Full text of H.16 Capital Market Developments : August 8, 1977
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Capital Market Developments «r*ZTar< August 8 , 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 Index 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 $.50 each. Address requests to Publications Services, Division of Administrative Services, and make payment remittance payable to the order of the Board of Governors of the Federal Reserve System in a form collectible at par in U.S. Currency. TABLES 1 - 6 S E C U R I T Y V O L U M E AND Y I E L D S 7, 8 S T O C K MARKET AND S E C U R I T Y CREDIT 9 - 1 6 MORTGAGE MARKET SYMBOLS 6 P r ESTIMATE PRELIMINARY REVISED n.a. NOT AVAILABLE DATA DO NOT EXIST Table 1 YIELDS, VOLUME AND RECEPTION CORPORATE BOND MARKET VOLUME YIELDS WEEK ENDING 1977 - July 1 8 15 22 29 August NEW ISSUE A a a UTILITY 1 RECENTLY OFFERED Aaa UTILITY •MM 8.14 8.14 8.12 8.17r 5 2 GROSS OFFERINGS ($ MILLIONS) 3 PER C E N T S O L D BY E N D OF WEEK NEW ISSUES 4 IN S Y N D I C A T E ($ MILLIONS) 8.03 8.12 8.12 8.14 8.14r 262 650 822 189 659 68 78 82 84 90 278 192 165 148 67 8.10p 303 92 76 MUNICIPAL BOND MARKET VOLUME YIELDS WEEK E N D I N G 1977 - July August MOODY'S N E W ISSUE Aaa BOND BUYER 2Q-BOND INDEX GROSS OFFERINGS ($ MILLIONS) 3 PER C E N T S O L D BY END OF WEEK NEW ISSUES 4 IN S Y N D I C A T E ($ 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 5.25 5.63 433 89 229 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 Aaa UTILITY DATE 1 RECENTLY OFFERED Aaa UTILITY 2 MOODY'S SEASONED CORPORATE Aaa 3 U.S. GOVT. 20-YEAR CONSTANT MATURITY 4 B O N D BUYER 2 0 - B 0 N D INDEX 1973 - High Low 8.52 (8/10) 7.29 (1/21) 8.32 ( 8 / 1 0 ) 7.28 ( 1 / 5 ) 7.77 (8/24) 7.11 (1/5) 7.79 ( 8 / 1 0 ) 6.42 ( 1 / 5 ) 5.59 ( 8 / 3 ) 4.99 (10/11) 1974 - High Low 10.61 (10/4) 8.05 ( 2 / 1 5 ) 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 ) 9.71 (5/25) 9.06 (2/28) 9.01 (5/2) 8.57 (2/28) 8.63 (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 . 8 4 (12/31) 8.66 (5/28) 7.91 ( 12/31) 8.17 ( 5 / 2 8 ) 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 . 9 5 ( 1/7) 8.12 ( 3 / 1 1 ) 7.88 ( 1 / 7 ) 7.78 ( 5 / 1 3 ) 7.26 ( 1 / 7 ) 5.93 (2/4) 5.55 (6/16) 8.14 8.14 8.12 8.17r 8.03 8.12 8.12 8.14 8.14r 7.91 7.93 7.94 7.94 7.96r 7.57 7.58 7.60 7.62 7.61r 5.56 5.63 5.64 5.62 5.62 8.10p 8.00p 7.66p 5.63 1977 - July 1 8 15 22 29 Aug. 5 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 5 Weekly average of daily figures. U.S. Treasury data. 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 STATE AND LOCAL CORPORATE PERIOD 1977 1976 1975 1977 1976 1975 January 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 August September 2,400e 3,216 3,357 4,817 4,327 2,405 2,836 3,lOOe 2,734 2,821 2,814 3,580 2,783 2,159 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 October November December 01 02 03 04 1st Half 3 Qtrs. Year NOTES: 1 Securities and Exchange Commission estimates of gross proceeds. 2 Securities Industry Association estimates of principal amounts. 