Full text of H.16 Capital Market Developments : December 15, 1980

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December 15, 1980

Capital
Market

Developments^
.BdSl

Prepared by
the Capital Markets Section
in conjunction with
the Mortgage and Consumer Finance Section
and the Government Finance Section
Division of Research and Statistics
Board of Governors of the Federal Reserve System
Washington, D C. 20551




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

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 $15.00 per year or $.40 each in the United States, its possessions, Canada, and Mexico; 10 or more of the same issue to one
address, $13.50 per year or $.35 each. Elsewhere, $20.00 per year or $.50 each. Address requests to Publications Services, Division of
Support Services, and make payment remittance payable to the order of the Board of Governors of the 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

Corporate Bond Market

Week ending
1980-0ct.

3
10
17
24
31

Nov.

7
14
21
28

Dec.

New issue
Aaa utility1

Yields
Recently offered
Aaa utility2

13.08
13.02
12.62
13.21
13.92

——

13.85
——

5
12

mm mm

14.53p

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
14.02

5
510
510
252

100
100
100

0
68
0
0

14.16
14 «98p

647
830

99
100

9
4

87

2. YIELDS, VOLUME AND RECEPTION
Municipal Bond Market
Volume

Yields
Week ending

Moody's new
issue Aaa

Bond Buyer
G.O. bond
index

Bond Buyer
Rev. bond
index

Gross offerings
($ millions)

Percent sold by
end of w e e k 3

New issues in
syndicate 4
($ 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
8.60

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

Dec.

5
12

9.20
9.40

9.84
10.42

10.94
11.30

201
951

93
93

77
113

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 four weeks.
Estimated by F.R. on the basis of available data.
Corporate Market: Salomon Brothers Bond Market Roundup; Municipal Market: Weekly Bond Buyer. Data are adjusted by Federal Reserve when
necessary t o make coverage of this series consistent with the gross offerings series.




3. HIGH GRADE BOND YIELDS
New issue
Aaa utility 1

Date

Recently offered
Aaa utility 2

Moody's
seasoned
corporate A a a 3

U.S. govt.
20-year constant
maturity 4

Bond Buyer
G.O.bond
index 5

1977-High
Low

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

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

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

1978-High
Low

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

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

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

1979-High
Low

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

1980-High
Low

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

14.13(12/5) 13.14(12/5)
10.79(6/20) 10.34(6/20)

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

7.38(10/26)
6.08(7/6)
9.84(12/5)
7.11(5/9)

Bond Buyer
Rev. bond
index 6

—

8.24(11/23)
7.23(9/21)
10.94(12/5)
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.
Nov.

13.18
13.85

13.13
13.91

12.31
12.97

11.75
12.44

9.11
9.56

9.97
10.43

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
13.91
14.02

12.96
12.93
12.96
13.03

12.56
12.45
12.38
12.37

9.64
9.50
9.50
9.61

10.43
10.39
10.38
10.51

14.16r
14.98p

13.15r
13.39p

12.48r
12,82p

9.84
10.42

10.94
11.30

1980-0ct.

3
10
17
24
31

Nov.

7
14
21
28

Dec.

1
2
3
4
5
6

5
12

——
—"

13.85

14.53p

-

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 classified by
Moody's Investors Service. Weekly Bond Buyer data.
Thursday figures. The average rating of the 25 revenue bonds used in this index falls midway between the five top groups as classified by Moody's
Investors Service. Weekly Bond Buyer data.




