Full text of H.16 Capital Market Developments : December 22, 1975

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Capital
Market
Developments

December 22,1975
Preparea by the
CAPITAL MARKETS SECTION
in conjunction with the
MORTGAGE, AGRICULTURAL, and
CONSUMER FINANCE SECTION




DIVISION OF RESEARCH AND STATISTICS
BOARD OF GOVERNORS
FEDERAL RESERVE SYSTEM
Washington, D.C. 20551

Index
/

SUBSCRIPTION RATES:
Weekly $ 1 5 . 0 0 per year or $ . 4 0 each, in t h e United
States, its possessions, Canada, and Mexico; 10 or
more of t h e same issue to o n e address, $ 1 3 . 5 0 per
year or $ . 3 5 each. Elsewhere, $ 2 0 . 0 0 per year or $ . 5 0
each. Address requests to Publications Services, Division of Administrative Services, and make p a y m e n t
remittance payable to the order of t h e Board of
Governors of the Federal Reserve System in a f o r m
collectible a t par in U.S. Currency.




TABLES
1 - 6

SECURITY VOLUME AND YIELDS

7, 8

STOCK MARKET AND S E C U R I T Y
CREDIT

9 - 1 6

MORTGAGE MARKET

SYMBOLS
e
p
r

ESTIMATE
PRELIMINARY
REVISED

n.a. NOT AVAILABLE
—-

DATA DO NOT EXtST

NOTICE

C a p i t a l Markets Developments w i l l n o t be p u b l i s h e d on
Monday, December 29, 1975 and Monday, January 5 , 1976.
i s s u e w i l l be Monday, January 12, 1976.




The next

YIELDS, VOLUME AND RECEPTION
CORPORATE BOND MARKET
VOLUME

YIELDS
WEEK ENDING

1975 - Oct.
^
V

9.72
9.60
9.53
9.32
9.22

9.70
9.56
9.41
9.30
9.33

7
14
21
28

9.10
9.11
9.40

9.24
9.24
9.30
9.25

5
12

9.46
9.37
9.28p

3
10
17
31

Nov.

Dec.

RECENTLY 2 :
OFFERED
A a a UTILITY

NEW ISSUE 1
Aaa UTILITY

19

—

V

3
GROSS
OFFERINGS
( $ MILLIONS)

</

9.34
9.25r
9.19p

PER CENT
SOLD BY END
OF WEEK

NEW ISSUES 4
IN SYNDICATE
( $ MILLIONS)

398
357
739
432
560

93
98
95
97
96

5
0
17
10
25

280
700
587
100

94
96
67
85

48
172
268

425

88
91
100

105
84
0

.72?

560

135

MUNICIPAL BOND MARKET
YIELDS
WEEK ENDING

VOLUME

BOND BUYER
2Q-BOND
INDEX

MOODY'S
NEW ISSUE
Aaa

3
GROSS
OFFERINGS
( $ MILLIONS)

PER CENT
SOLD BY END
OF WEEK

NEW ISSUES 4
IN SYNDICATE
( $ MILLIONS)

1975 - Oct.

3
10
17
24
31

6.92
6.80
6.60
6.44
6.60

7.67
7.48
7.29
7.17
7.36

451
479
335
495
375

81
76
92
89
74

142
154
86
110
122

Nov.

7
14
21
28

6.74
6.62
6.59
6.59

7.52
7.43
7.39
7.39

471
372
752
657

78
89
78
92

194
122
214
163

5

6.52
6.53
6.49

7.31
7.34
7.30

420
358
601

89
82
82

110
121
123

*»
^

Dec

-

12
19

/

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 four weeks.
' '

3

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




Table 2

HIGH GRADE BOND YIELDS
NEW I S S U E
A a a UTILITY

DATE

1

RECENTLY OFFERED
A a a UTILITY

2

MOODY'S S E A S O N E D
CORPORATE A a a

3

U . S . GOVT. 2 0 - Y E A R
C O N S T A N T MATURITY

4

B O N D BUYER
2 D - B O N D INDEX

1971 - High
Low

8.26 (7/30)
7.02 (2/5)

8.23 (1/1)
7.17 ( 1 2 / 3 1 )

7.71 (8/21)
7.06 (2/12)

6.51 (6/18)
5.69 (3/23)

6/23 (6/23)
4.97 (10/21)

1972 -r High
Low

7.60 (4/21)
6.99 (11/24)

7.49 (4/21)
7.15 (12/1)

7.36 (4/28)
7.05 (2/12)

6.19 (4/14)
5.74 (11/17)

6.54 (4/13)
4.96 (10/21)

1973 - High
Low

8.52 (8/10)
7.29 (1/21)

8.32 (8/10)
7,28 (1/5)

7.77 (8/24)
7.11 (1/5)

7.79 (8/10)
6.42 (1/5)

5.59 (8/3)
4.99 (10/11)

1974 - High
Low

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)
5,16 (2/7)

1975 - High
Low

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

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

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

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

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

7
14
21
28

9.10
9.11
9.40

9.24
9.24
9.30
9.25

8.76
8.75
8.SI
8.81

8.19
8.22
8.34
8.35

7.52
7.43
7.39
7.39

5
12
19

9.46
9.37
9.28p

9.34
9.25r
9.19p

8.83
8.86
8.83p

8.34
8.37r
8.30p

7.31
7.34
7.30

1975 - Nov.

Dec.

—

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

3

Weekly average of daily closing figures.

