Full text of H.16 Capital Market Developments : August 29, 1977
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Market Developments »» v.\\ VH August 2 9 , 1 9 7 7 Prepared by the C A P I T A L MARKETS SECTION in conjunction with the MORTGAGE and CONSUMER F I N A N C E SECTION DIVISION OF R E S E A R C H AND STATISTICS BOARD OF GOVERNORS F E D E R A L R E S E R V E SYSTEM Washington, D C. 20551 SUBSCRIPTION RATES: Weekly $15.00 per year or $.40 each in the United States, its possessions, Canada, and Mexico; 10 or more of the same issue to one address, $13.50 per year or $.35 each. Elsewhere, $20.00 per year or $.50 each. Address requests to Publications Services, Division of Administrative Services, and make payment remittance payable to the order of the Board of Governors of the Federal Reserve System in a form collectible at par in U.S. Currency. TABLES 1 —6 S E C U R I T Y VOLUME AND YIELDS 7, 8 STOCK MARKET AND S E C U R I T Y CREDIT 9 - 1 6 MORTGAGE MARKET SYMBOLS e P r ESTIMATE PRELIMINARY REVISED n.a. NOT AVAILABLE DATA DO NOT EXIST 3 Table 1 YIELDS, VOLUME AND RECEPTION CORPORATE BOND MARKET VOLUME YIELDS WEEK ENDING 1977 - J u l y 1 8 15 22 29 August 5 12 19 26 NEW ISSUE Aaa UTILITY 1 RECENTLY OFFERED Aaa UTILITY 8.14 8.14 8.12 8.17 — 8.07 8. l l r 8. 05p 2 3 GROSS OFFERINGS ($ MILLIONS) PER CENT SOLD BY END OF WEEK NEW ISSUES 4 IN SYNDICATE ($ MILLIONS) 8.03 8.12 8.12 8.14 8.14 262 650 822 189 659 68 78 82 84 90 278 192 165 148 67 8.10 8.05 8.04 8.00p 303 246 237 695 92 92 95 92 76 78 52r 76 MUNICIPAL BOND MARKET YIELDS WEEK ENDING 1977 - J u l y August MOODY'S NEW ISSUE Aaa VOLUME BOND BUYER 2G-BOND INDEX 3 GROSS OFFERINGS ($ MILLIONS) PER CENT SOLD BY END OF WEEK NEW ISSUES 4 IN SYNDICATE ($ MILLIONS) 1 8 15 22 29 5.18 5.20 5.20 5.22 5.22 5.56 5.63 5.64 5.62 5.62 1,519 202 734 658 1,265 92 75 86 88 82 259 230 191 145 269 5 12 19 26 5.25 5.30 5.30 5.27 5.63 5.63 5.63 5.58 433 542 775 992 89 83 91 95 229 202 204 161 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 ISSUE A a a UTILITY DATE 1 RECENTLY OFFERED A a a UTILITY 2 MOODY'S SEASONED CORPORATE A a a 3 U.S. GOVT. 20-YEAR CONSTANT MATURITY 4 BOND BUYER 2 0 - B 0 N D INDEX 1973 - High Low 8.52 (8/10) 7.29 (1/21) 8.32 (8/10) 7.28 ( 1 / 5 ) 7.77 (8/24) 7 . 1 1 (1/5) 7.79 ( 8 / 1 0 ) 6.42 ( 1 / 5 ) 5.59 ( 8 / 3 ) 4.99 (10/11) 1974 - High Low 1 0 . 6 1 (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 . 3 0 ) 7.39 ( 1 / 4 ) 7.15 (12/12) 5.16 (2/7) 1975 - High Low 9.80 (5/2) 8.89 ( 2 / 7 ) 9 . 7 1 (5/25) 9 . 0 6 (2/28) 9.01 (5/2) 8.57 (2/28) 8 . 6 3 (9/19) 7.63 (2/21) 7.67 ( 1 0 / 3 ) 6.27 ( 2 / 1 3 / ) 1976 - High Low 8.95 (5/28) 7.93 (12/10) 9.10 ( 1 / 2 ) 7.84 (12/31) 8.66 (5/28) 7 . 9 1 ( 12/31) 8 . 1 7 (5/28) 7.27 (12/31) 7.29 ( 1 / 2 ) 5 . 9 5 (12/16) 1977 - High Low 8.34 (5/20) 7.90 ( 1 / 7 ) 8.33 (5/6) 7.95 ( 1 / 7 ) 8.12 (3/11) 7.88 ( 1 / 7 ) 7.78 (5/13) 7.26 ( 1 / 7 ) 5.93 (2/4) 5 . 5 5 (6/16) 8.03 8.12 8.12 8.14 8.14 7.91 7.93 7.94 7.94 7.96 7.57 7.58 7.60 7.62 7.61 5.56 5.63 5.64 5.62 5.62 8.10 8.05 8.04 8.00p 8.00 8.00 7.99r 7.97p 7.66 7.69 7.68r 7.61p 5.63 5.63 5.63 5.58 1977 - J u l y Aug. 1 8 15 22 29 —— 8.14 8.14 8.12 8.17 5 — — 8.07 8. l l r 8.05p X2 19 26 NOTES: 1 Federal Reserve series of implied yield on newly issued, Aaa-rated utility bond with 5-year call protection. 2 Federal Reserve series of implied free-market yield on competitively bid Aaa-rated utility bond with 5-year call protection released from price restrictions sometime during the last 4 weeks. 3 Weekly average of daily closing figures. 4 Weekly average of daily figures. U.S. Treasury data. 5 Thursday figures. The average rating of the 20 bonds used in this index falls midway between the four top groups as classified by Moody's Investors Service. Weekly Bond Buyer data. # • # # # # # # # # 5 Table 3 LONG-TERM CORPORATE AND STATE AND LOCAL GOVERNMENT SECURITY OFFERINGS AND PLACEMENTS IN MILLIONS OF DOLLARS GROSS PROCEEDS PERIOD CORPORATE 1977 J 1976 STATE AND LOCAL 1 1975 1 1977 J Z 1975 February March 3,989 2,708 5,495 3,381 3,863 6,632 5,367 4,528 5,378 3,419 3,142 4,135 2,451 2,885 3,365 2,361 2,387 2,135 April May June 3,639 3,350e 4, 400e 3,507 4,186 6,439 4,294 5,798 5,596 3,563 4,304 5,700e 2,218 3,575 3,115 2,406 2,900 3,064 July 2,400e 3,216 3,357 4,817 4,327 2,405 2,836 3,lOOe August September 2,734 2,821 2,814 3,580 2,783 2,159 October November December 4,431 3,047 6,480 4,705 4,076 4,307 3,524 3,336 2,342 2,323 2,381 2,052 12,192 ll,389e 13,876 14,132 11,390 13,958 15,273 15,688 9,568 13,088 10,696 13,567e 8,701 8,908 8,369 9,202 6,883 8,370 8,522 6,756 23,581e 28,008 39,398 53,356 30,961 40,529 53,617 24,263e 17,609 25,978 35,180 15,253 23,775 30,531 January Q1 02 03 04 1st Half 3 Qtrs. Year NOTES: 1 1976 Securities and Exchange Commission estimates of gross proceeds. 