Full text of H.16 Capital Market Developments : December 22, 1980

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December 22, 1980

-eza/L m m m

Capital
Market
Developments

Bmu

DEC 2-9 1960

- Research Library—

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




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

Yields, Volume and Reception: Corporate Bond Market
Yields, Volume and Reception: Municipal Bond Market
High Grade Bond Yields
Long-Term Corporate and State and Local Government Security Offerings and Placements
Treasury and Government-Sponsored Agency Marketable Coupon Offerings and Placements
New Corporate Security Issues by Type of Issue
New Corporate Security Issues by Type of Issuer
Public Offerings of Intermediate- and Long-Term Securities: Corporate
Public Offerings of Intermediate- and Long-Term Securities: State and Local
Public Offerings of Intermediate- and Long-Term Securities: U.S. Treasury
Public Offerings of Intermediate- and Long-Term Securities: Government-Sponsored Agencies
Forthcoming Public Offerings of Intermediate- and Long-Term Securities: Corporate
Forthcoming Public Offerings of Intermediate- and Long-Term Securities: State and Local

14.
15.
16.
17.
18.
19.
20.
21.
22.
23.
24.
25.

Stock Prices
Trading Volume
Security Credit
Savings Flow at Selected Nonbank Thrift Institutions
Mortgage Commitments Outstanding at Selected Institutions
Net New Money Borrowings by Major Housing Credit Agencies
Net Change in Mortgage Holdings at Selected Institutions
Net Change in Mortgage Debt Outstanding, By Type of Property
Average Rates and Yields on Home Mortgages and Pass-Through Securities
FNMA Auctions of Commitments to Purchase Home Mortgages
FHLMC Auctions of Commitments to Purchase Home Mortgages
Issues of Mortgage-Backed Securities

*
?

SYMBOLS
e
P
r
n.a.
— —

estimate
preliminary
revised
not available
data do not exist

SUBSCRIPTION RATES
Weekly $ 1 5 . 0 0 per year or $.40 each in the United States, its possessions, Canada, and Mexico; 10 or more of the same issue to one
address, $ 1 3 . 5 0 per year or $.35 each. Elsewhere, $20.00 per year or $.50 each. Address requests to Publications Services, Division of
Support Services, and make payment remittance payable to the order of the Board of Governors of the Federal Reserve System in a
form collectible at par in U.S. Currency.



1. Y I E L D S , V O L U M E A N D R E C E P T I O N
Corporate B o n d Market
Yields
Week ending

1980-0ct.

3
10
17

24
31
Nov.

7
14
21
28

Dec.

N e w i s s u e s in s y n d i c a t e 4
($ millions)

Recently offered
Aaa utility2

13.08
13.02
12.62
13.21
13.92

13.06
12.87
12.85
13.03
13.79

377
614
680
193
685

100
100
92
96
98

52
7
11

13.97
13.72
13,91
14.02

5
510
510
252

100

0

87

68

14.16
15.03r
14.64p

647
630r
257

—mmm
— —

13.85
—

5

12
19

Volume
Gross offerings3
($ millions)

N e w issue
Aaa utility1

14.51r

Percent sold b y
e n d of w e e k

0
0

100
100

0

0
9
4

99
99r
98

4

2. YIELDS, V O L U M E A N D RECEPTION
Municipal B o n d Market
Volume

Yields
Week ending

Moody's new
issue A a a

Bond Buyer
G.O. bond
index

Bond Buyer
Rev. b o n d
index

Gross offerings
($ millions)

Percent sold by
end of w e e k 3

N e w issues in
syndicate4
($ m i l l i o n s )

1980-0ct.

3
10
17
24
31

8.50
8.40
8.30
8.30
8.40

9.22
9.01
8.81
9.06
9.45

10.07
9.94
9.66
9.93
10.27

263
353
885
1,348
619

95
94
93
86
92

69
22
80
232
166

Nov.

7
14
21
28

9.05
8.60
8.60
8.60

9.64
9.50
9.50
9.61

10.43
10.39
10.38
10.51

226
209
1,379
549

86
86
92
96

31
28
146
22

Dec.

5
12
19

9.20
9.40
9.80

9.84
10.42
10.56

10.94
11.30
11.41

201
951
852

93
93
98

77
113
65

1
2
3
4

Federal Reserve series of implied yield on newly issued, Aaa-rated utility bond with 5-year call protection.
Federal Reserve series of implied free-market yield on Aaa-rated utility bond with 5-year call protection, released from price restrictions sometime
during the last four weeks.
Estimated by F.R. on the basis of available data.
Corporate Market: Salomon Brothers Bond Market Roundup; Municipal Market: Weekly Bond Buyer. Data are adjusted by Federal Reserve when
necessary to make coverage of this series consistent with the gross offerings series.




3. HIGH GRADE BOND YIELDS
New issue
Aaa utility 1

Date

Recently offered
Aaa utility 2

Moody's
seasoned
corporate Aaa 3

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

Bond Buyer
G.O. bond
indexS

1977-High
Low

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

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

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

1978-High
Low

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

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

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

Bond Buyer
Rev. bond
index 6

—

1979-High
Low

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

1980-High
Low

14.51(12/12) 15.03(12/12) 13.60(12/19) 12.93(12/19) 10.56(12/19) 11.41(12/19)
10.53(6/20)
10.79(6/20) 10.34(6/20)
9.59(6/20)
7.11(5/9)
8.15(5/8)

7.38(10/26)
6.08(7/6)

8.24(11/23)
7.23(9/21)

1979-Oct.
Nov.
Dec.

10.97
11.42
11.25

10.91
11.36
11.32

10.13
10.76
10.74

9.99
10.37
10.18

7.08
7.30
7.22

7.80
8.11
8.08

1980—Jan.
Feb.
Mar.

11.73
13.57
14.00

11.77
13.35
13.90

11.09
12.38
12.96

10.65
12.21
12.49

7.35
8.16
9.17

8.21
8.91
9.95

Apr.
May
June

12.90
11.53
10.95

12.91
11.64
10.99

12.04
10.99
10.58

11.42
10.44
9.89

8.63
7.59
7.63

9.66
8.50
8.47

July
Aug.
Sept.

11.60
12.32
12.74

11.41
12.31
12.72

11.07
11.64
12.02

10.32
11.07
11.47

8.13
8.67
8.94

8.87
9.57
9.84

Oct.

13.18
13.85

13.13
13.91

12.31
12.97

11.75
12.44

9.11
9.56

9.97
10.43

13.08
13.02
12.62
13.21
13.92

13.06
12.87
12.85
13.03
13.79

12.30
12.18
12.11
12.27
12.72

11.81
11.46
11.40
11.76
12.33

9.22
9.01
8.81
9.06
9.45

10.07
9.94
9.66
9.93
10.27

13.97
13.72
13.91
14.02

12.96
12.93
12.96
13.03

12.56
12.45
12.38
12.37

9.64
9.50
9.50
9.61

10.43
10.39
10.38
10.51

14.16
15.03r
14.64p

13.15
13.47r
13.60p

12.48
12.86r
12.93p

9.84
10.42
10.56

10.94
11.30
11.41

Nov.

1980-0ct.

3
10
17
24
31

Nov.

7
14
21
28

Dec.

