24.4

140.4
20.8

16.22
11.60

129.5
38.1

31.2
11.6

17.36
12.13

172.1
224.6

125.0
170.2

11.93
11.60

48.0

23.9

12.13

401.4
371.3
351.2
320.4
326.5

200.3
181.7
155.1
130.8
118.4

11.67
11.83
11.94
12.00
12.25

212.3

25.6

12.89

230.6

98.7

12.64
13.00
13.24

180.4

86.6

.
—•—

229.9

Accepted

Average yield

——

——

——

——

—

—

•we

25.2

14.09

*As of June 24, the six-month forward program was discontinued, and subsequent data refer
to FHLMCs 8-month program.
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.
Source: FNMA and FHLMC




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

Period

GNMA-guaranteed
New issues

Outstanding
(end of period)

Pass-through securities
FH4LMC guaranteed
New issues

Outstanding
lend of period)

1Public offerings
of mortgagebacked bonds
Outstanding by savings and
(end of period)
loan assoc.

Privately insured
New issues

1976

13,764

30,571

1,396

2,671

n. a.

n. a.

75

1977

17,440

44,896

4,131

6,610

242

238

1,115

1978

15,358

54,347

6,212

11,892

1,011

1,141

465

1978-Jan.
Feb.
Mar.

1,327
929
1,315

45,890
45,325
46,357

504
470
120

7,033
7,431
7,471

0
10
119

2 36
243
358

n
0
50

Apr.
May
June

82 3
1,255
999

46,463
47,387
48,033

466
651
1,093

7,861
8,434
9,422

201
135
23

557
689
703

290
75
0

July
Aug.
Sept.

997
1,648
1,203

48,663
50,051
50,844

299
725
394

10,371
10,224
10,512

72
35
33

764
797
822

0
50
0

Oct.
Nov.
Dec.

1,762
1,721
1,381

52,095
53,358
54,347

369
581
540

10,987
11,463
11,892

57
36
381

872
897
1,161

0
0
0

1979-Jan.
Feb.
Mar.

1,703
1,361
1,464

55,627
56,575
57,955

317
494
118

12,093
12,462
12,466

60
136
84

1,325
1,411
1,482

0
0
0

Apr.
May
June

1,489
1,673
1,860

60,274
61,551
63,001

364
572
382

12,790
13,296
13,562

151
201
142

1,619
1,821
1,915

0
0
400

July
Aug.
Sept.

2,032
2,934
2,640

64,401
67,135
69,358

321
554
347

13,781
14,200
14,421

204
190
254

2,105
2,257
2,516

225
350
65

Oct.
Nov.
Dec.

2,639
3,250
1,895

71,457
74,106
76,401

530
186
361

14,838
14,916
15,180

470
383
300

2,987
3,353
3,641

0
0
70

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

408
205
342

4,230
4,424
4,742

50
0
0

Apr.
May

1,778
1,127
1,320

82,419
83,385
84,282

199

15,613
1-5,949
16,120

510
495.
409

5,240
5,732
6,139

0
0
190

June

391
232

GNMA-guaranteed securities are issued by private institutions and represent undivided interests in pools of Government-underwritten homemortgages

pools of conventional residential mortgages underwritten by major private mortgage insurance companies.
Source: GNMA, FHLMC, HUD, and Federal Reserve.