3 Estimated by Federal Reserve on the b a s i s of a v a i l a b l e data. Table 4 NEW CORPORATE SECURITY ISSUES BY TYPE OF ISSUE AND ISSUER IN MILLIONS OF DOLLARS GROSS PROCEEDS BY TYPE OF ISSUER GROSS PROCEEDS BY TYPE OF ISSUE PERIOD MEMO COMMON MANUFACAND ISSUES INCLUDED PRIVATELY TURING PREFERRED PLACED FOREIGN CONVERTIBLE STOCK BONDS TOTAL PUBLICLY OFFERED PUBLIC UTILITY COMMUNICATIONS OTHER ISSUERS 1976 - I II III IV 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 1977 - I 12,192 6,504 3,071 2,617 858 6 2,774 3,019 1,415 4,986 1976 - April 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 NOTES: 1 Other issuers are extractive, railroad and other transportation, real estate and finance, and commercial and other. Source: Securities and Exchange Commission. 1 Table 5A INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY ' August 1 through August 5, 1977 ISSUER TYPE AMOUNT (MILLIONS OF DOLLARS) MATURITY COUPON RATE OFFERING YIELD MOODY'S/S&P'S RATINGS CORPORATE Long Island Lighting 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 Credit Corp. General E l e c t r i c Credit Corp. F a r r e l l Lines Inc. F a r r e l l Lines Inc. F a r r e l l Lines Inc. Michigan General Corp. Com. s t k . (rts.) Pfd. s t k . Equip, t r . Sub. debt. Notes Govt. g t r . Govt. g t r . Govt. g t r . Debt. OTHER New Brunswick E l e c t . & Pwr. Comm. Debt. 102.0 • 50.0 15.2 50.0 150.0 37.0 13.9 9.8 25.0 1977-1992 1997 1988 2004 1990 1987 1992 75.0 2007 NOTES: * Rights offering. 1 Includes only c o r p o r a t e and o t h e r security offerings of $ 1 5 million and over; excludes options, exchanges, and secondary offerings. — i 8.00 — —. 8.25 7.63 8.05 7.70 7.40 10.88 7.80 6.30-7.75 8.33 7.68 8.05 7.70 7.40 10.88 Aa/AA Aa/AA A/AAa/A- 8.75 8.85 A—/A+ j / j—— B/BB 00 Table 5B INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY 1 August 1 through August 5, 1977 ISSUER TYPE 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. Portland, Oregon Portland, Oregon Portland, Oregon Erie School D i s t . , Pa. Erie School D i s t . , Pa. Oklahoma, State of Maine State Hsg. Auth. Maine State Hsg. Auth. Maine State Hsg. Auth. La Cygne, Kansas Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. G.O. G.O. G.O. Rev. Rev. Rev. Rev. AMOUNT (MILLIONS OF DOLLARS) 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 21.9 NOTES: 1 Includes only state and local security offerings of $10 million and over; excludes secondary offerings. 2 For State and local government securities, G.O. denotes general obligation; Rev. denotes revenue obligations. MATURITY 2007 1978-2017 1981-1997 2008 1979-1994 2007 1980-1994 2007 2009 1979-1991 1997 1978-1996 1980-1997 2010 2020 2007 NET INTEREST COST 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 5.94 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 5.91 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- Table 6A FORTHCOMING INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY ' As of August 5, 1977 ISSUER TYPE AMOUNT (IN MILLIONS OF DOLLARS) APPROXIMATE DATE OF OFFERING CORPORATE ^Missouri P a c i f i c Railroad Chemical New York Bank Pub. Svc. Co. of New Hampshire U.S. Home Corp. Chemical New York Corp. Northern Indiana Public Service Co. I n t e r s t a t e Power Co. Dayton Power & Light Co. American Hospital Supply Corp. *Chesapeake & Ohio Railroad Buttes