Full text of H.16 Capital Market Developments : December 18, 1978
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¥- •nKwt b ' Capital Market Developments k i s m r r h December 18, 1978 Prepared by the CAPITAL MARKETS SECTION in conjunction with the MORTGAGE and CONSUMER FINANCE SECTION DIVISION OF RESEARCH AND STATISTICS BOARD OF GOVERNORS F E D E R A L R E S E R V E SYSTEM Washington, D C. 20551 Index SUBSCRIPTION RATES: Weekly $15.00 per year or $.40 each in the United States, its possessions, Canada, and Mexico; 10 or more of the same issue to one address, $13.50 per year or $.35 each. Elsewhere, $20.00 per year or $.50 each. Address requests to Publications Services, Division of Administrative Services, and make payment remittance payable to the order of the Board of Governors of the Federal Reserve System in a form collectible at par in U.S. Currency. TABLES 1 - 6 S E C U R I T Y V O L U M E AND YIELDS 7, 8 STOCK MARKET AND S E C U R I T Y CREDIT 9 - 1 6 MORTGAGE MARKET SYMBOLS e ESTIMATE P PRELIMINARY r REVISED n.a. NOT AVAILABLE DATA DO NOT EXIST Table 1 YIELDS, VOLUME AND RECEPTION CORPORATE BOND MARKET YIELDS WEEK ENDING 1978 - O c t . Nov. Dec. 6 13 20 27 NEW ISSUE 1 A a a UTILITY RECENTLY OFFERED Aaa UTILITY 9.04 - 1 8 15 9.27 9 . 28r 9.30p ' — PER C E N T S O L D BY END OF WEEK NEW ISSUES IN S Y N D I C A T E ($ MILLIONS) 340 294 585 250 90 98 96 100 35 5 24 0 9.28 . 9.30 9.24 9.25 272 400 439 260 99 100 98 72 3 0 10 73 388 455 560 92 86 75 30 64 140 9.19 9.23 9.25 9.30 9.25 GROSS OFFERINGS ($ MILLIONS) 3 9.04 9.03 9.15 9.24 — 3 10 17 24 VOLUME 2 9.28 9.31r 9.35p 4 MUNICIPAL BOND MARKET YIELDS WEEK E N D I N G MOODY'S N E W ISSUE Aaa VOLUME BOND BUYER 20-BOND INDEX GROSS OFFERINGS ($ MILLIONS) 1978 - O c t . 6 13 20 27 5.50 5.50 5.50 5.60 6.07 6.10 6.14 6.21 614 795 819 514 Nov. 3 10 17 24 5.70 5.65 5.50 5.55 6.22 6.17 6.11 6.16 Dec. 1 8 15 5.55 5.70 5.85 6.29 6.29 6.45 3 PER C E N T S O L D BY END OF WEEK NEW ISSUES 4 IN S Y N D I C A T E ($ MILLIONS) 86 87 84 90 126 148 236 113 421 845 1,557 217 89 9095 86 78 107 101 121 753 1,103 1,339 81 88 83 169 239 340 MOTES: 1 Federal Reserve series of implied yield on newly issued, Aaa-rated utility bond with 5-year call protection. 2 Federal Reserve series of implied free-market yield on competitively bid Aaa-rated utility bond with 5-year call protection, released from price restrictions sometime during the last f o u r weeks. 3 Estimated by F.R. on the basis of available data. 4 Corporate Market: Salomon Brothers Bond Market Roundup; Municipal Market: Weekly Bond Buyer. Data are adjusted by Federal Reserve when necessary to make coverage of this series consistent with the gross offerings series. Table 2 HIGH GRADE BOND YIELDS NEW ISSUE Aaa UTILITY DATE 1 RECENTLY OFFERED Aaa UTILITY 2 MOODY'S SEASONED CORPORATE Aaa 3 U.S. GOVT. 20-YEAR CONSTANT MATURITY 4 B O N D BUYER 2Q-BOND INDEX 10.61 (10/4) 8.05 (2/15) 10.52 (10/11) 8.13 (1/4) 9.39 (10/11) 7.73 (1/4) 8.68 (8/30) 7.39 (1/4) 7.15 (12/12) 5.15 (2/7) 9.80 (5/2) 8.89 (2/7) 9.71 (5/25) 9.06 (2/28) 9.01 (5/2) 8.57 ( 2 / 2 8 ) 8.63 (9/19) 7.63 (2/21) 7.67 (10/3) 6.27 (2/13) 8.95 (5/28) 7.93 (12/10) 9.10 (1/2) 7.84 (12/31) 8.66 (5/28) 7.91 (12/31) 8.17 (5/28) 7.27 ( 1 2 / 3 1 ) 7.29 (1/2) 5.95 (12/16) 8.36 (12/16) 7.90 (1/7) 8.48 (12/30) 7.95 (1/7) 8.28 (12/30) 7.88 (1/7) 7 . 9 9 (12/30) 7.26 ( 1 / 7 ) 5.93 (2/4) 5.45 (11/17) 9.30 (12/15) 8.60 (3/24) 9 . 3 1 (12/15) 8.48 (1/6) 9.10 (12/15) 8.30 (1/6) 8.84 (12/15) 8.02 (1/6) 6.45 (12/14) 5.58 (3/17) 1 9 7 8 - August September October November 8.82 8.86 9.17 9.27r 8.91 8.86 9.13 9.27 8.69 8.69 8.89 9,03 8.45 8.47 8.69 8.75 6.12 6.09 6.13 6.19 1978 - Nov. 9.25 9.30 9.25 9.28 9.30 9.24 9.25 9.04 9.06 9.02 9.00 8.80 8.80 8.72 8.72 6.22 6.17 6.11 6.16 9.28 9. 31r 9.35p 9.04 9.06r 9. lOp 8.78 8.79r 8.84p 6.29 6.29 6.45 1974 - High Low 1975 - High Low 1976 - High Low 1977 - High Low 1978 - High Low 3 10 17 24 Dec. - - 9.27 9.28r 9.30p 1 8 15 NOTES: 1 Federal Reserve series of implied yield on newly issued, Aaa-rated utility bond with 5-year call protection. 2 Federal Reserve series of implied free-market yield on competitively bid Aaa-rated utility bond with 5-year call protection released from price restrictions sometime during the last 4 weeks. 3 Weekly average of daily closing figures. 4 Weekly average of daily figures. U.S. Treasury data. 5 Thursday figures. The average rating of the 20 bonds used in this index falls midway between the four top groups as classified by Moody's Investors Service. Weekly Bond Buyer data. # # # # # # # # # # # 5 5 Table 3 LONG-TERM CORPORATE AND STATE AND LOCAL GOVERNMENT SECURITY OFFERINGS AND PLACEMENTS IN MILLIONS OF DOLLARS GROSS PROCEEDS 1 CORPORATE PERIOD 2 STATE AND LOCAL 1978 1977 1976 1978 1977 1976 January February March 3,013 2,657 4,442 4,362 2,792 5,578 3,381 3,863 6,632 3,300 2,748 4,828 3,402 3,442 4,063 2,451 2,885 3,365 April May June 3,285 4,035 5,215 3,998 3,797 5,660 3,507 4,186 6,439 3,824 5,495 4,355 3,409 4,566 5,786 2,218 3,575 3,115 July August September 4,226 3,311 3,500e 4,289 3,469 4,177 3,216 3,357 4,817 3,906 6,383 2,273 3,113 4,118 4,013 2,734 2,821 2,814 October November December 3,750e 3,200e 4,221 5,331 6,531 4,511 3,074 6,503 3,087 4,100e 3,807 3,332 3,646 3,524 3,336 2,342 01 02 03 04 10,112 12,535 ll,037e 12,732 13,455 11,935 16,083 13,876 14,132 11,390 14,088 10,876 13,674 12,562 10,907 13,761 11,244 10,785 8,701 8,908 8,369 9,202 1st Half 3 Qtrs. Year 22,647 33,684e 26,187 38,122 54,205 28,008 39,398 53,488 24.550 37,112 24,668 35,912 46,697 17,609 25,978 35,180 ! NOTES: 1 Securities and Exchange Commission estimates of gross proceeds. 