Full text of H.16 Capital Market Developments : December 17, 1979

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December 17, 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. High Grade Bond Yields
4. Long-Term Corporate and State and Local Government Security Offerings and Placements
5. Treasury and Government-Sponsored Agency Marketable Coupon Offerings and Placements
6. New Corporate Security Issues by Type of Issue
7. New Corporate Security Issues by Type of Issuer
8. Public Offerings of Intermediate- and Long-Term Securities: Corporate
9. Public Offerings of Intermediate- and Long-Term Securities: State and Local
10. Public Offerings of Intermediate- and Long-Term Securities: U.S. Treasury
11. Public Offerings of Intermediate- and Long-Term Securities: Government-Sponsored Agencies
12. Forthcoming Public Offerings of Intermediate- and Long-Term Securities: Corporate
13. Forthcoming Public Offerings of Intermediate- and Long-Term Securities: State and Local
14.
15.
16.
17.
18.
19.
20.
21.
22.
23.
24.

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 t o Purchase Home Mortgages
FHLMC Auctions of Commitments t o Purchase Home Mortgages

25. 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. 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 B o n d Market
Volume

Yields
Week e n d i n g

N e w issue
Aaa u t i l i t y 1

Recently offered
Aaa u t i l i t y 2

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

3

Percent sold b y
end of w e e k

N e w issues in s y n d i c a t e 4
($ 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

Dec.

7
14

11.22r
11.27p

11.16r
11.38p

425
668

96
94

15
38

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
Volume

Yields
Week ending

Moody's new
issue Aaa

Bond Buyer
G.O. bond
index

Bond Buyer
Rev. b o n d
index

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

P e r c e n t sold by
e n d of w e e k 3

N e w issues in
syndicate4
($ 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
14

6.50
6.50

7.17
7.26

7.97
8.14

1,234
934

92
80

106
237

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 from 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 to make coverage of this series consistent with the gross offerings series.




3. HIGH G R A D E B O N D Y I E L D S
Moody's
seasoned
corporate A a a 3

U.S. govt.
20-year constant
maturity4

9.71(5/25)
9.06(2/28)

9.01(5/2)
8.57(2/28)

8.63(9/19)
7.63(2/21)

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) 7.29(1/2)
7.23(12/31) 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) 5.93(2/4)
7.26(1/7)
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) 6.67(12/22)
8.01(1/6)
5.58(3/17)

9.80(5/2)
8.89(2/7)

1975-High
Low

1976-High
Low

1977-High
Low

1978-High
Low

11.51(11/2) LI.45(11/9)
9.40(8/17) 9.39(6/29)

1979-High
Low

B o n d Buyer

Recently offered
Aaa u t i l i t y 2

N e w issue
Aaa u t i l i t y 1

Date

10.83(11/23) 10.56(11/9)
9.16(7/6)
8.79(7/6)

G.O.bond
index5

B o n d Buyer
Rev. b o n d
index6

7.67(10/3)
6.27(2/13)

7.38(11/38)
6.08(7/6)

—

——

——

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

Oct.
Nov.

——

——

——

Dec.

1
2
3
4
5
6

Oct.

5
12
19
26

10.22
10.88
11.05
11.45

10.25
10.79
11.00
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

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

10.73
10.83
10.75
10.83
10.63

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

Dec.

7
14

11.22r
11.27p

11.16r
11.38p

10.58r
10.65p

10.07r
10.21p

7.17
7.26

7.97
8.14

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 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
State and Local

Corporate

Period

1977
4,358
3,790
5,578

1978
3,326
2,770
4,569

1979
3,770
3,170
4,401

1977
3,402
3,442
4,063

1978
3,306
2,753
4,844

1979
2,834
2,595
4,640

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

August
September

4,251
3,458
4,178

4,414
3,379
4,236

4,008
3,915
3,600e

3,113
4,118
4,013

3,920
6,407
2,323

3,320
4,124
2,409

October
November
December

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

January
February
March
April
May
June
July

Year

1 Securities and Exchange Commission estimates of gross proceeds.
2 Public Securities Association estimates of principal amounts.
e Estimated by Federal Reserve on the bails of available data.

