Full text of H.16 Capital Market Developments : February 19, 1980

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February 19, 1980
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p

Capital
Market
Developments

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 T y p e 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 C o m m i t m e n t s 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 T y p e of Property
Average Rates and Yields on Home Mortgages and Pass-Through Securities
FNMA Auctions of C o m m i t m e n t s t o Purchase Home Mortgages
FHLMC Auctions of C o m m i t m e n t s t o Purchase Home Mortgages
Issues of Mortgage-Backed Securities

SYMBOLS
e
P
r
n.a.
•

estimate
preliminary
revised
not available
data d o not exist

SUBSCRIPTION RATES
Weekly $ 1 5 . 0 0 per year or $ . 4 0 each in t h e United States, its possessions, Canada, and Mexico; 10 or more of t h e same issue t o one
address, $ 1 3 . 5 0 per year or $ . 3 5 each. Elsewhere, $ 2 0 . 0 0 per year or $.50 each. Address requests t o Publications Services, Division of
Support Services, and make payment remittance payable t o t h e order of t h e Board of Governors of the Federal Reserve System in a
form collectible at par in U.S. Currency.



1. YIELDS, VOLUME A N D RECEPTION

Corporate Bond Market
Week ending
1979-Dec.

1980-Jan.

Feb.

New issue
Aaa utility1
11.22
11.28

7
14
21
28

— -

- -

Yields
Recently offered
Aaa utility 2
11.16
11.37
11.35
11.39

Gross offerings 3
($ millions)
425
668
287
0

Volume
Percent sold by
end of week
96
94
86
—

New issues in syndicate 4
($ millions)
15
13
53
53

4
11
18
25

11.51
11.61
12.08

11.44
11.54
11.69
12.11

0
690
580
793

90
100
99

53
71
0
5

1
8
15

12.96r
13.25p>

12.35
12.80r
13.14p

311
458
320

74
100
98

80
0
5

mm •

mm w

2. YIELDS, VOLUME A N D RECEPTION

Municipal Bond Market
Week ending

Moody's new
issue Aaa

Volume

Yields
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)

1979-Dec.

7
14
21
28

6.50
6.50
6.50
6.50

7.17
7.26
7.22
7.23

7.97
8.14
8.10
8.11

1,234
934
841
235

92
80
93
95

106
237
159
152

1980-Jan.

4
11
18
25

6.50
6.60
6.60
6.60

7.32
7.30
7.28
7.33

8.18
8.21
8.15
8.20

1
647
643
842

83
90
92
90

123
95
85
127

Feb.

1
8
15

6.80
7.00
7.00

7.52
7.71
7.75

8.30
8.47
8.53

578
549
525

87
84
83

157
120
110

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




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

Recently offered
Aaa utility 2

U.S. govt.
Moody's
20-year constant
seasoned
maturity 4
corporate Aaa 3

Bond Buyer
G.O. bond
index 5

1976-High
Low

9.10(1/2)
8.95(5/28)
7.93(12/10) 7.84(12/31)

8.66(5/28)
8.17(5/28)
7.91(12/31) 7.23(12/31)

7.29(1/2)
5.83(12/30)

1977-High
Low

8.36(12/16) 8.48(12/30)
7.95(1/7)
7.90(1/7)

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

7.99(12/30)
7.26(1/7)

5.93(2/4)
5.45(11/17)

1978-High
Low

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

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

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

New issue
Aaa utility1

Date

Bond Buyer
Rev. bond
index®

—

—

1979-High
Low

11.51(11/2) 11.45(11/9)
9.39(6/29)
9.40(8/17)

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

7.38(10.26)
6.08(7/6)

8.24(11/23
7.23(9/21)

1980-Htgh
Low

13.25(2/15) 13.14(2/15)
11.51(1/11) 11.44(1/4)

12.13(2/15) 11.95(2/15)
10.88(1/4)
10.30(1/4)

7.75(2/15)
7.28(1/18)

8.53(2/15)
8.15(1/18)

E

1979-Jan.
Feb.
Mar.

9.54
9.53
9.62

9.51
9.56
9.62

9.25
9.26
9.37

8.98
9.03
9.08

6.47
6.31
6.33

Apr.
May
June

9.70
9.83
9.50

9.74
9.84
9.50

9.38
9.50
9.29

9.21
9.21
8.91

6.29
6.25
6.13

July
Aug.
Sept.

9.58
9.48
9.93

9.53
9.49
9.87

9.20
9.23
9.44

8.92
8.97
9.21

6.13
6.20
6.52

- -

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.

11.73

11.77

11.09

10.65

7.35

8.21

11.51
11.61
12.08

11.44
11.54
11.69
12.11

10.88
10.91
10.99
11.22

10.30
10.35
10.52
10.86

7.32
7.30
7.28
7.33

8.18
8.21
8.15
8.20

12.96r
13.25p

12.35
12.80r
13.14p

11.49
11.95r
12.13p

11.30
11.72r
U.95p

7.52
7.71
7.75

8.30
8.47
8.53

1980-Jan.

4
11

18
25
Feb.

1

8
15

1
2
3
4
5
6

—

Federal Reserve series of implied yield on newly issued, Asa-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 f r o m price
restrictions sometime during the last four weeks.
«
\ ,
Weekly average of daily closing figures.
Weekly average of daily figures. U.S. Treasury data.
; v jy
^
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.