4

Weekly ayerage 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

6

LONG-TERM CORPORATE AND
STATE AND LOCAL GOVERNMENT
SECURITY OFFERINGS AND PLACEMENTS
IN MILLIONS OF DOLLARS

GROSS PROCEEDS

1975
January
February
March

5,376
4,526
5,368

April
May

4,439
5,647
5,593

June
July
August
September

1

CORPORATE

PERIOD

4,114^

1

^

)

October
November
December

1973

1975

3,328
2,687
3,217

2,327
1,962
3,933

2,361
2,387
2,135

2,255
2,003
2,025

1,977
1,515
2,467

3,060
3,164
2,981

2,497
2,543
3,578

2,406
2,900
3,064

2,397
2,304
2,166

1,826
1,939
2,152

3,248
2,667
1,617

2,631
1,806
1,915

3,56O|/
2,783^

1,459
1,106
1,701

2,028
1,657
1,750

4,609
3,739
3,511

3,398
3,563
3,238

2,Z46-/

2,860
2,483
1,479

2,313
2,257
2,089

6,883
8,370
8,502

6,283
6,867
4,266
6,822

5,959
5,917
5,435
6,659

13,150
17,416
24,238

11,876
17,311
23,970

Q1
02
03
04

15,270
15,679

9,232
9,205
7,532
11,859

8,222
8,618
6,352
10,199

1st Half
3 Qtrs.
Year

30,949

18,437
25,969
37,828

16,840
23,192
33,391

.

Z.15&

r
/
/

-

NOTES:
1

Securities and Exchange Commission estimates of gross proceeds.

2

Securities Industry Association estimates of principal amounts.

3

I n c l u d e s Municipal A s s i s t a n c e Corporation bonds.




2

STATE AND LOCAL

1974

1

1974

1

1973

Table 4

NEW CORPORATE SECURITY ISSUES
BY TYPE OF ISSUE AND ISSUER
IN MILLIONS OF DOLLARS

G R O S S PROCEEDS BY TYPE OF ISSUER

GROSS PROCEEDS BY TYPE OF ISSUE
PERIOD

TOTAL

BONDS
MEMO
COMMON
MANUFACAND
ISSUES INCLUDED
PUBLICLY PRIVATELY PRFFFRRFD
rncrunncu
TURING
OFFERED
PLACED
FOREIGN [CONVERTIBLE
STOCK

COMMUNICATIONS

OTHER
ISSUERS

1

1974 - I I I
IV

7,532
11,859

5,025
8,611

1,222
1,571

1,285
1,677

373
374

310
76

1,887
4,079

2,376
3,702

1,008
743

2,263
3,337

1975 - I
II

15,270
15,679

10,829
10,510

2,333
1,588

2,108
3,581

1,255
1,035

1
656

6,055
6,513

4,732
4,405

1,380
1,338

3,105
3,423

3,248
2,667
1,617

2,086
2,042
897

616
299
307

546
326
413

223
150

205
104
1

1,094
605
188 .

618
1,078
680

295
364
349

1,242
620
401

4% 609
3,739
3,511

3,423
3,016
2,172

355
330
886

831
393
453

175
199

76

728
1,699
1,652

2,109
964
629

475
93
175

1,297
985
1,055

1975 - Jan.
Feb.
Mar.

5,376
4,526
5,368

3,657
3,201
3,971

1,130
730
500

589
622
897

470
610
175

1
—

1,901
1,675
2,479

1,268
1,957
1,507

938
125
317

1,268
771
1,066

Apr.
May
June
July

4,439
5,647
5,593
4,114

2,771
3,796
3,943
2,658

422
:521
645
801

1,246
1,330
1,005
655

135
475
425
925

130
315
211
425

1,731
2,479
2,303
1,089

1,378
1,549
1,478
1,019

563
413
362
263

766
1,207
1,449
1,743, _

1974 - J u l y
Aug.
Sept.
Oct.
Nov.
Dec.

^

NOTES:
1

PUBLIC
UTILITY

Other issuers are extractive, railroad and other transportation, real estate and finance, and commercial and other.

Source: Securities and Exchange Commission.




'

\

'

• Table 5A

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY 1
December 1, thru December 19, 1975
TYPE

ISSUER
o

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY-'

COUPON RATE

CORPORATE

1 s t mtge
1 s t mtge
1 s t mtge
Fed g t r
Fed g t r
Notes
Notes
Debt
Com s t k
Pfd s t k
Pfd s t k
D e t r o i t Edison
•Com s t k
Union E l e c t r i c Co.
General Telephone Co of the Southwest pfd stk
com s t k
J.C. Penney Co.
pfd s t k
C i t y Home Corp
pfd
stkt
Ohio Edison
com s t k
Denny's Inc.
debt
Cheapeake & Potomac T e l . Co, of Va.
conv debt
Sperry Rand Corp.
1 s t mtg
Montana Power
1 s t mtg
D e t r o i t Edison Co.
debt
General T e l e . Co. of the Southwest
fed g t r
Offshore L o g i s t i c s I n c .

Appalachian Power Co.
Iowa Pub. S e r v i c e
Northwest Natural Gas
•Sedco Maritime I n c .
Sedco Maritime I n c .
Ford Motor Credit Co.
New Bedford Gas & Edison Light Co.
Ford Motor Credit Co.
Idaho Power Co.
P a c i f i c Power & Light

60.0
25.0
20.0
48.1
1
25.9
100.0
15.0
125.0 '
26.8
40.0
50.0
47*6
15.0
136.5
50.0
40.0
18.0
100.0
150.0
65.0
50.0
45.0
5.7

10 .'-50
10.13
10.50
9.20

1984* ;
2005
1986
1995
1976-1982
1986
2000
2006

- —

8.88
10.63
9.75

—
——
—

2015
2000
2005
2000
2005
1985

x

-

-

NOTES:
•
1

Rights offering.
Includes only corporate and other security offerings of $15 million and over; excludes options, exchanges, and secondary offerings.




