Full text of H.16 Capital Market Developments : December 21, 1981

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1

BBSPSST
DEC 3 1
^

Research U " * y

Capital
Market
Developments
As p a r t of an e f f o r t t o r e d u c e c o s t s , p u b l i c a t i o n of C a p i t a l
Market Developments w i l l be d i s c o n t i n u e d a t t h e end of 1981, w i t h
t h e l a s t r e l e a s e , s c h e d u l e d t o be i s s u e d on December 21, 1981. Much
of t h e i n f o r m a t i o n c o n t a i n e d i n C a p i t a l Market Developments i s
a v a i l a b l e i n t h e F e d e r a l Reserve B u l l e t i n , o t h e r s t a t i s t i c a l p u b l i c a t i o n s of t h e Board, o r i n t h e f i n a n c i a l p r e s s . S u b s c r i b e r s w i l l
r e c e i v e f u n d s on a p r o r a t a b a s i s f o r i s s u e s t h e y were t o r e c e i v e
a f t e r December 1981. Any q u e s t i o n s r e g a r d i n g o u t s t a n d i n g s u b c r i p t i o n s s h o u l d be d i r e c t e d t o t h e P u b l i c a t i o n s S e c t i o n ( 2 0 2 452-2001).

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 T h r i f t 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
F N M A Auctions of Commitments t o Purchase Home Mortgages
F H L M C Auctions of Commitments to 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 $15.00 per year or $.40 each in the United States, its possessions, Canada, and Mexico; 10 or more of the same issue t o one
address, $13.50 per year or $.35 each. Elsewhere, $20.00 per year or $.50 each. Address requests t o Publications Services, Division of
Support Services, and make payment remittance payable t o the order of the Board of Governors of the Federal Reserve System in a
form collectible at par in U.S. Currency.




1. YIELDS, V O L U M E A N D RECEPTION
Corporate Bond Market
Volume

Yields
Week ending

1981-Oct.

2
9
16
23
30

Nov.

Dec.

6
13
20
27
4
11
18

New issue
Aaa u t i l i t y 1

Recently offered
Aaa u t i l i t y 2

16.94
——

17.20
—

14.62
14.85
14.96
15.44r

Gross offerings 3
($ millions)

New issues in syndicate 4
($ millions)

Percent sold by
end of week

17.72
16.96
17.21
17.38
17.16

350
418
437
1.82
602

99
100
68
100
100

4
0
139
0
0

16.88
15.89
14.65
14.52

955
750
2,903
911

100
91
80
84

0
70
595
145

14.77
15.18
15.28 P

860
898
1,023

95
88
100

40
105
0

2. YIELDS, V O L U M E A N D RECEPTION
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 week 3

New issues in
syndicate 4
($ millions)

1981-Oct.

2
9
16
23
30

11.80
11.80
11.80
12.00
12.60

12.93
12.73
12.53
12.99
12.99

13.98
13.62
13.57
13.94
13.97

522
773
547
598
1,075

95
95
95
91
97

58
53
40
98
47

Nov.

6
13
20
27

12.00
10.50
10.70
10.98

12.44
11.43
11.71
11.98

13.54
12.66
13.06
13.26

540
679
1,955
1,057

93
99
89
98

49
11
214
153

Dec.

4
11
18

10.70
11.95
11.95

12.18
12.89
13.00

13.49
13.89
13.95

554
1,605
595

83
92
91

194
252
132

1
2

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




3. H I G H G R A D E B O N D Y I E L D S

Bond Buyer
Rev. bond
index®

Recently offered
Aaa utility2

U.S. govt.
Moody's
20-year constant
seasoned
maturity4
corporate Aaa3

Bond Buyer
G.O.bond
index5

9.30(11/10) 9.54(12/22)
8.61( 3/24) 8.48( 1/6)

9.27(12/29) 9.00(12/22)
8.30( 1/6) 8.01( 1/6)

6.67(12/22)
5 . 5 8 ( 3/17)

1979-High
Low

1 1 . 5 1 ( 1 1 / 1 2 ) 1 1 . 4 5 ( 1 1 / 9 ) 1 0 . 8 7 ( 1 2 / 2 8 ) 1 0 . 5 6 ( 11/9)
9.40( 8/17) 9.39( 6/29) 9.16( 7/6) 8.79( 7/6)

7.38(10/26)
6,08( 7/6)

8.24(11/23)
7 . 2 3 ( 9/21)

1980-High
Low

14.51(12/12) 15.03(12/12) 13.49(12/19) 12.86(12/12) 10.56(12/19)
7.11( 5/9)
10.53( 6/20) 10.79( 6/20) 10.34( 6/20) 9.59( 6/20)

11.41(12/19)
8 . 1 5 ( 5/8)

1981-High
Low

1 7 . 6 2 ( 9 / 1 1 ) 17 .72 ( 10/9) 1 5 . 8 5 ( 10/9) 1 5 . 5 5 ( 1 0 / 9 ) 1 3 . 2 1 ( 9 / 1 1 )
1 4 . 0 5 ( 1 / 9 ) 1 3 . 9 9 ( 3 / 2 0 ) 12.59 ( 1 / 9 ) 1 1 . 9 8 ( 1 / 9 ) 9 . 4 9 ( 1 / 9 )

1 4 . 2 4 ( 9/11)
1 0 . 3 4 ( 1/16)

New issue
Aaa utility1

Date
1978-High
Low

1981-Jan.
Feb.
Mar.

14.12
14.90
14.71

14.17
14.58
14.41

12.81
13.35
13.33

12.29
12.98
12.94

9.66
10.10
10.16

10.64
11.01
10.90

Apr.
May
June

15.68
15.81
14.76

15.48
15.48
14.81

13.88
14.32
13.75

13.46
13.82
13.20

10.62
10.79
10.67

11.32
11.60
11.49

July
Aug.
Sept.

16.30
17.21

15.73
16.82
17.33

14.38
14.89
15.49

13.92
14.52
15.07

11.14
12.26
12.92

11.88
12.96
13.94

Oct.
Nov#

16.94
15.56

17.24
15.49

15.40
14.22

15.13
13.56

12.83
11.89

13.86
13.13

17.55
17.62
16.87
16.79

17.50
17.52
16.92
17.18

15.50
15.61
15.30
15.35

15.16
15.12
14.76
14.93

13.10
13.21
12.79
12.57

14.10
14.24
13.78
1? .62

17.72
16.96
17.21
17.38
17.16

15.85
15.40
15.18
15.36
15.51

15.55
14.98
14.92
15.18
15.27

12.93
12.73
12.53
12.99
12.99

13.98
13.62
13.57
13.94
13.97

16.88
15.89
14.65
14.52

14.88
14.18
13.92
13.92

14.41
13.61
13.29
13.12

12.44
11.43
11.71
11.98

13.54
12.66
13.06
13.26

14.77
15.18
15.28p

13.99
14.16r
14.12p

13.32
13.66r
13.59p

12.18
12.89
13.00

13.49
13.89
13.95

1981-Sept.

4
11
18
25

Oct.

2
9
16
23
30

Nov.

6
13
20
27

17.20

4
11
18

14.96
15.44r

Dec.

16.94

14.62
14.85

;=::sss
3

restrictions sometime during the last four weeks.
Weekly average of daily closing figures.

»•—- -<«

5

of the 20 general obligation bonds used in this index falls midway between the five top groups as classified by

6

Thursday'Ngu'et^he 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.




4. LONG-TERM CORI'ORATE A N D STATE A N D LOCAL G O V E R N M E N T SECURITY O F F E R I N G S A N D PLACEMENTS
Corporate

Period
January
February
March
April
May
June
July
August
September
October
November
December
Year

State and Local

1

2

] 979
3,770
3,165
4,354

1980
6,173
4,507
4,454

1981
5,581
4,157
6,423

1979
2,840
2,603
4,644

1980
3,078
2,424
2,435

1981
2,682
2,977
3,942

4,692
4,160
6, 238

5 , 656
9,074
9,645

6,835
5,457
9, 536*

3,444
3,042
4,724

4,962
4,746
6,136

5,187
3,543
4,884

4,103
4,211
4,593

8,029
5,43(7
5,025

4,133
3,062
4,637*

3,396
4,256
2,472

4,872
3,946
4,523

3,183
3,067
3,759

4, 601
3,868
3,778

5,819
3,936
5,933

3, 575e*

4,217
4,160
3,567

4,474
2,916
3,854

3,500

51,553

73,688

43,365

48,366

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

* Excludes

$150

million

issue

of

Alaska

Housing

Finance

Corporation.