4. LONG-TERM CORPORATE A N D STATE A N D LOCAL GOVERNMENT SECURITY O F F E R I N G S A N D PLACEMENTS

Gross proceeds, millions of dollars
1978
3,306
2,753
4,844

State and Local
1979
2,839
2,603
4,644

March

1978
3,326
2,770
4,569

Corporate
1979
3,770
3,170
4,401

April
May
June

3,397
4,227
5,539

4,692
4,167
6,247

3,824
5,525
4,369

3,444
3,039
4,717

July
August
September

4,414
3,379
4,236

4,095
4,083
4,308

3,920
6,407
2,323

3,396
4,251
2,472

October
November
December

3,799
3,207
4,401

4,561
2,950e
4,150e

3,231
4,320
3,690

4,223
4,093
3,300e

47,264

50,594e

48,512

43,021e

Period
January
:h uary

Year

1980
4,lOOe

1980
3,000e

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

5. TREASURY A N D GOVERNMENT-SPONSORED AGENCY BORROWING

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

Decrease(+)/ Sponsored
agency
increase)-)
borrowing4
in cash
operating
balance

Combined
deficit(+)
or
surplus!—

Totals

CY—^ - 1 9 7 7
CY - 1 9 7 8

61,410
52,870

56,762
53,683

-2,504
706

45,973
31,777

14,314
22,644

-887
-1,431

5,250
3,206

-602
-4,019

7,327
23,509

1979-Jan.
Feb.
Mar.

3,696
6,032
13,722

3,312
-668
8,012

539
131
3,044

2,551
1,320
2,906

414
-2,109
2,525

-208
-13
-435

-762
-1,558
-6,508

1,146
8,258
-798

1,736
2,154
2,196

-9,834
Apr.
4,822
May
June -11,237

-4,965
1,806
-1,458

-1,729
-654
-3,186

2,396
2,937
-18

-5,494
-312
1,853

-158
-237
-91

-4,212
-669
3,049

-657
3,685
-12,828

2,218
1,037
2,181

8,167
July
16,003
Aug.
Sept, - 1 5 , 5 5 8

4,831
3,268
4,250

48
551
889

3,518
2,701
2,568

1,305
-50
176

-68
-17
-14

-619
6,155
2,582

3,955
6,580
-17,226

3,094
821
910

14,770

2,217

314

2,085

-1,216

-20

1,054

13,716

3,196

Period

Oct.

Other

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

5 CY = C a l e n d a r Y e a r .



6. NEW CORPORATE SECURITY ISSUES BY TYPE OF ISSUE
Gross proceeds, millions of dollars
Bonds
Total
Publicly
Period
offered
26,453
53,488
1976
24,072
53,792
1977
19,815
47,230
1978

Privately
placed
15,927
17,943
17,057

Memo
Issues included
Convertible
Foreign
1,592
994
863
1,340
1,092
418

Common and
preferred
stocks
11,108
11,777
10,358

413
341
181
157

4
158
127
129

664
913
672

16
10
21

3
5
0

1,129
1,576
1,185

579
592
891

23
1
8

759
350
385

2,247
1,973
2,167

867
886
854

981
1,224
1,287

257
90
423

153
159
228

2,669

863

1,029

10

50

1978-QI
QII
QUI
QIV

10,665
13,163
12,029
11,373

4,748
5,422
5,159
4,486

3,886
4,788
4,526
3,857

2,0:31
2,953
2,344
3,030

1979-Jan.
Feb.
Mar.

3,770
3,170
4,401

1,282
1,336
1,904

1.824
921
1.825

Apr.
May.
June

4,692
4,167
6,247

2,984
1,999
4,171

July
Aug.
Sept.

4,095
4,083
4,308

Oct.

4,561

7. NEW CORPORATE SECURITY ISSUES BY TYPE OF ISSUER
Gross proceeds, millions of dollars
Public utility
Manufacturing
Period
14,418
15,495
1976
14,127
13,393
1977
12,232
10,813
1978

i

Communications
3,563
4,442
3,640

Other issuers1
20,011
21,827
20,549

1978-QI
QII
QUI
QIV

2,555
3,148
2,699
2,411

2,433
3,728
3,049
3,022

854
424
1,143
1,219

4,822
5,863
5,142
4,722

1979-Jan.
Feb.
Mar.

934
399
763

817
1,186
1,056

259
558
582

1,759
1,026
2,000

Apr.
May
June

572
1,293
1,193

1,410
865
1,373

261
109
409

2.450
1,899
3,272

July
Aug.
Sept.

1,006
1,166
1,489

772
563
1,147

94
336
501

2,222
2,079
1,172

Oct.

1,485

1,769

480

825

/
/

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.




8. PUBLIC OFFERINGS OF INTERMEDIATE- A N D LONG-TERM SECURITIES: CORPORATE 1

Date
1980
I n t e r n a t i o n a l T e l . & T e l . Corp " W
2/5
O h i o B e l l T e l . Co.
2/5
S o u t h e r n C a l i f o r n i a E d i s o n Co.
2/5
O h i o E d i s o n Co.
2/6
Duke Power Co.
2/8
M o n t g o m e r y Ward C r e d i t C o r p .
2/11
Texas I n s t r u m e n t s I n c .
2/12
S h e a r s o n Loeb Rhoades I n c .
2/13
C a r o l i n a Power & L i g h t Co.
C e n t r a l I l l i n o i s P u b . S e r v . Co 2 / 1 3
2/14
Long I s l a n d L i g h t i n g C o .
2/14
A. E . S t a l e y M a n u f a c t u r i n g C o .
Issuer

Rights offering.

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

Amount
(millions
of dollars)
150.0
175.0
161.9
87.8
50.0

100.0
200.0
30.0
90.0
25.0
50.0
69.0

Maturity

Coupon
rate

Offering
yield

~zmrr

12.63
12.63
n.a.
n.a.
11.00
13.63
12.70
9.00
n.a.
13.63
14.25
n.a.

12.66

2020

1987
2005
2005

2010
2010

TTk
12.70
Aaa/AAA
H « & r • -.y'
n.a.
11.00
A/-13.63
A/A
12.70
Aa/AA
9.00
—/BB
n.a.
13.63
Aa/AA
14.25
A/An.a.