5. TREASURY A N D GOVERNMENT-SPONSORED AGENCY BORROWING
Millions of dollars
Federal Government
Means of financing combined deficit
Period

Net cash borrowing from the publicZ
Public debt securities

Combined
deficit(+)
or
surplus(-) 1

Total 3

Bills

Coupons

Non-

Gov't,
agency

marketable

securities

-887
-1,431

balance

7,327
23,509

-208
-13r
-435r

-762
-1,558
-6,508

1,146
8,258
-798

1,736
2,154
2,196

-5,494
-312
1,853

-158
-237
-91r

-4,212
-669
3,049

-657
3,685
-12,828

2,218
1,037
2,181

3,518
2,701

1,305
-50

-68r
-17

-619
6,155

3,955
6,580

3,115
1,200

2,568

176

-14

2,582

-1 7 , 2 26

1,211

56,762
53,683

-2,504
706

45,973
31,777

14,314
22,644

1979-Jan.

3,696
6,032
13,722

3,312
-668
8,012

539
131
3,044

2,551
1,320
2,906

414
-2,109
2,525

Apr. - 9 , 8 3 4
4,822
May
June - 1 1 , 2 3 7

-4,965
1,806
-1,458

-1,729
-654
-3,186

2,396
2,937
-18

8,167
16,003

4,831
3,268

48
551

Sept, - 1 5 , 5 5 8

4,250

889

July
Aug.

Sponsored
agency
borrowing4

-4,019

61,410
52,870

Mar.

Other

increase!—)
in cash
operating

5,250
3,206

CY-/-1977
CY -1978
Feb.

Decrease(+)/

-602

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

Period

Bonds

Total

Privately
placed
15,927
.17,943
17,057

Common and
preferred
stocks
11,108
11,777
10,358

Memo
Issues included
Convertible
Foreign
1,592
994
863
1,340
1,092
418

1976
1977
1978

53,488
53,792
47,230

Publicly
offered
26,453
24,072
19,815

1978-QI
QII
QUI
QIV

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.
May
June

4,692
4,167
6,247

2,984
1,999
4,171

1,129
1,576
1,185

579
592
891

23
1
8

759
350
385

July
Aug.

4,008
3,915

2,247
1,973

780
698

981
1,244

201
90

153
159

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

Manufacturing

Public utility

Communications

Other issuers1

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

572
1,293
1,193

1,410
865
1,373

261
109
409

2.450
1,899
3,272

July
Aug.

963
1,096

772
488

94
313

2,178
2,020

1976
1977
1978

K

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

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 N a t u r a l Gas Co.
C&K Petroleum I n c .
ITT F i n a n c i a l Corp.
Commercial Fed. S&L Assoc.
H o s p i t a l Corp. of America
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.
Utah Power & L i g h t Co.
Transco
Northern I n d i a n a 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 .
Iowa E l e c t r i c L i g h t & Power
Co.
Commonwealth Edison Co.
Northern I n d i a n a P u b l i c
S e r v i c e Co.
Gelco Corp.

*
1

Date

Type

1979

Amount
millions
of dollars)

Maturity

Coupon
rate

Offering
yield

Moody's/S&P's
ratings

12/4
12/4
12/5
12/5
12/5
12/5
12/6
12/6
12/6

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 25.0
100.0
Debt.
Mtg.-bked. 40.0
89.0
Com. s t k .

n.a.
2009
1986
1986
1997
1999
1999
1989
n.a.

n.a.
12.00
11.50
12.25
12.45
9.00
11.85
11.20
n.a.

n.a
12.00
11.30
12.35
12.45
9.00
11.85
11.20
n.a.

12/10
12/11
12/11
12/12
12/12

1 s t mtg.
Com. s t k .
1 s t mtg.
Com. s t k .
Com. s t k .

55.0
63.9
125.0
51.8
100.0

2009
n.a.
2009
n.a.
n.a.

11.38
n.a,
11.25'
n.a.
n.a.

11.40
n.a.
11.32
n.a.
n.a.

28.8
50.0

n.a.
2004

n.a.
6.75

n.a.
6.75

Ba/B

12/12 1 s t . mtg.
12/13 Debt.

25.0
250.0

2009
1986

12.00
12.50

12.25
12.65

A/A
Baa/A

12/13 1 s t mtg.
12/13 Debt.

60.0
85.0

2009
1999

11.75
14.63

11.75
14.74

Aa/AA
B/B

12/12 Com. s t k .
12/12 Conv. debt

Rights offering.
Includes only corporate and other security offerings of $25 million and over; excludes options, exchanges, and secondary otterings.




