Full text of H.16 Capital Market Developments : December 7, 1981

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December 7, 1981
...

^

Capital
Market
Developments
As p a r t of a n 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 M a r k e t D e v e l o p m e n t s w i l l b e d i s c o n t i n u e d a t
t h e end of 1 9 8 1 , 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 b e
i s s u e d on December 2 1 , 1 9 8 1 . 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
the Federal Reserve B u l l e t i n , other s t a t i s t i c a l publicat i o n s o f " t h e Board, or in the f i n a n c i a l p r e s s .
Subs c r i b e r s w i l l r e c e i v e r 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 w e r e t o r e c e i v e a f t e r December 1 9 8 1 . Any
questions regarding outstanding s u b s c r i p t i o n s should be
d i r e c t e d to the Publications Section (202-452-2001).

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.
7.
8.
9.
10.
11.
12.
13.

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 $ . 4 0 each in the United States, its possessions, Canada, and Mexico; 10 or more of the same issue t o one
address, $ 1 3 . 5 0 per year or $ . 3 5 each. Elsewhere, $ 2 0 . 0 0 per year or $ . 5 0 each. Address requests to Publications Services, Division of
Support Services, and make payment remittance payable 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, VOLUME AND RECEPTION
Corporate Bond Market
Volume

Yields
Week ending

1981-Oct.

Nov.

N e w issue
Aaa utility 1

2
9
16
23
30

Recently offered
Aaa utility 2

——

6
13
20
27

14.62
14.85r

16.88
15.89
14.65
14.52r

4

14.98p

14.80p

Dec.

Percent sold by
end of week

350
418
437
182
602

99
100
68
100
100

4
0
139
0
0

955
750
2,903
911

100
91
80
84

0
70
595
145

860

95

17.72
16.96
17.21
17.38
17.16

16.94

17.20
— —

New issues in syndicate 4
($ millions)

Gross offerings 3
($ millions)

40

2. YIELDS, VOLUME AND RECEPTION
Municipal Bond Market
Volume

Yields
Week ending

Moody's n e w
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

10.70

12.18

13.49

554

83

194

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

1978-High
Low

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

Recently offered
Aaa utility2

9.54(12/22)
8.48(
1/6)

Moody's
seasoned
corporate A a a 3

9.27(12/29)
8.30(
1/6)

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

Bond Buyer
G.O.bond
index5

9.00(12/22)
8.01(
1/6)

6.67(12/22)
5.58( 3/17)

- Bond Buyer
Rev. bond
index 6

—

1979-High
Low

11.51(11/12) 11.45( 11/9)
9.40( 8/17) 9.39( 6/29)

10.87(12/28) 10.56( 11/9)
7/6)
9.16(
7/6) 8.79(

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

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

1980-High
Low

14.51(12/12) 15.03(12/12)
10.53( 6/20) 10.79( 6/20)

13.49(12/19) 12.86(12/12)
10.34( 6/20) 9.59( 6/20)

10.56(12/19)
7.11(
5/9)

11.41(12/19)
8.15(
5/8)

198.1-High
Low

17.62( 9/11) 17.72 ( 10/9)
14.05(
1/9) 13.99( 3/20)

15.85( 10/9) 15.55( 10/9)
1/9)
12.59(
1/9) 11.98(

13.21( 9/11)
9.49(
1/9)

14.24( 9/11)
10.34( 1/16)

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? . 6 2

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

14.88
14.18
13.92
13.92r

14.41
13.6!
13.29
13.12r

12.44
11.43
11.71
11.98

13.54
12.66
13.06
13.26

13.99p

13.36p

12.18

13.49

1981-Sept.

Oct.

Nov.

Dec.

4
11
18
25
2
9
16
23
30

16.94

6
13
20
27

14.62
14.85r

16.88
15.89
14.65
14.52r

4

14.98p

14.80p

17.20
—

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 Weekly average of daily closing figures.
4 Weekly average of daily figures. U.S. Treasury data.
5 Thursday figures. The average rating of the 20 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.
6 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

January
February
March

1979
3,770
3,165
A, 3 5 4

Corporate 1
1980
6,173
4,507
4,454

April
May
June

4,692
4, 160
6, 238

July
August
September
October
November
December

Period

Year

State and Local 2
1980
3,078
2,424
2,435

1981
2,676
2,976
2,942

1981
5,581
4,157
6,423

1979
2,840
2,603
4,644

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, 209
3,466
4,857*

4,103
4, 211
4,593

8,029
5,437
5,025

4,133
3,062
4,637*

3,396
4,256
2,472

4,872
3,946
4,523

3,176
3 ,055e

4,601
3, 868
3,778

5,819
3,936
5,933

3 , 57 5 e *

4,217
4,160
3,567

4,474
2,916
3,854

3,500

51,553

73,688

43,365

48,366

1
2
6

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.