10.50
10.20
10.50
9.20
6.25-8.30
8.9.1
10.50
9.82

Baa/JJBB
A/AA%
Baa/B^B
NR/AAA
NR/AAA%
Aa/A \
Aa/A
Aa/A

—

—

9.92
11.00

9.52

- -

MOODY'S
RATING

9.92
11.00

- -

—

OFFERING
YIELD

%

9.65

——

Baa/BBB
Ba/BB

A

11.00
10.48

11.00
10.48

A/A

9.25
6.00
9.70
11.88
9.88
8.45

9.35
6.009.70
11.88
, 9.95
8.45

Aaa
Baa/BBB
Aa
Baa/BBB
A
Aaa

Table 5A Continued

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
December 1 , thru December 1 9 , 1975

ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

COUPON RATE

OFFERING
YIELD

MOODY'S
RATING

9.13
11.69
9.50
9.38
10.70
8.50
7.25-8.60
9.50
8.85
8.60
8.50
1 8.40
9.75

Aaa
Baa
NR/AA
A/AA
BAA/BBB
A
Aa
A
Aa/AAA
A
A
A/BBB
A/AA
A
Baa/AA/AA
Aa/A+

CORPORATE

Offshore L o g i s t i c s I n c .
Portland General E l e c t . Co.
Alabama Bancorp
Texasgulf I n c .
Indiana & Michigan E l e c t . Co.
Textron I n c .
Burlington Northern, I n c .
Union Tank Car Co.
I n t e r n a t i o n a l Paper Co.
Union Tank Car Co.
Union Tank Car Co.
Union Tank Car Co.
Public S e r v i c e E l e c t r i c & Gas
Alabama Power Co.
Carter ttawley Hale Stores Inc.
Alvco F i n a n c i a l S e r v i c e s
Alabama Power Co.
American Express Credit Corp.
Central Telephone Co.
Tesoro Petroleum Corp.
Northwest Energy Co.




fed g t r
1 s t mtg
notes
debt
1 s t mtg
Notes
Equip t r
Equip t r
SF debt
Equip t r
Equip t r
Equip t r
Pfd stk
1 s t mtge
Debt
Notes
Pfd s t k
Notes
1 s t mtge
Pfd s t k
Cpm s t k

25.9
50.0
35.0
125.0
75.0
75.0
15.0
32.8
150.0
2.4
2.4
2.4
40.0
100.0
60.0
50.0
50.0
50.0
20.0
100.0
18.0

2000
2005
1984
2000
1984
1980
1977-91
2000
2000
1981
1980
1979
—

2005
2000
1983
—

1980
2000

9.13
11.63
9.50
9.38
10.88
8.50
8.50
9.50
8.85
8.60
8.50
8.40
9.75 '
10.50
9.45
9.75
11.00
8.50
9.63
8.64

10.50
9.45
9.75
11.00
8.50
9.63
8.64

—

/

I

T a b l e 5A C o n t i n u e d

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
December 1, thru December 1 9 , 1975
ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

COUPON RATE

OFFERING
YIELD

MOODY'S
RATING

8.35
8.85
9.35
10.50
8.88
9.43
7.50-9.00

Aaa
Aaa
Aaa
A
Aaa
Aaa/AA
Aaa/AA

CORPORATE

Other
Debt
The World Bank
Notes
The World Bank
Notes
The World Bank
Hudson Bay Mining & Smelting Co. Ltd. SF debt
Notes
European Coal & S t e e l Community
SF debt
Ottawa-Carleton, Municipality of
Debt
Ottawa-Carleton, Municipality of

I

f



250.0
250.0
250.0
50.0
125, 0
30.0
20.0

1980
1985
2000
1975
1980
1996
1977-1984

8.35
8.85
9.35
10.50
8.88
9.38

Table SB

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY 1
December 1, thru December 19, 1975
AMOUNT
(MILLIONS OF
DOLLARS)

ISSUER
STATE AND LOCAL

Missouri Environmental Improv. Auth.
Minnesota, S t a t e of
Washington, S t a t e of
Washington, S t a t e of
Halstead, Kansas
Halstead, Kansas
Halstead, Kansas
Washington Pub. Power Supply Sys.
Washington Pub. Power Supply Sys.
Washington Pub. Power Supply Sys.
G. Chicago Metro Sant. D i s t . , 111.
Clayton Co. Sch. D i s t . , Ga.
Maricopa Co. Sch. D i s t . # 3 , A r i z .
Cleveland City S . D . , Ohio
Albuquerque Mun. Sch. D i s t . , N.M.
Cuyahoga Co., Ohio
Minnesota Higher Educ. Comm.
East Orange, N.J.
Connecticut Dev. Auth.
Connecticut Dev. Auth.
Connecticut Dev. Auth.
Connecticut Dev. Auth.

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

13.4
37.3
14.5
18.0
3.2
4.9
6.9
26.1
52.7
71.2
25.0
12.0
13.9
20.0
15.8
15.0
10.0
15.7
10.1
3.8
3.6
5.9

^L
*&

MATURITY

NET INTEREST
COST

OFFERING
YIELD

2005
1976-1995
1976-2000
1976-2000
1979-1992
2000
2006
1983-1998
2010,
2018,
1977rl990
1977-2002
1982-1988
1977-1996

7.88
5.61
6.30
6.30
9.56
9.56
9.56
7.87
7.87
7.87
6.00
7.39
6.43
8.00

7.88
3.40-6.30
3.60-6.60
3.60^6.60
6.25-8.60
9.39
9.52
5.40-7.25
7.88
7.94
4.10-6.50
4.00-7.50
5.70-6.50
6.00-8.00

7.21

4.75-7.75
5.75
7.00-9.25
4.50-7.10
7.60
7.75
7.94

1976-1981
1977-2000
1980
1976-2000
* 1976-1987
1992
'
1996
2002

——

9.24
7.70
7.70
7.70
7.70

NOTES:
1

Includes only state and local security offerings of $10 million and over; excludes secondary offerings.

2
3

includes foreign government and International Bank for Reconstruction and Development issues and non-guaranteed




by Federal Agencies.