5. TREASURY A N D G O V E R N M E N T SPONSORED AGENCY BORROWING
Federal Government
Means of financing combined deficit
Period

Net cash borrowing f r o m the public2
Public debt securities

Combined
deficit(+)
or
surplus(—) 1

Total 3

C Y 5 -1979
-1980
CY

41,397
50,670

37,360
79,201

1980 - - O c t .
Nov .
Dec .

17,146
10,698
7,869

Gov't,
agency

Other

increase!—)
in cash
operating

Sponsored
agency
borrowing4

Coupons

Nonmarketable

securities

10,899
43,458

28,041
50,480

-397
-14,298

-1,402
-577

1,115
484

366
3,621

23,631
24,705

4,758
9,231
13,668

2,477
6,412
7,382

2,422
3,267
7,233

-63
-315
-1,023

-23
-30
-79

4,076
-3,985
-720

8,312
5,452
-5,079

5,116
412
3,378

1981 — — Jan * 8 , 3 3 9
17,063
Feb .
13,048
Mar .

6,772
13,916
15,138

4,320
8,548
6,343

4,159
5 , 849
8,997

-1,480
-489
-347

-35
-55
-14

3,179
-664
-1,479

-1 ,612
3,811
-611

1,408
13
1, 960

-15,251
18,379
-13,820

-3,725
539
572

-9,466
-1,336
-5,728

6,307
2,155
7,770

-417
-158
-1 ,479

-71
-37
-84

-1,092
2, 391
-3,705

-10,434
15,449
-10,687

1,478
4,744
2,660

13,120
6,153
3,798

3 , 383
6,501

-1,254
2,322

6,892
5,248

-2,166
-1,125

-36
-18

4,666
-5,952

5,071
5,604

5,044
4,262

Apr .
May
June

Bills

1

•

Decrease(+)'

July
Aug.
Sept.

balance

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 S E C U R I T Y ISSUES BY TYPE OF ISSUE
Gross proceeds, millions of dollars
Bonds
Period

Total

Privately
placed

Publicly
offered 2

Memo

Common and
preferred
stocks

Issues included
Foreign
Convertible

1977
1978
1979
1980

53,792
47,230
51,533
73,688

24,072
19,815
25,814
41,587

17,943
17,057
14,394
11,612

11,777
10,358
11,325
20,490

1,347
1,349
1,008
1,827

863
418
863
4,685

1981-QI
QII
QUI

16,161
21,828
11,832

9,114
10,791
5,028

1,381
2,487
1,761

5,666
8,550
5,043

277
864
191

1,317
1,472
450

1981-Jan.
Feb.
Mar.

5,581
4,157
6,423

2,928
2,408
3,778

458
426
497

2,195
1,323
2,148

162
105
10

303
575
439

Apr.
May
June

6,835
5,457
9,536

3,668
2,520
4,603

929
560
998

2,238
2,377
3,935

168
121
575

719
399
354

July
Aug.

4,133
3,062
4,637

1,925
905
2,198

451
711
599

1,757
1,446
1,840

183
8

130
260
60

Ptnt.

n.a.

7. NEW CORPORATE S E C U R I T Y ISSUES BY TYPE OF ISSUER
Gross proceeds, millions of dollars
Communications

Other issuers1

Manufacturing

Public u t i l i t y

13,393
10,813
11,357
20,248

14,127
12,232
13,324
15,786

4,522
3,640
4,522
7,250

21,827
20,549
22,332
30,404

1981-QI
QII
QUI

5,387
5,857
1,972

3,223
4,696
2,795

1,337
2,172
1,807

6,221
9,104
5,258

1981—Jan.
Feb.
Mar.

2,244
1,344
1,799

1,362
853
1,008

76
303
958

1,901
1,660
2,660

Apr.
May
June

1,990
2,172
1,695

1,621
1,236
1,839

610
56
1,506

2,614
1,994
4,496

935
468
569

691
608
1,496

840
127
840

1,666
1,860
1,732

Period

1977
1978
1979
1980

July
Aug.
Sept.

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.

2 T o t a l r e f l e c t s g r o s s p r o c e e d s r a t h e r t h a n p a r v a l u e of o r i g i n a l d i s c o u n t b o n d s .



8. PUBLIC O F F E R I N G S OF I N T E R M E D I A T E - A N D LONG-TERM SECURITIES: CORPORATE 1

Issuer

Date

12/1
Gulf S t a t e s U t i l s . Co,
Wal-Mart
12/1
Golden Nugget
12/1
12/1
Southern C a l i f o r n i a Edison
12/2
Bank of New York Co.
12/3
Colorado P u b l i c S e r v i c e Co.
12/3
Nevada Power Co.
Gen 1 1. T e l . & E l e c t r o n i c s
12/3
Corp.
12/3
Commercial C r e d i t Co.
Northern Indiana Public
12/3
S e r v i c e Co.
12/3
D e t r o i t E d i s o n Co.
New York S t a t e E l e c . & Gas
12/3
Co.
12/4
U.S. L e a s i n g Corp.
12/4
Northwest B a n c o r p .
12/7
Union C a r b i d e Corp.
12/8
Union E l e c . Co.
12/8
S o u t h e r n N a t u r a l Gas Co.
Texas E l e c t r i c S e r v i c e Co.
12/8
Puget Sound Power & L i g h t Co. 1 2 / 8
12/8
B a r n e t t Banks of F l o r i d a
P e n n s y l v a n i a Power & L i g h t Co. 12/9
P u b l i c S e r v i c e Co. of I n d i a n a 12/9
12/9
Tenneco, I n c .
Kansas C i t y Power & L i g h t Co. 12/9
12/9
Utah Power & L i g h t Co.
Texas Gas T r a n s m i s s i o n Corp. 12/10
12/10
Oneok, I n c .
12/10
Utah Power & L i g h t Co.
12/10
S.E. Rykoff & Co.
12/15
Long I s l a n d L i g h t i n g Co.
12/15
Long I s l a n d L i g h t i n g Co.
12/15
S u p e r i o r O i l Co.
12/15
Borg Warner A c c e p t . C o r p .
'12/16
Petrolane, Inc.
12/16
Union Tank Car Co.
12/16
Union Tank Car Co.
12/16
GMAC
12/16
Hughes Tool Co.
P h i l a d e l p h i a Saving Fund
12/17
Society
12/17
Hughes Tool Co.
12/17
Scientific Atlanta, Inc.
12/18
Tie/Communications Corp.
12/18
Universal Resources Corp.

*
1

Type

Amount
(millions
of dollars)

Maturity j Coupon
rate

Offering Moody's/S&P's
ratings
yield

Com. s t k .
36.8
60.0
Conv. d e b t ,
Debt.
100.0
1 s t . mtg.
200.0
Conv.debt.
75.0
1 s t . mtg.
50.0
1 s t . mtg.
50.0

2006
1996
2011
2006
2011
1991

9.50
13.50
15.75
12.00
16.25
16.13

9.50
17.25
15.85
12.00
16.37
16.17

Baa/A+
B/B
Aa/AA
A/A
A/A
Baa/BBB

100.0
100.0

1991
1985

15.50
14.13

15.55
14.13

Baa/—
A/A

Debt.
Notes
Com. s t k .
Com. s t k .
Pfd. stk.
Notes
Notes
Notes
Com. s t k .
Debt.
1 s t . mtg.
1 s t . mtg.
Conv. d e b t .
Pfd. s t k .
Com. s t k .
Debt.
1 s t . mtg.
1 s t . mtg.
Debt.
Notes
Com. s t k .
Conv. d e b t .
Bond
Bonds
Notes
botes
Notes
"Equip, t r .
Equip, t r .
Debt.
Conv. d e b t .