1
2
3
4
5
6

5
12
19

——

13.85

14.51r

Federal Reserve series of implied yield on newly issued, Aaa-rated utility bond with 5-year call protection.
Federal Reserve series of implied free-market yield on competitively bid Aaa-rated utility bond with 5-year call protection released from price
restrictions sometime during the last four weeks.
Weekly average of daily closing figures.
Weekly average of daily figures. U.S. Treasury data.
Thursday figures. The average rating of the 20 general obligation bonds used in this index falls midway between the five top groups as classified by
Moody's Investors Service. Weekly Bond Buyer data.
Thursday figures. The average rating of the 25 revenue bonds used in this index falls midway between the five top groups as classified by Moody s
Investors Service. Weekly Bond Buyer data.




5
4. LONG-TERM CORPORATE AND STATE AND LOCAL GOVERNMENT SECURITY OFFERINGS AND PLACEMENTS
Gross proceeds, millions of dollars
Corporate

Period

State and Local

January
February
March

1978
3,326
2,770
4,569

1979
3,770
3,165
4,354

1980
6,210
4,452
4,353

1978
3,306
2,753
4,844

1979
2,840
2,603
4,644

1980
3,042
2,381
2,379

April
May
June

3,397
4,227
5,539

45,692
4,160
6,238

5,677
9,067
9,511

3,824
5,525
4,369

3,444
3,042
4,724

4,833
4,564
5,958

July
August
September

4,414
3,379
4,236

4,103
4,162
4,587

7,941
5,371
4,922

3,920
6,407
2,323

3,396
4,256
2,472

4,687
3,782
4,207

October
November
December

3,799
3,207
4,401

4,601
3,831
3,801

5,150e
3,400e

3,231
4,320
3,690

4,217
4,160
3,567

4,600e
3,000e

47,264

51,464

48,512

43,365

Year
1
2
e

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

5. TREASURY AND GOVERNMENT SPONSORED AGENCY BORROWING
Millions of dollars

Period

Combined
deficit(+)
or
surplus(-) 1

Total 3

Federal Government
Means of financing combined deficit
Net cash borrowing from the public2
Public debt securities
Gov't,
agency
NonBills
Coupons
marketable
securities

Other

Decreased)/ Sponsored
agency
increase!—)
borrowing4
in cash
operating
balance

CY- / - 1 9 7 8
CY
-1979

52,870
41,397

53,683
37,360

706
10,899

31,777
28,041

22,644
-397

-1,431
-1,402

3,206
1,115

-4,019
366

23,509
23,631

1979--Oct.
Nov.
Dec.

14,646
8,941
1,997

2,217
5,548
11,207

314
3,408
7,544

2,085
1,463
3,614

357
704
57

-20
-80
-62

-1,287
8,984
1,124

13,716
4,869
-10,334

3,196
2,546
1,542

1980--Jan.
Feb.
Mar.

5,170
10,458
15,350

5,201
2,066
11,802

2,878
1,900
13,358

2,050
3,307
3,517

278
-3,149
-5,066

-27
-40
-19

647
2,478
1,013

-678
5,914
2,535

2,261
1,542
4,764

Apr.
May
June

-8,037
16,318
-11,963

4,632
5,350
-4,615

4,515
91
-10,703

2,899
6,077
6,835

-2,602
-941
-685

—86
-32
-101

-2,393
3,200
-3,918

-10,276
7,768
-3,430

3,632
1,957
-529

16,384
8,347
-4,434

9,737
11,111
6,260

6,807
7,815
526

2,602
3,245
7,026

456
219
-1,407

-76
-28
-36

2,986
-701
-2,199

3,661
-2,063
8,495

July
Aug.
Sept.
1
2
3
4

575
-835
635e/

U.S. unified budget deficit or surplus plus off-budget entities deficit or surplus.
Change in outstanding amount of public debt securities and government agency securities less change in holdings of those securities by government
accounts.
Also includes changes in matured and noninterest-bearing public debt.
Change in outstanding amount of marketable securities issued by Federal Farm Credit Banks, Federal Home Loan Banks, Federal Home Loan Mortgage Corporation, Federal National Mortgage Association.


OY = C a l e n d a r


Year.

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

Total

Publicly
offered

Privately
placed

Common and
preferred
stocks

Memo
Issues included
Convertible
Foreign

1977
1978
1979

53,792
47,230
51,464

24,072
19,815
25,814

17,943
17,057
14,325

11,777
10,358
11,325

1,340
1,349
1,008

863
418
2,229

1980-QI
QII
QUI

15,015
24,255
18,234

5,861
18,186
11,618

4,600
2,072
1,909

4,554
3,997
4,707

169
529
631

908
967
1,510

1980—Jan.
Feb.
Mar.

6,210
4,452
4,353

2,450
1,426
1,985

2,384
1,430
786

1,376
1,596
1,582

47
122
0

32
76
800

Apr.
May
June

5,677
9,067
9,511

3,828
6,810
7,548

947
525
600

902
1,732
1,363

89
432
8

383
375
209

July
Aug.
Sept.

7,941
5,371
4,922

5,354
3,843
2,421

1,213
304
392

1,374
1,224
2,109

100
191
340

208
805
497

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

Other issuers1

Manufacturing

Public utility

13,393
10,813
11,346

14,127
12,232
13,289

4,442
3,640
4,522

21,827
20,549
22,309

1980-QI
QII
QUI

3,907
6,838
5,819

4,966
4,135
3,652

1,278
2,182
1,936

.4,864
11,101
6,823

1980—Jan•
Feb.
Mar.

1,276
1,340
1,291

1,873
1,262
1,831

483
572
223

2,578
1,276
1,010

Apr.
May
June

1,778
2,615
2,445

891
1,338
1,906

651
1,196
335

2,358
3,917
4,826

July
Aug.
Sept.

3,016
1,792
1,011

1,030
1,434
1,188

787
626
523

3,106
1,519
2,198

Period

1977
1978
1979

1

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

Securities and Exchange Commission and Federal Reserve Board.
Digitized for Source:
FRASER


8. PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: CORPORATE 1
Issuer

Date

W i s c o n s i n E l e c t r i c Power Co.
12/2
Wang L a b o r a t o r i e s I n c .
12/2
F l o r i d a Power & L i g h t Co.
12/2
F o r d M o t o r C r e d i t Co.
12/3
F o r d Motor C r e d i t Co.
12/3
Wheelabrator-Frye Inc.
12/3
P a c i f i c Gas T r a n s m i s s i o n Co.
12/3
Peho-Lewis Corp.
12/4
S h e a r s o n Loeb R h o a d e s I n c .
12/4
Nike I n c .
12/4
Centex Corp.
12/5
United Energy Resources I n c .
12/5
D e t r o i t E d i s o n Co.
12/5
Dean W i t t e r R e y n o l d s O r g . I n c . 1 2 / 5
G e n ' l . T e l . Co. of C a l i f .
12/8
S o u t h w e s t e r n B e l l T e l . Co.
12/9
L o u i s a n a Power & L i g h t C o .
12/9
Union E l e c . C o .
12/9
P a c i f i c Gas & E l e c . C o .
12/10
F i r s t Union R e a l E s t a t e E q u i t y
& Mtg.
12/11
S u n s h i n e M i n i n g Co.
12/11
Potomac E d i s o n C o .
12/11
A r c h e r - D a n i e l - M i d l a n d Co.
12/11
Everest & Jennings I n t e r n a t ' l .
Co.
12/11
Mountain F u e l Supply Co.
12/12
A p p l e Computer I n c .
12/12
Oak I n d u s t r i e s
12/12
Commonwealth E d i s o n C o .
12/15
A r k a n s a s Power & L i g h t C o .
12/16
Burlington Northern, Inc.
12/16
May P e t r o l e u m I n c .
12/16
Tymshare, I n c .
12/16
Amax I n c .
12/17
K o p p e r s Co.
12/17
Dekalb AgResearch I n c .
12/19