2 P u b l i c S e c u r i t i e s A s s o c i a t i o n e s t i m a t e s of p r i n c i p a l amounts. e E s t i m a t e d by F e d e r a l R e s e r v e Board on t h e b a s i s of a v a i l a b l e d a t a . Table 4 NEW CORPORATE SECURITY ISSUES BY TYPE OF ISSUE AND ISSUER IN MILLIONS OF DOLLARS GROSS PROCEEDS BY TYPE OF ISSUER GROSS PROCEEDS BY TYPE OF ISSUE PERIOD MEMO COMMON MANUFACAND ISSUES INCLUDED PRIVATELY TURING PREFERRED PLACED FOREIGN CONVERTIBLE STOCK BONDS TOTAL PUBLICLY OFFERED PUBLIC UTILITY COMMUNICATIONS OTHER ISSUERS 1977 - I II III IV 12,732 13,455 11,935 16,083 6,498 5,606 6.215 5,867 3,527 4,975 3,506 5,999 2,707 2,874 2,214 4,217 268 346 272 275 6 108 495 39 3,031 3,440 3,250 4,054 3,047 4,125 2,901 4, 246 1,415 1,059 644 1,320 5,238 4,830 5,140 6,460 1978 - I II 10,112 12,535 4,748 5,421 3,383 4,196 1,981 2,918 233 260 4 158 2,218 2,898 2,367 3,672 844 384 4,684 5,581 1977 - June July August September October November December 5,660 4,289 3,469 4,177 4,221 5,331 6,531 2,045 2,360 1,947 1,908 2,114 2,211 1,542 2,580 972 965 1,569 979 1,200 3,820 1,035 695 557 700 1,128 1,920 1,169 332 90 160 22 10 89 176 56 25 262 208 1 22 16 1,416 1,349 1,068 833 731 782 2,541 1,471 903 497 1,501 1,437 1,729 1,080 416 277 45 322 8 1,013 299 2,356 1,761 1,858 1,521 2,045 1,805 2,610 1978 - J a n u a r y February March April May June July August 3,013 2,657 4,442 3,285 4,035 5,215 4,226 3,311 1,382 1,464 1,902 1,958 1,719 1,744 2,177 1,49? 998 667 1,718 853 1,277 2,066 1,541 1,032 633 526 822 474 1,039 1,405 508 782 233 0 0 12 106 142 80 40 0 0 4 20 2 136 16 6 273 716 1,229 549 878 1,471 842 721 644 465 1,258 743 1,685 1,244 799 875 519 34 291 35 1,578 1,441 1,665 1,960 1,470 2,151 2,231 1,162 NOTES: 1 Other issuers are extractive, railroad and other transportation, real estate and finance, and commercial and other. Source: Securities and Exchange Commission. - - 349 353 552 # # # # # # # # # # « Table 5A INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY ' November 27 t h r o u g h December 15, 1978 ISSUER TYPE AMOUNT (MILLIONS OF DOLLARS) Debt. Debt. Bonds Equip, t r . Debt. Debt. Com. s t k . Com. s t k . Pfd. (conv.) Pfd. stk. Pfd. stk. 1 s t . mtg. Units Notes Debt. Debt. Debt. Debt. Notes Notes Debt. Debt. Pfd. stk. Com. s t k . 100.0 100.0 50.0 23.1 60.0 75.0 30.0 22.1 28.0 60.0 60.0 100.0 20.0 125.0 100.0 35.0 25.0 15.0 250.0 100.0 150.0 50.0 20.0 70.6 MATURITY COUPON RATE OFFERING YIELD MOODY'S/S&P'S RATINGS 9.80 9.16 9.25 10.00-9.20 11.50 10.50 Baa/BBB Aaa/AAA Aaa/AAA Aa/AA Ba/BBBaa/BBB CORPORATE W a l t e r Kidde & Co. Michigan B e l l T e l e . Co. Bank of N o r t h Dakota S o u t h e r n P a c i f i c T r a n s p . Co. Sun Chemical Corp. I t e l Corp. San Diego Gas & E l e c t r i c Co. C e n t r a l I l l i n o i s P u b l i c S e r v i c e Co, MCI Communication Corp. W i s c o n s i n E l e c t r i c Power Co. D e t r o i t Edison Co. Houston L i g h t i n g & Power Co. Early California Industries Inc. American Can Co. American G e n e r a l I n s u r a n c e Co. UNC R e s o u r c e s I n c . CCI Corp. Champion P a r t s R e b u i l d e r s I n c . Ford Motor C r e d i t Co. Ford Motor C r e d i t Co. Mountain S t a t e s T e l . & T e l e , Co. S o u t h l a n d Corp. South C a r o l i n a E l e c t r i c & Gas Co. V i r g i n i a E l e c t r i c & Power Co. 2003 2018 1993 1979-1993 1996 1998 — — mm mm __ — • 2008 1993 1984 2008 1998 1998 1993 1985 1989 2014 2003 — — NOTES: * Rights offering. 1 Includes only corporate and other security offerings of $15 million and over; excludes options, exchanges, and secondary offerings. 9.75 9.13 9.25 9.13 11.50 10.50 10.56 8.80 9.72 9.25 12.50 9.25 9.38 12.00 12.75 13.25 9.50 9.55 9.25 9.38 8.72 10.56 8.80 9.72 9.30 12.50 9.28 9.45 12.00 12.80 13.40 9.47 9.55 9.27 9.40 8.72 —/B Aa/AA Baa/BBB Aa/AA B/B A/A A/AA Ba/BB B/B B/B. Aaa/AAAa/AAaa/AAA A/A A/A Table 5A Continued INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY November 27 t h r o u g h December 15, 1978 ISSUER TYPE AMOUNT (MILLIONS OF DOLLARS) CORPORATE Utah Power & L i g h t Co. Com. s t k . 