Aa/A
A/A
Baa/BBB+
Baa/BBB
—/B
A/A
Aaa/AAA

Aa/AA
Aa/AA

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

1
2
3

Maturity

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

25.5
8.0
32.8
18.3
25.0
300.0
46.5

1931-2000
2003
2011
2014
1981
1994-2009
1981-2005

7.75
7.75
7.75
7.75
6.32

A/A+
A/A+
A/A+
A/A+
MIG1/ —
6 . 9 0 - 7 . 3 5 Aaa/AA+
6 . 0 0 - 6 . 7 5 Aaa/AAA

12/5

Rev.

12.8

1981-1999

n.a.

6 . 7 0 - 8 . 1 0 A-1/A+

12/5

Rev.

35.1

2011

n.a.

12/6
12/6
12/6
12/6
12/6
12/6
12/10
12/10
12/10
12/10
12/10

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

25.0
41.5
24.0
81.0
24.7
80.0
41.8
83.2
10.6
17.5
4.1

1981-2000
1981-2000
2011
1980-2004
1984-1999
2014
1981-2000
2011
1981-1999
2010
2011

6.27
n.a.
n.a.
6.7!
9.24^-/
9.242 /
8.56
8.56
n.a.
n.a.
n.a.

5.90-6.50
6.10-7.35
7.88
6.20-7.10
7.40-8.75
9.00
6.70-8.20
8.75
6.70-8.40
8.88
8.88

12/10 Rev.

20.3

1980-1994

n.a.

7 . 0 0 - 7 . 7 0 A-1/A+

12/10 Rev.

18.0

2008

n.a.

8.50

A-1/A+

12/10 Rev.

19.0

2009

ni'a.

8.50

A-1/A+

12/11 Rev.

5.3

1983-1994

n.a.

7 . 4 0 - 8 . 7 0 —/BBB+

12/11 Rev.

8.0

2002

n.a.

——/BBB+

12/11 Rev.

16.1

2010

n.a.

12/11 Rev.

39.1

1989-2002

8.30

12/11 Rev.

54.0

2010

8.30

8.50

A-1/A+

12/11 Rev.

89.2

2017

8.30

8.54

A-1/A+

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

17.7
54.7
30.3
25.0
30.5
106.3

2018
1982-1999
2014
1983-2002
1982-2001
1980-2009

8.30
8.12
8.12
6.57
6.18
8.09

8.20
6.50-7.90
8.40
6.00-7.10
5.90-6.50
6.60-8.20

12/12 Rev.

13.4

1981-1999

n.a.

6 . 3 0 - 8 . 0 0 Aa/AA

Type 2

12/3
12/3
12/3
12/3
12/4
12/4
12/4

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
Wisconsin, S t a t e of
S t . Paul Hsg. & Redevel.
A u t h . , MN.
S t . Paul Hsg. & Redevel.
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 Angeles R e d e v e l . Agcy., CA
Los Angeles Redevel. Agcy., CA
'New C a s t l e Co., DE.
New C a s t l e Co., DE.
Muskogee Co. F i n . A u t h . , OK
Muskogee Co. F i n . A u t h . , OK
Muskogee Co. F i n . A u t h . , OK
Southeast Texas Hosp. F i n .
Agcy.
Southeast Texas Hosp. F i n .
Agcy.
Southeast Texas Hosp. F i n .
Agcy.
M i s s o u r i H l t h . & Educ. Fac.
Auth.
M i s s o u r i H l t h . & Educ. Fac.
Auth.
M i s s o u r i H l t h . & Educ. Fac.
Auth.
Washington Pub. Power Supply
Sys.
Washington Pub. Power Supply
Sys.
Washington Pub. Power Supply
Sys.
Washington Pub. Power Supply
Sys.
C a l i f o r n i a Hsg. F i n . . Agcy.
C a l i f o r n i a Hsg. F i n . Agcy.
El Paso Co., TX
Phoenix, AZ
Michigan, S t a t e of
B o s s i e r Pub. T r u s t F i n . A u t h . ,
LA

Net
interest
cost

Amount
(millions
of $>

Date

12/11
12/11
12/11
12/11
12/11
12/12

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

Moody's/S&P's
ratings

6.40-7.70
7.80
8.04
7.90

8.88

9.38

A-1/A+
Aaa/AAA
Aa/AA
Aa/AA
A/AA—/A
—/A
Aa/AA
Aa/AA
A-1/A+
A-1/A+
A-1/A+

—/BBB+

7 . 1 0 - 8 . 1 0 A-1/A+

A-1/A+
A-l/AAA-l/AAA-l/AA
Aa/AA
A/A+

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
1

BOWieir Pub. T r u s t P i n . A u t h . ,
LA
B o s s i e t Pub. T r u s t F i n ; A u t h . ,
LA
L a b e t t e Co., KS
L a b e t t e Co., KS
L a b e t t e Co., KS
^ew York S t a t e Hsg. F i n . Agcy.
New York S t a t e Hsg. F i n . Agcy.

