Full text of H.16 Capital Market Developments : December 10, 1979
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December 10, 1979
Capital
Market
Developments
Prepared by
the Capital Markets Section
in conjunction with
the Mortgage and Consumer Finance Section
and the Government Finance Section
Division of Research and Statistics
Board of Governors of the Federal Reserve System
Washington, D C. 20551
CONTENTS
1. Yields, Volume and Reception: Corporate Bond Market
2. Yields, Volume and Reception: Municipal Bond Market
3.
4.
5.
6.
7.
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
8.
9.
10.
11.
12.
13.
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 $ . 4 0 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 $ . 5 0 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. YIELDS, VOLUME A N D RECEPTION
Corporate Bond Market
Week ending
New issue
Aaa utility1
Yields
Recently offered
Aaa utility?
Gross offerings3
($ millions)
Volume
Percent sold by
end of week
New issues in syndicate4
($ millions)
1979-Oct.
5
12
19
26
10.22
10.88
11.05
11.45
10.25
10.79
11.00
11.36
1,575
300
204
360
80
97
97
100
283
10
6
0
Nov.
2
9
16
23
30
11.51
11.50
11.50
11.45
11.20
11.42
11.45
11.41
11.38
11.17
170
160
350
150
784
100
100
79
93
100
0
0
75
10
0
11.24p
11.19p
425
96
15
Dec.
,
7
2. YIELDS, VOLUME A N D RECEPTION
Municipal Bond Market
Yields
Week ending
Volume
Moody's new
issue Aaa
Bond Buyer
G O. bond
index
Bond Buyer
Rev. bond
index
Gross offerings
($ millions)
Percent sold by
end of w e e k 3
New issues in
syndicate 4
($ millions)
1979-Oct.
5
12
19
26
5.95
6.35
6.35
6.35
6.64
7.12
7.18
7.38
7.35
7.75
7.94
8.15
1,015
1,080
1,051
757
80
88
97
90
183
206
90
129
Nov.
2
9
16
23
30
6.35
6.35
6.55
6.60
6.60
7.26
7.27
7.31
7.38
7.26
8.05
8.16
8.05
8.24
8.07
483
1,093
1,457
605
620
93
87
95
89
98
76
164
85
144
62
Dec.
7
6.50
7.17
7.97
1,234
92
106
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 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.
3. HIGH G R A D E BONO YIELDS
1975-High
Moody's
seasoned
corporate Aaa 3
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(10/3)
6.27(2/13)
8.95(5/28)
9.10(1/2)
7.93(12/10) 7.84(12/31)
8.66(5/28)
7.91(12/31)
8.17(5/28)
7.23(12/31)
7.29(1/2)
5.83(12/30)
8.36(12/16) 8.48(12/30)
7.90(1/7)
7.95(1/7)
8.28(12/30)
7.88(1/7)
7.99(12/30)
7.26(1/7)
5.93(2/4)
5.45(11/17)
9.30(11/10) 9.54(12/22)
8.61(3/24)
8.48(1/6)
9.27(12/29)
8.30(1/6)
9.00(12/22)
8.01(1/6)
6.67(12/22)
5.58(3/17)
9.80(5/2)
8.89(2/7)
Low
1976-High
Low
1977-High
Low
1978-High
Low
11.51 (11/2) 11.45(11/9)
9.40(8/17)
9.39(6/29)
1979-High
Low
U.S. govt.
20-year constant
maturity 4
Recently offered
Aaa utility2
New issue
Aaa utility 1
Date
10.83(11/23) 10.56(11/9)
9.16(7/6)
8.79(7/6)
Bond Buyer
G.O.bond
index5
7.38(11/38)
6.08(7/6)
Bond Buyer
Rev. bond
index 6
—» —
——
1979-Jan.
Feb.
Mar.
9.54
9.53
9.62
9.51
9.56
9.62
9.25
9.26
9.37
8.98
9.03
9.08
6.47
6.31
6.33
Apr.
May
June
9.70
9.83
9.50
9.74
9.84
9.50
9.38
9.50
9.29
9.21
9.21
8.91
6.29
6.25
6.13
July
Aug.
Sept.
9.58
9.48
9.93
9.53
9.49
9.87
9.20
9.23
9.44
8.92
8.97
9.21
6.13
6.20
6.52
—
10.97
11.42
10.91
11.36
10.13
10.76
9.99
10.37
7.08
7.30
7.80
8.11
10.22
10.88
11.05
11.45
10.25
10.79
11.36
9.66
9.91
10.09
10.50
9.38
9.85
10.04
10.42
6.64
7.12
7.18
7.38
7.35
7.75
7.94
8.15
9
16
23
30
11.51
11.50
11.50
11.45
11.20
11.42
11.45
11.41
11.38
11.17
10.73
10.83
10.75
10.83
lQ.63r
10.44
10.56
10.42
10.42
10.09
7.26
7.27
7.31
7.38
7.26
8.05
8.16
8.05
8.24
8.07
7
11.24p
11.19p
10.59p
lO.lOp
7.17
7.97
Oct.
Nov.
Dec.
Oct.
5
12
19
26
Nov.
Dec.
2
11.00
——
——
——
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 competitively bid Aaa-rated utility bond with 5-year call protection released from price
restrictions sometime during the last four weeks.
Weekly average of daily closing figures.
Weekly average of daily figures. U.S. Treasury data.
Thursday figures. The average rating of the 20 general obligation bonds used in this index falls midway between the five top groups as classifiea
Moody's Investors Service. Weekly Bond Buyer data.
Thursday figures. The average rating of the 25 revenue bonds used in this index falls midway between the five top groups as classified by XLxxrv s
Investors Service. Weekly Bond Buyer data.