——

44.5
63.1
30.0
25.0
100.0
150.0
73.9
100.0
50.0
50.0
50.0
50.0
70.4
163.1
50.0
90.0
100.0
50.0
77.4
25.0
50.0
50.0
250.0
50.0
50.0
50.0
25.0
158.4
100.0

50.0
Mtg. b c k d .
100.0
Notes
47.7
Com. s t k .
Conv. d e b t , , 3 0 . 0
60.0
Debt.

——

——

—

1987
1987
1991

/

—

/

—

15.00
15.75
14.00
14.50

15.00
15.81
14.00
14.69

Baa/N.R.
Baa/ A
Aaa/AAA
Aa/A+

15.00
15.88
16.00
12.25
15.00

15.30
15.91
16.10
12.25
15.00

A/A
Aaa/AAA
Baa/BBB
A/A-

— j

1901
2011
1991
2006

-—

—

/

—

—

j

—

2001
2010
2011
1992
1991

6.00
16.50
16.38
15.00
15.38

15.00
16.67
16.38
15.84
15.38

A/A
A/A
A/A+
A/A+
A/AA-

2001
1991
2011
1991
1989
1991
1996
82-86
2001
2006

12.00
17.00
18.00
14.38
15.50
14.88
15.88
14.13
5.50
9.50

12.00
17.25
18.14
14.57
15.50
15.00
15.88
14.51
15.20
9.50

B/BB+
Baa/BBB
Baa/BBB
Aa/AA
A/A
A/A+
A/A
A/A
Aa/AA+
A/A+

1986
1988

15.50
14.25

15.50
14.45

Aaa/AAA
Aa/AA-

2001
1996

10.50
15.75

— j

—

—

—

10.50
17.75

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




—
—

B/BB/B+

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

Issuer

M i n n e a p o l i s - S t . P a u l Metro
Council
Los Angeles Comm. Redev.
Agcy., CA
Los Afigeles Comm. Redev.
Agcy., CA
F a i r f a x County, VA
P o r t A u t h o r i t y of N. York
N. J e r s e y
C a l i f o r n i a D e p t . of Water
Resources
U i n t a h C o . , UT
Metro. A t l a n t a Rapid T r a n s i t
A u t h . , GA
Metro A t l a n t a Rapid T r a n s i t
A u t h . , GA
Metro A t l a n t a Rapid T r a n s i t
A u t h . , GA
Metro A t l a n t a Rapid T r a n s i t
A u t h . , GA
Hamilton C o . , OH
Hamilton C o . , OH
Hamilton C o . , OH
Hamilton C o . , OH
V i r g i n i a Hsg. Dev. Auth.
V i r g i n i a Hsg. Dev. Auth.
V i r g i n i a Hsg. Dev. A u t h .
North Dakota, S t a t e of
Maricopa C o . , AZ
Maricopa C o . , AZ
Maricopa C o . , AZ
Maricopa C o . , AZ
C a l i f o r n i a Hsg. F i n . Agency
C a l i f o r n i a Hsg. F i n . Agency
C a l i f o r n i a Hsg. F i n . Agency
C a l i f o r n i a Hsg. F i n . Agency
Washington Sub. S a n i t . D i s t . ,
MD
Hawaii, S t a t e of
N. C a r o l i n a S t a t e Educ. A s s i s t ,
Auth.
I n t e r m o u n t a i n Power Agency, UT
I n t e r m o u n t a i n Power Agency, UT
I n t e r m o u n t a i n Power Agency, UT
I n t e r m o u n t a i n Power Agency, UT
I n t e r m o u n t a i n Power Agency, UT
I n t e r m o u n t a i n Power Agency, UT
Richmond Hosp. A u t h . , VA
Richmond Hosp. A u t h . , VA
Richmond Hosp. A u t h . , VA

Net
interest
cost

Date

Type2

Amount
(millions
of $)

Maturity

12/1

G.O.

32.2

1984-95

10.87 8 . 5 0 - 1 1 . 2 0

Aa/AA+

12/2

Rev.

13.7

1983-93

12.06 9 . 2 5 - 1 1 . 4 0

—/AAA

12/2
12/2

Rev.
G.O.

16.3
26.7

1999
1983-92

12.25
12.06
9.61 7.75-10.00

—/AAA
Aaa/AAA

12/2

Rev.

100.0

1984

9.66

9.25

12/2
12/2

BANs
Rev.

100.0
50.0

1985
1984

10.04
n .a.

9.60
10.25

12/4

Rev.

9.2

1986-99

12/4

Rev.

36.4

12/4

Rev.

12/4
12/4
12/4
12/4
12/4
12/4
12/4
12/4
12/4
12/7
12/7
12/7
12/7
12/8
12/8
12/8
12/8

Moody's/S&P's
ratings

A/A
MIG-1
A/A+

n . a . 9.75-11.50

A/A+

2002

n.a.

13.25

A/A+

26.9

2009

n.a.

13.00

A/A+

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

77.5
12.4
11.8
54.3
8.0
33.3
19.0
47.7
95.0
2.2
2.3
3.8
29.2
2.8
2.7
5.7
18.1

2011
1988-96
2000
2008
2009
1985-93
1999
2013
1985
1986-92
1996
2000
2011
1983-96
2002
2012
2022

13.50
n.a.
n . a . 11.00-13.40
14.00
n.a.
n.a.
14.25
n.a.
12.00
n . a . ).50-12.40
n.a.
13.19
n.a.
13.45
9.50
n.a.
n . a . :L0.75-12.50
n.a.
13.00
n.a.
13.50
13.75
n.a.
12.79 9 . 2 5 - 1 2 . 4 0
12.79
12.50
12.79
12.70
12.79
12.75

12/9
12/10

G.O.
G.O.

25.0
75.0

1988-07
1984-01

12.21
12.00

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

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

54.5
12.2
15.0
20.0
63.8
71.7
417.3'
1.8
2.3
26.0

1993
1992-94
1997
2001
2002
2018
2021
1985-93
1998
2012

A/A+
A/A
A/A
A/A
A/A
Al/AA
Al/AA
Al/AA
— /AAA
A/AA/AA/AA/AAl/ —
Al/—
Al/—
Al/—

8 . 5 0 - 1 2 . 5 0 Aal/AA
9 . 0 0 - 1 3 . 0 0 Aa/AA

n.a.
11.00
Al/AA
n . a . !. 2 . 0 0 - 1 2 . 7 5 A1/A+
A1/A+
n.a.
13.25
N.R.
A1/A+
n.a.
A1/A+
n.a.
13.63
A1/A+
n.a.
13.47
A1/A+
n.a.
14.14
n.a.
1 0 . 2 5 - 1 3 . 2 1 i A/A
n.a.
A/A
14.00
A/A
n.a.
14.64

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




Offering
yield

PUBLIC OFFERINGS OF I N T E R M E D I A T E - A N D LONG-TERM SECURITIES. STATE A N D L O C A L 1 (

Issuer

New York C i t y Msg. Dev. Corp,
J o p l i n , MO
J o p l i n , MO
Phoenix, AZ
Phoenix, AZ
C a l i f o r n i a , S t a t e of
South Dakota, S t a t e of
Alaska Hsg. F i n . Corp.
Alaska Hsg. F i n . Corp.
Alaska Hsg. F i n . Corp.
Michigan Educ. Loan Auth.
Ohio B u i l d i n g Auth.

Date

lype"

Amount
(millions
of $)

Maturity

12/14
12/14
12/14
12/15
12/15
12/16
12/17
12/17
12/17
12/17
12/17
12/17

Rev.
Rev.
Rev.
G.O.
G.O.
G.O.
Rev.
Rev.
Rev.
Rev.
Rec.
BANs

35.7
16.3
20.8
13.8
13.0
100.0
95.1
9.8
15.2
75.0
57.0
87.5

2025
2001
2013
1984-92
1992-97
1982-96
1985
1983-90
1996
2012
1985
1984

Net
interest
cost

n.a.
n.a.
n.a.
11.75
11.75
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.

i

i
!