MOODY'S
RATING

A
Aaa
Aa
Aa
A
A
A
Aaa
Aaa
Aaa
Aa
A-l
A-l
A
A-l
Aa ,
A
A
Aa
Aa
. Aa
Aa

T a b l e 5B C o n t i n u e d

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
December 1# thru December 19, 1975

ISSUER

TYPEj

1

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

NET INTEREST
COST

OFFERING
YIELD

2005

7.84

7.79

7.48

4.40-7.75
6.70
3.75-6.70
5.00-7.75
3.75-6.20
4.75-7.25
8.00
4.75-8.00

MOODY'S
RATING

STATE AND LOCAL

'Red River Auth. of Texas '
Los Angeles Dept. of A i r p o r t s ,
Calif.
Union Co. Indust. P o l l . Auth., N.J.
Tyler Ind. Sch. D i h t . , Texas
Ohio, S t a t e of
(
Denver, Colo.
Carson Redevelopment Agy., C a l i f .
Carson Redevelopment Agy., C a l i f .
Wayne C o . , Mich.
P l e a s a n t Co., W. Va.
I n d i a n a p o l i s Saiit. D i s t . , Ind.
V i r g i n i a Beach, Va.
S t . Bernard P a r . , La.
S t . Bernard P a r . , La.
Du Page Co. Forest Preserve D i s t . ,
111.
Erie Co. Hosp. Auth., Pa.
Erie Co. Hosp. Auth., Pa.
Erie Co. Hosp. Auth., Pa.
Michigan S t a t e Hsg. Dev. Auth.
Michigan S t a t e Hsg. Dev. Auth.
R u s s e l l Co. Indust. Dev. Auth., Va.
R u s s e l l Co. Indust. Dev. Auth., Va.
R u s s e l l Co. Indust. Dev. Auth., Va.
New Jersey Mtg. Finance Agy.




Rev

10.7

Rev
Rev.
G.O.
Rev
G.O.
G.O.
G.O.
G.O.
Rev
G.O.
G.O.
ReV
Rev •'

35.0
37.5
16.0
11.5
34.0
5.0
13.0
19.2
11.0
15.0
19.6
10.0
15.0

1976-2005
MM
(1978-1995
1978-2002
1976-1990
1977-1988
2000
1977-2002
1995
1978-1991
1976-1995
1985
. 2000

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

14.0
8.2
6.4
24.8
1.4
13.8
6.0
5.0
6.0
16.2

1977-1988
1980-1991
1996
2006
1977-1990
2018
1980
1985
2000
1977-1985

—

5.76
7.68
5.76
7.92
7.92
7.76
8.66
5.66
6.10
8.73
8.73
5.78
——
——

8.82
8.82
9.74
9.74
9.74
6.99

r&\50
y. oo-Voo

A
A-l
Aaa
A-l
A
Aa
A
A A

3.75-7T05
7.40
8.90

Aaa
Aa
Baa
Baa

4.20-6.10
6.00-8.50
8.75
9.00
5.75-8.10
8.75
8.00
9.00
10.00
5.50-7.00

A-l
A-l
A-l
A-l
A-l
A-l
Ba
Ba
Ba
A-l

.

FORTHCOMING INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY

1

as of December 19, 1975
TYPE

ISSUER

AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

CORPORATE

Consumers Power
New York S t a t e E l e c t . & Gas Corp.
Cincinnati Gas & E l e c t . Co.
Indianapolis Power & Light
Chesapeake & Ohio Ry
Northern Natural Gas
Middle South U t i l i t i e s
Southland Fin. Corp.
Oklahoma Gas & E l e c t .
*Greyhound Corp.
*Texas Power & Light
*Hackensack Water Co.
Central I l l i n o i s JLight
*Puget Sound Pwr,. & Lgt. Co.
^Indianapolis Water Co.
A s s o c i a t e s Corp. of North America
A s s o c i a t e s Corp. of North America
E l t r a Corp.
*Santa Fe I n t e r n a t i o n a l Corp.
Household Finance Corp.
Household Finance Corp.
Other
Toronto, City of
Toronto, City of
^Manitoba Hydro E l e c t . Bd.
E l e c t r i c i t e de France
Asia Development Bank

Com s t k
1 s t mtge
Pfd s t k
Com s t k
Equip t r
1 s t mtge
Com s t k
Notes
1 s t mtge
SF debt
1 s t mtge
1 s t mtge
Com s t k
Pfd s t k
1 s t mtge
Notes
Debt
Debt
Conv debt
Debt
Debt

Notes
-Debt
Debt
Notes
Notes

50.0
60.0
45.0
30.0
15,0
125.0
108.0
35.0
55.0
100.0
100.0
20.0
16.0
20.0
18.0
50.0
50.0
20.0
30.0
75.0
75.0

10.0
. 60.0
100.0
75.0
75.0

NOTES:
*

Included in table i j t first time.

1

Includes only corporate and other security issues of $15 million and over; excludes exchanges, options




January
January
January
January
January
January
January
January
January
January
January
January
January
January
January
January
January
January
January
January
January

January
January
January
January
INDEF

1
7
8
8
13
13
13

¥
14
19
20
21
21
22

14
14
19

lit

Table 6B

FORTHCOMING INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY '
as of December 19, 1975
AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

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

10 . 4
23 .6
15 .0
12 .2
50 .0
100 .0
85,.0
10,.0
10..0
24..0
18.,0
40.,0
12..5
60.,0
23.,3
30. 0

December
December
December
January
January
January
January
January
January
January
January
January
January
January
January
January

19
22
30
6
7
8
13
13
13
13
14
15
15
20
20
21

Rev
G.O.
G. 0.

17. 0
15.0
27. 0

December
December
December

10
16
18

TYPE

ISSUER STATE & LOCAL

F a i r f a x Co. Indust. Dev. Auth., Va.
Rhode I s l a n d , S t a t e of
*Halstead, Kansas
Garland, Texas
New Jersey, S t a t e of
——"
Pennsylvania, S t a t e of
C a l i f o r n i a , S t a t e of
F l o r i d a , S t a t e of
\
^California Dept. of Water Resources
Memphis, Tenn.
*Anne Arundel Co. , Md.
^
Austin, Texas
Oakland Comm. College D i s t . , Mich.
Ohio, S t a t e of
S t . Paul .Ind. Sch. D i s t . , #625 Minn.
*South Carolina, S t a t e of
Postponement
Pennsylvania Hsg. Fin. Agy.
Newark, N.J.
S u f f o l k Co., N.Y.

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.