4. LONG-TERM CORPORATE A N D STATE A N D LOCAL GOVERNMENT SECURITY O F F E R I N G S A N D PLACEMENTS
Gross proceeds, millions of dollars
January
February
March
4,358
3,790
5,578
Corporate
1978
3,326
2,770
4,569
April
May
June
3,928
3,733
5,632
3,397
4,227
5,539
4,692
4,167
6,247
3,409
4,566
5,786
3,824
5,525
4,369
3,501
3,030
4,559
July
August
September
4,251
3,458
4,178
4,414
3,379
4,236
4,008
3,450e
3,600e
3,113
4,118
4,013
3,920
6,407
2,323
3,320
4,124
2,409
4,025
5,341
6,518
3,799
3,207
4,401
4,150e
2,950e
3,807
3,332
3,646
3,231
4,320
3,690
4,200e
4,200e
53,792
47,264
46,697
48,512
Period
1977
.
October
November
December
Year
1979
3,770
3,170
4,401
1977
3,402
3,442
4,063
State and Local
1978
3,306
2,753
4,844
1979
2,834
2,595
4,640
1 Securities and Exchange Commission estimates of gross proceeds.
2 Public Securities Association estimates of principal amounts.
e Estimated by Federal Reserve on the basis of available data.
5. TREASURY A N D G O V E R N M E N T SPONSORED AGENCY BORROWING
Millions of dollars
Federal Government
Period
Combined
deficit(+)
or
surplus!—I 1
CY-/-1977
CY
-1978
Means of financing combined deficit
N e t cash borrowing from the public2
61,410
52,870
Public debt securities
Totals
Bills
Coupons
56,762
-2,504
45,973
53,683
706
31,777
3,312
-668
539
2,551
8,012
131
3,044
1,320
2,906
2,396
1979-Jan.
3,696
Feb.
Mar.
6,032
13,722
Apr.
May
June
-9,834
4,822
-11,237
-4,965
1,806
-1,729
-654
-1,458
-3,186
2,937
-18
July
Aug.
8,167
4,831
48
16,003
3,268
551
Gov't,
agency
Nonmarketable
securities
14,314
22,644
-1,431
414
-2,109
-208
-16
2,525
-887
Decreased)/
Other
Sponsored
increase*—)
agency
in cash
operating
borrowing*
balance
5,250
3,206
-602
7,327
-4,019
23,509
-762
1,146
1,736
8,258
2,154
-432
-1,558
6,508
-798
2,196
-5,494
-312
1,853
-168
-4,212
-237
-669
-92
3,049
-657
3,685
-12,828
2,218
1,037
2,181
3,518
1,305
-71
-619
3,955
2,701
-50
-17
6,155
6,580
3,115
1,200
1 U.S. unified budget deficit or surplus plus off-budget entities deficit or surplus.
2 Change in outstanding amount of public debt securities and government agency securities less change in holdings of those securities by government
accounts.
3 Also includes changes in matured and noninterest-bearing public debt.
4 Change in outstanding amount of marketable securities issued by Federal Farm Credit Banks, Federal Home Loan Banks, Federal Home Loan Mortgage Corporation, Federal National Mortgage Association.
5 CY = Calendar Year.
6. NEW CORPORATE SECURITY ISSUES BY TYPE OF ISSUE
Gross proceeds, millions of dollars
Bonds
Memo
Publicly
offered
Privately
placed
C o m m o n and
preferred
stocks
Foreign
Convertible
53,488
53,792
47,230
26,453
24,072
19,815
15,927
17,943
17,057
11,108
11,777
10,358
1,592
1,340
1,092
994
863
418
10,665
13,163
12,029
11,373
4,748
5,422
5,159
4,486
3,886
4,788
4,526
3,857
2,031
2,953
2,344
3,030
413
341
181
157
4
158
127
129
1979-Jan.
Feb.
Mar.
3,770
3,170
4,401
1,282
1,336
1,904
1,824
921
1,825
664
913
672
16
10
21
3
5
0
Apr.
MayJune
July
4,692
4,167
6,247
4,008
2,984
1,999
4,171
2,247
1,129
1,576
1,185
780
579
592
891
981
23
1
8
201
759
350
385
153
Total
Period
1976
1977
1978
1978-QI
QII
QUI
QIV
••-?>
Issues included
7. NEW CORPORATE SECURITY ISSUES BY TYPE OF ISSUER
Gross proceeds, millions of dollars
Period
Manufacturing
Public utility
Communications
Other issuers 1
15,495
13,393
10,813
14,418
14,127
12,232
3,563
4,442
3,640
20,011
21,827
20,549
1978-QI
QII
QUI
QIV
2,555
3,148
2,699
2,411
2,433
3,728
3,049
3,022
854
424
1,143
1,219
4,822
5,863
5,142
4,722
1979-Jan.
Feb.
Mar.
934
399
763
817
1,186
1,056
259
558
582
1,759
1,026
2,000
Apr.
May
June
July
572
1,293
1,193
963
1,410
865
1,373
772
261
109
409
94
2,450
1,899
3,272
2,178
1976
1977
1978
1 Other issuers are extractive*, zai I road and other transportation, real estate and finance, and corriBBretSl and other.
Securities and Exchange Commission and Federal Reserve Board.
Digitized forSource:
FRASER
8. PUBLIC O F F E R I N G S OF INTERMEDIATE- A N D LONG-TERM SECURITIES: CORPORATE 1
Issuer
Consumers Power Co.
Kansas C i t y Power & L i g h t Co.
Kentucky Power Co.
Ryder Systems I n c .
El Paso Natural Gas Co.
C&K Petroleum I n c .
ITT F i n a n c i a l Corp.
Commercial Fed. S&L A s s o c .
H o s p i t a l Corp. of America
Date
1979
12/4
12/4
12/5
12/5
12/5
12/5
12/6
12/6
12/6
Type
Amount
(millions
of dollars)
81.0
Com. s t k .
50.0
1 s t mtg.
30.0
1 s t mtg.
75.0
Debt.
75.0
Debt.
Conv. debt . 2 5 . 0
100.0
Debt.
Mtg.-bked. 4 0 . 0
89.0
Com. s t k .
Maturity
n.a.
2009
1986
1986
1997
1999
1999
1989
n.a.
Coupon
rate
n.a.
12.00
11.50
12.25
12.45
9.00
11.85
11.20
n.a.
Offering
yield
n.a.
12.00
11.30
12.35
12.45
9.00
11.85
11.20
n.a.
* Rights offering.
