Full text of H.16 Capital Market Developments : December 1, 1980

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December 1, 1980

Capital
Market
Developments

Prepared by
the Capital Markets Section
in conjunction with
the Mortgage and Consumer Finance Section
and the Government Finance Section
t

Division of Research and Statistics
Board of Governors of the Federal Reserve System
Washington, D C. 20551




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

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

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

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

SYMBOLS
e
P
r
n.a.
—

estimate
preliminary
revised
not available
data do not exist

SUBSCRIPTION RATES
Weekly $ 1 5 . 0 0 per year or $.40 each in the United States, its possessions, Canada, and Mexico; 10 or more of the same issue to one
address, $ 1 3 . 5 0 per year or $ . 3 5 each. Elsewhere, $ 2 0 . 0 0 per year or $.50 each. Address requests to Publications Services, Division of
Support Services, and make payment remittance payable to the order of the Board of Governors of the Federal Reserve System in a
form collectible at par in U.S. Currency.



1. Y I E L D S , V O L U M E A N D R E C E P T I O N
C o r p o r a t e B o n d Market

Week ending
1980-0ct.

3
10
17
24
31

Nov.

7
14
21
28

New issue
Aaa utility1

Yields
Recently offered
Aaa utility?

13.08
13.02
12.62
13.21
13.92

13.85r

Gross offerings3
($ millions)

Volume
Percent sold by
end of week

New issues in syndicate4
($ millions)

13.06
12.87
12.85
13.03
13.79

377
614
680
193
685

100
100
92
96
98

0
0
52
7
11

13.97
13.72
13.91*
14.06

5
510
510
252

100
87
100
100

0
68
0
0

2. Y I E L D S , V O L U M E A N D R E C E P T I O N
Municipal B o n d Market
Yields
Week e n d i n g

Moody's new
issue A a a

Bond Buyer
G O. bond
index

Volume
Bond Buyer
Rev. b o n d
index

Gross o f f e r i n g s
($ millions)

Percent sold by
e n d of w e e k 3

N e w issues in
syndicate4
($ millions)

1980-0ct.

3
10
17
24
31

8.50
8.40
8.30
8.30
8.40

9.22
9.01
8.81
9.06
9.45

10.07
9.94
9.66
9.93
10.27

263
353
885
1,348
619

95
94
93
86
92

69
22
80
232
166

Nov.

7
14
21
28

9.05
8.60
8.60
n.a.

9.64
9.50
9.50
9.61

10.43
10.39
10.38
10.51

226
209
1,379
549

86
86
92
96

31
28
146
22

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 f r o m price restrictions sometime
during the last f o u r 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 O Y I E L D S
N e w issue
Aaa utility1

Date

Recently offered
Aaa utility2

Moody's
seasoned
corporate A a a 3

U.S. govt.
20-year constant
maturity4

Bond Buyer
G O. b o n d
index5

1977-High
Low

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

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

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

7.99(12/30) 5.93(2/4)
5.45(11/17)
7.26(1/7)

1978-High
Low

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

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

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

1979-High
Low

11.51(11/12) 11.45(11/9) 10.87(12/28) 10.56(11/9)
8.79(7/6)
9.16(7/6)
9.39(6/29)
9.40(8/17)

1980-High
Low

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

14.12(3/28) 13.00 (11/28) 12.79(2/22)
9.59(6/20)
10.79(6/20) 10.34(6/20)

Bond Buyer
Rev. bond
index6

——

7.38(10/26)
6.08(7/6)

8.24(11/23)
7.23(9/21)

9.64(11/7)
7.11(5/9)

10.51(11/28)
8.15(5/8)

1979-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—Jan.
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
10.95

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
Aug.
Sept.

11.60
12.32
12.74

11.41
12.31
12.72

11.07
11.64
12.02

10.32
11.07
11.47

8.13
8.67
8.94

8.87
9.57
9.84

Oct.

13.18

13.13

12.31

11.75

9.11

9.97

13.08
13.02
12.62
13.21
13.92

13.06
12.87
12.85
13.03
13.79

12.30
12.18
12.11
12.27
12.72

11.81
11.46
11.40
11.76
12.33

9.22
9.01
8.81
9.06
9.45

10.07
9.94
9.66
9.93
10.27

13.97
13.72
13.91r
14,06p

12.96
12.93
12.96r
13.00p

12.56
12.45
12.38r
12,36p

9.64
9.50
9.50

10.43
10.39
10.38
10.51

1980-0ct.

3
10
17
24
31

Nov.

7
14
21
28

1
2
3
4
5
6

——

13.85r

9.61

Federal Reserve series of implied yield on newly issued, Aaa-rated utility b o n d with 5-year call p r o t e c t i o n .
Federal Reserve series of implied f r e e - m a r k e t yield on competitively bid Aaa-rated utility b o n d with 5-year call p r o t e c t i o n released f r o m price
restrictions s o m e t i m e during t h e last f o u r weeks.
Weekly average of daily closing figures.
Weekly average of daily figures. U.S. Treasury d a t a .
Thursday figures. T h e average rating of t h e 2 0 general obligation b o n d s used in this index falls m i d w a y b e t w e e n the five t o p groups as classified by
M o o d y ' s Investors Service. Weekly Bond Buyer d a t a .
Thursday figures. T h e average rating of the 2 5 revenue b o n d s used in this index falls m i d w a y b e t w e e n the five t o p 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
Corporate
State and Local
Period
1978
1979
1980
1978
1979
1980
January
3,326
3,770
6,210
3,306
2,840
3,042
February
2,770
3,165
4,452
2,753
2,603
2,381
March
4,569
4,354
4,353
4,844
4,644
2,379
April
May
June

3,397
4,227
5,539

4,692
4,160
6,238

5,677
9,067
9,511

3,824
5,525
4,369

3,444
3,042
4,724

4,833
4,564
5,958

July
August
September

4,414
3,379
4,236

4,103
4,162
4,587

7,736
5,371
4,500e

3,920
6,407
2,323

3,396
4,256
2,472

4,600e
4,OOOe
4,500e

October
November
December

3,799
3,207
4,401

4,601
3,831
3,801

5,150e
3,400e

3,231
4,320
3,690

4,217
4,160
3,567

4,600e
3,OOOe

47,264

51,464

48,512

43,365

Year
1
2
e

Securities and Exchange Commission estimates of gross proceeds.
Public Securities Association estimates of principal amounts,
Estimated by Federal Reserve on the basis of available data.