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




on't)

Offering
yield

9.00
N.R.A/

14.64
9.25-11.25
N . R . "

11.001/8.00-12.00

I

4 Not r e o f f e r e d .

C

10.69
9.00-12.00
13.38
11.25
9.75
10.50

Moody's/S&P's
ratings
—/A

—/A
—/A

Aa/AA
Aa/AA
Aa/AA+
Al/AAAa/AAAa/AAAa/AAAaa/AAA
MIG-2

OF I N T E R M E D I A T E - A N D LONG-TERM SECURITIES: U.S. T R E A S U R Y
A m o u n t (millions of dollars)

fering
late

Coupon
rate
(percent)

Maturity
date

Length

Auction
average
percent)

Gross proceeds

Total

1,501
4,605

1,501
2,045

1,501
1,920

8,671

3,638

3,742,

4,826
3,265

2,551
3,460

2,365
3,265

0
130
0
186
195

2,085
985
1,751
2,972

2,050
952
1,751
2,757

68
0
0
215

13.69

1,501
5,191

13-1/4
13
12-3/4
13-7/8
13-3/4

13.37
12.89
12.68
13.97
13.79

4,662
3,038
2,576
5,438
3,460

3/31/83
3/31/85
5/15/01
4/15/88

12-5/8
13-3/8
13-1/8
13-1/4

12.75
13.49
13.21
13.34

5,601
3,794
1,751
2,972

4,832
3,535
1,751
2,757

3
4
5
24
26

3-yr
9-yr
!9-yr
2-yr
5-yr

18
24
26
31

2-yr
4-yr
>0-yr 1-•mo
7-yr

6-mo 8 / 1 5 / 8 4
9-mo 1 1 / 1 5 / 9 0
9-mo 1 1 / 1 5 / 1 0
2/28/83
2-mo 5 / 1 5 / 8 6

Memo:
Foreign
add-ons 3 *

Private 1

11.82

0 - y r 1-mo 2 / 1 5 / 0 1
1/31/83
2-yr

1 2

Total

11-3/4
13-5/8

~6
21

Net proceeds
Private -

0
125

.

22

2-yr

4/30/83

14-1/2

14.51

4,586

4,325

1,573

1,573

0

5
6
7

3-yr
10-yr
30-yr

5/15/84
5/15/91
5/15/11

15-3/4
14-1/2
13-7/8

15.81
14.56
13.99

3,776
2,074
2,302

6,844

2,212

2,212

0
0
0

5/31/83 15-5/8
2-yr
5 - y r 5-mo 1 1 / 1 5 / 8 6 1 3 - 7 / 8

15.72
13.95

4,763
3,206

4,352
3,011

3,206

2,121

2,121
3,011

0
195

6/30/83
2-yr
6/30/85
4-yr
2 0 - y r 1-mo 8 / 1 5 / 0 1
7/15/88
7-yr

14-5/8
14
13-3/8
14

14.72
14.04
13.45
14.07

4,607
3,393
1,753
3,469

4,307
3,281
1,753
3,019

1,550
879
1,753
3,469

1,582
847
1,753
3,019

0
0
0
450

7/31/83

L5-7/8

15.92

4,974

4,623

1,752

l,752r

11/15/84
8/15/91
'5/15/11
8/31/83
11/15/86

16
L4-7/8
L3-7/8
L6-1/4
L6-1/8

3,185

20
28
18
23
25
30
22

2-yr

0

4
5
6
20
27

3 - y r 3 •mo
10-yr
2 9 - y r 9-mo
2-yr
5 - y r 2-mo

15.96
14.98
14.06
16.26
16.14

5,780

2,812

.8,623

3,396

2,307
5,431
3,469

4,856
3,264

1,702
3,469

1,702
3,264

271
150
0
0
205

16
23
30

16.12
9/30/83
2-yr
:L5
7
/
8
1
5.91
9
/
3
0
/
8
5
4-yr
2 0 - y r 1-mo 1 1 / 1 5 / 0 1 1 5 - 3 / 4 1 5 . 7 8

5,268
3,961
1,753

4,868
3,284
1,753

1,573.
993
1,753

1,573
515
1,753

0
478
0

3,007
4,725

3,474
1,014

3,007
874

467
140

8,809

4,403

3,370

617
225
o"\

4,820

595

595

7
21

7-yr
2-yr

1 0 / 1 5 / 8 8 1 5 - 3 / 8 15.40
1 0 / 3 1 / 8 3 1 5 - 1 / 15.56

3,474
5,471

2
4
5
18

3-yr
10-yr
30-yr
2-yr

14-3/6 1 4 . 4 3
14-1/4 1 4 . 3 3
14.10
U / 1 5 / U . 14
1 1 / 3 0 / 8 3 1 2 - 1 / 8 12.22

6,213
2,886
2,324
5,489

11/15/84
11/15/91

24

5 - y r 2-mo

17
22 ,

2-yr

Exclu
May t




to Government

2/15/87

12-3/41 1 2 . 8 3

1 2 / 3 1 / 8 3 13
12/31/85
investment Accounts and the

13.06
Federal Reserve. Also excludes add-ons to'foreign accounts.

0
170*
n.

a.

11. PUBLIC O F F E R I N G S OF I N T E R M E D I A T E - A N D LONG T E R M SECURITIES: G O V E R N M E N T SPONSORED AGENCIES
Offering
date

issuer

Payment
date

Maturity
date

Length

Yield
(percent)

A m o u n t (millions of dollars)
Gross
proceeds

Maturing
issues

Net
proceeds

7/23/84
7/21/86
7/22/91

15.25
15. 15
14.70

759
938
617

905

1,409

1 7/26/82
i 7/25/84
7/25/86

15.90
15.55
15.35

1 ,000
1,000
400

900

1,500

16.50
16.00
15.75

1,400
1,000
600

1,000
800

7-mo

12/27/82
8/27/84
3/25/86

400
200
600

6-mo
"

2/11/85
8/10/88

17.00
16.375

700
300

0
0

700 /
300 \

17.00
17.00

415
491

0
0

415
491

18.00

1,000

1,050

-50

2/10/83

17.75

400

0

400

9/27/82
9/25/84
9/25/86

16.50
16.40
16.40

1,500
600
500

0
0
0

1,500
600
500

3-yr

1-moj 1 1 / 1 2 / 8 4

17.20

1,000

600

400

10/14 10/20
10/14 10/20
10/14 10/20

2-yr
4-yr
8-yr

6-mo!
3-mo'

4/23/84
1/20/86
10/20/89

15.50
15.80
15.80

697
815
482

600

1,394

FNMA

11/10 11/16

3 - y r . 9-mo|

8/12/85

14.10

1,200

0

1,200

FHLB

11/25

2-yr

4/25/84

12.90

-200

1,300

1,100

FFCB
FFCB
FFCB
FFCB
FFCB

11/18
£*7
11/25
11/25
11/25
11/25
11/25

12/1
12/1
12/1
12/1
12/1

6/1/82
6-mo
9/1/82
9-mo
2 - y r 11-mo. 10/22/84
4 - y r 9-mo, 9 / 2 / 8 6
12/2/91
10-yr

11.50
11.65
12.85
13.35
13.65

1,495
1,116
764
544
487

3,581

825

FNMA

12/2

12/10

4-yr

8-mo'

8/11/86

13.90

1,300

950

350

FHLB

12/9

12/24

3-yr

2-mo|

1/25/85

13.55

900

0

900

FFCB

7/8
7/8
7/8

7/20
7/20
7/20

3-yr
5-yr
10-yr

FHLB

7/15
7/15
7/15

7/27
7/27
7/27

1-yr
3-yr
5-yr

FHLB

8/12
8/12
8/12

8/25
8/25
8/25

1-yr
3-yr
4-yr

FNMA

8/14
8/14

8/17
8/17

3-yr
7-yr

FCB

8/26
8/26

9/1
9/1

2-yr
4-yr

t
6-mo , 3 / 1 1 / 8 4
3-mo ; 1 2 / 2 / 8 5

FNMA

9/2

9/10

1-yr

8-mo (, 5 / 1 0 / 8 3

FNMA

9/10

9/15

1-yr

5-mo

FHLB
FHLB
FHLB

9/16
9/16
9/16

9/25
9/25
9/25

1-yr
3-yr
5-yr

FNMA

9/30

10/13

FFCB

4-mo

;

!
!