OTHER
Dreco Energy S e r v . L t d .
Sweden, Kingdom of

*
1

12/3

Type

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

Amount
(millions
of dollars)

80.0

100.0

Maturity

Coupon
rate

Offering
yield

1986
2005

13.75
9.50

13.75
9.50

Aa/AA
Ba/BB-

1986
1990

15.75
15.75
8.25

15.90
15.90
8.25

Aa/A
Aa/A
Baa / —

1990

15.25

15.25

--/A-

43.9

200.0
100.0
100.0
28.8
35.4

60.0
29.9
64.5

100.0
38.9
50.0

100.0

2005
1990

10.00

400.0
50.0
58.4

2020
1988

14.13
14.25
15.75

Conv. d e b t
Bonds
Pfd. stk.
Com. s t k .

40.0
25.0
25.0
119.0

2006

10.00

Com. s t k .
Com. s t k .
Com. s t k .
Com. s t k .
Com. s t k .
1 s t . mtg.
Equip, t r .
Com. s t k .
Com. s t k .
Notes
Pfd. stk.
Com. s t k .

26.0

Com. s t k .

12/10 N o t e s

14.13
14.25
15.85

10.00

Ba/BBBA/A
Aaa/AAA
Baa/BBB

10.00

—/BBB+
—/B
Baa/A-

120.0

39.8
110.0
28.7
148.5
70.0
26.3
36.0
28.7
150.0

1995

8.50
15.64

8.50
15.64

—/—

1986
1982-96

16.13
14.13

16.00

1990

14.25

14.39

A/A
A/A

1985

13.65

13.65

Aaa/AAA

14.35

Baa/BBBAa/AA

37.3

26.3

200.0

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




Moody. &P's
ratings

8
9. PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: STATE AND LOCAL 1
Issuer

Date

T57T
M i s s o u r i H s g . D e v e l . Comm.
New York S t a t e U r b a n Dev.
12/8
Corp.
New York S t a t e U r b a n D e v .
12/8
Corp.
New York S t a t e U r b a n D e v .
12/8
Corp.
New York S t a t e U r b a n D e v .
12/8
Corp.
12/9
F l o r i d a , S t a t e of
Chicago School F i n . A u t h . ,
12/9
II.
W a s h i n g t o n P u b l i c Power
12/9
Supply System
W a s h i n g t o n P u b . Power S u p p l y
12/9
System
12/9
H a m i l t o n C o . , OH
12/9
H a m i l t o n C o . , OH
12/9
H a m i l t o n C o . , OH
12/9
H a m i l t o n C o . , OH
12/10
DE
New C a s t l e C o u n t y ,
12/10
DE
New C a s t l e C o u n t y ,
12/10
DE
New C a s t l e C o u n t y ,
12/10
A
u
t
h
.
Wyoming Comm. D e v .
12/10
A
u
t
h
.
D
e
v
.
Wyoming Comm.
12/10
D
e
v
.
A
u
t
h
.
Wyoming Comm.
12/10
D
e
v
.
A
u
t
h
.
Wyoming Comm.
12/10
D
e
v
.
A
u
t
h
.
Wyoming Comm.
,
I
n
d
u
s
.
D
e
v
.
W a s h i n g t o n Co
12/11
A u t h . , PA
&
M
o
r
t
.
Rhode I s l a n d H s g .
12/12
F i n . Corp.
&
M
o
r
t
.
Rhode I s l a n d H s g .
12/12
F i n . Corp.
&
M
o
r
t
.
Rhode I s l a n d H s g .
12/12
F i n . Corp.
&
M
o
r
t
.
Rhode I s l a n d H s g .
12/12
F i n . Corp.
12/12
C
o
r
p
.
TX
Bexar Co. H s g . F i n .
12/12
TX
C
o
r
p
.
Bexar Co. H s g . F i n .
New J e r s e y H l t h . C a r e F a c .
12/12
F i n . Auth.
New J e r s e y H l t h . C a r e F a c .
12/12
Fin. Auth.
New J e r s e y H l t h . C a r e F a c .
12/12
F i n . Auth.
W a s h i n g t o n Co. I n d u s . D e v e l .
12/12
A u t h . , PA
12/15
L a k e l a n d , FL
12/17
H o u s t o n , TX
12/17
D e l a w a r e , S t a t e of
12/17
P i t t s b u r g h , PA
D e n t o n Co. H s g . F i n . C o r p . , T X 1 2 / 1 7

Type2

Amount
(millions
of $)

Maturity

Net
interest
cost

Moody's/S&P's
ratings

Rev.

50.0

1982-2012

10.81

8.75-11.0C

Aa/AA

Rev.

8.0

1982-1994

11.71

8.75-11.20

A/A-

Rev.

3.5

1998

11.71

11.75

A/A-

Rev.

17.0

2005

11.71

11.90

A/A

Rev.
Rev.

28.4

11.71
9.39

12.00

66.0

2011
1982-2001

7.70-9.70

A/A
Aa/AA

G.O.

83.0

1982-2009

12.76 10.00-12.5C

Rev.

50.0

2010

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

150.0
3.7
5.2

11.83

11.75

A1/A+
A1/A+
A/A+
A/A+
A/A+
A/A+
Aa/AA
Aa/AA
Aa/AA
Aa/AA
Aa/AA
Aa/AA
Aa/AA
Aa/AA

25.3
14.6
42.1
17.0

2000
2002

2008

Rev.

60.0

1983

n.a.

Rev.

27.1

1981-1993

n.a.

Rev.

11.4

1999

n.a.

11.38

Aa/AA

Rev.

15.5

2007

n.a.

11.75

Aa/AA

Rev.
Rev.
Rev.

6.0

2008

11.75

19.1
10.9

1992
1984-1990

n.a.
n.a.
n.a.

8.25-9.60

Aa/AA
--/Aaa
— /Aaa

Rev.

5.3

1981-1991

11.02

9.00-10. 60 A/BBB+

Rev.

2.5

1996

11.02

11.00

A/BBB+

Rev.

25.7

2009

11.02

N.R.

A/BBB+

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

60.0
60.0

2.6

19.6
16.9
15.4
57.8

26.0

30.0
45.0
37.0

2000
2011

1982-1995

2007

1983
1983
1982-2001
1983-2001
1984
1981-1984

n.a.
9.97
9.47
9.66
n.a
9.62

9.00

9.00
9.25

7.80-10.0 )
8.30-10. 2 )
11.00
8.25-8.90

^

{

(

A/Al

8.20-10. 5(1 Aa/AA

9.88

|

Baal/AA-

12.44 10.50-12.2!
8.50-10.6C
n.a.
11.50
n.a.
11.65
n.a.
12.00
n.a.
8
.
2
0-10.73
n.a.
1
1.00
n.a.
12.00
n.a.
8 . 2 5 - 1 0 . 5(i
n.a.
11.38
n.a.
11.13
n.a.
11.38
n.a.
11.30
n.a.