1 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

Date
1980

2/1
Chicago, IL
2/1
Chicago, IL
Pima Co. I n d u s t . D e v e l . A u t h .
2/4
AZ
I
n
d
u
s
t
.
D
e
v
e
l
.
A
u
t
h
.
,
Pima Co.
2/4
AZ
Pima Co. I n d u s t . D e v e l . A u t h . ,
2/4
AZ .
Corpus C h r i s t ! Hsg. F i n . Corp.
2/6
TX
Corpus C h r i s t ! Hsg. F i n . Corp
2/6
TX
Corpus C h r i s t ! Hsg. F i n . Corp.
2/6
TX
Corpus C h r i s t ! Hsg. F i n . Corp.
2/6
TX
Los Angeles D e p t . of Water &
2/6
P o w e r , CA
Los Angeles D e p t . of Water &
2/6
P o w e r , CA
2/7
G a i n e s v i l l e , FL
2/7
G a i n e s v i l l e , FL
2/7
G a i n e s v i l l e , FL
2/12
San D i e g o , CA
2/12
S a n D i e g o , CA
2/12
S a n D i e g o , CA
2/12
S a n D i e g o , CA
2/12
M a s s a c h u s e t t s Hsg. F i n . Agcy.
2/12
M a s s a c h u s e t t s Hsg. F i n . Agcy.
2/12
M a s s a c h u s e t t s H s g . F i n . Agcy.
2/12
M a s s a c h u s e t t s Hsg. F i n . Agcy.
2/13
New Y o r k S t a t e M t g . A g c y .
2/13
New Y o r k S t a t e M t g . A g c y .
2/13
New Y o r k S t a t e M t g . A g c y .
2/13
New Y o r k S t a t e M t g . A g c y .
2/14
Colorado Hsg. F i n . Agcy.
2/14
Colorado Hsg. F i n . Agcy.
2/14
Delaware, S t a t e of
2/14
H o u s t o n I n d . S c h . D i s t . , TX

G.O.
G.O.

Amount
millions
of$)
44.8
63.9

Rev.

13.5

Rev.

Type 2

Maturity
1981
1981

Net
interest
cost
n.a.
n.a.

7.85

8.00

Moody's/S&P's
ratings
MIG-2/-MIG-2/—

1982-1998

n.a.

6.50-8.25

Aa/AA

4.0

2011

n.a.

8.25

Aa/AA

Rev.

22.5

2012

n.a.

8.63

Aa/AA

Rev.

15.3

Rev.

6.30-8.00

Aa/AA

1981-1999

8.43

7.5

2003

8.43

8.25

Aa/AA

Rev.

20.9

2011

8.43

8.60

Aa/AA

Rev.

6.3

2012

8.43

8.60

Aa/AA

Rev.

25.0

1986-2000

3/
7.96r 6.50-7.50

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

50.0
15.6

2020
1990-2000
2005
2014
1984-1993
1999
2011
2013
1983-1995
1999
2017
2023
1981-1991
1995
1998
2009
1981-2001
2011
1981-2000
1981-1995

8.09^
8.09%,
8.09^
n.a.
n.a.
n.a.
n.a.
8.96
8.96
8.96
8.96
9.15
9.15
9.15
9.15
n.a.
n.a.
7.35

12.2
37.2
3.5
3.8

16.8
4.9

8.8

5.1
48.1
14.2
30.9
17.7
17.0
59.4
67.4

32.6

35.0
40.0

79

- i/

6.86

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

8.00
7.00-7.70

8.00

8.17
7.10-8.10

8.88
8.89
6.80-8.50
9.00
9.25
9.24
6.75-8.30

8.82

9.03
9.25
6.50-8.60
8.35
6.50-7.70
6.30-7.00

Aa/AA
Aa/AA
A-l/AA
A-l/AA
A-l/AA
A-1/A+
A-1/A+
A-1/A+
A-1/A+
A-1/A+
A-1/A+
A-l/A+
A-1/A+
A-1/A4A-1/A+
A-1/A+
A-1/A+
Aa/AAAa/AAA/AAAaa/AAA

e

10. PUBLIC OFFERINGS OF INTERMEDIATE- A N D LONG-TERM SECURITIES: U.S. T R E A S U R Y

Notes and Bonds
Offering
date

Payment
date

Length

Maturity
date

Coupon Auction
average
rate
(percent) (percent)

Amount (millions of dollars)
Gross proceeds
Net proceeds
1

1

Memo:
Foreign
add-ons3

Total

Private

1,501
4,278

1,501
3,845r

1,501
403

1,501
403

0
0

9,031

7,253

2,079

2,609

0

Total

Private

1980
Jan. 3
23

1/10
1/31

Feb. 5
6
7

2/15
2/15
2/15

1 5 y r . lino. 2 / 1 5 / 9 5
2yr.
1/31/82

10-1/2 10.60
11-1/2 11.52

3-l/2yr. 8/15/83
11-7/8 1 1 . 9 8 )
7-l/4yr. 5/15/87
12
12.02 (
30yr.
2/15/05-10 11-3/4 1 1 . 8 4 /

:
; v-ii-v

.. .

*

"

:

1

"

!

=

•«

. T

-

"r

\
*

• -•&

; -

.. $

amou ts sold t o
"
Government investment accounts end the Federal Reserve. Also excludes a d d o n s to foreign accounts.
t h e t 0 t a l if the
AJLI?
. r1
L
- Government accounts and/or the Federal Reserve do not fully roll-over their maturing holdings.
Additional amounts of securities Issued to foreign and international monetary authorities at the average auction price for new cash.




,

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

Offering Payment
date
date

Issuer

Length

Maturity
date

Yield
(percent)

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

3-yr.10-mo
5-yr.
10-yr.

4/11/83
6/11/84
6/12/89

. 9.25
9.25
9.30

1,000
500
500

900

1,100

3-mo

10/11/82
7/10/84
7/10/87

9.00
9.05
9.10

500
1,000
500

1,000

1,000

2 - y r . 6-mo
4 - y r . 6-mo
12-yr.