*

Excludes

$150

million

issue

of

Alaska

Housing

Finance

3 , 1 0 0e *

Corporation.

5. TREASURY AND GOVERNMENT SPONSORED AGENCY BORROWING
Federal Government
Means of financing combined deficit
Net cash borrowing from the public2
Public debt securities
Gov't,
agency
NonCoupons marketable securities
Bills

Decreased)1 Sponsored
agency
increase)—)
borrowing4
in cash
operating
balance

Combined
deficit(+)
or
surplus(-)1

Total 3

-1979
-1980

41,397
50,670

37,360
79,201

10,899
43,458

28,041
50,480

-397
-14,298

-1,402
-577

1,115
484

366
3,621

23,631
24,705

1980 - - O c t .
Nov .
Dec .

17,146
10,698
7, 869

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

1 9 8 1 ——Jan.
Feb .
Mar .

8, 339
17,063
13,048

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

Apr .
May
June

-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

Period

CV5
CY

July
Aug.
Sept.
2

Other

Chani^'i'n^uwl^ing amount^Tpu^it'ic'debt securities and government agency securities less change in holdings of those securities by government
accounts.

I
gage Corporation, Federal National Mortgage Association.
5 CY- Calendar Year




F.m. C ~ » . =.nk,

L . . Mo,,

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

Total

Publicly
offered 2

Privately
placed

Memo

Common and
preferred
stocks

Issues included
Convertible
Foreign

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

P-ipt.

n.a.

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

Other issuers 1

Manufacturing

Public utility

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

Total r e f l e c t s g r o s s proceeds r a t h e r than par v a l u e o f o r i g i n a l d i s c o u n t bonds.




8. PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: CORPORATE1
Issuer

Gulf S t a t e s U t i l s . Co.
Wal-Mart
Golden Nugget
Southern C a l i f o r n i a Edison
Bank of New Y o r k C o .
C o l o r a d o P u b l i c S e r v i c e Co.
Nevada Power Co.
Gen'l. Tel. & Electronics
Corp.
Commercial C r e d i t Co.
Northern Indiana Public
S e r v i c e Co.
D e t r o i t E d i s o n Co.
New Y o r k S t a t e E l e c . & Gas
Co.
U.S. Leasing Corp.
Northwest Bancorp.
OTHER
Imperial Oil Ltd.

1

Date

12/1
12/1
12/1
12/1
12/2
12/3
12/3

Type

Com. s t k .
Conv. debt,
Debt.

1 s t . mtg.
Conv.debt.

1 s t . mtg.
1 s t . mtg.

Amount
(millions
of dollars)

Maturity

36.8
60.0
100.0
200.0
75.0
50.0
50.0

2006
1996
2011
2006
2011
1991

100.0
100.0

1991
1985

——

Coupon
rate
— —

Offering
yield

—

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

15.50
14.13

15.55
14.13

Baa/—
A/A

12/3
12/3

Debt.

12/3
12/3

Com. s t k .
Com. s t k .

44.5
63.1

12/3
12/4
12/4

Pfd. stk.
Notes
Notes

30.0
25.0
100.0

1987
1987

15.00
15.75
14.00

15.00
15.81
14.00

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

12/1

Debt.

200.0

2011

15.50

15.50

Aaa/AAA

Notes

- —

__/__

— —

—/—

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




Moody's/S&P's
ratings

9. PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: STATE AND LOCAL1
Issuer

M i n n e a p o l i s - S t . Paul Metro
Council
L o s A n g e l e s Comm. R e d e v .
A g c y . , CA
L o s A p g e l e s Comm. R e d e v .
A g c y . , CA
F a i r f a x C o u n t y , VA
P o r t A u t h o r i t y of N. Y o r k
N. J e r s e y
C a l i f o r n i a D e p t . of W a t e r
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
H a m i l t o n C o . , OH
H a m i l t o n C o . , OH
H a m i l t o n C o . , OH
H a m i l t o n C o . , OH
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 .
V i r g i n i a Hsg. Dev. A u t h .

Date

Type2

Amount
(millions
of$)

Maturity

Net
interest
cost

12/1

G.O.

32.2

1984-95

10.87

3.50-11.20

Aa/AA+

12/2

Rev.