1989-2013
1985-1995
2001
2003
2011
1981-1993

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

A/A
MIG-1
Aaa/AAA
A-l/AA--/AA

'

, '
^

*

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

D e n t o n Co. H s g . F i n . C o r p . , T X
V i r g i n i a Hsg. D e v e l . Auth.
V i r g i n i a Hsg. Devel. Auth.
V i r g i n i a Hsg. Devel. Auth.
V i r g i n i a Hsg. D e v e l . Auth.
Montgomery Co. H s g . Opp.
Comm., MD
Montgomery Co. H s g . Opp.
Comm., MD
Montgomery Co. H s g . Opp.
Comm., MD
Montgomery Co. H s g . Opp.
Comm., MD
* E s c a m b i a C o . , FL
Connecticut Hsg. F i n . Auth.
Connecticut Hsg. F i n . Auth.
Connecticut Hsg. F i n . Auth.
San D i e g o C o . , CA
S t . Tammany P u b l i c T r u s t F i n .
A u t h . , LA
Brooke C o . , WV
Brooke C o . , WV
Brooke C o . , WV
Brooke C o . , WV

1
2
3

Net
interest
cost

Date

Type2

Amount
(millions
of $)

Maturity

12/17
12/17
12/17
12/17
12/17

Rev.
Rev.
Rev.
Rev.
Rev.

24.0
30.8
9.0
7.9
27.3

2013
1982-1992
1995
1998
2012

n.a.
n.a.
n.a.
n.a.

9.50
8.25-11.00
11.25
11.50
11.75

--/AA
A-l/AA
A-l/AA
A-l/AA
A-l/AA

12/18

Rev.

12.4

1983-1995

11.16

8.50-11.00

Aa/A+

12/18

Rev.

4.5

2000

11.16

11.38

Aa/A+

12/18

Rev.

2.2

2012

11.16

11.50

Aa/A+

12/18
12/19
12/19
12/19
12/19
12/19

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

5.9
30.6
28.9
6.4
14.6

11.16

11.50
8.50-10.75
8.25-10.75

100.0

2009
1983-2010
1982-1995
2000
2012
2012

12/19
12/19
12/19
12/19
12/19

Rev.
Rev.
Rev.
Rev.
Rev.

37.5
5.5
5.8
15.0
3.9

1982-2001
1982-1997
2003
2011
2012

n.a.
n.a.
n.a.
n.a.
n.a.

9.62

n.a.
10.91
10.91
10.91
n.a.

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




(con't.)

Offering
yield

11.00
11.38
11.07

8.00-12.00
8.25-11.75
11.50
12.25
12.25

Moody's/S&P's
ratings

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

--/AA
--/AA
--/AA
--/AA

10
10. PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: U.S. TREASURY
Notes and Bonds
Amount (millions of dollars)
Coupon Auction
Net proceeds
Gross proceeds
Maturity
Offering Payment
average
rate
Length
date
date
date
1
percent) (percent)
Private 1 - 2
Total
Private
Total

Memo:
Foreign
add-ons 3

1980
3
23

Jan.

1/10
1/31

15yr Imo
2yr

1,502
4,484

1,502
4,051

1,502
609

1,502
609

0
0

12.02

9,404

7,626

2,452

2,452

0

11-3/4
13-7/8
14-3/8

11.84
13.98
14.39

4,497
2,719

4,098
2,719

677
2,719

677
2,719

200

3/31/82
3/31/84

15
14-1/4

15.01
14.29

4,072
2,974

3,572
2,605

910

910

5/15/95
4/30/82

12-5/8
11-3/8

12.69
11.44

1,503
4,574

1,503
4,115

1,503
1,394

1,503
1,394

0
0

9-1/4
8/15/83
11/15/89 10-3/4
5 / 1 5 / 0 5 - 1 0 10

9.32]

9.88 1 3 , 0 1 9
10.12;

7,743

5,754

5,754

102
55

9.37
9.66
8.63
8.99

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

4,010
3,293
4,515>
3,221

1,186

1,186

3,293
3,030

3,293

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

1,504
5,337

1,504
4,549

1,504
1,173

9.88
10.81
10.71
11.24
11.76

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

4,082
3,049
2,762
1 , 5 0 0 J)
1,582
4,557
3,087 - 3,087

1,582
3,087

11.93
12.13

5,120
3,369

4,570
3,030

1,228

1,395
1,047

0 >
0

11,61

12.24

1,482
4,812

1,482
4,392

1,022

1,482

1,482
1,022

0
0

13.31
13.07

4,313
2,663

3,313*)
2,443 |

2,813

2,813

190

2/15/95
1/31/82

8/15/83
3-l/2yr
5/15/87
7-l/4yr
2/15/05-10
30yr
2/28/82
2yr
Syr 2-l/2too 5 / 1 5 / 8 5

5
6
7
20
26

2/15
2/15

Mar. 20
25

3/31
3/31

Apr.

2
22

4/8
4/30

15yr lmo
2yr

6
7

8

5/15
5/15
5/15

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

2
3
19
24

6/5
6/5
6/30
6/30

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

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

7/9
7/31

1 4 y r lOmo
2 yr

5/15/95
7/31/82

8/15
6/15
8/15
9/2
9/3

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

Feb.

May

June

July

2
23

Aug. 5

6
7

20

27

2/28
2/28
3/3

Sept,; 18
23

9/30
9/30

Oct.

10/14
10/31

7

22

Nov. 5

6

7
25
Dec. 3

16
18

1

2yr
4yr

2-yr
4-yr

9/30/82
9/30/84

10-1/2
11-1/2

10.60

11-7/8

11.98

12

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

9-7/8
10-3/4
10-3/8
11-1/8
11-3/4
L I — 7 / 8

L2-1/8

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

11/17
11/17
11/17

12/1

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

12/8

5 - y r 2-mo

12/31
12/31

4-yr

2-yr

2/15/86
12/31/82
12/31/84

11.52

12.81

13.99

2,160

2,001J

-681

1,214

2,660

0
66

0
0

285
214

-311

0

1,504
1,173

0
0

3,049

0
0
0
0

13-1/2" 1 3 . 5 2
15-4/8 15.15
14.03
14

Excludes amounts sold to Government investment accounts and the Federal Reserve. A'so excludes add-ons to foreign accounts.

2 May be larger than the total if the Government accounts and/or the Federal Reserve do not fully ro'i-over their maturing hoidmgs.

3 Additional amounts of securities issued to foreign and international monetary authorities at the average auction pnce for new cash.