1 Includes only corporate and other security offerings of $25 million and over; excludes options, exchanges, and secondary offerings.
Moody's/S&P's
ratings
Aa/A
A/A
Baa/BBB+
Baa/BBB
—/B
A/A
Aaa/AAA
—/—
9. PUBLIC O F F E R I N G S OF INTERMEDIATE- A N D LONG-TERM SECURITIES: STATE A N D LOCAL 1
Issuer
Date
Type2
1979
Ohio B u i l d i n g Auth.
Ohio B u i l d i n g Auth.
Ohio B u i l d i n g Auth.
Ohio B u i l d i n g Auth.
V i r g i n i a Hsg. Dev. Auth.
Oregon, S t a t e of
W i s c o n s i n , S t a t e of
S t . Paul Hsg. & R e d e v e l .
A u t h . , MN.
S t . Paul Hsg. & R e d e v e l .
A u t h . , MN
H a r r i s Cty. Flood Cont. D i s t . ,
TX
Nevada Hsg. D i v i s i o n
Nevada Hsg. D i v i s i o n
New York, S t a t e of
Los A n g e l e s R e d e v e l . A g c y . , CA
Los A n g e l e s R e d e v e l . A g c y . , CA
Amount
millions
of $)
Maturity
Net
interest
cost
Offering
yield
32.8
18.3
25.0
300.0
46.5
1981-2000
2003
2011
2014
1981
1994-2009
1981-2005
6.40-7.70
7.75
7.80
7.75
8.04
7.75
7.90
7.75
7.18
3/ 6 . 9 0 - 7 . 3 5
7.18
6.00-6.75
6.32
Rev.
12.8
1981-1999
n.a.
12/5
Rev.
35.1
2011
n.a.
12/6
12/6
12/6
12/6
12/6
12/6
G.O.
Rev.
Rev.
G.O.
Rev.
Rev.
25.0
41.5
24.0
1981-2000
1981-2000
2011
1980-2004
1984-1999
- 2014
12/3
12/3
12/3
12/3
12/4
12/4
12/4
Rev.
Rev.
Rev.
Rev.
Rev.
G.O.
G.O.
12/5
25.5
8.0
81.0
24.7
80.0
6.27
n.a.
n.a.
6.71
9.24-2/
9.241/
1 Includes only state and local security offerings of $25 million and over; excludes secondary offerings.
2 For state and local government securities, G.O. denotes general obligation; Rev. denotes revenue obligations.
3 Canadian interest cost.
Moody's/S&P's
ratings
A/A+
A/A+
A/A+
A/A+
MIG1/ —
Aaa/AA+
Aaa/AAA
6 . 7 0 - 8 . 1 0 A-1/A+
8.88
5.90-6.50
6.10-7.35
7.88
6.20-7.10
7.40-8.75
9.00
A-1/A+
Aaa/AAA
Aa/AA
Aa/AA
A/AA——/A
—/A
10. PUBLIC O F F E R I N G S OF INTERMEDIATE- A N D LONG-TERM SECURITIES: U.S. T R E A S U R Y
N o t e s and B o n d s
A m o u n t ( m i l l i o n s of dollars)
Offering
date
Payment
date
Length
Maturity
date
Coupon
rate
(percent)
12/31/80
12/31/62
9-7/8
9-3/8
Auction
average
percent)
Total
Private 1
2,561
9.45
'J, 546
3,205
9.00
1,509
1,509
9.85
3,146
2,760
1978
Dec. 19
20
1/2
1/2
2-yi.
4-yr.
9.99
Net proceeds
Gross p r o c e e d s
2,568
Total
}
Private 1 - 2
858
123
1,509
291
1,509
56
1,318
1,318
Memo:
Foreign
add-ons3
{
535
200
1979
Jan.
Feb.
Apr.
May
Aug.
Oct.
Nov.
1
2
3
1/1
4
23
1/31
1 5 - y r . 1-mo
2-yr.
6
7
21
27
2/15
2/15
2/28
3/5
8-yr.
2 9 - y r . 9-mo
2-yr.
4 - y r . 1-mo
5
10
24
4/9
4/18
4/30
2-yr.
L4-yr 10-mo
2-yr.
1
2
22
5/15
5/15
5/31
10-yr.
30-yr.
2-yr.
19
21
27
7/2
7/2
7/9
2-yr.
4-yr.
L5-yr. 1-mo
24
31
7/31
8/15
1
2
22
28
8/15
8/15
8/3]
9/5
3
4
11
24
30
31
1
21
27
2-yr.
3-yr.
7 - y r . 6-mo
2 9 - y r . 9-mo
2-yr.
4 - y r . 8-mo
2-yr.
10/9
4-yr.
10/10
L5-yr. 1-mo
10/18
2-yr.
10/31 '
3-1/2 yr.
11/15
10-yr.
11/15
11/15
11/30
12/4
30-yr.
2-yr.
5-1/2 yr.
2/15/94
1/31/81
9
9-3/4
2/28/81
9-3/4
9.85
2,887
2,519
42
42
0
0
0
3/31/83
9-1/4
9.35
2,930
2,535
2,930
2,535
395
3/31/81
9—5/8
9.68
3,516
2,867
-3
-12
9
1.500
1,500
1,500
0
1,021
714
307
2,627
2,627
455
455
2,090
2,005
2/15/87
11/15/08
9
8-3/4
9.01
3,209
9.03
2,801
2,278
2,001J
9.14
1.500
4/30/81
9-3/4
9.78
3,013
2,547
5/15/89
9-1/4
9.37
2,689
2,339
5/15/09
9-1/8
9.23
2,207
2,007
5/31/81
9-3/4
9.77
2,542
2,303""
2/15/94
9
0
0
0
0
6/30/81
9-1/8
9.22
3,057
2,807
6/30/83
3-7/8
8.89
2,793
8/15/94
8-3/4
8.81
3,123
1,506
1,506
1,506
1,506
0
7/31/81
9-3/8
3,047
37
37
0
8/15/82
9.41
3,217
9
9.06
3,586
9
2,811
2,528
(
84
0
9.00
3,028
5/15/09
9-1/8
8.92
2,398
8/31/81
9-5/8
9.65
3,714
3,258'
233
233
0
5/15/84
9-1/4
9.25
2,562
2,502
2,562
2,502
60
9/30/81
10-1/8
IL0.21
3,654
3,254
3,654
3,254
0
0
2/15/87
9/30/83
9-3/4
11/15/94
L0-1/8
10/31/81
5/15/83
12-5/8
11/15/89
2,001
,1,464
2,513
0
9.79
2,770
2,502
2,770
2,502
L0.17
1.501
1.501
1,501
0
3,902
1,501
38
38
0
0
ll, 046
1,046
12.66
11-5/8
11.64
4,372
3,551
10-3/4
10.75
2,401
2,751
2,001
0
1 1 / 1 5 / 09 1 0 - 3 / 8
1 1 / 3 0 / 8 1 12-1/8
10.44
2,315
2,001
12.24
4,803
4,301
12
12
0
0
10-3/8
10.40
2,501
2,501
2,501
2,501
0
5/15/85
Excludes amounts sold to Government investment accounts and the Federal Reserve. Also excludes add-ons to foreign accounts.