5. TREASURY AND GOVERNMENT SPONSORED AGENCY BORROWING
Millions of dollars

Period

Combined
deficit(+)
or
surplus(-)1

Total3

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

Other

Decreased)/ Sponsored
increase#—)
agency
in cash
borrowing*
operating
balance

CY- / - 1 9 7 8
CY
-1979

52,870
41,397

53,683
37,360

706
10,899

31,777
28,041

22,644
-397

-1,431
-1,402

3,206
1,115

-4,019
366

23,509
23,631

1979—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
3,517

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
-11,963

4,632
5,350
-4,615

4,515
91
-10,703

2,899
6,077
6,835

-2,602
-941
-685

-86
-32
-101

-2,393
3,200
-3,918

-10,276
7,768
-3,430

3,632
1,957
-529

16,384
8,347
-4,434

9,737
11,111

6,807
7,815
526

2,602
3,245
7,026

456
219

-76
-28

2,986
-701

3,661
-2,063

July
Aug.
Sept.
1
2
3
4

575
-835
635e/

U.S. unified budget deficit or surplus plus off-budget entities deficit or surplus.
Change in outstanding a m o u n t 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 a m o u n t of marketable securities issued by Federal Farm Credit Banks, Federal Home Loan Banks, Federal Home Loan Mortgage Corporation, Federal National Mortgage Association.

5 GY = C a l e n d a r Y e a r .




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

Bonds
Period

Total

Privately
placed
17,943
17,057
14,325

Common and
preferred
stocks

Memo

Issues included
Convertible
Foreign
863
1,340
418
1,349
2,229
1,008

1977
1978
1979

53,792
47,230
51,464

Publicly
offered
24,072
19,815
25,814

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
1,404
540
187

1980-QI
QII

15,015
24,255

5,861
18,186

4,600
2,072

4,554
3,997

169
n.a.

908
967

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
June

5,677
9,067
9,511

3,828
6,810
7,548

947
525
600

902
1,732
1,363

89
432
8

383
375
209

July
Aug.

7,736
5,371

5,354
3,843

1,021
304

1,361
1,224

100
n.a.

208
005

11,777
10,358
11,325

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

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
on
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
QII

3,907
6,838

4,966
4,135

1,278
2,182

4,864
11,101

1980-Jan.
Feb.
Mar.

1,276
1,340
1,291

1,873
1,262
1,831

483
572
223

2,578
1,276
1,010

Apr.
May
June

1,778
2,615
2,445

891
1,338
1,906

651
1,196
335

2,358
3,917
4,826

July

2,881
1,792

1,030
1,434

787
626

3,040
1,519

1977
1978
1979

Aug.

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.




8. PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: CORPORATE 1
Amount
(millions
of dollars)

Coupon
rate

Offering
yield

Issuer

Date

Type

Viacom I n t e r n a t i o n a l , I n c .
Smith I n t e r n a t i o n a l , I n c .
Peoples Express A i r l i n e s
S o u t h e r n Co.
M i s s o u r i P a c i f i c R . R . Co.
Burnup & Sims I n c .
General Instrument Corp.
General Motors Accept Corp.
F l o r i d a Power Co.
A s s o c i a t e s C o r p . of
N. A m e r i c a
PHH G r o u p , I n c .
M o r r i s o n - K n u d s o n Co.
Storage Equities Inc.
Delmarva Power & L i g h t Co.
Consumer Power Co.
Occidental Petroleum Corp.
Occidental Petroleum Corp.
Integrated Resources Inc.
S o u t h e r n C a l i f . E d i s o n Co.
S t o r e r B r o a d c a s t i n g Co.
E . F . H u t t o n Group I n c .
Tidewater Inc.
G e n ' l . T e l . Co. of I n d i a n a
W e s t e r n Co. of N o r t h A m e r i c a
National Medical E n t e r p r i s e s
P e n n s y l v a n i a Power & L g t . Co.
P e n n s y l v a n i a Power & L g t . Co.
C e n t r a l Hudson Gas & E l e c t .
Co.
D o r c h e s t e r Gas C o r p .
S h e a r s o n Loeb R h o a d e s I n c .

11/6
11/6
11/6
11/12
11/12
11/12
11/13
11/13
11/14

Com. s t k .
Com. s t k .
Com. s t k .
Com. s t k .
Equip, t r .
Conv.debt.
Com. s t k .
Notes
1 s t . mtg.

37.9
100.0
25.5
129.8
25.0
35.0
62.0
250.0
100.0

11/14
11/14
11/18
11/18
11/18
11/18
11/18
11/18
11/19
11/19
11/19
11/19
11/19
11/20
11/20
11/20
11/24
11/25

Notes
Com. s t k .
Com. s t k .
Com. s t k .
Pfd. stk.
Pfd. stk.
Gov't, gtr
Gov't, gtr
Com. s t k .
1 s t . mtg.
Conv. d e b t
Conv. d e b t
Conv. d e b t
Debt.
Com. s t k .
Com. s t k .
1 s t . mtg.
Com. s t k .

100.0
32.1
55.6
30.0
30.0
52.0
. 8.8
. 55.8
25.0
150.0
100.0
, 60.0
. 50.0
40.0
65.5
63.1
125.0
57.3

11/25 1 s t . mtg.
1 1 / 2 5 Conv. d e b t ,
1 1 / 2 6 Com. s t k .

25.0
50.0
53.1

1990
2005
—

14.50
8.50
—

14.50
8.50

OTHER
B r i t i s h C o l u m b i a Mun. F i n .
Auth.

11/19 Debt.

91.0

2005

13.75

13.80

1

Maturity

—

—
— mm

—

mmmm

1981-95 13.13
2000
12.00
——

—

13.13
12.00
——

—/—
—/—
—/—
Aa/AA
B/B
J

1990
1990

13.45
13.30

13.45
13.30

Aaa/AAA
A/A+

1990

13.88

13.88

A/A

— —

— —
— —

1990
2006
w mm

2010
2005
2005
2005
2010
w -e

— —

1990
——

——

— «—

— —

•

——

12.56
15.92
13.50
13.45

— — j —

m.

— —

12.56
15.31
13.50
13.45

A/ - Ba/BB

14.00
8.50
9.50
7.75
14.00

Aa/AA
Baa/BBBa/BBBBa/BBBAa/AA

14.00

Aa/A
—/

mm mm

13.50
8.50
9.50
7.75
14.00
•* mm
mm —

14.00
——

—

——

Rights offering.
Includes only corporate and other security offerings of $ 2 5 million and over; excludes options, exchanges, and secondary offerings.