0

65

0
0
0
0
0
0

,

11
11. PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: GOVERNMENT SPONSORED AGENCIES

Issuer
e

# '

•

#

#

#

Offering Payment
date
date

Length

Maturity
date

Yield
(percent)

Amount (millions of dollars)
Net
Maturing
Gross
proceeds
proceeds
issues

6/10/85

9.95

1,000

550

450

12/01/83
12/01/86
7/23/90

9.30
10.00
10.40

841
1,002
600

1,175

1,268

8/19/83

9.70

1,000

0

1,000

3/25/85
3/25/87

10.80
11.10

1,200
600

1,600

200

9/04/84

11.75

486

0

486

4-mo

1/11/82

10.90

400

1,050

-650

1-yr

8-mo

6/10/82

12.25

500

800

-300

10/20
10/20
10/20

2-yr
4-yr
7-yr

1-mo
9-mo
9-mo

12/01/82
7/22/85
7/20/88

11.60
11.60
11.70

786
434
604

975

849

10/16
10/16

10/27
10/27

2-yr
3-yr

11.85
11.75

1,200
600

200

1,600

4-mo

10/25/82
2/27/84

FNMA

10/29

11/3

5-yr

11/12/85

13.00

750

0

750

FHLB

11/14
11/14

11/25
11/25

1-yr
4-yr

9-mo
8-mo

8/25/82
7/25/85

13.10
12.80

1,200
750

1,800

150

FFCB

11/26

12/1

2-yr

3-mo

9/1/83

13.75

521

0

521

FNMA

12/5

12/10

3-yr

1-mo

1/10/84

14.05

500

950

-450

4 - y r 11-mo

FNMA

7/2

7/10

FFCB

7/9
7/9
7/9

7/21 3-yr
7/21 6-yr
7 / 2 1 LO-yr

FNMA

7/25

8/1

3-yr

FHLB

8/13
8/13

8/25
8/25

4-yr
6-yr

FFCB

8/27

9/2

4-yr

FNMA

9/4

9/10

1-yr

FNMA

10/1

10/10

FCB

10/8
10/8
10/8

FHLB

5-mo
5-mo

7-mo
7-mo

e

e

FFCB
—
FHLB
—
FHLMC —
Digitized for FNMA
FRASER —

Federal
Federal
Federal
Federal

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



12
12.

As of December 1 9 , 1980
FORTHCOMING PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: CORPORATE 1
Approximate date
of offering

Type

Amount
(millions of dollars)

C i t i e s S e r v i c e Co.
K a n s a s C i t y Power & L i g h t C o .
Steego Corp.
MGF O i l C o r p .
Leasco Corp.
F l o r i d a T e l . Corp.
P o t l a t c h Corp.
P u b l i c S e r v i c e E l e c . & Gas Co.
A p p a l a c h i a n Power Co.
New E n g l a n d Power Co.
P a c i f i c Power & L i g h t Co.
Citicorp
General F e l t I n d u s t r i e s
U n i t e d Gas P i p e l i n e C o .
Texas I n t e r n a t i o n a l Corp.
Cadence I n d u s t r i e s C o r p .
New E n g l a n d Power Co.
Standard P a c i f i c Corp.
P a c i f i c N o r t h w e s t B e l l T e l e p h o n e Co.

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

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

Dec,
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
J a n . 13
Indef.
Indef.
Indef.
Indef.
Indef.
Indef.
Indef.
Indef.

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

Notes
Bonds
Debt.
Notes

250.0
200.0
150.0
100.0

Dec.
Indef.
Indef.
Indef.

POSTPONED
Boston E d i s o n Co.
Richmond Tank Car Co.
M i s s i o n I n s u r a n c e Group I n c .
Texas I n s t r u m e n t s I n c .
Macy C r e d i t C o r p .
ITT F i n a n c i a l C o r p .

Com. s t k .
Conv. d e b t .
Debt.
Conv. d e b t .
Notes
Notes

40.0
30.0
50.0
100.0
60.0
100.0

D e c . 16
D e c . 18
D e c . 18
Dec.
Dec.
Dec.

Issuer

*

Included in table for first time.

1

I n c l u d e s o n l y c o r p o r a t e and o t h e r s e c u r i t y i s s u e s o f $25 m i l l i o n a n d o v e r ; e x c l u d e s

pypVlflnooc , Anf-"f nno
o


13

As of December 1 9 , 1980

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

B u t l e r Co. I n d u s . D e v e l . A u t h . , PA
S t . L o u i s , MO
C a l c a s i e u P a r i s h Hm. M o r t . P u b . T r u s t , LA
Simi V a l l e y Comm. D e v e l . A g c y . , CA
O n t a r i o R e d e v e l . A g c y . , CA
W i s c o n s i n , S t a t e of
Los A n g e l e s , CA
New O r l e a n s Home M o r t . A u t h . , LA
Michigan S t a t e Hosp. F i n . Auth.
A l b u q u e r q u e , NM
* S t . P a u l P o r t A u t h . , MN
* P u l a s k i Co. R e s i d e n t i a l H s g . F a c B d . , AK
J e f f e r s o n C o . , CO
J e f f e r s o n P a r i s h Home M o r t . A u t h . , LA
^Missouri H l t h . & Educa. Fac. Auth.
O r e g o n , S t a t e of
A u s t i n , TX
^ M o b i l e I n d u s t r i a l D e v e l . B d . , AL
^Michigan S t a t e Hosp. F i n . Auth.
*Washoe Co. A i r p o r t A u t h . , NV
POSTPONED
L e x i n g t o n F a y e t t e U r b a n Co. G o v ' t . , KY
U n i v e r s i t y of C a l i f o r n i a
San D i e g o C e n t e r C i t y R e d e v e l . C o r p . , CA
N e b r a s k a M o r t g a g e F i n . Fund
O a k l a n d , CA
J e f f e r s o n P a r i s h S c h . B d . , LA
Richmond, VA
S o u t h e r n C a l i f o r n i a R a p i d T r a n s i t D i s t . , CA
T u l a r e C o . , CA
C a l i f o r n i a , S t a t e of
West V i r g i n i a

*
1

Type

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

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

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




Amount
(millions of dollars)

Approximate date
of offering

45.0
99.0
51.3
43.5

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

50.0
30.0
67.6
50.0
33.0
45.0
43.8
25.0
27.6
65.0
50.0

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

35.0
40.0
30.0
40.0
30.0

100.0
45.0
50.0
51.3
46.1
36.0
24.9
50.0
75.0

26.1
200.0

22
22
22
22
22
22
22
22
22
22
23
23
26
26
5
7
8
16
17
23

1

2
3
5
5
9
10
12
12
16
18

14
14. STOCK PRICES 1
Date

NYSE Index3

AMEX 4

DJ Industrials

NASDAQ 5

1977-High
Low

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

999.75 (1/3)
800.85 (11/2)

127.89 (12/30)
109.61 (1/12)

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

1978-High
Low

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

907.74 (9/8)
742.12 (2/28)

176.87 (9/15)
119.73 (1/11)

139.25 (9/13)
99.09 (1/11)

1979-High
Low

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

897.61 (10/5)
796.67 (11/8)

247.07 (12/31)
152.03 (1/2)

152.29 (10/5)
117.84 (1/2)

1980-High
Low

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

1000.17 (11/20)
759.13 (4/21)

370.75 (11/28)
215.69 (3/27)

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

355.17
333.48
347.58

203.02
191.22
197.91

1980-Dec.

5
12
19

956.23
917.15
937.20

77.16
74.16
76.86

15. TRADING VOLUME2
NYSE

Date

NASDAQ

11.2 (11/10)
5 . 1 (5/27)

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

1978-High
Low

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

11.0 (10/30)
1.3 (1/20)

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

1979-High
Low

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

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

25.8 (12/17)
7.2 (1/2)

1980-High
Low

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

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

60.4 (11/19)
10.7 (4/14)

1980-Dec.