34.7 MATURITY COUPON RATE OFFERING YIELD MOODY S/S&P'S RATINGS Table 5B INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY ' November 27 t h r o u g h December 15, 1978 ISSUER TYPE AMOUNT (MILLIONS OF DOLLARS) MATURITY NET INTEREST COST OFFERING YIELD MOODY'S/S&P'S RATINGS STATE AND LOCAL Dev. Corp, Calif. Lotnod Bunker H i l l Hsg. Dev. Corp. , Calif. Lomod Bunker H i l l Hsg. Dev. C o r p . , Calif. Mesa County, Colo. Mesa County, Colo. New York S t a t e Hsg. F i n . Agcy. New York S t a t e Hsg. F i n . Agcy. New York S t a t e Hsg. F i n . Agcy. Maine M u n i c i p a l Bond Bank Maine M u n i c i p a l Bond Bank Oakland County, Mich. M i n n e a p o l i s Hsg. & Redev. A u t h . , Minn. M i n n e a p o l i s Hsg. & Redev. A u t h . , Minn. Heard C o . , Ga. Appling C o . , Ga. Rhode I s l a n d Hsg. & Mtge. F i n . Corp. Rhode I s l a n d Hsg. & Mtge. F i n . Corp. Rhode I s l a n d Hsg. & Mtge. F i n . Corp. Katy I n d . Sch. D i s t . , Texas D e t r o i t , Mich. D e t r o i t , Mich. 1981-1999 7.55 Rev. 18.8 Rev. 5.8 2002 7.55 Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. G.O. Rev. Rev. Rev. Rev. Rev. Rev. Rev. G.O. G.O. G.O. 23.5 5.5 9.5 18.5 6.7 81.1 3.8 9.9 14.9 17.8 37.5 18.5 10.5 32.0 24.6 5.0 22.8 27.4 15.5 2010 1979-1999 2010 1979-1991 1994 2009 1979-1993 1979-1998 1980-2001 1980-1998 2010 1982-2009 1982-2009 1981-1998 2005 2006 1980-1996 1979-1989 1993 7.55 —— — — 7.79 7.79 7.79 5.71 6.02 6.56 — — 6.69 6.69 7.40 7.40 7.40 5.38 8.33 8.33 5 . 6 0 - 7 . .30 7.50 7.60 5.50-7. 7.30 6.00-7. 7.00 7.75 5.20-5. 5.25-6. 5.50-6. 5.40-6. 7.10 5.25-6. 5.25-6. 5.80-7. 7.50 A/A+ A/A+ A/A+ 00 00 80 25 75 75 84 84 10 — — 5 . 1 0 - 5 . 50 6 . 0 0 - 7 . 90 8.00 —"—J —— - - / - A/AA A/AA A/AA Aa/AA Aa/AA A-1/A+ Aa/AA Aa/AA A/A+ A/A+ A-l/A A-l/A A-l/A A-l/A Baa/BBBBaa/BBB- NOTES: 1 Includes only state and local security offerings of $10 million and over; excludes secondary offerings. 2 For State and local government securities, G O. denotes general obligation; Rev. denotes revenue obligations. vo Table 5B Continued INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY November 2 7 through December 1 5 , ISSUER TYPE Troy S c h o o l D i s t r i c t , Mich. Wayne County, Mich. Wayne County, Mich. Beavertown S c h l . D i s t . , Oregon Warren, Ohio Chicago Comm. C o l l e g e D i s t . #508, 111. Houston, Texas H o u s t o n , Texas South C a r o l i n a S t a t e Hsg. Auth. South C a r o l i n a S t a t e Hsg. Auth. South C a r o l i n a S t a t e Hsg. Auth. North C a r o l i n a Medical Care Comm. North C a r o l i n a M e d i c a l Care Comm. N o r t h C a r o l i n a M e d i c a l Care Comm. D a l l a s F o r t Worth Reg. A i r p o r t , Texas D a l l a s F o r t Worth Reg. A i r p o r t , Texas D a l l a s F o r t Worth Reg. A i r p o r t , Texas P h i l a d e l p h i a , Pa. P h i l a d e l p h i a , Pa. P h i l a d e l p h i a , Pa. P h i l a d e l p h i a , Pa. I l l i n o i s Housing Dev. A u t h . , 111. I l l i n o i s Housing Dev. A u t h . , 111. I l l i n o i s Housing Dev. A u t h . , 111. W i s c o n s i n Housing F i n . Auth. W i s c o n s i n Housing F i n . Auth. Indianapolis Sanitary D i s t r i c t , Ind. Rev. G. 0 . G.O. G • 0. Rev. G.O. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. G.O. AMOUNT (MILLIONS OF DOLLARS) 1978 MATURITY NET INTEREST COST OFFERING YIELD 6.36 6.92 6.96 5.68 5.20-6.50 5.50-7.10 5.60-7.10 5.20-5.90 5.30-7.45 5.20-5.35 5.20-5.95 6.56 5.25-6.25 5.88 6.70 5.50-6.50 7.25 7.71 5.85-6.90 7.17 7.29 5.80-7.00 7.30 7.60 7.70 5.40-6.80 7.50 7.60 5.40-6.90 7.40 5.05-5.95 MOODY'S/S&P'S RATINGS STATE AND LOCAL # e e 1980-2004 1980-2003 1981-2008 1979-1998 1980-2009 1979-1983 1983-1998 2008 1980-1998 1999 2010 1982-1989 1996 2008 1988-1999 2005 2012 1981-1993 1998 2003 2008 1980-1997 2009 2019 1980-1999 2010 1980-2004 15.2 10.6 5.3 11.8 10.4 11.1 10.0 30.0 47.9 2.0 34.9 4.8 6.8 23.5 41.5 37.4 68.1 24.8 16.7 23.9 34.6 9.4 16.5 28.0 23.6 34.6 35.0 # • • 5.65 6.44 6.44 — — - - - - 7.67 7.67 7.67 - — - - - - 7.66 7.66 7.66 7.66 7.61 7.61 7.61 7.26 7.26 5.71 S • A-l/AA A/A- A/AA—1/— A-l/— Aa/AA A-l/A A-l/A Aa/AA Aa/AA Aa/AA A/A A/A A/A Baa/BBB Baa/BBB Baa/BBB A/A A/A A/A A/A A-l/AA A-l/AA A-l/AA A-l/AA A-l/AA Aaa/-- # # # # # # # # # # # Table 5B C o n t i n u e d INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY November 27 t h r o u g h December 15, 1978 ISSUER TYPE AMOUNT (MILLIONS OF DOLLARS) MATURITY NET INTEREST COST OFFERING YIELD MOODY'S/S&P'S RATINGS STATE AND LOCAL M i n n e a p o l i s S t . P a u l Metro A i r p o r t s Comm., Minn. J o r d a n School D i s t . , Utah Lower C o l o r a d o R i v e r A u t h . , Texas Lower C o l o r a d o R i v e r A u t h . , Texas Pekin, I l l i n o i s Pekin, I l l i n o i s D e t r o i t School D i s t . , Mich. Washington P u b l i c Power Supply Sys. Washington P u b l i c Power Supply Sys. Washington P u b l i c Power Supply Sys. Washington P u b l i c Power Supply Sys. P e n n s y l v a n i a Housing F i n . Agency P e n n s y l v a n i a Housing F i n . Agency P e n n s y l v a n i a Housing F i n . Agency Ohio, S t a t e of Danville, I l l i n o i s Danville, I l l i n o i s P a r a d i s e V a l l e y Sch. D i s t . #69, A r i z . G a r l a n d I n d . Sch. D i s t . , Texas W a s h i n g t o n , S t a t e of Rev. G.O. Rev. Rev. Rev. Rev. G.O. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. G.O. G.O. G.O. 15.0 22.0 10.0 38.0 7.2 7.8 41.7 38.3 22.3 38.2 81.2 16.8 22.6 21.1 40.0 5.3 10.1 11.0 10.0 1981-2000 1986-1994 1985-1995 2007 1980-2000 2008 1980-1994 1984-1998 2003 2009 2017 1982-2000 2010 2022 1979-2003 1980-1998 2010 1984-1992 1992-1998 36.7 1979-2001 5.60 5.36 6.37 6.37 5.54 5.10-5.90 5.15-5.45 5.20-5.80 6.50 5.50-7.05 7.40 5.50-6.80 5.20-6.00 6.35 6.60 6.83 5.80-7.10 7.50 7.60 5.20-6.50 5.60-7.00 7.40 5.25-5.60 5.31 5.69 5.20-5.50 5.10-5.90 — — — — 6.84 6.61 6.61 6.61 6.61 7.53 7.53 7.53 6.11 - - Aaa/-Aa/-A-1/A+ A-1/A+ -~/AA --/AA A/AA Aaa/AAA Aaa/AAA Aaa/AAA Aaa/AAA A-1/A+ A-1/A+ A-1/A+ Aa/AA --/AA --/AA A -1/ - Aa/A+ Aa/AA+ 4 Table 5B Continued INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY November 27 t h r o u g h December 1 5 , 1978 ISSUER STATE AND LOCAL Jasper Co., Indiana Washoe Co. A i r p o r t A u t h . , Nev. S t . M a r y ' s , Kansas P e n n s y l v a n i a , S t a t e of Rhode I s l a n d , S t a t e of New Mexico Mtg. F i n a n c e Auth. New Mexico Mtg. F i n a n c e Auth. New Mexico Mtg. F i n a n c e Auth. A l b u q u e r q u e , New Mexico A l b u q u e r q u e , New Mexico G t r . Chicago M e t r o . S a n i t a r y D i s t . , 111. J e f f e r s o n Co. H e a l t h & R e s i d . B d . , Ark. J e f f e r s o n Co. H e a l t h & R e s i d . B d . , Ark. J e f f e r s o n Co. H e a l t h & R e s i d . Bd. , Ark. J e f f e r s o n Co. H e a l t h & R e s i d . B d . , Ark. Grand I s l a n d , Neb. Grand I s l a n d , Neb. M i s s o u r i E n v i r . I n p r o v . Auth. Wilmington, Del. Wilmington, Del. F r a n k l i n Co. I n d u s t . Dev. A u t h . , P a . F r a n k l i n Co. I n d u s t . Dev. A u t h . , P a . TYPE AMOUNT (MILLIONS OF DOLLARS) MATURITY Rev. Rev. Rev. G. 0 • G. 0 . Rev. Rev. Rev. Rev. Rev. 18.0 44.5 45.0 83.0 21.3 55.4 32.5 9.4 6.8 21.4 2008 1982-2006 2009 1979-1998 1980-1999 1980-1999 2009 2010 1981-1993 2008 G.O. 40.0 1981-1998 Rev. 5.2 1981-1998 Rev. 11.3 2010 Rev. 8.2 1981-1998 Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. 16.0 12.4 17.6 10.3 7.1 10.8 4.4 1.6 2010 1985-2004 2014 2009 1981-2002 2012 1982-1995 1998 NET INTEREST COST OFFERING YIELD MOODY'S/S&P'S RATINGS — 6. 70 6.20-7.60 6.75 6.00-7.00 5.00-6.00 5.50-7.10 7.50 7.40 5.90-7.25 7.75 —/— Baa-l/AAa/AA A/A+ Aa/AA A-l/A A-l/A A-l/A A-1/A+ A-1/A+ 6.20 5.50-6.30 Aa/AA 5.50-6.80 —/AA 7.25 — /AA 5.60-7.00 —/AA 7.40 5.60-7.00 7.16 6.54 5.80-7.25 7.50 5.90-7.25 7.38 —•/AA --/At ~/A+ Aa/AA —/AA —/AA —/A —/A —— 7.50 6.75 5.72 —— —— — — — — — — — — —— — — — — # # # # # # # # # # Table 5B Continued INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY November 27 t h r o u g h December 15, 1978 ISSUER TYPE AMOUNT (MILLIONS OF DOLLARS) MATURITY NET INTEREST COST OFFERING YIELD MOODY'S/S&P'S RATINGS STATE AND LOCAL F r a n k l i n Co. I n d u s t . Dev. A u t h . , P a . M a s s a c h u s e t t s , S t a t e of I r v i n e Ranch Wtr. D i s t . , C a l i f . New York C i t y Hsg. Auth. New York C i t y Hsg. Auth. New J e r s e y S p o r t s & Expos . Auth. New J e r s e y S p o r t s & Expos . Auth. New J e r s e y S p o r t s & Expos . Auth. New J e r s e y S p o r t s & Expos . Auth. New J e r s e y S p o r t s & Expos . Auth. C a l i f o r n i a , S t a t e of S t . P a u l , Minn. S t . P a u l , Minn. S t . P a u l . Minn. Maryland Comm. Dev. Adm. Maryland Comm. Dev. Adm. Maryland Comm. Dev. Adm. A l a s k a , S t a t e of Anchorage, Alaska Rev. G.O. G.O. Rev. Rev. Rev. Rev. Rev. Rev. Rev. G.O. G.O. G.O. G.O. Rev. Rev. Rev. G.O. G.O. 8.7 124.0 13.8 3.0 24.1 13.9 14.7 13.8 33.9 299.5 150.0 6.5 2.1 5.3 4.5 7.1 20.6 40.0 17.6 2008 1980-1999 1982-2008 1990 2011 1982-1995 2003 2008 2016 1980-2005 1980-2004 1983-1989 1983-1994 1989-1993 1981-1998 2009 2020 1980-1989 1980-1999 -*• — 6.53 6.94 —— —— 6.64 6.64 6.64 6.64 6.04 5.82 5.41 5.55 5.66 7.23 7.23 7.23 5.53 6.32 7.63 5 . 7 0 - 6 . 85 5 . 6 0 - 7 . 00 8.00 8.25 5 . 25—6. 00 6.50 6.63 6.70 5 . 1 0 - 6 . 25 5 . 1 5 - 6 . 10 5 . 2 0 - 5 . 40 5 . 2 0 - 5 . 60 5 . 4 0 - 5 . 60 5 . 3 0 - 6 . 50 7.13 7.25 5 . 3 0 - 5 . 50 5 .40—6. 50 —/A A-l/AA —/— A/ — A/— Aa/— Aa/— Aa/— Aa/— Aaa/AAA Aaa/AAA Aa/AA Aa/AA Aa/AA Aa/A Aa/A Aa/A A-1/A+ A/A CJJ 14 Table 6A FORTHCOMING INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY 1 As of November 15, 1978 TYPE ISSUER CORPORATE Cris-Craft Industries Inc. Aristar Inc. Golden Nugget I n c . Chesapeake & Ohio Railway Co. Middle South U t i l s . L o u i s v i l l e Gas & E l e c t r i c Co. B e l l T e l e . Co. of P e n n a . I n d i a n a & Michigan E l e c t r i c Co. E l P a s o E l e c . Co. Texas U t i l s . Co Arkansas Power & L i g h t Co. Arkansas Power & L i g h t Co. A t l a n t i c C i t y E l e c . Co. Debt. Notes Units Equip, t r . Com. s t k . Com. s t k . Debt. 1 s t mtg. Com. s t k . Com. s t k . Pfd. stk. 1 s t mtg. Com. s t k . POSTPONED B e l d i n g Heminway Co. I n c . Debt. AMOUNT (IN MILLIONS OF DOLLARS) 20.0 25.0 45.0 15.3 131.0 20.0 150.0 100.0 15.0 95.0 60.0 60.0 25.0 Dec. Dec. Dec. Jan. Jan. Jan. Jan. Jan. Jan. Jan. Jan. Jan. Jan. 20.0 Dec. NOTES: * Included in table for first time. 1 Includes only corporate and other security issues of $15 million and