;
j

4-mo

1

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 18, 1981

12. F O R T H C O M I N G PUBLIC O F F E R I N G S OF I N T E R M E D I A T E - A N D LONG-TERM SECURITIES: CORPORATE 1
Issuer

Idaho Power Co.
Arkansas Power & L i g h t Co.
F l o r i d a Power Corp.
Iowa Power & L i g h t Co.
Westinghouse C r e d i t Corp.
Dart & K r a f t
Wells Fargo & Co.
C a t e r p i l l a r T r a c t o r Co.
W.R. Grace & Co.
Digicom, I n c .
D i a l F i n a n c i a l Corp.
Washington Gas L i g h t Co.
C l e v e l a n d E l e c . Illuminum
Bankamerica R e a l t y
U.S. Home Corp.
B.F. Goodrich Co.
Farmland I n d u s t r i e s , I n c .
E q u i t a b l e of Iowa Companies
New York S t a t e Gas & E l e c . Co.
Anardarko P r o d u c t i o n Co.
Texas G e n e r a l R e s o u r c e s
Gen 1 1. E l e c . C r e d i t Corp.
Wisconsin Gas Co.
Chase Manhattan Corp.
I n t e r n a t ' l . B u s i n e s s Machines Corp.
Columbia Gas Systems
Cable American Corp.
C r y s t a l O i l Co.
F l o r i d a Telephone Corp.
Northwest Energy Co.
P h i l l i p s P e t r o l e u m Co.
Mellon N a t i o n a l Corp.
N i a g a r a Mohawk Power Co.
Gearhart I n d u s t r i e s , I n c .
Houston L i g h t i n g & Power Co.
N a t i o n a l Medical E n t e r p r i s e s
F i r s t Chicago Corp.
Graphic Scanning Corp.
RCA Corp.
Inexco O i l Co.
Household F i n a n c e Corp.
Baker I n t e r n a t i o n a l
Geosource, I n c .
GMAC
IT & T Co.
IT & T Co.
B a r c l a y s a m e r i c a n Corp.
Cameron I r o n Works, I n c .
Bankamerica Corp.
Citicorp
T r a n s a m e r i c a F i n . Corp.
T r a n s a m e r i c a F i n . Corp.
CIT I n t e r n a t i o n a l
Rohm & Haas

Type

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

Amount
(millions of dollars)

30.0
90.0
100.0
50.0
300.0
300.0
200.0
150.0
100.0
40.0
50.0
50.0
60.0
50.0
100.0
50.0
100.0
40.0
75.0
75.0
25.0
150.0
30.0
100.0
250.0
125.0
50.0
31.2
45.0
100.0
350.0
50.0
50.0
50.0
125.0
100.0
100.0
50.0
150.0
60.0
150.0
150.0
60.0
250.0
200.0
100.0
75.0
75.0
500.0
200.0
125.0
200.0
50.0
50.0

Approxi
of o1

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.
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.

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




1
13
12. F O R T H C O M I N G PUBLIC O F F E R I N G S OF I N T E R M E D I A T E - A N D LONG-TERM SECURITIES: CORPORATE 1 ( c o n ' t )
Issuer

R . J . Reynolds
S t o r e r B r o a d c a s t i n g Co.
*U. T. C r e d i t Corp.
*U.T. C r e d i t Corp.
*Argo P e t r o l e u m Co.
*Seiscom D e l t a , I n c .
*Macy C r e d i t Corp.
Wells Fargo & Company
D a l l a s Power & L i g h t Co.
Cypress Mines Corp.
Cypress Mines Corp.
Amoco C r e d i t Corp.
B e n e f i c i a l Corp.
Westvaco Corp.
Diamond Shamrock Corp.
P e n n s y l v a n i a E n g i n e e r i n g Corp.
Dayton Power & L i g h t Co.
South C e n t r a l B e l l
OTHER
Kruger Co.
O r i e n t L e a s i n g Co.
M o n t r e a l , P r o v i n c e of
Swedish Export C r e d i t Corp.
Canadian N a t ' l . Railway
Export Development Corp. of Canada
Montreal
Bangor Punta Corp.
Oslo Norway

Type

Amount
(millions of dollars)

Approximate date
of offering

Notes
Notes
Notes
Debt.
Debt.
Conv. d e b t .
Debt.
Pfd. stk.
Pfd. stk.
Notes
Debt.
Debt.
Notes
Debt.
Notes
Debt.
Pfd. stk.
Debt.

250.0
75.0
100.0
100.0
25.0
50.0
75.0
35.0
30.0
100.0
100.0
100.0
100.0
75.0
200.0
30.0
30.0
175.0

Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Indef.
Indef.
Indef.
Indef,
Indef.
Indef.
Indef.
Indef.
Indef,
Indef.
Indef.

Notes
Conv. d e b t .
Debt.
Notes
Debt.
Notes
Notes
Debt.
Bonds

100.0
30.0
100.0
100.0
100.0
200.0
100.0
70.0
100.0

Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Indef,

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




As of Decemb Br 18, 1981
13. F O R T H C O M I N G PUBLIC O F F E R I N G S OF I N T E R M E D I A T E
Issuer

A N D LONG-TERM SECURITIES: ' TA1 E AND LOCAL «
Type

Amount
(millions ot dollars)

Broward Co. Hsg. F i n . Auth.
Missouri Hsg. Dev. Comm.
New J e r s e y Health Care F i n . Auth.
Tennessee Hsg. Dev. Auth.
Alabama Hsg. F i n . Auth.
Allgeheny Co. R e s i d . F i n . A u t h . , PA
Fresno Co., CA
Indiana Hsg. F i n . Auth.
Washington Health Care F a c i l . Auth.
Montana Board of Housing
A l l g e h e n y Co. Hosp. Dev. A u t h . , PA
*San Diego Redev. Agency, CA
Panhandle Reg. Co. Hsg. F i n . Corp., TX
^Oklahoma Hsg. F i n . Agency
*New J e r s e y Bldg. Auth.
*Clay Co. Hsg. F i n . Auth.* FL
*Louisiana Hsg. F i n . Agency
I l l i n o i s Health F a c i l . Auth.
S a l t Lake C i t y , UT
L i v o n i a , MI
Lakeland, FL
West V i r g i n i a Hsg. Dev. Fund
Wyoming Comm. Dev. Auth.
Maryland Comm. Dev. Admin.
Michigan S t a t e Hsg. Dev. Auth.
*Erie C o . , N.Y.
*South Carolina Pub. S e r v . Auth.
*Texas Municipal Power Agency
*Urban R e s i d . F i n . A u t h . , GA
^ P h i l a d e l p h i a Hosp. A u t h . , PA
*Anne Arundel Co., MD
C a l i f o r n i a Hsg. F i n . Agency
Massachusetts Hsg. F i n . Agency
I l l i n o i s Health F a c i l . Auth.
P u l a s k i Co. Res. Hsg. F a c i l . Bd., AR
Burbank Redev. Agency, CA
Muskogee I n d u s t . T r u s t , OK

Rev.
Rev.
Rev.
Rev. •
Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
BANs
Rev.
Rev.
Rev.
Rev.
G.O.
Rev.
Rev.
Rev.
Rev.
G.O.
Rev.
Rev.
Rev.
Rev.
Rev.
Rev.

25.0
38.0
70.8
100.0
100.0
33.0
40.0
100.0
40.0
75.0
29.8
26.3
25.5
100.0
128.0
30.0
150.0
55.0
67.3
31.0
30.0
25.0
75.0
30.7
25.0
36.6
150.0
300.0
50.0
59.2
30.0
100.0
75.0
30.6
61.3
55.0
60.0

POSTPONED
Colorado H e a l t h F a c i l . Auth.
Idaho Hsg. Agency
Memphis, TN
L e x i n g t o n - F a y e t t e Co. Gov' t . , KY
F l o r i d a Hsg. F i n . Agency
Richmond, VA
Gulf Coast Waste D i s p o s a l A u t h . , TX
I l l i n o i s Health F a c i l . Auth.
Burbank Redev. Agency, CA
C a l i f o r n i a Hsg. F i n . Agency
Massachusetts Hsg. F i n . Agency
Northampton Co. Ind. Dev. A u t h . , PA
Muskogee I n d u s t . T r u s t , OK
P u l a s k i Co. Rev. Hsg. F a c i l . Bd., AR

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

29.6
25.0
25.0
29.0
52.4
59.3
68.9
30.6
55.0
100.0
75.0
30.3
60.0
61.3

#
1

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




Approximate date
of offering

Dec. 21
Dec. 21
Dec. 21
Dec. 21
Dec. 21
Dec. 21
Dec. 21
Dec. 21
Dec. 21
Dec. 21
Dec. 21
Dec. 21
Dec. 22
Dec. 23
Dec. 23
Dec.23
Dec. 23
Dec. 23
Dec. 23
Dec. 23
Dec. 23
Dec. 23
Dec. 23
Dec. 23
Dec. 23
Dec. 29.
Jan. 1*
Jan. 14
Jan. 15
Jan. 19
Jan. 19
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.