Table 7

STOCK PRICES AND VOLUME
TRADING VOLUME

STOCK PRICES
NYSE INDEX

65.48 (1/11)
49.12 (12/13)

130.47 ( 1 / 1 1 )
85.26 (12/20)

136.84 (1/11) 2 6 . 0 (9/20)
89.12 (12/13) 9 . 0 (8/20)

5.5 (1/12)
1.4 (8/20)

11.3 (1/11)
. 3 . 5 (8/27)

891.66 (3/13)
577.60 (12/6)

102.01 ( 3 / 1 4 )
58.26 (12/9)

96.53 (3/15)
54.87 (10/3)

24..9 ( 1 / 3 )
7.5 ( 7 / 5 )

4.4 (1/3)
.9 (9/26)

7.5 (1/3)
2.8 (7/5)

51.24 (7/15)
37.16 ( 1 / 8 )

881.81 (7/15)
632.04 (1/2)

96.86 ( 7 / 1 5 )

62.20 (1/2)

88.00 (7/15)
60.70 ( 1 / 2 )

35.2 (2/13)
8 . 7 (9/15)

*4.2 ( 2 / 2 1 )
1.1 (9/15)

8 . 1 (2/120
2 . 5 (9/15)

45.49
46.67
47.06
47.57
47.06

813.21
832.91
832.18
840.52
836.04

83.21
84.13
83.38
83.07
82.79

75.50
76.96
77.63
78.62
76.99 •

13.6
15.3
16.2
17.2
15.3

1.5
1.5
1.5

4.4
4.6
5.2
5.0
4.6

47.24
48.16
47.38
48.24

835.80
853.67
840.76
860.67

83.34
85.68
84.37
85.82

77.21
78.98
77.74
78.80

15.0
19.1
17.2
15.8

1.4

45.84

818.80
832.73
844. 38

82.40
81.92
82.43

74.72
74.91
75.92

17.1
14.9r
'16.7

1.8

46.82

—

1051.50 (1/11)
788.31 (12/5)

53.37 ( 3 / 1 3 )
32.89 ( 1 0 / 3 )

46.26

is

BJ INDUSTRIALS

;

NOTES:
q
1
Figures other than h i # * and lows are Fridsys only. High* 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
4

12/31/66 - BO
Based on average price change until September 4 , 1 8 7 3 thereafter, based on market value of shares listed.




1.6
1.5

1.8

1.61.5
1.7
2.0

4.9
5.5
5.3
4.9
U r

5.6

ass# s

s

16

Table 8

SECURITY CREDIT
REGULATED MARGIN CREDIT EXTENDED BY
BROKERS ON
MARGIN
STOCK

END OF PERIOD

1

BROKERS O N 2
CONVERTIBLE
BONDS

BANKS

UNREGULATED NONMARGIN
STOCK CREDIT
AT BANKS

3

OUTSTANDING

1974 - Oct,
Nov*

Dec.
1975 - Jan.
Feb.

Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.

-

Nov.

3,930
3,960
3,840

145
139
137

916
891
856.

2,024
2,053
2,064

3,950
4,130
4,180
4,360
4,700
4,990
5,300
5,220
5,250
5,300
5,370

134
136
134
138
140
146
143r
142
145
144

848
830
844
824
819
n.a.
n.a.

1,919
1,897
1,882
1,885
1,883
n.a.
n.a.

-

CHANGE IN OUTSTANDING

1974 - Oct.
Nov.
Dec.

-90
30
-90

-3
-6
-2

-8
-25
-35

-36
29
11

1975 - Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.

110
180
50
180
340
290
310

-3
2
-2
4
2
6
-3r
-1
3
-1

-8
-18
14
-20
-5
n.a.
n.a.

-145
-22
-15
-3
-2
n.ai
n.a.

-8a

30
50
70

NOTES:
1

Margin account debt as reported by the New. York Stock Exchange, excluding credit for subscription issues and convertible bonds.

2

New York Stock Exchange data.

3

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

f




4

Table 9

SAVINGS FLOWS AT NONBANK THRIFT INSTITUTIONS
IN MILLIONS OF DOLLARS

MUTUAL SAVINGS BANKS
REGULAR DEPOSITS

ANNUAL 3
GROWTH
RATE

NET
FLOW
1971
1972
1973
1974

9,621
10,067
4,815
2,909

1974 - J u l y
Aug.
Sept.
Oct.
1975 - June r /
July
Aug. r /
Sept.
Oct. jg/

1

13.5
12.4
5.3
3.0

-521
-646
319
-74

—
—
—

1,871
509
197
785
330

—
—
—

.

—
—

SAVINGS & LOAN ASSOCIATIONS

NET
NEW
MONEY

2

July r j
August xj
September
October £_/

369
715
1,489
867
1,352
1,530
957
865
621
665

4.5
8.7
18.0
10.3
15.9
17.8
11.0
9.8
7.0
7.4

NET
FLOW

5,378
5,451
-442
-2,822

27,793
32,567
20,237
16,053

-733
-837
-689
-260

-481
-1,147
1,425
J 438

7 1 6 /
2§4
-21
-338
120

'

1975 - January
February
March
April
May

SHARE CAPITAL

——

——
——
——

.

6,226
a , 055
1,472
3,698
2,282

NET
NEW
MONEY

ANNUAL 3
GROWTH
RATE
19.0
18.7
9.8
7.0
—
—
—

__
—
—
—
—

1

2

TOTAL
DEPOSITS

NET
FLOW

20,653
23,884
10,507
4,669

37,414
42,634
25,052
18,952

-581
-1,218
-1,068
312

-1,002
-1,793
1,744
-364

3,089
2,865
1,313
631
2,103

8,097
3,564
1,684
4,483
2,612

SEASONAt/LY ADJUSTED
2,455
124
3,057
14 A
4,842
23.3)
3,642
17.2/
4,331
20.2\
5,031
23.0
4,144
' 18.6
3,208
14.2 (
3,049
13.3 \
3,123
13.5

——

\ -

2,824 ,
3,772
6,331
4,509
5,683
6,561
5,101
4.073
•3,670
3,788

NOTES:
1

Regular deposits at mutual savings banks exclude Hems such as Christmas club and certain escrow accounts, which represent a v
.of total deposits.
New deposits net of both'withdrawals and interest. Data for S&L's are for insured associations only, which represent 96 per cent of Ym Ii#y-total resources.
3 FRASER
Annual growth rate for monthly data is the annualized monthly percentage increase in deposits.
for
2

Digitized
° ""i : National Association of Mutual Savings Banks and Federal Home Loan Bank Board.