13.7

1983-93

12.06

9.25-11.40

—/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

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

MIG-1
A/A+

12/4

Rev.

9.2

1986-99

n.a.

?.75-11.50

A/A+

12/4

Rev.

36.4

2002

n.a.

13.25

A/A+

12/4

Rev.

26.9

2009

n.a.

13.00

A/A+

12/4
12/4
12/4
12/4
12/4
12/4
12/4
12/4

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

77.5
12.4
11.8
54.3
8.0
33.3
19.0
47.7

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

13.50
LI.00-13.40
14.00
14.25
12.00
?.50-12.40
13.19
13.45

2011
1988-96
2000
2008
2009
1985-93
1999
2013

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

Moody's/S&P's
ratings

—/AAA
Aaa/AAA
A/A

A/A+
A/A
A/A
A/A
A/A
Al/AA
Al/AA
Al/AA

10. PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: U.S. TREASURY
Notes and Bonds

Offering
date

Payment
date

A m o u n t (millions of dollars)
Maturity
date

Length

Coupon Auction
average
rate
(percent) (percent)

Gross proceeds
Private 1

Total

Net proceeds
Total

Private 1 ,2

Memo:
Foreign
add-ons 3

1981
1,501
2,045

1,501
1,920

0
125

8,671

3,638

3,742r

0
130
0

4,826
3,265

2,551
3,460

2,365
3,265

186

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

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

2,085
985
1,751
2,972

2,050
952
1,751
2,757

68
0
0
215

14.51

4,586

4,325

1,573

1,573

0

15-3/4
5/15/84
14-1/2
5/15/91
5/15/06-HpL 3 - 7 / 8

15.81
14.56
13.99

3,776
2,074
2,302

6 ,844

2,212

2,212

0
0
0

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

15.72
13.95

4,763
3,206

4,352
3,011

2,121

2,121

3,206

3,011

0
195

1,582
847
1,753
3,019

0
0
0
450

Jan.

6
21

1/12
2/2

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

11-3/4
13-5/8

11.82

Feb.

3
4
5
24
26

2/17
2/17
2/17
3/2
3/4

3 - y r 6-mo 8 / 1 5 / 8 4
9 - y r 9-mo 1 1 / 1 5 / 9 0
2 9 - y r 9-mo 1 1 / 1 5 / 1 0
2/28/83
2-yr
5 - y r 2-mo 5 / 1 5 / 8 6

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

13.37
12.89

13.97
13.79

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

Mar.

18
24
26
31

3/31
3/31
4/2
4/6

2-yr
4-yr
j
2 0 - y r 1-mo
7-yr

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

Apr.

22

4/30

2-yr

4/30/83

14-1/2

5
6
7

5/15
5/15
5/15

3-yr
10-yr
30-yr

20
28

6/1
6/3

18
23
25
30

6/30
6/30
7/2
7/7

July

22

7/31

Aug.

4
5
6
20
27

8/17
8/17
8/17
8/31
9/8

Sept.

16
23
30

9/30
9/30
10/7

Oct.

7
21

10/14

May

June

Nov.

1
2
3

11/2

13.69

12.68

1,501
4,605

1,501
5,191

I

6/30/83
6/30/85
8/15/01
7/15/88

14-5/8
14
p.3-3/8
14

14.72
14.04
13.45
14.07

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

4,307

1,753
3,019

1,550
879
1,753
3,469

7/31/83

15-7/8

15.92

4,974

4,623

1,752

l,752r

3 - y r 3-mo 1 1 / 1 5 / 8 4
8/15/91
10-yr
2 9 - y r 9-mo 5 / 1 5 / 0 6 1 1
8/31/83
2-yr
5 - y r 2-mo 1 1 / 1 5 / 8 6

16
14-7/8
13-7/8
L6-1/4
L6-1/8

15.96
14.98
14.06

5,780

3,185r
l,702r
3,264

9/30/83
2-yr
9/30/85
4-yr
2 0 - y r 1-mo 1 1 / 1 5 / 0 1

2-yr
4-yr
2 0 - y r 1-mo
7-yr
2-yr

10/15/88

7-yr

10/31/83

2-yr

2
4
5

11/16
11/16
11/16

3-yr
10-yr
30-yr

18

11/30

2-yr

24

12/2

5-yr

2,812

.8,623

16.14

2,307
5,431
3,469

4,856
3,264

1*, 702
3,469

16.12
16
L5-7/8 1 5 . 9 1
15-3/4 15.78

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

15-3/8

15.40

3,474

3,007

3,474

3,007

15-1/

15.56

467
140

14.43
14.33
14.10

617
225
0

16.26

11/30/83

12-1/8 12.22

2/15/87

12-3/4 12.83

Excludes amounts sold to Government investment accounts and the Federal Reserve. Also excludes add-ons to foreign accounts
May be larger than the total if the Government accounts and/or the Federal Reserve do not fully roll-over
Additional amounts of securities issued to foreign and international monetary authorities at the average auc
P