Moody's/S&P's
ratings

Baa/A
Ba/BB
—/—

Aaa/AAA

8
9. PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: STATE AND LOCAL 1
Issuer

Date

M i n n e s o t a , S t a t e of
11/6
11/6
Wayne C o . , MI
New Haven, CT
11/12
New York S t a t e Dorm. A u t h .
11/13
New York S t a t e Dorm. A u t h .
11/13
New York S t a t e Dorm. A u t h .
11/13
New York S t a t e Dorm. A u t h .
^ / 11/13
Ohio A i r Q u a l i t y D e v e l . Auth.— 1 1 / 1 4
Utah Co., U t I / ,
11/14
F a i r f i e l d , AL~
11/14
B a l t i m o r e C i t y , MD
11/14
K e n t u c k y Hsg. C o r p .
11/14
K e n t u c k y Hsg. C o r p .
11/14
Kentucky Hsg. Corp.
11/14
K e n t u c k y Hsg. C o r p .
11/14
Kentucky Hsg. Corp.
11/14
Alaska Hsg. F i n . Corp.
11/17
Alaska Hsg. F i n . Corp.
11/17
C l e v e l a n d Co. Hm. Loan A u t h . ,
11/17
OK
C l e v e l a n d Co. Hm. Loan A u t h . ,
11/17
OK
C l e v e l a n d Co. Hm. Loan A u t h . ,
11/17
OK
C l e v e l a n d Co. Hm. Loan A u t h . ,
11/17
OK
C l e v e l a n d Co. Hm. Loan A u t h . ,
11/17
OK
New Mexico
11/17
S h r e v e p o r t Home M o r t g a g e A u t h . ,
11/18
LA
S h r e v e p o r t Home M o r t g a g e A u t h . ,
Ll/18
LA
S h r e v e p o r t Home M o r t g a g e A u t h . ,
LI/18
LA
N o r t h C a r o l i n a , S t a t e of
Ll/18
New Y o r k , S t a t e of
Ll/18
O r l a n d o U t i l . C o m m i s s i o n , FL
Ll/18
W a r r e n , OH
Ll/18
W a r r e n , OH
Ll/18
C a l i f o r n i a D e p t . of V e t .
Affairs
Ll/19
C a l i f o r n i a D e p t . of V e t .
Affairs
.1/19
C a l i f o r n i a D e p t . of V e t
Affairs
.1/19
Alabama A g r . D e v e l . A u t h .
.1/20
Alabama A g r . D e v e l . A u t h .
.1/20
Alabama A g r . D e v e l . A u t h .
.1/20
K a n s a s H i g h e r Ed. Loan P r o g r a m : . l / 2 0
G r e a t e r Chicago Metro S a n i .
D i s t . , IL
.1/20
B o s t o n W a t e r & Sewer Comm., MA . 1 / 2 0
1
2
3

Amount
Type % (millions
of $)

Maturity

Net
interest
cost

Offering
yield

1Moody's/S&P'
ratings

8.37
11.50
10.92
9.59
9.59
9.59
9.59
float
float
float
8.27
10.37
10.37
10.37
10.37
10.37
11.07
11.07

7.40-9.05
8.50-8.75
8.75-10.88
7.00-8.25
9.00
9.38
o.75
ing r a t e
Ing r a t e
ing r a t e
7.70
6.90-9.75
10.50
9.88
10.70
10.70
7.40-10.50
11.12

Aaa/AAA

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

90.0
32.0
25.4
3.6
2.1
5.1
21.0
17.5
42.0
16.3
30.0
14.4
11.3
10.0
13.3
6.0
35.3
194.7

1981-2000
1981-1984
1983-2010
1986-1992
1995
2000
2010
2010
2010
2010
1983
1982-1995
2000
2003
2006
2007
1982-1995
2011

Rev.

4.3

1982-1995

Rev.

6.9

2002

n. a.

10.50

Aa/--

Rev.

5.2

2005

n. a.

11.00

Aa/--

Rev.

16.4

2011

n.a.

11.25

Aa/--

Rev.
Rev.

5.2
36.6

2012
1981-1985

n.a.
7 . 69

Rev.

9.8

1982-2000

10.67

Rev.

8.6

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

21.6
60.0
' .25.0
80.0
1.2
24.5

2012
L982-1997
L981-2010
1983
L983-1990
2013

10.67
8.05
9.54
8.81
LI. 90
LI.90

10.88
7.00-8.40
7.50-9.80
8.40
7.75-7.95
12.08

Aa/-Aaa/AAA
A/AAMIG-1
--/A--/A-

Rev.

L62.4

.982-1990

L0.06

8.50-9.50

Aa/AA

Rev.

77.6

Rev.
Rev.
Rev.
Rev.
Rev.

60.0
21.0
4.7
9.4
42.1

2006
.983-1988
1996
2001
1983

.0.06
n.a.
n.a.
n.a.
n.a.

10.50
7.50-8.00
9.20
9.50
8.25

Aa/AA
Aaa/-Aaa/-Aaa/-Aa/--

G.O.
Rev.

50.0
3.3

.982-2000
.983-1988

9.59
.0.64

7.75-9.00
8.40-9.40

Aa/AA
Baa-l/A-

2005

1997

n.a.

10.67

L0.06

Includes only state and local security offerings of $ 2 5 million and over; excludes secondary offerings.
For state and local government securities, G.O. denotes general obligation; Rev. denotes revenue obligations.
Canadian interest cost.

4 For U.S. S t e e l :



initial

r e o f f e r i n g y i e l d 9.077.

——/——

A/A
Aaa/AAA
Aaa/AAA
Aaa/AAA
Aaa/AAA
A/ - A/ - A/-Aa/AA
Aa/ - Aa/-Aa/ - Aa/-Aa/-A/A
A/A

7.25-10.25 Aa/--

11.25
7.25-7.40

Aa/-Aaa/AAA

7.25-10.50 Aa/-10.00

10.50

Aa/--

Aa/AA

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

Issuer

Boston Water & Sewer Comm.,
MA
B o s t o n Water & Sewer Comm.,
MA
B o s t o n Water & Sewer Comm.,
MA
B o s t o n Water & Sewer Comm.,
MA
H o u s t o n , TX
H o u s t o n , TX
H o u s t o n , TX
H o u s t o n , TX
H o u s t o n , TX
Camden, AL
Camden, AL
Camden, AL
Pittsburgh-Contra Costa
C o u n t y , CA
Pittsburgh-Contra Costa
C o u n t y , CA
P i n e l l a s C o u n t y , FL
P i n e l l a s C o u n t y , FL
P i n a l County I n d . Dev. A u t h . ,
AZ
P i n a l County I n d . Dev. A u t h . ,
AZ
Ohio Water Dev. Board

Date

Type 2

Amount
(millions
of $)

Maturity

Net
interest
cost

Offering
yield

Moody's/S&P's
ratings

11/20

Rev.