Gas & Oil Co. Sierra P a c i f i c Power Co. Sierra P a c i f i c Power Co. Manufacturers Hanover Corp. Niagara Mohawk Power Corp. Iowa Public Service Co. Indiana B e l l Telephone Co. Duke Power Co. Westvaco Corp. *Chrysler Financial Corp. *Chrysler F i n a n c i a l Corp. World Airways Manufacturers Hanover Trust *Duke Power Co. *Public Service Elec. & Gas Co. *Westem A i r l i n e s Inc. ^Minnesota Power & Light Co. *Utah Power & Light Co. I n t e r n a t i o n a l Tel. & T e l e . Corp. Equip, t r . Pfd. s t k . Pfd. s t k . Notes Debt. 1 s t mtg. Com. s t k . Com. s t k . Notes Equip, t r . Debt. 1st mtg. Com. s t k . Debt. 1 s t mtg. Bonds Debt. 1st mtg. Notes Notes Notes Equip, t r . Com. s t k . Pfd. s t k . Pfd. s t k . Pfd. s t k . 1st mtg. Pfd. s t k . Med-term notes OTHER *New Foundland, Province of Debt. 15.0 100.0 17.0 50.0 100.0 50.0 15.0 40.0 100.0 15.0 40.0 35.0 15.0 150.0 75.0 25.0 100.0 125.0 50.0 50.0 50.0 65.0 105.0 50.0 30.0 30.0 45.0 30.0 50.0 Aug. 9 Aug. 10 Aug. 10 Aug. 10 Aug. 10 Aug. 11 Aug. 12 Aug. 16 Aug. 16 Aug. 16 Aug. 16 Aug. 18 Aug. 18 Aug. 22 Aug. 23 Aug. 24 Aug. 24 Aug. 25 Aug. 31 Aug. Aug. Aug. Aug. Sep. 7 Sep. 8 Sep. 12 Sep. 15 Sep. 15 Indef. 50.0 Aug. 31 NOTES: * Included in table for first time. 1 Includes only corporate and other security issues of $15 million and over; excludes exchanges, options 10 Table 6B FORTHCOMING INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY 1 As of August 5, 1977 TYPE ISSUER STATE & LOCAL *Grand Island, Neb. Calcasieu Par. Indust. Dev. Bd., La. *Adams & Arapahoe Cos. J t . Sch. D i s t . , Colo. Tennessee Hsg. Dev. Agy. Blout Co., Tenn. Hawaii, S t a t e of C a l i f o r n i a , S t a t e of Oklahoma City, Okla. *Poughkeepsie, N.Y. * F a i r f i e l d Indust. Dev. Bd., Ala. Puerto Rico Highway Auth. Allegheny Hospital Dev. Auth., Pa. *Sioux City, Iowa *St. John the Baptist Par., La. Mayfield Heights, Ohio ^Lexington Center Corp., Ky. *Chicago, 111. Salt River Agric. Improv. & Power D i s t . , Ariz. Texas, State of ^Holland Comm. Hosp. Auth., Mich. *South Carolina, S t a t e of Mich. State Hsg. Dev. Auth. South Bay I r r i g a t i o n D i s t . , Cal. Hopkins Co., Ky. South Carolina Pub. Svc. Auth. Ohio, S t a t e of Lafayette Public Pwr. Auth., La. East Baton Rouge, La. Maine Municipal Bond Bank Harristown Dev. Corp., Pa. POSTPONEMENT *San Juan, Puerto Rico AMOUNT (IN MILLIONS OF DOLLARS) APPROXIMATE DATE OF OFFERING Rev. 40.0 Aug. 8 Rev. 22.0 Aug. 8 G.O. Rev. G.O. G.O. G.O. G.O. G.O. Rev. Rev. Rev. Rev. Rev. Rev. Rev. G.O. 17.0 49.5 11.5 75.0 30.0 26.3 13.0 16.3 75.0 31.0 22.0 11.0 14.5 41.5 62.5 Aug. Aug. Aug. Aug. Aug. Aug. Aug. Aug. Aug. Aug. Aug. Aug. Aug. Aug. Aug. 9 9 9 9 9 9 10 10 10 10 11 11 15 16 16 Rev. G.O. Rev. G.O. Rev. Rev. Rev. Rev. G.O. Rev. Rev. Rev. Rev. 160.0 25.0 14.6 63.9 65.0 22.5 25.0 100.0 50.0 100.0 20.0 42.5 125.0 Aug. Aug. Aug. Aug. Aug. Aug. Aug. Aug. Aug. Aug. Aug. Aug. Aug. 18 22 23 23 23 23 24 29 30 30 G.O. 20.6 Aug. 16 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 nATP 1 STOCK PRICES NYSE INDEX 3 B J INDUSTRIALS AMEX 4 NASDAQ 136.84 (1/11) 130.47 (1/11) 85.26 (12/20) 89.12 (12/13) 2 TRADING VOLUME AMEX NASDAQ 26.0 (9/20) 9.0 (8/20) 5 . 