271
150
0
0
205

3,396

14-3/8
11/15/84
11/15/91 14-1/4
1 1 / 1 5 / 1 1 . 14
2-mo

3,281

195

0
170

10
11. PUBLIC OFFERINGS OF INTERMEDIATE- AND LONG-TERM SECURITIES: GOVERNMENT SPONSORED AGENCIES
Offering Payment
date
date

Issuer

Length

Maturity
date

Yield
(percent)

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

Maturing
issues

Net
proceeds

7/8
7/8
7/8

7/20
7/20
7/20

3-yr
5-yr
10-yr

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

15.25
15.15
14.70

759
938
617

905

1,409

7/15
7/15
7/15

7/27
7/27
7/27

1-yr
3-yr
5-yr

7/26/82
7/25/84
7/25/86

15.90
15.55
15.35

1,000
1,000
400

900

1,500

8/12
8/12
8/12

8/25
8/25
8/25

1-yr
3-yr
4-yr

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

16.50
16.00
15.75

1,400
1,000
600

1,000
800

400
200
600

FNMA

8/14
8/14

8/17
8/17

3-yr
7-yr

6-mo

2/11/85
8/10/88

17.00
16.375

700
300

0
0

700
300

FCB

8/26
8/26

9/1
9/1

2-yr
4-yr

6-mo
3—mo

3/11/84
12/2/85

17.00
17.00

415
491

0
0

415
491

FNMA

9/2

9/10

1-yr

8-mo

5/10/83

18.00

1,000

1,050

-50

FNMA

9/10

9/15

1-yr

5-mo

2/10/83

17.75

400

0

400

FHLB
FHLB
FHLB

9/16
9/16
9/16

9/25
9/25
9/25

1-yr
3-yr
5-yr

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

FNMA

9/30

10/13

3-yr

1-mo

11/12/84

17.20

1,000

600

400

FFCB

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-yr

9-mo

8/12/85

14.10

1,200

0

1,200

FHLB

11/18 11/25

2-yr

4-mo

4/25/84

12.90

-200

1,300

1,100

FFCB
FFCB
FFCB
FFCB
FFCB

11/25
11/25
11/25
11/25
11/25

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

6-mo
9-mo
2 - y r 11-mo
4-yr
9-mo
10-yr

6/1/82
9/1/82
10/22/84
9/2/86
12/2/91

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

8/11/86

13.90

1,300

950

350

FFCB

FHLB

FHLB

FFCB
FHLB
FHLMC
FNMA

—
—
—
—

Federal
Federal
Federal
Federal




4-mo
7-mo

8-mo

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

11

As of December 4 , 1 9 8 1
12. FORTHCOMING PUBLIC O F F E R I N G S OF INTERMEDIATE- A N D LONG-TERM SECURITIES: CORPORATE 1
Issuer

* T e x a s Gas T r a n s m i s s i o n C o r p .
U n i o n E l e c . Co.
South C e n t r a l B e l l
P e n n s y l v a n i a Power & L i g h t Co.
U t a h Power & L i g h t Co.
U t a h Power & L i g h t Co.
*Oneok, I n c .
A r k a n s a s Power & L i g h t Co.
I d a h o Power Co.
*Iowa Power & L i g h t Co.
W e s t e r n M a s s . E l e c . Co.
F l o r i d a Power C o r p .
Westinghouse Credit Corp.
Dart & K r a f t
W e l l s F a r g o & Co.
C a t e r p i l l a r T r a c t o r Co.
W.R. G r a c e & Co.
Digicon, Inc.
S . E . R y k o f f & Co.
Dial F i n a n c i a l Corp.
W a s h i n g t o n Gas L i g h t Co.
Cleveland Elec. Illuminum
Bankamerica R e a l t y
U . S . Home C o r p .
B . F . G o o d r i c h Co.
Farmland I n d u s t r i e s , I n c .
K e n t u c k y U t i l i t i e s Co.
E q u i t a b l e of Iowa
New Y o r k S t a t e Gas & E l e c . Co.
S o u t h e r n N a t u r a l Gas Co.
A n a r d a r k o P r o d u c t i o n Co.
Texas General R e s o u r c e s
Gen11. E l e c . C r e d i t Corp.
W i s c o n s i n Gas Co.
Chase Manhattan Corp.
I n t e r n a t ' l . B u s i n e s s M a c h i n e s Corp
C o l u m b i a Gas S y s t e m s
Cable American Corp.
C r y s t a l O i l Co.
F l o r i d a Telephone Corp.
N o r t h w e s t 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 , Inc.
H o u s t o n L i g h t i n g & P o w e r Co.
National Medical E n t e r p r i s e s
F i r s t Chicago Corp.
Graphic Scanning Corp.
RCA C o r p .
Petrolane, Inc.
*Tenneco, I n c .
* I n e x c o O i l Co.
^Household Finance Corp.