Type5

Amount
millions
of $)

12/12

Rev.

21.6
5.0
10.2

12/12
12/12
12/13
12/13

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

Date

1979

21.2

4.5
35.1
65.9

Maturity

Net
interest
cost

Offering
yield

2010

ii, a .

8.75

2011
1981-2000
2011
2012
1480-1999
2010

n,a.
ii • a •
i.a,
а.a.
б.94
8.94

•i

1
2
3

Includes only state-and local s e c u r i t y o f f e f i r ^ o f $25 million and over ;-exclydet secondary otfpriqgs,
For state andlGcel govern merit securities G O . denotes general obligation; Rev, denotes revenue obligations,
Canadian interest dt)Si.




8.75
6.75-8.40
8.75
8.75
7.25-8.35

8.88

Moody's/S&P's
ratings

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

S OF INTERMEDIATE- AND LONG-TERM SECURITIES: U.S. TREASURY
Amount (millions of dollars)
ering

ate

U "
19
20

Length

Maturity
date

Coupon Auction
average rate
(percent) (percent)

Net proceeds

Gross proceeds
Total

Private

1

2-yi.
4-yr.

12/31/80
12/31/82

9-7/8
9-3/8

9.99
9.45

3,546
3,205

2,561
2,568

4
23

5 - y r * 1-mo
2-yr.

2/15/94
1/31/81

9
9-3/4

9.00
9.85

1,509
3,146

1,509
2,760

6
7
21
27

8-yr.
2/15/87
9 - y r . 9-mo 1 1 / 1 5 / 0 8
2-yr.
2/28/81
4 - y r . 1-mo 3 / 3 1 / 8 3

9
8-3/4
9-3/4
9-1/4

9.01
9.03
9.85
9.35

5
10
24

2-yr.
4 - y r 10-mo
2-yr.

3/31/81
2/15/94
4/30/81

9-5/8
9
9-3/4

1
2
22

10-yr.
30-yr.
2-yr.

5/15/89
5/15/09
5/31/81

! 19
21
27

2-yr.
4-yr.
5 - y r . 1-mo

• 24
31

Total

}

1

Private .2

Memo:
Foreign
add-ons 3

{

535
200

858

123

1,509
291

. 1,509
56

1,318

1,318

2,887
2,930

2,001J

2,519
2,535

42
2,930

42
2,535

0
0
0
395

9.68
9.14
9.78

3,516
1.500
3,013

2,867
1,500
2,547

-3
1,500
1,021

-12
1,500
714

9
0
307

9-1/4
V-l/8
9-3/4

9.37
9.23
9.77

2,689
2,207
2,542

2,007
2,303"

2,627

2,627

455

455

6/30/81
6/30/83
8/15/94

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

9.22
8.89
8.81

3,057
3,123
1,506

2,807
2,793
1,506

2,090

2,005

1,506

1,506

2-yr.
3-yr.

7/31/81
8/15/82

9-3/8
9

9.41
9.06

3,217
3,586

2,811

3,047

37

37

0
0

1
2
22
28

7 - y r . 6-mo
9 - y r . 9-mo
2-yr.
4 - y r . 8-mo

2/15/87
5/15/09
8/31/81
5/15/84

9
9-1/8
9-5/8
9-1/4

9.00
8.92
9.65
9.25

3,028
2,398
3,714
2,562

2,001

,1,464

2,513

0

233
3,258'
2,502 2,562

233
2,502

0
60

3
4
11
24
30
31

2-yr.
9 / 3 0 / 8 1 1 0 - 1 / 8 10.21
4-yr.
9 / 3 0 / 8 3 9 - 3 / 4 9.79
c
--yr. 1-mo 11/15/94 L0—1/8 10.17
2-yr.
1 0 / 3 1 / 8 1 12-5/8 12.66
3-1/2 y r .
5 / 1 5 / 8 3 1 1 -5 / 8 11.64
10-yr.
11/15/89 1 0 -3 / 4 10.75

3,654
2,770
1.501
4,372
3,551
2,401

3,254
2,502
1,501
3,902
2,751

3,654
2,770
1,501
38
1

3,254
2,502
1,501
38

1
21
27

30-yr.
2-yr.
5-1/2 yr.