5 (1/12) 1.4 (8/20) 11.3 ( 1 / 1 1 ) 3.5 ( 8 / 2 7 ) NYSE 1973 - High Low 65.58 (1/11) 49.12 (12/13) 1051.50 (1/11) 788.31 (12/5) 1974 - High Low 53.37 (3/13) 32.89 (10/3) 891.66 (3/13) 577.60 (12/6) 102.01 ( 3 / 1 4 ) 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) 1975 - High Low 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 / 1 3 ) 8.7 (9/15) 4 . 2 (2/21) 1.1 (9/15) 8.1 (2/13) 2.5 (9/15) 1976 - High Low 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 / 2 0 ) 10.3 ( 1 / 2 ) 8 . 6 (2/20) 1.1 ( 1 / 2 ) 11.1 ( 2 / 2 0 ) 3.5 (1/2) 1977 - High Low 57.69 ( 1 / 3 ) 52.56 (5/31) 999.75 ( 1 / 3 ) 888.17 ( 8 / 4 ) 124.21 (7/19) ' 109.61 (1/12) i 103.10 (7/22) 93.66 ( 4 / 5 ) 31.5 ( 1 / 5 ) 13.6 ( 5 / 2 7 ) 4 . 2 (1/13) 1.9 (5/23) 10.5 ( 1 / 1 9 ) 5.1 (5/27) June 3 10 17 24 53.36 53.80 54.64 55.42 912.23 910.79 920.45 929.70 113.28 114.55 116.95 120.19 96.19 97.07 98.61 99.66 18.4 19.0 22,4 21.8 2.3 2.6 2.5 3.2 5.9 6.0 7.2 7.3 July 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 8.8 7.4r Aug. 5 54.04 888.69 120.53 100.86 17.4 2.1 6.1 NOTES: 1 Figures other than highs and lows are Fridays only. Highs and lows are for the year and are not necessarily for Fridays. 2 Volume figures are weekly averages of daily figures (millions of shares). 3 12/31/66 = 50 4 Based on average price change until September 4, 1973 thereafter, based on market value of shares listed. 12 Table 8 SECURITY CREDIT REGULATED MARGIN CREDIT EXTENDED BY END OF PERIOD BROKERS O N MARGIN STOCK OUTSTANDING 1 BROKERS O N CONVERTIBLE BONDS 3 2 BANKS 1,057 1,077 1,007 880 876 881 1,081 1,068 864 845 UNREGULATED NONMARGIN STOCK CREDIT AT BANKS 2,355 2,325 2,357 2,825 2,576 2,807 2,651 2,774 2,866 2,817 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 1977 - January February March April May June 8,270 8,480 8,690 8,880 9,070 9,230 196 197 199 196 196 198 832 844 801 809 801 n.a. 2,844 2,850 3,399 2,878 2,886 n.a. 1976 - March April May June July August September October November December 460 280 250 140 260 110 80 9 1 -2 5 6 -5 7 -5 9 26 19 20 -70 -127 -4 5 200 -13 -204 - 19 22 -30 32 468 -249 231 -156 123 92 —49 1977 - January February March April May June 310 210 210 190 190 160 CHANGE IN OUTSTANDING —— 80 350 -8 1 2 -3 2 -13 12 -43 8 -8 n.a. 27 6 549 -521 8 n.a. NOTES: 1 Margin account debt as reported by the New York Stock Exchange, excluding credit for subscription issues and convertible bonds. 2 New York Stock Exchange data. 3 June data for banks are universe totals; all other datp 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 value. 4 Table 9 SAVINGS FLOWS AT NONBANK THRIFT INSTITUTIONS IN MILLIONS OF DOLLARS M U T U A L SAVINGS BANKS DATE REGULAR DEPOSITS NET FLOW 10,067 4,815 2,909 11,070 11,546 1972 1973 1974 1975 19 76 1976 - O c t . Nov. Dec. 1977 - J a n . Feb. Mar. Apr. ^ a y P/ June^- 1976 - O c t . Nov. Dec. 1977 - J a n . Feb. Mar. Apr. May »/ .luneL ANNUAL 3 GROWTH RATE 12.4 5.4 2.2 11.3 11.6 836 779 1,757 913 847 1,903 107 856 1,475 1 —— SAVINGS & LOAN ASSOCIATIONS NET NEW MONEY 2 SHARE CAPITAL NET FLOW 5,451 -442 -2,822 4,757 5,275 32,567 20,237 16,006 42,769 50,287 582 539 367 3,452 2,581 6,277 645 585 623 -168 577 75 5,218 3,406 7,578 2,124 3,647 6,367 ANNUAL 3 GROWTH RATE 18.6 9.9 7.0 17.3 17.7 NET NEW MONEY 5,016 4,047 4,423 18.5 14.7 15.9 965 589 696 527 927 787 9.5 5.7 6. 