4.6

1993

10.64

10.00

Eaa-l/A-

11/20

Rev.

9.5

1999

10.64

10.65

Baa—l/A-

11/20

Rev.

36.5

2009

10.64

10.96

Baa-l/A-

11/20
11/20
11/20
11/20
11/20
11/20
11/21
11/21
11/21

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

32.0
39.6
19.3
31.7
48.6
43.3
32.0
15.0
15.0

2011
1982-1992
1995
1999
2003
2005
1983
2000
2015

10.64
9.83
9.83
9.83
9.83
9.83
10.30
10.30
10.30

10.80
7.50-9.25
9.75
10.20
10.38
10.29
8.25
10.25
10.50

Baa-l/A-

A/A
A/A
A/A

11/21

Rev.

9.8

1983-1998

n.a.

8.75-11.12

A/—-

11/21
11/25
11/25

Rev.
Rev.
Rev.

40.2
25.0
13.0

2000
2010

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

11.25
10.00
10.25

A/—
A/A+
A/A+

11/25

Rev.

13.8

1984-1990

n.a.

8.25-9.25

—/AAA

11/25
11/26

Rev.
Rev.

16.2
46.0

1992
2011

n.a.
n.a.

9.50
9.59

—/AA
Aa/AA-

1 Includes only state and local security offerings of $ 2 5 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.




(con't.)

— / — —

——/——

— j ——
~ —

j——

%
10
10, PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: U.F. TREA^JRY
Notes and Bonds
Offering
date

Payment
date

Length

Maturity
date

Coupon Auction
average
rate
(percent) (percent)

Amount (millions of dollars)
Gross proceeds

Net proceeds

Total

Private1

Total

1,502
4,484

1,502
4,051

1,502
609

1,502
609

Private1 - 2

1980
10-1/2
11-1/2

10.60

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

11.98}
12.02?
11.84'
13.98
14.39

9,404

7,626

2,452

2,452

4,497
2,719

4,098
2,719

677
2,719

677
2,719

3/31/82
3/31/84

15
14-1/4

15.01
14.29

4,072
2,974

3,572
2,605

910

910

5/15/95
4/30/82

12-5/8
11-3/8

12.69
11.44

1,503
4,574

1,503
4,115

1,503
1,394

1,503
1,394

8/15/83
9-1/4
11/15/89 10-3/4
5 / 1 5 / 0 5 - 1 0 10

9.32
9.88

13,019

7,743

5,754

5,754

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

9.37
9.66
8.63
8.99

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

4,010
3,293
4,515
3,221

1,186

1,186

3,293
3,030

3,293

5/15/95
7/31/82

10-3/8
8-7/8

10.42
8.97

1,504
5,337r

1,504
4,549

1,504
1,173

1,504
1,173

3-1/4 yr 11/15/83
10 y r
8/15/90
11/15/09
29-1/4 yr
8/31/82
2-yr
5 - y r 2 - 1/2 1 1 / 1 5 / 8 5

9-7/8
10-3/4
10-3/8
11-1/8
11-3/4

9.88

4,082
2,762
1,500
4,557
3,087•

3,049

3,049

10.71
11.24
11.76

5,832
3,762
1,884
5,127
3,087

1,582
3,087

1,582
3,087

LI-7/8
L2-1/8

11.93
12.13

5,120
3,369

4,570
3,030

1,214

1,228

1,305
1,047

1 5 - y r 1-mo 1 1 / 1 5 / 9 5 L I - 1 / 2
2-yr.
1 0 / 3 1 / 8 2 L2-1/8

11.61
12.24

1,482
4,812

1,482
4,392

1,482
1,022

1,482
1,022

3
23

1/10

5
6
7
20
26

2/15
2/15

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

5/31/82
2yr
Syr 2-1/2 mo 8 / 1 5 / 8 5
6/30/82
2yr
6/30/84
4yr

7/9
7/31

1 4 y r lOmo
2 yr

8/15
6/15
8/15
9/2
9/3

Jan.
Feb.

June

July

2
23

Aug. 5
6
7
20
27

1/31

2/28
2/28
3/3

S e p t . 18
23

9/30
9 /30

Oct.

10/14
10/31

7
22

15yr lmo
2yr

2/15/95
1/31/82

8/15/83
3-l/2yr
5/15/87
7-l/4yr
2/15/05-10
30yr
2/28/82
2yr
Syr 2-1/2mo 5 / 1 5 / 8 5
2yr
4yr

2-yr
4-yr

9/30/82
9/30/84

Nov. 5
6
7
25

11/17
11/17
11/17

12/1

3 - y r 6- •mo 5 / 1 5 / 8 4 L3-1/4
10-yr
11/15/90
13
30-yr
11/15/05-10 12-3/4
2-yr.
11/30/82 13-7/8

Dec. 3

12/8

5 - y r 2-mo

11.52

10.12

10.81

-681

2,660

-311

13.31.
13.07

12.81

13.99

2/15/86

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




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

Offering Payment
date
date

Length

Maturity
date

Yield
(percent)

Amount (millions of dollars)
Gross
proceeds

Maturing
issues

Net
proceeds

FNMA

4/2
4/2

4/10
4/10

2-yr
4 - y r l-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 - y r 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 - y r 2-mo
3 - y r 10-mo
6 - y r 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 - y r 6-mo

12/3/84

9.55

870

0

870

FNMA

6/4
6/4
6/4

6/10
6/10
6/10

2 - y r 11-mo
4 - y r 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

FFCB

6/25

7/1

4 - y r 11-mo

6/3/85

9.20

1,214

323

891

FNMA

7/2

7/10

4 - y r 11-mo

6/10/85

9.95

1,000

550

450

FFCB

7/9
7/9
7/9

7/21
7/21
7/21

3 - y r 5-mo
6 - y r 5-mo
10-yr

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

9.30
10.00
10.40

841
1,002
600

1,175

1,268

FNMA

7/25

8/1

3-yr

8/19/83

9.70

1,000

0

1,000

FHLB

8/13
8/13

8/25
8/25

4 - y r 7-mo
6 - y r 7-mo

3/25/85
3/25/87

10.80
11.10

1,200
600

1,600

200

FFCB

8/27

9/2

4-yr

9/4/84

11.75

486

0

486

FNMA

9/4

9/10

1 - y r 4-mo

1/11/82

10.90

400

1,050

-650

FNMA

10/1

10/10

1 - y r 8-mo

6/10/82

12.25

500

800

-300

FCB

10/8
10/8
10/8

10/20
10/20
10/20

2 - y r l-mo
4 - y r 9-mo
7 - y r 9-mo

12/1/82
7/22/85
7/20/88

11.60
11.60
11.70

786
434
604

975

849

FHLB

10/16
10/16

10/27
10/27

2-yr
3 - y r 4-mo

10/25/82
2/27/84

11.85
11.75

1,200
600

200

1,600

FNMA

10/29

11/3

5-yr

11/12/85

13.00

750

0

750

FHLB

11/14
11/14

11/25
11/25

8/25/82
7/25/85

13.10
12.80

1,200
750

1,800

150

FFCB
FHLB
FHLMC
FNMA

—
—
—

Federal
Federal
Federal
Federal




1 - y r 9-mo
4 - y r 8-mo

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

12

As of November 2 8 , 1980

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

Type

Amount
(millions of dollars)