5
4. LONG-TERM CORPORATE AND STATE AND LOCAL GOVERNMENT SECURITY OFFERINGS AND PLACEMENTS

Gross proceeds, millions of dollars
State and Local
1979
2,840
2,603
4,644

January
February
March

1978
3,326
2,770
4,569

Corporate
1979
3,770
3,165
4,354

1980
6,210
4,452
4,353

1978
3,306
2,753
4,844

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

7,941
5,371
4,922

3,920
6,407
2,323

3,396
4,256
2,472

4,687
3,782
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

4,6one
3,000e

47,264

51,464

48,512

43,365

Period

Year
1
2
e

1980
3,042
2,381
2,379

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

Total 3

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

Other

Decreased)/ Sponsored
agency
increase(—)
borrow! ng4
in cash
operating
balance

CY- / -1978
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

9,737
16,384
8,347
11,111
-4,434 j 6,260

6,807
7,815
526

2,602
3,245
7,026

456
219
-1,407

-76
-28
-36

2,986
-701
-2,199

3,661
-2,063
8,495

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 amount of public debt securities and government agency securities less change in holdings of those securities by government
accounts.
Also includes changes in matured and noninterest-bearing public debt.
Change in outstanding amount of marketable securities issued by Federal Farm Credit Banks, Federal Home Loan Banks, Federal Home Loan Mortgage Corporation, Federal National Mortgage Association.

5 GY = Calendar Year,



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

Total

Publicly
offered

Privately
placed

Memo
Issues included
Convertible
Foreign

Common and
preferred
stocks

1977
1978
1979

53,792
47,230
51,464

24,072
19,815
25,814

17,943
17,057
14,325

11,777
10,358
11,325

1,340
1,349
1,008

863
418
2,229

1980-QI
QII
QUI

15,015
24,255
18,234

5,861
18,186
11,618

4,600
2,072
1,909

4,554
3,997
4,707

169
529
631

908
967
1,510

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.
Sept.

7,941
5,371
4,922

5,354
3,843
2,421

1,213
304
392

1,374
1,224
2,109

100
191
340

208
805
497

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

Communications

Other issuers 1

13,393
10,813
11,346

14,127
12,232
13,289

4,442
3,640
4,522

21,827
20,549
22,309

1980-QI
QII
QUI

3,907
6,838
5,819

4,966
4,135
3,652

1,278
2,182
1,936

4,864
11,101
6,823

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
Aug.
Sept.

3,016
1,792
1,011

1,030
1,434
1,188

787
626
523

3,106
1,519
2,198

1977
1978
1979

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
Issuer

Date

12/2
W i s c o n s i n E l e c t r i c Power Co.
12/2
Wang L a b o r a t o r i e s I n c .
12/2
F l o r i d a Power & L i g h t Co.
12/3
F o r d Motor C r e d i t Co.
12/3
F o r d Motor C r e d i t Co.
12/3
Wheelabrator-Frye Inc.
P a c i f i c Gas T r a n s m i s s i o n Co. 1 2 / 3
12/4
Peho-Lewis C o r p .
12/4
S h e a r s o n Loeb Rhoades I n c .
12/4
Nike I n c .
12/5
Centex C o r p .
12/5
United Energy Resources I n c .
12/5
D e t r o i t E d i s o n Co.
Dean W i t t e r R e y n o l d s O r g . I n c 1 2 / 5
12/8
Gen 1 1• T e l . Co. of C a l i f .
12/9
S o u t h w e s t e r n B e l l T e l • Co.
12/9
L o u i s a n a Power & L i g h t Co.
12/9
Union E l e c . Co.
12/10
P a c i f i c Gas & E l e c . Co.
F i r s t Union R e a l E s t a t e E q u i t y
12/11
& Mtg.
12/11
S u n s h i n e M i n i n g Co.
12/11
Potomac E d i s o n Co.
12/11
A r c h e r - D a n i e l - M i d l a n d Co.
Everest & Jennings I n t e r n e t ' 1 .
12/11
Co.
12/12
Mountain F u e l S u p p l y Co.
12/12
Apple Computer I n c .
12/12
Oak I n d u s t r i e s

OTHER
Dreco E n e r g y S e r v . Ltd.
Sweden, Kingdom of

»
1

12/3

Type

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

stk.
stk.
stk.
stk.

Com. s t k .