7 5.1 8.9 7.5 4,285 2,932 3,608 3,397 3,947 3,722 15.2 10.3 12,5 11.7 13.4 12.5 NET NEW MONEY 23,884 10,507 4,668 29,276 34,369 42,634 25,052 18,915 53,839 61,833 3,224 2,381 2,279 4,288 3,360 8,034 3,826 2,920 2,646 4,944 3,186 3,604 1,924 3,419 2,043 6,131 4,253 9,481 2,231 4,503 7,842 SEASONALLY ADJUSTED 14.1 8.5 10. 7 DEPOSITS ANNUAL 3 GROWTH RATE 16.6 29,335 8.5 10,062 5.5 1,846 15.8 34,033 16.0 39,644 —— 1,396 852 1,086 TOTAL 2 —— — — —— — — — NET FLOW —— — —— 6,412 4,899 5,509 17.3 13.1 14.5 5,250 3,521 4,304 3,924 4,874 4,509 13. 7 9.1 11.0 9.9 12.2 11.2 NOTES: 1 Regular deposits at mutual savings banks exclude items such as Christmas club and certain escrow accounts, which represent a very small part of total deposits. 2 New deposits net of both withdrawals and interest. Data for S&L's are for insured associations only, which represent 96 per cent of industry total resources. 3 Annual growth rate for monthly data is the annualized monthly percentage increase in deposits. 2 5,449 3,771 4,227 1,756 3,996 2,118 —— — — —— —— Source: National Association of Mutual Savings Banks and Federal Home Loan Bank Board. H> U 14 T a b l e 10 MORTGAGE COMMITMENTS AT SELECTED THRIFT INSTITUTIONS BILLIONS O F DOLLARS, S E A S O N A L L Y A D J U S T E D NET CHANGE OUTSTANDING COMMITMENTS PERIOD TOTAL MUTUAL ALL SAVINGS SAVINGS BKS & LOAN ASSOCIATIONS ( N Y. S T A T E ) TOTAL MUTUAL ALL SAVINGS S A V I N G S BKS & LOAN 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 - Jan. 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 -.24 .11 .01 .04 .04 -.03 .09 -.09 .02 -.03 -.02 1976 - Jan. 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 .61 .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 .02 -.06 .19 .05 .05 -.02 .03 .12 .19 .06 .09 1977 - Jan. Feb. Mar. Apr. May June 27.9 28.4 29.6 30.2 30.3 25.1 25 .4 26.4 27.0 27.0 27.6 2.8 3.0 3.2 3.2 3.3 -.35 .48 1.24 .56 .12 -.45 .30 1.04 .59 .02 .55 .10 .18 .20 -.03 .10 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. Table 11 15 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 INTERMEDIATE AND LONG-TERM ISSUES TOTAL INCLUDING SHORT-TERM DISCOUNT NOTES TOTAL FHLB 1974 - Sept. Oct. Nov. Dec. +2,768 +1,665 -89 +507 +2,750 +1,599 +93 +961 +1,700 +1,499 -217 +470 1975 - Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. -242 -659 +440 0 -1,568 +330 +236 -398 215 587 152 669 -5 -254 +689 +69 -1,279 +600 +300 -700 100 850 200 600 -4 -554 -11 -30 -1,279 0 0 -700 0 +150 0 0 1976 — Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. -197 ™9 64 -851 124 -953 -107 -58 787 195 -37 -552 145 0 -604 -304 693 -607 -206 291 +190 190 310 -297 -219 0 -1,100 0 0 -600 0 0 0 0 0 -300 0 1977 - Jan. Feb. Mar. Apr. May June £_/ July jd/ 12r -862r 289 344r 532 538 191 188r -592r -354 746r 297 200 600 NOTES: Based on data from Treasury Survey of Ownership. 