Approximate date
of offering

W i s c o n s i n E l e c t r i c Power Co.
F l o r i d a Power & L i g h t Co.
P u b l i c S e r v i c e E l e c t r i c & Gas Co.
Iowa Power & L i g h t Co.
D e t r o i t E d i s o n Co.
Florida Tel. Corp.
H o u s t o n L i g h t i n g & Power Co.
F o r d Motor C r e d i t Co.
F o r d Motor C r e d i t Co.
Wang L a b o r a t o r i e s I n c .
^ P u b l i c S e r v i c e of New H a m p s h i r e
'Texas I n s t r u m e n t s I n c .
G e n ' l . T e l . Co. of C a l i f .
G e n ' l . T e l . Co. of C a l i f .
Union E l e c . Co.
P a c i f i c Gas & E l e c . Co.
L o u i s i a n a Power & L i g h t Co.
H o u s t o n L i g h t & Power Co.
Alabama Power Co.
Columbia Gas S y s t e m I n c .
Potomac E d i s o n Co.
B o s t o n E d i s o n Co.
C e n t r a l Power & L i g h t Co.
A r k a n s a s Power & L i g h t Co.
Gulf S t a t e s U t i l s . Co.
S o u t h w e s t e r n B e l l T e l . Co.
S u n s h i n e M i n i n g Co.
Dotmar I n c .
M i s s i o n I n s u r a n c e Group I n c .
S h e a r s o n Loeb R h o a d e s I n c .
Steego Corp.
F i r s t Union R e a l E s t a t e I n v e s t m e n t s
MGF O i l C o r p .
Citicorp
Potlach Corp.
K a n s a s C i t y Power & L i g h t Co.
Leasco Corp.
Willamette I n d u s t r i e s Inc.
Macy C r e d i t C o r p .
ITT F i n a n c i a l C o r p .
General F e l t I n d u s t r i e s
U n i t e d Gas P i p e l i n e Co.
Texas I n t e r n a t i o n a l Corp.
Cadence I n d u s t r i e s C o r p .
New E n g l a n d Power Co.
Standard P a c i f i c Corp.
P a c i f i c N o r t h w e s t B e l l Co.

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

80.0
100.0
50.0
30.0
49.0
35.0
100.0
150.0
150.0
100.0
25.0
100.0
75.0
75.0
71.0
125.0
100.0
35.0
125.0
100.0
25.0
45.0
75.0
60.0
25.0
400.0
25.0
100.0
50.0
50.0
25.0
50.0
30.0
150.0
75.0
25.0
70.0
100.0
60.0
100.0
55.0
75.0
30.0
25.0
50.0
25.0
200.0

Dec.
2
Dec. 2
Dec. 2
Dec. 3
Dec. 3
Dec.
3
Dec.
3
Dec. 4
Dec. 4
Dec. 4
Dec. 4
Dec. 4
Dec. 8
Dec. 8
Dec. 9
Dec. 9
Dec. 9
D e c . 10
D e c . 10
D e c . 10
D e c . 11
Dec. 11
D e c . 15
D e c . 16
D e c . 17
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Indef.
Indef.
Indef.
Indef.
Indef.
Indef.
Indef.

OTHER
Gulf Canada L t d .
C a n a d i a n N a t i o n a l R a i l w a y Co.
E l e c t r i c i t e De F r a n c e

Bonds
Debt.
Notes

200.0
150.0
100.0

Indef.
Indef.
Indef.

*
1

Included in table for first time.
Includes only corporate and other security issues of $ 2 5 million and over; excludes exchanges, options, and secondary o f f e r i n g




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

Issuer

POSTPONED
New York S t a t e E l e c . & Gas
New York S t a t e E l e c . & Gas

1 s t . mtg.
Pfd. stk.

Amount
(millions of dollars)

50.0
30.0

Approximate date
of offering

Dec.
2
Indef.

I

*
1

Included in table for first time.
Includes only corporate and other security issues of $ 2 5 million and over; excludes exchanges, options, and secondary offerings.




(con' t . )

14

As of November 2 8 , 1980

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

B u t l e r Co. I n d u s . Dev. A u t h . > PA
^ U n i v e r s i t y of C a l i f o r n i a
A l b u q u e r q u e , NM
S t . L o u i s , MO
*New C a s t l e C o u n t y , DE
New J e r s e y H e a l t h C a r e F a c . F i n . A u t h .
J e f f e r s o n P a r i s h Home M o r t . A u t h . , LA
J e f f e r s o n P a r i s h S c h . B d . , LA
C h i c a g o S c h o o l F i n . A u t h . , IL
S t . Tammany P u b l i c T r u s t F i n . A u t h . , LA
W a s h i n g t o n P u b l i c Power S u p p l y S y s t e m
W a s h i n g t o n P u b . Power S u p p l y S y s t e m
Rhode I s l a n d H s g . & M o r t . F i n . C o r p .
I l l i n o i s Health Fac. Auth.
Denton Co. H s g . F i n . C o r p . , TX
C a l i f o r n i a , S t a t e of
O r e g o n , S t a t e of
West V i r g i n i a
POSTPONED
W a s h i n g t o n , S t a t e of
H a m i l t o n C o . , OH
V i n c e n n e s Comm. S c h . B l d g . C o r p . , IN
H o u s t o n , TX
Grand T e r r a c e Comm. R e d e v . A g c y . , CA
New York S t a t e Urban D e v e l . C o r p .
L o u i s i a n a , S t a t e of
W i s c o n s i n , S t a t e of
M i s s i s s i p p i & T e n n e s s e e - T o m b i g b e e Waterway
Bridge
Pima I n d . D e v e l o p m e n t A u t h . , AL
San D i e g o C e n t e r C i t y R e d e v . C o r p . , CA
Richmond, VA

*
1

Type

Approximate date
of offering

G.O.
G.O.
G.O.

35.0
30.0
121.4
40.0
100.0
34.6
75.0
46.9
83.0
50.0
50.0
150.0
100.0
31.3
40.0
65.0
200.0
50.0

Dec
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.