12/10 N o t e s

Amount
(millions
of dollars)

80.0
100.0
43.9

200.0
100.0
100.0
28.8

Maturity

Coupon
rate

Offering
yield

1986
2005

13.75
9.50

13.75
9.50

Aa/AA
Ba/BB-

1986
1990

15.75
15.75
8.25

15.90
15.90
8.25

Aa/A
Aa/A
Baa/--

1990

15.25

15.25

--/A-

2005
1990
2020
1988

10.00
14.13
14.25
15.75

14.13
14.25
15.85

10.00

Ba/BBBA/A
Aaa/AAA
Baa/BBB

35.4

60.0
29.9
64.5

100.0
38.9
50.0

100.0
400.0
50.0
58.4

120.0

40.0
25.0
25.0
119.0

— / —

2006
1995

10.00

8.50
15.64

8.50
15.64

—/BBB+
—/B
Baa/A-

13.65

13.65

Aaa/AAA

10.00

26.0
39.8

110.0
28.7

26.3

200.0

1985

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

8
9. P U B L I C O F F E R I N G S O F 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

M i s s o u r i Hsg. D e v e l . Comm.
".lew York S t a t e Urban Dev.
Corp.
New York S t a t e Urban Dev.
Corp.
New York S t a t e Urban Dev.
Corp.
New York S t a t e Urban Dev.
Corp.
F l o r i d a , S t a t e of
Chicago School F i n . A u t h . ,
II.
Washington P u b l i c Power
Supply System
Washington Pub. Power Supply
System
Hamilton C o . , OH
Hamilton C o . , OH
Hamilton C o . , OH
Hamilton C o . , OH
New C a s t l e County, DE
New C a s t l e County, DE
New C a s t l e County, DE
Wyoming Comm. Dev. Auth.
Wyoming Comm. Dev. Auth.
Wyoming Comm. Dev. A u t h .
Wyoming Comm. Dev. A u t h .
Wyoming Comm. Dev. A u t h .
Washington Co. I n d u s . Dev.
A u t h . , PA
Rhode I s l a n d Hsg. & M o r t .
F i n . Corp.
Rhode I s l a n d Hsg. & M o r t .
F i n . Corp.
Rhode I s l a n d Hsg. & M o r t .
F i n . Corp.
Rhode I s l a n d Hsg. & M o r t .
F i n . Corp.

1
2
3

Date

Type2

Amount
(millions
of $ )

Maturity

Net
interest
cost

Moody's/S&P's
ratings

12/2

Rev.

50.0

1982-2012

10.81

8.75-11.0(

Aa/AA

12/8

Rev.

8.0

1982-1994

11.71

8.75-11.20

A/A-

12/8

Rev.

3.5

1998

11.71

11.75

A/A-

12/8

Rev.

17.0

2005

11.71

11.90

A/A

12/8
12/9

Rev.
Rev.

28.4

2011
1982-2001

11.71
9.39

12.00

66.0

7.70-9.70

A/A
Aa/AA

12/9

G.0.

83.0

1982-2009

12.76 10.00-12.5C

12/9

Rev.

50.0

2010

12/9
12/9
12/9
12/9
12/9
12/10
12/10
12/10
12/10
12/10
12/10
12/10
12/10

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

150.0
3.7
5.2

25.3
14.6
42.1
17.0

1989-2013
1985-1995
2001
2003
2011
1981-1993
2000
2011
1982-1995
2000
2002
2007
2008

12/11

Rev.

60.0

1983

n.a.

12/12

Rev.

27.1

1981-1993

n.a.

12/12

Rev.

11.4

1999

n.a.

11.38

Aa/AA

12/12

Rev.

15.5

2007

n.a.

11.75

Aa/AA

12/12

Rev.

6.0

2008

n.a.

11.75

Aa/AA

2.6

19.6
16.9
15.4
57.8

26.0

11.83

11.75

12.44 1 0 . 5 0 - 1 2 . 2 5
8.50-10.6C
n.a.
11.50
n.a.
11.65
n.a.
12.00
n.a.
8.20-10.7
n.a.
11.00
n.a.
12.00
n.a.
8.25-10.50
n.a.
11.38
n.a.
11.13
n.a.
11.38
II • SI e
11.30
n.a.