1/20/82
1/23/84
7/22/91

8.90
9.00
9.10

653
1,128
662

1,314

1,128

4-mo

11/25/80

9.30

700

0

700

3 0 - y r . 1-mo

9/15/09

10.05

200

0

200

1979
6/6
6/6
6/6

1979
6/11
6/11
6/11

FNMA

6/27
6/27
6/27

7/10
7/10
7/10

FFCB

7/11
7/11
7/11

7/23
7/23
7/23

FHLB

7/19

7/25

FHLMC

7/19

8/2

FHLB

8/15
8/15

8/27
8/27

2-yr.
4-yr.

9-mo
6-mo

5/25/82
2/27/84

9.15
9.05

900
900

1,400

400

FNMA

8/30

9/10

3-yr.

6-mo

3/10/83

9.50

700

1,000

-300

FFCB

9/19

10/1

4 - y r . 9-mo

6/4/84

9.70

749

201

548

FNMA

9/26

10/10

3-yr,11-mo

9/10/84

9.75

700

400

300

FFCB

10/11
10/11
10/11

10/23
10/23
10/23

4/20/83
10/20/86
10/23/89

10.90
10.75
10.60

542
630
414

1,069

517

FHLB

10/18
10/18

10/25
10/25

2-yr.10-mo
4 - y r . 7-mo

8/25/82
5/25/84

11.25
11.00

750
550

0

1,300

FNMA

11/8

11/13

4-yr.11-mo

10/10/84

11.70

500

0

500

FHLB

11/15
11/15
11/15

11/26
11/26
11/26

1 - y r . 9-mo
3 - y r . 6-mo
7-yr.

8/25/81
5/25/83
11/26/86

12.30
11.60
11.30

1,000
1,000
600

1,700

900

FHLMC

11/15

12/3

2 9 - y r . 9-mo

9/15/09

12.48

150

0

150

FNMA

12/5

12/10

3 - y r . 6-mo

7/11/83

10.85

1,000

1,000

0

FFCB

12/19

1/2/80

5-yr.

12/3/84

10.65

433

531

-98

1980

1980
10/20/82
1/21/85
1/22/90

10.95
10.90
10.95

755
818
438

900

1,111

2/11/85

11.70

500

300

200

FNMA

FFCB

FNMA
FFCB
FHLB
FHLMC
FNMA

—
-

1/16
1/16
1/16

1/21
1/21
1/21

1/31

2/11

Federal
Federal
Federal
Federal

3-yr.
5-yr.
8-yr.

1-yr.

3-yr.
7-yr.
10-yr.

6-mo

2 - y r . 10-mc
5-yr.
10-yr.
5-yr.

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




As o f F e b r u a r y 1 5 ,

1980

12. FORTHCOMING PUBLIC OFFERINGS OF INTERMEDIATE- A N D LONG-TERM SECURITIES: CORPORATE 1

Issuer

Type

Amount
(millions of dollars)

Approximate date
of offering

Commonwealth E d i s o n Co.
G u l f Power Co.
P u b l i c S e r v i c e Co. o f New H a m p s h i r e
A p p a l a c h i a n Power Co.
P u b l i c S e r v i c e of Colorado
P u b l i c S e r v i c e of C o l o r a d o
P a c i f i c T e l . & T e l . Co.
Global Marine I n c .
* R e l i a n c e Group I n c .
* J . Ray M c D e r m o t t
K a n s a s C i t y Power & L i g h t Co.
*Pacific Tel. & Tel.
Air F l o r i d a Systems I n c .
Thermo E l e c t r o n C o r p .
National Medical E n t e r p r i s e s Inc.
* A r i z o n a P u b l i c S e r v i c e Co.
Texas U t i l i t i e s Co.
F l o r i d a Power & t i g h t C o .
Gulf S t a t e s U t i l i t i e s Co,
P u b l i c S e r v i c e of I n d i a n a
M o n t a n a Power Co.
*Duke Power C o .
* T e x e s E l e c t r i c S e r v i c e Co.
* S o u t h C a r o l i n a E l e c . & Gas Co.
* G e n e r a l T e l . Co. o f t h e S o u t h w e s t
S o u t h e r n New E n g l a n d T e l . C o .
Iowa Power & L i g h t Co.
S a n D i e g o Gas & E l e c . C o .
San D i e g o Gas & E l e c . Co.
^ P e n n s y l v a n i a Power & L i g h t Co.
* K a n s a s Gas & E l e c . C o .
S u n s h i n e M i n i n g Co.
Hilton B r a d l e y Co.
Weatherford I n t e r n a t i o n a l Inc.
High V o l t a g e E n g i n e e r i n g Corp.
Aristar Inc.
United Grocers Inc.

Com. s t k .
1 s t . mtg.
Com. s t k .
1 s t . mtg.
Com. s t k .
1 s t . mtg.
Debt.
Com. s t k .
Com. s t k .
Com. s t k .
Com. s t k .
Com. s t k .
Conv. p f d .
Com. s t k .
Com. s t k .
Com. s t k .
Com. s t k .
1st. mtg.
1st. mtg.
1st. mtg.
Com. s t k .
1st. mtg.
1st. mtg.
1 s t . mtg.
Debt.
Debt.
1st. mtg.
1st. mtg.
Com. s t k .
1st. mtg.
1 s t . mtg.
Debt.
Com. s t k .
Com. s t k .
Debt.
Notes
Notes

162.0
50.0
31.0
40.0
38.2
75.0
300.0
65.0
127.5
128.0
42.0
128.8
25.0
50.0
56.8
66.0
85.0
125.0
100.0
100.0
31.9
150.0
75.0
50.0
40.0
150.0
30.0
75.0
28.0
125.0
30,0
50.0
28.5
25.0
25.0
35 *0
30.0

F e b . 20
F e b . 20
F e b . 20
F e b . 20
F e b . 26
F e b . 26
F e b . 26
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Mar.
3
Mar.
4
Mar.
4
Mar.
4
Mar.
4
Mar.
5
M a r . 10
M a r . 11
M a r . 13
M a r . 13
M a r . 18
M a r . 19
Mar. 20
M a r . 20
M a r . 25
M a r . 26
Mar.
Mar.
Mar.
Indef.
Indef.
Indef.