2
2
2
4
4
9
9
9
9
9
9
9
10
15
15
16
17
18

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

115.6
32.7
26.8
50.0
34.0
70.5
122.3
100.0

Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.

5
10
12
13
13
18
18
24

G.O.
Rev.
Rev.
Rev.

25.0
35.0
67.6
43.8

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

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

Included in table for first time.
Includes state and local government issues of $ 2 5 million and over; excludes secondary o f f e r i n g




Amount
I millions of dollars)

Nov. 18
Nov. 25
Dec.
3
D e c . 10

14. STOCK PRICES 1

NYSE Index 3

Date

NASDAQ5

AMEX4

DJ Industrials

1977-High
Low

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)

1978-High
Low

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)

1979-High
Low

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)

1980-High
Low

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

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

370.75 (11/28)
215.69 (3/27)

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

1980-0ct.

3
10
17
24

74.74
75.34
75.92
74.90
73.53

950.68
950.68
956.14
943.60
924.49

340.39
348.55
357.65
355.44
335.99

193.43
197.79
197.24
196.17
192.78

Nov.

7

74.35

932.42

335.16

193.51

14
21
28

78.96
80.17
81.02

986.35
989.93
993.34

352.21
358.44
370.75

201.76
206.07
208.15

15. TRADING VOLUME 2

NYSE

Date

AMEX

11.2 (11/10)
5.1 (5/27)

1977-High
Low

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

4.2
1.4

1978-High
Low

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

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

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

1979-High
Low

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

13.2 (10/10)
2.2 (1/22)

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

1980-High
Low

84.1 (11/5)
23.1 (4/14)

15.0 (1/15)
2.5 (4/14)

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

1980-0ct.

Nov.

1
2
3
4
5

3
10
17
24
31

45.9
47.0
47.6
45.1
, 38.2

7
14
21
28

52.2
55.3r
62.5
54.1

(1/12)
(9/22)

NASDAQ

7.9

29.7
37.3
44.1
37.3
31.8

7.4
9. l r
9.3
7.5

37.4
53.5
41.0

5.8
6.9
7.8
6.6

Figures other than highs and lows are Friday figures only.
Volume figures are weekly averages of daily figures (millions of shares). Highs and lows refer to single days.
1 2 / 3 1 / 6 5 = 50
8 / 3 1 / 7 3 - 100
2/5/71 = 100




32.6

16
16. SECURITY CREDIT 1
Outstanding, dollar amounts in millions

t n a or penoa

Marginable
stock

Convertible
bonds

Number of
margin accounts
(thousands)

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 - J a n .
Feb.
Mar.

10,750
10,790
10,870

199
195
181

950
950
965

79
71
79

Apr.
MayJune

11,220
11,130
11,590

194
183
172

960
970
980

77
78
79

July
Aug.
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

11,820
12,460
11,740
11,140
11,270
11,200
11,320
11,800
12,520
13,080

165
175
171
168
167
165
198
204
208
212

1,035
1,065
1,075
1,055
1,055
1,065
1,075
1,095
1,105
1,120

87
84
54
72

1980 — J a n .
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.

1

Margin credit extended
by brokers on:

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




81
83
88
89
87
87

17. S A V I N G S F L O W S A T S E L E C T E D N O N B A N K T H R I F T I N S T I T U T I O N S
Millions o f dollars
Mutual Savings B a n k s
(regular d e p o s i t s ) 1
Net flow

Date

N.S.A.

S e a . adj.

Annual
growth
rate3

Savings and L o a n A s s o c i a t i o n s
Net f l o w
N.S.A.

Sea. adj.

Annual
growth
rate3

Memo:
Net New Money2

Total
Net
flow
(sea. adj.)

Annual
growth
rate3

At
insured
S&L's

At
MSB's

11.6

50,169

17.5

62,854

15.9

34,369

5,283

8.7

50,888

15.0

60,982

13.3

32,004

2,874

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

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
-635

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

-733
-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

1980-Jan.
Feb.
Mar.

-927
141
930

-605
168
-222

-5.0
1.4
-1.9

2,065
1,626
4,403

2,191
2,617
-324

5.6
6.6
—0.8

1,586
2,785
-546

3.1
5.4
-1.1

1,167
1,079
-696

-1,436
-543
-679

Apr.
May
June

-449
881
1,748

402
1,106
1,178

3.4
9.2
9.8

326
3,022
5,287

3,393
4,067
2,779

8.6
10.2
6.9

3,795
5,173
3,957

7.4
10.0
7.6

-817
1,785
-169

-1,024
242
-131

July
Aug. •

996
609
1,377
400

1,343
1,227
971
711

11.0
10.0
7.8
5.7

2,223
2,515
5,606
3,852

3,096
4,583
3,233
5,426

7.7
11.3
7.9
13.1

4,439
5,810
4,204
6,137

8.4
11.0
7.9
11.4

961
1,285
6
2,508

247
+4
-460
-200

1976

12,670

—

1977

10,783

——

1978

Sept.
Oct.2/

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

total deposits.
New deposits net of both withdrawals and interest. Data for S&L's are for insured associations only, which represent 9 6 percent of industry total

resources.
3 Annual growth rate for monthly data is the annualized monthly percentage increase in deposits.
Source: National Association of Mutual Savings Banks and Federal Home Loan Bank Board.




18
18. MORTGAGE COMMITMENTS O U T S T A N D I N G A T SELECTED INSTITUTIONS
Billions o f dollars, s e a s o n a l l y a d j u s t e d
Federal and R e l a t e d A g e n c i e s

Thrift Institutions
End of Period

Total

All savings
and loan
associations

Mutual
savings banks
( N . Y . state)

Total

FNMA

GNMA

FHLMC

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

1979-Jan.
Feb.
Mar.

37.0
36.5
36.0

32.2
31.8
31.4

4.8
4.7
4.6

15.4
14.1
13.0

8.9
7.7
6.7

4.8
4.8
4.8

1.7
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
4.7

1.0
1.0
0.8

Apr.
May
June

22.8
21.1
22.4

20.7
19.3
20.7

2.1
1.8
1.7

9.2
9.3
10.3

4.2
3.5
3.6

4.4
5.0
5.7

0.6
0.8
1.0

July
Aug.
Sept.

26.0
28.4
29.9

23.7
26.6
28.0

1.8
1.8
1.9

10.6
10.6
10.1

3.9
4.4
4.4

5.5
5.1
4.8

1.2
1.1
0.9

Oct.

Ilea#

27.5

n.a.

n.a.

n.a.

n.a.

n.a.