2,315
4,803
2,501

1,046
2,001 i
4,301 -r
12
2,501 2,501

1,046

0
0
0
0
0
0

'1

,

(eludes
ay be la




11/15/ 09 1 0 - 3 / 8 10.44
11/30/81 1 2 - 1 / 8 12.24
5 / 1 5 / 8 5 1 0 - 3 / 8 10.40

3,209

2,801

2,278

2,528

2,001

12
2,501

o Government investment accounts and the Federal Reserve. Also excludes add-ons to foreign accounts,
ital if the Government accounts and/or the Federal Reserve do not fully roll-over their maturing holdings,
ecurities issued to foreign and international monetary authorities at the average auction price for new cash.

0
235

f

0
0
0
0
84
0

0
0
0

11
II. PUBLIC O F F E R I N G S O F INTERMEDIATE- A N D LONG-TERM SECURITIES: G O V E R N M E N T - S P O N S O R E D AGENCIES
A m o u n t (millions of dollars)
Offering
date
1979

Issuer

•

•

•

•

Maturity
date

Length

Gross
proceeds

Maturing
issues

Net
proceeds

. 9.25
4/11/83
6/11/84 . 9.25
9.30
6/12/89

1,000
500
500

900

1,100

9.00
9.05
9.10

500
1,000
500

1,000

1,000

8.90
9.00
9.10 '

653
1,128
662

1,314

1,128

6/6
6/6

3-yr,10-mo
5-yr.
10-yr.

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

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

FHLB

7/19

7/25

FHLMC

7/19

8/2

FHLB

8/15
8/15

FNMA

8/30

FFCB

9/19

FNMA

9/26

6/6

Yield
(percent)

1979

6/11
6/11
6/11

FNMA

11/25/80

9.30

700

0

700

3 0 - y r . 1-mo

9/15/09

10.05

200

0

200

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

9/10

3 - y r . 6-mo

3/10/83

9.50

700

1,000

-300

10/1

4 - y r . 9-mo

6/4/84

9.70

749

201

548

10/10

3-yr.11-mo

9/10/84

9.75

700

400

300

FFCB

10/11 10/23
10/11 10/23
10/11 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.11-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

1.2/5

12/10

3 - y r . 6-mo

7/11/83

10.85

1,000

1,000

0

•

•

Payment
date

•

1-yri

4-mo

•

e
FFCB
FHLB
FHLMC
FNMA

—
—
-

Federal
Federal
Federal
Federal

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




12
As of December 14, 1979
12. FORTHCOMING PUBLIC O F F E R I N G S OF INTERMEDIATE- A N D LONG-TERM SECURITIES: CORPORATE 1
Issuer

* B e n e f i c i a l Corp.
*Midland F e d e r a l S&L Assoc,
Southwestern E l e c . Power Co.
D e t r o i t Edison Co.
*Consumers Power Co.
*Duquesne L i g h t Co.
El Paso E l e c . Co.
Southwestern B e l l T e l . Co.
P a c i f i c Power & L i g h t Co.
* C e n t r a l Power & Light Co.
* A t l a n t i c C i t y E l e c . Co.
High Voltage Engineering Corp.
Aristar Inc.
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 .

Type

Debt.
Mtg.-backed
1 s t mtg.
1 s t mtg.
1 s t mtg.
1 s t mtg.
Com. s t k .
Debt.
Com. s t k .
1 s t mtg.
1 s t mtg.
Debt.
Notes
Notes
Notes
Notes

Amount
(millions of dollars)

Approximate date
of offering

250.0
30.0
60.0
50.0
125.0
60.0
25.0
450.0
75.0
75.0
75.0
25.0
35.0
25.0
50.0
30.0

* Included m table for first time.
1 Includes only corporate and other security issues of $25 million and over; excludes exchanges, options, and secondary offerings.




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

19
19
7
8
9
10
15
15
16
21
23

13

As of December 14, 1979
1 3 . FORTHCOMING PUBLIC OFFERINGS OF INTERMEDIATE- A N D LONG-TERM SECURITIES: STATE A N D LOCAL 1
Issuer

*Hobbs, NM
*Comanche Co. Home F i n . A u t h . , OK
*Kay County Home F i n . A u t h . , OK
* I n d i a n a T o l l Road Comm.
Odessa Hsg. F i n . C o r p . , TX
Orange Co. H e a l t h F a c . A u t h . , FL
Duncanville Hosp. A u t h . , TX
Alaska Housing F i n . Corp.
•Michigan S t a t e Hsg. Devel. Auth.
Oakland, CA
* N a s h v i l l e & Davidson Co. H l t h . & Educ. Bd.,
TN
• V i r g i n i a Educ. Loan Auth.
B e a u f o r t Co. Sch. D i s t . , SC
•Birmingham, AL
•Municipal A s s t . C o r p . , NYC
*Pima Co., AZ
•Maryland, S t a t e of
• C a l i f o r n i a , S t a t e of