OTHER
*Export Development Corp.

Dfebt

200.0

Feb.

1 s t . mtg.

125.0

Feb.

POSTPONED
T e x a s O i l & Gas C o r p .

* 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.




14

As o f F e b r u a r y 1 5 , 1 9 8 0
13. FORTHCOMING PUBLIC OFFERINGS OF INTERMEDIATE- A N D LONG-TERM SECURITIES: STATE A N D LOCAL?

Issuer
Oregon, S t a t e of
*Duval Co. Hsg. F i n . A u t h . , F l .
West V i r g i n i a , S t a t e o f
Downers G r o v e , 1 1 .
Ohio, S t a t e of
New Y o r k , S t a t e o f
*North C a r o l i n a Hsg. F i n . Agcy.
* K i n g C o . , WA
S a n t a C l a r a W a t e r D i s t . , CA
M i d l a n d , MI
South C a r o l i n a , S t a t e of
P e n n s y l v a n i a , S t a t e of
N e b r a s k a M t g e . F i n . Fund
M i c h i g a n Pub. Power A g c y .
* B o s t o n , MA
* S a l t R i v e r A g r . I m p r o v . & P o w e r D i s t . , AZ
New J e r s e y , S t a t e o f
Oregon, S t a t e of
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 H s g . D e v e l . Fund
M a s s a c h u s e t t s Home M t g . F i n . A g c y .
*Cowley C o . , KS
South C a r o l i n a Pub. S e r v . A u t h .

*
1

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

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




Amount
(millions of dollars)
31.7
100.0
50.0
50.0
35.0
100.0
100.0
30.0
31.0
26.0
71.9
83.0
150.0
45.0
25.0
150.0
100.0
300.0
200.0
100.0
75.0
30.0

105. a

Approximate date
of offering
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.

19
20
20
20
20
21
22
25
26
26
26
27
28
6
6
11
11
11
13
14
17
27

13
14. STOCK PRICES1
1977-High
Low

NYSE Index3
57.69 (1/2)
49.78 (11/2)

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

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

NASDAQ5
105.05 (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

67.77 (2/13)
60.34 (1/3)

903,84 (2/12)
820.31 (1/3)

288,91 (2/12)
239.66 (1/3)

165.25 (2/8)
145.97 (1/3)

Date

1980-Jan.

Feb.

4
11
18
25

61.17
63.33
63.94
65.27

828.84
858.53
867.15
876.11

243.55
255.76
264.46
266.79

156.14
159.70

1
8
15

66.08
67.57
66.14

881.48
895.73
884.98

277.57
288.79
281.35

162.30
165.25
162.56

148.02
153.87

15. TRADING VOLUME2
Date
1977-High
Low

NYSE
35.3 (11/11)

1978-High
Low

66.4 (8/3)
7.6 (1/20)

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

18.8 (5/18)

1979-High
Low

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

13.2 (10/10)

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

1980-High
Low

67.7 (1/16)
39.1 (1/4)

15.0 (1/15)
5.9 (1/7)

1980-Jan.

10.6 (10/10)

4
11

18
25
Feb.

1

8
15

40.4
54.4
54.9
51.1
54.6.
50.5r
55.6

>

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

2.2 (1/22)

5 . 1 (5/27)

2.8 (1/20)

22.9 (1/7)

7.3
7.7
12.7
9.1

24.9
25.8
32.0
29.8

8.6

31.5
33.4r
32.4

8.1r
7.5

1 Figures other than highs and lows are Friday figures only.
2 Volume figure! 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




NASDAQ

11.2 (11/10)

14
16. SECURITY CREDIT?

Outstanding, dollar amounts in millions
Margin credit extended
by brokers on:

End of period

Marginable
stock

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

9,590
9,780
9,920

246
242
246

890
890
900

75
75
79

10,260
10,660
11,090

248
245
242

915
930
945

85
85
84

July
Aug.
Sept.

11,190
11,740
12,400

247
243
225

955
965
990

87
88
85

Oct.
Nov.
Pec.

12,090
11,000
10,830

216
209
205

960
955
955

53
68
67

1979 - J a n .
Feb.
Mar.

10,750
10,790
10,870

199
195
181

950
950
965

79
71
79

Apr.
%ay
June

11,220
11,130
11,590

194
183
172

960
970
975

77
78
79

July
Aug.
Sept.

11,840
12,060
12,000

178
176
177

960
975
985

81
86
84

Oct.
Nov.
Dec.

11,310
10,920
11,450

173
159
164

985
980
995

73
83
84

193

1,000

87

1978 - J a n .
Feb.
Mar.
Apr.
May
June

1980 - J a n .

1

Convertible
bonds

Number of
margin accounts
(thousands)

,

11,820

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




15
17. SAVINGS FLOWS AT SELECTED NONBANK THRIFT INSTITUTIONS
Millions of dollars

Date

Mutual Savings Banks
(regular deposits) 1
Net flow
Annual
growth
N.S.A.
Sea. adj.
rate 3

1976

12,670

1977

- ™

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

17.4

62,409

15.7

34,369

5,283

15.1

61,583

13.4

32,004

2,874

11.4

52,794

10.1

23,460

-591

11.5

50,169

10,783

8.8

50,888

1978

8,426

6.4

44,153

1978-Jan.
Feb.
Mar.

626
476
1,712

850
489
533

7.7
4.4
4.8

2,665
2,293
7,143

2,645
2,731
3,112

8.2
8.4
9.5

3,495
3,220
3,645

8.0
7.4
8.3

2,877
2,073
2,592

-59
170
338

Apr.
May
June

-209
436
1,304

494
559
723

4.4
5.0
6.4

557
2,376
6,648

2,334
3,092
4,654

7.1
9.3
13.9

2,828
3,651
5,377

6.4
8.2
12.0

401
2,145
1,744

-553
97
-90

July
Aug.
Sept.