\
f

14
14
15
15
15
16
16
17
17
18
18
l €

18
*8

\

•>

15
14. STOCK PRICES 1

Date

NYSE Index 3

DJ Industrials

AMEX4

NASDAQ5

1979-High
Low

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 (10/5)
117.84 ( 1 / 2 )

1980-High
Low

81.02 ( 1 1 / 2 8 )
55.30 ( 3/27)

1000.17 (11/20)
759.13 ( 4 / 2 1 )

370.75 (11/29)
215.69 ( 3 / 2 7 )

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

1981-High
Low

79.14 ( 1 / 6 )
64.96 ( 9/25)

1024.05 ( 4 / 2 7 )
824.01 ( 9.25)

379.77 ( 5 / 2 7 )
276.76 ( 9 / 2 5 )

223.47 ( 5/29)
175.03 ( 9/28)

1981-Oct.

2
9
16
23
30

68.86
70.33
69.13
68.83
70.64

860.73
873.00
851.69
837.99
852.55

307.67
314.14
307.19
307.35
312.02

184.37
191.27
190.24
191.91
195.24

Nov.

6
13
20
27

71.33
70.85
70.99
72.71

852.45
855.88
852.93
885.94

324.92
317.72
318.11
330.16

199.97
200.16
198.60
201.02

Dec.

4
11
18

73.24
72.43
71.87

892.69
886.42
875.76

330.12
323.01

200.88
198.64

321.19

197.01

15. T R A D I N G V O L U M E 2
A M EX

NASDAQ

1979-High
Low

8 1 . 6 (10/10)
18.0 ( 1/2)

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

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

1980-High
Low

84-1 ( 11/5)
1 6 . 1 (12/26)

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

6 0 . 4 (11/19)
10.7 ( 4 / 1 4 )

1981-High
Low

92.9 (
28.9 (

15.8 ( 1/7)
2.8 (10/12)

53.2 (
19.7 (

Date

NYSE

1/7)
1/2)

1981-Oct.

2
9
16
23
30

49.6
50.2
40.2
46.1
47.8

5.9
4.4
3.6
4.5
4.3

28.2
25.8
23.6
26.2
25.5

Nov.

6
13
20
27

57.3
49.1
49.3
47.4

6.0
5.3
4.8
4.8

32.6
33.6
32.2
28.0

Dec.

4
11
18

50.5
45.7
44.7

5.1
4.7
4.9

32.2
32.4r
32.0

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




1/7)
1/2)

16
16. SECURITY CREDIT 1
Outstanding, dollar amounts in millions
Margin credit extended
by brokers on:
End of period

1

Number of
margin accounts
(thousands)

Percent of debt
in accounts w i t h
40 percent or more
customer equity

Margmable
stock

Convertible
bonds

1976

7,960

204

810

88

1977

9,740

250

885

81

1978

10,830

205

955

67

1979

11,450

167

1,020

84

1980

14,500

219

1,180

86

1979-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-Jan.
Feb.
Mar.

11,820
12,460
11,740

165
175
171

1,035
1,065
1,075

87
84
54

Apr.
May
June

11,140
11,270
11,200

168
167
165

1,055
1,055
1,065

72
81
83

July
Aug.
Sept.

11,320

11,800
12,520

198
204
208

1,075
1,095
1,105

88
89
87

Oct.
Nov.
Dec.

13,080
14,140
14,500

211
220
219

1,120
1,155

1,180

87
87
86

1981-Jan.
Feb.
Mar.

14,020
13,950
14,020

221
220
222

1,195
1,205
1,235

80
80
84

Apr.
May
June

14,630
14,700
14,870

238
250
254

1,260
1,260
1,320

79
79
75

July
Aug.
Sept.

14,870
14,270
13,710

262
274
263

1,365
1,400
1,430

75
62
53

Oct.
Nov.

13,600
13,780

263
n.a.

1,450
1,480

68
70

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




17. SAVINGS FLOWS A T SELECTED N O N B A N K T H R I F T INSTITUTIONS
Millions of dollars

Date

Mutual Savings Banks
(regular deposits)1
Net flow
Annual
growth
Sea. adj.
N.S.A.
rate3

1976

12,670

1977

10,783

1978

8,426

1979

2,900

1980

7,380

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

Sea. adj.

Annual
growth
rate3

Memo:
Net New Money 2

Total

At
insured
S&L's

At
MSB's

15.9

34,369

5,283

Net
flow
(sea. adj.)

Annual
growth
rate3

17.5

62,854

11.6

50,169

- -

8.7

50,888

15.0

60,982

13.3

31,004

2,874

—

6.3

44,153

11.3

52,292

10.1

23,460

-591

—

2.1

39,051

9.1

42,226

7.4

15,029

-6,963

—

5.1

40,955

8.7

48,330

7.9

10,667

-4,831

—

—

-337
-92
520

-76
344
76

-0.6
2.9
0.6

2,006
1,199
4,744

2,799
2,795
2,822

7.4
7.4
7.4

2,723
3,139
2,898

5.5
6.3
5.8

1,455
717
-198

-733
-504
-1,072

Oct.
Nov.
Dec.

-983
-325
1,006

-372
-245
266

-3.1
-2.0
2.2

1,855
1,153
4,505

2,810
3,009
2,666

7.3
7.8
6.8

2,438
2,764
2,932

4.8
5.5
5.8

1,314
732
-700

-1,421
-765
-987

1980-Jan.
Feb.
Mar.

-927
141
930

-399
189
-115

-3.3
1.6
-1.0

2,059
1,622
4,390

2,206
2,734
-101

5.6
6.9
-0.3

1,807
2,923
-216

3.5
5.7
-0.4

1,167
1,079
-696

-1,436
-543
-679

Apr.
May
June

-449
881
1,770

481
1,001
991

4.0
8.3
8.2

325
3,011
5,269

4,235
3,078
3,118

10.7
7.7
7.8

4,716
4,079
4,109

9.2
7.Q
7.9

-817
1,785
-169

-1,024
242
-176

July
Aug.
Sept.

992
610
1,377

1,274
1,017
914

10.5
8.3
7.4

2,216
2,507
5,588

3,083
4,130
3,513

7.6
10.1
8.6

4,359
5,147
4,427

8.3
9.7
8.3

961
1,285
6

246
1
-460

Oct.
Nov.
Dec.

402
312
1,307

1,078
401
496

8.7
3.2
4.0

3,870
2,507
7,591

4,909
4,698
5,693

11.9
10.8
13.5

5,987
4,899
6,184

11.1
9.0
11.3

2,550
1,461
2,055

-169
-227
-639

1981-Jan.
Feb.
Mar.

-365
295
1,284

200
349
191

1.6
2.8
1.6

1,987
2,304
3,740

1,983
3,546
-1,105

4.7
8.3
-2.6

2,183
3,895
-919

3.9
7 .0
-1.6

599
879
-2,137

-979
-385
-757

Apr.
Ma^
June

-1,201
229
945

-210
349
109

-1.7
2.8
0.9

-2,919
1,557
4

1,461
1,519
-2,293

3.4
3.5
-5.3

1,251
1,868
-2,184

2.2
3.4
-3.9

-4,638
-70
-5,759

-2,025
-676
-1,392

July
Aug.
Sept.

-1,153
-375
-3

—846
21
-474

-6.7
0.2
-3.6

-3,529
-1,358
2,196

-2,587
286
27

-6.0
0.7
0.1

-3,433
307
-447

—6.2
0.5
-0.8

-5,538
-3,290
-3,799

-1,931
-1,366
-1,679

700

1,404

11.2

3,458

4,549

10.6

5,953

10.7

1,463

-100

1979-July
Aug.
Sept.