Type

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

Amount
(millions of dollars)

100.0
65.0
175.0
50.0
90.0
75.0
50.0
90.0
30.0
50.0
30.0
100.0
300.0
300.0
200.0
150.0
100.0
40.0
25.0
50.0
50.0

60.0

50.0
100.0
50.0
100.0
75.0
40.0
75.0
100.0
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
50.0
400.0

60.0
150.0

Approximate date
of offering

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.




8
8

8
9
9
10
10
10
15
15
16

12
12. FORTHCOMING PUBLIC OFFERINGS OF INTERMEDIATE-AND LONG-TERM SECURITIES: CORPORATE 1 ( c o n ' t )
Issuer

Type

* B a r n e t t B a n k s of F l o r i d a
*Baker I n t e r n a t i o n a l
*Geosource, Inc.
*GMAC
*GMAC
* I T & T Co.
* I T & T Co.
*Union C a r b i d e C o r p .
*Barclaysamerican Corp.
Cameron I r o n W o r k s , I n c .
Bankamerica Corp.
Citicorp
Transamerica F i n . Corp.
Transamerica F i n . Corp.
*CTI I n t e r n a t i o n a l
W e l l s F a r g o & 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 C o r p .
B e n e f i c i a l Corp.
Westvaco Corp.
Diamond S h a m r o c k C o r p .
Pennsylvania Engineering Corp.
Dayton Power & L i g h t Co.

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

OTHER
K r u g e r 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
*World Bank
*World Bank
*World Bank
*Swedish Export C r e d i t Corp.
Canadian N a t ' l Railway
E x p o r t D e v e l o p m e n t C o r p . of C a n a d a
Montreal
O s l o Norway

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

Amount
(millions of dollars)

Approximate date
of offering

50.0
150.0

Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Indef.
Indef.
Indef.
Indef.
Indef.
Indef.
Indef.
Indef.
Indef.
Indef.

60.0
400.0
250.0
200.0
100.0
150.0
75.0
75.0
500.0
200.0
125.0
200.0
50.0
35.0
30.0
100.0
100.0
100.0
100.0
75.0
200.0
30.0
30.0

100.0
30.0

100.0
200.0
200.0
200.0
100.0
100.0
200.0
100.0
100.0

Dec.
Dec.
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 December 4 , 1 9 8 1

13

FORTHCOMING PUBLIC OFFERINGS OF INTERMEDIATE- A N D LONG-TERM SECURITIES: STATE A N D LOCAL1

13

Issuer

* M a r i c o p a C o . , AZ
* S a l t L a k e C i t y , UT
*N. C a r o l i n a S t a t e E d u c . A s s i s t . A u t h .
* J o p l i n , MO
*New Y o r k C i t y H s g . D e v . C o r p .
L i v o n i a , MI
* N o r t h D a k o t a , S t a t e of
^ H a w a i i , S t a t e of
^Michigan S t a t e Hsg. Dev. Auth.
L a k e l a n d , FL
^ V i r g i n i a B e a c h , VA
I n t e r m o u n t a i n Power A g e c n y , UT
^ L e x i n g t o n - F a y e t t e Co. Gov f t . , KY
*New J e r s e y H e a l t h C a r e F i n . A u t h .
* P h o e n i x , AZ
^Michigan H i g h e r Educ. Board
^ C a l i f o r n i a , S t a t e of
Memphis, TN
^ M i s s o u r i H s g . D e v . Comm.
Tennessee Hsg. Dev. A u t h .
B u r b a n k R e d e v . A g e n c y , CA
*Ohio B u i l d i n g A u t h .
N o r t h a m p t o n Co. I n d . D e v . A u t h . , PA
P u l a s k i Co. R e s . H s g . F a c i l . B d . , AR
*Muskogee I n d u s t . T r u s t , OK
* I n d i a n a Hsg. F i n . Auth.
^ M a s s a c h u s e t t s Hsg. F i n . Agcy.
^Wyoming Comm. D e v . A u t h .
^Montana B o a r d of H o u s i n g
* A l l e g h e n y Co. H o s p . D e v . A u t h . , PA
P a n h a n d l e R e g . Co. H s g . F i n . C o r p . , TX
POSTPONED
Salem Co. I n d u s t . F i n . A u t h . , N . J .
F a r m i n g t o n , N.M.