*
1

Type

Approximate date
of offering

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

27.0
75.9
26.8
275.0
39.9
26.6
26.9
39.4
50.0

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

17
17
17
17
17
17
17
18
18
18

Rev.
Rev.
G.O.
G.O.
Rev.
G.O.
G.O.
G .0 *

29.5

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

19
19
19
8
14
15
16
30

Included in table for first time.
Includes state and local government issues of $25 million and over; excludes secondary offerings.




Amount
(millions of dollars)

100.0
60.0

25.4
39.5
125.0
37.6
117.3
105.0

14. STOCK PRICES1
Date

NYSE Index3

1976-High
Low

AMEX4

NASDAQ5

5 7 . 5 1 (9/21)
48.04 (1/2)

DJ Industrials
1014.79 (9/21)
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 )
4 9 . 7 8 (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-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)

240.61 (12/14)
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
14

61.56
62.35

833.19
842.75

232.26
240.61

147.49
150.03

15. TRADING VOLUME2

NYSE

AMEX

NASDAQ

1976-High
Low

4 4 . 5 (2/20)
10.3 (1/2)

8 . 6 (2/20)
1 . 1 (1/2)

1 1 . 1 (2/20)
3 . 5 (1/2)

1977-High
Low

3 5 . 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)

1 1 . 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)

Date

1979-Nov.

2
9
16
23
30

25.8
25.9
29.9
32.1
39.4

4.0
3.1
3.8
4.0
4.9

11.4
11.5
13.4
12.7
16.6

Dec.

7
14

36.3r
34.9

4.7r
5.3

18.2r
20.7

1
2
3
4
5

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 = 100




15
16. SECURITY C R E D I T
Outstanding, dollar amounts in millions

End of period

1

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 - J a n .
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

%0
955
955

53
68
67

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
975

77
78
79

July
Aug.
Sept.

11,840
12,060
12,000

178
176
177

960
975
985

81
86
84

Oct.
Nov.

11,310
10,920

173
n.a.

985
980

73
83

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.

Savings and Loan Associations

Revised

Net flow

Annual
growth
rate 3

N.S.A.

Sea. adj.

Memo:
Net New Money?

Total

Revised

Annual
growth
rate 3

Net
flow
(sea. adj.)

Annual
growth
rate 3

At
insured
S&L's

At
MSB's

1976

12,670

—

11.5

50,169

-

-

17.4

62,409

15.7

34,369

5,283

1977

10,783

—

8.8

50,888

- -

15.1

61,583

13.4

32,004

2,874

1978

8,426

-

-

6.4

44,153

- -

11.4

52,794

10.1

23,460

-591

1978-Jan.
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

Oct.p -1,000

-396

-3.3

1,749

2,681

7.0

2,285

4.5

1,206

-1,400

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 OUTSTANDING AT SELECTED INSTITUTIONS
Billions of dollars, seasonally adjusted
Thrift Institutions
Federal and Related Agencies
All
savings
Mutual
End of Period
Total
and loan
savings banks
FNMA
Total
GNMA
associations
(N.Y. state)

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 t h r i f t 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.







BORROWINGS BY MAJOR HOUSING CREDIT AGENCIES

Intermediate- and long-term issues

Total including
short-term
discount notes

Total

-1,750

-1,131

-2,031

0

900

619

2,732

1,444

496

-4

952

288

19,030

13,578

6,302

576

6,700

452

563
1,731
912

82
1,399
-1

0 .
1,399
-1

82
0
0

0
0
0

481
332
913

701
3,338
1,504

470
1,496
1,300

-1
1,498
0

-129
-2
300

600
0
1,000

231
842
204

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

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

967
1,457
912

0
1,033
1,372

0
834
0

0
199
-128

0
0
1,500

967
424
-460

1,027
304
1,363

997
215
1,299

0
222
0

-3
-7
199

1,000
0
1,100

30
89
64

1,625
360
398

1,916
613

-154

700
415
0

216
198

146

1,000
0
-300

•291
253
552

1,981

1,581

1,300

-19

300

Survey of Ownership.