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




Offering
yield

9.00

Baal/AAA1/A+
A1/A+
A/A+
A/A+
A/A+
A/A+
Aa/AA
Aa/AA
Aa/AA
Aa/AA
Aa/AA
Aa/AA
Aa/AA
Aa/AA
A/Al

8.20-10. 5(1 Aa/AA

OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: U.S. TREASURY
id Bonds

Length

15yr lmo
2yr

Maturity
date

15yr lmo
2yr
3-l/4yr
9-l/2yr
30yr

Amount (millions of dollars)
Net proceeds

Gross proceeds

reign

Total

Private 1

Total

1,502
4,484

1,502
4,051

1,502
609

0
0

d-ons

10.60
11.52

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

0

4,497
2,719

4,098
2,719

677
2,719

0
200

3/31/82
3/31/84

15
14-1/4

15.01
14.29

4,072
2,974

3,572
2,605

910

0
66

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

0
0

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

102
55
0

9.37
9.66
8.63
8.99

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

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

3,293
3,030

-681

0
285
214
0

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

1,504
5,337r

1,504
4,549

1,504
1,173

0
0

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

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

1 4 y r lOmo
2 yr

5/15/95
7/31/82

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

10.12

1,186

0
0
0
0
65

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

9.88
10.81
10.71
11.24
11.76

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

4,082
2,762
1,500
4,557
3,087 •

LI—7/8
12-1/8

11.93
12.13

5,120
3,369

4,570
3,030

1,214

0
0

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

11.61
12.24

1,482
4,812

1,482
4,392

1,482

0
0

13.31
13.07

4,313
2,663

3,813
2,443

3-1/4 yr 11/15/83
8/15/90
10 y r
29-1/4 yr 11/15/09
8/31/82
?-yr
5 - y r 2 - 1 / 2 1.11/15/85
2-yr
4-yr

9/30/82
9/30/84

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

2/15/86

12.81

13.99

2,160

2,001

3,049
1,582
3,087

1,228
1,022

]

2,813

13-1/2 13.52

nounts sold to Government investment accounts and the Federal Reserve. Also excludes add-ons to foreign accounts.
ier than the total if the Government accounts and/or the Federal Reserve do not fully roll-over their maturing holdings,
amounts of securities issued to foreign and international monetary authorities at the average auction price for new cash.




emo:

10-1/2
11-1/2

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
5yr 2-l/2mo 5 / 1 5 / 8 5
2yr
4yr

Coupon Auction
average
rate
(percent) (percent)

0
190
0
0
0

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 1-mo

4/12/82
5/10/84

15.30
14.25

600
1,000

1,100

500

FFCB

4/9
4/9
4/9

4/21
4/21
4/21

3-yr
5-yr
8-yr

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

13.40
13.25
12.65

1,030
811
454

1,165

1,130

FNMA

4/30
4/30

5/12
5/12

4 - 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 7 / 2 6 / 8 2
3 - y r 10-mo 3 / 2 6 / 8 4
6 - y r 9-mo 2 / 2 5 / 8 7

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 5 / 1 0 / 8 3
4 - y r 7-mo 1 / 1 0 / 8 5
6/10/88
8-yr

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 / 8 5

9.20

1,214

323

891

FNMA

7/2

7/10

4 - y r 11-mo 6 / 1 0 / 8 5

9.95

1,000

550

450

FFCB

7/9
7/9
7/9

7/21
7/21
7/21

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

9.30
10.00
10.40

841
1,002
600

1,175

1,268

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 1-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

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

8/25/82
7/25/85

13.10
12.80

1,200
750

1,800

150

FFCB

11/26

12/1

2 - y r 3-mo

9/1/83

13.75

521

0

521

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

FFCB
— Federal Farm Credit Banks
FHLB
— Federal Home Loan Banks
FHLMC - Federal Home Loan Mortgage Corporation
FNMA
- Federal National Mortgage Association




As of December 12, 1980
1 2 . FORTHCOMING PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES:
Issuer

Arkansas Power & L i g h t Co.
Boston Edison Co.
P a c i f i c Northwest B e l l Telephone Co.
C e n t r a l Power & L i g h t Co.
Gulf S t a t e s U t i l s . Co.
Mission I n s u r a n c e Group I n c .
C i t i e s S e r v i c e Co.
Richmond Tank Car Co.
*Amax I n c .
Kansas C i t y Power & L i g h t Co.
Steego Corp.
MGF O i l Corp.
Leasco Corp.
Macy C r e d i t Corp.
ITT F i n a n c i a l Corp.
Texas I n s t r u m e n t s I n c .
F l o r i d a T e l . Corp.
P o t l a t c h Corp.
P u b l i c S e r v i c e E l e c . & Gas Co.
Citicorp
^Appalachian Power Co.
*New England Power Co.
^ P a c i f i c Power & L i g h t Co.
General F e l t I n d u s t r i e s
United 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 England Power Co.
Standard P a c i f i c Corp.