May be larger than the total if the Government accounts and/or the Federal Reserve do not fully roll-over their maturing holdings.
Additional amounts of securities issued to foreign and international monetary authorities at the average auction price for new cash.
0
235
II. PUBLIC O F F E R I N G S OF INTERMEDIATE- A N D LONG-TERM SECURITIES: G O V E R N M E N T SPONSORED AGENCIES
A m o u n t (millions of dollars)
Offering
date
Payment
date •
Length
Maturity
date
Yield
(percent)
FNMA
6/6
6/6
6/6
6/11
6/11
6/11
3-yr,10-mo
5-yr.
10-yr.
4/11/83
6/11/84
6/12/89
. 9.25
9.25
9.30
1,000
500
500
900
1,100
FNMA
6/27
6/27
6/27
7/10
7/10
7/10
3 - y r . 3-mo
5-yr.
8-yr.
10/11/82
7/10/84
7/10/87
9.00
9.05
9.10
500
1,000
500
1,000
1,000
FFCB
7/11
7/11
7/11
7/23
7/23
7/23
2 - y r . 6-mo
4 - y r . 6-mo
12-yr.
1/20/82
1/23/84
7/22/91
8.90
9.00
9.10
653
1,128
662
1,314
1,128
FHLB
7/19
7/25
1 - y r i 4-mo
11/25/80
9.30
700
0
700
FHLMC
7/19
8/2
3 0 - y r . 1-mo
9/15/09
10.05
200
0
200
FHLB
8/15
8/15
8/27
8/27
2 - y r . 9-mo
4 - y r . 6-mo
5/25/82
2/27/84
9.15
9.05
900
900
1,400
400
FNMA
8/30
9/10
3 - y r . 6-mo
3/10/83
9.50
700
1,000
-300
FFCB
9/19
10/1
4 - y r . 9-mo
6/4/84
9.70
749
201
548
FNMA
9/26
10/10
3-yr,11-mo
9/10/84
9.75
700
400
300
FFCB
10/11
10/11
10/11
10/23
10/23
10/23
3 - y r . 6-mo
7-yr.
10-yr.
4/20/83
10/20/86
10/23/89
10.90
10.75
10.60
542
630
414
1,069
517
FHLB
10/18
10/18
10/25
10/25
2-yr.10-mo
4 - y r . 7-mo
8/25/82
5/25/84
11.25
11.00
750
550
0
1,300
FNMA
11/8
11/13
4-yr.ll-mo
10/10/84
11.70
500
0
500
FHLB
11/15
11/15
11/15
11/26
11/26
11/26
1 - y r . 9-mo
3 - y r . 6-mo
7-yr.
8/25/81
5/25/83
11/26/86
12.30
11.60
11.30
1,000
1,000
600
1,700
900
FHLMC
11/15
12/3
2 9 - y r . 9-mo
9/15/09
12.48
150
0
150
FNMA
12/5
12/10
3 - y r . 6-mo
7/11/83
10.85
1,000
1,000
0
Issuer
1979
FFCB
FHLB
FHLMC
FNMA
—
—
—
—
Federal
Federal
Federal
Federal
1979
Farm Credit Banks
Home Loan Banks
Home Loan Mortgage Corporation
National Mortgage Association
Gross
proceeds
Maturing
issues
Net
proceeds
As of December 7, 1979
12. FORTHCOMING PUBLIC O F F E R I N G S OF INTERMEDIATE- A N D LONG-TERM SECURITIES: CORPORATE 1
Type
Issuer
1 s t mtg.
Com. s t k .
1 s t mtg.
Com. s t k .
Conv. d e b t .
Com. s t k .
1 s t mtg.
1 s t mtg.
1 s t mtg.
1 s t mtg.
Debt.
Notes
Debt.
Notes
Notes
Notes
1 s t mtg.
1 s t mtg.
Debt.
Com. s t k .
Com. s t k .
P u b l i c S e r v i c e Co. of Oklahoma
Union E l e c t r i c Co.
Houston L i g h t i n g & Power Co.
Northern Indiana P u b l i c S e r v i c e Co.
Wang L a b o r a t o r i e s I n c .
Utah Power & L i g h t Co.
Iowa E l e c t r i c L i g h t & Power Co.
Ohio Edison Co.
Commonwealth Edison Co.
Northern Indiana P u b l i c S e r v i c e Co.
High V o l t a g e E n g i n e e r i n g Corp.
Aristar Inc.
Gelco Corp.
Northwestern Mutual L i f e I n v e s t o r s
A s s o c i a t e s F i r s t C a p i t a l Corp.
United Grocers I n c .
Southwestern E l e c t r i c Power Co.
^ D e t r o i t Edison Co.
^Southwestern B e l l T e l . Co.
*E1 Paso E l e c t r i c Co.
^ P a c i f i c Power & L i g h t Co.
POSTPONEMENT
B r a n i f f I n t e r n a t i o n a l Corp.
Pfd. stk.