FHLB

FHLMC

FNMA

19
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 a d j u s t e d a n n u a l rates
Major private f i n a n c i a l i n s t i t u t i o n s
Total

Period

Total

Commercial
banks

MSB's

S&L's

Life insur.
companies

Mortgag e p o o l s

FNMA
and
GNMA

FHLMC

FHLMCGNMAg u a r a n t e e d guaranteed

1976

75,733

65,184

13,800

4,074

44,896

2,414

-2,120

-178

12,314

1,073

1977

114,298

96,137

26,200

6,595

58,158

5,184

890

-993

14,325

3,939

1978

126,615 103,399

35,400

6,378

52,219

9,402

8,696

-212

9,451

5,281

10,392
8,687
10,314

8,851
8,316
8,565

3,073
2,567
2,691

587
554
625

4,699
4,717
4,691

492
478
558

350
487
505

911
-459
932

364
326
73

9,319
11,469
10,701

7,896
8,602
8,797

2,370
3,009
3,246

520
583
468

4,395
4,281
4,332

611
729
751

660
1,420
870

-88
-198
-731

468
1,103
786

383
542
979

10,352
11,183
10,366

8,308
9,094
8,404

3,349
3,274
3,074

594
544
498

3,695
4,239
4,134

670
1,037
698

538
915
808

-300
516
18

808
843
761

998
-815
375

11,375
11,617
10,629

8,682
9,175
8,540

2,974
3,014
2,733

456
626
263

4,447
4,649
3,877

805
886
1,667

898
604
654

268
178
-49

1,017
1,235
994

510
425
490

10,315
10,153
10,272

7,917
7,722
7,237

2,694
2,489
2,413

575
486
395

4,015
3,804
3,359

633
943
1,070

820
846
1,125

231
74
338

1,205
1,083
1,266

142^
428
36

9,823
11,168
10,659

7,560
8,253
8,266

2,477
2,304
2,742

375e
356
330

3,832
4,616
4,204

876
977
990

466
1,016
610

- 60
- 45
- 84

1,540
1,469
1,610

317
475
257

9,923
10,644
10,776

8,198
7,463
7,963

2,805
2,649
2,983

415
304
280

3,804
3,501
3,542

1,174
1,009
1,158

-220
515
191

79
156
162

1*597
2,129
2,152

269
381
308

n . a.

2,931

n . a.

3,782

n.a.

n. a.

-114

n.a.

452

19 78—J an.
Feb.

Mar.
Apr.

May
June
July

Aug.
Sept.
Oct.

Nov.
Dec.

1979-Jan.
Feb.

Mar.
Apr.

May
June
July
Aug.
Sept.
Oct.

n. a.

— 84
17
239

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.




20
2 1 . N E T C H A N G E IN M O R T G A G E D E B T O U T S T A N D I N G , B Y T Y P E O F P R O P E R T Y 1
Billions o f d o l l a r s , s e a s o n a l l y a d j u s t e d annual rates
Residential?
Quarter

1976-Q1
Q2
Q3

Q4
1977-Q1
Q2
Q3

Q4
1978-Q1
Q2
Q3

Q4
1979-Q1
Q2
Q3p

1

2

Total

Total

1 - to 4family

Multifamily

Commercial

Multifamily
and
commercial

Farm

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

15.0
15.1
16.9
15.0

5.1
4.8
6.8
7.7

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

135.4
147.0
154.1
160.4

105.7
116.4
115.6
124.1

97.3
106.5
103.8
113.6

8.3
9.9
11.8
10.5

20.9
20.8
26.9
25.3

29.2
30.7
38.7
35.8

8.8
9.8
11.6
11.0

158.3
162.5
158. 3

119.0
116.1
114.0

110.1
109.2
100.9

8.9
6.9
13.1

23.0
28.5
28.6

31.9
35.4
41.7

16.2
17.9
15.7

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.
Residential mortgage debt includes nonfarm and is the sum of 1 - to 4-family and multifamily mortgage debt.

Note:

Data r e v i s e d due t o r e e s t i m a t i o n of s e a s o n a l f a c t o r s .