Nov.

i
i

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




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

'

Total

FHLB

1976

-1,750

-1,131

-2,031

0

900

-619

1977

2,732

1,444

496

-4

952

1,288

1978

19,030

13,578

6,302

576

6,700

5,452

Mar.

967
1,457
912

0
1,033
1,372

0
834
0

0
199
-128

0
0
1,500

967
424
-460

Apr.
May
June

1,027
304
1,363

997
215
1,299

0
222
0

-3
-7
199

1,000
0
1,100

30
89
64

July
Aug.
Sept.

1,625
360
398

1,916
613
-154

700
415
0

216
198
146

1,000
0
-300

-291
-253
552

Oct.
Nov.
Dec.

2,297
1,791
1,375

1,599
1,453
150

1,300
953
0

-1
0
150

300
500
0

698
338
1,225

1980-Jan.
Feb.
Mar.

328
927
3,580

-2
10
1,780

0
-350
1,400

-2
160
-120

0
200
500

330
917
1,800

Apr.
May
June

2,205
1,366
-929

1,499
2,649
1,000

1,000
900
0

-1
-1
0

500
1,750
1,000

706
-1,283
-1,929

July
Aug.

-979
-458

442
1,200

0
200

-8
0

450
1,000

-1,421
-1,658

1979-Jan.
Feb.

0

#

0

FNMA and FHLB
short-term
discount notes

Total including
short-term
discount notes

Period

Intermediate- and long-term issues

•

#

Based on data f r o m Treasury Survey of Ownership.




FHLMC

FNMA

2 0 . N E T C H A N G E IN M O R T G A G E H O L D I N G S A T S E L E C T E D I N S T I T U T I O N S
Millions o f dollars, s e a s o n a l l y ad j u st ed
Major private financial i n s t i t u t i o n s
Period

Total

Total

Commercial
banks

MSB's

S&L's

Life insur.
companies

Mortgage p o o l s

FNMA
and
GNMA

FHLMC

FHLMCGNMAguaranteed guaranteed

1976

75,398

64,898

13,737

4,041

44,727

2,393

-2,042

-712

12,199

1,055

1977

114,008

95,874

26,157

6,540

58,021

5,156

961

-990

14,224

3,939

1978

126,474 103,305

35,376

6,314

52,237

9,378

8,735

-233

9,389

5,275

1979

124,352

91,108

31,504

3,886

43,211

12,607

8,147

973

20,854

3,270

1979-Jan.
Feb.
Mar.

10,284
9,970
10,293

7,857
7,716
7,240

2,662
2,491
2,426

559
483
388

4,015
3,804
3,359

621
938
1,067

832
790
1,385

179
65
253

1,202
1,080
1,276

214
319
139

Apr.
May
June

9,707
10,995
10,765

7,371
8,311
8,351

2,487
2,328
2,753

204
388
373

3,832
4,616
4,204

848
979
1,021

489
745
530

-3
19
-25

1,542
1,505
1,625

308
415
284

July

10,161
10,641
10,854

8,152
7,567
7,972

2,809
2,636
2,953

384
297
276

3,804
3,501
3,616

1,155
1,133
1,127

35
524
284

62
114
144

1,608
2,122
2,161

304
314
293

Dec.

11,665
10,483
8,534

8,585
7,004
4,982

2,844
2,594
2,521

248
265
21

3,892
3,113
1,455

1,601
1,132
985

764
866
903

-71
202
34

2,002
2,393
2,338

385
18
277

1980—Jan.
Feb.
Mar.

9,924
8,035
7,322

6,196
6,166
4,974

2,474
2,402
1,826

197
290
6

2,088
2,458
1,737

1,437
1,235
1,405

1,182
631
1,286

68
144
29

2,374
1,198
834

104
80
199

Apr.
May
June

6,126
3,221
1,890

2,671
1,324
394

890
526
50

-49
148
-168

643
-483
-290

1,187
1,133
802

1,155
584
193

154
-130
30

2,006
1,205
1,084

140
238
189

July

5,983
7,913
8,232

3,834
5,784
6,407

1,886
1,123
1,115

-115
-113
-10

1,647
3,720
4,714

1,116
1,054
588

196
-8
—94

45
192
214

1,570
1,758
1,342

338
187
269

n.a.

n.a.

n.a.

4,404

n.a.

n.a.

n.a.

n. a .

n.a.

Aug.
Sept.
Oct.

Nov.

Aug.

Sept.
Oct.

n.a.

Monthly data for commercial banks based on Federal Reserve estimates benchmarked t o Call Report data on real estate loans outstanding as available.
Other data derived from mortgage debt outstanding as reported separately by National Association of Mutual Savings Banks, Federal Home Loan Bank
Board, American Council of Life Insurance, the Federal National Mortgage Association, the Government National Mortgage Association, and the Federal
Home Loan Mortgage Corporation. Data for mutual savings banks and life insurance companies may differ somewhat f r o m those derived f r o m regular
quarterly series because of minor conceptual differences for which adjustments are not made in the monthly series. Altogether, these groups accounted
for 8 9 percent of the net increase estimated for all holders in 1978.




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

Quarter

1

2

Total

Total

Residential2
1 - to 4family

Multifamily

Commercial

Multifamily
and
commercial

Farm

1976-Q1
Q2
Q3
Q4

81.7
75.5
92.7
98.1

62.9
55.4
72.7
78.0

61.5
55.6
69.0
75.4

1.4
-0.2
3.7
2.6

13.7
15.3
13.2
12.4

15.1
15.1
16.9
15.0

5.1
4.8
6.8
7.7

1977-Q1
Q2
Q3
Q4

110.7
134.9
140.2
150.2

87.5
110.3
114.3
116.8

83.3
102.0
106.1
108.2

4.2
8.3
8.2
8.6

14.6
15.2
17.5
24.6

18.8
23.5
25.6
33.2

8.6
9.4
8.4
8.8

1978-Q1
Q2
Q3
Q4

135.3
147.0
154.3
160.4

105.6
116.5
116.0
123.7

97.4
106.6
104.1
113.3

8.2
9.9
11.9
10.4

20.9
20.7
26.7
25.5

29.0
30.6
38.6
35.8

8.8
9.8
11.6
11.2

1979-Q1
Q2
Q3
Q4

155.9
164.3
161.3
150.2

117.8
117.9
114.9
114.5

109.0
111.0
105.8
104.6

8.8
6.9
9.1
9.9

22.3
28.5
30.0
21.3

31.1
35.4
39.1
31.2

15.9
17.9
16.4
14.4

1980-Q1
Q2

144.4
70.9

104.4
42.1

95.1
35.7

9.3
6.4

25.8
13.8

35.0
20.2

14.4
15.1

Derived from data on mortgage debt outstanding f r o m 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.