1/ Sales of FHLB discount notes began in May 1974. p forPreliminary Digitized FRASER 0 -200 0 -6r 105 0 0 FHLMC FNMA FNMA & FHLB SHORT-TERM DISCOUNT NOTES 1 +1,050 +100 +310 +491 +18 +66 -182 -454 +300 0 -1 0 0 0 0 0 0 200 0 -1 0 +700 +100 0 +600 +300 0 100 700 0 600 -237 -405 -249 -69 -289 -270 —64 302 115 -263 —48 69 0 196 -4 -7 -7 -6 -9 +190 -10 —8 -9 -7 0 300 -300 700 0 -200 300 0 200 318 12 -212 -197 -360 -547 -569 -346 99 -349 597 5 -347 -255 364 189 -393r -4 0 200 0 0 -lr lr -350 752 —8 200 600 -176 -270 643 -402 235 338 —409 16 Table 12 NET CHANGE IN MORTGAGE HOLDINGS IN MILLIONS OF DOLLARS PERIOD TOTAL INCLUDING FNMA-GNMA 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 Ad lusted 1971 1972 1973 1974 1975 1976 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 - Jan. Feb. Mar. Apr. May June 3,630 4,175 6,614 8,132 8,814 3,956 4,217 6,548 8,009 8,093 800 1,000 1,500 1,900 1,900 2,700 196 156 291 414 388 2,926 3,030 4,617 5,281 5,647 6,146 34 31 14 Or 414 158 -326 - 42 66 123 721 Seasonally Adjusted 1 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 - Jan. Feb. Mar. Apr. May June 5,417 5,410 6,818 7,557 8,269 5,684 5,275 6,601 7,263 7,180 1,255 1,327 1,547 1,761 1,665 2,381 337 307 280 401 366 3,980 3,567 4,487 4,648 4,882 5,168 112 74 287 453 267 -267 135 217 294 1,089 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. 2 Beginning January 1972 data reflect activity in limited amount of conventional mortgages. , ' ' T a b l e 13 17 NET INCREASE IN MORTGAGE DEBT OUTSTANDING IN B I L L I O N S OF D O L L A R 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 2 3 RESIDENTIAL COMMERCIAL MULTIFAMILY & COMMERCIAL TOTAL TOTAL 1- t o 4 FAMILY MULTIFAMILY 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 QUARTER FARM 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. 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 multifamily mortgage debt. Table 14 oo PRIVATE HOUSING PERMITS, STARTS, COMPLETIONS, AND MOBILE HOME SHIPMENTS IN THOUSANDS OF UNITS, SEASONALLY ADJUSTED ANNUAL RATES PERMITS 1 PERIOD 1969 1970 1971 1972 1973 1974 1975 1976 1976 - July Aug. Sept. Oct. Nov. Dec. 1977 - Jan. Feb. Mar. Apr. May June TOTAL 1 —FAMILY COMPLETIONS STARTS 2 - O R MORE FAMILY TOTAL 1—FAMILY 2 - O R MORE FAMILY 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 1,229 1,308 1,481 1,481 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 1,384 1,802 2,089 1,880 1,954 1,833 1,006 1,424 1,503 1,413 1,467 1,383 378 378 586 467 487 450 1,333 1,526 1,687 1,605 1,615 1,602 930 1,060 1,188 1,051 1,077 1,089 403 466 499 554 538 513 | i TOTAL | | I 1 —FAMILY 2 - O R MORE FAMILY I MOBILE HOME SHIPMENT 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 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 1,416 1,637 1,707 1,532 1,485 1,103 1,242 1,236 1,219 1,137 313 395 471 313 348 258 275 275 252 252 256p NOTES: Private b u i l d i n g p e r m i t s ( f o r 1 4 , 0 0 0 areas w i t h p e r m i t s y s t e m s , e x c l u d i n g f a r m ) , starts, and c o m p l e t i o n s are C e n s u s B u r e a u d a t a . A d w e l l i n g u n i t is s t a r t e d w h e n e x c a v a t i o n begins. In t h e case of a p a r t m e n t buildings, all u n i t s are c o n s i d e r e d s t a r t e d at t h a t t i m e ; h o w e v e r , all such u n i t s are c o n s i d e r e d c o m p l e t e d w h e n m o r e t h a n half of t h e u n i t s in t h e s t r u c t u r e are r e a d y f o r use. P r i v a t e m o b i l e h o m e s h i p m e n t s are M o b i l e H o m e M a n u f a c t u r e r s A s s o c i a t i o n d a t a c o n v e r t e d t o 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 by C e n s u s B u r e a u . 