over; excludes exchanges, options APPROXIMATE DATE OF OFFERING 9 9 11 16 23 23 23 24 24 24 Table 6B FORTHCOMING INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U S. TREASURY 1 As of December 15, 1978 ISSUER TYPE AMOUNT (IN MILLIONS OF DOLLARS) APPROXIMATE DATE OF OFFERING STATE & LOCAL F o r t Wayne, I n d . E a s t Bay Mun. U t i l i t y D i s t . , C a l i f *Utah Board of R e g e n t s S i l v e r Bay, Minn. Michigan S t a t e H o s p i t a l Auth. M i s s o u r i Housing Development Comm. *Wheeling, 111. *Kanawha C o . , W. Va. E v a n s t o n , 111. G a r f i e l d H e i g h t s , Ohio ^Richmond, Va. Georgia M u n i c i p a l E l e c t r i c Auth. Conroe I n d . Sch. D i s t . , Tex. Oregon, S t a t e of G.O. *Anne Arundel C o . , Md. New Mexico Mtg. F i n . Auth. F l o r i d a , S t a t e of Redwood C f t y , C a l i f . POSTPONEMENTS P o n t i a c B u i l d i n g A u t h . , Mich. Shelby C o . , Tenn. Rev. G.O. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. G.O. Rev. G.O. GO. G.O. Rev. G.O. G.O. 18.0 20.0 47.4 105.0 16.6 28.1 15.0 25.0 25.0 27.4 32.2 100.0 15.6 150.0 25.0 75.0 117.5 12.5 Dec. Dec. Dec. Dec. Dec. Dec. Dec. Dec. Dec. Dec. Jan. Jan. Jan. Jan. Jan. Jan. Jan. Jan. 19 19 19 19 19 20 Rev. G.O. 25.0 35.0 Dec. Dec. 14 19 NOTES: 1 includes state and local government issues of $10 million and over, foreign government, International Bank for Reconstruction issues of Federally sponsored agencies; excludes secondary offerings. * Included in the table for the first time. 3 5 9 9 10 11 17 19 Table 7 STOCK PRICES AND VOLUME 1 STOCK PRICES DATE 3 N Y S E INDEX | BJ INDUSTRIALS 4 AMEX 2 TRADING VOLUME NASDAQ NYSE AMEX NASDAQ 1974-High Low 53.37 (3/13) 32.89 (10/3) 891.66 ( 3 / 1 3 ) 577.60 (12/6) 102.01 (3/14) 58.26 (12/9) 96.53 (3/15) 54.87 ( 1 0 / 3 ) 24.9 (1/3) 7.5 (7/5) 4.4 (1/3) .9 ( 9 / 2 6 ) 7.5 (1/3) 2.8 (7/5) 1975-High Low 51.24 (7/15) 37.16 (1/8) 881.81 (7/15) 632.04 ( 1 / 2 ) 96.86 (7/15) 62.20 (1/2) 88.00 (7/15) 60.70 (1/2) 35.2 (2/13) 8.7 (9/15) 4.2 (2/21) 1.1 (9/15) 8 . 1 (2/13) 2.5 (9/15) 1976-High Low 57.51 (9/21) 48.04 (1/2) 1014.79 ( 9 / 2 1 ) 858.71 (1/2) 107.05 (7/12) 84.31 (1/2) 92.52 ( 7 / 1 5 ) 78.06 ( 1 / 2 ) 44.5 (2/20) 10.3 ( V 2 ) 8.6 (2/20) 1.1 (1/2) 11.1 (2/20) 3.5 (1/2) 1977-High Low 57.69 (1/2) 49.78 (11/2) 999.75 (1/3) 800.85 (11/2) 127.89 ( 1 2 / 3 0 ) 109.61 (1/12) 105.05 ( 1 2 / 3 0 ) 93.66 ( 4 / 5 ) 35.3 ( H / l l ) 10.6 ( 1 0 / 1 0 ) 4.2 (1/13) 1.4 (9/22) 11.2 ( 1 1 / 1 0 ) 5 . 1 (5/27) 1978-High Low 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) 139.25 ( 9 / 1 3 ) 99.09 ( 1 / 1 1 ) 66.4 ( 8 / 3 ) 7.6 (1/20) 11.0 (10/30) 1.3 (1/20) Oct. 6 13 20 27 58.34 58.93 54.76 52.52 880.02 897.07 838.01 806.05 170.23 170.79 152.39 141.31 134.00 135.58 123.82 115.25 24.3 23.8 34.2 33.8 3.3 3.2 4.8 5.1 9.7 10.7 13.2 12.5 Nov. 3 10 17 24 53.49 52.72 52.54 53.44 823.11 807.09 797.73 810.12 145.32 143.39 143.38 148.59 115.49 114.84 113.69 116.17 43.9 21.9 24.9 19,9 6.8 2.7 3.5 Z.6 14.5 8.3 8.6 7.1 1 8 15 53.77 54.06 53.31 811.50 811.85 805.35 150.28 151.16 149.30 116.19 118.77 117.41 22.1 23.4 21.9 3.0 2.8 Dec. 7.9 8.7 9.2 2.9 NOTES: 1 Figures other than highs and lows are Fridays only. Highs and lows are for the year and are not necessarily for Fridays. 2 Volume figures are weekly averages of daily figures (millions of shares). 3 12/31/66 = 50 4 Based on average price change until September 4, 1973 thereafter, based on market value of shares listed. # # # # # # * # # 18.8 (5/18) 2.8 (1/20) # 17 Table 8 SECURITY CREDIT R E G U L A T E D MARGIN CREDIT E X T E N D E D BY END O F PERIOD BROKERS ON MARGIN STOCK 1 9,590 9,560 9,610 9,740 January February March April May June July August September October November 9,590 9,780 9,920 10,260 10,660 11,090 11,190 11,740 12,400 12,090 1978 11,000 BANKS 196 191,-/ 246— 250 881 882 872 873 246 242 246 248 245 242 247 243 225 216 n.a. 2,565 851 2,544 877 2,544 855 2,560 914 series discontinued -4 -5 H n.a.— 4 -4 1 -10 1 -6 -2 25 -36 -4 -4 4r 2 -3 -3 5 -4 -18 -9 n.a. -22 26 -22 -59 -3 -21 C H A N G E IN O U T S T A N D I N G 1977 - September October. November December 30 -3.0 50 130 1978 - J a n u a r y February March April May June July August September October November -150 190 140 340 400 430 100 550 660 -310 -1,090 U N R E G U L A T E D NONMARGIN STOCK CREDIT AT BANKS BROKERS ON 2 CONVERTIBLE BONDS OUTSTANDING 1977 - September October November December 3 2,581 2,579 2,604 2,568 16 series discontinued NOTES: 1 Margin account debt as reported by the New York Stock Exchange, excluding credit for subscription issues and convertible bonds. 2 3 New York Stock Exchange data. June data for banks are universe totals; all other data for banks represent estimates for all commercial banks based on reports by a reporting sample, which accounted for 60 per cent of security credit outstanding at banks on June 30. 4 Nonmargin stocks are those not listed on a national securities exchange and not included on the Board of Governors of the Federal Reserve System's list of OTC margin stocks. At banks, loans to purchase or carry nonmargin stocks are unregulated; at brokers, such stocks have no value. 