1
2
3
4
5

AMEX

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

1977-High
Low

5
12
19

49.4
51.2r
50.4

6.9
7.6r
5.9

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




47.1
35.4r
29.9

15
16. SECURITY CREDIT 1
Outstanding, dollar amounts in millions

End of period

1

Margin credit extended
by brokers on:
Marginable
stock

Convertible
bonds

Number of
margin accounts
(thousands)

Percent of debt
in accounts with
40 percent or more
customer equity

1976

7,960

204

810

88

1977

9,740

250

887

81

1978

10,830

205

955

67

1979

11,450

164

995

84

1979 — J a n .
Feb.
Mar.

10,750
10,790
10,870

199
195
181

950
950
965

79
71
79

Apr.
May
June

11,220
11,130
11,590

194
183
172

960
970
980

77
78
79

July
Aug.
Sept.

11,840
12,060
12,000

178
176
177

970
995
1,005

81

Oct.
Nov.
Dec.

11,310
10,920
11,450

173
161
167

985

1,000
1,020

73
83
84

1980 - J a n .
Feb.
Mar.

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

July
Aug.
Sept.

11,320
11,800
12,520

198
204
208

1,075
1,095
1,105

88

Oct.
Nov.

13,080
14,140

211
n.a.

1,120

87
87

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




1,155

86
84

81
83

89
87

16
17. SAVINGS FLOWS AT SELECTED NONBANK THRIFT INSTITUTIONS
Millions of dollars
Mutual Savings Banks
(regular deposits) 1
Date

Net flow
N.S.A.

Sea. adj.

1976

12,670

——

1977

10,783

—

1978

Annual
growth
rate 3

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

Sea. adj.

Memo:
Net New Money 2

Total

Annual
growth
rate 3

Net
flow
(sea. adj.)

Annual
growth
rate 3

At
insured
S&L's

At
MSB's

11.6

50,169

—

17.5

62,854

15.9

34,369

5,283

8.7

50,888

—

15.0

60,982

13.3

32,004

2,874

8,426

6.3

44,153

11.3

52,292

10.1

23,460

-591

1979

2,900

2.1

39,218

9.1

42,289

7.4

15,029

-6,885

1979-Jan.
Feb.
Mar.

218
683
1,971

584
705
798

5.0
6.0
6.7

4,735
2,876
8,334

4,987
3,733
3,909

13.9
10.3
10.7

5,571
4,438
4,707

11.7
9.2
9.7

4,377
2,580
3,146

-118
342
463

Apr.
May
June

-832
61
890

16
280
341

0.1
2.3
2.9

-1,147
2,037
6,854

1,667
3,006
4,515

4.5
8.1
12.1

1,683
3,286
4,856

3.4
6.7
9.8

-1,490
1,627
1,469

-1,192
-341
-635

July
Aug.
Sept.

-318
-112
517

9
508
134

0.1
4.2
1.1

2,015
1,199
4,770

2,844
3,192
2,620

7.5
8.4
6.8

2,853
3,700
2,754

5.7
7.4
5.5

1,455
717
-198

-733
-504
-1,000

Oct.
Nov.
Dec.

-985
-199
1,006

-694
74
183

—5.8
0.6
15.1

1,863
1,157
4,525

3,321
3,527
2,030

8.6
9.1
5.2

2,627
3,601
2,213

5.2
7.1
4.0

1,314
732
-700

-1,420
-765
-987

1980-Jan.
Feb.
Mar.

-927
141
930

-605
168
-222

-5.0
1.4
-1.9

2,065
1,626
4,403

2,191
2,617
-324

5.6
6.6
-0.8

1,586
2,785
-546

3.1
5.4
-1.1

1,167
1,079
-696

-1,436
-543
-679

Apr.
May
June

-449
881
1,770

402
1,106
1,200

3.4
9.2
9.9

326
3,022
5,287

3,393
4,067
2,779

8.6
10.2
6.9

3,795
5,173
3,979

7.4
10.0
7.6

-817
1,785
-169

-1,024
242
-176

992
610
1,377
Sept.
400
Oct . 2 '

1,339
1,228
971
711

11.0
10.0
7.8
5.7

2,223
2,515
5,606
3,852

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

7.7
11.3
7.9
13.1

4,435
5,811.
4,204
6,137

8.4
11.0
7.9
11.4

961
1,285
6
2,508

246
1
—460
-200

July
Aug.

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 9 6 percent of industry total
resources.
3 Annual growth rate for monthly data is the annualized monthly percentage increase in deposits.
Source: National Association of Mutual Savings Banks and Federal Home Loan Bank Board.




17
18. MORTGAGE COMMITMENTS OUTSTANDING AT SELECTED INSTITUTIONS
Billions of dollars, seasonally adjusted
Federal and Related Agencies

Thrift Institutions
End of Period

e

e

#

e

#

All savings
and loan
associations

Mutual
savings banks
(N.Y. state)

Total

FNMA

GNMA

FHLMC

1978

37.5

32.7

4.8

16.5

9.9

4.8

1.8

1979

31.5

28.1

3.4

12.6

6.9

4.7

1.0

1979-Jan.
Feb.
Mar.

37.0
36.5
36.0

32.2
31.8
31.4

4.8
4.7
4.6

15.4
14.1
13.0

8.9
7.7
6.7

4.8
4.8
4.8

1.7
1.6
1.5

Apr.
May
June

36.2
35.8
35.7

31.7
31.7
31.5

4.5
4.1
4.2

12.6
12.0
11.7

6.4
6.0
5.6

4.8
4.7
4.8

1.4
1.3
1.3

July
Aug.
Sept.

35.7
35.9
36.7

31.7
32.0
32.7

4.0
3.9
4.0

11.6
11.2
12.2

5.5
5.5
6.8

4.8
4.4
4.2

1.3
1.3
1.3

Oct.
Dec.

35.9
33.0
31.5

32.3
29.4
28.1

3.6
3.6
3.4

14.1
13.5
12.6

8.2
7.7
6.9

4.6
4.7
4.7

1.3
1.1
1.0

1980-Jan.
Feb.
Mar.

30.7
29.9
26.5

27.5
27.1
24.0

3.2
2.8
2.5

11.9
11.2
10.5

6.2
5.7
5.2.

4.7
4.5
4.7

1.0
1.0
0.8

Apr.
May
June

22.8
21.1
22.4

20.7
19.3
20.7

2.1
1.8
1.7

9.2
9.3
10.3

4.2
3.5
3.6

4.4
5.0
5.7

0.6
0.8
1.0

July
Aug.
Sept.

26.0
28.4
29.9

23.7
26.6
28.0

1.8
1.8
1.9

10.6
10.6
10.1

3.9
4.4
4.4

5.5
5.1
4.8

1.2
1.1
0.9

Oct.

29.3

27.5

1.8

10.4

4.9

4.8

0.7

Nov.

e

Total

e

!