*
1

Type

Approximate date
of offering

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

36.7
67.3
54.5
37.1
35.7
31.0
95.0
75.0
50.0
30.0
65.0
450.0
40.2
69.9
26.8
60.0
150.0
25.0
76.0
100.0
55.0
95.0
30.3
61.3
60.0
100.0
75.0
100.0
75.0
29.8
25.5

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.

7
8
9
9
9
10
10
10
10
10
10
10
15
15
15
15
15
15
16
16
17
17
18
18
18
18
18
18
18
18
22

Rev.
Rev.

32.0
125.0

Dec.
Dec.

4
4

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




Amount
(millions of dollars)

14
14. STOCK PRICES1
NYSE Index3

Date

NASDAQ5

DJ Industrials

AMEX4

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

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

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

1979-High
Low

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

1980-High
Low

81.02
55.30

(11/28)
( 3/27)

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

370.75 (11/29)
215.69 ( 3/27)

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

1981-High
Low

79.14
64.96

( 1/6)
( 9/25)

1024.05 ( 4/27)
824.01 ( 9.25)

379.77
276.76

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

( 5/27)
( 9/25)

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

73.24

892.69

330.12

200.88

15. TRADING VOLUME2
Date

AM EX

NYSE

NASDAQ

1979-High
Low

81.6
18.0

(10/10)
( 1/2)

13.2
2.2

(10/10)
( 1/22)

25.8
7.2

(12/17)
( 1/2)

1980-High
Low

84.1 ( 11/5)
16.1 (12/26)

15.0
2.5

( 1/15)
( 4/14)

60.4
10.7

(11/19)
( 4/14)

1981-High
Low

92.9
28.9

15.8
2.8

( 1/7)
(10/12)

53.2
19.7

(
(

(
(

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
47.4r

6.0
5.3
4.8
4.8r

32.6
33.6
32.2
2 8 . Or

Dec.

4

49.4

5.1

32.0

1 Figures other than highs and lows are Friday figures only.
2 Volume figures are weekly averages of daily figures (millions of shares). Highs and lows refer to single days.
3 12/31/65 = 50
4 8/31/73 = 100
5 2/5/71 - 100




1/7)
1/2)

16. SECURITY CREDIT
Outstanding, dollar amounts in millions
•

1

C M/JOT
AX period
VHAy I A/ !
cna

1

Margin credit extended
by brokers on:

Number of
margin accounts
(thousands)

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

Marginable
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.

13,600

263

1,450

68

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




.

17. SAVINGS FLOWS AT SELECTED NONBANK THRIFT INSTITUTIONS
Millions of dollars
Mutual Savings Banks
(regular deposits)1
Net flow
Annual
growth
Sea. adj.
N.S.A.
rate 3

Date

Net flow
N.S.A.

Sea. adj.

Annual
growth
rate 3

Memo:
Net New Money 2

Total

Savings and Loan Associations

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

10,783

8.7

50,888

15.0

60,982

13.3

31,004

2,874

1978

8,426

6.3

44,153

11.3

52,292

10.1

23,460

-591

1979

2,900

2.1

39,051

9.1

42,226

7.4

15,029

-6,963

1980

7,380

5.1

40,955

8.7

48,330

7.9

10,667

-4,831

1976

12,670

1977

—

-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.
MayJune

—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
7.9
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 "
4,498
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

Apr. ' - 1 , 2 0 1
May
229
June
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

-1,392

-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.

July
Aug.
Sept.
Oct.P
1

'

-979
-385
-757
-2,025
-676

Regular deposits at mutual savings banks exclude items such as Christmas club and certain escrow accounts, which represent a very small part of
total deposits.
2 New deposits net of both withdrawals and interest. Data for S&L's are for insured associations only, which represent 96 percent of industry total
resources.
3 Annual growth rate for monthly data is the annualized monthly percentage increase in deposits.
Source: National Association of Mutual Savings Banks and Federal Home Loan Bank Board.