22. A V E R A G E R A T E S A N D YIELDS ON HOME MORTGAGES A N D PASS-THROUGH SECURITIES
Secondary market

Primary m a r k e t

C o n v e n t i o n a l mortgages

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

Period

Y i e l d in
FNMA
auction

Period

Discount
points
in F N M A
auction

Ceiling
rate

Yield o n
GNMA
securities

Yield in
FNMA
auction

1978-High
Low

10.38
8.98

1978-High
Low

10.60

7.13

9.13

1.88

9-1/2
8-1/2

9.68
8.43

10.92
9.28

1979-High
Low

12.90
10.38

1979-High
Low

13.29
10.42

12.54
4.16

11-1/2
9-1/2

11.77
9.51

13.97
10.92

1980-High
Low

12.18

15.90

1980-High
Low

15.57
12.42

13.68
.93

13
11-1/2

13.67
10.73

15.25
12.76

9

12.42

5.59

12.28

4.77

10.89
10.79
10.73
11.42

13.05

23
30

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

7
14
21
28

12.53

6.19
7.63

11.42
11.58
11.45
11.67

12.76

12.78

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

4
11
18
25
Sept.
2

13.58

11.96
15.40

14.41

13.42

11.99
12.41
12.46
12.48
12.57

13.34

14.26

11-1/2
11-1/2
11-1/2
12
12

14.60

14.33

15.30

12.37

12
12
13
13

12.59
12.74
12.93
13.35

14.57

8.69

15.30

12.39

13
13
13
13
13

12.70
12.59
12.98
13.35
13.42

15.57

13.68

15.49

10.65

13
13
13-1/2

13.61
13.67
13.49

1980-June

June

27

13.06
12.85
12.58
12.35

3
11
18
25

12.18
12.23
12.18
12.18

July

1

12.25
12.25
12.55
12.80
12.95

Aug.

Sept

19
26

13.03
13.08
13.25
13.43

3
10
17
24
31

13.60
13.73
13.78
13.85
14.00

Oct <

7

14.08
14.18
14.28

6
13

20
July

Aug.

8
15
22
29

Sept.

5

12

Oct.

Nov.

14

21

16

8
15
22
29

Nov.
Nov.

6
13
20
27
3
10
17
24

12.81

12.84

14.00
14.19
14.29
14.86
14.47
14.92
15.25
15.35

Column 2 is average of contract interest rates on c o m m i t m e n t s 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 t o 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 c o m m i t m e n t fees and FNMA stock retention requirements. Column 7 is a 1 -day q u o t e on average net yields t o 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 t o FHLMC on accepted bids
in its weekly auction of c o m m i t m e n t s t o buy conventional home mortgages for immediate (within 60 days) delivery.

* B e g i n n i n g J u l y 7 , t h e FNMA a u c t i o n r e s u l t s f o r FHA/VA m o r t g a g e s doe n o t i n c l u d e g r a d u a t e d
payment m o r t g a g e s •




f

23

23. FNMA AUCTIONS OF COMMITMENTS TO PURCHASE HOME MORTGAGES
Dollar amounts in millions
r

Offered

f HA/VA mortgages
Accepted

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
28.9

133.0
24.1

17.51
12.81

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

Sept. 2
15
29

324.4
224.5
358.1

183.0
136.4
218.5

14.41
14.60
15.30

120.5
103.9
123.3

71.0
67.9
70.9

14.19
14.29
14.86

O c t . 13
27

196.3
231.5

118.3
139.4

14.57
15.30

28.9
78.7

61.9
46.4

14.47
14.92

Nov. 10
24

126.3
125.7

63.6
72.0

15.57
15.49

51.8
29.8

47.5
21.3

15.25
15.35

Dete of
auction

1979-High
Low

1980-High
Low

1980-Aug.

Average yield

C o n d i t i o n a l mortgagtes
Accepted
Average yield

Offered

24. FHLMC AUCTIONS OF COMMITMENTS TO PURCHASE HOME MORTGAGES
Conventional mortgages, dollar amounts in millions
Accepted

Future commitment program

Average yield

o

1979-High

Immediate delivery program
Offered

I

Date of
auction

Accepted

Average yield

298.0
38.7

150.5
17.9

13.56
10.40

166.6
38.7

37.8
13.7

13.89
10.43

Low

337.1
24.4

140.4
20.8

16.22
11.60

129.5
38.1

31.2
11.6

17.36
12.13

1980-Sept. 2
9
16
23
30

65.1
96.5
161.4
108.7
51.6

33.9
44.9
50.5
50.9
44.1

13.35
13.32
13.44
13.82
13.94

Oct.

86.4
129.3
112.2
50.6

30.2
47.5
39.0
27.6

13.80
13.69
13.86
14.22

Low

1980-High

7
14
21
28

Nov.

4
59.9
42.2
12
55.9
26.9
55.3
39.5
18
25
n. a.
n.a.
As of J u n e 2 4 , t h e s i x - m o n t h f o r w a r d p r o g r a m
t o FHLMC's 8 - m o n t h p r o g r a m

14.22
14.25
14.34
14.38

__
57.7

25.8

14.27

——

——

——

—

—

__
72.5

25.8

14.32

38.6

23.6

14.88

——

mm

- —

was d i s c o n t i n u e d , and s u b s e q u e n t d a t a r e f e r

Offerings in the FNMA auctions of 4-month purchase c o m m i t m e n t s 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
c o m m i t m e n t 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
GNMA-guaranteed

Period

Pass-through securities
FH LMC-guaranteed

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

Privately insured

New issues

Outstanding
(end of period)

New issues

Outstanding
(end of period)

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

1979

24,940

76,401

4,546

15,180

2,575

3,641

1,110

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

405
205
342

4,227
4,421
4,771

50
0
0

Apr.
May
June

1,778
1,127
1,320

82,419
83,385
84,282

199
391
232

15,613
15,949
16,120

510
495
413

5,269
5,760
6,168

0
0
190

July
Aug.
Sept.

1,874
2,215
1,807

85,634
88,031
89,452

288
320
275

16,370
16,658
16,852

485
466
355

6,603
6,995
7,338

50
0
0

New issues

GNMA-guaranteed securities are issued by private institutions and represent undivided interests in pools of Government underwritten home mortgages
formed by these institutions. FHLMC-guaranteed securities include Participation Certificates and Guaranteed Mortgage Certificates issued by FHLMC
against pools of conventional residential mortgages formed by FHLMC. Privately-insured pass-through securities are issued by private institutions against
pools of conventional residential mortgages underwritten by major private mortgage insurance companies.
Source: GNMA, FHLMC, HUD, and Federal Reserve.