341
260
1,378

668
1,054
1,116

5.9
9.2
9.7

3,070
2,310
6,425

3,828
4,575
5,763

11.3
13.4
16.7

4,496
5,629
6,879

9.9
12.3
14.9

2,812
2,069
1,606

38
-75
-41

Oct.
Nov.
Dec.

510
275
1,317

1,096
353
537

9.4
3.0
4.6

2,641
2,155
5,795

3,490
4,393
3,705

10.0
12.4
10.4

4,586
4,746
4,242

9.9
10.1
8.9

2,534
1,897
710

48
-59
-405

1979-Jan.
Feb.
Mar.

218
683
1,971

404
712
728

3.4
6.0
6.1

4,735
2,876
8,334

4,573
3,411
3,820

12.7
9.4
10.4

4,977
4,123
4,548

10.4
8.6
9.4

4,377
2,580
3,146

-118
342
463

Apr.
May
June

-832
61
890

-74
190
273

-0.6
1.6
2.3

-1,147
2,037
6,854

893
2,791
4,726

2.4
7.5
12.7

819
2,981
4,999

1.7
6.1
10.2

-1,490
1,627
1,469

-1,192
-341
-649

July
Aug.
Sept.

-318
-112
517

12
707
244

0.1
5.9
2.0

2,015
1,199
4,770

2,820
3,618
4,037

7.5
9.5
10.6

2,832
4,325
4,281

5.7
8.7
8.5

1,455
717
-198

-714
-504
-1,000

Oct.
Nov.
Dec.p

-985
-199
800

-381
-113
23

-3.2
-1.0
0.2

1,863
1,157
4,492

2,795
3,652
2,199

7.2
9.4
5.6

2,414
3,539
2,222

4.8
7.0
4.3

1,314
732
-734

-1,420
-765
-950

1

- -

- -

Regular deposits at mutual savings banks exclude items such as Christmas club and certain escrow accounts, which represent a very small part of
total deposits.
2 New deposits net of both withdrawals and interest. Data for S&L's are for insured associations only, which represent 96 percent 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.




18. MORTGAGE COMMITMENTS OUTSTANDING AT SELECTED INSTITUTIONS

Billions of dollars, seasonally adjusted
Thrift Institutions
All savings
Mutual
End of Period
and loan
savings banks
Total
associations
(N.Y. state)

Federal and Related Agencies
Total

FNMA

GNMA

FHLMC

1976

27.3

24.6

2.7

8.1

3.8

3.8

0.5

1977

39.2

34.7

4.5

11.3

5.4

4.5

1.4

1978-

38.3

33.4

4.9

17.4

10.6

4.9

1.9

1978-Jan.
Feb.
Mar.

37.7
37.4
37.0

33.3
33.1
32.7

4.4
4.3
4 3

12.3
13.5
13.9

6.5
7.3
7.5

4.5
4.8
5.0

1.3
1.4
1.4

Apr.
May
June

36.7
36.5
36.5

32.4
32.2
31.9

4.3
4.3
4.6

14.0
14.9
14.6

8.0
9.0
8.7

4.8
4.6
4.4

1.2
1.3
1.5

July
Aug.
Sept.

36.5
36.7
36.7

31.9
32.1
32.3

4.6
4.6
4.4

15.2
15.0
15.9

9.0
8.8
9.4

4.5
4.3
4.5

1.7
1.9
2.0

Oct.
Nov.
Dec.

38.2
38.2
37.6

33.4
33.3
32.7

4.8
4.9
4.9

17.2
17.3
17.3

10.7
10.9
10.6

4.6
4.7
4.8

1.9
1.7
1.9

1979-Jan.
Feb.
Mar.

37.1
36.6
36.1

32.2
31.8
31.5

4.9
4.8
4.6

15.7
14.3
13.2

9.2
7.8
6.7

4.8
4.9
5.0

1.7
1.6
1.5

Apr.
May
June

36.1
35.8
35.6

31.7
31.7
31.5

4.4
4.1
4.1

12.6
11.9
11.3

6.3
6.0
5.4

4.9
4.7
4.7

1.4
1.2
1.2

July
Aug.
Sept.

35.7
35.9
36.7

31.7
32.0
32.7

4.0
3.9
4.0

11.2
10.9
11.9

5.2
5.3
6.6

4.7
4.3
4.0

1.3
1.3
1.3

Oct.
Nov.
Dec.

36.0
33.1
31.5

32.3
29.5
28.0

3.7
3.6
3.5

14.4
13.8
13.3

8.4
8.0
7.4

4.6
4.7
4.8

1.4
1.1
1.1

1980-Jan.

n. a.

n. a.

n. a.

n. a.

n. a.

4.7

n.a.

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.







BORROWINGS BY MAJOR HOUSING CREDIT AGENCIES

Total including
short-term
discount notes

Intermediate- and long-term issues
Total

FHLB

FHLMC

FNMA

-1,750

-1,131

-2,031

0

900

-619

2,732

1,444

496

-4

952

,288

19,030

13,578

6,302

576

6,700

,452

563
1,731
912

82
1,399
-1

0
1,399
-1

82
0
0

0
0
0

481
332
913

701
3,338
1,504

470
1,496
1,300

-1
1,498
0

-129
-2
300

600
0
1,000

231
,842
204

1,626
1,550
1,627

1,900
1,000
1,076

700
1,000
0

0
0
126

1,200
0
950

-274
550
551

1,799
1,429
2,250

1,695
1,113
2,048

-5
1,114
598

0
-1
200

1,700
0
1,250

104
316

967
1,457
912

0
1,033
1,372

0
834
0

0
199
-128

0
0
1,500

967
424
-460

1,027
304
1,363

997
215
1,299

0
222
0

-3
-7
199

1,000
0
1,100

30
89
64

1,625
360
398

1,916
613
-154

700
415
0

216
198
146

1,000
0
-300

-291
-253
552

2,297
1,791
1,486

1,599
1,453
186

1,300
953
0

-1
0
186

300
500
0

698
338
L, 300

Survey of Ownership.