2 FRASER Securities Industry Association estimates of principal amounts. Digitized for 3 E s t i m a t e d by F e d e r a l Reserve on t h e b a s i s of a v a i l a b l e d a t a . • 2 Table 4 01 NEW CORPORATE SECURITY ISSUES BY TYPE OF ISSUE AND ISSUER IN MILLIONS OF DOLLARS PERIOD TOTAL GROSS PROCEEDS BY TYPE OF ISSUE GROSS PROCEEDS BY TYPE OF ISSUER BONDS COMMON MEMO AND MANUFACPUBLIC COMMUNIOTHER PUBLICLY PRIVATELY ISSUES INCLUDED PREFERRED TURING UTILITY CATIONS ISSUERS OFFERED PLACED FOREIGN CONVERTIBLE STOCK 13,876 14,132 11,390 13,958 7,569 7,427 4,904 6,553 2,754 3,584 4,624 4,846 3,553 3,121 1,861 2,559 1,340 1,843 1,267 1,795 262 478 199 55 4,497 3,757 2,982 4,244 4,044 3,140 3,317 3,897 765 1,879 378 541 4,569 5,358 4,715 5,276 12,192 6,504 3,071 2,617 858 6 2,774 3,019 1,415 4,986 1976 - A p r i l May June July August September October November December 3,507 4,186 6,439 3,216 3,357 4,817 4,431 3,047 6,480 2,350 1,937 3, 140 1,239 1,565 2,100 2,729 1,256 2,568 629 1,051 1,904 1,348 1,113 2,163 753 1,101 2,992 528 1,198 1,395 629 678 554 949 690 920 428 350 1,005 500 367 400 235 1,310 250 37 15 426 100 7 92 21 31 3 568 1,709 1,480 1,198 1,031 753 1,349 510 2,385 644 1,148 1,348 932 920 1,465 1,414 1,327 1,156 450 20 1,409 26 212 140 155 190 196 1,847 1,309 2,202 1,061 1,195 2,459 1,513 1,019 2,744 1977 - January February March April 3,989 2,708 5,495 3,639 2,786 1,102 2,610 1,961 601 786 1,690 1,087 602 820 1,195 591 300 433 125 600 0 6 0 50 906 743 1,125 1,348 986 435 1,598 774 50 557 808 334 2,048 973 1,965 1,182 # # 1976 - I I I I I I IV 1977 - I NOTES: 1 Other issuers are extractive, railroad and other transportation, real estate and finance, and commercial and other. Source: Securities and Exchange Commission. # * * # * » * # 1 T a b l e 5A INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY 1 August 1 through August 26, 1977 ISSUER TYPE AMOUNT (MILLIONS OF DOLLARS) MATURITY COUPON RATE OFFERING YIELD MOODY'S/S&P'S RATINGS CORPORATE Long I s l a n d L i g h t i n g Co. I l l i n o i s Pwr. Co. Southern P a c i f i c Co. General E l e c t r i c C r e d i t Corp. General E l e c t r i c C r e d i t Corp. F a r r e l l Lines I n c . F a r r e l l Lines I n c . F a r r e l l Lines I n c . Michigan General Corp. P u b l i c Svc. Co. of New Hampshire Chemical New York Bank Missouri P a c i f i c Railroad Chemical New York Corp. Northern Indiana P u b l i c Svc. Co. World Airways Dayton Power & Light Co. American H o s p i t a l Supply Corp. Chesapeake & Ohio R a i l r o a d Westvaco Corp. S i e r r a P a c i f i c Power Co. American Commercial Lines I n c . American Commercial Lines i n c . American Commercial Lines I n c . Com. s t k . (rts.) Pfd. s t k . Equip, t r . Sub. d e b t . Notes Govt, g t r . Govt. g t r . Govt. g t r . Debt. Com. s t k . Pfd. stk. Equip, t r . Debt. 1st mtg. Equip, t r . Com. s t k . Notes Equip, t r . Notes 1st mtg. Gvt. g t r . Gvt. g t r . Gvt. g t r . 102.0 50.0 15.2 50.0 150.0 37.0 13.9 9.8 25.0 25.8 100.0 15.6 100.0 50.0 65.0 50.6 100.0 15.0 50.0 35.0 7.3 7.3 7.3 — — — — 1977-1992 1997 1988 2004 1990 1987 1992 — — —— 8.25 7.63 8.05 7.70 7.40 10.88 — — 1978-1992 2002 2007 1983 7.50 7.50 8.25 8.13 10.00 2007 1978-1992 2007 2007 1982 1992 1987 7.88 7.63 8. 13 8.63 7.10 7.80 7.65 —— — NOTES: * Rights offering. 1 Includes only corporate and other security offerings of $15 million and over; excludes options, exchanges, and secondary offerings. 8.00 7.80 6.30-7.75 8.33 7.68 8.05 7.70 7.40 10.88 —— 7.50 6.25-7.75 8.30 8.18 10.00 — 7.90 6.50-7.75 8.19 8.50 7.10 7.80 7.65 Aa/AA Aa/AA A/AAa/A- . / / B/BB i i Aa/ — Aa/AA Aaa/ — Aa/AA Ba/BB+ — Aa/AA Aa/AA A/A Baa/A — / — — / — 00 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 1 through August 26, 1977 TYPE ISSUER CORPORATE American Commercial L i n e s I n c . M a n u f a c t u r e r s Hanover Corp. M a n u f a c t u r e r s Hanover Corp. Ashland Oil I n c . Niagara Mohawk Power Corp. U.S. Home Co rp. B u t t e s Gas & Oil Co. City I n v e s t i n g Co. Iowa P u b l i c S e r v i c e Co. Duke Power Co. Gvt. g t r . Com. s t k . Debt. SF d e b t . 