#

e

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



lb
19. NET NEW MONEY BORROWINGS BY MAJOR HOUSING CREDIT AGENCIES
Millions of dollars
FNMA and FHLB
short-term
discount notes

Total including
short-term
discount notes

Total

FHLB

1976

-1,750

-1,131

-2,031

0

900

-619

1977

2,732

1,444

496

-4

952

1,288

1978

19,030

13,578

6,302

576

6,700

5,452

1979-Jan.
Feb.
Mar.

967
1,457
912

0

0

0

0

1,033
1,372

834

199

0

0

128

1,500

967
424
-460

Apr.
May
June

1,027
304
1,363

997
215
1,299

0

-3
-7
199

1,000

July
Aug.
Sept.

1,625
360
398

1,916
613
-154

700
415

216
198
146

1,000

Oct.
Nov.
Dec.

2,297
1,791
1,375

1,599
1,453
150

1,300
953

- 1
0

300
500

0

150

0

1980-Jan.
Feb.
Mar.

328

-2

0

-2

927
3,580

10

160
-120

200

1,780

-350
1,400

500

1,800

Apr.
May
June

2,205
1,366
-929

1,499
2,649

1,000

- 1

900

- 1

500
1,750

1,000

0

0

706
-1,283
-1,929

July
Aug.
Sept.

-979
-458
1,325

442

0

-8

450

-1,421
-1,658
2,072

Period

Intermediate- and long-term issues

222
0

0

FNMA

0

1,100
0

-300

0

1,000

1,200

200

0

1,000

-747

0

-97

-650

Based on data from Treasury Survey of Ownership.




FHLMC

30
89
64
-291
-253
552
698
338
1,225
330
917

20. NET CHANGE IN MORTGAGE HOLDINGS AT SELECTED INSTITUTIONS
Millions of dollars, seasonally adjusted
Major private financial institutions
Period

Total

Total

Commercial
banks

MSB's

S&L's

Life insur.
companies

Mortgage pools

FNMA
and
GNMA

FHLMC

FHLMCGNMAguaranteed guaranteed

1976

75,398

64,898

13,737

4,041

44,727

2,393

-2,042

-712

12,199

1,055

1977

114,008

95,874

26,157

6,540

58,021

5,156

961

-990

14,224

3,939

1978

126,474

103,305

35,376

6,314

52,237

9,378

8,735

-233

9,389

5,275

1979

124,352

91,108

31,504

3,886

43,211

12,607

8,147

973

20,854

3,270

Jan.
Feb.
Mar.

10,284
9,970
10,293

7,857
7,716
7,240

2,662
2,491
2,426

559
483
388

4,015
3,804
3,359

621
938
1,067

832
790
1,385

179
65
253

1,202
1,080
1,276

214
319
139

Apr.
May
June

9,707
10,995
10,765.

7,371
8,311
8,351

2,487
2,328
2,753

204
388
373

3,832
4,616
4,204

848
: 979
1,021

489
745
530

-3
19

1,542 :
1,505
: 1,625

308
415
284

July
Aug.
Sept.

10,161
10,641
10,854

8,152
7,567
7,972

2,809
2,636
2,953

384
297
276

3,804
3,501
3,616

1,155
1,133
1,127

1,608 °
2,122
2,161

304
314
293

Oct.
Nov.
Dec.

11,665
10,483
8,534

8,585
7,004
4,982

2,844
2,594
2,521

248
265
21

3,892
3,113
1,455

2,002
2,393
2,338

385
18
277

9,924

6,196

2,474

197

2,088

s

725,.

'

35
524
284

' 62
114
144

1,601
1,132
985

764
866
903

-71
202
34

1,437

1,182

68

2,374

104

144
29

1,198
834

80
199

:

1980

Jan.
Feb.
Mar.

8,035
7,322

6,166
4,974

2,402
1,826

290
6

2,458
1,737

1,235
1,405

631
1,286

Apr.
May
June

6,126
3,221
1,890

2,671
1,324
394

890
526
50

-49
148
-168

643
-483
-290

1,187
1,133
802

1,155
584
193

154
-130
30

2,006
1,205
1,084

140
238
189

July
Aug.
Sept.

5,983
7,913
8,232

3,834
5,784
6,407

1,886
1,123
1,115

-115
-113
-10

1,647
3,720
4,714

1,116
1,054
588

196
-8
-94

45
192
214

1,570
1,758
1,342

338
187
269

Oct.

n.a.

n.a.

2,750

n.a.

4,404

n.a.

115

1,881

64

tib3

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
Digitized forfor
FRASER
89 percent of the net increase estimated for all holders in 1978,



20
21. NET CHANGE IN MORTGAGE DEBT OUTSTANDING, BY TYPE OF PROPERTY 1
Billions of dollars, seasonally adjusted annual rates
Residential
Quarter

1976-Q1
Q2
Q3

Q4
1977-Q1
Q2
Q3

Q4
1978-Q1
Q2
Q3

Q4
1979-Q1
Q2
Q3

Q4
1980-Q1
Q2
Q3

1

Total

Total

1 - to 4family

Multifamily

5.1
4.8

14.6
15.2
17.5
24.6

18.8
23.5
25.6
33.2

9.4
8.4

20.9
20.7
26.7
25.5

29.0
30.6
38.6
35.8

8.8
11.6
11.2

6.9
9.1
9.9

22.3
28.5
30.0
21.3

31.1
35.4
39.1
31.2

15.9
17.9
16.4
14.4

9.3
6.4
9.3

25.8
13.8
19.5

35.0

14.4
15.1
11.4

61.5
55.6
69.0
75.4

110.7
134.9
140.2
150.2

87.5
110.3
114.3

83.3

135.3
147.0
154.3
160.4

105.6
116.5
116.0
123.7

155.9
164.3
161.3
150.2

117.8
117.9
114.9
114.5

109.0
111.0
105.8
104.6

8.8

144.4
70.9
117.9

104.4
42.1
87.0

95.1
35.7
77.7

—0.2
3.7

2.6
4.2
8.3

8.2
8.6

97.4

8.2

104.1
113.3

9.9
11.9
10^4

106.6

Farm

15.1
15.1
16.9
15.0

62.9
55.4
72.7
78.0

116.8

Multifamily
and
commercial

13.7
15.3
13.2
12.4

1.4

81.7
75.5
92.7
98.1

102.0
106.1
108.2

Commercial

20.2

28.8

6.8
7.7

8.6

8.8
9.8

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.




21
22. AVERAGE RATES AND YIELDS ON HOME MORTGAGES AND PASS-THROUGH SECURITIES
Secondary market
FHA/VA mortgages

Primary market

•

e

Period

Yield in
FNMA
auction

Period

Conventional mortgages

Discount
points
in FNMA
auction

Ceiling
rate

Yield on
GNMA
securities

Yield in
FNMA
auction

Yield in
FHLMC
auction

1978-High
Low

10.38
8.98

1978-High
Low

10.60
9.13

7.13
1.88

9-1/2
8-1/2

9.68
8.43

10.92
9.28

10.42
9.12

'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

15.57
12.42

15.40
.93

14
11-1/2

14.17
10.73

15.35
12.76

14.56
11.60

9
16
23
30

12.42

5.59
: 4.77

10.89
10.79
10.73
11.42

13.05

12.28

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

12.22
11.93
11.60
11.67

7
14
21
28

12.53

6.19
7.63

11.42
11.58
11.45
11.67

12.76

12.78

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

4
11
18
25
2
Sept.