Amount
(millions of dollars)
Approximate date
of offering
55.0
80.0
125.0
29.0
50.0
46.0
25.0
100.0
250.0
60.0
25.0
35.0
55.0
25.0
50.0
30.0
60.0
50.0
450.0
25.0
75.0
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Jan.
Jan.
Jan.
Jan.
Jan.
75.0
Dec.
(
* Included in table for first time.
1 Includes only corporate and other security issues of $25 million and over; excludes exchanges, options, and secondary offerings.
10
11
11
12
12
12
12
13
13
13
13
7
8
15
15
16
2
As of December 7, 1979
1 3 . FORTHCOMING PUBLIC O F F E R I N G S OF INTERMEDIATE- A N D LONG-TERM SECURITIES: STATE A N D LOCAL 1
Issuer
* L a b e t t e C o . , KS
New C a s t l e C o . , DE
*Muskogee Co. Home F i n . A u t h . , OK
* B o s s i e r Pub. Trust F i n . A u t h . , LA
S o u t h e a s t Texas Hosp.
Odessa Hsg. C o r p . , TX
^Washington Pub. Power Supply S y s .
Orange Co. H e a l t h Fac. A u t h . , FL
El Paso C o . , TX
Phoenix, AZ
C a l i f o r n i a Hsg. F i n . Agcy.
Michigan, S t a t e of
*New York S t a t e Hsg. F i n . Agcy.
M i s s o u r i H e a l t h & Educ. Fac. Auth,
* D u n c a n v i l l e Hosp. A u t h . , TX
Alaska Hsg. F i n . Corp.
^Oakland, CA
Beaufort Co. Sch. D i s t . , S.C.
*
1
Type
Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
G • 0.
G.O.
Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
G.O.
Included in table for first time.
.
Includes state and local government issues of $25 million and over; excludes secondary offerings.
Amount
millions of dollars)
36.0
125.0
32.0
40.0
57.3
39.9
200.0
26.6
25.0
35.5
85.0
106.3
101.0
29.3
26.9
57.4
100.0
25.4
Approximate date
of offering
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
10
10
10
10
10
10
11
11
11
11
11
12
13
14
14
14
18
19
14. STOCK PRICES'
NYSE Index3
Date
AMEX4
DJ Industrials
NASDAQ5
1976-High
Low
57.51 (9/21)
48.04 (1/2)
1014.79 ( 9 / 2 1 )
858.71 (1/2)
107.05 (7/12)
84.31 (1/2)
92.52 (7/15)
78.06 (1/2)
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)
105.05 (12/30)
93.66 (4/5)
1978-Hlgh
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 ( 1 1 / 8 )
235.15 (10/5)
152.03 (1/2)
152.29 (10/5)
117.84 (1/2)
1979-Nov.
2
9
16
23
30
58.19
57.74
59.11
59.66
60.71
818.94
806.48
815.70
811.77
822.35
209.04
208.74
218.06
223.14
227.78
136.88
135.86
139.06
139.85
144.27
Dec.
7
61.56
833.19
232.26
147.49
15. TRADING V O L U M E 2
Date
NYSE
AMEX
NASDAQ
1976-High
Low
44.5 (2/20)
10.3 (1/2)
8.6 (2/20)
1.1 (1/2)
11.1 (2/20)
3.5 (1/2)
1977-High
Low
35.3 (11/11)
10.6 (10/10)
4.2 (1/12)
1.4 (9/22)
11.2 (11/10)
5.1 (5/27)
1978-High
Low
66.4 (8/3)
7.6 (1/20)
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)
24.5 (10/10)
7.2 (1/2)
25.8
25.9
29.9
32.lr
39.4r
4.0
3.1
3.8
4.Or
4.9r
11.4
11.5
13.4
12.7r
16.6r
34.8
4.5
17.3
1979-Nov.
2
9
1623
30
Dec.
7
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
12/31/65 = 50
8/31/73 = 100
2/5/71 = 1 0 0
16. SECURITY CREDIT?
Outstanding, dollar amounts in millions
.
End of period
Margin credit extended
by brokers on:
Marginable
stock
Convertible
bonds
Number of
margin accounts
(thousands)
Percent of debt
in accounts with
4 0 percent or more
customer equity
1976
7,960
204
810
88
1977
9,740
250
887
81
1978
10,830
205
955
67
1978 - Jan.
Feb.
Mar.
9,590
9,780
9,920
246
242
246
890
890
900
75
75
79
Apr.
May
June
10,260
10,660
11,090
248
245
242
915
930
945
85
85
84
July
Aug.
Sept.
11,190
11,740
12,400
247
243
225
955
965
990
87
88
85
Oct.
Nov.
Dec.
12,090
11,000
10,830
216
209
205
960
955
955
53
68
67
1979 - Jan.
Feb.
Mar.
10,750
10,790
10,870
199
195
181
950
950
965
79
71
79
Apr.
May
June
11,220
11,130
11,590
194
183
172
960
970
975
77
78
79
July
Aug.
Sept.
Oct.
11,840
12,060
12,000
11,310
178
176
177
173
960
975
985
985
81
86
84
73
1 FRASER
Margin account debt as reported by the New York Stock Exchange.
Digitized for
17. SAVINGS FLOWS A T SELECTED NONBANK THRIFT INSTITUTIONS
Millions of dollars
Mutual Savings Banks
(regular deposits) 1
Date
Net f l o w
N.S.A.
1976
12,670
1977
10,783
1978
8,426
Sea. adj.
- -
Annual
growth
rate 3
Savings and Loan Associations
Revised
Net f l o w
N.S.A.
Sea. adj.
Memo:
Net New Money 2
Total
Revised
Annual
growth
rate 3
Net
flow
(sea. adj.)
Annual
growth
rate 3
At
insured
S&L's
At
MSB's
11.5
50,169
-
"
17.4
62,409
15.7
34,369
5,283
8.8
50,888
- -
15.1
61,583
13.4
32,004
2,874
6.4
44,153
- -
11.4
52,794
10.1
23,460
-591
Feb.
Mar.
626
476
1,712
850
489
533
7.7
4.4
4.8
2,665
2,293
7,143
2,645
2,731
3,112
8.2
8.4
9.5
3,495
3,220
3,645
8.0
7.4
8.3
2,877
2,073
2,592
-59
170
338
Apr.