202

18

e

2 0 . NET CHANGE IN MORTGAGE HOLDINGS A T SELECTED INSTITUTIONS
Millions of dollars, seasonally a d j u s t e d annual rates
Major private financial institutions
Period

Total

Total

Commercial
banks

MSB's

S&L's

Life insur.
companies

FNMA
and
GNMA

Mortgage pools
FHLMC

FHLMCGNMAg u a r a n t e e d guaranteed

1976

75,733

65,184

13,800

4,074

44,896

2,414

•2,120

-178

12,314

1,073

1977

L14,298

96,137

26,200

6,595

58,158

5,184

890

-993

14,325

3,939

1978

126,615

103,399

35,400

6,378

52,219

9,402

8,696

-212

9,451

5,281

10,392
8,687

8,851
8,316

3.073
2,567

350
487

8,565

2,691

4,699
4,717
4,691

492
478

10.314

587
554
625

558

505

911
-459
932

364
326
73

1978-Jan.
Feb.
Mar.

-

84
17
239

9,319

7,896

2,370

520

4,395

611

660

88

468

383

8,602

3,009

583

4,281

729

1,420

-198

1,103

June

11,469
10,701

8,797

3,246

468

4,332

751

870

-731

786

542
979

July

10,352

8,308

3,349

594

3,695

-300

808

998

11,183
10,366

9,094
8,404

3,274
3.074

544
498

4,239
4,134

670
1,037
698

538

Aug.
Sept.

915

516
18

843
761

-815
375

Oct.
Nov.
Dec.

11,375
11,617
10,629

8,682
9,175
8,540

2,974
3,014
2,733

456
626
263

4,447
4,649
3,877

268
178

1,667

898
604
654

49

1,017
1,235
994

510
425
490

1979-Jan.

10.315

7,917

2,694

575

4,015

633

820

231

1,205

142

Feb.
Mar.

10,153
10,272

7,722
7,237

2,489
2,413

486

3,804

943

846

1,083

428

395

3,359

1,070

1,125

74
338

1,266

36

Apr.
May

805

886

-

808

-

7,370r

2,477

185r

3,832

876

466

60

1,540

317

May
June

11,168

8,253

356

4,616

8,284r

348r

4,204

977
990

1,016
610

- 45
- 84

1,469

10,677r

2,304
2,742

1,610

475
257

July
Aug.

9,918r
10,639r

8,193r
7,458r

2,805
2,649

410r
299r

3,804
3,501

1,174
1,009

-220
515

79
156

1,597
2,129

269
381

Sept.

10,852r

8,039r

3,062

277r

3,542

1,158

191

162

2,152

308

12,186

8,684

-114
286

452

7,156
n.a.

2,931
2,665

2,344

10,329
n. a.

1,970
2,949

27
325

Apr.

Oct.
Nov.
Dec.

9,633r

2,574

237

3,886

1,630

820

334
n.a.

2,983
1,322

1,174
n.a.

890
n.a.

-

—49

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 these derived from regular
quarterly series because of minor conceptual differences for which adjustments are not made in the monthly series. Altogether, these groups accounted
for 89 percent of the net increase estimated for all holders in 1978.




21. NET CHANGE IN MORTGAGE DEBT OUTSTANDING, BY TYPE OF PROPERTY 1

Billions of dollars, seasonally adjusted annual rates
Quarter

Total

Total

Residential2
1 to 4family

Multifamily

Commercial

Multifamily
and
commercial

Farm

1976-Q1
Q2
Q3
Q4

81.7
75.5
92.7
98.1

62.9
55.4
72.7
78.0

61.5
55.6
69.0
75.4

1.4
—0.2
3.7
2.6

13.7
15.3
13.2
12.4

15.0
15.1
16.9
15.0

5*1
4.8
6.8
7.7

1977-Q1
Q2
Q3
Q4

110.7
134.9
140.2
150.2

87.5
110.3
114.3
116.8

83.3
102.0
106.1
108.2

4.2
8.3
8.2
8.6

14.6
15.2
17.5
24.6

18.8
23.5
25.6
33.2

8.6
9.4
8.4
8.8

1978-Q1
Q2
Q3
Q4

135.4
147.0
154.1
160.4

105.7
116.4
115.6
124.1

97.3
106.5
103.8
113.6

8.3
9.9
11.8
10.5

20.9
20.8
26.9
25.3

29.2
30.7
38.7
35.8

8.8
9.8
11.6
11.0

1979-Q1
Q2
Q3p

158.3
162.5
158.3

119.0
116.1
114.0

110.1
109.2
100.9

8.9
6.9
13.1

23.0
28.5
28.6

31.9
35.4
41.7

16.2
17.9
15.7

1

Derived from data on mortgage debt outstanding from Federal Deposit insurance Corporation, Federal Home Loan Bank Board, Institute of Life
Insurance, National Association of Mutual Savings Banks, Departments of Commerce and Agriculture, Federal National Mortgage Association, Federal
Housing Administration, Veterans Administration and Comptroller of the Currency. Separation of nonfarm mortgage debt by type of property, where
not available, and interpolations and extrapolations, where required, estimated mainly by Federal Reserve.
2 Residential mortgage debt includes nonfarm and is the sum of 1- to 4-family and multifamily mortgage debt.




20
22. AVERAGE RATES A N D YIELDS ON HOME MORTGAGES A N D PASS-THROUGH SECURITIES
Secondary market

Primary m a r k e t

Conventional mortgages

F H A / V A mortgages
Period

Rates o n
conventional
loans at
S&L's

Period

9.10

1976-High

9

8.44

9.31

7.57

8.80

1977-High
Low

8.98
8.46

, 18r
50

8-1/2

8

8.39
7.56

8.81

9.02
8.63

1978-High
Low

10.60r

7.13r

10.92r

10.42

1.88r

9-1/2r
8-1/2

9.68r

9.13

8.43r

9.28

12.90
10.38

1979-High

13.29
10.42

12.54
4.16

11-1/2

11.77

13.97

13.56

9-1/2

9.51

10.92

10.40

11.20

Sept.10

10

10.36

11.25

7.91
7.25

10.38
10.36
10.65

11.83

11.66

10
10
10-1/2

11.57
11.63
11.64

10-1/2

11.02

10.38r

1979-High
Low

1980-Jan.