1st mtg. Notes Debt. Notes 1st mtg. 1st mtg. OTHER New Brunswick Elec. & Pwr. Comm. Newfoundland, P r o v i n c e of Debt. Debt. e # AMOUNT (MILLIONS OF DOLLARS) # # • MATURITY COUPON RATE OFFERING YIELD MOODY S / S & P ' S RATINGS 14.6 102.8 150.0 100.0 75.0 50.0 70.0 100.0 25.0 125.0 2002 8.00 8.00 2007 2002 2007 1987 1997 1997 2007 2007 8.13 8.20 8.35 10.00 10.25 9.13 8.00 8.13 8.18 8.20 8.37 10.00 10.25 9.13 8.15 8.20 Aaa/AAA A/A A/A—/BB B/B —/BB Aa/AA A/A 75.0 75.0 2007 2002 8.75 9.13 8.85 9.13 A—/A+ Baa-l/A —— # # # # e Table 5B INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY 1 August 1 through August 26, 1977 ISSUER TYPE AMOUNT (MILLIONS OF DOLLARS) MATURITY NET INTEREST COST STATE AND LOCAL La Cygne, Kansas Massachusetts Bay Trans Auth. Walker Co. Hosp. D i s t . , Texas Walker Co. Hosp. D i s t . , Texas Iowa Hsg. Finance Auth. Iowa Hsg. Finance Auth. P o r t l a n d Hosp. Fac. Auth., Ore. P o r t l a n d Hosp. Fac. Auth., Ore. P o r t l a n d Hosp. Fac. Auth., Ore. E r i e School D i s t . , Pa. E r i e School D i s t . , Pa. Oklahoma, S t a t e of Maine S t a t e Hsg. Auth, Maine S t a t e Hsg. Auth. Maine S t a t e Hsg. Auth. Hawaii, S t a t e of Puerto Rico Highway Auth. Puerto Rico Highway Auth. C a l i f o r n i a , S t a t e of Tennessee Hsg. Dev. Agy. Tennessee Hsg. Dev. Agy. Tennessee Hsg. Dev. Agy. Blount Co., Tenn. Oklahoma C i t y , Okla. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. G.O. G.O. G.O. Rev. Rev. Rev. G.O. Rev. Rev. G.O. Rev. Rev. Rev. G.O. G.O. 21.9 75.0 4.8 7.4 25.6 17.0 10.7 20.6 5.0 11.3 8.6 75.8 4.0 6.7 8.6 75.0 15.0 60.0 30.0 24.0 13.5 12.0 11.5 26.3 2007 1978-2017 1981-1997 2008 1979-1994 2008 1980-1994 2007 2009 1979-1991 1997 1978-1996 1980-1997 2010 2020 1980-1997 1979-1992 2007 1978-1997 1979-1996 2005 2016 1978-1996 1980-1997 5.94 5.93 6.97 6.97 —— 5.97 5.97 5.97 5.89 5.89 4.40 6.22 6.22 6.22 4.97 7.00 7.00 4.59 5.90 5.90 5.90 5.02 4.56 OFFERING YIELD 5.91 3.40-6.15 4.60—6.40 7.00 3.40-5.30 5.89 4.00-5.80 6.25 5.00 3.75-5.80 6.00 2.75-4.63 4.00-5.75 6.20 6.25 3.70-5.60 4.00-6.50 7.00 2.80-5.00 3.50-5.70 6.10 6.13 3.20-5.60 3.50-5.25 MOODY'S/S&P'S RATINGS Aa/AAA-l/AA Baa/BBB+ Baa/BBB+ A-l/AA A-l/AA —/A+ —/A+ —/A+ — /A —/A Aaa/— A-l/AA A-l/AA A-l/AA Aa/AA Baa-l/A Baa-l/A Aaa/AAA A-l/A+ A-1/A+ A-1/A+ A/A+ Aa/AA NOTES: 1 Includes o n l y state and local security offerings of $ 1 0 million and over; excludes secondary offerings. 2 For State and local government securities, G O. denotes general obligation; Rev. denotes revenue obligations. vo 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 1 through August 26, 1977 ISSUER TYPE AMOUNT (MILLIONS OF DOLLARS) MATURITY NET INTEREST COST OFFERING YIELD MOODY'S/S&P'S RATINGS STATE AND LOCAL Grand I s l a n d , Neb. Grand I s l a n d , Neb. I l l i n o i s H e a l t h Fac. Auth. I l l i n o i s Health Fac. Auth. I l l i n o i s Health Fac. Auth. New York S t a t e Hsg. Finance Agy. New York S t a t e Hsg. Finance Agy. New York S t a t e Hsg. Finance Agy. S a l t River A g r i c . Improv. & Power Dist., Ariz. S a l t River A g r i c . Improv. & Power D i s t . , Ariz. St. Petersburg, Fla. St. Petersburg, Fla. Kentucky Housing Corp. Kentucky Housing Corp. P e t e r s b u r g , Ind. Bexar Co. Hosp. D i s t . , Texas Bexar Co. Hosp. D i s t . , Texas Medford Hosp. Fac, A u t h . , Oregon Mayfield H e i g h t s , Ohio Mayfield H e i g h t s , Ohio Hopkins Co., Ky. Hopkins Co., Ky. Chicago, 111. Sioux C i t y , Iowa Sioux C i t y , Iowa Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. 15.2 34.8 5.7 5.1 5.0 17.1 15.6 28.8 1982-1997 2012 1979-1995 2004 2007 1978-1992 1999 2007 Rev. 68.6 Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. G.O. Rev. Rev. 87.3 53.6 4.8 21.5 28.5 25.0 5.7 7.5 13.6 4.2 10.5 9.7 15.7 62.5 10.2 11.0 6.05 6.05 6.58 6.58 4.30-5.75 6.10 3.75-6.40 6.60 A/A+ A/A+ A/ — A/ — 1:8 ifn. 6.42 6.42 4.00-6.25 6.40 6.44 1989-2003 5.90 4.75-5.75 Aa/A+ 2015 1983-1995 1978-1991 1979-1997 2010 2007 1982-1997 2007 2007 1980-1993 2007 1981-1992 2002 1980-1992 1980-1997 2006 5.90 5.76 5.76 5.95 4.40-5.55 3.10-5.00 3.40-5.40 5.73 5.80 4.20-5.90 6.25 6.25 4.50-6.25 6.50 4.70-6.40 6.75 3.75-5.25 4.10-6.25 6.43 Aa/A+ A-l/A Aaa/AAA Aa/AA Aa/AA Aa/AA A/A A/A Aa/A+ A/A A/A Baa-l/ABaa-l/AAa/AA A/ — A/ — 6.51 6.51 5.02 A/AA A/AA Table 5B Continued INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY August 1 through August 26, 1977 ISSUER TYPE AMOUNT (MILLIONS OF DOLLARS) MATURITY NET INTEREST COST OFFERING YIELD MOODY'S/S&P'S RATINGS STATE AND LOCAL Houston Co. Hosp. Bd., Ala. Houston Co. Hosp. Bd., Ala. Houston Co. Hosp. Bd., Ala. Poughkeepsle, N.Y La Cygne, Kansas New York S t a t e Hsg Finance Agy. New York S t a t e Hsg Finance Agy. New York S t a t e Hsg. Finance Agy New York S t a t e Hsg. Finance Agy. New York S t a t e Hsg. Finance Agy. Palm Beach Co. H l t h . Fac. A u t h . , F l a . Palm Beach Co. H l t h . Fac. A u t h . , F l a . Palm Beach Co. H l t h . Fac* A u t h . , F l a . C a l c a s i e u P a r . I n d u s t . Dev. Bd., La. Aurora J t . Sch D i s t . , #28, Colo. Allegheny Co Hosp. Dev. A u t h . , Pa. Allegheny Co Hosp. Dev. A u t h . , Pa. Valdez, Alaska Municipal A s s i s t a n c e C o r p . , N.Y.C. Kansas C i t y , Kansas Kansas C i t y , Kansas C a l c a s i e u P a r . I n d u s t . Dev. Bd., La. P l a t t e River Pwr. A u t h . , Colo. P l a t t e River Pwr. A u t h . , Colo. P l a t t e River Pwr. A u t h . , Colo. Michigan S t a t e Hsg. Dev. Auth. Michigan S t a t e Hsg. Dev. Auth. Rev. Rev. Rev. G. 0. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. G.O. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. 9.6 7.1 9.7 13.2 21.9 2.4 0.7 3.2 1.9 6.0 2.7 3.9 8.4 10.0 17.0 7.7 23.0 315.0 200.0 8.2 12.7 23.0 20.6 14.0 32.4 19.8 45.2 1982-1992 1997 2002 1978-2006 2007 1978-1988 1990 1997 2000 2007 1981-1990 1997 2005 2007 1979-1996 1981-1994 2010 2007 1992 1982-1997 2007 2007 1982-1996 2002 2011 1979-2002 2020 6.31 6.31 6.31 5.58 5.94 6.41 6.41 6.41 6.41 6.41 - — — —— — — 6.10 7.67 5.45 5.45 5.95 5.84 5.84 5.84 4.50-6.00 6.20 6.38 3.25-5.75 5.91 3.50-6.00 6.00 6.25 6.37 6.44 6.50-7.50 8.15 8.50 5.80 3.60-5.45 4.75-6.40 6.75 6.05 7.50 4.00-5.30 5.57 5.95 4.50-5.60 5.80 5.93 3.75-6.25 6.50 A-1/A+ A-1/A+ A-1/A+ A/AAA Aa/AAA/AA A/AA A/AA A/AA A/AA j j j A-l/— —/A— —/A— A/AA Baa/A Aa/AA Aa/AA A/— A/A+ A/A+ A/A+ A-1/A+ A-1/A+ K> Table 5B Continued INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY August 1 through August 26, 1977 ISSUER TYPE AMOUNT (MILLIONS OF DOLLARS) MATURITY NET INTEREST COST OFFERING YIELD MOODY'S/S&P'S RATINGS STATE AND LOCAL Texas, S t a t e of Valdez, Alaska South C a r o l i n a , S t a t e of South Bay I r r i g a t i o n D i s t . San Diego Sch. Bldg. Corp. San Diego Sch. Bldg. Corp. Holland Comm. Hosp. A u t h . , e e # G.O. Rev. G.O. Rev. Rev. Rev. Rev. , Cal. , Cal. , Cal. Mich. e 25.0 20.0 63.9 22.5 10.8 6.3 14.6 # # 1986-1991 2007 1978-1994 1979-2002 1980-1995 2000 1983-2008 # 4.45 5.66 4.44 5.68 5.31 5.31 6.43 e 4.10-4.55 5.63 2.90-4.80 3.50-5.90 3.70-5.30 5.57 5.00-6.50 # Aaa/AAA Aa/— Aaa/AAA Baa-l/AAA Aa/A+ Aa/A+ A/A- e 13 T a b l e 6A FORTHCOMING INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY 1 As of August 26, 1977 ISSUER CORPORATE Chrysler F i n a n c i a l Corp. Chrysler F i n a n c i a l Corp. Piedmont N a t u r a l Gas Co. C e n t r a l Tele, of V i r g i n i a D i g i t a l Equipment Corp. Western Co. of North America Arizona P u b l i c S e r v i c e Co. Duke Power Co. P u b l i c S e r v i c e E l e c . & Gas Co. P u b l i c S e r v i c e E l e c . & Gas Co. Alabama Power Co. F l o r i d a Power & Light Co. Missouri P a c i f i c R a i l r o a d Western A i r l i n e s I n c . *Data General Corp. Minnesota Power & Light Co. Utah Power & Light Co. Utah Power & Light Co. * F i r s t United Bancorporation Baltimore Gas & E l e c t r i c Co. Union P a c i f i c R a i l r o a d Iowa Power & Light Co. Iowa Power & Light Co. Rochester Gas & E l e c . Co. Rochester Gas & E l e c . Co. * C e n t r a l 111. Light Co. M i s s i s s i p p i Power Co. M e t r o p o l i t a n Edison Co. *Columbus & Southern Ohio E l e c . Co. C e n t r a l Power & Light Co. ^Houston L i g h t i n g & Power Co. Kansas Gas & E l e c . Co. Consumers Power Co. Oklahoma Gas & E l e c . Co. P u b l i c S e r v i c e Co. of Indiana *Loral Corp. *Atchison, Topeka & Santa Fe R a i l road TYPE Notes Notes SF d e b t . 1st mtg. Conv. d e b t . Sub. d e b t . Pfd. s t k . Pfd. s t k . Pfd. s t k . 1st mtg. Pfd. s t k . 1 s t mtg. Equip, t r . Pfd. stk. Debt. 1st mtg. Pfd. stk. 1st mtg. Notes 1 s t mtg. Equip, t r . 1st mtg. Com. s t k . Com. s t k . 1st mtg. Pfd. stk. 1st mtg. 1st mtg. Com. s t k . 1st mtg. 1st mtg. 1 s t mtg. 1st mtg. 1st mtg. 1 s t mtg. SF d e b t . Equip, t r . AMOUNT (IN MILLIONS OF DOLLARS) 50.0 50.0 30.0 25.0 250.0 32.5 50.0 50.0 30.0 60.0 50.0 20.0 15.0 30.0 60.0 45.0 30.0 50.0 25.0 75.0 24.0 30.0 22.0 20.0 50.0 15.0 20.0 35.0 42.0 75.0 125.0 25.0 100.0 35.0 85.0 20.0 Aug. Aug. Aug. Aug. Aug. Aug. Sept. Sept. Sept. Sept. Sept. Sept. Sept. Sept. Sept. Sept. Sept. Sept. Sept. Sept. Sept. Sept. Sept. Sept. Sept. Sept. Sept. Sept. Sept. Sept. Sept. Sept. Sept. Sept. Sept. Sept. 36.0 Sept. NOTES: * APPROXIMATE DATE OF OFFERING Included in table for first time. 1 Includes only corporate and other security issues of $15 million and over; excludes exchanges, options 30 30 30 31 31 1 7 8 8 13 13 13 14 14 15 15 15 15 19 20 20 21 21 22 27 27 27 28 28 29 14 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 As of August 26, 1977 ISSUER TYPE AMOUNT (IN MILLIONS OF DOLLARS) APPROXIMATE DATE OF OFFERING CORPORATE *Atchison, Topeka & Santa Fe Railroad *Gulf S t a t e s U t i l i t i e s Co. Pennsylvania L i f e Co. I n t e r n a t i o n a l T e l . & T e l e . Corp. Equip, t r . Conv. d e b t . Debt. Med—term n o t e s OTHER *Ontario, Province of Debt. 24.0 50.0 30.0 50.0 200.0 Sept. Sept. Sept. Indef. Sept. 15 Table 6B FORTHCOMING INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY 1 As of August 26, 1977 TYPE ISSUER STATE & LOCAL South Carolina Pub. Svc. Auth. *Philadelphia * J e f f e r s o n Co. Cap. P r o j e c t s Corp., Ky. Washington