ANNUAL 3
GROWTH
RATE

NET
NEW
MONEY

17.2
16.7
8.4
5,8

26,331
29,335
10,062
1,847

—

-1,314
-2,055
-1,757
52
3,805
3,129
1,323
293
2,223

9.9
13.1
21.7
15.2
19.0
21.6
16.5
13.0
11.6
11.8

••

2

Table 10

MORTGAGE COMMITMENTS AT
SELECTED THRIFT INSTITUTIONS
BILLIONS OF DOLLARS, SEASONALLY ADJUSTED

NET CHANGE

OUTSTANDING COMMITMENTS
PERIOD
TOTAL

1971 - Dec.

17.7

MUTUAL
ALL SAVINGS
SAVINGS BKSi
& LOAN
ASSOCIATIONS (N Y. STATE)

14.0

3.7

MUTUAL
ALL SAVINGS
& LOAN
SAVINGS BKS
ASSOCIATIONS (N.Y. STATE)

TOTAL

.49

.30

.19

1972 - Dec.

25.1

2Q\2

4.9

.56

.55

.01

1973 -• Dec.

19.7

16.2

3%5

.15

.35

-.20

1974 - Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

19.3
19.2
19.5
19.7

15.9
16.0
16.3
, 16.7
15.7
15.1
14.6
13.9
13.5
12.5
12.0
12.3

3.4
3.2
3.1
3.0
2.9
2.9
2.8
2.8
2.7
2.4
2.3
2.2

-.33
-.06
.20
.20
-1.08
-.61
- .64
-.56
-.56
-1.31
-.54
-.03

-.31
.09
.34
.39
-1.07
-.54
-.55
-.66
-.39
-1.05
x -'42

-.10
-.19
-.13
-.10
-.06
-.06
-.04
-.01
-.13
-.30
-.10
-.11

12.3
12.6
13.2
14.3
14.9
15.1
16.1
17.2
17.9
18.0

2.1
1.8
2.0
2.0
2.1
2.1
2.1
2.2
2.2
2.1

1975 - Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.

ia.5

18.0
17.3
16.7 '
16.2
14.9
14.4
14.4
14.4
14.4
15.2
16.2
a

16.9

17.1
18.2
19.4
20.1
20.0

f

) -25

- . 0 4 % \

.04 /
.71
1.13
.72
.34
.92
1.18
.64
.56

X

.06

.29
.60
1.07
.61
.27
.95
1.06
.74
.65

-.10
-.25
.11
.06
.11
.07
-.03
+ .12
-.06
-.09

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 endof period outstanding
levels as reported and after seasonal adjustment by Federal Reserve. Subtotals may not add'to totals because of rounding.




19

T a b l e 11

NET NEW MONEY BORROWINGS
BY MAJOR HOUSING AGENCIES
IN MILLIONS OF DOLLARS

TOTAL
INCLUDING
SHORT-TERM
DISCOUNT
NOTES

PERIOD

1973 - July
Aug.
Sept.
Oct.
Nov.
Dec.
1974 - Jan.
Feb.
Mar.
Apr.
May

z

July
Aug.
Sept.
Oct.
Nov.
Dec.
1975 - Jan.
Feb.
Mar.
Apr.
May
June p
July p

INTERMEDIATE AND LONG-TERM/ISSUES
TOTAL

FHLB

+1,475
+1,693
+1,910
j+1,946
+11
+598

+1,528
+1,349
+1,850
+1,950
-150
+256

+998
+1,349
+1,500
+1,300

-671
-695
+424
+508
+1,442
+2,699
+1,804
+878
+2,768
+1,665
-89
+507

-756
-657
+450
-4
+992
+2,250
+1,499
+200
+2,750
+1,599
+93
+961

—800
-657
-4
+992
+1,500
+1,000
+400 ' '
+1,700
+1,499
-2lT
+470

-242
-659
+440
0
-1,568
+ 252
+165

-5
-254
+ 689
+69
-1,279
+ 600
+300

-4
-554
-11
-30
-1,279
0
0

V

FNMA

+530
——
——

+350
+650

—

-150

. ——

—

—

+256
+44

.

——

—
"

——
—

+300
0
-1
0
0
0

-53
+344
+60
-4
+161
+342

——

-*

4 5 0

+750
+499

-200
——

SHORT-TERM
DISCOUNT
NOTES

+85
-38
-26
+512

+450

—

Notes:
Based on data from the Treasvry Survey o f Ownership.
1 / S a l e s of FHLB d i s c o u n t n o t e s began i n May 1974.
jj/ Preliminary.




FHLMC

+1,050
+100
+310:
+491
-1
0
+ 700
+100
o

+ 600
+ 300

+449
+305
+678
+18
+66
-182
r-454
/ -237
J -405
-249
/
/-69
\ ^-289
-348
-135

20

NET CHANGE IN MORTGAGE HOLDINGS
IN MILLIONS OF DOLLARS

9
FINANCIAL INSTITUTIONS

TOTAL
INCLUDING
FNMA-GNMA

COMMERCIAL
BANKS

INSURANCE FNMA-GNMA
COMPANIES

MSB's

Not Seasonally Adjusted
1970
1971
1972
1973
1974
1975

Jan.
Feb.
Mar.
Apr.
MayJune
July
Aug.
Sept.
Oct.

1975 - Jan.
Feb.
Mar.
Apr.
May >
June
July
Aug.
Sept.
Oct.