May
June
-209
436
1,304
494
559
723
4.4
5.0
6.4
557
2,376
6,648
2,334
3,092
4,654
7.1
9.3
13.9
2,828
3,651
5,377
6.4
8.2
12.0
401
2,145
1,744
-553
97
-90
July
Aug.
Sept.
341
260
1,378
668
1,054
1,116
5.9
9.2
9.7
3,070
2,310
6,425
3,828
4,575
5,763
11.3
13.4
16.7
4,496
5,629
6,879
9.9
12.3
14.9
2,812
2,069
1,606
38
-75
-41
Oct.
Nov.
Dec.
510
275
1,317
1,096
353
537
9.4
3.0
4.6
2,641
2,155
5,795
3,490
4,393
3,705
10.0
12.4
10.4
4,586
4,746
4,242
9.9
10.1
8.9
2,534
1,897
710
48
-59
-405
1979-Jan.
Feb.
Mar.
218
683
- 1,971
404
712
728
3.4
6.0
6.1
4,735
2,876
8,334
4,573
3,411
3,820
12.7
9.4
10.4
4,977
4,123
4,548
10.4
8.6
9.4
4,377
2,580
3,146
-118
342
463
Apr.
May
June
-832
61
890
-74
190
273
-0.6
1.6
2.3
-1,147
2,037
6,854
893
2,791
4,726
2.4
7.5
12.7
819
2,981
4,999
1.7
6.1
10.2
-1,490
1,627
1,469
-1,192
-341
-649
July
Aug.
Sept.
-318
-112
517
12,
707
244
0.1
5.9
2.0
2,015
1,199
4,770
2,820
3,618
4,037
7.5
9.5
10.6
2,832
4,325
4,281
5.7
8.7
8.5
1,455
717
-198
-714
-504
-1,000
-3.3
1,749
2,681
7.0
2,285
4.5
1,206
-1,400
197
-Jan.
Oct.p -1,000
-396
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 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. MORTGAGE COMMITMENTS O U T S T A N D I N G A T SELECTED INSTITUTIONS
Billions of dollars, seasonally adjusted
Federal and Related Agencies
Thrift Institutions
End of Period
Total
All savings
and loan
associations
Mutual
savings banks
(N.Y. state)
Total
FNMA
GNMA
FHLMC
1976
27.3
24.6
2.7
8.1
3.8
3.8
0.5
1977
39.2
34.7
4.5
11.3
5.4
4.5
1.4
1978
38.3
33.4
4.9
17.4
10.6
4.9
1.9
1978-Jan.
Feb.
Mar.
38.6
37.6
36.9
33.6
33.0
32.7
4.4
4.3
4.3
12.3
13.5
13.9
6.5
7.3
7.5
4.5
4.8
5.0
1.3
1.4
1.4
Apr.
May
June
36.2
35.8
35.9
32.3
31.9
31.5
4.3
4.3
4.6
14.0
14.9
14.6
8.0
9.0
8.7
4.8
4.6
4.4
1.2
1.3
1.5
July
Aug.
Sept.
35.6
36.2
36.7
31.5
31.9
32.3
4.6
4.6
4.4
15.2
15.0
15.9
9.0
8.8
9.4
4.5
4.3
4.5
1.7
1.9
2.0
Oct.
Nov.
Dec.
38,8
39.1
38.3
33.9
34.0
33.4
4.8
4.9
4.9
17.2
17.3
17.3
10.7
10.9
10.6
4.6
4.7
4.8
1.9
1.7
1.9
1979-Jan.
Feb.
Mar.
37.5
36.6
36.0
32.6
31.8
31.4
4.9
4.8
4.6
15.7
14.3
13.2
9.2
7.8
6.7
4.8
4.9
5.0
1.7
1.6
1.5
Apr.
May
June
36.0
35.4
35.2
31.6
31.3
31.1
4.4
4.1
4.1
12.6
11.9
11.3
6.3
6.0
5.4
4.9
4.7
4.7
1.4
1.2
1.2
July
Aug.
Sept.:;.
35.3
35.7
36.7
31.3
31.8
32.7
4.0
3.9
4.0
11,2
10.9
11.9
5.2
5.3
6.6
4.7
4.3
4.0
1.3
1.3
1.3
Oct.
36.1
32.4
3.7
n.a.
n.a
4.6
1.4
.
;
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 amount of non-residential commitments; S&L commitments also include loans in
process. Subtotals may not add to total because of rounding.
17
19. NET NEW MONEY BORROWINGS BY MAJOR HOUSING CREDIT AGENCIES
Millions of dollars
Period
Total including
short-term
discount notes
Intermediate- and long-term issues
Total
FHLB
FHLMC
FNMA
FNMA and FHLB
short-term
discount notes
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
5-Jan.
Feb.
Mar.
563
1,731
912
82
1,399
-1
0
1,399
-1
82
0
0
0
0
0
481
332
913
Apr.
May
June
701
3,338
1,504
470
1,496
1,300
-1
1,498
0
-129
-2
300
600
0
1,000
231
1,842
204
July
Aug.
Sept.
1,626
1,550
1,627
1,900
1,000
1,076
700
1,000
0
0
0
126
1,200
0
950
-274
550
551
Oct.
Nov.
Dec.
1,799
1,429
2,250
1,695
1,113
2,048
-5
1,114
598
0
-1
200
1,700
0
1,250
104
316
202
I-Jan.
Feb.
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
Au g . ,
Sept.-'
1,625
360
633
1,916
613
-56
700
415
0
216
198
244
1,000
0
-300
-291
-253
689
Oct* 6 -'
1,981
1,581
1,300
-19
300
400
Based on data from Treasury Survey of Ownership.