1 P erm i t d a t a f o r 1 9 6 9 a n d 1 9 7 0 based o n 1 3 , 0 0 0 areas w i t h p e r m i t s y s t e m s Table 15 AVERAGE RATES AND YIELDS ON HOME MORTGAGES CONVENTIONAL LOANS PRIMARY MARKET NEW HOMES EXISTING HOMES 1 PERIOD RATE (IN PER CENT) SPREAD (BASIS POINTS) HUD(FHA) INSURED LOANS SECONDARY MARKET NEW HOMES 1 RATE (IN PER CENT) SPREAD (BASIS POINTS) YIELD (IN PER CENT) SPREAD (BASIS POINTS) SPREAD BETWEEN RETURNS ON NEW Aaa CONVENTIONAL UTILITY 1 AND HUD(FHA) BOND DISCOUNT NEW HOME YIELD (PERCENTAGE MORTGAGES (IN PER CENT) POINTS) (BASIS POINTS) 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 - July 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 - Jan. Feb. Mar. Apr. May June 8.80 8.80 8.85 8.90 8.95 9.00 58 52 63 59 n.a. 93 8.85 8.85 8.90 8.95 9.00 9.05 63 57 68 64 n.a. 98 8.40 8.50 8.58 8.57 n .a. 8.74 18 22 36 26 n.a. 67 3.2 3.9 4.6 4.5 n.a. 1.9 40 30 27 33 n.a. 26 8.22 8.28 8.22 8.31 n.a. 8.07 NOTES: 1 Gross yield spread is average mortgage return before deducting servicing costs, minus average yield on new issues of high-grade utility bonds with 5-year call protection. Rates on conventional first mortgages (excluding additional fees and charges) are based on unweighted HUD (FHA) field office opinions on prevailing contract interest rates in the market 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. H vo Table 16 FNMA AUCTION RESULTS HOME MORTGAGE COMMITMENTS GOVERNMENT-UNDERWRITTEN AMOUNT AVERAGE (IN MILLIONS OF DOLLARS) YIELD OFFERED ACCEPTED DATE OF AUCTION 1976 - High 634 ( 5 / 1 7 ) 321 (5/17) Low CONVENTIONAL AMOUNT (IN MILLIONS OF DOLLARS) OFFERED 9 . 2 0 ( 6 / 1 ) 171 ( 9 / 7 ) 21 (12/27) 19 (12/27) 8 . 3 9 ( 1 2 / 2 7 ) 33 ( 1 / 2 6 ) 1976 - S e p t . 7 20 AVERAGE YIELD ACCEPTED 127 (11/15) 9.31 (6/1, 6/28) 23 ( 2 / 2 3 ) 8 . 9 0 (12/27) 121.9 99.1 68.8 49.1 8.92 8.84 170.6 151.1 117.8 107.6 9.13 9.09 Oct. 4 18 124.3 111.2 61.8 45.3 8.80 8.70 153.8 143.7 94.4 121.4 9.07 9.02 Nov. 1 15 30 215 .3 218.9 59.9 73.2 114.2 33.7 8.67 8.68 8.63 141.7 140.9 70.7 112.2 126.5 58.2 9.00 9.0,0 8.99 Dec. 13 27 36.0 20.9 22.6 18.9 8.51 8.39 79.7 70.5 68.1 67 .3 8.89 8.80 1977 - 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 21 703.3 434.9 324.9 287.1 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 J u l y 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 NOTES: Average secondary market y i e l d s are gross before deduction, of the fee of 38 b a s i s points paid f o r mortgage s e r v i c i n g . They r e f l e c t the average accepted bid y i e l d for home mortgages assuming a prepayment period of 12 years for 30-year loans, without s p e c i a l a d j u s t ment for Federal National Mortgage A s s o c i a t i o n (FNMA) commitment f e e s and r e l a t e d stock on 4-month commitments. Mortgage amounts o f f e r e d by bidders r e l a t e to t o t a l Digitizedrequirements for FRASER e l i g i b l e bids received.
@FedFRASER