21
22. A V E R A G E R A T E S A N D Y I E L D S ON HOME M O R T G A G E S 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
l o a n s 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

Y i e l d in
FNMA
auction

Yield in
FHLMC
auction

1976-High
Low

9.10
8.70

1976-High
Low

9.20
8.39

4.93
2.05

9
8

8.44
7.57

9.31
8.80

1977-High
Low

9.00
8.65

1977-High
Low

8.98
8.46

5.03
1.50

8-1/2
8

8.39
7.56

8.81

9.21

9.02
8.63

1978-High
Low

9.73
8.98

1978-High
Low

9.86
9.13

5.92
4.00

9

8.43
9.05

10.07
9.28

10.42
9.12

1979-High
Low

12.85
10.38

1979-High
Low

13.29
10.42

12.54
4.16

11.69

13.80
10.92

13.56
10.40

1
8
15
22
29

10.90
11.03
11.05
11.10
11.10

June

10.79

5.10

11.54

11.04
11.11
11.13

10.74

4.81

6
13
20
27

11.13
11.08
11.08
11.08

July

9
16
23
30

10.66

4.31

10.65

4.22

3
10
17
24
31

11.08
11.08
11.08
11.10
11.13

Aug.

6
13
20
27
Sept. 4

10.64

4.16

10.69

4.46

10.92

5.90

Sept. 7
14
21
28

11.20
11.30
11.35
11.35

S e p t . 10
17
24
Oct.

11.25

7.91

11.66

7.25

Oct.

11.35
11.45
11.75
12.00

9
15
22
29

1979-June

July

Aug.

5

12

19
26
Nov.
9
16
23
30
Dec.

4
11
18
25
July 2

12.90

5
13
20
27
Dec. 3

12.90

Dec, 10

12.80
12.85

12.80
12.80

Nov.

12.60

12.54

13~ 29

10.43

12.93

8.44

12.57

6.45

12.42

5.55

8 1/2
11-1/2
9-1/2

9.51

10
10
10
10
10

9.83
9.76
9.72
9.82
9.69

10
10
10
10

9.69
9.78
9.80
9.88

11.54

10
10
10
10
10

9.82
9.88
9.90
10.03
10.14

11.50

10
10
10
10-1/2

10.36
10.38
10.36
10.65

10-1/2
10-1/2
10-1/2
11-1/2

11.02
11.21
11.77
11,58

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

11.73
11.51
11.69
11.32
11,26

11-1/2

11,13

11.60

11.16

11.01

11.51

11.53
11.67
11.83
11.99

12.75
13.80
13.97
13.35
12.98

10.94
10.87
10.82
10.88
10.99
11.10

11.20
11.28
11.37

11.49
11.57
11.63
11.64
11.64
12.17
12.84
13.36
13.56
13.22
13.00
12.89
12,6^
12.50

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 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 GNMAguaranteed mortgage-backed securities for immediate delivery, assuming prepayment in 12 years on pools of 30-year F H A / V A mortgages carrying a
coupon rate 50 basis points below the current F H A / V A 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
Conventional mortgag es
Average yield
Accepted

Offered

FHA/VA mortgages
Accepted

Average yield

Offered

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

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

Dec. 10

305.3

118.6

12.42

206.9

72.6

12.98

Date of
auction

1976-High
Low

1978-High
Low

1979-High
Low

1979-Oct.

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

Date of
auction

132.6
49.8

9.02
8.63

262.8
66.4

131.0
35.3

9.03
8.63

359.7
71.2

191.7
53.6

10.42
9.12

247.1
69.7

84.4
18,2

10.54
9.20

298.0
56.3

150.5
48.4

12.84
10.40

166.6
70.6

37.8
19.7

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

2
9
16
23
30

50.8
57.5
50.6
38.7
42.6

42.8
50.8
33.7
17.9
27.4

13.56
13.22
13.00
12.89
12.69

7

68.0

58.7

12.50

Low

1978-High
Low

1979-High
Low

Nov.

Dec.

Future commitment program
Average yield
Accepted

303.0
76.7

1977-High

1979-Oct.

Offered

—

——

—

'

11.85
10.43
——
——

"

~

134.6

23.5

13.89
——

.

——
——

38.7

13.7

13,25
——

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




25. ISSUES OF MORTGAGE-BACKED SECURITIES
Millions of dollars, not seasonally adjusted
Pass-through securities
GNMA guaranteed
Period
N e w issues

Outstanding
end of period)

F H LMC-guaranteed
New issues

Outstanding
(end of period)

f'ublic offerings
of mortgagebacked bonds
Outstanding
by savings and
end of period)
loan assoc.

Privately insured
New 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

19 78-J a n .
Feb.
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.
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.
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

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

488

2,987

Nov.

0

S
E
S
S
s
S
S
S
S
5
=
£
=
=
e
s
=
5
3
=
:
=
S
E
.
pools of conventional residential mortgages underwritten by major private mortgage insurance companies.
Source: GNMA, FHLMC, HUD. and Federal Reserve.