8.98

Low

Low

11.30
11.35
11.35

Oct.

5
12
19
26

11.35

Oct.

2
9

12.80
12.85

11.45
11.75

12.00
Nov.

17
24
1
9
15
22
29
5
13

10.43

10-1/2
10-1/2
11-1/2

11.21
11.77
11.58

12.93

8.44

-1/2
-1/2

11.73
11.51

6.45

12.60

12.54

13.29

16

12.80

20

23

27
3

12.57

30

12.80
12.90

7
14

12.90
12.90

12.42

21

12.90

10
17
26

12.55

Dec.
Dec.

28

12.90

4

12.85

11

18

12.90
12.87

14
21

25

12.89

28

Feb.

Yield in
FHLMC
auction

8

1978-High
Low

Dec.

Yield in
FNMA
auction

1.96r

9.00
8.65

Nov.

Yield on
GNMA
securities

4.93

1977-High
Low

Oct.

Ceiling
rate

9.20

8.70

7
14
21
28

Discount
points
in FNMA
auction

8.39

1976-High
Low

1979-Sept.

Yield in
FNMA
auction

12.85
12.85

-1/2

11.69

-1/2
-1/2

11.36

5.55

-1/2
-1/2

6.30

Feb.

7

4
11

12.70
13.11

13.76

9.12

11.49

11.99

11.64

13.80

12.17
12.84
13.36

13.97

13.56
13.22

12.75

13.00
13.35

12.89
12.69

11.18
11.49

12.98

12.50
12.51

-1/2

11.39

12.99

1/2

11.39

12.47
12.52

7.17r

-1/2

11.70

13.10

12.63

9.43

-1/2
-1/2

13.29

12.69
12.76

-1/2

11.70
12.07
12.28

11-1/2

12.53

13.67

12

12.74

31
Jan.

9.21

12.88

11.29

12.90
13.05
13.25

Column 2 is average of contract interest rates on commitments for conventional first mortgages with 80 percent loan-to-value ratios 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 GNMAguaranteed 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.




23. FNMA AUCTIONS OF COMMITMENTS TO PURCHASE HOME MORTGAGES
Dollar amounts in millions
Date of
auction

Offered

FHA/VA mortgages
Accepted

Average yield

Offered

Conventional mortgages
Accepted
Average yield

1977-High
Low

855.4
50.3

569.7
35.1

8.98
8.46

415.9
122.9

278.0
70.5

9.21
8.81

1978-High
Low

1,249.4
130.3

605.3
80.1

10.60
9.13

716.9
74.7

362.5
47.5

10.92
9.28

1979-High
Low

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

1 9 7 9 - N o v . 13
27

357.7
200.7

168.7
95.9

12.93
12.57

274.4
91.7

136.9
53.3

13.97
13.35

D e c . 10
26

305.3
343.9

118.6
130.7

12.42
12.55

206.9
206.3

72.6
79.8

12.98
12.99

1980-Jan.

7
21

199.0
317.0

99.6
132.2

12.70
13.11

220.2
222.9

133.0
114.2

13.10
13.29

Feb.

4

525.2

240.0

13.76

161.4

73.0

13.67

24. FHLMC AUCTIONS OF COMMITMENTS TO PURCHASE HOME MORTGAGES
Conventional mortgages, dollar amounts in millions
Immediate delivery program
Future commitment program
Date of
auction
Offered
Accepted
Average yield
Offered
Accepted
Average yield
1977-High
Low

303.0
76.7

132.6
49.8

9.02
8.63

262.8
66.4

131.0
35.3

9.03
8.63

1978-High
Low

359.7
71.2

191.7
53.6

10.42
9.12

247.1
69.7

84.4
18.2

10.54
9.20

1979-High
Low

298.9
38.7

150.5
17.9

13.56
10.40

166.6
38.7

37.8
13.7

13.89
10.43

4
11
18
25

91.7
82.0
81.7
75.2

59.0
50.1
43.8
34.7

12.63
12.68
12.76
12.90

1
8

66.9
57.2

43.3
37.1

13.05
13.25

1980-Jan.

Feb.

* —

—•«*

——

——

mm+m

50.7

15.9

13.33

Offerings in the FNMA auctions of 4-month purchase commitments relate to total bids submitted, and average yields t o FNMA 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.
Source: FNMA and FHLMC




25. ISSUES OF MORTGAGE-BACKED SECURITIES

Millions of dollars, not seasonally adjusted
Period

GNMA-guaranteed
New issues

Outstanding
(end of period)

Pass-through securities
FH LMC-guaranteed
New issues

Outstanding
(end of period)

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

Privately insured
New issues

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

1978-Jan.
Feb.
Mar.

1,327
929
1,315

45,890
45,325
46,357

504
470
120

7,033
7,431
7,471

0
10
119

236
243
358

0
0
50

Apr.
May
June

823
1,255
999

46,463
47,387
48,033

466
651
1,093

7,861
8,434
9,422

201
135
23

557
689
703

290
75
0

July
Aug.
Sept.

997
1,648
1,203

48,663
50,051
50,844

299
725
394

10,371
10,224
10,512

72
35
33

764
797
822

0
50
0

Oct.
Nov.
Dec.

1,762
1,721
1,381

52,095
53,358
54,347

369
581
540

10,987
11,463
11,892

57
36
275

872
897
1,161

0
0
0

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

51
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
73,464
76,401

530
186
361

14,838
14,916
15,180

488
300
470

2,987
3,641
2,981

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

1980-Jan.

2,611

n. a.

n. a.

n. a.

n.a.

n.a.

n.a.

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 underwritten by major private mortgage insurance companies
Source: GNMA, FHLMC, HUD, and Federal Reserve.