4 Table 9 SAVINGS FLOWS AT NONBANK THRIFT INSTITUTIONS IN MILLIONS OF DOLLARS MUTUAL SAVINGS BANKS DATE REGULAR DEPOSITS NET FLOW 1974 1975 1976 1977 2,165 11,070 12,670 10,647 1978-March April May June July August September October^ 1,712 -264 436 1,304 341 260 1,3784/ 63 fr-' 1978-March April May June July Augus t September October^ 448 341 543 514 963 1,222 1,313 1,272 1 ANNUAL 3 GROWTH RATE 2.3 11.3 11.6 8.9 — 4.0 3.0 4.8 4.5 8.5 10.7 11.4 10.9 NET NEW MONEY -2,822 4,757 5,275 2,874 338 -553 97 -90 38 -75 -41 50 SAVINGS & LOAN ASSOCIATIONS 2 SHARE CAPITAL NET FLOW 16,006 42,769 50,169 50,963 ANNUAL 3 GROWTH RATE 7.1 17.6 17.6 15.2 NET NEW MONEY TOTAL 2 4,668 29,276 34,369 32,004 NOT SEASONALLY ADJUSTED 7,153 2,592 558 401 2,380 2,145 , 6,656 1,744 3,074 2,812 2,312 2,069 1,606 6,4334/ 2,453 s -' 2,452 SEASONALLY ADJUSTED 8.7 2,845 2,133 6.5 3,010 9.1 — 10.3 3,452 15.4 5,192 5,439 15.9 17.7 6,112 4,034 11.5 DEPOSITS NET FLOW 18,171 53,839 62,839 61,610 ANNUAL 3 GROWTH RATE 5.6 15.8 15.9 13.5 8,864 294 2,816 7,960 3,415 2,572 7,811 3,089 3,293 2,474 3,553 3,966 6,155 6,661 7,425 5,306 NET NEW MONEY 2 1,846 34,033 39,644 34,783 2,930 -152 2,242 1,654 2,850 1,994 1,565 2,502 7.5 5.6 8.0 8.9 13.7 14.6 16.1 11.4 NOTES: 1 Regjlar deposits at mutual savings banks exclude items such as Christmas club and certain escrow accounts, which represent a very small part of total deposits. 2 New deposits net of both withdrawals and interest. Data for S&L's are for insured associations only, which represent 96 per cent of industry total resources. 3 Annual growth rate for monthly data is the annualized monthly percentage increase in deposits. 4 Net f l o w s r e f l e c t t h e c o n v e r s i o n of an S&L t o an MSB. S o u r c e : N a t i o n a l A s s o c i a t i o n of Mutual S a v i n g s Bank and F e d e r a l Home Loan Bank B o a r d . H.16 19 T a b l e 10 MORTGAGE COMMITMENTS AT SELECTED THRIFT INSTITUTIONS BILLIONS OF DOLLARS, S E A S O N A L L Y A D J U S T E D NET CHANGE OUTSTANDING C O M M I T M E N T S PERIOD TOTAL MUTUAL ALL SAVINGS & LOAN SAVINGS BKS ASSOCIATIONS ( N Y. S T A T E ) TOTAL ALL SAVINGS MUTUAL & LOAN S A V I N G S BKS ASSOCIATIONS (N Y. S T A T E ) 20.3 5.0 7.48 6.28 1.20 1973 20.0 16.4 3.5 -5.31 -3.92 -1.39 1974 14.7 12.4 2.3 -5.20 -3.91 -1.29 1975 20.2 18.2 2.2 5.81 6.06 1976 27.8 25.0 2.8 7.46 6.80 .66 1977 - J a n . Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 27.8 28.5 29.7 30.4 30.8 32.1 32.8 34.0 35.0 37.2 38.2 33 . 3 25.0 25.5 26.5 27.2 27.5 28.3 29.0 30.1 30.9 32.7 33.5 33.7 2.8 3.0 3.2 3.2 3.3 3.8 3.8 3.9 4.1 4.5 4.7 4.6 .45 .66 1.20 .68 .47 1.32 .60 1.29 .97 2.23 1.05 .06 .38 .46 1.00 .68 .40 .79 .63 1.11 .80 1.86 .82 .16 .07 .20 .17 .07 .53 - .03 .18 .17 .37 .23 - .10 1978 - J a n . Feb. Mar. Apr. May June July Aug. Sept. Oct. 38.0 37.3 36.9 36.5 36.2 36.1 36.0 36.4 36.7 38.7 33.6 33.0 32.7 32.3 31.9 31.5 31.5 31.9 32.3 33.8 4.4 4.3 4.2 4.2 4.3 4.6 4.5 4.5 4.4 4.9 -.32 -.70 -.40 — .46 .62 .03 -.11 .32 .36 1.97 —. 08 -.61 -.34 -.42 -.57 -.31 -.03 .36 .44 1.48 - .24 - .09 — . 06 - .04 .05 .34 — . 08 - .04 — . 08 .49 m CM 25.3 1 1972 * S&L Data have been r e v i s e d by FHLBB back t o 1977. NOTES: Based on data from Federal Home Loan Bank Board and Savings Banks Association of New York State. Both series include a minor amount of nonresidential commitments; S&L commitments also include loans in process. Net changes are derived directly from unrounded end of period outstanding levels as reported and after seasonal adjustment by Federal Reserve. Subtotals may not add to totals because of rounding. H.16 Table 11 20 NET NEW MONEY BORROWINGS BY MAJOR HOUSING AGENCIES IN MILLIONS OF DOLLARS PERIOD TOTAL INCLUDING SHORT-TERM DISCOUNT NOTES INTERMEDIATE AND LONG-TERM I S S U E S TOTAL FHLB FHLMC FNMA FNMA A PHI R rnmn @ rnLD SHORT-TERM DISCOUNT NOTES 1 1975 - J u l y Aug. Sept. Oct. Nov. Dec. +236 -398 215 587 152 669 +300 -700 100 850 200 600 0 -700 0 +150 0 0 0 0 0 0 200 0 +300 0 100 700 0 600 -64 302 115 -263 -48 69 1976 - J a n . Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. -197 -964 -851 124 -953 -107 -58 787 195 -37 -552 145 0 -604 -304 693 -607 -206 291 +190 190 310 -297 -219 0 -1,100 0 0 -600 0 0 0 0 0 -300 0 0 196 -4 -7 -7 -6 -9 +190 -10 -8 -9 -7 0 300 -300 700 0 -200 300 0 200 318 12 -212 -197 -360 -547 -569 -346 99 -349 597 5 -347 -255 364 1977 - J a n . Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 12 -862 289 344 532 605 531 347 195 247 466 1,078 188 -592 -354 746 297 203 553 301 -291 211 500 0 0 -200 0 -6 105 0 0 304 0 0 300 0 -189 -393 -4 0 200 3 -47 -3 9 11 200 0 -1 1 -350 752 -8 200 600 0 -300 200 0 0 -176 -270 643 -402 235 402 -22 46 486 -36 -34 1,078 1978 - J a n . Feb. Mar. Apr. May June July Aug. Sept. 399 1,712 887 848 3,091 1,492 1,605 1,811 1,683 1,680 1,323 -12 1,388 -17 600 1,483 1,276 1,881 1,182 1,131 1,630 1,100 0 1,400 0 0 1,500 0 700 1,200 0 0 900 -12 -12 -17 0 -17 276 -19 -18 181 -70 200 0 0 0 600 0 1000 1200 0 950 1700 ° 411 324 904 248 1,608 216 -276 629 552 50 223 0ct * e/ Nov.