18
2 0 . NET CHANGE IN MORTGAGE HOLDINGS A T SELECTED INSTITUTIONS
Millions of dollars, seasonally adjusted
Major private financial institutions
Period
Total *
Total
Commercial
' banks
MSB's
S&L's
Life insur.
companies
FNMA
and
GNMA
Mortgagi3 pools
FHLMC
GNMA- * FHLMCguaranteed iguaranteed
1976
76,152
65,603
14,600
4,074
4/:, 515
2,414
-2,120
-718
12,314
1,073
1977
114,568
96,407
26,500
6,595
58,158
5,184
890
-993
14,325
3,939
1978
1 2 6 , 0 9 1 102,875
35,400
6,378
51,695
9,402
8,696
-212
9,451
5,281
19 78-Jan.
Feb.
Mar.
9,697
7,320
10,300
8,146
7,953
8,551
2,748
2,537
2,632
587
554
625
4,319
4,384
4,736
492
478
558
350
487
505
—84
17
239
911
-459
932
364
326
73
Apr.
May
June
9,259
11,532
10,887
7,836
8,665
8,983
2,356
3,053
3,292
520
583
468
4,349
4,300
4,472
611
729
751
660
1,420
870
—88
-198
-731
468
1,103
786
383
542
979
July 10,381
Aug. 1 0 , 4 8 5
Sept. 10,508
8,337
9,026
8,546
3,426
3,231
3,162
594
544
498
3,647
4,214
4,188
670
1,037
698
538
915
808
-300
516
18
808
843
761
998
-815
375
Oct.
Nov.
Dec.
11,431
11,783
10,691
8,738
9,341
8,602
3,027
3,067
2,854
456
626
263
4.450
4,762
3,818
805
886
1,667
898
604
654
268
178
-49
1,017
1,235
994
510
425
490
1979-Jan.
Feb.
Mar.
10,371
9,777
10,006
7,973
7,346
7,241
2,840
2,466
2,362
575
486
395
3,925
3,451
3,414
633
943
1,070
820
846
1,125
231
74
338
1,205
1,083
1,266
142
428
36
Apr.
May
June
9,758
11,237
10,864
7,495
8,322
8,471
2,464
2,348
2,789
375e
356
330
3,780
4,641
4,362
876
977
990
466
1,016
610
— 60
- 45
- 84
1,540
1,469
1,610
317
475
257
July
Aug.
Sept.
9,941
10,173
8,216
6,992
7,998
2,886
2,589
3,062
415
3,741
3,484
3,498
1,174
-2.20
515
79
156
162
1,597
2,129
2,152
269
381
308
10,620
-75
280
994
1,158
191
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 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 from those derived from regular
quarterly series because of minor conceptual differences for which adjustments are not made in the monthly series. Altogether, these groups accounted
for 89 percent of the net increase estimated for all holders in 1978.
*
S e a s o n a l l y a d j u s t e d data r e v i s e d due t o r e e s t i m a t l o n of s e a s o n a l f a c t o r s .
21. NET CHANGE IN MORTGAGE DEBT OUTSTANDING, BY TYPE OF P R O P E R T Y 1
Billions of dollars, seasonally adjusted annual rates
Residential 2
Quarter
Total
1976-Q1
Q2
Q3
Q4
Commercial
Multifamily
and
commercial
Farm
Total
1 - to 4family
80.9
74.5
93.1
99.6
62.5
55.0
72.7
78.9
61.0
55.2
68.9
76.5
1.5
-0.2
3.8
2.4
13.3
14.8
13.5
13.0
14.8
14.5
17.2
15.5
5.2
4.7
6.9
7.7
1977-Q1
Q2
Q3
Q4
108.5
133.8
140.9
152.8
85.9
110.0
114.5
118.6
81.6
101.8
106.2
110.2
4.2
8.3
8.3
8.4
14.0
14.5
17.8
25.6
18.2
22.8
26.1
34.0
8.6
9.2
8.6
8.7
1978-Q1
Q2
Q3
Q4
133.2
145.9
154.8
161.3
104.9
114.6
116.1
124.6
95.8
105.3
104.0
114.2
9.1
9.2
12.0
10.4
19.3
21.7
26.9
26.2
28.4
31.0
38.9
36.6
9.0
9.6
11.8
10.5
1979-Q1
Q2p
152.8
156.8
114.7
116.0
105.1
105.7
9. 6
10.3
25.8
27.7
35.4
39.0
12.3
13.1
1
Multifamily
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 Residential mortgage debt includes nonfarm and is the sum of 1- to 4-family and multifamily mortgage debt.
20
2 2 . 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 market
Conventional mortgages
F H A / V A mortgages
Rates on
conventional
loans at
S&L's
Period
Yield in
FNMA
auction
Period
Discount
points
in FNMA
auction
Ceiling
rate
Yield o n
GNMA
securities
Yield in
FNMA
auction
Yield in
FHLMC
auction
9.31
1976-High
Low
9.20
8.39
4.93
2.05
9
8
8.44
7.57
8.80
9.00
1977-High
Low
8.98
8.46
5.03
1.50
8-1/2
8
8.39
7.56
9.21
8.65
8.81
9.02
8.63
1978-High
Low
9.73
8.98
1978-High
Low
9.86
9.13
5.92
4.00
9
8 1/2
8.43
9.05
10.07
9.28
10.42
1979-High
Low
12.85
10.38
1979-High
Low
13.29
10.42
12.54
4.16
11-1/2
9-1/2
11.69
9.51
13.80
10.92
13.56
10.40
1
8
15
22
29
10.90
11.03
11.05
June
10.79
5.10
11.54
10.74
4.81
10
10
10
10
10
9.83
9.76
9.72
11.10
11.10
4
11
18
25
July 2
6
13
20
27
11.13
July
10.66
4.31
4.22
9.69
9.78
9.80
9.88
11.54
10.65
10
10
10
10
11.51
10.82
10.88
3
11.08
11.08
11.08
11.10
10.64
4.16
9.82
11.50
10.99
10.69
4.46
10.92
5.90
10
10
10
10
10
11.25
7.91
11.66
7.25
1976-High
Low
9.10
1977-High
Low
1979-June
July
Aug.
8.70
10
17
24
31
11.08
11.08
11.08
11.13
Sept. 7
14
21
28
11.20
Oct.
11.35
11.45
11.75
5
12
19
26
11.30
11.35
11.35
9
16
23
Aug.