Type

CORPORATE

Amount
(millions of dollars)

Approximate date
of offering

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

70.0
40.0
300.0
75.0
25.0
50.0
250.0
30.0
150.0
25.0
25.0
30.0
70.0
60.0
100.0
100.0
35.0
75.0
50.0
150.0
40.0
50.0
50.0
55.0
75.0
30.0
25.0
50.0
25.0

Dec. 16
Dec. 16
Dec. 16
Dec. 17
Dec. 17
Dec. 18
Dec. 18
Dec. 18
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
J a n . 13
Indef.
Indef.
Indef.
Indef.
Indef.
Indef.

OTHER
F i n l a n d , R e p u b l i c of
Gulf Canada L t d .
Canadian N a t i o n a l Railway Co.
E l e c t r i c i t e De F r a n c e

Notes
Bonds
Debt.
Notes

250.0
200.0
150.0
100.0

Dec.
Indef.
Indef.
Indef.

POSTPONED
Union P a c i f i c R.R. Co.
Alabama Power Co.
Houston L i g h t & Power Co.

Equip, t r .
1 s t . mtg.
Pfd. stk.

25.5
125.0
35.0

Dec. 9
Dec. 10
Dec. 10

*

Included in table for first time.

1 I n c l u d e s o n l y c o r p o r a t e and o t h e r s e c u r i t y i s s u e s of $25 million and over•; excludes
exchanges, o p t i o n s , and secondary o f f e r i n g s .




12
As of December 12, 1980
13. FORTHCOMING PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: STATE AND LOCAL 1
Issuer

Type

Bexar Co. Hsg. F i n . C o r p . , TX
New J e r s e y H e a l t h Care F a c . F i n . A u t h .
P i t t s b u r g h , PA
Denton Co. Hsg. F i n . C o r p . , TX
I l l i n o i s Health Fac. Auth.
" V i r g i n i a Hsg. Dev. A u t h .
• H o u s t o n , TX
D e l a w a r e , S t a t e of
Monroe-West Monroe Pub. T r u s t F i n . A u t h .
* J e f f e r s o n C o . , CO
• C o n n e c t i c u t Hsg. F i n . A u t h .
•Brooke C o . , W. Va.
Montgomery Co. Hsg. Comm., MD
Michigan S t a t e Hosp. F i n . A u t h .
S t . L o u i s , MO
A l b u q u e r q u e , N.M.
B u t l e r Co. I n d u s . Dev. A u t h . , PA
Simi V a l l e y Comm. Dev. A g c y . , CA
S t . Tammany P u b l i c T r u s t F i n . A g c y . , LA
C a l c a s e u P a r i s h Hm. M o r t . Pub. T r u s t , LA
D e t r o i t , MI
*Los A n g e l e s , CA
New O r l e a n s Home M o r t . A u t h . , LA
• O n t a r i o Redev. A g c y . , CA
Los. A n g e l e s , CA
Sacrmento C o . , CA
S o u t h e r n C a l i f o r n i a Rapid T r a n s i t D i s t . , CA
San Diego C o . , CA
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
•Oregon, S t a t e of
• A u s t i n , TX

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

POSTPONED
L e x i n g t o n F a y e t t e Urban Co. G o v ' t . , KY
U n i v e r s i t y of C a l i f o r n i a
San Diego C e n t e r C i t y Redev. C o r p . , CA
• N e b r a s k a Mortgage F i n . Fund
• O a k l a n d , CA
Richmond, VA
West V i r g i n i a
J e f f e r s o n P a r i s h S c h . B d . , LA
• T u l a r e C o . , CA.
C a l i f o r n i a , S t a t e of

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

*
1

Included in table for first time.
Includes state and local government issues of $ 2 5 million and over; excludes secondary offerings.