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




18
18. M O R T G A G E C O M M I T M E N T S O U T S T A N D I N G A T SELECTED I N S T I T U T I O N S
Billions o f dollars, seasonally adjusted
Federal and Related Agencies

T h r i f t Institutions
End of Period

Total

A l l savings
and loan
associations

Mutual
savings banks
(N.Y. state)

Total

FNMA

GNMA

FHLMC

1979

31.4

28.1

3.3

12.1

6.5

4.6

1.0

1980

28.8

27.3

1.5

9.0

3.3

5.1

0.6

1980-Jan.
Feb.
Mar.

30.6
30.0
26.8

27.4
27.2
24.3

3.2
2.8
2.5

11.7
11.1
10.6

6.0
5.6
5.3

4.7
4.5
4.5

1.1
1.0
0.8

Apr.
May
June

23.3
21.6
22.9

21.1
19.7
21.1

2.2
1.9
1.8

9.5
9.5
10.5

4.4
3.7
3.9

4.4
5.0
5.6

0.6
0.9
1.0

July
Aug.
Sept.

25.6
28.3
29.5

23.7
26.5
27.7

1.9
1.8
1.8

10.8
10.8
10.8

4.2
4.6
5.0

5.4
5.2
5.0

1.1
1.0
n.s

Oct.
Nov.
Dec.

29.4
29.4
28.8

27.7
27.8
27.3

1.7
1.6
1.5

10.0
9.7
9.0

4.5
3.9
3.3

4.9
5.1
5.1

0.7
0.7
0.6

28.5
27.6
26.9
27.0
26.5
26.0
24.9
24.3
23.5
23.2

27.1
26.2
25.5
25.3
24.8
24.5
23.6
23.0
22.4
22.0

1.4
1.4
1.4
1.7
1.7
1.5
1.3
1.3
1.1
1.2

10.2
9.4
9.1
8.5
8.1
9.2
9.9
10.2
9.4
n.a

3.2
2.7
2.3
2.1
2.1
2.9
4.1
4.4
4.2
3.5

6.3
6.2
6.0
5.8
5.7
5.5
5.2
4.9
4.4
n.a.

0.7
0.6
0.8
0.7
0.3
0.9
0.7
0.8
0.9
2.8

1981-Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.

•s

process. Subtotals may not add to total because of rounding.




19
19. N E T NEW M O N E Y BORROWINGS BY MAJOR HOUSING C R E D I T AGENCIES
Millions of dollars
Period

Intermediate- and long-term issues

Total including
short-term
discount notes

Total

FHLB

FHLMC

FNMA

FNMA and FHLB
short-term
discount notes

1976

-1 ,750

-1,131

-2,031

0

900

-619

1977

2,732

1 , 444

496

-4

952

1 , 288

1978

19,030

13,578

6,302

576

6,700

5,452

1979

13,876

10,493

4,424

969

5,100

3,383

1980-Jan.
Feb .
Mar.

328
927
3, 580

-2
10
1 , 780

0
-350
1,400

-2
160
-120

0
200
500

330
917
1,800

Apr .
May
June

2, 205
1 , 366
-929

1 ,499
2,649
1 , 000

1,000
900
0

-1
-1
0

500
1 , 750
1,000

706
-1,283
-1,929

July
Aug .
Seot.

-979
-458
1, 325

442
1 , 200
253

0
200
1 , 000

-8
0
-97

450
1 , 000
-650

-1,421
-1,658
1,072

Oct.
Nov .
Dec .

3,607
313
3,390

1,300
900
250

1 , 600
150
700

0
0
0

-300
750
-450

2,307
-587
3,140

1981-Jan .
Feb .
Mar .

207
-18
957

1 , 582
496
45

600
200
800

-18
-4
-105

1 , 000
300
-650

-1,375
-514
912

Apr .
May
June

1,119
2,979
2,531

400
1,400
1 , 550

1 , 200
1,400
1, 800

0
0
0

-800
0
-250

719
1 , 579
981

July
Aug .

3,736
3,753

1,189
2,210

1,600
1, 200

205
13

-616
997

2,547
1,543

Sept.

3,549

3,049

2 , 600

118

331

500

.

•

Based on data from Treasury Survey of Ownership.




20. NET CHANGE IN M O R T G A G E H O L D I N G S A T SELECTED I N S T I T U T I O N S
Millions of dollars, seasonally adjusted
Major private financial institutions
Period

Total

1979

122,191

1980

86,682

Mortgage pools

MSB's

S&L's

Life insur.
companies

FNMA
and
GNMA

88,939 29,300

3,887

43,135

12,617

8,123

971

22,054

3,288

5 9 , 4 7 8 18,400

489

27,930

12,659

7,026

1,032

17,473

1,673

Total

Commercial
banks

FHLMC

FHLMCGNMAguaranteed guaranteed

1980
Jan.
Feb.

Mar.
Apr.
May
June

July
Aug.
Sept.
Oct.
Nov.
Dec.

9,626
8,750
7,262

6,137
6,443
5,184

2,260
2,328
1,973

152
275
22

2,126
2,557
1,828

1,599
1,284
1,361

1,044
632
1,002

50
99
8

2,229
1,439
862

166
138
206

7,062
3.349
2.350

3,671
1,411
725

1,447
620
195

-13
106
-109

857
-438
-236

1,381
1,124
875

962
545
199

135
-72
-1

2,125
1,263
1,246

169
202
181

6,362
7,530
8,174

3,984
5,420
6,293

1,195
1,084
1,159

-116
-103
-14

1,767
3,587
4,442

1,138
851
706

454
171
164

60
142
169

1,596
1,639
1,326

269
159
222

10,435
7,376
8,324

7,934
6,152
6,055

2,401
1,668
2,045r

169
74
48

4,511
3,631
3,251

853
778
711

551
466
862

144
8
290

1,770
771
1,180

36
-21
-63

5,162
5,889
4,522
5,983
4,373
4,121
4,152
3,119
3,176
n.a.

1,265r
1,934r
2,090
2,879
2,032
1,792
1,874
1,878
2,558
893

121
125
21
144
-92
-281
-40
-14
-74
n.a.

3,066
2,747
1,787
2,201
1,688
1,811
1,590
559
249
-484

710
1,082
628
759
745
799
728
696
442
n.a.

— 6
67
-166
125
-243
. 298
468
814
853
n.a,

—68
139
-35
133
209
59
-81
36
54
- 0

964
1,637
892
1,791
1,042
1,807
1,244
385
905
337

173
82
216
77
242
59
216
-121
191
147

1981
Jan.
Feb.

Mar.
Apr.
May
June

July
Aug.
Sept.
Oct.

6,226
7,814
5,349
8,109
5,623|
6,344
5,998
4,233
5,179
n.a.

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.




21

21. NET CHANGE IN M O R T G A G E DEBT O U T S T A N D I N G , BY TYPE OF PROPERTY 1
Billions of dollars, seasonally adjusted annual rates
Residential
Quarter

1

Total

Total

1 - to 4family

Multifamily

Commercial

Multifamily
and
commercial

Farm

1976-Q1
Q2
03
Q4

85.0
77.7
91.4
94.2

69.9
62.2
71.9
74.7

65.0
57.6
68.0
72.5

4.9
4.6
3.9
2.2

10.2
11.9
13.1
11.9

15.6
16.5
17.0
14.1

4.3
3.7
6.4
7.6

1977-Ql
Q2
Q3
Q4

107.5
133.4
141.4
147.0

84.8
114.3
114.6
113.1

80.9
105.1
107.6
104.0

3.9
9.2
7.0
9.1

16.2
11.7
19.8
26.5

20.1
20.9
26.8
35.6

6.5
7.4
7.0
7.4

1978-Q1
Q2
Q3
Q4

134.3
151.6
150.6
155.3

104.4
121.5
121.4
127.4

95.9
109.6
112.9
119.0

8.5
11.9
8.5
8.4

23.7
23.7
21.2
19.9

32.2
35.6
29.7
28.3

6.2
6.5
8.1
8.0

1979-Q1
Q2
Q3
Q4

155.6
169.5
161.2
145.3

120.5
132.1
122.3
110.8

113.2
123.6
115.1
103.0

7.3
8.5
7.2
7.8

22.3
25.1
26.8
24.2

29.6
33.6
34.0
32.0

12.7
12.3
20.0
10.4

1980-01
02
03
Q4

144.9
81.0
117.0
138.7

104.8
53.0
94.9
105.0

100.1
43.4
86.9
96.1

4.7
9.1
8.0
9.0

28.7
19.6
15.2
23.7

33.3
28.7
23.2
32.7

11.5
9.0
6.9
9.9

1981-Q1
02
Q3

113.1
110.3
94.9

82.2
76.1
64.0

77.3
70.9
58.7

4.9
5.2
5.3

20.5
23.7
17.8

25.3
28.9
23.0

10.4
10.5
13.2

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. A V E R A G E RATES A N D Y I E L D S O N HOME MORTGAGES A N D PASS-THROUGH SECURITIES