17
18. MORTGAGE COMMITMENTS OUTSTANDING AT SELECTED INSTITUTIONS
Billions of dollars, seasonally adjusted
End of Period

Total

Thrift Institutions
All savings
Mutual
savings banks
and loan
(N.Y. state)
associations

Federal and Related Agencies
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

1.1
1.0
0.8

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
n.a.

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
n.a.

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
n.a.

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

.

Based on data from Federal Home Loan Bank Board, Savings Banks Association of New York State, and federal and related agencies, seasonally adjusted
by Federal Reserve. Both thrift institutions series include a minor amount of non-residential commitments; S&L commitments also include loans in
process. Subtotals may not add to total because of rounding.




18
19. NET NEW MONEY BORROWINGS BY MAJOR HOUSING CREDIT AGENCIES
Millions of dollars
Period

Total including
short-term
discount notes

Intermediate- and long-term issues
Total

FHLB

FHLMC

FNMA

FN MA and FK
short-term
discount not

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

0
-350
1,400

160
120

0

330
917
1, 800

Apr .
May
June

2,205
1,366
-929

1 ,000

900
0

July
Aug.
Sept,

-979
-458
1,325

442
1 , 200
253

200
1, 000

0
-97

1 , 000
-650

-1,421
-1,658
1 , 072

Oct.
Nov .
Dec .

3,607
313
3, 390

1,300
900
250

1 , 600

0
0
0

-300
750
-450

2,307
-587
3,140

207

600
200
800

-18

1 , 000

-4
-105

300
-650

-1 ,375
-514
912

1,800

0
0
0

-800
0
-250

1 , 5 7-9

1,600
1,200

205
13

-616
997

2,547
1,543

1 , 780
1,499
2,649

1981-Jan.
Feb .
Mar .

957

1,582
496
45

Apr .
May
June

1,119
2,979
2,531

400
1, 400
1 , 550

3,736
3,753

2,210

July
Aug .

-18

Based on data from Treasury Survey of Ownership.




1 ,189

1,000

-2

-1
-1
0

0

150
700

1,200
1,400

200
500
500
1 , 750

1 , 000
450

706
-1,283
-1,929

719
981

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

Total

Total

Major private financial institutions
Commercial
Life insur.
S&L's companies
MSB's
banks

FNMA
and
GNMA

FHLMC

Mortgage pools
FHLMCGNMAguaranteed guaranteed

1979

122,191

88,939 29,300

3,887

43,135

12,617

8,123

971

22,054

3,288

1980

86,682

59,478 18,400

489

27,930

12,659

7,026

1,032

17,473

1,673

1980
Jan.
Feb.
Mar.

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

Apr.
May
June

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

July
Aug.
Sept.

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

Oct.
Nov.
Dec.

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

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

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
n.a.

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

173
82
216
77
242
59
216
-121
191
n.a.

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

Monthly data for commercial banks based on Federal Reserve estimates bench marked to Call Report data on real estate loans outstanding as available.
Other data derived from mortgage debt outstanding as reported separately by National Association of Mutual Savings Banks, Federal Home Loan Bank
Board, American Council of Life Insurance, the Federal National Mortgage Association, the Government National Mortgage Association, and the Federal
Home Loan Mortgage Corporation. Data for mutual savings banks and life insurance companies may differ somewhat from those derived from regular
quarterly series because of minor conceptual differences for which adjustments are not made in the monthly series. Altogether, these groups accounted
for 89 percent of the net increase estimated for all holders in 1978.




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

1

Total

Total

Residential
1 - to 4family

Multifamily

Commercial

Multifamily
and
commercial

Farm

1976-01
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

1977-01
02
03
04

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
02
03
04

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

1979-01
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-Q1
Q2
Q3
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
Q2

113.1
110.2

82.2
76.1

77.3
70.9

4.9
5.2

20.5
23.7

25.3
28.9

10.4
10.5

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, Fet
Housing Administration, Veterans Administration and Comptroller of the Currency. Separation of nonfarm mortgage debt by type of property, w
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

Period

Rates on
conventional
loans at
S&L's

Period

Yield in
FNMA
auction

Discount
points
in FNMA
auction

Ceiling
rate

Conventional mortgages
Yield on
GNMA
securities

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

5
12
19
26

16.76
16.69
16.71
16.62

June

16.17

3.49
3.47

14.96
14.75
15.09
15.33

16.31

16.17

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

16.16
15.98
16.13
16.43

3
10
17
24
31

16.64
16.79
16.74
16.88
17.11

July

16.43

4.82

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

7
14
21
28

17.13
17.27
17.26
17.48

Aug.