- NOTES: Based on data f r o m Treasury Survey of Ownership. Sales of FHLB discount notes began in May 1974. Table 12 NET CHANGE IN MORTGAGE HOLDINGS IN MILLIONS OF DOLLARS PERIOD 1970 1971 1972 1973 1974 1975 1976 1977 FINANCIAL INSTITUTIONS TOTAL INCLUDING FNMA-GNMA TOTAL COMMERCIAL BANKS MSB's S & L's 21,930 41,406 57,587 58,372 42,739 43,497 62,783 96,814 17,020 39,018 55,561 55,072 36,517 38,658 64,903 95,924 2,462 9,940 16,800 19,600 11,700 4,200 13,900 25,400 1,956 3,938 5,377 5,642 2,172 2,236 4,074 6,474 10,254 23,919 31,932 25,552 17,567 29,289 44,515 58,566 2 INSURANCE FNMA-GNMA COMPANIES 2,348 1,221 1,452 4,278 5,078 2,933 2,414 5,184 4,910 2,388 2,026 3,300 6,222 4,839 -2,120 890 406 304 488 854 373 850 556 1,006 320 498 473 608 1,244 773 728 998 984 544 377 615 817 509 851 679 1,045 379 600 560 747 1,455 969 444 930 745 Not S e a s o n a l l y Ad l u s t e d 1978 - J a n . Feb . Mar . Apr . May June July Aug. Sept. Oct. 5,557 6,155 8,751 9,304 10,307 11,125 8,849 10 ,961 5,237 5,657 8,278 8,696 9,063 10,352 . 8,121 9,963 1,400 1,600 2,400 2,500 3,100 3,200 2,900 3,600 2,700 412 344 553 486 569 642 6 74 636 516 3,019 3,409 4,837 4,856 5,021 5,660 3,991 4,721 4,294 4,122 Seasonally Adjusted 1978 - J a n . Feb • Mar • Apr • May June July Aug. Sept. Oct. 7,602 7,885 8,827 8,544 9,720 9,579 8,263 10,273 7,223 7,285 8,267 7,797 8,265 8, 610 7,819 9,343 1,788 2,009 2,329 2,149 2,893 2,833 2,858 3,499 2,540 572 515 587 482 563 454 6 35 585 538 4,319 4 , 384 4 , 736 4,349 4,300 4,472 3,647 4,214 4,188 4,307 NOTES: 1 Monthly data for commercial banks based on Federal Reserve estimates benchmarked to Call Report data on real estate loans outstanding as available. Other data derived from mortgage debt outstanding as reported separately by National Assn. of Mutual Savings Banks, Federal Home Loan Bank Board, Institute of Life Insurance and, through August 1968, the Federal National Mortgage Association, and thereafter by FNMA and the Government National Mortgage Association. Data for mutual savings banks and for Life Insurance companies may differ somewhat from those derived from regular quarterly series because of minor conceptual differences for which adjustments are not made in the monthly series. Altogether, these groups accounted for 83 per cent of the net increase estimated for all holders in 1974. Beginning January 1972 data reflect activity in limited amount of conventional mortgages. 22 Table 13 NET INCREASE IN MORTGAGE DEBT OUTSTANDING IN B I L L I O N S 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 A N N U A L R A T E S 2 RESIDENTIAL QUARTER TOTAL TOTAL 1- to 4FAMILY MULTIFAMILY COMMERCIAL MULTFAMILY & COMMERCIAL FARM 1972 - I II III IV 67.6 74.1 77.6 88.1 49.3 54.1 59.1 63.6 38.0 41.0 48.1 47.9 11.3 13.1 11.0 15.7 14.8 16.5 14.9 21.0 26.1 29.6 25.9 36.6 3.5 3.5 3.6 3.6 1973 - I II III IV 80.6 87.4 80.7 70.4 56.0 59.9 56.2 48.5 47.8 46.9 43.7 40.6 8.2 13.0 12.5 7.9 19.1 21.7 19.4 16.4 27.3 34.7 31.9 24.3 5.6 5.8 5.0 5.5 1974 - I II III IV 69.9 70.9 54.5 46.7 48.7 47.2 35.1 29.7 39.2 40.3 28.4 25.4 9.5 6.9 6.7 4.3 17.5 18.7 13.6 11.2 27.0 25.6 20.3 15.5 3.6 4.9 5.8 5.9 1975 - I II III IV 44.0 55.0 62.3 67.7 29.7 39.8 45.3 50.8 28.9 39.8 44.9 51.9 0.8 0.0 0.4 -1.1 9.0 10.3 12.9 12.8 9.8 10.3 13.3 11.7 5.3 4.9 4.0 4.1 1976 - I II III IV 78.6 77.1 94.0 98.5 59.7 57.8 73.8 78.0 58.3 58.0 70.0 75.5 1.4 -0.1 3.8 2.5 13.7 14.5 13.4 13.0 15.0 14.4 17.2 15.5 5.3 4.8 6.9 7.6 1977 - I II III IV 105.3 136.4 142.1 152.1 82.0 113.1 115.1 116.8 77.9 104.6 108.2 107.2 4.1 8.5 6.9 9.6 14.5 14.0 18.5 26.5 23.3 23.3 27.0 35.3 8.8 9.3 8.5 8.8 1978 - I I I (P) 131.4 136.5 . 99.3 103.3 89.0 93.0 10.3 10.3 22.4 23.4 33.0 33.9 9.7 9.8 • # # # * * • NOTES: 1 Derived from data on mortgage debt outstanding from Federal Deposit Insurance Corporation, Federal Home Loan Bank Board, Institute of Life Insurance, National Association of Mutual Savings Banks, Departments of Commerce and Agriculture, Federal National Mortgage Association, Federal Housing Administration, Veterans Administration and Comptroller of the Currency. Separation of nonfarm mortgage debt by type of property, where not available, and interpolations and extrapolations, where required, estimated mainly by Federal Reserve. 2 R e s i d e n t i a l mortgage d e b t i n c l u d e s nonfarm only and i s sum of 1— t o 4 - f a m i l v and m u l t i f a m i l y mortgage d e b t . # T a b l e 14 PRIVATE HOUSING PERMITS, STARTS, COMPLETIONS, AND MOBILE HOME SHIPMENTS IN T H O U S A N D S OF U N I T S , S E A S O N A L L Y A D J U S T E D A N N U A L R A T E S PERIOD COMPLETIONS STARTS PERMITS 1 1—FAMILY 2 - O R MORE FAMILY 2 - O R MORE FAMILY TOTAL 626 647 906 1,033 882 644 676 894 1,125 698 705 1,018 1,186 937 431 264 403 552 1,407 1,434 2,052 2,357 2,045 1,338 1,160 1,538 1,987 811 813 1,151 1,309 1,132 888 892 1,162 1,451 656 621 901 1,048 914 450 268 376 375 1,032 957 1,037 1,157 1,058 1,123 1,035 1,020 1,09 2 1,126 494 577 610 583 539 698 597 543 6 39 555 1,548 1,569 2,047 2,165 2,054 2,124 2,119 2,025 2,081 2,080 1,156 