Amount
(millions of dollars)

30.0
34.6
46.0

Approximate date
of offering

45.0

Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Jan.
Jan.

15
15
15
15
15
16
17
17
19
19
19
19
19
19
19
19
19
19
19
19
19
19
19
19
19
19
19
19
26
7
8

50.0
30.0
67.6
50.0
33.0
43.8
50.0
45.0
27.6
65.0

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

10
18
9
12
16

26.0

31.3
75.0
30.0
45.0
30.0
50.0
50.0
49.6
25.0
51.3
40.0
46.1
35.0
40.0
50.0
50.0
45.0
73.2
50.0
48.0

81.0
75.0
25.0

100.0
75.0

200.0

14. STOCK PRICES1
NYSE I n d e x 3

Date

1977-High
Low

1978-High
Low

1979-High
Low

Low

1980-Dec.

5
12

NASDAQ 5

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

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

127.89 ( 1 2 / 3 0 )
109.61 (1/12)

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

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

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

176.87 ( 9 / 1 5 )
119.73 (1/11)

1 3 9 . 2 5 (9/13)
99.09 (1/11)

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

897.61 (10/5)
796.67 ( 1 1 / 8 )

247.07 ( 1 2 / 3 1 )
152.03 (1/2)

152.29 ( 1 0 / 5 )
117.84 ( 1 / 2 )

1000.17 ( 1 1 / 2 0 )
759.13 ( 4 / 2 1 )

370.75 (11/28)
215.69 ( 3 / 2 7 )

2 0 8 . 1 5 (11/28)
124.09 ( 3 / 2 7 )

355.17
333.48

203.02
191.22

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

1980-High

AMEX4

DJ Industrials

956.23
917.15

77.16
74.16

15. TRADING VOLUME 2
Date

NYSE

Low

1978-High
Low

1979-High
Low

1980-High
Low

1980-Dec.

1
2
3
4
5

5
12

AM EX

1 1 . 2 (11/10)
5 . 1 (5/27)

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

11.0 (10/30)
1 . 3 (1/20)

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

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

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

2 5 . 8 (12/17)
7.2 (1/2)

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

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

6 0 . 4 (11/19)
10.7 (4/14)

49.4r
54.2

6.9
8.1

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 / 3 1 / 7 3 = 100
2/5/71 = 100




NASDAQ

4.2 (1/12)
1.4 (9/22)

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

1977-High

47.lr
36.9

14
16. SECURITY CREDIT1

End of period

Margin credit extended
by brokers on:
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.
May
June

11,220
11,130
11,590

194
183
172

960
970
980

77
78
79

July
Aug.
Sept.

11,840
12,060
12,000

178
176
177

970
995
1,005

81
86
84

Oct.
Nov.
Dec.

11,310
10,920
11,450

173
161
167

985
1,000
1,020

73
83
84

1980 - J a n .
Feb.
Mar.
Apr.
May
June
July

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
20%
211

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

87
84
54
72
81
83
88
89
87
87

Aug.

Sept.
Oct.

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




17. SAVINGS FLOWS AT SELECTED NONBANK THRIFT INSTITUTIONS
Millions of dollars
Mutual Savings Banks
(regular deposits) 1
Date

Net flow
N.S.A.

Sea. adj.

1976

12,670

——

1977

10,783

1978

8,426

1979

2,900

1979-Jan.
Feb.
Mar.

218
683
1,971

Apr.
May
June
July
Aug.
Sept.

Annual
growth
rate 3

Savings and Loan Associations
Net flow
N.S.A.

Sea. adj.

Memo:
Net New Money 2

Total

Annual
growth
rate 3

Net
flow
(sea. adj.)