13.58

11.96

11-1/2
11-1/2
11-1/2
12
12

11.99
12.41
12.46
12.48
12.57

13.34

12
12
13
13

12.59
12.74
12.93
13.35

13
13
13
13
13

12.70
12.59
12.98
13.35
13.42

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

13.61
13.67
13.57
13.75

15.25

13-1/2
13-1/2

13.79
14,01

15.65

ii

1980-June

July

•

Aug.
e

Sept.

#
Oct.

#

Rates on
conventional
loans at
S&L's

>

s

Nov.

#
Dec.

6
13
20
27

13.06
12.85
12.58
12.35

June

3
11
18
25

12.18
12.23
12.18
12.18

July

1
8
15
22
29

12.25
12.25
12.55
12.80
12.95

Aug.

5
12
19
26

13.03
13.08
13.25
13.43

Sept.

3
10
17
24
31

13.60
13.73
13.78
13.85
14.00

Oct.

7
14
21
28

14.08
14.18
14.28
14.28

Nov.

Dec.

10
17
24
1

5
12

14.43
14.83

Dec.
Dec.

8
16

Nov.

8
15
22
29
6
13
20
27
3

——

—

—

14.26

15.40

—

—

14.41

13.42

— —

——

14.60

14.33

——"

15.30
^

12.37
«"* —

—

14.57

8.69

15.30

12.39

—

15.57
15.49

13.68
10.65
—

15.50
.

10.67

12.81
.

12.84

14.00
—

14.19
—

14.29
——

14.86
—

14.47
——

14.92
—

—

15.35
—

——

11.83
11.94
12.00
12.25
12.64
13.00
13.24
13.36
13.35
13.32
13.44
13.82
13.94
13.80
13.70
13.86
14.22
14.22
14.25
14.34
14.38
14.56
14.70
14.86

•
Column 2 is average of contract interest rates on commitments for level-payment conventional first mortgages with 8 0 percent loan-to-value ratios and 30
year maturities made by a sample of insured S&Ls. Columns 4 and 8 are average gross yield to F N M A 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 F N M A 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
#
F H A / V A mortgages carrying a coupon rate 50 basis points below the current F H A / V A ceiling rates shown in Column 6. Column 9 is the average net
yield to FHLMC on accepted bids in its weekly auction of commitments to buy conventional home mortgages for immediate (within 60 days) delivery.

Beginning July 7, 1980, the FNMA auction results for F H A / V A mortaaaes do not include Graduated oavment mortoaaes.



22
23. FNMA AUCTIONS OF COMMITMENTS TO PURCHASE HOME MORTGAGES
Dollar amounts in millions
Conventional mortgages
Average yield
Accepted

Offered

FHA/VA mortgages
Accepted

1,034.9
36.5

448.3
19.4

13.29
10.42

454.0
19.4

172.2
17.9

13.97
10.92

Low

644.2
92.7

354.6
51.9

15.93
12.28

426.0
28.9

133.0
24.1

17.51
12.81

1980-Sept. 2
15
29

324.4
224.5
358.1

183.0
136.4
218.5

14.41
14.60
15.30

120.5
103.9
123.3

71.0
67.9
70.9

14.19
14.29
14.86

O c t . 13
27

196.3
231.5

118.3
139.4

14.57
15.30

28.9
78.7

61.9
46.4

14.47
14.92

Nov.

10
24

126.3
125.7

63.6
72.0

15.57
15.49

51.8
29.8

47.5
21.3

15.25
15.35

Dec.

8

92.7

51.9

15.50

56.1

34.1

15.65

Date of
auction

1979-High
Low

1980-High

Average yield

Offered

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

Future commitment program
Average yield
Accepted

1979-High
Low

298.0
38.7

150.5
17.9

13.56
10.40

166.6
38.7

37.8
13.7

13.89
10.43

1980-High
Low

337.1
24.4

140.4

129.5
38.1

31.2

20.8

16.22
11.60

11.6

17.36
12.13

86.4
129.3

13.80
13.69
13.86
14.22

72.5

25.8

14.32

50.6

30.2
47.5
39.0
27.6

4
12
18
25

59.9
55.9
55.3
60.9

42.2
26.9
39.5
33.6

14.22
14.25
14.34
14.38

38.6

23.6

14.88

2
9

57.9
39.2
n.a.

35.9
33.3
n.a.

14.56
14.70
14.86

53.3

24.3

15.35

1980-0ct.

7
14
21

28

Nov.

Dec.

16

112.2

Offerings in the F N M A auctions of 4-month purchase commitments relate to total bids submitted, and average yields to F N M A on accepted bids are gross
(before deduction of 37% basis points for mortgage servicing) assuming prepayment in 12 years for 30-year mortgages, without adjustments for FNMA
commitment fees or stock related requirements. Offerings in the FHLMC auctions relate to total bids submitted, and average yields to FHLMC on
accepted bids are net, excluding 37% basis points for mortgage servicing. Prior to June 2 4 , 1 9 8 0 , the FHLMC's future commitment program involved
6-month commitments; subsequently, 8-month commitments have been auctioned.

Source: F N M A and F H L M C



23
25. ISSUES OF M O R T G A G E - B A C K E D S E C U R I T I E S
Millions of dollars, not seasonally adjusted
Pass-through securities

#

Period

GNMA-guaranteed
New issues

+<
•

#

•

e

e

>

Outstanding
end of period)

F H LMC-guaranteed
New issues

Outstanding
i end of period)

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

Privately insured
New issues

1976

13,764

30,571

1,396

2,671

n.a.

n.a.

75

1977

17,440

44,896

4,131

6,610

242

238

1,115

1978

15,358

54,347

6,212

11,892

1,011

1,141

465

1979

24,940

76,401

4,546

15,180

2,575

3,641

1,110

1979-Jan.
Feb.
Mar.

1,703
1,361
1,464

55,627
56,575
57,955

317
494
118

12,093
12,462
12,466

60
136
84

1,325
1,411
1,482

0
0
0

Apr.
May
June

1,489
1,673
1,860

60,274
61,551
63,001

364
572
382

12,790
13,296
13,562

151
201
142

1,619
1,821
1,915

0
0
400

July
Aug.
Sept.

2,032
2,934
2,640

64,401
67,135
69,358

321
554
347

13,781
14,200
14,421

204
190
254

2,105
2,257
2,516

225
350
65

Oct.
Nov.
Dec.

2,639
3,250
1,895

71,457
74,106
76,401

530
186
361

14,838
14,916
15,180

470
383
300

2,987
3,353
3,641

0
0
70

1980-Jan.
Feb.
Mar.

2,611
1,354
1,125

78,849
79,900
80,843

180
207
106

15,274
15,397
15,454

405
205
342

4,227
4,421
4,771

50
0
0

Apr.
May
June

1,778
1,127
1,320

82,419
83,385
84,282

199
391
232

15,613
15,949
16,120

510
495
413

5,269
5,760
6,168

0
0
190

July
Aug.
Sept.

1,874
2,215
1,807

85,634
88,031
89,452

288
320
275

16,370
16,658
16,852

485
466
355

6,603
6,995
7,338

50
0
0

Oct.

2,255

91,425

187

16,950

402

7,708

0

•

e

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 «acurities 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.