Sub. S a n i t a r y D i s t . , Md. Pater son, I). J . Georgia, S t a t e of Ohio, S t a t e of L a f a y e t t e P u b l i c Pwr. A u t h . , La. *Dallas-Fort Worth Reg. A i r p o r t Harristown Dev. Corp., Pa. East Baton Rouge, La. Allegheny Co., Pa. *Nashville & Davidson Co. Metro. Gvt., Tenn. *Granite School D i s t . , Utah *Trenton, Mich. *Kansas, S t a t e of * G r e e n v i l l e Co., S.C. *Henrico Co., Va. *Lake Co. F o r e s t P r e s e r v e D i s t . , 111. Oak Brook, 111. Oregon, S t a t e of *St. C l a i r Co., Mich. *St. C l a i r Co., Mich. ^Wisconsin, S t a t e of J e f f e r s o n Co., Ark. *Jackson Co., Miss. * Austin, Texas *Austin, Texas B l a i r Co. H o s p i t a l A u t h . , Pa. *New J e r s e y Hsg. Finance Agy. Cleveland, Ohio *Rochester, Minn. Petoskey Hosp. F i n . A u t h . , Mich. POSTPONEMENT Lexington Center C o r p . , Ky. AMOUNT (IN MILLIONS OF DOLLARS) APPROXIMATE DATE OF OFFERING Rev. Rev. 115.0 37.7 Aug. Aug. 29 29 Rev. 23.0 Aug. 30 G.O. G.O. G.O. Rev. Rev. Rev. Rev. Rev. G.O. 243.5 19.4 76.8 50.0 100.0 265.8 125.0 20.0 105.0 Aug. Aug. Aug. Aug. Aug. Aug. Aug. Aug. Sept. 30 30 30 30 30 G • 0. G.O. Rev. Rev. G.O. G.O. 24.0 18.5 12.0 40.0 21.0 28.0 Sept. 6 Sept. 6 Sept. 6 Sept. 7 Sept. 8 Sept. 13 G.O. G.O. G.O. Rev. Rev. G. 0. Rev. Rev. G.O. Rev. Rev. Rev. Rev. Rev. Rev. 18.0 10.3 30.0 19.2 11.0 39.0 36.0 55.0 35.4 125.0 72.0 53.0 26.2 Sept. Sept. Sept. Sept. Sept. Sept. Sept. Sept. Sept. Sept. Sept. Sept. Sept. Sept. Sept. 13 13 13 15 15 20 22 27 29 29 Rev. 41.5 Aug. 23 20.0 18.0 NOTES: 1 Includes state and local government issues of $10 million and over, foreign government. International Bank for Reconstruction issues of Federally sponsored agencies; excludes secondary offerings. * Included in the table for the first time. 1 ON Table 7 STOCK PRICES AND VOLUME NYSE INDEX 1973 - High Low 1051.50 (1/11) 788.31 (12/5) AMEX *| NASDAQ 130.47 (1/11) 136.84 (1/11) 85.26 (12/20) 89.12 (12/13) AMEX NASDAQ 26.0 (9/20) 9 . 0 (8/20) 5.5 (1/12) 1.4 (8/20) 11.3 (1/11) 3 . 5 (8/27) 102.01 (3/14) 58.26 (12/9) 96.53 (3/15) 54.87 (10/3) 24.9 (1/3) 7 . 5 (7/5) 4.4 (1/3) .9 (9/26) 7 . 5 (1/3) 2 . 8 (7/5) 51.24 (7/15) 37.16 (1/8) 881.81 (7/15) 632.04 (1/2) 96.86 (7/15) 62.20 (1/2) 88.00 (7/15) 60.70 (1/2) 35.2 (2/13) 8.7 (9/15) 4 . 2 (2/21) 1 . 1 (9/15) 8 . 1 (2/13) 2 . 5 (9/15) 57.51 (9/21) 48.04 (1/2) 1014.79 (9/21) 858.71 (1/2) 107.05 (7/12) 84.31 (1/2) 92.52 (7/15) 78.06 (1/2) 44.5 (2/20) 10.3 (1/2) 8.6 (2/20) 1.1 (1/2) 11.1 (2/20) 3 . 5 (1/2) 57.69 (1/3) 52.56 (5/31) 999.75 (1/3) 854.12 (8/25) 124.21 (7/19) 109.61 (1/12) 103.10 (7/22) 93.66 (4/5) 31.5 (1/5) 13.0 (8/12) 4.2 (1/13) 1.9 (5/23) 10.5 (1/19) 5 . 1 (5/27) 1 8 15 22 29 54.92 54.81 54.99 55.71 54.12 912.65 907.99 905.95 923.42 890.07 120.58 121.60 123.18 123.76 120.15 99.90 100.81 101.41 103.10 100.65 19.0 18.8 17.4 21.3 19.8 2.8 2.9 3.1 3.1 2.7 7.4 7.4 8.7 5 54.04 53.61 53.38 52.60 888.69 871.10 863.48 855.42 120.53 120.27 118.68 117.51 100.86 100.76 100.85 99.89 17.2 16.1 16.8 18.9 2.1 2.1 2.3 2.1 6.1 6.7 7.4 7.0 1975 - High Low 1976 - High Low 1977 - High Low 12 19 26 NOTES: Figures other than highs and lows are Fridays only. Highs and lows are for the year and are not necessarily for Fridays. 1 2 NYSE 891.66 (3/13) 577.60 (12/6) Low Aug. 65.58 (1/11) 49.12 (12/13) BJ INDUSTRIALS 53.37 (3/13) 32.89 (10/3) 1974 - High July TRADING VOLUME STOCK PRICES DATE Voltime figures are weekly averages of daily figures (millions of shares). 3 12/31/65 = BO 4 Based on average price change until September 4, 1973 thereafter, based on market value of shares listed. 8.8 7.4 Table 8 SECURITY CREDIT REGULATED MARGIN CREDIT EXTENDED BY END OF PERIOD BROKERS ON MARGIN STOCK OUTSTANDING 1 BROKERS O N ' CONVERTIBLE BONDS BANKS UNREGULATED NONMARGIN STOCK CREDIT AT BANKS 1976 - March April May June July August September October November December 6,410 6,690 6,940 7,080 7,340 7,450 7,530 7,530 7,610 7,960 162 163 161 166 172 167 174 169 178 204 1,057 1,077 1,007 880 876 881 1,081 1,068 864 845 2,355 2,325 2,357 2,825 2,756 2,807 2,651 2,774 2,866 2,817 1977 - January February March April May June July 8,270 8,480 8,690 8,880 9,070 9,230 9,460 196 197 199 196 196 198 832 844 810 809 801 823 2,844 2,850 n..a, 2,878 2,886 2,992 1976 - March April May June July August September October November December 460 280 250 140 260 110 80 9 19 20 -70 -127 -4 5 200 -13 -204 - 19 1977 - January February March April May June July 310 210 210 190 190 160 230 CHANGE IN OUTSTANDING 80 350 1 -2 5 6 -5 7 -5 9 26 -8 1 2 -3 -13 12 -34 -1 —8 22 22 -30 32 468 -69 231 -156 123 92-49 27 6 n. a. 11 • 3. e 8 106 NOTES: . u, u 1 Margin account debt as reported by the New York Stock Exchange, excluding credit for subscription issues and convertible bonds. 