10,254
23,919
31,932
25,552
17,578

2,348
1,221
1,452
4,278
5,078

426
66
1,109
100
1,614
70
2,285
132
3,184
181
3,425
323
3,122
334
3,259
213
2,883
119
2,996
226
Seasonally Adjusted

268
403
258
451
244
153
127
165
118

1,154
1,646
1,411
2,015
2,769
2,655
2,751
2,836
3,069
3,486

335
556
397
563
356
166
134
152
137

21,736
41,647
57,587,
58,372
42,748

16,827
39,259
55,561
55,072
36,526

2,462
9,940
16,800
19,600
11,-700

1,311
1,586
2,329
3,458
3,966
4,443
4,493
4,435
4,477

860
1,512
1,942
3,268
3,909
4,401
3,783
3,937
3,720

100
-100
0
400
300
500
200
300
600

2,612
2,827
2,469
3,519
3,488
3,246
3,851
3,412
4,381

2,106
2,628
1,908
3,128
3,307
3,181
3,329
3,186
3,830

6

447
184
53
384
33
167
175
31
449

1,845
3,938
5,377
5,642
2,170

170
242
47
166
149
193
269
167
175
281

NOTES:
1

Monthly data for commercial banks based on Federal Reserve estimates benchmarked to Cill 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. Darta for mutual savings banks and for Life4nsurance companies may differ somewhat from those derived from regular quarterly series because of minor conceptual differences for whi£n 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.

2

Beginning January 1972 data reflect activity in limited amount of conventional mortgages.




*,r

/ .
T a b l e 13

^

21

NET INCREASE IN
MORTGAGE DEBT OUTSTANDING'
IN BILLIONS OF DOLLARS, SEASONALLY ADJUSTED ANNUAL RATES

- r
c$

RESIDENTIAL
QUARTER

TOTAL

TOTAL

r
|

i- to 4 FAMILY

MULTIFAMILY

1968 - I
II
III
IV

28.1
26.4
25.5
29.6

19.4
18.2
17.2
20.4

16.3
15.0
13.6
16.5

3.1
3.2
3.5
3.9

1^69 - I
I .
II
III
IV

32.0
29.1
25.8
25.2

23.8
21.5
18.7
18.5

19.4
16.8
14.0
13.1

1970

I
II
III
IV

20.7
22.9
28.5
31.8

14.4
16.8
21.3
22.8

1971 - I
II
III
IV

37.3
47.7
52.3
54.2

1972 - I
II
III
IV

COMMERCIAl

MULTFAMK.)f
&
COMMERCIAl

FARM

6.4
6.0
6.5
7.4 «

9.5
9.2
10.1
11.3-^- V

2.3
2.2
1.8
1.9

4.4
. 4.6
4.7
5,4

6.0
5.4
5.3
5.3

10.4
10.1
10.0
10.7

2.2
2.2
1.7
1.4

11.6
15.0
16.2

9.4

5.0
5.2
6.3
6.6

4.8
4.6
5.1
6.8

9.8,
9.|
11.5W
13.4

27.4
35.5
38.5
41.2

19.4
26.228.6
31.3 '

8.0
9.4
9.9
9.9

7.7
9.8
11.5
10.5

15.7
19.2
21.4
20.4

2.2
2.4
2.3
2.5

62.8
64.9
65.1
68.3

46.1
47.0
47.1
49.5

37.7
37.4
38.0
40.0

8.4
9.6
9.1
9.5

14.1
15.3
15.3
16.3

22.5
24.9
24.4
25.8

2.6
2.6
2.6
2.5

1973 - I
II
III
IV

83.4
75.6
71.3
57.9

63.1
53.9
51.4
38.3

53.1
44.0
41.8
31.7

10.0
9.9
9.6
6.5

16.3
17.8
16.3
15.0

26.3
27.8
25.9
21.5

4.1
3.8
3.6
4.6

1974 - I
II
III
IV

58.5
65.3
50.0
38.6

39.5
44.0
35.7
23*7

32.1
37.1
27.5
17.3

7.4
6.8
8.2
6.4

15.4
17.3
9.0
7.6

22 .7
24.1
17">
14.0

4.5
5.L,
7.3

1975 - I
II

35.2
50.7

25.5
38.9

21.3
36.1

4.3
2.8

4^9

9.2
10.6

4.8
4.0

7.8

r

1.5
1.5
2.1
2.2

1. 'Derived from data on mortgage debt outstanding from Federal Deposit Insurnncr r.orooration. 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 Rcssrvo.
2

May differ somewhat from related flow of funds series mainly because of more aggregative type of seasonal adjustment.

3

Residential mortgage debt includes nonfarm only and is sum of 1 to 4- family and multifamily mortgage dcb^cumbmed.




^

T a b l e 14

t\i

PRIVATE HOUSING PERMITS, STARTS,
COMPLETIONS, AND MOBILE HOME SHIPMENTS
IN T H O U S A N D S O F 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

\

PERMITS 1

PERIOD

TOTAL

1969
1970
1971
1972
1973
1974

- 1—FAMILY

1,324
1,352
1,925
2,219
1,82Q
1 >074

62i6
647
906
1,033
882
\ 644

698
705
1,018
1,186
937
431

1975 - Jan.
Feb.
Mar.
Apr.
May

689
701
677
837
912

508
jk 5
b03
603
658

June

949
1,042
995
1,095
1,092

Jijtly'
Aug.
Sept.
Oct.

COMPLETIONS

STARTS
2 - O R MORE
FAMILY

TOTAL

1 —FAMILY

1,467
1,434
2,052
2,357
2,045
1,338

811
813
1,151
1,309
1,132
888

182
186
173
234
254

999
I 1,000
985
jI
1I
980
1,130

739
775V
762 \
887

679

270

: 1,094

884

711
732
779
775

331
263
316
317

1,235
1,269
1,268
1,458

.

"

935
987
92%
1,103

2 - O R MORE
FAMILY

'

656
621
901
1,048
914
450

x

260
267
210
218
\243

MOBILE
2-OR

MORE

FAMILY

1

.