Annual
growth
rate 3

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

——

6.3

44,153

11.3

52,292

10.1

23,460

-591

2.1

39,218

9.1

42,289

7.4

15,029

-6,885

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

-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

-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
1,770

402
1,106
1,200

3.4
9.2
9.9

326
3,022
5,287

3,393
4,067
2,779

8.6
10.2
6.9

3,795
5,173
3,979

7.4
10.0
7.6

-817
1,785
-169

-1,024
242
-176

July
992
Aug.
610
Sept. 1,377
Oct .Ej '
400

1,339
1,228
971
711

11.0
10.0
7.8
5.7

2,223
2,515
5,606
1,852

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

7.7
11.3
7.9
13.1

4,435
5,911
4,204
6,137

8.4
11.0
7.9
11.4

961
1,285
6
2,508

246
1
-460
-200

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 *56 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 OUTSTANDING AT SELECTED INSTITUTIONS
Billions of dollars, seasonally adjusted
Federal and Related Agencies

Thrift Institutions
End of Period

Total

All savings
and loan
associations

Mutual
savings banks
(N.Y. state)

Total

FNMA

GNMA

FHLMC

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.
Nov.
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.

29.3

27.5

1.8

n.a.

4.Q

n.a.

0.7

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 amount of non-residential commitments; S&L commitments also include loans in
process. Subtotals may not add to total because of rounding.




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

Total including
short-term
discount notes

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

979-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
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

980-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

Period

Intermediate- and long-term issues

Based on data from Treasury Survey of Ownership.




FHLMC

FNMA

FNMA and FHLB
short-term
discount notes

20. NET CHANGE IN MORTGAGE HOLDINGS AT SELECTED INSTITUTIONS
Millions of dollars, seasonally adjusted

Period

Total

Total

Major private financial institutions
Commercial
Life insur.
MSB's
S&L's companies
banks

FNMA
and
GNMA

FHLMC

Mortgage pools
GNMA- FHLMCguaranteed 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 1 0 3 , 3 0 5

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

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
1,335

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
1,0-21

489
745
530

-3
19
-25

1,542
1,505
1,625

308
415
284

July
Aug.
Sept.

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

Oct.
Nov.
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

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
Aug.
Sept.

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

Oct.

Ilea.

n.a.

2,750

n.a.

4,404

n.a.

n.a

115

n.a.

64

1980

Monthly data for commercial banks based on Federal Reserve estimates benchmarked t o Call Report data o n 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 group* accounted
for 8 9 percent of the net increase estimated for all holders in 1978.




19

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

1976-Q1
Q2
Q3

Q4
1977-Q1
Q2
Q3

Q4
1978-Q1
Q2
Q3

Q4
1979-Q1
Q2
Q3

Q4
19S0-Q1
Q2
Q3

1

Total

Total

1 - t o 4family

Multifamily

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

110.7
134.9
140.2
150.2

87.5
110.3
114.3

83.3

4.2
8.3

135.3
147.0
154.3
160.4

105.6
116.5
116.0
123.7

155.9
164.3
161.3
150.2
144.4
70.9
117.9

116.8

102.0
106.1
108.2
97.4

106.6

2.6

8.2
8.6
8.2

Commercial

Multifamily
and
commercial

Farm

5.1
4.8

13.7
15.3
13.2
12.4

15.1
15.1
16.9
15.0

14.6
15.2
17.5
24.6

23.5
25.6
33.2

9.4
8.4

20.9
20.7
26.7
25.5

29.0
30.6
38.6
35.8

8.8

9.8
11.6

18.8

6.8
7.7

8.6

8.8

104.1
113.3

9.9
11.9
10.4

117.8
117.9
114.9
114.5

109.0
111.0
105.8
104.6

6.9
9.1
9.9

22.3
28.5
30.0
21.3

31.
35.
39.
31.

15.9
17.9
16.4
14.4

104.4
42.1
87.0

95.1
35.7
77.7

9.3
6.4
9.3

25.8
13.8
19.5

20.2
28.8

35.0

14.4
15.1
11.4

8.8

11.2

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.




22:

AVERAGE RATES 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 o n
conventional
loans at
S&L's

Period

Yield in
FNMA
auction

Period

Discount
points
in F N M A
auction

Ceiling
rate

Yield on
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

16.35
12.18

1980-High
Low

15.57
12.42

15.40
.93

14
11-1/2

14.17
10.73

15.35
12.76

9
16
23
30

12.42

5.59
4.77

10.89
10.79
10.73
11.42

13.05

12.28

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

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
10.65

13.61
13.67
13.57
13.75

15.25

15.49

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

15.50

10.67

13-1/2

13.79

15.65

1980-June

July

Aug.