2 3 New York Stock Exchange data. June data for banks are universe totals; all other dat, 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. value. i—1 00 Table 9 SAVINGS FLOWS AT NONBANK THRIFT INSTITUTIONS IN MILLIONS OF DOLLARS MUTUAL SAVINGS BANKS DATE REGULAR DEPOSITS NET FLOW 1972 1973 1974 1975 1976 1977-January February March April May June July £/ 10,067 4,815 2,909 11,070 11,546 913 847 1,903 107 856 1,368 747 ANNUAL 3 GROWTH RATE 12.4 5.4 2.2 11.3 11.6 —— — —— —— NET NEW MONEY SAVINGS & LOAN ASSOCIATIONS SHARE CAPITAL NET FLOW 5,451 -442 -2,822 4,757 5,275 32,567 20,237 16,006 42,769 50,287 645 585 623 -168 577 38 400 5,218 3,406 7,578 2,124 3,647 6,384 4,171 ANNUAL 3 GROWTH RATE 18.6 9.9 7.0 17.3 17.7 NET NEW MONEY TOTAL DEPOSITS NET FLOW 23,884 10,507 4,668 29,276 34,369 42,634 25,052 18,915 53,839 61,833 4,944 3,186 3,604 1,924 3,419 2,048 3,918 6,131 4,253 9,481 2,231 4,503 7,752 4,918 ANNUAL 3 GROWTH RATE 16.6 8.5 5.5 15.8 16.0 NET NEW MONEY 29,335 10,062 1,846 34,033 39,644 5,449 3,771 4,227 1,756 3,996 2,086 4,318 SEASONALLY ADJUSTED 1977-January February March April May June J u l y j>/ 965 589 696 527 927 681 1,463 9.5 5.7 6.7 5.1 8.9 6.5 13.9 4,285 2,932 3,608 3,397 3,947 3,738 6,187 15.2 10.3 12.5 11.7 13.4 12.6 20.6 5,250 3,521 4,304 3,924 4,874 4,419 7,650 13.7 9.1 11.0 9.9 12.2 11.0 18.9 NOTES: 1 Regular deposit, at mutual savings bank, exclude item, such a, Christmas club and certain escrow account,, which reprewnt a very small part of total depo.it, 2 New depo„t, net of both withdrawal, and interest. Data for S&L's are for insured aeociation, only, which represent 96 per cent of industry total resources. Annual growth rate for monthly data i, the annualized monthly percentage increase in deposits. Source: National Auociation of Mutual Saving, Bank, and Federal Home Loan Bank Board. H.16 Table 10 MORTGAGE COMMITMENTS AT SELECTED THRIFT INSTITUTIONS BILLIONS OF DOLLARS, S E A S O N A L L Y A D J U S T E D OUTSTANDING COMMITMENTS PERIOD TOTAL ALL SAVINGS MUTUAL & LOAN S A V I N G S BKS ASSOCIATIONS (N Y. S T A T E ) NET CHANGE TOTAL ALL SAVINGS MUTUAL & LOAN S A V I N G S BKS ASSOCIATIONS (N Y. S T A T E ) 1972 - Dec. 25 .2 20.3 4.9 .45 .43 .02 1973 - Dec. 19.9 16.4 3.5 .04 .21 -.17 1974 - Dec. 14.6 12.4 2.2 .09 -.09 1975 - J a n . Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 14.8 14.6 15.2 16.1 16 .7 17.0 17.9 18.9 19.7 20.1 20.2 20.6 12.7 12.7 13.2 14.1 14.6 14.9 15.8 16.7 17.6 18.0 18.2 18.6 2.1 1.9 2.0 2.0 2.1 2.1 2.1 2.2 2.1 2.1 2.0 2.0 -.03 -.01 .50 1.18 .55 .25 .92 1.21 .90 .01 .35 .04 .18 .06 .41 .95 .53 .29 .84 .98 .86 .37 .22 .35 -.11 1976 - J a n . Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 20.8 21.3 21.7 21.8 22.3 22.6 23.1 23.7 24.6 26.1 27.3 28.2 18.8 19.3 19.5 19.6 20.0 20.4 20.8 21.3 22.0 23.5 24.6 25.5 2.0 2.0 2.2 2.2 2.3 2.2 2.3 2.4 2.6 2.6 2.7 2.7 .06 .48 .38 .48 .27 .50 .87 1.05 1.20 1.26 .92 .20 .58 .16 .10 .32 .53 .33 .50 .78 1.46 1.09 .92 1977 - J a n . Feb. Mar. Apr. May June July 27.9 28.4 29.6 30.2 30.3 31.4 25.1 25.4 26.4 27.0 27.0 27.6 3.0 3.2 3.2 3.3 3.8 -.35 .48 1.24 .56 .12 1.07 -.45 .30 1.04 .59 .02 .55 2.8 .61 -.24 .11 .01 .04 .04 -.03 .09 -.09 .02 -.03 -.02 .02 -.06 .19 .05 .05 -.02 .03 .12 .19 .06 .09 .10 .18 .20 .03 .10 .52 NOTES: Based on data from Federal Home Loan Bank Board and Savings Banks Association of New York State. Both series include a minor amount of nonresidential commitments; S&L commitments also include loans in process. Net changes are derived directly from unrounded end-of period outstanding levels as reported and after seasonal adjustment by Federal Reserve. Subtotals may not add to totals because of rounding. 20 T a b l e 11 NET NEW MONEY B O R R O W I N G S BY MAJOR HOUSING A G E N C I E S IN MILLIONS OF DOLLARS PERIOD TOTAL INCLUDING SHORT-TERM DISCOUNT NOTES INTERMEDIATE A N D LONG-TERM I S S U E S TOTAL 19 74 - S e p t . Oct. Nov. Dec. +2,768 +1,665 -89 +507 +2,750 +1,599 1975 - J a n . Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. -242 -659 +440 -1,568 +330 +236 -398 215 587 152 669 -5 -254 +689 +69 -1,279 +600 +300 -700 100 850 200 600 1976 - J a n . Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. -197 -964 -851 124 -953 -107 -58 787 195 -37 -552 145 1977 - J a n . Feb. Mar. Apr. May June 2 / July 2 / 0 12 -862 289 344 532 538 191 NOTES: Based on data from Treasury Survey of Ownership. http://fraser.stlouisfed.org/ Preliminary p Federal Reserve Bank of St. Louis +93 +961 FHLB +1,700 +1,499 -217 +470 -4 -554 +1,050 +100 +310 +491 +300 -1 0 0 -1 0 +700 +100 0 0 0 0 0 +600 +300 -700 0 +150 0 0 0 200 0 0 0 -604 -304 693 -607 -1,100 -206 188 -592 -354 746 297 200 600 FNMA -30 -1,279 -11 0 291 +190 190 310 -297 -219 FHLMC 0 0 0 100 700 0 600 0 196 -4 -7 -7 300 -300 700 0 -6 0 -9 +190 -200 0 0 -600 0 0 0 -300 0 0 -200 0 -6 105 -10 —8 —9 -7 189 -393 -4 0 0 200 0 0 0 0 300 0 200 318 12 -212 -1 1 -350 752 —8 200 600 FNMA & FHLB SHORT-TERM DISCOUNT _ NOTES # +18 +66 -182 -454 -237 -405 -249 -69 -289 -270 —64 302 115 -263 —48 69 -197 -360 -547 -569 -346 99 -349 597 5 -347 -255 364 -176 -270 643 -402 235 338 -409 21 Table 12 NET CHANGE IN MORTGAGE HOLDINGS IN MILLIONS O F D O L L A R S PERIOD TOTAL INCLUDING FNMA-GNMA 2 FINANCIAL I N S T I T U T I O N S TOTAL COMMERCIAL BANKS MSB's S & L's INSURANCE FNMA-GNMA COMPANIES Not S e a s o n a l l y A d j u s t e d 41,406 57,587 58,372 42,739 43,497 62,845 39,018 55,561 55,072 36,517 38,658 64,965 9,940 16,800 19,600 11,700 4,200 13,500 3,938 5,377 5,642 2,172 2,236 4,074 23,919 31,932 25,552 17,567 29,289 44,977 1,221 1,452 4,278 5,078 2,933 2,414 2,388 2,026 3,300 6,222 4,839 -2,120 1976 - June July Aug. Sept. Oct. Nov. Dec. 6,140 6,394 6,241 6,331 5,183 5,149 6,313 6,783 6,088 5,961 6,471 5,599 5,457 6,476 1,300 1,200 1,200 1,700 1,200 1,100 1,100 517 314 384 364 398 341 690 4,804 4,512 4,239 4,081 3,895 3,531 3,913 162 62 138 326 106 485 773 -643 306 280 -140 -416 -308 -163 1977 - J a n . Feb. Mar. Apr. May June 3,630 4,175 6,614 8,132 8,780 10,379 3,956 4,217 6,548 8,009 8,093 10,204 800 1,000 1,500 1,900 1,900 2,700 196 156 291 414 388 862 2,926 3,030 4,617 5,281 5,647 6,146 34 31 140r 414 158 496 -326 - 42 66 123 687 175 1971 1972 1973 1974 1975 1976 Seasonally Adjusted 1976 - June July Aug. Sept. Oct. Nov. Dec. 4,924 5,246 5,427 6,173 5,332 5,949 6,289 5,346 5,281 5,415 6,517 5,967 6,288 6,539 982 1,183 1,051 1,514 1,185 1,242 1,173 358 225 359 438 444 366 573 3,831 3,753 3,840 4,234 4,270 4,268 4,425 175 120 165 331 68 412 368 -422 - 35 12 -344 -635 -339 -250 1977 - J a n . Feb. Mar. Apr. May June 5,417 5,410 6,818 7,557 8,235 9,166 5,684 5,275 6,601 7,263 7,180 8,759 1,255 1,327 1,547 1,761 1,665 2,381 337 307 280 401 366 702 3,980 3,567 4,487 4,648 4,882 5,168 112 74 287 453 267 508 -267 135 217 294 1,055 407 NOTES: 1 Monthly data for commercial banks based on Federal Reserve estimates benchmarked to Call Report data on real estate loans outstanding as available. Other data derived from mortgage debt outstanding as reported separately by National Assn. of Mutual Savings Banks, Federal Home Loan Bank Board, Institute of Life Insurance and, through August 1968, the Federal National Mortgage Association, and thereafter by FNMA and the Government National Mortgage Association. Data for mutual savings banks and for Life Insurance companies may differ somewhat from those derived from regular quarterly series because of minor conceptual differences for which adjustments are not made in the monthly series. Altogether, these groups accounted for 83 per cent of the net increase estimated for all holders in 1974. http://fraser.stlouisfed.org/ 2 Beginning January 1972 data reflect activity in limited amount of conventional mortgages. Federal Reserve Bank of St. Louis 22 Table 13 NET INCREASE IN MORTGAGE DEBT OUTSTANDING IN BILLIONS OF DOLLARS, S E A S O N A L L Y A D J U S T E D ANNUAL R A T E S 2 QUARTER TOTAL 3 RESIDENTIAL TOTAL 1- to 4 FAMILY MULTIFAMILY COMMERCIAL MULTFAMB.Y & COMMERCIAL FARM 1970 - I II III IV 24.0 29.0 37.5 39.5 15.7 19.6 26.3 29.0 9.6 13.7 16.1 19.4 6.1 5.9 10.1 9.6 7.3 8.3 9.9 9.0 13.3 14.3 20.1 18.7 0.9 1.0 1.3 1.4 1971 - I II III IV 41.6 49.2 56.0 61.0 33.2 40.0 42.0 46.1 23.5 29.5 32.9 36.3 9.7 10.4 9.0 9.8 5.9 9.0 11.5 12.0 15.6 19.4 20.5 21.8 2.5 0.3 2.5 2.9 1972 - I II III IV 70.3 72.7 74.5 90.5 51.1 53.1 56.5 66.1 39.7 40.3 45.8 49.8 11.3 12.8 10.7 16.3 15.9 15.9 14.4 20.9 27.2 28.7 25.1 37.2 3.4 3.7 3.6 3.4 1973 - I II III IV 86.8 83.6 79.2 72.6 60.3 57.4 55.2 50.1 52.2 44.5 43.1 41.7 8.1 13.0 12.1 8.4 21.0 20.6 19.0 16.5 29.1 33.5 31.1 24.9 5.5 5.6 5.0 6.0 1974 - I II III IV 72.7 68.3 55.2 47.6 50.3 45.6 35.6 29.5 40.8 38.4 29.5 24.8 9.5 7.2 6.1 4.7 18.9 17.7 13.7 11.6 28.4 24.9 19.7 16.3 3.4 5.0 5.9 6.4 1975 - I II III IV 40.0 53.3 61.5 70.7 27.4 38.6 45.2 52.6 26.7 38.6 46.1 52.4 0.6 0.0 -0.8 0.2 7.7 9.7 12.2 14.2 8.3 9.7 11.4 14.5 5.0 5.0 4.0 3.8 1976 - I II r III r IV r 83.7 75.0 91.3 101.5 68.9 59.5 71.3 78.4 67.7 57.8 69.9 76.8 1.2 1.6 1.4 1.6 8.7 10.4 12.3 14.9 14.8 15.5 20.0 23.1 6.1 5.2 7.7 8.2 1977 - I (p) 108.3 85.4 81.1 4.3 16.8 22.9 6.1 . NOTES: 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. May differ somewhat from related flow of funds series mainly because of more aggregative type of seasonal adjustment. Residential mortgage debt includes nonfarm only and is sum of 1-to 4- family and multifamily mortgage debt. 1 4 i 4 4 g 1 # T a b l e 14 PRIVATE HOUSING PERMITS, S T A R T S , COMPLETIONS, AND MOBILE HOME S H I P M E N T S IN T H O U S A N D S OF U N I T S , S E A S O N A L L Y A D J U S T E D A N N U A