1,103 1,429 1,492 1,478 1,441 1,453 1,440 1,462 1,447 392 466 618 673 576 683 666 5 85 619 633 TOTAL 1—FAMILY 1969 1970 1971 1972 1973 1974 1975 1976 1977 1,324 1,352 1,925 2,219 1,820 1,074 939 1,297 1,677 1978 - J a n . Feb. Mar. Apr. May June July Aug. Sept. Oct. 1,526 1,534 1,647 1,740 1,597 1,821 1,632 1,563 1 , 7 31 1,681 | j ! TOTAL 1 —FAMILY 2-OR MORE FAMILY ! MOBILE HOME SHIPMENT 1,399 1,418 1,706 1,972 2,014 1,692 1,297 1,362 1,652 808 802 1,014 1,143 1,174 932 867 1,026 1,254 592 617 692 828 840 760 430 336 398 413 401 497 576 567 329 216 246 277 1,759 1,696 1,821 1,943 1,854 1,890 1,943 1,970 1,929 1,300 1,233 1,363 1,515 1,426 1,344 1,289 1,367 1,405 459 463 458 428 428 546 654 603 524 324 265 285 252 258 263 232 283 2 72 286 NOTES: Private building permits (for 14,000 areas with permit systems, excluding farm), starts, and completions are Census Bureau data. A dwelling unit is started when excavation begins. In the case of apartment buildings, all units are considered started at that time; however, all such units are considered completed when more than half of the units in the structure are ready for use. Private mobile home shipments are Mobile Home Manufacturers Association data converted to seasonally adjusted annual rate by Census Bureau. 1 Permit data for 1969 and 1970 based on 13,000 areas with permit systems ^ Table 15 ro AVERAGE RATES AND YIELDS ON HOME MORTGAGES EXISTING HOMES NEW HOMES Low 197 7 - High Low 1978 - J a n . Feb . Mar. Apr . May June July Aug. Sept. Oct. 1 1 PERIOD 1976 - High SPREAD BETWEEN RETURNS ON NEW Aaa NEW HOMES CONVENTIONAL UTILITY 1 AND HUD(FHA) BOND DISCOUNT NEW HOME SPREAD YIELD (BASIS (PERCENTAGE MORTGAGES (IN PER CENT) (BASIS POINTS) POINTS) POINTS) HUD(FHA) INSURED LOANS SECONDARY MARKET CONVENTIONAL LOANS PRIMARY MARKET SPREAD (BASIS POINTS) YIELD (IN PER CENT) RATE (IN PER CENT) SPREAD (BASIS POINTS) RATE (IN PER CENT) 9.05 8.90 91 5 9.10 8.95 95 10 9.06 8.25 59 8 4 .3 2 .0 65 - 4 8.72 8.05 9.10 8.80 99 52 9.20 8.85 98 63 9.11 8.40 73 22 4 .7 1.7 40 4 8.31 8.01 9.15 9.25 9.30 9.40 9.60 9.75 9.80 9.80 9.80 9.95 NA 54 47 48 58 59 72 100 74 72 9.20 9.25 9.30 9.45 9 .60 9.75 9.80 9.80 9.85 9.95 NA 54 47 53 58 59 72 100 79 72 9.11 NA 9.29 9.37 9.67 NA 9.92 9.78 9.78 9.78 NA NA 46 45 65 NA 84 98 72 55 4.7 NA 4.1 4.7 5 .0 NA 3.1 2.1 2.1 2.1 4 NA 1 3 - 7 NA -12 2 2 17 NA 8.71 8.83 8.92 9.02 9.16 9.08 8.80 9.06 9.23 NOTES: 1 Gross yield spread is average mortgage return before deducting servicing costs, minus average yield on new issues of high-grade utility bonds with 5-year call protection. Rates on conventional first mortgages (excluding additional fees and charges) are based on unweighted HUD (FHA) field office opinions on prevailing contract interest rates in the market areas of the insuring offices, rounded to the nearest 5 basis points. For secondary market data, weighted HUD office opinions on the average bid price for HUD (FHA) loans with minimum downpayment, prepaid in 15 years, for immediate delivery, are used. http://fraser.stlouisfed.org/ • # Federal Reserve Bank of St. Louis H.!6 # # e # # e # # T a b l e 16 FNMA AUCTION RESULTS HOME MORTGAGE COMMITMENTS CONVENTIONAL GOVERNMENT-UNDERWRITTEN AMOUNT (IN M I L L I O N S OF D O L L A R S ) DATE OF AUCTION OFFERED 1977 - High AMOUNT (IN M I L L I O N S OF D O L L A R S ) OFFERED ACCEPTED 855 ( 1 2 / 2 7 ) 5 7 0 ( 1 2 / 2 7 ) 8 . 9 8 ( 1 2 / 2 7 ] 383 ( 5 / 2 ) Low 1978 AVERAGE YIELD 50 ( 9 / 7 ) 35 ( 9 / 7 ) 8.46 (1/10] 123 ( 7 / 2 5 ) AVERAGE YIELD ACCEPTED 278 ( 5 / 2 ) 9 . 2 1 (12/27) 71 ( 9 / 1 9 ) 8 . 8 1 ( 1 / 1 0 ) Jan. 9 23 1011.0 768.8 605 .3 356.6 9.13 9.21 403.6 546.3 192.8 256.8 9.28 9.37 Feb. 6 21 640.9 558.2 338.0 285.5 9.27 9.35 633.6 580.5 299.3 266.7 9.45 9.53 Mar. 6 20 358.8 164.9 218.5 116 .4 9.36 9.33 444.8 378.7 266.4 246.1 9.59 9.62 Apr. 3 17 625.5 283.8 363.7 165 .5 9.44 9.44 522.8 451.4 295 .3 282 .8 9.69 9.74 May 1 15 30 655.1 611.4 851.2 349.9 269.9 446.9 9.52 9.63 9.83 645 .8 716.9 573.1 305 .4 362.5 300.4 9.80 9.89 10.01 June 12 26 522 .0 573.0 285.2 351.4 9.86 9.96 350.1 224.4 207.0 135 .0 10.07 10.13 J u l y 10 24 503.3 253.4 327.4 144.1 10.02 10.00 169.8 146.2 90.5 88.4 10.17 10.21 Aug. 7 21 130.3 368.8 80.1 197.1 9.82 9.80 74.7 150.0 47.5 81.0 10.15 10.07 Sept., 5 18 351.2 366.7 154.7 181.2 9.78 9.79 199.4 285.3 126.3 157.4 10.02 10.01 Oct 2 16 30 682.4 425.4 857.0 278.6 176.2 377.6 9.91 9.98 10.20 395 .5 336.1 425.2 166.9 148.8 179.9 10.10 10.18 10.31 Nov 13 27 452.8 335.2 182.4 139.4 10.27 10.33 488.2 373.2 199.5 187.3 10.49 10.64 283,4 144.4 10,40 262,2 141.5 10.77 NOTES: Average secondary market yields are gross before deduction of the fee of 38 basis points paid for mortgage servicing. They reflect the average accepted bid yield for home mortgages assuming a prepayment period of 12 years for 30-year loans, without special adjustment for Federal National Mortgage Association (FNMA) commitment fees and FNMA stock purchase and holding requirements on 4-month commitments. Mortgage amounts offered by bidders relate t o total eligible bids received. H.16
@FedFRASER