1 —FAMILY

TOTAL

HOME
SHIPMENTS

1,399
1,418
1,706
1,972
2,014
1,692

808
802
1,014
1,143
1,174
932

592
... 617
• 692
828
840
760

413
401
497
576
567
329

1,535
1,320
1,305
1,211
. *1,276

964
770
734
756
8 32

571
550
571
455
444

185
219
199
194
224

!

,

2 ION

1,165

785

380

210

300
282
339
355

1,269
1,229
1,214

901
855
895

368
374
319

2?5
235
215

(

—r
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.
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 m o i
home shipments are Mobile Home Manufacturers Association data converted to seasonally adjusted annual rate b'y Census Bureau.


1
Permit
data for 1969 and 1970 based on


13,000 areas with permit systems.

Table 15

AVERAGE RATES AND YIELDS ON HOME MORTGAGES

SPREAD
(BASIS
POINTS)

SPREAD
(BASIS
POINTS)

YIELD
(IN PER CENT)

8.95
7.75

107
37

9.18
7.55

130
14

9.4
2.2

-23

45
-70

9.80
8.60

50
-70

10.38
8.54

44
-25

6.3
2.3

-70

10.46
8.10

9.70
9.55
9.45

-33
-13
n.a.

9.70
9.60
9.45

-33

10.13

10

4.6
n.a?
3.8

-43
n.a.

10.03
9.68

9.15
9.05
8.90
9.00
9.05
• 9.00
9.00
9.15
9.25
9.25

15
11
-70

9.20
9.05
8.95
9.05
9.10
9.05
9.05
9.15r
9.30
9.30

3.8
2.6
5.4

16
21
21

5.0
4.3
4.8
6.2
5.5
4.0

-11
- 6

SPREAD
(BASIS
POINTS)

1973 - High
Low

8.95
7.70

107
31

1974

High
Low

9.80
8.55

1974 - Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
MayJune
July
Aug.
Sept.
Oct.

NEW HOMES

EXISTING HOMES

RATE
(IN PER CENT)

1975

SPREAD
BETWEEN
RETURNS ON
NEW Aaa
CONVENTIONAL
UTILITY
AND HUD(FHA)
BOND
,NEW hCME
DISCOUNT
YIELD
(PERCENTAGE MORTGAGES (IN PER CENT)
(BASIS
POINTS)
POINTS)

HUD(FHA) INSURED LOANS
> SECONDARY MARKET

CONVENTIONAL LOANS
PRIMARY MARKET
NEW HOMES

-66

-57
-37
-25
-34
-45
3

RATE
(IN PER CENT)

9.51

9.06

:,v
-46
-31
-12

9.32r

-17
4
31

21

1

-

8.36
7.38

6

-13
-17
-49
-28

9.00
8.94
9.60
9.66
9.62
9.37
9.25
9.49
9.70
9.22

/.
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 down^
payment, prepaid in 15 years, for immediate delivery, are used:
. \
vu




J

^

Table 16

FNMA AUCTION RESULTS
HOME MORTGAGE COMMITMENTS
CONVENTIONAL

GOVERNMENT-UNDERWRITTEN
D A T # OF
AUCTION

AMOUNT
(IN MILLIONS OF DOLLARS)

OFFERED
1974 - H i g h
Low

ACCEPTED

AVERAGE
YIELD

AMOUNT
(IN MILLIONS OF DOLLARS)

OFFERED

| ACCEPTED

AVERAGE
YIELD

1155 ( 3 / 2 5 ) 333 (3/25) 10.59 (9/9:> 164 (4/18) 63 ( 4 / 8 )
10. 71 ( 9 / 9 )
26 (11.18) 18 (11/18) 8 . 4 3 (2/2! > 14 (10/21) 7 (11/18) 8. 47 (3/11)

1975 - Jan.

13
27

25 . 3
41 . 4

21.2
28.6

9.37
9.12

17.9
11.1

. 14.9
10.6

9 .50
9 .39

Feb.

10
24

24 . 6
36 .2

18.1
23.8

8.98
8.87

14.8
20.0

9.1
9.1

9 .20
9 .04

Mar.

10
24

99 2
460 5

60.1
321.4

8.78
8.85

34.4
60.7

22.1
35.8

8 .96
9 .00

Apr.

7
21

551 6
470.9

277.2
247.3

8.98
9.13

99.8
79.2

44.6
64.8

9 .13
9 .26

May

5 ^ 525.5
19
165.6

280.4
115.0

9.29
9.25

69.8
46.4

43.9
38.4

9. 43
9.41

June

2
16
30

172.5
73 .4
358. 7

80.4
38.6
246.9

9.14
9.06
9.07

51.2
28.5
67.5

27.1
15.7
47.3

9 .26
9.21
9. 18

J u l y , 14
28

333. 2
415. 8

174.9
247.7

9.10
9.17

71.4
56.5

35.8
34.5

9. 20
9. 2b

Aug.

Sept.

11

578. 7

365.5

9.32

96.9

48.9

9. 33

25

643. .1

223.0

9.50

98.5

31.0

9. 55

8

530. .1

197.7

9.70

96.9

45.9

9. 75

22

293..6

142.0

9.86

68.8

35.2

9. 92

6

198 .5

143.0

S.95

27.5

23.5

10..02

20

43, .2

23.2

9.65

9.7

9.2

9.81

Nov.

3
17

69. 8
293. .1

41.7
180.6

9.32
9.33

19.6
68.6

15.2
34.6

9.54
9.40

Dec.

1

255. 9

138.5

9.32

73.9

40.5

9 . 38

Oct.

Average secondary market yields are grosj befcyW deduction of the fee of*38 basis points paid for mortgage servicing. They reflect the average ac
cepted bid yield for home mortgages assuming prepayment period of 12 years for 30-year loans, without special adjustment for federal National
Mortgage'Association (FNMA) commitment f e 4 and FNMA stock purchase and holding requirements on 4-month commitments. Mortgage amounts
offered by bidders relate to total eligibly bids