L R A T E S PERIOD 1977 1 —FAMILY 2 - O R MORE| FAMILY , TOTAL 1 —FAMILY 2 - O R MORE FAMILY TOTAL 1 —FAMILY MOBILE 2-OR MORE FAMILY HOME SHIPMENTS 1,324 1,352 1,925 2,219 1,820 1,074 939 1,281 626 647 906 1,033 882 644 676 895 698 705 1,018 1,186 937 431 264 386 1,407 1,434 2,052 2,357 2,045 1,388 1,160 1,538 811 813 1,151 1,309 1,132 888 892 1,162 656 621 901 1,048 914 450 268 376 1,399 1,418 1.706 1,972 2,014 1,692 1,297 1,362 808 802 1,014 1,143 1,174 932 867 1,026 592 617 692 828 840 760 430 336 413 401 497 576 567 329 216 250 July Aug. Sept. Oct. Nov. Dec. 1,229 1,481 l,48l 1,583 1,532 866 876 914 987 1,055 1,049 363 432 567 494 528 483 1,413 1,530 1,768 1,715 1,706 1,889 1,129 1,172 1,254 1,269 1,236 1,324 284 358 514 446 470 565 1,307 1,401 1,387 1,326 1,399 1,435 1,038 1,094 1,017 989 1,068 1,074 269 307 370 337 331 361 221 242 248 263 247 248 Jan. Feb. Mar. Apr. May June July 1,333 1,526 1,687 1,605 1,615 1,678 1,630 930 1,060 1,188 1,051 1,077 1,105 1,139 403 466 499 554 538 578 491 1,384 1,802 2,089 1,880 1,937 1,910 2,064 1,006 1,424 1,503 1,413 1,455 1,400 1,462 378 378 586 467 482 510 602 1,416 1,637 1.707 1,540 1,524 1,620 1,103 1,242 1,236 1,226 1,167 1,177 313 395 471 314 357 443 258 275 275 252 252 264 249p 1969 1970 1971 1972 1973 1974 1975 1976 1976 TOTAL COMPLETIONS STARTS PERMITS 1 1,30^ NOTES: Private buildinq 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 shipments are Mobile Home Manufacturers Association data converted to seasonally adjusted annual rate by Census Bureau. Digitized home for FRASER http://fraser.stlouisfed.org/ 1 Permit data for 1969 and 1970 based on 13,000 areas with permit systems Federal Reserve Bank of St. Louis t T a b l e 15 N> AVERAGE RATES AND YIELDS ON HOME MORTGAGES CONVENTIONAL LOANS PRIMARY MARKET NEW HOMES 1 PERIOD HUD(FHA) INSURED LOANS SECONDARY MARKET EXISTING HOMES 1 SPREAD BETWEEN RETURNS ON NEW A a a NEW HOMES CONVENTIONAL UTILITY 1 AND HUD(FHA) BOND SPREAD DISCOUNT NEW HOME YIELD (BASIS (PERCENTAGE MORTGAGES (IN PER CENT) POINTS) POINTS) (BASIS POINTS) RATE (IN PER CENT) SPREAD (BASIS POINTS) RATE (IN PER CENT) 1975 - High Low 9.25 8.90 15 -70 9.30 8.95 20 -65 9.74 8.69 31 -91 6.2 2.4 21 -49 9.70 8.94 1976 - High Low 9.05 8.90 91 5 9.10 8.95 95 10 9.06 8.25 59 8 4.3 2.0 65 - 4 8.72 8.05 1976 - J u l y Aug. Sept. Oct. Nov. Dec. 9.05 9.05 9.00 9.00 8.95 8.90 33 58 77 71 90 n .a. 9.10 9.10 9.05 9.00 9.00 8.95 38 63 82 71 95 n .a. 8.99 8.93 8.82 8.55 8.45 8.25 27 46 59 26 40 n .a . 3.8 3.3 2.5 4.3 3.6 2.0 6 12 18 45 50 65 8.72 8.47 8.23 8.29 8.05 n.a. 1977 - J a n . Feb. 8.80 8.80 8.85 8.90 8.95 9.00 9.00 58 52 63 59 n.a. 93 83 8.85 8.85 8.90 8.95 9.00 9.05 9.05 63 57 68 64 n.a. 98 88 8.40 8.50 8.58 8.57 n .a. 8.74 8.74 18 22 36 26 n.a. 67 57 3.2 3.9 4.6 4.5 n.a. 1.9 1.9 40 30 27 33 n.a. 26 26 8.22 8.28 8.22 8.31 n.a. 8.07 8.17 Mar. Apr. May June July SPREAD (BASIS POINTS) YIELD (IN PER CENT) NOTES: 1 Gross yield spread is average mortgage return before deducting servicing costs, minus average yield on new issues of high-grade utility bonds with 5-year call protection. Rat$s 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. % % % * % # # # # # 25 T a b l e 16 FNMA AUCTION RESULTS HOME MORTGAGE COMMITMENTS CONVENTIONAL GOVERNMENT-UNDERWRITTEN AMOUNT (IN MILLIONS OF DOLLARS) DATE OF AUCTION OFFERED 634 ( 5 / 1 7 ) 321 (5/17) 9.20 (6/1) 171 ( 9 / 7 ) 21 (12/27) 19 (12/27) 8.39(12/27] 33 (1/26) Low 1977 AMOUNT (IN MILLIONS OF DOLLARS) ACCEPTED OFFERED 1976 - High AVERAGE YIELD AVERAGE YIELD ACCEPTED 127 (11/15) 9.31 ( 6 / 1 , 6/28) 23 (2/23) 8.90 (12/27) Jan. 10 24 385.7 361.7 285.8 263.3 8.46 8.49 184.2 142.6 132.5 105.8 8.81 8.83 Feb. 7 24 389.6 478.8 213.6 271.1 8.52 8.58 151.7 148.3 120.2 115.6 8.85 8.87 Mar. 7 21 702.3 434.9 324.9 287.1 8.66 8.70 206.4 167.5 153.2 114.9 8.90 8.92 Apr. 4 18 321.5 134.6 201.9 67.9 8.72 8.62 196.1 152.0 158.3 122.4 8.97 8.97 May 2 16 31 723.1 585.4 534.3 422.2 285 .5 319.7 8.70 8.74 8.79 383.4 415.9 365.3 255.1 278.0 218.6 9.03 9.08 9.13 June 13 27 188.1 90.8 78.1 49.7 8.77 8.73 210.5 160.6 157.5 105.5 9.13 9.11 July 11 25 130.5 75.9 77.3 54.1 8.72 8.71 163.9 122.9 101.6 82.8 9.08 9.06 Aug. 8 22 195.0 143.1 119.9 78.3 8.75 8.77 199.8 170.4 144.4 92.3 9.06 9.06 NOTES: Average secondary market yields are gross before deduction of the fee of 38 basis points paid for mortgage servicing. They reflect the average accepted bid yield for home mortgages assuming a prepayment period of 12 years for 30-year loans, without special adjustment for Federal National Mortgage Association (FNMA) commitment fees and FNMA stock purchase and holding requirements on 4-month commitments. Mortgage amounts offered by bidders relate to total eligible bids received. H.16
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