13
20
27
Sept. 4
S e p t . 10
17
24
Oct.
15
22
29
12.00
12.80
Nov.
12.85
12.80
12.80
9
16
23
30
Nov.
10
12.60
12.54
13~ 29
10.43
5
13
12.93
8.44
27
12.57
6.45
20
10
10
10-1/2
9.82
11.60
9.69
9.88
9.90
10.03
10.14
10.36
10.38
10.36
10.65
10-1/2
10-1/2
10-1/2
11-1/2
11.77
11,58
11-1/2
11-1/2
11-1/2
11-1/2
11.73
11.51
11.69
11.32
11.53
11.67
11.83
11.99
11.04
11.11
11.13
11.16
11.01
10.94
10.87
11.10
11.20
11.28
11.37
11.49
11.57
11.63
11.64
11.64
11.02
11.21
9.12
12.75
13.80
13.97
13.35
12.17
12.84
13.36
13.56
13.22
13.00
12.89
Column 2 is average of contract interest rates on commitments for conventional first mortgages with 80 percent loan-to-value ratios made by a sample of
insured S&Ls. Columns 4 and 8 are average gross yield to FNMA before deduction of the fee of 37V4 basis points paid for mortgage servicing. They reflect
the average accepted bid yield for first mortgages for optional delivery within 4 months, assuming prepayment in 12 years for 30-year loans, without
adjustments for FNMA commitment fees and FNMA stock retention requirements. Column 7 is a 1 -day quote on average net yields to investors on GNMAguaranteed mortgage-backed securities for immediate delivery, assuming prepayment in 12 years on pools of 30-year FHA/VA mortgages carrying a
coupon rate 50 basis points below the current FHA/VA ceiling rates shown in Column 6. Column 9 is the average net yield to FHLMC on accepted bids
in its weekly auction of commitments to buy conventional home mortgages for immediate (within 60 days) delivery.
23. FNMA AUCTIONS OF COMMITMENTS TO PURCHASE HOME MORTGAGES
Dollar amounts in millions
F H A / V A mortgages
Date of
auction
Offered
1977-High
Accepted
Conventional mortgages
Average yield
Offered
Accepted
Average yield
855.4
50.3
569.7
35.1
8.98
8.46
415.9
122.9
278.0
70.5
9.21
8.81
1,249.4
130.3
605.3
80^1
10.60
9.13
716.9
74.7
362.5
47.5
10.92
9.28
1,034.9
36.5
448.3
19.4
13.29
10.42
454.0
19.4
165.9
17.9
13.80
10.92
613.5
807.6
285.0
314.9
10.92
11.25
289.7
237.6
172.2
153.4
11.67
11.83
1
15
29
891.1
1,017.4
1,034.9
360.8
448.3
321.3
11.66
12.60
13.29
195.0
400.9
454.0
126.6
165.9
138.7
11.99
12.75
13.80
Nov. 13
27
357.7
200.7
168.7
95.9
12.93
12.57
274.4
91.7
136.9
53.3
13.97
13.35
Low
19 7 8-High
Low
1979-High
Low
1979-Sept. 4
17
Oct.
2 4 . FHLMC AUCTIONS OF COMMITMENTS TO PURCHASE HOME MORTGAGES
Conventional mortgages, dollar amounts in millions
Immediate delivery program
Date of
auction
Offered
1977-High
Low
303.0
76.7
132.6
49.8
9.02
8.63
1978-High
Low
359.7
71.2
191.7
53.6
1979-High
Low
298.0
56.3
Nov.
Future c o m m i t m e n t program
Average yield
Offered
Accepted
Average yield
262.8
66.4
131.0
35.3
9.03
8.63
10.42
9.12
247.1
69.7
84.4
18.2
10.54
9.20
150.5
48.4
12.84
10.40
166.6
70.6
37.8
19.7
11.85
10.43
147.4
126.4
101.0
101.9
106.1
106.2
84.9
93.9
11.49
11.57
11.63
11.64
71.9
29.1
11.85
5
12
19
26
182.8
186.0
134.8
82.3
121.3
73.7
59.4
47.2
11.64
12.17
12.84
13.36
134.6
23.5
13.89
2
9
16
50.8
57.5
50.6
42.8
50.8
33.7
13.56
13.00
1979-Sept. 7
14
21
28
Oct.
Accepted
-
"
Offerings in the FNMA auctions of 4-month purchase commitments relate to total bids submitted, and average yields to FNMA on accepted bids are gross
(before deduction of 37% basis points for mortgage servicing) assuming prepayment in 12 years for 30-year mortgages, without adjustments for FNMA
commitment fees or stock related requirements. Offerings in the FHLMC auctions relate to total bids submitted, and average yields to FHLMC on
accepted bids are net, excluding 37% basis points for mortgage servicing.
Source: FNMA and FHLMC
22
25. ISSUES OF MORTGAGE-BACKED SECURITIES
Millions of dollars, not seasonally adjusted
Pass-through securities
Period
GNMA-guaranteed
N e w issues
Outstanding
(end of period)
N e w issues
Outstanding
(end of period)
Public offerings
of mortgagebacked bonds
Outstanding
by savings and
(end of period)
loan assoc.
Privately insured
F H LMC-guaranteed
N e w issues
1976
13,764
30,571
1,396
2,671
n.a.
n.a.
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
Mar.
1,327
929
1,315
45,890
45,325
46,357
504
470
120
7,033
7,431
7,471
0
10
119
236
243
358
0
0
50
Apr.
May
June
823
1,255
999
46,463
47,387
48,033
466
651
1,093
7,861
8,434
9,422
201
135
23
557
689
703
290
75
0
July
Aug.
Sept.
997
1,648
1,203
48,663
50,051
50,844
299
725
394
10,371
10,224
10,512
72
35
33
764
797
822
0
50
0
Oct.
Nov.
Dec.
1,762
1,721
1,381
52,095
53,358
54,347
369
581
540
10,987
11,463
11,892
57
36
275
872
897
1,161
0
0
0
1979-Jan.
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
51
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.
2,639
530
14,838
1978-Jan.
Feb.
Feb.
75
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.
@FedFRASER