Primary market
Period

Rates on
conventional
loans at
S&L's

Period

Yield in
FNMA
auction

Secondary market
FHA/VA mortgages
Discount
Yield on
Ceiling
points
GNMA
rate
in FNMA
securities
auction

Conventional mortgages
Yield in
FNMA
auction

Yield in
FHLMC
auction

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

13.56
10.40

1980-High
Low

16.35
12.18

1980-High
Low

15.93
12.28

15.40
.93

14
11-1/2

14.17
10.73

17.51
12.76

16.22
11.60

1981-High
Low

18.63
14.80

1981 High
Low

19.23
14.84

12.51
1.61

17-1/2
13-1/2

17.46
13.18

19.22
14.83

18.92
14.16

22
29

16.17

3.47

15-1/2
15-1/2

15.09
15.33

16.29

16.13
16.43

6
13
20
27
3

16.43

15-1/2
15-1/2
15-1/2
15-1/2
15-1/2

15.35
15.56
16.17
15.96
16.55

16.34

15-1/2
15-1/2
16-1/2
16-1/2

16.04
16.21
17.28
17.26

16-1/2
17-1/2
17-1/2
17-1/2

17.41
17.05
16.33
17.46

17-1/2
16-1/2
16-1/2
16-1/2
16-1/2

16.80r
16.30r
16.36r
16,97r
16.08r

16-1/2
15-1/2
15-1/2
15-1/2

15.15
14.62
14.68
14.96

17.51

15-1/2
15-1/2

15.36
15.49

16.82

1981

July

Aug.

Sept .

Oct.

Nov.

Dec.

19
26

16.71
16.62

3
10
17
24
31

16.64
16.79
16.74
16.88
17.11

7
14
21
28

17.13
17.27
17.26
17.48

Aug.

4
11
18
25

17.79
18.22
18.27
18.36

Sept.

2
9
16
23
30

18.28
18.63
18.53
18.39
18.44

Oct.

6
13
20
27

18.37
18.02
17.70
17.21

Nov.

4
11

16.90
16.94

Dec.

July
.
Aug.

Nov.

10
17
24
31
7
14
21
28
5
12
19
26
2

—

4.82
—

16.87

6.94

——

17.27
——

17.24

8.80
— —*

3.72

——

18.37

8.94

——

18.74

5.85

19.23

8.01

——

17.74

——

6.10

——

18.51

9.58

9
16
23
30

16.82

1.61

7
14

16.76

——-

16.45
—

4.91
—

6.44

—

—

16.53
—

16.94
17.19
—

18.65
—

19.06
—

19.22
—

18.61
—

18.61

—

16.89

16.56
16.69
16.96
16.99
17.12
17.01
17.09
17.66
18.14
18.81
18.63
18.63
18.92
18.62
18.31
18.43
18.90
17.97
16.93
16.30
16.28
16.03
16.67
16.77

Column 2 is average of contract interest rates on commitments for level-payment conventional first mortgages with 80 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 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 GNMA-guaranteed mortgage-backed securities for immediate delivery, assuming prepayment in 12 years on pools of 30-year
FHA/VA mortgages carrying a coupon rate 50 basis points below the current FHA/VA ceiling rates shown in Column 6. Column 9 is the average net
yield to FHLMC on accepted bids in its weekly auction of commitments to buy conventional home mortgages for immediate (within 60 days) delivery.
Beginning July 7,1980, the FNMA auction results for FHA/VA mortgages do not include graduated payment mortgages.




23
23. F N M A A U C T I O N S OF C O M M I T M E N T S TO PURCHASE HOME M O R T G A G E S
Dollar amounts in millions

Conventional mortgages

F H A / V A mortgages

Date of
auction

Average yield

Offered

Accepted

Average yield

Offered

Accepted

1980-High
Low

644.2
96.7

354.6
51.9

15.93
12.28

426.0
28.7

133.0
17.9

17.51
12.76

1981-High
Low

256.9
26.3

181.6
15.7

19.23
14.84

315.7
12.4

167.8
11.1

19.22
14.83

102.8
43.1

33.8
30.3

18.74
19.23

85.9
34.8

45.2
20.7

19.06
19.22

S e p t . 14
28
Oct.

12
26

26.3
40.0

16.0
21.3

17.74
18.51

15.4
27.8

11.4
16.1

18.61
18.61

Nov.

9
24

31.6
47.4

41.1
21.4

16.82
16.45

69.5
79.2

37.0
26.1

17.51
16.89

32.2

15.7

16.76

51.0

26.1

16.82

Dec.

24. F H L M C A U C T I O N S OF C O M M I T M E N T S T O PURCHASE H O M E M O R T G A G E S
Conventional mortgages, dollar amounts in millions
Date of
auction

Offered

Immediate delivery program
Average yield
Accepted

Offered

Future commitment program
Average yield
Accepted

1980-High
Low

401.4
4.9

200.3
2.5

16.22
11.60

258.4
38.6

30.8
18.2

17.15
17.85

1981-High
Low

141.6
3.0

87.2
2.3

18.92
14.16

76.3
5.4

21.2
5.0

19.09
15.16

7.4
5.7
4.2
2.3
4.8

18.14
18.81
18.63
18.63
18.92

52.0

20.6

19.09

29

55.4
30.6
20.2
24.0
23.0

Oct.

6
13
20
27

12.5
3.7
8.3
3.0

5.7
3.7
8.3
3.0

18.62
18.31
18.43
18.90

5.4

5.4

18.99

Nov.

3
10
17
24

14.2
16.5
87.2
68.7

14.2
16.5
87.2
68.7

16.93
16.30
16.28

16.2

16.2

17.30

Dec.

1

76.2
14.6
10.0

76.2
14.6
10.0

16.03
16.67
16.77

66.5

21.0

17.13

Sept.

1
8
15
22

8
15

17.97

6-month commitments; subsequently, 8-month commitments have been auctioned.
Source: FNMA and FHLMC

 (Auction


d a t a a r e f o r f i x e d - r a t e mortgages o n l y . )

25. ISSUES OF MORTGAGE-BACKED SECURITIES
Millions of dollars, not seasonally adjusted
Pass-through securities
Period

GNMA-guaranteed
New issues

Outstanding
(end of period)

F H LMC-guaranteed
New issues

Outstanding
(end of period)

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

Privately insured
New issues

1978

15,360

54,347

6,212

11,892

1,102

1,161

465

1979

24,997

76,401

4,546

15,180

2,575

3,641

1,110

1980

19,863

93,874

2,527

16,853

5,136

8,724

290

1980-Jan.
Feb.
Mar.

2,611
1,354
1,126

78,849
79,900
80,843

180
207
106

15,274
15,397
15,454

408
205
342

4,230
4,424
4,771

50
0
0

Apr.
May
June

1,779
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.

1,087
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.

2,255
1,613
1,569

91,425
92,574
93,874

187
94
48

16,950
16,912
16,853

402
628
427

7,708
8,342
8,724

0
0
0

1,300
1,306
1,046
1,402
1,245
1,383
1,590
959
1,184
740
796

95,061
96,292
97,184
98,405
99,144
100,588
101,581
102,743
103,750
104,293
n.a.

168
94
127
97
422
940
238
44
249
244
n.a.

16,952
17,010
17,067
17,131
17,515
17,565
17,765
17,773
17,935
18,149
n.a.

556
255
464
510
718
625
714
388
380
387
n.a.

9,415
9,665
10,104
10,599
11,286
11,870
12,557
12,876
13,198
13,646
n.a.

0
0
0
40
0
0
0
0
0
0
0

Nov.

Dec.
1981-Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.

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.