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

16.04
16.21
17.28
17.26

4
11
18
25

17.79
18.22
18.27
18.36

Sept.

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

17.41
17.05
16.33
17.46

2
9
16
23
30

18.28
18.63
18.53
18.39
18.44

Oct.

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

6
13
20
27

18.37
18.02
17.70
17.21

Nov.

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

15.15
14.62
14.68
14.96

1981
June

July

Aug.

Sept.

Oct.

Nov.

Aug.

Nov.

8
15
22
29
6
13
20
27
3
10
17
24
31
7
14
21
28
5
12
19
26
2
9
16
23
30

16.87

6.94

— —

17.27
——

8.80
——

17.24

3.72

18.37

8.94
——

18.74

5.85

—

19.23
mm mm

17.74
——

18.51

8.01
——

6.10
—

9.58
—

16.82

1.61

——

16.45

4.91

16.29

16.34
—

16.53
—

16.94
——

17.19
18.65

19.06
19.22
——

18.61
18.61
—

17.51
—

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

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 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 , 1 9 8 0 , the FNMA auction results for FHA/VA mortgages do not include graduated payment mortgages.




22
2 3 . F N M A A U C T I O N S O F C O M M I T M E N T S TO P U R C H A S E HOME M O R T G A G E S
Dollar a m o u n t s in m i l l i o n s

980-High

.981-High

Average yield

354.6

15.93

426.0

133.0

17.51

96.7

51.9

12.28

28.7

17.9

12.76

256.9

181.6

19.23

315.7

167.8

19.22

12.4

11.1

14.83

3

26.3

16.0

14.84

250.0

181.6

17.27

315.7

167.8

16.94

112.8

17.24

308.4

84.0

17.19

238.1

52.5

18.65

256.9

31

182.6

42.2

18.37

14

102.8

33.8

18.74

85.9

45.2

19.06

30.3

19.23

34.8

20.7

19.22

28

Nov.

Accepted

644.2

17

Oct.

Offered

Accepted

Low

Sept.

Average yield

Offered

Low

Aug.

C o n v e n t i o n a l mortgag es

F H A / V A mortgages

Date of
auction

43.1

12

26.3

16.0

17.74

15.4

11.4

18.61

26

40.0

21.3

18.51

27.8

16.1

18.61

9

31.6

41.1

16.82

69.5

37.0

17.51

24

47.4

21.4

16.45

79.2

26.1

16.89

24. FHLMC A U C T I O N S OF COMMITMENTS TO PURCHASE HOME M O R T G A G E S
C o n v e n t i o n a l m o r t g a g e s , dollar a m o u n t s in m i l l i o n s
Date of
auction

Accepted

401.4

200.3

16.22

258.4

30.8

1 7 . 15

4.9

2.5

11.60

38.6

18.2

17.85

141.6

87.2

18.92

76.3

21.2

19.09

3.0

2.3

14.16

5.4

5.0

15.16

1

55.4

7.4

18.14

w—•

8

30.6

5.7

18.81

52.0

20.6

19.09

15

20.2

4.2

18.63

——

——

22

24.0

2.3

18.63

——

29

23.0

4.8

18.92

5.7

18.62

980-High
Low
981-High
Low
Sept.

Oct.

Nov.

Dec.

Future c o m m i t m e n t program

I m m e d i a t e delivery program
Offered

Average y i e l d

Offered

Accepted

Average yield

__

__

6

12.5

13

3.7

3.7

18.31

5.4

5.4

20

8.3

8.3

18.43

——

——

27

3.0

3.0

18.90

—

3

14.2

14.2

17.97

10

16.5

16.5

16.93

16.2

17

87.2

87.2

16.30

——

24

68.7

68.7

16.28

1

76.2

76.2

16.03

16.2
—

18.99

17.30
—

Offerings in the FNMA auctions of 4-month purchase commitments relate to total bids submitted, and average yields to FNMA on accepted bids are gro
(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: FNMA and FHLMC
(Auction data



are

for

fixed-rate

mortgages

only.)

23
25. ISSUES OF MORTGAGE-BACKED SECURITIES
Millions of dollars, not seasonally adjusted

Period

GNMA-guaranteed
New issues

Outstanding
l end of period)

Pass-through securities
FHLMC-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.
Nov.
Dec.

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

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

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

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

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

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

0
0
0
40
0
0
0
0
0
0

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

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.