Sept.

Oct.

Nov.

6
13
20
27

13.06
12.85
12.58
12.35

June

3
11
18
25

12.18
12.23
12.18
12.18

July

1

Aug.

8
15
22
29

12.25
12.25
12.55
12.80
12.95

5
12
19
26

13.03
13.08
13.25
13.43

Sept.

3
10
17
24
31

13.60
13.73
13.78
13.85
14.00

Oct.

7
14
21
28

14.08
14.18
14.28
14.28

Nov.
Dec.

10
17
24
1

14.43

Dec.

8

Dec.

Nov.

8
15
22
29
6
13
20
27
3

12.81

12.84

14.00
14.19
14.29
14.86
14.47
14.92

15.35

Column 2 is average of contract interest rates on commitments for level-payment conventional first mortgages with 8 0 percent loan-to-value ratios and 30
year maturities 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 commitment fees and FNMA stock retention requirements. Column 7 is a 1 -day quote on average
net yields to investors on GNMA-guaranteed mortgage-backed securities for immediate delivery, assuming prepayment in 1 2 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 6 0 days) delivery.
Beginning July 7 . 1 9 8 0 , the FNMA auction results for FHA/VA mortgages do not include graduated payment mortgages.




21
23. FNMA AUCTIONS OF COMMITMENTS TO PURCHASE HOME MORTGAGES
Dollar amounts in millions
Date of
auction

Offered

FHA/VA mortgages
Accepted

Average yield

Offered

Conventional mortgagees
Average yield
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

Low

644.2
92.7

354.6
51.9

15.93
12.28

426.0
28.9

133.0
24.1

17.51
12.81

1 9 8 0 - S e p t ,. 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

28.0
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

Dec.

8

92.7

51.9

15.50

56.1

34.1

15.65

1979-High
Low

1980-High

24. FHLMC AUCTIONS OF COMMITMENTS TO PURCHASE HOME MORTGAGES
Conventional mortgages, dollar amounts in millions
Immediate delivery program
Date of
Offered
Average yield
auction
Accepted
Offered

38.7

37.8
13.7

13.89
10.43

129.5
38.1

11.6

31.2

17.36
12.13

72.5

25.8

14.32

38.6

23.6

14.88

1979-High
Low

298.0
38.7

150.5
17.9

13.56
10.40

166.6

1980-High
Low

337.1
24.4

140.4

20.8

16.22
11.60

7
14
21
28

86.4
129.3
50.6

30.2
47.5
39.0
27.6

13.80
13.69
13.86
14.22

Nov.

4
12
18
25

59.9
55.9
55.3
60.9

42.2
26.9
39 . 5
33.6

14.22
14.25
14.34
14.38

Dec.

2
9

57.9
n.a.

35.9
n.a.

14.56
14.70

1980-0ct.

112.2

Future commitment program
Average yield
Accepted

accepted bids are net, excluding 37% basis points for mortgage servicing. Prior t o June 2 4 , 1 9 8 0 , the F H L M C s future i.un,n,nmnut program involved
6-month commitments; subsequently, 8 - m o n t h c o m m i t m e n t s have been auctioned.
Source: FNMA and FHLMC




2 5 . ISSUES O F M O R T G A G E - B A C K E D S E C U R I T I E S
Millions of dollars, not seasonally adjusted
Pass-through securities
GNMA-guaranteed
Period
N e w issues

Outstanding
(end of period)

F H LMC-guaranteed
N e w issues

Outstanding
(end of period)

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

Privately insured
N e w issues

1976

13,764

30,571

1,396

2,671

n.a.

n.a.

75

1977

17,440

44,896

4,131

6,610

242

238

1,115

1978

15,358

54,347

6,212

11,892

1,011

1,141

465

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

Oct.

n.a.

n.a.

187

16,950

402

7,708

0

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 and are underwritten by major private mortgage insurance companies.
Source: GNMA, FHLMC, HUD, and Federal Reserve.